SHENZHEN CEREALS HOLDINGS CO., LTD.
SEMI-ANNUAL REPORT 2019
August 2019
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Section I. Important Notice, Contents and Paraphrase
Board of Directors, Supervisory Committee, all directors, supervisors and senior
executives of SHENZHEN CEREALS HOLDINGS 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.
Chairman of the Company Zhu Junming, General Manager Hu Xianghai, Head
of Accounting Ye Qingyun and Head of Accounting Institution (Accounting
Supervisors) Wen Jieyu hereby confirm that the Financial Report of Semi-Annual
Report 2019 is authentic, accurate and complete.
All Directors are attended the Board Meeting for deliberation of this Report.
Concerning the forward-looking statements with future planning involved in the
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.
The Company has analyzed the risk factors that the Company may exist and its
2
深圳市深粮控股股份有限公司 2019 年半年度报告全文
countermeasures in the report, investors are advised to pay attention to read
“Risks and Countermeasures” in the report of Section IV-Discussion and Analysis
of the Operation. 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.
The Company plans not to distributed cash dividend, bonus and no capitalizing
of common reserves either.
3
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Contents
Section I Important Notice, Contents and Paraphrase.............错误!未定义书签。
Section II Company Profile and Main Financial Indexes ....................................... 6
Section III Summary of Company Business ........................................................... 11
Section IV Discussion and Analysis of Operation .................................................. 16
Section V Important Events ..................................................................................... 29
Section VI Changes in shares and particular about shareholders........................ 41
Section VII Preferred Stocks .................................................................................... 45
Section VIII Directors, Supervisors and Senior Executives .................................. 46
Section IX Corporate Bonds..................................................................................... 48
Section X Financial Reprot ....................................................................................... 49
Section XI Documents Available for Reference .................................................... 239
4
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Paraphrase
Items Refers to Contents
SZCH/Listed Company /the Company Refers to Shenzhen Cereals Holdings Co., Ltd.
SZCG Refers to Shenzhen Cereals Group Co., Ltd
Doximi Refers to SZCG Doximi Business Co., Ltd.
Flour Company Refers to Shenzhen Flour Co., Ltd
SZCG Quality Inspection Refers to SZCG Quality Inspection Co., Ltd.
Dongguan Logistics / SZCG Dongguan
Refers to SZCG Dongguan Logistics Co., Ltd.
Logistics
Dongguan Food Industrial Park Refers to Dongguan International Food Industrial Park Development Co., Ltd.
Wuyuan Ju Fang Yong Refers to Ju Fang Yong Tea Industry Co., Ltd. in Wuyuan County
Shenbao Technology Center Refers to Shenzhen Shenbao Technology Center Co., Ltd.
Fude Capital Refers to Shenzhen Fude State-Owned Capital Operation Co., Ltd.
Agricultural Products Refers to Shenzhen Agricultural Products Co., Ltd
Shenzhen Municipal People’s Government State-owned Assets
Shenzhen SASAC Refers to
Supervision & Administration Commission
CSRC Refers to China Securities Regulation Commission
RMB/10 thousand Yuan Refers to CNY/ten thousand Yuan
5
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Section II. Company Profile and Main Financial Indexes
I. Company profile
Short form for share SZCH, Shenliang B Stock code 000019, 200019
Listing stock exchange Shenzhen Stock Exchange
Chinese name of the Company 深圳市深粮控股股份有限公司
Abbr. of Chinese name of the
深粮控股
Company (if applicable)
English name of the Company
SHENZHEN CEREALS HOLDINGS CO.,LTD
(if applicable)
Legal Representative Zhu Junming
II. Person/Way to contact
Secretary of the Board Rep. of security affairs
Name Du Jianguo Chen Kaiyue, Liu Muya
Contact 13/F, Tower A, World Trade Plaza, No.9 Fuhong 13/F, Tower A, World Trade Plaza, No.9 Fuhong Rd., Futian
add. Rd., Futian District, Shenzhen District, Shenzhen
Tel. 0755-82027522 0755-82027522
Fax. 0755-83778311 0755-83778311
E-mail dujg@slkg1949.com chenky@slkg1949.com, liumy@slkg1949.com
III. Others
1. Way of contact
Whether registrations address, offices address and codes as well as website and email of the Company changed in reporting period or
not
√ Applicable □ Not applicable
8/F, Tower B, No.4 Building, Software Industry Base, South District, Science &
Company Registration Address
Technology Park, Xuefu Rd., Yuehai Street, Nanshan District, Shenzhen
Postal Code of Company Registration Address 518057
Company's Office Address 13/F, Tower A, World Trade Plaza, No.9 Fuhong Rd., Futian District, Shenzhen
Postal Code of the Company's Office Address 518033
Company Web Site www.slkg1949.com
Company E-mail szch@slkg1949.com
6
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Query date of the interim notice on designated
2019-04-27
website (if applicable)
Search index of the interim notice on designated
Found more in the Notice of the Change of Company’s Office Address and
website (if applicable)
Contact Information released on Juchao Website (www.cninfo.com.cn)
2. Information disclosure and preparation place
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
The newspaper appointed for information disclosure, website for semi-annual report publish appointed by CSRC and preparation
place for semi-annual report have no change in reporting period, found more details in Annual Report 2018.
3. Other relevant information
Whether other relevant information changed during the reporting period
√ Applicable □ Not applicable
(1) On February 18, 2019, the company completed the industrial and commercial registration procedures for the
changes of company name, business scope and registered capital, and obtained the Business License renewed by
the Shenzhen Market Supervision Administration. The company name was changed from “Shenzhen Shenbao
Industrial Co., Ltd.” to “Shenzhen Cereals Holdings Co., Ltd.”; the business scope newly added grain and oil
circulation and grain and oil reserve services businesses such as grain and oil reserves, grain and oil trade, grain and
oil processing, etc. based on the original main business of the production, research and development and sales of
food raw materials (ingredients) mainly based on deep processing of tea and natural plants; the registered capital
was changed from “RMB 496,782,303” to “RMB 1,152,535,254”. For details, please refer to the “Announcement
of the Company on Completion of Industrial and Commercial Registration for the Changes of Company Name,
Business Scope and Registered Capital” disclosed on www.cninfo.com.cn on February 20, 2019.
(2) Applied by the company and approved by the Shenzhen Stock Exchange, the company's securities short name
has been changed from “Shenshenbao A, Shenshenbao B” to “SZCH, Shenliang B” since February 28, 2019. For
details, please refer to the “Announcement of the Company on Changing the Securities Short Name” disclosed on
www.cninfo.com.cn on February 28, 2019.
IV. Main accounting data and financial indexes
Whether information disclosure and preparation place changed in reporting period or not
√Yes □No
Reasons for retroactive adjustment or re-statement
Enterprise combined under the same control
The Period Same period of last year Changes over last
7
深圳市深粮控股股份有限公司 2019 年半年度报告全文
year
Before adjustment After adjustment After adjustment
Operating revenue (RMB) 4,782,167,732.69 136,721,215.40 4,434,688,646.82 7.84%
Net profit attributable to shareholders of
203,168,850.61 -18,246,639.07 202,779,343.34 0.19%
the listed Company (RMB)
Net profit attributable to shareholders of
the listed Company after deducting non- 198,195,100.05 -18,884,920.69 -18,884,920.69 1,149.49%
recurring gains and losses (RMB)
Net cash flow arising from operating
-389,429,629.75 9,795,470.07 52,861,245.30 -836.70%
activities (RMB)
Basic earnings per share (RMB/Share) 0.1763 -0.0367 0.1759 0.23%
Diluted earnings per share (RMB/Share) 0.1763 -0.0367 0.1759 0.23%
Weighted average ROE 4.82% -1.95% 5.06% -0.24%
Changes over end of
End of last year
End of the Period last year
Before adjustment After adjustment After adjustment
Total assets (RMB) 6,432,513,092.25 1,040,484,135.20 6,468,951,793.87 -0.56%
Net assets attributable to shareholder of
4,260,480,115.67 928,673,938.26 4,172,502,535.11 2.11%
listed Company (RMB)
Total share capital of the Company on the trading day prior to disclosure:
Total share capital of the Company on the trading day prior to
1,152,535,254
disclosure (Share)
Total diluted EPS calculated with the latest share capital
0.1763
(RMB/Share)
V. Difference of the accounting data under accounting rules in and out of China
1. Difference of the net profit and net assets disclosed in financial report, under both IAS (International
Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles)
√ Applicable □ Not applicable
In RMB
Net profit attributable to shareholders of listed Net assets attributable to shareholders of listed
Company Company
Current period Last period Period-end Period-begin
Chinese GAAP 203,168,850.61 202,779,343.34 4,260,480,115.67 4,172,502,535.11
Items and amount adjusted by IAS
Adjustment for other payable
1,067,000.00 1,067,000.00
fund of stock market
8
深圳市深粮控股股份有限公司 2019 年半年度报告全文
regulation
IAS 203,168,850.61 202,779,343.34 4,261,547,115.67 4,173,569,535.11
2. Difference of the net profit and net assets disclosed in financial report, under both foreign accounting rules
and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable √ Not applicable
The Company has no above mentioned condition occurred in the period
3. Explanation on differences of the data under accounting standards in and out of China
□ Applicable √ Not applicable
VI. 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 that accrued
-4,184.59
for impairment of assets)
Governmental subsidy reckoned into current gains/losses (not including the subsidy
enjoyed in quota or ration according to national standards, which are closely relevant to 5,463,876.60
enterprise’s business)
Profit and loss of assets delegation on others’ investment or management 3,627,466.27
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
28,381.21
the Company, and investment income from disposal of trading financial assets and
liabilities and financial assets available for sale
Switch-back of provision of impairment of account receivable and contract assets
412,500.00
which are treated with separate depreciation test
Other non-operating income and expenditure except for the aforementioned items -3,619,767.49
Less: impact on income tax 702,095.88
Impact on minority shareholders’ equity (post-tax) 232,425.56
Total 4,973,750.56 --
Concerning the extraordinary profit (gain)/loss defined by Q&A Announcement No.1 on Information Disclosure for Companies
Offering Their Securities to the Public --- Extraordinary Profit/loss, and the items defined as recurring profit (gain)/loss according to
the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their
Securities to the Public --- Extraordinary Profit/loss, explain reasons
□ Applicable √ Not applicable
In reporting period, the Company has no particular about items defined as recurring profit (gain)/loss according to the lists of
9
深圳市深粮控股股份有限公司 2019 年半年度报告全文
extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the
Public --- Extraordinary Profit/loss
10
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Section III. Summary of Company Business
I. Main businesses of the Company in the reporting period
Does the Company need to comply with disclosure requirements of the special industry?
No
During the reporting period, the company accelerated the service convergence and synergetic development, the main
business includes the circulation and service business of grain and oil reserves, trade and processing, and the
production, research and development and sales of food raw materials (ingredients) mainly based on deep processing
of tea and natural plants.
The grain and oil trade business are mainly rice, wheat, rice in the husk, corn, sorghum, cooking oil and other
varieties of grain and oil. According to the market conditions and the needs of upstream and downstream enterprises,
the above-mentioned grain and oil products purchased are independently traded. The wheat, rice in the husk, corn,
barley and sorghum in the trade products are the unprocessed grain, which are mainly used for the further processing
of food and feed for providing raw material distribution service to customers such as large traders, feed and flour
processing enterprises in the industry ; rice, flour and edible oil are the finished grain and oil, of which the main
consumer groups are institutions, organizations, enterprises and public institutions, food deep processing enterprises
and community residents.
The grain and oil processing business are mainly the processing and sale of flour, rice, cooking oil and other products.
The company's flour brands and products include “Jinchangman”, “Yingshanhong” and “Hongli” series bread flour;
“Clivia” and “Canna” series tailored flour for cakes and steamed bun; “Sunflower” high-gluten tailored flour and
biscuit tailored flour; “Feiyu” caramel treats tailored flour; “Yuejixiang” moon cake tailored flour and other various
small packages of flour. Rice products include “Shenliang Duoxi”, “Guzhixiang”, “Jinjiaxi”, “Runxiangliangpin”,
“Hexiang”, “Shenliang Yushuiqing”, etc. Cooking oil products include brands such as “Shenliang Duoxi”,
“Shenliang Fuxi”, “Hongli” and “Shenliang Yushuiqing”, etc. Shenliang Duoxi Changxiangdao Daohuaxiang Rice
was selected as the first batch of “China Good Grain and Oil” products of the National Grain Administration, and it
was the only selected product in Guangdong Province. The "Shenliang fish-water friendship" has formed a series
of rice, noodles, oil, miscellaneous and special military supplies and military civilian brands.
The grain and oil reserve service business mainly provide dynamic grain and oil reserve services to local
governments in Shenzhen, and provides local governments with market-oriented services such as grain and oil
reserves, testing, and rotation in the form of business holdings. With the advantages of brand, reputation, experience,
management, service, facilities and information system accumulated in the grain and oil market, we independently
organize and implement the procurement, storage, rotation, sales and other activities of the local government
reserves of grain and oil, and ensure the quality, quantity and safety and other aspects of grain and oil reserves are
in line with the requirements of the reserve grain and oil administrative authorities of local governments, providing
11
深圳市深粮控股股份有限公司 2019 年半年度报告全文
local governments with high-quality dynamic grain and oil reserve services to assist local food security.
The company provides grain and oil circulation services such as warehousing and logistics, terminal loading and
unloading, and quality inspection for upstream and downstream enterprises in the industrial chain. The Shenliang
Dongguan Grain Logistics Nodes Project construction and operation has been steadily advanced, completed
storehouse capacity of 320,000 tons (including 20,000 tons of gas film warehouse) and put the 10000-ton wharf
berth into production, which achieved the storage transfer volume reached 1.2 million tons, and the terminal transfer
volume was more than 400,000 tons; at the same time, the CDE silos with 510,000 tons of warehouse capacity
under construction, food deep processing projects, the terminal phase I and other projects are progressing smoothly.
After the project is completed, it will become a comprehensive grain circulation service provider integrating five
functions including grain and oil terminal, transfer reserve, inspection and processing, processing industry, and
market transaction. The subordinate Shenliang Quality Inspection has more than 100 professional equipments, has
obtained the qualification certificate of quality inspection organization, and was awarded the “Guangdong Shenzhen
National Grain Quality Monitoring Station”. There were more than 4,000 samples tested during the reporting period.
The company also provides logistics services and cold chain delivery services to its customers. The above-
mentioned integrated services of grain and oil supply chain and distribution is becoming an increasingly important
business segment of the company.
The tea business mainly covers deep processing of tea, sales of fine tea, tea life experience, food and beverage, and
technology research and development, etc. The main products include “Golden Eagle” instant tea powder, tea
concentrate and other series of tea products; “Jufangyong”, “Gutan”, “Fuhaitang” series of tea products; “Tri-Well”
oyster sauce, chicken essence, seafood sauce and other series of condiments; “Shenbao” chrysanthemum tea, lemon
tea, herbal tea and other series of drinks.
II. Major changes in main assets
1. Major changes in main assets
Major assets Note of major changes
Equity assets No major Change
Fixed assets No major Change
Intangible assets No major Change
Construction in progress Investment for node project engineering from Shenliang Dongguan Logistic increased
2. Main overseas assets
□ Applicable √ Not applicable
12
深圳市深粮控股股份有限公司 2019 年半年度报告全文
III. Core Competitiveness Analysis
Does the Company need to comply with disclosure requirements of the special industry?
No
During the reporting period, the company extended and expanded the development of grain and tea industry chain,
deepened corporate reforms and strengthened the core competitive advantages of enterprises by optimizing resource
integration. The company stimulated the vitality of the enterprise through innovative implementation of EVA
performance appraisal mechanism, promoted the sustainable development of the enterprise through the grain
logistics node project, promoted the reform of the grain and oil reserve mechanism by adhering to the marketization
direction, and improves the management efficiency by continuously leading the information construction of the
domestic grain industry, prevented business risks by perfecting the management and control mode, and accumulated
strengths in leapfrog development space by strengthening the corporate culture and talent management, and we have
embarked on a sustainable development path of traditional enterprise self-innovation and formed the company's
unique competitiveness.
1. Management Efficiency Advantage
The core management team of the company has rich experience and stable structure, and has a strong strategic
vision and pragmatic spirit. It has formed a set of effective system to promote the high-quality development of the
company by combining with the company’s actual development. The company vigorously promotes the innovation
and transformation of business models, and actively promotes the transition from “trade-oriented enterprises” to
“service-oriented enterprises”, and from “operational management and control” to “strategic management and
control”. In the business management and control, the company builds a “four-in-one” management and control
model that the “business operations and fund management, inventory management, and quality management”
relatively separate and check and balance each other, at the same time, it strengthens risk management, budget
management, plan management, contract management, customer management and brand management and other
measures to effectively prevent operational risks. Through innovative talent management, the company has
established an open talent team to meet the long-term development of enterprises. The company has innovated and
implemented the EVA performance appraisal mechanism and established a result-oriented incentive and restraint
assessment mechanism which effectively built the performance culture and stimulated the viability within the
enterprise. The company insists on cultivating and advocating the corporate culture with “people-oriented,
performance first, excellent quality, and harmony” as the core values, combines the personal development goals of
employees with the corporate vision, and enhances the cohesiveness and centripetal force of the enterprise.
2. Business model advantages
In terms of business layout and management, the company has deepened and subdivided its target markets, carried
out specialized operations in different areas of the grain and oil food industry chain, embraced the Internet, and
gradually built a “trinity” of multilevel product supply network of terminal grain and oil e-commerce, catering and
distribution services, and bulk grain and oil trading services. In terms of e-commerce, the company vigorously
developed new formats of grain, and actively promoted the development of new grain retail formats such as “Internet
13
深圳市深粮控股股份有限公司 2019 年半年度报告全文
+ Grain” and “Community Automatic Selling Grain Supply Centers”. It has already had the B2C Grain and Oil
Network Direct Selling Platform “Doximi .com”, and has opened channels on Tmall, Jingdong Mall and other e-
commerce platforms to promote the online and offline deep integration of e-commerce platforms. In terms of
catering and distribution, the company has built a one-stop distribution service platform for large-scale terminal
customers such as chain catering and canteens of thousands of people. Food and oil trading services, the company
builds a grain bulk commodity trading platform, efficiently integrates business flow “Shenliang Cereals Trading
Network”, logistics and information flow, improves circulation efficiency, and provides spot trading, financing,
logistics, quality inspection, transaction information and other services for internal business units, suppliers and
customers. The company gives full play to the traction role of major projects such as grain logistics nodes,
continuously improves the construction of the grain supply chain system, and promotes the sustainable development
of enterprises.
3. Research and development technology advantages
The company attaches great importance to transforming and upgrading the traditional industries by modern
technologies, and actively introduces a new generation of information technologies such as internet of things, cloud
computing, big data and mobile internet into grain management. It takes the lead in promoting the construction of
“standardization, mechanization, informationization and harmlessness” of warehouse management in the industry,
independently develops “grain logistics information system” (Shenliang GLS), applies RFID technology and slip
sheet equipment, introduces intelligent robots, and upgrades the grain depot operation efficiency and management
efficiency. The company has undertaken a number of national-level research projects, and multiple IT project results
have won national, provincial and municipal awards. More than 30 information systems have been developed and
run normally. As of now, the company has 69 patents and 23 copyrights.
4. Advantages of quality control
The company gives full play to the advantages of products, channels, brands, warehousing, quality inspection, etc.,
and truly provides good quality and safety products for the society. The company has established a quality control
system that is recognized by international large food and beverage enterprises. In the grain and oil business, the
company’s subordinate enterprise, SZCG Quality Test, has the leading grain quality testing technology and
equipment in the domestic grain industry, and has been officially incorporated into the national grain quality
supervision and testing system, and has been awarded the “Guangdong Shenzhen National Grain Quality
Monitoring Station” by the State Administration of Grain. The advanced testing technology selects and checks the
grain from the source, and timely and accurately checks the quality status of grain and oil in all aspects of
warehousing, storage and delivery. Shenliang Quality Test has obtained the qualification certificate (CMA) for
testing and inspection institutions, and it is the first among domestic peers to include pesticide residues, heavy metal
pollutants, mycotoxins and other hygienic indicators and taste value indicators in daily testing indicators, and has
the detection ability of four types of indicators such as grain regular quality, storage quality, hygiene and eating
quality, which can meet the relevant quality inspection requirements of grain and oil products, and can accurately
analyze the nutritional ingredients and hygienic index of grain and determine its storage quality and eating quality.
5. Advantage of brand effect
The company regards “quality” as the cornerstone of establishing the enterprise brand, and takes “good service”
14
深圳市深粮控股股份有限公司 2019 年半年度报告全文
and “livelihood guarantee” as the brand’s core value, and has created a batch of “reliable grain”, “reliable flour” and
“reliable oil” brand systems, and has formed good brand effects. The company has been selected as one of the “Top
500 Chinese Service Enterprises” for five times, and has won the “China Top Ten Grain and Oil Group”, “China
Top 100 Grain and Oil Enterprise”, “China’s Most Respected Grain and Oil Enterprise”, “National Top 100 Military
Supply Stations” and “Key Agricultural Leading Enterprises in Guangdong Province”, etc., and was awarded
“Shenzhen Credit Enterprise”, “Shenzhen Old Brand”, “Leading Enterprises Strongly Support Grain and Oil
Industrialization”, etc., the market influence of “Shenliang Yushuiqing”, “Shenliang Duoxi”, “Guzhixiang”,
“Clivia”, “Shenliang Fuxi” and other brands has gradually expanded, and the subordinate flour company has won
the title of “Shenzhen Old Brand”, and Shenliang Duoxi Changxiangdao Daohuaxiang rice has been selected as the
first batch of “China Good Grain and Oil” products of the State Administration of Grain which is the only selected
product in Guangdong Province.
6. Comprehensive basic advantages
The company has a large-scale warehouse capacity in Shenzhen, it is the main force of Shenzhen's municipal grain
reserves and the “rice bag” trusted by the public. At present, its own grain storage capacity is about 400,000 tons.
Over the years, on the basis of giving priority to ensuring the government's macroeconomic regulation and control
of grain and guaranteeing the grain security, the company has been exploring the reform of the grain and oil reserve
system and mechanism, fully utilizing the operational characteristics and advantages of “dynamic rotation” and
fully participating in market competition. In the process of market-oriented self-management, the company
continues to optimize and innovate the grain storage logistics mode and the grain and oil distribution docking mode,
so that the market competitiveness and regulation power have significantly enhanced, the main channel advantages
of grain and oil supply have been further stabilized, and the main position of grain and oil industry has further
highlighted. The company has established long-term, extensive and diversified cooperative relations with grain and
oil traders, processors and end customers, and has built a wide business network and stable business channels. It
has a high market share in the regional market and is rated as “Key Agricultural Leading Enterprise of Guangdong
Province” by the Department of Agriculture of Guangdong Province.
15
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Section IV. Discussion and Analysis of the Operation
I. Introduction
During the reporting period, according to the annual key work and strategic planning objectives, the company
focused on the post-restructuring integration development and corporate strategy reshaping, and effectively exerted
the leading role of party building, and implemented the reform requirements of “Double Hundred Actions”
throughout the various key work. The main economic indicators in the first half of the year have been completed
well, the quality of main business development has been improved, the construction of strategic projects has been
steadily advanced, and the internal management and control level has been further improved.
1. Main business development
During the reporting period, the company
based on its own advantages and industrial development, used information technology, innovated and opened up
the grain and oil products supply channels and trading methods, created a new pattern for tea and food business
industry, built a multi-group and multi-channel food supply chain and service network, expanded the effective
supply of medium- and high-end grain, oil, and food, and strived to meet people's needs of "quality, diversity,
nutrition, health, green, and convenience", and promoted the transformation of grain and oil products from "eat full"
to "eat well".
As the “grain security” project and “rice bag” in Shenzhen, the company completed the government grain and oil
reserve service with quality and quantity guaranteed during the reporting period, the monthly average grain reserve
was 1.065 million tons, and the monthly average oil reserve was 12,100 tons, which guaranteed the sufficient grain
and oil supply and stable price in Shenzhen through the balanced rotation of grain and oil.
During the reporting period, the company integrated and reconstructed the deep processing of tea and natural plants,
and allocated the staff. Through integration, some businesses initially achieved stop loss or turnaround goals.
2. Key projects
During the reporting period, the construction and operation of the company's Dongguan grain logistics node
progressed smoothly. The construction of grain logistics and terminal supporting projects, CDE warehouse project,
food deep processing projects and the first phase of the wharf have been steadily advanced according to the plan
and progress. The international foods wharf loaded and unloaded 128 vessels with a turnover of 180,000 tons. The
subordinate Dongguan logistics company promoted the establishment of safety production standardization and
achieved results, and was awarded the second-level enterprise of safety production standardization.
During the reporting period, the company's northeast grain source base project achieved “breaking ice”. In order to
speed up the implementation of the “North Grain to the South, South Grain for Storage in North” strategy, the
company set up the infrastructure office of the Northeast Grain Source Project to accelerate the construction of the
grain source base project. In June, the main project of the first phase of the Northeast Grain Source Base Project of
150,000 tons has been started.
During the reporting period, the company focused on promoting grain and oil platform transactions. At the 2nd China
16
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Grain Trade Conference, “www.zglsjy.com.cn” further expanded the market influence and expanded new customers
to bid and list trading on the basis of serving internal customers. As of June, the “www.zglsjy.com.cn” had a trading
volume of 2.2 million tons.
3. Continuous innovation and development
During the reporting period, the company improved the efficiency of its operational management by increasing the
application of informatization innovation results to ensure the sustainable and healthy development of enterprise.
At present, the innovative R&D system with Shenliang research institute as the core and with the far-reaching data,
the product research and development center of flour company, the doximi quality inspection R&D department, the
technology center of reserve branch, the tea product and technology research and development center as the key
supports has been focusing on the innovation and research and development of informatization projects, guided by
the operational management needs and the development of the industry's most cutting-edge technology, planed and
completed 14 informatization projects such as company management and control and innovation management
platform. Up to now, the company has 69 patents and 23 software copyrights.
4. Other key tasks
(1) During the reporting period, the company completed the organizational restructuring, completed the changes of
company name, business scope, registered capital and securities short name, and completed the reelection of the
board of directors, the board of supervisors and senior management personnel. In accordance with the new
regulatory requirements and relevant regulations and procedures, the company completed the combination and
revision of the internal systems to promote the improvement of corporate governance, and further enhanced the
management effectiveness of the company through various effective measures.
(2) During the reporting period, the company implemented the relevant requirements of the “Double Hundred
Actions” state-owned enterprise reform, further expanded the compensation system and incentive and restraint
mechanism, and completed the overall market-based selection and employment of the management teams of some
subordinate units, and promoted the rotation exchange of key position talents, and further optimized the company's
talent echelon construction.
(3) During the reporting period, the company further strengthened fund management and control, and in accordance
with the centralized management mode of “internal bank” funds, promoted the online reporting platform, and
effectively supervised the expense reimbursement, capital expenditure and operating expenses of the company
headquarters and subordinate units. At the same time, the company further improved the CBS fund management
information system function, and fully opened the bank-corporate direct linkage of 9 banks to realize the system
supervision of banks and accounts. During the reporting period, the company promoted the subordinate units to
optimize the structure of the debts and achieved remarkable results.
(4) During the reporting period, the company built a new pattern of safe production, further strengthened the concept
of safe development, strictly implemented the responsibility system for production safety, consolidated the
foundation of safety management, investigated hidden dangers and immediately rectified them, and became the first
enterprise in the municipal state-owned assets system to complete the “double” prevention mechanisms and safety
standardization construction. The company closely followed the theme of “preventing risks, eliminating hidden
dangers, and restraining accidents”, and has comprehensively launched the “Safe Production Month” activities.
17
深圳市深粮控股股份有限公司 2019 年半年度报告全文
In the first half of 2019, the company achieved a total operating income of RMB 4,782,167,700, an increase of 7.84%
over the same period of the previous year (after restructuring); operating profit of RMB 235,345,700, an increase
of 7.38% over the same period of the previous year (after restructuring); net profit attributable to shareholders of
listed companies was RMB 203,168,900, an increase of 0.19% over the same period of the previous year (after
restructuring).
II. Main business analysis
See the “I-Introduction” in “Discussion and Analysis of the Operation”
Y-o-y changes of main financial data
In RMB
Y-o-y
Same period of last
Current period increase/de Reasons for changes
year
crease
Operation
4,782,167,732.69 4,434,688,646.82 7.84%
revenue
Operation cost 4,262,101,770.62 3,962,753,163.26 7.55%
Sales expenses 112,553,742.74 120,452,104.30 -6.56%
Management
101,397,947.99 96,324,028.90 5.27%
expenses
Parts of the infrastructure of the node project from
Financial Shenliang Dongguan Logistic has been put into operation,
8,519,731.85 -2,173,306.27 492.02%
expenses expensed interest increased in the year; the exchange
losses goes up on a y-o-y basis in the year
Income tax Income tax expenses arising from settlement and payment
15,485,294.03 11,869,852.06 30.46%
expense in the period increased from a year earlier.
Strengthen R&D in the year and more investment
R&D investment 4,211,474.91 2,977,062.54 41.46%
occurred.
Net cash flow
The cash received from labor service providing in first half
arising from
-389,429,629.75 52,861,245.30 -836.70% of the year declined, and the cash paid for good purchasing
operation
increased, account payable declined.
activities
Net cash flow First, the first half reserve grain and oil government
arising from service income advance funds of this year has not
-140,751,694.07 -307,367,061.47 54.21%
investment received; Second, the increases of the grain and oil stock
activities caused the enlargement of operating activity cash outflow.
Net cash flow More loans from the bank, the net cash flow from
arising from 88,425,677.74 66,419,850.49 33.13% financing activities changes due to the dividend
financing distribution
18
深圳市深粮控股股份有限公司 2019 年半年度报告全文
activities
Net increase of
Net cash flow from operation activities has changes on a
cash and cash -441,723,854.29 -184,996,984.35 -138.77%
y-o-y basis
equivalent
Major changes on profit composition or profit resources in reporting period
□ Applicable √ Not applicable
No major changes on profit composition or profit resources occurred in reporting period
Composition of main business
In RMB
Increase or Increase or Increase or
decrease of decrease of decrease of gross
Operating
Operating cost Gross profit ratio operating revenue operating cost profit ratio over
revenue
over same period over same period same period of
of last year of last year last year
According to industries
Trading 4,044,141,582.04 3,880,146,561.03 4.06% 9.21% 8.86% 0.31%
According to products
Grain and oil
trading and 4,192,557,805.77 4,020,740,766.97 4.10% 7.65% 7.37% 0.25%
processing
According to region
Domestic sales 4,770,863,075.53 4,252,262,350.62 10.87% 7.76% 7.45% 0.26%
III. Analysis of the non-main business
√ Applicable □ Not applicable
In RMB
Ratio in total Whether be
Amount Note
profit sustainable
Investment income 7,167,936.04 3.09% Unsustainable
Gains/losses of fair
28,381.21 0.01% Unsustainable
value variation
Reasons including: If the reserve for
depreciation of inventory has been calculated for
Asset impairment -69,231,423.42 -29.88% the sold inventory, the reserve for depreciation of Unsustainable
inventory has been carried forward to reduce the
current main business cost.
Non-operating
362,252.46 0.16% Unsustainable
income
19
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Non-operating
3,982,019.95 1.72% Unsustainable
expense
IV. Assets and liability
1. Major changes of assets composition
In RMB
Ratio
End of current period End of period of last year Notes of major changes
changes
Ratio in Ratio in
Amount total Amount total
assets assets
The cash out-flow for operation
Monetary fund 189,914,485.39 2.95% 631,638,339.68 9.76% -6.81% activities purpose increased on a y-o-y
basis
The first half reserve grain and oil
Account
617,831,167.71 9.60% 473,646,886.64 7.32% 2.28% government service income advance
receivable
funds of this year has not received.
Increase grain and oil stock according to
Inventory 3,053,593,314.19 47.47% 2,811,802,600.19 43.47% 4.00%
demand
Investment
278,173,249.83 4.32% 282,622,184.92 4.37% -0.05%
property
Long-term equity
73,362,651.19 1.14% 70,999,666.81 1.10% 0.04%
investment
Fix assets 967,835,524.07 15.05% 993,136,743.51 15.35% -0.30%
Investment for the node project
Construction in
403,629,287.82 6.27% 186,586,135.06 2.88% 3.39% engineering for Shenliang Dongguan
process
Logistic increased
Short-term loans 30,590,000.00 0.48% 91,600,000.00 1.42% -0.94%
Long-term loans from node project
Long-term loans 777,384,100.20 12.09% 516,687,791.66 7.99% 4.10% engineering for Shenliang Dongguan
Logistic increased
2. Assets and liability measured by fair value
√ Applicable □ Not applicable
In RMB
Amount at the Changes of Accumulative Devaluatio Amount Amount Amount in the
Items
beginning fair value changes of fair n of of of sale end of period
20
深圳市深粮控股股份有限公司 2019 年半年度报告全文
period gains/losses value reckoned withdrawi purchase in the
in this into equity ng in the in the period
period period period
Financial assets
1. Trading financial assets
(excluding derivative financial 1,124,927.96 28,381.21 1,153,309.17
assets)
Aforementioned total 1,124,927.96 28,381.21 0.00 0.00 0.00 0.00 1,153,309.17
Financial liabilities 0.00 0.00 0.00
Whether there have major changes on measurement attributes for main assets of the Company in report period or not
□ Yes √No
3. The assets rights restricted till end of the period
Original book Book value at
Item Reasons for restriction
value period-end
Intangible According to the long-term loan mortgage contract signed by the subsidiary
92,328,788.83 83,859,264.48
assets Dongguan Logistics and Agricultural Development Bank, Dongguan Logistics
mortgaged the land DFGY (2014) DT No. 6 and the future built-up grain storage
Fixed
400,834,811.27 371,805,770.40 and wharf supporting facilities and other buildings and structures on the ground of
assets
No. 32, Jianshe Road, Masan Village, Machong Town, Dongguan City to the
Agricultural Development Bank as collaterals for the loan. In addition, according
Constructi to the loan contract “44191000-2018 (Dongben) Zi No.0100” signed by Dongguan
on in 76,182,755.87 76,182,755.87 Logistics and Agricultural Development Bank, Dongguan Logistics mortgaged the
process land “Yue (2016) DGSBDCQ No. 0028527” to the Agricultural Development
Bank as a collateral for the loan.
According to the loan contract Yue DG 2017 NGDZ No. 006 signed by Dongguan
Food Industry Park and Bank of Communications Co., Ltd. Dongguan Branch,
Intangible
45,580,368.97 35,798,712.71 Dongguan Food Industry Park mortgaged two pieces of land “DFGY (2009) DT
assets
No. 190” and “DFGY (2012) DT No. 152” to Bank of Communications Co., Ltd.
Dongguan Branch as collateral for the loan.
Total 614,926,724.94 567,646,503.46
V. Investment Analysis
1. Overall situation
√ Applicable □ Not applicable
Investment in the same period of last year
Investment in reporting period (Yuan) Range
(Yuan)
244,767,336.46 0.00 100.00%
21
深圳市深粮控股股份有限公司 2019 年半年度报告全文
2. The major equity investment obtained in the reporting period
□ Applicable √ Not applicable
22
深圳市深粮控股股份有限公司 2019 年半年度报告全文
3. The major non-equity investment carrying in the reporting period
√ Applicable □ Not applicable
In RMB
Reasons for Disc
failure to losur
Income
Whether it is Industry with Accumulated achieve e
accumulated Disclosure
Investmen the investment the Amount input actual input as of Capital Estimated planned inde
Item Progress at end of the date (if
t ways for fixed investment in the period the end of resources revenue progress x (if
reporting applicable)
assets (Y/N) involved reporting period and appli
period
expected cabl
benefits e)
Grain storage and wharf
complementary Owned
Storage and
engineering of Dongguan Self-build Y 15,220,775.52 316,826,549.21 Funds and 79.21% -
wharf
Shenliang Logistics Co., Bank Loans
Ltd.
43,363,000.00 62,584,926.78
Grain storage and wharf
complementary Owned
Storage and
engineering (Phase II) of Self-build Y 179,679,302.57 Funds and 100.00% -
wharf
Dongguan Shenliang Bank Loans
Logistics Co., Ltd.
Food logistics and wharf
matching project of Warehouse Owned
Self-build Y 14,141,959.70 25,213,182.62 5.12% -
Dongguan Shenliang logistic Funds
Logistics Co., Ltd.
Warehouse logistic Self-build Y Warehouse 146,326,592.24 417,764,182.46 Owned 43.14% 37,108,900.00 -
23
深圳市深粮控股股份有限公司 2019 年半年度报告全文
distribution center of logistic Funds and
Dongguan International Bank Loans
Food Industrial Park
Development Co., Ltd.
Food processing project of
Flour Owned
Dongguan Shenliang Oil Self-build Y 36,906,337.84 76,182,755.87 26.09% -
processing Funds
& Food Trade Co., Ltd.
Owned
Land use right Self-build N Construction 24,179,185.60 227,922,642.82 -
Funds
Total -- -- -- 236,774,850.90 1,243,588,615.55 -- -- 80,471,900.00 62,584,926.78 -- -- --
4. Financial assets investment
(1) Securities investment
√ Applicable □ Not applicable
In RMB
Changes in
Accountin Book value Cumulative Profit and
fair value of Current
Initial g at the fair value Current loss in the Book value Accounting Capital
Variety of Code of Short form of
investme the current purchase at the end of
securities securities securities
nt cost measureme beginning of changes in sales amount Reporting the period subject Source
profit and amount
nt model the period equity Period
loss
Shares
Domestic Measured Trading repaid from
and overseas 000017 CBC-A 0.00 by fair 1,124,927.96 28,381.21 0.00 0.00 0.00 28,381.21 1,153,309.17 financial debt
stock value assets reorganizatio
n
Total 0.00 -- 1,124,927.96 28,381.21 0.00 0.00 0.00 28,381.21 1,153,309.17 -- --
24
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Disclosure date of securities investment
Not applicable
approval of the Board
Disclosure date of securities investment
approval of the Shareholder Meeting (if Not applicable
applicable)
(2) Derivative investment
□ Applicable √ Not applicable
The Company has no derivatives investment in the Period
VI. Sales of major assets and equity
1. Sales of major assets
□ Applicable √ Not applicable
The Company had no sales of major assets in the reporting period.
2. Sales of major equity
□ Applicable √ Not applicable
VII. Analysis of main Holding Company and stock-jointly companies
√ Applicable □ Not applicable
Particular about main subsidiaries and stock-jointly companies net profit over 10%
In RMB
Company name Type Main business Register capital Total assets Net Assets Operating revenue Operating profit Net profit
25
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Grain & oil
trading
Shenzhen Cereals Group Co.,
Subsidiary processing、Grain 1,530,000,000.00 5,701,507,859.86 3,727,498,207.39 4,614,789,800.67 245,205,307.45 228,906,380.61
Ltd
and oil reserve
service
Grain & oil
Shenzhen Flour Co., Ltd Subsidiary 30,000,000.00 958,911,346.84 270,170,166.90 1,310,067,982.82 34,184,781.83 34,160,150.52
trading processing
Shenzhen Hualian Grain & Oil Grain & oil
Subsidiary 31,180,000.00 961,870,154.63 225,250,597.47 1,706,053,677.49 24,141,077.31 24,141,077.31
Trade Co., ltd. trading
26
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Particular about subsidiaries obtained or disposed in report period
□ Applicable √ Not applicable
Explanation on main holding/stock-jointly enterprise
Shenzhen Cereals Group Co., Ltd., its business scope includes grain and oil purchase and sales, grain and oil storage
and supply of military grain; grain and oil and products management and processing (operated by branches);
operation and processing of feed (operated by outsourcing); investment in grain and oil, feed logistics projects;
establishing grain and oil and feed trading market (including e-commerce market) (market license is also available);
information service business (internet information service business only) (operating with value-added
telecommunications service business license Guangdong B2-20100081, with a limited period to February 11, 2015);
storage (operated by branches); ordinary freight, professional transportation (refrigerated fresh storage) (operated
by road transport license No. 440300155916, valid until June 30, 2014); development, operation and management
of free property; providing management services for hotels; investing and setting up industries (specific projects are
separately declared); domestic trade (excluding franchise, exclusive control, and monopoly commodities); engaging
in import and export business (except for projects prohibited by laws, administrative regulations, and decision of
the State Council, restricted projects can be operated only after obtaining permission). Register capital was
1,530,000,000 Yuan. Ended as this period, total assets amounted as 5,701,507,859.86 Yuan, and net assets
amounting to 3,727,498,207.39 Yuan, shareholders’ equity attributable to parent Company is 3,541,962,524.81 Yuan;
in the reporting period, achieved operation income, net profit and net profit attributable to shareholder of parent
Company as 4,614,789,800.67 Yuan, 228,906,380.61 Yuan and 215,226,820.22 Yuan respectively.
Shenzhen Flour Co., Ltd., business scope: hardware and electrical equipment, chemical products (excluding
hazardous chemicals and restricted items), auto parts, purchase and sales of construction materials; self-operated
import and export business (carry out according to the provisions of the registration certificate SMGDZZ No. 76);
domestic trade (excluding franchise, exclusive control, monopoly commodities); wheat wholesale and retail; flour
processing and production. Register capital was 30,000,000 Yuan. Ended as this period, total assets amounted as
958,911,346.84 Yuan, and net assets amounting to 270,170,166.90 Yuan, shareholders’ equity attributable to parent
Company is 270,170,166.90 Yuan; in the reporting period, achieved operation income, net profit and net profit
attributable to parent Company as 1,310,067,982.82 Yuan, 34,160,150.52Yuan and 34,160,150.52 Yuan respectively.
Shenzhen Hualian Grain and Oil Trade Co., Ltd., business scope: general operational projects include domestic
trade (except for projects that laws, administrative regulations, and decisions of the State Council require approval
before registration); engaging in import and export business (except for projects prohibited by laws, administrative
regulations, and decision of the State Council, restricted projects can be operated only after obtaining permission);
online feed sales; information consultation, self-owned housing leasing (excluding talent agency services and other
restricted items); international freight forwarding, domestic freight forwarding (can only be operated after being
approved by the transport department if laws, administrative regulations, State Council decision require the approval
of transport department); license business projects include purchase and sale of grain and oil, online sales of grain
and oil; information service business (internet information service business only). Register capital was RMB
31,180,000. Ended as this period, total assets amounted as RMB 961,870,154.63, and net assets amounting to RMB
225,250,597.47, shareholders’ equity attributable to parent Company is RMB 225,250,597.47; in the reporting
27
深圳市深粮控股股份有限公司 2019 年半年度报告全文
period, achieved operation income, net profit and net profit attributable to parent Company as RMB
1,706,053,677.49, RMB 24,141,077.31 and RMB 24,141,077.31 respectively.
VIII. Structured vehicle controlled by the Company
□ Applicable √ Not applicable
IX. Prediction of business performance from January – September 2019
Estimation on accumulative net profit from the beginning of the year to the end of next report period to be loss probably or the warning
of its material change compared with the corresponding period of the last year and explanation on reason
□ Applicable √ Not applicable
X. Risks and countermeasures
1. Affected by a series of unfavorable factors such as Sino-US trade friction and African swine fever, the overall
environment of the grain, feed, food and other domestic industries has been greatly affected, and the company's
operations are facing greater pressure. In contrast to the annual work objectives and requirements, there is still a
gap between the company's work and the annual mission plan requirements. In the second half of the year, the
company will focus on deepening enterprise reform, firming the strategic projects construction, improving
operational efficiency, concentrating on innovation-driven leading, and expanding business channels to ensure the
completion of annual work goals.
2. Faced with the changing consumption trends in recent years and the increasing scale of the company's business
and the more complex business structure, the company's reserves in professional talents, key talents, and
comprehensive talents are relatively insufficient, so the company showed slight weakness in innovation ability and
contingency ability when cultivating new business and facing new field. The company will focus on strategic and
business development needs, innovate talent training, accelerate talent introduction, strengthen talent echelon
construction and innovative talent reserves, open up development channels for employees, create career
development opportunities, and provide kinetic energy for the company's sustainable development.
28
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Section V. Important Events
I. Annual General Meeting and extraordinary shareholders general meeting held in this period
1. AGM in the period
Investor
Sessions Type participati Opening date Disclosure date Disclosure index
on (%)
Resolution Notice of The First
The First Interim Interim Shareholders General
Interim
Shareholders Meeting of 2019 of Shenzhen
Shareholders 63.83% 2019-01-18 2019-01-19
General Meeting Shenbao Industrial Co., Ltd. (Notice
General Meeting
of 2019 No.: 2019-10) released on Juchao
website dated 19 Jan. 2019
Resolution Notice of The Second
The Second
Interim Shareholders General
Interim Interim
Meeting of 2019 of Shenzhen
Shareholders Shareholders 63.83% 2019-01-30 2019-01-31
Shenbao Industrial Co., Ltd. (Notice
General Meeting General Meeting
No.: 2019-14) released on Juchao
of 2019
website dated 31 Jan. 2019
Resolution Notice of The Third
The Thrid Interim Interim Shareholders General
Interim
Shareholders Meeting of 2019 of Shenzhen
Shareholders 63.82% 2019-02-21 2019-02-22
General Meeting Shenbao Industrial Co., Ltd. (Notice
General Meeting
of 2019 No.: 2019-21) released on Juchao
website dated 22 Feb. 2019
Resolution Notice of AGM 2018 of
Shenzhen Shenbao Industrial Co.,
2018 Annual Annual general
63.80% 2019-05-20 2019-05-21 Ltd. (Notice No.: 2019-45) released
general meeting meeting
on Juchao website dated 21 May
2019
2. Request for extraordinary general meeting by preferred stockholders whose voting rights restore
□ Applicable √ Not applicable
II. Profit distribution plan and capitalizing of common reserves plan for the Period
□ Applicable √ Not applicable
The Company plans not to carried out distribution of cash dividend, bonus shares and share converted from capital reserve either for
29
深圳市深粮控股股份有限公司 2019 年半年度报告全文
the half year
III. Commitments completed in Period and those without completed till end of the Period from
actual controller, shareholders, related parties, purchaser and companies etc.
□ Applicable √ Not applicable
There are no commitments completed in Period and those without completed till end of the Period from actual controller, shareholders,
related parties, purchaser and companies etc.
IV. Appointment and non-reappointment (dismissal) of CPA
Whether the financial report has been audited or not
□Yes √No
The financial report has not been audited
V. Explanation from Board of Directors and Supervisory Committee for “Qualified Opinion”
that issued by CPA
□ Applicable √ Not applicable
VI. Explanation from the BOD for “Qualified Opinion” of last year
□ Applicable √ Not applicable
VII. Bankruptcy reorganization
□ Applicable √ Not applicable
No bankruptcy reorganization for the Company in end of this period
VIII. Lawsuits
Significant lawsuits and arbitration
□ Applicable √ Not applicable
No significant lawsuits and arbitration occurred in the reporting period
Other lawsuits
√ Applicable □ Not applicable
Amount Disclo Disclo
Resulted an accrual Trial result and Execution of
Lawsuits (arbitration) involved Progress sure sure
liability (Y/N) influence judgment
(in 10 date index
30
深圳市深粮控股股份有限公司 2019 年半年度报告全文
thousand
Yuan)
Relevant litigation-
During the reporting
related matters are
period, the litigation No, the event is related
executed by legal dept.
matters mainly to routine operation of Judging from the
Of the Company and
including: Disputes the Company with minor litigation, it does
external laws firms. Not Not
over sales contract, amount. Judging from not have a
5,291.98 The matters will In processing applic applic
principal-agent the progress of the case, significant
litigation involved are able able
contract disputes, relevant litigation do not impact on the
carry out the
infringement disputes, constitute a significant Company
promotion according
loan contract disputes impact on the Company
to relevant process
and so on
currently.
IX. Penalty and rectification
□ Applicable √ Not applicable
No penalty and rectification for the Company in reporting period.
X. Integrity of the Company and its controlling shareholders and actual controllers
□ Applicable √ Not applicable
XI. Implementation of the Company’s stock incentive plan, employee stock ownership plan or
other employee incentives
□ Applicable √ Not applicable
During the reporting period, the Company has no stock incentive plan, employee stock ownership plan or other employee incentives
that have not been implemented.
XII. Major related transaction
1. Related transaction with routine operation concerned
□ Applicable √ Not applicable
No related transaction occurred in the period with routine operation concerned
2. Assets or equity acquisition, and sales of assets and equity
□ Applicable √ Not applicable
No related transaction concerning the asses or equity acquisition and sold at period-end
31
深圳市深粮控股股份有限公司 2019 年半年度报告全文
3. Related transaction of foreign investment
□ Applicable √ Not applicable
No related transaction of foreign investment occurred at period-end
4. Related credits and liabilities
□ Applicable √ Not applicable
No related credits and liabilities occurred in period
5. Other major related transaction
□ Applicable √ Not applicable
No other major related transaction in the Period
XIII. Non-operational fund occupation from controlling shareholders and its related party
□ Applicable √ Not applicable
No non-operational fund occupation from controlling shareholders and its related party in period.
XIV. Significant contract and implementations
1. Trusteeship, contract and leasing
(1) Trusteeship
□ Applicable √ Not applicable
No trusteeship for the Company in reporting period
(2) Contract
□ Applicable √ Not applicable
No contract for the Company in reporting period
(3) Leasing
□ Applicable √ Not applicable
No leasing in the Period
32
深圳市深粮控股股份有限公司 2019 年半年度报告全文
2. Major Guarantee
√ Applicable □ Not applicable
(1) Guarantee
In 10 thousand Yuan
External Guarantee (not including guarantees to subsidiaries)
Related
Complete Guarante
Name of the Announce Actual date of happening Actual
Guarant Guarant implemen e for
Company ment (Date of signing guarantee Guarantee type
ee limit ee term tation or related
guaranteed disclosure agreement) limit
not party
date
Guarantee between the Company and subsidiary
Related
Complete Guarante
Name of the Announce Actual date of happening Actual
Guarant Guarant implemen e for
Company ment (Date of signing guarantee Guarantee type
ee limit ee term tation or related
guaranteed disclosure agreement) limit
not party
date
Dongguan 2015-07-13
Joint liability
Shenliang 27,300 21,281 8 years N Y
guaranty
Logistics Co., Ltd.
Dongguan 2016-12-21
Joint liability
Shenliang 10,200 5,090 5 years N Y
guaranty
Logistics Co., Ltd.
Dongguan
International Food
Joint liability 14
Industrial Park 39,168 2018-07-27 24,663 N Y
guaranty years
Development Co.,
Ltd.
Shenzhen Shenbao
Huacheng Science Joint liability
3,000 2018-07-26 3,000 1 year N Y
and Technology guaranty
Co., Ltd.
Dongguan
Joint liability 12
Shenliang 21,930 2019-01-25 250 N Y
guaranty years
Logistics Co., Ltd.
Dongguan
Shenliang Oil & Joint liability
11,883 2019-04-19 1,852 8 years N Y
Food Trade Co., guaranty
Ltd.
Total amount of approving 33,813 Total amount of actual 10,680
33
深圳市深粮控股股份有限公司 2019 年半年度报告全文
guarantee for subsidiaries in occurred guarantee for
report period (B1) subsidiaries in report period
(B2)
Total balance of actual
Total amount of approved
guarantee for subsidiaries at
guarantee for subsidiaries at the 113,481 56,136
the end of reporting period
end of reporting period (B3)
(B4)
Guarantee between the subsidiaries
Related
Complete Guarante
Name of the Announce Actual date of happening Actual
Guarant Guarant implemen e for
Company ment (Date of signing guarantee Guarantee type
ee limit ee term tation or related
guaranteed disclosure agreement) limit
not party
date
Total amount of guarantee of the Company (total of three above mentioned guarantee)
Total amount of approving Total amount of actual
guarantee in report period 33,813 occurred guarantee in report 10,680
(A1+B1+C1) period (A2+B2+C3)
Total amount of approved Total balance of actual
guarantee at the end of report 113,481 guarantee at the end of report 56,136
period (A3+B3+C2) period (A4+B4+C4)
The proportion of the total amount of actually guarantee in the net
13.18%
assets of the Company (that is A4+ B4+C4)
Including:
Amount of guarantee for shareholders, actual controller and its related
0
parties (D)
The debts guarantee amount provided for the guaranteed parties whose
53,136
assets-liability ratio exceed 70% directly or indirectly (E)
Proportion of total amount of guarantee in net assets of the Company
0
exceed 50% (F)
Total amount of the aforesaid three guarantees (D+E+F) 53,136
Explanation on compound guarantee
Nil
(2) Illegal external guarantee
□ Applicable √ Not applicable
No illegal external guarantee in the period
3. Other material contracts
□ Applicable √ Not applicable
No other material contracts in the period.
34
深圳市深粮控股股份有限公司 2019 年半年度报告全文
XV. Social responsibility
1. Major environment protection
The listed Company and its subsidiary whether belong to the key sewage units released from environmental protection department
No
The company and its subsidiaries do not belong to the key pollutant discharge units announced by the environmental protection
department.
2. Execution of social responsibility of targeted poverty alleviation
(1) Plan of targeted poverty alleviation
In 2019, Shenzhen Cereals Holdings continues to use the socialism with Chinese characteristics of Xi Jinping new
era of as a guide to carry out the targeted poverty alleviation work to help Guilin Village, Yidu Town, Longchuan
County, Heyuan City, in accordance with spirit of the document of “Implementation Opinions on the Three-Year
Plan for Poverty Alleviation in the New Period (Yuefa [2016] No. 13)” of the Guangdong Provincial Party
Committee and the Provincial Government, the overall goal and task of Guilin Village's targeted poverty alleviation
is to achieve the goal of making the relatively poor population be free from worry of food and clothing and be
guaranteed with compulsory education, basic medical care and housing security by the end of 2019, and making the
indicators of main areas of basic public services be equivalent to the provincial average, and getting 52 households
and 144 people all out of poverty. In order to implement the poverty alleviation work, the residency poverty
alleviation work team of Shenzhen Cereals Holdings adopted the following effective assistance measures under the
correct leadership of the company's party committee: First, in the aspect of industrial assistance. By holding training
courses, participating in exhibitions to help the selling of tea, providing public welfare jobs, handling small loans,
encouraging migrant workers, guiding the cultivation of tea, increasing the planting area, using the “reward for
compensation” financial funds and Shenliang help fund investment dividends and other various new forms and new
methods to help poor households and village collectives to increase their income. The second is to continue to
increase the support of medical care and education so as to solve the worries of poor households. Third, in terms of
village infrastructure, the village service center project and the water purification project will be put into use by the
end of 2019.
(2) Summary of semi-annual targeted poverty alleviation
In the first half of 2019, Shenzhen Cereals Holdings invested RMB 1,000,900 in poverty alleviation funds (not
including consolation money and goods and materials), which is used to improve infrastructure construction,
increase the collective economic income of the village, improve the rural living environment, and support medical
care and education, etc.
Performance and effect: First, in the aspect of industrial assistance, carried out poverty alleviation work in the mode
35
深圳市深粮控股股份有限公司 2019 年半年度报告全文
of “company + cooperative + farmer + base”, guided the large tea farmers to actively buy tea from more than 20
poor households with working ability, which solved the marketing problem of poor households’ tea to a certain
extent, Stimulate the production enthusiasm of poor households; utilized the “substituting and complementing the
financial funds with rewards” to guide the 20 poor households with labor capacity to invest in the Nanyuewang
Company and the Aodingfeng Tea Cooperative, it is estimated that by the end of 2019, the dividends of these two
investments will reach RMB 98,300, with an average income of RMB 4,914 per household; At the same time,
Shenzhen Cereals Holdings appropriated RMB 500,000 to help the Guilin Village Committee invest in the
Nanyuewang Company, which can bring about RMB 60,000 of dividends every year and effectively increase the
collective income. Second, it organized the tea-planting farmers to participate in the Shenzhen Spring Tea Expo and
a variety of other trade fairs, which not only strengthened exchange with peers but also enhanced the popularity of
"Guilin Tea". Third, in the improvement of village infrastructure and public services, Shenzhen Cereals Holdings
pre-invested RMB 790,000 to help Guilin Village build a village service center to effectively improve the
environment of the village committee office and villagers' activities, the company has already paid RMB 390,000.
The fourth is to invest RMB 77,600 in medical care and education to help the villagers living in Guilin Village to
handle new rural cooperative medical insurance, strengthen medical security, and reduce villagers' burden in
preventing and curing disease; applied for subsidy of RMB 33,500 from the Shenzhen Charity Federation for the
children of 5 poor households, which effectively reduced the economic burden in schooling of poor households;
invested RMB 10,800 to install LED display and toilet door partition, clean the campus environment, and purchase
cleaning tools for Guilin Primary School. In the first half of 2019, there were 52 poor households with 144 people
in Guilin Village, all of which have reached poverty alleviation conditions.
(3) Performance of targeted poverty alleviation
Measurement
Target Numbers/ implementation
unit
i. Overall —— ——
10 thousand
Including:1. fund 100.09
yuan
10 thousand
2. Material discount 1.08
yuan
3.number of poverty-stricken populations eliminating
Person 144
poverty with card for archives established
ii. Invested by specific project —— ——
1.Industrial development poverty —— ——
Including: 1.1Type —— Poverty Alleviation by Asset Income
1.2 numbers of industrial development poverty Number 1
1.3Amount input 10 thousand 50
36
深圳市深粮控股股份有限公司 2019 年半年度报告全文
yuan
1.4number of poverty-stricken population eliminating
Person 7
poverty with card for archives established
2.Transfer employment —— ——
10 thousand
Including: 2.1 Amount input for vocation skills training 0
yuan
2.2 Number of vocation skills training Person-time 0
2.3 Number of poverty-stricken populations achieving
Person 0
employment with card for archives established
3.Relocation the poor —— ——
Including: 3.1 Number of employed persons from relocated
Person 0
households
4.Education poverty —— ——
Including: 4.1 Amount input for subsidizing the impoverished 10 thousand
0
students yuan
4.2Number of subsidized poor student s Person 0
4.3Amount input for improving the education resources in 10 thousand
1.08
poverty-stricken areas yuan
5.Health poverty alleviation —— ——
Including: 5.1 Amount input for medical and health resources in 10 thousand
7.76
poverty-stricken areas yuan
6.Ecological protection and poverty alleviation —— ——
Environmental Cleaning and
Including: 6.1 Type ——
Maintenance
10 thousand
6.2Amount input 1.51
yuan
7.Fallback protection —— ——
10 thousand
Including: 7.1 Amount input for Three Stay Behind persons 0
yuan
7.2Number of Three Stay Behind persons help Person 0
10 thousand
7.3Amount input for poor disabled persons 0
yuan
7.4Number of poor disabled persons help Person 0
8.Social poverty alleviation —— ——
Including: 8.1Amount of the poverty alleviation cooperation between 10 thousand
0
the Eastern and Western regions yuan
8.2Amount for targeted poverty alleviation 10 thousand 0
37
深圳市深粮控股股份有限公司 2019 年半年度报告全文
yuan
10 thousand
8.3Amount for the poverty alleviation public welfare fund 0
yuan
9.Other —— ——
Including: 9.1. number of items Number 3
10 thousand
9.2. Amount input 39.74
yuan
9.3. number of poverty-stricken populations eliminating
Person 139
poverty with card for archives established
iii. Awards (content and grade) —— ——
Outstanding contributions to poverty
alleviation for 2016-2018 in Heyuan -
Li Suiyang
(4) Follow-up of targeted poverty alleviation
2019 is a key year for winning the three-year tack on targeted poverty alleviation, SZCG will continue to take Xi
Jinping’s socialism with Chinese characteristics as a guide and take related poverty alleviation policies of
governments at all levels as a gist, concentrate efforts, strengthen measures, promote poverty alleviation work in an
orderly manner, promote the industry development of Guilin Village, consolidate the results of poverty alleviation,
bring all poverty-stricken households out of poverty. The plan is as follows: First, continue to do a good job in
precision assistance, encourage 20 poor households who have the ability to work to go out as migrant workers,
continue to implement the dividend income of investing in Nanyuewang and Aodingfeng for the poor households
and village collectives, and continue to explore new projects to increase the income of poor households from various
aspects, fully implement the “two no-worries, three guarantees” policy, achieve the "eight have" standard, and
effectively implement the measures to support medical care and education. The second is to continue to follow the
village infrastructure, it plans to renovate three safe drinking water facilities for villagers and strive to complete the
construction of the village service center this year. Third, further promote the Guilin Tea to go out and increase the
brand awareness of the product through the participation of tea fairs so as to increase the industrial income and
increase the production enthusiasm. The fourth is to combine the policies of the poverty alleviation department,
develop the tea industry in Guilin according to local conditions, continue to explore the model of “planting tea +
tourism”, and form a long-term and comprehensive poverty alleviation mechanism. Fifth, comprehensively do a
good job in the smooth docking of “precise poverty alleviation” and “rural revitalization”, and further consolidate
the effectiveness of poverty alleviation.
XVI. Other major events
□ Applicable √ Not applicable
38
深圳市深粮控股股份有限公司 2019 年半年度报告全文
There are no other important events to be explained in the company's reporting period.
XVII. Significant event of subsidiary of the Company
□ Applicable √ Not applicable
39
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Section VI. Changes in Shares and Particulars about Shareholders
I. Changes in Shares
1. Changes in shares
In Share
Before the Change Increase/Decrease in the Change (+, -) After the Change
Capitaliz
New
Bonus ation of Subtot
A mount Proportion shares Others A mount Proportion
shares public al
issued
reserve
I. Restricted shares 684,821,396 59.42% 0 0 0 0 0 684,821,396 59.42%
1. State-owned shares 0 0.00% 0 0 0 0 0 0 0.00%
2. State-owned corporate
669,184,735 58.06% 0 0 0 0 0 669,184,735 58.06%
shares
3. Other domestic shares 15,583,326 1.35% 0 0 0 0 0 15,583,326 1.35%
Including: Domestic legal
15,384,832 1.33% 0 0 0 0 0 15,384,832 1.33%
person’s shares
Domestic nature
198,494 0.02% 0 0 0 0 0 198,494 0.02%
person’s shares
4. Foreign shares 53,335 0.01% 0 0 0 0 0 53,335 0.01%
Including: Foreign
0 0.00% 0 0 0 0 0 0 0.00%
corporate shares
overseas nature
53,335 0.01% 0 0 0 0 0 53,335 0.01%
person’s share
II. Un-restricted shares 467,713,858 40.58% 0 0 0 0 0 467,713,858 40.58%
1. RMB common shares 415,964,578 36.09% 0 0 0 0 0 415,964,578 36.09%
2. Domestically listed
51,749,280 4.49% 0 0 0 0 0 51,749,280 4.49%
foreign shares
3. Foreign listed foreign
0 0.00% 0 0 0 0 0 0 0.00%
shares
4. Other 0 0.00% 0 0 0 0 0 0 0.00%
III. Total shares 1,152,535,254 100.00% 0 0 0 0 0 1,152,535,254 100.00%
Reasons for share changed
□ Applicable √ Not applicable
Approval of share changed
□ Applicable √ Not applicable
Ownership transfer of share changed
40
深圳市深粮控股股份有限公司 2019 年半年度报告全文
□ Applicable √ Not applicable
Progress of shares buy-back
□ Applicable√Not applicable
Implementation progress of the reduction of repurchases shares by centralized bidding
□ Applicable√Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to common shareholders
of Company in latest year and period
□ Applicable √ Not applicable
Other information necessary to disclose or need to disclosed under requirement from security regulators
□ Applicable √ Not applicable
2. Changes of restricted shares
□ Applicable √ Not applicable
II. Securities issuance and listing
□ Applicable √ Not applicable
III. Amount of shareholders and particulars about shares holding
In Share
Total preference shareholders
Total common stock
with voting rights recovered at
shareholders in reporting 1,152,535,254 0
end of reporting period (if
period-end
applicable) (found in note8)
Particulars about shares held above 5% by common shareholders or top ten common shareholders
Number of
Total common Amount of Amount of un- share
Proporti Changes
pledged/frozen
Nature of on of shares hold at restricted restricted
Full name of Shareholders in report
shareholder shares the end of common common State
held period
report period shares held shares held of Amount
share
Shenzhen Fude State-Owned State-owned
63.79% 735,237,253 0 669,184,735 66,052,518
Capital Operation Co., Ltd. legal person
Shenzhen Agricultural Products State-owned
8.23% 94,832,294 0 15,384,832 79,447,462
Co., Ltd legal person
Domestic
Sun Huiming nature 0.30% 3,436,462 0 0 3,436,462
person
Bohai Securities Co., Ltd. State-owned 0.26% 2,980,500 2,980,500 0 2,980,500
41
深圳市深粮控股股份有限公司 2019 年半年度报告全文
legal person
Domestic
Hu Xiangzhu nature 0.24% 2,800,000 170,000 0 2,800,000
person
Domestic
Lin Junbo nature 0.17% 2,000,000 542,100 0 2,000,000
person
Central Huijin Asset State-owned
0.13% 1,472,625 0 0 1,472,625
Management Co., Ltd. legal person
Domestic
Li Qian nature 0.11% 1,309,661 30,470 0 1,309,661
person
Domestic
Li Yongqi nature 0.10% 1,099,205 -9,000 0 1,099,205
person
Domestic
Cai Congda nature 0.09% 1,080,051 1,080,051 0 1,080,051
person
Strategy investors or general corporation
comes top 10 common shareholders due to N/A
rights issue (if applicable) (see note 3)
Shenzhen SASAC directly holds 100% equity of Fude Capital, and holds 34% of
Agricultural Products indirectly through Fude Capital; the Company was not aware of
Explanation on associated relationship among
any related relationship between other shareholders above, and whether they belonged
the aforesaid shareholders
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 un-restrict common shares held at Type of shares
Shareholders’ name
Period-end Type Amount
Shenzhen Fude State-Owned Capital RMB common
79,447,462 79,447,462
Operation Co., Ltd. shares
RMB common
Shenzhen Agricultural Products Co., Ltd 66,052,518 66,052,518
shares
Domestically
Sun Huiming 3,436,462 listed foreign 3,436,462
shares
RMB common
Bohai Securities Co., Ltd. 2,980,500 2,980,500
shares
Hu Xiangzhu 2,800,000 RMB common 2,800,000
42
深圳市深粮控股股份有限公司 2019 年半年度报告全文
shares
RMB common
Lin Junbo 2,000,000 2,000,000
shares
RMB common
Central Huijin Asset Management Co., Ltd. 1,472,625 1,472,625
shares
RMB common
Li Qian 1,309,661 1,309,661
shares
RMB common
Li Yongqi 1,099,205 1,099,205
shares
RMB common
Cai Congda 1,080,051 1,080,051
shares
Shenzhen SASAC directly holds 100% equity of Fude Capital, and holds 34% of
Expiation on associated relationship or
Agricultural Products indirectly through Fude Capital; the Company was not aware of
consistent actors within the top 10 un-restrict
any related relationship between other shareholders above, and whether they belonged
shareholders and between top 10 un-restrict
to parties acting in concert as defined by the Acquisition Management Method of
shareholders and top 10 shareholders
Listed Company.
Shareholder Li Yongqi holds 1,097,205 shares of the Company under customer credit
trading secured securities account through Xingye Securities Co., ltd, common
Explanation on top 10 shareholders involving account holds 2,000 shares, and 1,099,205 shares are held by Li in total at end of the
margin business (if applicable) (see note 4) Period. During the reporting period, the credit trading secured securities account has
9,100 shares decreased, and 100 shares increased in the common account, shares held
by Li are decreased 9,000 shares in total.
Whether top ten common stock shareholders or top ten common stock shareholders with un-restrict shares held have a buy-back
agreement dealing in reporting period
□ Yes √ No
The top ten common stock shareholders or top ten common stock shareholders with un-restrict shares held of the Company have no
buy-back agreement dealing in reporting period.
IV. Change of controlling shareholder or actual controller
Change of controlling shareholders during the reporting period
□ Applicable √ Not applicable
The Company had no changes of controlling shareholders in reporting period
Changes of actual controller in reporting period
□ Applicable √ Not applicable
The Company had no changes of actual controller in reporting period
43
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Section VII. Preferred Stock
□ Applicable √ Not applicable
The Company had no preferred stock in the Period.
44
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Section VIII. Particulars about Directors, Supervisor and Senior
Executives
I. Changes of shares held by directors, supervisors and senior executives
□ Applicable √ Not applicable
No change of shares held by directors, supervisors and senior executives, found more details in Annual Report 2018.
II. Changes of directors, supervisors and senior executives
√ Applicable □ Not applicable
Name Position Type Date Causes
Zhu Junming Party Secretary, Chairman Election 2019-02-21 Election of the Board of Directors
Deputy party secretary, Director,
Hu Xianghai Election 2019-02-21 Election of the Board of Directors
GM
Lu Qiguang Deputy party secretary, Director Election 2019-02-21 Election of the Board of Directors
Jin Zhenyuan Director, CFO Election 2019-02-21 Election of the Board of Directors
Zhao Rubing Independent director Election 2019-02-21 Election of the Board of Directors
Bi Weimin Independent director Election 2019-02-21 Election of the Board of Directors
Liu Haifeng Independent director Election 2019-02-21 Election of the Board of Directors
SCID, Chairman of supervisory Election of the Board of
Wang Huimin Election 2019-02-21
committee Supervisors
Election of the Board of
Liu Ji Supervisor Election 2019-02-21
Supervisors
Election of the Board of
Qian Wenying Supervisor Election 2019-02-21
Supervisors
Zheng Shengqiao Staff supervisor Election 2019-02-21 Election of workers' Congress
Du Jianguo Staff supervisor Election 2019-02-21 Election of workers' Congress
Deputy GM Appointment of the Board of
Cao Xuelin Appointment 2019-02-21
Directors
Deputy GM Appointment Appointment of the Board of
Ye Qingyun 2019-02-21
Directors
Deputy GM Appointment Appointment of the Board of
Dai Bin 2019-02-21
Directors
Wang Fangcheng Secretary of the Board Appointment 2019-02-21 Appointment of the Board of
45
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Directors
Term of office
Term of office expires and is not
Zheng Yuxi Party Secretary, Chairman expires and 2019-02-21
renewed
leave the office
Term of office Term of office expires and is not
Zhang Guodong Director expires and 2019-02-21 renewed
leave the office
Term of office Term of office expires and is not
Fan Zhiqing Independent director expires and 2019-02-21 renewed
leave the office
Term of office Term of office expires and is not
Wu Shuping Independent director expires and 2019-02-21 renewed
leave the office
Term of office Term of office expires and is not
Chen Cansong Independent director expires and 2019-02-21 renewed
leave the office
Term of office Term of office expires and is not
Yan Zesong Director, GM expires and 2019-02-21 renewed
leave the office
Term of office Term of office expires and is not
Director, Deputy GM, Secretary
Li Yiyan expires and 2019-02-21 renewed
of the Board
leave the office
Term of office Term of office expires and is not
Chairman of supervisory
Lin Hong expires and 2019-02-21 renewed
committee
leave the office
Term of office Term of office expires and is not
Luo Longxin Staff supervisor expires and 2019-02-21 renewed
leave the office
Term of office Term of office expires and is not
Qian Xiaojun Deputy GM expires and 2019-02-21 renewed
leave the office
Term of office Term of office expires and is not
Yao Xiaopeng Deputy GM expires and 2019-02-21 renewed
leave the office
Term of office Term of office expires and is not
Wang Zhiping CFO expires and 2019-02-21 renewed
leave the office
Wang Fangcheng Secretary of the Board Dismiss 2019-06-13 Job transfer
46
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Section IX. Corporate Bonds
Whether the Company has a corporation bonds that issuance publicly and listed on stock exchange and without due on the date when
semi-annual report approved for released or fail to cash in full on due
No
47
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Section X. Financial Report
I. Audit reports
Whether the semi-annual report was audited or not
□ Yes √ No
The financial report of this semi-annual report was unaudited
II. Financial statements
Units in Notes of Financial Statements is RMB
1. Consolidated Balance Sheet
Prepared by SHENZHEN CEREALS HOLDINGS CO., LTD.
2019-06-30
In RMB
Item 2019-6-30 2018-12-31
Current assets:
Monetary funds 189,914,485.39 631,638,339.68
Settlement provisions
Capital lent
Tradable financial assets 1,153,309.17
Financial assets measured by fair
value and with variation reckoned into 1,124,927.96
current gains/losses
Derivative financial assets
Note receivable 350,756.64 1,027,635.04
Account receivable 617,831,167.71 473,646,886.64
Receivable financing
Accounts paid in advance 26,189,928.10 83,696,870.07
Insurance receivable
Reinsurance receivables
Contract reserve of reinsurance
receivable
Other account receivable 57,624,419.71 33,803,428.45
48
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Including: Interest receivable
Dividend receivable
Buying back the sale of financial
assets
Inventories 3,053,593,314.19 2,811,802,600.19
Contractual assets
Assets held for sale
Non-current asset due within one
year
Other current assets 108,098,667.05 254,493,764.04
Total current assets 4,054,756,047.96 4,291,234,452.07
Non-current assets:
Loans and payments on behalf
Debt investment
Finance asset available for sales 57,500.00
Other debt investment
Held-to-maturity investment
Long-term account receivable
Long-term equity investment 73,362,651.19 70,999,666.81
Investment in other equity
instrument
Other non-current financial assets 57,500.00
Investment real estate 278,173,249.83 282,622,184.92
Fixed assets 967,835,524.07 993,136,743.51
Construction in progress 403,629,287.82 186,586,135.06
Productive biological asset 402,232.74 407,078.92
Oil and gas asset
Right-of-use assets
Intangible assets 586,543,323.51 569,997,392.08
Expense on Research and
Development
Goodwill
Long-term expenses to be
16,742,788.37 21,799,899.80
apportioned
Deferred income tax asset 50,155,704.51 50,174,590.98
49
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Other non-current asset 854,782.25 1,936,149.72
Total non-current asset 2,377,757,044.29 2,177,717,341.80
Total assets 6,432,513,092.25 6,468,951,793.87
Current liabilities:
Short-term loans 30,590,000.00 91,600,000.00
Loan from central bank
Capital borrowed
Transactional financial liability
Financial liability measured by fair
value and with variation reckoned into
current gains/losses
Derivative financial liability
Note payable
Account payable 171,201,542.03 472,738,283.80
Accounts received in advance 136,680,506.97 205,428,594.16
Selling financial asset of
repurchase
Absorbing deposit and interbank
deposit
Security trading of agency
Security sales of agency
Wage payable 118,823,329.33 135,709,423.52
Taxes payable 30,267,605.83 24,969,718.58
Other account payable 304,979,705.51 280,689,548.29
Including: Interest payable 1,020,795.27
Dividend payable 2,909,182.74 2,909,182.74
Commission charge and
commission payable
Reinsurance payable
Contractual liability
Liability held for sale
Non-current liabilities due within
60,027,362.43 55,090,793.79
one year
Other current liabilities 219,151,968.63 219,151,968.63
Total current liabilities 1,071,722,020.73 1,485,378,330.77
Non-current liabilities:
50
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Insurance contract reserve
Long-term loans 777,384,100.20 516,687,791.66
Bonds payable
Including: Preferred stock
Perpetual capital
securities
Lease liability
Long-term account payable 15,724,141.66 15,690,202.08
Long-term wages payable
Accrual liability
Deferred income 98,721,691.96 100,608,203.01
Deferred income tax liabilities 13,162,941.71 12,988,434.77
Other non-current liabilities
Total non-current liabilities 904,992,875.53 645,974,631.52
Total liabilities 1,976,714,896.26 2,131,352,962.29
Owner’s equity:
Share capital 1,152,535,254.00 1,152,535,254.00
Other equity instrument
Including: Preferred stock
Perpetual capital
securities
Capital public reserve 1,422,892,729.36 1,422,892,729.36
Less: Inventory shares
Other comprehensive income
Reasonable reserve 62,409.56 154.21
Surplus public reserve 327,140,910.28 327,140,910.28
Provision of general risk
Retained profit 1,357,848,812.47 1,269,933,487.26
Total owner’ s equity attributable to
4,260,480,115.67 4,172,502,535.11
parent company
Minority interests 195,318,080.32 165,096,296.47
Total owner’ s equity 4,455,798,195.99 4,337,598,831.58
Total liabilities and owner’ s equity 6,432,513,092.25 6,468,951,793.87
Legal Representative: Zhu Junming
51
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Person in charge of accounting works: Ye Qingyun
Person in charge of accounting institute: Wen Jieyu
2. Balance Sheet of Parent Company
In RMB
Item 2019-6-30 2018-12-31
Current assets:
Monetary funds 4,667,978.54 168,900,586.84
Trading financial assets 1,153,309.17
Financial assets measured by fair
value and with variation reckoned into 1,124,927.96
current gains/losses
Derivative financial assets
Note receivable
Account receivable 4,700,782.83 42,441,119.07
Receivable financing
Accounts paid in advance
Other account receivable 242,873,517.60 159,677,969.59
Including: Interest receivable
Dividend receivable
Inventories 2,972,019.11 8,806,338.26
Contractual assets
Assets held for sale
Non-current assets maturing within
one year
Other current assets 30,000,000.00 50,068,745.74
Total current assets 286,367,607.25 431,019,687.46
Non-current assets:
Debt investment
Available-for-sale financial assets
Other debt investment
Held-to-maturity investments
Long-term receivables
Long-term equity investments 4,212,419,029.48 4,212,554,063.36
52
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Investment in other equity
instrument
Other non-current financial assets
Investment real estate 17,693,889.54 17,929,684.70
Fixed assets 30,905,606.49 31,417,912.54
Construction in progress
Productive biological assets 402,232.74 407,078.92
Oil and natural gas assets
Right-of-use assets
Intangible assets 6,363,106.12 6,663,692.30
Research and development costs
Goodwill
Long-term deferred expenses 302,763.72 409,621.50
Deferred income tax assets 5,579,344.64 5,630,538.80
Other non-current assets
Total non-current assets 4,273,665,972.73 4,275,012,592.12
Total assets 4,560,033,579.98 4,706,032,279.58
Current liabilities
Short-term borrowings
Trading financial liability
Financial liability measured by fair
value and with variation reckoned into
current gains/losses
Derivative financial liability
Notes payable
Account payable 34,354,909.69 73,705,646.54
Accounts received in advance 3,247.80 124,945.74
Contractual liability
Wage payable 9,866,658.37 6,448,561.16
Taxes payable 2,745,766.36 2,702,655.24
Other accounts payable 254,402,388.26 232,109,084.76
Including: Interest payable
Dividend payable
Liability held for sale
Non-current liabilities due within
53
深圳市深粮控股股份有限公司 2019 年半年度报告全文
one year
Other current liabilities
Total current liabilities 301,372,970.48 315,090,893.44
Non-current liabilities:
Long-term loans
Bonds payable
Including: preferred stock
Perpetual capital
securities
Lease liability
Long-term account payable
Long term employee compensation
payable
Accrued liabilities
Deferred income 45,575.32 46,129.96
Deferred income tax liabilities 18,060.77 10,965.46
Other non-current liabilities
Total non-current liabilities 63,636.09 57,095.42
Total liabilities 301,436,606.57 315,147,988.86
Owners’ equity:
Share capital 1,152,535,254.00 1,152,535,254.00
Other equity instrument
Including: preferred stock
Perpetual capital
securities
Capital public reserve 3,018,106,568.27 3,018,106,568.27
Less: Inventory shares
Other comprehensive income
Special reserve
Surplus reserve 54,736,482.14 54,736,482.14
Retained profit 33,218,669.00 165,505,986.31
Total owner’s equity 4,258,596,973.41 4,390,884,290.72
Total liabilities and owner’s equity 4,560,033,579.98 4,706,032,279.58
54
深圳市深粮控股股份有限公司 2019 年半年度报告全文
3. Consolidated Profit Statement
In RMB
Item Semi-annual of 2019 Semi-annual of 2018
I. Total operating income 4,782,167,732.69 4,434,688,646.82
Including: Operating income 4,782,167,732.69 4,434,688,646.82
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 4,495,390,182.31 4,187,994,970.83
Including: Operating cost 4,262,101,770.62 3,962,753,163.26
Interest expense
Commission charge and
commission expense
Cash surrender value
Net amount of expense of
compensation
Net amount of withdrawal of
insurance contract reserve
Bonus expense of guarantee slip
Reinsurance expense
Tax and extras 6,605,514.20 7,661,918.10
Sales expense 112,553,742.74 120,452,104.30
Administrative expense 101,397,947.99 96,324,028.90
R&D expense 4,211,474.91 2,977,062.54
Financial expense 8,519,731.85 -2,173,306.27
Including: Interest
10,087,784.34 4,313,048.72
expenses
Interest income 2,185,171.96 3,899,478.59
Add: other income 5,463,876.60 4,324,296.96
Investment income (Loss is
7,167,936.04 1,343,407.46
listed with “-”)
Including: Investment income
3,413,100.95 626,055.86
on affiliated company and joint venture
The termination of income
recognition for financial assets measured
55
深圳市深粮控股股份有限公司 2019 年半年度报告全文
by amortized cost(Loss is listed with “-”)
Exchange income (Loss is
listed with “-”)
Net exposure hedging income
(Loss is listed with “-”)
Income from change of fair
28,381.21 -425,718.15
value (Loss is listed with “-”)
Loss of credit impairment
5,143,559.77
(Loss is listed with “-”)
Losses of devaluation of asset
-69,231,423.42 -32,562,385.63
(Loss is listed with “-”)
Income from assets disposal
-4,184.59 -210,840.01
(Loss is listed with “-”)
III. Operating profit (Loss is listed with
235,345,695.99 219,162,436.62
“-”)
Add: Non-operating income 362,252.46 980,860.83
Less: Non-operating expense 3,982,019.95 595,492.72
IV. Total profit (Loss is listed with “-”) 231,725,928.50 219,547,804.73
Less: Income tax expense 15,485,294.03 11,869,852.06
V. Net profit (Net loss is listed with “-”) 216,240,634.47 207,677,952.67
(i) Classify by business continuity
1.continuous operating net profit
216,240,634.47 207,677,952.67
(net loss listed with ‘-”)
2.termination of net profit (net loss
listed with ‘-”)
(ii) Classify by ownership
1.Net profit attributable to owner’s
203,168,850.61 202,779,343.34
of parent company
2.Minority shareholders’ gains and
13,071,783.86 4,898,609.33
losses
VI. Net after-tax of other comprehensive
income
Net after-tax of other comprehensive
income attributable to owners of parent
company
(I) Other comprehensive income
items which will not be reclassified
subsequently to profit of loss
56
深圳市深粮控股股份有限公司 2019 年半年度报告全文
1.Changes of the defined
benefit plans that re-measured
2.Other comprehensive
income under equity method that cannot
be transfer to gain/loss
3.Change of fair value of
investment in other equity instrument
4.Fair value change of
enterprise's credit risk
5. Other
(ii) Other comprehensive income
items which will be reclassified
subsequently to profit or loss
1.Other comprehensive
income under equity method that can
transfer to gain/loss
2.Change of fair value of
other debt investment
3.gain/loss of fair value
changes for available-for-sale financial
assets
4.Amount of financial assets
re-classify to other comprehensive
income
5.Gain/loss of held-to-
maturity investments that re-classify to
available-for-sale financial asset
6.Credit impairment
provision for other debt investment
7.Cash flow hedging reserve
8.Translation differences
arising on translation of foreign currency
financial statements
9.Other
Net after-tax of other comprehensive
income attributable to minority
shareholders
VII. Total comprehensive income 216,240,634.47 207,677,952.67
Total comprehensive income 203,168,850.61 202,779,343.34
57
深圳市深粮控股股份有限公司 2019 年半年度报告全文
attributable to owners of parent Company
Total comprehensive income
13,071,783.86 4,898,609.33
attributable to minority shareholders
VIII. Earnings per share:
(i) Basic earnings per share 0.1763 0.1759
(ii) Diluted earnings per share 0.1763 0.1759
Enterprise combine under the same control in the Period, the combined party realized net profit of 0 Yuan before combination, and
realized 0 Yuan at last period for combined party.
Legal Representative: Zhu Junming
Person in charge of accounting works: Ye Qingyun
Person in charge of accounting institute: Wen Jieyu
4. Profit Statement of Parent Company
In RMB
Item Semi-annual of 2019 Semi-annual of 2018
I. Operating income 31,562,730.23 67,228,720.81
Less: Operating cost 29,829,293.00 63,731,294.22
Taxes and surcharge 252,634.47 292,769.77
Sales expenses 293,450.97 1,943,060.61
Administration expenses 21,614,585.82 14,366,353.12
R&D expenses
Financial expenses -532,360.14 -1,565,736.21
Including: interest
expenses
Interest income
Add: other income 1,253,598.63 554.64
Investment income (Loss is
1,432,614.92 -185,480.37
listed with “-”)
Including: Investment income
-135,033.88 -185,480.37
on affiliated Company and joint venture
The termination of
income recognition for financial assets
measured by amortized cost (Loss is
listed with “-”)
Net exposure hedging income
58
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(Loss is listed with “-”)
Changing income of fair
28,381.21 -425,718.15
value (Loss is listed with “-”)
Loss of credit impairment
-204,340.76
(Loss is listed with “-”)
Losses of devaluation of asset
409,117.45 -203,706.33
(Loss is listed with “-”)
Income on disposal of assets
(Loss is listed with “-”)
II. Operating profit (Loss is listed with
-16,975,502.44 -12,353,370.91
“-”)
Add: Non-operating income
Less: Non-operating expense 51.64
III. Total Profit (Loss is listed with “-”) -16,975,502.44 -12,353,422.55
Less: Income tax 58,289.47 -157,620.42
IV. Net profit (Net loss is listed with
-17,033,791.91 -12,195,802.13
“-”)
(i)continuous operating net profit
-17,033,791.91 -12,195,802.13
(net loss listed with ‘-”)
(ii) termination of net profit (net
loss listed with ‘-”)
V. Net after-tax of other comprehensive
income
(I) Other comprehensive income
items which will not be reclassified
subsequently to profit of loss
1.Changes of the defined
benefit plans that re-measured
2.Other comprehensive
income under equity method that cannot
be transfer to gain/loss
3.Change of fair value of
investment in other equity instrument
4.Fair value change of
enterprise's credit risk
5. Other
(II) Other comprehensive income
items which will be reclassified
subsequently to profit or loss
59
深圳市深粮控股股份有限公司 2019 年半年度报告全文
1.Other comprehensive
income under equity method that can
transfer to gain/loss
2.Change of fair value of
other debt investment
3.gain/loss of fair value
changes for available-for-sale financial
assets
4.Amount of financial
assets re-classify to other
comprehensive income
5.Gain/loss of held-to-
maturity investments that re-classify to
available-for-sale financial asset
6.Credit impairment
provision for other debt investment
7.Cash flow hedging
reserve
8.Translation differences
arising on translation of foreign
currency financial statements
9.Other
VI. Total comprehensive income -17,033,791.91 -12,195,802.13
VII. Earnings per share:
(i) Basic earnings per share -0.0148 -0.0106
(ii) Diluted earnings per share -0.0148 -0.0106
5. Consolidated Cash Flow Statement
In RMB
Item Semi-annual of 2019 Semi-annual of 2018
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 4,570,303,860.45 4,726,406,214.58
services
Net increase of customer deposit
and interbank deposit
Net increase of loan from central
60
深圳市深粮控股股份有限公司 2019 年半年度报告全文
bank
Net increase of capital borrowed
from other financial institution
Cash received from original
insurance contract fee
Net cash received from reinsurance
business
Net increase of insured savings
and investment
Cash received from interest,
commission charge and commission
Net increase of capital borrowed
Net increase of returned business
capital
Net cash received by agents in sale
and purchase of securities
Write-back of tax received 341,886.74 893,445.54
Other cash received concerning
187,051,727.97 24,547,106.70
operating activities
Subtotal of cash inflow arising from
4,757,697,475.16 4,751,846,766.82
operating activities
Cash paid for purchasing
commodities and receiving labor 4,737,315,792.15 4,340,946,309.76
service
Net increase of customer loans and
advances
Net increase of deposits in central
bank and interbank
Cash paid for original insurance
contract compensation
Net increase of financial assets
held for transaction purposes
Net increase of capital lent
Cash paid for interest, commission
charge and commission
Cash paid for bonus of guarantee
slip
Cash paid to/for staff and workers 117,107,205.65 126,373,197.96
61
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Taxes paid 36,670,126.83 27,553,349.81
Other cash paid concerning
256,033,980.28 204,112,663.99
operating activities
Subtotal of cash outflow arising from
5,147,127,104.91 4,698,985,521.52
operating activities
Net cash flows arising from operating
-389,429,629.75 52,861,245.30
activities
II. Cash flows arising from investing
activities:
Cash received from recovering
376,000,000.00 100,000,000.00
investment
Cash received from investment
3,281,912.85 717,351.60
income
Net cash received from disposal of
fixed, intangible and other long-term 5,225,078.07 8,600.00
assets
Net cash received from disposal of
subsidiaries and other units
Other cash received concerning
investing activities
Subtotal of cash inflow from investing
384,506,990.92 100,725,951.60
activities
Cash paid for purchasing fixed,
279,258,684.99 251,093,013.07
intangible and other long-term assets
Cash paid for investment 246,000,000.00 120,000,000.00
Net increase of mortgaged loans
Net cash received from
37,000,000.00
subsidiaries and other units obtained
Other cash paid concerning
investing activities
Subtotal of cash outflow from investing
525,258,684.99 408,093,013.07
activities
Net cash flows arising from investing
-140,751,694.07 -307,367,061.47
activities
III. Cash flows arising from financing
activities
Cash received from absorbing
17,150,000.00
investment
62
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Including: Cash received from
absorbing minority shareholders’ 17,150,000.00
investment by subsidiaries
Cash received from loans 275,167,400.91 67,732,101.19
Cash received from issuing bonds
Other cash received concerning
24,500,000.00
financing activities
Subtotal of cash inflow from financing
292,317,400.91 92,232,101.19
activities
Cash paid for settling debts 70,544,523.73 18,898,888.81
Cash paid for dividend and profit
133,274,201.72 6,913,361.89
distributing or interest paying
Including: Dividend and profit of
minority shareholder paid by
subsidiaries
Other cash paid concerning
72,997.72
financing activities
Subtotal of cash outflow from financing
203,891,723.17 25,812,250.70
activities
Net cash flows arising from financing
88,425,677.74 66,419,850.49
activities
IV. Influence on cash and cash
equivalents due to fluctuation in 31,791.79 3,088,981.33
exchange rate
V. Net increase of cash and cash
-441,723,854.29 -184,996,984.35
equivalents
Add: Balance of cash and cash
631,638,339.68 544,440,739.45
equivalents at the period -begin
VI. Balance of cash and cash
189,914,485.39 359,443,755.10
equivalents at the period -end
6. Cash Flow Statement of Parent Company
In RMB
Item Semi-annual of 2019 Semi-annual of 2018
I. Cash flows arising from operating
activities:
Cash received from selling
74,116,410.44 99,228,621.54
commodities and providing labor
63
深圳市深粮控股股份有限公司 2019 年半年度报告全文
services
Write-back of tax received 336,964.29 737,441.54
Other cash received concerning
138,446,106.95 27,633,986.64
operating activities
Subtotal of cash inflow arising from
212,899,481.68 127,600,049.72
operating activities
Cash paid for purchasing
commodities and receiving labor 67,845,729.08 96,230,177.23
service
Cash paid to/for staff and workers 14,152,467.36 12,384,561.21
Taxes paid 1,160,654.10 2,194,673.02
Other cash paid concerning
199,823,754.56 11,572,835.91
operating activities
Subtotal of cash outflow arising from
282,982,605.10 122,382,247.37
operating activities
Net cash flows arising from operating
-70,083,123.42 5,217,802.35
activities
II. Cash flows arising from investing
activities:
Cash received from recovering
266,000,000.00
investment
Cash received from investment
1,567,648.80
income
Net cash received from disposal of
fixed, intangible and other long-term 2,710.37
assets
Net cash received from disposal of
subsidiaries and other units
Other cash received concerning
investing activities
Subtotal of cash inflow from investing
267,570,359.17
activities
Cash paid for purchasing fixed,
483,680.00 18,200.00
intangible and other long-term assets
Cash paid for investment 246,000,000.00 30,000,000.00
Net cash received from
subsidiaries and other units obtained
Other cash paid concerning
64
深圳市深粮控股股份有限公司 2019 年半年度报告全文
investing activities
Subtotal of cash outflow from investing
246,483,680.00 30,018,200.00
activities
Net cash flows arising from investing
21,086,679.17 -30,018,200.00
activities
III. Cash flows arising from financing
activities
Cash received from absorbing
investment
Cash received from loans
Cash received from issuing bonds
Other cash received concerning
financing activities
Subtotal of cash inflow from financing
activities
Cash paid for settling debts 10,000,000.00
Cash paid for dividend and profit
115,253,525.40 28,710.00
distributing or interest paying
Other cash paid concerning
72,997.72
financing activities
Subtotal of cash outflow from financing
115,326,523.12 10,028,710.00
activities
Net cash flows arising from financing
-115,326,523.12 -10,028,710.00
activities
IV. Influence on cash and cash
equivalents due to fluctuation in 90,359.07 76,401.91
exchange rate
V. Net increase of cash and cash
-164,232,608.30 -34,752,705.74
equivalents
Add: Balance of cash and cash
168,900,586.84 239,662,344.24
equivalents at the period -begin
VI. Balance of cash and cash
4,667,978.54 204,909,638.50
equivalents at the period -end
65
深圳市深粮控股股份有限公司 2019 年半年度报告全文
7. Statement of Changes in Owners’ Equity (Consolidated)
Current period
In RMB
Semi-annual of 2019
Owners’ equity attributable to the parent Company
Other
equity
instrument
Pe
rpe
Othe
tua Provi
Less: r
Pr sion
Item l Inve comp Minority Total owners’
efe Reasonabl of Othe
Share capital ca Capital reserve ntory rehen Surplus reserve Retained profit Subtotal interests equity
e reserve gener r
rre Ot share sive
pit al
d her s inco
al risk
sto me
sec
ck
uri
tie
s
I. Balance at the
1,152,535,254.00 1,422,892,729.36 154.21 327,140,910.28 1,269,933,487.26 4,172,502,535.11 165,096,296.47 4,337,598,831.58
end of the last year
Add: Changes
of accounting
policy
Error
correction of the
last period
Enterprise
combine under
the same control
66
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Other
II. Balance at the
beginning of this 1,152,535,254.00 1,422,892,729.36 154.21 327,140,910.28 1,269,933,487.26 4,172,502,535.11 165,096,296.47 4,337,598,831.58
year
III. Increase/
Decrease in this
62,255.35 87,915,325.21 87,977,580.56 30,221,783.85 118,199,364.41
year (Decrease is
listed with “-”)
(i) Total
comprehensive 203,168,850.61 203,168,850.61 13,071,783.85 216,240,634.46
income
(ii) Owners’
devoted and 17,150,000.00 17,150,000.00
decreased capital
1.Common shares
invested by 17,150,000.00 17,150,000.00
shareholders
2. Capital invested
by holders of other
equity instruments
3. Amount
reckoned into
owners equity with
share-based
payment
4. Other
(III) Profit
-115,253,525.40 -115,253,525.40 -115,253,525.40
distribution
1. Withdrawal of
surplus reserves
2. Withdrawal of
general risk
provisions
67
深圳市深粮控股股份有限公司 2019 年半年度报告全文
3. Distribution for
owners (or -115,253,525.40 -115,253,525.40 -115,253,525.40
shareholders)
4. Other
(IV) Carrying
forward internal
owners’ equity
1. Capital reserves
conversed to
capital (share
capital)
2. Surplus reserves
conversed to
capital (share
capital)
3. Remedying loss
with surplus
reserve
4．Carry-over
retained
earnings from
the defined
benefit plans
5．Carry-over
retained earnings
from other
comprehensive
income
6. Other
(V) Reasonable
62,255.35 62,255.35 62,255.35
reserve
1. Withdrawal in
460,394.34 460,394.34 460,394.34
the report period
68
深圳市深粮控股股份有限公司 2019 年半年度报告全文
2. Usage in the
398,138.99 398,138.99 398,138.99
report period
(VI)Others
IV. Balance at the
end of the report 1,152,535,254.00 1,422,892,729.36 62,409.56 327,140,910.28 1,357,848,812.47 4,260,480,115.67 195,318,080.32 4,455,798,195.99
period
Last Period
In RMB
Semi-annual of 2018
Owners’ equity attributable to the parent Company
Other
equity
instrument
Pe
rp
etu Other Provi
Less:
Pr comp sion
Item al Inven Minority Total owners’
efe rehen Reasonabl of Othe
Share capital ca Capital reserve tory Surplus reserve Retained profit Subtotal interests equity
sive e reserve gener r
rre Oth share
pit inco al
d er s
al me risk
sto
se
ck
cu
riti
es
I. Balance at the
496,782,303.00 358,999,356.28 54,736,482.14 36,402,435.91 946,920,577.33 16,232,752.93 963,153,330.26
end of the last year
Add:
Changes of
accounting policy
Error
correction of the
69
深圳市深粮控股股份有限公司 2019 年半年度报告全文
last period
Enterprise
combine under
the same control
Other
II. Balance at the
beginning of this 496,782,303.00 358,999,356.28 54,736,482.14 36,402,435.91 946,920,577.33 16,232,752.93 963,153,330.26
year
III. Increase/
Decrease in this
-18,246,639.07 -18,246,639.07 -979,179.58 -19,225,818.65
year (Decrease is
listed with “-”)
(i) Total
comprehensive -18,246,639.07 -18,246,639.07 -979,179.58 -19,225,818.65
income
(ii) Owners’
devoted and
decreased capital
1.Common shares
invested by
shareholders
2. Capital invested
by holders of other
equity instruments
3. Amount
reckoned into
owners equity
with share-based
payment
4. Other
(III) Profit
distribution
70
深圳市深粮控股股份有限公司 2019 年半年度报告全文
1. Withdrawal of
surplus reserves
2. Withdrawal of
general risk
provisions
3. Distribution for
owners (or
shareholders)
4. Other
(IV) Carrying
forward internal
owners’ equity
1. Capital reserves
conversed to
capital (share
capital)
2. Surplus
reserves
conversed to
capital (share
capital)
3. Remedying loss
with surplus
reserve
4．Carry-over
retained
earnings from
the defined
benefit plans
5．Carry-over
retained earnings
from other
comprehensive
income
6. Other
71
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(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 496,782,303.00 358,999,356.28 54,736,482.14 18,155,796.84 928,673,938.26 15,253,573.35 943,927,511.61
period
8. Statement of Changes in Owners’ Equity (Parent Company)
Current period
In RMB
Semi-annual of 2019
Other equity instrument
Less: Other
Item Perpetual Capital public Reasonable Surplus Total owners’
Share capital Preferred Inventory comprehens Retained profit Other
capital Other reserve reserve reserve equity
stock shares ive income
securities
I. Balance at the end of
1,152,535,254.00 3,018,106,568.27 54,736,482.14 165,505,986.31 4,390,884,290.72
the last year
Add: Changes of
accounting policy
Error
correction of the last
period
Other
II. Balance at the
1,152,535,254.00 3,018,106,568.27 54,736,482.14 165,505,986.31 4,390,884,290.72
beginning of this year
III. Increase/ Decrease - -132,287,317.31
72
深圳市深粮控股股份有限公司 2019 年半年度报告全文
in this year (Decrease is 132,287,317.31
listed with “-”)
(i) Total
-17,033,791.91 -17,033,791.91
comprehensive income
(ii) Owners’ devoted
and decreased capital
1.Common shares
invested by
shareholders
2. Capital invested by
holders of other equity
instruments
3. Amount reckoned
into owners equity with
share-based payment
4. Other
-
(III) Profit distribution -115,253,525.40
115,253,525.40
1. Withdrawal of
surplus reserves
2. Distribution for
-
owners (or -115,253,525.40
115,253,525.40
shareholders)
3. Other
(IV) Carrying forward
internal owners’ equity
1. Capital reserves
conversed to capital
(share capital)
2. Surplus reserves
conversed to capital
(share capital)
3. Remedying loss with
73
深圳市深粮控股股份有限公司 2019 年半年度报告全文
surplus reserve
4．Carry-over retained
earnings from the
defined benefit plans
5．Carry-over retained
earnings from other
comprehensive income
6. Other
(V) Reasonable reserve
1. Withdrawal in the
report period
2. Usage in the report
period
(VI)Others
IV. Balance at the end
1,152,535,254.00 3,018,106,568.27 54,736,482.14 33,218,669.00 4,258,596,973.41
of the report period
Last Period
In RMB
Semi-annual of 2018
Other equity instrument
Other
Perpetua Less:
Item Capital public comprehen Reasonable Surplus Total owners’
Share capital Preferred l capital Inventory Retained profit Other
Other reserve sive reserve reserve equity
stock securitie shares
income
s
I. Balance at the end of
496,782,303.00 382,444,482.45 54,736,482.14 199,789,650.74 1,133,752,918.33
the last year
Add: Changes of
accounting policy
Error
correction of the last
period
74
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Other
II. Balance at the
496,782,303.00 382,444,482.45 54,736,482.14 199,789,650.74 1,133,752,918.33
beginning of this year
III. Increase/ Decrease
in this year (Decrease -12,195,802.13 -12,195,802.13
is listed with “-”)
(i) Total
comprehensive -12,195,802.13 -12,195,802.13
income
(ii) Owners’ devoted
and decreased capital
1.Common shares
invested by
shareholders
2. Capital invested by
holders of other equity
instruments
3. Amount reckoned
into owners equity
with share-based
payment
4. Other
(III) Profit distribution
1. Withdrawal of
surplus reserves
2. Distribution for
owners (or
shareholders)
3. Other
(IV) Carrying forward
internal owners’
equity
75
深圳市深粮控股股份有限公司 2019 年半年度报告全文
1. Capital reserves
conversed to capital
(share capital)
2. Surplus reserves
conversed to capital
(share capital)
3. Remedying loss
with surplus reserve
4．Carry-over
retained earnings
from the defined
benefit plans
5．Carry-over
retained earnings
from other
comprehensive
income
6. Other
(V) Reasonable
reserve
1. Withdrawal in the
report period
2. Usage in the report
period
(VI)Others
IV. Balance at the end
496,782,303.00 382,444,482.45 54,736,482.14 187,593,848.61 1,121,557,116.20
of the report period
76
深圳市深粮控股股份有限公司 2019 年半年度报告全文
III. Basic situation of Company
1. The history of the company
Shenzhen Cereals Holdings Co., Ltd. (formerly the Shenzhen Shenbao Industrial Co., Ltd., hereinafter referred to
as “Company” or “the Company” ), 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 certificate for uniform social credit code: 91440300192180754J
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 181, 923,088 yuan.
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 8.70 yuan each while book value of 1.00 yuan. Total monetary capital 600,100,474.20
yuan was raised. Change procedures of industrial and commerce has completed on 12 July 2011. Register capital
of the Company changed as 250,900,154.00 yuan.
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.
On 17 May 2016, the equity allocation plan was deliberated and approved by Annual General Meeting of 2015.
Based on 301,080,184 shares dated 31st December 2015, increase 5 shares by each 10 shares transferring to all
shareholders. Share capital increased to 451,620,276 shares after transferring.
On 15 May 2017, the equity allocation plan was deliberated and approved by Annual General Meeting of 2016.
Based on 451,620,276 shares dated 31st December 2016, distributed 0.50 Yuan (tax included) for every 10 shares
held by all shareholders with one bonus shares (tax included), no capitalization from public reserves. Shares capital
increased to 496,782,303 shares after bonus stock distributed.
On October 15, 2018, the Company received the “Reply on the Approval of Shenzhen Shenbao Industrial Co., Ltd.
to Issue Shares to Shenzhen Fude State-owned Capital Operation Co., Ltd. to Purchase Assets” (ZJXK [2018] No.
1610) from the China Securities Regulatory Commission, agreed the Company to issue 655,752,951 shares of
77
深圳市深粮控股股份有限公司 2019 年半年度报告全文
restricted ordinary shares to Shenzhen Fude State-owned Capital Operation Co., Ltd. (hereinafter referred to as Fude
Capital) to acquire 100.00% equity of Shenzhen Cereals Group Co., Ltd. held by Fude Capital.
On October 18, 2018, 100.00% equity of Shenzhen Cereals Group Co., Ltd. completed the transfer procedures and
related industrial and commercial change registration. After the completion of this major asset reorganization, the
Company’s share capital increased to 1,152,535,254 shares. This share capital change was examined by Jonten
Certified Public Accountant (Limited Liability Partnership) who issued the capital verification report Jonten [2018]
YZ No. 90066 on October 22, 2018.
End as 30 June 2019, the total share capital of the company was 1,152,535,254 shares, registered capital amounted
to 1,152,535,254.00 yuan.
Register address of the Company: 8/F, Tower B, No.4 Building, Software Industry Base, South District, Science &
Technology Park, Xuefu Rd., Yuehai Street, Nanshan District, Shenzhen
On 30 January 2019, the Company hold a Second Extraordinary Shareholders Meeting of 2019 to deliberated and
approved the proposal of “Change the Name and Stock Short Name of the Company ”, agreed to change the name
of the Company from “Shenzhen Shenbao Industrial Co., Ltd.” to “Shenzhen Cereals Holdings Co., Ltd.”, stock
short name change from “Shen Shenbao A, Shen Shenbao B” to “SZCH, Shenliang B”. On 18 February 2019,
registration procedures on industrial and commercial has completed and obtained the new Business License from
Shenzhen Market Supervision and Administration.
(ii) Business nature and main operation activities
The Company belongs to the grain, oil food and beverage industry.
Main products of the Company including grain and oil trading and processing, grain and oil reserve service, military
food supplies, food beverage of tea and tea products.
Business scope: 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; investment, 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 (excluding reheating
prepackaged food) (in non-physical way).
78
深圳市深粮控股股份有限公司 2019 年半年度报告全文
In the reporting period, under the way of issuing shares to Fude Capital for purchasing 100 percent equity of
Shenzhen Cereals Group Co., Ltd, on basis of production, research and development and sales of food raw materials
(ingredients) centered on intensive processing of tea and natural plants, main business of the Company increased
grain and oil reserve, grain & oil trading, circulation of grain and oil such as grain and oil processing, and grain and
oil reserve service. Therefore, on 18 February 2019, relevant business scope of the Company was changed as:
general operation items: acquisition and sales of grain & oil, grain and oil reserves; management and processing of
grain & oil and their products; 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); management and processing
of feed (outsourcing); grain and oil logistics, feed logistics, investment, operation and development for the projects
of tea garden; sales of feed and tea; storage service; grain distribution services; modern grain supply chain service;
technical development and services of grain and oil, tea, plant products, soft drinks and food; E-business and
information construction, IT development and supporting services; investment in industrial projects (apply
separately for detail projects); domestic trading; import and export business; engaged in real estate development
and operation in the land legally obtained; development, operation, leasing and management of the owned property;
property management; providing management services for hotels. (as for projects mentioned above that are required
to be submitted for examination and approval by the laws, administrative regulations and decision of the state
council, approval and examination shall be required before operated). Business in license: wholesale of prepackaged
food (excluding reheating prepackaged food) (in non-physical way); information services business (internet
information services business only); general freight transportation and professional transportation (refrigeration and
fresh-keeping)
(iii) Report approval for the financial statement
The statement has been approved by BOD of the company for reporting on 23 August 2019.
Up to 30th June 2019, the subsidiaries included in consolidate financial statement, mainly including:
Subsidiary Type Level Shareholding ratio (%) Voting rights ratio (%)
Shenzhen Shenbao Huacheng Science and Technology Wholly-owned First grade 100 100
Co.,Ltd(hereinafter referred to as Shenbao Huacheng) subsidiary
Ju Fang Yong Tea Industry Co., Ltd. in Wuyuan Wholly-owned First grade 100 100
County(hereinafter referred to as Wuyuan Ju Fang subsidiary
Yong)
Shenzhen Shenbao Sanjing Food & Beverage Wholly-owned First grade 100 100
Development Co., Ltd(hereinafter referred to as subsidiary
Shenbao Sanjing)
Huizhou Shenbao Technology Co., Ltd(hereinafter Wholly-owned First grade 100 100
referred to as Huizhou Shenbao Technology ) subsidiary
Shenzhen Shenbao Property Management Co., Wholly-owned First grade 100 100
Ltd.(hereinafter referred to as Shenbao Property) subsidiary
79
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Shenzhen Shenbao Industrial & Trading Co., Wholly-owned First grade 100 100
Ltd.(hereinafter referred to as Shenbao Industrial & subsidiary
Trading)
Hangzhou Ju Fang Yong Holding Co., Ltd(hereinafter Wholly-owned First grade 100 100
referred to as Hangzhou Ju Fang Yong) subsidiary
Shenzhen Shenbao Technology Center Co., Wholly-owned First grade 100 100
Ltd(hereinafter referred to as Shenbao Technology subsidiary
Center )
Shenzhen Shenshenbao Investment Co., Ltd. Wholly-owned First grade 100 100
(hereinafter referred to as Shenshenbao Investment ) subsidiary
Yunnan Shenbao Pu’er Tea Supply Chain Wholly-owned First grade 100 100
Management Co., Ltd(hereinafter referred to as subsidiary
Yunnan Supply Chain)
Huizhou Shenbao Food Co., Ltd(hereinafter referred Wholly-owned First grade 100 100
to as Huizhou Shenbao Food) subsidiary
Yunnan Pu’er Tea Trading Center Co., Ltd(hereinafter Controlling First grade 55 55
referred to as Pu’er Tea Trading Center) subsidiary
Mount Wuyi Shenbao Rock Tea Co., Ltd. (hereinafter Wholly-owned Second 100 100
referred to as Shenbao Rock Tea ) subsidiary grade
Hangzhou Fuhaitang Tea Ecological Technology Co., Wholly-owned Second 100 100
Ltd(hereinafter referred to as Fuhaitang Ecological) subsidiary grade
Hangzhou Chunshi Network Technology Wholly-owned Second 100 100
Co.,Ltd.(hereinafter referred to as Chunshi Network) subsidiary grade
Shenzhen Shenshenbao Tea Culture Management Co., Wholly-owned Second 100 100
Ltd.(hereinafter referred to as Shenshenbao Tea subsidiary grade
Culture)
Hangzhou Ju Fang Yong Trading Co., Ltd. Controlling Second 60 60
(hereinafter referred to as Ju Fang Yong Trading) subsidiary grade
Shenzhen Shenbao Tea-Shop Co., Ltd. (hereinafter Wholly-owned Second 100 100
referred to as Shenbao Tea-Shop) subsidiary grade
Hangzhou Fuhaitang Catering Management chain Co., Wholly-owned Second 100 100
Ltd(hereinafter referred to as Fuhaitang Catering) subsidiary grade
Shenzhen Cereals Group Co., Ltd(hereinafter referred Wholly-owned First grade 100 100
to as SZCG) subsidiary
Shenzhen Flour Co., Ltd(hereinafter referred to as Wholly-owned Second 100 100
Shenzhen Flour) subsidiary grade
Shenzhen Hualian Grain & Oil Trade Co., ltd. Wholly-owned Second 100 100
(hereinafter referred to as Hualian Grain & oil subsidiary grade
trading)
Hainan Haitian Aquatic Feed Co., Ltd(hereinafter Wholly-owned Second 100 100
referred to as Hainan Haitian ) subsidiary grade
Shenzhen Shenliang Quality Inspection Co., Ltd. Wholly-owned Second 100 100
80
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(hereinafter referred to as Shenliang Quality subsidiary grade
Inspection)
Shenzhen Shenliang Doximi Business Co., Wholly-owned Second 100 100
Ltd.(hereinafter referred to as Shenliang Doximi) subsidiary grade
Shenzhen Shenliang Cold-Chain Logistic Co., Wholly-owned Second 100 100
Ltd(hereinafter referred to as Shenliang Cold-Chain subsidiary grade
Logistic )
Shenzhen Shenliang Big Kitchen Food Supply Chain Controlling Second 70 70
Co., Ltd(hereinafter referred to as Shenliang Big subsidiary grade
Kitchen)
Shenzhen Shenliang Real Estate Development Co., Wholly-owned Second 100 100
Ltd. (hereinafter referred to as Shenliang Real Estate subsidiary grade
Development)
Shenzhen Shenliang Property Management Co., Ltd. Wholly-owned Third 100 100
(hereinafter referred to as Shenliang Property ) subsidiary grade
Shenliang Storage (Yingkou) Co., Ltd(hereinafter Wholly-owned Third 100 100
referred to as Shenliang Storage (Yingkou) ) ) subsidiary grade
Dongguan Shenliang Logistics Co., Ltd.(hereinafter Controlling Second 51 51
referred to as Dongguan Shenliang Logistics ) subsidiary grade
Dongguan International Food Industrial Park Controlling Third 51 51
Development Co., Ltd.(hereinafter referred to as subsidiary grade
Dongguan Food Industrial Park)
Dongguan Shenliang Oil & Food Trade Co., Ltd. Controlling Third 51 51
(hereinafter referred to as Dongguan Food Trade) subsidiary grade
Dongguan Jinying Biology Tech. Co., Ltd. Controlling Third 51 51
(hereinafter referred to as Dongguan Jinying ) subsidiary grade
Shuangyashan Shenliang Zhongxin Cereals Base Co., Controlling Second 51 51
Ltd.(hereinafter referred to as Shuangyashan subsidiary grade
Shenliang Zhongxin )
Heilongjiang Hongxinglong Nongken Shenxin Cereals Controlling Third 51 51
Industrial Park Co., ltd. subsidiary grade
(hereinafter referred to as Hongxinglong Nongken
Industrial Park)
Change of the consolidate scope found more in Note VIII. Change of consolidate scope and Note IX. Equity in
other entity
81
深圳市深粮控股股份有限公司 2019 年半年度报告全文
IV. Basis of preparation of financial statements
1. Basis of preparation
Based on going concern, and according to actual occurrence of transactions and issues, the Company prepared the
financial statement in line with the Accounting Standards for Business Enterprise -Basic Standard issued by
Ministry of Finance 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), combining the Information Disclosure Preparation
Rules for Company Public Issuing Securities No.15-General Rules for Financial Report (amended in 2014) of the
CSRC
2. Going concern
The Company was evaluated on continued viability of 12 months for the reporting period and found to have no
significant doubt. Accordingly, the financial statements have been prepared on the basis of going concern
assumptions.
V. Major accounting policy, accounting estimation
Specific accounting policies and estimation attention:
(i) Implementation of the Accounting Standards for Business Enterprise No. 22- Recognition and Measurement of
Financial Instruments, Accounting Standards for Business Enterprise No. 23- Transfer of Financial Assets,
Accounting Standards for Business Enterprise No. 24- Hedge Accounting and Accounting Standards for Business
Enterprise No. 37- Presentation of Financial Instruments (2017 Revised), and in 2017, the Ministry of Finance
revised the Accounting Standards for Business Enterprise No. 22- Recognition and Measurement of Financial
Instruments, Accounting Standards for Business Enterprise No. 23- Transfer of Financial Assets, Accounting
Standards for Business Enterprise No. 24- Hedge Accounting and Accounting Standards for Business Enterprise
No. 37- Presentation of Financial Instruments. The revised standards stipulate that for financial instruments that
have not been derecognized on the first implementation date, if the previous recognition and measurement are
inconsistent with the requirements of the revised standards, they shall be retrospectively adjusted. If the data relating
to the comparative financial statements in prior period are inconsistent with the requirements of the revised standards,
no adjustment is required. The Company will adjust the retained earnings and other comprehensive income at the
beginning of the year due to the cumulative impact of retrospective adjustment, the main impacts of the
implementation of the above standards are as follows: (1) Due to the change in the name of the report item, “the
financial assets measured at fair value and whose changes are included in the current profit and loss” are reclassified
82
深圳市深粮控股股份有限公司 2019 年半年度报告全文
as “transactional financial assets”, financial assets measured at fair value and whose changes are included in the
current profit and loss have a decrease of 1,124,927.96 yuan; and the trading financial assets have an increase of
1,124,927.96 yuan; (2) the available-for-sale equity instrument investments are reclassified as the “financial assets
measured at fair value and whose changes are included in the current profit and loss”. Available-for-sale financial
assets have a decrease of 57,500.00 yuan; other non-current financial assets have an increase of 57,500.00 yuan.
(ii) Implementation of the Ministry of Finance issued the Notice on Revision and Issuance of 2019 Financial
Statement Format for General Corporate
On 30 April 2019, the Ministry of Finance issued the Notice on Revision and Issuance of 2019 Financial Statement
Format for General Corporate (Cai Kuai [2019] No.6), format of the financial statement has been revised. Main
impact for implementation of the above mentioned regulations: in balance sheet: the “Note receivable and account
receivable” divided into “Note receivable” and “Account receivable”; “Note payable and account payable” divided
into “Note payable” and “Account payable”; the comparison data are adjusted accordingly. “Note receivable and
account receivable” divided into “Note receivable” and “Account receivable”, current amount of “Note receivable”
was 350,756.64 Yuan while 1,027,635.04 Yuan at last period; the “Account receivable” has617,831,167.71Yuan in
the period while 473,646,886.64 Yuan at last period; “Note payable and account payable” divided into “Note
payable” and “Account payable”, current amount of “Account payable” was 171,201,542.03 Yuan while
472,738,283.80 Yuan at last period.
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
83
深圳市深粮控股股份有限公司 2019 年半年度报告全文
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
Business combination under the same control: The assets and liabilities the Company acquired in a business
combination shall be measured in accordance with book value of assets, liabilities (including the ultimate controlling
party of goodwill acquired by the merging parties and the formation of) stated in combined financial report of the
ultimate controlling party on the merger date. The net book value of assets and the payment of the merger
consideration in the merger book value (or nominal value of shares issued) shall be adjusted in the share premium
of reserve capital. the share premium in capital reserve is not enough for deducting, retained earnings .
Business combination not under the same control: Assets paid and liabilities taken for business combination on the
acquisition date shall be measured at fair value. The difference between the fair value and book value is recognized
in profit or loss. 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.
Audit, legal, consulting services, and other intermediary costs and other expenses directly related to the business
combination, shall be included in current profit or loss in the event; any transaction fee for issuing equity securities
for business combination shall be deducted from equity.
6. Methods for preparation of consolidated financial statements
(i) Consolidated scope
The consolidation scope of the consolidated financial statements of the Company is fixed on the basis of control,
and all subsidiaries(including the divisible part of the invested party that control by the Company) have been
consolidated.
(ii)Consolidated procedure
The Company edits the consolidated financial statements based on its own financial statements and the subsidiaries’,
as well as other relevant information. The consolidated financial statements hold the enterprise group as a whole
accounting entity. It is recognized in accordance with relevant Accounting Standards, measurement and presentation
84
深圳市深粮控股股份有限公司 2019 年半年度报告全文
requirements. Uniform accounting policies reflect the overall financial position of the Group's business, operating
results and cash flow.
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. For the subsidiaries acquired through business combination under uncommon control, financial
statements shall be adjusted based on the fair value of the identifiable net assets on acquiring date. For the
subsidiaries acquired through business combination under common control, its assets and liabilities (including
goodwill formed from ultimate controlling party acquiring the subsidiary to) shall be adjusted based on the book
value in the financial statements of the ultimate controlling party.
Subsidiary's equity, current net profits or losses and current comprehensive income belonging to minority
shareholders shall be listed respectively under item of owners’ equity in the consolidated balance sheet, item of net
profit in profit sheet and item of total comprehensive income. Current loss minority shareholders of a subsidiary
exceed the minority shareholders in the subsidiary's opening owners' equity share and the formation of balance,
offset against minority interests.
(1) Increase of subsidiary or business
During the reporting period, the merger of the enterprises under the same control results in additional subsidiaries
or business, then adjust the opening amount of consolidated balance sheet; income, expenses and profit of the
subsidiaries or business from beginning to the end of the reporting shall be included in the consolidated profit
statement; cash flows of the subsidiaries or business from beginning to the end of reporting period shall be included
into the consolidated cash flow statement. And relevant comparative items of comparable statement shall be adjusted
since reporting entity is controlled by the ultimate controller.
If additional investment and other reasons can lead investee to be controlled under the same control, all parties shall
be adjusted at the beginning when the ultimate controlling party starts control. Equity investments made before
obtaining controlling right, relevant gains and losses and other comprehensive income as well as other changes in
net assets confirmed during the latter date between point obtaining original equity and merger and mergered under
the same control day to the combined day, shall be offset against the retained earnings or profit or loss of the
comparative reporting period.
During the reporting period, opening amount of consolidated balance sheet shall not be adjusted since enterprise
under different control combine or increase holding of subsidiary or business; the income, expense and profit of the
subsidiaries or business from the acquisition date to the end of reporting period shall be included in the consolidated
profit statement; while cash flows shall be included into the consolidated cash flow statement.
85
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Equity held from investee before acquisition date shall be measured at fair value of acquisition date if additional
investment and other reasons can lead investee to be controlled under the same control. Difference between the fair
value and the book value is recognized as investment income. other comprehensive income and other owners' equity
except for net profit or loss, other comprehensive income and the distribution of profits related to equity held from
investee before acquisition date, as well as relevant other comprehensive income associated with all other by
changes in equity shall be included in current investment income, except for other comprehensive income arising
from change of net assets or net liabilities redefined by investee.
(2) Disposal of subsidiaries or business
① The general approach
During the reporting period, the Company carry out disposal of subsidiaries or business, revenue, expense and profit
of the subsidiary or business included in the consolidated profit statement from the beginning to the disposal date;
while the cash flow into cash flow table.
If losing controlling right to investee due to disposal of partial equity, the remaining equity after the disposal shall
be re-measured at fair value at the date when control is lost. Price of equity disposal plus fair value of the remaining
equity, then subtracting net assets held from the former subsidiary from the acquisition date or combination date
initially measured in accordance with original stake and goodwill, the difference shall be included in investment
income of the period losing controlling right. other comprehensive income and other owners' equity except for net
profit or loss, other comprehensive income and the distribution of profits related to equity held from investee before
acquisition date, as well as relevant other comprehensive income associated with all other by changes in equity shall
be included in current investment income, except for other comprehensive income arising from change of net assets
or net liabilities redefined by investee.
If the Company’s shareholding ratio declines and thus loses the control power due to other investors’ capital increase
in the subsidiaries, accounting treatment shall be conducted in accordance with the above principles.
② Step disposal of subsidiaries
As multiple transactions over disposal of the subsidiary's equity lead to loss of controlling right, if the terms of the
transaction, situation and economic impact subject to one or above of the following conditions, usually it indicates
repeated transactions should be accounted for as a package deal:
i. These transactions are made considering at the same time or in the case of mutual impact;
ii. These transactions only reach a complete business results when as a whole;
iii. A transaction occurs depending on the occurrence of at least one other transaction;
iv. Single transaction is not economical, but considered together with other transactions it is economical.
If disposal of equity in subsidiaries lead the loss of control and the transactions can be seen as a package deal, the
Company will take accounting treatment of the transaction; however, before the loss of control the difference
86
深圳市深粮控股股份有限公司 2019 年半年度报告全文
between the disposal price and the corresponding net assets of the subsidiary, recognized as other comprehensive
income in the consolidated financial statements, into current profit and loss at current period when losing controlling
right.
If disposal of equity in subsidiaries lead the loss of control and the transactions doesn’t form a package deal, equity
held from subsidiary shall be accounted in accordance with relevant rules before losing controlling right, while in
accordance with general accounting treatment when losing controlling right.
(3) Purchase of a minority stake in the subsidiary
Long-term equity investment of the Company for the purchase of minority interests in accordance with the newly
acquired stake in the new calculation shall be entitled to the difference between the net assets from the acquisition
date (or combination date) initially measured between the consolidated balance sheet adjustment capital balance of
the share premium in the capital reserve share premium insufficient, any excess is adjusted to retained earnings.
(4) Disposal of equity in subsidiary without losing control
Disposal price and disposal of long-term equity investment without a loss of control due to partial disposal of
subsidiaries and long-term equity investment made between the relative net assets from the purchase date or the
date of merger were initially measured at the difference between the subsidiary shall enjoy, the consolidated balance
sheet adjustment in the balance of the share premium, capital balance of the share premium insufficient, any excess
is adjusted to retained earnings.
7. Classification of joint venture arrangement and accounting for joint operations
Joint venture arrangements are divided into joint operations and joint ventures.
When the Company is a joint venture party of a joint venture arrangement and enjoys the relevant assets of the
arrangement and bears the liabilities related to the arrangement, it is a joint operation.
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.
87
深圳市深粮控股股份有限公司 2019 年半年度报告全文
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.
9. Foreign currency business and conversion of foreign currency statement
(i) Foreign currency business
The foreign currency business uses the spot exchange rate on the transaction date as the conversion rate to convert
the foreign currency amount into RMB.
The balance of foreign currency monetary items on the balance sheet date is converted at the spot exchange rate on
the balance sheet date. The resulting exchange differences, except that the balance of exchange generated from the
foreign currency special borrowings related to the assets whose acquisition and construction are eligible for
capitalization is disposed in accordance with the principle of borrowing costs capitalization, are included in the
current profit and loss.
(ii) Conversion of foreign currency financial statements
Assets and liabilities in the balance sheet are converted at the spot exchange rate on the balance sheet date; except
for the “undistributed profit” item, other items of the owner's equity items are converted at the spot exchange rate
at the time of occurrence. Income and expense items in the income statement are converted at the spot exchange
rate on the transaction date.
When disposing an overseas operation, the translation difference of the foreign currency financial statements related
to the overseas operation is transferred from the owner's equity items to the disposal of the current profit and loss.
10. Financial instruments
Financial instruments include financial assets, financial liabilities and equity instruments.
(i) Categories of financial instruments
Accounting policy applicable since 1st Jan. 2019
According to the business model of managing financial assets and the contractual cash flow characteristics of
financial assets, at initial recognition, the Company classifies the financial assets into the financial assets measured
at amortized cost, the financial assets(debt instrument) measured at fair value and whose changes are included in
other comprehensive income, and the financial assets measured at fair value and whose changes are included in
current gain or loss.
88
深圳市深粮控股股份有限公司 2019 年半年度报告全文
The financial assets of which the business model aims at the collection of contractual cash flow and the contractual
cash flow is only the payment of the principal and the interest based on the outstanding principal amount are
classified as financial assets measured at amortized cost. The financial assets of which the business model aims not
only at the collection of contractual cash flow but also at selling the financial assets and the contractual cash flow
is only the payment of the principal and the interest based on the outstanding principal amount are classified as
financial assets measured at fair value and whose changes are included in other comprehensive income (debt
instruments). Other financial assets other than this are classified as financial assets measured at fair value and whose
changes are included in current profit and loss.
For non-trading equity instrument investment, the Company determines whether it is designated as a financial asset
(equity instrument) measured at fair value and whose changes are included in other comprehensive income at the
initial recognition. In the initial recognition, in order to eliminate or significantly reduce accounting mismatches,
financial assets can be designated as financial assets measured at fair value and whose changes are included in
current profit and loss.
In the initial recognition, financial liabilities are classified as the financial liabilities measured at fair value and
whose changes are included in current profit and loss and the financial liabilities measured at amortized cost.
Financial liabilities that meet one of the following conditions can be designated as financial liabilities measured at
fair value and whose changes are included in current profit and loss in the initial measurement:
(1) The designation can eliminate or significantly reduce accounting mismatches.
(2) According to the enterprise risk management or investment strategy specified in the official written document,
manage and make performance evaluation of the financial liability portfolio or financial assets and financial liability
portfolio based on fair value, and report to the key management personnel based on this.
(3) The financial liability includes embedded derivatives that need to be separately split.
Accounting policy applicable before 1st Jan. 2019
At initial recognition, financial assets and financial liability are classified as: financial assets or liabilities
measured at fair value and with its variation reckoned into current gains/losses, including the transactional
financial assets or financial liabilities and financial assets or liabilities directly designated measured at fair value
and with its variation reckoned into current gains/losses; held-to-maturity investment; account receivable; financial
assets available-for-sale; other financial liability and so on.
(ii) Recognition and measurement for financial instrument
Accounting policy applicable since 1st Jan. 2019
(1) Financial assets measured at amortized cost
Financial assets measured at amortized cost include notes receivable, accounts receivable, other receivables, long-
term receivables, and debt investment, which are initially measured at fair value, and related transaction costs are
included in the initial recognition amount. The accounts receivable not including major financing components and
the accounts receivable that the Company decides not to consider the financing component of not more than one
year are initially measured at the contract transaction price.
89
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Interest calculated by the effective interest method during the holding period is included in the current profit and
loss.
When recovering or disposing, the difference between the price obtained and the book value of the financial asset
is included in the current profit and loss.
(2) Financial assets (debt instruments) measured at fair value and whose changes are included in other
comprehensive income
Financial assets (debt instruments) measured at fair value and whose changes are included in other comprehensive
income, including receivables financing, other debt investment, etc., are initially measured at fair value, and related
transaction expenses are included in the initial recognition amount. The financial assets are subsequently measured
at fair value, the changes in fair value are included in other comprehensive income except for interest, impairment
losses or gains and exchange gains and losses calculated by using the effective interest method.
When a financial asset is derecognized, the accumulated gain or loss previously included in other comprehensive
income is transferred from other comprehensive income and included in current profit and loss.
(3) Financial assets (equity instruments) measured at fair value and whose changes are included in other
comprehensive income
Financial assets (equity instruments) measured at fair value and whose changes are included in other comprehensive
income, including other equity instruments, etc., are initially measured at fair value, and related transaction expenses
are included in the initially recognised amount. The financial assets are subsequently measured at fair value, and
changes in fair value are included in other comprehensive income. The dividends obtained are included in the current
profits and losses.
When a financial asset is derecognized, the accumulated gain or loss previously included in other comprehensive
income is transferred from other comprehensive income and included in retained earnings.
(4) Financial assets measured at fair value and whose changes are included in current profit and loss
Financial assets measured at fair value and whose changes are included in current profit and loss, including
transactional financial assets, derivative financial assets and other non-current financial assets, etc., are initially
measured at fair value, and related transaction expenses are included in the initial recognition amount. The financial
assets are subsequently measured at fair value, and changes in fair value are recognised in current profit and loss.
When a financial asset is derecognized, the difference between its fair value and the initially recorded amount is
recognized as investment income, and the gains and losses from changes in fair value are adjusted.
(5) Financial liabilities measured at fair value and whose changes are included in current profit and loss
Financial liabilities measured at fair value and whose changes are included in current profit and loss, including
transaction financial liabilities, derivative financial liabilities, etc., are initially measured at fair value, and related
transaction expenses are included in current profit and loss. The financial liabilities are subsequently measured at
fair value, and changes in fair value are included in current profit and loss.
When a financial liability is derecognized, the difference between its fair value and the initially recorded amount is
recognized as investment income, and the gains and losses from changes in fair value are adjusted.
(6) Financial liabilities measured at amortized cost
Financial liabilities measured at amortized cost, including short-term borrowings, bills payable, accounts payable,
90
深圳市深粮控股股份有限公司 2019 年半年度报告全文
other payables, long-term borrowings, bonds payable, and long-term payables, are initially measured at fair value,
and related transaction expenses are included in the initial recognition amount.
Interest calculated by the effective interest method during the holding period is included in the current profit and
loss.
When a financial liability is derecognized, the difference between the consideration paid and the book value of the
financial liability is included in current profit and loss.
Accounting policy applicable before January 1, 2019
(1) Financial assets (financial liabilities) measured at fair value and whose changes are included in current profit
and loss
At the time of acquisition, the fair value (deducting the cash dividends that have been declared but not yet paid or
the bond interest whose interest payment has been due but not yet received) is taken as the initial recognition amount,
and the related transaction expenses are included in the current profit and loss.
During the holding period, the interest or cash dividends are recognized as investment income, and the changes in
fair value are included in the current profit and loss at the end of the period.
At the time of disposal, the difference between the fair value and the initial recorded amount is recognized as
investment income, and the gains and losses from changes in fair value are adjusted.
(2) Held-to-maturity investments
At the time of acquisition, the sum of the fair value (deducting the bond interest whose interest payment has been
due but not yet received) and the related transaction expenses is taken as the initial recognition amount.
During the holding period, the interest income is calculated and recognized based on the amortized cost and the
actual interest rate, and is included in the investment income. The effective interest rate is determined at the time of
acquisition and remains unchanged during the expected duration or for a shorter period of time applicable.
At the time of disposal, the difference between the purchase price and the book value of the investment is included
in the investment income.
(3) Account receivable
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 account receivables, other account receivables and so on. 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
91
深圳市深粮控股股份有限公司 2019 年半年度报告全文
At the time of acquisition, the sum of the fair value (deducting the cash dividends that have been declared but not
yet paid or the bond interest whose interest payment has been due but not yet received) and the related transaction
expenses are taken as the initial recognition amount.
During the holding period, the interest or cash dividends obtained are recognized as investment income. At the end
of the period, it is measured at fair value and the changes in fair value are included in other comprehensive income.
However, an equity instrument investment that is not quoted in an active market and whose fair value cannot be
reliably measured and the derivative financial assets that are linked to the equity instrument and that are required to
be settled through the delivery of the equity instrument are measured at cost.
At the time of disposal, the difference between the price obtained and the book value of the financial asset is included
in the investment gains and losses. At the same time, the amount of the accumulated amount of changes in fair value
originally and directly included in other comprehensive income being corresponding to the disposal portion is
transferred out and included in current profit and loss.
(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.
(iii) Confirmation evidence and measurement methods for transfer of financial assets
When transfer of financial assets occurs, the Company shall stop recognition of such financial assets if all risks
and remunerations related to ownership of such financial assets have almost been transferred to the receiver;
while shall continue to recognize such financial assets if all risks and remunerations related to ownership of
such financial assets have almost been retained.
When judging whether or not the aforesaid terminal recognition condition for financial assets is arrived at for
transfer of financial assets, the Company generally adopts the principle that substance overweighs format. The
Company divides such transfer into entire transfer and part transfer. As for the entire transfer meeting condition for
discontinued recognition, balance between the following two items is recorded in current gains and losses:
(1) Carrying value of financial assets in transfer;
(2) Aggregate of the consideration received from transfer and accumulative movements of fair value originally
recorded in owners’ equity directly (applicable when financial assets involved in transfer belong to financial assets
available for sale).
As for the part transfer meeting condition for discontinued recognition, entire carrying value of financial assets in
transfer is shared by discontinued recognition part and continued recognition part, in light of their respective fair
value. Balance between the following two items is recorded in current gains and losses:
(1) Carrying value of discontinued recognition part;
92
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(2) Aggregate of the consideration of discontinued recognition part and amount of such part attributable to
accumulative movements of fair value originally recorded in owners’ equity directly (applicable when financial
assets involved in transfer belong to financial assets available for sale).
Financial assets are still subject to recognition if transfer of such assets doesn’t satisfy the condition for discontinued
recognition. And consideration received is recognized as financial liability.
(iv) 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.
(v) Determination method for fair value of financial assets and financial liabilities
As for the financial instrument with an active market, the fair value is determined by the offer of the active market;
there is no active market for a financial instrument, the valuation techniques to determine its fair value. At the time
of valuation, the Company adopted applicable in the present case and there is enough available data and other
information technology to support valuation, assets or liabilities of feature selection and market participants in the
trading of the underlying asset or liability considered consistent input value and priority as the relevant observable
inputs. Where relevant observable inputs can not get or do not get as far as practicable, the use of unobservable
inputs.
(vi) Testing of the financial assets (account receivable excluded) impairment and accounting treatment
93
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Accounting policy applicable from January 1, 2019
The Company considers all reasonable and evidence-based information, including forward-looking information,
and estimates the expected credit losses of the financial assets measured at amortized cost and the financial assets
(debt instruments) measured at fair value and whose changes are included in other comprehensive income on a
single or combination mode.
The measurement of expected credit losses depends on whether the credit risks of financial assets have increased
significantly since the initial recognition.
If the credit risk of the financial instrument has increased significantly since the initial recognition, the Company
measures its loss provision based on the amount equivalent to the expected credit losses for the entire duration of
the financial instrument; if the credit risk of the financial instrument has not increased significantly since the initial
recognition, the Company measures its loss provision based on the amount equivalent to the expected credit losses
of the financial instrument in the next 12 months. The increase or reversal amount of the resulting loss provision is
included in the current profit and loss as an impairment loss or gain.
Usually, if it s overdue for more than 30 days, the Company shall believe that the credit risk of the financial
instrument has increased significantly, unless there is conclusive evidence that the credit risk of the financial
instrument has not increased significantly since the initial recognition.
If the financial instrument's credit risk at the balance sheet date is low, the Company shall believe that the credit
risk of the financial instrument has not increased significantly since the initial recognition.
Accounting policy applicable before January 1, 2019
Except for financial assets measured at fair value and whose changes are included in current profit and loss, the
Company checks the book value of financial assets on the balance sheet date. If there is objective evidence that a
financial asset is impaired, make impairment provision.
(1) Provision for impairment of available-for-sale financial assets:
At the end of the period, if the fair value of available-for-sale financial assets seriously declines, or after
comprehensive consideration of various relevant factors, it is expected that such downward trend is non-temporary,
it is deemed to have been impaired, and the accumulated losses resulting from the decline in the fair value originally
and directly included in the owner's equity are transferred out and the impairment loss is recognized.
If there are objective evidences showing that the value of available-for-sale debt instrument is recovered and it
relates to the matters happened after the impairment loss recognition, the impairment loss recognized shall be
reversed and accounted in current profit or loss.
The impairment loss from equity instrument investment available-for-sale should no be reversed through
gains/losses.
Recognition standards for the impairment of equity instrument investment available for sale: The Company has
separately tested various available-for-sale equity instruments at the balance sheet date. It will be defined as
94
深圳市深粮控股股份有限公司 2019 年半年度报告全文
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 one 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.
Measurement of the investment cost: Initial segment of the "cost" of the sale of equity instruments in accordance
with available cost less any principal repayment and amortization, impairment loss has been included in determining
profit or loss; The fair value of the available-for-sale equity instrument investment without an active market is
determined by the present value determined on the basis of the current market return similar to financial assets
versus the future discounted cash; the fair value of available-for-sale equity instrument investment with offers in
the active market is determined by the closing price of the stock exchange at the end of the period, unless this
available-for-sale equity instrument investment has a restricted stock trade period. For the presence of restricted
investments in equity instruments available for sale, according to the end of the closing price of the stock exchange
market participants by deducting the risk equity instrument within a specified period cannot be sold on the open
market and the requirements to obtain compensation.
(2) Impairment provision for held-to-maturity investment
Measurement on the impairment loss of held-to-maturity investment reference to the measurement methods and
treatment of impairment losses of account receivable.
11. Note receivable
Same as account receivable
12. Account receivable
(i) Account receivable with single significant amount and withdrawal bad debt provision on single basis
Recognition criteria on account receivable with single significant amount and withdrawal bad debt provision on single basis:
(1)Account receivable: single account receivable has over 10 million Yuan in amount;
(2) Other account receivable: single other account receivable has over 5 million Yuan in amount.
Accrual method for the bad debt provision of account receivable with single significant amount: Conducted
impairment testing separately, balance between the present value of future cash flow and its carrying value, bad
debt provision withdrawal and reckoned into current gains/losses. For those without impairment being found after
test, collected into relevant combination for accrual.
(ii) Accounts receivable whose bad debts provision was accrued by combination based on credit risk
characteristics portfolio
(1) Recognition criteria on portfolio
95
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Receivables with insignificant single amount are classified into several combinations according to the credit risk
characteristics together with the receivables that are not individually impaired after the individual test and have
significant single amount, and the provision for bad debts that should be accrued is determined according to the
actual loss rate of the collection of receivables combination with credit risk characteristics similar to previous years
and combined with the current situation.
Basis for determining the portfolio:
Portfolio Accrual method Basis
Related parties in Bad debt provision without accrual For receivables among related parties within the scope of consolidation,
consolidate scope the possibility of bad debts is very small, and no bad debt provision is
made for the portfolio.
Specific objects Bad debt provision without accrual For cash deposit, security deposit and receivables from government
departments, the possibility of bad debts is very small, and no bad debt
provision is made for the this portfolio.
Aging analysis Aging analysis Including receivables other than the above portfolios, the Company
makes the best estimate on the provision proportion of receivables based
on the past historical experience, and refers to the age of receivables for
credit risk portfolio classification.
(2)Accrual method recognized according to portfolio
①By aging analysis
Account age Accrual ratio of the account receivable Accrual ratio of the other account receivable
(%) (%)
Within one year 1 1
1－2 years 10 10
2－3 years 30 30
3－4 years 50 50
4－5 years 50 50
Over 5 years 80 80
②Account receivable with minor single amount but withdrawal bad debt provision on single item
Reasons for provision of bad debt reserve: There is objective evidence that the Company will not be able to recover
the money under the original terms of receivables.
Provision method of bad debt reserve: Withdrawn according to the difference between present value of expected
future cash flows and the book value of the receivables.
96
深圳市深粮控股股份有限公司 2019 年半年度报告全文
13. Account receivable financing
Nil
14. Other account receivable
Determining method and accounting treatment on the expected credit loss of other account receivable
As for the measurement of impairment for other account receivable except for account receivables, reference to
the “(vi) Testing of the financial assets (account receivable excluded) impairment and accounting treatment ” in
10.Financial instrument above mentioned.
15. Inventory
Does the Company need to comply with disclosure requirements of the special industry?
No
(i) Classification
Inventory includes raw materials, work in process-outsourced, goods in process, finished goods, goods in transit,
revolving material and wrappage and so on.
(ii) Valuation methods for send out stocks
Stocks are valued at time of shipment by weighted average method.
(iii) Recognized standards of the net realizable value for 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 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.
Except that there is clear evidence indicates that the market price on the balance sheet date is abnormal, the net
realizable value of the inventory item is determined based on the market price at the balance sheet date.
The net realizable value of the inventory items at the end of the period is determined based on the market price at
97
深圳市深粮控股股份有限公司 2019 年半年度报告全文
the balance sheet date.
(iv) Inventory system
Inventory system is the perpetual inventory system.
(v) Amortization of low-value consumables and packaging materials
(1) Low-value consumables adopts the method of primary resale;
(2) Wrappage adopts the method of primary resale.
16. Contract assets
Nil
17. Contract cost
18. Assets held for sale
The Company recognizes the non-current assets or disposal groups that meet both of the following conditions as the
component of available for sale:
(1) According to the practice in similar transactions of selling such assets or disposal groups, it can be sold
immediately under current conditions;
(2) The sale is very likely to occur, that is, the Company has already made a resolution on one sales plan and has
obtained a certain purchase commitment, and it is anticipated that the sale will be completed within one year. As
for the assets for sale should be approved by relevant authority organization or supervision department by
regulations, the approval has been obtained.
19. Creditors’ investment
Nil
20. Other creditors’ investment
Nil
21. Long-term account receivable
Nil
98
深圳市深粮控股股份有限公司 2019 年半年度报告全文
22. Long-term equity investment
(i) Criteria for judgment of the common control and significant influence
Common control refers to the control that is common to an arrangement in accordance with the relevant agreement,
and the relevant activities of the arrangement must be agreed upon by the participants sharing the control rights
before making a decision. Where the Company and other joint venture parties jointly control the invested entity and
have rights to the net assets of the invested entity, the invested entity is the joint venture of the Company.
Significant influence refers to the right to participate in making decisions relating to the financial and operational
policies of an enterprise, while not able to control or jointly control (with others) establishment of these policies. If
the Company has significant influence on the invested enterprises, than such invested enterprises shall be the joint
venture of the Company.
(II) Determination of initial investment cost
(1) Long-term equity investment formed by business combination
Business combination under the same control: If the company pays cash, transfers non-cash assets or assumes debts,
and issues equity securities as the merger consideration, the share of the book value of the acquired owner's equity
of the merged party in the consolidated financial statements of the ultimate controlling party is taken as the initial
investment cost of the long-term equity investment on the merger date. If it is possible to exercise control over the
investee under the same control due to additional investment, etc., the initial investment cost of the long-term equity
investment shall be determined according to the share of the book value of the net assets of the merged party in the
consolidated financial statements of the ultimate controlling party on the merger date. The equity premium is
adjusted based on the difference between the initial investment cost of the long-term equity investment on the
combination date and the book value of the long-term equity investment before the merger plus the book value of
the new payment consideration for stock further obtained on the merger date, if the equity premium is insufficient
to be offset, offset the retained earnings.
Business combination not under the same control: The company take the merger cost determined on the purchase
date as the initial investment cost of the long-term equity investment. If it is possible to control the investee under
the same control due to additional investment, etc., the initial investment cost calculated by the cost method is
calculated according to the sum of the book value of the original equity investment plus the new investment cost.
(2) Long-term equity investment required by other ways
For long-term equity investments obtained through payment with cash, then the actual payment shall be viewed as
initial investment cost.
For long-term equity investments obtained through issuance of equity securities, then the fair value of such securities
shall be viewed as initial investment cost
99
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Under the precedent condition that non-monetary 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-monetary 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 investment obtained through debt restructuring, the entry value is determined by the fair value
of the abandoned creditor's right and the taxes directly attributable to the asset and other cost, and the difference
between the fair value of the abandoned creditor's right and the book value is included in current profit and loss.
(iii) Subsequent measurement and recognition of gains and losses
(1) Long-term equity investment measured by cost
The long-term equity investment for subsidiary shall be measured by cost.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.
(2) Long-term equity investment measured by equity
The Company calculates long term equity investment in associates and joint ventures under equity method. 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, 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 report in
owners’ equity accordingly.
The Company should recognized net profit of invested unit after adjustment according to the accounting policy and
period of the Company, 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. During the
period of holding the investment, if the investee prepares the consolidated financial statement, it shall be accounted
for a based on the net profit, other comprehensive income and the amount attributable to the investee in changes in
100
深圳市深粮控股股份有限公司 2019 年半年度报告全文
the other owner's equity in the consolidated financial statements.
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. If the unrealized internal transaction losses with the investee are
assets impairment losses, they will be fully recognized. If a transaction of investing or selling assets occurs between
the company and an associate enterprise or joint venture, and the assets constitute a business, the accounting
treatment shall be handled in accordance with relevant policy policies disclosed in the Notes “5. Accounting
Treatment Methods for Business Combinations Under the Same Control and Not Under the Same Control” and
“6.Methods for Preparing Combined Financial Statements”.
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 obligations which are expected to undertake, and then recorded in current
gains and losses.
(3) 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. The owner's equity recognized as a result of
changes in the owner's equity other than the net profit or loss, other comprehensive income and profit distribution
of the investee is carried forward to the current profit and loss in proportion, except for other comprehensive income
arising from changes in net liabilities or net assets as the investee re-measures the defined benefit plans.
If the joint control or significant influence on the investee is lost due to the disposal of part of the equity investment,
etc., the remaining equity after disposal shall be accounted for according to the recognition and measurement
standard of financial instruments, and the difference between the fair value and the book value of the day losing the
joint control or significant impact is included in the current profit and loss. For other comprehensive income as
recognized under equity method in respect of the original equity investment, when the Company ceases calculation
101
深圳市深粮控股股份有限公司 2019 年半年度报告全文
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. The owner's equity recognized as a result of changes in
the owner's equity other than the net profit or loss, other comprehensive income and profit distribution of the
investee is carried forward to the current profit and loss when the equity method is terminated to be used for business
accounting.
The Company loses the control over the investee due to the decrease in shareholding ratio caused by the disposal of
part of the equity investment or other investors' capital increase in the subsidiary, if the remaining equity can
implement joint control or significant influence on the investee, it shall be accounted for according to the equity
method when preparing individual financial statements, and the remaining equity shall be adjusted as if it was
accounted for according to the equity method since obtained. If the remaining equity cannot implement joint control
or significant influence on the investee, it shall be accounted for according to relevant provisions of the recognition
and measurement standard of financial instruments, and the difference between the fair value and the book value on
the date of loss of control is included in current profit and loss.
The disposed equity is obtained through business combination for reasons such as additional investment, in the
preparation of individual financial statement, if the remaining equity after disposal is accounted for by using the
cost method or equity method, for the equity investment held before the purchase date, other comprehensive income
and other owner's equity recognized due to being accounted for by using the equity method are carried forward on
a pro-rata basis; if the remaining equity after disposal is changed to be accounted for according to the recognition
and measurement standard of financial instruments, the other comprehensive income and other owners' equity shall
be entirely carried forward.
23. Investment real estate
Measurement
Measured by cost
Depreciation or amortization method
Investment real estate is defined as the real estate with the purpose to earn rent or capital appreciation or both,
including the rented land use rights and the land use rights which are held and prepared for transfer after appreciation,
the rented buildings (including the buildings for rent after completion of self-construction or development activities
and the buildings under construction or development for future lease).
Current investment real estate of the Company are measured by cost. As for the investment real estate-rental building
measured by cost, the depreciation policy is same as the fixed assets of the Company, the land use right for rental
has the same amortization policy as intangible assets.
102
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Expected service life for the investment real estate, an rate of the net salvage value and annual amortization
(depreciation) are as:
Category Expected service life Expected net salvage value Annual amortization
(year) (depreciation) rate
Houses and buildings 10-40 5% 2.37%-9.50%
24. Fixed asset
(1)Recognition
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; (2) The cost of the assets can be measured reliably.
(2) Depreciation methods
Category Method Years of depreciation Scrap value rate Yearly depreciation rate
Production buildings Straight-line depreciation 20-35 5 2.71-4.75
Non-production
Straight-line depreciation 20-35 5 2.71-4.75
buildings
Temporary dormitory Straight-line depreciation 20-40 5 2.38-4.75
Simple room etc. Straight-line depreciation 5-15 5 6.33-19
Gas storage bin Straight-line depreciation 20 5 4.75
Silo Straight-line depreciation 50 5 1.9
Wharf and supporting
Straight-line depreciation 50 5 1.9
facilities
Other machinery
Straight-line depreciation 10-20 5 4.75-9.5
equipment
Warehouse transmission
Straight-line depreciation 20 5 4.75
equipment
Electronic equipment Straight-line depreciation 2-5 5 19-47.5
Transport equipment Straight-line depreciation 3-10 5 9.5-31.67
Other equipment Straight-line depreciation 3-10 5 9.5-31.67
103
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(3) Recognition, measurement and depreciation of fixed assets held under finance lease
If any of the following conditions are stipulated in the lease agreement signed by the Company and the lessee, it
shall be recognized as a financial leased assets: (1) ownership of the leased assets shall belong to the Company upon
the expiration of the lease term; (2) the Company has the option to purchase assets for a purchase price much lower
than the fair value of the assets when the option is exercised; (3) the lease period accounts for most of the service
life of the leased assets; (4) there is no significant difference between the present value of the minimum lease
payment on the lease commencement date and the fair value of the assets. On the lease start date, the company
regards the lower of the fair value of the leased asset and the present value of the minimum lease payment as the
book value of the leased asset and regards the minimum lease payment amount as the book value of the long-term
payable, and the difference is regarded as unrecognized financing charges.
25. Construction in progress
Fixed asset is booked with the entire expenditures occurred in the Construction in progress 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.
26. Borrowing expenses
(i) Recognition of the borrowing expenses capitalization
Borrowing expenses including the amortization of interest, discount or premium on borrowing, the ancillary
expenses and exchange differences arising from foreign currency borrowings and so on.
Borrowing expenses that attributed for purchasing or construction of assets that are complying start to be
capitalized and counted as relevant assets 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.
104
深圳市深粮控股股份有限公司 2019 年半年度报告全文
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.
(ii) Period of capitalization
Capitalizing period was from the time star capitalizing until the time of suspended capitalization. The period
for borrowing expensed suspended excluded in the period.
If purchasing, construction, or manufacturing process of an asset satisfying the conditions of capitalization
reached its predicted usable status or sale-able status, capitalization suspended for borrowing expenses.
If purchasing, construction, or manufacturing process of an asset satisfying the conditions of capitalization
completed projects and usable independently for part of the projects, borrowing expenses for this kind of
assts shall suspended capitalization.
If the assets have been completed in every part, but can be reached the useful status or sale-able status while
completed entirely, the borrowing expense shall be suspended for capitalization while the assets completely
finished in whole.
(iii) 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.
(iv) Capitalization rate of the borrowing costs, measurement of the capitalized amount
As for the special loans borrowed for the purchase, construction or production of assets eligible for capitalization,
the borrowing costs are capitalized by deducting the actual borrowing costs incurred in current period of special
borrowing, the interest income earned by borrowing funds that have not ye been used, deposited in the bank or the
investment income obtained from the temporary investment.
For the general borrowings used for the acquisition, construction or production of assets eligible for capitalization,
the amount of borrowing costs that should be capitalized for general borrowings is calculated and determined
according to the weighted average of the asset expenditures of accumulated asset expenditures over the special
borrowings multiplying by the capitalization rate of the occupied general borrowings. The capitalization rate is
105
深圳市深粮控股股份有限公司 2019 年半年度报告全文
determined based on the weighted average interest rate of general borrowings.
27. Biological assets
(i) Classification of biological assets
Biological assets of the Company refer to the productive biological assets. Productive biological assets included
tea tree.
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.
(ii) Initial recognition of Biological assets
The biological assets will initially measured by cost while obtained. 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.
(iii) Subsequent measurement of biological assets
(1) Follow-up expenses
The cost of productive biological assets constituted by the actual costs of self-cultivated and constructed productive
biological assets occurred before achieving the intended production and operation goals, and the follow-up expenses
such as management and protection occurred after achieving the intended production goals are included in the
current profits and losses.
(2) Depreciation of productive biological assets
Biological assets of the Company refer to the tea plants. For those productive biological assts that reached its
predicted productive purpose, withdrawal depreciation by average age method. The service life was determined by
the residual terms of the residual term of land use after deducting the un-maturity period (5-year) of the tea plants
with 5 percent salvage value calculated. Reviewing the service life, predicted salvage vale and depreciation method
at year-end, if there have difference between the predicted number and original estimated number or have major
changes on way of profit earning, than adjusted the service life or predicted salvage value or depreciation method
as account estimation variation.
(3) 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
106
深圳市深粮控股股份有限公司 2019 年半年度报告全文
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.
(iv) Biological assets impairment
The Company inspects the productive biological assets at least at the end of each year, conclusive evidence indicates
that if the recoverable amount of productive biological assets are less than the book value due to natural disasters,
insect pests, animal diseases or changes in market demand, the Company make the provision for impairment of
biological assets and include them in the current profits and losses according to the balance between the recoverable
amount and the book value.
The balance lower than the book value shall be calculated and accrued to falling price reserves or provision for
impairment of biological assets and included in the current profits and losses.
Once the provision for impairment of productive biological assets is made, it cannot be reversed.
28. Oil and gas assets
Nil
29. Right-of-use assets
Nil
30. Intangible assets
(1) Measurement, use of life and impairment testing
(i) Measurement
(1) Initial measurement is made at cost when the Company acquires 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 assets. 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.
107
深圳市深粮控股股份有限公司 2019 年半年度报告全文
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 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.
(2) Subsequent measurement
Analyzing and judging the service life of an intangible asset when they are acquired.
Those intangible assets with limited useful life are evenly amortized on straight basis from the date when they
become usable to the end of expected useful 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
without amortization.
(ii) Estimation of the service life of intangible assets with limited service life
Those intangible assets with limited useful life are evenly amortized on straight basis from the date when
they become usable to the end of expected useful life. Particular about the estimation on intangible assets
with limited service life:
Item Predicted useful life Basis
Land use right Amortized the actual rest of life after certificate of land use Certificate of land use right
right obtained
Proprietary technology 20-year Actual situation of the Company
Trademark use right 10-year Actual situation of the Company
Software use right 5-8 years Protocol agreement
Forest tree use right Service life arranged Protocol agreement
Shop management right Service life arranged Protocol agreement
(iii)Judgment basis on intangible assets with uncertain service life and review procedures for the service life
Disclosure requirement: for intangible assets with uncertain service life, the judgment basis for uncertain service
life and the procedures for checking their service life should be disclosed.
(2) Accounting policy of the internal R&D expenditure
(i) Specific criteria for dividing research and development stages
The expenditure for internal R&D is divided into research expenditure and development expenditure.
Research stage: stage of the investigation and research activities exercising innovative-ness for new science or
technology knowledge obtained and understanding.
108
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Development 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.
(ii) Standards for capitalization satisfaction of expenditure in development 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.
31. Impairment of long term assets
The long-term assets as long-term equity investments, investment real estate measured at cost, fixed assets,
construction in progress and intangible assets with certain service life are tested for impairment if there is any
indication that an asset may be impaired at the balance date. If the result of the impairment test indicates that the
recoverable amount of the asset is less than its carrying amount, a provision for impairment and an impairment loss
are recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The
recoverable amount is the higher of an asset’s fair value less costs to sell and the present value of the future cash
flows expected to be derived from the asset. Provision for asset impairment is determined and recognized on the
individual asset basis. If it is not possible to estimate the recoverable amount of an individual asset, the recoverable
amount of a group of assets to which the asset belongs is determined. A group of assets is the smallest group of
assets that is able to generate independent cash inflows.
Goodwill and intangible asset with an indefinite useful life are tested for impairment at least at the end of each year.
When the Company conducts the goodwill impairment test, the book value of goodwill formed by business
combination is apportioned to the relevant asset group according to reasonable methods from the date of purchase;
if it is difficult to apportion it to the relevant asset group, apportion it to the relevant asset group portfolio. When
the book value of goodwill is apportioned to the relevant asset group or asset group portfolio, it is apportioned
according to the proportion of the fair value of each asset group or asset group portfolio in the total fair value of the
109
深圳市深粮控股股份有限公司 2019 年半年度报告全文
relevant asset group or asset group portfolio. If the fair value is difficult to be reliably measured, it is apportioned
according to the proportion of the book value of each asset group or asset group portfolio in the total book value of
the relevant asset group or asset group portfolio.
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.
Once recognized, asset impairment loss would not be reversed in future accounting period.
32. 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.
33. Contract liability
Nil
34. Staff remuneration
(1) Short term remuneration
In the period of employee services, short-term benefits are actually recognized as liabilities and charged to profit or
loss or relevant assets costs.
Regarding to the social insurance and housing funds that the Company paid for employees, the Company should
recognize corresponding employees benefits payable according to the appropriation basis and proportion as
stipulated by relevant requirements and recognize the corresponding liabilities.
If the employee welfare are non-monetary benefits and can be measured reliably, they shall be measured at fair
value.
110
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(2) Accounting treatment for post office benefits
(i) Defined contribution plan
The Company pays basic endowment insurance and unemployment insurance for employees according to the
relevant regulations of the local government. In the accounting period in which employees provide services for the
Company, the amount to be paid is calculated according to the local payment base and proportion, and is recognized
as a liability and included in current profit and loss or related asset cost.
In addition to the basic endowment insurance, employees who meet the conditions of the “Enterprise Annuity
Scheme of Shenzhen Cereals Group Co., Ltd.” can apply for the annuity plan established by the Company. 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.
(ii) Defined benefit plan
The Company assigns the benefit obligation arising from the defined benefit plan to the period during which the
employee provides service according to the formula determined by the expected accumulated benefit unit method,
and includes it in the current profit and loss or related asset cost.
The deficit or surplus formed by the present value of the defined benefit plan obligation minus the fair value of the
defined benefit plan asset is recognized as a net benefit or net asset of the defined benefit plan. If there is a surplus
in the defined benefit plan, the Company measures the net assets of the defined benefit plan by the lower of the
surplus and the asset limit of the defined benefit plan.
All defined benefit plan obligations, including obligations expected to be paid within twelve months of the end of
the annual reporting period in which the employee provides services, are discounted based on the market return of
the national debt matching with the defined benefit plan obligations deadline and currency or the high quality
corporation bonds in an active market on the balance sheet date.
The service cost generated by the defined benefit plan and the net liabilities or the net interest of the net assets of
the defined benefit plan are included in the current profit and loss or the related assets cost; the changes generated
by the remeasurement of net liabilities or net assets of the defined benefit plan are included in other comprehensive
income, and will not be transferred back to profit or loss in the subsequent accounting period, when the original
defined benefit plan is terminated, the part that was originally included in other comprehensive income will be
carried forward to undistributed profit within the scope of equity.
When settling the defined benefit plan, the settlement gain or loss is confirmed by the difference between the present
value of the defined benefit plan obligation and the settlement price determined on the settlement date.
111
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(3) Accounting treatment for dismissal benefit
When the Company cannot unilaterally withdraw the dismissal benefits provided by the termination of the labor
relationship plan or the downsizing proposal, or when confirm the cost or expenses related to the reorganization of
the dismissal benefits (the earlier one), confirm the employee compensation liabilities generated by dismissal
benefits and include in the current profit and loss.
(4) Accounting treatment for 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.
35. Lease liability
Nil
36. Accrual liability
(i) Recognition standards for accrual liability
When the obligations relating to contingencies such as litigation, debt guarantee, loss contract, reorganization and
etc. Satisfy the following conditions, an accrual liability shall be recognized:
(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.
(ii) Measurement
Accrual liabilities shall conduct initial measurement by best estimation of expenditures needed by fulfillment of
current responsibilities.
While determined the best estimation, take the risks, uncertainty and periodic value of currency that connected to
the contingent issues into consideration. For major influence from periodic value of currency, determined best
112
深圳市深粮控股股份有限公司 2019 年半年度报告全文
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
37. Share-based payment
Nil
38. Other financial instrument of preferred stocks and perpetual bond
The Company classifies it as a financial asset, a financial liability or an equity instrument at initial recognition based
on the contractual terms of the preferred stock/perpetuity bonds issued and the economic substance it reflects but
not only in legal form.
When a financial instrument such as perpetual bond/preferred share issued by the Company satisfies one of the
following conditions, classify the financial instrument as a whole or its components as a financial liability at initial
recognition:
(1) There is a contractual obligation that the Company cannot unconditionally avoid performing by cash payment
or other financial assets;
(2) Include contractual obligations that are settled by the delivery of a variable amount of self-equity instruments;
(3)Include derivatives (such as transfer of equity) that are settled by their own interests, and the derivative does not
exchange a fixed amount of cash or other financial assets with a fixed amount of its own equity instruments;
(4) There are contractual clauses that indirectly form contractual obligations;
(5) The perpetual debt of the issuer is in the same liquidation order as the ordinary bonds and other debts issued by
the issuer at the time of liquidation.
For financial instruments such as perpetual bonds/preferred shares that do not meet any of the above conditions,
classify the financial instrument as a whole or its components as equity instrument at the initial recognition.
113
深圳市深粮控股股份有限公司 2019 年半年度报告全文
39. Revenue
Does the Company need to comply with disclosure requirements of the special industry?
No
Whether implemented the new revenue standards
□Yes √No
(i) Sales of goods
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.
The product sales of the Company include domestic sales and export sales, the sales revenue of domestic sales is
recognized after the goods is delivered and conforms to the relevant causes of the contract; the sales revenue of
export sales is recognized after the goods is sent out and declared, and conforms to the relevant causes of the contract.
(ii) Provide labor services
If the results of the labor service transaction on the balance sheet date can be reliably estimated, the labor service
income will be recognized by the percentage of completion method. The completion schedule of the labor service
transaction is determined based on the measurement of the completed work.
The results of the labor service transaction can be reliably estimated, which means it can meet the following
conditions:
(1) The amount of income can be reliably measured;
(2) The relevant economic benefits are likely to flow into the enterprise;
(3) The completion schedule of the transaction can be reliably determined;
(4) The costs incurred and to be incurred in the transaction can be reliably measured.
The total amount of labor service income is determined by the received or receivable contract or agreement price,
except that the contract or agreement price received or receivable is not fair. On the balance sheet date, the current
labor service income is determined by the amount that the total labor service income multiplies by the completion
schedule and deducts the accumulated labor income from the previous accounting period. At the same time, the
current labor cost is carried forward by the amount that the total labor service cost multiplies by the completion
schedule and deducts the accumulated labor cost from the previous accounting period.
If the results of the labor service transaction on the balance sheet date cannot be reliably estimated, they shall be
disposed as follows:
(1) If the labor costs incurred is estimated to be compensated, the labor service income shall be determined according
114
深圳市深粮控股股份有限公司 2019 年半年度报告全文
to the amount of labor costs incurred, and the labor costs shall be carried forward at the same amount.
(2) If the labor costs incurred is estimated not to be compensated, the labor costs incurred shall be included in the
current profit and loss, and the labor service income shall not be recognized.
When the contract or agreement signed by the Company with other enterprises includes the sale of goods and the
rendering of labor services, if the parts of the sales of goods and the parts of the rendering of labor service can be
distinguished and can be separately measured, treat the part of the sales of goods as the sales of goods, and treat the
part of the rendering of labor services as rendering of labor services. If the parts of the sales of goods and the parts
of the rendering of labor service cannot be distinguished, or can be distinguished but cannot be separately measured,
treat the part of the sales of goods and the parts of the rendering of labor service both as the sales of goods.
Recognize revenue for the grain and oil dynamic storage and rotation services provided by the Company for the
Shenzhen Municipal Government when the relevant labor service activities occur. Specifically, monthly calculate
and recognize the government service income based on the actual storage grain and oil quantity and the storage
price stipulated by “Operational Procedures for Government Grain Storage All-in Cost of Shenzhen” and
“Operational Procedures for Edible Vegetable Oil Government Reserve All-in Cost of Shenzhen”.
(iii) Recognition of the right to use the transferred 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 assets respectively as followed:
(1) Amount of interest income: determined by the time and effective interest rate of the currency capital used by
other people.
(2) Amount of income from use: determined by the charge time and calculation method agreed in the relevant
contract or agreement.
(3) For the income from real estate, dock warehouse and other property leasing and terminal docking business,
calculate and determine the rental income and warehousing logistics income according to the chargeable time and
method as stipulated in the contract or agreement.
40. Government Grants
(i) Types
Governments grants of the Company refer to the monetary and non-monetary assets obtained from government for
free, and are divided into those related to assets and others related to revenues.
Government grants related to assets refer to those obtained by the Company and used for purchase or construction
of or otherwise to form long-term assets. Government subsidies related to revenue refer to those other than
government subsidies related to assets.
Specific criteria for government grants related to assets: the government grants obtained by the Company for the
115
深圳市深粮控股股份有限公司 2019 年半年度报告全文
purchase, construction or other formation of long-term assets;
Specific criteria for government grants related to revenue: the government grant other than an asset-related
government grant.
(ii) Recognition point of time
At end of the period, if there is evidence show that the Company qualified relevant condition of fiscal supporting
polices and such supporting funds are predicted to obtained, than recognized the amount receivable as government
grants. After that, government grants shall recognize while actually received.
Government grants in the form of monetary assets are stated at the amount received or receivable.
Government grants in the form of non-monetary assets are measured at fair value; if fair value cannot be
obtained, a nominal amount (one yuan) is used. Government grants measured at nominal amount is
recognized immediately in profit or loss for the current period.
(iii) Accounting treatment
Government grants related to assets offset the book value of underlying assets or are recognized as deferred income.
If they are recognized as deferred income, they shall be included in the current profit and loss by stages according
to reasonable and systematic methods within the useful life of the relevant assets. (Those related to the daily
activities of the Company are included in other income; those not related to the daily activities of the Company are
included in the non-operating income);
Government grants related to the income which are used to compensate the related costs or losses of the Company
in the future period are recognized as deferred income are included in the current profit and loss (Those related to
the daily activities of the Company are included in other income; those not related to the daily activities of the
Company are included in the non-operating income) or offset relevant costs or losses during the period of
recognizing the relevant costs or losses; those used to compensate the occurred related costs or losses of the
Company are directly included in the current profit and loss (Those related to the daily activities of the Company
are included in other income; those not related to the daily activities of the Company are included in the non-
operating income) or offset relevant costs or losses.
Policy preferential loan interest discounts obtained by the Company are separately accounted for by distinguishing
the following two cases:
(1) The government appropriates the discounted funds to the loan bank, the loan bank provides loans to the Company
at a policy preferential interest rate, the Company uses the actual amount of the borrowed money as the book value
of the loan, and calculates the relevant borrowing costs according to the loan principal and the policy preferential
interest rate.
(2) If the government directly appropriates the discounted funds to the Company, the Company will offset the
relevant borrowing costs with the corresponding interest discounts.
116
深圳市深粮控股股份有限公司 2019 年半年度报告全文
41. Deferred income tax assets and deferred income tax liabilities
The deferred income tax assets recognised by deductible temporary differences are within the limit of taxable
income that is probably achieved in the future to deduct the deductible temporary differences. The deductible losses
and tax credits that can be carried forward in subsequent years are within the limit of the future taxable income it is
probably achieved in the future to deduct the deductible losses and tax credits, and the corresponding deferred
income tax assets are recognized.
For taxable temporary differences, deferred income tax liabilities are recognised except in special circumstances.
The special circumstances of not recognizing deferred income tax assets or deferred income tax liabilities include:
initial recognition of goodwill; other transactions or matters other than business combinations that neither affect
accounting profits nor affect taxable income (or deductible losses) when occur.
When the Group has a legal right to settle on a net basis and intends either to settle on a net basis or to realize the
assets and settle the liabilities simultaneously, current tax assets and current tax liabilities are offset and presented
on a net basis.
When the Group has a legal right to settle current tax assets and liabilities on a net basis, and deferred tax assets and
deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity
or different taxable entities which intend either to settle current tax assets and liabilities on a net basis or to realize
the assets and liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or
liabilities are expected to be reversed, deferred tax assets and deferred tax liabilities are offset and presented on a
net basis.
42. Lease
(1) Accounting treatment for operating lease
(i)The rental fee paid for renting the properties by the company are amortized by the straight-line method and
reckoned in the current expenses throughout the lease term without deducting rent-free period. The initial direct
costs related to the lease transactions paid by the company are reckoned in the current expenses.
When the lessor undertakes the expenses related to the lease that should be undertaken by the company, the company
shall deduct the expenses from the total rental costs, share by the deducted rental costs during the lease term, and
reckon in the current expenses.
117
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(ii)Rental obtained from assets leasing, during the whole leasing period without rent-free period excluded, shall be
amortized by straight-line method and recognized as leasing revenue. The initial direct costs paid with leasing
transaction concerned are reckoned into current expenditure; the amount is larger is capitalized when incurred, and
accounted for as profit or loss for the current period on the same basis as recognition of rental income over the entire
lease period.
When the company undertakes the expenses related to the lease that should be undertaken by the lessor, the company
shall deduct the expenses from the total rental income, and distribute by the deducted rental costs during the lease
term.
(2) Accounting treatment for financing lease
(i) Assets lease-in by financing: On the beginning date of the lease, the entry value of leased asset shall be at the
lower of the fair value of the leased asset and the present value of minimum lease payment at the beginning date of
the lease. Minimum lease payment shall be the entry value of long-term accounts payable, with difference
recognized as unrecognized financing expenses.
Unrecognized financing expenses shall be reckoned in financial expenses and amortized and using effective interest
method during the leasing period. The initial direct expenses incurred by the Company are included in the value of
the rented assets.
(ii) Finance leased assets: on the lease commencement date, the company affirms the balance among the finance
lease receivables, the sum of unguaranteed residual value and its present value as the unrealized financing income,
and recognizes it as the rental income during the period of receiving the rent. For the initial direct costs related to
the rental transaction, the company reckons in the initial measurement of the finance lease receivables, and reduces
the amount of income confirmed in the lease term.
43. Other important accounting policy and estimation
Safety production expenses
The safety production expenses drawn by the Company in accordance with the national regulations are included in
the cost of relevant products or the current profit and loss, and are recorded in the “special reserve” account. When
using the drawn safety production expenses, directly offset the special reserve if it belongs to the expense
expenditure. For fixed assets, the expenses incurred through the collection of “under construction” subjects shall be
recognized as fixed assets when the safety project is completed and ready for use. At the same time, the special
118
深圳市深粮控股股份有限公司 2019 年半年度报告全文
reserve shall be offset according to the cost of forming the fixed assets, and accumulated depreciation of the same
amount shall be recognized. The fixed assets will no longer be depreciated in the future.
44. Changes of important accounting policy and estimation
(1)Changes of major accounting policies
□ Applicable √Not applicable
(2) Changes of important accounting estimate
□ Applicable √Not applicable
(3) Adjustment the financial statements at the beginning of the first year of implementation of new financial
instrument standards, new revenue standards and new leasing standards
√ Applicable □Not applicable
Consolidate balance sheet
In RMB/CNY
Item 2018-12-31 2019-01-01 Adjustments
Current assets:
Monetary funds 631,638,339.68 631,638,339.68
Settlement provisions
Capital lent
Tradable financial assets 1,124,927.96 1,124,927.96
Financial assets
measured by fair value and
1,124,927.96 -1,124,927.96
with variation reckoned into
current gains/losses
Derivative financial
assets
Note receivable 1,027,635.04 1,027,635.04
Account receivable 473,646,886.64 473,646,886.64
Account receivable
financing
Accounts paid in
83,696,870.07 83,696,870.07
advance
Insurance receivable
119
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Reinsurance receivables
Contract reserve of
reinsurance receivable
Other account
33,803,428.45 33,803,428.45
receivable
Including: Interest
561,500.00
receivable
Dividend
receivable
Buying back the sale of
financial assets
Inventories 2,811,802,600.19 2,811,802,600.19
Contract assets
Assets held for sale
Non-current asset due
within one year
Other current assets 254,493,764.04 254,493,764.04
Total current assets 4,291,234,452.07 4,291,234,452.07
Non-current assets:
Loans and payments on
behalf
Creditors’ investment
Available-for-sale
57,500.00 -57,500.00
financial assets
Other creditors’
investment
Held-to-maturity
investment
Long-term account
receivable
Long-term equity
70,999,666.81 70,999,666.81
investment
Other equity instrument
investment
Other non-current
57,500.00 57,500.00
financial assets
Investment real estate 282,622,184.92 282,622,184.92
120
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Fixed assets 993,136,743.51 993,136,743.51
Construction in progress 186,586,135.06 186,586,135.06
Productive biological
407,078.92 407,078.92
asset
Oil and gas asset
Right-of-use asset
Intangible assets 569,997,392.08 569,997,392.08
Expense on Research
and Development
Goodwill
Long-term expenses to
21,799,899.80 21,799,899.80
be apportioned
Deferred income tax
50,174,590.98 50,174,590.98
asset
Other non-current asset 1,936,149.72 1,936,149.72
Total non-current asset 2,177,717,341.80 2,177,717,341.80
Total assets 6,468,951,793.87 6,468,951,793.87
Current liabilities:
Short-term loans 91,600,000.00 91,600,000.00
Loan from central bank
Capital borrowed
Tradable financial
liability
Financial liability
measured by fair value and
with variation reckoned into
current gains/losses
Derivative financial
liability
Note payable
Account payable 472,738,283.80 472,738,283.80
Accounts received in
205,428,594.16 205,428,594.16
advance
Selling financial asset of
repurchase
Absorbing deposit and
interbank deposit
121
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Security trading of
agency
Security sales of agency
Wage payable 135,709,423.52 135,709,423.52
Taxes payable 24,969,718.58 24,969,718.58
Other account payable 280,689,548.29 280,689,548.29
Including: Interest
payable
Dividend
2,909,182.74 2,909,182.74
payable
Commission charge and
commission payable
Reinsurance payable
Contract liability
Liability held for sale
Non-current liabilities
55,090,793.79 55,090,793.79
due within one year
Other current liabilities 219,151,968.63 219,151,968.63
Total current liabilities 1,485,378,330.77 1,485,378,330.77
Non-current liabilities:
Insurance contract
reserve
Long-term loans 516,687,791.66 516,687,791.66
Bonds payable
Including: preferred
stock
Perpetual
capital securities
Lease liability
Long-term account
15,690,202.08 15,690,202.08
payable
Long-term wage
payable
Accrual liabilities
Deferred income 100,608,203.01 100,608,203.01
Deferred income tax
12,988,434.77 12,988,434.77
liabilities
122
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Other non-current
liabilities
Total non-current liabilities 645,974,631.52 645,974,631.52
Total liabilities 2,131,352,962.29 2,131,352,962.29
Owners’ equity:
Share capital 1,152,535,254.00 1,152,535,254.00
Other equity instrument
Including: preferred
stock
Perpetual
capital securities
Capital public reserve 1,422,892,729.36 1,422,892,729.36
Less: Inventory shares
Other comprehensive
income
Reasonable reserve 154.21 154.21
Surplus public reserve 327,140,910.28 327,140,910.28
Provision of general risk
Retained profit 1,269,933,487.26 1,269,933,487.26
Total owner’s equity
attributable to parent 4,172,502,535.11 4,172,502,535.11
company
Minority interests 165,096,296.47 165,096,296.47
Total owner’s equity 4,337,598,831.58 4,337,598,831.58
Total liabilities and owner’s
6,468,951,793.87 6,468,951,793.87
equity
Explanation on adjustment
Balance sheet of parent company
In RMB/CNY
Item 2018-12-31 2019-01-01 Adjustments
Current assets:
Monetary funds 168,900,586.84 168,900,586.84
Tradable financial assets 1,124,927.96 1,124,927.96
Financial assets
measured by fair value and 1,124,927.96 -1,124,927.96
with variation reckoned into
123
深圳市深粮控股股份有限公司 2019 年半年度报告全文
current gains/losses
Derivative financial
assets
Note receivable
Account receivable 42,441,119.07 42,441,119.07
Account receivable
financing
Accounts paid in
advance
Other account
159,677,969.59 159,677,969.59
receivable
Including: Interest
receivable
Dividend
receivable
Inventories 8,806,338.26
Contract assets
Assets held for sale
Non-current asset due
within one year
Other current assets 50,068,745.74 50,068,745.74
Total current assets 431,019,687.46 431,019,687.46
Non-current assets:
Creditors’ investment
Available-for-sale
financial assets
Other creditors’
investment
Held-to-maturity
investment
Long-term account
receivable
Long-term equity
4,212,554,063.36 4,212,554,063.36
investment
Other equity instrument
investment
Other non-current
124
深圳市深粮控股股份有限公司 2019 年半年度报告全文
financial assets
Investment real estate 17,929,684.70 17,929,684.70
Fixed assets 31,417,912.54 31,417,912.54
Construction in progress
Productive biological
407,078.92 407,078.92
asset
Oil and gas asset
Right-of-use asset
Intangible assets 6,663,692.30 6,663,692.30
Expense on Research
and Development
Goodwill
Long-term expenses to
409,621.50 409,621.50
be apportioned
Deferred income tax
5,630,538.80 5,630,538.80
asset
Other non-current asset
Total non-current asset 4,275,012,592.12 4,275,012,592.12
Total assets 4,706,032,279.58 4,706,032,279.58
Current liabilities:
Short-term loans
Tradable financial
liability
Financial liability
measured by fair value and
with variation reckoned into
current gains/losses
Derivative financial
liability
Note payable
Account payable 73,705,646.54 73,705,646.54
Accounts received in
124,945.74 124,945.74
advance
Contract liability
Wage payable 6,448,561.16 6,448,561.16
Taxes payable 2,702,655.24 2,702,655.24
Other account payable 232,109,084.76 232,109,084.76
125
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Including: Interest
payable
Dividend
payable
Liability held for sale
Non-current liabilities
due within one year
Other current liabilities
Total current liabilities 315,090,893.44 315,090,893.44
Non-current liabilities:
Long-term loans
Bonds payable
Including: preferred
stock
Perpetual
capital securities
Lease liability
Long-term account
payable
Long-term wage
payable
Accrual liabilities
Deferred income 46,129.96 46,129.96
Deferred income tax
10,965.46 10,965.46
liabilities
Other non-current
liabilities
Total non-current liabilities 57,095.42 57,095.42
Total liabilities 315,147,988.86 315,147,988.86
Owners’ equity:
Share capital 1,152,535,254.00 1,152,535,254.00
Other equity instrument
Including: preferred
stock
Perpetual
capital securities
Capital public reserve 3,018,106,568.27 3,018,106,568.27
126
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Less: Inventory shares
Other comprehensive
income
Reasonable reserve
Surplus public reserve 54,736,482.14 54,736,482.14
Retained profit 165,505,986.31 165,505,986.31
Total owners’ equity 4,390,884,290.72 4,390,884,290.72
Total liabilities and owner’s
4,706,032,279.58 4,706,032,279.58
equity
Explanation on adjustment
(4) Retrospective adjustment of early comparison data description when initially implemented the new
financial instrument standards and new leasing standards
□ Applicable √Not applicable
45. Other
VI. Taxes
1. Type of tax and rate for main applicable tax
Taxes Basis Rate
The output tax is calculated on the basis of
the sales of goods and the taxable service
income calculated according to the tax law.
After deducting the input tax amount that is
VAT allowed to be deducted in the current 16%, 10%, 6%, 5%, 3%
period, the difference part is the value-
added tax payable.
Urban maintenance and construction tax Turnover tax payable 7%, 5%
Enterprise income tax Taxable income 25%, 15%, 0%
Educational surtax Turnover tax payable 5%
Rate of enterprise income tax for different taxpaying body:
Taxpaying body Income tax rate
The Company 25%
Shenbao Huacheng 15%
127
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Including: Shantou Branch of Shenbao Huacheng 25%
Wuyuan Ju Fang Yong 15%
Shenbao Sanjing 25%
Huizhou Shenbao Technology 25%
Huizhou Shenbao Food 25%
Shenbao Property 25%
Shenbao Industrial & Trading 25%
Hangzhou Ju Fang Yong 25%
Shenbao Technology Center 25%
Fuhaitang Ecological 25%
Chunshi Network 25%
Shenshenbao Investment 25%
Shenshenbao Tea Culture 25%
Yunnan Supply Chain 25%
Ju Fang Yong Trading 25%
Shenbao Rock Tea 25%
Pu’er Tea Trading Center 25%
Shenbao Tea-Shop 25%
Fuhaitang Catering 25%
SZCG 25%, tax exemption for some businesses
Shenliang Real Estate Development 25%
Shenzhen Flour Tax free
Shenliang Quality Inspection 25%
Hualian Grain & oil trading 25%
Shenliang Cold-Chain Logistic 15%
Shenliang Doximi 25%
Hainan Haitian 25%
Dongguan Shenliang Logistics 25%
Shenliang Big Kitchen 15%
Shenliang Storage (Yingkou) ) 25%
Shenliang Property 25%
Dongguan Food Industrial Park 25%
Dongguan Food Trade 25%
Dongguan Jinying 25%
128
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Shuangyashan Shenliang Zhongxin 25%
Hongxinglong Nongken Industrial Park 25%
2. Tax preferential
(i)VAT discounts and approval
According to the “Notice of the Ministry of Finance and the State Administration of Taxation on the Issues
Concerning the VAT Collection and Exemption of Grain Enterprises (CSZ [1999] No. 198)” and “Shenzhen Tax
Service, State Taxation Administration and Shenzhen Finance Bureau SGSF (SCF [1999] No.428)”, confirming that
SZCG, the Company’s subsidiary, and its subsidiaries, are state-owned grain purchase and sale enterprises that
undertake grain collection and storage tasks for Shenzhen, the grain sold is subject to tax-free declaration by rule
and enjoys the exemption from VAT. In addition, according to the stipulation of the “Announcement of State
Administration of Taxation on Relevant Management Matters After Clarifying the Cancellation of the Approval of
Some VAT Preferential Policies” (SAT Announcement 2015 No. 38), the approval for exemption from VAT and the
involved tax review and approval procedures for the state-owned grain enterprises that undertake grain collection
and storage tasks, other grain enterprises that operate tax-free projects and enterprises that have edible vegetable oil
sales business for government reserves are cancelled and changed to record management. The taxpayer does not
change the content of the record materials during the period of tax exemption can be put on a one-time record. In
December 2013, SZCG obtained the notice of the VAT preferential record (SGSFJBM [2013] No.2956) from
Shenzhen Futian State Administration of Taxation. In the case of no change in policy, this limited filing period
started on January 1st, 2014. The VAT input tax amount of the preferential item was separately accounted for, and
the input VAT calculation method cannot be changed within 36 months after the selection. As of December 31, 2018,
the tax exemption policy has been in effect since its filing in 2014, and the company’s VAT input tax has not changed
since it was accounted for separately in 2014, so the company continues to enjoy the tax preference.
(ii) Stamp duty, house property tax, and urban land use tax preferences
According to the stipulations of “Notice of the Ministry of Finance and the State Administration of Taxation on the
Relevant Tax Policies Concerning Some National Reserved Commodities (CS [2019] No. 77)”, confirming that the
fund account book of SZCG, the Company’s subsidiary, and its direct depots is exempt from stamp duty, confirming
that the written purchase and sale contracts of SZCG in the process of undertaking the commodity reserve business
are exempt from stamp duty, and confirming that SZCG’s house property and land used for the commodity reserve
business are exempt from house property tax and urban land use tax. The execution time limit for this tax preference
policy is up to December 31, 2021.
(iii) Enterprise income tax
(1) Shenbao Huacheng, a subsidiary of the Company, obtained the “High-tech Enterprise Certificate” (Certificate
number is GR201744203462) jointly issued by Shenzhen Science and Technology Innovation Committee, Shenzhen
Financial Committee, Shenzhen Tax Service, State Taxation Administration and Shenzhen Local Taxation Bureau
on October 31, 2017, which is valid for three years. According to the relevant preferential policies of the state for
129
深圳市深粮控股股份有限公司 2019 年半年度报告全文
high-tech enterprises, the qualified high-tech enterprises shall pay the corporate income tax at a reduced income tax
rate of 15% within three years from the year of the determination, and Shenbao Huacheng enjoys the tax preferential
policy from 2017 to 2019.
(2) The Company’s subsidiary, Wuyuan Jufangyong, obtained the “High-tech Enterprise Certificate” (Certificate
number is GR201836000703) jointly issued by the Science and Technology Department of Jiangxi Province, the
Finance Department of Jiangxi Province, and Jiangxi Provincial Tax Service, State Taxation Administration on
August 13, 2018, which is valid for three years. According to the relevant preferential policies of the state for high-
tech enterprises, the qualified high-tech enterprises shall pay the corporate income tax at a reduced income tax rate
of 15% within three years from the year of the determination, and Wuyuan Jufangyong enjoys the tax preferential
policy from 2018 to 2020.
(3) According to the “Notice on the Issues Concerning the Treatment of Corporate Income Taxes for Fiscal Funds
of Special Purposes of the Ministry of Finance and the State Administration of Taxation (CS [2009] No. 87), the
government service income obtained by SZCG, the Company’s subsidiary, and its subsidiaries from the
government’s grain reserve business is a special-purpose fiscal fund, which can be used as non-taxable income if
eligible and is deducted from the total income when calculating the taxable income. The expenses arising from the
above-mentioned non-taxable income for expenditure shall not be deducted when calculating the taxable income;
the calculated depreciation and amortization of the assets formed by non-taxable income for expenditure shall not
be deducted when calculating the taxable income.
(4) Shenzhen Flour, a subsidiary of the Company, is a flour primary processing enterprise, according to the
stipulations of the “Notice on Issuing the Scope (Trial) of Primary Processing of Agricultural Products Applicable
to the Corporate Income Tax Preferential Policy (CS [2008] No. 149)” and the “Supplementary Notice on the Scope
of Primary Processing of Agricultural Products Applicable to the Corporate Income Tax Preferential Policy of the
Ministry of Finance and the State Administration of Taxation” (CS [2011] No. 26), the wheat primary processing is
exempt from income tax.
(5) According to the Article one of the “Notice of the Ministry of Finance and the State Administration of Taxation
on the Corporate Income Tax Preferential Policies and Preferential Catalogue for Guangdong Hengqin New District,
Fujian Pingtan Comprehensive Experimental Zone, and Shenzhen Qianhai Shenzhen-Hong Kong Modern Service
Industry Cooperation Zone” (CS [2014] No.26), levy the corporate income tax at a reduced income tax rate of 15%
for the encouraged industrial enterprises located in Hengqin New District, Pingtan Comprehensive Experimental
Zone and Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. The Company’s subsidiaries,
Shenliang Cold-Chain Logistic and Shenliang Big Kitchen, are registered in Shenzhen Qianhai Cooperation Zone
and meet the preferential tax conditions, according to the relevant policies in the Cooperation Zone, their income
tax enjoys a tax preference of 15%, and this preferential tax policy shall be up to 2020.
130
深圳市深粮控股股份有限公司 2019 年半年度报告全文
3. Other
Nil
VII. Annotation to main items of consolidated financial statements
1. Monetary funds
RMB/CNY
Item Ending balance Opening balance
Cash on hand 248,295.15 282,322.45
Cash in bank 189,525,109.14 631,190,032.12
Other monetary fund 141,081.10 165,985.11
Total 189,914,485.39 631,638,339.68
Other explanation
The Company did not has account pledge, freeze or has potential risks in collection ended as 30 June 2019
2. Tradable financial assets
RMB/CNY
Item Ending balance Opening balance
Financial assets measured by fair value and
with variation reckoned into current 1,153,309.17 1,124,927.96
gains/losses
Including:
Equity investment instrument 1,153,309.17 1,124,927.96
Including:
Total 1,153,309.17 1,124,927.96
Other explanation:
Ending balance refers to the 258,011 shares of A-stock under the name of “CBC-A”
3. Derivative financial assets
RMB/CNY
Item Ending balance Opening balance
Other explanation:
131
深圳市深粮控股股份有限公司 2019 年半年度报告全文
4. Note receivable
(1) Category
RMB/CNY
Item Ending balance Opening balance
Bank acceptance bill 350,756.64 1,027,635.04
Total 350,756.64 1,027,635.04
RMB/CNY
Ending balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category Book Book
Accrual Accrual
Amount Ratio Amount value Amount Ratio Amount value
ratio ratio
Including:
Including:
Bad debt provision accrual on single basis:
RMB/CNY
Ending balance
Name
Book balance Bad debt provision Accrual ratio Accrual causes
Bad debt provision accrual on portfolio:
RMB/CNY
Ending balance
Name
Book balance Bad debt provision Accrual ratio
Explanation on portfolio determines:
If the provision for bad debts of note receivable is made in accordance with the general model of expected credit losses, please refer to
the disclosure of other account receivables to disclose related information about bad-debt provisions:
□ Applicable √Not applicable
(2) Bad debt provision accrual, collected or reversal in the period
Bad debt provision accrual in the period:
RMB/CNY
Amount changed in the period
Category Opening balance Ending balance
Accrual Collected or reversal Written-off
Including major amount bad debt provision that collected or reversal in the period:
□ Applicable √Not applicable
132
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(3) Note receivable that pledged at period-end
RMB/CNY
Item Amount pledged at period-end
(4) Notes endorsement or discount and undue on balance sheet date
RMB/CNY
Item Amount derecognition at period-end Amount not derecognition at period-end
(5) Notes transfer to account receivable due for failure implementation by drawer at period-end
RMB/CNY
Item Amount transfer to account receivable at period-end
Other explanation
(6) Note receivable actually written-off in the period
RMB/CNY
Item Amount written-off
Including important note receivable that written-off:
RMB/CNY
Procedure of Resulted by related
Enterprise Nature Amount written-off Written-off causes
written-off transaction (Y/N)
Explanation on note receivable written-off
5. Account receivable
(1)Category
RMB/CNY
Ending balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category Book
Accrual Accrual Book value
Amount Ratio Amount value Amount Ratio Amount
ratio ratio
Account receivable
with bad debt 100,508, 98,754,4 1,753,930 100,920,8 99,166,94 1,753,930.4
13.91% 98.25% 17.40% 98.26%
provision accrual on 379.06 48.60 .46 79.06 8.60 6
a single basis
Including:
133
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Account receivable
with single
significant amount 10,455,6 10,455,6 10,455,62 10,455,62
1.45% 100.00% 1.80% 100.00%
and withdrawal bad 27.54 27.54 7.54 7.54
debt provision on
single basis
Account receivable
with single minor
amount but with bad 90,052,7 88,298,8 1,753,930 90,465,25 88,711,32 1,753,930.4
12.46% 98.05% 15.60% 98.06%
debts provision 51.52 21.06 .46 1.52 1.06 6
accrued on a single
basis
Account receivable
with bad debt 622,241, 6,164,69 616,077,2 479,058,9 7,165,979 471,892,95
86.09% 0.99% 82.60% 1.50%
provision accrual on 934.11 6.86 37.25 35.68 .50 6.18
portfolio
Including:
Related party and 159,082, 159,082,3 37,904,55 37,904,559.
22.01% 6.54%
petty cash 329.20 29.20 9.66 66
463,159, 6,164,69 456,994,9 441,154,3 7,165,979 433,988,39
Age portfolio 64.08% 1.33% 76.06% 1.62%
604.92 6.86 08.06 76.02 .50 6.52
722,750, 104,919, 617,831,1 579,979,8 106,332,9 473,646,88
Total 100.00% 14.52% 100.00% 18.33%
313.17 145.46 67.71 14.74 28.10 6.64
Bad debt provision accrual on single basis:10,455,627.54 Yuan
RMB/CNY
Ending balance
Name
Book balance Bad debt provision Accrual ratio Accrual causes
Account receivable with
single significant amount
and withdrawal bad debt
provision on single basis
Guangzhou Jinhe Feed Slightly possibly taken
10,455,627.54 10,455,627.54 100.00%
Co., Ltd back
Total 10,455,627.54 10,455,627.54 -- --
Bad debt provision accrual on single basis: 88,298,821.06 Yuan
RMB/CNY
Ending balance
Name
Book balance Bad debt provision Accrual ratio Accrual causes
Account receivable with
134
深圳市深粮控股股份有限公司 2019 年半年度报告全文
single minor amount but
with bad debts provision
accrued on a single basis
at period-end
Shenzhen Faqun Slightly possibly taken
4,582,156.00 4,582,156.00 100.00%
Industrial Co., Ltd. back
Slightly possibly taken
Li Shaoyu 2,929,128.53 2,929,128.53 100.00%
back
Zhuhai Doumen Huabi Slightly possibly taken
2,396,327.14 2,396,327.14 100.00%
Feed Co., Ltd back
Chongqing Zhongxing Slightly possibly taken
2,354,783.30 2,354,783.30 100.00%
Food Industry Co., Ltd. back
Slightly possibly taken
Hengyang Feed Plant 1,907,679.95 1,907,679.95 100.00%
back
Beijing Zhongwang Food Slightly possibly taken
1,873,886.58 1,873,886.58 100.00%
Co., Ltd. back
Sichuan Zhongxing Food Slightly possibly taken
1,698,103.22 1,698,103.22 100.00%
Industry Co., Ltd. back
Shenzhen Buji
Agricultural Products
Slightly possibly taken
Wholesale Center Market 1,534,512.45 1,534,512.45 100.00%
back
Xingmin Commercial
Shop
Other account receivable
with over 3 years for Slightly possibly taken
70,776,174.35 69,022,243.89 97.52%
Slightly possibly taken back
back
Total 90,052,751.52 88,298,821.06 -- --
Bad debt provision accrual on single basis:
RMB/CNY
Ending balance
Name
Book balance Bad debt provision Accrual ratio Accrual causes
Bad debt provision accrual on portfolio: 6,164,696.86Yuan
RMB/CNY
Ending balance
Name
Book balance Bad debt provision Accrual ratio
Within one year 459,556,076.84 4,595,560.77 1.00%
1-2 years 1,082,033.98 108,203.40 10.00%
135
深圳市深粮控股股份有限公司 2019 年半年度报告全文
2-3 years 311,445.72 93,433.72 30.00%
3-4 years 1,057,518.76 528,759.39 50.00%
4-5 years 277,613.73 138,806.87 50.00%
Over 5 years 874,915.89 699,932.71 80.00%
Total 463,159,604.92 6,164,696.86 --
Explanation on portfolio determines:
Bad debt provision accrual on portfolio:
RMB/CNY
Ending balance
Name
Book balance Bad debt provision Accrual ratio
Explanation on portfolio determines:
If the provision for bad debts of account receivable is made in accordance with the general model of expected credit losses, please refer
to the disclosure of other account receivables to disclose related information about bad-debt provisions:
□ Applicable √Not applicable
By account age
RMB/CNY
Account age Ending balance
Within one year(one year included) 617,070,571.01
Within one year(one year included) 617,070,571.01
1-2 years 1,082,033.98
2-3 years 311,445.72
Over 3 years 104,286,262.46
3-4 years 1,057,518.76
4-5 years 277,613.73
Over 5 years 102,951,129.97
Total 722,750,313.17
(2) Bad debt provision accrual, collected or reversal in the period
Bad debt provision accrual in the period:
RMB/CNY
Amount changed in the period
Category Opening balance Ending balance
Accrual Collected or reversal Written-off
Bad debt provision
accrual on single 99,166,948.60 412,500.00 98,754,448.60
basis
136
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Age portfolio 7,165,979.50 252,985.38 1,254,268.02 6,164,696.86
Total 106,332,928.10 252,985.38 1,666,768.02 104,919,145.46
Including major amount bad debt provision that collected or reversal in the period:
RMB/CNY
Enterprise Amount collected or reversal Collection way
(3) Account receivable actually written-off in the period
RMB/CNY
Item Amount written-off
Including major account receivable written-off
RMB/CNY
Procedure of Resulted by related
Enterprise Nature Amount written-off Written-off causes
written-off transaction (Y/N)
Explanation on account receivable written-off
(4) Top 5 account receivables at ending balance by arrears party
Total period-end balance of top five receivables by arrears party amounting to 447,155,799.70 Yuan, takes 61.87 percent of the total
account receivable at period-end, bad debt provision accrual correspondingly at year-end amounting as 722,114.57 Yuan.
(5) Account receivable derecognition due to financial assets transfer
(6) Assets and liabilities resulted by account receivable transfer and continues involvement
Other explanation:
6. Account receivable financing
RMB/CNY
Item Ending balance Opening balance
Changes of account receivable financing and change of fair value in the period
□ Applicable √Not applicable
If the impairment provision of account receivable financing is made in accordance with the general model of expected credit losses,
please refer to the disclosure of other account receivables to disclose related information about impairment provision:
□ Applicable √Not applicable
Other explanation:
137
深圳市深粮控股股份有限公司 2019 年半年度报告全文
7. Accounts paid in advance
(1) By account age
RMB/CNY
Ending balance Opening balance
Account age
Amount Ratio Amount Ratio
Within one year 25,907,038.42 98.91% 83,282,051.24 99.51%
1-2 years 22,283.22 0.09% 70,556.78 0.08%
2-3 years 7,670.34 0.01%
Over 3 years 260,606.46 1.00% 336,591.71 0.40%
Total 26,189,928.10 -- 83,696,870.07 --
Explanation on reasons of failure to settle on important account paid in advance with age over one year
The closing balance of prepayments decreased by RMB 57,506,941.97 compared with the beginning of the period, with a decrease
ratio of 69%, it was mainly because the Company’s subsidiary Dongguan Shenliang Logistics signed a purchase contract with Xiamen
Mingsui Grain and Oil Trading Co., Ltd. and prepaid the payment at the end of December 2018, resulting in large balance of the
payment at the beginning of the period.
(2) Top 5 account paid in advance at ending balance by prepayment object
Total period-end balance of top five account paid in advance by prepayment object amounted to 21,379,819.55 Yuan, takes 81.63
percent of the total advance payment at period-end.
Other explanation:
8. Other account receivable
RMB/CNY
Item Ending balance Opening balance
Interest receivable 561,500.00
Other account receivable 57,624,419.71 33,241,928.45
Total 57,624,419.71 33,803,428.45
(1) Interest receivable
1) Category
RMB/CNY
Item Ending balance Opening balance
Time deposit 561,500.00
138
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Total 561,500.00
2) Significant overdue interest
RMB/CNY
Whether impairment
Borrower Ending balance Overdue time Overdue causes occurs and its judgment
basis
Other explanation:
3) Accrual of bad debt provision
□ Applicable √Not applicable
(2) Dividend receivable
1) Category
RMB/CNY
Item (or invested enterprise) Ending balance Opening balance
2) Important dividend receivable with account age over one year
RMB/CNY
Whether impairment
Item (or invested Reasons for not
Ending balance Account age occurs and its judgment
enterprise) collection
basis
3) Accrual of bad debt provision
□ Applicable √Not applicable
Other explanation:
(3) Other account receivable
1) By nature
RMB/CNY
Nature Ending book balance Opening book balance
Margin and deposit 45,434,104.15 11,160,677.29
Export tax rebate 3,085,206.14 312,364.06
Intercourse funds and other 101,951,791.76 119,759,129.21
Total 150,471,102.05 131,232,170.56
2) Accrual of bad debt provision
RMB/CNY
Phase I Phase II Phase III
Expected credit Expected credit losses for Expected credit losses for
Bad debt provision Total
losses over next 12 the entire duration (without the entire duration (with
months credit impairment occurred) credit impairment occurred)
139
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Balance on Jan. 1, 2019 91,037.53 7,300,675.36 90,598,529.22 97,990,242.11
Balance of Jan. 1, 2019
—— —— —— ——
in the period
Current accrual 12,330.41 204,763.49 217,093.90
Current reversal 5,360,653.67 5,360,653.67
Balance on Jun. 30, 2019 103,367.94 1,940,021.69 90,803,292.71 92,846,682.34
Change of book balance of loss provision with amount has major changes in the period
□ Applicable √Not applicable
By account age
RMB/CNY
Account age Ending balance
Within one year(one year included) 50,038,334.00
Within one year(one year included) 50,038,334.00
1-2 years 4,038,032.96
2-3 years 947,859.87
Over 3 years 95,446,875.22
3-4 years 112,539.37
4-5 years 930,794.83
Over 5 years 94,403,541.02
Total 150,471,102.05
3) Bad debt provision accrual, collected or reversal in the period
Bad debt provision accrual in the period:
RMB/CNY
Amount changed in the period
Category Opening balance Ending balance
Accrual Collected or reversal
Other account receivable
with single minor amount
but with bad debt 44,887,199.60 44,887,199.60
provision accrual on
single basis
Other account receivable
with single major amount
and with bad debt 45,711,329.62 204,763.49 45,916,093.11
provision accrual on
single basis
Aging analysis portfolio 7,391,712.89 12,330.41 5,360,653.67 2,043,389.63
Total 97,990,242.11 217,093.90 5,360,653.67 92,846,682.34
Including major amount with bad debt provision reverse or collected in the period:
140
深圳市深粮控股股份有限公司 2019 年半年度报告全文
RMB/CNY
Enterprise Amount reversal or collected Collection way
Shenzhen Yixin Investment Co., Ltd 5,111,304.11 Amount collected
Total 5,111,304.11 --
4) Other account receivable actually written-off in the period
RMB/CNY
Item Amount written-off
Including important other account receivable written-off
RMB/CNY
Procedure of Resulted by related
Enterprise Nature Amount written-off Written-off causes
written-off transaction (Y/N)
Explanation on other account receivable written-off
5) Top 5 other receivables at ending balance by arrears party
RMB/CNY
Ratio in total ending
Ending balance of
Enterprise Nature Ending balance Account age balance of other
bad debt reserve
account receivables
Changzhou Shenbao
Within one year; 1-
Chacang E-business Intercourse funds 20,618,710.83 13.70% 18,024,144.51
4 year and above
Co., ltd.
Shenzhen Gaojian
Food Joint Venture Intercourse funds 8,326,202.63 Over 5 years 5.53% 416,310.13
Co., Ltd
Shenzhen Sha Tau
Kok Import & Intercourse funds 8,285,803.57 Over 5 years 5.51% 414,290.18
Export Corporation
Jinzhou Tianli Grain
Margin 5,743,108.32 Within one year 3.82% 287,155.42
Trading Co., Ltd.
Shenzhen
Changjiang
Intercourse funds 5,677,473.59 Over 5 years 3.77% 283,873.68
Development Co.,
Ltd.
Total -- 48,651,298.94 -- 32.33% 19,425,773.92
6) Other account receivables related to government grants
RMB/CNY
Time, amount and basis
Enterprise Government grants Ending balance Ending account age
for collection predicted
7) Other receivable for termination of confirmation due to the transfer of financial assets
141
深圳市深粮控股股份有限公司 2019 年半年度报告全文
8) The amount of assets and liabilities that are transferred other receivable and continued to be involved
Other explanation:
9. Inventories
Whether implemented the new revenue standards
□Yes √No
(1) Category
RMB/CNY
Ending balance Opening balance
Item Falling price Falling price
Book balance Book value Book balance Book value
reserves reserves
Raw materials 68,342,539.38 24,106,831.49 44,235,707.89 63,928,125.50 19,906,198.09 44,021,927.41
Goods in process 13,823,647.30 13,823,647.30 23,840,568.24 68,371.10 23,772,197.14
Finished goods 3,079,344,347.80 95,464,608.75 2,983,879,739.05 2,827,653,415.87 101,081,767.83 2,726,571,648.04
Revolving
9,752,899.65 1,618,111.19 8,134,788.46 10,843,165.99 941,939.14 9,901,226.85
material
Goods in transit 3,409,547.41 3,409,547.41 7,410,407.72 7,410,407.72
Work in process-
109,884.08 109,884.08 5,415,695.35 5,290,502.32 125,193.03
outsourced
Total 3,174,782,865.62 121,189,551.43 3,053,593,314.19 2,939,091,378.67 127,288,778.48 2,811,802,600.19
Whether the Company needs to comply with the disclosure requirement of Industry Information Disclosure Guidelines of Shenzhen
Stock Exchange No.4 -Listed Companies Engaged in Seed Planting Business
No
(2)Falling price reserves of inventories
RMB/CNY
Current amount increased Current amount decreased
Item Opening balance Reversal or write- Ending balance
Accrual Other Other
off
Raw materials 19,906,198.09 8,220,891.21 4,020,257.81 24,106,831.49
Goods in process 68,371.10 68,371.10
Finished goods 101,081,767.83 54,067,440.32 59,684,599.40 95,464,608.75
Revolving
941,939.14 676,172.05 1,618,111.19
material
Goods in transit
142
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Work in process-
5,290,502.32 5,290,502.32
outsourced
Total 127,288,778.48 62,964,503.58 69,063,730.63 121,189,551.43
(3) Explanation on inventories with capitalization of borrowing costs included at ending balance
Nil
(4) Assets unsettled formed by construction contract which has completed at period-end
RMB/CNY
Item Amount
Other explanation:
10. Contract assets
RMB/CNY
Ending balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Amount and reasons for the major changes of book value of contract assets in the period
RMB/CNY
Item Amount changed Cause of change
If the bad debt provision of accrual contract is made in accordance with the general model of expected credit losses, please refer to the
disclosure of other account receivables to disclose related information about bad debt provision:
□ Applicable √Not applicable
Impairment provision of contract assets in the period
RMB/CNY
Item Current accrual Current reversal Charge off/Written-off Causes
Other explanation:
11. Assets held for sale
RMB/CNY
Ending book Impairment Ending book Estimated Estimated
Item Fair value
balance provision value disposal cost disposal time
Other explanation:
143
深圳市深粮控股股份有限公司 2019 年半年度报告全文
12. Non-current asset due within one year
RMB/CNY
Item Ending balance Opening balance
Important creditors’ investment/Other creditors’ investment
RMB/CNY
Ending balance Opening balance
Item Maturity Maturity
Face value Coupon rate Actual rate Face value Coupon rate Actual rate
date date
Other explanation:
13. Other current assets
Whether implemented the new revenue standards
□Yes √No
RMB/CNY
Item Ending balance Opening balance
Enterprise income tax paid in advance 9,719.32 394,677.16
VAT input tax ready for deduction 78,086,632.70 88,918,809.39
Financial products held to maturity within
30,000,000.00 160,000,000.00
one year
Other 2,315.03 5,180,277.49
Total 108,098,667.05 254,493,764.04
Other explanation:
14. Creditors’ investment
RMB/CNY
Ending balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Important creditors’ investment
RMB/CNY
Ending balance Opening balance
Item Maturity Maturity
Face value Coupon rate Actual rate Face value Coupon rate Actual rate
date date
Accrual of impairment provision
RMB/CNY
144
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Phase I Phase II Phase III
Expected credit Expected credit losses for Expected credit losses for
Bad debt provision Total
losses over next 12 the entire duration (without the entire duration (with
months credit impairment occurred) credit impairment occurred)
Balance of Jan. 1, 2019
—— —— —— ——
in the period
Change of book balance of loss provision with amount has major changes in the period
□ Applicable √Not applicable
Other explanation:
15. Other creditors’ investment
RMB/CNY
Loss
impairment
Change of Accumulated accumulated
Opening Accrual Ending
Item fair value in Cost change of recognized in Note
balance interest balance
the period fair value other
comprehensi
ve income
Important other creditors’ investment
RMB/CNY
Ending balance Opening balance
Other 债权 Item Maturity Maturity
Face value Coupon rate Actual rate Face value Coupon rate Actual rate
date date
Accrual of impairment provision
RMB/CNY
Phase I Phase II Phase III
Expected credit Expected credit losses for Expected credit losses for
Bad debt provision Total
losses over next 12 the entire duration (without the entire duration (with
months credit impairment occurred) credit impairment occurred)
Balance of Jan. 1, 2019
—— —— —— ——
in the period
Change of book balance of loss provision with amount has major changes in the period
□ Applicable √Not applicable
Other explanation:
145
深圳市深粮控股股份有限公司 2019 年半年度报告全文
16. Long-term account receivable
(1) Long-term account receivable
RMB/CNY
Ending balance Opening balance
Discount rate
Item Bad debt Bad debt
Book balance Book value Book balance Book value interval
provision provision
Impairment of bad debt provision
RMB/CNY
Phase I Phase II Phase III
Expected credit Expected credit losses for Expected credit losses for
Bad debt provision Total
losses over next 12 the entire duration (without the entire duration (with
months credit impairment occurred) credit impairment occurred)
Balance of Jan. 1, 2019
—— —— —— ——
in the period
Change of book balance of loss provision with amount has major changes in the period
□ Applicable √Not applicable
(2) Long-term account receivable derecognition due to financial assets transfer
(3) Assets and liabilities resulted by long-term account receivable transfer and continues involvement
Other explanation
17. Long-term equity investment
RMB/CNY
Current changes (+,-)
Ending
Other Cash
Investme Accrual balance
The Additiona comprehe dividend
Opening nt gains Other of Ending of
invested l Capital nsive or profit
balance recognize equity impairme Other balance impairme
entity investmen reduction income announce
d under change nt nt
t adjustmen d to
equity provision provision
t issued
I. Joint venture
II. Associated enterprise
Shenzhen
Shenbao 2,870,000 2,870,000 2,870,000
(Xinmin) .00 .00 .00
Foods
146
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Co.,
Ltd*1
Changzho
u
Shenbao
Chacang
E-
business
Co.,
ltd.*2
Shenzhen
Shenbao
(Liaoyuan
) 57,628.53 57,628.53 57,628.53
Industrial
Co.,
Ltd*1
Huizhou
Shenbao
Manan
1,050,116 1,050,116
Bio-
.57 .57
technolog
y Co.,
Ltd.
Shenzhen
Shichumi
ngmen
Restauran
t
Managem
ent Co.,
Ltd.*2
Guangzho
u
-
Shenbao 3,825,725 3,690,691
135,033.8
Mendao .70 .82
8
Tea Co.,
Ltd.
Zhuhai
Hengxing 29,510,77 666,203.0 30,176,97
Feed 1.11 1 4.12
Industrial
147
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Co., Ltd.
Shenzhen
Duoxi
Equity
-
Investme 4,014,625 3,833,792
180,833.3
nt Fund .45 .15
0
Managem
ent Co.,
Ltd.
Shenliang
Intelligent
Wulian
Equity
Investme
nt Fund 23,105,66 3,062,765 26,168,42
(Shenzhe 2.49 .12 7.61
n)
Partnershi
p
Enterprise
(Limited)
Shenzhen
Shenyuan
9,492,765 9,492,765
Data
.49 .49
Tech. Co.,
Ltd
73,927,29 1,050,116 3,413,100 76,290,27 2,927,628
Subtotal
5.34 .57 .95 9.72 .53
73,927,29 1,050,116 3,413,100 76,290,27 2,927,628
Total
5.34 .57 .95 9.72 .53
Other explanation
*1: these two companies have been established for a long time. At the current stage, their business licenses have been revoked.
Impairment provision is made in full due to absence of settlement.
*2: the long-term equity investment for Changzhou Shenbao Chacang E-commence Co., Ltd and Shenzhen Shichumingmen
Restaurant Management Co., Ltd. which are measured by equity; the book balance counted as Zero for losses in the two above
mentioned enterprises
18. Other equity instrument investment
RMB/CNY
Item Ending balance Opening balance
148
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Itemized the non-tradable equity instrument investment in the period
RMB/CNY
Causes of those
that designated
Retained earnings measured by fair Cause of retained
transfer from value and with its earnings transfer
Dividend income Cumulative
Item Cumulative gains other variation from other
recognized losses
comprehensive reckoned into comprehensive
income other income
comprehensive
income
Other explanation:
19. Other non-current financial assets
RMB/CNY
Item Ending balance Opening balance
Equity instrument investment 57,500.00 57,500.00
Total 57,500.00 57,500.00
Other explanation:
20. Investment real estate
(1) Measured at cost
√ Applicable □Not applicable
RMB/CNY
Item House and building Land use right Construction in progress Total
I. Original book value
1.Opening balance 567,162,333.74 567,162,333.74
2.Current amount
23,277,994.41 23,277,994.41
increased
(1) Outsourcing 506,238.00 506,238.00
(2) Inventory\fixed
assets\construction in
process transfer-in
(3) Increased by
combination
(4) Fixed assets re-
22,771,756.41 22,771,756.41
classify
149
深圳市深粮控股股份有限公司 2019 年半年度报告全文
3.Current amount
decreased
(1) Disposal
(2) Other transfer-out
4.Ending balance 590,440,328.15 590,440,328.15
II. Accumulated
depreciation and
accumulated
amortization
1.Opening balance 284,540,148.82 284,540,148.82
2.Current amount
27,726,929.50 27,726,929.50
increased
(1) Accrual or
15,008,484.90 15,008,484.90
amortization
(2) Fixed assets re-
12,718,444.60 12,718,444.60
classify
3.Current amount
decreased
(1) Disposal
(2) Other transfer-out
4.Ending balance 312,267,078.32 312,267,078.32
III. Impairment provision
1.Opening balance
2.Current amount
increased
(1) Accrual
3. Current amount
decreased
(1) Disposal
(2) Other transfer-out
4.Ending balance
IV. Book value
150
深圳市深粮控股股份有限公司 2019 年半年度报告全文
1.Ending book value 278,173,249.83 278,173,249.83
2. Opening book value 282,622,184.92 282,622,184.92
(2) Measure on fair value
□ Applicable √Not applicable
(3) Investment real estate without property certificate completed
RMB/CNY
Item Book value Reasons
Other explanation
21. Fixed assets
RMB/CNY
Item Ending balance Opening balance
Fixed assets 967,835,524.07 993,136,743.51
Total 967,835,524.07 993,136,743.51
(1) Fixed assets
RMB/CNY
Machinery Electronic and other
Item House and buildings Transport equipment Total
equipment equipment
I. Original book
value:
1.Opening balance 915,002,141.50 483,988,177.15 19,100,984.41 60,021,239.23 1,478,112,542.29
2.Current amount
7,068,163.27 1,948,332.70 388,401.72 1,189,068.09 10,593,965.78
increased
(1) Purchase 851,658.64 1,948,332.70 388,401.72 1,189,068.09 4,377,461.15
(2) Construction in
progress transfer-in
(3) Increased
by combination
(4) Long-
term expenses to be
apportioned transfer- 6,216,504.63 6,216,504.63
in and deduct from
fixed assets disposal
151
深圳市深粮控股股份有限公司 2019 年半年度报告全文
3.Current amount
22,972,570.10 26,000.00 250,083.23 170,679.38 23,419,332.71
decreased
(1) Disposal or
200,813.69 26,000.00 250,083.23 170,679.38 647,576.30
scrap
(2) Investment real
22,771,756.41 22,771,756.41
estate re-classify
4.Ending balance 899,097,734.67 485,910,509.85 19,239,302.90 61,039,627.94 1,465,287,175.36
II. Accumulated
depreciation
1.Opening balance 180,969,012.00 243,434,618.06 13,913,087.94 36,532,801.29 474,849,519.29
2.Current amount
11,138,187.50 8,714,345.81 584,438.71 5,148,706.96 25,585,678.98
increased
(1) Accrual 11,138,187.50 8,714,345.81 584,438.71 5,148,706.96 25,585,678.98
3.Current amount
12,723,481.61 13,379.16 236,714.88 136,250.82 13,109,826.47
decreased
(1) Disposal or
5,037.01 13,379.16 236,714.88 136,250.82 391,381.87
scrap
(2) Investment real
12,718,444.60 12,718,444.60
estate re-classify
4.Ending balance 179,383,717.89 252,135,584.71 14,260,811.77 41,545,257.43 487,325,371.80
III. Impairment
provision
1.Opening balance 1,797,706.49 8,207,030.23 93,411.42 28,131.35 10,126,279.49
2.Current amount
increased
(1) Accrual
3.Current amount
decreased
(1) Disposal or
scrap
4.Ending balance 1,797,706.49 8,207,030.23 93,411.42 28,131.35 10,126,279.49
IV. Book value
1.Ending book
717,916,310.29 225,567,894.91 4,885,079.71 19,466,239.16 967,835,524.07
value
152
深圳市深粮控股股份有限公司 2019 年半年度报告全文
2. Opening book
732,235,423.01 232,346,528.86 5,094,485.05 23,460,306.59 993,136,743.51
value
(2) Temporarily idle fixed assets
RMB/CNY
Accumulated Impairment
Item Original book value Book value Note
depreciation provision
(3) Fixed assets by financing leased
RMB/CNY
Accumulated
Item Original book value Impairment provision Book value
depreciation
(4) Fixed assets leased out by operation
RMB/CNY
Item Ending book value
(5) Fix assets without property certification held
RMB/CNY
Reasons for without the property
Item Book value
certification
House and buildings 322,147,486.94 Still under processing
Berth of wharf has right of use, no need to
House and buildings 106,732,318.67
handle the certificate
The planning acceptance and construction
acceptance record can not be handle due to
the loss of planning and construction
House and buildings 15,818,640.81 historical data, the approval process for
construction applications to relevant
government departments has been
restarted.
Simple and temporary buildings etc,
House and buildings 16,622,783.16
cannot handle the property right certificate
Total 461,321,229.58
Other explanation
153
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(6) Fixed assets disposal
RMB/CNY
Item Ending balance Opening balance
Other explanation
22. Construction in progress
RMB/CNY
Item Ending balance Opening balance
Construction in progress 403,629,287.82 186,586,135.06
Total 403,629,287.82 186,586,135.06
(1) Construction in progress
RMB/CNY
Ending balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Shenbao Plaza
3,842,333.64 3,842,333.64 3,842,333.64 3,842,333.64
project
Dongguan grain
storage and wharf 121,640,933.02 121,640,933.02 91,924,086.19 91,924,086.19
matching project
Deep processing
of Dongguan
76,182,755.87 76,182,755.87 39,276,418.03 39,276,418.03
Industry and
Trading Food
CDE storage of
Dongguan Food
Industrial Park 193,189,866.13 193,189,866.13 43,391,511.05 43,391,511.05
and wharf mating
projects
Grain storage and
7,635,165.71 7,635,165.71 6,621,284.40 6,621,284.40
processing
Supporting
projects related to 1,133,400.00 1,133,400.00
grain supply
Workshop
711,487.37 711,487.37
transformation of
154
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Flour Company
Other-
Management and
control system
408,850.00 408,850.00
informatization
construction
project of SZCG
Transformation -
Transformer
capacity
597,600.06 597,600.06
expansion project
of Pinghu
warehouse
Other 8,489,430.15 5,648,713.12 2,840,717.03 5,564,537.76 903,189.74 4,661,348.02
Total 413,120,334.58 9,491,046.76 403,629,287.82 191,331,658.44 4,745,523.38 186,586,135.06
(2) Changes of major construction in progress
RMB/CNY
Includin
Proporti g:
Accumul
Other on of amount Interest
Current Transfer- ated
Item Opening decrease Ending project of capitaliz Capital
Budget amount in fixed Progress capitaliz
Name balance d in the balance investme capitaliz ation rate resources
increased assets ation of
Period nt in ation of in Period
interest
budget interest
in Period
Donggua
n grain
storage
91,924,0 29,716,8 121,640,
and
86.19 46.83 933.02
wharf
matching
project
Deep
processi
ng of
Donggua 39,276,4 36,906,3 76,182,7
n 18.03 37.84 55.87
Industry
and
Trading
155
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Food
CDE
storage
of
Donggua
n Food
43,391,5 149,798, 193,189,
Industria
11.05 355.08 866.13
l Park
and
wharf
mating
projects
Grain
storage
6,621,28 1,013,88 7,635,16
and
4.40 1.31 5.71
processi
ng
181,213, 217,435, 398,648,
Total -- -- --
299.67 421.06 720.73
(3) The provision for impairment of construction in progress
RMB/CNY
Item Amount accrual in the period Reasons of accrual
Other explanation
(4) Engineering material
RMB/CNY
Ending balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Other explanation:
23. Productive biological asset
(1) Measured by cost
√ Applicable □Not applicable
RMB/CNY
Item Plant Livestock Forestry Fisheries Total
156
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Tea tree
I. Original book
value
1.Opening balance 436,156.00 436,156.00
2.Current amount
increased
(1)Outsourcing
(2)self-cultivate
3.Current amount
decreased
(1)Disposal
(2)Other
4.Ending balance
II. Accumulated
depreciation
1.Opening balance
2.Current amount
increased
(1)Accrual
3.Current amount
decreased
(1)Disposal
(2)Other
4.Ending balance 436,156.00 436,156.00
III. Impairment
provision
1.Opening balance 29,077.08 29,077.08
2.Current amount
4,846.18 4,846.18
increased
(1)Accrual 4,846.18 4,846.18
3.Current amount
157
深圳市深粮控股股份有限公司 2019 年半年度报告全文
decreased
(1)Disposal
(2)Other
4.Ending balance 33,923.26 33,923.26
IV. Book value
1.Ending book
402,232.74 402,232.74
value
2. Opening book
407,078.92 407,078.92
value
(2) Measured by fair value
□ Applicable √Not applicable
24. Oil and gas asset
□ Applicable √Not applicable
25. Right-of-use asset
RMB/CNY
Item Total
Other explanation:
26. Intangible assets
(1) Intangible assets
RMB/CNY
Shop
Land use Non-patent Forest tree Trademark Software
Item Patent managemen Other Total
right technology use right use right use right
t right
I. Original
book value
594,651,154 46,265,918. 22,871,704. 3,610,487.3 10,028,021. 5,054,036.1 682,759,251
1.Opening 277,927.77
.35 89 98 7 72 2 .20
balance
25,676,017. 26,630,583.
2.Current 954,566.08
14 22
amount
158
深圳市深粮控股股份有限公司 2019 年半年度报告全文
increased
(1) 25,676,017. 26,630,583.
954,566.08
Purchase 14 22
(2)
internal
R&D
(3)
Increased
by
combination
(4) Group
handover
3.Current
2,977,317.1 3,083,771.5
amount 106,454.45
2 7
decreased
(1) 2,977,317.1 3,083,771.5
106,454.45
Disposal 2 7
620,327,171 43,288,601. 22,871,704. 3,610,487.3 10,028,021. 6,008,602.2 706,306,062
4.Ending 171,473.32
.49 77 98 7 72 0 .85
balance
II.
Accumulate
d
depreciation
69,506,679. 24,341,841. 4,627,352.3 1,197,835.8 3,544,168.5 2,656,842.3 106,040,516
1.Opening 165,797.48
20 17 8 6 2 5 .96
balance
2.Current 7,707,105.7 1,285,499.8 10,078,858.
566,196.28 430,340.55 3,347.75 54,168.03 32,200.02
amount 2 3 18
increased
(1) 7,707,105.7 1,285,499.8 10,078,858.
566,196.28 430,340.55 3,347.75 54,168.03 32,200.02
Accrual 2 3 18
(2) Group
handover
1,018,570.0
949,832.38 68,737.71
3.Current 9
159
深圳市深粮控股股份有限公司 2019 年半年度报告全文
amount
decreased
(1) 1,018,570.0
949,832.38 68,737.71
Disposal 9
77,213,784. 23,958,205. 5,057,692.9 1,252,003.8 3,576,368.5 3,942,342.1 115,100,805
4.Ending 100,407.52
92 07 3 9 4 8 .05
balance
III.
Impairment
provision
5,553,283.5 1,130,341.8 6,721,342.1
1.Opening 37,716.74
4 8 6
balance
2.Current
amount
increased
(1)
Accrual
3.Current 2,021,691.1 2,059,407.8
37,716.74
amount 3 7
decreased
(1) 2,021,691.1 2,059,407.8
37,716.74
Disposal 3 7
3,531,592.4 1,130,341.8 4,661,934.2
4.Ending
1 8 9
balance
IV. Book
value
543,113,386 15,798,804. 17,814,012. 2,358,483.4 5,321,311.3 2,066,260.0 586,543,323
1.Ending 71,065.80
.57 29 05 8 0 2 .51
book value
2.
525,144,475 16,370,794. 18,244,352. 2,412,651.5 5,353,511.3 2,397,193.7 569,997,392
Opening 74,413.55
.15 18 60 1 2 7 .08
book value
Ratio of the intangible assets from internal R&D in balance of intangible assets at period-end was 2.69%.
160
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(2) Land use rights without certificate of ownership
RMB/CNY
Reasons for without the property
Item Book value
certification
Land use right 69,525,279.34 Still under processing
Collective land, cannot handle the
Land use right 7,849,990.00
certificate of ownership
Total 77,375,269.34
Other explanation:
27. Expense on Research and Development
RMB/CNY
Opening Ending
Item Current amount increased Current amount decreased
balance balance
Other explanation
28. Goodwill
(1) Goodwill Original book value
RMB/CNY
The invested
entity or matters Opening balance Current increased Current decreased Ending balance
forming goodwill
Pu’er Tea Trading
673,940.32 673,940.32
Center
Total 673,940.32 673,940.32
(2) Goodwill impairment provision
RMB/CNY
The invested
entity or matters Opening balance Current increased Current decreased Ending balance
forming goodwill
Pu’er Tea Trading
673,940.32 673,940.32
Center
Total 673,940.32 673,940.32
Relevant information about the assets group or portfolio goodwill included
Hangzhou Ju Fang Yong, a subsidiary of the Company, funded and purchased 15.00% stake of Yunnan Pu’er Tea Trading Center held
161
深圳市深粮控股股份有限公司 2019 年半年度报告全文
by Yunnan Heng Feng Xiang Investment Co., Ltd. in May 2016. After the completion of the purchase, the Company got command of
Yunnan Pu’er Tea Trading Center. The balance between the combined cost and the fair value of net assets on the combining date
formed goodwill of RMB 673,940.32.
Instructions for goodwill impairments test process and key parameters (such as the forecast period growth rate, stable period growth
rate, profit rate, discount rate, and forecast period when estimating the present value of the future cash flow), and the method of
confirming the impairment loss of goodwill:
Impact of goodwill impairment test
Other explanation
29. Long-term expenses to be apportioned
RMB/CNY
Current amount
Item Opening balance Current amortization Other decreased Ending balance
increased
Decoration fee 4,550,750.21 639,455.81 1,077,318.99 4,112,887.03
Improve expenditure
for investment real 8,706,105.90 386,402.36 1,718,294.87 7,374,213.39
estate
Improve expenditure
2,385,091.34 386,402.36 1,077,318.99 1,694,174.71
for fix assets
Affiliated project of
resident area in
36,374.47 36,374.47
Wuyuan Ju Fang
Yong
Other 6,121,577.88 4,509,660.72 7,069,725.36 3,561,513.24
Total 21,799,899.80 5,921,921.25 10,979,032.68 16,742,788.37
Other explanation
30. Deferred income tax asset /Deferred income tax liabilities
(1) Deferred income tax assets without offset
RMB/CNY
Ending balance Opening balance
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
differences asset differences asset
Impairment provision for
200,374,677.59 49,789,641.65 200,997,551.38 49,759,336.40
assets
Unrealized profits in 1,348,710.60 337,177.65 1,348,710.60 337,177.65
162
深圳市深粮控股股份有限公司 2019 年半年度报告全文
internal transactions
Deferred income 115,540.85 28,885.21 312,307.72 78,076.93
Total 201,838,929.04 50,155,704.51 202,658,569.70 50,174,590.98
(2) Deferred income tax liability without offset
RMB/CNY
Ending balance Opening balance
Item Taxable temporary Deferred income tax Taxable temporary Deferred income tax
differences liabilities differences liabilities
Asset evaluation
increment of enterprise
52,450,293.02 13,112,573.25 51,909,877.24 12,977,469.31
combine under different
control
Change of fair value for
the financial assets 18,060.77 43,861.84 10,965.46
available for sale
Other 129,230.76 32,307.69
Total 52,579,523.78 13,162,941.71 51,953,739.08 12,988,434.77
(3) Deferred income tax assets and deferred income tax liabilities listed after off-set
RMB/CNY
Ending balance of Trade-off between the Opening balance of
Trade-off between the
deferred income tax deferred income tax deferred income tax
Item deferred income tax
assets or liabilities after assets and liabilities at assets or liabilities after
assets and liabilities
off-set period-begin off-set
Deferred income tax
50,155,704.51 50,174,590.98
asset
Deferred income tax
13,162,941.71 12,988,434.77
liabilities
(4) Details of uncertain deferred income tax assets
RMB/CNY
Item Ending balance Opening balance
Deductible loss 114,488,957.68 112,864,728.90
163,267,590.71
Impairment provision for assets 172,615,170.87
Deferred income 98,606,151.11 10,097,899.20
163
深圳市深粮控股股份有限公司 2019 年半年度报告全文
376,362,699.50
Total 295,577,798.97
(5) Deductible losses of un-recognized deferred income tax assets expired on the followed year
RMB/CNY
Year Ending amount Opening amount Note
Other explanation:
31. Other non-current asset
Whether implemented the new revenue standards
□Yes √No
RMB/CNY
Item Ending balance Opening balance
Prepaid for equipment 854,782.25 866,378.12
Prepaid for engineering 1,069,771.60
Total 854,782.25 1,936,149.72
Other explanation:
32. Short-term loans
(1) Category
RMB/CNY
Item Ending balance Opening balance
Secured loans 30,000,000.00
Guarantee loan 30,000,000.00
Loan in credit 30,590,000.00 31,600,000.00
Total 30,590,000.00 91,600,000.00
Explanation on category of short-term loans
Dongguan Logistics, a subsidiary of the Company, signed the “Liquidity Loan Contract” No. 44191000-2018 (Dongben) Zi No. 0124
with Agricultural Development Bank of China Dongguan Branch, and obtained a loan of RMB 31.60 million by credit loan on 25
December 2018, the life of the loan is 11 months, which expires on October 31, 2019, the lending rate is 4.35%, and the interest accrual
is segmented and shall be adjusted with the adjustment of the benchmark interest rate for loan of the People’s Bank of China. On 25
April 2019, return the principal of RMB 1.01 million in advance, as of 30 th June 2019, balance of the above loan contract was RMB
30.59 million.
164
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(2) Overdue short-term loans without payment
RMB 0 short-term loans over due without paid at period-end, including follow major amount:
RMB/CNY
Borrower Ending balance Loan rate Overdue time Overdue interest
Other explanation:
33. Tradable financial liability
RMB/CNY
Item Ending balance Opening balance
Including:
Including:
Other explanation:
34. Derivative financial liability
RMB/CNY
Item Ending balance Opening balance
Other explanation:
35. Note payable
RMB/CNY
Category Ending balance Opening balance
Notes expired at year-end without paid was Yuan.
36. Account payable
(1) Account payable
RMB/CNY
Item Ending balance Opening balance
Trade accounts payable 166,948,547.76 438,618,768.51
Account payable for engineering 2,740,687.88 31,922,123.90
Other 1,512,306.39 2,197,391.39
Total 171,201,542.03 472,738,283.80
165
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(2) Major accounts payable with age over one year
RMB/CNY
Item Ending balance Reasons of outstanding or carry-over
Other explanation:
37. Accounts received in advance
Whether implemented the new revenue standards
□Yes √No
(1) Accounts received in advance
RMB/CNY
Item Ending balance Opening balance
Account for goods received in advance 136,680,171.97 204,866,040.96
Other 335.00 562,553.20
Total 136,680,506.97 205,428,594.16
(2) Important account received in advance with account age over one year
RMB/CNY
Item Ending balance Reasons of outstanding or carry-over
(3)Projects that settle without completed from construction contract at period-end
RMB/CNY
Item Amount
Other explanation:
38. Contract liability
RMB/CNY
Item Ending balance Opening balance
Amount and reasons for important changes of book value in the period
RMB/CNY
Item Amount changed Reasons of changes
166
深圳市深粮控股股份有限公司 2019 年半年度报告全文
39. Wage payable
(1) Wage payable
RMB/CNY
Item Opening balance Current increased Current decreased Ending balance
I. Short-term
121,382,348.52 110,755,883.84 126,712,977.10 105,425,255.26
compensation
II. After-service welfare-
defined contribution 10,264,159.59 7,137,532.42 5,709,228.04 11,692,463.97
plans
III. Dismissed welfare 4,062,915.41 1,775,288.50 4,132,593.81 1,705,610.10
Total 135,709,423.52 119,668,704.76 136,554,798.95 118,823,329.33
(2) Short-term compensation
RMB/CNY
Item Opening balance Current increased Current decreased Ending balance
1. Wage, bonus,
113,607,669.85 95,513,877.15 112,379,987.79 96,741,559.21
allowance and subsidy
2. Employees’ welfare 4,322,541.36 3,488,228.87 834,312.49
3. Social insurance
99,598.81 3,179,002.40 3,253,503.72 25,097.49
charges
Including:medical
92,813.10 2,908,544.07 2,985,246.36 16,110.81
insurance premium
Industrial injury
insurance 304.92 98,717.46 98,733.53 288.85
premiums
Maternity
insurance 6,480.79 171,740.87 169,523.83 8,697.83
premiums
4. Housing public reserve 4,268,648.06 4,207,418.56 61,229.50
5. Trade union fee and
7,675,079.86 3,471,814.87 3,383,838.16 7,763,056.57
education fee
6. Short paid absence
Total 121,382,348.52 110,755,883.84 126,712,977.10 105,425,255.26
(3) Defined contribution plans
RMB/CNY
167
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Item Opening balance Current increased Current decreased Ending balance
1. Basic endowment
236,975.62 5,425,569.74 5,426,694.64 235,850.72
insurance premiums
2. Unemployment
4,569.75 85,387.47 85,427.65 4,529.57
insurance premiums
3. Enterprise annuity 10,022,614.22 1,626,575.21 197,105.75 11,452,083.68
Total 10,264,159.59 7,137,532.42 5,709,228.04 11,692,463.97
Other explanation:
40. Taxes payable
RMB/CNY
Item Ending balance Opening balance
VAT 7,962,236.13 9,493,004.93
Enterprise income tax 9,895,834.07 9,219,053.50
Personal income tax 4,381,282.54 1,927,699.20
Urban maintenance and construction tax 2,010,802.27 640,819.28
House property tax 3,618,554.77 1,725,020.41
Use tax of land 1,906,234.62 574,505.73
Stamp tax 139,142.66 246,056.29
Educational surtax 347,625.53 483,228.46
Other 5,893.24 660,330.78
Total 30,267,605.83 24,969,718.58
Other explanation:
41. Other account payable
RMB/CNY
Item Ending balance Opening balance
Interest payable 1,020,795.27
Dividend payable 2,909,182.74 2,909,182.74
Other account payable 301,049,727.50 277,780,365.55
Total 304,979,705.51 280,689,548.29
(1) Interest payable
RMB/CNY
Item Ending balance Opening balance
Long-term loans interest for installment 1,020,795.27
168
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Total 1,020,795.27
Major overdue interest:
RMB/CNY
Borrower Overdue amount Overdue causes
Other explanation:
(2) Dividend payable
RMB/CNY
Item Ending balance Opening balance
Common stock dividends 2,909,182.74 2,909,182.74
Total 2,909,182.74 2,909,182.74
Other explanation, including important dividend payable over one year without payment, disclose reasons for un-paid:
(3) Other account payable
1) By nature
RMB/CNY
Item Ending balance Opening balance
Engineering quality retention money and
34,476,867.04 3,191,037.22
fund of tail
Deposit and margin 160,981,227.12 151,049,170.31
Intercourse funds and other 99,081,804.21 100,749,160.89
Drawing expenses in advance 6,509,829.13 22,790,997.13
Total 301,049,727.50 277,780,365.55
2)Significant other account payable with over one year age
RMB/CNY
Item Ending balance Reasons of outstanding or carry-over
Other explanation
42. Liability held for sale
RMB/CNY
Item Ending balance Opening balance
Other explanation:
43. Non-current liabilities due within one year
RMB/CNY
169
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Item Ending balance Opening balance
Long-term loans due within one year 60,027,362.43 55,090,793.79
Total 60,027,362.43 55,090,793.79
Other explanation:
Found more in Long-term loans
44. Other current liabilities
Whether implemented the new revenue standards
□Yes √No
RMB/CNY
Item Ending balance Opening balance
Subsidies for grain reserve services 219,151,968.63 219,151,968.63
Total 219,151,968.63 219,151,968.63
Change of short-term bonds payable:
RMB/CNY
Premium
Accrual
and
Face Issuance Bonds Amount Opening Issued in interest Paid in Ending
Bonds discount
value date term issued balance the period by face the period balance
amortizati
value
on
Other explanation:
45. Long-term loans
(1) Category
RMB/CNY
Item Ending balance Opening balance
Mortgage loan 701,297,326.68 462,449,380.03
Guarantee loan 136,114,135.95 109,329,205.42
Less: Long-term loans due within one year -60,027,362.43 -55,090,793.79
Total 777,384,100.20 516,687,791.66
Explanation on category of long-term loans:
(i) Guarantee loan
(1) Dongguan Logistics, a subsidiary of the Company, signed a bank credit contract with credit number of CN11002181808-160714-
SCDGTML2 with HSBC. HSBC has provided a loan credit not more than RMB 200 million to Dongguan Logistics. The applicable
interest rate for each loan at each interest period is 90% of the loan benchmark interest rate of central bank applicable on the fixed
interest date of the interest period, the borrowing date is from December 27, 2016 to December 27, 2021. As of 30th June 2019,
170
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Dongguan Logistics obtained the principal balance of the loan of HSBC of RMB 9,9794,700, of which the non-current liabilities due
within one year was RMB 20,340,300. SZCG and Dongguan Fruit Vegetable Non-staple Food Trading Market Co., Ltd. provided the
maximum guarantee amount for the loan.
(2) Dongguan Industry and Trade, a subsidiary of the Company, signed a bank credit contract with credit number of CN11002181808-
190305-SCOM-TML with HSBC, HSBC provided a loan credit not more than RMB233 million to Dongguan Industry and Trade. The
applicable interest rate for each loan at each interest period is from 5% to 3% of the loan benchmark interest rate of central bank
applicable on the fixed interest date of the interest period, the borrowing date was from May 9, 2019 to May 8, 2024. As of June 30,
2019, Dongguan Industry and Trade had obtained the principal balance of the loan of RMB 36,319,500 from HSBC. SZCG and
Dongguan Fruit Vegetable Non-staple Food Trading Market Co., Ltd. provided the maximum guarantee amount for the loan.
(ii) Mortgage loan
(1) Dongguan Food Industry Park, a subsidiary of the Company, signed the loan contract of “Yue DG 2017 NGDZ No. 006” with Bank
of Communications Guangdong Branch, the loan amount is RMB 768 million, and the loan term is from September 22, 2017 to August
29, 2032. The loan under this contract is only used for the construction of the warehousing and logistics distribution center project of
Dongguan Food Industry Park. The principal of the current loan was RMB 49.8 million, RMB 3,783,400, RMB 30 million, RMB 200
million and RMB 200 million, the loan interest rate of last two RMB 200 million were calculated by the benchmark interest rate for
loan of the People’s Bank of China on the loan entry date, which was 4.90%; the other three loans were calculated by the benchmark
interest rate of the People’s Bank of China on the loan entry date after rising by 15%, which is 5.635%. As of 30th June 2019, the total
loan balance under the above loan contract was RMB 483,583,400. Dongguan Food Industry Park mortgaged its two pieces of lands
(DFGY (2009) DT No. 190) and (DFGY (2012) DT No. 152) for the borrowing. At the same time, the Company’s subsidiaries, SZCG
and Dongguan Fruit Vegetable Non-staple Food Trading Market Co., Ltd., provide joint liability guarantee.
(2) Dongguan Logistics, a subsidiary of the Company, signed a loan contract with contract number of 44031000-2015 (Shen) Zi No.
0023 with China Agricultural Development Bank, with a total loan amount of RMB 273 million and an annual interest rate of 5.4%,
the interest rate is adjusted year by year from the actual withdrawal date based on the adjustment of benchmark interest rate for loan of
the People's Bank of China, and the loan period is from July 31, 2015 to July 12, 2023. As of 30th June 2019, the balance under the
above contract was RMB 212,813,900, of which the non-current liabilities due within one year were RMB 39,687,000. Shenzhen
Cereals Group has provided guarantee for the loan, and taken Dongguan Logistics’ land “DFGY(2014) DT No. 6” at No. 32, Jianshe
Road, Masan Village, Machong Town, Dongguan City and the above-ground buildings and structures to be built in the future as
mortgages, of which the land assessment value is RMB 51.21 million.
(3) Dongguan Logistics, a subsidiary of the Company, signed a loan contract with contract number of 44191000-2018 (Dongben) Zi
No. 0100 with China Agricultural Development Bank, with a total loan amount of RMB 430 million and an annual interest rate of
4.9%, the interest rate is adjusted year by year from the actual withdrawal date based on the adjustment of benchmark interest rate for
loan of the People's Bank of China, and the loan period was from January 25, 2019 to January 24, 2031. As of June 30, 2019, the
balance under the above contract was RMB 4.9 million. The Company’s subsidiaries, SZCG and Dongguan Fruit Vegetable Non-staple
Food Trading Market Co., Ltd., and Dongguan Houjie Xunda Industrial Co., Ltd. provided joint liability guarantee for the borrowing,
and took Dongguan Logistics’ land “Yue (2016) DGSBDCQ No. 0028527” as a mortgage, of which the land assessment value is RMB
52,290,800.
Other explanation, including interest rate range:
171
深圳市深粮控股股份有限公司 2019 年半年度报告全文
46. Bonds payable
(1) Bonds payable
RMB/CNY
Item Ending balance Opening balance
(2) Changes of bonds payable (not including the other financial instrument of preferred stock and perpetual
capital securities that classify as financial liability)
RMB/CNY
(3) Convertible conditions and time for shares transfer for the convertible bonds
(4) Other financial instruments classify as financial liability
Basic information of the outstanding preferred stock and perpetual capital securities at period-end
Changes of outstanding preferred stock and perpetual capital securities at period-end
RMB/CNY
Outstandin Period-beginning Current increased Current decreased Period-end
g financial
Amount Book value Amount Book value Amount Book value Amount Book value
instrument
Basis for financial liability classification for other financial instrument
Other explanation
47. Lease liability
RMB/CNY
Item Ending balance Opening balance
Other explanation
48. Long-term account payable
RMB/CNY
Item Ending balance Opening balance
Special account payable 15,724,141.66 15,690,202.08
Total 15,724,141.66 15,690,202.08
(1) By nature
RMB/CNY
172
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Item Ending balance Opening balance
Other explanation:
(2) Special account payable
RMB/CNY
Item Opening balance Current increased Current decreased Ending balance Causes
The finance allocated
to the company as a
government
Depreciation fund investment in
15,471,085.99 39,978.58 15,511,064.57
for grain deposits depreciation special
funds of reserve
grain depot and
interest.
Special funds for
public welfare
219,116.09 6,039.00 213,077.09
scientific research in
grain industry
Total 15,690,202.08 39,978.58 6,039.00 15,724,141.66 --
Other explanation:
49. Long-term wage payable
(1) Long-term wage payable
RMB/CNY
Item Ending balance Opening balance
(2) Changes of defined benefit plans
Present value of the defined benefit plans:
RMB/CNY
Item Current Period Last Period
Scheme assets:
RMB/CNY
Item Current Period Last Period
Net liability (assets) of the defined benefit plans
RMB/CNY
Item Current Period Last Period
173
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Content of defined benefit plans and relevant risks, impact on future cash flow of the Company as well as times and uncertainty:
Major actuarial assumption and sensitivity analysis:
Other explanation:
50. Accrual liabilities
Whether implemented the new revenue standards
□Yes √No
RMB/CNY
Item Ending balance Opening balance Causes
Other explanation, including relevant important assumptions and estimation:
51. Deferred income
RMB/CNY
Item Opening balance Current increased Current decreased Ending balance Causes
See table below for
Government grants 100,608,203.01 1,386.60 1,887,897.65 98,721,691.96
details
Total 100,608,203.01 1,386.60 1,887,897.65 98,721,691.96 --
Item with government grants involved:
RMB/CNY
Amount
reckoned in Amount Cost Assets-
Opening New grants Other Ending
Liability non- reckoned in reduction in related/incom
balance in the Period changes balance
operation other income the period e related
revenue
(1) Base of
further
Assets-
processing 1,100,000.00 520,462.29 579,537.71
related
for tea and
nature plants
(2) Enterprise
technology
center is a
municipal
Assets-
R&D center. 1,987,301.17 1,987,301.17
related
Subsidies for
industrial
technological
advancement
(3) Project 312,307.72 312,307.72 Assets-
174
深圳市深粮控股股份有限公司 2019 年半年度报告全文
grants for related
years for
agricultural
district, Xihu
Zone
(4)Key
technology
research and
development
for the
preparation
Income-
of high- 241,323.58 2,490.27 238,833.31
related
quality aroma
extracts
based on the
use of tea
aroma
precursors
(5)Key
technology
research and
development
for the
preparation
Assets-
of high- 243,233.62 104,329.55 138,904.07
related
quality aroma
extracts
based on the
use of tea
aroma
precursors
(6) Finance Assets-
337,222.22 337,222.22
Discount related
(7)
Industrializati Assets-
2,084,136.67 2,084,136.67
on of instant related
tea powder
(8) Grant for
key
technology Assets-
153,011.21 153,011.21
research and related
industrializati
on of
175
深圳市深粮控股股份有限公司 2019 年半年度报告全文
instant tea
powder
(9) Special
fund for the
development
of strategic
emerging
industries in
Shenzhen(pla
Assets-
nt deep 3,538,892.95 3,538,892.95
related
processing
engineering)
(Shen
Development
& Reform
No.
20131601)
(10)Construct
ion amount
for 50 tons
Assets-
for clearly 500,000.00 62,500.00 437,500.00
related
processing
for Mingyou
tea
(11) Subsidy
for tea
seeding of Assets-
46,129.96 1,386.60 1,941.24 45,575.32
New Tea related
Garden in
Wangkou
(12) Subsidy
for supply
system
Assets-
construction 750,000.00 750,000.00
related
of
agricultural
products
(13) Grain
storage
project of Assets-
8,242,417.83 131,128.56 8,111,289.27
Dongguan related
Shenliang
Logistics Co.,
176
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Ltd. - Storage
A
(14) Phase II
of grain
storage
project of
32,968,699.5 32,453,049.2 Assets-
Dongguan 515,650.26
2 6 related
Shenliang
Logistics Co.,
Ltd.- Storage
B
(15) Grain,
oil and food
headquarters
and
innovative
18,000,000.0 18,000,000.0 Assets-
public service
0 0 related
platform of
Dongguan
Shenliang
Logistics Co.,
Ltd.
(16)Special
funds for
intelligent
upgrading
and
Assets-
transformatio 5,100,000.00 5,100,000.00
related
n of grain
warehouse
for the 2017
“Grain Safety
Project”
(17)
Construction
of 450000
ton silos and
60000 ton 17,491,764.7 17,491,764.7 Assets-
film silos - 1 1 related
CDE
warehouse.
Gas storage
bin
177
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(18) Special
fund for
agricultural
development
in Shenzhen -
subsidy for
Assets-
agricultural
related
product
quality and
safety testing
capacity-
building
project
(19) Special
fund for
agricultural
development
of 2016-
agricultural
product
safety testing
Assets-
project- 492,000.00 492,000.00
related
capacity
building of
the third
party
inspection
institution
expansion
evaluation
(20)Agricultu
ral product
safety testing
project of the
special fund
for Assets-
1,026,000.00 1,026,000.00
agricultural related
development
of 2016 -
Central
investment
fund
(21) 1,789,411.20 19,288.02 1,770,123.18 Assets-
178
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Construction related
of O2O
community
sales service
system for
high quality
grain and oil
based on
B2C E-
commerce
platform
(22)
Industrializati
Assets-
on of Doximi 2,813,684.01 430,107.44 2,383,576.57
related
E-commerce
platform
(23)
Commercial
circulation
Assets-
development 524,000.00 524,000.00
related
project
funding for
year of 2017
(24)
Intelligent
management
Assets-
of grain 866,666.64 100,000.02 766,666.62
related
depot based
on mobile
internet
100,608,203. 98,721,691.9
Total 1,386.60 1,887,897.65
01 6
Other explanation:
52. Other non-current liabilities
Whether implemented the new revenue standards
□Yes √No
RMB/CNY
Item Ending balance Opening balance
Other explanation:
179
深圳市深粮控股股份有限公司 2019 年半年度报告全文
53. Share capital
In RMB/CNY
Increased (decreased) in this year +,-
Opening Shares
Ending balance
balance New shares
Bonus shares converted from Other Subtotal
issued
public reserve
1,152,535,254. 1,152,535,254.
Total shares
00 00
Other explanation:
54. Other equity instrument
(1)Basic information of the outstanding preferred stock and perpetual capital securities at period-end
(2) Changes of outstanding preferred stock and perpetual capital securities at period-end
RMB/CNY
Outstandin Period-beginning Current increased Current decreased Period-end
g financial
Amount Book value Amount Book value Amount Book value Amount Book value
instrument
Changes of other equity instrument, change reasons and relevant accounting treatment basis:
Other explanation:
55. Capital public reserve
RMB/CNY
Item Opening balance Current increased Current decreased Ending balance
Capital premium (Share
1,413,996,347.50 1,413,996,347.50
capital premium)
Other capital reserve 8,896,381.86 8,896,381.86
Total 1,422,892,729.36 1,422,892,729.36
Other instructions, including changes in the current period, reasons for the change:
56.Treasury stock
RMB/CNY
Item Opening balance Current increased Current decreased Ending balance
Other explanation, including changes and reasons for changes:
180
深圳市深粮控股股份有限公司 2019 年半年度报告全文
57. Other comprehensive income
RMB/CNY
Current Period
Less:
Less: written written in
in other other
comprehensi comprehe
ve income in nsive
Account
previous income in Belong to Belong to
Opening before Ending
Item period and previous Less : income parent minority
balance income tax balance
carried period and tax expense company shareholders
in the
forward to carried after tax after tax
period
gains and forward to
losses in retained
current earnings in
period current
period
Other explanation, including the active part of the hedging gains/losses of cash flow transfer to initial reorganization adjustment for
the arbitraged items:
58. Reasonable reserve
RMB/CNY
Item Opening balance Current increased Current decreased Ending balance
Production safety fee 154.21 460,394.34 398,138.99 62,409.56
Total 154.21 460,394.34 398,138.99 62,409.56
Other explanation, including changes and reasons for changes:
59. Surplus public reserve
RMB/CNY
Item Opening balance Current increased Current decreased Ending balance
Statutory surplus
327,140,910.28 327,140,910.28
reserves
Total 327,140,910.28 327,140,910.28
Other explanation, including changes and reasons for changes:
60. Retained profit
RMB/CNY
181
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Item Current period Last period
Retained profit at the end of the previous year
1,269,933,487.26 961,602,454.82
before adjustment
Total retained profit at the beginning of the 961,602,454.82
1,269,933,487.26
previous year before adjustment
Add: net profit attributable to shareholder of
203,168,850.61 308,331,032.44
parent company
Common stock dividends payable 115,253,525.40
1,269,933,487.26
Retained profit at period-end 1,357,848,812.47
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
61. Operating income and operating cost
RMB/CNY
Current Period Last Period
Item
Income Cost Income Cost
Main business 4,778,550,071.95 4,258,702,014.11 4,430,802,356.92 3,960,514,399.97
Other business 3,617,660.74 3,399,756.51 3,886,289.90 2,238,763.29
Total 4,782,167,732.69 4,262,101,770.62 4,434,688,646.82 3,962,753,163.26
Whether implemented the new revenue standards
□Yes √No
Other explanation
62. Tax and surcharges
RMB/CNY
Item Current Period Last Period
Urban maintenance and construction tax 850,546.63 760,276.77
Educational surtax 647,628.82 531,572.95
House property tax 3,902,342.55 4,101,505.15
Use tax of land 856,035.80 1,734,334.20
182
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Stamp tax 339,910.55 490,071.74
Other 9,049.85 44,157.29
Total 6,605,514.20 7,661,918.10
Other explanation:
63. Sales expenses
RMB/CNY
Item Current Period Last Period
Labor and social security benefits 28,921,374.58 28,566,852.50
Rental 4,572,089.52 5,202,348.44
Utilities and office expenses 2,983,459.64 2,256,674.49
After-sale services 3,239,606.10 2,278,428.97
Logistics transportation fee 55,354,469.30 64,795,623.08
Travel expenses 1,356,310.96 1,393,737.48
Equivalent loss for low value perishable
1,481,592.76 73,335.37
goods
Depreciation and amortization of long-
5,855,616.32 6,325,647.19
term assets
Business hospitality 485,263.49 891,031.17
Advertisement charge 406,507.02 340,028.56
Sales commission 893.65 33,525.44
Property insurance premium 462,098.96 636,293.07
Other 7,434,460.44 7,658,578.54
Total 112,553,742.74 120,452,104.30
Other explanation:
64. Administration expenses
RMB/CNY
Item Current Period Last Period
Labor and social security benefits 64,112,522.69 57,480,497.61
Communication fee 698,972.98 469,589.19
Vehicle usage fee 678,600.30 629,920.42
Low-value consumables 141,751.26 148,541.67
Repair cost 264,513.27 154,127.60
Depreciation and amortization of long- 11,830,728.97 16,385,472.44
183
深圳市深粮控股股份有限公司 2019 年半年度报告全文
term assets
Travel expenses 1,286,620.67 1,585,963.64
Business hospitality 1,227,426.99 1,807,036.55
Office expenses 7,666,398.75 3,974,305.97
Rental 750,998.75 747,002.77
Intermediary fees 3,750,693.95 7,635,130.54
Other 8,988,719.41 5,306,440.50
Total 101,397,947.99 96,324,028.90
Other explanation:
65. R&D expenses
RMB/CNY
Item Current Period Last Period
Labor and social security benefits 2,786,779.24 2,090,867.55
Depreciation cost 619,854.40 443,606.10
Office expenses 280,219.64 237,386.41
Travel expenses 180,071.96 39,290.22
Logistics consumption 199,042.35 8,028.00
Intermediary fees 43,200.00
Maintenance and inspection fee 35,889.40 38,966.32
Material costs 20,436.66
Other 45,981.26 118,917.94
Total 4,211,474.91 2,977,062.54
Other explanation:
66. Financial expenses
RMB/CNY
Item Current Period Last Period
Interest expenses 10,087,784.34 4,313,048.72
Less: Interest income 2,185,171.96 3,899,478.59
Exchange loss 303,008.96 -2,999,702.59
314,110.51
Bank commission charge and others 412,826.19
Total 8,519,731.85 -2,173,306.27
Other explanation:
184
深圳市深粮控股股份有限公司 2019 年半年度报告全文
67. Other income
RMB/CNY
Sources Current Period Last Period
R&D subsidy for 2018 from Shenzhen
Science & Technology Innovation 216,000.00
Committee
Other subsidy 1,023,166.45
Received the construction subsidy for top
talents project of Guangdong Provincial 30,000.00
Grain & Material Reserve Bureau
Grain talents program subsidy 20,269.70
Amortization of deferred income 1,402,816.24
Amortization of deferred income 485,081.41
Received the loan discount for leading
388,300.00
agricultural enterprises
Service charges are refund by Taxation
126,043.99
Bureau
Received the intermediary fee subsidy for
mergers and acquisition of the Nanshan 738,700.00
Economic promotion Bureau
Received the employee social insurance
subsidy (1-9) of Wuyuan County Finance 470,078.93
Bureau for 2018
Received the patent award for 2018 from
50,000.00
Shangrao Intellectual Property Bureau
Received the guiding funds for industrial
development for 2018 from Industry and
170,697.00
Information Technology Bureau (Fiscal
Appropriation)
Received the high-tech enterprise award
for 2018 from Industry and Information 200,000.00
Technology Bureau (Fiscal Appropriation)
Received the provincial R&D center fund
for 2018 from Industry and Information 50,000.00
Technology Bureau (Fiscal Appropriation)
Amount of the new project of 50 tons
clean mingou tea processing for first half 62,500.00
of 2019
185
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Government grants 826,872.02
Special supporting funds for the
development of independent innovative
451,582.44
industry in Nanshan District (funding for
modern agricultural development)
Doximi's construction of O2O community
sales service system for high quality grain
19,288.02
and oil based on B2C E-commerce
platform
Funds for construction of the agricultural
100,000.00
products supply system
Grain modern logistics for year of 2014 128,150.93
Special funds for the development of E-
1,000,000.00
commerce development service industry
Industrial development funds in Futian
District, the 2nd batch of supporting 1,100,000.00
enterprise for year of 2013
Investment subsidy for the infrastructure
works of Dongguan International Food
Industrial Park Development Co., Ltd from
69,411.76
Guangdong Development & Reform
Commission and Guangdong provincial
Food Bureau
Grain storage facilities (expansion of
541,158.45
150000 tons of warehouse capacity)
Subsidy for internet of things project
supervised by the State for Grain Storage 54,500.00
and Transportation
Independent innovation support funds of
33,333.34
SASAC based on mobile internet project
Total 5,433,653.72 4,324,296.96
68. Investment income
RMB/CNY
Item Current Period Last Period
Long-term equity investment income
3,413,100.95 626,055.86
measured by equity
Investment income from disposal of long-term
127,368.82
equity investment
186
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Income from financial products 3,627,466.27 717,351.60
Total 7,167,936.04 1,343,407.46
Other explanation:
69. Net exposure hedge gains
RMB/CNY
Item Current Period Last Period
Other explanation:
70. Income of fair value changes
RMB/CNY
Sources Current Period Last Period
Tradable financial assets 28,381.21 -425,718.15
Total 28,381.21 -425,718.15
Other explanation:
71. Credit impairment loss
RMB/CNY
Item Current Period Last Period
Loss of bad debt of other account
5,143,559.77
receivable
Total 5,143,559.77
Other explanation:
72. Assets impairment loss
Whether implemented the new revenue standards
□Yes √No
RMB/CNY
Item Current Period Last Period
I. Bad debt losses 2,063,558.29 116,491.30
II. Provision for falling price of inventory -71,294,981.71 -32,678,876.93
Total -69,231,423.42 -32,562,385.63
Other explanation:
187
深圳市深粮控股股份有限公司 2019 年半年度报告全文
73. Income from assets disposal
RMB/CNY
Sources Current Period Last Period
Gains or losses from fixed assets disposal -4,184.59 -210,840.01
74. Non-operating income
RMB/CNY
Amount included in the current
Item Current Period Last Period
non-recurring profit and loss
Government grants 3,000.00 3,000.00
Other 359,252.46 980,860.83 359,252.46
Total 362,252.46 980,860.83 362,252.46
Government grants reckoned into current gains/losses:
RMB/CNY
Whether
the impact
of
Whether Assets
Issuing Issuing Property subsidies Amount of Amount of
Grants special related/Inc
subject cause type on the this period last period
subsidies ome related
current
profit and
loss
Other explanation:
75. Non-operating expenditure
RMB/CNY
Amount included in the current
Item Current Period Last Period
non-recurring profit and loss
External donations 2,000,000.00 525,810.97 2,000,000.00
Abnormal loss 1,962,312.38 1,962,312.38
Inventory loss 4,693.69 4,693.69
Loss of scrap from non-current
14,840.94 69,625.01 14,840.94
assets
Other 172.94 56.74 172.94
Total 3,982,019.95 595,492.72 3,982,019.95
Other explanation:
188
深圳市深粮控股股份有限公司 2019 年半年度报告全文
76. Income tax expense
(1) Income tax expense
RMB/CNY
Item Current Period Last Period
Current income tax expenses 8,075,504.29 13,790,990.10
Deferred income tax expenses 7,409,789.74 -1,921,138.04
Total 15,485,294.03 11,869,852.06
(2) Adjustment process of accounting profit and income tax expenses
RMB/CNY
Item Current Period
Total profit 231,725,928.50
Income tax expenses calculated by statutory tax rate 57,931,482.13
Impact from different tax rate apply with the subsidiary -2,440,713.51
Impact on cost, expenses and losses that unable to deducted -45,351,677.76
Impact of the deductible loss on deferred income tax assets not
-556,944.32
recognized in the prior period of use
Unrecognized impacts of deductible temporary differences or
2,744,541.31
deductible losses on deferred income tax assets in the period
Impact on R&D costs deduction 3,158,606.18
Income tax expenses 15,485,294.03
Other explanation
77. Other comprehensive income
Found more in annotations
78. Annotation of cash flow statement
(1) Cash received with other operating activities concerned
RMB/CNY
Item Current Period Last Period
Interest income 2,185,171.96 3,629,642.58
Government grants 4,448,353.51 6,683,802.85
Intercourse funds and other 180,418,202.50 14,233,661.27
189
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Total 187,051,727.97 24,547,106.70
Note of cash received with other operating activities concerned:
Nil
(2) Cash paid with other operating activities concerned
RMB/CNY
Item Current Period Last Period
Expenses 102,412,945.42 105,648,051.11
Intercourse funds and other 153,621,034.86 98,464,612.88
Total 256,033,980.28 204,112,663.99
Note of cash paid with other operating activities concerned:
Nil
(3) Cash received with other investment activities concerned
RMB/CNY
Item Current Period Last Period
Note of cash received with other investment activities concerned
Nil
(4) Cash paid related with investment activities
RMB/CNY
Item Current Period Last Period
Note of cash paid related with investment activities
Nil
(5) Cash received with other financing activities concerned
RMB/CNY
Item Current Period Last Period
Investment amount received in advance 24,500,000.00
Total 24,500,000.00
Note of cash received with other financing activities concerned
Nil
(6) Other cash paid related with financing activities
RMB/CNY
190
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Item Current Period Last Period
Relevant expenses for bonus paid 72,997.72
Total 72,997.72
Note of other cash paid related with financing activities:
Nil
79. Supplementary information to statement of cash flow
(1) Supplementary information to statement of cash flow
RMB/CNY
Supplementary information Current period Last period
1. Net profit adjusted to cash flow of
-- --
operation activities:
Net profit 216,240,634.47 207,677,952.67
64,087,863.65
Add: Impairment provision for assets 32,562,605.32
Depreciation of fixed assets, consumption of
oil assets and depreciation of productive 25,585,678.98 36,676,343.25
biology assets
10,078,858.18
Amortization of intangible assets 11,002,051.40
Amortization of long-term pending expenses 10,979,032.68 3,423,495.33
Loss from disposal of fixed assets, intangible
assets and other long-term assets (income is 4,184.59 210,840.01
listed with “-”)
Losses on scrapping of fixed assets (income
14,840.94 69,625.01
is listed with “-“)
Loss from change of fair value (income is
-28,381.21 425,718.15
listed with “-“)
Financial expenses (income is listed with
10,087,784.34 1,914,851.35
“-”)
Investment loss (income is listed with “-”) -7,167,936.04 -1,343,407.46
Decrease of deferred income tax assets
18,886.47 -1,641,669.44
(increase is listed with “-”)
Decrease of deferred income tax
174,506.94 -317,403.72
asset( (increase is listed with “-”)
Decrease of inventory (increase is listed with
-235,691,486.95 -112,655,074.54
“-”)
191
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Decrease of operating receivable accounts -118,497,256.23
104,836,662.81
(increase is listed with “-”)
Increase of operating payable accounts
-365,316,840.56 -229,981,344.84
(decrease is listed with “-”)
Net cash flow arising from operating -389,429,629.75
52,861,245.30
activities
2. Material investment and financing not
-- --
involved in cash flow
3. Net change of cash and cash equivalents: -- --
189,914,485.39
Balance of cash at period end 359,443,755.10
Less: Balance of cash at year-begin 631,638,339.68 544,440,739.45
-441,723,854.29
Net increasing of cash and cash equivalents -184,996,984.35
(2) Net cash paid for obtaining subsidiary in the Period
RMB/CNY
Amount
Including: --
Including: --
Including: --
Other explanation:
(3) Net cash received by disposing subsidiary in the Period
RMB/CNY
Amount
Including: --
Including: --
Including: --
Other explanation:
(4) Constitution of cash and cash equivalent
RMB/CNY
Item Ending balance Opening balance
I. Cash 189,914,485.39 631,638,339.68
192
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Including: Cash on hand 248,295.15 282,322.45
Bank deposit available for payment
189,525,109.14 631,190,032.12
at any time
Other monetary fund available for
141,081.10 165,985.11
payment at any time
III. Balance of cash and cash equivalent at 189,914,485.39
631,638,339.68
period-end
Other explanation:
80. Notes of changes of owners’ equity
Explain the name and adjusted amount in “Other” at end of last period:
Nil
81. Assets with ownership or use right restricted
RMB/CNY
Item Ending book value Reasons for restriction
According to the long-term loan mortgage contract signed by Dongguan Shenliang Logistics, a
subsidiary of the Company, and Agricultural Development Bank, Dongguan Logistics mortgaged
the land (DFGY (2014) DT No. 6) of No. 32, Jianshe Road, Masan Village, Machong Town,
Dongguan City and the grain storage and terminal facilities to be built and other buildings and
Fixed assets 371,805,770.40 structures on the ground to Agricultural Development Bank as collateral for the loan. In addition,
according to the “44191000-2018 (Dongben) Zi No. 0100” loan contract signed by Dongguan
Shenliang Logistics and China Agricultural Development Bank, Dongguan Logistics mortgaged
the land “Yue (2016) DGSBDCQ No. 0028527” to the China Agricultural Development Bank as
borrowing collateral.
According to the long-term loan mortgage contract signed by Dongguan Shenliang Logistics, a
subsidiary of the Company, and Agricultural Development Bank, Dongguan Logistics mortgaged
the land (DFGY (2014) DT No. 6) of No. 32, Jianshe Road, Masan Village, Machong Town,
Dongguan City and the grain storage and terminal facilities to be built and other buildings and
Intangible
83,859,264.48 structures on the ground to Agricultural Development Bank as collateral for the loan. In addition,
assets
according to the “44191000-2018 (Dongben) Zi No. 0100” loan contract signed by Dongguan
Shenliang Logistics and China Agricultural Development Bank, Dongguan Logistics mortgaged
the land “Yue (2016) DGSBDCQ No. 0028527” to the China Agricultural Development Bank as
borrowing collateral.
According to the long-term loan mortgage contract signed by Dongguan Shenliang Logistics, a
subsidiary of the Company, and Agricultural Development Bank, Dongguan Logistics mortgaged
Construction
76,182,755.87 the land (DFGY (2014) DT No. 6) of No. 32, Jianshe Road, Masan Village, Machong Town,
in progress
Dongguan City and the grain storage and terminal facilities to be built and other buildings and
structures on the ground to Agricultural Development Bank as collateral for the loan. In addition,
193
深圳市深粮控股股份有限公司 2019 年半年度报告全文
according to the “44191000-2018 (Dongben) Zi No. 0100” loan contract signed by Dongguan
Shenliang Logistics and China Agricultural Development Bank, Dongguan Logistics mortgaged
the land “Yue (2016) DGSBDCQ No. 0028527” to the China Agricultural Development Bank as
borrowing collateral.
According to the loan contract of “Guangdong DG 2017 NGDZ No. 006” signed by Dongguan
Food Industrial Park, a subsidiary of the Company, and Bank of Communications Guangdong
Intangible
35,798,712.71 Branch, Dongguan Food Industry Park mortgaged its two pieces of lands (DFGY (2009) DT No.
assets
190) and (DFGY (2012) DT No. 152) to Bank of Communications Guangdong Branch as
collateral for the borrowing.
Total 567,646,503.46 --
Other explanation:
82. Foreign currency monetary items
(1) Foreign currency monetary items
RMB/CNY
Ending foreign currency
Item Convert rate Ending RMB balance converted
balance
Monetary funds -- -- 2,709,685.00
Including: USD 362,401.02 6.8747 2,491,398.31
EURO
HKD 248,148.93 0.8797 218,286.69
Account receivable -- -- 2,013,144.22
Including: USD 278,280.34 6.8747 1,913,093.86
EURO
HKD 113,737.53 0.8797 100,050.36
Long-term loans -- --
Including: USD
EURO
HKD
Other explanation:
Nil
194
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(2) Explanation on foreign operational entity, including as for the major foreign operational entity, disclosed
main operation place, book-keeping currency and basis for selection; if the book-keeping currency changed,
explain reasons
□ Applicable √Not applicable
83. Hedging
Disclosed hedging items and relevant hedging instrument based on hedging’s category, disclosed qualitative and quantitative
information for the arbitrage risks:
84. Government grants
(1) Government grants
RMB/CNY
Amount reckoned into
Category Amount Item
current gains/losses
(1) Base of further processing for tea and nature plants 579,537.71 Deferred income 520,462.29
(2) Enterprise technology center is a municipal R&D center.
1,987,301.17 Deferred income 0.00
Subsidies for industrial technological advancement
(3) Project grants for years for agricultural district, Xihu Zone 312,307.72 Deferred income 0.00
(4)Key technology research and development for the
preparation of high-quality aroma extracts based on the use of 238,833.31 Deferred income 2,490.27
tea aroma precursors
(5)Key technology research and development for the
preparation of high-quality aroma extracts based on the use of 138,904.07 Deferred income 104,329.55
tea aroma precursors
(6) Finance Discount 337,222.22 Deferred income 0.00
(7) Industrialization of instant tea powder 2,084,136.67 Deferred income 0.00
(8) Grant for key technology research and industrialization of
153,011.21 Deferred income 0.00
instant tea powder
(9) Special fund for the development of strategic emerging
industries in Shenzhen(plant deep processing engineering) 3,538,892.95 Deferred income 0.00
(Shen Development & Reform No. 20131601)
(10)Construction amount for 50 tons for clearly processing for
437,500.00 Deferred income 62,500.00
Mingyou tea
(11) Subsidy for tea seeding of New Tea Garden in Wangkou 45,575.32 Deferred income 1,941.24
(12) Subsidy for supply system construction of agricultural
750,000.00 Deferred income 0.00
products
195
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(13) Grain storage project of Dongguan Shenliang Logistics
8,111,289.27 Deferred income 131,128.56
Co., Ltd. - Storage A
(14) Phase II of grain storage project of Dongguan Shenliang
32,453,049.26 Deferred income 515,650.26
Logistics Co., Ltd.- Storage B
(15) Grain, oil and food headquarters and innovative public
18,000,000.00 Deferred income 0.00
service platform of Dongguan Shenliang Logistics Co., Ltd.
(16)Special funds for intelligent upgrading and transformation
5,100,000.00 Deferred income 0.00
of grain warehouse for the 2017 “Grain Safety Project”
(17) Construction of 450000 ton silos and 60000 ton film silos
17,491,764.71 Deferred income 0.00
-CDE warehouse. Gas storage bin
(18) Special fund for agricultural development of 2016-
agricultural product safety testing project- capacity building of 492,000.00 Deferred income 0.00
the third party inspection institution expansion evaluation
(19)Agricultural product safety testing project of the special
fund for agricultural development of 2016 - Central 1,026,000.00 Deferred income 0.00
investment fund
(20) Construction of O2O community sales service system for
1,770,123.18 Deferred income 19,288.02
high quality grain and oil based on B2C E-commerce platform
(21) Industrialization of Doximi E-commerce platform 2,383,576.57 Deferred income 430,107.44
(22) Commercial circulation development project funding for
524,000.00 Deferred income 0.00
year of 2017
(23) Intelligent management of grain depot based on mobile
766,666.62 Deferred income 100,000.02
internet
(24) R&D subsidy for 2018 from Shenzhen Science &
216,000.00 Other income 216,000.00
Technology Innovation Committee
(25) Other subsidy 1,023,166.45 Other income 1,023,166.45
(26) Received the construction subsidy for top talents project
30,000.00 Other income 30,000.00
of Guangdong Provincial Grain & Material Reserve Bureau
(27) Grain talents program subsidy 20,269.70 Other income 20,269.70
(28) Received the loan discount for leading agricultural
388,300.00 Other income 388,300.00
enterprises
(29) Service charges are refund by Taxation Bureau 126,043.99 Other income 126,043.99
(30) Received the intermediary fee subsidy for mergers and
738,700.00 Other income 738,700.00
acquisition of the Nanshan Economic promotion Bureau
(31) Received the employee social insurance subsidy (1-9) of
470,078.93 Other income 470,078.93
Wuyuan County Finance Bureau for 2018
(32) Received the patent award for 2018 from Shangrao
50,000.00 Other income 50,000.00
Intellectual Property Bureau
196
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(33) Received the guiding funds for industrial development
for 2018 from Industry and Information Technology Bureau 170,697.00 Other income 170,697.00
(Fiscal Appropriation)
(34) Received the high-tech enterprise award for 2018 from
Industry and Information Technology Bureau (Fiscal 200,000.00 Other income 200,000.00
Appropriation)
(35) Received the provincial R&D center fund for 2018 from
Industry and Information Technology Bureau (Fiscal 50,000.00 Other income 50,000.00
Appropriation)
(36) Amount of the new project of 50 tons clean mingou tea
62,500.00 Other income 62,500.00
processing for first half of 2019
Total 102,267,448.03 5,433,653.72
(2) Government grants rebate
□ Applicable √Not applicable
Other explanation:
85. Other
VIII. Changes of consolidation range
1. Enterprise merger not under the same control
(1) Enterprise merger not under the same control
RMB/CNY
Income of Net profit
Standard to
Acquired acquiree of acquiree
Time point Cost of Ratio of determine
way Equity Purchasing from from
Acquiree for equity equity equity the
obtained date purchasing purchasing
obtained obtained obtained purchasing
way date to date to
date
period-end period-end
Other explanation:
(2) Combination cost and goodwill
RMB/CNY
Combination cost
Determination method for fair value of the combination cost and contingent consideration and changes:
Main reasons for large goodwill resulted:
Other explanation:
197
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(3) Identifiable assets and liability on purchasing date under the acquiree
RMB/CNY
Fair value on purchasing date Book value on purchasing date
Determination method for fair value of the identifiable assets and liabilities:
Contingent liability of the acquiree bear during combination:
Other explanation:
(4) Gains or losses arising from re-measured by fair value for the equity held before purchasing date
Whether it is a business combination realized by two or more transactions of exchange and a transaction of obtained control rights in
the Period or not
□Yes √No
(5)On purchasing date or period-end of the combination, combination consideration or fair value of
identifiable assets and liability for the acquiree are un-able to confirm rationally
(6) Other explanation
2. Enterprise combined under the same control
(1) Enterprise combined under the same control in the Period
RMB/CNY
Income of the Net profit of
combined the combined
Income of the Net profit of
party from party from
Basis of Standard to combined the combined
Equity ratio period-begin period-begin
combined Combination determine the party during party during
Acquiree obtained in of of
under the date combination the the
combination combination combination
same control date comparison comparison
to the to the
period period
combination combination
date date
Other explanation:
(2) Combination cost
RMB/CNY
Combination cost
Explanation on contingent consideration and its changes:
Other explanation:
198
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(3) Book value of the assets and liability of the combined party on combination date
RMB/CNY
On purchasing date At end of last period
Contingent liability of the combined party bear during combination:
Other explanation:
3. Reverse purchase
Basic transaction information, basis of counter purchase, whether making up business due to the assets and liability reserved by listed
company and basis, determination of combination cost, amount and calculation on adjusted equity by equity transaction
4. Disposal Subsidiary
Whether there is a subsidiary disposal on one time, which is loss control of rights
□Yes √No
Whether there is a subsidiary disposal by steps through multiple trading and loss control of rights in the period
□Yes √No
5. Other reasons for consolidation range changed
Consolidation scope changes caused by other reasons (eg, newly establish subsidiaries, liquidate subsidiaries, etc.) and the related
circumstances:
6. Other
IX. Equity in other entity
1. Equity in subsidiary
(1) Constitute of enterprise group
Main operation Share-holding ratio
Subsidiary Registered place Business nature Acquired way
place Directly Indirectly
Shenbao
Shenzhen Shenzhen Manufacturing 100.00% Establishment
Huacheng
Wuyuan Ju Fang
Shangrao Shangrao Manufacturing 100.00% Establishment
Yong
Shenbao Sanjing Huizhou Shenzhen Manufacturing 100.00% Establishment
Huizhou Shenbao
Huizhou Huizhou Comprehensive 100.00% Establishment
Technology
199
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Property
Shenbao Property Shenzhen Shenzhen 100.00% Establishment
management
Shenbao
Wholesale
Industrial & Huizhou Shenzhen 100.00% Establishment
business
Trading
Hangzhou Ju
Hangzhou Hangzhou Comprehensive 100.00% Establishment
Fang Yong
Development,
Shenbao
consultant and
Technology Shenzhen Shenzhen 100.00% Establishment
transfer of
Center
technology
Tea planting,
Fuhaitang
Hangzhou Hangzhou production and 100.00% Acquisition
Ecological
sales
Wholesale
Chunshi Network Hangzhou Hangzhou 100.00% Establishment
business
Shenshenbao Investment
Shenzhen Shenzhen 100.00% Establishment
Investment management
Shenshenbao
Shenzhen Shenzhen Commerce 100.00% Establishment
Tea Culture
Ju Fang Yong Wholesale
Hangzhou Hangzhou 60.00% Establishment
Trading business
Yunnan Supply Wholesale
Pu’er Pu’er 100.00% Establishment
Chain business
Huizhou Shenbao Wholesale
Shenzhen Shenzhen 100.00% Establishment
Food business
Shenbao Rock
Wuyishan Wuyishan Manufacturing 100.00% Establishment
Tea
Pu’er Tea Trading
Pu’er Pu’er Service industry 55.00% Establishment
Center
Shenbao Tea-
Shenzhen Shenzhen Commerce 100.00% Establishment
Shop
Fuhaitang
Hangzhou Hangzhou Catering 100.00% Establishment
Catering
Grain & oil Combine under
SZCG Shenzhen Shenzhen 100.00%
trading the same control
Combine under
Shenzhen Flour Shenzhen Shenzhen Flour processing 100.00%
the same control
Hualian Grain & Shenzhen Shenzhen Grain & oil 100.00% Combine under
200
深圳市深粮控股股份有限公司 2019 年半年度报告全文
oil trading trading the same control
Combine under
Hainan Haitian Haikou Haikou Feed production 51.00% 49.00%
the same control
Shenliang Quality Combine under
Shenzhen Shenzhen Inspection 100.00%
Inspection the same control
Combine under
Shenliang Doximi Shenzhen Shenzhen E-commerce 100.00%
the same control
Fresh food
Shenliang Cold- Combine under
Shenzhen Shenzhen management on- 100.00%
Chain Logistic the same control
line
Sales and
Shenliang Big processing of Combine under
Shenzhen Shenzhen 70.00%
Kitchen grain ,oil and the same control
products
Real estate
Shenliang Real
development and Combine under
Estate Shenzhen Shenzhen 100.00%
property the same control
Development
management
Shenliang Property Combine under
Shenzhen Shenzhen 100.00%
Property management the same control
Shenliang Storage Combine under
Yingkou Yingkou Storage 100.00%
(Yingkou) ) the same control
Dongguan
Combine under
Shenliang Dongguan Dongguan Storage, logistics 51.00%
the same control
Logistics
Dongguan Food Port operation, Combine under
Dongguan Dongguan 51.00%
Industrial Park food production the same control
Dongguan Food Food Combine under
Dongguan Dongguan 51.00%
Trade production the same control
Dongguan Combine under
Dongguan Dongguan Feed, biofertilizer 51.00%
Jinying the same control
Construction of
food base and
Shuangyashan
development of Combine under
Shenliang Shuangyashan Shuangyashan 51.00%
related the same control
Zhongxin
complementary
facility
Hongxinglong Construction of
Combine under
Nongken Shuangyashan Shuangyashan food base and 51.00%
the same control
Industrial Park development of
201
深圳市深粮控股股份有限公司 2019 年半年度报告全文
related
complementary
facility
Explanation on share-holding ratio in subsidiary different from ratio of voting right:
Basis for controlling the invested entity with half or below voting rights held and without controlling invested entity but with over
half and over voting rights:
Major structured entity included in consolidate statement:
Basis of termination of agent or consignor:
Other explanation:
(2) Important non-wholly-owned subsidiary
RMB/CNY
Dividend announced to
Share-holding ratio of Gains/losses attributable Ending equity of
Subsidiary distribute for minority in
minority to minority in the Period minority
the Period
Dongguan Shenliang
49.00% 5,443,741.51 153,130,186.36
Logistics
Explanation on holding ratio different from the voting right ratio for minority shareholders:
Other explanation:
(3) Main finance of the important non-wholly-owned subsidiary
RMB/CNY
Ending balance Opening balance
Subsidia Non- Non- Non- Non-
Current Total Current Total Current Total Current Total
ry current current current current
assets assets liabilities liabilities assets assets liabilities liabilities
assets liabilities assets liabilities
Donggua
n
248,138, 1,151,17 1,399,30 216,154, 870,643, 1,086,79 634,938, 920,908, 1,555,84 679,025, 610,420, 1,289,44
Shenlian
218.07 0,302.88 8,520.95 682.24 254.30 7,936.54 480.46 724.11 7,204.57 611.19 685.53 6,296.72
g
Logistics
RMB/CNY
Current Period Last Period
Cash flow Cash flow
Total Total
Subsidiary Operating from Operating from
Net profit comprehensi Net profit comprehensi
income operation income operation
ve income ve income
activity activity
Dongguan -
1,222,449,75 11,109,676.5 11,109,676.5 97,553,848.2 905,720,767. 12,516,721.4 12,516,721.4
Shenliang 19,848,597.9
202
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Logistics 5.98 6 6 8 08 1 1 7
Other explanation:
(4) Significant restrictions on the use of enterprise group assets and pay off debts of the enterprise group
(5) Financial or other supporting offers to the structured entity included in consolidated financial statement
range
Other explanation:
2. Transaction that has owners equity shares changed in subsidiary but still with controlling rights
(1) Owners equity shares changed in subsidiary
(2) Impact on minority’s interest and owners’ equity attributable to parent company
RMB/CNY
Other explanation
3. Equity in joint venture and associated enterprise
(1) Important joint venture or associated enterprise
Share-holding ratio Accounting
treatment on
Main
Joint venture or Associated Registered investment for
operation Business nature
enterprise place Directly Indirectly joint venture and
place
associated
enterprise
Zhuhai Hengxing Feed Industrial
Zhuhai Zhuhai Aquatic fee and animal fee 40.00% Equity
Co., Ltd.
Shenzhen Duoxi Equity Investment Trusted equity investment
Shenzhen Shenzhen 35.00% Equity
Fund Management Co., Ltd. fund
Design for information
Shenzhen Shenyuan Data Tech.
Shenzhen Shenzhen system, software 40.00% Equity
Co., Ltd
development
Shenliang Intelligent Wulian Equity
Equity investment;
Investment Fund (Shenzhen) Shenzhen Shenzhen 49.02% Equity
investment consultant
Partnership Enterprise (Limited)
Changzhou Shenbao Chacang E- Changzho
Changzhou Manufacturing 33.00% Equity
business Co., ltd. u
203
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Huizhou Shenbao Manan Bio-
Huizhou Huizhou Manufacturing 51.00% Equity
technology Co., Ltd.
Shenzhen Shichumingmen
Shenzhen Shenzhen Catering 51.00% Equity
Restaurant Management Co., Ltd.
Guangzhou Shenbao Mendao Tea Guangzho
Guangzhou Retail 45.00% Equity
Co., Ltd u
Holding shares ratio different from the voting right ratio:
Has major influence with less 20% voting rights hold, or has minor influence with over 20% (20% included) voting rights hold:
(2) Main financial information of the important joint venture
RMB/CNY
Ending balance/Current Period Opening balance/Last Period
Other explanation
(3) Main financial information of the important associated enterprise
RMB/CNY
Ending balance/Current Period Opening balance/Last Period
Book value of the equity investment for
73,362,651.19 70,999,666.81
associated enterprise
Net profit 7,096,756.53 1,374,764.19
Total comprehensive income 7,096,756.53 1,374,764.19
Other explanation
(4) Financial summary for non-important Joint venture and associated enterprise
RMB/CNY
Ending balance/Current Period Opening balance/Last Period
Joint venture: -- --
Amount based on share-holding ratio -- --
Associated enterprise: -- --
Amount based on share-holding ratio -- --
Other explanation
204
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(5) Major limitation on capital transfer ability to the Company from joint venture or associated enterprise
(6) Excess loss occurred in joint venture or associated enterprise
RMB/CNY
Un-recognized losses not
Cumulative un-recognized recognized in the Period (or Cumulative un-recognized
Joint venture/Associated enterprise
losses net profit enjoyed in the losses at period-end
Period)
Changzhou Shenbao Chacang E-business
8,367,950.07 126,999.270 8,494,949.33
Co., ltd.
Shenzhen Shichumingmen Restaurant
3,491,151.31 426,122.69 3,917,274.00
Management Co., Ltd.
Other explanation
(7) Unconfirmed commitment with joint venture investment concerned
(8) Intangible liability with joint venture or affiliates investment concerned
4. Major conduct joint operation
Main place of Shareholding ratio/ shares enjoyed
Name Registration place Business nature
operation Directly In-directly
Share-holding ratio or shares enjoyed different from voting right ratio:
If the co-runs entity is the separate entity, basis of the co-runs classification
Other explanation
5. Structured body excluding in consolidate financial statement
Explanation:
6. Other
X. Disclosure of 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.
(i) Credit risk
Credit risk refers to the risk of a financial loss caused by the counter party’s failure to fulfill its contractual
205
深圳市深粮控股股份有限公司 2019 年半年度报告全文
obligations. The credit risk mainly arises from monetary funds, account receivable and other account receivable so
on. The management has established adequate credit policies and continues to monitor exposure of these credit risks.
The monetary funds held by the Company are mainly deposited in state-controlled banks and other large and
medium-sized commercial banks and other financial institutions. The management believes that these commercial
banks have high reputation and asset status and have no major credit risk, and won't create any major losses caused
by the breach of contract of the opposite side.
For trade receivables and other 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 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.
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 except for the guarantee for financial carried in Note XI.
(ii) 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.
(iii) Market risk
1.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 reporting period, the Company did not sign any forward exchange contract or
monetary exchange contract.
2.Interest risk
206
深圳市深粮控股股份有限公司 2019 年半年度报告全文
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.
The financial department of the Company continuously monitors the interest rate of the Company. The rise in
interest rates will increase the cost of new interest-bearing debts and the interest expense of the Company’s unpaid
interest-bearing debts with floating interest rates, management will make timely adjustments based on the latest
market conditions.
3.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
1. Ending fair value of the assets and liabilities measured by fair value
RMB/CNY
Ending fair value
Item
First-order Second-order Third-order Total
I. Sustaining measured by fair
-- -- -- --
value
(i)Tradable financial assets 1,153,309.17 1,153,309.17
1.Financial assets measured by
fair value and with variation
1,153,309.17 1,153,309.17
reckoned into current
gains/losses
(2) Equity instrument
1,153,309.17 1,153,309.17
investment
II. Non-persistent measure -- -- -- --
207
深圳市深粮控股股份有限公司 2019 年半年度报告全文
2. Recognized basis for the market price sustaining and non-persistent measured by fair value on first-order
3. Valuation technique and qualitative and quantitative information on major parameters for the fair value
measure sustaining and non-persistent on second-order
4. Valuation technique and qualitative and quantitative information on major parameters for the fair value
measure sustaining and non-persistent on third-order
5. Adjustment information and sensitivity analysis of unobservable parameters for the fair value measure
sustaining and non-persistent on third-order
6. Sustaining items measured by fair value, as for the conversion between at all levels, reasons for conversion
and policy for conversion time point
7. Changes of valuation technique in the Period
8. Financial assets and liability not measured by fair value
9. Other
XII. Related party and related transactions
1. Parent company
Ratio of shareholding Ratio of voting right
Parent company Registration place Business nature Registered capital
on the Company on the Company
Investing in industry,
Shenzhen Fude development,
State-owned Capital Shenzhen operation and 500 million Yuan 63.79% 63.79%
Operation Co., Ltd. management of the
own property
Explanation on parent company of the enterprise
Ultimate controller of the Company is Shenzhen Municipal People’s Government State-Owned Assets Supervision and Administration
Commission
Other explanation:
2. Subsidiary
Subsidiary of the Company found more in Note IX- Equity in other entity
3. Joint venture and associated enterprise
Joint Venture of the Company found more in Note IX- Equity in other entity
Other cooperative enterprise and joint venture that have related transaction with the Company in the Period or occurred in previous
period
208
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Joint venture/Associated enterprise Relationship
Other explanation
4. Other related party
Other related party Relationship with the Enterprise
Shareholder of the Company, subsidiary of the actual controller,
Shenzhen Agricultural Products Co., Ltd
controlled by the same ultimate controlling party
Subsidiary of the actual controller, Controlled by the same
Zhanjiang Haitian Aquatic Feed Co., Ltd
ultimate controlling party
Dongguan Fruit and Vegetable Non-staple Food Market Co., Ltd Minority shareholder of controlling subsidiary
Subsidiary of the actual controller, Controlled by the same
Taizhong Agricultural Co., Ltd
ultimate controlling party
Former shareholder of the Company, Controlled by the same
Shenzhen Investment Management Co., Ltd
ultimate controlling party
Fujian Wuyishan Yuxing Tea Co., Ltd*1 Minority shareholder of former controlling subsidiary
Wholly-owned subsidiary of Shenzhen Agricultural Products Co.,
Shenzhen Fruits and Vegetables Trading Co., Ltd
Ltd
Shenzhen Higreen International Agricultural Products Logistic
Controlling subsidiary of Shenzhen Agricultural Products Co., Ltd
Management Co., Ltd
Zhanjiang Changshan (Shenzhen) Ecological Aquaculture Co.,
Has the same parent company
Ltd
Former shareholder of Shenzhen Agricultural Products Co., Ltd,
Shenzhen Yixin Investment Co., Ltd
Controlled by the same ultimate controlling party
Other explanation
*1: Fujian Wuyishan Yuxing Tea Co., Ltd. was a minority shareholder of Fujian Wuyishan Shenbao Yuxing Tea Co., Ltd., a former
controlling subsidiary of Hangzhou Ju Fang Yong which is a subsidiary of the Company, and the controlling subsidiary was
separated in 2016.
5. Related transaction
(1) Goods purchasing, labor service providing and receiving
Goods purchasing/labor service receiving
RMB/CNY
Whether more than
Related transaction Approved transaction
Related party Current Period the transaction limit Last Period
content limit
(Y/N)
Goods sold/labor service providing
RMB/CNY
209
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Related transaction
Related party Current Period Last Period
content
Shenzhen Fude State-owned Capital Operation Co., Ltd. Payment for goods 2,510.00
Shenzhen Shenyuan Data Tech. Co., Ltd Office space leasing 15,358.00 28,293.00
Shenzhen Agricultural Products Co., Ltd Sales of tea 219,560.00 65,000.00
Shenzhen Higreen International Agricultural Products
Sales of tea 7,410.00
Logistic Management Co., Ltd
Shichumingmen Company Sales of tea products 246.15
Shenzhen Fruits and Vegetables Trading Co., Ltd Sales of tea 3,270.00
Explanation on goods purchasing, labor service providing and receiving
(2) Related trusteeship management/contract & entrust management/ outsourcing
Trusteeship management/contract:
RMB/CNY
Managed
Managed
earnings
Client/Contract- Entrusting Trustee/assets earnings /pricing
Trustee /start Trustee /ends confirmed in the
out party party/Contractor contract of the contract
period / contract
earnings
earnings
Related managed/contract:
Entrusted management/outsourcing:
RMB/CNY
Entrusted
Trustee fee / earnings
Client/Contract- Entrusting Entrust /assets
Entrust /start Entrust /ends pricing of the confirmed in the
out party party/Contractor outsourcing
outsourcing period /
outsourcing costs
Related management/ outsourcing:
(3) Related lease
As a lessor for the Company:
RMB/CNY
Lease income in recognized in Lease income in recognized last
Lessee Assets type
the Period the Period
Shichumingmen Management site 580,466.28 503,949.19
Shenzhen Fude State-owned Capital
Office space leasing 84,300.00
Operation Co., Ltd.
210
深圳市深粮控股股份有限公司 2019 年半年度报告全文
As lessee:
RMB/CNY
Lease income in recognized in Lease income in recognized last
Lessor Assets type
the Period the Period
Shenzhen Fude State-owned Capital
Warehouse leasing 14,217,100.00 14,217,100.00
Operation Co., Ltd.
Shenzhen Fude State-owned Capital
Management site 345,038.85
Operation Co., Ltd.
Explanation on related lease
The Company's second-level subsidiary, Shenzhen Shenshenbao Tea Culture Business Management Co., Ltd.
Nanshan Software Industry Base Subbranch subleased the shop located at Room 02, 2nd Floor, Tower A, Building
5, Software Industry Base, Keyuan Road, Nanshan District, Shenzhen that it rented from Shenzhen Investment
Holding Co., Ltd. to the Company's associated company, Shi Chu Ming Men Company, the rental income for this
year was RMB 580,466.28, and the pricing of related transactions was based on the market price.
As an asset management unit entrusted by State-owned Assets Supervision and Administration Commission of
Shenzhen, Fude Capital signed the “Overall Rental Agreement of Shenzhen Grain Reserve Depot” with Shenzhen
Cereals Group on October 17, 2018, the lease term was from October 1, 2017 to December 31, 2019, it was agreed
to pay an annual total rent of RMB 28,434,200 based on market prices.
Fude Capital rented out Room 3001-3065 of third floor and 5008-5009 of fifth floor of the main building and three
storeys of darkrooms of Grain Building located at Nanfang No. 656, Hubei Road, Luohu District, Shenzhen and
Room 2303 located at Building C, World Trade Plaza, No. 9, Fuhong Road, Futian Street to the Company’s second-
tier subsidiaries, Shenliang Real Estate and Shenliang Property as office use, the lease period is from August 1, 2018
to July 31, 2019, , and the pricing of related transactions was based on the market price.
(4) Related guarantee
As guarantor
RMB/CNY
Whether the guarantee
Secured party Guarantee amount Guarantee start date Guarantee expiry date
has been fulfilled
Two years after the
expiration of the debt
Shenbao Huacheng 30,000,000.00 2018-07-26 performance period for N
each specific credit under
the main contract
As secured party
RMB/CNY
211
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Whether the guarantee
Guarantor Guarantee amount Guarantee start date Guarantee expiry date
has been fulfilled
Dongguan Fruit and
Vegetable Non-staple 14,700,000.00 2017-06-08 2019-04-11 Y
Food Market Co., Ltd
Dongguan Fruit and
Vegetable Non-staple 53,571,310.66 2016-12-27 2021-12-26 N
Food Market Co., Ltd
Dongguan Fruit and
Vegetable Non-staple 138,955,864.84 2018-07-27 2032-08-29 N
Food Market Co., Ltd
Explanation on related guarantee
1. According to the “Comprehensive Credit Line Contract” numbered as PY (SZ) ZZ No. A237201707130001
signed by Shenbao Huacheng, a subsidiary of the Company, with Ping An Bank, Shenzhen Branch on July 27, 2017,
Ping An Bank, Shenzhen Branch provided a comprehensive credit line of RMB 30 million to the subsidiary of the
Company, Shenbao Huacheng, the time limit of the comprehensive credit limit was within 12 months from the
effective date of the contract. In order to ensure that all claims under this comprehensive credit limit can be repaid,
the Company has provided a maximum guarantee with guarantee amount of RMB 30,000,000.00. Except for the
guarantee amount, other interests, interest and interest penalty, and other claims charges are also guaranteed, and
the guarantee period is from July 26, 2018 to the end of the two-year period from the expiration date for debt
performance of each specific credit line under the master contract.
2. According to the working capital loans contract (Yue DG2017 nian Jie Zi No. 005) entered by the subsidiary
Dongguan Shenliang Logistics and Bank of Communications Dongguan Branch, Dongguan Shenliang Logistics
gains a cyclic quota of RMB 30 million with borrowing interest rate of 5.22%. Each loan drawn under this contract
shall be for a period of not more than 12 months, and the maturity date for all loans shall be no later than 11th April
2019. The Company’s subsidiaries, SZCG and Dongguan Fruit and Vegetable Non-staple Food Market Co., Ltd
provided joint liability guarantee for the loans. The amount guaranteed by Dongguan Fruit and Vegetable Non-
staple Food Market Co., Ltd. was RMB 14.7 million, and the amount guaranteed by SZCG was RMB 15.3 million.
During the guarantee period, respectively calculate according to the debt performance period of each principal debt
agreed in the main contract (under opening of the bank acceptance bill/letter of credit/guarantee letter, calculate
according to the creditor's advance payment date). The guarantee period under each principal debt is from the
expiration of the debt performance period (or the creditor’s advance payment date) to two years after the date of the
expiration of the debt performance period (or the creditor’s advance payment date) of the main debt finally due
under all main contracts.
3. According to the bank credit contract of credit No. CN11002181808-160714-SCDGTML2 signed by Dongguan
212
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Shenliang Logistics, a subsidiary of the Company, and HSBC, HSBC will provide a loan credit of not exceeding
RMB 200 million to Dongguan Logistics, the applicable interest rate for each loan at each interest period is 90% of
the central bank loan benchmark interest rate applicable on the fixed interest date of the interest period, the
borrowing date is from December 27, 2016 to December 26, 2021. As of December 31, 2018, the balance of the
loan principal achieved by Dongguan Shenliang Logistics from HSBC was RMB 109,329,205.42, and the
Company’s subsidiaries, SZCG and Dongguan Fruit and Vegetable Non-staple Food Market Co., Ltd provided joint
liability guarantee for the loans, the amount guaranteed by Dongguan Fruit and Vegetable Non-staple Food Market
Co., Ltd. was RMB 53,571,310.66, and the amount guaranteed by SZCG was RMB 55,757,894.76.
4. According to the loan contract “Yue DG 2017 NGDZ No. 006” signed by Dongguan Food Industrial Park, a
subsidiary of the Company, and Bank of Communications Dongguan Branch, the current loan principal is
respectively RMB 49.80 million, RMB 3,783,400, RMB 30 million and RMB 200 million, the loan period is from
July 27, 2018 to August 29, 2032. The loan interest rate of RMB 200 million is calculated by the benchmark interest
rate for loan of the People’s Bank of China on the loan entry date, which is 4.90%; the other three are calculated by
the benchmark interest rate of the People’s Bank of China on the loan entry date after rising by 15%, which is
5.635%. The Company’s subsidiaries, SZCG and Dongguan Fruit and Vegetable Non-staple Food Market Co., Ltd,
provide joint liability guarantee for the loans, the amount guaranteed by Dongguan Fruit and Vegetable Non-staple
Food Market Co., Ltd is RMB 138,955,864.84, and the amount guaranteed by SZCG is RMB 144,627,532.80.
(5) Related party’s borrowed funds
RMB/CNY
Related party Borrowing amount Starting date Maturity date Note
Borrowing
Lending
(6) Related party’s assets transfer and debt reorganization
RMB/CNY
Related party Related transaction content Current Period Last Period
(7) Remuneration of key manager
RMB/CNY
Item Current Period Last Period
213
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(8) Other related transaction
6. Receivable and payable of related party
(1) Receivable item
RMB/CNY
Ending balance Opening balance
Item Name Related party
Book balance Bad debt provision Book balance Bad debt provision
Shenzhen Fude
421.50
Account receivable State-owned Capital 42,150.00
Operation Co., Ltd.
Shenzhen
Account receivable Agricultural 55,000.00 89.60 8,960.00 89.60
Products Co., Ltd
Shenzhen Higreen
International
Agricultural
Account receivable 7,410.00 74.10
Products Logistic
Management Co.,
Ltd
Other account Changzhou Shenbao
20,618,710.83 18,024,144.51 20,413,947.34 17,819,381.02
receivable Chacang Company
Shenzhen Higreen
International
Other account Agricultural
50,000.00 500.00 50,000.00 500.00
receivable Products Logistic
Management Co.,
Ltd
Other account
Shichumingmen 1,365,179.36 275,978.87 1,429,898.28 275,978.87
receivable
(2) Payable item
RMB/CNY
Item Name Related party Ending book balance Opening book balance
Zhanjiang Changshan
Other account payable (Shenzhen) Ecological 7,972,700.83 7,967,662.50
Aquaculture Co., Ltd
Shenzhen Duoxi Equity
Other account payable 39,906.00 41,486.00
Investment Fund Management
214
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Co., Ltd.
Shenzhen Fruits and Vegetables
Other account payable 245,714.59 245,714.59
Trading Co., Ltd
Shenzhen Investment
Other account payable 3,510,297.20 3,510,297.20
Management Co., Ltd
Shenzhen Fude State-owned
Other account payable 67,762,184.76 53,470,612.86
Capital Operation Co., Ltd.
Shenzhen Investment
Dividend payable 2,690,970.14 2,690,970.14
Management Co., Ltd
7. Related party commitment
8. Other
XIII. Share-based payment
1. Overall situation of share-based payment
□ Applicable √Not applicable
2. Share-based payment settled by equity
□ Applicable √Not applicable
3. Share-based payment settled by cash
□ Applicable √Not applicable
4. Modification and termination of share-based payment
Nil
5. Other
Nil
XIV. Commitment or contingency
1. Important commitments
Important commitments on balance sheet date
The Company has no important commitments that need to disclosed up to 30th June 2019
215
深圳市深粮控股股份有限公司 2019 年半年度报告全文
2. Contingency
(1)Contingency on balance sheet date
1. Contingencies arising from pending litigation or arbitration and its financial impact
(1) Disputes over the loan contracts between Changzhou Shenbao Chacang E-commence Co., Ltd., the Company
and Shenzhen Agricultural Products Financing Guarantee Co., Ltd.
On July 15, 2016, Shenzhen Agricultural Products Financing Guarantee Co., Ltd. (hereinafter referred to as
Agricultural Products Guarantee Company) submitted a “Civil Appeal” to the People’s Court of Futian District,
Shenzhen, requesting Changzhou Shenbao Chacang Company to repay the loan principal amount of RMB
5,000,000.00, the interest of RMB 389,968.52, and the interest penalty of RMB 3,200,271.79 (the interest penalty
was temporarily calculated to June 30, 2016, which shall be actually calculated to the date of the full repayment of
the borrowing); and pay the compensation of RMB 100,000.00 (5 million Yuan × 2%); two items in total were
RMB 8,690,240.31; the Company undertook joint liability for the loan of RMB 5,000,000.00.
On May 31, 2017, Shenzhen Futian District Court made the first-instance judgment and ruled Changzhou Shenbao
Chacang Company to repay the loan principal of RMB 5 million and the interest and interest penalty, the Company
did not need to undertake joint liability for the loan of RMB 5 million of Changzhou Shenbao Chacang Company.
On July 4, 2017, the Agricultural Products Guarantee Company filed an appeal, on October 13, 2017, and Shenzhen
Intermediate People’s Court held the second instance hearing.
On April 26, 2019, the Shenzhen Intermediate People's Court made a civil judgment (Civil Judgment (2017) Yue
03 Min Zhong No. 12296), and judged Shenzhen Shenbao Industrial Co., Ltd. (now renamed as Shenzhen Cereals
Holdings Co., Ltd.) to undertake a joint and several liability for the of Changzhou Shenbao Chacang E-Commerce
Co., Ltd. within the scope of 3.5 million yuan. Shenzhen Shenbao Industrial Co., Ltd. (now renamed as Shenzhen
Cereals Holdings Co., Ltd.) has the right to claim compensation from Changzhou Company after the payment. The
judgment has taken effect,currently it’s in a reconciliation
(2) Contract disputes between the Company’s subsidiaries, Mount Wuyi Shenbao Rock Tea Co., Ltd. (hereinafter
referred to as Wuyishan Rock Tea Company) and Hangzhou Jufangyong Holdings Co., Ltd. (hereinafter referred to
as Jufangyong Company), and Wuyishan Jiuxing Tea Co., Ltd. (hereinafter referred to as Jiuxing Company), Fujian
Wuyishan Yuxing Tea Co., Ltd. (hereinafter referred to as Yuxing Company), Xingjiu Tea Co., Ltd., Chen Yuxing,
Chen Guopeng
On September 22, 2017, Jufangyong Company, Xingjiu Tea Co., Ltd., Yuxing Company, Chen Yuxing and Chen
Guopeng signed an “Formal Agreement on the Separation of Fujian Wuyishan Shenbao Yuxing Tea Co., Ltd.”,
216
深圳市深粮控股股份有限公司 2019 年半年度报告全文
according to the separation agreement: the original Shenbao Yuxing Company was separated, after the separation,
Jufangyong Company held 100% equity of the newly established company (i.e. Shenbao Rock Tea Company), and
Yuxing Company and Xingjiu Tea Company jointly held 100% equity of the surviving company (Jiuxing Company);
Shenbao Rock Tea Company got receivables of RMB 7,273,774.01, which was guaranteed by Jiuxing Company to
achieve RMB 2 million within one year after separation and the remaining amount would be returned within 2 years.
Chen Yuxing and Chen Guopeng, as the actual controllers of Jiuxing Company, Yuxing Company and Xingjiu Tea
Company, assumed joint responsibility for the joint guarantee to Shenbao Rock Tea Company and Jufangyong
Company for all the obligations and responsibilities stipulated in the “Separation Agreement”.
As of September 22, 2018, the time limit stipulated in the “Separation Agreement” for the realization of four
receivables had expired, and Shenbao Rock Tea Company still had RMB 5,212,301.40 unrecovered. On December
6, 2018, Shenbao Rock Tea Company and Hangzhou Jufangyong Company applied for arbitration to Shenzhen
Court of International Arbitration (Shenzhen Arbitration Commission) for the above matters, and requested Jiuxing
Company to pay RMB 5,272,934.01 to Shenbao Rock Tea Company, and requested Yuxing Company, Xingjiu Tea
Company, Chen Yuxing and Chen Guopeng to assume joint liability.
On April 18, 2019, Shenzhen International Arbitration Court heard the arbitration case in court. Since relevant
matters are still to be determined and ascertained, the two parties concerned shall provide supplementary defense
materials to the court. Currently, the case has not ye been arbitrated by Shenzhen International Arbitration Court.
As of 30th June 2019, the accumulated bad debt provision accrual by the Company was RMB 3,458,370.94.
(3) Disputes on mung bean business between Shenzhen Cereals Group (SZCG) and Jilin Tongyu County Shengda
Company
In August 2007, Shenzhen Cereals Group and Tongyu County Shengda Grain and Oil Trading Co., Ltd. (hereinafter
referred to as Shengda Company) signed the “Mung Bean Entrusted Acquisition, Processing and Storage Contract”,
from October 2007 to May 2008, totally 4,918.00 tons of mung beans were acquired, the Company paid payment
for goods of RMB 30 million. According to the contract, after the completion of the entrusted acquisition, Shengda
Company has the obligations to assist in the sale of goods and buy-back. Shengda Company did not fully fulfill its
obligations, and Shenzhen Cereals Group also carried out various forms of collection. In September 2010, Shenzhen
Cereals Group sued Shengda Company for repayment of its arrears and interest. The two parties reached an
accommodation during the court trial, and Futian District People’s Court of Shenzhen issued a “Paper of Civil
Mediation”, but Shengda Company did not fully fulfill the repayment obligation, Shenzhen Cereals Group has
applied to the court for enforcement. As of 30th June 2019, the book receivables amounted to RMB 5,602,468.81,
and the execution of remaining funds has large uncertainties. The Company has fully made provision for bad debts
of RMB 5,602,468.81.
217
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(4) Contract disputes between Flour Company and Shenzhen Fujin Food Industry Co., Ltd.
On May 31, 2013, Shenzhen Fujin Food Industry Co., Ltd. (hereinafter referred to as Fujin Company) signed a
“Purchases and Sales Contract” with Flour Company, agreed that Flour Company would supply the moon cake
tailored flour and the tailored wheatmeal for cakes and pastries to Fujin Company. Later, Fujin Company sued Flour
Company, it said that the lipase (a processing aid) in the flour supplied by Flour Company to Fujin Company was
active, causing the “acid value” of the moon cakes and fillings made from it exceed the food safety standards, which
caused huge losses to Fujin Company, so it advocated that Flour Company should bear the corresponding liability
for compensation, and compensate for the property loss of Fujin Company of RMB 9,784,485.55; the litigation
costs should be borne by Flour Company.
On November 29, 2014, the Nanshan District People’s Court of Shenzhen made the first-instance judgment ([2014]
SNFMYCZ No.45), and considered that Fujin Company failed to prove that its so-called problem product with too
high “acid value” was caused by the lipase activity of the flour supplied by Flour Company, it has not been proven
that the raw materials of the problem food were supplied by Flour Company; secondly, the relevant standards of the
Ministry of Health allow the addition of active lipase to the flour raw material, therefore, the court ruled that all
claims of Shenzhen Fujin Food Industry Co., Ltd. were rejected.
On June 5, 2015, the Shenzhen Intermediate People’s Court made a ruling ([2015] SZFMZZ No. 563), considering
that the court of first instance could not find out what standards should be applied to the quality of the flour products
involved in the case, nor could it found that the obligation to remove processing aids in flour should be attributed
to the flour supplier or the food producer. Therefore, the civil judgment [2014] SNFMYCZ No.45 was revoked and
sent back to the Nanshan District People’s Court for retrial.
On December 21, 2017, People's Court of Nanshan District of Shenzhen made the first-instance judgment of retrial
which rejected all claims of Shenzhen Fujin Food Industry Co., Ltd.
On June 10, 2019, the Shenzhen Intermediate People's Court made the second-instance judgment (Civil Judgment
(2018) Yue 03 Min Zhong No. 7911), and the judgment rejected the appeal of Shenzhen Fujin Food Industry Co.,
Ltd. and upheld the original judgment.
(5) Contract disputes among Shenzhen Cereals Group, Hualian Grain and Oil, Guangzhou Jinhe Feed Co., Ltd. and
Huang Xianning Import Agent
From October 2005 to January 2007, Shenzhen Cereals Group, Hualian Grain and Oil, and Guangzhou Jinhe Feed
Co., Ltd. (hereinafter referred to as Guangzhou Jinhe Company) signed 20 “Import Agent Contracts”, agreed that
Shenzhen Cereals Group and Hualian Grain and Oil agent Guangzhou Jinhe Company to import Peruvian fishmeal.
218
深圳市深粮控股股份有限公司 2019 年半年度报告全文
In August 2007, Hualian Grain and Oil, Guangzhou Jinhe Company and Huangxianning signed the “Guarantee
Contract”, agreed that Huangxianning would guarantee that all payables of Guangzhou Jinhe Company under the
trade contracts signed by Hualian Grain and Oil and Guangzhou Jinhe Company would be paid on time. Later, due
to Guangzhou Jinhe Company’s insufficient payment of goods and import agency fees, Shenzhen Cereals Group
and Hualian Grain and Oil filed a lawsuit to Futian District People’s Court of Shenzhen.
On February 16, 2015, the Futian District People’s Court of Shenzhen made the first-instance judgment ([2014]
SFFMECZ No. 786), and sentenced Guangzhou Jinhe Company to pay RMB 10,237,385.74 to Shenzhen Cereals
Group and Hualian Grain and Oil, and bear the case acceptance fee of RMB 83,224.00; Huang Xianning does not
need to bear the joint and several liability.
As Guangzhou Jinhe Company refused to accept the above first-instance judgment, it lodged an appeal to the
Shenzhen Intermediate People’s Court, claiming that the prosecution of Shenzhen Cereals Group and Hualian Grain
and Oil had exceeded the time limit for litigation. On March 30, 2017, the Shenzhen Intermediate People’s Court
made the second-instance judgment (Civil Judgment [2015] SZFSZZ No.1767), and the judgment rejected
Guangzhou Jinhe Company’s appeal and upheld the original judgment.
The case is still in enforcement, and the other party has not paid any money, Shenzhen Cereals Group has made
provision for bad debts in proportion to 100% of the accounts receivable of RMB 10,455,600 of Guangzhou Jinhe
Company.
According to the “Commitment Letter of Shenzhen Fude State-owned Capital Operation Co., Ltd. on the Pending
Litigation of Shenzhen Cereals Group Co., Ltd.”, If Shenzhen Cereals Group Co., Ltd. and its holding subsidiaries
suffer any claims, compensation, losses or expenses due to the contract disputes with Guangzhou Jinhe Feed Co.,
Ltd. and Huangxianning Import Agent, Shenzhen Fude State-owned Capital Operation Co., Ltd. will assume the
compensation or loss caused by the lawsuits.
(6) Contract disputes between Hualian Grain and Oil Company and Zhuhai Doumen Huabi Feed Factory
On December 9, 2004, Hualian Grain and Oil Company signed a purchases and sales contract with Zhuhai Doumen
Huabi Feed Factory to sell 2,000.00 tons of corn, with payment for goods of RMB 2,396,300, but the payment has
not been taken back. In April 2005, Hualian Grain and Oil Company discovered that Zhuhai Doumen Huabi Feed
Factory had basically stopped production and the goods were transferred, the legal representative, Liang Dongxing,
had fled. On July 2, 2005, the public security organ arrested Liang Dongxing. Hualian Company has prosecuted
him and won in the lawsuit, and the lawsuit has been settled and in enforcement.
219
深圳市深粮控股股份有限公司 2019 年半年度报告全文
As of 30th June 2019, Hualian Grain and Oil Company had received RMB 2,396,300 from Zhuhai Doumen Huabi
Feed Factory, Hualian Grain and Oil Company had made 100% of bad debt provision for this amount.
(7) Contract disputes between Hualian Grain and Oil Company and Foshan Huaxing Feed Factory
In August and October 2007, Hualian Grain and Oil Company sold goods to Foshan City Shunde District Huaxing
Feed Factory, and received a total of RMB 2,958,600 of commercial acceptance bills. Due to the company’s overdue
payment, Hualian Grain and Oil Company filed a lawsuit with the People’s Court of Shunde District, Foshan City
on October 29, 2007, requesting Foshan City Shunde District Huaxing Feed Factory to repay the payment for goods
and pay the corresponding interests. From June to July 2011, totally took back the company’s bankruptcy property
settlement of RMB 1,638,900. As of 30th June 2019, Hualian Grain and Oil Company had receivables of RMB
1,319,700 from Foshan City Shunde District Huaxing Feed Factory, and it had made 100% of bad debt provision
for this amount.
(8) Contract disputes on the international sales transactions of soybeans between Shenzhen Cereals Group and Noble
Resources Pte. Ltd
On March 3, 2004, Shenzhen Cereals Group and Noble Resources Pte. Ltd. (hereinafter referred to as Noble
Company) signed a contract stipulating that Shenzhen Cereals Group Co., Ltd. would purchase 55,000 tons of
Argentine or Brazilian soybeans from Noble Company under CFR conditions.
On May 10, 2004, the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) issued
a notice that a shipload of Brazilian soybeans exported to Xiamen, China by Noble Company in April 2004 was
found to be mixed with seed-coating soybeans, thus Noble Company was suspended to export Brazilian soybeans
to China.
On June 25, 2004, after the cargo ship arrived in Qingdao Port, the cargo was inspected by Qingdao Commodity
Inspection and Quarantine Bureau who found the cargo contained seed-coating soybeans, and the cargo was sealed
up according to law.
On July 22, 2004, the two parties signed a supplementary agreement on the above-mentioned soybean sales contract,
stipulating that the demurrage incurred as the cargo could not be unloaded due to seed-coating soybeans shall be
borne by Noble Company, and agreed that the disputes under the contract shall be governed by Chinese courts
according to Chinese law.
220
深圳市深粮控股股份有限公司 2019 年半年度报告全文
In July 2004, Noble Company submitted the case to the Hong Kong International Arbitration Center for arbitration,
requesting Shenzhen Cereals Group Co., Ltd. to undertake cargo ship detainment, Hong Kong demurrage, loss
contingencies, and so on, totaling seven claims. Shenzhen Cereals Group Co., Ltd. filed a jurisdictional objection,
the Hong Kong International Arbitration Center ruled on December 14, 2006 that two claims have the right of
jurisdiction, i.e. demurrage of Noble ship in Hong Kong and loss contingencies, other claims were rejected.
The Hong Kong International Arbitration Center ruled on 17 Feb. 2011 that: the demurrage of $ 2,173,000.00 should
be paid by Shenzhen Cereals Group, and the interest counted by annual interest rate of 5.00% since 4th June 2004.
In July 2011, Noble Company applied to Shenzhen Intermediate People’s Court for enforcement of the ruling. On
30 March 2015, a civil order ([2017] Shen Zhong Fa Min Chu Zi No. 270) was made by Shenzhen Intermediate
People’s Court, ruling that the demurrage charges arising from the failure of normal unloading of the goods involved
shall be borne by Nobel Company as stipulated in the Supplementary Agreement of the Soybean Sales Contract
signed by both parties, the disputes under the contractual agreements shall be settled by Chinese Laws and shall be
under the jurisdiction of Chinese courts. The Hong Kong International Arbitration Center has no jurisdiction over
this case, than the application for execution of Nobel Company was rejected.
On February 6, 2018, Noble Company applied to the Hong Kong High Court for enforcement of the Hong Kong
International Arbitration Center's ruling on February 17, 2011. On February 18, 2019, the Hong Kong High Court
ruled that the enforcement time limit for the application of Noble Company has been lost. On September 3, 2014,
Noble Company submitted the “Application for Further Claims Arbitration” to the Hong Kong International
Arbitration Center, requesting Shenzhen Cereals Group Co., Ltd. to pay Noble Company US$7.45 million in
compensation for the freighter’s lessor - Bunge Limited, and the corresponding litigation and arbitration fee.
However, Noble Company had never applied for litigation matters such as court hearings. On November 1, 2016,
the arbitrator of Hong Kong International Arbitration Center wrote to Noble Company, requesting it to initiate the
arbitration at the end of 2016, otherwise, the arbitral tribunal will take measures to close the case, but so far, Noble
Company has not initiated the arbitration.
The application for arbitration of the second part of the ruling of Hong Kong International Arbitration Center made
by Noble Company in the mainland has been rejected, the application for enforcement in Hong Kong was ruled that
the time limit of application for arbitration has been exceeded. Related procedures of the third part of the arbitration
has not been initiated in accordance with the requirements of the arbitral tribunal, therefore, it can be presumed that
the case has been closed.
According to the “Commitment Letter of Shenzhen Fude State-owned Capital Operation Co., Ltd. on the Pending
Litigation of Shenzhen Cereals Group Co., Ltd.”, If Shenzhen Cereals Group Co., Ltd. and its holding subsidiaries
suffer any claims, compensation, losses or expenses due to the contract dispute of international sale of soybean with
Noble Resources Co., Ltd., Shenzhen Fude State-owned Capital Operation Co., Ltd. will assume the compensation
or loss caused by the lawsuit.
221
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(9) Contract disputes between Shenzhen Cereals Group and Beijing Zhongwang Food Co., Ltd.
On August 22, 2007, Beijing Zhongwang Food Co., Ltd. defaulted on the payment for goods of RMB 1,911,200.00
to Shenzhen Cereals Group. Beijing Zhongwang Food Co., Ltd. was in bankruptcy proceedings, Shenzhen Cereals
Group has reported claims and interests of RMB 2,473,400 to the bankruptcy administrator, and the confirmed
ordinary creditor’s rights are RMB 2,128,300. It is estimated that the bankruptcy property repayment amount is
about RMB 50,000 at most.
On April 22, 2018, Shenzhen Cereals Group received a bankruptcy liquidation of RMB 37,313.42, and up to 30th
June 2019, the bad debt provision for residual claims are accrual by Shenzhen Cereals Group in total as RMB
1,873,886.58.
2. Contingency arising from the provision of external debt guarantee and their impacts on financial
The guarantee for related parties found more in the Note XII. Related party and related transaction
Ended as 30th June 2019, the Company has no guarantees provided for non-related parties
3. Except for the above mentioned contingency, up to 30th June 2019, the Company has no other major
contingency that should be disclosed
(2) If the Company has no important contingency need to disclosed, explain reasons
The Company has no important contingency that need to disclose.
3. Other
XV. Events after balance sheet date
1. Important non adjustment matters
RMB/CNY
Impact on financial status and Reasons of fails to estimate the
Item Content
operation results impact
2. Profit distribution
RMB/CNY
222
深圳市深粮控股股份有限公司 2019 年半年度报告全文
3. Sales return
4. Other events after balance sheet date
Up to the date of the financial report released, the Company has no other events after balance sheet date need to released
XVI. Other important events
1. Previous accounting errors collection
(1)Retrospective restatement
RMB/CNY
Items impact during vary
Content Treatment procedure Accumulated impact
comparative period
(2)Prospective application
Content Approval procedure Reasons
2. Debt restructuring
3. Assets exchange
(1) Exchange of non-monetary assets
(2)Other assets exchange
4. Pension plan
According to the “Enterprise Annuity Scheme of Shenzhen Cereals Group Co., Ltd.” and the employees’ application,
the Company pays the enterprise annuity for the employees who meet the conditions for participation according to
the proportion agreed by the Confirmation for Enterprise Payment Ratio of the Enterprise Annuity of Shenzhen
Cereals Group Co., Ltd., the payment base is based on the total salary of the previous year, and the maximum
payment rate is not more than 8.33%.
5. Discontinuing operation
RMB/CNY
Profit of
Income tax
Item Revenue Expenses Total profit Net profit discontinuing
expenses
operation
223
深圳市深粮控股股份有限公司 2019 年半年度报告全文
attributable to
owners of parent
company
Other explanation
6. Segment
(1) Recognition basis and accounting policy for reportable segment
(2) Financial information for reportable segment
RMB/CNY
Item Offset between segment Total
(3) The Company has no segment, or unable to disclose total assets and liability of the segment, explain
reasons
(4) Other explanation
7. Other major transaction and events makes influence on investor’s decision
8. Other
XVII. Principle notes of financial statements of parent company
1. Account receivable
(1)Category
RMB/CNY
Ending balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category Book
Accrual Accrual Book value
Amount Ratio Amount value Amount Ratio Amount
ratio ratio
Account receivable
with bad debt 28,453.0 28,453.0
0.60% 100.00% 0.00 28,453.08 0.07% 28,453.08 100.00% 0.00
provision accrual on 8 8
a single basis
Including:
Account receivable
28,453.0 28,453.0
with single minor 0.60% 100.00% 0.00 28,453.08 0.07% 28,453.08 100.00% 0.00
8 8
amount but with bad
224
深圳市深粮控股股份有限公司 2019 年半年度报告全文
debts provision
accrued on a single
basis
Account receivable
with bad debt 4,720,50 19,717.6 4,700,782 42,869,95 428,835.0 42,441,119.
100.00% 0.42% 99.93% 1.00%
provision accrual on 0.44 1 .83 4.13 6 07
portfolio
Including:
42,869,95
4,582,52 19,717.6 4,562,810 428,835.0 42,441,119.
Age portfolio 97.08% 0.42% 4.13 99.93% 1.00%
8.24 1 .63 6 07
Related party and 137,972. 137,972.2
2.92%
petty cash 20 0
4,748,95 48,170.6
4,700,782 42,898,40 457,288.1 42,441,119.
Total 3.52 100.00% 9 1.01% 100.00% 1.07%
.83 7.21 4 07
Bad debt provision accrual on single basis:
RMB/CNY
Ending balance
Name
Book balance Bad debt provision Accrual ratio Accrual causes
Bad debt provision accrual on portfolio:19717.61 Yuan
RMB/CNY
Ending balance
Name
Book balance Bad debt provision Accrual ratio
Aging analysis 4,582,528.24 19,717.61 0.43%
Related party and petty cash 137,972.20 0.00 0.00%
Account receivable with single
minor amount but with bad
28,453.08 28,453.08
debts provision accrued on a 100%
single basis
4,748,953.52 48,170.69
Total --
Explanation on portfolio determines:
Bad debt provision accrual on portfolio:
RMB/CNY
Ending balance
Name
Book balance Bad debt provision Accrual ratio
225
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Explanation on portfolio determines:
If the provision for bad debts of account receivable is made in accordance with the general model of expected credit losses, please
refer to the disclosure of other account receivable to disclose related information about bad-debt provisions:
□ Applicable √Not applicable
By account age
RMB/CNY
Account age Ending balance
Within one year(one year included) 4,712,012.82
Within one year(one year included) 4,712,012.82
1-2 years 1,383.22
2-3 years 3,117.40
Over 3 years 32440.08
3-4 years 3,987.00
Over 5 years 28,453.08
4,748,953.52
Total
(2) Bad debt provision accrual, collected or reversal in the period
Bad debt provision accrual in the period:
RMB/CNY
Amount changed in the period
Category Opening balance Ending balance
Accrual Collected or reversal Written-off
409,117.45
Age portfolio 428,835.06 19,717.61
Other account
receivable with
single minor amount 28,453.08
28,453.08
but with bad debt
provision accrual on
single basis
409,117.45 48,170.69
Total 457,288.14
Including major amount bad debt provision that collected or reversal in the period:
RMB/CNY
Enterprise Amount collected or reversal Collection way
226
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(3) Account receivable actually written-off in the period
RMB/CNY
Item Amount written-off
Including major account receivable written-off
RMB/CNY
Procedure of written- Resulted by related
Enterprise Nature Amount written-off Written-off causes
off transaction (Y/N)
Explanation on account receivable written-off
(4) Top 5 account receivables at ending balance by arrears party
Total period-end balance of top five receivables by arrears party amounting to 4,542,912.44 Yuan, takes 95.66 percent of the total
account receivable at period-end, bad debt provision accrual correspondingly at year-end amounting as 45,951.02 Yuan.
(5) Account receivable derecognition due to financial assets transfer
(6) Assets and liabilities resulted by account receivable transfer and continues involvement
Other explanation:
2. Other account receivable
RMB/CNY
Item Ending balance Opening balance
Other account receivable 242,873,517.60 159,677,969.59
Total 242,873,517.60 159,677,969.59
(1) Interest receivable
1)Category
RMB/CNY
Item Ending balance Opening balance
2) Important overdue interest
Whether impairment
Borrower Ending balance Overdue time Overdue causes occurs and its judgment
basis
Other explanation:
3) Accrual of bad debt provision
□ Applicable √Not applicable
227
深圳市深粮控股股份有限公司 2019 年半年度报告全文
(2) Dividend receivable
1) Category
RMB/CNY
Item (or invested enterprise) Ending balance Opening balance
2) Important dividend receivable with account age over one year
RMB/CNY
Whether impairment
Item (or invested Reasons for not
Ending balance Account age occurs and its judgment
enterprise) collection
basis
3) Accrual of bad debt provision
□ Applicable √Not applicable
Other explanation:
(3) Other account receivable
1) By nature
RMB/CNY
Nature Ending book balance Opening book balance
Margin and deposit 1,235,229.39 119,089.00
Export tax rebate 171,917.78 312,364.06
Intercourse funds and other 264,704,763.86 182,280,569.20
Total 266,111,911.03 182,712,022.26
2) Accrual of bad debt provision
RMB/CNY
Phase I Phase II Phase III
Expected credit Expected credit losses for Expected credit losses for
Bad debt provision Total
losses over next 12 the entire duration (without the entire duration (with
months credit impairment occurred) credit impairment occurred)
Balance on Jan. 1, 2019 1,922.73 75,499.40 22,956,630.54 23,034,052.67
Balance of Jan. 1, 2019
—— —— —— ——
in the period
Current accrual 204,763.49 204,763.49
Current reversal 422.73 422.73
Balance on Jun. 30, 2019 1,500.00 75,499.40 23,161,394.03 23,238,393.43
Change of book balance of loss provision with amount has major changes in the period
□ Applicable √Not applicable
By account age
228
深圳市深粮控股股份有限公司 2019 年半年度报告全文
RMB/CNY
Account age Ending balance
Within one year(one year included) 209,256,830.79
Within one year(one year included) 209,256,830.79
1-2 years 7,483,918.42
2-3 years 18,812,851.47
Over 3 years 30,558,310.35
3-4 years 6,875,000.00
4-5 years 6,218,962.15
Over 5 years 17,464,348.20
Total 266,111,911.03
3) Bad debt provision accrual, collected or reversal in the period
Bad debt provision accrual in the period:
RMB/CNY
Amount changed in the period
Category Opening balance Ending balance
Accrual Collected or reversal
Age portfolio 77,422.13 422.73 76,999.40
Other account receivable
with single minor amount
but with bad debt 5,641,249.52 5,641,249.52
provision accrual on
single basis
Other account receivable
with single major amount
and with bad debt 17,315,381.02 204,763.49 17,520,144.51
provision accrual on
single basis
Total 23,034,052.67 204,763.49 422.73 23,238,393.43
Including major amount with bad debt provision reverse or collected in the period:
RMB/CNY
Enterprise Amount reversal or collected Collection way
4) Other account receivable actually written-off in the period
RMB/CNY
Item Amount written-off
Including important other account receivable written-off
RMB/CNY
Enterprise Nature Amount written-off Written-off causes Procedure of written- Resulted by related
229
深圳市深粮控股股份有限公司 2019 年半年度报告全文
off transaction (Y/N)
Explanation on other account receivable written-off
5) Top 5 other receivables at ending balance by arrears party
RMB/CNY
Ratio in total ending
Ending balance of
Enterprise Nature Ending balance Account age balance of other
bad debt reserve
account receivables
Huizhou Shenbao
Intercourse funds 112,351,493.44 Within one year 42.22%
Technology Co., Ltd
Shenzhen Cereals
Intercourse funds 83,019,048.50 Within one year 31.20%
Group Co., Ltd
Shenzhen Shenbao
Sanjing Food &
Intercourse funds 26,205,575.88 Over 5 years 9.85%
Beverage
Development Co., Ltd
Changzhou Shenbao 19,988,710.83
Intercourse funds 1-3 years 7.51% 17,520,144.50
Chacang Company
Shenzhen Shenbao
Technology Center Intercourse funds 12,628,225.82 Over 5 years 4.75%
Co., Ltd
254,193,054.47
Total -- -- 95.52% 17,520,144.50
6) Other account receivables related to government grants
RMB/CNY
Time, amount and basis
Enterprise Government grants Ending balance Ending account age
for collection predicted
7) Other receivable for termination of confirmation due to the transfer of financial assets
8) The amount of assets and liabilities that are transferred other receivable and continued to be involved
Other explanation:
3. Long-term equity investment
RMB/CNY
Ending balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Investment for
4,208,728,337.66 4,208,728,337.66 4,208,728,337.66 4,208,728,337.66
subsidiary
Investment for 6,618,320.35 2,927,628.53 3,690,691.82 6,753,354.23 2,927,628.53 3,825,725.70
230
深圳市深粮控股股份有限公司 2019 年半年度报告全文
associates and
joint venture
Total 4,215,346,658.01 2,927,628.53 4,212,419,029.48 4,215,481,691.89 2,927,628.53 4,212,554,063.36
(1) Investment for subsidiary
RMB/CNY
Current accrual Ending balance of
Current
The invested entity Opening balance Current increased Ending balance Impairment impairment
decreased
provision provision
Shenbao Property 2,550,000.00 2,550,000.00
Shenbao Industrial
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
Shenbao
54,676,764.11 54,676,764.11
Technology Center
Shenshenbao
50,000,000.00 50,000,000.00
Investment
Yunnan Supply
20,000,000.00 20,000,000.00
Chain
Pu’er Tea Trading
18,202,825.80 18,202,825.80
Center
SZCG 3,291,415,036.82 3,291,415,036.82
Total 4,208,728,337.66 4,208,728,337.66
(2) Investment for associates and joint venture
RMB/CNY
investmen Current changes (+,-) Ending
Opening Ending
t Additiona Capital Investme Other Other Cash Accrual balance
balance Other balance
company l reduction nt gains comprehe equity dividend of of
231
深圳市深粮控股股份有限公司 2019 年半年度报告全文
investmen recognize nsive change or profit impairme impairme
t d under income announce nt nt
equity adjustmen d to provision provision
t issued
I. Joint venture
II. Associated enterprise
Shenzhen
Shenbao
(Liaoyuan
0.00 0.00 57,628.53
)
Industrial
Company
Shenzhen
Shenbao
2,870,000
(Xinmin) 0.00 0.00
.00
Foods
Co., Ltd
Changzho
u
Shenbao
Chacang
Guangzho
u
-
Shenbao 3,825,725 3,690,691
135,033.8 0.00
Mendao .70 .82
8
Tea Co.,
Ltd.
-
3,825,725 3,690,691 2,927,628
Subtotal 135,033.8
.70 .82 .53
8
-
3,825,725 3,690,691 2,927,628
Total 135,033.8
.70 .82 .53
8
(3) Other explanation
4. Operating income and operating cost
RMB/CNY
Current Period Last Period
Item
Income Cost Income Cost
232
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Main business 31,562,730.23 29,829,293.00 67,228,720.81 63,731,294.22
Total 31,562,730.23 29,829,293.00 67,228,720.81 63,731,294.22
Whether implemented the new revenue standards
□Yes √No
Other explanation:
5. Investment income
RMB/CNY
Item Current Period Last Period
Long-term equity investment income
-135,033.88 -185,480.37
measured by equity
Income from financial products 1,567,648.80
Total 1,432,614.92 -185,480.37
6. Other
XVIII. Supplementary information
1. Current non-recurring gains/losses
√ Applicable □Not applicable
RMB/CNY
Item Amount Note
Gains/losses from the disposal of non-current
-4,184.59
asset
Governmental grants calculated into current
gains and losses(while closely related with
the normal business of the Company,
5,463,876.60
excluding the fixed-amount or fixed-
proportion governmental subsidy according
to the unified national standard)
Profit and loss of assets delegation on others’
3,627,466.27
investment or management
Except for the effective hedging business
related to the normal business of the
Company, the fair value changes from
holding the tradable financial assets, 28,381.21
derivative financial assets, tradable
financial liability and derivative financial
liability; and investment income from
233
深圳市深粮控股股份有限公司 2019 年半年度报告全文
disposal of tradable financial assets,
derivative financial assets, tradable financial
liability and other creditors investment
Switch back of the impairment provision for
account receivable with impairment test on 412,500.00
single basis and contract assets
Other non-operating income and expense
-3,619,767.49
other than the above mentioned ones
Less: Impact on income tax 702,095.88
Impact on minority interests 232,425.56
Total 4,973,750.56 --
Concerning the extraordinary profit (gain)/loss defined by Q&A Announcement No.1 on Information Disclosure for Companies
Offering Their Securities to the Public --- Extraordinary Profit/loss, and the items defined as recurring profit (gain)/loss according to
the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their
Securities to the Public --- Extraordinary Profit/loss, explain reasons
□ Applicable √Not applicable
2. ROE and earnings per share
Earnings per share
Profits during report period Weighted average ROE Diluted EPS
Basic EPS (Yuan/share)
(Yuan/share)
Net profits belong to common stock
4.82% 0.1763 0.1763
stockholders of the Company
Net profits belong to common stock
stockholders of the Company after
4.70% 0.1720 0.1720
deducting nonrecurring gains and
losses
3. Difference of the accounting data under accounting rules in and out of China
(1) Difference of the net profit and net assets disclosed in financial report, under both IAS (International
Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles)
√ Applicable □Not applicable
RMB/CNY
Net profit Net assets
Current Period Last Period Ending balance Opening balance
Chinese GAAP 203,168,850.61 202,779,343.34 4,260,480,115.67 4,172,502,535.11
Items and amount adjusted by IAS:
234
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Adjustment for other
payable fund of stock 1,067,000.00 1,067,000.00
market regulation
IAS 203,168,850.61 202,779,343.34 4,261,547,115.67 4,173,569,535.11
(2) Difference of the net profit and net assets disclosed in financial report, under both foreign accounting
rules and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable √Not applicable
(3) Explanation on data differences under the accounting standards in and out of China; as for the differences
adjustment audited by foreign auditing institute, listed name of the institute
4. Other
235
深圳市深粮控股股份有限公司 2019 年半年度报告全文
Section XI. Documents available for Reference
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 2019 Semi-Annual Report with signature of the Chairman.
SHENZHEN CEREALS HOLDINGS CO.,LTD
Chairman: Zhu Junming
23rd August 2019
236
