深圳市特力(集团)股份有限公司 2020 年年度报告
深圳市特力(集团)股份有限公司
SHENZHEN TELLUS HOLDING CO., LTD
Annual Report 2020
April 2021
1
深圳市特力(集团)股份有限公司 2020 年年度报告
Content
Section I Important Notice, Contents and Interpretation ............................................................ 1
Section II Company Profile and Main Financial Indexes .............................................................4
Section III Summary of Company Business .................................................................................. 8
Section IV Discussion and Analysis of Operation..........................................................................12
Section V Important Events .......................................................................................................... 29
Section VI Changes in shares and particular about shareholders............................................... 40
Section VII Preferred Stock........................................................................................................... 46
Section VIII Convertible Bond............................................................................................................
Section IX Particulars about Directors, Supervisors,Senior Executives and Employees.......... 47
Section X Corporate Governance................................................................................................... 55
Section XI Corporate Bond............................................................................................................. 63
Section XII Financial Report...........................................................................................................64
Section XIII Documents available for reference............................................................................93
2
深圳市特力(集团)股份有限公司 2020 年年度报告
Section I. Important Notice, Content and Interpretation
Board of Directors, Supervisory Committee, all directors, supervisors and senior
executives of Shenzhen Tellus Holding 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.
Fu Chunlong, Principal of the Company, Lou Hong, person in charge of
accounting works and Liao Zebin, person in charge of accounting organ
(accounting principal) hereby confirm that the Financial Report of Annual
Report 2020 is authentic, accurate and complete.
All directors are attended the Board Meeting for report deliberation.
Securities Times, Hong Kong Commercial Daily and Juchao Website
(www.cninfo.com.cn) are the media for information disclosure appointed by the
Company, all information under the name of the Company disclosed on the
above said media shall prevail. Concerning the forward-looking statements with
future planning involved in the Report, they do not constitute a substantial
commitment for investors, and investors are advised to exercise caution of
investment risks.
The profit distribution pre-plan deliberated and approved by the Board was:
based on a total share capital of 431,058,320 as at 31 December 2020, distributed
0.20Yuan (tax included) for every 10 shares held by whole shareholders of the
Company,no bonus shares and no public reserve transfer into share capital.
3
深圳市特力(集团)股份有限公司 2020 年年度报告
Interpretation
Items Refers to Contents
CSRC Refers to China Securities Regulatory Commission
SZ Exchange Refers to Shenzhen Stock Exchange
Shenzhen Branch of China Securities Depository & Clearing
Shenzhen Branch of SD&C Refers to
Corporation Limited
Company, the Company, our Company,
Refers to Shenzhen Tellus Holding Co., Ltd.
Tellus Group
Reporting period, this reporting period,
Refers to Year of 2020
the year
Auto Industry and Trade Company Refers to Shenzhen Auto Industry and Trade Corporation
Zhongtian Company Refers to Shenzhen Zhongtian Industrial Co,. Ltd.
GAC Refers to Gems & Jewelry Trade Association of China
Shenzhen Huari Toyota Auto Sales Co., Ltd, Shenzhen SDG Huari
Huari Company Refers to
Auto Enterprise Co., Ltd.
Zung Fu Tellus Refers to Shenzhen Zung Fu Tellus Auto Service Co., Ltd.
Tellus Starlight Refers to Anhui Tellus Starlight Jewelry Investment Co., Ltd.
Tellus Starlight Jinzun Refers to Anhui Tellus Starlight Jinzun Jewelry Co., Ltd.
Sichuan Channel Platform Company,
Refers to Sichuan Tellus Jewelry Tech. Co., Ltd.
Sichuan Jewelry Company
Xinglong Company Refers to Shenzhen Xinglong Machinery Mould Co., Ltd.
Tellus Property Refers to Shenzhen SDG Tellus Property Management Co., Ltd.
SDG Refers to Shenzhen Special Development Group Co., Ltd.
Tellus Treasure Company Refers to Shenzhen Tellus Treasure Supply Chain Tech. Co., Ltd.
Dongfeng Company Refers to Shenzhen Dongfeng Motor Co., Ltd.
Shenzhen Jewelry Company Refers to Shenzhen Jewelry Industry Service Co., LTD
4
深圳市特力(集团)股份有限公司 2020 年年度报告
Section II Company Profile and Main Financial Indexes
I. Company information
Short form of the stock Tellus-A, Tellus-B Stock code 000025, 200025
Stock exchange for listing Shenzhen Stock Exchange
Name of the Company (in
深圳市特力(集团)股份有限公司
Chinese)
Short form of the Company
特力 A
(in Chinese)
Foreign name of the
Shenzhen Tellus Holding Co.,Ltd
Company (if applicable)
Legal representative Fu Chunlong
Registrations add. 3/F, Tellus Building, No.56 Shui Bei Er Road, Luohu District, Shenzhen
Code for registrations add 518020
Offices add. 3/F-4/F, Tellus Building, Shui Bei Er Road, Luohu District, Shenzhen
Codes for office add. 518020
Company’s Internet Web
www.tellus.cn
Site
E-mail ir@tellus.cn
II. Person/Way to contact
Secretary of the Board Rep. of security affairs
Name Qi Peng Liu Menglei
3/F, Tellus Building, Shui Bei Er Road, 3/F, Tellus Building, Shui Bei Er Road,
Contact add.
Luohu District, Shenzhen Luohu District, Shenzhen
Tel. (0755)83989390 (0755)88394183
Fax. (0755)83989386 (0755)83989386
E-mail ir@tellus.cn liuml@tellus.cn
III. Information disclosure and preparation place
Newspaper appointed for information disclosure Securities Times (Shenzhen) and Hong Kong Commercial Daily(H.K.)
Website for annual report publish appointed by
http://www.cninfo.com.cn
CSRC
5
深圳市特力(集团)股份有限公司 2020 年年度报告
Preparation place for annual report Secretariat of the BOD of Shenzhen Tellus Holding Co., Ltd.
IV. Registration changes of the Company
Organization code 91440300192192210U
Changes of main business since listing
No changes during the period
(if applicable)
1. On 31 March 1997, the 159,588,000 state shares held by Shenzhen Investment
Management Co., Ltd., the only non-circulation shareholder, were transfer to
Shenzhen Special Development Group Co., Ltd.; total share capital of the Company
was 220,281,600 shares while 159,588,000 state shares held by SDG, a 72.45% in
total share capital. 2. On 4 January 2006, the 13,717,440 shares, as the consideration
of share merger reform, were transfer to account of A-shareholders from SDG. After
share merger reform, SDG holds 66.22% of the total share capital of the Company. 3.
Previous changes for controlling
On March 27, 2015, the Company has completed the non-public offering of A shares
shareholders (if applicable)
of 77,000,000, of which 6,000,000 shares are issued to the controlling shareholder -
SDG, and SDG holds 51.09% of the Company's total shares after the issuance. 4. In
2016, SDG reduced part of the company’s unrestricted outstanding shares by means
of centralized bidding, the accumulated reduction of shareholdings accounted for 2%
of the company’s total share capital. As of the end of the reporting period, SDG holds
49.09% of the Company’s total shares, and is still the controlling shareholder of the
Company.
V. Other relevant information
CPA engaged by the Company
Name of CPA RSM Certified Public Accountants (Special General Partnership)
Suite 901-22 to 901-26, No.22 Fuchengmen Wai Street, Wai Jing Mao Building, Xincheng
Offices add. for CPA
Disctrict, Beijing, China
Signing Accountants Li Qiaoyi, Qin Changming
Sponsor engaged by the Company for performing continuous supervision duties in reporting period
□Applicable √Not applicable
Financial consultant engaged by the Company for performing continuous supervision duties in reporting period
□ Applicable √ Not applicable
VI. Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data or not
□Yes √No
2020 2019 Changes over last 2018
6
深圳市特力(集团)股份有限公司 2020 年年度报告
year (+,-)
Operating income (RMB) 424,419,203.34 571,072,893.90 -25.68% 414,238,778.96
Net profit attributable to
shareholders of the listed 57,663,828.89 219,669,708.47 -73.75% 86,924,058.72
Company(RMB)
Net profit attributable to
shareholders of the listed
Company after deducting 47,719,889.72 53,738,507.05 -11.20% 83,286,083.84
non-recurring gains and
losses(RMB)
Net cash flow arising from
109,105,302.88 78,911,353.03 38.26% -6,574,979.97
operating activities(RMB)
Basic earnings per share
0.1338 0.5096 -73.74% 0.2017
(RMB/Share)
Diluted earnings per share
0.1338 0.5096 -73.74% 0.2017
(RMB/Share)
Weighted average ROE 4.48% 18.92% -14.44% 8.63%
Changes over end of
Year-end of 2020 Year-end of 2019 Year-end of 2018
last year (+,-)
Total assets (RMB) 1,708,442,301.15 1,645,782,144.03 3.81% 1,658,295,531.00
Net assets attributable to
shareholder of listed Company 1,310,524,675.47 1,270,965,296.02 3.11% 1,050,209,537.35
(RMB)
Total share capital of the Company as of the previous trading day before disclosure:
Total share capital of the Company as of the previous
431,058,320
trading day before disclosure(Share)
Fully diluted earnings per share based on new share capital
Preferred stock dividend paid 0.00
Fully diluted earnings per share based on new share
0.1338
capital(RMB/Share)
VII. Difference of the accounting data under accounting rules in and out of China
1. Difference of the net profit and net assets disclosed in financial report, under both IAS (International
Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable √ Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report, under either IAS (International
Accounting Standards) or Chinese GAAP (Generally Accepted Accounting Principles) in the period.
7
深圳市特力(集团)股份有限公司 2020 年年度报告
2. Difference of the net profit and net assets disclosed in financial report, under both foreign accounting
rules and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable √ Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report, under either foreign accounting rules or
Chinese GAAP (Generally Accepted Accounting Principles) in the period.
3. Reasons for differences in accounting data under domestic and foreign accounting standards
□ Applicable √ Not applicable
VIII. Quarterly main financial index
In RMB
Q1 Q2 Q3 Q4
Operating income 85,520,408.64 111,531,381.65 96,868,200.81 130,499,212.24
Net profit attributable to
shareholders of the listed 5,209,071.29 20,385,914.49 14,042,886.48 18,025,956.63
Company
Net profit attributable to
shareholders of the listed
2,618,160.47 18,784,660.36 12,592,060.82 13,725,008.07
Company after deducting
non-recurring gains and losses
Net cash flow arising from
6,507,973.24 10,798,348.96 96,198,322.43 -4,399,341.75
operating activities
Whether there are significant differences between the above-mentioned financial index or its total number and the relevant financial
index disclosed in the Company’s quarterly report and semi-annual report
□Yes √No
IX. Items and amounts of non-recurring profit (gain)/loss
√Applicable □ Not applicable
In RMB
Item 2020 2019 2018 Note
Gains/losses from the disposal of
non-current asset (including the write-off 1.00 210,897,055.76 -4,424,801.74
that accrued for impairment of assets)
Tax refund, breaks approved beyond the
authority or without official approval
documents
Governmental subsidy reckoned into 1,522,079.42 276,907.09 3,482.07 Subsidy from the
8
深圳市特力(集团)股份有限公司 2020 年年度报告
current gains/losses (not including the government’s
subsidy enjoyed in quota or ration business-friendly
according to national standards, which are policies
closely relevant to enterprise’s business)
Interest of the
Fund possession cost reckoned into
dividend receivable
current gains/losses charged from 435,887.15 47,083.32 76,041.64
from Dongfeng
non-financial business
Company
When an enterprise acquires a subsidiary,
associated enterprise and joint venture, the
investment cost is less than the income
generated by the fair value of the
identifiable net assets of the invested
entity
Gains/losses from exchange of
non-monetary assets
Gains/losses from entrust investment or
9,611,577.38
assets management
Impairment provision for all assets due to
force majeure, such as natural disasters
Gains/losses of debt restructuring
Enterprise restructuring costs, such as the
staff placement expenses and integration
costs etc.
Gains/losses arising from the transaction
whose transaction price is clearly unfair
exceed the fair value
Current net gains/losses of the subsidiary
from beginning of the period to the date of
merger arising from the combination
under the same control
Gains/losses arising from the
contingencies unrelated to the normal -2,225,468.76
operation of the Company
Except for effective hedge business
relevant to normal operation of the
Company, gains and losses arising from
fair value change of tradable financial
8,812,468.26 10,684,691.16 Financial returns
assets, derivative financial liabilities,
tradable financial liability and derivative
financial liability and investment income
from disposal of tradable financial assets,
9
深圳市特力(集团)股份有限公司 2020 年年度报告
derivative financial liabilities, tradable
financial liability, derivative financial
liability and other debt investment
Restoring of receivable a and contractual
assets impairment provision that tested 493,295.33 935,476.72
individually
Gains/losses obtained from external
entrusted loans
Gains/losses arising from change of the
fair value of investment real estate, which
is subsequently measured using the fair
value model
Impact on current gains/losses while a
one-time adjustment to the current
gains/losses, in accordance with the
requirement of laws of taxation and
accounting and regulations.
Income of custody fee from entrusted
operations
Mainly the reversal
Other non-operating income and
of accrual liability
expenditure except for the aforementioned 3,196,406.42 -744,465.10 485,180.13
from Guangming
items
Watch
Other gain/loss that meet the definition of
44,839.26 9,378.94 Tax refunds
non-recurring gain/loss
Less: Impact on income tax 3,123,780.55 55,755,620.55 -161,206.61
Impact on minority shareholders’
1,437,257.12 419,305.92 49,242.45
equity (post-tax)
Total 9,943,939.17 165,931,201.42 3,637,974.88 --
Concerning the extraordinary profit (gain)/loss defined by Q&A Announcement No.1 on Information Disclosure for Companies
Offering Their Securities to the Public --- Extraordinary Profit/loss, and the items defined as recurring profit (gain)/loss according to
the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their
Securities to the Public --- Extraordinary Profit/loss, explain reasons
□ Applicable √ Not applicable
In reporting period, the Company has no particular about items defined as recurring profit (gain)/loss according to the lists of
extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to
the Public --- Extraordinary Profit/loss
10
深圳市特力(集团)股份有限公司 2020 年年度报告
Section III. Summary of Company Business
I. Main businesses of the Company in the reporting period
The main business of the Company during the reporting period was auto sales, auto testing, maintenance and
accessories sales; resource assets management and jewelry service business.
(i) Automobile sales, testing, maintenance and parts sales: During the reporting period, the company increased
revenue and improved efficiency through measures such as strengthening the management of holding companies,
improving service quality, adjusting high-end vehicle sales strategies, and strengthening customer maintenance
management, and Huari Company’s total profits exceeded 10 million for the first time in recent years, and its
revenue and profit hit record highs in recent years. In the whole year, the sales revenue of automobiles was 204.93
million yuan, an increase of 21.58% over the same period last year.
(ii) Resource asset management: During the reporting period, due to the severe impact of the epidemic, the
complex economic situation and other unfavorable factors, the entire Shenzhen market was facing greater
downward pressure on leasing prices, especially due to the impact of the epidemic, the burden of jewellery
industry operators has increased, plus the newly-developed properties in the Shuibei area have been continuously
put into use, and the investment of the properties held by the company in the area was facing severe challenges. In
the face of unfavorable situations, the company innovated operations, with the help of commercial management
and operation experts, perfected the system and procedures, intensified publicity and promotion, and took multiple
measures to increase the rental rate of properties. In addition, continuously optimized the operation and control
model, promoted the construction of 421 Tellus Home Experience Hall through re-planning, fast promotion, fine
management, and publicity, enhanced the image and value of old properties, explored the company's business
layout, improved the level of resource asset management, and built a benchmark for the transformation and
upgrading of traditional properties. In the whole year, property rental and service income was 141.28 million yuan,
a decrease of 12.35% from the same period last year. The main reason was that in response to the COVID-19
epidemic, the company fulfilled its social responsibilities and waived some property rents.
(iii) Jewelry service business: In 2020, the epidemic sweeping at home and abroad has caused a sharp increase in
downward pressure on the economy. The jewelry industry, as an optional consumption, has been severely
impacted. Upstream jewellery merchants have slowed down the flow of funds due to reduced customer purchases
and the profits declined, while the jewelry terminal operators have speeded up measures such as closing stores to
stop losses. During the reporting period, in the face of the unfavorable market environment, the company
concentrically pushed forward the third-party strategy of realizing jewellery, and built a third-party jewellery
ecosystem relying on the physical platform. The jewelry industry company was established in July. At the end of
September, the phase I project of the Treasury Supply Chain Company officially opened. In October, the launch
ceremony of the customs jewellery and jade bonded supervision reform pilot program was held. The company
11
深圳市特力(集团)股份有限公司 2020 年年度报告
continued to innovate the third-party business model of jewelry, actively planned and deployed the industry sector,
and has taken a new step in the third-party jewelry strategy. The annual revenue of jewelry business was 34.86
million yuan, a decrease of 81.98% compared with the same period last year. The main consideration was the
company's strategic layout, combined with resource allocation, management costs, coordinated development and
other issues, the holding subsidiary Sichuan Tellus Jewelry Tech. Co., Ltd. was closed down and liquidated.
II. Major changes in main assets
1. Major changes in main assets
Major assets Note of major changes
Book value of long-term equity investment as of 31 December 2020 amounting to
Equity assets 123,641,000 Yuan, decreased 38,537,600 Yuan over that of period beginning with
23.76% down, mainly due to the profit bonus from shareholding enterprise.
Book value of fixed assets as of 31 December 2020 amounting to 119,136,900 Yuan,
Fixed assets increased 12,017,100 Yuan over that of period beginning with 11.22% up, mainly due
to the new safe deposit box transfer-in to Treasure Supply Chain Company.
Intangible assets No major change
Book value of the construction in progress as of 31 December 2020 amounting to
101,740,500 Yuan, an increase of 54,086,100 Yuan over that of period-begin with
Construction in progress
113.50% up. Mainly due to the input for the preliminary project of Tellus Jinzhuan
Trading Building (Phase II of Tellus Shuibei Jewelry Building).
Book value of monetary fund as of 31 December 2020 amounting to 237,625,700
Yuan, decreased 191,225,900 Yuan over that of period beginning with 44.59% down,
Monetary fund
mainly due to the payment of equity transfer of Xinglong Company, the enterprise
income tax, distribution of cash dividend and purchasing the financial products.
Book value of the tradable financial assets as of 31 December 2020 amounting to
Tradable financial assets 314,013,900 Yuan, an increase of 253,527,300 Yuan over that of period-begin with
419.15% up. Mainly due to the unmatured financial products purchased.
Book value of account receivable as of 31 December 2020 amounting to 19,828,500
Yuan, decreased 92,784,700 Yuan over that of period beginning with 82.39% down,
Account receivable
mainly because operation from Sichuan Jewelry Company ceased during the year and
the opening account receivable were fully recovered.
Book value of other account receivable as of 31 December 2020 amounting to
29,269,800 Yuan, decreased 15,638,800 Yuan over that of period beginning with
Other account receivable
34.82% down, mainly due to the recovery of part dividends receivable from
participating enterprise- Dongfeng Company for previous years.
Book value of other current assets as of 31 December 2020 amounting to 6,000,600
Other current assets Yuan, an increase of 2,596,600 Yuan over that of period-begin with 76.28% up. Mainly
due to the increase in amount of input VAT to be deducted.
12
深圳市特力(集团)股份有限公司 2020 年年度报告
Book value of long-term amortized expenses as of 31 December 2020 amounting to
30,714,900 Yuan, an increase of 17,108,100 Yuan over that of period-begin with
Long-term amortized expenses
125.73% up. Mainly due to the transfer-in from decoration of Treasure Supply Chain
Company, Shenzhen Jewelry Company and Tellus Building.
Book value of other non-current assets as of 31 December 2020 amounting to
55,993,500 Yuan, an increase of 49,104,300 Yuan over that of period-begin with
Other non-current assets
712.78% up. Mainly due to the payment for bundled construction funds for public
facilities of lots 02 and 03 of the Gold Jewellery Industrial Park Upgrade project
2. Main overseas assets
□ Applicable √ Not applicable
III. Core Competitiveness Analysis
(i) Deeply cultivate the jewelry industry, give full play to the advantages of identity, and build an industrial
platform
The company has continued to try to innovate business models and steadily promote the implementation of
transformation projects, give full play to the credit advantages of state-owned listed companies and the physical
platform resources in the Shuibei area where the jewelry industry gathers, deeply penetrate into the industry chain
of jewelry industry, and rapidly increase the reputation and industry influence of Tellus in the jewelry industry,
accelerate the implementation of Tellus’ strategic projects, and realize Tellus’s goal of strategic transformation into
a third-party integrated operation service provider for the jewelry industry. Shenzhen Tellus Treasure Supply
Chain Tech. Co., Ltd. was established in 2019 to carry out jewelry supply chain business, consolidate third-party
jewelry services, and create a third-party value-added service platform for the jewelry industry that integrates
precious metal storage, gold and diamond supply chain services and third-party safe deposit boxes. Shenzhen
Jewelry Industry Service Co., LTD was established in 2020 to provide bonded display, bonded warehousing,
customs declaration, logistics, settlement and other services, and finally it will be built into a comprehensive
element trading service platform with international influence integrating jewelry and diamond raw materials and
finished products display, spot trading, testing, identification, design, processing, e-commerce, financial services,
and insurance.
(ii) Abundant property resources provide stable business income and financial support
The company is the largest owner of the Tellus Gman Gold Jewelry Industrial Park in the Shuibei area, Tellus
Shuibei Jewelry Building has been fully put into use, and the construction project of the Tellus Jinzhuan Trading
Building is progressing as planned. At the same time, as the largest owner of the 04 and 05 plots in the urban
renewal unit planning project of Buxin Industrial Zone, the company will plan and construct innovative industrial
projects in Buxin area that conform to the overall strategic layout of the city, district and the Company through
renovation. The company will maintain its position as the largest owner of Shuibei and Buxin areas, and grasp the
advantages of physical platform resources in the core area of the jewelry industry. In addition, the Company has a
large amount of property resources in various districts in Shenzhen, on the basis of maintaining the stability of the
13
深圳市特力(集团)股份有限公司 2020 年年度报告
original leasing business, the company will actively promote the improvement of property quality and transform
its old properties from the traditional method of simple leasing to the direction of property asset operation, so as to
fully enhance and tap the added value of the property brand, bring stable business income and cash flow to the
company, and provide a solid foundation for the company's long-term development.
14
深圳市特力(集团)股份有限公司 2020 年年度报告
Section IV Discussion and Analysis of the Operation
I. Introduction
During the reporting period, under the correct leadership of the party committee and the board of directors, and
with the joint efforts of all staff, the company upheld the spirit of "fair, diligent, hardworking, and practical", and
steadily promoted the implementation of various projects to ensure the smooth implementation of the strategy, and
all work has achieved remarkable results.
(1) The third-party service platform for jewellery has reached a new level: Shenzhen Jewelry Industry Service Co.,
LTD. was established in July, and the launch ceremony of the customs jewellery and jade bonded supervision
reform pilot program was held on October 21, which promoted the innovative development of jewellery business.
(2) The opening of the Treasury Supply Chain Company: The phase I project of Treasury Supply Chain Company
officially opened at the end of September, becoming a new starting point for the company's strategic
transformation and business expansion.
(3) Qualitative improvement of commercial operation and management capabilities: Tellus Jewelry Building
strives to build a benchmark for the industrial park, demonstrates the responsibility of state-owned enterprises,
and successfully applies for the first national three-star green building in Luohu District, which is the most
difficult to review and has the highest level of green building grade in China green building. As of the end of the
reporting period, the occupancy rate of Tower A and Tower B was 100%, the highest in the park.
(4) Tellus Home Experience Hall creates a benchmark for the transformation and upgrading of traditional
properties: The 421 projects opened as scheduled, increased revenue, opened up new businesses, and mastered the
market initiative.
(5) With the help of government policies in the automotive aftermarket business, revenue and profits hit record
highs in recent years.
(6) Tellus Jinzhuan Trading Building project: Overcome the impact of the epidemic and go all out to ensure the
construction period.
During the reporting period, the Company achieved an operating income of 424.42 million yuan, decreased by
146.65 million yuan compared with 571.07 million yuan in the same period of the previous year with 25.68%
declined; excluding the rental reduction of 30.38 million yuan due to the epidemic, actual operating income was
454.8 million yuan, a decrease of 116.27 million yuan or 20.36% from 571.07 million yuan in the corresponding
period of the previous year; the main changes in income were ①Sichuan Jewelry Company ceased operation this
year; ② due to the increase in sales of two new-mid-to-high-end models of Avalon and Vellfire this year from
Huari Company, sales income increased by 68.78 million yuan y-o-y with 31.77% growth, total profit achieved
76.7 million yuan, decreased 225.9 million yuan compared with 302.6 million yuan in the same period of the
15
深圳市特力(集团)股份有限公司 2020 年年度报告
previous year; net profit attributable to parent company was 57.66 million yuan, decreased by 162.01 million yuan
compared with 219.67 million yuan in the same period of the previous year, mainly due to the recognition of an
investment gains of 210.68 million yuan on the equity transfer of Xinglong in the same period of the previous
year.
II. Main business analysis
1. Introduction
See the “I-Introduction” in “Discussion and Analysis of the Operation”
2. Revenue and cost
(1) Constitute of operation revenue
In RMB
2020 2019
y-o-y changes
Ratio in operation Ratio in operation
Amount Amount (+,-)
revenue revenue
Total operation
424,419,203.34 100% 571,072,893.90 100% -25.68%
revenue
According to industries
Auto sales 204,928,883.35 48.28% 168,551,160.58 29.51% 21.58%
Auto inspection
and maintenance
43,351,689.36 10.21% 47,952,488.50 8.40% -9.59%
and accessories
sales
Property rental and
141,283,172.60 33.29% 161,185,484.32 28.23% -12.35%
service
Jewelry wholesale
34,855,458.03 8.21% 193,383,760.50 33.86% -81.98%
and retails
According to products
Auto sales 204,928,883.35 48.28% 168,551,160.58 29.51% 21.58%
Auto inspection
and maintenance
43,351,689.36 10.21% 47,952,488.50 8.40% -9.59%
and accessories
sales
Property rental and
141,283,172.60 33.29% 161,185,484.32 28.23% -12.35%
service
Jewelry wholesale
34,855,458.03 8.21% 193,383,760.50 33.86% -81.98%
and retails
According to region
16
深圳市特力(集团)股份有限公司 2020 年年度报告
Shenzhen 407,455,899.14 96.00% 377,689,133.40 66.14% 7.88%
Anhui 0.00% 4,521,763.87 0.79% -100.00%
Sichuan 16,963,304.20 4.00% 188,861,996.63 33.07% -91.02%
(2) Industries, products or regions that account for over 10% of the Company’s operating income or
operating profit
√Applicable □ Not applicable
In RMB
Increase/decrea
Increase/decrea Increase/decrea
Operating Gross se of gross
Operating cost se of operating se of operating
income profit ratio profit ratio
income y-o-y cost y-o-y
y-o-y
According to industries
191,680,818.0
Auto sales 204,928,883.35 6.46% 21.58% 22.36% -0.60%
7
Auto inspection and
maintenance and 41,913,088.24 32,521,898.98 22.41% -10.38% -18.01% 7.22%
accessories sales
Property rental and
134,609,167.52 57,587,615.11 57.22% -12.16% 13.41% -9.65%
service
Jewelry wholesale
34,855,458.03 34,757,161.55 0.28% -81.98% -80.87% -5.76%
and retails
According to products
191,680,818.0
Auto sales 204,928,883.35 6.46% 21.58% 22.36% -0.60%
7
Auto inspection and
maintenance and 41,913,088.24 32,521,898.98 22.41% -10.38% -18.01% 7.22%
accessories sales
Property rental and
134,609,167.52 57,587,615.11 57.22% -12.16% 13.41% -9.65%
service
Jewelry wholesale
34,855,458.03 34,757,161.55 0.28% -81.98% -80.87% -5.76%
and retails
According to region
300,537,120.2
Shenzhen 399,343,292.94 24.74% 8.35% 21.88% -8.35%
6
Anhui -100.00% -100.00% 7.44%
Sichuan 16,963,304.20 16,010,373.45 5.62% -91.02% -90.97% -0.48%
Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted main business based on
17
深圳市特力(集团)股份有限公司 2020 年年度报告
latest one year’s scope of period-end
□ Applicable √ Not applicable
(3) Income from physical sales larger than income from labors
√ Yes □ No
Y-o-y changes
Industries Item Unit 2020 2019
(+,-)
Sales volume Set 1,177 1,042 12.96%
Auto sales
Storage Set 122 108 12.96%
Reasons for y-o-y relevant data with over 30% changes
□ Applicable √ Not applicable
(4) Fulfillment of the Company’s signed significant sales contracts up to this reporting period
□ Applicable √ Not applicable
(5) Constitute of operation cost
Classification of industries
In RMB
2020 2019
Y-o-y changes
Industries Item Ratio in Ratio in
Amount Amount (+,-)
operation cost operation cost
Auto sales Automobile 191,680,818.07 60.04% 156,655,616.45 36.35% 22.36%
Auto inspection
and Accessory,
maintenance maintenance 34,227,425.76 10.72% 40,564,299.92 9.41% -15.62%
and accessories and detection
sales
Lease, property
Property rental
management 58,595,796.21 18.35% 52,101,447.87 12.09% 12.46%
and service
and other
Retail and
Jewelry
wholesale of 34,757,161.55 10.89% 181,699,948.40 42.16% -80.87%
operation
jewelry
Total 319,261,201.59 100.00% 431,021,312.64 100.00% -25.93%
Classification of products
In RMB
18
深圳市特力(集团)股份有限公司 2020 年年度报告
2020 2019
Y-o-y changes
Products Item Ratio in operation Ratio in operation
Amount Amount (+,-)
cost cost
Auto sales Automobile 191,680,818.07 60.04% 156,655,616.45 36.35% 22.36%
Auto inspection
Accessory,
and maintenance
maintenance and 34,227,425.76 10.72% 40,564,299.92 9.41% -15.62%
and accessories
detection
sales
Lease, property
Property rental
management and 58,595,796.21 18.35% 52,101,447.87 12.09% 12.46%
and service
other
Retail and
Jewelry operation wholesale of 34,757,161.55 10.89% 181,699,948.40 42.16% -80.87%
jewelry
Total 319,261,201.59 100.00% 431,021,312.64 100.00% -25.93%
(6) Whether the changes in the scope of consolidation in Reporting Period
√Yes □ No
Totally 16 enterprises included in consolidate statement for year of 2020, found more in the VI. Change of Consolidate Scope carry
in the annotation of financial statement in Auditing Report 2020 released on Juchao Website on the same date.
(7) Major changes or adjustment in business, product or service of the Company in Reporting Period
□ Applicable √ Not applicable
(8) Major sales and main suppliers
Major sales client of the Company
Total top five clients in sales (RMB) 40,560,017.67
Proportion in total annual sales volume for top five
9.56%
clients
Ratio of the sales from related parties in total annual
0.00%
sales among the top five clients
Information of top five clients of the Company
Serial Name Sales (RMB) Proportion in total annual sales
1 Client 1 17,199,716.81 4.05%
2 Client 2 6,560,964.85 1.55%
3 Client 3 6,302,468.18 1.48%
19
深圳市特力(集团)股份有限公司 2020 年年度报告
4 Client 4 5,667,079.49 1.34%
5 Client 5 4,829,788.34 1.14%
Total -- 40,560,017.67 9.56%
Other situation of main clients
□ Applicable √ Not applicable
Main suppliers of the Company
Total purchase amount from top five suppliers (RMB) 268,265,209.77
Proportion in total annual purchase amount for top five
84.03%
suppliers
Ratio of the purchase from related parties in total
4.51%
annual purchase among the top five suppliers
Information of top five suppliers of the Company
Serial Suppliers Procurement (RMB) Proportion in total annual procurement
1 Supplier 1 202,663,802.20 63.48%
2 Supplier 2 25,421,822.00 7.96%
3 Supplier 3 16,927,433.67 5.30%
4 Supplier 4 14,402,981.10 4.51%
5 Supplier 5 8,849,170.80 2.77%
Total -- 268,265,209.77 84.03%
Other notes of main suppliers of the Company
□ Applicable √ Not applicable
3. Expenses
In RMB
Increase/decrease
2020 2019 Note of major changes
y-o-y (+,-)
Tellus Starlight Jinzun is in a liquidation phase
in the year, the operating expenses declined
form a year earlier and reduced the social
Sales expense 17,715,132.43 23,956,102.30 -26.05%
security costs due to the impact of epidemic, and
the salary costs declined on a y-o-y basis for the
staff changes
Tellus Starlight Jinzun is in a liquidation phase
Management
39,984,244.07 43,668,263.92 -8.44% in the year, the management expenses declined
expense
form a year earlier and reduced the social
20
深圳市特力(集团)股份有限公司 2020 年年度报告
security costs due to the impact of epidemic, and
the salary costs declined on a y-o-y basis for the
staff changes
Mainly because there was an interest
Financial
-3,305,883.68 4,982,765.55 -166.35% expenditure on bank loans in the same period
expense
last year, and none in the current period
4. R&D investment
□ Applicable √ Not applicable
5. Cash flow
In RMB
Item 2020 2019 Y-o-y changes (+,-)
Subtotal of cash in-flow from
580,706,758.00 668,606,354.87 -13.15%
operation activity
Subtotal of cash out-flow from
471,601,455.12 589,695,001.84 -20.03%
operation activity
Net cash flow arising from
109,105,302.88 78,911,353.03 38.26%
operating activities
Subtotal of cash in-flow from
1,465,610,805.84 2,235,119,053.77 -34.43%
investment activity
Subtotal of cash out-flow from
1,763,400,388.10 1,883,237,512.37 -6.36%
investment activity
Net cash flow arising from
-297,789,582.26 351,881,541.40 -184.63%
investment activity
Subtotal of cash in-flow from
42,971,759.33 178,020,000.00 -75.86%
financing activity
Subtotal of cash out-flow from
46,625,829.24 350,992,854.04 -86.72%
financing activity
Net cash flow arising from
-3,654,069.91 -172,972,854.04 -97.89%
financing activity
Net increased amount of cash
-192,205,601.18 257,820,137.12 -174.55%
and cash equivalent
Main reasons for y-o-y major changes in aspect of relevant data
√Applicable □Not applicable
Item 2020 2019 Y-o-y changes Note
21
深圳市特力(集团)股份有限公司 2020 年年度报告
(+,-)
109,105,302.88 78,911,353.03 38.26% Sichuan Jewelry Company collected
Net cash flow arising from
full opening account receivable during
operating activities
the year
1,465,610,805.84 2,235,119,053.77 -34.43% At last period, received a equity
Subtotal of cash in-flow from
transfer payments and interest from
investment activity
Xinglong Company
-297,789,582.26 351,881,541.40 -184.63% At last period, received a equity
Net cash flow arising from
transfer payments and interest from
investment activity
Xinglong Company
42,971,759.33 178,020,000.00 -75.86% The loans declined from a year earlier
Subtotal of cash in-flow from and last year, the minority
financing activity shareholder’s investment for Sichuan
Jewelry Company increased
46,625,829.24 350,992,854.04 -86.72% Repayment of the bank liquidity, fixed
Subtotal of cash out-flow from
loan principal and interest and
financing activity
borrowings in the previous period
-3,654,069.91 -172,972,854.04 -97.89% Repayment of the bank liquidity, fixed
Net cash flow arising from
loan principal and interest and
financing activity
borrowings in the previous period
Explanation of the reasons for significant difference between the net cash flow from operating activities and the net profit of the year
during the reporting period
□Applicable √Not applicable
III. Analysis of the non-main business
√Applicable □ Not applicable
In RMB
Whether be
Amount Ratio in total profit Note
sustainable
Gains on financial management and
Investment
23,458,405.59 30.58% recognition of investment income N
income
from participating enterprises
Gain/loss of fair Changes in fair value of the
316,475.19 0.41% N
value changes outstanding financial products
Sichuan Jewelry Company collected
Assets
-1,504,929.06 -1.96% the reversal of bad debt provision for N
impairment
account receivable
Non-operation 3,289,158.12 4.29% Mainly the reversal of accrual N
22
深圳市特力(集团)股份有限公司 2020 年年度报告
revenue liability from Guangming Watch
The losses on destruction and
Non-operation
92,751.70 0.12% scrapping of non-current assets and N
expenditure
civil compensation payments
IV. Assets and liability
1. Major changes of assets composition
In RMB
Year-end of 2020 Year-begin of 2020 Notes of
Ratio
Ratio in total Ratio in total major
Amount Amount changes(+,-)
assets assets changes
Monetary fund 237,625,698.93 13.91% 428,851,606.04 26.06% -12.15%
Account receivable 19,828,510.36 1.16% 112,613,224.27 6.84% -5.68%
Inventory 22,079,679.93 1.29% 21,389,602.83 1.30% -0.01%
Investment real
568,246,616.13 33.26% 554,599,503.55 33.70% -0.44%
estate
Long-term equity
123,640,955.57 7.24% 162,178,544.05 9.85% -2.61%
investment
Fix assets 119,136,917.91 6.97% 107,119,796.59 6.51% 0.46%
Construction in
101,740,485.48 5.96% 47,654,393.55 2.90% 3.06%
process
Long-term loans 11,171,759.33 0.65% 0.65%
Tradable financial
314,013,869.86 18.38% 60,486,575.34 3.68% 14.70%
assets
Other non-current
55,993,467.99 3.28% 6,889,167.54 0.42% 2.86%
assets
Taxes payable 21,062,154.32 1.23% 71,425,267.61 4.34% -3.11%
Other account
158,663,974.62 9.29% 101,266,802.49 6.15% 3.14%
payable
Account received
2,403,580.47 0.14% 27,299,822.71 1.66% -1.52%
in advance
Contract liability 18,988,628.13 1.11% 1.11%
2. Assets and liability measured by fair value
√Applicable □Not applicable
In RMB
23
深圳市特力(集团)股份有限公司 2020 年年度报告
Accumulati
Gains/losse
ve changes Impairme
s of change Amount of Other
Period-begi of fair nt accrual Amount of sale Period-en
Items of fair purchase in chan
nning value in the in the period d
value in the the period ges
reckoned period
period
into equity
Financial
assets
1. Tradable
financial
assets
60,486,575. 1,590,780,00 1,337,252,705. 314,013,8
(excluding 316,475.19 0 0 0
34 0.00 48 69.86
derivative
financial
assets)
2.
Derivative
0 0 0 0 0 0 0 0
financial
assets
3. Other
creditor's
0 0 0 0 0 0 0 0
rights
investment
4. Other
equity 10,176,617. 10,176,61
0 0 0 0 0 0
instruments 20 7.20
Investment
Subtotal of
financial 0 0 0 0 0 0 0 0
assets
Investment
0 0 0 0 0 0 0 0
Real Estate
Productive
biological 0 0 0 0 0 0 0 0
assets
Other 0 0 0 0 0 0 0 0
70,663,192. 324,190,4
Above total 0 0 0 0 0 0
54 87.06
Financial
0.00 0 0 0 0 0 0 0.00
liabilities
Whether there have major changes on measurement attributes for main assets of the Company in report period or not
24
深圳市特力(集团)股份有限公司 2020 年年度报告
□ Yes √No
3. Right of the assets restrained till end of the Period
Found more in Auditing Report 2020 released on Juchao Website on the same date: V. “51-Assets subject to restrictions on
ownership or use” carry in the annotation of financial statement
V. Investment
1. Overall situation
√Applicable □Not applicable
Investment amount at same period of last
Investment amount in the period (RMB) Changes (+,-)
year (RMB)
134,347,000.00 169,530,000.00 -20.75%
2. The major equity investment obtained in the reporting period
√Applicable □Not applicable
In RMB
Index
Name Status Current Date of
of
of Princip Method Amoun as of investm Whethe disclos
Term of Type of disclos
investe al of t of Shareh Capital Partner the Expecte ent r ure (if
investm product
d busines investm investm olding sources s balance d return profit litigatio ure (if
ent s applica
compan s ent ent sheet and n applica
ble
y date loss ble
)
)
Jewelle Jewelle Found
ry fair ry fair more in
plannin plannin Notice
g, g, (No.:
Shenzh Shenzh
jeweller jeweller 2020-0
en en
y on y on 34)
Jewelry Luohu No Registr
consign New consign release
Industr 13,000, Own Investm fixed ation -7,852, 2020-6-
ment, establis 65% ment, 0.00 N d on
y 000.00 funds ent deadlin complet 792.82 20
exhibiti hed exhibiti Securiti
Service Holdin e ed
on on es
Co., g Co.,
plannin plannin Times,
LTD Ltd.
g, g, Hong
confere confere Kong
nce nce Comme
services services rcial
25
深圳市特力(集团)股份有限公司 2020 年年度报告
and and Daily
marketi marketi and
ng ng Juchao
plannin plannin Website
g g
Found
Purchas Purchas more in
e, sales e, sales Notice
and and (No.:
leasing leasing 2019-0
Shenzh
of gold of gold 31)
en
jewelry jewelry release
Tellus
and and d on
Treasur No
preciou Capital preciou Change Securiti
e 40,747, Own fixed -1,172, 2019-0
s metal increas 100% N/A s metal complet 0.00 N es
Supply 000.00 funds deadlin 700.64 8-30
product e product ed Times,
Chain e
s, s, Hong
Tech.
coffer coffer Kong
Co.,
lease lease Comme
Ltd.
and and rcial
wareho wareho Daily
using using and
services services Juchao
Website
53,747, -9,025,
Total -- -- -- -- -- -- -- -- 0.00 -- -- --
000.00 493.46
3. The major non-equity investment doing in the reporting period
√Applicable □Not applicable
In RMB
Reasons
Actual for not
Industry Investme Investme Realized Reaching Date of Index of
Invested
involved nt nt Income the disclosur disclosur
Investme with Anticipat
Project in Amount Amount Capital Project up to the Planned
nt fixed ed e (if e (if
Name Investme in this up to the Source Schedule End of Schedule
Method assets Income applicabl applicabl
nt Reportin End of Reportin and
(Y/N) e e
Projects g Period Reportin g Period Anticipat
) )
g Period ed
Income
Tellus Self-built Y Urban 68,160,0 174,250, Raised 0.00 0.00 Not 2019-05- Found
26
深圳市特力(集团)股份有限公司 2020 年年度报告
Jinzhuan renewal 00.00 000.00 fund by applicabl 28 more in
Trading pilot the e Notice
Building project - Compan (No.:
upgradin y 2019-02
g of the 2)
gold released
jewelry on
industry Securitie
park s Times,
Hong
Kong
Commer
cial
Daily
and
Juchao
Website
Found
more in
Notice
(No.:
Transfor
2019-00
mation
Redecora 6)
&
tion, released
upgradin Raised
renovatio on
g project fund by Not
n and 12,440,0 26,440,0 2019-03- Securitie
of the Self-built Y the 0.00 0.00 applicabl
upgradin 00.00 00.00 26 s Times,
421 Compan e
g of the Hong
worksho y
worksho Kong
p in
p Commer
Bagualin
cial
g
Daily
and
Juchao
Website
80,600,0 200,690,
Total -- -- -- -- -- -- -- --
00.00 000.00
4. Financial assets investment
(1) Securities investment
□ Applicable √ Not applicable
27
深圳市特力(集团)股份有限公司 2020 年年度报告
(2) Derivative investment
□ Applicable √ Not applicable
5. Application of raised proceeds
□ Applicable √ Not applicable
The Company has no application of raised proceeds in the Period
VI. Sales of major assets and equity
1. Sales of major assets
□Applicable √Not applicable
2. Sales of major equity
□Applicable √Not applicable
VII. Analysis of main holding Company and stock-jointly companies
√Applicable □Not applicable
Particular about main subsidiaries and stock-jointly companies net profit over 10%
In RMB
Company Main Register Total Operating Operating
Type Net assets Net profit
name business capital assets revenue profit
Shenzhen
Auto Sales of RMB
Industry 433,661,96 337,622,75 22,687,407 6,884,307. 5,321,232.
Subsidiary auto and 58.96
and Trade 4.71 9.77 .98 37 59
Corporatio accessories million
n
Auto
maintenan
Shenzhen
ce and
SDG Huari USD 5 74,840,304 27,537,437 34,313,269 3,967,519. 3,132,604.
Auto Subsidiary production
million .65 .40 .53 15 24
Enterprise
and sales
Co., Ltd.
of
accessories
Shenzhen RMB
Zhongtian Property 646,222,97 417,876,77 66,396,971 26,689,705 20,561,665
Subsidiary 366.2219
Industrial rental 7.22 8.10 .04 .90 .55
Co,. Ltd. million
Shenzhen Subsidiary Auto sales RMB 2 74,201,765 10,270,017 250,984,42 7,649,023. 6,074,051.
28
深圳市特力(集团)股份有限公司 2020 年年度报告
Huari million .84 .48 0.93 27 06
Toyota
Automobil
e Sales
Service
Co. Ltd
Manufactu
Shenzhen
Xinyongto re of
RMB
ng Auto inspection 14,369,010 8,787,695. 4,674,191.
Vehicle Subsidiary 19.61 990,566.89 933,261.75
equipment .07 48 02
Inspection
million
Equipment for motor
Co., Ltd.
vehicle
Shenzhen
Tellus Inspection
Xinyongto RMB
ng and repair 87,046,807 67,877,149 10,600,384 7,078,483. 5,367,074.
Subsidiary 32.90
Automobil of motor .89 .07 .70 27 50
e million
Developme vehicle
nt Co. Ltd
Shenzhen
Tellus Property RMB 14 15,753,836 12,801,503 2,678,005. -571,903.5 -571,720.8
Chuangyin Subsidiary
rental million .46 .32 05 7 1
g Tech.
Co., Ltd.
Sichuan
Tellus Jewelry RMB 150 156,147,35 155,002,36 16,963,304 4,548,592. 3,650,368.
Jewelry Subsidiary
sales million 3.73 6.33 .20 50 58
Tech. Co.,
Ltd.
Purchase,
sales and
leasing of
gold
Shenzhen jewelry
Tellus
and
Treasure
RMB 50 52,220,669 48,713,902 17,408,759 -1,172,700. -1,172,700.
Supply Subsidiary precious
million .82 .85 .29 65 64
Chain
metal
Tech. Co.,
Ltd. products,
coffer
lease and
warehousi
ng services
Jewellery
fair
planning,
Shenzhen jewellery
Jewelry on
consignme RMB 100 14,730,616 12,147,207 -7,852,792. -7,852,792.
Industry Subsidiary 483,394.54
nt, million .63 .18 97 82
Service
Co., LTD exhibition
planning,
conference
services
and
29
深圳市特力(集团)股份有限公司 2020 年年度报告
marketing
planning
Shenzhen Car sales
Zung Fu and RMB 30
Joint stock 237,666,26 96,020,417 1,247,864, 41,571,156 30,838,325
Tellus Auto
Company maintenan million 5.54 .54 433.00 .75 .75
Service
Co., Ltd. ce
Manufactu
Shenzhen re and
Dongfeng Joint stock RMB 100 550,728,88 140,186,67 399,893,71 -23,127,55 -26,791,28
maintenan
Motor Co., Company million 0.62 6.80 2.73 6.29 1.02
Ltd. ce of
automobile
Investment
Shenzhen in industry,
RMB
Tellus property
Joint stock 398,703,45 75,333,482 87,082,384 27,928,653 21,022,715
Gman 123.70496
Company manageme 1.61 .20 .96 .73 .25
Investment
million
Co., Ltd. nt and
leasing
Particular about subsidiaries obtained or disposed in report period
√Applicable □Not applicable
Way to obtained and dispose in the Impact on overall operation and
Name
Period performance
An important part of the jewelry third
party operation service strategy of the
Shenzhen Jewelry Industry Service Co., Company, the Shenzhen Jewelry
Newly established
LTD Company is in progress of construction
in 2020 and with net profit of -7.85
million yuan for 2020.
VIII. Structured vehicle controlled by the Company
□ Applicable √Not applicable
IX. Future development prospects
(i) Industry pattern & development trend
In 2020, the COVID-19 epidemic swept across the world. In the face of the huge impact of the epidemic and the
complex and severe domestic and foreign environments, all regions and departments have scientifically
coordinated epidemic prevention and control and economic and social development, and our country has taken the
lead in breaking out of the haze of the epidemic and realized the recovery, we rode the wind and waves to move
forward steadily, effectively promoted the restoration of production and living order, the industrial service
industry continued to rebound, investment and consumption continued to improve, and the national economy
continued to recover steadily. Overall, the annual gross domestic product increased by 2.3% over the previous
year.
30
深圳市特力(集团)股份有限公司 2020 年年度报告
Under the influence of the COVID-19 epidemic, the consumer-led gold and jewellery industry has been greatly
impacted, and many economic activities have basically stagnated. Compared with the weakness of foreign gold
markets, China's gold market stood out in 2020, the gold hedging and anti-inflation functions continued to be
sought after, and gold trading volume and gold ETF holdings continued to increase. In terms of silver, global
silver production was expected to be 27,700 tons in 2020. As of the end of November 2020, silver futures at the
Shanghai Futures Exchange had a total of 320 million transactions during the year, making it one of the world's
largest and most active silver futures. In terms of platinum, due to the impact of the epidemic, the demand and
supply of platinum fell by 19% and 35% respectively in the second quarter of 2020, supply and demand were
expected to enter a shortage, with a gap of 336,000 ounces (10.5 tons). In terms of diamonds, global demand for
rough diamonds steadily increased in 2020, and retail sales in mainland China performed well, due to changes in
consumer concepts, the demand for special-shaped diamonds and colored diamonds in the Chinese consumer
market have increased. In terms of colored gemstones, our country's colored gemstone market has steadily
increased in recent years, with an average annual compound growth rate of 5%. In terms of pearls, domestic pearl
production decreased in 2020, the price of mid- and low-end pearls slightly decreased, and the sales of pearl
jewellery have shrunk. The scale of production and sales, brand building and standard building, innovation
capability, and public service platform construction of the Shenzhen gold and jewelry manufacturing industry are
in a leading position in the national jewelry industry. Shenzhen's jewelry industry has formed a complete
industrial chain, and presents a development trend integrating R&D and design, manufacturing, exhibition and
trading, and tourism culture. However, it is facing problems such as insufficient motivation for continuous
innovation and insufficient reserves of high-end professionals. The impact of the COVID-19 epidemic will
continue to give birth to new industry formats.
(ii) Development strategy
Since formulated the strategic plan for transforming into a third-party integrated operation service provider in the
jewelry industry in 2014, Tellus has been steadily pushing forward its strategy in accordance with the established
strategy. After years of exploration and experimentation, substantial results have been achieved. In the future, the
company will continue to deepen our jewellery third-party service platform to promote the industrial upgrading
and enhance production capacity and efficiency.
1. The third party operation service of jewelry
The company will continue to deepen the expansion of third-party services for jewelry, and strive to build the
most influential third-party comprehensive service provider in the domestic jewelry and jade industry.
Continue to improve the comprehensive operation and supporting service capabilities of the Jewelry Industrial
Park. Tellus Jewelry Building will continue to adjust and upgrade jewelry business categories based on the
development trend of the jewelry industry; accelerate the exploration of value-added services to further enhance
the supporting service capabilities for enterprises in the jewelry industry park; promote the integration of
resources for enterprises in the building, and establish merchant stickiness; play the important value of Tellus
Jewelry Building as a physical platform that carries the strategic transformation of Tellus into a third-party
comprehensive service provider for the jewelry industry.
31
深圳市特力(集团)股份有限公司 2020 年年度报告
Further expand the supply chain services of the jewelry industry. Promote Tellus Treasury Supply Chain Company
to develop safe deposit box business, and build a third-party value-added service platform for the jewelry industry
that integrates precious metal storage, gold and diamond supply chain services and third-party safe deposit boxes.
Innovatively develop the business of Shenzhen jewelry companies. Provide bonded display, bonded warehousing,
customs declaration, logistics, settlement and other services, and finally build a comprehensive element trading
service platform with international influence integrating jewelry and diamond raw materials and finished products
display, spot trading, testing, identification, design, processing, e-commerce, financial services, and insurance.
Promote the construction of a base for innovation and entrepreneurship. Strengthen operation and management
innovation, establish a mechanism suitable for the development and growth of innovative and entrepreneurial
teams, develop creative design and high-end talent training business, unite with leading companies in Shuibei, rely
on colleges and universities in Shenzhen and establish innovative and creative design colleges so as to cultivate
high-end talents in jewellery and jade that are market-oriented and in line with international fashion.
2. Resource asset business
Resource asset management is an important business section of the company, which provides the company with a
stable cash flow. The company will continue to strengthen the management and operation of resource assets by
means of transformation, revitalization, upgrading, and innovative operation, and with the help of market-oriented
operations to expand the profitability and economic benefits of resource assets.
3. Auto service business
Persist in optimizing automobile sales and aftermarket services, with the development goal of becoming a
comprehensive supplier to provide consumers with diverse automobile products and service solutions, and focus
on the development of automobile retail services, automobile trade services, and automobile aftermarket services.
Make full use of the company's existing business foundation, give play to the own properties and geographical
advantages, build an industrial brand, and accelerate the extension and added value of auto parts maintenance and
testing services.
(iii) The company's 2021 annual business plan
In 2021, the company will seize the opportunity for in-depth adjustment of the jewelry industry, deepen the
expansion of third-party services for jewelry, practice the Tellus spirit of "fair, diligent, hardworking, and
practical", and promote the formation of a team of strugglers that work together with one will.
1. Jewelry third-party business:
(1) Shenzhen Jewelry Company: Provide efficient and convenient one-stop full-chain services, and realize
value-added services to create revenue.
(2) Treasury Supply Chain Company: Focus on the bonded platform, develop and optimize the compliant supply
chain innovation business, and provide high-end safe deposit box services above the standard.
(3) Innovation and Entrepreneurship Base: Improve the design and creativity development and innovation and
32
深圳市特力(集团)股份有限公司 2020 年年度报告
entrepreneurship incubation service system, realize the smooth acceptance of the innovation and entrepreneurship
base; accelerate project cultivation.
2. Commercial operation management business:
(1) Tellus Jewelry Building: Optimize the own commercial management and operation system, improve overall
commercial management efficiency, and maintain a good market competitive advantage; build a professional
service operation model to increase brand premiums.
(2) Tellus Home Life Experience Hall: High-quality operation to broaden brand awareness.
(3) Tellus Jinzhuan Trading Building: The Phase I and Phase II will be linked to optimize the positioning and
investment plan.
3. Auto service business: On the basis of maintaining the stable scale of auto sales and service business,
continuously optimize the management and business model, and actively explore new models of auto incremental
business.
4. Tellus Jinzhuan Trading Building construction project and renovation project:
(1) Tellus Jinzhuan Trading Building project: Proceed steadily according to the plan, and complete the capping of
the main building before the end of 2021.
(2) Urban Renewal Project in Buxin Industrial Zone: Actively promote the approval of the implementation of
urban renewal.
5. Improve the "14th Five-Year" strategic plan and track the strategic decomposition
Aim at the formulation of the "14th Five-Year" strategic plan, decompose targets, analyze business data, focus on
strategic priorities, and improve work efficiency.
6. Improve the talent echelon construction system and comprehensively enhance the quality of talent training
(1) Ensure the effective supply of talents and increase the training of reserve talents and successors.
(2) Establish a sound talent training system, formulate personal learning maps, and optimize training methods.
(3) Continue to optimize the salary performance management system to achieve differentiated salary, targeted
assessment and market exit for talents.
(iv) Possible risks and countermeasures
In the process of strategy implementation and project operation, we will objectively and clearly recognize the
possible risks, and take active and effective measures to prevent them.
1. Risks from fluctuations in the macroeconomic situation
Affected by factors such as domestic and foreign epidemics and financial deleveraging, our country's economy
has entered a period of speed adjustment, domestic economic growth has slowed, and pressure on industrial
structure adjustment has increased. In early 2021, the impact of the COVID-19 epidemic has not yet been
33
深圳市特力(集团)股份有限公司 2020 年年度报告
eliminated, and it will still impact economic development in the short term. The overall economic environment
has an uncertain impact on the company's operations.
In response to this risk, the company will actively take various preventive measures. Firstly, continue to
strengthen management, improve efficiency through scientific management, tap the potential to increase revenue,
and comprehensively improve the profitability of the original business; secondly, promote the implementation of
projects, expand the incremental market, and expand the business scale, look for new profit growth points, and
provide a good foundation for the company’s long-term stable development.
2. Risks caused by strategic decomposition and project implementation
In recent years, the company has made every effort to advance its transformation strategy goals, and several
strategic projects have been implemented. However, in the process of entering the industry in depth, the company
has become more and more aware of the various difficulties and risks it will face. Brand-new business models,
technical characteristics, supply and demand relationships, customer needs, risk factors, human resource
requirements, how to identify technological development capabilities, how to meet changing market needs, and
how to take the path of innovation and development in the market are all new challenges that the company
urgently needs to solve, which put forward higher requirements for the company's resource integration capabilities,
project management capabilities, and professional talent reserves in the company's new business layout.
In response to this risk, on the one hand, the company will continue to strengthen its belief in transformation,
follow the established overall development strategy and business strategy, fully demonstrate, make prudent
decision-making, fine management, and market-oriented operation to ensure that strategic projects obtain good
investment returns and actively respond to market competition; on the other hand, the company will steadily
promote reform and innovation, and take advantage of the completion of the "Double Hundred Action" to explore
and improve the company's long-term incentive mechanism, mobilize the enthusiasm of all employees, improve
corporate management and operating efficiency, and effectively enhance the core competitiveness of the company.
X. Reception of research, communication and interview
1. In the report period, reception of research, communication and interview
□ Applicable √Not applicable
No reception of research, communication and interview in the Period
34
深圳市特力(集团)股份有限公司 2020 年年度报告
Section V. Important Events
I. Profit distribution plan of common stock and capitalizing of common reserves plan
Formulation, Implementation and Adjustment of common stock Profit Distribution Policy Especially Cash Dividend policy during
the Reporting Period
√Applicable □Not applicable
The company attaches great importance to the reasonable returns for investors; the Articles of Association clearly
defines the standards and proportions of cash dividends, the decision-making procedures and mechanisms, and the
form of profit distribution. The company strictly complies with the Articles of Association and the resolutions of
the shareholders' general meeting, the dividends standards and proportions are clear, relevant decision-making
procedures and mechanisms are complete, the independent directors are responsible and give play to their duties,
the medium and small shareholders have the opportunities to express their opinions and demands, and the
legitimate rights and interests of medium and small shareholders are fully maintained.
Special description on cash dividend policy
Whether it meets the requirements of the Article of Association
Y
or the Resolution of the General Meeting (Y/N):
Whether the bonus standards and proportion is clear and
Y
well-defined (Y/N):
Whether has a completed relevant decision-making procedures
Y
and mechanism (Y/N):
Whether independent directors fulfill duties and play a due role
Y
(Y/N):
Minority shareholders whether has opportunity of full
expression and appeals, the legal interest of the minority are Y
being protected totally (Y/N):
As for the adjustment and change of cash bonus policy, the
condition and procedures whether meets regulations and Y
transparent (Y/N):
Distribution plan (pre-plan) for common stock dividends, capitalization scheme of capital reserve (pre-plan) in latest three years
(including this period)
Profit distribution plan for year of 2018 are: carry out 4.5 additional shares for each 10 shares held by
shareholders are being converted by the capital reserve, based on total share capital 297,281,600 shares on 31st
December 2018. Totally 133,776,720 shares are converted and the share capital of the Company increased to
431,058,320 after this conversion
Profit distribution plan for year of 2019 are: Distributed 0.42 yuan cash bonus (including tax) for every 10 shares
held by whole shareholders of the Company based on total share capital 431,058,320 shares on 31st December
2019, total 8,104,449.44 yuan are distributed in cash, no bonus shares and no public reserve transfer into share
35
深圳市特力(集团)股份有限公司 2020 年年度报告
capital.
Profit distribution plan for year of 2020 are: Distributed 0.20 yuan cash bonus (including tax) for every 10 shares
held by whole shareholders of the Company based on total share capital 431,058,320 shares on 31st December
2020, total 8,621,166.40 yuan are distributed in cash, no bonus shares and no public reserve transfer into share
capital.
Cash dividend of common stock in latest three years (including the reporting period)
In RMB
Ratio of the
Ratio of the
total cash
Ratio of the cash bonus
bonus (other
cash bonus in by other
ways
Net profit net profit ways in net
Proportion included) in
attributable to attributable profit
for cash net profit
common stock to common attributable Total cash
Year for Amount for bonus by attributable
shareholders of stock to common bonus
bonus cash bonus other to common
listed company shareholders stock (including
shares (tax included) ways(i.e. stock
in consolidation of listed shareholders other ways)
share shareholders
statement for company of listed
buy-backs) of listed
bonus year contained in company
company
consolidation contained in
contained in
statement consolidation
consolidation
statement
statement
2020 8,621,166.40 57,663,828.89 14.95% 0.00 0.00% 8,621,166.40 14.95%
2019 18,104,449.44 219,669,708.47 8.24% 0.00 0.00% 18,104,449.44 8.24%
2018 0.00 86,924,058.72 0.00% 0.00 0.00% 0.00 0.00%
The Company gains profits in reporting period and the retained profit of common stock shareholders provided by parent Company is
positive but no plan of cash dividend proposed of common stock
□Applicable √Not applicable
II. Profit distribution plan and capitalizing of common reserves plan for the Period
√Applicable □Not applicable
Bonus shares for every 10-share (Share) 0
Dividends for every 10-share (RMB) (Tax
0.20
included)
Shares transferred from every 10 shares (Share) 0
Equity base of distribution plan (Share) 431,058,320
Cash bonus distribution (RMB) (Tax included) 8,621,166.40
36
深圳市特力(集团)股份有限公司 2020 年年度报告
Cash bonus distribution in other ways (i.e. share
0.00
buy-backs) (RMB)
Total cash bonus (including other ways) (RMB) 8,621,166.40
Distributable profits (RMB) 187,380,544.20
Ratio of total cash dividend (other ways
100%
included) in total profit distribution
Cash dividend
If the Company’s development stage is in the growth period and there is a major capital expenditure arrangement, the minimum
proportion of cash dividend in the profit distribution should be 20%
Explanation on profit distribution or capitalizing of capital reserves
Profit distribution plan for year of 2020 is: Distributed 0.20 yuan cash bonus (including tax) for every 10 shares held by whole
shareholders of the Company based on total share capital 431,058,320 shares on 31st December 2020, total 8,621,166.40 yuan are
distributed in cash, no bonus shares and no public reserve transfer into share capital.
III. Implementation of commitment
1. Commitments that the actual controller, shareholders, related party, buyers and the Company have
fulfilled during the reporting period and have not yet fulfilled by the end of reporting period
√Applicable □Not applicable
Commi Type of
Commitment Commitm Commitm Implemen
tment commitme Content of commitments
s ent date ent term tation
party nts
Commitment
s for share
merger
reform
Commitment
s in report of
acquisition or
equity
change
Commitment
s in assets
reorganizatio
n
Shenzh The commitments to the fulfillment of
Commitment
en information disclosure about the Company
s make in 2014-10-1 Implemen
Tellus Other business development are as follows: except Long-term
initial public 7 ting
Holdin for the information has been disclosed
offering or
g Co., publicly, the Company has not had the
37
深圳市特力(集团)股份有限公司 2020 年年度报告
re-financing Ltd. disclosed information about asset acquisition
and business development that has not been
disclosed within one year. In the future, the
Company shall timely, accurately and
adequately disclose the relevant information
according to the progress of new business and
the related requirements.
Equity
incentive
commitment
In order to avoid the horizontal competition,
the Company’s controlling shareholder,
Shenzhen SDG has issued the “commitment
Shenzh
letter about the avoidance of horizontal
en
competition” on May 26, 2014. The full
Special
Horizontal commitment letter is as follows: 1. The
Develo 2014-05-2 Implemen
Competiti Company and other enterprises controlled by Long-term
pment 6 ting
on the Company except Tellus Group haven’t
Group
occupied in any business that could
Co.,
substantially compete with the main
Ltd.
businesses of Tellus Group, and have no
horizontal competition relationship with
Tellus Group.
From 2020 to 2022, the Company’s profits
Other will first be used to cover the losses of
commitments previous years; after making up for losses of
for medium previous years, in the premise that the
and small Company’s profits and cash flow can meet the
shareholders Company's normal operations and long-term
development, reward shareholders, the
Shenzh Company will implement positive profit
en distribution approaches to reward the
Dividend
Tellus shareholders, details are as follows: 1. The 2021-04-2 2022-12-3 Implemen
commitme
Holdin Company’s profit distribution can adopt cash, 4 1 ting
nt
g Co., stock or the combination of cash and stock or
Ltd. other methods permitted by law. The foreign
currency conversion rates of domestically
listed foreign shares dividend are calculated
according to the standard price of HK dollar
against RMB announced by People's Bank of
China on the first working day after the
resolution date of the shareholders' meeting.
The Company prefers to adopt the cash
38
深圳市特力(集团)股份有限公司 2020 年年度报告
dividends to distribute profits. In order to
maintain the adaptability between capital
expansion and performance growth, in the
premise of ensuring the full cash dividend
distributions and the rationality of equity scale
and equity structure, the Company can adopt
the stock dividend methods to distribute
profits. 2. According to the "Company Law"
and other relevant laws and the provisions of
the Company’s "Articles of Association",
following conditions should be satisfied when
the Company implements cash dividends: (1)
the Company's annual distributable profits
(i.e. the after-tax profits after making up for
losses and withdrawing accumulation funds)
are positive value, the implementation of cash
dividends will not affect the Company's
subsequent continuing operations; (2) the
audit institution issues the standard audit
report with clean opinion to the Company's
annual financial report; (3) the Company has
no significant investment plans or significant
cash outlay (except for fund-raising projects).
Major investment plans or significant cash
outlay refer to: the accumulated expenditures
the Company plans to used for investments
abroad, acquisition of assets, or purchase of
equipment within the next 12 months reach or
exceed 30% of the net assets audited in the
latest period. 3. In the premise of meeting the
conditions of cash dividends and ensuring the
Company’s normal operation and long-term
development, the Company makes cash
dividends once a year in principle, the
Company’s board of directors can propose the
Company to make interim cash dividends in
accordance with the Company's profitability
and capital demand conditions. The
proportion of cash dividends in profits
available for distribution and in distribution of
profits should meet the following
requirements: (1) in principle, the Company’s
profits distributed in cash every year should
not be less than 10% of profit available for
39
深圳市特力(集团)股份有限公司 2020 年年度报告
distribution realized in the same year, and the
Company’s profits accumulatively distributed
in cash in the last three years should not be
less than 30% of the annual average profit
available for distribution realized in the last
three years. (2) if the Company’s development
stage belongs to mature stage and there is no
significant capital expenditure arrangement,
when distributing profits, the minimum
proportion of cash dividends in this profit
distribution should be 80%; (3) if the
Company’s development stage belongs to
mature stage and there are significant capital
expenditure arrangements, when distributing
profits, the minimum proportion of cash
dividends in this profit distribution should be
40%; (4) if the Company’s development stage
belongs to growth stage and there are
significant capital expenditure arrangements,
when distributing profits, the minimum
proportion of cash dividends in this profit
distribution should be 20%; when the
Company's development stage is not easy to
be differed but there are significant capital
expenditure arrangements, please handle
according to the preceding provisions. 4. On
the condition of meeting the cash dividend
distribution, if the Company's operation
revenue and net profit grow fast, and the
board of directors considers that the
Company’s equity scale and equity structure
are reasonable, the Company can propose and
implement the dividend distribution plans
except proposing the cash dividend
distribution plans. When allocating stock
dividend every time, the stock dividend per 10
shares should be no less than 1 share. Stock
allocation can be implemented individually or
in combination of cash dividends. When
confirming the exact amount of profit
distribution by stock, the Company should
fully consider if the general capital after profit
distribution by stock matches with the
Company’s current operation scale and profit
40
深圳市特力(集团)股份有限公司 2020 年年度报告
growth rate and consider the impact on future
financing so as to make sure the allocation
plans meet the overall interests of all
shareholders.
Completed
Y
on time(Y/N)
As for the
commitment
out of the
commitment
Not applicable
time, explain
the specific
reasons and
further plans
2. Concerning assets or project of the Company, which has profit forecast, and reporting period still in
forecasting period, explain reasons of reaching the original profit forecast
□Applicable √Not applicable
IV. 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.
V. Explanation from Board of Directors, Supervisory Committee and Independent Directors
(if applicable) for “Qualified Opinion” that issued by CPA
□Applicable √Not applicable
VI. Particulars about the changes in aspect of accounting policy, estimates and calculation
method compared with the financial report of last year
√Applicable □Not applicable
Since January 1, 2020, the Company has implemented the revised Accounting Standards for Business Enterprises No.14- Revenue.
Found more in the Company’s “Auditing Report 2020” disclosed on www.cninfo.com.cn on the same day, Note III to the Financial
Statements “Major Accounting Policies and Accounting Estimates” -31. “Changes in Important Accounting Policies and Accounting
Estimates”
VII. Major accounting errors within reporting period that needs retrospective restatement
□ Applicable √ Not applicable
41
深圳市特力(集团)股份有限公司 2020 年年度报告
No major accounting errors within reporting period that needs retrospective restatement for the Company in the period.
VIII. Compare with last year’s financial report; explain changes in consolidation statement’s
scope
√ Applicable □Not applicable
Totally 16 enterprises included in consolidate statement for year of 2020, found more in the VI. Change of Consolidate Scope carry
in the annotation of financial statement in Auditing Report 2020 released on Juchao Website on the same date.
IX. Appointment and non-reappointment (dismissal) of CPA
Accounting firm appointed
RSM Certified Public Accountants (Special General
Name of domestic accounting firm
Partnership)
Remuneration for domestic accounting firm (in 10 thousand
70.50
Yuan)
Continuous life of auditing service for domestic accounting
1
firm
Name of domestic CPA Li Qiaoyi, Qin Changming
Continuous life of auditing service for domestic accounting
Li Qiaoyi-1, Qin Changming-2
firm
Re-appointed accounting firms in this period
√ Yes □ No
Whether to change the accounting firm during the audit period
□ Yes √ No
Whether the change of accounting firm meets the approval procedure
√ Yes □ No
Detailed description of the re-appointed, change of accounting firm
The company’s former auditing firm Pan-China Certified Public Accountants (LLP) (hereinafter referred to as “Pan-China CPA”)
adhered to the principle of independent auditing in its practice, fairly and independently issued audit opinions, objectively, fairly and
accurately reflected the company’s financial situations and internal controls, and effectively fulfilled the responsibilities of the audit
institution.
In view of the expiry of the term of appointment of Pan-China CPA, the company intends not to engage Pan-China CPA as the
financial auditor for year of 2020, and has communicated with Pan-China CPA in advance regarding termination and related matters.
The company expresses its sincere gratitude to Pan-China CPA and its team for their diligence, conscientiousness and good service
during the provision of audit services.
According to the company’s business development and future audit needs, after careful consideration, the company intends to
appointed RSM Certified Public Accountants (Special General Partnership) as the company’s financial audit and internal control
audit institution for 2020, with a term of one year and the financial audit fee of 500,000 yuan and the internal control audit cost of
205,000 yuan, a total of 705,000 yuan.
42
深圳市特力(集团)股份有限公司 2020 年年度报告
Appointment of internal control auditing accounting firm, financial consultant or sponsor
√Applicable □ Not applicable
The Company appointed RSM Certified Public Accountants (Special General Partnership) as the internal control audit accounting
firm of the Company for year of 2020, with internal control audit of 205,000 yuan.
X. Particular about delisting after annual report disclosed
□Applicable √Not applicable
XI. Bankruptcy reorganization
□ Applicable √ Not applicable
No bankruptcy reorganization for the Company in reporting period
XII. Significant lawsuits and arbitration of the Company
√ Applicable □ Not applicable
Found more in the Company’s “Auditing Report 2020” disclosed on www.cninfo.com.cn on the same day, Note 11. Commitments or
contingency to the Financial Statements
XIII. Penalty and rectification
□ Applicable √ Not applicable
No penalty and rectification for the Company in reporting period.
XIV. Integrity of the Company and its controlling shareholders and actual controllers
Applicable √ Not applicable
XV. 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.
43
深圳市特力(集团)股份有限公司 2020 年年度报告
XVI. Major related transaction
1. Related transaction with routine operation concerned
√Applicable □Not applicable
I
n
D
d
at
Whet e
e
her x
o
Trading over Cleari o
Related Propo Availab f
Type Conte limit the ng f
transact rtion
of nt of Pricin form le d
Relati Related ion in approve appro d
Related relate relate g for
onshi transacti amount simila similar is
party d d princi d (in 10 ved relate is
p on price (in 10 r
transa transa ple d market cl
thousan transa thousan limite c
ction ction transa
d Yuan) ctions price o
d Yuan) d or ction l
s
not o
u
(Y/N) s
r
u
e
r
e
Direct
or,
super
visor
Shenzh and
en senior
Routi Refer Agree
Zung execu Offeri
ne ence d by
Fu tives ng
relate marke contra
Tellus of the proper 385.71 385.71 2.73% 540 N 385.71
d t ct or
Auto Comp ty
transa pricin agree
Service any renal
ction g ment
Co., serves
Ltd. direct
or of
the
enterp
rise
Shenzh Subsi Routi Refer Agree
Offeri
en SDG diary ne ence d by
ng
Tellus of the relate marke contra
proper 4.48 4.48 0.03% 14 N 4.48
Propert contro d t ct or
ty
y lling transa pricin agree
renal
Manage share ction g ment
44
深圳市特力(集团)股份有限公司 2020 年年度报告
ment holder
Co.,
Ltd.
Offeri
ng
Subsi
Shenzh Routi proper Refer Agree
diary
en SDG ne ty ence d by
of the
Petty relate renal marke contra
contro 113.70 113.70 0.80% 113.70 N 113.70
Loan d and t ct or
lling
Co., transa manag pricin agree
share
Ltd. ction ement g ment
holder
servic
e
Jewelry
Park Sub-s
Routi Refer Agree
Branch ubsidi Offeri
ne ence d by
of ary of ng
relate marke contra
Shenzh contro proper 180.11 180.11 1.27% 180 Y 180.11
d t ct or
en SDG lling ty
transa pricin agree
Service share renal
ction g ment
Co., holder
Ltd.
Shenzh Accep
Subsi
en SDG Routi t Refer Agree
diary
Engine ne engine ence d by
of the
ering relate ering marke contra
contro 83.89 83.89 1.43% 43 Y 83.89
Manage d superv t ct or
lling
ment transa ision pricin agree
share
Co., ction servic g ment
holder
Ltd e
Accep
t
Jewelry
servic
Park Sub-s
Routi es Refer Agree
Branch ubsidi
ne such ence d by
of ary of
relate as marke contra
Shenzh contro 104.62 104.62 1.79% 36 Y 104.62
d clean t ct or
en SDG lling
transa greeni pricin agree
Service share
ction ng and g ment
Co., holder
transf
Ltd.
ormati
on
Shenzh Subsi Routi Accep Refer 1,440.30 1,440.3 24.58 1,570 N Agree 1,440.3
45
深圳市特力(集团)股份有限公司 2020 年年度报告
en SDG diary ne t ence % d by 0
Tellus of the relate proper marke contra
Propert contro d ty t ct or
y lling transa manag pricin agree
Manage share ction ement g ment
ment holder servic
Co., es
Ltd.
2,312.8
Total -- -- -- 2,523 -- -- -- -- --
1
Detail of sales return with major
N/A
amount involved
Report the actual implementation of
the daily related transactions which
were projected about their total Performing normally
amount by types during the
reporting period (if applicable)
Reasons for major differences
between trading price and market Not applicable
reference price
2. Related transactions by assets acquisition and sold
□ Applicable √ Not applicable
No related transactions by assets acquisition and sold for the Company in reporting period.
3. Main related transactions of mutual investment outside
□ Applicable √ Not applicable
No main related transactions of mutual investment outside for the Company in reporting period.
4. Contact of related credit and debt
√Applicable □Not applicable
Whether the Company had non-operating contact of related credit and debt
√ Yes □ No
Debts payable to related party
Balance at Current Current Current Balance at
period-beg newly recovery interest period-end
Relationsh Interest
Related party Causes in (10 added (10 (10 (10
ip rate
thousand (10 thousand thousand thousand
Yuan) thousand Yuan) Yuan) Yuan)
46
深圳市特力(集团)股份有限公司 2020 年年度报告
Yuan)
Shenzhen
Controllin Loan
Special
g principal
Development 1,738 6 1 6 1,743
shareholde for Hurari
Group Co.,
rs Company
Ltd.
Shenzhen
Controllin Loan
Special
g principal
Development 300 300 0
shareholde for Hurari
Group Co.,
rs Company
Ltd.
Impact on operation results
Total profit decreased 60,000 Yuan due to the interest expenses increased in the Year
and financial status
5. Other major related transactions
□Applicable √Not applicable
No other major related transaction in Period
XVII. 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 for the Company in reporting period
2. Major guarantees
√Applicable □Not applicable
47
深圳市特力(集团)股份有限公司 2020 年年度报告
(1) Guarantees
In 10 thousand Yuan
Particulars about the external guarantee of the Company and its subsidiary (Barring the guarantee for subsidiaries)
Related Guaran
Name of the Announc Actual Implem tee for
Guarante Actual date of Guarantee Guarantee
Company ement guarantee ented related
e limit happening type term
guaranteed disclosur limit (Y/N) party
e date (Y/N)
To the
Shenzhen Zung Fu expire date
2014-09-
Tellus Auto Service 3,500 2007-04-17 3,500 Pledged of joint N Y
30
Co., Ltd. venture
contract
Total actual occurred
Total approving external
0 external guarantee in 3,500
guarantee in report period (A1)
report period (A2)
Total actual balance of
Total approved external
external guarantee at the
guarantee at the end of report 3,500 3,500
end of report period
period ( A3)
(A4)
Guarantee of the Company for subsidiaries
Related Guaran
Name of the Announc Actual Implem tee for
Guarante Actual date of Guarantee Guarantee
Company ement guarantee ented related
e limit happening type term
guaranteed disclosur limit (Y/N) party
e date (Y/N)
Total amount of actual
Total amount of approving
occurred guarantee for
guarantee for subsidiaries in 0 0
subsidiaries in report
report period (B1)
period (B2)
Total balance of actual
Total amount of approved
guarantee for subsidiaries
guarantee for subsidiaries at the 0 0
at the end of reporting
end of reporting period (B3)
period (B4)
Guarantee of the subsidiaries for subsidiaries
Related Guaran
Name of the Announc Actual Implem tee for
Guarante Actual date of Guarantee Guarantee
Company ement guarantee ented related
e limit happening type term
guaranteed disclosur limit (Y/N) party
e date (Y/N)
48
深圳市特力(集团)股份有限公司 2020 年年度报告
Total amount of actual
Total amount of approving
occurred guarantee for
guarantee for subsidiaries in 0 0
subsidiaries in report
report period (C1)
period (C2)
Total balance of actual
Total amount of approved
guarantee for subsidiaries
guarantee for subsidiaries at the 0 0
at the end of reporting
end of reporting period (C3)
period (C4)
Total amount of guarantee of the Company (total of three above mentioned guarantee)
Total amount of actual
Total amount of approving
occurred guarantee in
guarantee in report period 0 3,500
report period
(A1+B1+C1)
(A2+B2+C2)
Total balance of actual
Total amount of approved
guarantee at the end of
guarantee at the end of report 3,500 3,500
report period
period (A3+B3+C3)
(A4+B4+C4)
Total actual guarantees (A4+B4+C4) as a percentage of the
2.67%
Company’s net assets
Including:
Amount of guarantee for shareholders, actual controller and its
0
related parties (D)
The debts guarantee amount provided for the guaranteed parties
whose assets-liability ratio exceed 70% directly or indirectly 0
(E)
Proportion of total amount of guarantee in net assets of the
0
Company exceed 50% (F)
Total amount of the aforesaid three guarantees (D+E+F) 0
Explanations on possibly bearing joint and several liquidating
N/A
responsibilities for undue guarantees (if applicable)
Explanations on external guarantee against regulated
N/A
procedures (if applicable)
Explanation on guarantee with composite way
Nil
(2) Guarantee outside against the regulation
□Applicable √Not applicable
No guarantee outside against the regulation in Period.
49
深圳市特力(集团)股份有限公司 2020 年年度报告
3. Entrust others to cash asset management
(1) Trust financing
√Applicable □Not applicable
Trust financing in the reporting period
In 10 thousand Yuan
Type Capital resources Amount for entrust Balance un-expired Overdue amount
Bank financing
Own funds 159,078 31,322 0
product
Total 159,078 31,322 0
Details of the single major amount, or high-risk trust investment with low security, poor fluidity and non-guaranteed
□Applicable √Not applicable
Entrust financial expected to be unable to recover the principal or impairment might be occurred
□Applicable √Not applicable
(2) Entrusted loans
□ Applicable √ Not applicable
The Company had no entrusted loans in the reporting period.
4.Significant contracts for day-to-day operations
□ Applicable √ Not applicable
5. Other significant contracts
□ Applicable √ Not applicable
No other significant contracts for the Company in reporting period
XVIII. Social responsibility
1. Fulfill social responsibility
The Company has always taken the shareholders’ return, employees’ achievements, and social feedback as its
own duty. We adheres to the principle of fairness and actively safeguards the legitimate rights and interests of
shareholders; actively advocates achieving the self-worth while realizing the enterprise value, and creates a
working environment that the enterprise cares for employees and employees love the enterprise so as to have a
harmonious development together; actively returns to the society and the public, and commits itself to achieve the
harmonious and sustainable development of the Company and society.
50
深圳市特力(集团)股份有限公司 2020 年年度报告
(ii)Performance of taking targeted measures in poverty alleviation
1.Precise poverty alleviation planning
The company fully implements the general requirements of the closing battle against poverty, fulfilled the role of
state-owned enterprises and flexible carried out various assistance work to combat the poverty.
2.Summary of the annual precise poverty alleviation
During the reporting period, the company digest agricultural and sideline products in poor areas by means of
purchase instead of donation, and opens up sales channels for agricultural products by means of consumption and
support, and strongly promote the economic upgrading of poor areas with practical actions.
3.follow-up precise poverty alleviation
The company will continue to digest the agricultural and sideline products from poor areas through purchase in
lieu of donation, and takes concrete actions to promote the economic improvement in poor areas and lift poor
people out of poverty.
(iii) Environmental protection
The listed Company and its subsidiary whether belongs to the key sewage units released from environmental protection department
□ Yes √No
The company and its subsidiaries are not among the key emission units announced by the environmental protection authorities.
XIX. Explanation on other significant events
□ Applicable √ Not applicable
XX. Significant event of subsidiary of the Company
□Applicable √Not applicable
51
深圳市特力(集团)股份有限公司 2020 年年度报告
Section VI. Changes in Shares and Particulars about Shareholder
I. Changes in Share Capital
1. Changes in Share Capital
In Share
Before change Increase/decrease in this time (+ , - ) After change
New Capitali
share Bonu zation Sub
Othe
Amount Ratio s s of tota Amount Ratio
r
issue share public l
d reserve
I. Restricted shares 0 0.00% 0 0 0 0 0 0 0.00%
1. State holding 0 0.00% 0 0 0 0 0 0 0.00%
2. State-owned corporation
0 0.00% 0 0 0 0 0 0 0.00%
shares
3. Other domestic shares 0 0.00% 0 0 0 0 0 0 0.00%
Including: domestic legal
0 0.00% 0 0 0 0 0 0 0.00%
person’s shares
Domestic natural
0 0.00% 0 0 0 0 0 0 0.00%
person’s shares
4. Foreigner’s shares 0 0.00% 0 0 0 0 0 0 0.00%
Including: foreign
0 0.00% 0 0 0 0 0 0 0.00%
corporation shares
Foreign natural
0 0.00% 0 0 0 0 0 0 0.00%
person’s shares
100.00
II. Un-restricted shares 431,058,320 100.00% 0 0 0 0 0 431,058,320
%
1. RMB ordinary shares 392,778,320 91.12% 0 0 0 0 0 392,778,320 91.12%
2. Domestically listed
38,280,000 8.88% 0 0 0 0 0 38,280,000 8.88%
foreign shares
2. Foreign shares listed
0 0.00% 0 0 0 0 0 0 0.00%
aboard
3. Other 0 0.00% 0 0 0 0 0 0 0.00%
100.00
III. Total shares 431,058,320 100.00% 0 0 0 0 0 431,058,320
%
52
深圳市特力(集团)股份有限公司 2020 年年度报告
Reasons for share changed
□Applicable √Not applicable
2. Changes of restricted shares
□ Applicable √ Not applicable
II. Securities issuance and listing
1. Security offering (without preferred stock) in Reporting Period
□Applicable √Not applicable
2. Changes of total shares and shareholders structure as well as explanation on changes of assets and
liability structure
□Applicable √Not applicable
3. Current internal staff shares
□ Applicable √ Not applicable
III. Particulars about shareholder and actual controller of the Company
1. Amount of shareholders of the Company and particulars about shares holding
In Share
Total
preference
shareholders
Total common Total preference with voting
Total
stock shareholders with rights
common
shareholders at voting rights recovered at
stock
48,827 end of last 47,794 recovered at end of 0 end of last 0
shareholders
month before reporting period (if month before
in reporting
annual report applicable) (found annual report
period-end
disclosed in note 8) disclosed (if
applicable)
(found in
note 8)
Particulars about shares held above 5% by shareholders or top ten shareholders
Full name of Nature of Proporti Total Changes in Amo Amount of Number of share
Shareholders shareholder on of shareholders report period unt of un-restricted pledged/frozen
53
深圳市特力(集团)股份有限公司 2020 年年度报告
shares at the end restri shares held
held of report cted State of
Amount
period share share
s held
Shenzhen
Special State-owned
49.09% 211,591,621 0 0 211,591,621 0
Development corporation
Group Co., Ltd.
Shenzhen
Domestic
Capital Fortune
non
Jewelry Industry 14.77% 63,655,372 -13,441,499 0 63,655,372 0
state-owned
Investment
corporate
Enterprise (LP)
GUOTAI
JUNAN
Foreign
SECURITIES(H 0.40% 1,736,091 0 0 1,736,091 0
corporation
ONGKONG)
LIMITED
Hong Kong
Securities Foreign
0.27% 1,154,905 351，557 0 1,154,905 0
Clearing corporation
Company Ltd.
CCB-GF CSI All
Index Auto
index-based
Other 0.22% 942,238 942,238 0 942,238 0
Originated
Securities
Investment Fund
Shanghai
Yingshui
Investment
Management
Co., Ltd. -
Other 0.13% 566,487 566,487 0 566,487 0
Yingshui
Dongfeng
No.3-Private
Equity
Investment Fund
Domestic
Shen Zuowei nature 0.12% 516,485 516,485 0 516,485 0
person
Cinda Securities State-owned 0.12% 510,000 156,681 0 510,000 0
54
深圳市特力(集团)股份有限公司 2020 年年度报告
Co., Ltd. corporation
Domestic
Yang Jianfeng nature 0.12% 504,200 504,200 0 504,200 0
person
Domestic
Yao Zhenming nature 0.11% 475,200 475,200 0 475,200 0
person
Strategy investors or general
corporation comes top 10
Not applicable
shareholders due to rights issue
(if applicable) (see note 3)
Among the top ten shareholders, there exists no associated relationship between the
state-owned legal person’s shareholders SDG, Ltd and other shareholders, and they do not
Explanation on associated
belong to the persons acting in concert regulated by the Management Measure of Information
relationship among the top ten
Disclosure on Change of Shareholding for Listed Companies. For the other shareholders of
shareholders or consistent action
circulation share, the Company is unknown whether they belong to the persons acting in
concert.
Description of the above
shareholders in relation to
delegate/entrusted voting rights Not applicable
and abstention from voting
rights.
Particular about top ten shareholders with un-restrict shares held
Type of shares
Shareholders’ name Amount of un-restrict shares held at Period-end
Type Amount
RMB
Shenzhen Special Development 211,591,62
211,591,621 ordinary
Group Co., Ltd. 1
shares
Shenzhen Capital Fortune RMB
Jewelry Industry Investment 63,655,372 ordinary 63,655,372
Enterprise (LP) shares
Domestic
GUOTAI JUNAN
ally listed
SECURITIES(HONGKONG) 1,736,091 1,736,091
foreign
LIMITED
shares
RMB
Hong Kong Securities Clearing
1,154,905 ordinary 1,154,905
Company Ltd.
shares
CCB-GF CSI All Index Auto RMB
942,238 942,238
index-based Originated ordinary
55
深圳市特力(集团)股份有限公司 2020 年年度报告
Securities Investment Fund shares
Shanghai Yingshui Investment
RMB
Management Co., Ltd. -
566,487 ordinary 566,487
Yingshui Dongfeng No.3-Private
shares
Equity Investment Fund
RMB
Shen Zuowei 516,485 ordinary 516,485
shares
RMB
Cinda Securities Co., Ltd. 510,000 ordinary 510,000
shares
RMB
Yang Jianfeng 504,200 ordinary 504,200
shares
RMB
Yao Zhenming 475,200 ordinary 475,200
shares
Expiation on associated Among the top ten shareholders, there exists no associated relationship between the
relationship or consistent actors state-owned legal person’s shareholders SDG, Ltd and other shareholders, and they do not
within the top 10 un-restrict belong to the persons acting in concert regulated by the Management Measure of Information
shareholders and between top 10 Disclosure on Change of Shareholding for Listed Companies. For the other shareholders of
un-restrict shareholders and top circulation share, the Company is unknown whether they belong to the persons acting in
10 shareholders concert.
The shareholder Shanghai Yingshui Investment Management Co., Ltd. - Yingshui Dongfeng
Explanation on shareholders
No.3-Private Equity Investment Fund holds 566,487 shares of the company's stock through a
involving margin business about
credit transaction guarantee securities account, and 0 shares of the company's stock through
top ten common shareholders
an ordinary securities account, for a total of 566,487 shares. The shareholder Yang Jianfeng
with un-restrict shares held(if
holds 372,100 shares of the company's stock through a credit transaction guarantee securities
applicable) (see note 4)
account, and 132,100 shares of the company's stock through an ordinary securities account,
for a total of 504,200 shares.
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.
2. Controlling shareholder of the Company
Nature of controlling shareholders: local state-owned holding
Type of controlling shareholders: legal person
56
深圳市特力(集团)股份有限公司 2020 年年度报告
Legal
Majority shareholder person/person in Date of foundation Organization code Main operation business
charge of the unit
Investment in industry
(specific item should be
declaration); investment
in tourism industry;
development and
operation of the real
estate; domestic business,
Shenzhen Special material supply and
Development Group Co., Zhang Junlin June 20, 1982 91440300192194195C marketing industry
Ltd. (excluding monopolized
commodity and
commodity under special
government control);
economic
information(excluding
restricted projects);
import & export business
Except the shares of the Company held by SDG, SDG still holds 304,722,350 shares of Shenzhen
SDG Information Co., Ltd. (Stock name: SDGI, Stock code: 000070), a 37.32% takes; holds
Equity of listed Company in 7,798,809 shares of Sichuan Jinlu Group Co., Ltd. (Stock name: Jinlu Group, Stock code:
and out of China control 000510), a 1.28% takes; through Shenzhen Capital Fortune Electronic Information Investment
and hold by the majority Enterprise (limited partnership), holds 183,818,073 shares of Shenzhen Microgate Technology
shareholder in the Period Co., Ltd. (Stock name: Microgate Technology, securities code: 300319), with 26.37% takes; holds
48,750,000 shares of Shenzhen SDG Service Co., Ltd. (Stock name: SDG Service, Stock
code:300917) with ultimate beneficiary shares of 48.75%.
Changes of controlling shareholders in reporting period
□ Applicable √ Not applicable
The Company had no changes of controlling shareholders in reporting period
3. Actual controller of the Company and persons acting in concert
Nature of actual controller: local state-owned assets management
Type of actual controller: legal person
Legal
person/person Date of
Actual controlling shareholders Organization code Main operation business
in charge of foundation
the unit
Shenzhen Municipal People’s
Government State-owned 11440300K31728067
Yu Gang July 20, 2003 Not applicable
Assets Supervision and 2
Administration Commission
57
深圳市特力(集团)股份有限公司 2020 年年度报告
Equity of domestic/oversea
listed Company control by
Not applicable
actual controller in report
period
Changes of actual controller in reporting period
□ Applicable √ Not applicable
No changes of actual controllers for the Company in reporting period.
Property right and controlling relationship between the actual controller and the Company is as follow:
Actual controller controlling the Company by entrust or other assets management
□Applicable √Not applicable
4. Particulars about other legal person shareholders with over 10% shares held
√Applicable □Not applicable
Legal rep./person in Register Main business or
Corporate shareholders Date of foundation
charge of unit capital management activity
Shenzhen Capital Fortune
620 million
Jewelry Industry Investment Cheng Houbo April 18, 2014 Equity investment
Yuan
Enterprise (LP)
5. Limitation and reducing the holdings of shares of controlling shareholders, actual controllers,
restructuring side and other commitment subjects
□Applicable √Not applicable
58
深圳市特力(集团)股份有限公司 2020 年年度报告
Section VII. Preferred Stock
□ Applicable √ Not applicable
The Company had no preferred stock in the Period.
Section VIII. Convertible Bonds
□ Applicable √ Not applicable
The Company had no convertible bonds in the Period.
Section IX. Particulars about Directors, Supervisors, Senior
Executives and Employees
I. Changes of shares held by directors, supervisors and senior executives
Amoun
Share Amount
t of
s held of Other Shares
shares
Work at shares chang held at
Start dated of End date of decreas
Title ing Sex Age period increase es period-
Name office term office term ed in
status -begin d in this (share end
this
(Share period ) (Share)
period
) (Share)
(Share)
Curre
Fu
Chairm ntly September 7, September
Chunlo M 48 0 0 0 0 0
an in 2018 6, 2021
ng
office
Curre
ntly September
Yu Lei Director F 53 June 6, 2012 0 0 0 0 0
in 6, 2021
office
Curre
Zhang
ntly September
Quanxu Director M 48 May 20, 2015 0 0 0 0 0
in 6, 2021
n
office
Gu Curre September 7, September
Director M 50 0 0 0 0 0
Zhimin ntly 2018 6, 2021
59
深圳市特力(集团)股份有限公司 2020 年年度报告
g in
office
Curre
Lv Director ntly September 7, September
M 60 0 0 0 0 0
Hang ,GM in 2018 6, 2021
office
Curre
Lou ntly February 9, September
Director F 53 0 0 0 0 0
Hong in 2018 6, 2021
office
Curre
Lou ntly January 4, September
CFO F 53 0 0 0 0 0
Hong in 2018 6, 2021
office
Curre
Indepen
Hu ntly September 7, September
dent M 56 0 0 0 0 0
Yuming in 2018 6, 2021
director
office
Curre
Jiang Indepen
ntly September 7, September
Dingha dent M 58 0 0 0 0 0
in 2018 6, 2021
ng director
office
Curre
Indepen
Zhang ntly September 7, September
dent M 47 0 0 0 0 0
Dong in 2018 6, 2021
director
office
Chairm
an of
Curre
Guo the
ntly September 7, September
Xiaodo Supervi M 57 0 0 0 0 0
in 2018 6, 2021
ng sory
office
Commit
tee
Curre
Chen
Supervi ntly September
Yangsh M 58 May 4, 2017 0 0 0 0 0
sor in 6, 2021
eng
office
Curre
Yang
Supervi ntly September 7, September
Jianpin F 49 0 0 0 0 0
sor in 2018 6, 2021
g
office
60
深圳市特力(集团)股份有限公司 2020 年年度报告
Curre
Liu
Supervi ntly September 7, September
Haiche F 52 0 0 0 0 0
sor in 2018 6, 2021
ng
office
Curre
Zhang Supervi ntly September 7, September
M 37 0 0 0 0 0
Zheng sor in 2018 6, 2021
office
Deputy Curre
Tan Party ntly September 7, September
M 53 0 0 0 0 0
Zhong secretar in 2018 6, 2021
y office
Curre
Feng Deputy ntly September
M 54 June 17, 2006 0 0 0 0 0
Yu GM in 6, 2021
office
Curre
Xie Deputy ntly October 25, September
M 56 0 0 0 0 0
Jing GM in 2018 6, 2021
office
Curre
Secretar
Qi ntly December 28, September
y of the M 48 0 0 0 0 0
Peng in 2015 6, 2021
Board
office
Total -- -- -- -- -- -- 0 0 0 0 0
II. Changes of directors, supervisors and senior executives
□Applicable √Not applicable
III. Post-holding
Professional background, major working experience and present main responsibilities in Company of directors, supervisors and
senior executive
Name Main work experience and holding the post
Born in 1973, Master degree, senior human resources manager. He ever took the Deputy Team Leader in Work Team
of Shenzhen SDG Huatong Packaging Co., Ltd., Business Deputy General Manager /GM and deputy
Fu Chunlong director/director of HR Department of Shenzhen SDG Co., Ltd., and supervisor of the Company. Now, he is Deputy
GM of Shenzhen SDG Co., Ltd- controlling shareholder of the Company and Supervisor of Shenzhen State-Owned
Dutyfree Commodity (Group) Co., Ltd and Chairman of the Company
Yu Lei Born in 1968, Master degree, a certified real estate appraiser and real estate economist. She successively served as
61
深圳市特力(集团)股份有限公司 2020 年年度报告
secretary of the international project cooperation department of Beijing Chaoyan Vocation Education Training
Center, deputy chief, chief and deputy director of Luohu Branch, the Bureau of Planning and Land of Shenzhen
Municipality, the deputy director and director of State-owned Assets Supervision and Administration Commission of
the People’s Government of Shenzhen Municipality. Now she serves as vice president of the controlling shareholder
of the Company- SDG, Chairman of Shenzhen Microgate Technology Co., Ltd. and Director of the Company
Born in 1973, Master degree, he successively served as auditor and project manager in auditing department of
Shenzhen Zhixing CPA Office; the GM assistant of Xiamen Xingdao Feilu Investment Co., Ltd., secretary of the
Board, GM assistant and staff director of Fujian Logistics Investment Financing Co., Ltd.; deputy director of Xiamen
Zhang Quanxun Productivity Promotion Center; director of the plastic business department and strategy development department of
Shenzhen Tongchan Package Group and the director of strategy research and merger department of SZ Capital. Now
he serves as deputy president and member of the investment committee of Shenzhen Capital Fortune Investment
Management Co., Ltd. and Director of the Company
Born in 1971, senior gold investment analyst, once served as an employee of the business department of Guilin
Wanya Jewellery Co., Ltd., business director of Shenzhen Chenzhixin Jewellery Co., Ltd., business director of the
domestic division of Lukfook Group (International) Co., Ltd., general manager of Shenzhen Jinglon Jewellery Co.,
Gu Zhiming
Ltd., and Chief Operating Officer of Shenzhen Xingguangda Jewellery Co., Ltd., and currently serves as the deputy
general manager of Shenzhen Yuepeng Gold Jewellery & Gold Co., Ltd., Chairman and CEO of Shenzhen Link Gold
Tec & Co., Ltd. and a director of the Company.
Born in 1961, Master degree, a senior political division. He successively served as lecturer and secretary of the
principal of Shenzhen University; the business manager, deputy director and director of the office of the Party Dept.
Lv Hang of Shenzhen SDG; chairman and GM of Shenzhen SDG Xiaomeisha Tourism Center; Director and GM of Shenzhen
Tellus Holding Co., Ltd; GM of Shenzhen SDG Property Management Co., Ltd. Now served as Deputy Secretary of
the Party Committee, director and GM of the Company etc.
Born in 1968, a Bachelor degree and senior account. Used to worked as staff of the financial dept. in Suzhou Silk
Industry Company and in Shenzhen Southeast Silk Co., Ltd.; staff of the accounting & financial dept. of Shenzhen
Special Economic Zone Development (Group) Company and worked in accounting management office; also worked
as deputy GM of Shenzhen SDG Liancheng Real Estate Development Co., Ltd.; manager of the financial dept. of
Lou Hong
Shenzhen SDG Investment Co., Ltd.; the business manager and deputy director in accounting & financial dept. of
Shenzhen SDG Group Co., Ltd.; CFO of the Shenzhen SDG Real Estate Co., Ltd. and the deputy director of the
planning financial dept. Of Shenzhen SDG and Director and CFO of the Shenzhen SDG Xiaomeisha Investment
Development Co., Ltd. Currently works as the Director and CFO of the Company.
Born in 1965, a doctoral candidate and accounting professor. He successively served as a teaching assistant, lecturer
and vice professor of Xiamen University, associate professor of the school of management, vice director and director
Hu Yuming of accounting department of Jinan University, the deputy dean of the school of international institute and school of
management of the Jinan University. Now he serves as the professor and doctoral supervisor of school of
management of the Jinan University and Independent director of the Company
Born in 1963, a master degree and a lawyer. He successively served as the minister of legal consultation department
of Shenzhen Social Security Bureau, deputy director of Shenzhen Labor Bureau Office, director of general office of
Jiang Dinghang Shenzhen SDG, GM of the Shenzhen SDG Songli Company, GM of the Shenzhen Communications Industry Co.,
Ltd and apprentice lawyer of Guangdong Zhong An Laws Firm. Now he serves as senior partner of Shanghai
ALLBRIGHT (Shenzhen) Law Office and Independent director of the Company.
62
深圳市特力(集团)股份有限公司 2020 年年度报告
Born in 1974, a doctoral candidate, postdoctoral economics, senior Economist and senior gold investment analyst.
He successively served as Deputy GM of Shenzhen Qiang Zhuang Computer Tech. Co., Ltd, Deputy GM of
Shenzhen Brain Age Economic and Cultural Co., Ltd, the assistant president of Hong Kong Leader Culture Media
Zhang Dong Co., Ltd, GM of Shenzhen Zhong Shi Advertising Co., Ltd, GM of Heilongjiang Luk Kwai Fook Jewelry Limited
and President of Luk Kwai Fook Jewelry Group. No he serves as executive director of Shenzhen Yongtian Shengdao
Investment Development Co., Ltd., president of Shenzhen Zhengyuan Foundation Jewelry Co., Ltd. and Independent
director of the Company.
Born in 1964, a bachelor degree and senior economist. He successively served as assistant engineer of Shuangliao
Agricultural Machinery Bureau in Jilin Province, engineer of Fourth Research Laboratory of Jilin Institute of
Agricultural Machinery, manager of Gaodao industrial (Shenzhen) Co., Ltd., minister of the engineering dept.,
deputy GM and GM of Shenzhen SDG Development Center Property Management Company, deputy GM of
Guo Xiaodong Shenzhen SDG Development Center Construction Supervision Company, Director and GM of Shenzhen SDG
Development Center Property Management Company, deputy GM of Shenzhen SDG Property Co., Ltd., Chairman
of the Supervisory Committee of Shenzhen SD Real Estate Co., Ltd and Chairman of the Supervisory Committee of
Shenzhen SD Xiaomeisha Tourism Development Co., Ltd. Now he serves as Chairman of Supervisory Committee of
the Company
Born in 1963, a postgraduate and senior accountant. He ever served as deputy director/director of the financial dept.
in Shenzhen Industrial Products Trade Group Company; deputy director/director/CFO of the financial dept. in
Shenzhen Aokangde Group Company; director and CFO of Shenzhen State-owned Duty-Free Commodity (Group)
Chen Yangsheng
Company; director and CFO of Shenzhen Agricultural Products Co., Ltd. and supervisor of Shenzhen Tagen Group
Co., Ltd.; now he serves as director and CFO of Shenzhen SDG Co., Ltd-controlling shareholder of the Company,
and Supervisor of the Company.
Born in 1972, a postgraduate and certified public accountant. He ever served as Business manager of accounting and
finance department of SDGI, financial manager of Taike Branch, financial manager of Guanglan Branch, deputy
Yang Jianping manager and manager of the accounting & finance dept; Director and CFO of Shenzhen Tellus Holding Co., Ltd.
Now he serves as director of the accounting & finance dept of SDG-controlling shareholder of the Company and
Supervisor of the Company
Born in 1969, a postgraduate and certified public accountant. She ever served as staff of design dept. of Dongfeng
Auto Wheel Co., Ltd., staff of technical dept. of Shenzhen Dongfeng Motor Co., Ltd., staff of the secretariat of
Liu Haicheng Shenzhen Automobile Association, operations dept. staff of the automobile division of the Company, staff of
enterprise management dept. and deputy manager of the Company. Now she serves as manager of the enterprise
management dept. and supervisor of the Company
Born in 1984, a Bachelor degree. He successively served as senior auditor of Shenzhen Branch of Shenzhen
Zhongqin Wanxin Accountant Affairs, the financing commissioner of planning & finance dept. of SDG, deputy
Zhang Zheng
manager of the planning & finance dept. of the Company. Now he serves as deputy manager of the audit supervision
department and supervisor of the Company
Born in 1968, has a bachelor’s degree and is qualified as a lawyer and a corporate legal consultant, formerly served
as legal counsel and deputy manager of the Enterprise Management Department of Shenzhen Automobile Industry
and Trade Corporation, deputy director of the board secretary, legal affairs representative, and manager of the
Tan Zhong
enterprise management department of the Company, general manager and general Party branch secretary of
Shenzhen SD Huari Automobile Enterprise Co., Ltd., and currently serves as the full-time deputy secretary of the
Party Committee of the Company.
63
深圳市特力(集团)股份有限公司 2020 年年度报告
Born in 1967, bachelor’s degree. He ever took the deputy director of Haicheng Foreign Economic and Trade
Commission of Liaoning Province, director of liaison department of Youth President Committee of State-owned
Feng Yu Assets Administration, Deputy GM of Shenzhen Xianke Real-estate Co., Ltd., Manager of Investment Department of
China Sports Group Industry Co., Ltd.; Deputy director and Director to the Office of General Manger of Shenzhen
SDG Co., Ltd; and Supervisor of the Company. Now, he acts as Deputy General Manager of the Company
Born in 1965, a citizenship of Canadian, bachelor’s degree, and a senior engineer, national registered supervision
engineer. He successively served as structural engineer of Hunan Light Industry Design Institute, engineer of the
Xie Jing Hunan Branch of Bank of China, assistant GM of the real estate dept. and GM of Engineering department of SDG,
deputy GM of Shenzhen Jincheng Real Estate Group Co., Ltd., the executive president of Shenzhen Jiaanda Group
and GM etc. of the land reserve center of Weiye Holding. Currently he serves as Deputy GM of the Company.
Born in 1973, master's degree, economist, he has obtained the qualification certificate of secretary of the board from
Shenzhen Stock Exchange. He successively served as secretary to the president and director in information center of
Shenzhen Special Economic Zone Development (Group) Co., Ltd.; deputy director in secretariat of the board, and
deputy manager in enterprise development department, and manager in automobile business department and
Qi Peng management department of Shenzhen Tellus(Group) Co., Ltd.; general manager of Shenzhen Tellus Automobile
Service Chain Co., Ltd.; general manager of Shenzhen Tellus New Yongtong Automobile Development Co., Ltd.;
director secretariat of the board of Shenzhen Tellus(Group) Co., Ltd.; and now chairman of Shenzhen Jewelry
Industry Service Co., LTD., GM of Shenzhen Tellus Treasure Supply Chain Tech. Co., Ltd. and secretary of the
board of the Company
Post-holding in shareholder’s unit
√Applicable □Not applicable
Received
Position in End remuneration
Start dated of office date of
Name Name of shareholder’s unit shareholder’s from
term office
unit n term shareholder’s
unit (Y/N)
Shenzhen Special
Fu Chunlong Deputy GM December 1, 2017 Y
Development Group Co., Ltd.
Shenzhen Special
Yu Lei Deputy GM August 1, 2011 Y
Development Group Co., Ltd.
Shenzhen Special
Chen Yangsheng CFO December 1, 2016 Y
Development Group Co., Ltd.
Director of
Shenzhen Special
Yang Jianping planning & January 1, 2018 Y
Development Group Co., Ltd.
finance dept.
Post-holding in
N/A
shareholder’s unit
Post-holding in other unit
√Applicable □Not applicable
Start dated of office End
Name Name of other units Position in Received
term date of
64
深圳市特力(集团)股份有限公司 2020 年年度报告
other unit n office remuneration
term
from other unit
(Y/N)
Shenzhen Capital Fortune Investment Deputy
Zhang Quanxun February 1, 2013 Y
Management Co., Ltd. President
Shenzhen Yue Peng Jin Jewelry Co.,
Gu Zhiming Deputy GM May 1, 2011 Y
Ltd
professor of
school of
Hu Yuming Jinan University management June 1, 2003 Y
and doctoral
supervisor
Shanghai ALLBRIGHT (Shenzhen)
Jiang Dinghang Senior partner April 1, 2005 Y
Law Office
Shenzhen Yongtian Shengdao Executive
Zhang Dong April 1, 2014 Y
Investment Development Co., Ltd. Director
Post-holding in
N/A
other unit
Punishment of securities regulatory authority in recent three years to the Company’s current and outgoing directors, supervisors and
senior management during the reporting period
□Applicable √Not applicable
IV. Remuneration for directors, supervisors and senior executives
Decision-making procedures, recognition basis and payment for directors, supervisors and senior executives
Decision-making procedures, recognition basis and payment for directors, supervisors and senior executives
executes in strict accordance with the "Salary Management System for Headquarters of Shenzhen Tellus(Group)
Co., Ltd. ", "Staff Performance Management System for Headquarters of Shenzhen Tellus (Group) Co., Ltd.",
"Implementing Rules of Remuneration and Appraisal Committee of the Board of Shenzhen Tellus(Group) Co.,
Ltd.", "Annual Performance Management Approaches for Leading Group Members of Shenzhen Tellus(Group)
Co., Ltd." and other relevant system regulations.
Remuneration for directors, supervisors and senior executives in reporting period
In 10 thousand Yuan
Total Whether
remuneration remuneration
Post-holding
Name Title Sex Age obtained from obtained from
status
the Company related party of
(before taxes) the Company
Currently in
Fu Chunlong Chairman M 48 71.03 Y
office
65
深圳市特力(集团)股份有限公司 2020 年年度报告
Currently in
Yu Lei Director F 53 0 Y
office
Zhang Currently in
Director M 48 0 N
Quanxun office
Currently in
Gu Zhiming Director M 50 0 N
office
Currently in
Lv Hang Director, GM M 60 108.39 N
office
Currently in
Lou Hong Director, CFO F 53 88.45 N
office
Independent Currently in
Hu Yuming M 56 8 N
director office
Independent Currently in
Jiang Dinghang M 58 8 N
director office
Independent Currently in
Zhang Dong M 47 8 N
director office
Chairman of the
Currently in
Guo Xiaodong Supervisory M 57 33.34 Y
office
Committee
Chen Currently in
Supervisor M 58 0 Y
Yangsheng office
Currently in
Yang Jianping Supervisor F 49 0 Y
office
Employee Currently in
Liu Haicheng F 52 45.24 N
supervisor office
Employee Currently in
Zhang Zheng M 37 35.26 N
supervisor office
Deputy Party Currently in
Tan Zhong M 53 77.56 N
secretary office
Currently in
Feng Yu Deputy GM M 54 86.01 N
office
Currently in
Xie Jing Deputy GM M 56 87.58 N
office
Secretary of the Currently in
Qi Peng M 48 59.01 N
Board office
Total -- -- -- -- 715.87 --
Delegated equity incentive for directors and senior executives in reporting period
□Applicable √Not applicable
66
深圳市特力(集团)股份有限公司 2020 年年度报告
V. Particulars of workforce
1. Number of Employees, Professional composition, Education background
Employee in-post of the parent Company (people) 107
Employee in-post of main Subsidiaries (people) 195
The total number of current employees (people) 302
The total number of current employees to receive pay (people) 302
Retired employee’ s expenses borne by the parent Company
1
and main Subsidiaries (people)
Professional composition
Category of professional composition Numbers of professional composition (people)
Production personnel 39
Sales personnel 82
Technician 39
Financial staff 27
Administration staff 115
Total 302
Education background
Type of education background Numbers (people)
Master 31
Bachelor degree 82
Junior college 65
Other 124
Total 302
2. Remuneration Policy
The company strictly complies with the "Implementation Rules of the Remuneration and Appraisal Committee of
the Board of Directors of Shenzhen Tellus Holding Co., Ltd.", "Remuneration Performance Management
Measures for Team Members of Shenzhen Tellus Holding Co., Ltd.", "Remuneration Management System of
Headquarters Staff of Shenzhen Tellus Holding Co., Ltd.", "Performance Management Measures for Headquarters
Staff of Shenzhen Tellus Holding Co., Ltd." and other relevant rules and regulations, strictly implements
performance evaluation, and pays remuneration according to the evaluation results.
67
深圳市特力(集团)股份有限公司 2020 年年度报告
3. Training programs
The annual training work focuses on the improvement of middle-level managers and management skills, the
improvement of the professional skills of reserve talents and core backbones. In the actual training work, we will
continuously enrich the training contents, expand the training form, optimize the training process, clarify the
training purpose, and improve the training effect. The specific measures are as follows: firstly, enrich the entry
learning database for new employees, and accelerate the integration of new employees into the company; secondly,
strengthen the professional training of grassroots employees, and improve the quality of employees; thirdly,
strengthen departmental training quota management, and improve the use efficiency of training funds; fourthly,
optimize the rewards rules of network college, and continuously improve the learning atmosphere; the fifth is to
refine the management ability requirements and carry out targeted training for middle-level managers to improve
management capabilities; the sixth is to focus on external training and conduct strategic management skills
training to enhance the horizons of senior personnel.
4. Labor outsourcing
√Applicable □Not applicable
Total hours of labor outsourcing (hours) 2,000
Total remuneration paid for labor outsourcing (RMB) 109,310.59
Note: for a large number of outsourced labor services, total number of hours worked and total remuneration paid for the outsourced
labour services should be disclosed.
68
深圳市特力(集团)股份有限公司 2020 年年度报告
Section X. Corporate Governance
I. Corporate governance of the Company
During the reporting period, the Company has been observing the laws and regulations as Company Law,
Securities Law, Governance Criteria of the Listed Companies, Guidelines for Standardized Operation of Listed
Companies of Shenzhen Stock Exchange and relevant rules issued by the CSRC, for the purpose of improving its
legal person governance structure, setting up and improving the internal control system, and standardizing its
operation level. According to the Articles of Association, Procedure Rules of Shareholders General Meeting,
Procedure Rules of Board of Directors, Procedure Rules of Supervisory Committee, Working Rules of
Independent Directors, Working Rules of General Manager, working rules of every committee of the Board and a
series of rules and regulations, the Company maintained formal procedures, clearly duties and obligations of its
general meeting, board of directors, supervisory committee, each specialized committee of the board and senior
manager. Each of its directors, supervisors and senior managers can perform their duties earnestly.
In 2020, the Company have convened 5 shareholders general meetings, 12 meetings of the Board, 5 meeting of
the Supervisory Committee, 2 meetings of the audit committee of the Board, 3 meetings of Strategy Committee of
the Board and 2 meetings of Remuneration and Appraisal Committee of the Board; relevant governance
documents as Internal Audit Management Measures and Investment Management Regulations etc. are being
revised; In order to establish and improve the company’s standardized operation mechanism and improve the
company’s internal control system, the company promoted the revision, promulgation and abolition of the system
in accordance with the established system construction work plan, and revised a number of rules and regulations
throughout the year.
As of the end of the reporting period, the actual situation of corporate governance was in line with the
requirements of the regulatory documents issued by the China Securities Regulatory Commission on the
governance of listed companies.
Is there any difference between the actual condition of corporate governance and relevant regulations about
corporate governance for listed Company from CSRC?
□Yes √ No
There are no differences between the actual condition of corporate governance and relevant regulations about
corporate governance for listed Company from CSRC.
II. Independent of the Company relative to controlling shareholders’ in aspect of businesses,
personnel, assets, organization and finance
The Company has been independent from the controlling shareholders in terms of business, personnel, asset,
institution and finance. The Company has independent and complete business and is able to operate
69
深圳市特力(集团)股份有限公司 2020 年年度报告
independently.
(i) Business: the Company belongs to independent legal person entity. Being completely independent from
controlling shareholders, it has independent and complete business system and is able to operate independently.
The Company has independent production, sales and service systems and its major business. There is no
inter-competition between the Company and its controlling shareholders and related parties.
(ii) Personnel: the Company establishes complete labor, human resources and salary management systems. Senior
executive as GM, Deputy GM, CFO and Secretary of the Board etc. are receives remuneration from the Company
since they are employed by the Company, and no one takes position in the enterprises owned by shareholders.
(iii) Assets: The Company independently and completely owns the business system and underlying assets related
to the operation, and independently registers, establishes accounts, adjusts accounts and manages the assets, and
the assets are independent of the controlling shareholders and other enterprises controlled by them.
(iv) Finance: the Company has independent financial accounting department which set independent accounting
calculation system and finance management system. No controlling shareholder intervenes in the capital
application of the Company. The Company opens separate bank accounts. No capital is saved in the financial
Company or settlement center account controlled by substantial shareholder or other related parties; the Company
does not share bank account with controlling shareholders and other enterprise under their control. And The
Company pays taxes by law independently.
(v) Institution: the board, the supervisory committee and other internal institutions of the Company operate
independently. All the institutions of the Company are set according to the standards requirements applicable to
listed Company and actual business natures of the Company. It has independent office location.
III. Horizontal competition
□Applicable √Not applicable
IV. In the report period, the Company held annual shareholders’ general meeting and
extraordinary shareholders’ general meeting
1. Annual Shareholders’ General Meeting in the report period
Ratio of
investor Date of
Session of meeting Type Meeting Date Index of disclosure
participati disclosure
on
”Resolution Notice of First Extraordinary
Extraordi
First Extraordinary General Meeting of 2020” (No.:
nary March 23, March 24,
General Meeting of 66.07% 2020-013) published on Securities Times,
General 2020 2020
2020 Hong Kong Commercial Daily and Juchao
Meeting
Website (www.cninfo.com.cn
Annual General Annual 66.10% April 24, April 25, 2020 “Resolution Notice of Annual General
70
深圳市特力(集团)股份有限公司 2020 年年度报告
Meeting of 2019 General 2020 Meeting of 2019” (No.: 2020-025)
Meeting published on Securities Times, Hong
Kong Commercial Daily and Juchao
Website (www.cninfo.com.cn)
”Resolution Notice of Second
Second Extraordi
Extraordinary General Meeting of 2020”
Extraordinary nary
65.78% June 17, 2020 June 18, 2020 (No.: 2020-032) published on Securities
General Meeting of General
Times, Hong Kong Commercial Daily and
2020 Meeting
Juchao Website (www.cninfo.com.cn
”Resolution Notice of Third
Extraordi
Third Extraordinary Extraordinary General Meeting of 2019”
nary August 3,
General Meeting of 65.19% August 4, 2020 (No.: 2020-041) published on Securities
General 2020
2020 Times, Hong Kong Commercial Daily and
Meeting
Juchao Website (www.cninfo.com.cn
”Resolution Notice of Fourth
Extraordi
Fourth Extraordinary Extraordinary General Meeting of 2020”
nary November November 17,
General Meeting of 64.51% (No.: 2020-050) published on Securities
General 16, 2020 2020
2020 Times, Hong Kong Commercial Daily and
Meeting
Juchao Website (www.cninfo.com.cn
2. Request for extraordinary general meeting by preferred stockholders whose voting rights restore
□Applicable √Not applicable
V. Responsibility performance of independent directors
1. The attending of independent directors to Board meetings and general meeting
The attending of independent directors to Board Meeting and shareholders general meeting
Times of
Absent the
Board Times of Times of
Name of Times of Meeting for
meeting Times of attending by Times of attending
independent entrusted the second
supposed to Presence communicati Absence shareholders
director presence time in a row
attend in the on ’ meeting
(Y/N)
report period
Hu Yuming 12 2 10 0 0 N 1
Jiang Dinghang 12 2 10 0 0 N 4
Zhang Dong 12 2 10 0 0 N 3
2. Objection for relevant events from independent directors
Independent directors come up with objection about Company’s relevant matters
71
深圳市特力(集团)股份有限公司 2020 年年度报告
□Yes √No
Independent directors has no objections for relevant events in reporting period
3. Other explanation about responsibility performance of independent directors
The opinions from independent directors have been adopted
√ Yes □ No
In accordance with the provisions of the Company Law, the Securities Law, the Stock Listing Rules, the
Independent Director System and other relevant laws and regulations, the company’s independent directors paid
attention to the normalization of the company’s operations, performed their duties independently, diligently and
conscientiously did their duties, the independent directors issued independent, objective and fair opinions
oninvestment in bonded business group projects, profit distribution matters, self-evaluation of the company’s
internal control, daily related transactions in 2020, revise the monetary fund management system, regarding the
company's application for credit line, the use of idle self-owned funds to purchase bank wealth management
products, changes in accounting estimates and accounting policies, changing audit institutions for 2020, purchase
of listed company directors and supervisors high liability insurance, and other matters requiring independent
opinions from independent directors during the reporting period, which played an active role in improving the
company’s supervision mechanism and helping the board of directors make scientific and objective decisions, and
played an important role in safeguarding the legitimate rights and interests of the company and all shareholders.
VI. Duty performance of the special committees under the board during the reporting period
Board of Director of the Company have three special committees as strategic committee, auditing committee and
remuneration and appraisal committee, and formulated implementation rules for the special committees
independently. During the reporting period, all committees had clear responsibilities and the overall operations
were good, which ensured efficient operation and scientific decision-making of the board of directors.
1. Duty performance of the strategic committee
The strategic committee of the board is specially set-up according to the regulation of Governance Criteria of the
Listed Companies, responsible for study on the long term development strategy and material investment decisions
and raising its recommendations. The committee comprised of 5 directors, and the committee is chaired by
chairman of the Company. During the reporting period, the committee actively performed its duties, and carry out
works strictly in accordance with relevant rules of the CSRC, Shenzhen Stock Exchange and Working Rules of
Strategic Committee.
Three meetings were held by strategic committee in 2020, which including:
The first meeting of the board’s strategic committee in 2020 was held on June 1, 2020, it reviewed the Proposal
on Participating in the equity transfer auction of Shenzhen Dongfeng Motor Co., Ltd and Major Assets
Restructuring; the second meeting of the board’s strategic committee in 2020 was held on June 19, 2020, it
reviewed the Proposal to Invest in the Bonded Business Group Project; the third meeting of the board’s strategic
committee in 2020 was held on July 17, 2020, it reviewed the Proposal on Waiver of Pre-emptive Rights to the
72
深圳市特力(集团)股份有限公司 2020 年年度报告
50% Equity of Shenzhen Dongfeng Motor Co., Ltd from Shenzhen Auto Industry and Trade Corporation; Each
committee member made research on the investment project and offered proposals, which played an important
role in strengthening the scientificity of investment decision and improving the benefits and quality of investment
decision..
2. Duty performance of the audit committee
The audit committee of the board of directors is a specialized work organization set up by the board of directors in
accordance with the Guidelines for the Governance of Listed Companies, and is mainly responsible for the
communication, supervision and verification of internal and external audits of the company. The committee
comprised of 5 directors, including 3 independent directors, and the committee is chaired by independent director
of the Company. During the reporting period, the committee actively performed its duties, and carry out works
strictly in accordance with relevant rules of the CSRC, Shenzhen Stock Exchange and Working Rules of Audit
Committee. Pay close attention to the company’s management, financing and implementation of internal control
standards; strengthen the communication and contact with the company’s relevant responsible departments,
review the validity assessment of the company’s internal control and enterprise risk management through
communication, inspection, reporting, etc., and check whether the company’s operations, financing and
accounting policies comply with laws and regulations, and provide management and audit opinions.
Two meetings were held by audit committee in 2020, which including:
(1) During the annual audit, the audit committee took active attitude in relevant works. Prior to the official
involvement of accounting firm in the annual audit, after negotiation with accounting firm, reviewed the financial
statements prepared by the Company, the committee agreed to submit the financial statements and related
information to audit.
(2) The audit committee held the first meeting of 2020 on 2 April 2020 to re-review the financial statements, and
formed written opinions and resolutions in respect of the annual financial statements, audit work summary report.
(3) The audit committee held the second meeting of 2020 on 28 October 2020 to review the proposal of changing
the annual auditing institution, and agreed to submit for deliberation on the Board.
3. Duty performance of the remuneration and appraisal committee
The remuneration and appraisal committee of the board of directors is a specialized working organization set up
by the board of directors in accordance with the Guidelines for the Governance of Listed Companies, it is mainly
responsible for formulating the assessment criteria for the company’s directors and senior management personnel
and making the assessment, responsible for formulating and reviewing the pay policy and programs of the
company’s directors and senior management personnel, and responsible for the board of directors. The committee
comprised of 5 directors, including 3 independent directors, and the committee is chaired by independent director
of the Company. During the reporting period, the committee actively performed its duties, and carry out works
strictly in accordance with relevant rules of the CSRC, Shenzhen Stock Exchange and Working Rules of Audit
Committee. The committee comprised of 5 directors, including 3 independent directors, and the committee is
chaired by independent director of the Company. During the reporting period, the committee actively performed
73
深圳市特力(集团)股份有限公司 2020 年年度报告
its duties, and carry out works strictly in accordance with relevant rules of the CSRC, Shenzhen Stock Exchange
and Working Rules of Audit Committee.
Two meetings were held by remuneration and appraisal committee in 2020, which including:
The remuneration of the Board held the First meeting of 2020 on 2 April 2020 to review the proposal on 2020
Team Member Performance Indicators. On 4 August 2020, the remuneration and appraisal committee of the board
of directors held the second meeting of 2020, reviewed and approved the assessment results of some probationary
senior management positions and revised the management of annual performance appraisals for directors,
supervisors and senior management of the Company, after review, all members of the remuneration and appraisal
committee considered that the remuneration payment during the reporting period was in line with the company’s
performance appraisal system, the remuneration of directors, supervisors and senior executives were determined
by the company’s relevant system.
VII. Works from Supervisory Committee
The Company has risks in reporting period that found in supervisory activity from supervisory committee
□ Yes √ No
Supervisory committee has no objection about supervision events in reporting period
VIII. Examination and incentives of senior management
In the reporting period, the annual performance of senior executives of the Company have been evaluated by the
Board according to the Management Methods on Team Member’s Remuneration and Performance, remuneration
shall be pay in line with the results.
IX. Internal Control (IC)
1. Details of major defects in IC appraisal report that found in reporting period
□Yes √ No
2. Appraisal Report of Internal Control
Disclosure date of full internal control
April 16, 2021
evaluation report
Disclosure index of full internal Juchao website for information disclosure appointed by Shenzhen Stock Exchange:
control evaluation report http://www.cninfo.com.cn
The ratio of the total assets of units
included in the scope of evaluation
accounting for the total assets on the 100.00%
Company's consolidated financial
statements
74
深圳市特力(集团)股份有限公司 2020 年年度报告
The ratio of the operating income of
units included in the scope of
evaluation accounting for the 100.00%
operating income on the Company's
consolidated financial statements
Defects Evaluation Standards
Category Financial Reports Non-financial Reports
The qualitative standards for the evaluation The qualitative standards for
of internal control deficiencies in financial evaluating the internal control
reports determined by the company are as deficiencies of non-financial reports
follows: determined by the company are as
Significant defects: Individual defects or follows:
together with other defects causing the The following circumstances shall be
material misstatements in financial reports deemed as a major defect:
cannot be timely prevented or found or ①Great decisions violate the
corrected. It is recognized as a significant Company’s established procedure,
defect if following cases happen: resulting in significant losses to the
① Fraud of management leading to material Company; ②Serious violation of
misstatements of financial results or false laws and regulations results in
financial reports, which mislead users of significant losses to the Company;
financial statements and result in ③Important businesses are lack of
decision-making mistakes and litigation; ② system control or system control
Ineffective control environment;③ Major fails; ④ Serious brain drain of core
internal control deficiencies found and management or core technical staff;
reported to the management but haven’t been ⑤Significant deficiencies in the
Qualitative criteria
corrected after a reasonable time; ④ The internal evaluation results have not
decision-making of the Company’s major been corrected. ⑥ The failure of
matters has not fulfilled the corresponding internal control to information
decision-making process, resulting in disclosure causes the company to be
significant losses of the Company; ⑤ publicly condemned by the regulatory
Important businesses involving the authorities.
Company’s production and management are Defects with the following
lack of effective control; ⑥ Other defects characteristics are regarded as
that seriously mislead the correct judgments important defects: ① The Company
made by the users of the statements, resulting violates the enterprise internal
in the company’s major compensation. regulations and causes significant
Important defects: Individual defects or losses; ②Serious brain drain of
together with other defects causing the business personnel in the Company’s
misstatements in financial reports cannot be key positions; ③ The Company’s
timely prevented or found or corrected, significant business systems have
though the misstatements don’t reach and deficiencies; ④ The significant
exceed the importance level, they should still deficiencies in the internal control of
cause the management’s attention. It is the Company have not been
75
深圳市特力(集团)股份有限公司 2020 年年度报告
recognized as an important defect if corrected.
following cases happen: ① The selection and General deficiencies refer to
application of accounting policies do not deficiencies except for major and
follow the generally accepted accounting significant deficiencies.
principles; ② Anti-fraud programs and The quantitative determination
control measures have been not established; standard for internal control
③Corresponding control mechanism for deficiencies this year is based on the
accounts handling of unconventional or consolidated statement data for the
special transactions has not been established same period of the previous year.
or implemented and has no there is no
appropriate compensatory controls; ④ The
controls to the period-end financial reporting
process have one or more defects and cannot
reasonably ensure that the financial
statements prepared are true and accurate.
General deficiencies refer to the deficiencies
except for major and significant deficiencies.
1. Major deficiencies: loss amount >
1.5% of owner's equity attributable to
1. Major deficiencies: misstatement
parent Company, and absolute
amount > 10% of total profit, and absolute
amount > 5 million Yuan;
amount > 2 million Yuan;
2. Significant deficiencies: 0.5% of
2. Significant deficiencies: 5% of total
owner's equity attributable to parent
profit < misstatement amount ≤10% of total
Company < loss amount ≤ 1.5% of
profit, and absolute amount > 1 million
Quantitative standard owner's equity attributable to parent
Yuan; or 1 million Yuan < absolute amount
Company, or 1 million Yuan <
≤ 2 million Yuan, and misstatement
absolute amount ≤ 5 million Yuan;
amount > 5% of total profit.
3. General deficiencies: misstatement
3. General deficiencies: loss amount
amount ≤ 5% of total profit, or absolute
≤ 0.5% of owner's equity attributable
amount ≤ 1 million Yuan
to parent Company, or absolute
amount ≤ 1 million Yuan
Amount of significant defects in
0
financial reports
Amount of significant defects in
0
non-financial reports
Amount of important defects in
0
financial reports
Amount of important defects in
0
non-financial reports
76
深圳市特力(集团)股份有限公司 2020 年年度报告
X. Auditing report of internal control
√Applicable □Not applicable
Deliberations in Internal Control Audit Report
We consider that: in all major aspects, Shenzhen Tellus Holding Co., Ltd. has efficiency in financial report of internal control
dated 31 December 2020 according to Basic Standards of Internal Control for Enterprise and relevant regulations.
Disclosure details of audit report
Disclosure
of internal control
Disclosure date of audit report of
April 16, 2021
internal control (full-text)
Index of audit report of internal Juchao website for information disclosure appointed by Shenzhen Stock Exchange:
control (full-text) http://www.cninfo.com.cn
Opinion type of auditing report of
Standard unqualified opinion
IC
whether the non-financial report
No
had major defects
Carried out modified opinion for internal control audit report from CPA
□Yes √ No
The internal control audit report, issued by CPA, has concerted opinion with self-evaluation report, issued from the Board
√ Yes □ No
77
深圳市特力(集团)股份有限公司 2020 年年度报告
Section XI. Corporate Bond
Whether the Company has a corporation bonds that issuance publicly and listed on stock exchange and without due on the date when
annual report approved for released or fail to cash in full on due
No
Section XII. Financial Report
I. Audit report
Type of audit opinion Standard unqualified opinion
Signing date of audit report April 15, 2021
RSM Certified Public Accountants (Special General
Name of audit institute
Partnership)
Number of Audit report RSM Shen Zi[2021] No.518Z0303
Name of CPA Li Qiaoyi, Qin Changming
Auditor’s Report
To the Shareholders of Shenzhen Tellus Holding Co., Ltd.:
I. Auditing opinions
We have audited the financial statement under the name of Shenzhen Tellus Holding Co., Ltd. (hereinafter
referred to as Tellus Company), including the consolidated and parent Company’s balance sheet of 31 December
2020 and profit statement, and cash flow statement, and statement on changes of shareholders’ equity for the year
ended, and notes to the financial statements for the year ended.
In our opinion, the attached financial statements are in all material respects in accordance with the provision of
Accounting Standards for Business Enterprises, and they fairly present the financial status of the Company and of
its parent company as of 31 December 2020 and its operation results and cash flows for the year ended.
II. Basis of opinion
We conducted our audit in accordance with the Auditing Standards for Certified Public Accountants of China. Our
responsibilities under those standards are further described in the “Auditor’s Responsibilities for the Audit of the
Financial Statements” section of the auditor’s report. We are independent of the Company in accordance with the
Certified Public Accountants of China’s Code of Ethics for Professional Accountants, and we have fulfilled our
other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is
78
深圳市特力(集团)股份有限公司 2020 年年度报告
sufficient and appropriate to provide a basis for our opinion.
III. Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the financial statements of the current period. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
(i) Revenue recognition
1. Matter description
Found more in the 34 in Note V and Note XIV carried in financial statement
Operating revenue of Tellus is mainly derived from automobile sales, automotive repair & testing, jewellery sales
& service, real estate leasing and services. In 2020, Tellus achieved an operating revenue of 424,419,203.34 Yuan
with 25.68% down from a year earlier.
Since the operating revenue is one of the key performance indicators of Tellus, there may be an inherent risk that
the management of Tellus (hereinafter referred to as management) may use inappropriate revenue recognition to
achieve specific goals or expectations. Accordingly, we have identified revenue recognition as a key audit matter.
2. Audit response
The relevant procedures we have implemented for revenue recognition including:
(1) Understand the key internal controls relating to revenue recognition, evaluation the design of these controls,
determine whether they are being implemented and test the operating effectiveness of the relevant internal
controls.
(2) Check major merchandising contracts, real estate leasing contracts and evaluate whether the revenue
recognition policy is in compliance with the provision of Accounting Standards for Business Enterprise;
(3) Implementing analytical procedures for operating revenue and gross margin on a monthly basis or on products,
identify whether there are significant or unusual fluctuations and find out the causes of such fluctuations;
(4) Check supporting documents related to revenue recognition by sampling, including merchandise sales contract
or real estate contract, invoice, merchandise sales order, delivery receipts and customer sign receipt etc.;
(5) combined with the account receivable letter, confirm the current sales volume to the main customers by
sampling;
(6) as for the revenue recognized before and after the balance sheet date, check the supporting documents such as
invoices, sales orders, delivery receipts and customer sign receipt in a sampling manner, and evaluate whether the
operating revenue is recognized in an appropriate period;
(7)check whether the revenue is properly resented in the financial statements in accordance with the Accounting
79
深圳市特力(集团)股份有限公司 2020 年年度报告
Standards for Business Enterprises.
(ii) Carrying value of the investment real estate, fixed assets and construction in progress
1. Matter description
Found more in the 17, 18, 19 and 20 in Note III and 11, 12 and 13 in Note V carried in financial statement
As of 31 December 2020, the carrying value of investment real estate, fixed assets and construction in progress
are amounted to 789,124,019.52 Yuan, accounts for 46.19% of the total assets.
We identified the carrying value of investment real estate, fixed assets and construction in progress as key audit
matters due to their materiality to the financial statement and the determination of whether the related expenditure
qualifies for capitalization, the point at which construction in progress is completed to carry forward fixed assets
and commencement of depreciation, all of which involve significant management judgement.
2. Audit response
The relevant procedures we have implemented for investment real estate, fixed assets and construction in progress
including:
(1) understand the key internal control relevant to the existence, completeness and accuracy determination of the
investment real estate, fixed assets and construction in progress, evaluation the design of these controls, determine
whether they are being implemented and test the operating effectiveness of the relevant internal controls.
(2) implementing monitoring procedures to understand the state of use and construction progress of investment
real estate, fixed assets and construction in progress.
(3) for the amount of construction in progress incurred during the year, check the prect contracting contract,
settlement profiles, application for progress payments, invoices and payment vouchers etc, check whether the
amount booked in the account is accurate, and check whether the indirect expenses booked into the construction in
the current year meet the capitalization conditions;
(4) extract the amount of construction in progress before and after the balance sheet date for cut-off test, check
whether cost of the construction in progress is included in the correct accounting period according to actual work
progress;
(5) for works completed during the year to be carried forward to investment real estate, check the completion and
acceptance data, evaluate whether the timing of completion and depreciation is accurate;
(6) check whether the accrual of investment real estate and depreciation of fixed assets are accurate;
(7) check that information relating to investment real estate, fixed assets and construction in progress are properly
presented in the financial statement.
IV. Other information
80
深圳市特力(集团)股份有限公司 2020 年年度报告
The management of Tellus is responsible for other information which includes the information covered in the
Company’s 2020 annual report excluding the financial statement and our audit report.
Our audit opinions on the financial statements do not cover other information, and we do not issue any form of
authentication conclusions on other information.
In combination with our audit of the financial statements, it is our responsibility to read other information and, in
doing so, to consider whether there is material inconsistency or material misstatement between the other
information and the financial statements or what we learned in the course of our audit.
Based on the work we have performed, if we determine that other information is materially misstated, we should
report that fact. We have no matters to report in this regard.
V. Responsibilities of management and those charged with governance for the financial statements
The management is responsible for the preparation of the financial statements in accordance with the Accounting
Standards for Enterprise to secure a fair presentation, and for the design, establishment and maintenance of the
internal control necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing matters related to going concern (if applicable) and using the going
concern assumption unless the management either intends to liquidate the Company or to cease operations, or has
no realistic alternative but to do so.
Those charged with Tellus Company(hereinafter referred to as the governance) are responsible for overseeing the
Company’s financial reporting process.
VI. Responsibilities of the auditor for the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an audit report that includes our audit opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with the CAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of the financial statements.
As part of an audit in accordance with the CAS, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
(1) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for audit opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
81
深圳市特力(集团)股份有限公司 2020 年年度报告
(2) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances.
(3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the management.
(4) Conclude on the appropriateness of the management’s use of the going concern assumption and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required by the CAS to draw users’ attention in audit report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify audit opinion. Our conclusions are based
on the information obtained up to the date of audit report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
(5) Evaluate the overall presentation, structure and content of the financial statements, and whether the financial
statements represent the underlying transactions and events in a manner that achieves fair presentation.
(6) Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Company to express audit opinion on the financial statements. We are responsible for the
direction, supervision and performance of the group audit. We remain solely responsible for audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the governance with a statement of our compliance with the ethical requirements relating to our
independence and communicate with the governance on all relationships and other matters that may reasonably be
considered to affect our independence, as well we the relevant precautions (if applicable).
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in the auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in the auditor’s report because of the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
II. Financial Statement
Prepared by Shenzhen Tellus Holding Co., Ltd.
Statement in Financial Notes are carried in RMB/CNY
82
深圳市特力(集团)股份有限公司 2020 年年度报告
1. Consolidated Balance Sheet
In RMB
Item December 31, 2020 December 31, 2019
Current assets:
Monetary funds 237,625,698.93 428,851,606.04
Settlement provisions
Capital lent
Tradable financial assets 314,013,869.86 60,486,575.34
Derivative financial assets
Note receivable
Account receivable 19,828,510.36 112,613,224.27
Receivable financing
Accounts paid in advance 9,847,749.74 12,683,603.89
Insurance receivable
Reinsurance receivables
Contract reserve of reinsurance
receivable
Other account receivable 29,269,790.83 44,908,546.40
Including: Interest receivable
Dividend receivable 24,647,732.42 39,647,732.42
Buying back the sale of financial
assets
Inventories 22,079,679.93 21,389,602.83
Contractual assets
Assets held for sale
Non-current asset due within one
year
Other current assets 6,000,566.69 3,403,969.23
Total current assets 638,665,866.34 684,337,128.00
Non-current assets:
Loans and payments on behalf
Debt investment
Other debt investment
Long-term account receivable
83
深圳市特力(集团)股份有限公司 2020 年年度报告
Long-term equity investment 123,640,955.57 162,178,544.05
Investment in other equity
10,176,617.20 10,176,617.20
instrument
Other non-current financial
assets
Investment real estate 568,246,616.13 554,599,503.55
Fixed assets 119,136,917.91 107,119,796.59
Construction in progress 101,740,485.48 47,654,393.55
Productive biological asset
Oil and gas asset
Right-of-use assets
Intangible assets 51,627,673.21 50,561,225.67
Expense on Research and
Development
Goodwill
Long-term expenses to be
30,714,879.22 13,606,805.49
apportioned
Deferred income tax asset 8,498,822.10 8,658,962.39
Other non-current asset 55,993,467.99 6,889,167.54
Total non-current asset 1,069,776,434.81 961,445,016.03
Total assets 1,708,442,301.15 1,645,782,144.03
Current liabilities:
Short-term loans
Loan from central bank
Capital borrowed
Trading financial liability
Derivative financial liability
Note payable
Account payable 76,583,166.53 69,087,430.42
Accounts received in advance 2,403,580.47 27,299,822.71
Contractual liability 18,988,628.13
Selling financial asset of
repurchase
Absorbing deposit and interbank
deposit
Security trading of agency
84
深圳市特力(集团)股份有限公司 2020 年年度报告
Security sales of agency
Wage payable 28,365,685.21 31,204,794.89
Taxes payable 21,062,154.32 71,425,267.61
Other account payable 158,663,974.62 101,266,802.49
Including: Interest payable
Dividend payable 46,295.65
Commission charge and
commission payable
Reinsurance payable
Liability held for sale
Non-current liabilities due
within one year
Other current liabilities 2,237,573.19
Total current liabilities 308,304,762.47 300,284,118.12
Non-current liabilities:
Insurance contract reserve
Long-term loans 11,171,759.33
Bonds payable
Including: Preferred stock
Perpetual capital
securities
Lease liability
Long-term account payable 3,920,160.36 3,920,160.36
Long-term wages payable
Accrual liability 268,414.80 2,225,468.76
Deferred income 131,102.38 139,400.00
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 15,491,436.87 6,285,029.12
Total liabilities 323,796,199.34 306,569,147.24
Owner’s equity:
Share capital 431,058,320.00 431,058,320.00
Other equity instrument
Including: Preferred stock
Perpetual capital
85
深圳市特力(集团)股份有限公司 2020 年年度报告
securities
Capital public reserve 431,449,554.51 431,449,554.51
Less: Inventory shares
Other comprehensive income 26,422.00 26,422.00
Reasonable reserve
Surplus public reserve 23,848,485.62 21,007,488.73
Provision of general risk
Retained profit 424,141,893.34 387,423,510.78
Total owner’ s equity attributable to
1,310,524,675.47 1,270,965,296.02
parent company
Minority interests 74,121,426.34 68,247,700.77
Total owner’ s equity 1,384,646,101.81 1,339,212,996.79
Total liabilities and owner’ s equity 1,708,442,301.15 1,645,782,144.03
Legal Representative: Fu Chunlong
Person in charge of Accounting Works: Lou Hong
Person in charge of Accounting Institution: Liao Zebin
2. Balance Sheet of Parent Company
In RMB
Item December 31, 2020 December 31, 2019
Current assets:
Monetary funds 71,772,303.28 201,885,691.27
Trading financial assets 118,484,941.09 40,324,383.56
Derivative financial assets
Note receivable
Account receivable 249,428.20 206,710.76
Receivable financing
Accounts paid in advance 100,000.00
Other account receivable 126,970,097.13 116,037,773.09
Including: Interest receivable
Dividend
547,184.35 547,184.35
receivable
Inventories
86
深圳市特力(集团)股份有限公司 2020 年年度报告
Contractual assets
Assets held for sale
Non-current assets maturing
within one year
Other current assets 1,419,760.18
Total current assets 317,476,769.70 359,974,318.86
Non-current assets:
Debt investment
Other debt investment
Long-term receivables
Long-term equity investments 876,760,784.88 859,355,040.60
Investment in other equity
10,176,617.20 10,176,617.20
instrument
Other non-current financial
assets
Investment real estate 31,971,205.42 39,616,602.02
Fixed assets 19,082,604.22 14,012,830.64
Construction in progress 100,252,309.72 35,321,704.26
Productive biological assets
Oil and natural gas assets
Right-of-use assets
Intangible assets 50,135,951.98 48,953,266.56
Research and development costs
Goodwill
Long-term deferred expenses 8,786,280.69 2,639,122.63
Deferred income tax assets 3,397,708.75 3,557,849.04
Other non-current assets 27,427,939.18 6,789,167.54
Total non-current assets 1,127,991,402.04 1,020,422,200.49
Total assets 1,445,468,171.74 1,380,396,519.35
Current liabilities
Short-term borrowings
Trading financial liability
Derivative financial liability
Notes payable
Account payable 267,841.07 14,000.00
87
深圳市特力(集团)股份有限公司 2020 年年度报告
Accounts received in advance 682,934.41
Contractual liability
Wage payable 15,784,381.93 8,199,278.01
Taxes payable 1,123,476.72 54,684,929.01
Other accounts payable 345,894,297.23 257,260,350.77
Including: Interest payable
Dividend payable
Liability held for sale
Non-current liabilities due
within one year
Other current liabilities
Total current liabilities 363,752,931.36 320,158,557.79
Non-current liabilities:
Long-term loans 11,171,759.33
Bonds payable
Including: preferred stock
Perpetual capital
securities
Lease liability
Long-term account payable
Long term employee
compensation payable
Accrued liabilities
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 11,171,759.33
Total liabilities 374,924,690.69 320,158,557.79
Owners’ equity:
Share capital 431,058,320.00 431,058,320.00
Other equity instrument
Including: preferred stock
Perpetual capital
securities
Capital public reserve 428,256,131.23 428,256,131.23
88
深圳市特力(集团)股份有限公司 2020 年年度报告
Less: Inventory shares
Other comprehensive income
Special reserve
Surplus reserve 23,848,485.62 21,007,488.73
Retained profit 187,380,544.20 179,916,021.60
Total owner’s equity 1,070,543,481.05 1,060,237,961.56
Total liabilities and owner’s equity 1,445,468,171.74 1,380,396,519.35
Legal Representative: Fu Chunlong
Person in charge of Accounting Works: Lou Hong
Person in charge of Accounting Institution: Liao Zebin
3. Consolidated Profit Statement
In RMB
Item 2020 2019
I. Total operating income 424,419,203.34 571,072,893.90
Including: Operating income 424,419,203.34 571,072,893.90
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 377,759,171.82 509,897,504.26
Including: Operating cost 319,261,201.59 431,021,312.64
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 4,104,477.41 6,269,059.85
Sales expense 17,715,132.43 23,956,102.30
89
深圳市特力(集团)股份有限公司 2020 年年度报告
Administrative expense 39,984,244.07 43,668,263.92
R&D expense
Financial expense -3,305,883.68 4,982,765.55
Including: Interest
1,042,694.54 7,000,636.08
expenses
Interest
4,473,218.76 2,317,143.23
income
Add: other income 1,566,918.68 292,897.32
Investment income (Loss is
23,458,405.59 240,569,654.98
listed with “-”)
Including: Investment
income on affiliated company and joint 14,962,411.52 19,134,325.91
venture
The termination of
income recognition for financial assets
measured 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
316,475.19 477,394.67
value (Loss is listed with “-”)
Loss of credit impairment
1,528,748.01 1,270,480.08
(Loss is listed with “-”)
Losses of devaluation of
-23,818.95 -662,290.01
asset (Loss is listed with “-”)
Income from assets disposal
216,207.53
(Loss is listed with “-”)
III. Operating profit (Loss is listed with
73,506,760.04 303,339,734.21
“-”)
Add: Non-operating income 3,289,158.12 304,620.63
Less: Non-operating expense 92,751.70 1,049,085.73
IV. Total profit (Loss is listed with “-”) 76,703,166.46 302,595,269.11
Less: Income tax expense 16,397,936.55 83,788,034.93
V. Net profit (Net loss is listed with
60,305,229.91 218,807,234.18
“-”)
(i) Classify by business continuity
90
深圳市特力(集团)股份有限公司 2020 年年度报告
1.continuous operating net profit
60,305,229.91 218,807,234.18
(net loss listed with ‘-”)
2.termination of net profit (net
loss listed with ‘-”)
(ii) Classify by ownership
1.Net profit attributable to
57,663,828.89 219,669,708.47
owner’s of parent company
2.Minority shareholders’ gains
2,641,401.02 -862,474.29
and losses
VI. Net after-tax of other
comprehensive income
Net after-tax of other comprehensive
income attributable to owners of parent
company
(I) Other comprehensive income
items which will not be reclassified
subsequently to profit of loss
1.Changes 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.Amount of financial
assets re-classify to other
comprehensive income
4.Credit impairment
91
深圳市特力(集团)股份有限公司 2020 年年度报告
provision for other debt investment
5.Cash flow hedging
reserve
6.Translation differences
arising on translation of foreign
currency financial statements
7.Other
Net after-tax of other comprehensive
income attributable to minority
shareholders
VII. Total comprehensive income 60,305,229.91 218,807,234.18
Total comprehensive income
attributable to owners of parent 57,663,828.89 219,669,708.47
Company
Total comprehensive income
2,641,401.02 -862,474.29
attributable to minority shareholders
VIII. Earnings per share:
(i) Basic earnings per share 0.1338 0.5096
(ii) Diluted earnings per share 0.1338 0.5096
Legal Representative: Fu Chunlong
Person in charge of Accounting Works: Lou Hong
Person in charge of Accounting Institution: Liao Zebin
4. Profit Statement of Parent Company
In RMB
Item 2020 2019
I. Operating income 37,241,063.15 38,042,399.39
Less: Operating cost 10,754,749.28 3,772,642.43
Taxes and surcharge 1,176,003.82 1,721,718.43
Sales expenses
Administration expenses 27,966,422.98 23,285,817.13
R&D expenses
Financial expenses -1,876,961.86 4,032,853.71
Including: interest
5,767,035.04
expenses
92
深圳市特力(集团)股份有限公司 2020 年年度报告
Interest income 1,769,825.26 1,804,555.52
Add: other income 21,849.42
Investment income (Loss is
33,827,292.08 236,551,009.68
listed with “-”)
Including: Investment
income on affiliated Company and 22,156,744.28 19,318,549.22
joint venture
The termination of
income recognition for financial
assets measured by amortized cost
(Loss is listed with “-”)
Net exposure hedging
income (Loss is listed with “-”)
Changing income of fair
160,557.53 324,383.56
value (Loss is listed with “-”)
Loss of credit impairment
639,993.94 1,057,870.24
(Loss is listed with “-”)
Losses of devaluation of
-4,998,000.00
asset (Loss is listed with “-”)
Income on disposal of
assets (Loss is listed with “-”)
II. Operating profit (Loss is listed
28,872,541.90 243,162,631.17
with “-”)
Add: Non-operating income 2,000.00 33,995.79
Less: Non-operating expense 18,810.00
III. Total Profit (Loss is listed with
28,855,731.90 243,196,626.96
“-”)
Less: Income tax 445,762.97 64,583,369.44
IV. Net profit (Net loss is listed with
28,409,968.93 178,613,257.52
“-”)
(i)continuous operating net
28,409,968.93 178,613,257.52
profit (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
93
深圳市特力(集团)股份有限公司 2020 年年度报告
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
1.Other comprehensive
income under equity method that can
transfer to gain/loss
2.Change of fair value of
other debt investment
3.Amount of financial
assets re-classify to other
comprehensive income
4.Credit impairment
provision for other debt investment
5.Cash flow hedging
reserve
6.Translation differences
arising on translation of foreign
currency financial statements
7.Other
VI. Total comprehensive income 28,409,968.93 178,613,257.52
VII. Earnings per share:
(i) Basic earnings per share
(ii) Diluted earnings per share
Legal Representative: Fu Chunlong
Person in charge of Accounting Works: Lou Hong
94
深圳市特力(集团)股份有限公司 2020 年年度报告
Person in charge of Accounting Institution: Liao Zebin
5. Consolidated Cash Flow Statement
In RMB
Item 2020 2019
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 564,587,333.62 620,842,167.97
services
Net increase of customer deposit
and interbank deposit
Net increase of loan from
central bank
Net increase of capital borrowed
from other financial institution
Cash received from original
insurance contract fee
Net cash received from
reinsurance business
Net increase of insured savings
and investment
Cash received from interest,
commission charge and commission
Net increase of capital borrowed
Net increase of returned business
capital
Net cash received by agents in
sale and purchase of securities
Write-back of tax received 3,181.09
Other cash received concerning
16,119,424.38 47,761,005.81
operating activities
Subtotal of cash inflow arising from
580,706,758.00 668,606,354.87
operating activities
Cash paid for purchasing
commodities and receiving labor 316,124,308.90 452,350,872.20
service
Net increase of customer loans
95
深圳市特力(集团)股份有限公司 2020 年年度报告
and advances
Net increase of deposits in
central bank and interbank
Cash paid for original insurance
contract compensation
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
55,902,432.37 62,812,595.93
workers
Taxes paid 82,073,162.16 23,492,145.22
Other cash paid concerning
17,501,551.69 51,039,388.49
operating activities
Subtotal of cash outflow arising from
471,601,455.12 589,695,001.84
operating activities
Net cash flows arising from operating
109,105,302.88 78,911,353.03
activities
II. Cash flows arising from investing
activities:
Cash received from recovering
1,372,569,181.67 2,177,147,001.00
investment
Cash received from investment
42,049,595.57 54,752,103.23
income
Net cash received from disposal
of fixed, intangible and other 922,066.49 834,100.00
long-term assets
Net cash received from disposal
of subsidiaries and other units
Other cash received concerning
50,069,962.11 2,385,849.54
investing activities
Subtotal of cash inflow from
1,465,610,805.84 2,235,119,053.77
investing activities
Cash paid for purchasing fixed,
172,620,388.10 124,672,512.37
intangible and other long-term assets
Cash paid for investment 1,590,780,000.00 1,758,560,000.00
Net increase of mortgaged loans
96
深圳市特力(集团)股份有限公司 2020 年年度报告
Net cash received from
subsidiaries and other units obtained
Other cash paid concerning
5,000.00
investing activities
Subtotal of cash outflow from
1,763,400,388.10 1,883,237,512.37
investing activities
Net cash flows arising from investing
-297,789,582.26 351,881,541.40
activities
III. Cash flows arising from financing
activities
Cash received from absorbing
7,000,000.00 20,000,000.00
investment
Including: Cash received from
absorbing minority shareholders’ 7,000,000.00 20,000,000.00
investment by subsidiaries
Cash received from loans 11,171,759.33 143,000,000.00
Other cash received concerning
24,800,000.00 15,020,000.00
financing activities
Subtotal of cash inflow from
42,971,759.33 178,020,000.00
financing activities
Cash paid for settling debts 320,934,887.55
Cash paid for dividend and
21,825,829.24 7,095,966.49
profit distributing or interest paying
Including: Dividend and profit
of minority shareholder paid by 3,767,675.45
subsidiaries
Other cash paid concerning
24,800,000.00 22,962,000.00
financing activities
Subtotal of cash outflow from
46,625,829.24 350,992,854.04
financing activities
Net cash flows arising from financing
-3,654,069.91 -172,972,854.04
activities
IV. Influence on cash and cash
equivalents due to fluctuation in 132,748.11 96.73
exchange rate
V. Net increase of cash and cash
-192,205,601.18 257,820,137.12
equivalents
Add: Balance of cash and cash
400,668,257.81 142,848,120.69
equivalents at the period -begin
97
深圳市特力(集团)股份有限公司 2020 年年度报告
VI. Balance of cash and cash
208,462,656.63 400,668,257.81
equivalents at the period -end
Legal Representative: Fu Chunlong
Person in charge of Accounting Works: Lou Hong
Person in charge of Accounting Institution: Liao Zebin
6. Cash Flow Statement of Parent Company
In RMB
Item 2020 2019
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 40,034,070.19 39,784,268.51
services
Write-back of tax received
Other cash received concerning
89,340,030.37 28,770,832.18
operating activities
Subtotal of cash inflow arising from
129,374,100.56 68,555,100.69
operating activities
Cash paid for purchasing
commodities and receiving labor
service
Cash paid to/for staff and
25,364,055.45 18,387,927.35
workers
Taxes paid 56,569,832.96 3,527,628.11
Other cash paid concerning
10,874,977.81 19,992,731.75
operating activities
Subtotal of cash outflow arising from
92,808,866.22 41,908,287.21
operating activities
Net cash flows arising from operating
36,565,234.34 26,646,813.48
activities
II. Cash flows arising from investing
activities:
Cash received from recovering
522,000,000.00 1,260,187,000.00
investment
Cash received from investment 30,170,547.80 24,870,415.22
98
深圳市特力(集团)股份有限公司 2020 年年度报告
income
Net cash received from disposal
of fixed, intangible and other
long-term assets
Net cash received from disposal
of subsidiaries and other units
Other cash received concerning
2,385,849.54
investing activities
Subtotal of cash inflow from
552,170,547.80 1,287,443,264.76
investing activities
Cash paid for purchasing fixed,
94,282,308.52 75,307,375.89
intangible and other long-term assets
Cash paid for investment 618,747,000.00 978,253,000.00
Net cash received from
subsidiaries and other units obtained
Other cash paid concerning
investing activities
Subtotal of cash outflow from
713,029,308.52 1,053,560,375.89
investing activities
Net cash flows arising from investing
-160,858,760.72 233,882,888.87
activities
III. Cash flows arising from financing
activities
Cash received from absorbing
investment
Cash received from loans 11,171,759.33 143,000,000.00
Other cash received concerning
24,800,000.00
financing activities
Subtotal of cash inflow from
35,971,759.33 143,000,000.00
financing activities
Cash paid for settling debts 286,000,000.00
Cash paid for dividend and
18,104,449.44 5,999,845.45
profit distributing or interest paying
Other cash paid concerning
24,800,000.00
financing activities
Subtotal of cash outflow from
42,904,449.44 291,999,845.45
financing activities
Net cash flows arising from financing -6,932,690.11 -148,999,845.45
99
深圳市特力(集团)股份有限公司 2020 年年度报告
activities
IV. Influence on cash and cash
equivalents due to fluctuation in 133,134.43
exchange rate
V. Net increase of cash and cash
-131,093,082.06 111,529,856.90
equivalents
Add: Balance of cash and cash
173,702,343.04 62,172,486.14
equivalents at the period -begin
VI. Balance of cash and cash
42,609,260.98 173,702,343.04
equivalents at the period -end
Legal Representative: Fu Chunlong
Person in charge of Accounting Works: Lou Hong
Person in charge of Accounting Institution: Liao Zebin
7. Statement of Changes in Owners’ Equity (Consolidated)
This Period
In RMB
2020
Owners’ equity attributable to the parent Company
Other
equity
instrument Othe Tota
Less
r Prov Min l
Per : Reas
Item Sha Capi com Surp ision Reta ority own
pet Inve onab
re Pre tal preh lus of ined Othe Subt inter ers’
ual ntor le
cap fer reser ensi reser gene profi r otal ests equit
cap Ot y reser
ital red ve ve ve ral t
shar ve y
ital her inco risk
sto es
sec me
ck
urit
ies
431
431, 21,0 387, 1,27 68,2 1,33
I. Balance at ,05 26,4
449, 07,4 423, 0,96 47,7 9,21
the end of the 8,3 22.0
554. 88.7 510. 5,29 00.7 2,99
last year 20. 0
51 3 78 6.02 7 6.79
00
Add:
Changes of
accounting
policy
Error
100
深圳市特力(集团)股份有限公司 2020 年年度报告
correction of
the last period
Enterprise
combine
under the
same control
Other
431
431, 21,0 387, 1,27 68,2 1,33
II. Balance at ,05 26,4
449, 07,4 423, 0,96 47,7 9,21
the beginning 8,3 22.0
554. 88.7 510. 5,29 00.7 2,99
of this year 20. 0
51 3 78 6.02 7 6.79
00
III. Increase/
36,7 39,5 45,4
Decrease in 2,84 5,87
this year 18,3 59,3 33,1
0,99 3,72
(Decrease is 82.5 79.4 05.0
6.89 5.57
listed with 6 5 2
“-”)
57,6 57,6 60,3
(i) Total 2,64
63,8 63,8 05,2
comprehensiv 1,40
28.8 28.8 29.9
e income 1.02
9 9 1
(ii) Owners’ 7,00 7,00
devoted and
0,00 0,00
decreased
0.00 0.00
capital
1.Common 7,00 7,00
shares
0,00 0,00
invested by
0.00 0.00
shareholders
2. Capital
invested by
holders of
other equity
instruments
3. Amount
reckoned into
owners equity
with
share-based
payment
4. Other
2,84 -20, -18, -3,7 -21,
(III) Profit
0,99 945, 104, 67,6 872,
distribution
6.89 446. 449. 75.4 124.
101
深圳市特力(集团)股份有限公司 2020 年年度报告
33 44 5 89
-2,8
1. Withdrawal 2,84
40,9
of surplus 0,99
96.8
reserves 6.89
9
2. Withdrawal
of general
risk
provisions
-18, -18, -3,7 -21,
3.
Distribution 104, 104, 67,6 872,
for owners (or 449. 449. 75.4 124.
shareholders) 44 44 5 89
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
comprehensiv
e income
6. Other
(V)
Reasonable
102
深圳市特力(集团)股份有限公司 2020 年年度报告
reserve
1. Withdrawal
in the report
period
2. Usage in
the report
period
(VI)Others
431
431, 23,8 424, 1,31 74,1 1,38
IV. Balance at ,05 26,4
449, 48,4 141, 0,52 21,4 4,64
the end of the 8,3 22.0
554. 85.6 893. 4,67 26.3 6,10
report period 20. 0
51 2 34 5.47 4 1.81
00
Legal Representative: Fu Chunlong
Person in charge of Accounting Works: Lou Hong
Person in charge of Accounting Institution: Liao Zebin
Last Period
In RMB
2019
Owners’ equity attributable to the parent Company
Other
equity
instrument
Pe Othe
Less Total
rpe r Prov Mino
: Reas owne
Item Sha tua Capi com Surp ision Reta rity
Pr Inve onab rs’
re l tal preh lus of ined Othe Subt intere
efe ntor le equit
cap ca reser ensi reser gene profi r otal sts
rre Oth y reser y
ital pit ve ve ve ral t
d er shar ve
al inco risk
sto es
sec me
ck
uri
tie
s
297
565, 184, 1,05 1,099
I. Balance at ,28 26,4 3,13 49,07
226, 535, 0,20 ,282,
the end of the 1,6 22.0 9,91 2,678
274. 322. 9,53 215.8
last year 00. 0 8.14 .52
51 70 7.35 7
00
Add:
6,24 1,07 1,08 37,49 1,123
Changes of
103
深圳市特力(集团)股份有限公司 2020 年年度报告
accounting 4.84 9,80 6,05 6.54 ,546.
policy 5.36 0.20 74
Error
correction of
the last
period
Enterprise
combine
under the
same
control
Other
297
565, 185, 1,05 1,100
II. Balance at ,28 26,4 3,14 49,11
226, 615, 1,29 ,405,
the beginning 1,6 22.0 6,16 0,175
274. 128. 5,58 762.6
of this year 00. 0 2.98 .06
51 06 7.55 1
00
III. Increase/ 133
-133 17,8 201, 219,
Decrease in ,77 19,13 238,8
this year ,776, 61,3 808, 669,
6,7 7,525 07,23
(Decrease is 720. 25.7 382. 708.
20. .71 4.18
listed with 00 5 72 47
“-”) 00
219, 219,
(i) Total -862, 218,8
669, 669,
comprehensi 474.2 07,23
708. 708.
ve income 9 4.18
47 47
(ii) Owners’ 20,00 20,00
devoted and
0,000 0,000
decreased
.00 .00
capital
1.Common 20,00 20,00
shares
0,000 0,000
invested by
.00 .00
shareholders
2. Capital
invested by
holders of
other equity
instruments
3. Amount
reckoned into
owners
equity with
share-based
104
深圳市特力(集团)股份有限公司 2020 年年度报告
payment
4. Other
17,8 -17,
(III) Profit 61,3 861,
distribution 25.7 325.
5 75
17,8 -17,
1.
Withdrawal 61,3 861,
of surplus 25.7 325.
reserves 5 75
2.
Withdrawal
of general
risk
provisions
3.
Distribution
for owners
(or
shareholders)
4. Other
133
(IV) Carrying -133
forward ,77
,776,
internal 6,7
720.
owners’ 20.
equity 00
00
133
1. Capital -133
reserves ,77
,776,
conversed to 6,7
720.
capital (share 20.
capital) 00
00
2. Surplus
reserves
conversed to
capital (share
capital)
3.
Remedying
loss with
surplus
reserve
4．Carry-over
retained
earnings
from the
defined
105
深圳市特力(集团)股份有限公司 2020 年年度报告
benefit plans
5．Carry-over
retained
earnings
from other
comprehensi
ve income
6. Other
(V)
Reasonable
reserve
1.
Withdrawal
in the report
period
2. Usage in
the report
period
(VI)Others
431
431, 21,0 387, 1,27 1,339
IV. Balance ,05 26,4 68,24
at the end of 449, 07,4 423, 0,96 ,212,
8,3 22.0 7,700
the report 554. 88.7 510. 5,29 996.7
20. 0 .77
period 51 3 78 6.02 9
00
Legal Representative: Fu Chunlong
Person in charge of Accounting Works: Lou Hong
Person in charge of Accounting Institution: Liao Zebin
8. Statement of Changes in Owners’ Equity (Parent Company)
This Period
In RMB
2020
Other equity
instrument Other
Capita
Perp Less: compr Reaso Surplu Retai
Item Share l Total
etual Invent ehensi nable s ned
capit Prefe public Other owners’
capit Othe ory ve reserv reserv profi
al rred reserv equity
al r shares incom e e t
stock e
secur e
ities
I. Balance at
431,0 428,25 21,007 179, 1,060,23
the end of the
106
深圳市特力(集团)股份有限公司 2020 年年度报告
last year 58,32 6,131. ,488.7 916, 7,961.56
0.00 23 3 021.
60
Add:
Changes of
accounting
policy
Error
correction of
the last period
Other
179,
II. Balance at 431,0 428,25 21,007
916, 1,060,23
the beginning 58,32 6,131. ,488.7
021. 7,961.56
of this year 0.00 23 3
60
III. Increase/
Decrease in 7,46
2,840, 10,305,5
this year 4,52
996.89 19.49
(Decrease is 2.60
listed with “-”)
28,4
(i) Total
09,9 28,409,9
comprehensive
68.9 68.93
income
3
(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 2,840, -20,9 -18,104,
107
深圳市特力(集团)股份有限公司 2020 年年度报告
distribution 996.89 45,4 449.44
46.3
3
1. Withdrawal -2,84
2,840,
of surplus 0,99
996.89
reserves 6.89
-18,1
2. Distribution 04,4 -18,104,
for owners (or
49.4 449.44
shareholders)
4
3. Other
(IV) Carrying
forward
internal
owners’ equity
1. Capital
reserves
conversed to
capital (share
capital)
2. Surplus
reserves
conversed to
capital (share
capital)
3. Remedying
loss with
surplus reserve
4．Carry-over
retained
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
108
深圳市特力(集团)股份有限公司 2020 年年度报告
2. Usage in the
report period
(VI)Others
187,
IV. Balance at 431,0 428,25 23,848
380, 1,070,54
the end of the 58,32 6,131. ,485.6
544. 3,481.05
report period 0.00 23 2
20
Legal Representative: Fu Chunlong
Person in charge of Accounting Works: Lou Hong
Person in charge of Accounting Institution: Liao Zebin
Last period
In RMB
2019
Other equity
instrument
Other
Perp Capit
Shar Less: compr Surpl
Item Pref etual al Reason Total
e Invent ehensi us Retaine
erre capit public able Other owners’
capit Othe ory ve reserv d profit
d al reserv reserve equity
al r shares incom e
stoc secu e
e
k ritie
s
297,
I. Balance at 562,0 3,139
281, 18,545, 881,000,
the end of the 32,85 ,918.
600. 850.31 219.68
last year 1.23 14
00
Add:
Changes of 6,244 618,23 624,484.
accounting .84 9.52 36
policy
Error
correction of
the last
period
Other
297,
II. Balance at 562,0 3,146
281, 19,164, 881,624,
the beginning 32,85 ,162.
600. 089.83 704.04
of this year 1.23 98
00
109
深圳市特力(集团)股份有限公司 2020 年年度报告
III. Increase/
133,
Decrease in -133,7 17,86 160,75
this year 776, 178,613,
76,72 1,325 1,931.7
(Decrease is 720. 257.52
0.00 .75 7
listed with 00
“-”)
(i) Total 178,61
178,613,
comprehensiv 3,257.5
257.52
e income 2
(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
17,86
(III) Profit -17,861
1,325
distribution ,325.75
.75
1. 17,86
Withdrawal -17,861
1,325
of surplus ,325.75
.75
reserves
2.
Distribution
for owners
(or
shareholders)
3. Other
(IV) Carrying 133,
forward -133,7
776,
internal 76,72
720.
owners’ 0.00
equity 00
110
深圳市特力(集团)股份有限公司 2020 年年度报告
1. Capital 133,
reserves -133,7
776,
conversed to 76,72
720.
capital (share 0.00
capital) 00
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
comprehensiv
e income
6. Other
(V)
Reasonable
reserve
1.
Withdrawal
in the report
period
2. Usage in
the report
period
(VI)Others
431,
IV. Balance at 428,2 21,00 179,91
058, 1,060,23
the end of the 56,13 7,488 6,021.6
320. 7,961.56
report period 1.23 .73 0
00
Legal Representative: Fu Chunlong
Person in charge of Accounting Works: Lou Hong
Person in charge of Accounting Institution: Liao Zebin
111
深圳市特力(集团)股份有限公司 2020 年年度报告
Shenzhen Tellus Holding Co., Ltd.
Notes to the Financial Statements
For the year ended 31 December 2020
（All amounts are expressed in Chinese Yuan(“CNY”)unless otherwise stated）
Note 1. BASIC INFORMATION ABOUT THE COMPANY
1.1 Corporate Information
Shenzhen Tellus Holding Co., Ltd. ( “ the Company ” ) was developed from the Shenzhen Tellus Machinery Co.,Ltd., which
established on 11 October, 1986. On 2nd January, 1992, with the approval of Shenzhen Municipal People’s Government “shen fu
ban fu (1992), No. 1850”, Shenzhen Tellus Machinery Co.,Ltd. reorganized to a public limited Company and renamed to Shenzhen
Tellus Machinery Holding Company Limited. On 15 March 1993, with the approval of Bank of China Shenzhen branch “Shen Ren
Yin Fu Zi (1993) No.92” the Company issued the initial public registered shares and turned into Limited Liability Company with the
name of “Tellus mechanical and electrical co. LTD, Shenzhen”. At this moment, the whole share capital is 166.88million shares,
including the original 120.9million shares with 45.98million new shares. The new shares is divided into two parts, one is CNY 25.98
million ordinary shares (A shares) ,the other is special shares (B) CNY 20 million shares .
In June 1993, Shenzhen securities management office was about to agree that “Tellus mechanical and electrical co. LTD, Shenzhen
“was qualified to list in Shenzhenstock exchange market(shen zheng ban fu[1993]34) and (shen zheng shi zi [1993]22).On 30 June
1994, the Company changed name to Shenzhen Tellus Holding Company Limited with the approval of Shenzhen administrative
bureau for industry and commerce .
According to the decision made by general meeting of shareholders in 1993, the Company distributed a 2 for 10 bonus shares with
cash dividend of CNY 0.5. The whole capital changed into 200,256,000 shares.
On 28 May 1995, the Group shareholder meeting agreed about plan of distributing bonus and increasing capital. On the basis of
200,256,000 shares in the end of 1994, the Group distributed 0.5 of 10 shares, and give CNY 0.5 from every increasing 0.5 share
capital. After the Group’s share capital increased to 220,281,600 shares.
According to the 19th special meeting of the 7th Board Meeting on April 21st,2015, and the 4th stockholders’ meeting on June 3rd,
2015, the Company private issued CNY ordinary shares (A shares) 77,000,000.00 shares to Shenzhen Tefa Group Co. and Shenzhen
Yuanzhifuhai Jewerly Investment Co. After plan, the Company’s capital increased to 297,281,600 shares.
According to the decision made by general meeting of shareholders in 2018, the Company distributed a 4.5 for 10 bonus shares. The
whole capital changed into 431,058,320.00 shares.
112
深圳市特力(集团)股份有限公司 2020 年年度报告
The Company ’ s principal operating activities are: auto sales, maintenance and inspection, sales of jewelry, property leasing and
services, etc.
The financial statements were approved and authorized for issue, upon the resolution of the Company’s Board of Directors meeting
on April 15,2021.
1.2 Scope of Consolidation
(a) Incorporated subsidiaries of the Company
At 31 December 2020, subsidiaries of the Company are as follows:
Proportion of
Sequence Abbreviation of Shareholding (or similar
Name of Subsidiaries
Number Subsidiaries equity interest) (%)
Direct Indirect
深圳市特力新永通汽车发展有限
公 司 (Shenzhen Tellus Xinyongtong
1 100.00
Xinyongtong Automobile Automobile
Development Co., Ltd.*)
深圳市宝安石泉实业有限公司
2 (Shenzhen Bao ’ an Shiquan Bao’an Shiquan 100.00
Industrial Co., Ltd.*)
深圳市特发特力房地产有限公司
SDG Tellus Real
3 (Shenzhen SDG Tellus Real Estate 100.00
Estate
Co., Ltd.*)
深圳市特力创盈科技有限公司
Chuangying
4 (Shenzhen Tellus Chuangying 100.00
Technology
Technology Co., Ltd.*)
Shenzhen Xinyongtong Auto
Xinyongtong
5 Vehicle Inspection Equipment Co., 51.00
Inspection
Ltd.
深圳市汽车工业贸易有限公司
Automobile Industry
6 (Shenzhen Automobile Industry and 100.00
and Trade
Trade Co., Ltd.*)
深圳市汽车工业供销公司 Automobile Industry
7 100.00
(Shenzhen Automobile Industry Supply and
113
深圳市特力(集团)股份有限公司 2020 年年度报告
Proportion of
Sequence Abbreviation of Shareholding (or similar
Name of Subsidiaries
Number Subsidiaries equity interest) (%)
Direct Indirect
Supply and Marketing Co., Ltd.*) Marketing
深圳特发华日汽车企业有限公司
8 (Shenzhen SDG Huari Automobile Huari Automobile 60.00
Enterprise Co., Ltd.*)
深圳市华日安信汽车检测有限公
Anxin Automobile
9 司 (Shenzhen Huari Anxin 100.00
Inspection
Automobile Inspection Co., Ltd.*)
深圳市中天实业有限公司
10 (Shenzhen Zhongtian Industrial Co., Zhongtian 100.00
Ltd.*)
深圳市华日丰田汽车销售服务有
11 限 公 司 (Shenzhen Huari Toyota Huari Toyota 60.00
Auto Sales Service Co., Ltd.*)
安徽特力星光珠宝投资有限公司
12 (Anhui Tellus Seon Jewelry Tellus Seon Jewelry 51.00
Investment Co., Ltd.*)
安徽特力星光金尊珠宝有限公司
13 (Anhui Tellus Seon Jinzun Jewelry Tellus Seon Jinzun 60.00
Co., Ltd.*)
四川特力珠宝科技有限公司
14 (Sichuan Tellus Jewelry Technology Sichuan Tellus 66.67
Co., Ltd.*)
深圳市特力宝库供应链科技有限
公 司 (Shenzhen Tellus Baoku
15 Tellus Baoku 100.00
Supply Chain Technology Co.,
Ltd.*)
深圳珠宝产业服务有限公司
16 (Shenzhen Jewelry Industry Service Shenzhen Jewelry 65.00
Co. Ltd.*)
114
深圳市特力(集团)股份有限公司 2020 年年度报告
For details of the subsidiaries mentioned above, please refer to Note 7 INTEREST IN OTHER ENTITIES
(b) Change of the scope of consolidation
The newly incorporated subsidiaries during the reporting period are as follows:
Sequence Abbreviation of Reporting Period Reason of
Name of Subsidiaries
Number Subsidiaries Incorporation
Shenzhen Jewelry
1 Shenzhen Jewelry 2020 Set up
Industry Service Co. Ltd.
For the detail of the change of consolidation scope, please refer to Note 6 CHANGES IN THE SCOPE OF CONSOLIDATION.
Note 2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS
2.1 Basis of Preparation
Based on going concern, according to actually occurred transactions and events, the Company prepares its financial statements in
accordance with the Accounting Standards for Business Enterprises – Basic standards and concrete accounting standards,
Accounting Standards for Business Enterprises – Application Guidelines, Accounting Standards for Business Enterprises –
Interpretations and other relevant provisions (collectively known as “ Accounting Standards for Business Enterprises, issued by
Ministry of Finance of PRC”).
2.2 Going Concern
The Company has assessed its ability to continually operate for the next twelve months from the end of the reporting period, and no
any matters that may result in doubt on its ability as a going concern were noted. Therefore, it is reasonable for the Company to
prepare financial statements on the going concern basis.
Note 3. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES
The following significant accounting policies and accounting estimates of the Company are formulated in accordance with the
Accounting Standards for Business Enterprises. Businesses not mentioned are complied with relevant accounting policies of the
Accounting Standards for Business Enterprises.
3.1 Statement of Compliance with the Accounting Standards for Business Enterprises
The Company prepares its financial statements in accordance with the requirements of the Accounting Standards for Business
Enterprises, truly and completely reflecting the Company ’ s financial position as at 31 December 2020, and its operating results,
changes in shareholders' equity, cash flows and other related information for the year then ended.
115
深圳市特力(集团)股份有限公司 2020 年年度报告
3.2 Accounting Period
The accounting year of the Company is from January 1 to December 31 in calendar year.
3.3 Operating Cycle
The normal operating cycle of the Company is twelve months.
3.4 Functional Currency
The Company takes Chinese Yuan (“CNY”) as the functional currency.
The Company’ overseas subsidiaries choose the currency of the primary economic environment in which the subsidiaries operate as
the functional currency.
3.5 Accounting Treatment of Business Combinations under and not under Common Control
(a) Business combinations under common control
The assets and liabilities that the Company obtains in a business combination under common control shall be measured at their
carrying amount of the acquired entity at the combination date. If the accounting policy adopted by the acquired entity is different
from that adopted by the acquiring entity, the acquiring entity shall, according to accounting policy it adopts, adjust the relevant items
in the financial statements of the acquired party based on the principal of materiality. As for the difference between the carrying
amount of the net assets obtained by the acquiring entity and the carrying amount of the consideration paid by it, the capital reserve
(capital premium or share premium) shall be adjusted. If the capital reserve (capital premium or share premium) is not sufficient to
absorb the difference, any excess shall be adjusted against retained earnings.
For the accounting treatment of business combination under common control by step acquisitions, please refer to Note 3.6 (6).
(b) Business combinations not under common control
The assets and liabilities that the Company obtains in a business combination not under common control shall be measured at their
fair value at the acquisition date. If the accounting policy adopted by the acquired entity is different from that adopted by the
acquiring entity, the acquiring entity shall, according to accounting policy it adopts, adjust the relevant items in the financial
statements of the acquired entity based on the principal of materiality. The acquiring entity shall recognize the positive balance
between the combination costs and the fair value of the identifiable net assets it obtains from the acquired entity as goodwill. The
acquiring entity shall, pursuant to the following provisions, treat the negative balance between the combination costs and the fair
value of the identifiable net assets it obtains from the acquired entity:
(i) It shall review the measurement of the fair values of the identifiable assets, liabilities and contingent liabilities it obtains from the
116
深圳市特力(集团)股份有限公司 2020 年年度报告
acquired entity as well as the combination costs;
(ii) If, after the review, the combination costs are still less than the fair value of the identifiable net assets it obtains from the acquired
entity, the balance shall be recognized in profit or loss of the reporting period.
For the accounting treatment of business combination under the same control by step acquisitions, please refer to Note 3.6 (f).
(c) Treatment of business combination related costs
The intermediary costs such as audit, legal services and valuation consulting and other related management costs that are directly
attributable to the business combination shall be charged in profit or loss in the period in which they are incurred. The costs to issue
equity or debt securities for the consideration of business combination shall be recorded as a part of the value of the respect equity or
debt securities upon initial recognition.
3.6 Method of Preparing the Consolidated Financial Statements
(a) Scope of consolidation
The scope of consolidated financial statements shall be determined on the basis of control. It not only includes subsidiaries
determined based on voting power (or similar) or other arrangement, but also structured entities under one or several contract
arrangements.
Control exists when the Company has all the following: power over the investee; exposure, or rights to variable returns from the
Company’s involvement with the investee; and the ability to use its power over the investee to affect the amount of the investor’s
returns. Subsidiaries are the entities that controlled by the Company (including enterprise, a divisible part of the investee, and
structured entity controlled by the enterprise). A structured entity (sometimes called a Special Purpose Entity) is an entity that has
been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity.
(b) Special requirement as the parent Company is an investment entity
If the parent Company is an investment entity, it should measure its investments in particular subsidiaries as financial assets at fair
value through profit or loss instead of consolidating those subsidiaries in its consolidated and separate financial statements. However,
as an exception to this requirement, if a subsidiary provides investment-related services or activities to the investment entity, it should
be consolidated.
The parent Company is defined as investment entity when meets following conditions:
a. Obtains funds from one or more investors for the purpose of providing those investors with investment management services;
b. Commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income
117
深圳市特力(集团)股份有限公司 2020 年年度报告
or both; and
c. Measures and evaluates the performance of substantially all of its investments on a fair value basis.
If the parent Company becomes an investment entity, it shall cease to consolidate its subsidiaries at the date of the change in status,
except for any subsidiary which provides investment-related services or activities to the investment entity shall be continued to be
consolidated. The deconsolidation of subsidiaries is accounted for as though the investment entity partially disposed subsidiaries
without loss of control.
When the parent Company previously classified as an investment entity ceases to be an investment entity, subsidiary that was
previously measured at fair value through profit or loss shall be included in the scope of consolidated financial statements at the date
of the change in status. The fair value of the subsidiary at the date of change represents the transferred deemed consideration in
accordance with the accounting for business combination not under common control.
(c) Method of preparing the consolidated financial statements
The consolidated financial statements shall be prepared by the Company based on the financial statements of the Company and its
subsidiaries, and using other related information.
When preparing consolidated financial statements, the Company shall consider the entire group as an accounting entity, adopt
uniform accounting policies and apply the requirements of Accounting Standard for Business Enterprises related to recognition,
measurement and presentation. The consolidated financial statements shall reflect the overall financial position, operating results and
cash flows of the group.
(i) Like items of assets, liabilities, equity, income, expenses and cash flows of the parent are combined with those of the subsidiaries.
(ii) The carrying amount of the parent’ investment in each subsidiary is eliminated (off-set) against the parent’ portion of equity of
each subsidiary.
(iii) Eliminate the impact of intragroup transactions between the Company and the subsidiaries or between subsidiaries, and when
intragroup transactions indicate an impairment of related assets, the losses shall be recognized in full.
(iv) Make adjustments to special transactions from the perspective of the group.
(d) Method of preparation of the consolidated financial statements
when subsidiaries are acquired or disposed in the reporting period
(i) Acquisition of subsidiaries or business
A.Subsidiaries or business acquired through business combination under common control
118
深圳市特力(集团)股份有限公司 2020 年年度报告
When preparing consolidated statements of financial position, the opening balance of the consolidated balance sheet shall be adjusted.
Related items of comparative financial statements shall be adjusted as well, deeming that the combined entity has always existed ever
since the ultimate controlling party began to control.
Incomes, expenses and profits of the subsidiary incurred from the beginning of the reporting period to the end of the reporting period
shall be included into the consolidated statement of profit or loss. Related items of comparative financial statements shall be adjusted
as well, deeming that the combined entity has always existed ever since the ultimate controlling party began to control.
Cash flows from the beginning of the reporting period to the end of the reporting period shall be included into the consolidated
statement of cash flows. Related items of comparative financial statements shall be adjusted as well, deeming that the combined
entity has always existed ever since the ultimate controlling party began to control.
B.Subsidiaries or business acquired through business combination not under common control
When preparing the consolidated statements of financial position, the opening balance of the consolidated statements of financial
position shall not be adjusted.
Incomes, expenses and profits of the subsidiary incurred from the acquisition date to the end of the reporting period shall be included
into the consolidated statement of profit or loss.
Cash flows from the acquisition date to the end of the reporting period shall be included into the consolidated statement of cash
flows.
(ii) Disposal of subsidiaries or business
When preparing the consolidated statements of financial position, the opening balance of the consolidated statements of financial
position shall not be adjusted.
Incomes, expenses and profits incurred from the beginning of the subsidiary to the disposal date shall be included into the
consolidated statement of profit or loss.
Cash flows from the beginning of the subsidiary to the disposal date shall be included into the consolidated statement of cash flows.
(e) Special consideration in consolidation elimination
(i) Long-term equity investment held by the subsidiaries to the Company shall be recognized as treasury stock of the Company,
which is offset with the owner’s equity, represented as “treasury stock” under “owner’s equity” in the consolidated statement
of financial position.
Long-term equity investment held by subsidiaries between each other is accounted for taking long-term equity investment held by the
Company to its subsidiaries as reference. That is, the long-term equity investment is eliminated (off- set) against the portion of the
corresponding subsidiary’s equity.
119
深圳市特力(集团)股份有限公司 2020 年年度报告
(ii) Due to not belonging to paid-in capital (or share capital) and capital reserve, and being different from retained earnings and
undistributed profit, “Specific reserves” and “General risk provision” shall be recovered based on the proportion attributable to
owners of the parent Company after long-term equity investment to the subsidiaries is eliminated with the subsidiaries’ equity.
(iii) If temporary timing difference between the book value of the assets and liabilities in the consolidated statement of financial
position and their tax basis is generated as a result of elimination of unrealized inter-Company transaction profit or loss, deferred tax
assets of deferred tax liabilities shall be recognized, and income tax expense in the consolidated statement of profit or loss shall be
adjusted simultaneously, excluding deferred taxes related to transactions or events directly recognized in owner’s equity or business
combination.
(iv) Unrealised inter-Company transactions profit or loss generated from the Company selling assets to its subsidiaries shall be
eliminated against “net profit attributed to the owners of the parent Company” in full. Unrealized inter-Company transactions profit
or loss generated from the subsidiaries selling assets to the Company shall be eliminated between “net profit attributed to the owners
of the parent Company” and “non-controlling interests” pursuant to the proportion of the Company in the related subsidiaries.
Unrealized inter-Company transactions profit or loss generated from the assets sales between the subsidiaries shall be eliminated
between “net profit attributed to the owners of the parent Company” and “non-controlling interests” pursuant to the proportion
of the Company in the selling subsidiaries.
(v) If loss attributed to the minority shareholders of a subsidiary in current period is more than the proportion of non-controlling
interest in this subsidiary at the beginning of the period, non-controlling interest is still to be written down.
(f) Accounting for Special Transactions
(i) Purchasing of non-controlling interests
Where, the Company purchases non-controlling interests of its subsidiary, in the separate financial statements of the Company, the
cost of the long-term equity investment obtained in purchasing non-controlling interests is measured at the fair value of the
consideration paid. In the consolidated financial statements, difference between the cost of the long-term equity investment newly
obtained in purchasing non-controlling interests and share of the subsidiary’ net assets from the acquisition date or combination date
continuingly calculated pursuant to the newly acquired shareholding proportion shall be adjusted into capital reserve (capital
premium or share premium). If capital reserve is not enough to be offset, surplus reserve and undistributed profit shall be offset in
turn.
(ii) Gaining control over the subsidiary in stages through multiple transactions
A.Business combination under common control in stages through multiple transactions
On the combination date, in the separate financial statement, initial cost of the long-term equity investment is determined according
120
深圳市特力(集团)股份有限公司 2020 年年度报告
to the share of carrying amount of the acquiree’ net assets in the ultimate controlling entity’ consolidated financial statements after
combination. The difference between the initial cost of the long-term equity investment and the carrying amount of the long -term
investment held prior of control plus book value of additional consideration paid at acquisition date is adjusted into capital reserve
(capital premium or share premium). If the capital reserve is not enough to absorb the difference, any excess shall be adjusted against
surplus reserve and undistributed profit in turn.
In the consolidated financial statements, the assets and liabilities acquired during the combination should be recognized at their
carrying amount in the ultimate controlling entity’s consolidated financial statements on the combination date unless any adjustment
is resulted from the difference in accounting policies. The difference between the carrying amount of the investment held prior of
control plus book value of additional consideration paid on the acquisition date and the net assets acquired through the combination is
adjusted into capital reserve (capital premium or share premium). If the capital reserve is not enough to absorb the difference, any
excess shall be adjusted against retained earnings.
If the acquiring entity holds equity investment in the acquired entity prior to the combination date and the equity investment is
accounted for under the equity method, related profit or loss, other comprehensive income and other changes in equity which have
been recognized during the period from the later of the date of the Company obtaining original equity interest and the date of both the
acquirer and the acquiree under common control of the same ultimate controlling party to the combination date should be offset
against the opening balance of retained earnings at the comparative financial statements period respectively.
B.Business combination not under common control in stages through multiple transactions
On the consolidation date, in the separate financial statements, the initial cost of long-term equity investment is determined according
to the carrying amount of the original long-term investment plus the cost of new investment.
In the consolidated financial statements, the equity interest of the acquired entity held prior to the acquisition date shall be
re-measured at its fair value on the acquisition date. Difference between the fair value of the equity interest and its book value is
recognized as investment income. The other comprehensive income related to the equity interest held prior to the acquisition date
calculated through equity method, should be transferred to current investment income of the acquisition period, excluding other
comprehensive income resulted from the remeasurement of the net assets or net liabilities under defined benefit plan. The Company
shall disclose acquisition-date fair value of the equity interest held prior to the acquisition date, and the related gains or losses due to
the remeasurement based on fair value.
(iii) Disposal of investment in subsidiaries without a loss of control
For partial disposal of the long-term equity investment in the subsidiaries without a loss of control, when the Company prepares
consolidated financial statements, difference between consideration received from the disposal and the corresponding share of
subsidiary’s net assets cumulatively calculated from the acquisition date or combination date shall be adjusted into capital reserve
121
深圳市特力(集团)股份有限公司 2020 年年度报告
(capital premium or share premium). If the capital reserve is not enough to absorb the difference, any excess shall be offset against
retained earnings.
(iv) Disposal of investment in subsidiaries with a loss of control
A.Disposal through one transaction
If the Company loses control in an investee through partial disposal of the equity investment, when the consolidated financial
statements are prepared, the retained equity interest should be re-measured at fair value at the date of loss of control. The difference
between i) the fair value of consideration received from the disposal plus non-controlling interest retained; ii) share of the former
subsidiary’s net assets cumulatively calculated from the acquisition date or combination date according to the original proportion of
equity interest, shall be recognized in current investment income when control is lost.
Moreover, other comprehensive income and other changes in equity related to the equity investment in the former subsidiary shall be
transferred into current investment income when control is lost, excluding other comprehensive income resulted from the
remeasurement of the movement of net assets or net liabilities under defined benefit plan.
B.Disposal in stages
In the consolidated financial statements, whether the transactions should be accounted for as “a single transaction” needs to be
decided firstly.
If the disposal in stages should not be classified as “a single transaction”, in the separate financial statements, for transactions prior
of the date of loss of control, carrying amount of each disposal of long-term equity investment need to be recognized, and the
difference between consideration received and the carrying amount of long-term equity investment corresponding to the equity
interest disposed should be recognized in current investment income; in the consolidated financial statements, the disposal
transaction should be accounted for according to related policy in “Disposal of long-term equity investment in subsidiaries without a
loss of control”.
If the disposal in stages should be classified as “ a single transaction ” , these transactions should be accounted for as a single
transaction of disposal of subsidiary resulting in loss of control. In the separate financial statements, for each transaction prior of the
date of loss of control, difference between consideration received and the carrying amount of long-term equity investment
corresponding to the equity interest disposed should be recognized as other comprehensive income firstly, and transferred to profit or
loss as a whole when control is lost; in the consolidated financial statements, for each transaction prior of the date of loss of control,
difference between consideration received and proportion of the subsidiary’s net assets corresponding to the equity interest disposed
should be recognized in profit or loss as a whole when control is lost.
In considering of the terms and conditions of the transactions as well as their economic impact, the presence of one or more of the
following indicators may lead to account for multiple transactions as a single transaction:
122
深圳市特力(集团)股份有限公司 2020 年年度报告
(a) The transactions are entered into simultaneously or in contemplation of one another.
(b) The transactions form a single transaction designed to achieve an overall commercial effect.
(c) The occurrence of one transaction depends on the occurrence of at least one other transaction.
(d) One transaction, when considered on its own merits, does not make economic sense, but when considered together with the other
transaction or transactions would be considered economically justifiable.
(iii) Diluting equity share of parent Company in its subsidiaries due to additional capital injection by the subsidiaries’ minority
shareholders.
Other shareholders (minority shareholders) of the subsidiaries inject additional capital in the subsidiaries, which resulted in the
dilution of equity interest of parent Company in these subsidiaries. In the consolidated financial statements, difference between share
of the corresponding subsidiaries’ net assets calculated based on the parent’s equity interest before and after the capital injection
shall be adjusted into capital reserve (capital premium or share premium). If the capital reserve is not enough to absorb the difference,
any excess shall be adjusted against retained earnings.
3.7 Classification of Joint Arrangements and Accounting for Joint Operation
A joint arrangement is an arrangement of which two or more parties have joint control. Joint arrangement of the Company is
classified as either a joint operation or a joint venture.
(a) Joint operation
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and
obligations for the liabilities, relating to the arrangement.
The Company shall recognize the following items in relation to shared interest in a joint operation, and account for them in
accordance with relevant accounting standards of the Accounting Standards for Business Enterprises:
(i) its assets, including its share of any assets held jointly;
(ii) its liabilities, including its share of any liabilities incurred jointly;
(iii) its revenue from the sale of its share of the output arising from the joint operation;
(iv) its share of the revenue from the sale of the output by the joint operation; and
(v) its expenses, including its share of any expenses incurred jointly.
(b) Joint venture
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of
the arrangement.
123
深圳市特力(集团)股份有限公司 2020 年年度报告
The Company accounts for its investment in the joint venture by applying the equity method of long-term equity investment.
3.8 Cash and Cash Equivalents
Cash comprises cash on hand and deposits that can be readily withdrawn on demand. Cash equivalents include short-term (generally
within three months of maturity at acquisition), highly liquid investments that are readily convertible into known amounts of cash and
which are subject to an insignificant risk of changes in value.
3.9 Foreign Currency Transactions and Translation of Foreign Currency Financial
Statements
(a) Determination of the exchange rate for foreign currency
transactions
At the time of initial recognition of a foreign currency transaction, the amount in the foreign currency shall be translated into the
amount in the functional currency at the spot exchange rate of the transaction date, or at an exchange rate which is determined
through a systematic and reasonable method and is approximate to the spot exchange rate of the transaction date (hereinafter referred
to as the approximate exchange rate).
(b) Translation of monetary items denominated in foreign currency on
the balance sheet date
The foreign currency monetary items shall be translated at the spot exchange rate on the balance sheet date. The balance of exchange
arising from the difference between the spot exchange rate on the balance sheet date and the spot exchange rate at the time of initial
recognition or prior to the balance sheet date shall be recorded into the profits and losses at the current period. The foreign currency
non-monetary items measured at the historical cost shall still be translated at the spot exchange rate on the transaction date; for the
foreign currency non-monetary items restated to a fair value measurement, shall be translated into the at the spot exchange rate at the
date when the fair value was determined, the difference between the restated functional currency amount and the original functional
currency amount shall be recorded into the profits and losses at the current period.
(c) Translation of foreign currency financial statements
Before translating the financial statements of foreign operations, the accounting period and accounting policy shall be adjusted so as
124
深圳市特力(集团)股份有限公司 2020 年年度报告
to conform to the Company. The adjusted foreign operation financial statements denominated in foreign currency (other than
functional currency) shall be translated in accordance with the following method:
(i) The asset and liability items in the statement of financial position shall be translated at the spot exchange rates at the date of
that statement of financial position.. The owners’ equity items except undistributed profit shall be translated at the spot exchange
rates when they are incurred.
(ii) The income and expense items in the statement of profit and other comprehensive income shall be translated at the spot
exchange rates or approximate exchange rate at the date of transaction. Foreign currency cash flows and cash flows of foreign
subsidiaries shall be translated at the spot exchange rate or approximate exchange rate when the cash flows are incurred. The effect of
exchange rate changes on cash is presented separately in the statement of cash flows as an adjustment item.
(iv) The differences arising from the translation of foreign currency financial statements shall be presented separately as “ other
comprehensive income” under the owners’ equity items of the consolidated statement of financial position.
When disposing a foreign operation involving loss of control, the cumulative amount of the exchange differences relating to that
foreign operation recognized under other comprehensive income in the statement of financial position, shall be reclassified into
current profit or loss according to the proportion disposed.
3.10 Financial Instruments
Financial instrument is any contract which gives rise to both a financial asset of one entity and a financial liability or equity
instrument of another entity.
(a) Recognition and derecognition of financial instrument
A financial asset or a financial liability should be recognized in the statement of financial position when, and only when, an entity
becomes party to the contractual provisions of the instrument.
A financial asset can only be derecognized when meets one of the following conditions:
(i) The rights to the contractual cash flows from a financial asset expire
(ii) The financial asset has been transferred and meets one of the following derecognition conditions:
Financial liabilities (or part thereof) are derecognized only when the liability is extinguished—i.e., when the obligation specified in
the contract is discharged or cancelled or expires. An exchange of the Company (borrower) and lender of debt instruments that carry
significantly different terms or a substantial modification of the terms of an existing liability are both accounted for as an
extinguishment of the original financial liability and the recognition of a new financial liability.
Purchase or sale of financial assets in a regular-way shall be recognized and derecognized using trade date accounting. A regular-way
purchase or sale of financial assets is a transaction under a contract whose terms require delivery of the asset within the time frame
125
深圳市特力(集团)股份有限公司 2020 年年度报告
established generally by regulations or convention in the market place concerned. Trade date is the date at which the entity commits
itself to purchase or sell an asset.
(b) Classification and measurement of financial assets
At initial recognition, the Company classified its financial asset based on both the business model for managing the financial asset
and the contractual cash flow characteristics of the financial asset: financial asset at amortized cost, financial asset at fair value
through profit or loss (FVTPL) and financial asset at fair value through other comprehensive income (FVTOCI). Reclassification of
financial assets is permitted if, and only if, the objective of the entity’s business model for managing those financial assets changes.
In this circumstance, all affected financial assets shall be reclassified on the first day of the first reporting period after the changes in
business model; otherwise the financial assets cannot be reclassified after initial recognition.
Financial assets shall be measured at initial recognition at fair value. For financial assets measured at FVTPL, transaction costs are
recognized in current profit or loss. For financial assets not measured at FVTPL, transaction costs should be included in the initial
measurement. Notes receivable or accounts receivable that arise from sales of goods or rendering of services are initially measured at
the transaction price defined in the accounting standard of revenue where the transaction does not include a significant financing
component.
Subsequent measurement of financial assets will be based on their categories:
(i)Financial asset at amortized cost
The financial asset at amortized cost category of classification applies when both the following conditions are met: the financial asset
is held within the business model whose objective is to hold financial assets in order to collect contractual cash flows, and the
contractual term of the financial asset gives rise on specified dates to cash flows that are solely payment of principal and interest on
the principal amount outstanding. These financial assets are subsequently measured at amortized cost by adopting the effective
interest rate method. Any gain or loss arising from derecognition according to the amortization under effective interest rate method or
impairment are recognized in current profit or loss.
(ii)Financial asset at fair value through other comprehensive income (FVTOCI)
The financial asset at FVTOCI category of classification applies when both the following conditions are met: the financial asset is
held within the business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and
the contractual term of the financial asset gives rise on specified dates to cash flows that are solely payment of principle and interest
on the principal amount outstanding. All changes in fair value are recognized in other comprehensive income except for gain or loss
arising from impairment or exchange differences, which should be recognized in current profit or loss. At derecognition, cumulative
gain or loss previously recognized under OCI is reclassified to current profit or loss. However, interest income calculated based on
126
深圳市特力(集团)股份有限公司 2020 年年度报告
the effective interest rate is included in current profit or loss.
The Company make an irrevocable decision to designate part of non-trading equity instrument investments as measured through
FVTOCI. All changes in fair value are recognized in other comprehensive income except for dividend income recognized in current
profit or loss. At derecognition, cumulative gain or loss are reclassified to retained earnings.
(iii)Financial asset at fair value through profit or loss (FVTPL)
Financial asset except for above mentioned financial asset at amortized cost or financial asset at fair value through other
comprehensive income (FVTOCI), should be classified as financial asset at fair value through profit or loss (FVTPL). These financial
assets should be subsequently measured at fair value. All the changes in fair value are included in current profit or loss.
(c) Classification and measurement of financial liabilities
The Company classified the financial liabilities as financial liabilities at fair value through profit or loss (FVTPL), loan commitments
at a below-market interest rate and financial guarantee contracts and financial asset at amortized cost.
Subsequent measurement of financial assets will be based on the classification:
(i)Financial liabilities at fair value through profit or loss (FVTPL)
Held-for-trading financial liabilities (including derivatives that are financial liabilities) and financial liabilities designated at FVTPL
are classified as financial liabilities at FVTP. After initial recognition, any gain or loss (including interest expense) are recognized in
current profit or loss except for those hedge accounting is applied. For financial liability that is designated as at FVTPL, changes in
the fair value of the financial liability that is attributable to changes in the own credit risk of the issuer shall be presented in other
comprehensive income. At derecognition, cumulative gain or loss previously recognized under OCI is reclassified to retained
earnings.
(ii)Loan commitments and financial guarantee contracts
Loan commitment is a commitment by the Company to provide a loan to customer under specified contract terms. The provision of
impairment losses of loan commitments shall be recognized based on expected credit losses model.
Financial guarantee contract is a contract that requires the Company to make specified payments to reimburse the holder for a loss it
incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt
instrument. Financial guarantee contracts liability shall be subsequently measured at the higher of: The amount of the loss allowance
recognized according to the impairment principles of financial instruments; and the amount initially recognized less the cumulative
127
深圳市特力(集团)股份有限公司 2020 年年度报告
amount of income recognized in accordance with the revenue principles.
(iii)Financial liabilities at amortized cost
After initial recognition, the Company measured other financial liabilities at amortized cost using the effective interest method.
Except for special situation, financial liabilities and equity instrument should be classified in accordance with the following
principles:
(i) If the Company has no unconditional right to avoid delivering cash or another financial instrument to fulfill a contractual
obligation, this contractual obligation meet the definition of financial liabilities. Some financial instruments do not comprise terms
and conditions related to obligations of delivering cash or another financial instrument explicitly, they may include contractual
obligation indirectly through other terms and conditions.
(ii) If a financial instrument must or may be settled in the Company's own equity instruments, it should be considered that the
Company ’ s own equity instruments are alternatives of cash or another financial instrument, or to entitle the holder of the equity
instruments to sharing the remaining rights over the net assets of the issuer. If the former is the case, the instrument is a liability of
the issuer; otherwise, it is an equity instrument of the issuer. Under some circumstances, it is regulated in the contract that the
financial instrument must or may be settled in the Company's own equity instruments, where, amount of contractual rights and
obligations are calculated by multiplying the number of the equity instruments to be available or delivered by its fair value upon
settlement. Such contracts shall be classified as financial liabilities, regardless that the amount of contractual rights and liabilities is
fixed, or fluctuate totally or partially with variables other than market price of the entity’s own equity instruments (such as interest
rate, price of some kind of goods or some kind of financial instrument).
(d) Derivatives and embedded derivatives
At initial recognition, derivatives shall be measured at fair value at the date of derivative contracts are signed and subsequently
measured at fair value. The derivative with a positive fair value shall be recognized as an asset, and with a negative fair value shall be
recognized as a liability.
Gains or losses arising from the changes in fair value of derivatives shall be recognized directly into current profit or loss except for
the effective portion of cash flow hedges which shall be recognized in other comprehensive income and reclassified into current
profit or loss when the hedged items affect profit or loss.
An embedded derivative is a component of a hybrid contract with a financial asset as a host, the Company shall apply the
requirements of financial asset classification to the entire hybrid contract. If a host that is not a financial asset and the hybrid contract
is not measured at fair value with changes in fair value recognized in profit or loss, and the economic characteristics and risks of the
embedded derivative are not closely related to the economic characteristics and risks of the host, and a separate instrument with the
128
深圳市特力(集团)股份有限公司 2020 年年度报告
same terms as the embedded derivative would meet the definition of a derivative, the embedded derivative shall be separated from
the hybrid instrument and accounted for as a separate derivative instrument. If the Company is unable to measure the fair value of the
embedded derivative at the acquisition date or subsequently at the balance sheet date, the entire hybrid contract is designated as
financial assets or financial liabilities at fair value through profit or loss.
(e) Impairment of financial instrument
The Company shall recognize a loss allowance based on expected credit losses on a financial asset that is measured at amortized cost,
a debt investment at fair value through other comprehensive income, a contract asset, a lease receivable, a loan commitment and a
financial guarantee contract.
(i) Measurement of expected credit losses
Expected credit losses are the weighted average of credit losses of the financial instruments with the respective risks of a default
occurring as the weights. Credit loss is the difference between all contractual cash flows that are due to the Company in accordance
with the contract and all the cash flows that the Company expects to receive (ie all cash shortfalls), discounted at the original
effective interest rate or credit- adjusted effective interest rate for purchased or originated credit-impaired financial assets.
Lifetime expected credit losses are the expected credit losses that result from all possible default events over the expected life of a
financial instrument.
12-month expected credit losses are the portion of lifetime expected credit losses that represent the expected credit losses that result
from default events on a financial instrument that are possible within the 12 months after the reporting date (or the expected lifetime,
if the expected life of a financial instrument is less than 12 months).
At each reporting date, the Company classifies financial instruments into three stages and makes provisions for expected credit losses
accordingly. A financial instrument of which the credit risk has not significantly increased since initial recognition is at stage 1. The
Company shall measure the loss allowance for that financial instrument at an amount equal to 12-month expected credit losses. A
financial instrument with a significant increase in credit risk since initial recognition but is not considered to be credit-impaired is at
stage 2. The Company shall measure the loss allowance for that financial instrument at an amount equal to the lifetime expected
credit losses. A financial instrument is considered to be credit-impaired as at the end of the reporting period is at stage 3. The
Company shall measure the loss allowance for that financial instrument at an amount equal to the lifetime expected credit losses.
The Company may assume that the credit risk on a financial instrument has not increased significantly since initial recognition if the
financial instrument is determined to have low credit risk at the reporting date and measure the loss allowance for that financial
instrument at an amount equal to 12-month expected credit losses.
129
深圳市特力(集团)股份有限公司 2020 年年度报告
For financial instrument at stage 1, stage 2 and those have low credit risk, the interest revenue shall be calculated by applying the
effective interest rate to the gross carrying amount of a financial asset (ie, impairment loss not been deducted). For financial
instrument at stage 3, interest revenue shall be calculated by applying the effective interest rate to the amortized cost after deducting
of impairment loss.
For notes receivable, accounts receivable and accounts receivable financing, no matter it contains a significant financing component
or not, the Company shall measure the loss allowance at an amount equal to the lifetime expected credit losses.
(a)Receivables/Contract Assets
For the notes receivable, accounts receivable, other receivables, accounts receivable financing, contract assets and long-term
receivables which are demonstrated to be impaired by any objective evidence, or applicable for individual assessment, the Company
shall individually assess for impairment and recognize the loss allowance for expected credit losses. If the Company determines that
no objective evidence of impairment exists for notes receivable, accounts receivable, other receivables, accounts receivable financing,
contract assets and long-term receivables, or the expected credit loss of a single financial asset cannot be assessed at reasonable cost,
such notes receivable, accounts receivable, other receivables, accounts receivable financing, contract assets and long-term receivables
shall be divided into several groups with similar credit risk characteristics and collectively calculated the expected credit loss. The
determination basis of groups is as following:
Determination basis of notes receivable is as following:
Illustration:
Group 1: Commercial acceptance bills
Group 2: Bank acceptance bills
For each group, the Company calculates expected credit losses through default exposure and the lifetime expected credit losses rate,
taking reference to historical experience for credit losses and considering current condition and expectation for the future economic
situation.
Determination basis of accounts receivable is as following:
Illustration:
Group 1: Portfolio grouped with ages
Group 2: Portfolio grouped with business of jewelry sales
For each group, the Company calculates expected credit losses through preparing an aging analysis schedule with the lifetime
expected credit losses rate, taking reference to historical experience for credit losses and considering current condition and
expectation for the future economic situation.
130
深圳市特力(集团)股份有限公司 2020 年年度报告
Determination basis of other receivables is as following:
Illustration:
Group 1: Interest receivable
Group 2: Dividend receivable
Group 3: Portfolio grouped with ages
Group 4: Deposit and guarantee receivable
Group 5: Portfolio grouped with balances due from consolidated parties
For each group, the Company calculates expected credit losses through default exposure and the 12-months or lifetime expected
credit losses rate, taking reference to historical experience for credit losses and considering current condition and expectation for the
future economic situation.
Determination basis of long-term receivables financing is as following:
Illustration:
Group 1: Others
For group 1, the Company calculates expected credit losses through default exposure and the 12-months or lifetime expected credit
losses rate, taking reference to historical experience for credit losses and considering current condition and expectation for the future
economic situation.
(b) Debt investment and other debt investment
For debt investment and other debt investment, the Company shall calculate the expected credit loss through the default exposure and
the 12-month or lifetime expected credit loss rate based on the nature of the investment, counterparty and the type of risk exposure.
(ii) Low credit risk
If the financial instrument has a low risk of default, the borrower has a strong capacity to meet its contractual cash flow obligations in
the near term and adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the
ability of the borrower to fulfill its contractual cash flow obligations.
(iii) Significant increase in credit risk
The Company shall assess whether the credit risk on a financial instrument has increased significantly since initial recognition, using
the change in the risk of a default occurring over the expected life of the financial instrument, through the comparison of the risk of a
default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as
at the date of initial recognition.
To make that assessment, the Company shall consider reasonable and supportable information, that is available without undue cost or
131
深圳市特力(集团)股份有限公司 2020 年年度报告
effort, and that is indicative of significant increases in credit risk since initial recognition, including forward-looking information.
The information considered by the Company are as following:
Significant changes in internal price indicators of credit risk as a result of a change in credit risk since inception
Existing or forecast adverse change in the business, financial or economic conditions of the borrower that results in a
significant change in the borrower’s ability to meet its debt obligations；
An actual or expected significant change in the operating results of the borrower; An actual or expected significant
adverse change in the regulatory, economic, or technological environment of the borrower；
Significant changes in the value of the collateral supporting the obligation or in the quality of third-party guarantees or
credit enhancements, which are expected to reduce the borrower’s economic incentive to make scheduled contractual payments or to
otherwise have an effect on the probability of a default occurring;
Significant change that are expected to reduce the borrower ’ s economic incentive to make scheduled contractual
payments;
Expected changes in the loan documentation including an expected breach of contract that may lead to covenant waivers
or amendments, interest payment holidays, interest rate step-ups, requiring additional collateral or guarantees, or other changes to the
contractual framework of the instrument；
Significant changes in the expected performance and behaviour of the borrower；
Contractual payments are more than 30 days past due.
Depending on the nature of the financial instruments, the Company shall assess whether the credit risk has increased significantly
since initial recognition on an individual financial instrument or a group of financial instruments. When assessed based on a group of
financial instruments, the Company can group financial instruments on the basis of shared credit risk characteristics, for example,
past due information and credit risk rating.
Generally, the Company shall determine the credit risk on a financial asset has increased significantly since initial recognition when
contractual payments are more than 30 days past due. The Company can only rebut this presumption if the Company has reasonable
and supportable information that is available without undue cost or effort, that demonstrates that the credit risk has not increased
significantly since initial recognition even though the contractual payments are more than 30 days past due.
(iv) Credit-impaired financial asset
The Company shall assess at each reporting date whether the credit impairment has occurred for financial asset at amortized cost and
132
深圳市特力(集团)股份有限公司 2020 年年度报告
debt investment at fair value through other comprehensive income. A financial asset is credit-impaired when one or more events that
have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidences that a financial asset is
credit-impaired include observable data about the following events:
Significant financial difficulty of the issuer or the borrower；a breach of contract, such as a default or past due event; the lender(s) of
the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a
concession(s) that the lender(s) would not otherwise consider；it is becoming probable that the borrower will enter bankruptcy or
other financial reorganisation； the disappearance of an active market for that financial asset because of financial difficulties；the
purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses.
(v) Presentation of impairment of expected credit loss
In order to reflect the changes of credit risk of financial instrument since initial recognition, the Company shall at each reporting date
remeasure the expected credit loss and recognize in profit or loss, as an impairment gain or loss, the amount of expected credit losses
addition(or reversal). For financial asset at amortized cost, the loss allowance shall reduce the carrying amount of the financial asset
in the statement of financial position; for debt investment at fair value through other comprehensive income, the loss allowance shall
be recognized in other comprehensive income and shall not reduce the carrying amount of the financial asset in the statement of
financial position.
(vi) Write-off
The Company shall directly reduce the gross carrying amount of a financial asset when the Company has no reasonable expectations
of recovering the contractual cash flow of a financial asset in its entirety or a portion thereof. Such write-off constitutes a
derecognition of the financial asset. This circumstance usually occurs when the Company determines that the debtor has no assets or
sources of income that could generate sufficient cash flow to repay the write-off amount.
Recovery of financial asset written off shall be recognized in profit or loss as reversal of impairment loss.
(f) Transfer of financial assets
Transfer of financial assets refers to following two situations:
Transfers the contractual rights to receive the cash flows of the financial asset;
Transfers the entire or a part of a financial asset and retains the contractual rights to receive the cash flows of the financial
asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.
(i) Derecognition of transferred assets
If the Company transfers substantially all the risks and rewards of ownership of the financial asset, or neither transfers nor retains
133
深圳市特力(集团)股份有限公司 2020 年年度报告
substantially all the risks and rewards of ownership of the financial asset but has not retained control of the financial asset, the
financial asset shall be derecognized.
Whether the Company has retained control of the transferred asset depends on the transferee ’ s ability to sell the asset. If the
transferee has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability
unilaterally and without needing to impose additional restrictions on the transfer, the Company has not retained control.
The Company judges whether the transfer of financial asset qualifies for derecognition based on the substance of the transfer.
If the transfer of financial asset qualifies for derecognition in its entirety, the difference between the following shall be recognized in
profit or loss:
The carrying amount of transferred financial asset;
The sum of consideration received and the part derecognized of the cumulative changes in fair value previously
recognized in other comprehensive income (The financial assets involved in the transfer are classified as financial assets at fair value
through other comprehensive income in accordance with Article 18 of the Accounting Standards for Business Enterprises -
Recognition and Measurement of Financial Instruments).
If the transferred asset is a part of a larger financial asset and the part transferred qualifies for derecognition, the previous carrying
amount of the larger financial asset shall be allocated between the part that continues to be recognized (For this purpose, a retained
servicing asset shall be treated as a part that continues to be recognized) and the part that is derecognized, based on the relative fair
values of those parts on the date of the transfer. The difference between following two amounts shall be recognized in profit or loss:
The carrying amount (measured at the date of derecognition) allocated to the part derecognized；
The sum of the consideration received for the part derecognized and part derecognized of the cumulative changes in fair
value previously recognized in other comprehensive income (The financial assets involved in the transfer are classified as financial
assets at fair value through other comprehensive income in accordance with Article 18 of the Accounting Standards for Business
Enterprises - Recognition and Measurement of Financial Instruments).
(ii) Continuing involvement in transferred assets
If the Company neither transfers nor retains substantially all the risks and rewards of ownership of a transferred asset, and retains
control of the transferred asset, the Company shall continue to recognize the transferred asset to the extent of its continuing
involvement and also recognize an associated liability.
The extent of the Company’s continuing involvement in the transferred asset is the extent to which it is exposed to changes in the
value of the transferred asset
134
深圳市特力(集团)股份有限公司 2020 年年度报告
(iii) Continue to recognize the transferred assets
If the Company retains substantially all the risks and rewards of ownership of the transferred financial asset, the Company shall
continue to recognize the transferred asset in its entirety and the consideration received shall be recognized as a financial liability.
The financial asset and the associated financial liability shall not be offset. In subsequent accounting period, the Company shall
continuously recognize any income (gain) arising from the transferred asset and any expense (loss) incurred on the associated
liability.
(g) Offsetting financial assets and financial liabilities
Financial assets and financial liabilities shall be presented separately in the statement of financial position and shall not be offset.
When meets the following conditions, financial assets and financial liabilities shall be offset and the net amount presented in the
statement of financial position:
The Company currently has a legally enforceable right to set off the recognized amounts; The Company intends either to settle on a
net basis, or to realise the asset and settle the liability simultaneously.
In accounting for a transfer of a financial asset that does not qualify for derecognition, the Company shall not offset the transferred
asset and the associated liability.
(h) Determination of fair value of financial instruments
Determination of financial assets and financial liabilities please refer to Note 3.11
3.11 Fair Value Measurement
Fair value refers to the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
The Company determines fair value of the related assets and liabilities based on market value in the principal market, or in the
absence of a principal market, in the most advantageous market price for the related asset or liability. The fair value of an asset or a
liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that
market participants act in their economic best interest.
The principal market is the market in which transactions for an asset or liability take place with the greatest volume and frequency.
The most advantageous market is the market which maximizes the value that could be received from selling the asset and minimizes
the value which is needed to be paid in order to transfer a liability, considering the effect of transport costs and transaction costs both.
If the active market of the financial asset or financial liability exists, the Company shall measure the fair value using the quoted price
in the active market. If the active market of the financial instrument is not available, the Company shall measure the fair value using
135
深圳市特力(集团)股份有限公司 2020 年年度报告
valuation techniques.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by
using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best
use.
Valuation techniques
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to
measure fair value, including the market approach, the income approach and the cost approach. The Company shall use valuation
techniques consistent with one or more of those approaches to measure fair value. If multiple valuation techniques are used to
measure fair value, the results shall be evaluated considering the reasonableness of the range of values indicated by those results. A
fair value measurement is the point within that range that is most representative of fair value in the circumstances.
When using the valuation technique, the Company shall give the priority to relevant observable inputs. The unobservable inputs can
only be used when relevant observable inputs is not available or practically would not be obtained. Observable inputs refer to the
information which is available from market and reflects the assumptions that market participants would use when pricing the asset or
liability. Unobservable Inputs refer to the information which is not available from market and it has to be developed using the best
information available in the circumstances from the assumptions that market participants would use when pricing the asset or
liability.
Fair value hierarchy
To Company establishes a fair value hierarchy that categorises into three levels the inputs to valuation techniques used to measure
fair value. The fair value hierarchy gives the highest priority to Level 1 inputs and second to the Level 2 inputs and the lowest
priority to Level 3 inputs. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the
entity can access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.
3.12 Inventories
(a) Classification of inventories
Investment property includes land use right of rent-out property and of property held for capital
136
深圳市特力(集团)股份有限公司 2020 年年度报告
appreciation and buildings that have been leased out.
(b) Measurement method of cost of inventories sold or used
The cost of inventories used or sold is determined on the first in- first out, or individual valuation
method basis.
(c) Inventory system
The perpetual inventory system is adopted. The inventories should be counted at least once a year,
and surplus or losses of inventory stocktaking shall be included in current profit and loss.
(d) Provision for impairment of inventory
Inventories are stated at the lower of cost and net realizable value. The excess of cost over net realizable value of the inventories is
recognized as provision for impairment of inventory, and recognized in current profit or loss.
Net realizable value of the inventory should be determined on the basis of reliable evidence obtained, and factors such as purpose of
holding the inventory and impact of post balance sheet event shall be considered.
(i) In normal operation process, finished goods, products and materials for direct sale, their net realizable values are determined at
estimated selling prices less estimated selling expenses and relevant taxes and surcharges; for inventories held to execute sales
contract or service contract, their net realizable values are calculated on the basis of contract price. If the quantities of inventories
specified in sales contracts are less than the quantities held by the Company, the net realizable value of the excess portion of
inventories shall be based on general selling prices. Net realizable value of materials held for sale shall be measured based on market
price.
(ii) For materials in stock need to be processed, in the ordinary course of production and business, net realisable value is determined
at the estimated selling price less the estimated costs of completion, the estimated selling expenses and relevant taxes. If the net
realisable value of the finished products produced by such materials is higher than the cost, the materials shall be measured at cost; if
a decline in the price of materials indicates that the cost of the finished products exceeds its net realisable value, the materials are
measured at net realisable value and differences shall be recognized at the provision for impairment.
(iii) Provisions for inventory impairment are generally determined on an individual basis. For inventories with large quantity and low
unit price, the provisions for inventory impairment are determined on a category basis.
(iv) If any factor rendering write-downs of the inventories has been eliminated at the reporting date, the amounts written down are
recovered and reversed to the extent of the inventory impairment, which has been provided for. The reversal shall be included in
137
深圳市特力(集团)股份有限公司 2020 年年度报告
profit or loss.
3.13 Contract assets and Contract liabilities
Effective at 1st January 2020
The Company presents contract assets or contract liabilities in the balance sheet based on the relationship between its performance
obligations and customers’ payments. Contract assets and contract liabilities under the same contract shall offset each other and be
presented on a net basis.
The Company presents an unconditional right to consideration (i.e., only the passage of time is required before the consideration is
due) as a receivable, and presents a right to consideration in exchange for goods that it has transferred to a customer (which is
conditional on something other than the passage of time) as a contract asset.
For the Company's determination method and accounting treatment method for the expected credit loss of contract assets, please refer
to Note 3.10 Financial Instruments for details.
The Company presents an obligation to transfer goods to a customer for which the Company has received consideration (or the
amount is due) from the customer as a contract liability.
3.14 Contract costs
Effective at 1st January 2020
Assets related to contract costs including costs of obtaining a contract and costs to fulfil a contract.
The Company recognizes as an asset the incremental costs of obtaining a contract if those costs are expected to be recovered. The
costs of obtaining a contract shall be included into profit or loss when incurred if the amortization period of the asset is one year or
less.
If the costs incurred in fulfilling a contract are not within the scope of standards related to inventories, fixed assets or intangible
assets, etc., the Company shall recognize the costs to fulfil a contract as an asset if all the following criteria are satisfied:
(i) The costs relate directly to a contract or to an anticipated contract, including direct labor, direct materials, manufacturing overhead
cost (or similar cost), cost that are explicitly chargeable to the customer under the contract, and other costs that are only related to the
contract;
(ii) The costs enhance resources of the Company that will be used in satisfying performance obligations in the future;
(iii) The costs are expected to be recovered.
If the incremental cost incurred by the company to obtain the contract is expected to be recovered, it shall be recognized as an
asset as the contract acquisition cost.
138
深圳市特力(集团)股份有限公司 2020 年年度报告
The assets related to the contract cost shall be amortized on the same basis as the income from goods or services related to the
assets; however, if the amortization period of the contract acquisition cost is less than one year, the company shall include it in the
current profit and loss when it occurs.
If the book value of the assets related to the contract cost is higher than the difference between the following two items, the
company will make provision for impairment for the excess part and recognize it as the loss of asset impairment, and further consider
whether the estimated liabilities related to the loss contract should be made:
(i) The residual consideration expected to be obtained due to the transfer of goods or services related to the asset;
(ii) The estimated cost to be incurred for the transfer of the relevant goods or services.
If the above provision for impairment of assets is subsequently reversed, the book value of the asset after reversal shall not
exceed the book value of the asset on the reversal date without provision for impairment.
The contract performance cost recognized as an asset with an amortization period of no more than one year or one normal
business cycle at the time of initial recognition shall be listed in the "inventory" item, and the amortization period of no more than
one year or one normal business cycle at the time of initial recognition shall be listed in the "other non-current assets" item.
The contract acquisition cost recognized as an asset shall be listed in the item of "other current assets" when the amortization
period does not exceed one year or one normal business cycle at the time of initial recognition, and listed in the item of "other non
current assets" when the amortization period exceeds one year or one normal business cycle at the time of initial recognition.
3.15 Non-current assets or disposal groups as held for sale
(a) Classification of non-current assets (or disposal groups) as held for
sale
The Company classifies a non-current asset (or disposal group) as held for sale if the following requirements are met simultaneously:
(i) The asset or disposal group must be available for immediate sale in its present condition subject only to the terms that are usual
and customary for sales of such assets (or disposal groups).
(ii) Its sale must be highly probable, i.e, the Company must be committed to a plan to sell the asset (or disposal group) and obtain
definite purchase commitment, and the sale is expected to complete within one year. If the relevant regulations require the approval
from the relevant power organisations or supervision departments of the Company before they can be sold, the approval has been
obtained.
When the Company acquires a non-current asset (or disposal group) exclusively with a view to its subsequent disposal, it shall
139
深圳市特力(集团)股份有限公司 2020 年年度报告
classify the non-current asset (or disposal group) as held for sale at the acquisition date only if the one-year requirement is met and it
is highly probable that any other criteria that are not met at that date will be met within a short period following the acquisition
(usually within three months).
The Company that is committed to dispose its equity investment in a subsidiary which will lead to its loss of control of the subsidiary
shall classify the investment as held for sale in the separate financial statements of the Company, and classify all the assets and
liabilities of that subsidiary as held for sale in the consolidated financial statements of the group, when the above criteria are met,
regardless of whether the Company will remain part of equity investment in the subsidiary.
(b) Measurement of non-current assets (or disposal groups) held for
sale
The principal of measurement of non-current assets (or disposal groups) held for sale does not apply to the following assets:
investment properties that are measured in accordance with the fair value model, biological assets that are measured at fair value less
costs to sell, assets arising from employee benefits, deferred tax assets, financial assets within the scope of relevant accounting
standards related to financial instruments and contractual rights under insurance contracts as defined in accounting standards related
to insurance contracts.
When the non-current assets (or disposal groups) as held for sale are initially measured or subsequently measured at balance sheet
date, if the carrying amount of the asset (or disposal group) is higher than the fair value less cost to sell, it shall be written-down to its
fair value less cost to sell, and the difference shall be recognized as impairment loss into current profit or loss, and provision for asset
impairment shall be recognized simultaneously. At subsequent reporting date, if there is any increase in fair value less costs to sell of
a non-current asset (or disposal group), the impairment loss recognized in previously shall be reversed to the extent of impairment
loss recognized after the asset has been classified as held-for-sale and included in profit or loss. An impairment loss recognized for
goodwill shall not be reversed in a subsequent period.
When the assets (or disposal groups) ceases to be classified as held for sale or the non-current assets are removed from disposal
groups since the criteria for held for sale are no longer met, the assets shall be measured at the lower of:
(i) Its carrying amount before the asset (or disposal group) was classified as held for sale, adjusted for any depreciation, amortization
or revaluations that would have been recognized had the asset (or disposal group) not been classified as held for sale, and
(ii) Its recoverable amount
140
深圳市特力(集团)股份有限公司 2020 年年度报告
(c) Presentation
An entity shall present a non-current asset classified as held for sale and the assets of a disposal group classified as held for sale
separately from other assets in the statement of financial position. The liabilities of a disposal group classified as held for sale shall
be presented separately from other liabilities in the statement of financial position. Those assets and liabilities shall not be offset and
presented as a single amount.
3.16 Long-term Equity Investments
Long-term equity investments refer to equity investments where an investor has control of, or
significant influence over, an investee, as well as equity investments in joint ventures. Associates of
the Company are those entities over which the Company has significant influence.
(a) Determination basis of joint control or significant influence over
the investee
Joint control is the relevant agreed sharing of control over an arrangement, and the arranged relevant activity must be decided under
unanimous consent of the parties sharing control. In assessing whether the Company has joint control of an arrangement, the
Company shall assess first whether all the parties, or a group of the parties, control the arrangement. When all the parties, or a group
of the parties, considered collectively, are able to direct the activities of the arrangement, the parties control the arrangement
collectively. Then the Company shall assess whether decisions about the relevant activities require the unanimous consent of the
parties that collectively control the arrangement. If two or more groups of the parties could control the arrangement collectively, it
shall not be assessed as have joint control of the arrangement. When assessing the joint control, the protective rights are not
considered.
Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or
joint control of those policies. In determination of significant influence over an investee, the Company should consider not only the
existing voting rights directly or indirectly held but also the effect of potential voting rights held by the Company and other entities
that could be currently exercised or converted, including the effect of share warrants, share options and convertible corporate bonds
that issued by the investee and could be converted in current period.
If the Company holds, directly or indirectly 20% or more but less than 50% of the voting power of the investee, it is presumed that
the Company has significant influence of the investee, unless it can be clearly demonstrated that in such circumstance, the Company
cannot participate in the decision-making in the production and operating of the investee.
141
深圳市特力(集团)股份有限公司 2020 年年度报告
(b) Determination of initial investment cost
(i) Long-term equity investments generated in business combinations
For a business combination involving enterprises under common control, if the Company makes payment in cash, transfers non-cash
assets or bears liabilities as the consideration for the business combination, the share of carrying amount of the owners’ equity of the
acquiree in the consolidated financial statements of the ultimate controlling party is recognized as the initial cost of the long-term
equity investment on the combination date. The difference between the initial investment cost and the carrying amount of cash paid,
non-cash assets transferred and liabilities assumed shall be adjusted against the capital reserve; if capital reserve is not enough to be
offset, undistributed profit shall be offset in turn.
For a business combination involving enterprises under common control, if the Company issues equity securities as the consideration
for the business combination, the share of carrying amount of the owners ’ equity of the acquiree in the consolidated financial
statements of the ultimate controlling party is recognized as the initial cost of the long-term equity investment on the combination
date. The total par value of the shares issued is recognized as the share capital. The difference between the initial investment cost and
the carrying amount of the total par value of the shares issued shall be adjusted against the capital reserve; if capital reserve is not
enough to be offset, undistributed profit shall be offset in turn.
For business combination not under common control, the assets paid, liabilities incurred or assumed and the fair value of equity
securities issued to obtain the control of the acquiree at the acquisition date shall be determined as the cost of the business
combination and recognized as the initial cost of the long-term equity investment. The audit, legal, valuation and advisory fees, other
intermediary fees, and other relevant general administrative costs incurred for the business combination, shall be recognized in profit
or loss as incurred.
(ii) Long-term equity investments acquired not through the business combination, the investment cost shall be determined based on
the following requirements:
For long-term equity investments acquired by payments in cash, the initial cost is the actually paid purchase cost, including the
expenses, taxes and other necessary expenditures directly related to the acquisition of long-term equity investments.
For long-term equity investments acquired through issuance of equity securities, the initial cost is the fair value of the issued equity
securities.
For the long-term equity investments obtained through exchange of non-monetary assets, if the exchange has commercial substance,
and the fair values of assets traded out and traded in can be measured reliably, the initial cost of long-term equity investment traded in
with non-monetary assets are determined based on the fair values of the assets traded out together with relevant taxes. Difference
between fair value and book value of the assets traded out is recorded in current profit or loss. If the exchange of non-monetary assets
142
深圳市特力(集团)股份有限公司 2020 年年度报告
does not meet the above criterion, the book value of the assets traded out and relevant taxes are recognized as the initial investment
cost.
For long-term equity investment acquired through debt restructuring, the book value is determined based on the fair value of waived
debts and the taxes and other costs directly attributable to the assets. Difference between fair value and carrying amount of waived
debts shall be recorded in current profit or loss.
(c) Subsequent measurement and recognition of profit or loss
Long-term equity investment to an entity over which the Company has ability of control shall be accounted for at cost method.
Long-term equity investment to a joint venture or an associate shall be accounted for at equity method.
(i) Cost method
For Long-term equity investment at cost method, cost of the long-term equity investment shall be adjusted when additional amount is
invested or a part of it is withdrawn. The Company recognizes its share of cash dividends or profits which have been declared to
distribute by the investee as current investment income.
(ii) Equity method
If the initial cost of the investment is in excess of the share of the fair value of the net identifiable assets in the investee at the date of
investment, the difference shall not be adjusted to the initial cost of long-term equity investment; if the initial cost of the investment
is in short of the share of the fair value of the net identifiable assets in the investee at the date investment, the difference shall be
included in the current profit or loss and the initial cost of the long-term equity investment shall be adjusted accordingly.
The Company recognizes the share of the investee’s net profits or losses, as well as its share of the investee’s other comprehensive
income, as investment income or losses and other comprehensive income respectively, and adjusts the carrying amount of the
investment accordingly. The carrying amount of the investment shall be reduced by the share of any profit or cash dividends declared
to distribute by the investee. The investor’s share of the investee’s owners’ equity changes, other than those arising from the
investee’s net profit or loss, other comprehensive income or profit distribution, shall be recognized in the investor’s equity, and the
carrying amount of the long-term equity investment shall be adjusted accordingly. The Company recognizes its share of the investee’
s net profits or losses after making appropriate adjustments of investee ’ s net profit based on the fair values of the investee ’ s
identifiable net assets at the investment date. If the accounting policy and accounting period adopted by the investee is not in
consistency with the Company, the financial statements of the investee shall be adjusted according to the Company’s accounting
policies and accounting period, based on which, investment income or loss and other comprehensive income, etc., shall be adjusted.
The unrealized profits or losses resulting from inter-Company transactions between the Company and its associate or joint venture
are eliminated in proportion to the Company’s equity interest in the investee, based on which investment income or losses shall be
143
深圳市特力(集团)股份有限公司 2020 年年度报告
recognized. Any losses resulting from inter-Company transactions between the investor and the investee, which belong to asset
impairment, shall be recognized in full.
Where the Company obtains the power of joint control or significant influence, but not control, over the investee, due to additional
investment or other reason, the relevant long-term equity investment shall be accounted for by using the equity method, initial cost of
which shall be the fair value of the original investment plus the additional investment. Where the original investment is classified as
available-for sale investment, difference between its fair value and the carrying value, in addition to the cumulative changes in fair
value previously recorded in other comprehensive income, shall be recogised into current profit or loss using equity method.
If the Company loses the joint control or significant influence of the investee for some reasons such as disposal of equity investment,
the retained interest shall be measured at fair value and the difference between the carrying amount and the fair value at the date of
loss the joint control or significant influence shall be recognized in profit or loss. When the Company discontinues the use of the
equity method, the Company shall account for all amounts previously recognized in other comprehensive income under equity
method in relation to that investment on the same basis as would have been required if the investee had directly disposed of the
related assets or liabilities.
(d) Equity investment classified as held for sale
For an equity investment, or a portion of an equity investment, in an associate or a joint venture is classified as held for sale, the
relevant accounting treatment please refer to Note 3.14.
Any retained interest in the equity investment not classified as held for sale, shall be accounted for using equity method.
When an equity investment in an associate or a joint venture previously classified as held for sale no longer meets the criteria to be so
classified, it shall be accounted for using the equity method retrospectively as from the date of its classification as held for sale.
Financial statements for the periods since classification as held for sale shall be amended accordingly.
(e) Impairment testing and provision for impairment loss
For investment in subsidiaries, associates or a joint ventures, provision for impairment loss please refer to Note 3.22.
3.17 Investment Properties
(a) Classification of investment properties
Investment properties are properties to earn rentals or for capital appreciation or both, including:
(i)Land use right leased out
144
深圳市特力(集团)股份有限公司 2020 年年度报告
(ii)Land held for transfer upon appreciation
(iii)Buildings leased out
(b) The measurement model of investment property
The Company adopts the cost model for subsequent measurement of investment properties. For
provision for impairment please refer to Note 3.23.
The Company calculates the depreciation or amortization based on the net amount of investment
property cost less the accumulated impairment and the net residual value using straight-line method.
The estimated useful life and annual depreciation rates which are determined according to the
categories, estimated economic useful lives and estimated net residual rates are listed as followings:
Estimated useful Annual depreciation rates
Category Residualrates (%)
life (year) (%)
Buildingsandconstructions 35-40 3 2.77-2.43
Land use right 50 — 2.00
3.18 Fixed Assets
Fixed assets refer to the tangible assets with higher unit price held for the purpose of producing
commodities, rendering services, renting or business management with useful lives exceeding one
year.
(a) Recognition criteria of fixed assets
Fixed assets will only be recognized at the actual cost paid when obtaining as all the following
criteria are satisfied:
(i) It is probable that the economic benefits relating to the fixed assets will flow into the Company;
(ii) The costs of the fixed assets can be measured reliably.
Subsequent expenditure for fixed assets shall be recorded in cost of fixed assets, if recognition
criteria of fixed assets are satisfied, otherwise the expenditure shall be recorded in current profit or
loss when incurred.
145
深圳市特力(集团)股份有限公司 2020 年年度报告
(b) Depreciation methods of fixed assets
The Company begins to depreciate the fixed asset from the next month after it is available for intended use using the
straight-line-method. The estimated useful life and annual depreciation rates which are determined according to the categories,
estimated economic useful lives and estimated net residual rates of fixed assets are listed as followings:
Estimated Annual
Useful life
Categories Depreciation method residual value depreciation rate
(years)
proportion (%) (%)
Buildings and
Straight-line method 10,35-40 0、3 2.43-2.77,10.00
structures
Decoration fees for
Straight-line method 10 0 10.00
self-owned houses
Machinery Straight-line method 12 3 8.08
Transport facilities Straight-line method 7 3 13.86
Electronic equipment Straight-line method 5-7 3 13.86-19.40
Office and other
Straight-line method 7 3 13.86
equipment
For the fixed assets with impairment provided, the impairment provision should be excluded from the cost when calculating
depreciation.
At the end of reporting period, the Company shall review the useful life, estimated net residual value and depreciation method of the
fixed assets. Estimated useful life of the fixed assets shall be adjusted if it is changed compared to the original estimation.
(c) Recognition criteria, valuation and depreciation methods of fixed assets obtained through
a finance lease
If the entire risk and rewards related to the leased assets have been substantially transferred, the
Company shall recognize the lease as a finance lease. The cost of the fixed assets obtained through
a finance lease is determined at the lower of the fair value of the leased assets and the present value
of the minimum lease payment on the date of the lease. The fixed assets obtained by a finance lease
are depreciated in the method which is consistent with the self-owned fixed assets of the Company.
For fixed assets obtained through a finance lease, if it is reasonably certain that the ownership of the
146
深圳市特力(集团)股份有限公司 2020 年年度报告
leased assets will be transferred to the lessee by the end of the lease term, they shall be depreciated
over their remaining useful lives; otherwise, the leased assets shall be depreciated over the shorter
of the lease terms or their remaining useful lives.
3.19 Construction in Progress
(a) Classification of construction in progress
Construction in progress is measured on an individual project basis.
(b) Recognition criteria and timing of transfer from construction in
progress to fixed assets
The initial book values of the fixed assets are stated at total expenditures incurred before they are
ready for their intended use, including construction costs, original price of machinery equipment,
other necessary expenses incurred to bring the construction in progress to get ready for its intended
use and borrowing costs of the specific loan for the construction or the proportion of the general
loan used for the constructions incurred before they are ready for their intended use. The
construction in progress shall be transferred to fixed asset when the installation or construction is
ready for the intended use. For construction in progress that has been ready for their intended use
but relevant budgets for the completion of projects have not been completed, the estimated values of
project budgets, prices, or actual costs should be included in the costs of relevant fixed assets, and
depreciation should be provided according to relevant policies of the Company when the fixed
assets are ready for intended use. After the completion of budgets needed for the completion of
projects, the estimated values should be substituted by actual costs, but depreciation already
provided is not adjusted.
3.20 Borrowing Costs
(a) Recognition criteria and period for capitalization of borrowing
costs
The Company shall capitalize the borrowing costs that are directly attributable to the acquisition,
construction or production of qualifying assets when meet the following conditions:
147
深圳市特力(集团)股份有限公司 2020 年年度报告
(i) Expenditures for the asset are being incurred;
(ii) Borrowing costs are being incurred, and;
(iii) Acquisition, construction or production activities that are necessary to prepare the assets for
their intended use or sale are in progress.
Other borrowing cost, discounts or premiums on borrowings and exchange differences on foreign
currency borrowings shall be recognized into current profit or loss when incurred.
Capitalization of borrowing costs is suspended during periods in which the acquisition, construction
or production of a qualifying asset is interrupted abnormally and the interruption is for a continuous
period of more than 3 months.
Capitalization of such borrowing costs ceases when the qualifying assets being acquired,
constructed or produced become ready for their intended use or sale. The expenditure incurred
subsequently shall be recognized as expenses when incurred.
(b) Capitalization rate and measurement of capitalized amounts of
borrowing costs
When funds are borrowed specifically for purchase, construction or manufacturing of assets eligible
for capitalization, the Company shall determine the amount of borrowing costs eligible for
capitalisation as the actual borrowing costs incurred on that borrowing during the period less any
interest income on bank deposit or investment income on the temporary investment of those
borrowings.
Where funds allocated for purchase, construction or manufacturing of assets eligible for
capitalization are part of a general borrowing, the eligible amounts are determined by the
weighted-average of the cumulative capital expenditures in excess of the specific borrowing
multiplied by the general borrowing capitalization rate. The capitalization rate will be the weighted
average of the borrowing costs applicable to the general borrowing.
3.21 Intangible Assets
(a) Measurement method of intangible assets
Intangible assets are recognized at actual cost at acquisition.
148
深圳市特力(集团)股份有限公司 2020 年年度报告
(b) The useful life and amortization of intangible assets
(i) The estimated useful lives of the intangible assets with finite useful lives are as follows:
Category Estimated useful life Basis
Land use right 50 years Legal life
The service life is determined by
Software 5 years reference to the period that can bring
economic benefits to the Company
The service life is determined by
Royalties 10 years reference to the period that can bring
economic benefits to the Company
For intangible assets with finite useful life, the estimated useful life and amortization method are
reviewed annually at the end of each reporting period and adjusted when necessary. No change
incurs in current year in the estimated useful life and amortization method upon review.
(ii) Assets of which the period to bring economic benefits to the Company are unforeseeable are
regarded as intangible assets with indefinite useful lives. The Company reassesses the useful lives
of those assets at every year end. If the useful lives of those assets are still indefinite, impairment
test should be performed on those assets at the balance sheet date.
(iii) Amortization of the intangible assets
For intangible assets with finite useful lives, their useful lives should be determined upon their
acquisition and systematically amortized on a straight-line basis [units of production method] over
the useful life. The amortization amount shall be recognized into current profit or loss according to
the beneficial items. The amount to be amortized is cost deducting residual value. For intangible
assets which has impaired, the cumulative impairment provision shall be deducted as well. The
residual value of an intangible asset with a finite useful life shall be assumed to be zero unless: there
is a commitment by a third party to purchase the asset at the end of its useful life; or there is an
active market for the asset and residual value can be determined by reference to that market; and it
is probable that such a market will exist at the end of the asset’s useful life.
Intangible assets with indefinite useful lives shall not be amortized. The Company reassesses the
149
深圳市特力(集团)股份有限公司 2020 年年度报告
useful lives of those assets at every year end. If there is evidence to indicate that the useful lives of
those assets become finite, the useful lives shall be estimated and the intangible assets shall be
amortized systematically and reasonably within the estimated useful lives.
3.22 Impairment of Long-Term Assets
Impairment loss of long-term equity investment in subsidiaries, associates and joint ventures,
investment properties, fixed assets and constructions in progress subsequently measured at cost,
productive biological assets, intangible assets, goodwill, the rights and interests of proved mining
areas of petroleum and natural gas and wells and other relevant facilities measured at cost
(excluding inventories, investment properties measured at fair value, deferred tax assets, financial
assets), shall be determined according to following method:
The Company shall assess at the end of each reporting period whether there is any indication that an
asset may be impaired. If any such indication exists, the Company shall estimate the recoverable
amount of the asset and test for impairment. Irrespective of whether there is any indication of
impairment, the Company shall test for impairment of goodwill acquired in a business combination,
intangible assets with an indefinite useful life or intangible assets not yet available for use annually.
The recoverable amounts of the long-term assets are the higher of their fair values less costs to
dispose and the present values of the estimated future cash flows of the long-term assets. The
Company estimate the recoverable amounts on an individual basis. If it is difficult to estimate the
recoverable amount of the individual asset, the Company estimates the recoverable amount of the
groups of assets that the individual asset belongs to. Identification of an group of asset is based on
whether the cash inflows from it are largely independent of the cash inflows from other assets or
groups of assets.
If, and only if, the recoverable amount of an asset or a group of assets is less than its carrying
amount, the carrying amount of the asset shall be reduced to its recoverable amount and the
provision for impairment loss shall be recognized accordingly.
For the purpose of impairment testing, goodwill acquired in a business combination shall, from the
acquisition date, be allocated to relevant group of assets based on reasonable method; if it is
difficult to allocate to relevant group of assets, good will shall be allocated to relevant combination
of asset groups. The relevant group of assets or combination of asset groups is a group of assets or
combination of asset groups that is benefit from the synergies of the business combination and is
not larger than the reporting segment determined by the Company.
When test for impairment, if there is an indication that relevant group of assets or combination of
asset groups may be impaired, impairment testing for group of assets or combination of asset groups
excluding goodwill shall be conducted first, and calculate the recoverable amount and recognize the
150
深圳市特力(集团)股份有限公司 2020 年年度报告
impairment loss. Then the group of assets or combination of asset groups including goodwill shall
be tested for impairment, by comparing the carrying amount with its recoverable amount. If the
recoverable amount is less than the carrying amount, the Company shall recognize the impairment
loss.
The mentioned impairment loss will not be reversed in subsequent accounting period once it had
been recognized.
3.23 Long-term Deferred Expenses
Long-term deferred expenses are various expenses already incurred, which shall be amortized over current and subsequent periods
with the amortization period exceeding one year.
Long-term deferred expenses are evenly amortized within its beneficiary period or stipulated period.
3.24 Employee Benefits
Employee benefits refer to all forms of consideration or compensation given by the Company in
exchange for service rendered by employees or for the termination of employment relationship.
Employee benefits include short-term employee benefits, post-employment benefits, termination
benefits and other long-term employee benefits. Benefits provided to an employee's spouse,
children, dependents, family members of decreased employees, or other beneficiaries are also
employee benefits.
According to liquidity, employee benefits are presented in the statement of financial position as
“Employee benefits payable” and “Long-term employee benefits payable”.
(a) Short-term employee benefits
(i) Employee basic salary (salary, bonus, allowance, subsidy)
The Company recognizes, in the accounting period in which an employee provides service, actually occurred short-term employee
benefits as a liability, with a corresponding charge to current profit except for those recognized as capital expenditure based on the
requirement of accounting standards.
(ii) Employee welfare
The Company shall recognize the employee welfare based on actual amount when incurred into current profit or loss or related
capital expenditure. Employee welfare shall be measured at fair value as it is a non-monetary benefits.
(iii) Social insurance such as medical insurance, work injury insurance and maternity insurance, housing funds, labor union fund and
151
深圳市特力(集团)股份有限公司 2020 年年度报告
employee education fund
Payments made by the Company of social insurance for employees, such as medical insurance,
work injury insurance and maternity insurance, payments of housing funds, and labor union fund
and employee education fund accrued in accordance with relevant requirements, in the accounting
period in which employees provide services, is calculated according to required accrual bases and
accrual ratio in determining the amount of employee benefits and the related liabilities, which shall
be recognized in current profit or loss or the cost of relevant asset.
(iv) Short-term paid absences
The Company shall recognize the related employee benefits arising from accumulating paid
absences when the employees render service that increases their entitlement to future paid absences.
The additional payable amounts shall be measured at the expected additional payments as a result of
the unused entitlement that has accumulated. The Company shall recognize relevant employee
benefit of non-accumulating paid absences when the absences actually occurred.(v)Short-term
profit-sharing plan
The Company shall recognize the related employee benefits payable under a profit-sharing plan
when all of the following conditions are satisfied:
(i) The Company has a present legal or constructive obligation to make such payments as a result of past events; and
(ii) A reliable estimate of the amounts of employee benefits obligation arising from the profit- sharing plan can be made.
(b) Post-employment benefits
(i) Defined contribution plans
The Company shall recognize, in the accounting period in which an employee provides service, the contribution payable to a defined
contribution plan as a liability, with a corresponding charge to the current profit or loss or the cost of a relevant asset.
When contributions to a defined contribution plan are not expected to be settled wholly before twelve months after the end of the
annual reporting period in which the employees render the related service, they shall be discounted using relevant discount rate
(market yields at the end of the reporting period on high quality corporate bonds in active market or government bonds with the
currency and term which shall be consistent with the currency and estimated term of the defined contribution obligations) to measure
employee benefits payable.
(ii) Defined benefit plan
152
深圳市特力(集团)股份有限公司 2020 年年度报告
A.The present value of defined benefit obligation and current service costs
Based on the expected accumulative welfare unit method, the Company shall make estimates about demographic variables and
financial variables in adopting the unbiased and consistent actuarial assumptions and measure defined benefit obligation, and
determine the obligation period. The Company shall discount the obligation arising from defined benefit plan using relevant discount
rate (market yields at the end of the reporting period on high quality corporate bonds in active market or government bonds with the
currency and term which shall be consistent with the currency and estimated term of the defined benefit obligations) in order to
determine the present value of the defined benefit obligation and the current service cost.
B.The net defined benefit liability or asset
The net defined benefit liability (asset) is the deficit or surplus recognized as the present value of the defined benefit obligation less
the fair value of plan assets (if any).
When the Company has a surplus in a defined benefit plan, it shall measure the net defined benefit asset at the lower of the surplus in
the defined benefit plan and the asset ceiling.
C.The amount recognized in the cost of asset or current profit or loss
Service cost comprises current service cost, past service cost and any gain or loss on settlement. Other service cost shall be
recognized in profit or loss unless accounting standards require or allow the inclusion of current service cost within the cost of assets.
Net interest on the net defined benefit liability (asset) comprising interest income on plan assets, interest cost on the defined benefit
obligation and interest on the effect of the asset ceiling, shall be included in profit or loss.
D.The amount recognized in other comprehensive income
Changes in the net liability or asset of the defined benefit plan resulting from the remeasurements including:
Actuarial gains and losses, the changes in the present value of the defined benefit obligation resulting from experience
adjustments or the effects of changes in actuarial assumptions;
Return on plan assets, excluding amounts included in net interest on the net defined benefit liability or asset;
Any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability
(asset).
Remeasurements of the net defined benefit liability (asset) recognized in other comprehensive income shall not be reclassified to
profit or loss in a subsequent period. However, the Company may transfer those amounts recognized in other comprehensive income
within equity.
153
深圳市特力(集团)股份有限公司 2020 年年度报告
(c) Termination benefits
The Company providing termination benefits to employees shall recognize an employee benefits liability for termination benefits,
with a corresponding charge to the profit or loss of the reporting period, at the earlier of the following dates:
(i) When the Company cannot unilaterally withdraw the offer of termination benefits because of an employment termination plan
or a curtailment proposal.
(ii) When the Company recognizes costs or expenses related to a restructuring that involves the payment of termination benefits.
If the termination benefits are not expected to be settled wholly before twelve months after the end of the annual reporting period, the
Company shall discount the termination benefits using relevant discount rate (market yields at the end of the reporting period on high
quality corporate bonds in active market or government bonds with the currency and term which shall be consistent with the currency
and estimated term of the defined benefit obligations) to measure the employee benefits.
(d) Other long-term employee benefits
(i) Meet the conditions of the defined contribution plan
When other long-term employee benefits provided by the Company to the employees satisfies the conditions for classifying as a
defined contribution plan, all those benefits payable shall be accounted for as employee benefits payable at their discounted value.
(ii) Meet the conditions of the defined benefit plan
At the end of the reporting period, the Company recognized the cost of employee benefit from other long-term employee benefits as
the following components:
Service costs;
Net interest cost for net liability or asset of other long-term employee benefits
Changes resulting from the remeasurements of the net liability or asset of other long-term employee benefits
In order to simplify the accounting treatment, the net amount of above items shall be recognized in profit or loss or relevant cost of
assets.
3.25 Estimated Liabilities
154
深圳市特力(集团)股份有限公司 2020 年年度报告
(a) Recognition criteria of estimated liabilities
The Company recognizes the estimated liabilities when obligations related to contingencies satisfy all the following conditions:
(i) That obligation is a current obligation of the Company;
(ii) It is likely to cause any economic benefit to flow out of the Company as a result of performance of the obligation; and
(iii) The amount of the obligation can be measured reliably.
(b) Measurement method of estimated liabilities
The estimated liabilities of the Company are initially measured at the best estimate of expenses required for the performance of
relevant present obligations. The Company, when determining the best estimate, has had a comprehensive consideration of risks with
respect to contingencies, uncertainties and the time value of money. The carrying amount of the estimated liabilities shall be reviewed
at the end of every reporting period. If conclusive evidences indicate that the carrying amount fails to be the best estimate of the
estimated liabilities, the carrying amount shall be adjusted based on the updated best estimate.
3.26 Revenue
Effective at 1st January 2020
(a)Revenue recognition principles
At contract inception, the Company shall assess the contracts and shall identify each performance
obligation in the contracts, and determine whether the performance obligation should be satisfied
over time or at a point in time.
The Company satisfies a performance obligation over time if one of the following criteria is met,
otherwise, the performance obligation is satisfied at a point in time:
(1) the customer simultaneously receives and consumes the economic benefits provided by the
Company’s performance as the Company performs;
(2) the customer can control goods as they are created by the Company’s performance;
(3) goods created during the Company’s performance have irreplaceable uses and the Company
has an enforceable right to receive the payments for performance completed to date during the
whole contract period.
For each performance obligation satisfied over time, the Company shall recognize revenue over
time by measuring the progress towards complete satisfaction of that performance obligation. In the
155
深圳市特力(集团)股份有限公司 2020 年年度报告
circumstance that the progress cannot be measured reasonably, but the costs incurred in satisfying
the performance obligation are expected to be recovered, the Company shall recognize revenue only
to the extent of the costs incurred until it can reasonably measure the progress. For each
performance obligation satisfied at a point in time, the Company shall recognize revenue at the time
point that the client obtains control of relevant goods or services. To determine whether the
customer has obtained control of goods, the Company shall consider the following indications:
(1) the Company has a present right to payment for the goods, i.e., the customer is presently obliged
to pay for the goods;
(2) the Company has transferred the legal title of the goods to the customer, i.e., the customer has
legal title to the goods;
(3) the Company has transferred physical possession of the goods to the client, i.e., the customer has
physically possessed the goods;
(4) the Company has transferred significant risks and rewards of ownership of the goods to the
client, i.e., the customer has obtained significant risks and rewards of ownership of the goods;
(5) the customer has accepted the goods;
(6) other evidence indicating the customer has obtained control over the goods.
Sales return clause
For the sales with return clauses, when the customer obtains the control right of the relevant goods,
the company shall recognize the revenue according to the amount of consideration it is entitled to
obtain due to the transfer of the goods to the customer, and recognize the amount expected to be
returned due to the sales return as the estimated liability; at the same time, the company shall deduct
the estimated cost of recovering the goods according to the book value of the expected returned
goods at the time of transfer. The balance after deducting the value of the returned goods is
recognized as an asset, that is, the cost of return receivable, which is carried forward by deducting
the net cost of the above assets according to the book value of the transferred goods at the time of
transfer. On each balance sheet date, the Company re estimates the return of future sales and re
measures the above assets and liabilities.
Warranty obligations
According to the contract and legal provisions, the company provides quality assurance for the
goods sold and the projects constructed. For the guarantee quality assurance to ensure that the goods
156
深圳市特力(集团)股份有限公司 2020 年年度报告
sold meet the established standards, the company conducts accounting treatment in accordance with
the “Accounting Standards for Business Enterprises No. 13 – Contingencies”. For the service
quality assurance which provides a separate service in addition to guaranteeing that the goods sold
meet the established standards, the company takes it as a single performance obligation, allocates
part of the transaction price to the service quality assurance according to the relative proportion of
the separate selling price of the goods and service quality assurance, and recognizes the revenue
when the customer obtains the service control right. When evaluating whether the quality assurance
provides a separate service in addition to assuring customers that the goods sold meet the
established standards, the company considers whether the quality assurance is a statutory
requirement, the quality assurance period, and the nature of the company's commitment to perform
the task.
Principal responsible person and agent
The company has the right to determine the price of the traded goods after obtaining the control
right of the trading goods from the third party and then transferring it to the customer, that is, the
company can control the goods before transferring the trading goods to the customer. Therefore, the
company is the main responsible person and recognizes the income according to the total
consideration received or receivable. Otherwise, the company, as the agent, shall recognize the
income according to the amount of commission or service charge that it is expected to be entitled to
receive, which shall be determined according to the net amount of the total consideration received
or receivable after deducting the price payable to other relevant parties, or according to the
established Commission amount or proportion.
Customer consideration payable
If there is consideration payable to the customer in the contract, unless the consideration is to obtain
other clearly distinguishable goods or services from the customer, the company will offset the
transaction price with the consideration payable, and offset the current income at the later time of
confirming the relevant income or paying (or promising to pay) the customer's consideration.
Contractual rights not exercised by customers
If the company advances sales of goods or services to customers, the amount shall be recognized as
liabilities first, and then converted into income when relevant performance obligations are fulfilled.
When the company does not need to return the advance payment and the customer may give up all
157
深圳市特力(集团)股份有限公司 2020 年年度报告
or part of the contract rights, if the company expects to have the right to obtain the amount related
to the contract rights given up by the customer, the above amount shall be recognized as income in
proportion according to the mode of the customer exercising the contract rights; otherwise, the
company only has the very low possibility of the customer requiring to perform the remaining
performance obligations The relevant balance of the above liabilities is converted into income.
(b) Revenue recognition method adopted by the Company
(i) Goods sales contract
The sales contract between the company and the customer includes the performance obligation of transferring the goods, which
belongs to the performance obligation at a certain time point.
The recognition of automobile sales revenue and jewelry wholesale revenue shall meet the following conditions: the company has
delivered the goods to the customer according to the contract, the customer has accepted the goods, the payment for goods has been
collected or the receipt has been obtained, and the relevant economic benefits are likely to flow in, the main risks and rewards of the
ownership of the goods have been transferred, and the legal ownership of the goods has been transferred.
(ii) Auto maintenance and testing contract
The performance obligations included in the automobile maintenance and testing contract between the company and its customers
belong to the performance obligations at a certain time point.
The following conditions shall be met for the recognition of automobile maintenance and testing Revenue: the company has
completed automobile maintenance and testing services according to the contract, settled all materials and working hours expenses
with customers, and allowed customers' vehicles to leave the company's maintenance plant.
(iii) Service contract
The service contract between the company and the customer includes the performance obligation of the service related to the rental
real estate. As the company's performance at the same time, the customer obtains and consumes the economic benefits brought by the
company's performance, the company takes it as the performance obligation within a certain period of time, and allocates it equally
during the service provision period.
(iv) Real estate lease contract
Please refer to Note 3.29 LEASES for the revenue recognition method for real estate lease contract.
3.27 Government Grants
158
深圳市特力(集团)股份有限公司 2020 年年度报告
(a) Recognition of government grants
A government grant shall not be recgonised until there is reasonable assurance that:
(i) The Company will comply with the conditions attaching to them; and
(ii) The grants will be received.
(b) Measurement of government grants
Monetary grants from the government shall be measured at amount received or receivable, and non-monetary grants from the
government shall be measured at their fair value or at a nominal value of CNY 1.00 when reliable fair value is not available.
(c) Accounting for government grants
(i) Government grants related to assets
Government grants pertinent to assets mean the government grants that are obtained by the Company used for purchase or
construction, or forming the long-term assets by other ways. Government grants pertinent to assets shall be recognized as deferred
income, and should be recognized in profit or loss on a systematic basis over the useful lives of the relevant assets. Grants measured
at their nominal value shall be directly recognized in profit or loss of the period when the grants are received. When the relevant
assets are sold, transferred, written off or damaged before the assets are terminated, the remaining deferred income shall be
transferred into profit or loss of the period of disposing relevant assets.
(ii) Government grants related to income
Government grants other than related to assets are classified as government grants related to income. Government grants related to
income are accounted for in accordance with the following principles:
If the government grants related to income are used to compensate the enterprise’ relevant expenses or losses in future periods, such
government grants shall be recognized as deferred income and included into profit or loss (or write down related expenses) in the
same period as the relevant expenses or losses are recognized;
If the government grants related to income are used to compensate the enterprise ’ s relevant expenses or losses incurred, such
government grants are directly recognized into current profit or loss (or write down related expenses).
For government grants comprised of part related to assets as well as part related to income, each part is accounted for separately; if it
is difficult to identify different part, the government grants are accounted for as government grants related to income as a whole.
Government grants related to daily operation activities are recognized in other income (or write down related expenses) in
accordance with the nature of the activities, and government grants irrelevant to daily operation activities are recognized in
159
深圳市特力(集团)股份有限公司 2020 年年度报告
non-operating income.
(iii) Repayment of the government grants
Repayment of the government grants shall be recorded by increasing the carrying amount of the asset if the book value of the asset
has been written down, or reducing the balance of relevant deferred income if deferred income balance exists, any excess will be
recognized into current profit or loss; or directly recognized into current profit or loss for other circumstances.
3.28 Deferred Tax Assets and Deferred Tax Liabilities
Temporary differences are differences between the carrying amount of an asset or liability in the
statement of financial position and its tax base at the balance sheet date. The Company recognize
and measure the effect of taxable temporary differences and deductible temporary differences on
income tax as deferred tax liabilities or deferred tax assets using liability method. Deferred tax
assets and deferred tax liabilities shall not be discounted.
(a) Recognition of deferred tax assets
Deferred tax assets should be recognized for deductible temporary differences, the carryforward of unused tax losses and the
carryforward of unused tax credits to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, the carryforward of unused tax losses and the carryforward of unused tax credits can be utilised at the tax rates
that are expected to apply to the period when the asset is realised, unless the deferred tax asset arises from the initial recognition of an
asset or liability in a transaction that:
(i) Is not a business combination; and
(ii) At the time of the transaction, affects neither accounting profit nor taxable profit (tax loss)
The Company shall recognize a deferred tax asset for all deductible temporary differences arising from investments in subsidiaries,
associates and joint ventures, only to the extent that, it is probable that:
(i) The temporary difference will reverse in the foreseeable future; and
(ii) Taxable profit will be available against which the deductible temporary difference can be utilised.
At the end of each reporting period, if there is sufficient evidence that it is probable that taxable profit will be available against which
the deductible temporary difference can be utilized, the Company recognizes a previously unrecognized deferred tax asset.
The carrying amount of a deferred tax asset shall be reviewed at the end of each reporting period. The Company shall reduce the
carrying amount of a deferred tax asset to the extent that it is no longer probable that sufficient taxable profit will be available to
allow the benefit of part or all of that deferred tax asset to be utilised. Any such reduction shall be reversed to the extent that it
160
深圳市特力(集团)股份有限公司 2020 年年度报告
becomes probable that sufficient taxable profit will be available.
(b) Recognition of deferred tax liabilities
A deferred tax liability shall be recognized for all taxable temporary differences at the tax rate that are expected to apply to the period
when the liability is settled.
(i) No deferred tax liability shall be recognized for taxable temporary differences arising from:
The initial recognition of goodwill; or
The initial recognition of an asset or liability in a transaction which: is not a business combination; and at the time of the
transaction, affects neither accounting profit nor taxable profit (tax loss)
(ii) An entity shall recognize a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries,
associates, and joint ventures, except to the extent that both of the following conditions are satisfied:
The Company is able to control the timing of the reversal of the temporary difference; and
It is probable that the temporary difference will not reverse in the foreseeable future.
(c) Recognition of deferred tax liabilities or assets involved in special
transactions or events
(i) Deferred tax liabilities or assets related to business combination
For the taxable temporary difference or deductible temporary difference arising from a business combination not under common
control, a deferred tax liability or a deferred tax asset shall be recognized, and simultaneously, goodwill recognized in the business
combination shall be adjusted based on relevant deferred tax expense (income).
(ii) Items directly recognized in equity
Current tax and deferred tax related to items that are recognized directly in equity shall be recognized in equity. Such items include:
other comprehensive income generated from fair value fluctuation of available for sale investments; an adjustment to the opening
balance of retained earnings resulting from either a change in accounting policy that is applied retrospectively or the correction of a
prior period (significant) error; amounts arising on initial recognition of the equity component of a compound financial instrument
that contains both liability and equity component.
(iii) Unused tax losses and unused tax credits
A.Unsused tax losses and unused tax credits generated from daily operation of the Company itself
161
深圳市特力(集团)股份有限公司 2020 年年度报告
Deductible loss refers to the loss calculated and permitted according to the requirement of tax law that can be offset against taxable
income in future periods. The criteria for recognising deferred tax assets arising from the carryforward of unused tax losses and tax
credits are the same as the criteria for recognising deferred tax assets arising from deductible temporary differences. The Company
recognizes a deferred tax asset arising from unused tax losses or tax credits only to the extent that there is convincing other evidence
that sufficient taxable profit will be available against which the unused tax losses or unused tax credits can be utilised by the
Company. Income taxes in current profit or loss shall be deducted as well.
B.Unsused tax losses and unused tax credits arising from a business combination
Under a business combination, the acquiree’s deductible temporary differences which do not satisfy the criteria at the acquisition
date for recognition of deferred tax asset shall not be recognized. Within 12 months after the acquisition date, if new information
regarding the facts and circumstances exists at the acquisition date and the economic benefit of the acquiree’s deductible temporary
differences at the acquisition is expected to be realised, the Company shall recognize acquired deferred tax benefits and reduce the
carrying amount of any goodwill related to this acquisition. If goodwill is reduced to zero, any remaining deferred tax benefits shall
be recognized in profit or loss. All other acquired deferred tax benefits realised shall be recognized in profit or loss.
(iv) Temporary difference generated in consolidation elimination
When preparing consolidated financial statements, if temporary difference between carrying value of the assets and liabilities in the
consolidated financial statements and their taxable bases is generated from elimination of inter-Company unrealized profit or loss,
deferred tax assets or deferred tax liabilities shall be recognized in the consolidated financial statements, and income taxes expense in
current profit or loss shall be adjusted as well except for deferred tax related to transactions or events recognized directly in equity
and business combination.
(v) Share-based payment settled by equity
If tax authority permits tax deduction that relates to share-based payment, during the period in which the expenses are recognized
according to the accounting standards, the Company estimates the tax base in accordance with available information at the end of the
accounting period and the temporary difference arising from it. Deferred tax shall be recognized when criteria of recognition are
satisfied. If the amount of estimated future tax deduction exceeds the amount of the cumulative expenses related to share-based
payment recognized according to the accounting standards, the tax effect of the excess amount shall be recognized directly in equity.
3.29 Leases
The Company classifies the lease that substantially transfers all the risks and rewards incidental to ownership of an underlying asset
as a finance lease. Other lease shall be classified as an operating lease.
162
深圳市特力(集团)股份有限公司 2020 年年度报告
(a) Accounting for operating leases
(i) When the Company as a lessee, the lease payments should be recognized into profit or loss of the
reporting period over the lease terms on a straight-line basis or the amount of usage. If the lessor
provides the rent-free period, the Company shall allocate total lease payment over the entire lease
terms including the rent-free period using straight-line basis or other reasonable method. Lease
expense and the corresponding liabilities shall be recognized during the rent-free period. If expenses
relating to lease which should be borne by the Company are paid by the lessor of the assets, they
shall be deducted from the total lease expenses and the balances shall be amortized over the lease
terms by the Company.
Initial direct costs relating to lease transactions incurred by the Company shall be recognized into
current profit or loss. Contingent rental, if included in the lease contract, shall be recognized into
profit or loss upon occurrence.
(ii) When the Company as a lessor, lease income should be recognized over the lease terms on a
straight-line basis. If the lessor provides the rent-free period, the Company shall allocate total lease
income over the entire lease terms including the rent-free period using straight-line basis or other
reasonable method. Lease income shall be recognized during the rent-free period. If expenses
relating to leases which should be borne by the lessee of the assets are paid by the Company, they
shall be deducted from the total lease income and the balances shall be amortized over the lease
terms by the Company.
Initial direct costs relating to lease transactions incurred by the Company shall be recognized into
current profit or loss; if the amounts are material, they shall be capitalized and amortized over the
lease terms on the same basis as the recognition of lease income. Contingent rental, if included in
the lease contract, shall be recognized into profit or loss upon occurrence.
(b) Accounting for finance leases
(i) When the Company as a lessee, at commencement of the lease, assets obtained through finance
leases should be recorded at the lower of their fair values and the present values of the minimum
lease payments. The Company shall recognize long-term payables at amounts equal to the minimum
163
深圳市特力(集团)股份有限公司 2020 年年度报告
lease payments, and the differences shall be recognized as unrecognized finance charges, which
shall be amortized over the lease terms as finance expenses by using effective interest rate method
and recognized into finance cost.
Initial direct costs are recorded in the value of the leased assets.
The Company adopts the same depreciation policy for the leased assets as its self-owned fixed
assets. Depreciation period is determined according to the lease contract. If it is reasonably certain
that the Company will obtain the ownership of the assets at the expiration of the lease, the
depreciation period will be the useful lives of the leased assets. If it is not certain that the Company
will obtain the ownership of the asset at the expiration of the lease, the depreciation period is the
shorter of the lease period and their useful lives.
(ii) When the Company as a lessor, at commencement of the lease, lease receivables shall be
measured at minimum lease receivables plus initial direct costs relating to lease transactions and
recognized as long-term receivable in the statement of financial position. Unguaranteed residual
values are recorded simultaneously. The differences between the total of minimum lease receivable,
initial direct cost and unguaranteed residual values and their present value shall be recognized as
unearned finance income, and shall amortized over the lease terms as lease income at the effective
interest rate method.
3.30 Significant Accounting Policies and Accounting Estimates
Based on the historical experience and other factors, including appropriate expectations of future events, the Company
performed continuous assessment of important accounting estimates and key assumptions. The samples of important accounting
estimates and key assumptions that are likely to result in significant adjustment risk of the book value of assets and liabilities in the
next accounting year are as follows:
Classification of financial assets
The major judgments involved in determining the classification of financial assets include the analysis of business model and
contract cash flow characteristics.
The Company determines the business model of managing financial assets at the level of financial portfolios. The factors
considered include the way to evaluate and report the performance of financial assets to key management personnel, the risks
affecting the performance of financial assets and their management methods, as well as the way for relevant business management
personnel to obtain remuneration, etc.
164
深圳市特力(集团)股份有限公司 2020 年年度报告
When evaluating whether the contract cash flow of financial assets is consistent with the basic loan arrangements, the Company
has the following main judgments: whether the time distribution or amount of the principal may change in the duration due to
prepayment and other reasons; whether the interest only includes the time value of money, credit risk, other basic lending risks and
the consideration with cost and profit. For example, does the amount of prepayment only reflect the outstanding principal and the
interest based on the outstanding principal, as well as the reasonable compensation paid for the early termination of the contract.
Measurement of expected credit loss of accounts receivable
The Company calculates the expected credit loss of accounts receivable through the default risk exposure of accounts receivable
and the expected credit loss rate, and determines the expected credit loss rate based on the default probability and the default loss rate.
In determining the expected credit loss rate, the Company uses data including the internal historical credit loss experience, and
adjusts the historical data according to the current situation and forward-looking information. When considering forward-looking
information, the indicators used by the Company include the risk of economic downturn, changes in external market environment,
technical environment and customer situation, etc. The Company regularly monitors and reviews the assumptions related to the
calculation of expected credit loss.
Deferred tax assets
To the extent that there is likely to be sufficient taxable profits to offset the losses, deferred income
tax assets should be recognized for all unused tax losses. The management has to perform a lot of
judgment to estimate the time and amount of future taxable profits, combined with tax planning
strategy, to determine the amount of deferred income tax assets that should be recognized.
Determination of fair value of unlisted equity investment
The fair value of unlisted equity investment is the estimated future cash flow discounted according
to the current discount rate of projects with similar terms and risk characteristics. This kind of
valuation requires the company to estimate the expected future cash flow and discount rate, so it is
uncertain. In limited circumstances, if the information used to determine the fair value is
insufficient, or the distribution range of the possible estimated amount of the fair value is wide, and
the cost represents the best estimate of the fair value within the range, the cost can represent the
appropriate estimate of the fair value within the distribution range.
3.31 Changes in Significant Accounting Policies and Accounting Estimates
165
深圳市特力(集团)股份有限公司 2020 年年度报告
(a) Changes in accounting polices
On July 5, 2017, the Ministry of Finance issued “Accounting Standards for Business Enterprises
No. 14 – Revenue ” (CK [2017] No. 22) (the "New Revenue Standards"). Domestic listed
enterprises are required to implement the New Revenue Standards from January 1, 2020. The
Company implemented the New Revenue Standards on January 1, 2020 and adjusted the relevant
contents of accounting policies. Please refer to Notes 3.26 REVENUE for details.
The New Revenue Standards requires that the cumulative impact of the first implementation of the
standard should be adjusted to the amount of retained earnings and other relevant items in the
financial statements at the beginning of the first implementation year (i.e. January 1, 2020), and the
information of the comparable period should not be adjusted. When implementing the New
Revenue Standards, the Company only adjusted the cumulative impact of contracts that have not
been completed on the first execution date.
Due to the implementation of the New Revenue Standards, the Company’s consolidated financial
statements were adjusted accordingly. As of January 1, 2020, the contract liabilities were CNY
23,062,146.90, other current liabilities were CNY 2,998,079.10, and the advance receipts were
CNY -26,060,226.00. The relevant adjustment has no effect on the shareholders' equity belonging to
the parent Company in the consolidated financial statements of the Company. There is no need to
adjust the financial statements of the parent Company of the Company.
(b) Significant changes in accounting estimates
The Company has no significant changes in accounting estimates for the reporting period.
(c) Adjustments of the financial statements at the beginning of the
reporting period for the first year adoption of new financial
instruments standards.
Consolidated Financial Statements
Unit: Yuan Currency: CNY
Items 31 December 2019 1 January 2020 Adjustment
166
深圳市特力(集团)股份有限公司 2020 年年度报告
Items 31 December 2019 1 January 2020 Adjustment
Current liabilities
Advances from customers 26,060,226.00 -26,060,226.00
Contract liabilities N/a. 23,062,146.90 23,062,146.90
Other current liabilities N/a. 2,998,079.10 2,998,079.10
Note 4. TAXATION
4.1 Major Categories of Tax and Tax Rates Applicable to the Company
axes Tax bases Tax rates
The taxable revenue from sales of goods or 13%，11%，9%，5%，
Value-added tax (VAT)
rendering of services 6%，3%
Consumption tax The taxable revenue from sales of goods 10%
For housing property levied on the basis of
price, housing property tax is levied at the
rate of 1.2% of the balance after deducting
Housing property tax 1.2%、12%
30% of the cost; for housing property levied
on the basis of rent, housing property tax is
levied at the rate of 12% of rent revenue.
Urban maintenance and
Turnover tax payable 7%
construction tax
Education surcharge Turnover tax payable 3%
Local education surcharge Turnover tax payable 2%
Enterprise income tax Taxable income 20%、25%
Tax rates of income tax of different subsidiaries are stated as below:
Name of Taxpayer Rate of Income Tax
深圳市新永通机动车检测设备有限公司 (Shenzhen Xinyongtong Auto
20%
Vehicle Inspection Equipment Co., Ltd.)
深圳市华日安信汽车检测有限公司 (Shenzhen Huari Anxin Automobile
20%
Inspection Co., Ltd.)
167
深圳市特力(集团)股份有限公司 2020 年年度报告
Taxpayers other than the above-mentioned 25%
4.2 Tax Preference
Pursuant to the document numbered Cai Shui [2019] 13 issued by State Taxation Administration,
Shenzhen Xinyongtong Auto Vehicle Inspection Equipment Co., Ltd. and Shenzhen Huari Anxin
Auto Vehicle Inspection Co., Ltd. enjoys the preferential tax policy for micro and small-sized
enterprises, and is subject to the enterprise income tax rate of 20%.
Note 5. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
5.1 Monetary funds
(1) Details
Items 31 Dec 2020 31 Dec 2019
Cash on hand 20,542.55 120,351.17
Cash in bank 237,605,156.38 428,731,254.87
Total 237,625,698.93 428,851,606.04
(1) The bank deposit of CNY 29,163,042.30 is the supervision fund of the company's development
of plot 03 of the upgrading and reconstruction project of Tellus-Jimeng gold jewelry industrial park.
In addition, there is no other money with limited use and potential recovery risk due to mortgage,
pledge or freezing in the monetary fund at the end of the period.
(2) The monetary fund at the end of the period decreased by 44.59% compared with that at the
beginning of the period, mainly due to the payment of enterprise income tax on equity transfer of
Xinglong company, the distribution of cash dividends and the purchase of financial products.
5.2 Held-for-trading financial assets
Items 31 Dec 2020 31 Dec 2019
Financial assets classified as at fair value
314,013,869.86 60,486,575.34
through profit or loss
Including: Debt instrument investments 314,013,869.86 60,486,575.34
Total 314,013,869.86 60,486,575.34
The trading financial assets at the end of the period increased by 419.15% compared with the beginning of the period, mainly due to
the company using idle self owned funds for cash management.
168
深圳市特力(集团)股份有限公司 2020 年年度报告
5.3 Accounts receivable
(1) Details on ages
Items 31 Dec 2020 31 Dec 2019
Within 1 year 20,025,574.10 113,750,731.59
1-2 years 3,360.00
2-3 years
Over 3 years 49,125,862.29 49,125,862.29
Subtotal 69,154,796.39 162,876,593.88
Less: provision for bad debts 49,326,286.03 50,263,369.61
Total 19,828,510.36 112,613,224.27
Accounts receivable at the end of the period decreased by 82.39% compared with that at the beginning of the period, mainly because
Sichuan Tellus Jewelry Technology Co., Ltd. stopped operation this year and recovered all accounts receivable at the beginning of the
period.
(2) Details on categories
Closing balance
Book balance Provision for bad debts
Categories
Provision
Carrying amount
Amount % to total Amount proportion
(%)
Receivables with
provision made on 49,125,862.29 71.04 49,125,862.29 100.00
an individual basis
Receivables with
provision made on 20,028,934.10 28.96 200,423.74 1.00 19,828,510.36
a collective basis
Total 69,154,796.39 100.00 49,326,286.03 71.33 19,828,510.36
(Continued)
Categories Opening balance
169
深圳市特力(集团)股份有限公司 2020 年年度报告
Book balance Provision for bad debts
Provision
Carrying amount
Amount % to total Amount proportion
(%)
Receivables with
provision made on 49,125,862.29 30.16 49,125,862.29 100.00
an individual basis
Receivables with
provision made on 113,750,731.59 69.84 1,137,507.32 1.00 112,613,224.27
a collective basis
Total 162,876,593.88 100.00 50,263,369.61 30.86 112,613,224.27
Specific description of provision for bad debts:
(a) Accounts receivable with provision made on an individual basis
Provision for Provision
Debtors Book balance Reasons
bad debts proportion (%)
深圳市金路工贸公司 Expected to be
(Shenzhen Jinlu Industrial 9,846,607.00 9,846,607.00 100.00 unrecoverable
and Trading Co., Ltd.) due to long ages
广东 湛江 三星 汽车 股份 有
Expected to be
限 公 司 (Guangdong
4,060,329.44 4,060,329.44 100.00 unrecoverable
Zhanjiang Sanxing
due to long ages
Automobile Co., Ltd.*)
Expected to be
王昌龙
2,370,760.40 2,370,760.40 100.00 unrecoverable
(WANG Changlong)
due to long ages
惠州 市建 达城 道桥 工程 公 Expected to be
司 (Huizhou Jiandacheng 2,021,657.70 2,021,657.70 100.00 unrecoverable
Road and Bridge due to long ages
The English names are for identification purpose only.
170
深圳市特力(集团)股份有限公司 2020 年年度报告
Provision for Provision
Debtors Book balance Reasons
bad debts proportion (%)
Engineering Co., Ltd.*)
江铃汽车制造厂 Expected to be
(Jiangling Automobile 1,191,059.98 1,191,059.98 100.00 unrecoverable
Factory*) due to long ages
阳江市汽车贸易有限公司 Expected to be
(Yangjiang Automobile 1,150,000.00 1,150,000.00 100.00 unrecoverable
Trading Co., Ltd.*) due to long ages
广东省物资集团 Expected to be
(Guangdong Materials 1,862,000.00 1,862,000.00 100.00 unrecoverable
Group Corporation*) due to long ages
Expected to be
Others 26,623,447.77 26,623,447.77 100.00 unrecoverable
due to long ages
Subtotal 49,125,862.29 49,125,862.29 100.00
(b) Account receivables with provision for bad debts made on a collective basis using age analysis method
31 Dec 2020
Ages
Book balance Provision for bad debts Provision proportion (%)
Within 1 year 20,025,574.10 200,255.74 1.00
1 - 2 years 3,360.00 168.00 5.00
Subtotal 20,028,934.10 200,423.74 1.00
(Continued)
31 Dec 2019
Ages
Book balance Provision for bad debts Provision proportion (%)
Within 1 year 12,352,039.14 123,520.40 1.00
Subtotal 12,352,039.14 123,520.40 1.00
*
The English names are for identification purpose only.
171
深圳市特力(集团)股份有限公司 2020 年年度报告
(3) Changes in provision for bad debts
Increase Decrease
Opening Closing
Items Recover Written-o
balance Accrual Others Reversal Others balance
y ff
Receivables
with
provision
49,125,862.29 49,125,862.29
made on an
individual
basis
Receivables
with
provision
1,137,507.32 -937,083.58 200,423.74
made on a
collective
basis
Subtotal 50,263,369.61 -937,083.58 49,326,286.03
(4) Details of the top 5 debtors with largest balances
Proportion to the total
Provision for
Debtors Book balance balance of accounts
bad debts
receivable (%)
深 圳 市 金 路 工 贸 公 司 (Shenzhen Jinlu
9,846,607.00 14.24 9,846,607.00
industry and Trade Co., Ltd.*)
广东湛江三星汽车股份有限公司
(Guangdong Samsung Automobile Co., 4,060,329.44 5.87 4,060,329.44
Ltd.*)
深圳市尚金缘珠宝实业有限公司
(Shenzhen shangjinyuan Jewelry Industry 3,390,652.67 4.90 33,906.53
Co., Ltd.*)
王昌龙(Wang Changlong) 2,370,760.40 3.43 2,370,760.40
广 东 省 物 资 集 团 (Guangdong Materials 1,862,000.00 2.69 1,862,000.00
172
深圳市特力(集团)股份有限公司 2020 年年度报告
Proportion to the total
Provision for
Debtors Book balance balance of accounts
bad debts
receivable (%)
Group)
Subtotal 21,530,349.51 31.13 18,173,603.37
5.4 Prepayments
(1) Details on ages
31 Dec 2020 31 Dec 2019
Ages
Book balance % to total Book balance % to total
Within 1 year 9,834,423.80 99.86 12,671,077.95 99.90
1-2 years 800.00 0.01 632.00 0.01
2-3 years 632.00 0.01
Over 3 years 11,893.94 0.12 11,893.94 0.09
Total 9,847,749.74 100.00 12,683,603.89 100.00
(2) Details of the top 5 debtors with largest balances
Proportion to the total balance
Debtors Book balance
of advances paid (%)
一汽丰田汽车销售有限公司
7,906,522.88 80.29
(FAW Toyota Motor Sales Co., Ltd.)
丰田汽车(中国)投资有限公司
1,283,704.00 13.04
(Toyota Motor (China) Investment Co., Ltd.*)
深 圳 聚 融 丰 科 技 有 限 公 司 (Shenzhen
192,890.99 1.96
jurongfeng Technology Co., Ltd.*)
中国太平洋财产保险股份有限公司深圳分
公 司 (Shenzhen Branch of China Pacific 154,717.00 1.57
Property Insurance Co., Ltd.*)
小鹏汽车销售有限公司 102,554.58 1.04
The English names are for identification purpose only.
173
深圳市特力(集团)股份有限公司 2020 年年度报告
Proportion to the total balance
Debtors Book balance
of advances paid (%)
(Xiaopeng Automobile Sales Co., Ltd.*)
Subtotal 9,640,389.45 97.89
5.5 Other Receivables
(1) Details
Items Closing balance Opening balance
Interest receivable
Dividend receivable 24,647,732.42 39,647,732.42
Other receivables 4,622,058.41 5,260,813.98
Total 29,269,790.83 44,908,546.40
(2) Dividend receivable
(a) Details
Items Closing balance Opening balance
中国浦发机械工业股份有限公司
547,184.35 547,184.35
(China Perfect Machinery Industry Corp., Ltd.)
深圳东风汽车有限公司
24,100,548.07 39,100,548.07
(Shenzhen Dongfeng Automobile Co., Ltd.*)
Subtotal 24,647,732.42 39,647,732.42
Less: provision for bad debts
Total 24,647,732.42 39,647,732.42
(b) Dividend receivable over 1 year
Items Closing balance Ages Reasons Notes
深圳东风汽车有限公司 Not yet paid until
1 – 2 No
(Shenzhen Dongfeng 24,100,548.07 2022.08 through
years impairment
Automobile Co., Ltd.*) BOD decision
The English names are for identification purpose only.
174
深圳市特力(集团)股份有限公司 2020 年年度报告
Items Closing balance Ages Reasons Notes
Total 24,100,548.07
(3) Other receivables
(a) Other receivables categorized by ages
Ages Closing Balance Opening Balance
Within 1 year 1,800,294.61 2,120,412.24
1 – 2 years 161,722.86 663,633.11
2 – 3 years 417,554.97 116,202.70
Over 3 years 54,005,535.26 54,715,279.65
Subtotal 56,385,107.70 57,615,527.70
Less: provision for bad debts 51,763,049.29 52,354,713.72
Total 4,622,058.41 5,260,813.98
(b) Other receivables categorized by nature
Nature of receivables Closing balance Opening balance
Deposit as security 477,190.50 35,477.21
Reserve fund 13,822.20 43,385.72
Temporary advance payment receivable 55,894,095.00 57,536,664.77
Subtotal 56,385,107.70 57,615,527.70
Less: provision for bad debts 51,763,049.29 52,354,713.72
Total 4,622,058.41 5,260,813.98
(c) Other receivables categorized by methods of provision for bad debts
A. As of 2020-12-31, provision for bad debts according to the model of phase I/II/III:
Phase Closing balance Provision for bad debts Opening balance
I 2,379,572.44 109,600.10 2,269,972.34
II
III 54,005,535.26 51,653,449.19 2,352,086.07
175
深圳市特力(集团)股份有限公司 2020 年年度报告
Phase Closing balance Provision for bad debts Opening balance
Total 56,385,107.70 51,763,049.29 4,622,058.41
As of 2020-12-31, provision for bad debts at phase I:
Provision Provision Reasons for
Carrying
Catagories Book Balance proportion for bad provision
Amount
(%) debts made
Receivables with
provision made on
an individual basis
Receivables with
provision made on a 2,379,572.44 4.61 109,600.10 2,269,972.34
collective basis
no dramatic
1. P
credit risk
ortfolio grouped 1,931,494.44 5.44 105,119.32 1,826,375.12
change after
with ages
confirmed
2. no P dramatic
ortfolio grouped credit risk
448,078.00 1.00 4,480.78 443,597.22
with deposit as change after
security confirmed
Total 2,379,572.44 4.61 109,600.10 2,269,972.34
As of 2020-12-31, provision for bad debts at phase III:
Provision Reasons for
Provision for Carrying
Catagories Book Balance proportion provision
bad debts Amount
(%) made
credit risk
Receivables with change
provision made on 49,301,363.12 100.00 49,301,363.12 dramatically
an individual basis after
confirmed
Receivables with 4,704,172.14 50.00 2,352,086.07 2,352,086.07
176
深圳市特力(集团)股份有限公司 2020 年年度报告
Provision Reasons for
Provision for Carrying
Catagories Book Balance proportion provision
bad debts Amount
(%) made
provision made on a
collective basis
credit risk
1. Pchange
ortfolio grouped 4,675,059.64 50.00 2,337,529.82 2,337,529.82 dramatically
with ages after
confirmed
2. P
ortfolio grouped
29,112.50 50.00 14,556.25 14,556.25
with deposit as
security
Total 54,005,535.26 95.64 51,653,449.19 2,352,086.07
B. As of 2019-12-31, provision for bad debts according to the model of phase I/II/III:
Phase Closing balance Provision for bad debts Opening balance
I 7,776,632.54 2,515,818.56 5,260,813.98
II
III 49,838,895.16 49,838,895.16
Total 57,615,527.70 52,354,713.72 5,260,813.98
As of 2019-12-31, provision for bad debts at phase I:
Provision Reasons for
Provision for Carrying
Catagories Book Balance proportion provision
bad debts Amount
(%) made
Receivables with
provision made on
an individual basis
Receivables with
7,776,632.54 73.52 2,515,818.56 5,260,813.98
provision made on a
177
深圳市特力(集团)股份有限公司 2020 年年度报告
Provision Reasons for
Provision for Carrying
Catagories Book Balance proportion provision
bad debts Amount
(%) made
collective basis
no dramatic
1. P
credit risk
ortfolio grouped 7,741,155.33 32.31 2,501,198.66 5,239,956.67
change after
with ages
confirmed
2. noPdramatic
ortfolio grouped credit risk
35,477.21 41.21 14,619.90 20,857.31
with deposit as change after
security confirmed
Total 7,776,632.54 73.52 2,515,818.56 5,260,813.98
As of 2019-12-31, provision for bad debts at phase III:
Provision Provision for Carrying Reasons for
Catagories Book Balance
proportion (%) bad debts Amount provision made
credit risk
Receivables with
change
provision made on 49,838,895.16 100.00 49,838,895.16
dramatically
an individual basis
after confirmed
Receivables with
provision made on
an collective basis
Total 49,838,895.16 100.00 49,838,895.16
As of 2020-12-31, other receivables with provision made on an individual basis
Provision for Provision
Debtors Book balance
bad debts proportion (%)
中汽华南汽车销售公司
(Zhongqi South China Automobile Sales Co., 9,832,956.37 9,832,956.37 100.00
Ltd.)
南方工贸深圳实业公司
7,359,060.75 7,359,060.75 100.00
(Shenzhen Nanfang Industry and Trade Co.,
The English names are for identification purpose only.
178
深圳市特力(集团)股份有限公司 2020 年年度报告
Provision for Provision
Debtors Book balance
bad debts proportion (%)
Ltd.*)
深圳中浩（集团）股份有限公司
5,000,000.00 5,000,000.00 100.00
(Shenzhen Zhonghao (Group) Co., Ltd.*)
金贝丽家电公司
2,706,983.51 2,706,983.51 100.00
(Jinbeili Household Appliances Co., Ltd.*)
深圳市新兴泰贸易有限公司
2,418,512.90 2,418,512.90 100.00
(Shenzhen Xinxingtai Trading Co., Ltd.*)
深圳石油化工（集团）股份有限公司
1,903,819.59 1,903,819.59 100.00
(Shenzhen Petrochemical (Group) Co., Ltd.*)
深圳市特发华通包装实业有限公司
(Shenzhen SDG Huatong Packaging Co., 1,212,373.79 1,212,373.79 100.00
Ltd.*)
深圳金鹤标准件模具有限公司
1,023,560.00 1,023,560.00 100.00
(Shenzhen Jinhe Mould Co., Ltd.*)
Others 17,844,096.21 17,844,096.21 100.00
Total 49,301,363.12 49,301,363.12 100.00
As of 2020-12-31, other receivables with provision made on an collective basis
Provision proportion Provision for
Catagories Book Balance
(%) bad debts
1. P
6,606,554.08 2,442,649.14 36.97
ortfolio grouped with ages
Including: Within 1 year 1,352,216.61 13,522.17 1.00
1 – 2 years 161,722.86 8,086.15 5.00
2 – 3 years 417,554.97 83,511.00 20.00
Over 3 years 4,675,059.64 2,337,529.82 50.00
2. P
ortfolio grouped with 477,190.5 19,037.0 3.99
deposit as security
179
深圳市特力(集团)股份有限公司 2020 年年度报告
Provision proportion Provision for
Catagories Book Balance
(%) bad debts
Total 7,083,744.58 2,461,686.14 34.75
As of 2019-12-31, other receivables with provision made on an collective basis
Provision proportion Provision for
Catagories Book Balance
(%) bad debts
1. 7,741,155.33 2,514,044.83 32.48
ortfolio grouped with ages
Including: Within 1 year 2,120,409.03 21,204.09 1.00
1 – 2 years 628,159.11 31,407.95 5.00
2 – 3 years 116,202.70 23,240.54 20.00
Over 3 years 4,876,384.49 2,438,192.25 50.00
2. P
ortfolio grouped with 35,477.21 1,773.73 5.00
deposit as security
Total 7,776,632.54 2,515,818.56 32.35
(d) Changes in provision for bad debts
Phase I Phase II Phase III
Lifetime Lifetime
12month
Items expected credit expected credit Total
expected credit
losses (credit not losses (credit
losses
impaired) impaired)
Opening balance 2,515,818.56 49,838,895.16 52,354,713.72
Opening balance in current
-2,352,086.07 2,352,086.07
period
--Transferred to phase II NA NA
--Transferred to phase III -2,352,086.07 2,352,086.07
--Reversed to phase II NA NA
180
深圳市特力(集团)股份有限公司 2020 年年度报告
Phase I Phase II Phase III
Lifetime Lifetime
12month
Items expected credit expected credit Total
expected credit
losses (credit not losses (credit
losses
impaired) impaired)
--Reversed to phase I NA
Provision made in current
-54,132.39 -44,236.71 -98,369.10
period
Provision recovered in
493,295.33 493,295.33
current period
Provision reversed in
current period
Provision written-off in
current period
Other changes
Closing balance 109,600.10 51,653,449.19 51,763,049.29
(e) Details of the top 5 debtors with largest balances
Proportion to the
Nature of total balance of Provision for
Debtors Book balance Ages
receivables other receivables bad debts
(%)
Zhongqi South China
Current Over 3
Automobile Sales 9,832,956.37 17.44 9,832,956.37
account years
Co., Ltd.
Shenzhen Nanfang
Current Over 3
Industry and Trade 7,359,060.75 13.05 7,359,060.75
account years
Co., Ltd.
Shenzhen Zhonghao Current Over 3
5,000,000.00 8.87 5,000,000.00
(Group) Co., Ltd. account years
181
深圳市特力(集团)股份有限公司 2020 年年度报告
Proportion to the
Nature of total balance of Provision for
Debtors Book balance Ages
receivables other receivables bad debts
(%)
深圳凯丰特种汽车工
业有限公司
Current Over 3
(Shenzhen Kaifeng 4,413,728.50 7.83 4,413,728.50
account years
Special Automobile
Industry Co., Ltd.*)
Jinbeili Household Current Over 3
2,706,983.51 4.80 2,706,983.51
Appliances Co., Ltd. account years
Total 29,312,729.13 51.99 29,312,729.13
5.6 Inventories
(1) Details
Closing balance Opening balance
Items Provision for Carrying Provision for Carrying
Book balance Book balance
write-down amount write-down amount
Raw materials 15,481,888.98 14,772,382.17 709,506.81 15,079,409.32 14,772,382.17 307,027.15
Goods on hand 35,515,473.74 14,145,300.62 21,370,173.12 35,204,057.35 14,121,481.67 21,082,575.68
Goods on
6,307,872.38 6,307,872.38
consignment-in
Goods on
consignment-in -6,307,872.38 -6,307,872.38
sold
Total 50,997,362.72 28,917,682.79 22,079,679.93 50,283,466.67 28,893,863.84 21,389,602.83
(2) Provision for inventory write-down
Items Opening balance Increase Decrease Closing
balance
182
深圳市特力(集团)股份有限公司 2020 年年度报告
Reversal or
Provision Others Others
written-off
Raw materials 14,772,382.17 14,772,382.17
Goods on hand 14,121,481.67 23,818.95 14,145,300.62
Subtotal 28,893,863.84 23,818.95 28,917,682.79
(3) The closing balance of inventory contains a statement of borrowing expenses capitalization:
As of 2020-12-31, the closing balance of inventory do not contain the capitalization of borrowing expenses.
(4) Goods on consignment-in: sold by Shenzhen jewelry company.
5.7 Other Current Assets
Items Closing balance Opening balance [Note]
Input VAT to be credited 6,000,566.69 3,403,969.23
Total 6,000,566.69 3,403,969.23
The closing balance of other current assets increased by 76.28% compared with the opening balance, mainly due to the increase of
VAT to be deducted by “Baoku supply chain company” and “Shenzhen jewelry company”.
5.8 Long-term receivables
(1) Details of long-term receivables
31 Dec 2020 31 Dec 2019 Discount
Items Provision for Carrying Provision for Carrying rate
Book balance Book balance
bad debts amount bad debts amount range
Related
2,179,203.68 2,179,203.68 2,179,203.68 2,179,203.68
transactions
Total 2,179,203.68 2,179,203.68 2,179,203.68 2,179,203.68
(2) Changes in provision for bad debts
(a) As of December 31, 2020, the provision for bad debts shall be made according to the following three stages:
Stage Book balance Provision for bad debts Carrying accounts
Stage 3 2,179,203.68 2,179,203.68
183
深圳市特力(集团)股份有限公司 2020 年年度报告
Stage Book balance Provision for bad debts Carrying accounts
Total 2,179,203.68 2,179,203.68
As of December 31, 2020, the provision for bad debts of long-term receivables in the third stage is as follows:
Provision rate Provision for Carrying
Category Book balance Reason
（%） bad debts accounts
Risk increased
Provision for bad
2,179,203.68 100.00 2,179,203.68 after originally
debts by single item
recognized
Total 2,179,203.68 100.00 2,179,203.68
(b) As of December 31, 2019, the provision for bad debts is calculated and drawn according to the third stage model as follows:
Stage Book balance Provision for bad debts Carrying accounts
Stage 3 2,179,203.68 2,179,203.68
Total 2,179,203.68 2,179,203.68
On December 31, 2019, the provision for bad debts of long-term receivables in the third stage is as follows:
Provision rate Provision for Carrying
Category Book balance Reason
（%） bad debts accounts
Risk increased
Provision for bad
2,179,203.68 100.00 2,179,203.68 after originally
debts by single item
recognized
Total 2,179,203.68 100.00 2,179,203.68
（3）Changes on provision for bad debts
Stage 1 Stage 2 Stage 3
Expected credit Expected credit loss
Expected credit
Provision for bad debts loss for the whole for the whole life Total
loss in the next
life (no credit (credit impairment
12 months
impairment) occurred)
Balance on 1 Jan 2020 2,179,203.68 2,179,203.68
Balance on 1 Jan 2020 in
— — — —
the current period
--turn into stage 2 NA NA
-- turn into stage 3 NA
184
深圳市特力(集团)股份有限公司 2020 年年度报告
Stage 1 Stage 2 Stage 3
Expected credit Expected credit loss
Expected credit
Provision for bad debts loss for the whole for the whole life Total
loss in the next
life (no credit (credit impairment
12 months
impairment) occurred)
-- turn back to stage 2 NA NA
-- turn back to stage 1 NA
Accrued in current
period
Reversal in current
period
Current write off
Write off in current
period
Other changes
Balance on 31 Dec 2020 2,179,203.68 2,179,203.68
5.9. Long-term equity investments
(1) Categories
Closing balance Opening balance
Items Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
Investments in
87,921,195.60 14,644,406.04 73,276,789.56 94,822,114.42 14,644,406.04 80,177,708.38
associates
Investments in
50,364,166.01 50,364,166.01 82,000,835.67 82,000,835.67
joint ventures
Other equity
8,656,000.00 8,656,000.00 8,656,000.00 8,656,000.00
investments
Total 146,941,361.61 23,300,406.04 123,640,955.57 185,478,950.09 23,300,406.04 162,178,544.05
(2) Details
Investees Opening balance Increase/Decrease
185
深圳市特力(集团)股份有限公司 2020 年年度报告
Investment income Adjustment in other
Investment Investments
recognized under comprehensive
s increased decreased
equity method income
Joint ventures
深圳特力吉盟投资有限公司
(Shenzhen Tellus Jimeng 70,155,383.50 35,000,000.00 10,511,357.63
Investment Co., Ltd.*)
深圳市特力行投资有限公司
(Shenzhen Tellus Xing 11,845,452.17 851,972.71
Investment Co., Ltd.*)
Subtotal 82,000,835.67 35,000,000.00 11,363,330.34
Associates
深圳市仁孚特力汽车服务有
限公司 (Shenzhen Renfu
33,313,732.20 10,793,413.94
Tellus Automobiles Service
Co., Ltd.*)
深圳市汽车工业进出口有限
公 司 (Shenzhen Automobile
2,026,407.98 -1,031,137.65
Industry Import and Export
Co., Ltd.*)
Shenzhen Dongfeng
44,837,568.20 -6,163,195.11
Automobile Co., Ltd.
深圳市新永通油泵环保有限
公 司 (Shenzhen
Xinyongtong Oil Pump and
Environmental Protection
Co., Ltd.*)
深圳市新永通咨询有限公司
(Shenzhen Xinyongtong
Consulting Co., Ltd.*)
*
The English names are for identification purpose only.
186
深圳市特力(集团)股份有限公司 2020 年年度报告
Increase/Decrease
Investment income Adjustment in other
Investees Opening balance Investment Investments
recognized under comprehensive
s increased decreased
equity method income
深圳特力汽车服务连锁有限
公 司 (Shenzhen Tellus
Automobile Services Chain
Co., Ltd.*) [Note 3]
深圳市新永通汽车服务有限
公 司 (Shenzhen
Xinyongtong Automobile
Service Co., Ltd.*) [Note 3]
深圳市新永通东晓汽车服务
有限公司
(Shenzhen Xinyongtong
Dongxiao Automobile Service
Co., Ltd.*) [Note 3]
深圳市永通信达检测设备有
限 责 任 公 司 (Shenzhen
Yongtong Xinda Inspection
Equipment Co., Ltd.*) [Note
3]
湖南昌阳实业股份有限公司
(Hunan Changyang Industrial
Co., Ltd.*) [Note 1]
深圳捷成电子有限公司
(Shenzhen Jiecheng
Electronic Co., Ltd.*) [Note 1]
深圳先导新材料有限公司
(Shenzhen Xiandao New
Materials Co., Ltd.*) [Note 1]
中国汽车工业深圳贸易公司
(China Automobile Shenzhen
187
深圳市特力(集团)股份有限公司 2020 年年度报告
Increase/Decrease
Investment income Adjustment in other
Investees Opening balance Investment Investments
recognized under comprehensive
s increased decreased
equity method income
Trading Co., Ltd. *) [Note 1]
深圳通用标准件有限公司
(Shenzhen General Standard
Parts Co., Ltd.*) [Note 1]
Zhongqi South China
Automobile Sales Co., Ltd.
[Note 1]
深圳百力源电源有限公司
(Shenzhen Bailiyuan Power
Co., Ltd.*) [Note 1]
深圳市益民汽车贸易公司
(Shenzhen Yimin Automobile
Trading Co., Ltd.*) [Note 1]
深圳火炬火花塞工业公司
(Shenzhen Torch Spark Plug
Industrial Co., Ltd.*)
Subtotal 80,177,708.38 3,599,081.18
深圳汉力高技术陶瓷有限公
司 (Shenzhen Haneco
Technologies Ceramics Co.,
Ltd.*) [Note 2]
深圳市南方汽车维修中心
(Nanfang Automobile
Repairing Center*) [Note 2]
Subtotal
Total 162,178,544.05 35,000,000.00 14,962,411.52
(Continued)
Investees Increase/Decrease Closing Closing
balance balance of
*
The English names are for identification purpose only. provision for
188 impairment
深圳市特力(集团)股份有限公司 2020 年年度报告
Cash
dividend/prof Provision
Changes in other
it declared for Others
equity
for impairment
distribution
Joint ventures
Shenzhen Tellus Jimeng
8,000,000.00 37,666,741.13
Investment Co., Ltd.
Shenzhen Tellus Xing
12,697,424.88
Investment Co., Ltd.
Subtotal 8,000,000.00 50,364,166.01
Associates
Shenzhen Renfu Tellus
Automobiles Service Co., 10,500,000.0 33,607,146.14
Ltd.
Shenzhen Automobile
Industry Import and Export 995,270.33
Co., Ltd.
Shenzhen Dongfeng
38,674,373.09
Automobile Co., Ltd.
Shenzhen Xinyongtong Oil
Pump and Environmental 127,836.59
Protection Co., Ltd.
Shenzhen Xinyongtong
41,556.83
Consulting Co., Ltd.
Shenzhen Tellus
Automobile Services Chain
Co., Ltd. [Note 3]
Shenzhen Xinyongtong
Automobile Service Co.,
Ltd. [Note 3]
Shenzhen Xinyongtong
Dongxiao Automobile
Service Co., Ltd. [Note 3]
189
深圳市特力(集团)股份有限公司 2020 年年度报告
Increase/Decrease
Cash Closing
dividend/prof Provision Closing balance of
Investees Changes in other
it declared for Others balance provision for
equity
for impairment impairment
distribution
Shenzhen Yongtong Xinda
Inspection Equipment Co.,
Ltd. [Note 3]
Hunan Changyang
1,810,540.70
Industrial Co., Ltd. [Note 1]
Shenzhen Jiecheng
Electronic Co., Ltd. [Note 3,225,000.00
1]
Shenzhen Xiandao New
4,751,621.62
Materials Co., Ltd. [Note 1]
China Automobile
Shenzhen Trading Co., Ltd. 400,000.00
[Note 1]
Shenzhen General Standard
500,000.00
Parts Co., Ltd. [Note 1]
Zhongqi South China
Automobile Sales Co., Ltd. 2,250,000.00
[Note 1]
Shenzhen Bailiyuan Power
1,320,000.00
Co., Ltd. [Note 1]
Shenzhen Yimin
Automobile Trading Co., 200,001.10
Ltd. [Note 1]
Shenzhen Torch Spark Plug
17,849.20
Industrial Co., Ltd.
Subtotal 10,500,000.00 73,276,789.56 14,644,406.04
Shenzhen Haneco 1,956,000.00
190
深圳市特力(集团)股份有限公司 2020 年年度报告
Increase/Decrease
Cash Closing
dividend/prof Provision Closing balance of
Investees Changes in other
it declared for Others balance provision for
equity
for impairment impairment
distribution
Technologies Ceramics Co.,
Ltd. [Note 2]
Shenzhen Nanfang
Automobile Repairing 6,700,000.00
Center[Note 2]
Subtotal 8,656,000.00
Total 18,500,000.00 123,640,955.57 23,300,406.04
Note 1: Industrial and commercial registration of these companies has been revoked, and the Company has made full provision for
impairment for these long-term equity investments.
Note 2: The operating period of Shenzhen Haneco Technologies Ceramics Co., Ltd. ran from September 21, 1993 to September 21,
1998. The operating period of Shenzhen Nanfang Automobile Repairing Center ran from July 12, 1994 to July 11, 2002. These
companies have ceased operation for many years and their industrial and commercial registration has been revoked because they did
not participate in the annual industrial and commercial inspection. The Company is unable to exercise effective control over these
companies. Therefore, they are not included in the consolidated scope of the Company ’ s consolidated financial statements. The
carrying amount of the Company’s investment in these companies is zero.
Note 3: The book balances of these long-term equity investments have been adjusted to 0 yuan through the recognition of profit and
loss adjustments under equity method.
Note 4: The equity of the company held by us has been transferred in the current period.
Note 5: We hold 51% of the equity of the Company. According to the articles of association of the company, the rights of voting and
nominated directors cannot be unilaterally decided on the relevant decisions by the company's shareholders' meeting and the board of
directors, and we do not control the company.
5.10 Other equity instrument investments
（1）Details of other equity instrument investments
Items 31 Dec 2020 31 Dec 2019
191
深圳市特力(集团)股份有限公司 2020 年年度报告
Items 31 Dec 2020 31 Dec 2019
Public equity instrument investment
Non-public equity instrument investment 10,176,617.20 10,176,617.20
Total 10,176,617.20 10,176,617.20
(2) Details of non-held-for-trading equity instrument investments
Reasons for
Reasons designated as
Dividend Amount of other transferring
fair value
income comprehensive other
Accumulate Accumulate measurement with
Items recognized in income transferred comprehensiv
d profits d loss changes included in
the current to retained e income into
other comprehensive
period earnings retained
income
earnings
China Perfect
Strategic investment
Machinery
expected to be held
Industry Corp.,
for a long time
Ltd.
5.11 Investment property
(1) Investment real estate with cost measurement model
Buildings and
Items Land use right Total
structures
Cost
Opening balance 614,240,458.56 49,079,520.00 663,319,978.56
Increase 37,438,357.93 37,438,357.93
1) Transferred in from construction
37,438,357.93 37,438,357.93
in progress
Decrease 12,443,191.04 12,443,191.04
1) Disposal 12,443,191.04 12,443,191.04
Closing balance 639,235,625.45 49,079,520.00 688,315,145.45
Accumulated depreciation and
192
深圳市特力(集团)股份有限公司 2020 年年度报告
Buildings and
Items Land use right Total
structures
amortization
Opening balance 107,605,031.33 1,115,443.68 108,720,475.01
Increase 17,906,594.06 1,115,443.68 19,022,037.74
1) Accrual 17,906,594.06 1,115,443.68 19,022,037.74
Decrease 7,673,983.43 7,673,983.43
1) Disposal 7,673,983.43 7,673,983.43
Closing balance 117,837,641.96 2,230,887.36 120,068,529.32
Provision for impairment
Carrying amount
Closing balance 521,397,983.49 46,848,632.64 568,246,616.13
Opening balance 506,635,427.23 47,964,076.32 554,599,503.55
(2) Investment property with certificate of titles being unsettled
Items Carrying amount Reasons for unsettlement
水贝珠宝大厦一期（房屋及建筑物）
(Shuibei Jewelry Building Phase I 412,443,066.95 The project has not been settled.
(Buildings and structures))
Due to historical reasons, certificate of
笋岗 12 栋(Building 12, Sungang) 15,040.85
titles has not been applied for.
笋 岗 12 栋 商 铺 (Building 12 stores, Due to historical reasons, certificate of
46,793.43
Sungang) titles has not been applied for.
Subtotal 412,504,901.23
5.12 Fixed assets
（1）Details by category
Items 31 Dec 2020 31 Dec 2019
Fixed assets 119,136,917.91 107,119,796.59
Liquidation of fixed assets
Total 119,136,917.91 107,119,796.59
193
深圳市特力(集团)股份有限公司 2020 年年度报告
(2) Fixed assets
(a) Details of fixed assets
Office and
Buildings and General Transport Electronic
Items other Total
structures equipment facilities equipment
equipment
Cost
Opening balance 268,959,874.26 11,370,001.49 5,187,935.34 9,732,341.99 3,030,248.40 298,280,401.48
Increase 12,443,191.04 11,186,927.89 219,281.00 1,278,771.32 3,709,362.43 28,837,533.68
1) Acquisition 11,186,927.89 219,281.00 1,278,771.32 3,709,362.43 16,394,342.64
2) Investment
12,443,191.04 12,443,191.04
property transfer
Decrease 272,894.67 230,000.00 110,066.13 20,528.99 633,489.79
1) Disposal/scrap 272,894.67 230,000.00 110,066.13 20,528.99 633,489.79
Closing balance 281,403,065.30 22,284,034.71 5,177,216.34 10,901,047.18 6,719,081.84 326,484,445.37
Accumulated
depreciation
Opening balance 166,475,800.36 8,364,746.10 3,201,785.74 6,873,351.21 1,999,468.42 186,915,151.83
Increase 14,775,455.46 442,617.47 431,742.26 809,244.24 264,009.74 16,723,069.17
1) Accrual 7,101,472.03 442,617.47 431,742.26 809,244.24 264,009.74 9,049,085.74
2) Investment
7,673,983.43 7,673,983.43
property transfer
Decrease 245,605.22 207,000.00 81,354.82 2,186.56 536,146.60
1) Disposal/scrap 245,605.22 207,000.00 81,354.82 2,186.56 536,146.60
Closing balance 181,251,255.82 8,561,758.35 3,426,528.00 7,601,240.63 2,261,291.60 203,102,074.40
Provision for
impairment
Opening balance 3,836,768.43 319,675.11 6,165.00 17,984.71 64,859.81 4,245,453.06
Increase
194
深圳市特力(集团)股份有限公司 2020 年年度报告
Office and
Buildings and General Transport Electronic
Items other Total
structures equipment facilities equipment
equipment
1) Accrual
Decrease
1) Disposal/scrap
Closing balance 3,836,768.43 319,675.11 6,165.00 17,984.71 64,859.81 4,245,453.06
Carrying amount
Closing balance 96,315,041.05 13,402,601.25 1,744,523.34 3,281,821.84 4,392,930.43 119,136,917.91
Opening balance 98,647,305.47 2,685,580.28 1,979,984.60 2,841,006.07 965,920.17 107,119,796.59
(b) Fixed assets rented-out under operating leases
Items Carrying amount
Buildings and structures 70,237,123.25
Subtotal 70,237,123.25
(c) Fixed assets with certificate of titles being unsettled
Items Carrying amount Reasons for unsettlement
Due to historical reasons, certificate of
Yongtong Building 31,023,972.67
titles has not been applied for.
Due to historical reasons, certificate of
Automobile Building 15,560,410.09
titles has not been applied for.
Tellus Building underground Unable to apply for certificate of titles
8,991,413.36
parking lot for parking lot
Due to historical reasons, certificate of
Zhonghe Office Building 4,645,064.13
titles has not been applied for.
Third – Fifth floor of Plant 1,
Due to historical reasons, certificate of
Plant 2, and Plant 3 on Taoyuan 3,522,418.75
titles has not been applied for.
Road
Tellus Building transfer story 1,538,482.04 Unable to apply for certificate of titles
Due to historical reasons, certificate of
Building 16 of Taohua Yuan 1,374,667.14
titles has not been applied for.
195
深圳市特力(集团)股份有限公司 2020 年年度报告
Items Carrying amount Reasons for unsettlement
Shuibei Zhongtian Complex Due to historical reasons, certificate of
889,629.30
Building titles has not been applied for.
First floor of commercial and Due to historical reasons, certificate of
885,412.77
residential building in Bao’an titles has not been applied for.
Due to historical reasons, certificate of
Warehouse 839,327.89
titles has not been applied for.
Due to historical reasons, certificate of
Warehouse of trade department 71,133.73
titles has not been applied for.
Due to historical reasons, certificate of
Songquan Apartment (Mix) 10,086.79
titles has not been applied for.
Due to historical reasons, certificate of
Hostel on North Renmin Road 5,902.41
titles has not been applied for.
Subtotal 69,357,921.07
5.13 Construction in progress
（1）Details by category
Projects 31 Dec 2020 31 Dec 2019
Construction in progress 101,740,485.48 47,654,393.55
Engineer materials
Total 101,740,485.48 47,654,393.55
The construction in progress at the end of the period increased by 113.50% compared with that at the beginning of the period, mainly
due to the increase in construction investment of Tellus Diamond Trading building.
（2）Construction in progress
(a) details
31 Dec 2020 31 Dec 2019
Provision Provision
Projects Carrying Carrying
Book balance for Book balance for
amount amount
impairment impairment
196
深圳市特力(集团)股份有限公司 2020 年年度报告
31 Dec 2020 31 Dec 2019
Provision Provision
Projects Carrying Carrying
Book balance for Book balance for
amount amount
impairment impairment
特力金钻交易大厦(Teli
Diamond Trading 100,252,309.72 100,252,309.72 35,321,704.26 35,321,704.26
Building)
特力水贝珠宝大厦地下
连 通 工 程 (Underground
connection project of 3,710,247.00 3,710,247.00
telishuibei jewelry
building)
421 厂房 改造升级 项目
(421 plant renovation and 8,593,316.07 8,593,316.07
upgrading project)
宝库项目(Treasure house
29,126.22 29,126.22
project)
05 地块(Plot 05) 1,391,331.44 1,391,331.44
其 他 工 程 (Other
96,844.32 96,844.32
construction)
Total 101,740,485.48 101,740,485.48 47,654,393.55 47,654,393.55
(b) changes on significant construction in progress
Opening Transferred to Other
Projects Budgets Increase Closing balance
balance fixed assets decrease
特力金钻交易大厦
(Teli Diamond 515,460,000 35,321,704.26 64,930,605.46 100,252,309.72
Trading Building)
特力水贝珠宝大厦
地 下 连 通 工 程 13,330,000 3,710,247.00 9,620,961.88 13,331,208.88
(Underground
197
深圳市特力(集团)股份有限公司 2020 年年度报告
Opening Transferred to Other
Projects Budgets Increase Closing balance
balance fixed assets decrease
connection project
of telishuibei
jewelry building)
421 厂房改造升级
项 目 (421 plant
29,910,000 8,593,316.07 15,513,832.98 24,107,149.05
renovation and
upgrading project)
Total 47,625,267.33 90,065,400.32 37,438,357.93 100,252,309.72
（Continued）
Accumulated Amount of
Accumulated Completion Annual
amount of borrowing cost
Projects investment to budget percentage capitalization Fund source
borrowing cost capitalization in
(%) (%) rate (%)
capitalization current period
特力金钻交易大厦 Self-owned
(Teli Diamond 19.45 19.45 fund / Bank
Trading Building) loan
特力水贝珠宝大厦
地 下 连 通 工 程
(Underground Self-owned
100.00 100
connection project fund
of telishuibei
jewelry building)
421 厂房改造升级
项 目 (421 plant Self-owned
100.00 100
renovation and fund
upgrading project)
Total
198
深圳市特力(集团)股份有限公司 2020 年年度报告
5.14 Intangible assets
(1) Details on intangible assets
Items Land use right Trademarks Software Total
Cost
Opening balance 50,661,450.00 128,500.00 1,582,145.00 52,372,095.00
Increase 2,575,109.20 2,575,109.20
1) Acquisition 2,575,109.20 2,575,109.20
Decrease
1) Transferred to investment
property
Closing balance 50,661,450.00 128,500.00 4,157,254.20 54,947,204.20
Accumulated amortization
Opening balance 713,015.84 89,622.68 1,008,230.81 1,810,869.33
Increase 1,077,443.16 5,349.96 425,868.54 1,508,661.66
1) Accrual 1,077,443.16 5,349.96 425,868.54 1,508,661.66
Decrease
1) Transferred to investment
property
Closing balance 1,790,459.00 94,972.64 1,434,099.35 3,319,530.99
Provision for impairment
Carrying amount
Closing balance 48,870,991.00 33,527.36 2,723,154.85 51,627,673.21
Opening balance 49,948,434.16 38,877.32 573,914.19 50,561,225.67
199
深圳市特力(集团)股份有限公司 2020 年年度报告
(2) As of December 31, 2020, the land use right with book value of
CNY 48,870,991.00 of the company has been mortgaged to Bank of
China as the mortgage of bank loan.
5.15 Deferred charges
Opening Other Closing
Items Increase Amortization
balance decreases balance
Decoration
13,606,805.49 20,603,423.42 3,169,898.43 325,451.26 30,714,879.22
costs
Total 13,606,805.49 20,603,423.42 3,169,898.43 325,451.26 30,714,879.22
5.16 Deferred tax assets
(1) Deferred tax assets before offset
Closing balance Opening balance
Deductible Deductible
Items Deferred tax Deferred tax
temporary temporary
asset asset
difference difference
Provision for credit
33,995,288.38 8,498,822.10 34,635,849.55 8,658,962.39
impairment
Total 33,995,288.38 8,498,822.10 34,635,849.55 8,658,962.39
(2) Details of unrecognized deferred tax assets
Items Closing balance Opening balance
Deductible temporary difference 126,380,054.13 127,244,422.02
Deductible losses 27,588,656.95 19,619,056.75
Subtotal 153,968,711.08 146,863,478.77
(3) Maturity years of deductible losses of unrecognized deferred tax assets
200
深圳市特力(集团)股份有限公司 2020 年年度报告
Maturity years Closing balance Opening balance Remarks
Year 2020 505,851.30
Year 2021 513,356.86 1,484,364.61
Year 2022 4,702,701.91 4,702,701.91
Year 2023 5,238,151.51 5,499,309.62
Year 2024 7,380,279.17 7,426,829.31
Year 2025 9,754,167.50
Subtotal 27,588,656.95 19,619,056.75
5.17 Other non-current assets
Items 31 Dec 2020 31 Dec 2019
Prepayment for engineering equipment 49,478,268.29 6,789,167.54
VAT input tax to be certified 6,415,199.70
Others 100,000.00 100,000.00
Total 55,993,467.99 6,889,167.54
Other non current assets at the end of the period increased by 712.78% compared with that at the beginning of the period, mainly due
to the payment of CNY 46,757,600.00 for the bundling construction of public facilities in project 02 and 03 of the upgrading and
reconstruction project of Tali Jimeng gold jewelry industrial park.
5.18 Accounts payable
(1) Details by nature
Items Closing balance Opening balance
Payment for goods and services 5,130,983.91 5,671,144.03
Payment for engineering equipment 71,452,182.62 63,416,286.39
Total 76,583,166.53 69,087,430.42
(2) Significant accounts payable with age over one year
Reasons for
Items Closing balance
unsettlement
深圳市英龙建安（集团）有限公司 29,695,887.90 The project has not
201
深圳市特力(集团)股份有限公司 2020 年年度报告
Reasons for
Items Closing balance
unsettlement
(Shenzhen Yinglong Jian’an (Group) Co., Ltd.) been settled.
深圳市特发地产有限公司 No repayment from
6,054,855.46
(Shenzhen SDG Real Estate Co., Ltd.*) related company.
深圳市易诺建设工程有限公司 The project has not
4,274,022.22
(Shenzhen Yinuo Construction Engineering Co., Ltd.*) been settled.
深圳瑞和建筑装饰股份有限公司 The project has not
3,621,859.50
(Shenzhen Ruihe Construction Decoration Co., Ltd.*) been settled.
Subtotal 43,646,625.08
5.19 Advance from customers
Items Closing balance Opening balance
Rent fee 2,403,580.47 491,560.38
Loan 26,808,262.33
Total 2,403,580.47 27,299,822.71
The closing advances received decreased by 91.20% compared with the opening advances received, mainly due to the fact that since
January 1, 2020, the Company classified the advance payment received from the sale of goods and services as contract liabilities and
other current liabilities according to the new revenue criteria.
5.20 Contract Liability
Items Closing balance Opening balance
Item received in advance for goods 17,833,476.50
Item received in advance for services 1,155,151.63
Total 18,988,628.13
5.21 Employee benefits payable
(1) Employee benefits payable
Items Opening balance Increase Decrease Closing balance
Short-term employee
30,503,178.16 55,756,280.37 57,893,773.32 28,365,685.21
benefits
The English names are for identification purpose only.
202
深圳市特力(集团)股份有限公司 2020 年年度报告
Items Opening balance Increase Decrease Closing balance
Post-employment
benefits - defined 701,616.73 390,770.27 1,092,387.00
contribution plan
Termination benefits 1,406,957.63 1,406,957.63
Total 31,204,794.89 57,554,008.27 60,393,117.95 28,365,685.21
(2) Details of short-term employee benefits
Items Opening balance Increase Decrease Closing balance
Wage, bonus, allowance
28,178,495.98 49,966,130.85 49,993,755.23 28,150,871.60
and subsidy
Employee welfare fund 1,059,812.71 1,059,812.71
Social insurance
8,358.59 1,630,467.85 1,638,826.44
premium
Including: Medicare
7,172.62 1,466,360.35 1,473,532.97
premium
Occupational injuries
513.72 2,552.51 3,066.23
premium
Maternity premium 672.25 161,554.99 162,227.24
Housing provident fund 2,041,648.34 1,850,972.45 3,892,620.79
Trade union fund and
employee education 274,675.25 1,248,896.51 1,308,758.15 214,813.61
fund
Subtotal 30,503,178.16 55,756,280.37 57,893,773.32 28,365,685.21
(3) Details of defined contribution plan
Items Opening balance Increase Decrease Closing balance
Basic endowment
142,418.85 376,176.09 518,594.94
insurance premium
Unemployment
1,352.03 14,594.18 15,946.21
insurance premium
Company annuity
557,845.85 557,845.85
payment
203
深圳市特力(集团)股份有限公司 2020 年年度报告
Items Opening balance Increase Decrease Closing balance
Subtotal 701,616.73 390,770.27 1,092,387.00
5.22 Taxes and fees payable
Items Closing balance Opening balance
VAT 1,003,221.74 551,626.76
Enterprise income tax 13,891,223.58 64,461,051.35
Individual income tax withheld for tax
281,053.06 342,986.08
authorities
Urban maintenance and construction tax 79,176.17 134,816.64
Land appreciation tax 5,362,682.64 5,362,682.64
Land use tax 26,459.98 26,459.98
Education surcharge 43,391.83 82,529.27
Local education surcharge 28,927.88 55,019.51
Stamp duty 346,017.44 407,829.34
Others 266.04
Total 21,062,154.32 71,425,267.61
The closing balance of tax payable should be reduced by 70.51% compared with the opening balance of tax payable, mainly due to
the settlement of enterprise income tax in the previous year.
5.23 Other payables
(1) Details
Items Closing balance Opening balance
Interest payable
Dividend payable 46,295.65
Other payable 158,617,678.97 101,266,802.49
Total 158,663,974.62 101,266,802.49
Other accounts payable at the end of the period increased by 56.63% compared with that at the beginning of the period, mainly due to
204
深圳市特力(集团)股份有限公司 2020 年年度报告
the company's subsidiary Shenzhen Jinlu Industrial and Trading Co., Ltd. receiving the performance bond of CNY 50,000,000.00
paid by Hubei Hans’ Industry Investment Group Co., Ltd., see Note 13.2 Others for details.
(2) Dividend payables
Items 31 Dec 2020 31 Dec 2019
Dividends of common shares 46,295.65
Total 46,295.65
(3) Other payables
(a) Other payables listed by nature
Items 31 Dec 2020 31 Dec 2019
Deposit as security 37,603,031.07 29,630,854.41
Current accounts between related parties 76,457,197.82 28,310,337.10
Accruals 15,300,654.81 14,218,478.78
Temporary receipts payable 29,256,795.27 29,107,132.20
Total 158,617,678.97 101,266,802.49
(b) Other important accounts payable with an aging of more than one year at the end of the period
Reasons for non
Items 31 Dec 2020 repayment or carry
forward
深圳市特发集团有限公司(Shenzhen SDG No repayment from
17,429,247.94
Group Co., Ltd.*) related company
香港裕嘉投资有限公司(Hong Kong Yujia No repayment from
2,172,091.54
Investment Co., Ltd. *) related company
Total 2,237,573.19
5.24 Other Current Liability
Items 31 Dec 2020 31 Dec 2019
205
深圳市特力(集团)股份有限公司 2020 年年度报告
Items 31 Dec 2020 31 Dec 2019
Output VAT on pending 2,237,573.19
Total 2,237,573.19
Other current liabilities at the end of the period increased by CNY 2,237,573.19 compared with that at the beginning of the period,
which is due to the fact that the company classified the value-added tax included in the advance receipts from sales of goods and
services as the output tax to be transferred as other current liabilities according to the new income standard from January 1, 2020.
5.25 Long-term borrowings
(1) Categories on long-term borrowings
Items Closing balance Opening balance
Mortgaged borrowings 11,171,759.33
Less: Long-term borrowings due within 1
year
Total 11,171,759.33
(2) Remarks on Categories on long-term borrowings
The long-term borrowings at the end of the period are the fixed assets loan of the newly added Tellus Jinzuan Trading Building in the
current period, with a loan term of 15 years.
5.26 Long-term payables
Items Closing balance Opening balance
Employee housing deposit 3,908,848.40 3,908,848.40
Appropriation for technical
11,311.96 11,311.96
innovation project
Total 3,920,160.36 3,920,160.36
5.27 Accrued liabilities
Items 31 Dec 2020 31 Dec 2019 Reasons for balance
Pending lawsuit 268,414.80 2,225,468.76
Total 268,414.80 2,225,468.76
206
深圳市特力(集团)股份有限公司 2020 年年度报告
The estimated liabilities at the end of the period decreased by 87.94% compared with that at the beginning of the period, mainly due
to the adjustment of the estimated liabilities in accordance with the debt repayment amount determined by the court for pending
litigation in this year.
5.28 Deferred income
(1) Deferred income
31 Dec
Items Increase Decrease 31 Dec 2020 Reasons for balance
2019
Government grants
Government grants 139,400.00 8,297.62 131,102.38
related to assets
Total 139,400.00 8,297.62 131,102.38
(2) Details of government grants
Grants included into
31 Dec 31 Dec Related to
Items Increase profit or loss/offsetting
2019 2020 assets/income
relevant cost
Subsidy from Futian
District Old Elevator
Related to
Renovation Working 139,400.00 8,297.62 131,102.38
assets
Group for elevator
renewal
Subtotal 139,400.00 8,297.62 131,102.38
5.29 Share capital
Movements
Items 31 Dec 2019 Issue of Bonus Reserve transferred 31 Dec 2020
Others Subtotal
new shares shares to shares
Total shares 431,058,320.00 431,058,320.00
5.30 Capital reserves
Items 31 Dec 2019 Increase Decrease 31 Dec 2020
Capital premium (Share
425,768,053.35 425,768,053.35
premium)
207
深圳市特力(集团)股份有限公司 2020 年年度报告
Items 31 Dec 2019 Increase Decrease 31 Dec 2020
Other capital reserve 5,681,501.16 5,681,501.16
Total 431,449,554.51 431,449,554.51
5.31 Other comprehensive income
Current period cumulative
Less: OCI Less: OCI Attributabl
Current
carried carried e to
Opening period Less: Attributabl 31 Dec
Items forward forward non-control
balance cumulative income e to parent 2020
transferred transferred ling
before tax company
to profit or to retained shareholder
income tax
loss earnings s
Items to be
reclassified
26,422.00 26,422.00
subsequently to
profit or loss
Including: Other
comprehensive
income to be
26,422.00 26,422.00
transferred to profit
or loss under equity
method
Total 26,422.00 26,422.00
5.32 Surplus reserve
Items Opening balance Increase Decrease 31 Dec 2020
Statutory surplus reserve 21,007,488.73 2,840,996.89 23,848,485.62
Total 21,007,488.73 2,840,996.89 23,848,485.62
5.33 Retained earnings
Current period Preceding period
Items
cumulative comparative
Balance before adjustment at the end of preceding 387,423,510.78 184,535,322.70
208
深圳市特力(集团)股份有限公司 2020 年年度报告
Current period Preceding period
Items
cumulative comparative
period
Add: Increase due to adjustment (or less: decrease) 1,079,805.36
Opening balance after adjustment 387,423,510.78 185,615,128.06
Add: Net profit attributable to owners of the parent
57,663,828.89 219,669,708.47
company
Less: Appropriation of statutory surplus reserve 2,840,996.89 17,861,325.75
Ordinary share dividend payable 18,104,449.44
Closing balance 424,141,893.34 387,423,510.78
5.34 Operating revenue/Operating cost
2020 2019
Items
Revenue Costs of sales Revenue Costs of sales
Principal activities 416,306,597.14 316,547,493.71 561,948,296.72 428,796,930.66
Other activities 8,112,606.20 2,713,707.88 9,124,597.18 2,224,381.98
Total 424,419,203.34 319,261,201.59 571,072,893.90 431,021,312.64
(a) Revenue from principal activities (by industry or business)
2020 2019
Industry (business)
Revenue Costs of sales Revenue Costs of sales
Auto Sales 204,928,883.35 191,680,818.07 168,551,160.58 156,655,616.45
Auto Maintenance &
41,913,088.24 32,521,898.98 46,766,020.98 39,663,299.92
Inspection
Lease and Service 134,609,167.52 57,587,615.11 153,247,354.66 50,778,065.89
Jewelry Sales and Service 34,855,458.03 34,757,161.55 193,383,760.50 181,699,948.40
Total 416,306,597.14 316,547,493.71 561,948,296.72 428,796,930.66
(b) Revenue from principal activities (by sales model)
2020 2019
Model
Revenue Costs of sales Revenue Costs of sales
209
深圳市特力(集团)股份有限公司 2020 年年度报告
2020 2019
Model
Revenue Costs of sales Revenue Costs of sales
Direct Sales 416,306,597.14 316,547,493.71 561,948,296.72 428,796,930.66
Agent Sales
Total 416,306,597.14 316,547,493.71 561,948,296.72 428,796,930.66
(c) Revenue from principal activities (by region)
2020 2019
Region
Revenue Costs of sales Revenue Costs of sales
Shenzhen 399,343,292.94 300,537,120.26 368,564,536.22 246,591,834.40
Sichuan 16,963,304.20 16,010,373.45 188,861,996.63 177,346,699.15
Anhui 4,521,763.87 4,858,397.11
Total 416,306,597.14 316,547,493.71 561,948,296.72 428,796,930.66
(d) Revenue breakdown information
2020
Auto Total
Items Lease and Jewelry Sales
Auto Sales Maintenance &
Service and Service
Inspection
By revenue
recognition time
Goods(transferred 34,178,602.47
at a certain point 204,928,883.35 41,913,088.24 281,020,574.06
of time)
Service(provided 676,855.56
within a certain 134,609,167.52 135,286,023.08
period of time)
Total 204,928,883.35 41,913,088.24 134,609,167.52 34,855,458.03 416,306,597.14
5.35 Taxes and Surcharges
Items 2020 2019
210
深圳市特力(集团)股份有限公司 2020 年年度报告
City construction tax 588,739.23 830,132.08
Educational surcharge 236,564.31 355,770.92
Local educational surcharge 157,709.54 237,180.61
Resource tax 386,763.32 764,026.93
Property tax 2,376,613.48 3,364,402.93
Land use tax 352,296.47 484,217.61
Vehicle and vessel usage tax 5,791.06 5,244.16
Stamp duty 228,084.61
Total 4,104,477.41 6,269,059.85
Note: Tax and surcharges of this year decreased by 34.53% compared with the previous year, mainly due to the reduction of VAT
surcharges and the reduction of real estate tax.
5.36 Sales Expenses
Items 2020 2019
Employee benefits 8,887,537.69 14,630,038.53
Advertising promotion expense 2,138,496.21 1,703,759.37
Depreciation and amortization 2,001,011.81 2,943,208.89
Material consumption 1,065,923.75 1,056,542.05
Utility 65,067.01 852,678.19
Office expense 675,305.56 617,180.27
Business hospitality 331,419.91 441,467.35
Other 2,550,370.49 1,711,227.65
Total 17,715,132.43 23,956,102.30
5.37 General and Administrative Expenses
Items 2020 2019
Employee benefits 25,671,670.92 32,664,417.76
Consultation and service expenses 7,196,540.38 3,880,477.15
Depreciation and amortization 3,107,517.18 2,022,219.63
Office expenses 1,574,023.34 1,536,671.33
211
深圳市特力(集团)股份有限公司 2020 年年度报告
Items 2020 2019
Business hospitality expenses 280,305.45 492,374.20
Advertising promotion expenses 911,387.33 490,165.08
Travel expenses 127,650.74 353,362.25
Other 1,115,148.73 2,228,576.52
Total 39,984,244.07 43,668,263.92
5.38 Financial costs
Items 2020 2019
Interest Expenses 1,042,694.54 7,000,636.08
Less: interest income 4,473,218.76 2,317,143.23
Exchange gains and losses -132,748.11 59,540.03
Other 257,388.65 239,732.67
Total -3,305,883.68 4,982,765.55
Note: Financial expenses of this year decreased by 166.35% compared with the previous year, mainly due to the year on year
decrease of interest expenses.
5.39 Other Income
Items 2020 2019 Related to assets /income
1. Government grant recognized in
1,522,079.42 276,907.09
other imcome
Including: Government grant related
8,297.62 Related to assets
to deferred income (related to assets)
Government grant directly
1,513,781.80 276,907.09 Related to income
recognized in current profit or loss
2. Others related to daily operation
activities and recognized in other 44,839.26 15,990.23
income
Including: Charges of withholding
44,839.26 9,378.94
individual income tax
Input tax plus deduction 6,611.29
212
深圳市特力(集团)股份有限公司 2020 年年度报告
Items 2020 2019 Related to assets /income
Total 1,566,918.68 292,897.32
5.40 Investment Income
Items 2020 2019
Investment income from long-term equity investments
14,962,411.52 19,134,325.91
under equity method
Gains on disposal of long-term equity investments 1.00 210,680,848.23
Investment income from financial assets at fair value
8,495,993.07 10,207,296.49
through profit or loss during holding period
Including: financial assets measured at fair value with
8,495,993.07 10,207,296.49
changes included in current profits and losses
Investment in other equity instruments 547,184.35
Total 23,458,405.59 240,569,654.98
Note: Investment income of this year decreased by 90.25% compared with the previous year, mainly due to the impact of the
investment income generated from the disposal of long-term equity investment of Shenzhen Xinglong Machinery Mould Co., Ltd.
last year.
5.41 Gains from Changes in Fair Values
Sources of gains on changes in fair value 2020 2019
Held-for-trading financial assets 316,475.19 477,394.67
Including: Changes in fair value of designated as
316,475.19 477,394.67
held-for-trading financial assets
Total 316,475.19 477,394.67
Note: The income from the change in fair value of this year decreased by 33.71% compared with the previous year, mainly due to the
carry forward investment income from the income from the change in fair value of the held-for-trading financial assets at the
beginning of the year when it was recovered in the current year.
5.42 Impairment Loss of Credit
Items 2020 2019
Bad debt of notes receivable 934,154.48 -272,030.60
213
深圳市特力(集团)股份有限公司 2020 年年度报告
Items 2020 2019
Bad debt of other receivables 594,593.53 1,542,510.68
Total 1,528,748.01 1,270,480.08
5.43 Impairment Loss of Asset
Items 2020 2019
Impairment of inventories -23,818.95 -19,028.39
Other impairment loss of assets -643,261.62
Total -23,818.95 -662,290.01
Note: Asset impairment loss of this year decreased by 96.40% compared with the previous year, mainly due to the impact of other
asset impairment losses withdrawn by Teli Xingguang Jinzun Company in the previous year.
5.44 Gains/ (losses) from Disposal of Assets
Items 2020 2019
Gains/(losses) from disposal of fixed assets, construction in
progress, productive biological assets and intangible assets 216,207.53
not classified as held for sale
Including: Fixed assets 216,207.53
Total 216,207.53
Note:
5.45 Non-operating Income
Recognized in current
Items 2020 2019 extraordinary gains and
losses
Gains from damage and
2,919.56 109,998.46 109,998.46
retirement of non-current assets
Gains from inability to pay the
497,187.91 497,187.91
proceeeds
Other 2,789,050.65 194,622.17 2,789,050.65
Total 3,289,158.12 304,620.63 3,289,158.12
The non-operating income in the current year increased by 979.76% compared with the previous year, mainly due to the reduction of
214
深圳市特力(集团)股份有限公司 2020 年年度报告
estimated liabilities related to pending litigation.
5.46 Non-operating Expenses
Recognized in current
Items 2020 2019
extraordinary gains and losses
Loss from damage and
28,814.21 214,918.34 28,814.21
retirement of non-current assets
Fines and expenses from breach
43,127.49 834,167.39 43,127.49
of contract
Other 20,810.00 20,810.00
Total 92,751.70 1,049,085.73 92,751.70
Note: The non-operating expenses of this year, decreased by 91.16% compared with the previous year, mainly due to the impact of
early rent termination expenses Teli Xingguang Jinzun Company last year.
5.47 Income Tax Expenses
(a) Details of income tax expenses
Items 2020 2019
Current tax expenses 16,683,064.79 68,071,018.71
Deferred tax expenses 160,140.29 15,696,124.32
Previous tax expenses -445,268.53 20,891.90
Total 16,397,936.55 83,788,034.93
Note: The income tax expense of this year decreased by 80.43% compared with the previous year, mainly due to the impact of the
enterprise income tax accrued from the long-term equity investment of Shenzhen Xinglong Machinery Mould Co., Ltd. and the
deferred income tax related to the difference of equity investment recognized in the previous year's reversal.
(b) Reconciliation of accounting profit and income tax expenses
Items 2020 2019
Profit before tax 76,703,166.46 302,595,269.11
Income tax expense at the statutory /applicable tax rate 19,175,791.62 75,894,191.34
Effect of different tax rate of subsidiaries -96,771.41 -116,827.10
Adjustments of impact from prior period income tax -445,268.53 20,891.90
215
深圳市特力(集团)股份有限公司 2020 年年度报告
Items 2020 2019
Long term equity investment income and equity
-3,740,602.88 -4,920,377.57
instrument investment income
Effect of non-deductible costs, expenses or losses 409,611.27 187,968.31
Effect of previously unrecognized deductible losses
-372,335.43 -1,432,355.39
recognized as deferred tax assets
Effect of deductible temporary differences and deductible
2,222,449.90 14,154,543.44
losses not recognized as deferred tax assets
Other (the impact of small low profit enterprises on the
reduction of taxable income and the expected balance of -754,937.99
liabilities at the end of the period)
Income tax expenses 16,397,936.55 83,788,034.93
5.48 Other Comprehensive Income
For details of net amount after tax of the other comprehensive income, please refer to Note 5.31 Other Comprehensive Income for
details.
5.49 Notes to the Statement of Cash Flow
(a) Other cash received relating to operating activities
Items 2020 2019
Security deposit 7,335,328.03 28,834,845.75
Interest income 3,015,893.77 1,521,342.50
Government subsidies received 1,513,781.80 416,307.09
Other income received 44,839.26 9,378.94
Current account and others 4,209,581.52 16,979,131.53
Total 16,119,424.38 47,761,005.81
(b) Other cash payments relating to operating activities
Items 2020 2019
Cash expenses 16,559,142.10 15,604,214.08
Security deposit 441,713.29 20,695,465.01
Fines and expenses from breach of contract 63,937.49 834,167.39
216
深圳市特力(集团)股份有限公司 2020 年年度报告
Current account and others 436,758.81 13,905,542.01
Total 17,501,551.69 51,039,388.49
(c) Other cash received relating to investing activities
Items 2020 2019
Performance bond for equity transfer
50,000,000.00
received
Related loan 2,385,849.54
Other 69,962.11
Total 50,069,962.11 2,385,849.54
(d) Other cash payments relating to investing activities
Items 2020 2019
Service expenses for equity transfer paid 5,000.00
Total 5,000.00
(e) Other cash received relating to financing activities
Items 2020 2019
Loans from non-financial institutions 24,800,000.00 15,020,000.00
Total 24,800,000.00 15,020,000.00
(f) Other cash payments relating to financing activities
Items 2020 2019
Repayment of loans from non-financial
24,800,000.00 22,962,000.00
institution
Total 24,800,000.00 22,962,000.00
5.50 Supplementary Information to the Statement of Cash Flows
(a) Supplementary information to the statement of cash flows
Supplementary information 2020 2019
(i) Adjustments of net profit to cash flows
from operating activities:
217
深圳市特力(集团)股份有限公司 2020 年年度报告
Supplementary information 2020 2019
Net profit 60,305,229.91 218,807,234.18
Add: Provisions for impairment of assets 23,818.95 -608,190.07
Impairment Loss of Credit -1,528,748.01
Depreciation of fixed assets, Investment
Properties ,oil and gas asset and productive 27,990,380.00 26,429,872.30
biological assets
Amortization of intangible assets 534,789.66 229,471.59
Amortization of long-term deferred
3,169,898.43 2,898,140.55
expenses
Losses /(gains as ‘-’) on disposal of fixed
assets, intangible assets and other long-term 25,894.65 -216,207.53
assets
Losses /(gains as‘-’ on scrapping of fixed
104,919.88
assets
Losses /(gains as ‘-’) on changes in fair
-316,475.19 -477,394.67
value
Finance costs /(income as ‘-’) -547,378.56 7,060,176.11
Investment losses /(income as ‘-’) -23,458,405.59 -240,569,654.98
Decreases /(increases as ‘-’) in deferred
160,140.29 15,696,124.32
tax assets
Increases /(decreases as‘-’ in deferred tax
liabilities
Decreases /(increases as ‘-’ in inventories -713,896.05 -9,065,776.82
Decreases /(increases as ‘-’) in operating
89,142,199.52 -24,176,109.62
receivables
Increases /(decreases as ‘-’) in operating
-45,682,145.13 82,798,747.79
payables
Others
Net cash flows from operating activities 109,105,302.88 78,911,353.03
(ii)Significant investing and financing
218
深圳市特力(集团)股份有限公司 2020 年年度报告
Supplementary information 2020 2019
activities not involving cash receipts and
payments:
Conversion of debt into capital
Convertible corporate bonds maturing
within one year
Fixed assets acquired under finance leases
(iii)Net increases in cash and cash
equivalents:
Cash at the end of the reporting period 208,462,656.63 400,668,257.81
Less: Cash at the beginning of the reporting
400,668,257.81 142,848,120.69
period
Add: Cash equivalents at the end of the
reporting period
Less: Cash equivalents at the beginning of
the reporting period
Net increase in cash and cash equivalents -192,205,601.18 257,820,137.12
(b) The components of cash and cash equivalents
Items 31 December 2020 31 December 2019
(i) Cash 208,462,656.63 400,668,257.81
Including: Cash on hand 20,542.55 120,351.17
Cash in bank available for
208,442,114.08 400,547,906.64
immediate use
Other monetary funds
available for immediate use
(ii) Cash equivalents
Including: Bond investments maturing
within three months
(iii) Cash and cash equivalents at the
208,462,656.63 400,668,257.81
end of the reporting period
219
深圳市特力(集团)股份有限公司 2020 年年度报告
Including: Restricted cash and cash
equivalents of the parent Company and
the subsidiaries of the group
5.51 Restricted Assets
Items Carrying amount at 31 Reason
December 2020
Cash and cash equivalents Please refer to Note 5.1 for
29,163,042.30
details
Intangible assets 48,870,991.00 Bank loan mortgage
Total 78,034,033.30
5.52 Foreign Currency Monetary Items
(a) Foreign currency monetary items at 31 December 2020:
Carrying amount at foreign Carrying amount at
Items Exchange rate
currency CNY
Cash and cash equivalents
Including: USD 856.00 6.5249 5,585.31
HKD 21,082.31 0.84164 17,743.72
Total — 23,329.03
5.53 Government Grants
(a) Government grants related to assets
Recognized in current profit or Presented items that
Items presented
loss or directly as deduct of recognized in current
in the statement
Items Amount related cost profit or loss or
of financial
directly as deduct of
position 2020 2019
related cost
Subsidy fund for elevator 131,102.38 Deferred income 8,297.62 Other income
220
深圳市特力(集团)股份有限公司 2020 年年度报告
Recognized in current profit or Presented items that
Items presented
loss or directly as deduct of recognized in current
in the statement
Items Amount related cost profit or loss or
of financial
directly as deduct of
position 2020 2019
related cost
renewal of old elevator
renewal and transformation
working group in Futian
District
(b) Government grants related to income
Recognized in current profit Presented items that
Items presented
or loss or directly as deduct recognized in current
in the statement
Items Amount of related cost profit or loss or
of financial
directly as deduct of
position 2020 2019
related cost
Shenzhen Luohu District
Bureau of industry and
information technology 1,156,106.19 N/A 1,156,106.19 Other income
transferred into support
fees for consumer activities
2019 Industrial support
241,700.00 N/A 241,700.00 268,700.00 Other income
funds
Subsidies for enterprise
trial training in Luohu 76,380.00 N/A 76,380.00 Other income
District
Social Security Bureau
29,480.01 N/A 29,480.01 8,207.09 Other income
subsidy
Subsidy for water & power
10,115.60 N/A 10,115.60 Other income
supply
Total 1,513,781.80 1,513,781.80 276,907.09
221
深圳市特力(集团)股份有限公司 2020 年年度报告
Note 6. CHANGES IN THE SCOPE OF CONSOLIDATION
6.1 The Scope of Consolidation Increased
Ways to Date of
Acquisition Interest
Name of the acquirees acquire the acquiring the
costs acquired (%)
equity interests equity interests
Shenzhen jewelry
Newly establish July 2020 13,000,000.00 65.00
industry Service Co., Ltd
Note 7. INTERESTS IN OTHER ENTITIES
7.1 Interests in Subsidiaries
(a) Composition of corporate group
Percentage of equity
Principal Ways of
Nature of interests by the Company
Registered
Name of subsidiary place of acquisitio
business (%)
Address
business n
Direct Indirect
深圳市特力新永通汽车发展
有 限 公 司 (Shenzhen Tellus
Shenzhen Shenzhen Commercial 100.00 Set up
Xinyongtong Automobile
Development Co., Ltd.*)
深圳市宝安石泉实业有限公
司(Shenzhen Bao’an Shiquan Shenzhen Shenzhen Commercial 100.00 Set up
Industrial Co., Ltd.*)
深圳市特发特力房地产有限
公 司 (Shenzhen SDG Tellus Shenzhen Shenzhen Manufacture 100.00 Set up
Real Estate Co., Ltd.*)
深圳市特力创盈科技有限公
司 (Shenzhen Tellus
Shenzhen Shenzhen Commercial 100.00 Set up
Chuangying Technology Co.,
Ltd.*)
深圳市新永通机动车检测设 Shenzhen Shenzhen Commercial 51.00 Set up
222
深圳市特力(集团)股份有限公司 2020 年年度报告
Percentage of equity
Principal Ways of
Nature of interests by the Company
Registered
Name of subsidiary place of acquisitio
business (%)
Address
business n
Direct Indirect
备 有 限 公 司 (Shenzhen
Xinyongtong Auto Vehicle
Inspection Equipment Co.,
Ltd.*)
深圳市汽车工业贸易有限公
司 (Shenzhen Automobile Shenzhen Shenzhen Commercial 100.00 Set up
Industry and Trade Co., Ltd.*)
深圳市汽车工业供销公司
(Shenzhen Automobile
Shenzhen Shenzhen Commercial 100.00 Set up
Industry Supply and
Marketing Co., Ltd.*)
深圳特发华日汽车企业有限
公 司 (Shenzhen SDG Huari
Shenzhen Shenzhen Commercial 60.00 Set up
Automobile Enterprise Co.,
Ltd.*)
深圳市华日安信汽车检测有
限 公 司 (Shenzhen Huari
Shenzhen Shenzhen Commercial 100.00 Set up
Anxin Automobile Inspection
Co., Ltd.*)
深圳市中天实业有限公司
(Shenzhen Zhongtian Shenzhen Shenzhen Commercial 100.00 Set up
Industrial Co., Ltd.*)
深圳市华日丰田汽车销售服
务有限公司(Shenzhen Huari
Shenzhen Shenzhen Commercial 60.00 Set up
Toyota Auto Sales Service
Co., Ltd.*)
安徽特力星光珠宝投资有限
Hefei Hefei Commercial 51.00 Set up
公 司 (Anhui Tellus Seon
223
深圳市特力(集团)股份有限公司 2020 年年度报告
Percentage of equity
Principal Ways of
Nature of interests by the Company
Registered
Name of subsidiary place of acquisitio
business (%)
Address
business n
Direct Indirect
Jewelry Investment Co.,
Ltd.*)
安徽特力星光金尊珠宝有限
公 司 (Anhui Tellus Seon Hefei Hefei Commercial 60.00 Set up
Jinzun Jewelry Co., Ltd.*)
四川特力珠宝科技有限公司
(Sichuan Tellus Jewelry Chengdu Chengdu Commercial 66.67 Set up
Technology Co., Ltd.*)
深圳市特力宝库供应链科技
有 限 公 司 (Shenzhen Tellus
Shenzhen Shenzhen Commercial 100.00 Set up
Baoku Supply Chain
Technology Co., Ltd.*)
深圳珠宝产业服务有限公司
(Shenzhen Jewelry Industry Shenzhen Shenzhen Commercial 65.00 Set up
Service Co. Ltd.*)
(b) Significant non-wholly owned subsidiaries
Profit or loss Dividends declared
Proportion of
attributable to non- to distribute to Non-controlling
ownership interest
Name of subsidiary controlling non-controlling interests at the end of
held by non-
interests during the interests during the thehe reporting period
controlling interests
reporting period reporting period
深圳市华日丰田汽车销售服
务 有 限 公 司 (Shenzhen Huari 40.00 2,429,620.42 4,108,006.99
Toyota Auto Sales Co., Ltd.*)
深圳特发华日汽车企业有限
公 司 (Shenzhen Huari Toyota 40.00 1,253,041.70 10,954,974.96
Auto Sales Service Co., Ltd.*)
224
深圳市特力(集团)股份有限公司 2020 年年度报告
(c) Main financial information of significant non-wholly owned subsidiaries
31 December 2020
Name of subsidiary Non-current Current Non-current Total
Current assets Total assets
assets liabilities liabilities liabilities
深圳市华日丰田汽车销售
服 务 有 限 公 司 (Shenzhen
67,507,256.67 6,694,509.17 74,201,765.84 63,931,748.36 63,931,748.36
Huari Toyota Auto Sales
Co., Ltd.*)
深圳特发华日汽车企业有
限 公 司 (Shenzhen Huari
52,641,986.30 22,198,318.35 74,840,304.65 47,302,867.25 47,302,867.25
Toyota Auto Sales Service
Co., Ltd.*)
(Continued)
31 December 2019
Name of subsidiary Non-current Current Non-current Total
Current assets Total assets
assets liabilities liabilities liabilities
深圳市华日丰田汽车销售
服 务 有 限 公 司 (Shenzhen
66,208,279.12 4,780,912.24 70,989,191.36 66,793,224.94 66,793,224.94
Huari Toyota Auto Sales
Co., Ltd.*)
深圳特发华日汽车企业有
限 公 司 (Shenzhen Huari
48,495,244.11 24,078,718.09 72,573,962.20 48,169,129.04 48,169,129.04
Toyota Auto Sales Service
Co., Ltd.*)
2020
Total
Name of subsidiary Net cash flows from
Revenue Net profit/(loss) comprehensive
operating activities
income
深圳市华日丰田汽车销售服
250,984,420.93 6,074,051.06 6,074,051.06 4,948,345.76
务有限公司(Shenzhen Huari
225
深圳市特力(集团)股份有限公司 2020 年年度报告
2020
Total
Name of subsidiary Net cash flows from
Revenue Net profit/(loss) comprehensive
operating activities
income
Toyota Auto Sales Co., Ltd.*)
深圳特发华日汽车企业有限
公司(Shenzhen Huari Toyota
34,313,269.53 3,132,604.24 3,132,604.24 4,440,264.62
Auto Sales Service Co.,
Ltd.*)
(Continued)
2019
Total Net cash flows
Name of subsidiary
Revenue Net profit/(loss) comprehensive from operating
income activities
深圳市华日丰田汽车销
售 服 务 有 限 公 司
219,302,518.27 2,099,623.78 2,099,623.78 -1,555,308.78
(Shenzhen Huari Toyota
Auto Sales Co., Ltd.*)
深圳特发华日汽车企业
有限公司(Shenzhen Huari
38,745,157.90 -3,089,360.18 -3,089,360.18 5,401,481.18
Toyota Auto Sales Service
Co., Ltd.*)
7.2 Interests in Joint Arrangements or Associates
(a) Significant joint ventures or associates
Proportion of equity interests Measurement
Principal place Registered Nature of
Company name by the Company (%) methods
of business address business
Direct Indirect
Joint ventures
深圳特力吉盟投资有 Investment Accounting
限 公 司 (Shenzhen Shenzhen Shenzhen in 50.00 by equity
Tellus Jimeng industries method
226
深圳市特力(集团)股份有限公司 2020 年年度报告
Investment Co.,
Ltd.*)
Associates
深圳市仁孚特力汽车
服 务 有 限 公 司 Accounting
Mercedes
(Shenzhen Renfu Shenzhen Shenzhen 35.00 by equity
Benz sales
Tellus Automobiles method
Service Co., Ltd.*)
深圳东风汽车有限公 Auto
Accounting
司 (Shenzhen manufactur
Shenzhen Shenzhen 25.00 by equity
Dongfeng Automobile ing and
method
Co., Ltd.*) sales
(b) Main financial information of the significant joint ventures
31 Dec 2020/2020 31 Dec 2019/2019
深圳特力吉盟投资有限公司 深圳特力吉盟投资有限公司
Items
(Shenzhen Tellus Jimeng (Shenzhen Tellus Jimeng
Investment Co., Ltd.*) Investment Co., Ltd.*)
Current assets 37,797,029.81 56,022,041.04
Including: Cash and cash
34,281,101.96 9,770,310.11
equivalents
Non-current assets 360,906,421.80 363,958,852.65
Total assets 398,703,451.61 419,980,893.69
Current liabilities 27,947,969.41 34,420,126.74
Non-current liabilities 295,422,000.00 245,250,000.00
Total liabilities 323,369,969.41 279,670,126.74
Non-controlling interests
Total owner’s equity attributable to
75,333,482.20 140,310,766.95
parent Company
227
深圳市特力(集团)股份有限公司 2020 年年度报告
31 Dec 2020/2020 31 Dec 2019/2019
深圳特力吉盟投资有限公司 深圳特力吉盟投资有限公司
Items
(Shenzhen Tellus Jimeng (Shenzhen Tellus Jimeng
Investment Co., Ltd.*) Investment Co., Ltd.*)
Share of net assets calculated at the
37,666,741.13 70,155,383.48
proportion of equity interests
Adjustment matters
—Goodwill
— Unrealized profit from intragroup
transaction
—Others
Carrying amount of investment in
37,666,741.13 70,155,383.48
the joint venture
Fair value of publicly quoted equity
investment in joint venture
Revenue 87,082,384.96 91,769,888.39
Finance expenses 15,850,179.92 14,266,181.96
Income tax expenses 6,905,938.48 5,473,045.83
Net profit/(loss) 21,022,715.25 16,232,739.76
Net profit from discontinued
operations
Other comprehensive income
Total comprehensive income 21,022,715.25 16,232,739.76
Dividends received from the joint
8,000,000.00
venture
(c) Main financial information of significant associates
228
深圳市特力(集团)股份有限公司 2020 年年度报告
31 Dec 2020/2020 31 Dec 2019/2019
深圳市仁孚特力 深圳东风汽车 深圳市仁孚特力 深圳东风汽车
汽车服务有限公 有限公司 汽车服务有限公 有限公司
司(Shenzhen (Shenzhen 司(Shenzhen (Shenzhen
Items
Renfu Tellus Dongfeng Renfu Tellus Dongfeng
Automobiles Automobile Co., Automobiles Automobile Co.,
Service Co., Ltd.*) Service Co., Ltd.*)
Ltd.*) Ltd.*)
Current Assets 214,297,861.00 378,483,991.85 229,415,509.00 479,352,285.14
Non-current assets 23,368,404.54 172,244,888.77 22,735,996.00 214,963,230.31
Total assets 237,666,265.54 550,728,880.62 252,151,505.00 694,315,515.45
Current liabilities 141,645,848.00 344,958,726.39 156,969,413.00 459,613,457.00
Non-current liabilities - 65,583,477.43 66,941,248.16
Total liabilities 141,645,848.00 410,542,203.82 156,969,413.00 526,554,705.16
Non-controlling
-14,510,815.59 -11,589,462.52
interests
Total owner’s equity
attributable to parent 96,020,417.54 154,697,492.39 95,182,092.00 179,350,272.81
Company
Share of net assets
calculated at the
33,607,146.14 38,674,373.09 33,313,732.20 44,837,568.20
proportion of equity
interests
Adjustment matters
—Goodwill
— Unrealized profit
from intragroup
transaction
—Others
229
深圳市特力(集团)股份有限公司 2020 年年度报告
31 Dec 2020/2020 31 Dec 2019/2019
深圳市仁孚特力 深圳东风汽车 深圳市仁孚特力 深圳东风汽车
汽车服务有限公 有限公司 汽车服务有限公 有限公司
司(Shenzhen (Shenzhen 司(Shenzhen (Shenzhen
Items
Renfu Tellus Dongfeng Renfu Tellus Dongfeng
Automobiles Automobile Co., Automobiles Automobile Co.,
Service Co., Ltd.*) Service Co., Ltd.*)
Ltd.*) Ltd.*)
Carrying amount of
investment in the 33,607,146.14 38,674,373.09 33,313,732.20 44,837,568.20
associate
Fair value of publicly
quoted equity
investment in
associate
Revenue 1,247,864,433.00 399,893,712.73 1,146,987,875.00 502,282,870.47
Net profit/(loss) 30,838,325.75 -26,791,281.02 30,315,168.00 18,741,639.29
Net profit from
discontinued
operations
Other comprehensive
income
Total comprehensive
30,838,325.75 -26,791,281.02 30,315,168.00 18,741,639.29
income
Dividends received
10,500,000.00 17,500,000.00
from the associate
(d) Summarized financial information about insignificant joint ventures and associates
31 December 2020/2020 31 December 2019/2019
230
深圳市特力(集团)股份有限公司 2020 年年度报告
Joint venture：
Total carrying amount of investments 12,697,424.88 11,845,452.17
The aggregate amount of below items
calculated based on proportion of equity
interests:
—Net profit/(loss) 1,365,105.69 855,101.45
—Other comprehensive income
—Total comprehensive income 1,365,105.69 855,101.45
Associate：
Total carrying amount of investments 995,270.33 2,026,407.98
The aggregate amount of below items
calculated based on proportion of equity
interests:
—Net profit/(loss) -4,655,318.50 -15,260,873.57
—Other comprehensive income
—Total comprehensive income -4,655,318.50 -15,260,873.57
(e) Excess deficit in joint ventures or associates
Cumulative Unrecognized profit in the
Cumulative
Name of joint ventures or unrecognized loss reporting period (or share of
unrecognized loss at 31
associates at 31 December net profit in the reporting
December 2020
2019 period)
深圳特力汽车服务连锁有
限 公 司 (Shenzhen Tellus
98,865.26 98,865.26
Automobile Services Chain
Co., Ltd.*)
深圳市永通信达检测设备 916,937.25 259,275.48 1,176,212.73
231
深圳市特力(集团)股份有限公司 2020 年年度报告
Cumulative Unrecognized profit in the
Cumulative
Name of joint ventures or unrecognized loss reporting period (or share of
unrecognized loss at 31
associates at 31 December net profit in the reporting
December 2020
2019 period)
有 限 责 任 公 司 (Shenzhen
Yongtong Xinda Inspection
Equipment Co., Ltd.*)
Note 8. RISKS RELATED TO FINANCIAL INSTRUMENTS
Risks related to the financial instruments of the Company arise from the recognition of various financial assets and financial
liabilities during its operation, including credit risk, liquidity risk and market risk.
Management of the Company is responsible for determining risk management objectives and policies related to financial instruments.
Operational management is responsible for the daily risk management through functional departments (e.g. credit management
department of the Company reviews each credit sale). Internal audit department is responsible for the daily supervision of
implementation of the risk management policies and procedures, and report their findings to the audit committee in a timely manner.
Overall risk management objective of the Company is to establish risk management policies to minimize the risks without unduly
affecting the competitiveness and resilience of the Company.
8.1 Credit Risk
Credit risk is the risk of one party of the financial instrument face to a financial loss because the other party of the financial
instrument fails to fulfill its obligation. The credit risk of the Company is related to cash and equivalent, notes receivable, accounts
receivables, other receivables and long-term receivables. Credit risk of these financial assets is derived from the counterparty ’ s
breach of contract. The maximum risk exposure is equal to the carrying amount of these financial instruments.
Cash and cash equivalent of the Company has lower credit risk, as they are mainly deposited in such financial institutions as
commercial bank, of which the Company thinks with higher reputation and financial position.
For notes receivable, other receivables and long-term receivables, the Company establishes related policies to control their credit risk
exposure. The Company assesses credit capability of its customers and determines their credit terms based on their financial position,
possibility of the guarantee from third party, credit record and other factors (such as current market status, etc.). The Company
monitors its customers’ credit record periodically, and for those customers with poor credit record, the Company will take measures
such as written call, shortening or cancelling their credit terms so as to ensure the overall credit risk of the Company is controllable.
(i) Determination of significant increases in credit risk
232
深圳市特力(集团)股份有限公司 2020 年年度报告
The Company assesses at each reporting date as to whether the credit risk on financial instruments has increased significantly since
initial recognition. When the Company determines whether the credit risk has increased significantly since initial recognition, it
considers based on reasonable and supportable information that is available without undue cost or effort, including quantitative and
qualitative analysis of historical information, external credit ratings and forward-looking information. The Company determines the
changes in the risk of a default occurring over the expected life of the financial instrument through comparing the risk of a default
occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the
date of initial recognition based on individual financial instrument or a group of financial instruments with the similar credit risk
characteristics.
When met one or more of the following quantitative or qualitative criteria, the Company determines that the credit risk on financial
instruments has increased significantly: the quantitative criteria applied mainly because as at the reporting date, the increase in the
probability of default occurring over the lifetime is more than a certain percentage since the initial recognition; the qualitative criteria
applied if the debtor has adverse changes in business and economic conditions, early warning list of customer, and etc.
(ii) Definition of credit-impaired financial assets
The criteria adopted by the Company for determination of credit impairment are consistent with internal credit risk management
objectives of relevant financial instruments in considering both quantitative and qualitative indicators.
When the Company assesses whether the debtor has incurred the credit impairment, the main factors considered are as following:
Significant financial difficulty of the issuer or the borrower; a breach of contract, e.g., default or past-due event; a lender having
granted a concession to the borrower for economic or contractual reasons relating to the borrower ’ s financial difficulty that the
lender would not otherwise consider; the probability that the borrower will enter bankruptcy or other financial re-organisation; the
disappearance of an active market for the financial asset because of financial difficulties of the issuer or the borrower; the purchase or
origination of a financial asset at a deep discount that reflects the incurred credit losses.
(iii) The parameter of expected credit loss measurement
The Company measures impairment provision for different assets with the expected credit loss of 12-month or the lifetime based on
whether there has been a significant increase in credit risk or credit impairment has occurred. The key parameters for expected credit
loss measurement include default probability, default loss rate and default risk exposure. The Company sets up the model of default
probability, default loss rate and default risk exposure in considering the quantitative analysis of historical statistics (such as
counterparties’ ratings, guarantee method and collateral type, repayment method, etc.) and forward-looking information.
Relevant definitions are as following:
Default probability refers to the probability of the debtor will fail to discharge the repayment obligation over the next 12 months or
the entire remaining lifetime;
233
深圳市特力(集团)股份有限公司 2020 年年度报告
Default loss rate refers to the Company's expectation of the loss degree of default risk exposure. The default loss rate varies
depending on the type of counterparty, recourse method and priority, and the collateral. The default loss rate is the percentage of the
risk exposure loss when default has occurred and it is calculated over the next 12 months or the entire lifetime;
The default risk exposure refers to the amount that the Company should be repaid when default has occurred in the next 12 months or
the entire lifetime. Both the assessment of significant increase in credit risk of forward-looking information and the calculation of
expected credit losses involve forward-looking information. Through historical data analysis, the Company identifies key economic
indicators that have impact on the credit risk and expected credit losses for each business.
The maximum exposure to credit risk of the Company is the carrying amount of each financial asset in the statement of financial
position. The Company does not provide any other guarantees that may expose the Company to credit risk.
8.2 Liquidity Risk
Liquidity risk is the risk of shortage of funds when fulfilling the obligation of settlement by delivering cash or other financial assets.
The Company is responsible for the capital management of all of its subsidiaries, including short-term investment of cash surplus and
dealing with forecasted cash demand by raising loans. The Company’s policy is to monitor the demand for short-term and long-term
floating capital and whether the requirement of loan contracts is satisfied so as to ensure to maintain adequate cash and cash
equivalents.
As at 31 December 2020, the maturity profile of the Company’s financial liabilities is as follows:
31 December 2020
Items Above 3
Within 6 months 1-2 years 2-3 years
years
Accounts payable 76,583,166.53
Other payables 158,617,678.97
Long-term loans 469,213.89 469,213.89 774,906.74 14,207,964.22
Long-term payables 3,920,160.36
Total 239,590,219.75 469,213.89 774,906.74 14,207,964.22
(Continued)
31 December 2019
Items
Within 6 months 1-2 years 2-3 years Above 3 years
Accounts payable 69,087,430.42
Other payables 101,266,802.49
234
深圳市特力(集团)股份有限公司 2020 年年度报告
Long-term payables 3,920,160.36
Total 174,274,393.27
8.3 Market Risk
(a) Foreign currency risk
Foreign currency risk is the risk arising from changes in fair value or future cash flows of financial instrument resulted from changes
in exchange rate. The Company is mainly operated in mainland China, whose main activities are denominated in CNY, hence, the
Company bears insignificant market risk arising from foreign exchange changes.
Please refer to Note 5.52 Foreign Currency for details in foreign currency financial assets and liabilities on the balance sheet date.
(b) Interest rate risk
Interest rate risk of the Company primarily arises from its long-term interest-bearing debts, such as long-term loans and bonds
payables, etc. Financial liabilities with floating interest rate make the Company subject to cash flow interest rate risk, and financial
liabilities with fixed interest rate make the Company subject to fair value interest rate risk. The Company determines the relative
proportion of the fixed interest contracts and floating interest contracts based on the current market environment.
Finance department of the Company’s headquarter monitors interest rate of the group continuously. Increase of the interest rate will
result in the increase of the cost of new interest-bearing debts and the interest expense of the unpaid interest-bearing debts with
floating rate, and subsequently lead to significant negative impact on the financial performance of the Company. The management
makes adjustment in accordance with the update market condition in a timely manner.
Note 9. FAIR VALUE DISCLOSURES
The inputs used in the fair value measurement in its entirety are to be classified in the level of the hierarchy in which the lowest level
input that is significant to the measurement is classified.
Level 1: Inputs consist of unadjusted quoted prices in active markets for identical assets or liabilities
Level 2: Inputs for the assets or liabilities (other than those included in Level 1) that are either directly or indirectly observable.
Level 3: Inputs are unobservable inputs for the assets or liabilities
9.1 Assets and Liabilities Measured at Fair Value at 31 December 2020
Fair value at 31 December 2020
Items
Level 1 Level 2 Level 3 Total
Recurring fair value measurements
(a) Held-for-trading financial assets 314,013,869.86 314,013,869.86
(i) Financial assets designated as at
fair value through profit or loss
235
深圳市特力(集团)股份有限公司 2020 年年度报告
Fair value at 31 December 2020
Items
Level 1 Level 2 Level 3 Total
Structured deposits and financial
314,013,869.86 314,013,869.86
products
(b) Other equity instrument investment 10,176,617.20 10,176,617.20
Total assets measured at fair value on a
324,190,487.06 324,190,487.06
recurring basis
The fair value of financial instruments traded in an active market is based on quoted market prices at the reporting date. The fair
value of financial instruments not traded in an active market is determined by using valuation techniques. Specific valuation
techniques used to value the above financial instruments include discounted cash flow and market approach to comparable Company
model. Inputs in the valuation technique include risk-free interest rates, benchmark interest rates, exchange rates, credit spreads,
liquidity premiums, discount for lack of liquidity.
9.2 Valuation Technique(s), Qualitative and Quantitative Information about the Significant Inputs Used for Fair Value
Measurement in Level 3 on a Recurring or Nonrecurring Basis
The trading financial assets are the structured deposits and financial products purchased. The future cash flow is predicted by the
expected rate of return, and the unobservable estimate is the expected rate of return. As the business environment, operation and
financial situation of the invested enterprise China Pudong Development Machinery Industry Co., Ltd. have not changed significantly,
the Company measures the investment cost as a reasonable estimate of the fair value.
Note 10. RELATED PARTIES AND RELATED PARTY TRANSACTIONS
Recognition of related parties: The Company has control or joint control of, or exercise significant influence over another party; or
the Company is controlled or jointly controlled, or significant influenced by another party.
10.1 General Information of the Parent Company
Percentage of Voting rights
Name of the Registered Registered
Nature of the business equity interests in in the
parent address capital
the Company (%) Company (%)
Shenzhen SDG Shenzhen Real estate development
3,582.82 million 49.09 49.09
Group Co., Ltd. and management,
236
深圳市特力(集团)股份有限公司 2020 年年度报告
domestic business
(1) Remarks on the parent Company
Shenzhen SDG Group Co., Ltd. was invested by the State-owned Assets Supervision and Administration Commission of the People’
s Government of Shenzhen Municipal (the“Shenzhen SASAC” and established on August 1, 1981. Shenzhen SDG Group Co., Ltd.
currently holds a business license with unified social credit code of 91440300192194195C, with registered capital of CNY 3,582.82
million.
(2) The Company’s ultimate controlling party is Shenzhen SASAC.
10.2 General Information of Subsidiaries
Details of the subsidiaries please refer to Notes 7 INTERESTS IN OTHER ENTITIES.
10.3 Joint Ventures and Associates of the Company
(a) General information of significant joint ventures and associates
Details of significant joint ventures and associates please refer to Notes 7 INTERESTS IN OTHER ENTITIES
(b) Details of other joint ventures or associates trading with or with
outstanding to the Company during the reporting period
Name Relationship with the Company
深 圳 市 新 永 通 汽 车 服 务 有 限 公 司 (Shenzhen
Associate
Xinyongtong Dongxiao Automobile Service Co., Ltd.*)
深圳市特力新永通汽车服务有限公司(Shenzhen Tellus
Associate
Xinyongtong Automobile Service Co., Ltd.*)
深 圳 市 新 永 通 东 晓 汽 车 服 务 有 限 公 司 (Shenzhen Associate originally, transferred in current
Xinyongtong Dongxiao Automobile Service Co., Ltd.*) period
深 圳 特 力 汽 车 服 务 连 锁 有 限 公 司 (Shenzhen Tellus
Associate
Automobile Services Chain Co., Ltd.*)
深 圳 市 永 通 信 达 检 测 设 备 有 限 责 任 公 司 (Shenzhen
Associate
Yongtong Xinda Inspection Equipment Co., Ltd.*)
深 圳市 先 导新 材 料有 限 公 司(Shenzhen Xiandao New
Associate
Materials Co., Ltd.*)
237
深圳市特力(集团)股份有限公司 2020 年年度报告
深 圳 市 特 力 行 投 资 有 限 公 司 (Shenzhen Tellus Xing
Joint venture
Investment Co., Ltd.*)
10.4 Other Related Parties of the Company
Name Relationship with the Company
深圳市特发小额贷款有限公司 Holding subsidiary of the parent
(Shenzhen SDG Microfinance Co., Ltd.*) Company
深圳市特发天鹅实业公司 Holding subsidiary of the parent
(Shenzhen SDG Swan Industrial Co., Ltd.*) Company
深圳市机械设备进出口公司
Holding subsidiary of the parent
(Shenzhen Machinery and Equipment Import and Export
Company
Co., Ltd.*)
深圳市特发地产有限公司 Holding subsidiary of the parent
(Shenzhen SDG Real Estate Co., Ltd.*) Company
香港裕嘉投资有限公司 Holding subsidiary of the parent
(Hong Kong Yujia Investment Co., Ltd.*) Company
深圳市特发工程管理有限责任公司 Holding subsidiary of the parent
(Shenzhen SDG Engineering Management Co., Ltd.*) Company
深圳市特力阳春房地产公司 Holding subsidiary of the parent
(Shenzhen Tellus Yangchun Real Estate Co., Ltd.*) Company
深圳龙岗特力房地产公司 Holding subsidiary of the parent
(Shenzhen Longgang Tellus Real Estate Co., Ltd.*) Company
深圳市特发特力物业管理有限公司 Holding subsidiary of the parent
(Shenzhen SDG Tellus Property Management Co., Ltd.*) Company
深圳市特发服务股份有限公司珠宝园分公司 Holding subsidiary of the parent
(Shenzhen SDG Service Co., Ltd. Jewelry Park Branch*) Company
安徽金尊珠宝有限公司
Participating shareholder
(Anhui Jinzun Jewelry Co., Ltd.*)
汉成能源集团有限公司
Shareholder of significant associates
(Hubei Han’s Industry Investment Co.,Ltd.*)
10.5 Related Party Transactions
(a) Purchases or sales of goods, rendering or receiving of services
238
深圳市特力(集团)股份有限公司 2020 年年度报告
Purchases of goods, receiving of services:
Nature of the
Related parties 2020 2019
transaction(s)
深圳市特发工程管理有限责任公司
(Shenzhen SDG Engineering Receiving of services 838,867.91 354,705.66
Management Co., Ltd.*)
深圳市特发特力物业管理有限公司
(Shenzhen SDG Tellus Property Receiving of services 14,396,112.96 13,609,599.18
Management Co., Ltd.*)
深圳市特发服务股份有限公司珠宝
园分公司(Shenzhen SDG Service Co., Receiving of services 1,046,227.65 336,006.14
Ltd. Jewelry Park Branch)
Sales of goods and rendering of services:
Nature of the
Related parties 2020 2019
transaction(s)
深圳市特发小额贷款有限公司
(Shenzhen SDG Microfinance Co., Rendering of services 161,205.25 161,205.24
Ltd.*)
深圳市特发特力物业管理有限公司
(Shenzhen SDG Tellus Property Rendering of services 6,868.14 4,784.39
Management Co., Ltd.*)
(b) Leases
The Company as lessor:
The lessee Type of assets leased 2020 2019
深圳市仁孚特力汽车服务有限公司
(Shenzhen Renfu Tellus Automobiles House leasing 3,857,142.90 5,047,619.20
Service Co., Ltd.*)
深圳市新永通汽车服务有限公司
(Shenzhen Xinyongtong Automobile House leasing 527,029.51 713,410.48
Service Co., Ltd.*)
深圳市新永通东晓汽车服务有限公 House leasing 173,534.28 523,285.74
239
深圳市特力(集团)股份有限公司 2020 年年度报告
司 (Shenzhen Xinyongtong Dongxiao
Automobile Service Co., Ltd.*)
深圳市特发小额贷款有限公司
(Shenzhen SDG Microfinance Co., House leasing 975,808.45 1,409,263.84
Ltd.*)
深圳市特发特力物业管理有限公司
(Shenzhen SDG Tellus Property House leasing 44,754.54 56,586.66
Management Co., Ltd.*)
深圳市特发服务股份有限公司珠宝
园分公司(Shenzhen SDG Service Co., House leasing 1,801,091.36 1,014,501.78
Ltd. Jewelry Park Branch*)
(c) Call loans between related parties
Related parties Amount Effective date Expiry date Notes
Borrowings
深圳市特发集团有限公司
(Shenzhen SDG Group 24,800,000.00 04/14/2020 05/14/2020 No interest
Co., Ltd.*)
汉成能源集团有限公司 CNY
(Hubei Han ’ s Industry 1,000,000.00
51,000,000.00 07/17/2020
Investment Co.,Ltd.*) interest payable
included
(d) Key management personnel compensation
Items 2020 2019
Key management personnel compensation 6,954,700.00 6,583,600.00
10.6 Receivables and Payables with Related Parties
(a) Receivables
Closing balance Opening balance
Items Related parties Provision for Provision for
Book balance Book balance
bad debts bad debts
Accounts 深圳市新永通汽车服务有 927,602.00 927,602.00 927,602.00 927,602.00
240
深圳市特力(集团)股份有限公司 2020 年年度报告
Closing balance Opening balance
Items Related parties Provision for Provision for
Book balance Book balance
bad debts bad debts
receivable 限公司(Shenzhen
Xinyongtong Automobile
Service Co., Ltd.*）
深圳市新永通东晓汽车服
务有限公司(Shenzhen
Xinyongtong Dongxiao 680,400.00 680,400.00
Automobile Service Co.,
Ltd.*)
深圳市特发小额贷款有限
公司(Shenzhen SDG 115,481.80 1,154.82 283,583.81 2,835.84
Microfinance Co., Ltd.*)
Subtotal 1,043,083.80 928,756.82 1,891,585.81 1,610,837.84
深圳东风汽车有限公司
Dividend
(Shenzhen Dongfeng 24,100,548.07 39,100,548.07
receivable
Automobile Co., Ltd.*)
Subtotal 24,100,548.07 39,100,548.07
深圳特力汽车服务连锁有
限公司(Shenzhen Tellus
Other receivables 1,359,297.00 1,359,297.00 1,359,297.00 1,359,297.00
Automobile Services
Chain Co., Ltd.*)
深圳市永通信达检测设备
有限责任公司(Shenzhen
Yongtong Xinda 531,882.24 531,882.24 531,882.24 531,882.24
Inspection Equipment Co.,
Ltd.*)
深圳市先导新材料有限公
司(Shenzhen Xiandao New 660,790.09 660,790.09 660,790.09 660,790.09
Materials Co., Ltd.*)
深圳市特力新永通汽车服 114,776.33 114,776.33 114,776.33 114,776.33
241
深圳市特力(集团)股份有限公司 2020 年年度报告
Closing balance Opening balance
Items Related parties Provision for Provision for
Book balance Book balance
bad debts bad debts
务有限公司(Shenzhen
Tellus Xinyongtong
Automobile Service Co.,
Ltd.*)
深圳市特力行投资有限公
司(Shenzhen Tellus Xing 55,125.04 551.25
Investment Co., Ltd.*)
Subtotal 2,666,745.66 2,666,745.66 2,721,870.70 2,667,296.91
深圳特力汽车服务连锁有
Long-term 限公司(Shenzhen Tellus
2,179,203.68 2,179,203.68 2,179,203.68 2,179,203.68
receivables Automobile Services
Chain Co., Ltd.*)
Subtotal 2,179,203.68 2,179,203.68 2,179,203.68 2,179,203.68
(b) Payables
Items Related parties Closing balance Opening balance
深圳市特发地产有限公司(Shenzhen SDG
Accounts payable 6,054,855.46 6,054,855.46
Real Estate Co., Ltd.*)
深圳市机械设备进出口公司(Shenzhen
Machinery and Equipment Import and Export 45,300.00 45,300.00
Co., Ltd.
深圳特力吉盟投资有限公司(Shenzhen
200,000.00 200,000.00
Tellus Jimeng Investment Co., Ltd.
深圳市特发工程管理有限责任公司
(Shenzhen SDG Engineering Management 12,905.66 42,205.66
Co., Ltd.
深圳市特发服务股份有限公司珠宝园分公
司(Shenzhen SDG Service Co., Ltd. Jewelry 36,103.11
Park Branch
242
深圳市特力(集团)股份有限公司 2020 年年度报告
Items Related parties Closing balance Opening balance
深圳市特发特力物业管理有限公司
(Shenzhen SDG Tellus Property Management 2,516,323.68
Co., Ltd.
Subtotal 8,829,384.80 6,378,464.23
深圳市仁孚特力汽车服务有限公司
Advance
(Shenzhen Renfu Tellus Automobiles Service 492,095.20
Payment
Co., Ltd.
Subtotal 492,095.20
香港裕嘉投资有限公司(Hong Kong Yujia
Other payables 2,172,091.54 2,172,091.54
Investment Co., Ltd. *)
深圳市特发天鹅实业公司(Shenzhen SDG
20,703.25 20,703.25
Swan Industrial Co., Ltd. *)
深圳市机械设备进出口公司(Shenzhen
Machinery and Equipment Import and Export 1,554,196.80 1,554,196.80
Co., Ltd. *)
深圳市特发集团有限公司(Shenzhen SDG
17,429,247.94 20,378,046.74
Group Co., Ltd. *)
深圳龙岗特力房地产公司(Shenzhen
1,095,742.50 1,095,742.50
Longgang Tellus Real Estate Co., Ltd. *)
深圳市特力阳春房地产公司(Shenzhen
476,217.49 476,217.49
Tellus Yangchun Real Estate Co., Ltd. *)
深圳市特力行投资有限公司(Shenzhen
122,978.63
Tellus Xing Investment Co., Ltd. *)
深圳市永通信达检测设备有限责任公司
(Shenzhen Yongtong Xinda Inspection 5,600.00 29,940.00
Equipment Co., Ltd. *)
安徽金尊珠宝有限公司(Anhui Jinzun
1,330,000.00 1,330,000.00
Jewelry Co., Ltd. *)
深圳市特发特力物业管理有限公司
124,550.87 192,227.98
(Shenzhen SDG Tellus Property Management
243
深圳市特力(集团)股份有限公司 2020 年年度报告
Items Related parties Closing balance Opening balance
Co., Ltd. *)
深圳市特发服务股份有限公司珠宝园分公
司(Shenzhen SDG Service Co., Ltd. Jewelry 6,598.00
Park Branch)
深圳市仁孚特力汽车服务有限公司
(Shenzhen Renfu Tellus Automobiles Service 833,334.00 833,334.00
Co., Ltd. *)
深圳市特发小额贷款有限公司(Shenzhen
227,836.80 227,836.80
SDG Microfinance Co., Ltd. *)
深圳市特发工程管理有限责任公司
(Shenzhen SDG Engineering Management 58,100.00
Co., Ltd. *)
汉成能源集团有限公司(Hubei Han’s
51,000,000.00
Industry Investment Co.,Ltd.*)
Subtotal 76,457,197.82 28,310,337.10
Note 11. COMMITMENTS AND CONTINGENCIES
11.1 Significant Commitments
(a) Capital commitments:
Capital commitments signed but not yet recognized in the
31 December 2020 31 December 2019
financial statements
Large contract 220,523,772.58
11.2 Contingencies
Significant contingencies existing at the balance sheet date:
In October 2005, the Company filed a lawsuit to the Shenzhen Luohu District People’s Court, requesting 金田实业（集团）股份
有 限 公 司 (Gintian Industry (Group) Co., Ltd. , hereinafter referred to as “ Gintian Company ” ) to compensate its mandatory
deduction due to the guarantee provided for bank borrowings of Gintian Company. The total amount was CNY 4,081,830, including
The English name is for identification purpose only.
244
深圳市特力(集团)股份有限公司 2020 年年度报告
principal of CNY 3 million, interests of CNY 1,051,380, litigation costs of CNY 25,160, and execution costs of CNY 5,290. The
court has decided in favor of the Company, and the Company has applied for enforcement. The funds deducted in previous years
have been accounted for as losses.
In April 2006, 深 圳 发 展 银 行 (Shenzhen Development Bank Co., Ltd.*) filed a lawsuit against Gintian Company for overdue
repayment of USD 2 million and against the Company as the guarantor. After paying the principal of USD 2 million and interests
thereof on behalf of Gintian Company, the Company filed an appeal to Shenzhen Luohu District People’s Court, requesting Gintian
Company to repay fund of USD 2,960,490 and interests thereof. Through the mediation from Shenzhen Luohu District People ’s
Court in 2008, a civil mediation agreement ((2008) Shen Luo Fa Min Yi Chu Zi No. 937) was issued, and it was agreed that: Gintian
Company shall pay the Company USD 2,960,490 before October 31, 2008, with interests exempted; if Gintian Company fails to
make payment on time, it shall pay the liquidated damages for overdue payment based on the CNY benchmark loan interest rate
published by the People’s Bank of China for the same period.
Gintian Company went through bankruptcy reorganization process. On January 29, 2016, the Shenzhen Intermediate People’s Court
ruled that the reorganization plan of Gintian Company was completed and the bankruptcy process was terminated. Gintian Company
shall make additional allocations to creditors including the Company according to the reorganization plan, and the Company should
obtain cash of CNY 325,000, A shares of 427,604 shares and B shares of 163,886 shares of Gintian Company. As of the date of
approval for issuing this financial report, the Company hasn’t received the allocated assets.
The Company filed a lawsuit to Qianhai Cooperation District People ’ s Court on August 15, 2018 after repeatedly failed to
communicate with Jintian Company about the cash and equity that should be distributed to the Company after the bankruptcy and
reorganization of Jintian Company. The court ordered on February 13, 2020 ((2018) Yue 0391 minchu No. 3104 civil judgment)
Jintian Company to pay CNY 325,000 to the Company within five days after the judgment came into force, and 427604 A shares and
163886 B shares of Jintian Company (if the shares can not be delivered, they can be paid after being converted into cash according to
the stock market price on the last day of the performance period). On January 7, 2021, the Company applied for compulsory
execution by Qianhai Cooperation District People’s Court. As of the approval date of this financial report, the Company has not
received the execution payment.
Note 12. EVENTS AFTER THE REPORTING PERIOD
12.1 Profit Distribution
According to the profit distribution plan for 2020 approved by the 10th formal meeting of the ninth board of directors on April 15,
2021, the Company plans to distribute cash dividend of CNY 0.06 (tax included) to all shareholders for every 10 shares, with
431,058,320 total shares as the base as of December 31, 2020, and a total of CNY 2,586,349.92 in cash, without bonus shares or
245
深圳市特力(集团)股份有限公司 2020 年年度报告
capital reserve. The above profit distribution plan has yet to be reviewed and approved by the general meeting of shareholders of the
Company.
12.2 Description of other events after the balance sheet date
On January 14, 2021, the 19th interim meeting of the ninth board of directors of the Company deliberated and passed “Proposal on
liquidation and cancellation of a holding subsidiary, Sichuan Teli jewelry Technology Co., Ltd.,”, and authorized the management to
handle matters related to liquidation and cancellation in accordance with legal procedures.
As of April 15, 2021 (the report date approved by the board of directors), the Company has no other events after the balance sheet
date that should be disclosed.
Note 13. OTHER SIGNIFICANT MATTERS
13.1 Segment Information
(a) Basis of identification and accounting policies of reportable segments
Reportable segments are identified based on operating segments which are determined based on the structure of the Company ’ s
internal organization, management requirements and internal reporting system. The Company identified reportable segments based
on industry. Business performance of auto sales, vehicle maintenance and inspection, leasing and services, and wholesale and retail
of jewelry were evaluated separately. Assets and liabilities shared by different segments are allocated between segments
proportionate to their respective size.
(b) Financial information of reportable segments
Vehicle Sales and
Leasing and Inter-segment
Items Auto sales maintenance service of Total
services offsetting
and inspection jewelry
Revenue
from main 204,928,883.35 72,248,549.73 143,987,615.85 34,855,458.03 -39,713,909.82 416,306,597.14
operations
Cost of
main 191,680,818.07 62,855,217.99 66,296,404.54 35,405,982.74 -39,690,929.63 316,547,493.71
operations
2,824,685,628.7 1,708,442,301.1
Total assets 43,853,056.13 112,658,122.35 67,046,534.86 -1,339,801,040.97
8 5
Total
44,109,734.73 74,794,120.79 744,795,208.68 7,442,184.42 -547,345,049.28 323,796,199.34
liabilities
13.2 Others
On July 17, 2020, the 17th interim meeting of the ninth board of directors of the company deliberated and passed “Proposal on
246
深圳市特力(集团)股份有限公司 2020 年年度报告
signing the agreement of intent between the subsidiary and Hubei Hans’Industry Investment Co., Ltd.”According to the agreement
signed on the same day between the company's subsidiary Shenzhen Automobile Industry and Trade Co., Ltd. (Party A) and Hubei
Hans’ Industry Investment Co., Ltd. (Party B), Party B undertakes to participate in the project of Party A's plan to sell 25% equity of
Shenzhen Dongfeng Motor Co., Ltd. through Shanghai United Property Exchange in accordance with the law and regulations, and
transfer the target equity with the price that is not less than 1 / 2 of the transaction price of 50% equity of Shenzhen Dongfeng
Motor Co., Ltd. sold by Dongfeng special Commercial Vehicle Co., Ltd. transferred by Party B, and is not less than the evaluation
made by the third-party intermediary selected or recognized by Party A. Party B shall pay a performance bond of CNY 50,000,000.00
to Party A, and the interest of the bond shall be calculated according to the agreement. Shenzhen Automobile Industry and Trade Co.,
Ltd. has received the performance bond of CNY 50,000,000.00 from Hubei Hans’ Industry Investment Co., Ltd. in July 2020. As of
December 31, 2020, the accrued interest of the bond is CNY 1,000,000.00. Up to now, Shenzhen Automobile Industry and Trade Co.,
Ltd. has not been publicly listed to sell the above shares.
Note 14. NOTES TO THE MAIN ITEMS OF THE FINANCIAL STATEMENTS OF THE PARENT COMPANY
14.1 Accounts Receivable
(1) Age analysis
Ages Dec 31, 2020 Dec 31, 2019
Within 1 year 248,723.43 208,798.75
1 – 2 years 3,360.00
2 – 3 years
Over 3 years 484,803.08 484,803.08
Subtotal 736,886.51 693,601.83
Less: provision for bad debts 487,458.31 486,891.07
Total 249,428.20 206,710.76
(2) Details on categories
Closing balance
Book balance Provision for bad debts
Categories Carrying
Provision
Amount % to total Amount amount
proportion (%)
Receivables with
provision made on an 484,803.08 65.79 484,803.08 100.00 0.00
individual basis
247
深圳市特力(集团)股份有限公司 2020 年年度报告
Closing balance
Book balance Provision for bad debts
Categories Carrying
Provision
Amount % to total Amount amount
proportion (%)
Receivables with
provision made on a 252,083.43 34.21 2,655.23 1.05 249,428.20
collective basis
Total 252,083.43 34.21 2,655.23 1.05 249,428.20
(Continued)
Opening balance
Book balance Provision for bad debts
Categories Carrying
Provision
Amount % to total Amount amount
proportion (%)
Receivables with
provision made on an 484,803.08 69.90 484,803.08 100.00
individual basis
Receivables with
provision made on a 208,798.75 30.10 2,087.99 1.00 206,710.76
collective basis
Total 693,601.83 100.00 486,891.07 70.20 206,710.76
a) Accounts receivable with provision made on an individual basis
Provision for Provision Reasons for
Debtors Book balance
bad debts proportion (%) provision made
深圳笔架山娱乐公司 Expected to be
(Shenzhen Bijiashan 172,000.00 172,000.00 100.00 unrecoverable due
Entertainment Company) to long ages
Expected to be
龚炎清
97,806.64 97,806.64 100.00 unrecoverable due
(Gong Yanqing)
to long ages
广州乐敏电脑中心 Expected to be
86,940.00 86,940.00 100.00
(Guangzhou Lemin unrecoverable due
The English names are for identification purpose only.
248
深圳市特力(集团)股份有限公司 2020 年年度报告
Provision for Provision Reasons for
Debtors Book balance
bad debts proportion (%) provision made
Computer Center*) to long ages
Expected to be
Others 128,056.44 128,056.44 100.00 unrecoverable due
to long ages
Subtotal 484,803.08 484,803.08 100.00
b) Accounts receivable with provision for bad debts made on a collective basis
Dec 31, 2020
Ages Provision for bad Provision proportion
Book balance
debts (%)
Within 1 year 248,723.43 2,487.23 1.00
1 – 2 Years 3,360.00 168.00 5.00
Subtotal 252,083.43 2,655.23 1.05
(continued)
Dec 31, 2019
Ages Provision for bad Provision proportion
Book balance
debts (%)
Within 1 year 208,798.75 2,087.99 1.00
Subtotal 208,798.75 2,087.99 1.00
(3) Changes in provision for bad debts
Increase Decrease
Opening Closing
Items Written-
balance Accrual Recovery Others Reversal Others balance
off
Receivables with
provision made
484,803.08 484,803.08
on an individual
basis
249
深圳市特力(集团)股份有限公司 2020 年年度报告
Increase Decrease
Opening Closing
Items Written-
balance Accrual Recovery Others Reversal Others balance
off
Receivables with
provision made
2,087.99 567.24 2,655.23
on a collective
basis
Subtotal 486,891.07 567.24 487,458.31
(4) Details of the top 5 debtors with largest balances
Proportion to the total
Provision for bad
Debtors Book balance balance of accounts
debts
receivable (%)
深圳市金城银域珠宝首饰有限公司
(Shenzhen Jincheng Yinyu Jewelry 248,723.43 33.75 2,487.23
Co., Ltd.)
深 圳 笔 架 山 娱 乐 公 司 (Shenzhen
172,000.00 23.34 172,000.00
Bijiashan Entertainment Company)
龚炎清(Gong Yanqing) 97,806.64 13.27 97,806.64
广州乐敏电脑中心(Guangzhou Lemin
86,940.00 11.80 86,940.00
Computer Center)
兰 州 大船 电 子 公 司 (Lanzhou
37,308.00 5.06 37,308.00
Dachuan Electronics Co., Ltd.*)
Subtotal 642,778.07 87.22 396,541.87
14.2 Other Receivables
(1) Details by category
Items Closing balance Opening balance
Interest receivable
The English names are for identification purpose only.
250
深圳市特力(集团)股份有限公司 2020 年年度报告
Items Closing balance Opening balance
Dividend receivable 547,184.35 547,184.35
Other receivables 126,422,912.78 115,490,588.74
Total 126,970,097.13 116,037,773.09
(2) Dividend receivable
(a) Details
Items Closing balance Opening balance
China Perfect Machinery Industry Corp., Ltd. 547,184.35 547,184.35
Total 547,184.35 547,184.35
(b) Dividend receivable over 1 year
Items Closing balance Ages Reasons Notes
China Perfect Machinery
547,184.35 1 – 2 years not yet paid No impairment
Industry Corp., Ltd.
Total 547,184.35
(3) Other receivables
(a)Other receivables categorized by ages
Ages Closing Balance Opening Balance
Within 1 year 126,378,704.11 115,387,153.52
1 – 2 years 46,698.00
2 – 3 years
Over 3 years 13,588,345.66 14,334,831.39
Subtotal 140,013,747.77 129,721,984.91
Less: provision for bad debts 13,590,834.99 14,231,396.17
Total 126,422,912.78 115,490,588.74
251
深圳市特力(集团)股份有限公司 2020 年年度报告
(b) Other receivables categorized by nature
Nature of receivables Closing balance Opening balance
Temporary advance payment receivable 13,650,486.51 14,450,215.85
Related transactions within the consolidation 126,363,261.26 115,271,769.06
scope
Total 140,013,747.77 129,721,984.91
(c) Other receivables categorized by methods of provision for bad debts
A. As of 2020-12-31, provision for bad debts according to the model of phase I/II/III:
Phase Closing balance Provision for bad debts Opening balance
I 126,425,402.11 2,489.33 126,422,912.78
II
III 13,588,345.66 13,588,345.66
Total 140,013,747.77 13,590,834.99 126,422,912.78
As of 2020-12-31, provision for bad debts at phase I:
Provision Reasons for
Provision Carrying
Catagories Book Balance for bad provision made
proportion (%) Amount
debts
Receivables with provision
made on an individual basis
Receivables with provision
126,425,402.11 0.00 2,489.33 126,422,912.78
made on a collective basis
no dramatic
3. credit risk
62,140.85 4.01 2,489.33 59,651.52
ortfolio grouped with ages change after
confirmed
4. no dramatic
ortfolio grouped with 126,363,261.26 126,363,261.26 credit risk
balances due from change after
252
深圳市特力(集团)股份有限公司 2020 年年度报告
Provision Reasons for
Provision Carrying
Catagories Book Balance for bad provision made
proportion (%) Amount
debts
consolidated parties confirmed
Total 126,425,402.11 4.01 2,489.33 126,422,912.78
As of 2020-12-31, provision for bad debts at phase III:
Provision Provision for Carrying Reasons for
Catagories Book Balance
proportion (%) bad debts Amount provision made
credit risk
Receivables with provision change
13,588,345.66 100.00 13,588,345.66
made on an individual basis dramatically
after confirmed
Total 13,588,345.66 100.00 13,588,345.66
B. As of 2019-12-31, provision for bad debts according to the model of phase I/II/III:
Phase Closing balance Provision for bad debts Opening balance
I 115,596,331.65 105,742.91 115,490,588.74
II
III 14,125,653.26 14,125,653.26
Total 129,721,984.91 14,231,396.17 115,490,588.74
As of 2019-12-31, provision for bad debts at phase I:
Provision Provision for Reasons for
Catagories Book Balance Carrying Amount
proportion (%) bad debts provision made
Receivables with
provision made on an
individual basis
Receivables with 115,596,331.65 0.09 105,742.91 115,490,588.74
253
深圳市特力(集团)股份有限公司 2020 年年度报告
Provision Provision for Reasons for
Catagories Book Balance Carrying Amount
proportion (%) bad debts provision made
provision made on a
collective basis
no dramatic
3. P
credit risk
ortfolio grouped 324,562.59 32.58 105,742.91 218,819.68
change after
with ages
confirmed
4. P
ortfolio grouped
with balances due 115,271,769.06 115,271,769.06
from consolidated
parties
Total 115,596,331.65 0.09 105,742.91 115,490,588.74
As of 2019-12-31, provision for bad debts at phase III:
Provision Provision for Reasons for
Catagories Book Balance Carrying Amount
proportion (%) bad debts provision made
credit risk
Receivables with
change
provision made on an 14,125,653.26 100.00 14,125,653.26
dramatically
individual basis
after confirmed
Total 14,125,653.26 100.00 14,125,653.26
As of 2020-12-31, other receivables with provision made on an individual basis
Debtors Book balance Provision for bad debts Provision proportion (%)
Shenzhen Zhonghao
5,000,000.00 5,000,000.00 100.00
(Group) Co., Ltd.
Jinbeili Household
2,706,983.51 2,706,983.51 100.00
Appliances Co., Ltd.
Shenzhen Petrochemical
1,903,819.59 1,903,819.59 100.00
(Group) Co., Ltd.
Shenzhen SDG Huatong 1,212,373.79 1,212,373.79 100.00
254
深圳市特力(集团)股份有限公司 2020 年年度报告
Debtors Book balance Provision for bad debts Provision proportion (%)
Packaging Co., Ltd.
Shenzhen Xiandao New
660,790.09 660,790.09 100.00
Materials Co., Ltd.
Others 2,104,378.68 2,104,378.68 100.00
Total 13,588,345.66 13,588,345.66 100.00
As of 2020-12-31, other receivables with provision made on an collective basis
Catagories Book Balance Provision proportion (%) Provision for bad debts
3. P
ortfolio grouped with 62,140.85 2,489.33 4.01
ages
Including: Within 1 year 15,442.85 154.43 1.00
1 – 2 years 46,698.00 2,334.90 5.00
2 – 3 years
Over 3 years
4. P
ortfolio grouped with
126,363,261.26
balances due from
consolidated parties
Total 126,425,402.11 2,489.33 0.00
As of 2019-12-31, other receivables with provision made on an collective basis
Catagories Book Balance Provision proportion (%) Provision for bad debts
5. P
ortfolio grouped with 324,562.59 105,742.91 32.58
ages
Including: Within 1 year 115,384.46 1,153.84 1.00
1 – 2 years
2 – 3 years
Over 3 years 209,178.13 104,589.07 50.00
255
深圳市特力(集团)股份有限公司 2020 年年度报告
Catagories Book Balance Provision proportion (%) Provision for bad debts
6. P
ortfolio grouped with
115,271,769.06
balances due from
consolidated parties
Total 115,596,331.65 105,742.91 0.09
(d) Changes in provision for bad debts
Phase I Phase II Phase III
12month Lifetime expected Lifetime expected
Items Total
expected credit credit losses (credit credit losses (credit
losses not impaired) impaired)
Opening balance 115,596,331.65 14,125,653.26 129,721,984.91
Opening balance in current
period
--Transferred to phase II
--Transferred to phase III
--Reversed to phase II
--Reversed to phase I
Provision made in current
10,829,070.46 -44,236.71 10,784,833.75
period
Provision recovered in current
493,070.89 493,070.89
period
Provision reversed in current
period
Provision written-off in current
period
Other changes
256
深圳市特力(集团)股份有限公司 2020 年年度报告
Phase I Phase II Phase III
12month Lifetime expected Lifetime expected
Items Total
expected credit credit losses (credit credit losses (credit
losses not impaired) impaired)
Closing balance 126,425,402.11 13,588,345.66 140,013,747.77
(e) Details of the top 5 debtors with largest balances
Proportion to the
Nature of Provision for
Debtors Book balance Ages total balance of other
receivables bad debts
receivables (%)
Shenzhen Zhongtian Internal
124,943,380.53 Within 1 year 89.24
Industrial Co., Ltd. accounts
Shenzhen Zhonghao Current
5,000,000.00 Over 5 years 3.57 5,000,000.00
(Group) Co., Ltd. accounts
Jinbeili Household Current
2,706,983.51 Over 5 years 1.93 2,706,983.51
Appliances Co., Ltd. accounts
Shenzhen Petrochemical Current
1,903,819.59 Over 5 years 1.36 1,903,819.59
(Group) Co., Ltd. accounts
Shenzhen SDG Huatong Current
1,212,373.79 Over 5 years 0.87 1,212,373.79
Packaging Co., Ltd. accounts
Subtotal 96.97
135,766,557.42 10,823,176.89
14.3 Long-term Equity Investments
(1) Categories
Closing balance Opening balance
Items Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
Investm
ents in
799,743,472.73 6,954,000.00 792,789,472.73 745,996,472.73 1,956,000.00 744,040,472.73
subsidia
ries
257
深圳市特力(集团)股份有限公司 2020 年年度报告
Closing balance Opening balance
Items Provision for Provision for
Book balance Carrying amount Book balance Carrying amount
impairment impairment
Investm
ents in
associat
93,758,474.47 9,787,162.32 83,971,312.15 125,101,730.19 9,787,162.32 115,314,567.87
es and
joint
ventures
Total 893,501,947.20 16,741,162.32 876,760,784.88 871,098,202.92 11,743,162.32 859,355,040.60
(2) Investments in subsidiaries
Provision for Closing
Opening impairment balance of
Investees Increase Decrease Closing balance
balance made in provision for
current period impairment
Shenzhen SDG
Tellus Real Estate 31,152,888.87 31,152,888.87
Co., Ltd.
Shenzhen Tellus
Chuangying
14,000,000.00 14,000,000.00
Technology Co.,
Ltd.
Shenzhen Tellus
Xinyongtong
Automobile 57,672,885.22 57,672,885.22
Development Co.,
Ltd.
Shenzhen Zhongtian
369,680,522.90 369,680,522.90
Industrial Co., Ltd.
Shenzhen
126,251,071.57 126,251,071.57
Automobile
258
深圳市特力(集团)股份有限公司 2020 年年度报告
Provision for Closing
Opening impairment balance of
Investees Increase Decrease Closing balance
balance made in provision for
current period impairment
Industry and Trade
Co., Ltd.
Shenzhen SDG
Huari Automobile 19,224,692.65 19,224,692.65
Enterprise Co., Ltd.
Shenzhen Huari
Toyota Auto Sales 1,807,411.52 1,807,411.52
Service Co., Ltd.
Shenzhen
Xinyongtong Auto
10,000,000.00 10,000,000.00
Vehicle Inspection
Equipment Co., Ltd.
Anhui Tellus Seon
4,998,000.0 4,998,000.0
Jewelry Investment 4,998,000.00 4,998,000.00
0 0
Co., Ltd.
Sichuan Tellus
Jewelry Technology 100,000,000.00 100,000,000.00
Co., Ltd.
Shenzhen Tellus
Baoku Supply
9,253,000.00 40,747,000.00 50,000,000.00
Chain Technology
Co., Ltd.
Shenzhen Haneco
Technologies 1,956,000.00
Ceramics Co., Ltd.
Shenzhen Jewelry
Industry Service 13,000,000.00 13,000,000.00
Co., Ltd
Subtotal 744,040,472.73 53,747,000.00 4,998,000.0 792,789,472.73 4,998,000.0 6,954,000.00
259
深圳市特力(集团)股份有限公司 2020 年年度报告
Provision for Closing
Opening impairment balance of
Investees Increase Decrease Closing balance
balance made in provision for
current period impairment
0 0
Note: As the Company decided to liquidate Anhui Tellus Seon Jewelry Investment Co., Ltd., the impairment provision for book
long-term equity investment was CNY 4998000.00. See Note 12 EVENTS AFTER THE REPORTING PERIOD to for details.
(3) Investments in associates and joint ventures
Increase/Decrease
Investment
Adjustment in other
Investees Opening balance Investments Investments income
comprehensive
increased decreased recognized under
income
equity method
Joint ventures
Shenzhen Tellus Jimeng
70,155,383.50 35,000,000.00 10,511,357.63
Investment Co., Ltd.
Shenzhen Tellus Xing
11,845,452.17 851,972.71
Investment Co., Ltd.
Subtotal 82,000,835.67 35,000,000.00 11,363,330.34
Associates
Shenzhen Renfu Tellus
Automobiles Service 33,313,732.20 10,793,413.94
Co., Ltd.
Hunan Changyang
Industrial Co., Ltd.
Shenzhen Jiecheng
Electronic Co., Ltd.
Shenzhen Xiandao New
Materials Co., Ltd.
Subtotal 33,313,732.20 10,793,413.94
Total 115,314,567.87 35,000,000.00 22,156,744.28
(Continued)
260
深圳市特力(集团)股份有限公司 2020 年年度报告
Increase/Decrease
Closing balance
Cash dividend/profit
Investees Changes in Provision for Closing balance of provision for
declared for Others
other equity impairment impairment
distribution
Joint ventures
Shenzhen Tellus
Jimeng Investment 8,000,000.00 37,666,741.13
Co., Ltd.
Shenzhen Tellus Xing
12,697,424.88
Investment Co., Ltd.
Subtotal 8,000,000.00 50,364,166.01
Associates
Shenzhen Renfu Tellus
Automobile Service 10,500,000.00 33,607,146.14
Co., Ltd.
Hunan Changyang
1,810,540.70
Industrial Co., Ltd.
Shenzhen Jiecheng
3,225,000.00
Electronic Co., Ltd.
Shenzhen Xiandao
New Materials Co., 4,751,621.62
Ltd.
Subtotal 10,500,000.00 33,607,146.14 9,787,162.32
Total 18,500,000.00 83,971,312.15 9,787,162.32
14.4 Operating revenue/Operating cost
Current period cumulative Preceding period comparative
Items
Revenue Cost Revenue Cost
Main operations 37,241,063.15 10,754,749.28 38,042,399.39 3,772,642.43
Total 37,241,063.15 10,754,749.28 38,042,399.39 3,772,642.43
14.5 Investment Income
261
深圳市特力(集团)股份有限公司 2020 年年度报告
Current period Preceding period
Items
cumulative comparative
8,400,304.32
Investment income from long-term equity
22,156,744.28 19,318,549.22
investments under equity method
Gains on disposal of long-term equity
210,680,848.23
investments
Investment income from financial
3,270,243.48 6,004,427.88
instruments
Including: Financial assets classified as at
3,270,243.48 6,004,427.88
fair value through profit or loss
Other equity instrument investments 547,184.35
Investment income from available-for-sale
financial assets
Total 33,827,292.08 236,551,009.68
Note 15. Other SUPPLEMENTARY INFORMATION
15.1 Non-recurring profit or loss
1. Schedule of non-recurring profit or loss of current period
Items Amount Remarks
Gains on disposal of non-current assets, including written-off
1.00
of provision for impairment
Tax refund, credit or exemption approved beyond the power
of authorities, without formal documents, or with
occasionality
Government grant included in profit or loss (excluding those
closely related to operating activities, or regular 1,522,079.42
government grants)
Fund possession charge from non-financial entities and 435,887.15
262
深圳市特力(集团)股份有限公司 2020 年年度报告
Items Amount Remarks
included in profit or loss
Gains on acquisition of subsidiaries, joint ventures and
associates due to the surplus of acquisition-date fair value
of net identifiable assets in acquiree over the acquisition
cost
Gains on non-cash assets exchange
Gains on assets consigned to the third party for investment or
management
Assets impairment loss incurred due to force majeure such as
natural disasters
Gains on debt restructuring
Entity restructuring expenses, such as staffing and
integrating expenses
Gains on transactions with unfair value
Net profit gains on subsidiaries acquired through business
combination under common control from the beginning of
the period to the combination date
Contingent gains on non-operating activities
Gains on changes in fair value of held-for-trading financial
assets and liabilities and investment income from disposal
of held-for-trading financial assets and liabilities, and 8,812,468.26
available-for-sale financial assets, excluding those arising
from hedging business related to operating activities
The reversed provision for impairment of receivables based
493,295.33
on impairment testing on an individual basis
Gains on designated loans
Gains on changes in fair value of investment properties with
subsequent measurement at the fair value mode
263
深圳市特力(集团)股份有限公司 2020 年年度报告
Items Amount Remarks
Gains on reconciliation of current period profit or loss
following legal and regulative requirements
Management charges for consigned operations
Other non-operating revenue or expenditures 3,196,406.42
Other profit or loss satisfying the definition of non-recurring
44,839.26
profit or loss
Subtotal 14,504,976.84
Less: Enterprise income tax affected 3,123,780.55
Non-controlling interest affected (after tax) 1,437,257.12
Net non-recurring profit or loss attributable to shareholders
9,943,939.17
of the parent company
15.2 RONA and EPS
1. 2020
Weighted average EPS (yuan/share)
Profit of the reporting period
RONA (%) Basic EPS Diluted EPS
Net profit attributable to shareholders of 4.48 0.13 0.13
ordinary shares
Net profit attributable to shareholders of 3.71 0.11 0.11
ordinary shares after deducting
non-recurring profit or loss
2. 2019
Weighted average EPS (yuan/share)
Profit of the reporting period
RONA (%) Basic EPS Diluted EPS
Net profit attributable to shareholders of
18.92 0.51 0.51
ordinary shares
264
深圳市特力(集团)股份有限公司 2020 年年度报告
Weighted average EPS (yuan/share)
Profit of the reporting period
RONA (%) Basic EPS Diluted EPS
Net profit attributable to shareholders of
ordinary shares after deducting 4.63 0.12 0.12
non-recurring profit or loss
Section XIII. Documents Available for Reference
The Company reserved completed integrated documents for CSRC, SZSE, relevant departments and public
investor for reference, including:
(1) Original Accounting Statement of 2020 carrying the signatures and seals of the legal representative, CFO and
manager of Financial Department;
(2) Original Auditors’ Report (Chinese and English Version) carrying the seals of accounting firms, and signatures
and seals of the CPA;
(3)All original documents and notifications of the Company disclosed in newspapers that designated by CSRC in
report period;
(4)Annual report disclosed in other securities market (Summary).
265
