深圳南山热电股份有限公司 2021 年半年度报告全文
Stock Code: 000037, 200037 Short Form of Stock: Shen Nan Dian A, Shen Nan Dian B No.: 2021-041
深圳南山热电股份有限公司
Shenzhen Nanshan Power Co., Ltd.
Semi-annual Report 2021
August 2021
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深圳南山热电股份有限公司 2021 年半年度报告全文
Section I. Important Notice, Contents and Interpretation
Board of Directors, Supervisory Committee, all directors, supervisors and senior
officers of Shenzhen Nanshan Power Co., Ltd. (hereinafter, the Company)
guarantee that the Semi-Annual Report contains no misrepresentations,
misleading statements or material omissions, and take all responsibilities,
individual and/or joint, for the reality, accuracy and completion of the whole
contents.
Principal of the Company- Chairman Li Xinwei, person in charger of
accounting works- Director and GM Chen Yuhui, and person in charge of
accounting organ (chief accountants)- deputy GM Shang Ying(chaired the
financial management dept.) guarantee that the Financial Report of the
semi-annual report disclosed is truthful, accurate and complete.
All directors are attended the Board Meeting for the report deliberation.
Concerning the forward-looking statements with future planning involved in the
Semi-Annual Report, they do not constitute a substantial commitment for
investors. Investors are advised to exercise caution of investment risks.
The Company has no plans of cash dividend distributed, no bonus shares and
has no share converted from capital reserve either in the mid-term.
The semi-annual report has been prepared in both Chinese and English, for any
discrepancies, the Chinese version shall prevail. Please read the full semi-annual
report seriously.
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深圳南山热电股份有限公司 2021 年半年度报告全文
Contents
Section I Important Notice, Contents and Interpretation .............................................................. 2
Section II Company Profile and Main Financial Indexes .............................................................. 6
Section III Management Discussion and Analysis .......................................................................... 9
Section IV Corporate Governance ................................................................................................. 21
Section V Enviornmental and Social Responsibility ..................................................................... 24
Section VI Important Events .......................................................................................................... 26
Section VII Changes in shares and particular about shareholders ............................................. 31
Section VIII Preferred Stock ......................................................................................................... 36
Section IX Corporate Bonds ........................................................................... 错误！未定义书签。
Section X Financial Report ............................................................................................................. 37
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深圳南山热电股份有限公司 2021 年半年度报告全文
Documents Available for Reference
I. Original Semi-Annual Report of 2021 carrying the signature of the legal representative of the Company
II. Financial statement with signature and seal of Person in charge of the Company (legal person), person in charge of accounting
works (General manager) and person in charge of accounting organ(chief accountant);
III. Text of notice and original draft that public on Securities Times, China Securities Journal and Hong Kong Commercial Daily
during the reporting period.
IV. The place where the document placed: Shenzhen Stock Exchange, Office of Board of Directors of the Company.
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深圳南山热电股份有限公司 2021 年半年度报告全文
Interpretation
Items Refers to Contents
Company, the Company, Shen Nan Dian, The Shenzhen Nanshan Power Co., Ltd.
Refers to
listed company
Shen Nan Dian Zhongshan Company Refers to Shen Nan Dian (Zhongshan) Electric Power Co., Ltd.
Shen Nan Dian Engineering Company Refers to Shenzhen Shennandian Turbine Engineering Technology Co., Ltd.
Shen Nan Dian Environment Protection
Refers to Shenzhen Shen Nan Dian Environment Protection Co., Ltd.
Company
Server Company Refers to Shenzhen Server Petrochemical Supplying Co., Ltd
New Power Company Refers to Shenzhen New Power Industrial Co., Ltd.
Singapore Company Refers to Shen Nan Energy (Singapore) Co., Ltd.
Nanshan Power Factory Refers to Nanshan Power Factory of Shenzhen Nanshan Power Co., Ltd.
Zhongshan Nanlang Power Plant of Shen Nan Dian (Zhongshan)
Zhongshan Nanlang Power Plant Refers to
Electric Power Co., Ltd.
Shenzhen Capital Refers to Shenzhen Capital Holdings Co., Ltd.
Qianhai Shenzhen-Hong Kong Modern Service Industry
Shenzhen Qianhai Authority Refers to
Cooperation Zone of Shenzhen Authority
Shenzhen SEZ Construction Group Refers to Shenzhen SEZ Construction Group Co., Ltd.
Audit institution, LIXINZHONGLIAN, LIXINZHONGLIAN CPAS (SPECIAL GENERAL
Refers to
accounting organ PARTNERSHIP)
Articles of Association Refers to Article of Association of Shenzhen Nanshan Power Co., Ltd.
Except the special description of the monetary unit, the rest of the
Yuan, ten thousand Yuan, one hundred million Refers to monetary unit is RMB Yuan, ten thousand Yuan,one hundred million
Yuan
Reporting period Refers to 1 January 2021 to 30 June 2021
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深圳南山热电股份有限公司 2021 年半年度报告全文
Section II. Company Profile and Main Financial Indexes
I. Company profile
Short form of the stock Shen Nan Dian A , Shen Nan Dian B Stock code 000037, 200037
Stock exchange for listing Shenzhen Stock Exchange
Name of the Company (in
深圳南山热电股份有限公司
Chinese)
Short form of the Company
深南电
(in Chinese) (if applicable)
Foreign name of the Company
Shenzhen Nanshan Power Co., Ltd.
(if applicable)
Legal representative Li Xinwei
II. Contact person/ways
Secretary of the Board Rep. of securities affairs
Name Zou Yi
16/F-17/F, Hantang Building, OCT,
Contact adds. Nanshan District, Shenzhen, Guangdong
Province
Tel. 0755-26003611
Fax. 0755-26003684
E-mail investor@nspower.com.cn
III. Others
1. Way of contact
Whether registrations address, offices address and codes as well as website and email of the Company changed in reporting period or
not
□ Applicable √ Not applicable
Registrations address, offices address and codes as well as website and email of the Company has no change in reporting period,
found more details in Annual Report 2020.
2. Information disclosure and preparation place
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
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深圳南山热电股份有限公司 2021 年半年度报告全文
The newspaper appointed for information disclosure, website for semi-annual report publish appointed by CSRC and preparation
place for semi-annual report have no change in reporting period, found more details in Annual Report 2020.
IV. Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data or not
□ Yes √ No
Increase/decrease in this
Current period Same period of last year
report y-o-y (+,-)
Operating revenue(RMB) 376,602,393.38 518,150,606.21 -27.32%
Net profit attributable to shareholders of
1,456,269.68 52,040,498.42 -97.20%
the listed Company(RMB)
Net profit attributable to shareholders of
the listed Company after deducting -19,517,615.51 10,149,730.42 -292.30%
non-recurring gains and losses(RMB)
Net cash flow arising from operating
68,920,712.99 69,936,561.46 -1.45%
activities (RMB)
Basic earnings per share (RMB/Share) 0.002 0.086 -97.67%
Diluted earnings per share (RMB/Share) 0.002 0.086 -97.67%
Weighted average ROE 0.07% 2.57% -2.50%
Increase/decrease in this
End of current period End of last period report-end over that of last
period-end (+,-)
Total assets (RMB) 3,206,158,742.54 3,020,830,930.06 6.13%
Net assets attributable to shareholder of
2,056,198,117.32 2,054,741,847.64 0.07%
listed Company (RMB)
V. Difference of the accounting data under accounting rules in and out of China
1. Difference of the net profit and net assets disclosed in financial report, under both IAS (International
Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable √ Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report, under either IAS (International
Accounting Standards) or Chinese GAAP (Generally Accepted Accounting Principles) in the period.
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
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深圳南山热电股份有限公司 2021 年半年度报告全文
Chinese GAAP (Generally Accepted Accounting Principles) in the period.
VI. Items and amounts of extraordinary profit (gains)/loss
√Applicable □ Not applicable
In RMB
Item Amount Note
Gains/losses from the disposal of non-current asset (including the
974,699.74
write-off that accrued for impairment of assets)
Governmental subsidy calculated into current gains and
losses(while closely related with the normal business of the The government subsidy related
3,368,979.50
Company, excluding the fixed-amount or fixed-proportion to assets are being amortized
governmental subsidy according to the unified national standard)
Gains/losses arising from contingency that without relation with
5,000,000.00 Reversal of the accrual liabilities
the normal operation business of the Company
Gains/losses of fair value changes from holding the trading
financial asset, derivative financial assets, trading financial
liability and derivative financial liability and investment earnings
obtained from disposing the trading financial asset, derivative 13,977,075.28 Income from wealth management
financial assets, trading financial liability, derivative financial
liability and other debt investment, except for the effective
hedging business related to normal operation of the Company
Other non-operating income and expenditure except for the
226,480.55
aforementioned items
Less: Impact on minority shareholders’ equity (post-tax) 2,573,349.88
Total 20,973,885.19 --
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
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, the Company has no such items in the reporting period for the aforesaid
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深圳南山热电股份有限公司 2021 年半年度报告全文
Section III Management Discussion and Analysis
I. Main businesses of the Company in the reporting period
The company is specialized in power and thermal supply, as well as providing technical consulting and technical services for power
stations. At the end of reporting period, the Company holds two wholly-owned and holding gas turbine plants, which equipped with
five sets of 9E gas steam combined cycle power generating units, with total installed capacity up to 900,000 KW (Nanshan Power
Factory: 3×180000KW, Zhongshan Nanlang Power Plant: 2×180000KW).The two gas turbine plants are located in the power-load
center of the Pearl River Delta, and it is the main peak-regulating power supply in the region which is currently in normal production
and operation state.
During the reporting period, the company's main power business faced many difficulties such as the recurring COVID-19 epidemic,
the reduction of the benchmark electricity price on the grid, significant reduction in power metrics and the further increase of the
electricity market transaction electricity sold below the benchmark electricity price on the grid. In order to minimize the negative
impact of the external environment on the company’s business performance, the company has implemented a series of business
layout and management changes with innovative thinking and perseverance, clarified annual business objectives and policies, and
adopted targeted major measures. On the basis of safety production management, we have continuously strengthened economic
operation management, and conformed to the trend of accelerating the process of power market reform in Guangdong Province. We
organized two subordinate power plants to actively participate in the marketing competition and achieved good results, which created
favorable conditions for achieving the goal of operating profitability. From January to June 2021, the company's two subordinate
power plants completed a total of 635 million kWh of actual on-grid energy, marketing electric quantity was 342 million kWh in
months with difference in price, and contract electric quantity was 265 million kWh in spot months. The performance of each
subordinate power plants of the company was as follows: Nanshan Power Factory completed the on-grid energy of 544 million
kWh, the marketing electric quantity in months with difference in price was 176 million kWh, and the contract electric quantity in
spot months was 164 million kWh; Zhongshan Nanlang Power Plant completed on-grid energy of 91 million kWh, the marketing
electric quantity in months with difference in price was 166 million kWh, and the contract electric quantity in spot months was 101
million kWh.
During the reporting period, the company not only strive to improve the operating efficiency of its main business of electric power,
but also made great efforts to the operation and expansion of related businesses.The subordinate Shen Nan Dian Engineering
Company continued to develop the technical consultation and technology service business for the construction of domestic and
international gas turbine power stations. Shen Nan Dian Environmental Protection Company continued to engaged in the drying
treatment of wet sludge in sewage treatment plants by utilizing the waste heat generated by gas turbines, which realized the reduction
and harmless treatment of sludge and the comprehensive utilization of resources.
The Company shall comply with the disclosure requirements of Guidelines of Information Disclosure for Industry on Shenzhen
Stock Exchange No.15- Listed Companies are Engaged in Electricity-related Business
II. Core Competitiveness Analysis
In recent years, due to the impact of the macroeconomic situation and the common problems of gas turbine generating industry, the
Company’s main business has been facing increasing difficulties and challenges. However, the basic core competitiveness formed by
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深圳南山热电股份有限公司 2021 年半年度报告全文
the operation and development for more than three decades and thanks to the strong support from major shareholders, and the
management innovations adopted by new session of the Board and leading group, it has laid a necessary foundation for the Company
to survive and seeking transformation and development. During the reporting period, the company's core competitiveness has not
undergone major changes, and all competitiveness elements have developed in a balanced manner. The company's overall
competitiveness has been further consolidated and improved, and there have been no major changes that may affect the company's
future operations. (core competitiveness analysis found more in the Annual Report 2020)
III. Main business analysis
Found more in”I. Main businesses of the Company in the reporting period”
Y-o-y changes of main financial data
In RMB
Current period Same period of last year Y-o-y increase/decrease Reasons for changes
Compared with the same
period last year, the
operating revenue
Operating revenue 376,602,393.38 518,150,606.21 -27.32%
reduced due to the
change of consolidate
statement scope
Compared with the same
period last year, the
power generation cost
Operating costs 351,210,223.91 453,109,436.14 -22.49%
reduced due to the
change of consolidate
statement scope
Mainly due to the
Sales expenses 696,436.80 2,527,403.66 -72.44% reduction in the amount
of dry sludge disposal
Administrative expenses 40,014,168.55 43,036,872.15 -7.02%
The loan interest rates
Finance expenses 2,835,034.71 5,064,722.20 -44.02%
and loan scale declined
The taxable income
Income tax expenses 610,366.52 -100.00%
decreased
Mainly due to the R&D
expenses for new
R&D investment 3,360,629.60 0.00 ----
technology from
subsidiary
Net cash flow arising
68,920,712.99 69,936,561.46 -1.45%
from operating activities
Net cash flow arising -442,542,660.44 -70,404,614.02 528.57% Expenses on wealth
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深圳南山热电股份有限公司 2021 年半年度报告全文
from investment management products
activities increased
Net cash flow arising
60,903,494.60 313,780,839.64 -80.59% The bank loans declined
from financing activities
The net cash flow arising
Net increase of cash and
-312,778,014.74 313,413,965.85 -199.80% from investment
cash equivalent
activities decreased
Major changes on profit composition or profit resources in reporting period
□Applicable √Not applicable
No changes on profit composition or profit resources in reporting period
Constitution of operating revenue
In RMB
Current period Same period of last year
Ratio in operating Ratio in operating Y-o-y changes (+,-)
Amount Amount
revenue revenue
Total operating
376,602,393.38 100% 518,150,606.21 100% -27.32%
revenue
According to industries
Energy industry 356,995,223.97 94.79% 470,093,812.79 90.73% -24.06%
Engineering labor 15,650,905.64 4.16% 16,697,226.83 3.22% -6.27%
Sludge drying 3,388,263.75 0.90% 29,975,302.78 5.79% -88.70%
Other 568,000.02 0.15% 1,384,263.81 0.27% -58.97%
According to products
Electricity sales 356,995,223.97 94.79% 470,093,812.79 90.73% -24.06%
Engineering labor 15,650,905.64 4.16% 16,697,226.83 3.22% -6.27%
Sludge drying 3,388,263.75 0.90% 29,975,302.78 5.79% -88.70%
Other 568,000.02 0.15% 1,384,263.81 0.27% -58.97%
According to region
Shenzhen 306,547,992.61 81.40% 227,995,512.76 44.00% 34.45%
Zhongshan 70,054,400.77 18.60% 85,765,596.92 16.55% -18.32%
Dongguan 204,389,496.53 39.45% -100.00%
The industries, products, or regions accounting for over 10% of the Company’s operating revenue or operating profit
√Applicable □ Not applicable
In RMB
Operating Operating costs Gross profit ratio Increase/decrease Increase/decrease Increase/decrease
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深圳南山热电股份有限公司 2021 年半年度报告全文
revenue of operating of operating cost of gross profit
revenue y-o-y y-o-y ratio y-o-y
According to industries
Energy industry 356,995,223.97 334,320,000.49 6.35% -24.06% -19.77% -5.00%
Engineering labor 15,650,905.64 9,122,669.52 41.71% -6.27% -33.96% 24.45%
Sludge drying 3,388,263.75 7,649,745.60 -125.77% -88.70% -65.97% -150.78%
According to products
Electricity sales 356,995,223.97 334,320,000.49 6.35% -24.06% -19.77% -5.00%
Engineering labor 15,650,905.64 9,122,669.52 41.71% -6.27% -33.96% 24.45%
Sludge drying 3,388,263.75 7,649,745.60 -125.77% -88.70% -65.97% -150.78%
According to region
Shenzhen 305,979,992.59 279,909,474.85 8.52% 35.02% 39.65% -3.03%
Zhongshan 70,054,400.77 71,182,940.76 -1.61% -18.32% 33.60% -39.49%
Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted main business based on
latest one year’s scope of period-end
□ Applicable √ Not applicable
Reasons for y-o-y relevant data with over 30% changes
√Applicable □ Not applicable
Revenue from sludge drying drops 88.70% from a year earlier, mainly due to the decline in sludge treatment volume.
Other revenue has 58.97% down on a y-o-y basis, mainly due to the decrease of technical service revenue.
IV. Analysis of the non-main business
√Applicable □ Not applicable
In RMB
Amount Ratio in total profit Note Whether be sustainable (Y/N)
The income from wealth
Investment income 12,828,359.95 -1,684.41% N
management
Non-operating Reversal of the accrual
5,261,868.55 -690.90% N
income liability
Non-operating Loss on retirement of the
35,388.00 -4.65% N
expenditure fixed assets
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深圳南山热电股份有限公司 2021 年半年度报告全文
V. Assets and liability
1. Major changes of assets composition
In RMB
End of the current Period End of last year Ratio
Ratio in total Ratio in total changes Notes of major changes
Amount Amount
assets assets (+,-)
Monetary fund 451,823,257.47 14.09% 764,601,272.21 25.31% -11.22% Purchasing more wealth products
Account
96,253,747.38 3.00% 85,293,052.88 2.82% 0.18%
receivable
Contractual assets 0.00% 7,229,600.00 0.24% -0.24%
Inventory 101,208,069.27 3.16% 100,245,529.06 3.32% -0.16%
Investment real
2,107,120.60 0.07% 2,205,189.40 0.07% 0.00%
estate
Long-term equity
7,744,693.53 0.24% 8,893,408.86 0.29% -0.05%
investment
Depreciation of fixed assets
Fixed assets 903,855,214.06 28.19% 925,745,208.55 30.65% -2.46%
accrual in the Period
Construction in New technology transformation
85,544,475.11 2.67% 42,782,712.98 1.42% 1.25%
process projects
Repayment of the short-term bank
Short-term loans 458,822,740.80 14.31% 675,528,858.48 22.36% -8.05%
loans
Other current Purchasing more wealth
1,222,940,412.14 38.14% 917,288,244.54 30.37% 7.77%
assets management products
Foreign investment from Zhuhai
Other equity
Hengqin Zhuozhi Investment
instrument 200,615,000.00 6.26% 81,615,000.00 2.70% 3.56%
Partnership (Limited Partnership)
investment
increased
Long-term
expenses to be 1,711,000.41 0.05% 1,027,508.94 0.03% 0.02%
apportioned
The bank acceptance payable and
Note payable 469,635,315.93 14.65% 30,467,345.48 1.01% 13.64% trade acceptance payable
increased
2.Main foreign assets
□ Applicable √ Not applicable
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深圳南山热电股份有限公司 2021 年半年度报告全文
3. Assets and liability measured by fair value
√Applicable □Not applicable
In RMB
Gain/loss of Cumulative Amount
Impairment Amount Other
Opening fair value change of fair sold in
Item accrual in the purchased in change Ending amount
amount changes in the value recorded the
Period the Period s
Period into equity Period
Financial
assets
Other equity
instrument 81,615,000.00 119,000,000.00 200,615,000.00
investment
Total above 81,615,000.00 119,000,000.00 200,615,000.00
Financial
0.00 0.00
liability
Other changes
Whether there is a significant changes in the measurement attributes of the main assets during the period
□Yes √No
4. Assets right restriction till end of reporting period
N/A
VI. Investment analysis
1. Overall situation
√ Applicable □Not applicable
Investment amount at same period last year
Investment amount in the Period (RMB) Changes (+,-)
(RMB)
118,957,517.00 0.00 ----
2. The major equity investment obtained in the reporting period
√ Applicable □Not applicable
In RMB
Investe Main Form Invest Shareh Capit Time Progress Antici Investm With Disclosu
Disclosure
d busin of ment olding al Partner horizo Type as of the pated ent lawsui re date
index (if any)
compan ess invest amount ratio sourc n balance income gains/lo t (if any)
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深圳南山热电股份有限公司 2021 年半年度报告全文
y ment e sheet date sses in involv
the ed
Period (Y/N)
Notice on the
Investment for
Zhuhai
Hengqin
Zhuozhi
Zhuhai
Investment
Hengqi
China Partnership
n Equit
Science (Limited
Zhuozh y
and Partnership)
i inves
Tech Limite 140,229,9 ; Notice No.:
Investm tment Newly 118,95
Own Innovat d 17.00 2020-10 2020-051
ent , establi 7,517.0 99.96% 5-year 9,308.53 N
fund ion partner Yuan has -23 released on
Partners ventu shed 0
Venture ship invested China
hip re
Capital Securities
(Limite capit
Manag Journal,
d al
ement Securities
Partners
Times, Hong
hip)
Kong
Commercial
Daily and
Juchao
Website
118,95
Total -- -- 7,517.0 -- -- -- -- -- -- -- 9,308.53 -- -- --
0
3. The major non-equity investment doing in the reporting period
□ Applicable √ Not applicable
4. Financial assets investment
(1) Securities investment
□ Applicable √ Not applicable
The Company had no securities investment in the reporting period.
(2) Derivative investment
□ Applicable √ Not applicable
The Company had no derivatives investment in the reporting period.
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深圳南山热电股份有限公司 2021 年半年度报告全文
VII. Sales of major assets and equity
1. Sales of major assets
□ Applicable √ Not applicable
The Company had no sales of major assets in the reporting period.
2. Sales of major equity
□ Applicable √ Not applicable
VIII. Analysis of main Holding Company and stock-jointly companies
√Applicable □Not applicable
Particular about main subsidiaries and stock-jointly companies with an impact of 10% or more on the Company’s net profit
In RMB
Register Operating Operating
Name Type Main business Total assets Net assets Net profit
capital revenue profit
Technology development
regarding to application of
Shenzhen remaining heat (excluding
New Power Subsidiar restricted items) and RMB 113.85 197,567,783. 159,696,173. 137,786,947 672,954.7
672,954.78
Industrial y power generation with million 71 50 .04 8
Co., Ltd. remaining heat. Add:
power generation through
burning machines.
Sludge drying; the design
and operations
management of sludge
treatment and disposal
facilities and engineering;
the technology
Shenzhen
development, technology
Shen Nan
transfer, technical advice,
Dian Subsidiar RMB 79 132,710,496. 115,034,037. 3,412,263.7 -7,117,609. -7,117,60
technical services of
Environment y million 59 59 5 49 9.49
environmental pollution
Protection
control and
Co., Ltd.
comprehensive utilization
domain; (Except for the
projects required to be
approved before
registration by laws,
administrative regulations,
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深圳南山热电股份有限公司 2021 年半年度报告全文
or decisions and
stipulation of the State
Council, the restricted
items must be approved
before operating)
Engage in the technical
advisory service for the
construction projects of
gas-steam combined cycle
power plant (station), and
Shenzhen
undertake the
Shennandian
maintenance and overhaul
Turbine Subsidiar RMB 10 50,769,529.0 37,425,432.3 15,650,905. -58,399.5
of the operation -33,011.56
Engineering y million 5 9 64 6
equipment of gas-steam
Technology
combined cycle power
Co., Ltd.
plant (station). Import and
export of goods and
technologies (excluding
distribution and state
monopoly commodities)
Self-supporting or import
agent business of fuel oil;
trade (excluding
production and storage
and transportation) in
diesel, lubricating oil,
liquefied petroleum gas,
natural gas, compressed
gas and liquefied gas,
chemical products
Shenzhen
(excluding dangerous
Server
Subsidiar chemicals); investment, RMB 53.3 111,095,593. 93,943,291.3 -2,133,761. 2,866,238.
Petrochemica 544,000.02
y construction and technical million 07 3 79 21
l Supplying
supports in liquefied
Co., Ltd
petroleum gas, natural gas
and related facilities;
import and export
businesses and domestic
trade of goods and
technologies (excluding
franchise, exclusive
control, and monopoly
products); leasing
business. Licensed
17
深圳南山热电股份有限公司 2021 年半年度报告全文
projects: fuel oil
warehousing business
(except for refined oil);
general freight transport,
special transportation of
goods (containers), special
transportation of goods
(tank)
Gas turbine power
generation, waste heat
power generation, power
supply and
heating(heating pipe
network excluded),
Shen Nan leasing of wharf, oil
Dian depots and power
(Zhongshan) Subsidiar equipment felicities RMB 746.8 525,057,677. -76,902,978. 70,054,400. -18,506,78 -18,254,9
Electric y (excluding refined oil, million 20 26 77 1.68 13.13
Power Co., dangerous chemicals, or
Ltd. flammable and explosive
goods); leasing of
land-use right;
non-residential real estate
leasing
Shen Nan
Energy Subsidiar Agent for oils trade and US $ 0.9 139,143,335. 136,623,838. 959,675.2
959,675.20
(Singapore) y spare parts of gas turbine million 51 96 0
Co., Ltd.
Zhuhai
Hengqin
Zhuozhi
Subsidiar Equity investment, RMB 21.358 140,290,796. 140,289,731.
Investment 9,308.53 9,308.53
y venture capital million 86 86
Partnership
(Limited
Partnership)
Subsidiary disposes and acquired in the period
□ Applicable √Not applicable
Statement of main holding company and stock-jointly companies
18
深圳南山热电股份有限公司 2021 年半年度报告全文
IX. Structured vehicle controlled by the Company
□ Applicable √ Not applicable
X. Risks and countermeasures
1. In terms of main business, in 2021, the market share of the company's two subordinate power plants continued to decline, and the
quantity of electricity index significantly reduced. In addition, since August 1, 2020, the on-grid electricity price of gas and power
units in the province has been lowered again by 0.035 yuan/kWh, while the price of natural gas has been running at a high level and
rising continuously since the beginning of the year, resulting in a significant increase in the fuel cost of the company's 9E gas unit
and a more severe operating situation of the company's main power generation business. On the one hand, the company continued to
communicate with relevant provincial and municipal government departments to reflect the difficulties of the company and seek
government support, on the other hand, the company continued to strengthen the operation and management of the stock assets,
adhered to the working principles and ideas of the organic combination of "generating electricity economically by units" and
"increasing income from electricity marketing", and tried our best to improve the profitability of the main business of power
production and the overall operating efficiency of the company. At the same time, the company will actively explore diversified
business models and transformation and development opportunities to create better conditions for the company's sustainable
operation and healthy development.
2.In terms of security management, on the one hand, under the power generation new model of constantly deepening marketization,
more flexible scheduling mode, and stricter non-stop assessment, and in the face of ageing generating equipment and increasingly
heavy operation and maintenance work, the company actively organized subordinate two power plants to formulate scientific and
reasonable equipment maintenance and technical modification plan, invested a lot of money and technical force, made efforts to
enhance the maintenance and management level of units, ensured the safe and stable operation of production facilities, and continued
to play the supporting role of the main peaking power supply points. On the other hand, with the promulgation and implementation of
the new "Safety Production Law of the People's Republic of China", the state, provinces and municipalities, and industries put
forward more stringent and fine regulatory requirements, the company continued to implement the safety production subject
responsibility and safety production responsibility system of all staff, further strengthened various aspects of production safety,
pandemic prevention and control, network information security, and emergency disposal, ensured no safety accidents in the company
system, and continued to create a new situation in safe production work.
3.In terms of fuel procurement, in the first half of 2021, due to the high economic growth rate in the Pearl River Delta region,
regional high temperature, reduction of West-East electricity transmission and other factors, the power demand increased
substantially and the natural gas supply was tight. The company's natural gas purchase price increased significantly compared with
the same period in 2020, and the natural gas price in the second half of the year is expected to be at the higher level in recent years.
Since the natural gas procurement contract must be signed in advance, the contract gas has been basically determined when signing,
due to the characteristics of the electric power market, it is difficult to match the planned electricity generation with the actual
electricity generation, and the planned purchase quantity of natural gas is difficult to match the actual pickup quantity. If the natural
gas cannot be picked up according to the contract due to the influence of electricity transaction marketization and other factors in the
later period, which may cause related risks of insufficient pickup of contractual gas quantity and fluctuations in prices of increased
gas. The company will continue to optimize the upstream and downstream cooperation, give full play to the advantages of large-scale
procurement and the regulating function of multiple gas sources, and try its best to reduce the cost of natural gas procurement while
ensuring the gas demand for power production.
4. In terms of lands of Nanshan Power Factory, during the reporting period, the company actively used every opportunity to express
19
深圳南山热电股份有限公司 2021 年半年度报告全文
its own demands and suggestions, but by the end of the reporting period, there was still little effect. The company will keep close
communication and contact with the relevant functional departments of Shenzhen and Qianhai Authority, actively follow up the
implementation of the government-related planning progress, and seriously study the land related situation of Nanshan Power
Factory with legal advisers, formulate coping strategies and work plans so as to ensure the legitimate rights and interests of the listed
company and all shareholders.
20
深圳南山热电股份有限公司 2021 年半年度报告全文
Section IV. Corporate Governance
I. In the report period, the Company held annual shareholders’ general meeting and
extraordinary shareholders’ general meeting
1. Shareholders’ General Meeting in the report period
Ratio of investor
Session of meeting Type Opening date Date of disclosure Resolution
participation
“Resolution Notice of First
extraordinary shareholders’
general meeting in 2021”
First extraordinary Extraordinary
No.:2021-005, released on
shareholders’ general shareholders’ 39.27% 2021-02-19 2021-02-20
“China Securities Journal”
meeting in 2021 general meeting
“Securities Times” “Hong
Kong Commercial Daily” and
Juchao Website
“Resolution Notice of Annual
General Meeting 2020”
Annual General No.:2021-027, released on
Meeting (AGM) of AGM 39.20% 2021-04-16 2021-04-17 “China Securities Journal”
2020 “Securities Times” “Hong
Kong Commercial Daily” and
Juchao Website
“Resolution Notice of Second
extraordinary shareholders’
general meeting in 2021”
Second extraordinary Extraordinary
No.:2021-033, released on
shareholders’ general shareholders’ 39.19% 2021-04-26 2021-04-27
“China Securities Journal”
meeting in 2021 general meeting
“Securities Times” “Hong
Kong Commercial Daily” and
Juchao Website
2. Request for extraordinary general meeting by preferred stockholders whose voting rights restore
□ Applicable √ Not applicable
II. Change of the Directors, Supervisors and Senior Executive
√Applicable □Not applicable
21
深圳南山热电股份有限公司 2021 年半年度报告全文
Name Title Type Date Causes
Huang Bangxin Vice president Be elected 2021-04-26
Sun Huirong Director Be elected 2021-04-26
Non-employee
Li Caijun representative Be elected 2021-04-26
supervisors
Employee
Qian Wenhui representative Be elected 2021-04-26
supervisors
Employee
Lu Yingdi representative Be elected 2021-04-26
supervisors
Secretary of the
Zou Yi Appointments 2021-04-26
Board
Leaving at the
Li Hongsheng Vice president end of the office 2021-04-26
term
Leaving at the
Li Wenying Director end of the office 2021-04-26
term
Non-employee Leaving at the
Li Zhiwei representative end of the office 2021-04-26
supervisors term
Employee Leaving at the
Liang Jianqiang representative end of the office 2021-04-26
supervisors term
Employee Leaving at the
Peng Bo representative end of the office 2021-04-26
supervisors term
Leaving at the
Secretary of the
Zhang Jie end of the office 2021-04-26
Board
term
Dai Xiji CFO Dismissal 2021-03-29 Voluntary resignation
III. Profit distribution plan and capitalizing of common reserves plan for the Period
□ Applicable √ Not applicable
The Company has no plans of cash dividend distributed, no bonus shares and has no share converted from capital reserve either for
the semi-annual year.
22
深圳南山热电股份有限公司 2021 年半年度报告全文
IV. Implementation of the equity incentive plan, employee stock ownership plan or other
employee incentives
□ Applicable √ Not applicable
The Company has no implementation of the equity incentive plan, employee stock ownership plan or other employee incentives in
the Period.
23
深圳南山热电股份有限公司 2021 年半年度报告全文
Section V. Environmental and Social Responsibility
I. Major environmental protection
The listed Company and its subsidiary whether belong to the key sewage units released from environmental protection department
√Yes □No
Pollutant
Distribution
Enterprise Main Number of Emission discharge Total
Way of of the Total Excessive
or pollutant discharge concentratio standard approved
discharge discharge discharge emission
subsidiary and features outlet n implemente emissions
outlet
d
Implementa
In plant area tion of
Shenzhen Concentrate
of “Shenzhen
Nanshan emission
Oxynitride 2 Nanshan <15 mg/ m Blue” 31.92 ton 457.5 ton 0
Power Co., from boiler
Power emission
Ltd. uptake
Factory standard<15
mg/ m
Implementa
In plant area tion of
Shenzhen Concentrate
of “Shenzhen
New Power emission
Oxynitride 1 Nanshan <15 mg/ m Blue” 17.76 ton 228.75 ton 0
Industrial from boiler
Power emission
Co., Ltd. uptake
Factory standard<15
mg/ m
Emission
standards
Shen Nan for air
In plant area
Dian Concentrate pollutants
of
(Zhongshan emission from
Oxynitride 2 Zhongshan <25 mg/ m 4.97 ton 324.50 ton 0
) Electric from boiler thermal
Nanlang
Power Co., uptake power
Power Plant
Ltd. plants
GB13223-2
011
Construction and operation of the pollution controlling instruments
All pollution prevention and control facilities are operating normally, and all pollutant discharges are stable and up to standard.
Shenzhen Nanshan Power Co., Ltd and the gas units under Shenzhen New Power Industrial Co., Ltd are strictly control the pollutant
emissions in line with the relevant requirement of “The Sustainability Action Plan of “Shenzhen Blue” for 2018”(Shen Fu Ban Gui
(2018) No.6).
24
深圳南山热电股份有限公司 2021 年半年度报告全文
Environmental impact assessment of construction projects and other environmental protection administrative licenses
All the above three legal entities have passed the environmental impact assessment and have been filed in Guangdong Environmental
Protection Department.
Emergency plan for sudden environmental incident:
The emergency plan for sudden environmental incidents has been filed in Guangdong Environmental Protection Department and the
corresponding Municipal Environmental Protection Bureau.
Environmental self-monitoring program
The environmental self-monitoring program has been prepared and reviewed by the environmental protection department; the
information on the monitoring data is disclosed on the website of the environmental protection department on time.
Administrative penalties imposed for environmental issues during the reporting period
N/A
Other environmental information that should be disclosed
N/A
Relevant other information
N/A
The Company shall comply with the disclosure requirements of Guidelines of Information Disclosure for Industry on Shenzhen
Stock Exchange No.15- Listed Companies are Engaged in Electricity-related Business
II. Social responsibility
The Company has not carried out targeted poverty alleviation work during the reporting period.
25
深圳南山热电股份有限公司 2021 年半年度报告全文
Section VI. Important Event
I. Commitments that the actual controller, shareholders, related parties, acquirer and the Company have
fulfilled during the reporting period and have not yet fulfilled by the end of reporting period
□Applicable √Not applicable
There was no commitments that the actual controller, shareholders, related parties, acquirer and the Company have fulfilled during
the reporting period and have not yet fulfilled by the end of the reporting period
II. 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.
III. External guarantee out of the regulations
□ Applicable √ Not applicable
No external guarantee out of the regulations occurred in the period.
IV. Appointment and non-reappointment (dismissal) of CPA
Whether the financial report of semi-annual report has been audited
□Yes √No
The semi-annual report of the Company is unaudited.
V. Explanation from Board of Directors and Supervisory Committee for “Non-standard audit
report” that issued by CPA
□ Applicable √ Not applicable
VI. Explanation from the BOD on the previous year’s “non-standard audit report”
□ Applicable √ Not applicable
VII. Bankruptcy reorganization
□ Applicable √ Not applicable
No bankruptcy reorganization for the Company in reporting period.
VIII. Litigation
Major litigation and arbitration
26
深圳南山热电股份有限公司 2021 年半年度报告全文
□ Applicable √ Not applicable
No major litigation and arbitration occurred in the Period.
Other litigation
□ Applicable √ Not applicable
IX. Penalty and rectification
□ Applicable √ Not applicable
No penalty and rectification for the Company in reporting period.
X. Integrity of the Company and its controlling shareholders and actual controllers
√ Applicable □ Not applicable
During the reporting period, the company neither had any failure to implement the court’s effective judgments, nor had large amount
of due and unpaid debts that were, etc., and had a good credit. During the reporting period, the company had no controlling
shareholders or actual controllers.
XI. Major related party transaction
1. Related party transaction with routine operation concerned
□ Applicable √ Not applicable
The Company has no related party transaction with routine operation concerned occurred during the reporting period.
2. Related party transactions by assets acquisition and sold
□ Applicable √ Not applicable
No related party transactions by assets acquisition and sold for the Company in Period.
3. Main related transactions of mutual investment outside
□ Applicable √ Not applicable
No main related transactions of mutual investment outside for the Company in Period.
4. Contact of related credit and debt
□ Applicable √ Not applicable
No contact of related credit and debt occurred in the Period
5. Contact with the related finance companies and finance companies that controlled by the Company
□ Applicable √ Not applicable
There are no deposits, loans, credits or other financial business between the Company and the finance companies with related
27
深圳南山热电股份有限公司 2021 年半年度报告全文
relationships or between the finance companies controlled by the Company and related parties
6. Other material related party transactions
□ Applicable √ Not applicable
The company had no other material related party transactions in reporting period.
XII. Significant contract and implementations
1. Trusteeship, contract and leasing
(1) Trusteeship
√Applicable □Not applicable
Note of trusteeship
In line with the Genset Asset Trusteeship Contract of Shenzhen New Power Industrial Co., Ltd. signed with New Power Company,
the Company was entrusted to operate and manage the power generation machine unit owned by its wholly-owned subsidiary New
Power Company. The custody business service charge 4.115 million yuan was obtained by the Company in reporting period.
Gains/losses to the Company from projects that reached over 10% in total profit of the Company in reporting period
□ Applicable √ Not applicable
No gains or losses to the Company from projects that reached over 10% in total profit of the Company in reporting period.
(2) Contract
□ Applicable √ Not applicable
No contract for the Company in Period.
(3) Leasing
□ Applicable √ Not applicable
No leasing for the Company in Period.
2. Major guarantees
□ Applicable √ Not applicable
No major guarantees for the Company in Period.
3. Trust financing
√Applicable □Not applicable
In 10 thousand Yuan
Type Capital sources Amount occurred Outstanding balance Overdue amount Amount with
28
深圳南山热电股份有限公司 2021 年半年度报告全文
impairment accrual
for the overdue
financial products
which has not been
recovered
Bank financial
Own fund 31,635.18 89,200.74 0 0
products
Total 31,635.18 89,200.74 0 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
4.Material contracts for routine operations
□ Applicable √ Not applicable
5. Other material contracts
√Applicable □Not applicable
The The
book assesse
value d value
of the of the Name
The The The Whethe
assets assets of the The
name name The base Bargain r
involve involve evaluati perform The
of the of the date of date Pricing price connect Inciden
contract d in the d in the on ance by date of
contrac contract signatur evaluati principl (in 10 ed ce Index
object contract contract organiz the end disclos
ting ed e of the on (if es thousan transact relation
(in 10 (in 10 ation (if of the ure
Compa Compa contract applica d yuan) ion
thousan thousan applica term
ny ny ble) (Y/N)
d yuan) d yuan) ble)
(if (if
applica applica
ble) ble)
It was a Failure
The
framew to meet
Compa Shenzh
ork the
ny, en Gas Not In
Pipelin 2018-0 agreem special
New Group N/A N applica progres
e gas 5-14 ent, the disclos
Power Co., ble s
price of ure
Compa Ltd.
NG conditi
ny
will ons
29
深圳南山热电股份有限公司 2021 年半年度报告全文
make
by the
two
parties
accordi
ng to
the
supple
mentar
y
agreem
ent
XIII. Other major events
√Applicable □ Not applicable
Investment matters related to the Zhongshan Prefabricated Building Industrial Park project. The “Notice on Termination of
Investment in the Zhongshan Prefabricated Building Industrial Park Project” was released by the Company dated 27 May 2021. On
May 26, 2021, the company received a letter from Shenzhen SEZ Construction Group Co., Ltd., it stated that it had commissioned a
third-party intermediary to conduct a feasibility study on the project, and considered that the project should not be approved based on
the principle of prudence. Considering all aspects of factors, the company decided to terminate the investment in Zhongshan
prefabricated building industrialized park project. (Found more in the Notice released on China Securities Journal, Securities Times,
Hong Kong Commercial Daily and Juchao Website, including the Notice on Termination of Investment in the Zhongshan
Prefabricated Building Industrial Park Project (Notice No.: 2021-036))
During the reporting period, the company actively promoted the investments of Yuanzhi Ruixin new generation of information
technology equity investment funds and Zhuhai Hengqin Zhuoji investment partnership (limited partnership) and other related
matters, followed up T102-0011, T102-0155 land related matters, and sorted out the refundable payments of the "project technical
innovation benefit fund" and contacted and communicated with relevant personnel again. In addition to the above matters, the
Xinjiang Aid Project of Guangdong in which the company participated in 2013 had no progress or changes during the reporting
period.
XIV. Significant event of subsidiary of the Company
□ Applicable √Not applicable
30
深圳南山热电股份有限公司 2021 年半年度报告全文
Section VII. Changes in Shares and Particulars about Shareholders
I. Changes in Share Capital
1. Changes in Share Capital
Unit: share
Before the Change Increase/Decrease in the Change (+, -) After the Change
Public
reserve
New
Proportio Bonus transfer Proportio
Amount shares Others Subtotal Amount
n shares into n
issued
share
capital
I. Restricted shares 14,139 0.0023% 382 382 14,521 0.0024%
1. State-owned shares
2. State-owned legal person’s
shares
3. Other domestic shares 14,139 0.0023% 382 382 14,521 0.0024%
Including: Domestic legal
person’s shares
Domestic natural
14,139 0.0023% 382 382 14,521 0.0024%
person’s shares
4. Foreign shares
Including: Foreign legal
person’s shares
Foreign natural
person’s shares
II. Unrestricted shares 602,748,457 99.9977% -382 -382 602,748,075 99.9976%
1. RMB ordinary shares 338,894,011 56.2235% -382 -382 338,893,629 56.2234%
2. Domestically listed foreign
263,854,446 43.7742% 263,854,446 43.7742%
shares
3. Overseas listed foreign
shares
4. Others
III. Total shares 602,762,596 100.00% 602,762,596 100.00%
Reasons for share changed
31
深圳南山热电股份有限公司 2021 年半年度报告全文
√Applicable □Not applicable
During the reporting period, the Company conducts general elections, Mr. Peng Bo ceased to be the employee representative
supervisor of the Company, the Shen Nan Dian A shares, 1,527 shares in total held by Mr. Peng Bo are restricted with 6 months of his
departure, thus the number of restricted shares has 382 shares increased.
Approval of share changed
□ Applicable √ Not applicable
Ownership transfer of share changed
□ Applicable √ Not applicable
Progress of shares buy-back
□ Applicable √ Not applicable
Implementation progress of reducing holdings of shares buy-back by centralized bidding
□ Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to common
shareholders of Company in latest year and period
□ Applicable √ Not applicable
Other information necessary to disclose or need to disclosed under requirement from security regulators
□ Applicable √ Not applicable
2. Changes of lock-up stocks
√Applicable □ Not applicable
Unit: share
Increase in the
Number of Number of Number of
number of
Name of restricted shares restricted shares restricted shares Reasons for sales
restricted shares Release date
shareholder at the beginning released in the at the end of the restriction
in the current
of the period current period period
period
During the
reporting period,
the Company
conducts general
elections, Mr.
Peng Bo ceased
to be the
Peng Bo 1,145 382 1,527 employee 2021-10-26
representative
supervisor of the
Company, the
Shen Nan Dian A
shares, 1,527
shares in total
held by Mr. Peng
32
深圳南山热电股份有限公司 2021 年半年度报告全文
Bo are restricted
with 6 months of
his departure,
thus the number
of restricted
shares has 382
shares increased.
total 1,145 382 1,527 -- --
II. Securities issuance and listing
□ Applicable √ Not applicable
III. Amount of shareholders of the Company and particulars about shares holding
Unit: share
Total preference shareholders
Total common stock
with voting rights recovered at
shareholders in reporting 40,917 0
end of reporting period (if
period-end
applicable) (see note 8)
Particulars about common shares held above 5% by shareholders or top ten common shareholders
Amount of Information of shares
Amount
common Amount of pledged, tagged or
of
Proportion shares held Changes in common frozen
Full name of Nature of restricted
of shares at the end report shares held
Shareholders shareholder common
held of period without State of
shares Amount
reporting restriction share
held
period
HONG KONG NAM
HOI Overseas legal
15.28% 92,123,248 0 92,123,248
(INTERNATIONAL) person
LTD.
Shenzhen Guangju State-owned
12.22% 73,666,824 0 73,666,824
Industrial Co., Ltd. legal person
Shenzhen Energy Group State-owned
10.80% 65,106,130 0 65,106,130
Co., Ltd. legal person
Increased
BOCI SECURITIES Overseas legal holdings of
2.49% 14,991,882 14,991,882
LIMITED person 16,380
shares
33
深圳南山热电股份有限公司 2021 年半年度报告全文
Domestic nature
Zeng Ying 1.19% 7,159,600 7,159,600
person
Decreased
China Merchants
State-owned holdings of
Securities H.K. Co., 1.02% 6,133,328 6,133,328
legal person 946,400
Ltd.
shares
Increased
LI SHERYN ZHAN Overseas nature holdings of
0.97% 5,833,690 5,833,690
MING person 8,200
shares
Domestic non Increase
Meiyi Investment
state legal 0.87% 5,218,000 holdings of 5,218,000
Property Co., Ltd.
person 200 shares
Haitong International
Overseas legal
Securities Company 0.65% 3,909,357 3,909,357
person
Limited-Account Client
Guosen Securities
Overseas legal
(Hong Kong) Brokerage 0.61% 3,651,901 3,651,901
person
Co., Ltd.
Strategy investor or general legal
person becoming the top 10
common shareholders by placing Not applicable
new shares (if applicable) (see note
3)
1. 100% equity of HONG KONG NAM HOI (INTERNATIONAL) LIMITED 100% held by
Explanation on associated
Shenzhen Energy Group Co., Ltd.;
relationship among the aforesaid
2. The Company is unknown whether there exists associated relationship or belongs to the
shareholders
consistent actor among the other shareholders.
Description of the above
shareholders in relation to
Not applicable
delegate/entrusted voting rights and
abstention from voting rights.
Special note on the repurchase
account among the top 10
Not applicable
shareholders (if applicable) (see
note 11)
Particular about top ten shareholders with un-lock up common stocks held
Amount of common shares held without restriction at Type of shares
Shareholders’ name
Period-end Type Amount
HONG KONG NAM HOI 92,123,248 Domestically 92,123,248
34
深圳南山热电股份有限公司 2021 年半年度报告全文
(INTERNATIONAL) LTD. listed foreign
shares
Shenzhen Guangju Industrial Co., RMB common
73,666,824 73,666,824
Ltd. shares
RMB common
Shenzhen Energy Group Co., Ltd. 65,106,130 65,106,130
shares
Domestically
BOCI SECURITIES LIMITED 14,991,882 listed foreign 14,991,882
shares
Domestically
Zeng Ying 7,159,600 listed foreign 7,159,600
shares
Domestically
China Merchants Securities H.K.
6,133,328 listed foreign 6,133,328
Co., Ltd.
shares
Domestically
LI SHERYN ZHAN MING 5,833,690 listed foreign 5,833,690
shares
RMB common
Meiyi Investment Property Co., Ltd. 5,218,000 5,218,000
shares
Domestically
Haitong International Securities
3,909,357 listed foreign 3,909,357
Company Limited-Account Client
shares
Domestically
Guosen Securities (Hong Kong)
3,651,901 listed foreign 3,651,901
Brokerage Co., Ltd.
shares
Expiation on associated relationship
or consistent actors within the top 1. 100% equity of HONG KONG NAM HOI (INTERNATIONAL) LIMITED 100% held by
10 un-lock up common shareholders Shenzhen Energy Group Co., Ltd.;
and between top 10 un-lock up 2. The Company is unknown whether there exists associated relationship or belongs to the
common shareholders and top 10 consistent actor among the other shareholders.
common shareholders
Explanation on top 10 common
shareholders involving margin Not applicable
business (if applicable) (see note 4)
Whether top ten common stock shareholders or top ten common stock shareholders with un-lock up 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-lock up shares held of the Company have no
buy-back agreement dealing in reporting period.
35
深圳南山热电股份有限公司 2021 年半年度报告全文
IV. Changes of shares held by directors, supervisors and senior executives
□ Applicable √ Not applicable
Shares held by directors, supervisors and senior officers have no changes in reporting period, found more details in Annual Report
2020.
V. Changes in controlling shareholders or actual controllers
Change of controlling shareholder during the reporting period
□ Applicable √ Not applicable
The Company had no change of controlling shareholder during the reporting period
Change of actual controller during the reporting period
□ Applicable √ Not applicable
The Company had no change of actual controller during the reporting period
36
深圳南山热电股份有限公司 2021 年半年度报告全文
Section VIII. Preferred Stock
□ Applicable √ Not applicable
The Company had no preferred stock in the Period.
37
深圳南山热电股份有限公司 2021 年半年度报告全文
Section IX. Corporate Bonds
□ Applicable √ Not applicable
The Company had no convertible bonds in the Period
38
深圳南山热电股份有限公司 2021 年半年度报告全文
Section X. Financial Report
I. Audit report
Whether the semi annual report is audited
□ Yes √ No
The company's semi annual financial report has not been audited
II. Financial Statement
Statement in Financial Notes are carried in RMB/CNY
1. Consolidated Balance Sheet
Prepared by Shenzhen Nanshan Power Co., Ltd.
June 30, 2021
In RMB
Item June 30, 2021 December 31, 2020
Current assets:
Monetary funds 451,823,257.47 764,601,272.21
Settlement provisions
Capital lent
Trading financial assets
Derivative financial assets
Note receivable
Account receivable 96,253,747.38 85,293,052.88
Receivable financing
Accounts paid in advance 79,010,325.13 29,544,788.35
Insurance receivable
Reinsurance receivables
Contract reserve of reinsurance
receivable
Other account receivable 30,330,188.34 31,027,754.36
Including: Interest receivable
Dividend receivable
Buying back the sale of financial
39
深圳南山热电股份有限公司 2021 年半年度报告全文
assets
Inventories 101,208,069.27 100,245,529.06
Contractual assets 7,229,600.00
Assets held for sale
Non-current asset due within one
year
Other current assets 1,222,940,412.14 917,288,244.54
Total current assets 1,981,565,999.73 1,935,230,241.40
Non-current assets:
Loans and payments on behalf
Debt investment
Other debt investment
Long-term account receivable
Long-term equity investment 7,744,693.53 8,893,408.86
Investment in other equity
200,615,000.00 81,615,000.00
instrument
Other non-current financial assets
Investment real estate 2,107,120.60 2,205,189.40
Fixed assets 903,855,214.06 925,745,208.55
Construction in progress 85,544,475.11 42,782,712.98
Productive biological asset
Oil and gas asset
Right-of-use assets
Intangible assets 20,809,189.41 21,125,610.24
Expense on Research and
Development
Goodwill
Long-term expenses to be
1,711,000.41 1,027,508.94
apportioned
Deferred income tax asset 2,206,049.69 2,206,049.69
Other non-current asset
Total non-current asset 1,224,592,742.81 1,085,600,688.66
Total assets 3,206,158,742.54 3,020,830,930.06
Current liabilities:
Short-term loans 458,822,740.80 675,528,858.48
40
深圳南山热电股份有限公司 2021 年半年度报告全文
Loan from central bank
Capital borrowed
Trading financial liability
Derivative financial liability
Note payable 469,635,315.93 30,467,345.48
Account payable 9,517,807.05 9,306,303.26
Accounts received in advance
Contractual liability
Selling financial asset of
repurchase
Absorbing deposit and interbank
deposit
Security trading of agency
Security sales of agency
Wage payable 44,751,065.21 69,426,903.97
Taxes payable 8,379,393.57 7,626,258.26
Other account payable 22,860,672.23 27,020,944.95
Including: Interest payable 432,488.68
Dividend payable
Commission charge and
commission payable
Reinsurance payable
Liability held for sale
Non-current liabilities due within
one year
Other current liabilities
Total current liabilities 1,013,966,994.79 819,376,614.40
Non-current liabilities:
Insurance contract reserve
Long-term loans
Bonds payable
Including: Preferred stock
Perpetual capital
securities
Lease liability
41
深圳南山热电股份有限公司 2021 年半年度报告全文
Long-term account payable
Long-term wages payable
Accrual liability 14,573,508.28 19,923,508.28
Deferred income 90,587,200.87 93,780,657.93
Deferred income tax liabilities
Other non-current liabilities 50,110.86 7,627.86
Total non-current liabilities 105,210,820.01 113,711,794.07
Total liabilities 1,119,177,814.80 933,088,408.47
Owner’s equity:
Share capital 602,762,596.00 602,762,596.00
Other equity instrument
Including: Preferred stock
Perpetual capital
securities
Capital public reserve 362,770,922.10 362,770,922.10
Less: Inventory shares
Other comprehensive income -2,500,000.00 -2,500,000.00
Reasonable reserve
Surplus public reserve 332,908,397.60 332,908,397.60
Provision of general risk
Retained profit 760,256,201.62 758,799,931.94
Total owner’ s equity attributable to
2,056,198,117.32 2,054,741,847.64
parent company
Minority interests 30,782,810.42 33,000,673.95
Total owner’ s equity 2,086,980,927.74 2,087,742,521.59
Total liabilities and owner’ s equity 3,206,158,742.54 3,020,830,930.06
Legal Representative: Li Xinwei
Person in charge of accounting works: Chen Yuhui
Person in charge of accounting institute: Shang Ying
2. Balance Sheet of Parent Company
In RMB
Item June 30, 2021 December 31, 2020
42
深圳南山热电股份有限公司 2021 年半年度报告全文
Current assets:
Monetary funds 369,013,276.08 656,244,294.18
Trading financial assets
Derivative financial assets
Note receivable
Account receivable 48,374,534.89 24,673,115.32
Receivable financing
Accounts paid in advance 70,967,049.79 25,560,315.87
Other account receivable 595,045,866.53 598,044,417.89
Including: Interest receivable
Dividend receivable
Inventories 93,001,526.47 91,867,492.38
Contractual assets
Assets held for sale
Non-current assets maturing within
one year
Other current assets 1,216,227,322.16 910,645,154.56
Total current assets 2,392,629,575.92 2,307,034,790.20
Non-current assets:
Debt investment
Other debt investment
Long-term receivables
Long-term equity investments 369,148,682.00 250,191,165.00
Investment in other equity
60,615,000.00 60,615,000.00
instrument
Other non-current financial assets
Investment real estate
Fixed assets 305,876,867.25 312,649,354.95
Construction in progress 43,058,266.07 1,073,964.84
Productive biological assets
Oil and natural gas assets
Right-of-use assets
Intangible assets 327,135.40 332,241.43
Research and development costs
Goodwill
43
深圳南山热电股份有限公司 2021 年半年度报告全文
Long-term expenses to be
1,462,963.50 734,374.41
apportioned
Deferred income tax assets
Other non-current assets
Total non-current assets 780,488,914.22 625,596,100.63
Total assets 3,173,118,490.14 2,932,630,890.83
Current liabilities:
short-term loans 458,822,740.80 675,528,858.48
Trading financial liability
Derivative financial liability
Notes payable 469,635,315.93 30,467,345.48
Account payable 1,549,013.90 998,036.56
Accounts received in advance
Contractual liability
Wage payable 34,278,034.43 53,405,473.63
Taxes payable 1,000,237.46 1,752,749.94
Other accounts payable 224,058,510.94 204,960,979.45
Including: Interest payable 432,488.68
Dividend payable
Liability held for sale
Non-current liabilities due within
one year
Other current liabilities
Total current liabilities 1,189,343,853.46 967,113,443.54
Non-current liabilities:
Long-term loans
Bonds payable
Including: Preferred stock
Perpetual capital
securities
Lease liability
Long-term account payable
Long term employee compensation
payable
Accrued liabilities
44
深圳南山热电股份有限公司 2021 年半年度报告全文
Deferred income 53,082,581.40 54,805,440.92
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 53,082,581.40 54,805,440.92
Total liabilities 1,242,426,434.86 1,021,918,884.46
Owners’ equity:
Share capital 602,762,596.00 602,762,596.00
Other equity instrument
Including: Preferred stock
Perpetual capital
securities
Capital public reserve 289,963,039.70 289,963,039.70
Less: Inventory shares
Other comprehensive income
Special reserve
Surplus reserve 332,908,397.60 332,908,397.60
Retained profit 705,058,021.98 685,077,973.07
Total owner’s equity 1,930,692,055.28 1,910,712,006.37
Total liabilities and owner’s equity 3,173,118,490.14 2,932,630,890.83
3. Consolidated Profit Statement
In RMB
Item 2021 semi-annual 2020 semi-annual
I. Total operating income 376,602,393.38 518,150,606.21
Including: Operating income 376,602,393.38 518,150,606.21
Interest income
Insurance gained
Commission charge and
commission income
II. Total operating cost 399,762,506.97 508,157,542.84
Including: Operating cost 351,210,223.91 453,109,436.14
Interest expense
Commission charge and
commission expense
Cash surrender value
45
深圳南山热电股份有限公司 2021 年半年度报告全文
Net amount of expense of
compensation
Net amount of withdrawal of
insurance contract reserve
Bonus expense of guarantee
slip
Reinsurance expense
Tax and extras 1,646,013.40 4,419,108.69
Sales expense 696,436.80 2,527,403.66
Administrative expense 40,014,168.55 43,036,872.15
R&D expense 3,360,629.60
Financial expense 2,835,034.71 5,064,722.20
Including: Interest
13,028,372.76 18,187,759.13
expenses
Interest income 10,344,030.33 13,142,285.32
Add: Other income 3,368,979.50 8,755,536.55
Investment income (Loss is
12,828,359.95 33,291,259.12
listed with “-”)
Including: Investment income
-1,148,715.33 -243,622.43
on affiliated company and joint venture
The termination of income
recognition for financial assets measured
by amortized cost
Exchange income (Loss is
listed with “-”)
Net exposure hedging income
(Loss is listed with “-”)
Income from change of fair
value (Loss is listed with “-”)
Loss of credit impairment
(Loss is listed with “-”)
Losses of devaluation of asset
(Loss is listed with “-”)
Income from assets disposal
974,699.74 828,535.66
(Loss is listed with “-”)
III. Operating profit (Loss is listed with
-5,988,074.40 52,868,394.70
“-”)
Add: Non-operating income 5,261,868.55 4,753.84
46
深圳南山热电股份有限公司 2021 年半年度报告全文
Less: Non-operating expense 35,388.00 11,110.00
IV. Total profit (Loss is listed with “-”) -761,593.85 52,862,038.54
Less: Income tax expense 610,366.52
V. Net profit (Net loss is listed with “-”) -761,593.85 52,251,672.02
(i) Classify by business continuity
1.continuous operating net profit
(net loss listed with ‘-”)
2.termination of net profit (net loss
listed with ‘-”)
(ii) Classify by ownership
1.Net profit attributable to owner’s
1,456,269.68 52,040,498.42
of parent company
2.Minority shareholders’ gains and
-2,217,863.53 211,173.60
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
47
深圳南山热电股份有限公司 2021 年半年度报告全文
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
Net after-tax of other comprehensive
income attributable to minority
shareholders
VII. Total comprehensive income -761,593.85 52,251,672.02
Total comprehensive income
1,456,269.68 52,040,498.42
attributable to owners of parent Company
Total comprehensive income
-2,217,863.53 211,173.60
attributable to minority shareholders
VIII. Earnings per share:
(i) Basic earnings per share 0.002 0.086
(ii) Diluted earnings per share 0.002 0.086
As for the enterprise combined under the same control, net profit of 0 Yuan achieved by the merged party before combination while 0
Yuan achieved last period
Legal Representative: Li Xinwei
Person in charge of accounting works: Chen Yuhui
Person in charge of accounting institute: Shang Ying
4. Profit Statement of Parent Company
In RMB
Item Semi-annual of 2021 Semi-annual of 2020
I. Operating income 184,931,162.25 145,767,015.34
Less: Operating cost 171,383,039.58 137,936,919.09
48
深圳南山热电股份有限公司 2021 年半年度报告全文
Taxes and surcharge 182,295.14 1,043,521.78
Sales expenses
Administrative expenses 18,205,121.93 20,573,683.41
R&D expenses
Financial expenses -8,003,413.78 -15,583,586.02
Including: Interest
13,876,981.75 14,007,579.30
expenses
Interest
21,956,978.18 29,739,688.15
income
Add: Other income 1,894,186.55 6,061,054.97
Investment income (Loss is
13,977,075.28 -14,432,400.00
listed with “-”)
Including: Investment income
on affiliated Company and joint venture
The termination of
income recognition for financial assets
measured by amortized cost (Loss is
listed with “-”)
Net exposure hedging income
(Loss is listed with “-”)
Changing income of fair
value (Loss is listed with “-”)
Loss of credit impairment
(Loss is listed with “-”)
Losses of devaluation of asset
(Loss is listed with “-”)
Income on disposal of assets
944,667.70 828,535.66
(Loss is listed with “-”)
II. Operating profit (Loss is listed with
19,980,048.91 -5,746,332.29
“-”)
Add: Non-operating income
Less: Non-operating expense 1,110.00
III. Total Profit (Loss is listed with “-”) 19,980,048.91 -5,747,442.29
Less: Income tax
IV. Net profit (Net loss is listed with
19,980,048.91 -5,747,442.29
“-”)
(i) continuous operating net profit
(net loss listed with ‘-”)
49
深圳南山热电股份有限公司 2021 年半年度报告全文
(ii) termination of net profit (net
loss listed with ‘-”)
V. Net after-tax of other comprehensive
income
(i) Other comprehensive income
items which will not be reclassified
subsequently to profit of loss
1.Changes of the defined
benefit plans that re-measured
2.Other comprehensive
income under equity method that cannot
be transfer to gain/loss
3.Change of fair value of
investment in other equity instrument
4.Fair value change of
enterprise's credit risk
5. Other
(ii) Other comprehensive income
items which will be reclassified
subsequently to profit or loss
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 19,980,048.91 -5,747,442.29
VII. Earnings per share:
(i) Basic earnings per share
50
深圳南山热电股份有限公司 2021 年半年度报告全文
(ii) Diluted earnings per share
5. Consolidated Cash Flow Statement
In RMB
Item Semi-annual of 2021 Semi-annual of 2020
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 455,910,102.76 546,650,431.87
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 188,709.78 825,437.15
Other cash received concerning
15,878,060.82 22,506,294.89
operating activities
Subtotal of cash inflow arising from
471,976,873.36 569,982,163.91
operating activities
Cash paid for purchasing
commodities and receiving labor 287,613,597.56 375,599,637.22
service
Net increase of customer loans and
51
深圳南山热电股份有限公司 2021 年半年度报告全文
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 workers 79,004,549.15 75,085,663.24
Taxes paid 11,130,068.18 28,204,829.24
Other cash paid concerning
25,307,945.48 21,155,472.75
operating activities
Subtotal of cash outflow arising from
403,056,160.37 500,045,602.45
operating activities
Net cash flows arising from operating
68,920,712.99 69,936,561.46
activities
II. Cash flows arising from investing
activities:
Cash received from recovering
investment
Cash received from investment
13,595,677.64 254,147.93
income
Net cash received from disposal of
fixed, intangible and other long-term 1,812,386.50
assets
Net cash received from disposal of
subsidiaries and other units
Other cash received concerning
5,000,000.00 800,000.00
investing activities
Subtotal of cash inflow from investing
20,408,064.14 1,054,147.93
activities
Cash paid for purchasing fixed,
28,044,760.20 5,447,277.81
intangible and other long-term assets
Cash paid for investment 434,905,964.38 53,434,321.12
Net increase of mortgaged loans
Net cash received from
52
深圳南山热电股份有限公司 2021 年半年度报告全文
subsidiaries and other units obtained
Other cash paid concerning
12,577,163.02
investing activities
Subtotal of cash outflow from investing
462,950,724.58 71,458,761.95
activities
Net cash flows arising from investing
-442,542,660.44 -70,404,614.02
activities
III. Cash flows arising from financing
activities:
Cash received from absorbing
42,483.00
investment
Including: Cash received from
absorbing minority shareholders’
investment by subsidiaries
Cash received from loans 514,022,740.80 844,233,285.00
Other cash received concerning
170,000,000.00
financing activities
Subtotal of cash inflow from financing
514,065,223.80 1,014,233,285.00
activities
Cash paid for settling debts 438,233,285.00 670,000,000.00
Cash paid for dividend and profit
14,928,444.20 30,452,445.36
distributing or interest paying
Including: Dividend and profit of
minority shareholder paid by
subsidiaries
Other cash paid concerning
financing activities
Subtotal of cash outflow from financing
453,161,729.20 700,452,445.36
activities
Net cash flows arising from financing
60,903,494.60 313,780,839.64
activities
IV. Influence on cash and cash
equivalents due to fluctuation in -59,561.89 101,178.77
exchange rate
V. Net increase of cash and cash
-312,778,014.74 313,413,965.85
equivalents
Add: Balance of cash and cash
764,601,272.21 771,490,000.96
equivalents at the period -begin
VI. Balance of cash and cash 451,823,257.47 1,084,903,966.81
53
深圳南山热电股份有限公司 2021 年半年度报告全文
equivalents at the period -end
6. Cash Flow Statement of Parent Company
In RMB
Item Semi-annual of 2021 Semi-annual of 2020
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 339,874,588.88 175,122,223.90
services
Write-back of tax received 181,606.65 171,207.01
Other cash received concerning
81,393,879.95 255,646,269.06
operating activities
Subtotal of cash inflow arising from
421,450,075.48 430,939,699.97
operating activities
Cash paid for purchasing
commodities and receiving labor 115,934,173.38 117,118,694.51
service
Cash paid to/for staff and workers 56,654,760.87 47,301,346.15
Taxes paid 909,616.90 222,887.49
Other cash paid concerning
149,731,282.02 275,229,334.87
operating activities
Subtotal of cash outflow arising from
323,229,833.17 439,872,263.02
operating activities
Net cash flows arising from operating
98,220,242.31 -8,932,563.05
activities
II. Cash flows arising from investing
activities:
Cash received from recovering
59,990,000.00
investment
Cash received from investment
13,595,677.64 254,147.93
income
Net cash received from disposal of
fixed, intangible and other long-term 1,756,774.50 0.00
assets
Net cash received from disposal of
0.00
subsidiaries and other units
Other cash received concerning 230,318,617.98
54
深圳南山热电股份有限公司 2021 年半年度报告全文
investing activities
Subtotal of cash inflow from investing
15,352,452.14 290,562,765.91
activities
Cash paid for purchasing fixed,
26,800,456.86 1,915,256.43
intangible and other long-term assets
Cash paid for investment 315,905,964.38 53,434,321.12
Net cash received from
118,957,517.00 0.00
subsidiaries and other units obtained
Other cash paid concerning
0.00
investing activities
Subtotal of cash outflow from investing
461,663,938.24 55,349,577.55
activities
Net cash flows arising from investing
-446,311,486.10 235,213,188.36
activities
III. Cash flows arising from financing
activities:
Cash received from absorbing
0.00
investment
Cash received from loans 514,022,740.80 544,233,285.00
Other cash received concerning
5,000,000.00
financing activities
Subtotal of cash inflow from financing
514,022,740.80 549,233,285.00
activities
Cash paid for settling debts 438,233,285.00 370,000,000.00
Cash paid for dividend and profit
14,928,444.20 25,373,959.23
distributing or interest paying
Other cash paid concerning
600,600.00
financing activities
Subtotal of cash outflow from financing
453,161,729.20 395,974,559.23
activities
Net cash flows arising from financing
60,861,011.60 153,258,725.77
activities
IV. Influence on cash and cash
equivalents due to fluctuation in -785.91 848.67
exchange rate
V. Net increase of cash and cash
-287,231,018.10 379,540,199.75
equivalents
Add: Balance of cash and cash 656,244,294.18 632,948,706.11
55
深圳南山热电股份有限公司 2021 年半年度报告全文
equivalents at the period -begin
VI. Balance of cash and cash
369,013,276.08 1,012,488,905.86
equivalents at the period -end
7. Statement of Changes in Owners’ Equity (Consolidated)
Current Amount
In RMB
Semi-annual of 2021
Owners’ equity attributable to the parent Company
Other
equity instrument Other
Minori Total
Item Perpe Less: compr Provisi
Share Reaso Surplu Retain ty owners
tual Capital Invent ehensi on of Subtot
capita Prefe nable s ed Other interes ’
capit reserve ory ve genera al
l rred Other reserve reserve profit ts equity
al shares incom l risk
stock
secur e
ities
I. The ending 602,7 362,77 332,90 758,79 2,054, 33,000 2,087,
-2,500,
balance of the 62,59 0,922. 8,397. 9,931. 741,84 ,673.9 742,52
000.00
previous year 6.00 10 60 94 7.64 5 1.59
Add: Changes
of accounting
policy
Error correction
of the last
period
Enterprise
combine under
the same control
Other
II. The
602,7 362,77 332,90 758,79 2,054, 33,000 2,087,
beginning -2,500,
62,59 0,922. 8,397. 9,931. 741,84 ,673.9 742,52
balance of the 000.00
6.00 10 60 94 7.64 5 1.59
current year
III. Increase/
Decrease in the
1,456, 1,456, -2,217, -761,5
period
269.68 269.68 863.53 93.85
(Decrease is
listed with “-”)
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深圳南山热电股份有限公司 2021 年半年度报告全文
(i) Total
1,456, 1,456, -2,217, -761,5
comprehensive
269.68 269.68 863.53 93.85
income
(ii) Owners’
devoted and
decreased
capital
1.Common
shares invested
by shareholders
2. Capital
invested by
holders of other
equity
instruments
3. Amount
reckoned into
owners equity
with
share-based
payment
4. Other
(iii) Profit
distribution
1. Withdrawal
of surplus
reserves
2. Withdrawal
of general risk
provisions
3. Distribution
for owners (or
shareholders)
4. Other
(iv) Carrying
forward internal
owners’ equity
1. Capital
reserves
conversed to
capital (share
57
深圳南山热电股份有限公司 2021 年半年度报告全文
capital)
2. Surplus
reserves
conversed to
capital (share
capital)
3. Remedying
loss with
surplus reserve
4. Carry-over
retained
earnings from
the defined
benefit plans
5. Carry-over
retained
earnings from
other
comprehensive
income
6. Other
(v) Reasonable
reserve
1. Withdrawal
in the report
period
2. Usage in the
report period
(vi) Others
VI. Balance at 602,7 362,77 332,90 760,25 2,056, 30,782 2,086,
-2,500,
the end of the 62,59 0,922. 8,397. 6,201. 198,11 ,810.4 980,92
000.00
period 6.00 10 60 62 7.32 2 7.74
Amount of the previous period
In RMB
Semi-annual of 2020
Owners’ equity attributable to the parent Company
Minorit
Other Less: Other Provisi Total
Item Share Reaso Surplu Retain y
equity instrument Capital Invent compr on of Subtot owners’
capita nable s ed Other interest
Prefe Perp reserve ory ehensi genera al equity
l Other reserve reserve profit s
rred etual shares ve l risk
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深圳南山热电股份有限公司 2021 年半年度报告全文
stock capit incom
al e
secur
ities
I. The ending 602,7 362,77 332,90 706,83 2,002, 2,062,4
-2,500, 59,719,
balance of the 62,59 0,922. 8,397. 0,892. 772,80 92,321.
000.00 513.26
previous year 6.00 10 60 54 8.24 50
Add: Changes
of accounting
policy
Error correction
of the last
period
Enterprise
combine under
the same
control
Other
II. The
602,7 362,77 332,90 706,83 2,002, 2,062,4
beginning -2,500, 59,719,
62,59 0,922. 8,397. 0,892. 772,80 92,321.
balance of the 000.00 513.26
6.00 10 60 54 8.24 50
current year
III. Increase/
Decrease in the 39,985 39,985
-30,408 9,577,0
period ,246.5 ,246.5
,162.88 83.62
(Decrease is 0 0
listed with “-”)
(i) Total 52,040 52,040
211,173 52,251,
comprehensive ,498.4 ,498.4
.60 672.02
income 2 2
(ii) Owners’
devoted and
decreased
capital
1.Common
shares invested
by shareholders
2. Capital
invested by
holders of other
equity
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深圳南山热电股份有限公司 2021 年半年度报告全文
instruments
3. Amount
reckoned into
owners equity
with
share-based
payment
4. Other
-12,05 -12,05
(iii) Profit -12,055
5,251. 5,251.
distribution ,251.92
92 92
1. Withdrawal
of surplus
reserves
2. Withdrawal
of general risk
provisions
3. Distribution -12,05 -12,05
-12,055
for owners (or 5,251. 5,251.
,251.92
shareholders) 92 92
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
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深圳南山热电股份有限公司 2021 年半年度报告全文
the defined
benefit plans
5. Carry-over
retained
earnings from
other
comprehensive
income
6. Other
(v) Reasonable
reserve
1. Withdrawal
in the report
period
2. Usage in the
report period
-30,619 -30,619
(vi) Others
,336.48 ,336.48
VI. Balance at 602,7 362,77 332,90 746,81 2,042, 2,072,0
-2,500, 29,311,
the end of the 62,59 0,922. 8,397. 6,139. 758,05 69,405.
000.00 350.38
period 6.00 10 60 04 4.74 12
8. Statement of Changes in Owners’ Equity (Parent Company)
Current Amount
In RMB
Semi-annual of 2021
Other
equity instrument
Less: Other
Item Share Perpet Capital Reasona Total
compreh Surplus Retaine
Inventor ble Other owners’
capital Preferr ual reserve ensive reserve d profit
ed capital Other y shares reserve equity
income
stock securiti
es
I. The ending 602,76 685,07
289,963, 332,908, 1,910,712,
balance of the 2,596.0 7,973.0
039.70 397.60 006.37
previous year 0 7
Add: Changes
of accounting
policy
Error
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深圳南山热电股份有限公司 2021 年半年度报告全文
correction of the
last period
Other
II. The
602,76 685,07
beginning 289,963, 332,908, 1,910,712,
2,596.0 7,973.0
balance of the 039.70 397.60 006.37
0 7
current year
III. Increase/
Decrease in the 19,980, 19,980,04
period (Decrease 048.91 8.91
is listed with “-”)
(i) Total
19,980, 19,980,04
comprehensive
048.91 8.91
income
(ii) Owners’
devoted and
decreased capital
1.Common
shares invested
by shareholders
2. Capital
invested by
holders of other
equity
instruments
3. Amount
reckoned into
owners equity
with share-based
payment
4. Other
(iii) Profit
distribution
1. Withdrawal of
surplus reserves
2. Distribution
for owners (or
shareholders)
3. Other
(iv) Carrying
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深圳南山热电股份有限公司 2021 年半年度报告全文
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
2. Usage in the
report period
(vi) Others
VI. Balance at 602,76 705,05
289,963, 332,908, 1,930,692,
the end of the 2,596.0 8,021.9
039.70 397.60 055.28
period 0 8
Amount of the previous period
In RMB
Semi-annual of 2020
Item Other Other Reasonab Surplus Retained Total
Share Capital Less: Other
equity instrument compre le reserve reserve profit owners’
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深圳南山热电股份有限公司 2021 年半年度报告全文
capital Perpet reserve Inventor hensive equity
Preferr ual y shares income
ed capital Other
stock securit
ies
I. The ending 602,76
289,963 332,908 710,334,3 1,935,968,4
balance of the 2,596.
,039.70 ,397.60 73.89 07.19
previous year 00
Add:
Changes of
accounting
policy
Error
correction of
the last period
Other
II. The
602,76
beginning 289,963 332,908 710,334,3 1,935,968,4
2,596.
balance of the ,039.70 ,397.60 73.89 07.19
00
current year
III. Increase/
Decrease in the
-17,802,6 -17,802,694
period
94.21 .21
(Decrease is
listed with “-”)
(i) Total
-5,747,44 -5,747,442.
comprehensive
2.29 29
income
(ii) Owners’
devoted and
decreased
capital
1.Common
shares invested
by shareholders
2. Capital
invested by
holders of other
equity
instruments
3. Amount
reckoned into
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深圳南山热电股份有限公司 2021 年半年度报告全文
owners equity
with
share-based
payment
4. Other
(iii) Profit -12,055,2 -12,055,251
distribution 51.92 .92
1. Withdrawal
of surplus
reserves
2. Distribution
-12,055,2 -12,055,251
for owners (or
51.92 .92
shareholders)
3. Other
(iv) Carrying
forward internal
owners’ equity
1. Capital
reserves
conversed to
capital (share
capital)
2. Surplus
reserves
conversed to
capital (share
capital)
3. Remedying
loss with
surplus reserve
4. Carry-over
retained
earnings from
the defined
benefit plans
5. Carry-over
retained
earnings from
other
comprehensive
income
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深圳南山热电股份有限公司 2021 年半年度报告全文
6. Other
(v) Reasonable
reserve
1. Withdrawal
in the report
period
2. Usage in the
report period
(vi) Others
VI. Balance at 602,76
289,963 332,908 692,531,6 1,918,165,7
the end of the 2,596.
,039.70 ,397.60 79.68 12.98
period 00
III. Company Profile
(1) Profile
Shenzhen Nanshan Power Co., Ltd (hereinafter, the “Company”) was reorganized to be a joint-stock enterprise
from a foreign investment enterprise on 25 November 1993, upon the approval of General Office of Shenzhen
Municipal Government with Document Shen Fu Ban Fu [1993] No.897.
After approved by Document Shen Zhu Ban Fu [1993] No.179 issued by Shenzhen Securities Regulatory Office,
on 3 January 1994, the Company offered 40,000,000 RMB common shares and 37,000,000 domestically listed
foreign shares in and out of China. And the RMB common shares (A-stock) and domestically listed foreign listed
shares (B-stock) were listed in Shenzhen Stock Exchange successively on July 1, 1994 and Nov. 28, 1994.
Headquarter of the Company located on 16/F, 17/F, Han Tang Building, OCT, Nanshan District, Shenzhen City,
Guangdong Province, P.R.C.
The financial statement has approved for report by the Board on August 18, 2021.
(2) Scope of financial statement
As of June 30, 2021, there are 9 subsidiaries included in the consolidate financial statement, including:
Subsidiary Share holding ratio % Note
Shen Nan Dian (Zhongshan) Electric Power Co., Ltd.(“Zhongshan Electric Power”) 80.00
Shenzhen Shennandian Turbine Engineering Technology Co., Ltd.(“Engineering 100.00
Company”)
Shenzhen Shen Nan Dian Environment Protection Co., Ltd.(“Environment 100.00
Protection Company”)
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深圳南山热电股份有限公司 2021 年半年度报告全文
Shenzhen Server Petrochemical Supplying Co., Ltd(“Shenzhen Server”) 50.00
Shenzhen New Power Industrial Co., Ltd.(“New Power”) 100.00
Shen Nan Energy (Singapore) Co., Ltd.(“Singapore Company”) 100.00
Hong Kong Syndisome Co., Ltd.(“Syndisome”) 100.00
Zhongshan Shen Nan Dian Storage Co., Ltd.(“Shen Storage”) 80.00
Zhuhai Hengqin Zhuozhi Investment Partnership (Limited Partnership) 99.96
Scope of the consolidate financial statement and its changes found more in the VI. Change of Consolidate Scope and VII. Equity in
other entity carry in the Note
IV. Preparation basis of Financial statement
1. Preparation basis
The Company’s financial statements have been prepared based on the going concern and the actual transactions
and events. In accordance with the Accounting Standards for Business Enterprises- Basic Norms and every
specific accounting rules, the application guidelines of the Accounting Standards for Business Enterprises,
interpretations and other related rules of the Accounting Standards for Business Enterprises (hereinafter referred
to as “ASBEs”), and the disclosure requirements of the “Regulation on the Preparation of Information
Disclosures of Companies Issuing Public Shares, No. 15- General Requirements for Financial Reports” of China
Securities Regulatory Commission.
2. Going concern
The Company is capable of going concern for 12 months from the end of the reporting period, and there are no
major issues affecting the ability to go concern.
V. Major Accounting Policies and Estimation
Tips on specific accounting policies and accounting estimates:
The Company together with its subsidiaries is mainly engaged in businesses as production of power and heat,
power plant construction, fuel trading, engineering consulting and sludge drying. According to the actual
production and operation characteristics, the Company and its subsidiaries establish certain specific accounting
policies and accounting estimates in respect of their transactions and matters such as sales revenue recognition
pursuant to relevant business accounting principles. Details are set out in (24) Fixed assets and the (39) Revenue
under Note V.
1. Statement on observation of Accounting Standard for Business Enterprises
The Financial Statements are up to requirements of Accounting Standards for Business Enterprises, and reflect the
financial status, operation outcomes, changes of owners(shareholders) equity and cash flows of the Company in
reporting period in truthfulness and completeness.
2. Accounting period
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深圳南山热电股份有限公司 2021 年半年度报告全文
A fiscal year from January 1 to December 31 of the Gregorian calendar.
3.Operating cycle
The Company takes 12 months of a year as the normal operating cycle, and takes the operating cycle as the
standard for the liquidity division of assets and liabilities.
4. Book-keeping standard currency
Book-keeping standard of the Company is RMB(CNY)
5. Accounting treatment on enterprise combine under the same control and under the different control
Enterprise combination under the same control: The assets and liabilities obtained by the combining party in
enterprise combination are measured at the book value of the consolidated financial statements of the ultimate
controlling party in accordance with the assets and liabilities of the combined party on the date of combination.
The difference between the carrying amount of the net assets obtained and the carrying amount of the
consideration paid for the combination (or the aggregate nominal value of shares issued as consideration) is
charged to the share capital premium in capital reserve. If the share capital premium in capital reserve is not
sufficient to absorb the difference, any excess shall be adjusted against retained earnings.
Enterprise combinations not under the same control: The purchaser's assets paid and liabilities incurred or
assumed on the date of purchase as a consideration of enterprise combination are measured at fair value, and the
difference between the fair value and its book value is included in the current profit and loss. Where the cost of a
business combination exceeds the acquirer’s interest in the fair value of the acquiree’s identifiable net assets, the
difference is recognized as goodwill; where the cost of a business combination less than the acquirer’s interest in
the fair value of the acquiree’s identifiable net assets, reckoned into current gains/losses after double-check.
The directly relevant fees incurred in the merger of enterprises shall be reckon into the current gains/losses when
incurred; the transaction costs of issuing equity securities or debt security for the purpose of enterprise
combination should be reckon into the initial recognition of equity security or debt security.
6. Preparation methods for consolidated statement
6.1.Consolidate scope
Scope of the consolidate financial statement is determined on a control basis, including the Company and all
subsidiaries.
6.2. Consolidate procedures
Based on the financial statements of itself and its subsidiaries, the Company compiles the consolidated financial
statements in line with other relevant information. The Company compiles consolidated financial statements,
considers the entire enterprise group as an accounting entity, and reflects the overall financial position, operating
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深圳南山热电股份有限公司 2021 年半年度报告全文
results and cash flow of the enterprise group in accordance with the relevant accounting standards' recognition,
measurement and presentation requirements and in accordance with unified accounting policies.
The accounting policies and accounting periods adopted by all subsidiaries included in the consolidation scope of
the consolidated financial statements are consistent with the Company. If the accounting policies and accounting
periods adopted by the subsidiaries are inconsistent with the Company, when preparing the consolidated financial
statements, make necessary adjustments according to the accounting policies and accounting periods of the
Company. For a subsidiary acquired through a business combination not under the same control, its financial
statements are adjusted based on the fair value of the identifiable net assets at the acquisition date. For a
subsidiary acquired through a business combination under the same control, its financial statements are adjusted
based on the book value of its assets and liabilities (including the goodwill formed by the ultimate controlling
party's acquisition of the subsidiary) in the ultimate controlling party's financial statements.
The subsidiary's owner's equity, current net profit or loss and the share of current comprehensive income
belonging to minority shareholders are separately listed under the owner's equity item in the consolidated balance
sheet, under the net profit item in the consolidated income statement and under the total comprehensive income
item. If the current loss shared by the minority shareholders of a subsidiary exceeds the minority shareholder'
share in the owner's equity of the subsidiary at the beginning of the period, the balance shall offset against the
minority shareholders' equity.
(1) Increase subsidiaries or businesses
During the reporting period, if a subsidiary or business is added due to a business combination under the same
control, adjust the opening balance of the consolidated balance sheet; incorporate the income, expenses, and
profits of the subsidiary or business combination from the beginning of the current period to the end of the
reporting period into the consolidated income statement; incorporate the cash flows of the subsidiary or business
combination from the beginning of the current period to the end of the reporting period into the consolidated cash
flow statement, and adjust the relevant items of the comparative statement as if the consolidated reporting entity
had been existing since the time when the ultimate controlling party began controlling.
Where it is possible to exercise control over an investee under the same control due to additional investment, all
parties participating in the combination are deemed to have adjusted in their current state when the ultimate
controlling party commenced control. The equity investment held before the control of the combined party is
obtained, the relevant profit or loss and other comprehensive income that have been confirmed between the date
of acquisition of the original equity and the date on which the combining party and the combined party are under
the same control until the combining date, as well as other changes in net assets respectively write down the
retained earnings at the beginning of period or the current profits and losses in the comparative statements.
During the reporting period, if a subsidiary or business is added due to a business combination not under the same
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深圳南山热电股份有限公司 2021 年半年度报告全文
control, the opening balance of the consolidated balance sheet period will not be adjusted; the income, expenses,
and profits of the subsidiary or business from the acquisition date to the end of the reporting period will be
included in the consolidated income statement; the cash flows of the subsidiary or business from the acquisition
date to the end of the reporting period are included in the consolidated statement of cash flow.
For reasons such as additional investments that can control an investee not under the same control, the Company
remeasures the equity of the acquiree held before the purchase date according to the fair value of the equity on the
purchase date, and the balance between the fair value and its book value is included in the current investment
income. If the equity of the acquiree held before the purchase date involves other comprehensive income under
the equity method and other changes in owner's equity other than net profit or loss, other comprehensive income
and profit distribution, other comprehensive income and other changes in owner's equity related to it shall be
converted into the investment income of the current period on the date of purchase, except for other
comprehensive income arising from the re-measurement of the net liabilities or changes in net assets of the
defined benefit plan of the investee.
(2)Disposal of subsidiaries or businesses
①General treatment method
During the reporting period, when the Company disposes of a subsidiary or business, the income, expenses and
profits of the subsidiary or business from the beginning of the period to the disposal date are included in the
consolidated income statement, while the cash flow of the subsidiary or the business from the beginning of the
period to the disposal date is included in the consolidated statement of cash flow.
For control rights loss in original subsidiary for partial equity investment disposal or other reasons, the remained
equity should re-measured based on the fair value at date of control losses. The difference between the net assets
of original subsidiary share by proportion held that sustainable calculated since purchased date (or combination
date) and sum of consideration obtained by equity disposal and fair value of remain equity, reckoned into the
current investment income of control rights loss. Other comprehensive income related to the original subsidiary's
equity investment or other changes in owner's equity other than net profit and loss, other comprehensive income
and profit distribution will be converted to current investment income when the control is lost, except for other
comprehensive income arising from the remeasurement of the net liabilities or changes in net assets of the defined
benefit plan of the investee.
If other investors’ capital increases in the subsidiary results in a decline in the Company's shareholding ratio and
thus loss of control power, accounting shall be conducted in accordance with the above principles.
② Dispose subsidiary step-by-step
When the Company disposes of equity investment in a subsidiary by a stage-up approach with several transactions
until the control over the subsidiary is lost, these several transactions related to the disposal of equity investment
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深圳南山热电股份有限公司 2021 年半年度报告全文
in a subsidiary are accounted for as transactions in a basket when the terms, conditions and economic impacts of
these several transactions meet the following one or more conditions:
i. these transactions are entered into at the same time or after considering their impacts on each other;
ii. these transactions as a whole can reach complete business results;
iii the occurrence of a transaction depends on at least the occurrence of an other transaction;
iv.an individual transaction is not deemed as economic, but is deemed as economic when considered with other
transactions.
When several transactions related to the disposal of equity investment in a subsidiary until the control over the
subsidiary is lost fall within transactions in a basket, each of which is accounted for as disposal of a subsidiary
with a transaction until the control over a subsidiary is lost; however, the different between the amount of disposal
prior to the loss of control and the net assets of a subsidiary attributable to the disposal investment shall be
recognized as other comprehensive income in consolidated financial statements and transferred to profit or loss
for the period at the time when the control is lost.
If the transactions that dispose of the equity investment in the subsidiary until the loss of control do not belong to
the package transaction, before the loss of control, the relevant policies for partial disposal of the equity
investment in the subsidiary shall be accounted for without losing control. When the control right is lost, the
accounting treatment shall be carried out according to the general treatment method for disposing of the
subsidiary.
(3) Purchase of minority shares in subsidiaries
The difference between the Company's newly acquired long-term equity investment due to the purchase of
minority shares and the net assets share calculated continuously by the subsidiary from the date of purchase (or
merger date) in accordance with the calculation of the newly increased shareholding ratio, adjust the equity
premium in the capital reserve in the consolidated balance sheet, if the equity premium in the capital reserve is
insufficient to offset, adjust the retained earnings.
(4) Partial disposal of equity investment in subsidiaries without losing control
The difference between the disposal cost obtained as a result of partial disposal of long-term equity investment in
a subsidiary without losing control and the net assets share calculated continuously by the subsidiary from the date
of purchase or merger corresponding to the disposal of the long-term equity investment, adjust the equity
premium in the capital reserve in the consolidated balance sheet, if the equity premium in the capital reserve is
insufficient to offset, adjust the retained earnings.
7.Classification of joint arrangement and accounting treatment for joint venture
Joint arrangement is divided into joint operation and joint venture.
As a joint party of the joint arrangement, it is a joint operation when the Company enjoys assets related to the
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深圳南山热电股份有限公司 2021 年半年度报告全文
arrangement and bears the liabilities related to the arrangement.
The company confirms the following items related to the share of interests in its joint operations, and in
accordance with the provisions of the relevant accounting standards for accounting treatment:
(1) Recognize the assets held solely by the Company, and recognize assets held jointly by the Company in
appropriation to the share of the Company;
(2) Recognize the obligations assumed solely by the Company, and recognize obligations assumed jointly by the
Company in appropriation to the share of the Company;
(3) Recognize revenue from disposal of the share of joint operations of the Company;
(4) Recognize fees solely occurred by Company;
(5) Recognize fees from joint operations in appropriation to the share of the Company.
Accounting policy for the joint venture investment found more in (22) Long-term equity investment under Note V.
8. Determination criteria of cash and cash equivalent
While preparing the cash flow statement, the stock cash and savings available for payment at any time are
recognized as cash. The investments meets the follow four conditions at the same time are recognized as cash
equivalent, that is short-term (normally fall due within three months from the date of acquisition) and highly
liquid investments held the Group which are readily convertible into known amounts of cash and which are
subject to insignificant risk of value change.
9. Foreign currency business and foreign currency statement translation
9.1.Foreign currency business
Foreign currency business uses the spot exchange rate on the transaction date as the conversion rate to convert
foreign currency amounts into RMB for accounting.
The balance of foreign currency monetary items at the balance sheet date is converted at the spot exchange rate on
the balance sheet date, the resulting exchange difference is included in current profit and loss, except that the
exchange difference arising from foreign currency special borrowings related to the acquisition or construction of
assets eligible for capitalization is disposed with the principle of borrowing expenses capitalization.
9.2 Foreign currency statement translation
Assets and liabilities in the balance sheet are converted at the spot exchange rate on the balance sheet date; the
owners' equity items are converted at the spot exchange rate at the time of occurrence, except for the
"undistributed profit" item. The income and expense items in the income statement are converted at the spot
exchange rate on the transaction date.
When disposing of an overseas operation, the translation difference in the foreign currency financial statements
related to the overseas operation is transferred from the owner's equity item to the disposal of current profit or
loss.
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10. Financial instrument
Financial instrument consist of financial assets, financial liability and equity instrument.
10.1.Classification of financial instrument
Based on the Company's business model for managing financial assets and the contractual cash flow
characteristics of financial assets, financial assets are classified as the financial assets measured at amortized cost,
the financial assets (debt instruments) measured at fair value and whose changes are included in other
comprehensive income and the financial assets measured at fair value and whose changes are included in current
profit and loss at initial recognition.
Business model to collect the contractual cash flow, and the contractual cash flow is only the payment of the
principal and the interest based on the outstanding principal amount, is classified as a financial asset measured at
amortized cost; business model to collect the contractual cash flow and sell the financial asset, and the contractual
cash flow is only the payment of principal and the interest based on the outstanding principal amount, is classified
as a financial asset measured at fair value and whose changes are included in other comprehensive income (debt
instruments); other financial assets other than these are classified as financial assets measured at fair value and
whose changes are included in the current profit and loss.
For a non-tradable equity instrument investment, the Company determines at the time of initial recognition
whether to designate it as a financial asset (equity instrument) measured at fair value and whose changes are
included in other comprehensive income.
At the time of initial recognition, financial liabilities are classified into financial liabilities that are measured at fair
value and whose changes are included in the current profit and loss and financial liabilities that are measured at
amortized cost.
A financial liability that meets one of the following conditions can be designated as a financial liability measured
at fair value and whose changes are included in current profit and loss at initial measurement:
1) This designation can eliminate or significantly reduce accounting mismatches.
2) In accordance with the corporate risk management or investment strategy stated in formal written documents,
make management and performance evaluation to financial liability portfolios or financial assets and financial
liability portfolios based on fair value, and report to the key management personnel within the enterprise based on
this.
3) The financial liability includes embedded derivatives that need to be split separately.
According to the above conditions, the financial liabilities designated by the Company mainly include: (Specific
description of the designated situation)
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10.2 Recognition basis and measurement method of financial instruments
(1) Financial assets measured at amortized cost
Financial assets measured at amortized cost include bills receivable, accounts receivable, other receivables,
long-term receivables, debt investment, etc., which are initially measured at fair value, and related transaction
costs are included in the initially recognized amount; accounts receivable excluding significant financing
components and accounts receivable with financing components not exceeding one year that the Company decides
not to consider are initially measured at the contract transaction price.
The interest calculated by using the effective interest method during the holding period is included in the current
profit and loss.
When taking back or disposing, the difference between the cost obtained and the book value of the financial asset
is included in the current profit and loss.
(2) Financial assets (debt instrument) measured at fair value and whose changes are reckoned into other
comprehensive income
The financial assets (debt instrument) measured at fair value and whose changes are reckoned into other
comprehensive income consist of receivable financing and other debt investment and initially measured at fair
value, relevant transaction fees are included in initial recognized amount. The financial assets are subsequently
measured at fair value, and the fair value changes are reckoned into other comprehensive income except for the
interest, impairment loss or gain and exchange gain or loss calculated by actual interest rate method.
Upon termination of the recognition, the accumulated gains or losses previously included in other comprehensive
income shall be transferred out and reckoned into current profit and loss.
(3) Financial assets (equity instrument) measured at fair value and whose changes are reckoned into other
comprehensive income
The financial assets (equity instrument) measured at fair value and whose changes are reckoned into other
comprehensive income consist of the equity instrument investment etc. and initially measured at fair value,
relevant transaction fees are included in initial recognized amount. The financial assets are subsequently measured
at fair value, and the fair value changes are reckoned into other comprehensive income. The dividend obtained
should reckoned into current gains/losses.
Upon termination of the recognition, the accumulated gains or losses previously included in other comprehensive
income shall be transferred out and reckoned into retained earnings.
(4) Financial assets measured at fair value and whose changes are reckoned into current gains/losses
The financial assets measured at fair value and whose changes are reckoned into current gains/losses consist of
trading financial assets, derivative financial assets and other non-current financial assets etc. and initially
measured at fair value, relevant transaction fees are included in current gains/losses. The financial assets are
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subsequently measured at fair value, and the fair value changes are reckoned into current gains/losses.
(5) Financial liability measured at fair value and whose changes are reckoned into current gains/losses
The financial liability measured at fair value and whose changes are reckoned into current gains/losses consist of
trading financial liability and derivative financial liability etc. and initially measured at fair value, relevant
transaction fees are included in current gains/losses. The financial liabilities are subsequently measured at fair
value, and the fair value changes are reckoned into current gains/losses.
Upon termination of the recognition, the difference between its book value and the consideration paid is included
in the current gains/losses.
(6) Financial liability measured at amortized cost
The financial liabilities measured at amortized cost consist of short-term loans, note payable, account payable,
other account payable, long-term loans, bond payable and long-term account payable, and initially measured at
fair value, relevant transaction fees are included in initial recognized amount.
The interests calculated by effective interest rate method during the holding period is reckoned into current
gains/losses.
Upon termination of the recognition, the difference between consideration paid and the book value of financial
liability is reckoned into current gains/losses.
10.3. Recognition basis and measurement method for transfer of financial assets
In the event of financial asset transfer, the Company shall assess the degree of risk and reward of retaining the
ownership of the financial asset and deal with the following circumstances respectively:
(1) Where almost all risks and rewards on the ownership of a financial asset are transferred, the recognition of the
financial asset shall be terminated, and the rights and obligations generated or retained in the transfer shall be
separately recognized as assets or liabilities.
(2) Where almost all risks and rewards on the ownership of a financial asset are retained, the financial asset shall
continue to be recognized.
(3) Where virtually all risks and rewards on the ownership of a financial asset are neither transferred nor retained
(that is, other conditions except for (1) and (2) of this Article), depending on whether it retains control of the
financial asset, deal with the following circumstances respectively:
1) Where the control of such financial asset is not retained, the recognition of the financial asset is terminated, and
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the rights and obligations generated or reserved in the transfer are identified as an asset or liability.
2) Where the control of such financial asset is retained, the relevant financial assets shall continue to be
recognized according to the extent of its continued involvement in the transferred financial assets, and the relevant
liabilities shall be recognized accordingly. The extent of continued involvement in the transferred financial assets
refers to the extent of the risk or reward of changes in the value of the transferred financial asset assumed by the
Company.
When judging whether the financial asset transfer meets the termination of recognition of the said financial asset,
adopt the principle of substance over form. The company divides the financial asset transfer into overall transfer
and partial transfer of financial asset.
(1) Where the overall transfer of financial assets meets the conditions for recognizing the termination, the
difference between the following two amounts shall be recorded into the profits and losses of the current period:
1) The carrying amount of the transferred financial asset on the date of the termination of recognition.
2) The sum of the consideration received by the transfer of financial assets and the amount corresponding to the
portion of which the recognition is terminated of the accumulated amount of changes in fair value originally
included in other comprehensive income (The financial assets involved in transfer are measured at fair value and
their changes are included in other comprehensive income).
(2) Where the financial asset is partially transferred and the transferred portion overall meets the conditions for
recognizing the termination, the carrying amount of overall financial asset before transfer shall be apportioned
between the portion to be terminated from recognition and the portion continued to be recognized (In such
circumstances, the retained service assets shall be regarded as a portion of the financial assets continuing to be
recognized) in accordance with their relative fair value on the transfer date, and the difference between the
following two amounts shall be recorded into the profits and losses of current period.
1) The carrying amount of the portion on the date of the termination of recognition.
2) The sum of the consideration received from the portion of which the recognition is terminated and the amount
corresponding to the portion of which the recognition is terminated of the accumulated amount of changes in fair
value originally and directly included in other comprehensive income (The financial assets involved in transfer are
measured at fair value and their changes are included in other comprehensive income).
If the transfer of financial assets does not meet the conditions for derecognition, the financial assets are
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continuously recognized, and the consideration received is recognized as a financial liability.
10.4. Termination recognition of financial liability
Where the current obligation of a financial liability have been discharged in whole or in part, the recognition of
the financial liability or part thereof shall be terminated; If the Company entered into an agreement with its
creditors to replace its existing financial liabilities with the new financial liability, and the contract terms of the
new financial liabilities and the existing financial liabilities are substantially different, the existing financial
liabilities shall be terminated for recognition and the new ones shall be recognized at the same time. As for
substantive changes made to the contract terms (in whole or in part) of the existing financial liabilities, the
existing financial liabilities (or part of it) will be terminated for recognition, and the financial liabilities after term
revision will be recognized as a new financial liability.
When a financial liability is derecognized in whole or in part, the difference between the book value of the
financial liability derecognized and the consideration paid (including the non-cash assets transferred out or the
new financial liabilities assumed) is included in the current profit and loss.
If the Company repurchases part of the financial liabilities, the entire book value of the financial liabilities will be
allocated on the repurchase date according to the relative fair value of the continuing recognition part and the
derecognition part. The difference between the book value allocated to the derecognition part and the
consideration paid (including the transferred non-cash assets or assumed new financial liabilities) is included in
the current profit and loss.
10.5. Methods for determining the fair value of financial assets and financial liabilities
For financial instruments that have an active market, their fair values are determined by using quotes in the active
market. For financial instruments that do not have an active market, valuation techniques are used to determine
their fair values. In the valuation, the Company adopts valuation techniques that are applicable under the current
circumstances and have sufficient available data and other information support, chooses the input values
consistent with the characteristics of assets or liabilities considered by market participants in the transactions of
related assets or liabilities, and prioritizes the relevant observable input values. The Company uses unobservable
input values only if the relevant observable input values cannot be obtained or are not practicable.
10.6. Test methods and accounting treatment methods for impairment of financial assets
The Company considers all reasonable and evidence-based information, including forward-looking information,
and estimates the expected credit losses of financial assets measured at amortized cost by the single or combined
way and financial assets (debt instruments) measured at fair value and whose changes are included in other
comprehensive income. The measurement of expected credit losses depends on whether a significant increase in
credit risk has occurred since the initial recognition of a financial asset.
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If the credit risk of the financial instrument has increased significantly since initial recognition, the Company shall
measure its loss provision at an amount equivalent to the expected credit loss throughout the life of the financial
instrument. If the credit risk of the financial instrument has not increased significantly since initial recognition, the
Company shall measure its loss provision at an amount equivalent to the expected credit loss of the financial
instrument in the next 12 months. The increased or reversed amount of the loss provision thus formed shall be
included in the current profit and loss as impairment losses or gains.
Usually, the Company considers that the credit risk of the financial instrument has increased significantly when it
is overdue for more than 30 days, unless there is conclusive evidence that the credit risk of the financial
instrument has not increased significantly after initial recognition.
If the credit risk of a financial instrument at the balance sheet date is low, the Company will consider that the
credit risk of the financial instrument has not increased significantly since initial recognition.
Regarding the note receivable, account receivables and receivables financing, whether or not it contains a
significant financing component, the Company always measures its loss provisions at an amount equivalent to the
expected credit loss throughout the duration.
For lease receivables and long-term receivables formed by the company through sales of goods or rendering of
services, the Company always chooses to measure the loss reserves at an amount equivalent to expected credit
losses during the entire duration.
For notes receivable, accounts receivable, other receivables, financing of accounts receivable and long-term
receivables with objective evidence showing that there is impairment and is applicable to individual assessment,
perform separate impairment tests, confirm expected credit losses, and make provisions for impairment; for notes
receivable, accounts receivable, other receivables, and financing of accounts receivable for which there is no
objective basis for impairment, or when there is insufficient evidence to assess expected credit losses at a
reasonable cost at the level of individual instruments, the Company refers to historical credit loss experience,
combines with current conditions and judgments on future economic conditions, and divides the notes receivable,
accounts receivable, other receivables, financing of accounts receivable and long-term receivables into several
portfolios based on the characteristics of credit risk, and calculates the expected credit loss on the basis of the
portfolio. Details as follows:
(1)Note receivables
Name of the combination Method of measuring credit loss
For notes receivable classified as bank acceptance portfolio, the management
Bank acceptance bill of state-owned banks appraises that such payments have low credit risks and low expected credit loss
rate, and should make no provision for impairment.
(2)Account receivable
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Name of the combination Method of measuring credit loss
Electricity transaction receivable Regarding accounts receivable divided into power transactions, engineering
Receivable for engineering operation and operation and maintenance, and environmental protection services, referring to
maintenance historical credit loss experience, and combined with current conditions and
forecasts of future economic conditions, the management evaluates that such
payments have low credit risk and low expected credit loss rate, so no
Environmental protection labor receivables
impairment provision is made; unless there is evidence that the credit risk of a
certain receivable is relatively large.
(3)Other account receivable
Name of the combination Method of measuring credit loss
Combination of the export tax rebate, VAT rebate The company classifies the payments, tax refunds receivable, and collection
upon levy
and withholding payments from subsidiaries within the scope of accounts
Combination of the deposit margin reserve
receivable consolidation that have no significant recovery risks into other
Other vary receivable and temporary payment in
portfolios, and no bad debt provision is made.
addition to the above combination
(4)Receivable financing
Name of the combination Method of measuring credit loss
Bank acceptance bill of the bank with lower credit With reference to historical credit loss experience, combined with current
risk
conditions and forecasts of future economic conditions, the expected credit loss
is calculated through the default risk exposure and the expected credit loss rate
Trade acceptance
of the entire duration.
11. Note receivable
12.Account receivable
13.Receivable financing
14. Other account receivable
Recognition method and accounting treatment of the expected credit losses on other account receivables
15. Inventory
15.1. Categories of inventory
Inventory consists of fuels and raw materials etc.
15.2. Valuation method of delivered inventory
The inventories are valued on a weighted average basis at the time of delivery.
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15.3.Basis for determining the net realizable value of different types of inventories
For inventory of products that are directly used for sale, such as finished products, inventory products, and
materials for sale, in the normal production and operation process, the amount after subtracting the estimated
selling expenses and relevant taxes from the estimated selling price shall be used to determine the net realizable
value. For inventory of materials that need to be processed, in the normal production and operation process, the
amount after subtracting the estimated cost, estimated sales expense, and related taxes at the time of completion
from the estimated selling price of the finished product shall be used to determine the net realizable value. The net
realizable value of the inventory held for the execution of the sales contract or labor service contract is calculated
on the basis of the contract price. If the quantity of the inventory held is more than the quantity ordered by the
sales contract, the net realizable value of the excess inventory is calculated based on the general sales price.
At the end of the period, provision for inventory depreciation is made based on a single inventory item; but for
inventory with a large quantity and low unit price, provision for inventory depreciation is made based on the
inventory category. For inventories that are related to the product series produced and sold in the same region,
have the same or similar end-use or purpose, and are difficult to measure separately from other items, the
inventory depreciation reserve shall be accrued in a consolidated manner.
15.4. Inventory system
Perpetual inventory system required
15.5. Amortization method of low-value consumables and packaging
(1) Low-value consumables-one pass method
(2) Packaging- one pass method
16. Contractual assets
If the Company has transferred goods to customers and has the right to receive consideration, and the right
depends on factors other than the time lapses, it is recognized as contractual assets. The Company's unconditional
(that is, only depending on the time lapses) right to collect consideration from customers are separately listed as
receivables.
17. Contractual cost
The cost of obtaining the contract
If the incremental cost (that is, the cost that would not be incurred without obtaining the contract) incurred by the
Company to obtain the contract is expected to be recovered, it shall be recognized as an asset, and use the same
basis for the recognition of the income of goods or services related to the asset for sales, and be included in the
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current profit and loss. If the asset amortization period does not exceed one year, it shall be included in the current
profit and loss when it occurs. Other expenses incurred by the Group in order to obtain the contract shall be
included in the current profit and loss when incurred, except for those clearly borne by the customer.
The cost of fulfilling the contract
The cost incurred by the Company for the performance of the contract that does not fall within the scope of other
accounting standards for business enterprises except the income standard and meets the following conditions at
the same time is recognized as an asset: (1) The cost is directly related to a current or expected contract; (2) The
cost increases the resources of the Group for fulfilling the performance obligations in the future; (3) The cost is
expected to be recovered. The above-mentioned assets are amortized on the same basis as the recognition of the
income of goods or services related to the asset and included in the current profit and loss.
Contract cost impairment
When the Company determines the impairment loss of assets related to the contract cost, it first determines the
impairment loss of other assets related to the contract that are confirmed in accordance with other relevant
enterprise accounting standards; then, based on the difference between the book value of which is higher than the
remaining consideration that the Company is expected to obtain due to the transfer of the asset-related
commodities and the estimated cost of transferring the related commodities, the excess shall be provided for
impairment and recognized as an asset impairment loss.
If the impairment factors of the previous period have changed, causing the aforementioned difference is higher
than the book value of the asset, the original provision for asset impairment shall be reversed and included in the
current profit and loss, but the book value of the asset after the reversal shall not exceed the book value of the
asset on the date of reversal under the assumption that no impairment provision is made.
18. Assets held-for-sale
19.Debt investment
20.Other debt investment
21. Long-term receivables
22. Long-term equity investments
22.1. Criteria judgement for joint control and significant influence
Joint control is the Company’s contractually agreed sharing of control over an arrangement, which relevant
activities of such arrangement must be decided by unanimously agreement from parties who share control. Where
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the Company and other joint ventures exercise joint control over the investee and enjoy the rights to the net assets
of the investee, the investee is a joint venture of the Company.
Significant influence is the right of the Company to participate in the financial and operation decision-making of
an enterprise, but not to control or jointly control the formulation of such policies with other parties. Where the
Company is able to exert significant influence on the investee, the investee shall be a joint venture of the
Company.
22.2. Determination of initial investment cost
(1) Long-term equity investment resulting from enterprise combination
Enterprise combination under the same control: If the Company pays cash, transfers non-cash assets or assumes
debt, and issues equity securities as the consideration for the merger, the share of the book value of the owner's
equity of the combined party in the consolidated financial statements of the ultimate controlling party on the
combining date shall be used as the initial investment cost of long-term equity investment. If it is possible to
control the investee under the same control due to additional investments, etc., the initial investment cost of
long-term equity investment shall be determined based on the share of the book value of the net assets of the
combined party in the consolidated financial statements of the ultimate controlling party on the merger date. The
difference between the initial investment cost of the long-term equity investment on the merger date and the sum
of the book value of the long-term equity investment before the merger plus the book value of the new share
payment consideration obtained on the merger date adjusts the equity premium. If the equity premium is
insufficient to be offset, the retained earnings shall be offset.
Business combination not under the same control: The Company uses the combination cost determined on the
purchase date as the initial investment cost of the long-term equity investment. If it is possible to exercise control
over an investee that is not under the same control due to additional investments, etc., the sum of the book value
of the original equity investment plus the newly increased investment cost is used as the initial investment cost
calculated by the cost method.
(2) Long-term equity investment obtained through other methods
For a long-term equity investment obtained by paying cash, the actually paid purchase price is taken as the initial
investment cost.
For a long-term equity investment obtained by issuing equity securities, the fair value of the issued equity
securities is taken as the initial investment cost.
On the premise that the non-monetary asset exchange has commercial substance and that the fair value of the
assets swapped in or out can be reliably measured, the initial investment cost of the long-term equity investment
swapped in by non-monetary assets exchange is determined by the fair value of assets swapped out and the
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relevant payable taxes and fees, unless there is conclusive evidence that the fair value of the assets swapped in is
more reliable; for non-monetary assets exchange that do not meet the above preconditions, the book value of the
assets swapped out and the relevant taxes and fees payable are used as the initial investment cost of the long-term
equity investment swapped in.
For a long-term equity investment obtained through debt restructuring, its entry value
is determined based on the fair value of the abandoned creditor's rights and other costs such as taxes directly
attributable to the asset, and the difference between the fair value of the abandoned creditor's rights and the book
value is included in the current profit and loss.
22.3. Follow-up measurement and gain/loss recognition
(1) Long-term equity investment measured at cost
The long-term equity investment in subsidiaries shall be measured at cost. In addition to the actual prices or the
announced but yet undistributed cash dividend or profit in consideration valuation, the current investment return is
recognized by the announced cash dividend or profit by the invested units.
(2) Long-term equity investment measured at equity
The long-term equity investment in associated enterprise and joint ventures shall be measured at cost. If the initial
investment cost is greater than than the share of fair value of the invested entity’s identifiable net assets, the initial
investment cost of the long-term equity investment will not be adjusted; if the initial investment cost is less than
than the share of fair value of the invested entity’s identifiable net assets, the difference shall reckoned in current
gains/losses.
The investment gain and other comprehensive income shall be recognized based on the Company’s share of the
net profits or losses and other comprehensive income made by the investee, respectively. Meanwhile, the carrying
amount of long-term equity investment shall be adjusted. The carrying amount of long-term equity investment
shall be reduced based on the Group’s share of profit or cash dividend distributed by the investee. In respect of the
other movement of net profit or loss, other comprehensive income and profit distribution of investee, the carrying
value of long-term equity investment shall be adjusted and included in the owners’ equity.
The Company shall recognize its share of the investee’s net profits or losses based on the fair values of the
investee’s individual separately identifiable assets at the time of acquisition, after making appropriate adjustments
thereto during the accounting period and according to the accounting policy of the Company. During the period of
holding the investment, the investee prepares the consolidated financial statements based on the net profit, other
comprehensive income, and the amount attributable to the investee in changes in other owners' equity in the
consolidated financial statements for business accounting.
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When the Company confirms that it should share the losses incurred by the investee, it shall proceed in the
following order. Firstly, write off the book value of the long-term equity investment. Secondly, if the book value
of the long-term equity investment is not sufficient to offset, the investment loss shall continue to be recognized
within the limit of the book value of long-term equity that substantially constitutes a net investment in the investee,
and offset the book value of long-term receivables. Finally, after the above-mentioned treatment, if the enterprise
still bears additional obligations as stipulated in the investment contract or agreement, the accrual liabilities are
recognized according to the estimated obligations and included in the current investment loss.
(3) Disposal of long-term equity investment
When disposing of a long-term equity investment, the difference between its book value and the actual purchase
price is included in the current profit and loss.
When disposing of a long-term equity investment accounted for by using the equity method, use the same basis as
the investee directly disposes of related assets or liabilities, and make accounting treatment to the portion that was
originally included in other comprehensive income according to the corresponding proportion. The owner's equity
recognized as a result of changes in other owner's equity of the investee other than net profit or loss, other
comprehensive income, and profit distribution is carried forward to the current profit and loss on a pro rata basis,
except for other comprehensive income arising from the remeasurement of the net liabilities or net assets changes
of the defined benefit plan by the investee.
If the joint control or significant influence on the investee is lost due to the disposal of part of the equity
investment, etc., the remaining equity after disposal shall be calculated in accordance with the financial instrument
recognition and measurement standards, and the difference between the fair value and the book value on the day
of losing the joint control or significant influence is included in the current profit and loss. Other comprehensive
income of the original equity investment recognized due to using the equity method for accounting shall adopt the
accounting treatment on the same basis as the investee directly disposes of related assets or liabilities when
terminating the adoption of equity method for accounting. The owner's equity recognized as a result of changes in
the owner's equity other than net profit or loss, other comprehensive income and profit distribution of the investee
is transferred to current profit and loss when terminating the adoption of equity method for accounting.
The control over the investee is lost due to the disposal of part of the equity investment and the capital increase in
the subsidiary by other investors resulting in a decline in the shareholding ratio of the Company, in preparing
separate financial statements, the remaining equity interest which can apply common control or impose significant
influence over the investee shall be accounted for using equity method. Such remaining equity interest shall be
treated as accounting for using equity method since it is obtained and adjustment was made accordingly. For
remaining equity interest which cannot apply common control or impose significant influence over the investeel,
it shall be accounted for using the recognition and measurement standard of financial instruments. The difference
between its fair value and carrying amount as at the date of losing control shall be included in profit or loss for the
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current period.
The disposed equity is obtained through business combination due to additional investment and other reasons,
when preparing individual financial statements, if the remaining equity after disposal uses cost method or equity
method for accounting, the equity investments held before the acquisition date shall be carried forward in
proportion to other comprehensive income and other owner's equity recognized through equity method accounting;
For the remaining equity interest after disposal accounted for using the recognition and measurement standard of
financial instruments, other comprehensive income and other owners’ equity shall be fully transferred.
23. Investment real estate
Measurement mode of the investment real estate
Measure by cost
Depreciation or amortization method
Investment real estate is defined as the real estate with the purpose to earn rent or capital appreciation or both,
including the rented land use rights and the land use rights which are held and prepared for transfer after
appreciation, the rented buildings. (Including buildings for lease after self-construction or development activities
completed and buildings under construction or development for lease in the future)
Investment real estate of the Company are measured at cost model. The Investment real estate- rental buildings
measured at cost model has the same depreciation policy as fixed assets, the land use right for lease is exercise the
amortization policy as intangible assets.
24. Fixed assets
(1) Recognition conditions
Fixed assets is defined as the tangible assets which are held for the purpose of producing goods, providing
services, lease or for operation & management, and have more than one fiscal year of service life. Fixed assets are
recognized when the following conditions are simultaneously met:
(1) The economic benefits with the fixed assets concerned are likely to flow into the enterprise; and
(2) cost of the fixed assets can be measured reliably.
(2)Depreciation method
Category Depreciation method Depreciation period Residuals rate Annual depreciation rate
Houses and buildings Average age method 20-year 10 4.5
Equipment-fuel The work quantity 10
machinery sets(Note) method
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Equipment (fuel 15-20 years 10 4.5-6
Average age method
machinery sets excluded)
Transportation tools Average age method 5-year 10 18
Other Average age method 5-year 10 18
The depreciation of fixed assets is calculated and accrued by the straight-line depreciation method, and the depreciation rate is
determined according to the fixed asset category, estimated useful life and estimated net residual value rate. If the service life of each
component of the fixed asset is different or the economic benefits are provided to the enterprise in different ways, different
depreciation rates or depreciation methods shall be selected and depreciation shall be calculated separately.
Note: gas turbine generator set is provided with depreciation under workload method, namely to determine the depreciation amount
per hour of gas turbine generator set based on equipment value, predicted net remaining value and predicted generation hours. Details
are set out as follows:
Name of the Company
Fixed assets Depreciation amount (RMB/Hour)
The Company 538.33
Generating unit 1#
601.20
Generating unit 3#
New Power Generating unit 10# 520.61
Zhongshan Electric Power 4,246.00
Generating unit 1#
4,160.83
Generating unit 3#
(3) Recognition basis, valuation and depreciation method of financial leased fixed assets
25. Construction-in-progress
Construction in progress take the necessary expenditures incurred before the construction of the asset reaching the
expected usable state as the entry value of the fixed assets. If the constructed fixed assets have reached the
expected usable state of the project, but the final accounts for completion have not yet been processed, from the
date of reaching the expected usable state, the constructed fixed assets will be transferred to the fixed assets at the
estimated value based on the project budget, cost, or actual project cost, and accrue the depreciation of fixed
assets according to the Company's fixed asset depreciation policy, and adjust the original temporary estimated
value according to the actual cost after completing the final accounts, but not adjust the original accrued
depreciation amount.
26. Borrowing expenses
26.1.Recognition principle of the capitalization of borrowing expenses
Borrowing expenses include interest, amortization of discounts or premiums related to borrowings, ancillary costs
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incurred in connection with the arrangement of borrowings, and exchange differences arising from foreign
currency borrowings.
If the borrowing expenses incurred by the company can be directly attributable to the acquisition, construction or
production of assets that meet the capitalization conditions, they shall be capitalized and included in the cost of
the relevant assets; other borrowing expenses shall be recognized as expenses based on the amount incurred when
incurred and included in current profit and loss.
Assets qualified for capitalization, refers to the fixed assets, investment real estate, inventory and other assets that
require a considerable period of time for purchase, construction or production activities to reach the intended use
or sale status.
The capitalization of borrowing expenses starts when the following conditions are met at the same time:
(1) Asset expenditures have occurred, including expenditures in the form of paying cash, transferring non-cash
assets, or assuming interest-bearing debts for the acquisition, construction or production of assets that meet the
conditions for capitalization;
(2) borrowing expenses have incurred;
(3) The acquisition, construction or production activities necessary for the assets to reach the intended usable or
saleable state have begun.
26.2. Period of capitalization of borrowing expenses
The period of capitalization refers to the period from the point when the capitalization of the borrowing expenses
starts to the point when the capitalization is stopped. The period during which the capitalization of the borrowing
expenses is suspended is not included.
When the acquisition, construction or production of assets that meet the capitalization conditions reaches the
intended usable or saleable state, the capitalization of borrowing expenses shall cease.
When part of projects in the acquisition, construction or production of assets that meet the capitalization
conditions are completed separately and can be used independently, the capitalization of the borrowing expenses
of the part of the assets shall be stopped.
If each part of the assets purchased, constructed or produced is completed separately, but cannot be used or sold
until the entirety is completed, the capitalization of borrowing expenses shall be stopped when the entire asset is
completed.
26.3. The period of suspension of capitalization
If an abnormal interruption occurs during the acquisition, construction or production of an asset that meets the
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capitalization conditions, and the interruption lasts for more than 3 months, the capitalization of borrowing
expenses shall be suspended; if the interruption is the necessary procedure for the acquisition, construction or
production of assets that meet the capitalization conditions to reach the intended usable state or saleable state, the
borrowing expenses shall continue to be capitalized. The borrowing expenses incurred during the interruption
period shall be recognized as the current profit and loss, and the borrowing expenses shall continue to be
capitalized until the acquisition, construction or production of the asset restarts.
26.4. Calculation method of capitalization rate and capitalization amount of borrowing expenses
For special loans borrowed for the acquisition, construction or production of assets that meet the capitalization
conditions, the amount after subtracting the interest income obtained by depositing the unused borrowing funds in
the bank or the investment income obtained from temporary investment from the actual borrowing expenses
incurred in the current period of the special loans is used to determine the capitalized amount of borrowing
expenses.
For general borrowings used for the acquisition, construction or production of assets that meet the capitalization
conditions, the amount of borrowing expenses that should be capitalized for general borrowings is calculated and
determined based on the weighted average of the asset expenditures of the accumulated asset expenditure
exceeding the part of the special borrowings multiplied by the capitalization rate of the general borrowings used.
The capitalization rate is calculated and determined based on the weighted average interest rate of general
borrowings.
27. Biological assets
28. Oil and natural gas assets
29. Right-of-use assets
30. Intangible assets
(1)Valuation method, service life and impairment test
30.1. Valuation methods of intangible assets
(1) When the company obtains intangible assets, they shall be initially measured at cost;
The cost of outsourcing intangible assets includes the purchase price, relevant taxes, and other expenditures
incurred to make the assets reach the intended purpose. If the purchase price of intangible assets have a delay in
payment beyond normal credit conditions and is of financing nature, the cost of intangible assets is determined on
the basis of the current value of the purchase price.
For intangible assets used by the debtor to repay the debt through debt restructuring, the entry value is determined
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by the fair value of the waived creditor’s rights and other costs that can be directly attributable to the tax incurred
to make the asset reach its intended use, and the difference between the fair value and the book value of the
waived creditor's rights is included in the current profit and loss.
On the premise that the non-monetary asset exchange has commercial substance and the fair value of the swap-in
assets and the swap-out assets can be reliably measured, the entry value of the swap-in intangible assets through
non-monetary assets exchange is determined on the basis of the fair value of the swap-out assets, unless there is
conclusive evidence that the fair value of the swap-in assets is more reliable; for non-monetary asset exchanges
that do not meet the above premises, the book value of the swap-out assets and the relevant taxes and fees payable
shall be used as the cost of the swap-in intangible assets, but not recognize the profit and loss.
(2) Follow-up measurement
Analyze and judge the service life of intangible assets when acquiring them.
Intangible assets with a limited service life are amortized on a straight-line basis within the period of economic
benefits brought to the enterprise; or the intangible assets shall be regarded as with an uncertain service life if the
period of economic benefits brought by intangible assets cannot be foreseen, and shall not be amortized.
30.2. Estimated service life of intangible assets with limited service life
An intangible asset with a limited useful life shall be amortized evenly over the expected useful life using the
straight-line method for the original value minus the estimated net residual value and the accumulated amount of
provision for impairment from the time it is available for use. Intangible assets with uncertain service life shall not
be amortized.
At the end of the period, review the useful life and amortization method of intangible assets with a limited useful
life. If there is any change, it will be treated as a change in accounting estimates.
30.3. Judgment basis for intangible assets with uncertain service life and procedures for reviewing their
service life
To review the service life of an intangible asset with a uncertain service life, if there is evidence that the period of
economic benefits brought by the intangible asset is predictable, estimate its service life and amortize according to
the amortization policy for intangible assets with limited service life.
(2)Accounting policy for internal R&D expenditure
1. Specific criteria for dividing the research phase and the development phase
The company's internal research and development project expenditures are divided into research phase
expenditures and development phase expenditures.
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Research phase: it’s the phase of planned investigations and research activities with originality to acquire and
understand new scientific or technical knowledge, etc.
Development phase: it’s the phase to apply the research results or other knowledge to a certain plan or design so
as to produce new or substantially improved materials, devices, products and other activities before commercial
production or use.
Specific criteria for expenditure in the development phase to conform to capitalization
Expenditures in the development stage of internal research and development projects are recognized as intangible
assets when the following conditions are met simultaneously:
1. It is technically feasible to complete the intangible asset so that it can be used or sold;
2. There is an intention to complete the intangible asset and use or sell it;
3. The way that intangible assets generate economic benefits, including the ability to prove that the products
produced by the intangible assets are marketable or the intangible assets themselves are marketable, and the
intangible assets will be used internally, which can prove their usefulness;
4. There are sufficient technical, financial and other resource supports to complete the development of the
intangible asset, and have the ability to use or sell the intangible asset;
5. The expenditure attributable to the development stage of the intangible asset can be reliably measured.
31. Impairment of long-term assets
Long-term equity investments, investment real estate measured by the cost model, fixed assets, construction in
progress, intangible assets with limited service life and other long-term assets that show signs of impairment on
the balance sheet date shall be tested for impairment. If the impairment test result shows that the recoverable
amount of an asset is less than its carrying amount, the impairment provision will be made according to the
difference and recognized as an impairment loss. The recoverable amount of an asset is the higher of its fair value
less costs of disposal and the present value of the future cash flows expected to be derived from the asset.
Provisions for assets impairment shall be made and recognized for the individual asset. If it is not possible to
estimate the recoverable amount of the individual asset, the Group shall determine the recoverable amount of the
asset group to which the asset belongs. The asset group is the smallest group of assets capable of generating cash
flows independently.
As for the goodwill, intangible assets with an indefinite useful life and intangible assets beyond working
conditions, the impairment tests shall be carried out at least at the end of each year.
The Company conducts a goodwill impairment test. The book value of the goodwill formed by the business
combination shall be allocated to the relevant asset group according to a reasonable method from the date of
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purchase; if it is difficult to allocate to the relevant asset group, it shall be allocated to the relevant portfolio of
asset groups. The Company allocates the book value of goodwill based on the relative benefits that the relevant
asset group or portfolio of asset groups can obtain from the synergies of the business combination, and conducts a
goodwill impairment test on this basis.
When conducting an impairment test on a related asset group or portfolio of asset groups that contains goodwill, if
there are signs of impairment for an asset group or portfolio of asset groups related to goodwill, the asset group or
portfolio of asset groups that does not contain goodwill should be tested first, calculate the recoverable amount,
and compare it with the relevant book value to confirm the corresponding impairment loss. Then conduct an
impairment test on the asset group or portfolio of asset groups that contains goodwill, and compare the book value
of these related asset groups or asset group portfolios (including the book value of the allocated goodwill) with the
recoverable amount, if the recoverable amount of the relevant asset group or the asset group portfolio is lower
than its book value, the impairment loss of goodwill shall be recognized. Once the above assets impairment loss is
recognized, it will not be carried back in future accounting periods.
32. Long-term expenses to be apportioned
The Company's Long-term expenses to be apportioned refer to the expenses that have been paid, but the benefit
period is more than one year (excluding one year). Long-term expenses to be apportioned are amortized in
installments according to the benefit period of the expense items. If the long-term deferred expense item cannot
benefit the future accounting period, all the amortized value of the item that has not been amortized shall be
transferred to the current profit and loss.
33. Contractual liabilities
Contractual liabilities refer to the Company's obligation to transfer goods or services to customers for
consideration received or receivable from customers. Contractual assets and contractual liabilities under the same
contract are presented in net amount.
34. Staff remuneration
(1) Accounting treatment of a short-term compensation
During the accounting period when employees provide services to the Company, the Company recognizes the
actual short-term compensation as a liability and includes it in the current profit and loss or the cost of related
assets.
The social insurance premiums and housing provident fund paid by the Company for employees, as well as the
labor union funds and employee education funds drawn in accordance with the regulations, of which the
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corresponding employee compensation amount shall be calculated and determined according to the specified
accrual basis and accrual ratio during the accounting period when the employees provide services to the Company.
If employee welfare expenses are non-monetary and can be measured reliably, they shall be measured at fair
value.
(2)Accounting treatment methods for post-employment benefits
(1) Defined contribution plans
The Company pays basic endowment insurance and unemployment insurance for employees in accordance with
the relevant regulations of the local government. During the accounting period when employees provide services
to the Company, the amount payable is calculated based on the local payment base and proportion, recognized as a
liability, and included in current profit and loss or related asset cost.
In addition to basic endowment insurance, the Company has also established an enterprise annuity payment
system (supplementary endowment insurance)/enterprise annuity plan in accordance with the relevant policies of
the national enterprise annuity system. The Company pays a certain percentage of the total wages of employees to
the local social insurance agency/annuity plan, and the corresponding expenditure is included in the current profit
and loss or the cost of related assets.
(2) Defined benefit plans
The Company assigns the welfare obligations arising from the defined benefit plans to the period during which the
employees provide services according to the formula determined by the expected cumulative welfare unit method,
and includes them in the current profit and loss or the cost of related assets.
The deficit or surplus formed by the present value of the defined benefit plan’s obligations minus the fair value of
the defined benefit plan’s assets is recognized as a defined benefit plan’s net liabilities or net assets. If there is a
surplus in the defined benefit plan, the Company shall use the lower of the surplus of the defined benefit plan and
the asset ceiling to measure the net assets of the defined benefit plan.
All defined benefit plans obligations, including obligations expected to be paid within twelve months after the end
of the annual reporting period in which employees provide services, are discounted based on the market yield of
the national debt matching with the obligation period and currency of the defined benefit plan or the high-quality
corporate bonds in an active market on the balance sheet date.
The service cost incurred by the defined benefit plan and the net interest of the net liabilities or net assets of the
defined benefit plan are included in the current profit and loss or the related asset cost; the changes in net
liabilities or net assets resulting from the remeasurement of defined benefit plans are included in other
comprehensive income, and shall not be transferred back to profit or loss in the subsequent accounting period, and
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the part that was originally included in other comprehensive income will be carried forward to undistributed profit
within the scope of equity when the original defined benefit plan is terminated.
In the settlement of the defined benefit plan, the difference between the present value of the obligation of the
defined benefit plan and the settlement price determined on the settlement date is used to confirm the settlement
gain or loss.
(3) Accounting treatment methods for dismissal benefits
When the Company cannot unilaterally withdraw the dismissal benefits provided by the termination of the labor
relationship plan or redundancy proposal, or when confirming the costs or expenses related to the reorganization
involving the payment of the dismissal benefits (the earlier of the two), recognize employee compensation
liabilities arising from dismissal benefits and include in the current profit and loss.
(4)Accounting treatment methods for other long-term employee benefits
35. Lease liability
36. Accrual liability
36.1. Recognition criteria
The obligations with contingencies concerned as litigation, debt guarantee and contract in loss are recognized as
accrual liability when the following conditions are met simultaneously:
(1) the liability is the current liability that undertaken by the Company;
(2) the liability has the probability of result in financial benefit outflow; and
(3) the responsibility can be measured reliably for its value.
36.2. Measurement on vary accrual liability
The Company's accrual liabilities are initially measured based on the best estimate of the expenditure required to
perform the relevant current obligations.
When determining the best estimate, the Company comprehensively considers factors such as risks, uncertainties
and time value of money related to contingencies. If the time value of money has a significant impact, the best
estimate is determined after discounting the relevant future cash outflows.
The best estimates are handled separately in the following situations:
If there is a continuous range (or interval) for the required expenditure, and the probability of occurrence of
various results within this range is the same, the best estimate is determined according to the middle value of the
range, that is, the average number of the upper and lower limits.
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There is no continuous range (or interval) for the required expenditure, or although there is a continuous range, the
possibility of occurrence of various results within the range is not the same, if the contingency involves a single
item, the best estimate shall be determined based on the amount most likely to occur; if the contingency involves
multiple items, the best estimate shall be calculated and determined according to various possible outcomes and
related probabilities.
If all or part of the expenditures required by the Company to settle the accrual liabilities are expected to be
compensated by a third party, the compensation amount shall be separately recognized as an asset when it is
basically certain that it can be received, and the confirmed compensation amount shall not exceed the book value
of the accrual liability.
37.Share-based payment
38. Other financial instrument as preferred stock and perpetual bonds
39. Revenue
Accounting policies used in revenue recognition and measurement
General principles
The Company recognizes the income when it has fulfilled its performance obligations in the contract, that is,
when the customer has obtained control of the relevant goods or services. The performance obligation refers to the
commitment in the contract that the Group transfers clearly distinguishable goods or services to the customer.
Obtaining control over related goods or services means being able to lead the use of the goods or the provision of
the service and obtain almost all of the economic benefits.
For a performance obligation that meets one of the following conditions and is performed within a certain period
of time, the Company recognizes revenue within a period of time according to the performance of the contract: (1)
The customer obtains and consumes the economic benefits brought by the Company's performance at the same
time as the Company fulfills the contract; (2) The customer can control the products under construction during the
performance of the Company; (3) The products produced during the performance of the Company have
irreplaceable uses, and the Company has the right to collect payment for the accumulated performance part that
has been completed so far during the entire contract period. Otherwise, the Company recognizes revenue at the
point when the customer obtains control of the relevant goods or services.
Variable consideration
Some of the Company’s contracts with customers include sales rebates, quantity discounts, commercial discounts,
performance bonuses and claims, which forms variable consideration. The Company determines the best estimate
of the variable consideration based on the expected value or the most likely amount, but the transaction price that
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includes the variable consideration does not exceed the amount that the accumulated recognized revenue is most
unlikely to be materially reversed when the relevant uncertainty is eliminated.
Significant financing component
If there is a significant financing component in the contract, the Company shall determine the transaction price
based on the amount payable in cash when the customer assumes control of the goods or services. The difference
between the transaction price and the contract consideration shall be amortized by the effective interest method
during the contract period.
On the starting date of the contract, if the company expects the customer to obtain control of the product and the
customer pays the payment within one year, the significant financing component in the contract will not be
considered.
Non-cash consideration
If the customer pays a non-cash consideration, the Company shall determine the transaction price based on the fair
value of the non-cash consideration. If the fair value of the non-cash consideration cannot be reasonably estimated,
the Company indirectly determines the transaction price by referring to the stand-alone selling price of the goods
promised to be transferred to the customer. If the fair value of non-cash consideration changes due to reasons
other than the form of consideration, it shall be used as variable consideration for accounting treatment in
accordance with relevant regulations.
Consideration payable to customers
For the consideration payable to customers, the Company offsets the transaction price from the consideration
payable to the customer, and offsets the current revenue at the time point of the later when the relevant revenue is
recognized and the promised payment of the customer consideration, unless the consideration payable is to obtain
other clearly distinguished products from the customer.
Sales with sales return clauses
For sales with a sales return clause, when the customer obtains control of the relevant product, our company
recognizes the revenue in accordance with the amount of consideration expected to be entitled to be collected due
to transfer of goods to customers (that is, does not include the amount expected to be refunded due to sales
returns), and recognizes liabilities in accordance with the amount expected to be refunded due to sales returns. At
the same time, according to the expected book value of the returned goods at the time of transfer, the balance after
deducting the estimated cost of recovering the goods (including the value impairment of the returned goods) is
recognized as an asset, and the net carry-over cost of the above asset cost is deducted according to the book value
of the transferred commodity at the time of transfer. On each balance sheet date, re-estimate the future sales return
situation, and if there is any change, it will be treated as a change in accounting estimates.
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Sales with quality assurance clauses
For sales with quality assurance clauses, if the quality assurance provides a separate service in addition to
ensuring that the goods or services sold to the customer meet the established standards, the quality assurance
constitutes a single performance obligation. Otherwise, the Company will make an accounting treatment for
quality assurance responsibilities in accordance with the "Accounting Standards for Business Enterprises No. 13 -
Contingencies".
Principal and agent
The Company judges whether the Company’s identity is the principal responsible person or an agent at the time of
the transaction based on whether it has control over the product or service before the transfer of the product or
service to the customer. If the Company is able to control the products or services before transferring the
products or services to the customers, the Company is the principal responsible person, and the income is
recognized based on the total consideration received or receivable; otherwise, the Company is the agent, and the
income is recognized according to the amount of commission or handling fee expected to have the right to collect,
the amount is determined according to the net amount of the total consideration received or receivable after
deducting the price payable to other related parties, or according to the established commission amount or ratio.
Sales with additional purchase options for customers
For sales with additional purchase options for customers, the Company assesses whether the option provides
customers with a major right. If an enterprise provides a major right, it shall be a single performance obligation,
and the transaction price shall be allocated to the performance obligation in accordance with the relevant
provisions of the standards. When the customer exercises the purchase option in the future to obtain control of the
relevant commodity, or when the option lapses, the corresponding income shall be recognized. If the stand-alone
selling price of the customer's additional purchase option cannot be directly observed, the Company shall
reasonably estimate after considering all relevant information such as the difference between the discounts that the
customer can obtain from exercising and not exercising the option, the possibility of the customer exercising the
option, etc.. Although the customer has additionally purchased the commodity option, the price at the time when
the customer exercises the option to purchase the commodity reflects the stand-alone selling price of these
commodities, and it should not be considered that the company has provided the customer with a major right.
Grant intellectual property licenses to customers
If an intellectual property license is granted to a customer, the Company assesses whether the intellectual property
license constitutes a single performance obligation in accordance with the relevant provisions of the standards,
and if it constitutes a single performance obligation, it shall further determine whether it will be performed within
a certain period of time or at a certain point in time.
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When the following conditions are met at the same time, the relevant revenue is recognized as a performance
obligation performed within a certain period of time; otherwise, the relevant revenue is recognized as a
performance obligation performed at a certain point in time:
(1) Contract requirements or customers can reasonably expect that the enterprise will engage in activities that have
a significant impact on the intellectual property rights;
(2) The activity will have a favorable or unfavorable impact on customers;
(3) The activity will not result in the transfer of a certain commodity to the customer.
After-sales repurchase transaction
For after-sales repurchase transactions, the Company distinguishes the following two situations for accounting
treatment:
(1) If there is a repurchase obligation due to the existence of a long-term arrangement with the customer or the
Company enjoys the repurchase right, the Company shall conduct the corresponding accounting treatment as a
lease transaction or financing transaction. Among them, if the repurchase price is lower than the original selling
price, it shall be regarded as a lease transaction, and shall be accounted for in accordance with the relevant
provisions of the standards; if the repurchase price is not lower than the original selling price, it shall be regarded
as a financing transaction, and the financial liabilities shall be confirmed when receiving the client's payment, and
the difference between the payment and the repurchase price is recognized as interest expenses during the
repurchase period. If the Company fails to exercise the repurchase right upon maturity, when the repurchase right
expires, the financial liabilities is derecognized, and the revenue is recognized at the same time.
(2) If the Company is obliged to repurchase commodities at the request of the customer, it shall assess whether the
customer has a major economic motivation to exercise the right of claim on the commencement date of contract.
If the customer has a major economic motivation to exercise the right of claim, the enterprise shall treat the
after-sale repurchase as a lease transaction or financing transaction, and conduct accounting treatment in
accordance with the provisions of present article (1); otherwise, the Company will treat it as a sales transaction
with a sales return clause, and perform accounting treatments in accordance with relevant regulations of the
standards.
Customer's unexercised rights
If the Company receives advance payments from customers for sales of goods, it shall first recognize the
payments as liabilities, and then convert them into revenue when the relevant performance obligations are fulfilled.
When the advance payment does not need to be refunded and the customer may waive all or part of its contract
rights, the Company expects to be entitled to obtain the amount related to the contract rights waived by the
customer, and the above-mentioned amount shall be recognized as revenue in proportion to the mode in which the
customer exercises the contractual rights. Otherwise, the Company can only convert the relevant balance of the
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above liabilities into income when the possibility of the customer requesting it to perform the remaining
performance obligations is extremely low.
Initial fee no need to be refunded
The initial fee collected by the Company from the customer on the commencement date of the contract (or close
to the commencement date) shall be included in the transaction price, and it shall be assessed whether the initial
fee is related to the transfer of the promised goods to the customer. If the initial fee is related to the transfer of the
promised goods to the customer, and the goods constitutes a single performance obligation, the Company
recognizes the income at the transaction price allocated to the goods when transferring the goods. If the initial fee
is related to the goods promised to transfer to the customer, but the goods does not constitute a single performance
obligation, the Company will recognize the income at the transaction price allocated to the single performance
obligation when the single performance obligation containing the product is fulfilled. If the initial fee is not
related to the goods promised to transfer to the customer, it shall be used as an advance payment for the goods to
be transferred in the future, and shall be recognized as income when the goods is transferred in the future.
If the Company has collected an initial fee that does not need to be refunded and should carry out initial activities
to perform the contract, but these activities do not transfer the promised goods to the customer, the initial fee is
related to the goods promised to be transferred in the future, and should be recognized as revenue when
transferring the goods in the future, and the Company does not consider these initial activities when determining
the progress of the contract. The Company’s expenditures for the initial activities should be recognized as an asset
or included in the current profit and loss in accordance with the relevant provisions of the standards.
Specific principles
The Company recognizes the revenue when it fulfills its performance obligations in the contract, that is, when the
customer obtains control of the relevant goods or services. Obtaining control over related goods or services means
being able to lead the use of the goods or the provision of the service and obtain almost all of the economic
benefits from it.
(1) Commodity sales revenue
The sales contract between the Company and the customers usually only contains the performance obligation for
the transferred goods. The Company usually recognizes revenue at a certain point in time on the basis of
comprehensive consideration of the following factors: obtaining the current right to receive payment of the goods,
the transfer of major risks and rewards in the ownership of the goods, the transfer of the legal ownership of the
goods, and the transfer of the physical asset of the goods, the customer accepts the goods.
Electricity sales revenue
The Company produces electricity through firepower and realizes sales through integration into Guangdong
Power Grid. For electricity sales, the Company recognizes the realization of revenue when it has produced
electricity and obtains the grid electricity statistical table confirmed by the Electric Power Bureau.
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(2) Income from rendering of labor services
The service contracts between the Company and the customers usually include performance obligations such as
operation and maintenance services, labor services, etc.
The Company evaluates the contract on the start date of the contract, identifies each individual performance
obligation contained in the contract, and determines whether each individual performance obligation is performed
within a certain period of time or at a certain point in time. If one of the following conditions is met, it is a
performance obligation performed within a certain period of time, the Company recognizes revenue within a
period of time according to the progress of the contract:
(1) The customer obtains and consumes the economic benefits brought by the Company's performance at the same
time as the Company's performance;
(2) Customers can control the products under construction during the performance of the Company;
(3) The goods produced by the Company during the performance of the contract have irreplaceable uses, and the
Company has the right to collect payment for the cumulative performance part that has been completed so far
during the entire contract period. Otherwise, the Company recognizes revenue at the time point when the customer
obtains control of the relevant goods or services.
①Recognition standards of income from labor services provided by Environment Protection Company:
The company recognizes revenue based on the obtained sludge treatment settlement statement jointly confirmed
with the transportation company, the water purification unit, and the company.
②Specific standards for revenue recognition of Engineering Company:
Debugging projects: when the debugging is successful, obtain the confirmation of successful debugging, and
recognize the income according to the contract;
Operation and maintenance, management projects: monthly revenue is temporarily estimated and recognized
based on attendance time and labor prices of attendants, and the temporary estimated revenue will be adjusted
after obtaining the monthly statement confirmed by the supplier's stamp and signature, the progress confirmation
letter, and the attendance sheet.
Differences in accounting policies for revenue recognition due to the different operation models for the same type
of business
40. Government subsidy
40.1. Type
Government subsidy refers to the monetary asset and non-monetary asset that the Company obtains from the
government free of charge which are divided into the asset-related government subsidy and the income-related
government subsidy.
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Government subsidies related to assets refer to government subsidies obtained by the Company for purchase and
construction or to form long-term assets in other ways. Government subsidies related to income refer to
government subsidies other than government subsidies related to assets.
40.2 Time point of recognition
If there is evidence at the end of the period that the company can meet the relevant conditions stipulated in the
financial support policy and is expected to receive financial support funds, the government subsidy shall be
recognized according to the amount receivable. In addition, government subsidies are confirmed when they are
actually received.
If a government subsidy is a monetary asset, it shall be measured at the amount received or receivable. If a
government subsidy is a non-monetary asset, it shall be measured at its fair value; if its fair value cannot be
obtained reliably, it shall be measured at its nominal amount (1 yuan). Government subsidies measured at their
nominal amounts are directly included in the current profits and losses.
40.3. Accounting treatment
Government subsidies related to assets are used to offset the book value of related assets or be recognized as
deferred income, those recognized as deferred income shall be included in the current profit and loss (those related
to the Company’s daily activities shall be included in other income; those not related to the Company’s daily
activities shall be included in the non-operating income) in a reasonable and systematic way within the useful life
of the relevant assets;
Government subsidies related to income that are used to compensate the Company’s related costs or losses in
subsequent periods shall be recognized as deferred income, and shall be included in the current profits and losses
(those related to the Company’s daily activities shall be included in other income; those not related to the
Company’s daily activities shall be included in the non-operating income) or used to offset related costs or losses
during the period when the relevant costs or losses are recognized; those used to compensate the Company’s
related costs or losses are directly included in the current profits and losses (those related to the Company’s daily
activities shall be included in other income; those not related to the Company’s daily activities shall be included in
the non-operating income) or used to offset related costs or losses.
The policy-related preferential loan interest discount obtained by the Company is divided into the following two
situations and is accounted for separately:
(1) The finance allocates interest subsidy to the lending bank, if the lending bank provides loans to the Company
at a preferential policy interest rate, the Company uses the amount of borrowing actually received as the entry
value of the loan, and calculates the related borrowing costs according to the loan principal and the policy
preferential interest rates.
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(2) If the finance directly allocates interest subsidy funds to the Company, the Company will offset the
corresponding interest discount against the relevant borrowing costs.
41. Deferred income tax asset/ deferred income tax liability
For deductible temporary differences to recognize deferred income tax assets, they shall be within the limit of the
taxable income that is likely to be obtained in the future to deduct deductible temporary differences. For the
deductible losses and tax deductions that can be carried forward for subsequent years, they shall be within the
limit of the future taxable income that is likely to be used to deduct the deductible losses and tax deductions to
recognize the corresponding deferred income tax assets.
For taxable temporary differences, except for special circumstances, deferred income tax liabilities are recognized.
Special circumstances that do not recognize deferred income tax assets or deferred income tax liabilities include
initial recognition of goodwill; Other transactions or matters that do not affect accounting profits or taxable
income (or deductible losses) when they occur except for a business combination.
When having the statutory right to settle on a net basis, and intending to settle on a net basis or obtain assets and
pay off liabilities at the same time, the current income tax assets and current income tax liabilities are presented as
the net amount after offsetting.
When having the statutory right to settle current income tax assets and current income tax liabilities on a net basis,
and the deferred income tax assets and deferred income tax liabilities are related to the income tax levied by the
same tax administration department on the same taxpayer or related to different taxpayers, however, in the future
period during which important deferred income tax assets and liabilities are reversed, when the taxpayer involved
intends to settle the current income tax assets and liabilities on a net basis or obtain assets and repay liabilities at
the same time, the deferred income tax assets and deferred income tax liabilities are presented as the net amount
after offsetting.
42. Leasing
42.1. Accounting treatment of operating leases
(1) The lease fee paid by the company for rented assets shall be apportioned on a straight-line basis during the
entire lease period without deducting the rent-free period and included in the current expenses. The initial direct
expenses related to the lease transaction paid by the company shall be included in the current expenses.
When the asset lessor bears the lease-related expenses that should be borne by the company, the company deducts
this part of the cost from the total rent, amortizes according to the deducted rental expenses during the lease term,
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深圳南山热电股份有限公司 2021 年半年度报告全文
and reckons it in the current expenses.
(2) The lease fee charged by the company for lease of assets shall be apportioned on a straight-line basis during
the entire lease period without deducting the rent-free period and recognized as lease-related income. The initial
direct expenses related to the lease transaction paid by the company shall be included in the current expenses; if
the amount is large, it shall be capitalized and included in the current income in installments based on the same
basis as the lease-related income recognition during the entire lease period.
When the company bears the lease-related expenses that should be borne by the lessee, the company deducts this
part of the expenses from the total rental income, and distributes according to the deducted rental expenses during
the lease term.
42.2. Accounting treatment of financial leasing
(1) Financing rent in assets: on the start date of the lease, the company takes the lower of the fair value of the
leased asset and the present value of the minimum lease payment as the entry value of the leased asset, and the
minimum lease payment as the entry value of of long-term payable, and the difference is regarded as
unrecognized financing expenses. Refer to Note V (24) Fixed Assets for the identification basis, valuation and
depreciation methods of finance leased assets.
The company uses the effective interest method to amortize unrecognized financing expenses during the asset
lease period and include them in financial expenses.
(2) Financing rent out assets: on the start date of the lease, the company recognizes the difference between the
sum of receivable financing lease payments and unguaranteed residual value and its present value as unrealized
financing income as unrealized financing income, which is recognized as rental income during each period when
the rent is received in the future, the company's initial direct expenses related to the lease transactions are included
in the initial measurement of the financial lease receivables, and the amount of income recognized during the lease
period is reduced.
43. Other major accounting policies and estimation
44. Changes of major accounting policy and accounting estimation
(1)Change of major accounting policies
□Applicable √Not applicable
(2)Change of accounting estimation
□Applicable √Not applicable
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(3)Adjustment the financial statements at the beginning of the first year of implementation of new leasing
standards since 2021
Not applicable
(4) Retrospective adjustment of early comparison data description when initially implemented the new
leasing standards since 2021
□Applicable √Not applicable
45. Other
VI. Taxes
1. Main taxation and rates
Taxation items Taxation basis Tax rate
Calculate the output tax based on the sales
of goods and taxable service income
calculated according to the tax law, after
VAT 13%, 9%, 6%
deducting the input tax allowable for
deduction in the current period, the
difference is the VAT payable.
According to the actual payment of VAT
City maintenance tax 7%, 5%
and consumption tax
Enterprise income tax According to the taxable income amount 25%, 17%, 16.5%, 15%
According to the actual payment of VAT
Education surtax 3%
and consumption tax
According to the actual payment of VAT
Local education surtax 2%
and consumption tax
The tax rate shall be calculated and paid at
1.2% of the remaining value of the original
value of the property after a deduction of
30% if it is calculated according to the
Property tax
residual value of the property, the tax rate
shall be calculated and paid at 12% of the
property rental income if it is calculated
according to the property rental income.
2 Yuan ~ 8Yuan per square meter of the
Land-use tax of town
actual occupied are for the industrial land
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深圳南山热电股份有限公司 2021 年半年度报告全文
located in Nanshan District, Shenzhen
City; 1Yuan per square meter of the actual
occupied are for the industrial land located
in Zhongshan City
As for the taxpaying bodies have different enterprise income tax rate, explanation as:
Taxpaying body Rate of income tax
The Company 25%
New Power Company 25%
Engineering Company 15%
Shenzhen Server 25%
Environment Protection Company 15%
Zhongshan Electric Power 25%
Singapore Company 17%
Shen Storage 25%
Syndisome (Hong Kong) 16.5%
2. Taxes preferential
(1)Income tax preferential policies:
①According to the announcement (No. 60 of 2019) of the Ministry of Finance, the State Administration of
Taxation, the National Development and Reform Commission, and the Ministry of Ecological Environment, and
the Announcement on Issues Concerning Income Tax Policies for Third-Party Enterprises Engaged in Pollution
Prevention and Control of the Ministry of Finance and the State Administration of Taxation, from January 1, 2019
to December 31, 2021, the corporate income tax will be levied at a reduced rate of 15% on eligible third-party
enterprises engaged in pollution prevention and control. The Company’s subordinate Environment Protection
Company enjoys the above preferential policy and levies corporate income tax at a rate of 15%
② According to the provisions of Article 28 (2) of the Enterprise Income Tax Law of the People's Republic of
China, the enterprise income tax on important high- and new-tech enterprises that are necessary to be supported
by the state shall be levied at the reduced tax rate of 15%. The Company's subsidiaries environmental protection
company and engineering company enjoy the above-mentioned preferential policies, and the enterprise income
taxes are levied at the rate of 15%.
(2) Value-added tax preferential policies:
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Name of the Relevant regulation and Approval Period of
Tax Approval documents Exemption range
company policies basis institution validity
Notice on "contents of products
Shenzhen Resource
Environment with comprehensive utilization
Provincial SQSST[2018]No.: comprehensive 31 Aug. 2018 to
of resources and value-added
VAT Protection Office, SAT 18302 utilization of VAT 31 July 2022
tax privilege of labor service"
Company (Qianhai SAT) refund
(CS No. [2015] 78)
3. Other
VII. Annotation of the items in consolidate financial statement
1. Monetary fund
In RMB
Item Ending balance Opening balance
Cash on hand 66,399.71 101,163.11
Bank savings 436,403,838.92 397,000,109.10
Other monetary fund 15,353,018.84 367,500,000.00
Total 451,823,257.47 764,601,272.21
Including: total amount saving aboard 51,329,868.08 50,810,349.72
Other notes
2. Trading financial assets
3. Derivative financial assets
4. Notes receivable
5. Accounts receivable
(1) Classification of account receivable
In RMB
Ending balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category Book
Accrual Accrual
Proportio Proportio Book value
Amount Amount proportio value Amount Amount proportio
n n
n n
Account receivable 5,558,67 5.46% 5,558,67 100.00% 5,558,673 6.12% 5,558,673 100.00%
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深圳南山热电股份有限公司 2021 年半年度报告全文
with bad debt 3.67 3.67 .67 .67
provision accrual on
a single basis
Including:
Account receivable
with bad debt 96,253,7 96,253,74 85,293,05 85,293,052.
94.54% 93.88%
provision accrual on 47.38 7.38 2.88 88
portfolio
Including:
101,812, 5,558,67 96,253,74 90,851,72 5,558,673 85,293,052.
Total 100.00% 5.46% 100.00% 6.12%
421.05 3.67 7.38 6.55 .67 88
Bad debt provision accrual on single basis:
In RMB
Ending balance
Name
Book balance Bad debt provision Accrual proportion Accrual causes
Shenzhen Petrochemical
Products Bonded Trading 3,474,613.06 3,474,613.06 100.00% Uncollectible in excepted
Co., Ltd.
Zhongji Construction
1,137,145.51 1,137,145.51 100.00% Uncollectible in excepted
Development Co., Ltd.
Shenzhen Fuhuade
800,000.00 800,000.00 100.00% Uncollectible in excepted
Power Co., Ltd
Other 146,915.10 146,915.10 100.00% Uncollectible in excepted
Total 5,558,673.67 5,558,673.67 -- --
If the provision for bad debts of accounts receivable is made in accordance with the general model of expected credit losses, please
refer to the disclosure of other receivables to disclose related information about bad-debt provisions:
□ Applicable √ Not applicable
By account age
In RMB
Account age Ending balance
Within 1 year (including 1 year) 96,250,858.38
Over 3 years 5,561,562.67
Total 101,812,421.05
(2) Bad debt provision accrual collected or switch back
Bad debt provision accrual in the period:
In RMB
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深圳南山热电股份有限公司 2021 年半年度报告全文
Amount changed in the period
Category Opening balance Collected or Ending balance
Accrual Written-off Other
reversal
Accounts
receivable with 5,558,673.67 5,558,673.67
single provision
for bad debts
Total 5,558,673.67 5,558,673.67
(3) Account receivable actual charge off in the Period
(4) Top 5 receivables at ending balance by arrears party
(5) Account receivable derecognition due to financial assets transfer
(6) Assets and liabilities resulted by account receivable transfer and continues involvement
Other notes:
Total period-end balance of top five receivables by arrears party amounting to 96,250,,866.91 Yuan, takes 94.54 percent of the total
account receivable at period-end, bad debt provision accrual correspondingly at period-end amounting as 0.00 Yuan
6. Receivable financing
7. Account paid in advance
(1) Account age of account paid in advance
In RMB
Ending balance Opening balance
Account age
Amount Proportion Amount Proportion
Within 1 year 78,498,830.19 99.35% 22,552,426.03 76.33%
1-2 years 417,908.00 0.53% 6,883,175.38 23.30%
2-3 years 15,600.00 0.05%
Over 3 years 93,586.94 0.12% 93,586.94 0.32%
Total 79,010,325.13 -- 29,544,788.35 --
Explanation on reasons of failure to settle on important advance payment with age over one year:
(2) Top 5 account paid in advance at ending balance by prepayment object
Total year-end balance of top five account paid in advance by prepayment object amounted to 77,211,761.95
Yuan, takes 97.72 percent of the total advance payment at year-end.
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8. Other account receivables
In RMB
Item Ending balance Opening balance
Other account receivables 30,330,188.34 31,027,754.36
Total 30,330,188.34 31,027,754.36
(1) Interest receivable
(2) Dividend receivable
(3) Other account receivables
1) Other account receivables classification by nature
In RMB
Nature Ending book balance Opening book balance
Deposit and security deposit 8,383,734.57 5,130,967.25
Reserve fund 1,355,335.06 566,951.40
Withholding payment 6,837,743.80 9,151,898.54
Intercourse funds 17,871,626.70 18,066,774.22
Accounts receivable of Huidong Server 16,175,914.15 21,374,572.81
Other 11,746,221.67 8,776,977.75
Less: Bad debt provision -32,040,387.61 -32,040,387.61
Total 30,330,188.34 31,027,754.36
2) Accrual of bad debt provision
In RMB
Phase I Phase II Phase III
Expected credit Expected credit losses for Expected credit losses for
Bad debt provision Total
losses over next 12 the entire duration (without the entire duration (with
months credit impairment occurred) credit impairment occurred)
Balance on Jan. 1, 2021 32,040,387.61 32,040,387.61
Balance of Jan. 1, 2021
—— —— —— ——
in the period
Balance on Jun. 30, 2021 32,040,387.61 32,040,387.61
Change of book balance of loss provision with amount has major changes in the period
□ Applicable √ Not applicable
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By account age
In RMB
Account age Ending balance
Within 1 year (including 1 year) 5,496,216.53
1-2 years 3,464,750.17
2-3 years 5,289,595.47
Over 3 years 48,120,013.78
Total 62,370,575.95
3) Bad debt provision accrual collected or switch back
4) Other receivables actually written-off during the reporting period
5) Top 5 other receivables at ending balance by arrears party
6) Other account receivables related to Government subsidy
7) Other receivable for termination of confirmation due to the transfer of financial assets
8) The amount of assets and liabilities that are transferred other receivable and continued to be involved
The total amount of the top five other receivables at the end of the period aggregated by the owing party was
46,715,920.52 yuan, accounting for 74.90% of the total balance of other receivables at the end of the period.
Other notes:
9. Inventory
Does the company need to comply with the disclosure requirements of the real estate industry
No
(1) Category of inventory
In RMB
Ending balance Opening balance
Inventory Inventory
depreciation depreciation
reserve or reserve or
Item
Book balance provision for Book value Book balance provision for Book value
impairment of impairment of
contract contract
performance performance
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costs costs
Raw materials 150,615,654.32 49,407,585.05 101,208,069.27 149,653,114.11 49,407,585.05 100,245,529.06
Total 150,615,654.32 49,407,585.05 101,208,069.27 149,653,114.11 49,407,585.05 100,245,529.06
(2) Inventory depreciation reserve or provision for impairment of contract performance costs
In RMB
Current increased Current decreased
Item Opening balance Switch back or Ending balance
Accrual Other Other
write-off
Raw materials 49,407,585.05 49,407,585.05
Total 49,407,585.05 49,407,585.05
10. Contractual assets
In RMB
Ending balance Opening balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Operation and maintenance
project settlement accounts 7,229,600.00 7,229,600.00
receivable
Total 7,229,600.00 7,229,600.00
If the provision for bad debts of note receivable is made in accordance with the general model of expected credit losses, please refer to
the disclosure of other receivables to disclose related information about bad-debt provisions:
□ Applicable √ Not applicable
11. Assets held for sale
12. Non-current assets due within one year
13. Other current assets
In RMB
Item Ending balance Opening balance
VAT input tax deductible 323,755,441.93 332,071,261.59
Income tax paid in advance 6,583,089.98 6,583,089.98
Financial products 892,007,372.24 575,655,558.24
Accrual interest of time deposit 464,507.99 2,918,334.73
Other 130,000.00 60,000.00
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Total 1,222,940,412.14 917,288,244.54
Other notes:
14. Debt investment
15. Other debt investment
16. Long-term receivables
17. Long-term equity investment
In RMB
Current changes (+, -)
Ending
Investme Other Cash
Opening Ending balance
The Additiona nt comprehe dividend
balance Other balance of
invested l Capital gain/loss nsive or profit Impairme
(book equity Other (book depreciati
entity investmen reduction recognize income announce nt accrual
value) change value) on
t d under adjustmen d to
reserves
equity t issued
I. Joint venture
Huidong
Server
Harbor
Compreh 8,893,408 -1,148,71 7,744,693
ensive .86 5.33 .53
Develop
ment
Company
8,893,408 -1,148,71 7,744,693
Subtotal
.86 5.33 .53
II. Associated enterprise
8,893,408 -1,148,71 7,744,693
Total
.86 5.33 .53
Other notes
18. Other equity instrument investment
In RMB
Item Ending balance Opening balance
CPI Jiangxi Nuclear Power Company 60,615,000.00 60,615,000.00
Nanjing Zhongsheng Holding Co., Ltd. 140,000,000.00 21,000,000.00
Shenzhen Petrochemical Oil Bonded Trade
2,500,000.00 2,500,000.00
Co., Ltd. - investment cost
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Shenzhen Petrochemical Oil Bonded Trade
-2,500,000.00 -2,500,000.00
Co., Ltd. - change in fair value
Total 200,615,000.00 81,615,000.00
Disclosure of the non-trading equity instrument investment item by item
In RMB
Designated as the
investment
Reasons of
Retained earnings measured at fair
retained earnings
transferred from value and whose
Dividend income Accumulated transferred from
Item Accumulated loss other changes reckoned
recognized gain other
comprehensive into other
comprehensive
income comprehensive
income
income (explain
reasons)
Jiangxi Nuclear Intents to holding
Power Co., Ltd. for a long-term
Nanjing
Intents to holding
Zhongsheng
for a long-term
Holding Co., Ltd.
Shenzhen
Petrochemical Oil Intents to holding
-2,500,000.00
Bonded Trade for a long-term
Co., Ltd.
Other notes:
19. Other non-current financial assets
20. Investment real estate
(1) Investment real estate measured by cost
√ Applicable □ Not applicable
In RMB
Item House and Building Land use right Construction in progress Total
I. Original book value
1.Opening balance 9,708,014.96 9,708,014.96
2.Current increased
(1) Outsourcing
(2) Inventory\fixed
assets\construction in
process transfer-in
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(3) Increased by
combination
3.Current decreased
(1) Disposal
(2) Other transfer-out
4.Ending balance 9,708,014.96 9,708,014.96
II. Accumulated
depreciation and
accumulated
amortization
1.Opening balance 7,502,825.56 7,502,825.56
2.Current increased 98,068.80 98,068.80
(1) Accrual or
98,068.80 98,068.80
amortization
3.Current decreased
(1) Disposal
(2) Other transfer-out
4.Ending balance 7,600,894.36 7,600,894.36
III. Depreciation reserves
1.Opening balance
2.Current increased
(1) Accrual
3.Current decreased
(1) Disposal
(2) Other transfer-out
4.Ending balance
4.Ending balance
IV. Book value 2,107,120.60 2,107,120.60
1.Ending Book value 2,205,189.40 2,205,189.40
(2) Investment real estate measured at fair value
□ Applicable √ Not applicable
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(3) Investment real estate without property certification held
21. Fixed assets
In RMB
Item Ending balance Opening balance
Fixed assets 903,855,214.06 925,745,208.55
Total 903,855,214.06 925,745,208.55
(1) Fixed assets
In RMB
Machinery
Item House and Building Means of transport Other Total
equipment
I. Original book
value:
1.Opening balance 426,009,822.97 3,159,342,280.68 16,757,800.53 58,485,287.75 3,660,595,191.93
2.Current
1,011,427.00 2,702,694.11 3,714,121.11
increased
(1) Purchase 10,442.48 1,212,417.43 1,222,859.91
(2) Construction
in progress 1,000,984.52 1,490,276.68 2,491,261.20
transfer-in
(3) Increased by
combination
3.Current
6,100,000.00 499,000.00 6,599,000.00
decreased
(1) Disposal or
6,100,000.00 499,000.00 6,599,000.00
scrapping
4.Ending balance 426,009,822.97 3,154,253,707.68 16,258,800.53 61,187,981.86 3,657,710,313.04
II. Accumulated
depreciation
1.Opening balance 274,467,339.25 2,285,724,572.18 8,778,143.96 44,182,864.81 2,613,152,920.20
2.Current
5,588,517.65 17,172,137.63 867,140.92 1,316,419.40 24,944,215.60
increased
(1) Accrual 5,588,517.65 17,172,137.63 867,140.92 1,316,419.40 24,944,215.60
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3.Current
5,490,000.00 449,100.00 5,939,100.00
decreased
(1) Disposal or
5,490,000.00 449,100.00 5,939,100.00
scrapping
4.Ending balance 280,055,856.90 2,297,406,709.81 9,196,184.88 45,499,284.21 2,632,158,035.80
III. Depreciation
reserves
1.Opening balance 9,800,239.30 111,896,823.88 121,697,063.18
2.Current
increased
(1) Accrual
3.Current
decreased
(1) Disposal or
scrapping
4.Ending balance 9,800,239.30 111,896,823.88 121,697,063.18
IV. Book value
1.Ending Book
136,153,726.77 744,950,173.99 7,062,615.65 15,688,697.65 903,855,214.06
value
2.Opening Book
141,742,244.42 761,720,884.62 7,979,656.57 14,302,422.94 925,745,208.55
value
(2) Temporarily idle fixed assets
In RMB
Accumulated Provision for
Item Original book value Book value Note
depreciation impairment
Housing & buildings 127,893,412.10 98,659,265.99 13,948,439.04 15,285,707.07
Machinery
568,728,189.68 482,646,162.93 50,065,844.45 36,016,182.30
equipment
Means of transport 256,300.00 230,670.00 0.00 25,630.00
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(3) Fixed assets acquired by operating lease
(4) Fixed assets without property certification held
In RMB
Reasons for failing to complete the
Item Book value
property rights certificate
Circulating Water Pump House 1,213,756.28 Procedures uncompleted
Cooling Tower 673,259.25 Procedures uncompleted
Complex Building 443,246.19 Procedures uncompleted
Comprehensive building canteen 256,846.77 Procedures uncompleted
Chemical water treatment workshop 232,960.00 Procedures uncompleted
Main entrance mail room 154,979.21 Procedures uncompleted
22. Construction in progress
In RMB
Item Ending balance Opening balance
Construction in progress 85,544,475.11 42,782,712.98
Total 85,544,475.11 42,782,712.98
(1) Construction in progress
In RMB
Ending balance Opening balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Cogeneration 60,112,152.46 22,273,910.43 37,838,242.03 60,112,152.46 22,273,910.43 37,838,242.03
Oil to Gas Works 13,230,574.53 13,230,574.53 13,230,574.53 13,230,574.53
Technical
47,706,233.08 47,706,233.08 4,944,470.95 4,944,470.95
innovation
Total 121,048,960.07 35,504,484.96 85,544,475.11 78,287,197.94 35,504,484.96 42,782,712.98
(2) Changes of major projects under construction
In RMB
Item Budget Opening Current Fixed Other Ending Proporti Progress Accumul including Interest Sourceof
116
深圳南山热电股份有限公司 2021 年半年度报告全文
balance increased assets decrease balance on of ated : interest capitaliz funds
transfer-i d in the project amount capitaliz ation rate
n in the Period investme of ed of the
Period nt in interest amount year
budget capitaliz of the
ation year
Cogener 60,000,0 60,112,1 60,112,1 6,476,18
100.19% 100.00 Other
ation 00.00 52.46 52.46 5.46
Oil to
74,400,0 13,230,5 13,230,5
Gas 63.76% 63.76 Other
00.00 74.53 74.53
Works
Technica
l 67,735,2 4,944,47 45,253,0 2,491,26 47,706,2
74.11% 74.11 Other
innovati 00.00 0.95 23.33 1.20 33.08
on
202,135, 78,287,1 45,253,0 2,491,26 121,048, 6,476,18
Total -- -- --
200.00 97.94 23.33 1.20 960.07 5.46
23. Productive biological assets
24. Oil and gas assets
25. Right-of-use assets
26. Intangible assets
(1) Intangible assets
In RMB
Non-patent
Item Land use right Patent Software Total
technology
I. Original book
value
1.Opening
60,813,994.76 3,791,219.34 64,605,214.10
balance
2.Current
103,773.59 103,773.59
increased
(1) Purchase 103,773.59 103,773.59
(2) Internal
R&D
(3) Increased
117
深圳南山热电股份有限公司 2021 年半年度报告全文
by combination
3.Current
decreased
(1) Disposal
4.Ending
60,813,994.76 103,773.59 3,791,219.34 64,708,987.69
balance
II. Accumulated
amortization
1.Opening
40,020,625.95 3,458,977.91 43,479,603.86
balance
2.Current
311,314.80 1,729.58 107,150.04 420,194.42
increased
(1) Disposal 311,314.80 1,729.58 107,150.04 420,194.42
3.Current
decreased
(1) Disposal
4.Ending
40,331,940.75 1,729.58 3,566,127.95 43,899,798.28
balance
III. Depreciation
reserves
1.Opening
balance
2.Current
increased
(1) Disposal
3.Current
decreased
(1) Disposal
4.Ending
balance
IV. Book value
118
深圳南山热电股份有限公司 2021 年半年度报告全文
1.Ending Book
20,482,054.01 102,044.01 225,091.39 20,809,189.41
value
2.Opening
20,793,368.81 332,241.43 21,125,610.24
Book value
(2) Land use right without property certification held
In RMB
Reasons for failing to complete the
Item Book value
property rights certificate
Land use right of the wharf and pipe
509,942.53 Property rights certificate is undergoing
gallery
27. Development expenditure
28. Goodwill
29. Long-term expenses to be apportioned
In RMB
Amortized in the
Item Opening balance Current increased Other decrease Ending balance
Period
Exhibition hall
1,027,508.94 853,344.24 169,852.77 1,711,000.41
decoration amount
Total 1,027,508.94 853,344.24 169,852.77 1,711,000.41
30. Deferred income tax assets/Deferred income tax liabilities
(1) Deferred income tax assets that are not offset
In RMB
Ending balance Opening balance
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Bad debt provision for
5,628,573.77 1,400,153.44 5,628,573.77 1,400,153.44
account receivable
Bad debt provision for
723,585.00 180,896.25 723,585.00 180,896.25
other account receivable
Changes in fair value of 2,500,000.00 625,000.00 2,500,000.00 625,000.00
119
深圳南山热电股份有限公司 2021 年半年度报告全文
other equity instrument
investments
Total 8,852,158.77 2,206,049.69 8,852,158.77 2,206,049.69
(2) Deferred income tax liabilities that are not offset
(3) Deferred income tax assets and deferred income tax liabilities listed after off-set
In RMB
Ending balance of Trade-off between the Opening balance of
Trade-off between the
deferred income tax deferred income tax deferred income tax
Item deferred income tax
assets or liabilities after assets and liabilities at assets or liabilities after
assets and liabilities
off-set period-begin off-set
Deferred income tax
2,206,049.69 2,206,049.69
assets
31. Other non-current assets
32. Short-term loans
(1) Category of short-term loans
In RMB
Item Ending balance Opening balance
Credit loan 458,822,740.80 672,033,285.00
Accrued interest 3,495,573.48
Total 458,822,740.80 675,528,858.48
33. Trading financial liabilities
34. Derivative financial liabilities
35. Note payable
In RMB
Category Ending balance Opening balance
Business acceptance bill 300,000,000.00
Bank acceptance bill 169,635,315.93 30,467,345.48
Total 469,635,315.93 30,467,345.48
120
深圳南山热电股份有限公司 2021 年半年度报告全文
36. Account payable
(1) Account payable
In RMB
Item Ending balance Opening balance
Materials 2,520,453.67 1,485,870.91
Electricity 1,354,573.38 3,198,432.35
Labor 5,642,780.00 4,622,000.00
Total 9,517,807.05 9,306,303.26
37. Accounts received in advance
38. Contractual liability
39. Wage payable
(1) Wage payable
In RMB
Item Opening balance Current increased Current decreased Ending balance
I. Short-term compensation 68,988,399.03 51,318,181.42 77,231,976.90 43,074,603.55
II. Post-employment
welfare- defined 438,504.94 8,861,868.49 7,623,911.77 1,676,461.66
contribution plans
Total 69,426,903.97 60,180,049.91 84,855,888.67 44,751,065.21
(2) Short-term compensation
In RMB
Item Opening balance Current increased Current decreased Ending balance
1. Wages,bonuses,allowances
68,484,174.37 41,775,274.95 67,906,207.09 42,353,242.23
and subsidies
2. Welfare for workers
129,361.00 252,134.00 355,695.00 25,800.00
and staff
3. Social insurance 2,566,811.36 2,467,920.07 98,891.29
Including: Medical
2,448,849.04 2,360,019.90 88,829.14
insurance
Work injury 64,954.07 62,566.52 2,387.55
121
深圳南山热电股份有限公司 2021 年半年度报告全文
insurance
Maternity
53,008.25 45,333.65 7,674.60
insurance
4. Housing accumulation
5,809,690.74 5,605,033.86 204,656.88
fund
5. Labor union
expenditure and
374,863.66 914,270.37 897,120.88 392,013.15
personnel education
expense
Total 68,988,399.03 51,318,181.42 77,231,976.90 43,074,603.55
(3) Defined contribution plans
In RMB
Item Opening balance Current increased Current decreased Ending balance
1. Basic endowment
6,156,375.17 5,972,699.51 183,675.66
insurance
2. Unemployment
48,593.34 47,589.26 1,004.08
insurance
3. Enterprise annuity 438,504.94 2,656,899.98 1,603,623.00 1,491,781.92
Total 438,504.94 8,861,868.49 7,623,911.77 1,676,461.66
40. Taxes payable
In RMB
Item Ending balance Opening balance
Value-added tax 5,098,496.42 3,086,053.57
Corporation income tax 621,938.34
Individual income tax 1,728,267.21 2,726,195.98
City maintaining & construction tax 67,704.69 44,879.53
Environmental tax 32,646.98
Property tax 1,320,268.04 996,166.86
Stamp duty 33,443.10
Local education surcharge 40,004.70 16,824.46
Educational surtax 26,685.91 25,236.71
Other 97,966.60 42,872.73
Total 8,379,393.57 7,626,258.26
Other notes:
122
深圳南山热电股份有限公司 2021 年半年度报告全文
41. Other account payable
In RMB
Item Ending balance Opening balance
Interest payable 432,488.68
Other accounts payable 22,428,183.55 27,020,944.95
Total 22,860,672.23 27,020,944.95
(1) Interest payable
In RMB
Item Ending balance Opening balance
Interest payable on short-term loans 432,488.68
Total 432,488.68
(2) Dividend payable
(3) Other account payable
1) Classification of other accounts payable according to nature of account
In RMB
Item Ending balance Opening balance
Engineering funds 9,371,599.76 7,759,695.06
Quality assurance 4,573,766.57 6,675,270.29
Accrued expenses 2,117,718.64 6,625,316.75
Material payment 211,494.74 3,362,487.65
Other 6,153,603.84 2,598,175.20
Total 22,428,183.55 27,020,944.95
2) Significant other payable with over one year age
The ending balance of the top five other payable aggregated by the arrears party is 5,296,309.50 yuan, accounting
for 23.17% of the total ending balance of other payable.
123
深圳南山热电股份有限公司 2021 年半年度报告全文
42. Liability held for sale
43. Non-current liabilities due within one year
44. Other current liabilities
45. Long-term loans
46. Bonds payable
47. Lease liability
48. Long-term account payable
49. Long-term wages payable
50. Accrual liability
In RMB
Item Ending balance Opening balance Cause of formation
Pending litigation 14,573,508.28 19,923,508.28
Total 14,573,508.28 19,923,508.28 --
Note: On 29 November 2013, Shenzhen Server and Jiahua Building Products (Shenzhen) Co., Ltd. (Jiahua Building) signed a
supplementary term aiming at equity transfer over equity attribution and division of Yapojiao Dock, which belongs to Shenzhen
Server, Huidong Server, and Huidong Nianshan Town Government as well as its subordinate Nianshan Group. In order to solve this
remaining historic problem, Shenzhen Server saved 12,500,000.00 yuan in condominium deposit account as guarantee. In addition,
Server pledged its 20% of equity holding from Huidong Server to Jiahua Architecture with pledge duration of 2 years. The amount of
collateral on loans could not exceed 15,000,000.00 yuan. Relevant losses with the event concerned predicted amounting to 27,
500,000.00 yuan by the Group, the balance on June 30, 2021 was 14,573,508.28 yuan
51. Deferred income
In RMB
Item Opening balance Current increased Current decreased Ending balance Cause of formation
Government grand 93,780,657.93 3,193,457.06 90,587,200.87
Total 93,780,657.93 3,193,457.06 90,587,200.87 --
Item with Government subsidy involved:
In RMB
Amount Amount
Cost Assets
Opening New grants reckoned in reckoned into Other Ending
Item reduction in related/Incom
balance in the Period non-operatio other income changes balance
the period e related
n revenue in the period
124
深圳南山热电股份有限公司 2021 年半年度报告全文
Government
subsidies for
low-nitrogen 24,648,454.68 286,402.74 24,362,051.94 Assets related
equipment
renovation
Government
subsidies for
information 25,490.12 25,490.12 Assets related
construction
projects
Subsidies for
the Motor
Energy
Efficiency 367,200.00 17,280.00 349,920.00 Assets related
Improvement
Funding
Scheme
Support fund
of recycling
6,804,271.03 323,501.46 6,480,769.57 Assets related
economy for
sludge drying
Treasury
subsidies for 2,571,250.00 127,500.00 2,443,750.00 Assets related
sludge drying
Special funds
for energy
conservation 570,185.98 47,373.66 522,812.32 Assets related
and emission
reduction
Subsidy for
quality
promotion of
58,793,806.12 2,365,909.08 56,427,897.04 Assets related
the air
environment
in Shenzhen
52. Other non-current liabilities
In RMB
Item Ending balance Opening balance
Amounts payable to other shareholders 50,110.86 7,627.86
125
深圳南山热电股份有限公司 2021 年半年度报告全文
Total 50,110.86 7,627.86
53. Share capital
In RMB
Changeduringtheperiod (+, -)
Shares
Opening
New shares transferred Ending balance
balance Bonus share Other Subtotal
issued from capital
reserve
Total shares 602,762,596.00 602,762,596.00
54. Other equity instrument
55. Capital public reserve
In RMB
Item Opening balance Current increased Current decreased Ending balance
Capital premium (Share
233,035,439.62 233,035,439.62
capital premium)
Other Capital reserve 129,735,482.48 129,735,482.48
Total 362,770,922.10 362,770,922.10
56. Treasury stock
57. Other comprehensive income
In RMB
Current period
Less: written Less:
in other written in
comprehensi other
ve income in comprehe
Account previous nsive Belong to Belong to
Opening Less: Ending
Item before period and income in parent minority
balance income tax balance
income tax carried previous company shareholder
expense
in the year forward to period and after tax s after tax
gains and carried
losses in forward to
current retained
period earnings in
126
深圳南山热电股份有限公司 2021 年半年度报告全文
current
period
1. Other comprehensive income
items which will not be -2,500,000.0 -2,500,0
reclassified subsequently to profit 0 00.00
of loss
Change of fair value of
-2,500,000.0 -2,500,0
investment in other equity
0 00.00
instrument
-2,500,000.0 -2,500,0
Total other comprehensive income
0 00.00
58. Reasonable reserve
59. Surplus public reserve
In RMB
Item Opening balance Current increased Current decreased Ending balance
Statutory surplus
310,158,957.87 310,158,957.87
reserves
Discretionary surplus
22,749,439.73 22,749,439.73
reserve
Total 332,908,397.60 332,908,397.60
60. Retained profit
In RMB
Item Current period Last period
Retained profits at the end of last period before
758,799,931.94 706,830,892.54
adjustment
Retained profits at the beginning of the period
758,799,931.94 706,830,892.54
after adjustment
Add: The net profits belong to owners of patent
1,456,269.68 52,040,498.42
company of this period
Common dividend payable 12,055,251.92
Retained profit at period-end 760,256,201.62 746,816,139.04
61. Operating income and cost
In RMB
127
深圳南山热电股份有限公司 2021 年半年度报告全文
Current period Last Period
Item
Income Cost Income Cost
Main operating 376,034,393.36 351,092,415.61 516,766,342.40 453,011,367.34
Other business 568,000.02 117,808.30 1,384,263.81 98,068.80
Total 376,602,393.38 351,210,223.91 518,150,606.21 453,109,436.14
Information related to performance obligations:
Not applicable
62. Operating tax and extras
In RMB
Item Current period Last Period
City maintaining & construction tax 472,057.07 1,383,140.70
Educational surtax 250,372.97 994,801.55
Property tax 324,101.18 1,208,396.49
Land use tax 150,379.56 528,926.56
Stamp duty 266,520.80 249,088.14
Environmental protection tax 15,666.44 52,684.43
Local education surcharge 166,915.38 2,070.82
Total 1,646,013.40 4,419,108.69
63. Sales expenses
In RMB
Item Current period Last Period
Sludge treatment costs 192,016.41 1,759,061.64
Salary, welfare and social insurance 349,797.37 483,096.28
Communication expenses 6,500.00 3,600.00
Social expenses 47,432.90 102,828.00
Fleet cost 7,000.00 14,862.00
Inspection charges 2,358.49 8,254.72
Labor insurance fee 9,137.32 12,146.33
Rental fee 3,600.00 14,400.00
Property insurance 48,684.42 55,981.53
Agency engagement fee 6,152.26 49,056.60
Other 23,757.63 24,116.56
128
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Total 696,436.80 2,527,403.66
64. Administrative expenses
In RMB
Item Current period Last Period
Wages 16,794,177.76 22,642,057.64
Rental fee 3,313,168.39 3,190,390.04
Social expenses 1,256,510.86 1,215,245.44
Intermediary agency fee 674,252.82 769,240.68
Fleet cost 1,627,388.66 1,544,894.98
Board fee 549,111.22 643,383.04
Depreciation 3,487,075.49 3,219,527.40
Amortization of intangible assets 112,174.94 438,195.11
Environmental protection fee 70,012.09 112,454.45
Food expenses 1,538,651.55 1,683,299.91
Corporate culture fee 145,089.00 466,986.30
Property management fees 485,464.34 476,391.32
Office expenses 169,218.09 451,606.20
Communication fee 551,184.44 584,900.66
Travel expenses 189,323.48 150,697.01
Fee for stock certificate 238,018.32 268,361.53
Union funds 367,422.85 296,122.92
Employee education expenses 20,380.94 25,496.98
Other 8,425,543.31 4,857,620.54
Total 40,014,168.55 43,036,872.15
65. R&D expenses
In RMB
Item Current period Last Period
Employee's salary 3,236,384.22
Depreciation 106,285.00
Other 17,960.38
Total 3,360,629.60
129
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66. Financial expenses
In RMB
Item Current period Last Period
Interest expenses 13,028,372.76 18,800,827.68
Less: capitalized interest -613,068.55
Expenses interest 13,028,372.76 18,187,759.13
Less: interest income -10,344,030.33 -13,142,285.32
Gains/losses from exchange -11,161.84 56,923.92
Other 139,530.44 76,172.31
Total 2,835,034.71 5,064,722.20
67. Other income
In RMB
Sources of income generated Current period Last Period
Government subsidy 3,368,979.50 8,755,536.55
68. Investment income
In RMB
Item Current period Last Period
Income of long-term equity investment
-1,148,715.33 -243,622.43
calculated based on equity
Investment income from the disposal of
33,534,881.55
long-term equity investments
Interest income from debt investment during
13,977,075.28
the holding period
Total 12,828,359.95 33,291,259.12
69. Net exposure hedging income
70. Income from change of fair value
71. Credit impairment loss
72. Assets impairment loss
73. Income from assets disposal
In RMB
130
深圳南山热电股份有限公司 2021 年半年度报告全文
Sources Current period Last Period
Fixed asset disposal gains and losses 974,699.74 828,535.66
74. Non-operating income
In RMB
Amount reckoned into current
Item Current period Last Period
non-recurring gains/losses
Reversal of expected liabilities 5,000,000.00 5,000,000.00
Other 261,868.55 4,753.84 261,868.55
Total 5,261,868.55 4,753.84 5,261,868.55
75. Non-operating expense
In RMB
Amount reckoned into current
Item Current period Last Period
non-recurring gains/losses
Donation 10,000.00 10,000.00 10,000.00
Non-current assets disposal
25,388.00 1,110.00 25,388.00
losses
Total 35,388.00 11,110.00 35,388.00
76. Income tax expense
(1) Income tax expense
In RMB
Item Current period Last Period
Payable tax in current period 610,366.52
Total 610,366.52
(2) Adjustment on accounting profit and income tax expenses
In RMB
Item Current period
Total profit -761,593.85
77. Other comprehensive income
See notes
131
深圳南山热电股份有限公司 2021 年半年度报告全文
78. Items of ash flow statement
(1) Other cash received in relation to operation activities
In RMB
Item Current period Last Period
Interest income 12,142,721.92 10,929,678.85
Government subsidy 679,508.93 4,688,786.13
Other 3,055,829.97 6,887,829.91
Total 15,878,060.82 22,506,294.89
(2) Other cash paid in relation to operation activities
In RMB
Item Current period Last Period
Cash cost 24,840,140.78 20,655,739.80
Other 467,804.70 499,732.95
Total 25,307,945.48 21,155,472.75
(3) Cash received from other investment activities
In RMB
Item Current period Last Period
Intercourse funds received from Huidong
5,000,000.00 800,000.00
Server
Total 5,000,000.00 800,000.00
(4) Cash paid related with investment activities
In RMB
Item Current period Last Period
Difference between the cash balance and
cash received on disposal of the equity
12,577,163.02
from Shen Nan Dian (Dongguan) Weimei
Power Co., Ltd on disposal day
Total 12,577,163.02
(5) Other cash received in relation to financing activities
In RMB
132
深圳南山热电股份有限公司 2021 年半年度报告全文
Item Current period Last Period
Received from other company 170,000,000.00
Total 170,000,000.00
79. Supplementary information to statement of cash flow
(1) Supplementary information to statement of cash flow
In RMB
Supplementary information Current period Last Period
1. Net profit adjusted to cash flow of
-- --
operation activities:
Net profit -761,593.85 52,251,672.02
Add: Assets impairment provision
Depreciation of fixed assets,
consumption of oil assets and depreciation of 24,944,215.60 25,805,403.49
productive biology assets
Depreciation of right-of-use assets
Amortization of intangible assets 420,194.42 485,983.65
Amortization of Long-term
-683,491.47 125,971.38
expenses to be apportioned
Loss from disposal of fixed assets,
intangible assets and other long-term assets -974,699.74 -828,535.66
(gain is listed with “-”)
Losses on scrapping of fixed assets
25,388.00
(gain is listed with “-”)
Gain/loss of fair value changes
(gain is listed with “-”)
Financial expenses (gain is listed
10,341,998.05 18,800,827.68
with “-”)
Investment loss (gain is listed with
-12,828,359.95 -33,291,259.12
“-”)
Decrease of deferred income tax
asset ((increase is listed with “-”)
Increase of deferred income tax
liability (decrease is listed with “-”)
Decrease of inventory (increase is
-962,540.21 16,132,545.39
listed with “-”)
133
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Decrease of operating receivable
-376,080,479.26 -18,919,356.89
accounts (increase is listed with “-”)
Increase of operating payable
425,480,081.40 9,373,309.52
accounts (decrease is listed with “-”)
Other
Net cash flows arising from
68,920,712.99 69,936,561.46
operating activities
2. Material investment and financing not
-- --
involved in cash flow
Conversion of debt into capital
Switching Company bonds due within
one year
financing lease of fixed assets
3. Net change of cash and cash equivalents: -- --
Balance of cash at period end 436,470,238.63 467,403,966.81
Less: Balance of cash equivalent at
397,101,272.21 381,490,000.96
period-begin
Add: Balance at period-end of cash
15,353,018.84 617,500,000.00
equivalents
Less: Balance at period-begin of cash
367,500,000.00 390,000,000.00
equivalents
Net increase of cash and cash
-312,778,014.74 313,413,965.85
equivalents
(2) Net cash payment for the acquisition of a subsidiary in the period
(3) Net cash received from the disposal of subsidiaries
(4) Constitution of cash and cash equivalent
In RMB
Item Ending balance Opening balance
I. Cash 436,470,238.63 397,101,272.21
Including: Cash on hand 66,399.71 101,163.11
Bank deposit available for payment
436,403,838.92 397,000,109.10
at any time
II. Cash equivalent 15,353,018.84 367,500,000.00
III. Balance of cash and cash equivalents at 451,823,257.47 764,601,272.21
134
深圳南山热电股份有限公司 2021 年半年度报告全文
the period-end
80. Note of the changes of owners’ equity
81. Assets with ownership or use right restricted
82. Item of foreign currency
(1) Item of foreign currency
In RMB
Closing balance of foreign
Item Rate of conversion Ending RMB balance converted
currency
Monetary funds -- --
Including: USD 838,171.45 6.46 5,414,671.38
EUR 1,017.87 7.69 7,823.55
HKD 398,254.42 0.83 331,379.59
SGD 4,668.03 4.80 22,419.15
Account receivable -- --
Including: USD
EUR
HKD
Long-term borrowings -- --
Including: USD
EUR
HKD
(2) Explanation on foreign operational entity, including as for the major foreign operational entity,
disclosed main operation place, book-keeping currency and basis for selection; if the book-keeping
currency changed, explain reasons
□ Applicable √ Not applicable
83. Hedging
84. Government subsidy
(1) Government subsidy
In RMB
135
深圳南山热电股份有限公司 2021 年半年度报告全文
Amount reckoned in current
Category Amount Item
gain/loss
Subsidy for low-nitrogen
43,032,780.00 Deferred income 276,757.74
transformation
Information construction 520,000.00 Deferred income 25,490.12
Support fund of recycling
10,000,000.00 Deferred income 323,501.46
economy for sludge drying
Treasury subsidies for sludge
5,100,000.00 Deferred income 127,500.00
drying
Special funds for energy
conservation and emission 1,530,000.00 Deferred income 57,018.66
reduction
Funded of energy efficiency
improvement for electric 518,400.00 Deferred income 17,280.00
machine
Subsidy for quality promotion
of the air environment in 70,977,273.00 Deferred income 2,365,909.08
Shenzhen
(2) Government subsidy rebate
□ Applicable √ Not applicable
85. Other
VIII. Changes of consolidation scope
1. Enterprise combines not under the same control
2. Enterprise combines under the same control
3. Reverse purchase
4. Disposal of subsidiaries
Whether there is a single disposal of an investment in a subsidiary that resulted in a loss of control
□ Yes √ No
Whether there is a step-by-step disposal of investment in a subsidiary through multiple transactions and loss of control during the
period
□ Yes √ No
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深圳南山热电股份有限公司 2021 年半年度报告全文
5. Other reasons for consolidation range changed
6. Other
IX. Equity in other entity
1. Equity in subsidiary
(1) Constitute of enterprise group
Main operation Share-holding ratio
Subsidiary Registered place Business nature Acquired way
place Directly Indirectly
Shennandian
(Zhongshan)
Power Co., Ltd. Zhongshan Zhongshan Power generation 55.00% 25.00% Establishment
(“Zhongshan
Power”)
Shenzhen
Shennandian Gas
Turbine
Engineering Project
Shenzhen Shenzhen 60.00% 40.00% Establishment
Technology Co., consultancy
Ltd.
(“Engineering
Company”)
Shenzhen
Shennandian
Environmental
Protection Co.,
Shenzhen Shenzhen Sludge drying 70.00% 30.00% Establishment
Ltd.
(“Environmental
Protection
Company”)
Shenzhen Server
Petrochemical
Supplying Co., Shenzhen Shenzhen Trade 50.00% Establishment
Ltd. ("Shenzhen
Server ")
Shenzhen New
Power Industry
Shenzhen Shenzhen Power generation 75.00% 25.00% Establishment
Co., Ltd. ("New
Power")
Shennan Energy Singapore Singapore Trade 100.00% Establishment
137
深圳南山热电股份有限公司 2021 年半年度报告全文
(Singapore) Co.,
Ltd. ("Singapore
Company")
Hong Kong
Syndisome Co.,
Hong Kong Hong Kong Trade 100.00% Establishment
Ltd. ("Syndisome
")
Zhongshan
Shennandian
Storage Co., Ltd. Zhongshan Zhongshan Warehousing 80.00% Establishment
("Shenzhen
Storage")
Zhuhai Hengqin
Zhuozhi
Investment
Zhuhai Zhuhai Fund 99.96% Establishment
Partnership
(Limited
Partnership)
The basis for holding half of the voting rights but still controlling the investee and holding more than half of the voting rights but not
controlling the investee:
The Company holds 50% equity of Shenzhen Server, and holds a majority of voting rights in the company's board of directors at the
same time. Therefore, the Company has substantive control over it, and it is included in the consolidation scope of the consolidated
financial statements.
(2) Important non-wholly-owned subsidiary
In RMB
Dividend announced to
Share-holding ratio of Gains/losses attributable Ending equity of
Subsidiary distribute for minority in
minority to minority in the Period minority
the Period
Shennandian
(Zhongshan) Power Co.,
20.00% -3,650,982.63 -15,380,595.65
Ltd. (“Zhongshan
Power”)
(3) Main finance of the important non-wholly-owned subsidiary
In RMB
Ending balance Opening balance
Subsidia Non-curr Non-curr Non-curr Non-curr
Current Total Current Total Current Total Current Total
ry ent ent ent ent
assets assets liabilities liabilities assets assets liabilities liabilities
assets liabilities assets liabilities
138
深圳南山热电股份有限公司 2021 年半年度报告全文
Shennan
dian
(Zhongs
han)
49,808,4 475,249, 525,057, 596,599, 5,361,33 601,960, 63,887,5 486,793, 550,680, 603,862, 5,465,72 609,328,
Power
04.10 273.10 677.20 319.54 5.92 655.46 11.26 086.63 597.89 934.78 8.24 663.02
Co., Ltd.
(“Zhongs
han
Power”)
In RMB
Current period Last Period
Cash flow Cash flow
Total Total
Subsidiary Operation from Operation from
Net profit comprehensi Net profit comprehensi
Income operation Income operation
ve income ve income
activity activity
Shennandian
(Zhongshan)
Power Co., 70,054,400.7 -18,254,913.1 -18,254,913.1 85,765,596.9 13,942,405.2 13,942,405.2 31,248,237.3
-3,240,430.86
Ltd. 7 3 3 2 9 9 4
(“Zhongshan
Power”)
Other notes:
2. Transaction that has owners’ equity shares changed in subsidiary but still with controlling rights
3. Equity in joint venture and associated enterprise
(1) Important joint venture and associated enterprise
Share-holding ratio Accounting
treatment on
Joint venture or
Main operation investment for
associated Registered place Business nature
place Directly Indirectly joint venture and
enterprise
associated
enterprise
Huidong Server
Port
Renshan Town,
Comprehensive Huidong County Wharf operation 40.00% Equity method
Huidong County
Development Co.,
Ltd.
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(2) Main financial information of the important joint venture
In RMB
Ending balance/Current period Opening balance/Last Period
Book value of equity investment in joint
7,744,693.53 8,893,408.86
ventures
Net profit -1,148,715.33 -243,622.43
Total comprehensive income -1,148,715.33 -243,622.43
4. Major conduct joint operation
5. Structured body excluding in consolidate financial statement
6. Other
X. Risk related with financial instrument
The Company's main financial instruments include equity investment, notes receivable, long-term and short-term
loans, accounts receivable, accounts payable, other payable, etc., see details of each financial instrument in related
items of this annotation III (x). The risks associated with these financial instruments and the risk management
policies adopted by the Company to reduce these risks are described as below. The management of the Company
manages and monitors these risk exposures to ensure that the above risks are controlled within the limit range.
The Company uses the sensitivity analysis technique to analyze the possible impact of the risk variable on the
current profit and loss or the shareholders' equity. Since any risk variable rarely changes in isolation, and the
correlation existing among the variables shall have a significant effect on the final amount of changes about a
certain risk variable, therefore, the following proceeds by assuming that the change in each variable is
independent.
1. Credit risk
Credit risk refers to the risk that one party to a financial instrument fails to perform its obligations, causing the
other party to suffer financial losses. The Company is mainly faced with customer credit risk caused by credit
sales. Before signing a new contract, the Company will evaluate the credit risk of the new customer, including the
external credit rating and, in some cases, the bank credit certificate (when this information is available). The
company has set a credit limit for each customer, which is the maximum amount without additional approval.
The company ensures that the company's overall credit risk is within a controllable range through quarterly
monitoring of existing customer credit ratings and monthly review of accounts receivable aging analysis. When
monitoring the credit risk of customers, they are grouped according to their credit characteristics. Customers rated
as "high risk" will be placed on the restricted customer list, and only with additional approval, the company can
sell them on credit in the future, otherwise they must be required to pay the corresponding amount in advance.
2. Market risk
140
深圳南山热电股份有限公司 2021 年半年度报告全文
Market risks of financial instruments refers to the risks that the fair value or future cash flow of such financial
instruments will fluctuate due to the changes in market prices, including FX risks, interest rate risks and other
price risks.
(1) Interest rate risk
The Company's cash flow change risk of financial instruments arising from interest rate change is mainly related
to the floating interest rate bank loans (see details in Note V (16); Note V(35).
Interest rate risk sensitivity analysis:
The interest rate risk sensitivity analysis is based on the following assumptions:
Changes in market interest rates affect the interest income or expense of financial instruments with variable
interest rate; For financial instruments with fixed rate by fair value measurement, the changes in market interest
rates only affect their interest income or expense; For derivative financial instruments designated as hedging
instruments, the changes in market interest rates affect their fair value, and all interest rate hedging prediction is
highly effective; Calculate the changes in fair value of derivative financial instruments and other financial assets
and liabilities by using the cash flow discount method at the market interest rate at the balance sheet date.
On the basis of above assumptions, in case that other variables keep unchanged, the pre-tax effect of possible
reasonable changes in interest rates on current profits and losses and shareholders' equity is as follows:
Current year Last year
Rate changes Impact on shareholders’ Impact on shareholders’
Impact on profit Impact on profit
equity equity
5% increased -651,409.17 -643,610.18 -878,221.61 -800,563.02
5% decreased 651,409.17 643,610.18 878,221.61 800,563.02
(2) FX risks
Foreign exchange risk refers to the risk of losses due to exchange rate changes. The Company’s foreign exchange
risk is mainly related to the US dollar. On June 30, 2021, except for the balance of foreign currency monetary
items of 44, foreign currency monetary in Note V, the assets and liabilities of the Company are RMB balance. The
foreign exchange risk arising from the assets and liabilities of such foreign currency balances may have an impact
on the Company's operating results.
3. Liquidity risk
Liquidity risk refers to the risk of a shortage of funds when an enterprise fulfills its obligation of settlement by
means of cash or other financial assets. The Company's policy is to ensure that it has sufficient cash to repay the
debts due. Liquidity risk is centrally controlled by the Company's financial department. The financial department
monitors cash balances, marketable securities that can be cashed at any time, and rolling forecasts of cash flows in
the next 12 months to ensure that the company has sufficient funds to repay debts under all reasonable forecasts.
141
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XI. Disclosure of fair value
XII. Related party and related party transactions
1. Parent company of the enterprise
2. Subsidiary of the enterprise
Found more in Note IX. 1.” Equity in subsidiary”
3. Joint venture and associated enterprise
Found more in Note IX.3. “Equity in joint venture and associated enterprise”
4. Other related party
Other Related party Relationship with the Enterprise
Shenzhen Energy Group Co., Ltd. (“Shenzhen Energy Group” Legal person holding more than 5% of the company's shares
for short)
Shenzhen Guangju Industrial Co., Ltd. Legal person holding more than 5% of the company's shares
HONG KONG NAM HOI (INTERNATIONAL) LTD. Legal person holding more than 5% of the company's shares
Legal person indirectly holding more than 5% of the company's
Shenzhen Capital Holdings Co., Ltd.
shares through Shenzhen Energy Group
Wanhe Securities Co., Ltd. Other related parties
Shenzhen Energy Group Co., Ltd. Other related parties
5. Related transaction
6. Receivable/payable items of related parties
(1) Receivable item
In RMB
Ending balance Opening balance
Item Related party
Book balance Bad debt provision Book balance Bad debt provision
Other account
receivables
Huidong Server 14,911,484.45 14,740,501.44
Huidong Server
1,264,429.70 6,634,071.38
managed account
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深圳南山热电股份有限公司 2021 年半年度报告全文
XIII. Share-based payment
1. Overall situation of share-based payment
□ Applicable √ Not applicable
2. Share-based payment settled by equity
□ Applicable √ Not applicable
3. Share-based payment settled by cash
□ Applicable √ Not applicable
XIV. Undertakings or contingency
1. Important undertakings
2. Contingency
(1) Contingency on balance sheet date
(2) For the important contingency not necessary to disclosed by the Company, explained reasons
The Company has no important contingency that need to disclosed
143
深圳南山热电股份有限公司 2021 年半年度报告全文
3. Other
XV. Events after balance sheet date
XVI. Other important events
1. Previous accounting errors collection
2. Debt restructuring
3. Assets replacement
4. Pension plan
5. Termination of operation
6. Segment
(1) Recognition basis and accounting policy for reportable segment
According to the Company’s internal organizational structure, management requirements and internal reporting
system, the Company’s operating business is divided into three business divisions, i.e. power supply and heating,
fuel trading, and other businesses. The Company’s management regularly evaluates the business performance of
these divisions in order to determine the allocation of resources and evaluate the performance.
Divisional reporting information is disclosed in accordance with the accounting policies and measurement
standards adopted when each division reports to the management. These measurement bases are consistent with
the accounting and measurement bases used when preparing financial statements.
(2) Financial information for reportable segment
In RMB
Power supply &
Item Fuel trading Other Fuel trading Total
heating
Operating revenue 392,772,510.06 544,000.02 19,063,169.39 35,777,286.09 376,602,393.38
Operating cost 369,839,628.83 117,808.30 16,772,415.12 35,519,628.34 351,210,223.91
Total profit 3,895,743,951.05 250,238,928.58 323,770,822.50 1,263,594,959.59 3,206,158,742.54
Total liabilities 1,882,258,700.53 19,671,798.29 31,021,620.66 813,774,304.68 1,119,177,814.80
144
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XVII. Principal notes of financial statements of parent company
1. Account receivable
(1) Classification of account receivable
In RMB
Ending balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category Accrual Book Accrual
Proportio Proportio Book value
Amount Amount proportio value Amount Amount proportio
n n
n n
Including:
Account receivable
with bad debt 48,374,5 48,374,53 24,673,11 24,673,115.
provision accrual on 34.89 4.89 5.32 32
portfolio
48,374,5 48,374,53 24,673,11 24,673,115.
Total
34.89 4.89 5.32 32
Bad debt provision accrual on portfolio: 0
In RMB
Ending balance
Name
Book balance Bad debt provision Accrual proportion
Low credit risk portfolio 48,374,534.89
Total 48,374,534.89 --
If the provision for bad debts of accounts receivable is made in accordance with the general model of expected credit losses, please
refer to the disclosure of other receivables to disclose related information about bad-debt provisions:
□ Applicable √ Not applicable
By account age
In RMB
Account age Ending balance
Within 1 year (including 1 year) 48,371,645.89
Over 3 years 2,889.00
3-4 years 2,889.00
Total 48,374,534.89
2. Other account receivables
In RMB
145
深圳南山热电股份有限公司 2021 年半年度报告全文
Item Ending balance Opening balance
Other account receivables 595,045,866.53 598,044,417.89
Total 595,045,866.53 598,044,417.89
(1) Interest receivable
(2) Dividend receivable
(3) Other account receivables
1) Other account receivables classification by nature
In RMB
Nature Ending book balance Opening book balance
Related party transactions 586,648,518.74 596,066,327.13
Dormitory receivable 2,083,698.16 2,083,698.16
Deposit receivable 1,658,796.73 1,658,753.42
Personal money 9,969,037.63 9,969,037.63
Other 22,015,458.71 15,596,244.99
Less:Bad debt provision -27,329,643.44 -27,329,643.44
Total 595,045,866.53 598,044,417.89
2) Accrual of bad debt provision
In RMB
Phase I Phase II Phase III
Expected credit Expected credit losses for Expected credit losses for
Bad debt provision Total
losses over next 12 the entire duration (without the entire duration (with
months credit impairment occurred) credit impairment occurred)
Balance on Jan. 1, 2021 27,329,643.44 27,329,643.44
Balance of Jan. 1, 2021
—— —— —— ——
in the period
Balance on Jun. 30, 2021 27,329,643.44 27,329,643.44
Change of book balance of loss provision with amount has major changes in the period
□ Applicable √ Not applicable
By account age
In RMB
Account age Ending balance
146
深圳南山热电股份有限公司 2021 年半年度报告全文
Within 1 year (including 1 year) 30,034,098.87
1-2 years 12,420,134.13
Over 3 years 579,921,276.97
3-4 years 579,921,276.97
Total 622,375,509.97
3. Long-term equity investments
In RMB
Ending balance Opening balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Investment for
716,893,717.00 347,745,035.00 369,148,682.00 597,936,200.00 347,745,035.00 250,191,165.00
subsidiary
Total 716,893,717.00 347,745,035.00 369,148,682.00 597,936,200.00 347,745,035.00 250,191,165.00
(1) Investment for subsidiary
In RMB
Changes in Current Period
Opening Ending balance
The invested Provision for Ending balance
balance (book Additional Negative of depreciation
entity impairment Other (book value)
value) Investment Investment reserves
loss
Shenzhen
Server Oil
26,650,000.00 26,650,000.00
Supply
Company
Shennan Energy
Singapore 6,703,800.00 6,703,800.00
Company
Shenzhen New
Power Industry 71,270,000.00 71,270,000.00
Co., Ltd.
Shennandian
(Zhongshan) 62,994,965.00 62,994,965.00 347,745,035.00
Power Co., Ltd.
Shenzhen
Shennandian
6,000,000.00 6,000,000.00
Gas Turbine
Engineering
147
深圳南山热电股份有限公司 2021 年半年度报告全文
Technology Co.,
Ltd.
Shenzhen
Shennandian
Environmental 55,300,000.00 55,300,000.00
Protection Co.,
Ltd.
Zhuhai Hengqin
Zhuozhi
Investment 118,957,517.0
21,272,400.00 140,229,917.00
Partnership 0
(Limited
Partnership)
250,191,165.0 118,957,517.0
Total 369,148,682.00 347,745,035.00
0 0
(2) Investment for associates and joint venture
(3) Other notes
4. Operating income and cost
In RMB
Current period Last Period
Item
Income Cost Income Cost
Main business 149,153,876.16 170,891,694.03 118,119,714.73 133,626,167.32
Other business 35,777,286.09 491,345.55 27,647,300.61 4,310,751.77
Total 184,931,162.25 171,383,039.58 145,767,015.34 137,936,919.09
5. Investment income
In RMB
Item Current period Last Period
Interest income from debt investment during
13,977,075.28
the holding period
Investment income from the disposal of
-14,432,400.00
other debt investments
Total 13,977,075.28 -14,432,400.00
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深圳南山热电股份有限公司 2021 年半年度报告全文
6. Other
XVIII. Supplementary Information
1. Current non-recurring gains/losses
√ Applicable □ Not applicable
In RMB
Item Amount Note
Gains/losses from the disposal of
974,699.74
non-current asset
Governmental subsidy reckoned into current
gains/losses (not including the subsidy
The government subsidy related to assets
enjoyed in quota or ration according to 3,368,979.50
are being amortized
national standards, which are closely
relevant to enterprise’s business)
Gains and losses arising from contingent
proceedings irrelevant to normal operation of 5,000,000.00 Reversal of expected liabilities
the Company
Held transaction financial asset, gains/losses
of changes of fair values from transaction
financial liabilities, and investment gains
from disposal of transaction financial asset,
13,977,075.28 Mainly financial income
transaction financial liabilities and financial
asset available for sales, exclude the
effective hedging business relevant with
normal operations of the Company
Other non-operating income and expenditure
226,480.55
except for the aforementioned items
Impact on minority shareholders’ equity 2,573,349.88
Total 20,973,885.19 --
Concerning the extraordinary profit (gain)/loss defined by Q&A Announcement No.1 on Information Disclosure for Companies
Offering Their Securities to the Public --- Extraordinary Profit/loss, and the items defined as recurring profit (gain)/loss according to
the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their
Securities to the Public --- Extraordinary Profit/loss, explain reasons
□ Applicable √ Not applicable
2. ROE and earnings per share (EPS)
Earnings per share(EPS)
Profits during report period Weighted average ROE
Basic earnings per share Diluted earnings per
149
深圳南山热电股份有限公司 2021 年半年度报告全文
(RMB/Share) share (RMB/Share)
Net profits belong to common stock
0.07% 0.002 0.002
stockholders of the Company
Net profits belong to common stock
stockholders of the Company after
-0.95% -0.0324 -0.0324
deducting nonrecurring gains and
losses
3. Difference of the accounting data under accounting rules in and out of China
(1) Difference of the net profit and net assets disclosed in financial report, under both IAS (International
Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable √ Not applicable
(2) Difference of the net profit and net assets disclosed in financial report, under both foreign accounting
rules and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable √ Not applicable
(3) Explanation on data differences under the accounting standards in and out of China; as for the
differences adjustment audited by foreign auditing institute, listed name of the institute
4. Other
150
