SHENZHEN CHIWAN PETROLEUM SUPPLY BASE CO., LTD.
THE INTERIM REPORT FOR YEAR 2016
August 2016
1
PART I Important Notice, Content and Paraphrase
The Board of Directors, the Board of Supervisors, directors, supervisors and senior management guarantee that
there are no omissions, misstatement, or misleading information in this report. They are responsible, individually
and jointly, for the authenticity, accuracy and integrity of the information herein.
All directors attended the Board meeting.
The Company has no plan of cash dividends distribution, bonus shares being sent and converting capital reserve
into share capital.
Mr. Tian Junyan, Chairman of the Board, Mdm. Yu Zhongxia, Deputy General Manager &Financial Controller
and Mdm. Sun Yuhui, Financial Manager, all guarantee the authenticity and integrity of the financial result in this
report.
The Interim Report is written in both Chinese and English. In case of conflict between the two versions, Chinese
version shall prevail.
2
Contents
PART I Important Notice, Content and Paraphrase ...................................................................... 2
PART II Corporate Information ...................................................................................................... 6
PART III Accounting Data and Financial Indicators ..................................................................... 7
PART IV Report of the Board of Directors ..................................................................................... 9
PART V Significant Events.............................................................................................................. 18
PART VI Changes in Capital Share and Shareholders ................................................................ 28
PART VII Particulars about Preferred Shares ............................................................................. 30
PART VIII Particulars about Directors, Supervisors and Senior Management ........................ 31
PART IX Financial Statements (Attachment) ............................................................................... 32
PART X Documents Available for Verification.............................................................................. 32
3
Paraphrase
Terms to be defined Refers to Definition
The Company, Chiwan Base Refers to Shenzhen Chiwan Petroleum Supply Base Co., Ltd.
Nanshan Group/CNDI Refers to China Nanshan Development (Group) Incorporation
Blogis Holding Refers to Blogis Holding Co., Ltd.
Shanghai Baowan Refers to Shanghai Baowan International Logistic Co., Ltd.
Guangzhou Baowan Refers to Guangzhou Baowan Logistic Co., Ltd.
Kunshan Baowan Refers to Kunshan Baowan International Logistic Co., Ltd.
Tianjin Baowan Refers to Tianjin Baowan International Logistic Co., Ltd.
Langfang Baowan Refers to Langfang Baowan International Logistic Co., Ltd.
Xindu Baowan Refers to Chengdu Xindu Baowan International Logistic Co., Ltd.
Longquan Baowan Refers to Chengdu Longquan Baowan International Logistic Co., Ltd.
Nanjing Baowan Refers to Nanjing Baowan International Logistic Co., Ltd.
Tianjin Bingang Baowan Refers to Tianjin Bingang Baowan International Logistic Co., Ltd.
Nantong Baowan Refers to Nantong Baowan International Logistic Co., Ltd.
Wuhan Baowan Refers to Baowan Logistic（Wuhan）Co., Ltd.
Yangluo Baowan Refers to Baowan Logistic（Wuhan）Yangluo Co., Ltd.
Shenzhen Baowan Refers to Shenzhen Baowan International Logistic Co., Ltd.
Shanghai Mingjiang Refers to Mingjiang (Shanghai) International Logistic Co., Ltd.
Shenyang Baowan Refers to Shenyang Baowan International Logistic Co., Ltd.
Tianjin Qingwu Baowan Refers to Tianjin Qingwu Baowan International Logistic Co., Ltd.
Feidong Baowan Refers to Baowan Logistic Feidong Co., Ltd.
Xian Baowan Refers to Xian Baowan International Logistic Co., Ltd.
Xianyang Baowan Refers to Xianyang Baowan International Logistic Co., Ltd.
Blogis ( Hongkong ) Refers to Blogis ( Hongkong ) Limited
Huitong(H.K.) Refers to China Huitong (H.K.) Limited
Wuxi Baowan Refers to Wuxi Blogis Co. Ltd
Zhenjiang Baowan Refers to Zhenjiang Shenjidi Warehouse Co., Ltd.
Changzhou Baowan Refers to Changzhou Baowan Logistic Co., Ltd.
Jiangyin Baowan Refers to Jiangyin Baowan International Logistic Co., Ltd.
Qingdao Jiaozhou Baowan Refers to Qingdao Jiaozhou Baowan International Logistic Co., Ltd.
Jiaxing Baowan Refers to Jiaxing Baowan Logistic Co., Ltd.
Chengdu Chiwan Base Refers to Chengdu Chiwan International Oil & Gas Base Co., Ltd.
Jiangsu Baowan Refers to Jiangsu Baowan International Logistic Co., Ltd.
Shaoxing Baowan Refers to Shaoxing Baowan Logistic Co., Ltd.
Chongqing Xipeng Baowan Refers to Chongqing Xipeng Baowan International Logistic Co., Ltd.
Ezhou Baowan Refers to Wuhan Blogis ( Ezhou) Limited
Nantong Xitong Baowan Refers to Nantong Xitong Baowan Logistic Co., Ltd.
Jiashan Baowan Refers to Jiashan Baowan Logistic Co., Ltd.
Zhengzhou Baohai Refers to Zhengzhou Baohai International Logistic Co., Ltd.
4
Yuyao Baowan Refers to Ningbo (Yuyao) Baowan Logistic Co., Ltd.
Shunyi Project /Beijing Jinmu
Refers to Beijing Jinmu Caoye Co., Ltd.
Caoye
CSE/Sembawang Refers to Shenzhen Chiwan Sembawang Engineering Co., Ltd
Shenzhen Chiwan Offshore Petroleum Equipment Repair &
CPEC Refers to
Manufacture Co., Ltd.
China Development Finance Refers to China Development Finance Company Limited
Nanshan Hongkong Refers to Nanshan Development(H.K.) Limited
5
PART II Corporate Information
I. Company Profile
Stock Abbreviation Chiwan Base B Stock Code 200053
Stock Exchange Shenzhen Stock Exchange
Companys Name in Chinese 深圳赤湾石油基地股份有限公司
Companys Short Name in Chinese 深基地 B
Companys Name in English Shenzhen Chiwan Petroleum Supply Base Co., Ltd.
Companys Short Name in English Chiwan Base
II.Contact Person and Method
Board Secretary Securities Representative
Name Yu Zhongxia (on behalf ) Li Zizheng
Address 14/F, Chiwan Petroleum Building, Shenzhen, PRC 14/F, Chiwan Petroleum Building, Shenzhen, PRC
Telephone 0755-26694211 0755-26694211
Fax 0755-26694227 0755-26694227
Email sa@chiwanbase.com sa@chiwanbase.com
III.Other Information
1. Contact Method
For registration address, office address and post code as well as website and email of the Company have no
change in reporting period, please find more details in Annual Report for Year 2015.
2. Information Disclosure and Preparation Place
For designated newspapers for information disclosure, website for Interim Report appointed by CSRC and
preparation place have no change in reporting period, please find more details in Annual Report for Year 2015.
3. Registration Change of the Company
For registration date & place of the Company, registration code for enterprise legal license, organization code and
number of taxation registration have no change in reporting period, please find more details in Annual Report for
Year 2015.
6
PART III Accounting Data and Financial Indicators
I. Major Accounting Data and Financial Indicators
Retroactive Adjustment
□ Yes √ No
Unit: RMB
Reporting period (Jan to Last Period (Jan to June,
Change (%)
June, 2016) 2015)
Operating Revenue 331,048,288.65 307,119,072.68 7.79%
Net Profit Attributed to Shareholders
20,104,453.49 42,629,933.48 -52.84%
of Listed Company
Net Profit Net of Non-recurring Gain
and Loss Attributed to Listed 19,162,343.58 39,523,619.59 -51.52%
Company
Net Cash Flows from Operating
151,110,099.80 123,934,017.49 21.93%
Activities
Basic Earnings per Share
0.09 0.18 -50.00%
(RMB/Share)
Diluted Earnings per Share
N/A N/A N/A
(RMB/Share)
Weighted Return on Equity（%） 1.14% 2.49% -1.35 points
June 30, 2016 December 31, 2015 Change (%)
Total Assets 6,422,091,617.87 5,643,956,639.17 13.79%
Owners Equity Attributed to
1,774,640,491.45 1,754,085,176.85 1.17%
Shareholders of Listed Company
II.Difference of Accounting Data between Foreign and China Accounting Standards
1. Differences of Net Profit and Net Asset between IAS and China Accounting Standards
□ Applicable √ Inapplicable
2. Differences of Net Profit and Net Asset between Foreign and China Accounting Standards
□ Applicable √ Inapplicable
7
III. Items of Non-recurring Gains & Losses
Unit: RMB
Item Amount Note
Disposal of non-current assets, including the part offset
-9,200.78
with the provision for impairment of assets
Government grants recognized in current periods gain
or loss (except for the fixed or quantitative government
1,721,474.24
grants closely related to the enterprise businesses
according to the national unified standard)
Other non-operating revenue and expenditure excluding
138,883.40
the above-mentioned items
Less: Influence on income tax 469,806.59
Amount affected by minority equity (after tax) 439,240.36
Total 942,109.91 --
For the Companys non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
Information Disclosure for Companies Offering their Securities to the Public – Non-recurring Gains and Losses
and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on Information
Disclosure for Companies Offering their Securities to the Public – Non-recurring Gains and Losses which have
been defined as recurring gains and losses, it is necessary to explain the reason.
□ Applicable √ Inapplicable
8
PART IV Report of the Board of Directors
I. Overview
1. Main Business
The Company provides oil logistics support services for oil exploration, development and production in the
eastern South China Sea. Under the effect of sharp decline of international oil price and operation of CNOOC
Huizhou Base, the operating income and profit of offshore oil logistics business decreased continuously.
The Company provides logistics park services for warehousing, distribution, supply chain management, logistics
finance, equipment leasing and e-commerce in its logistics parks by controlling subsidiary, Blogis Holding.
The Company provides offshore engineering services for structure design, fabrication and maintenance by
associated companies.
In reporting period, the Company achieved operating revenue of RMB 330 million, increased by 7.79% and net
profit of RMB 20.10 million, decreased by 52.84% compared with the same period over last year respectively.
(1)Decrease of investment income is caused by decline of profit from associated CSE and investment income
from entrusted financing, which is mainly due to the decrease of available financing funds along with the increase
of project construction payment.
(2) Developing costs for newly projects increased by increase of newly built and in construction logistics parks.
(3) Financial expense increased sharply by rising interest expense for average balance of liabilities.
2. Characteristics of Industry Development
(1) Offshore Oil Logistics Business
After the fully operation of CNOOC Huizhou Base, it has occupied the majority of market share. The competition
of offshore oil logistics will become more intensive in 2016. Meanwhile, as continuous downturn of oil price and
reducing exploration and production, Chiwan Base would face great pressure in operation. It also would bring
resistance to construction of oil and gas base in Chengdu.
(2) Warehousing Logistics Services
In the past ten years, warehousing logistics services developed rapidly. The demand for modern logistics facilities
still exceeds supply. For now, warehousing logistics services had become the hot spot for both real estate industry
and logistic industry. The representatives as Prologis, Goodman, Alibaba and Vanke have accelerated their layout.
Until now, Blogis takes the leading position in domestic market.
II.Analysis of Main Business
Refer to relevant contents of “Ⅰ. Overview” in Report of the Board of Directors.
Changes of Major Financial Data
Unit: RMB
9
Reporting period Last Period (Jan to Percentage
Notes
(Jan to June, 2016) June, 2015) Change (%)
Operating Revenue 331,048,288.65 307,119,072.68 7.79%
Operating Cost 143,269,502.63 140,446,455.32 2.01%
Mainly resulted from
increasing agent fee for
Selling Expenses 917,022.63 267,618.01 242.66%
newly operated logistics
parks
Resulted from rising
labor costs and
Administrative Expenses 55,345,349.17 42,341,999.23 30.71%
amortization of
depreciation
Financial Expenses 86,362,478.62 78,223,257.17 10.41%
Income Taxes Expenses 12,085,315.99 13,532,146.18 -10.69%
Net Cash Flows from
151,110,099.80 123,934,017.49 21.93%
Operating Activities
Mainly due to increasing
Net Cash Flows from cash outflow brought by
-541,664,948.09 -164,588,975.62
Investing Activities developing newly
projects
Mainly resulted from
receipt of internal equity
Net Cash Flows from investment and loans
717,032,189.77 35,713,148.41 1,907.75%
Financing Activities from China Nanshan
Development (Group)
Incorporation
Net Increase in Cash and
326,477,341.48 -4,907,450.47
Cash Equivalents
No major changes on profit composition or profit resources occurred in reporting period
No future development or planning extended to reporting period that published in disclosure documents as
prospectus, private placing memorandum and recapitalize statement.
Business Performance and Analysis of Main Subsidiaries and Associated Companies
1.Offshore Oil Logistics Business
In reporting period, international oil companies adjusted their exploration plan under the circumstance of the
continued downturn of oil price, which caused demand shrink for offshore oil logistics business. Meanwhile, since
CNOOC Huizhou Base put into operation, its subsidiaries moved from Chiwan Base to Huizhou Base, which
formed serious challenges for the Company. In reporting period, offshore oil logistics business achieved operating
revenue of RMB 68.84 million, decreasing by 12.89% and net profit of RMB 13.00 million, increasing by 17.38%
compared with the same period over last year respectively.
2.Blogis Business
In reporting period, Blogis Holding achieved operating revenue of RMB 254.04 million, increased by 15.73% and
net profit of RMB 48.11 million, increased by 10.67% compared with the same period over last year respectively.
Blogis companies have operated in good condition generally.
The storage price of operating Blogis companies has kept a slightly growth. To improve customers stickiness and
loyalty, Blogis has taken measures such as promoting establishment of standard operating system, strengthening
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core customers management, optimizing the quality and efficiency of service, which would make fine preparation
for expanding extended business.
With operation of Nanjing Baowan and Wuhan Baowan, those newly operated logistics parks made significant
contribution to the Company in the first half year.
Blogis Development for the First Half of 2016
In reporting period, the Company has successfully signed transfer contracts of state owned lands for Jiaxing,
Shaoxing, Xitong, etc, covering land area of 1,430 Mu. And Yuyao, Wuhan Qingshan Chongqing Luohuang
projects have signed investment agreements with local governments covering land area of 1,173 Mu.
3. Associated Companies
CSE: The Company holds 32% equity of CSE. CSE has contributed an investment income of RMB 10.93 million
to the Company, decreased by 62% compared with the same period of last year.
CPEC: The Company holds 20% equity of CPEC. The investment income from CPEC has declined to RMB -1.17
million in reporting period.
China Development Finance Company Limited: The Company holds 20% equity. It contributed investment
income of RMB4.00 million to the Company and an increase of 43% compared with same period of last year.
4. Project in Construction Progress
Tianjin Bingang Baowan: The project plans to construct two warehouses and is expected to be finished in the first
half of 2017.
Wuxi Baowan: The construction of five warehouses and one multiple-used building has completed in March,
2016.
Zhenjiang Baowan: The construction of main body of nine warehouses and one multiple-used building has
completed.
Jiaxing Baowan: The construction of two warehouses and one multiple-used building is expected to complete at
the beginning of 2017.
Qingdao Jiaozhou Baowan: The construction of eight warehouses and one multiple-used building is expected to
complete in the first half year of 2017.
Chengdu Oil and Gas Base: The construction of one workshop and storage yard is expected to complete at the end
of 2016.
III.Composition of Main Business
Unit: RMB
Change of Change of Change of
Operating Gross Profit Operating Operating Cost Gross Profit
Operating Cost
Revenue Rate (%) Revenue over over the Same Rate over the
the Same Period of Last Same Period of
11
Period of Last Year（%） Last Year（%）
Year（%）
By Industries
Warehouse and
272,125,816.56 101,419,318.86 62.73% 10.02% 6.83% 1.11%
Storage
Loading and
Unloading 15,980,239.56 17,277,315.12 -8.12% -15.43% 9.21% -24.40%
Services
Harbor
6,713,077.34 2,844,590.28 57.63% 8.61% -59.22% 70.48%
Management
Office Leasing
36,174,864.71 21,728,278.37 39.94% 4.34% -4.34% 5.45%
&other
By Regions
South China 105,948,471.71 61,648,343.20 41.81% -3.49% -14.16% 7.23%
East China 122,406,525.60 38,074,257.89 68.90% 3.30% 6.94% -1.06%
North China 42,380,843.48 13,356,234.64 68.49% 2.44% -4.88% 2.43%
Southwest
44,997,418.34 22,970,443.81 48.95% 20.17% 21.01% -0.35%
China
Central China 15,260,739.04 7,220,223.09 52.69% -
IV.Core Competitiveness Analysis
There is no significant change of core competitiveness happened in reporting period.
1. Industry competition pattern and of development trend
(1) Offshore Oil Logistics Business
As international crude oil price remains low, oil logistics business has shrank demand sharply. Meanwhile with
operation of CNOOC Huizhou Base and movement of old clients in Chiwan Base, its urgent for the Company to
update service and foster new business from now on.
(2) Blogis Business
At present, local governments cut industrial land plan, which would bring more difficulty in land obtaining. The
rapid development of high-end warehousing intensified competition which resulted in the loss of part of the park's
customers. The Company actively would explore new business to improve customer cooperation viscosity and
enhance its market competitiveness.
2. Development strategy
The Company is committed to become leading enterprise in offshore oil and comprehensive logistics service in
main economic center cities and continuously create value for customers, shareholders, employees and society.
(1) Offshore Oil Logistics Business
Taking advantage of Qianhai Shekou Free Trade Zone, the Company would further enhance offshore oil logistics
upgrading plans and optimize business management continuously, explore intelligent business mode, optimize the
organizational structure etc to improve operation system and service.
(2) Blogis Business
During the next 3-5 years, by speeding up layout of logistics parks around major economic center cities
nationwide, and building a comprehensive logistics service system, the Company aims to become leading logistics
enterprise with competitiveness of scale of logistics park network and high-end comprehensive logistics service.
12
3. Operation management
Facing chance and challenge, closely around the "continuous innovation" theme, the Company would optimize
management pattern, reduce management procedure to enhance management level and team cohesion.
According to development strategy, funds are mainly used for purchasing land, construction or M&A of Blogis
logistics parks in future. In order to guarantee the steady development of the Company's main business and
corporate strategy effective implementation, the Company would continue to promote diversified financing
channels, in addition press- roll way to meet the demand of with rapid development, and also explore cooperative
development patterns.
4. Risk and measures
Under the serious pressure by intensified land obtaining, increasing funds demand and rising element costs, etc,
the Company plans to take measures as follows: to strengthen further study; to strengthen centralized management
of funds, improve efficiency of funds usage and reduce financial cost; to strengthen study on extended service and
incentive mechanism; to improve leading management standard system of logistics service; to input construction
progress plan and explore new management mode; to further strengthen on building and cultivating on the talents,
and establish improving capacity oriented training systems.
V. Analysis on Investment
1. External Investment
(1) External Investment
External Investment
Investment in reporting period Investment in same period over last year
Changes
(RMB) (RMB)
1,813,171,415.43 157,799,820.00 14.90%
Particulars of Investees
Company Name Main Business Ratio in the investees equity (%)
Ezhou Baowan Providing oil logistics and tenants agent service 77.36%
Shaoxing Baowan Providing oil logistics and tenants agent service 77.36%
Jiashan Baowan Providing oil logistics and tenants agent service 77.36%
Blogis Holding Investment 77.36%
(2)Particulars about Investment on Financial Enterprises
Share Holding Gains &
Share Holding Book Value
Initial Holding at Ratio at the Loss at the
Holding at Ratio at the at the end of Accounting Share
Name Category Investment( the beginning of reporting
the end of end of the the period Item Resource
RMB) beginning of the period period
the period period (RMB)
the period （%） (RMB)
China
Development Long term
Finance other 100,000,000.00 100,000,000 20.00% 100,000,000 20.00% 115,646,034.81 3,998,939.24 equity
Company investment
Limited
Total 100,000,000.00 100,000,000 -- 100,000,000 -- 115,646,034.81 3,998,939.24 -- --
13
(3) Particulars about Securities Investment
□ Applicable √ Inapplicable
(4) Particulars about Holding Other Listed Companies
□ Applicable √ Inapplicable
2. Entrusted Financing, Investment in Derivative Products and Entrusted Loan
(1)Entrusted Financing
Unit: RMB 0000
Withdraw Provision
Entrusted Related Beginning Ending Determination of Expected Actual
Relationship Product Types Amount of for
Party Transaction Date Date Reward Revenue Revenue
Principal Impairment
2500 2015-7-23 2016-1-20 2500 0 58.27 6.12
3000 2015-8-13 2016-2-5 3000 0 62.20 12.72
5000 2015-12-30 2016-1-6 5000 0 2.51 2.51
Guaranteed
CMBC N/A N/A financing 4000 2015-12-30 2016-1-13 Cash 4000 0 4.35 4.35
products 9000 2015-12-30 2016-3-23 9000 0 71.20 71.20
2000 2016-2-17 2016-3-23 2000 0 5.85 5.85
2500 2016-2-17 2016-8-10 0 19.01 17.67
Total 28000 -- -- -- 25500 0 223.39 120.42
Capital Resource Short term idle funds
Unrecovered Principal and Revenue 0
Involved lawsuit N/A
Board Resolution Disclosure Date 2014.4.24；2015.4.30
Shareholders Meeting Resolution
N/A
Disclosure Date
(2)Derivative Investment
□ Applicable √Inapplicable
(3) Entrusted Loan
□ Applicable √Inapplicable
3. Application of Raised Proceeds
□ Applicable √Inapplicable
4. Analysis of Main Subsidiaries and Investment Companies
14
Unit: RMB
Main
Company Registered Operating Operating
Type Industry Product or Total Asset Net Asset Net Profit
Name Capital Revenue Profit
Service
Shenzhen
Subsidiary Service 34,409,050.00 62,684,172.69 55,303,680.74 10,703,481.02 853,620.99 608,973.92
Baowan
Shanghai
Subsidiary Service 160,000,000.00 262,843,006.20 224,791,291.24 47,155,387.51 31,864,397.93 23,896,136.20
Baowan
Guangzhou
Baowan Subsidiary Service 150,000,000.00 421,962,857.08 154,962,222.29 26,401,398.86 6,981,855.09 5,288,276.11
Tianjin
Subsidiary Service 150,000,000.00 335,237,567.18 160,846,859.03 29,054,334.48 12,278,212.07 9,203,737.66
Baowan
Kunshan
Subsidiary Service 120,000,000.00 215,684,760.00 139,503,080.95 27,643,165.37 13,770,104.66 10,476,970.89
Baowan
Langfang Warehouse, 90,000,000.00
Subsidiary Service 190,420,926.76 92,726,727.41 13,326,509.00 2,359,048.00 1,849,409.85
Baowan loading and
Xindu unloading
Subsidiary Service 60,000,000.00 124,610,274.54 62,101,933.45 13,532,900.47 5,123,529.96 4,374,064.81
Baowan services
Longquan
Subsidiary Service 100,000,000.00 322,779,206.49 107,887,666.58 31,546,259.39 7,835,443.17 6,526,877.87
Baowan
Nanjing
Subsidiary Service 130,000,000.00 256,988,228.14 126,006,339.74 15,941,438.32 4,781,764.70 3,579,922.53
Baowan
Shanghai
Subsidiary Service 120,000,000.00 285,004,226.50 134,790,540.76 27,731,654.53 13,342,084.56 10,000,629.07
Mingjiang
Wuhan
Subsidiary Service 100,000,000.00 349,755,052.42 88,635,286.34 15,262,739.04 927,711.45 1,575,807.97
Baowan
Nantong
Subsidiary Service 200,000,000.00 227,745,560.86 201,242,438.19 6,521,371.73 1,568,475.22 1,180,642.02
Baowan
Manufacturi
Associated
ng steel
Manufactu products for
CSE 253,386,000.00 1,604,830,862.54 1,442,979,136.33 223,381,557.46 39,053,884.22 34,166,910.65
ring offshore
engineering,
etc
Providing
Associated
Manufactu equipment
CPEC 22,845,500.00 26,098,458.45 9,692,422.27 14,208,275.85 -5,868,814.65 -5,870,919.49
ring maintenance
services
China
Financial
Development Associated Financing 500,000,000.00 4,734,203,150.08 578,230,174.04 44,319,651.24 26,400,286.92 19,994,696.19
Finance business
5. Major Investments with Non-raised Proceeds
Unit: RMB 0000
Total Planned Investment in the Accumulated Disclosure
Project Progress Earnings
Investment reporting period investment Date
Wuxi Project 36,153 1,448.49 27,564.6 For acceptance N/A -
Main body construction
Zhenjiang Project 36,222 3,954.27 28,507.4 N/A -
completed
Jiaozhou Project 27,400 3,665.16 10,075.75 Under construction N/A 2014.8.30
Bingang Project 34,360 1,531.42 21,174.79 Under construction N/A 2011.6.23
Chengdu Oil Base
82,000 2,076.9 5,245.79 Under construction N/A 2015.2.26
Project
Qingwu Project 27,906 12 Under preparation N/A 2012.3.28
Shenyang Project 43,324 3,730.06 Under preparation N/A 2012.3.28
Yangluo Project 16,398 6.42 5,500.31 Under preparation N/A 2013.3.27
15
Feidong Project 22,853 1,465.01 2,065.71 Under preparation N/A 2013.10.30
Xian Project 44,812 2,693.43 7,674.1 Under preparation N/A 2013.12.25
Xianyang Project 54,978 455.4 5,524.3 Under preparation N/A 2014.2.18
Jiangyin Lingang
26,728 4,532.08 Under preparation N/A 2014.8.30
Project
Jiaxing Project 19,369 3,662.95 6,485.18 Under construction N/A 2014.11.27
Xitong Project 21,300 4,255.77 4,255.77 Under preparation N/A 2015.9.26
Shaoxing Project 35,600 4,086.47 4,086.47 Under preparation N/A 2015.8.31
Xipeng Project 37,478 10,072.59 10,072.59 Under preparation N/A 2014.2.18
Ezhou Project 52,500 3,867.07 3,867.07 Under preparation N/A 2015.6.9
Total 619,381 43,241.35 150,373.97 -- --
VI. Prediction of Business Performance from January to September 2016
Alert of loss or significant change in accumulative net profit from the beginning of the year to the next reporting
period or compared with the same period of last year, and statement of causations.
□ Applicable √ Inapplicable
VII. Notes of the Board of Directions and Supervisory Committee on the Unqualified Auditor’s Report
Issued by the CPAs in reporting period
□ Applicable √ Inapplicable
VIII. Notes of the Board of Directions on the Unqualified Auditor’s Report for Year 2015
□ Applicable √ Inapplicable
IX. Implementation of Profit Distribution in Reporting Period
Execution of profit distribution plan, especially execution or adjustment of the cash dividend policy and
conversion of capital reserve into share capital plan of the Company in reporting period.
□ Applicable √ Inapplicable
The Distribution Plan for Year 2015 is no cash division distribution, no bonus being sent, and no converting
capital reserve into share capital.
X. Preplanning of Profit Distribution and Converting Capital Reserve into Share Capital for the First Half
Year of 2016
□ Applicable √ Inapplicable
The Company has no plan of cash dividends distribution, bonus shares being sent and converting capital reserve
into share capital for the First Half Year of 2016.
16
XI. Research and Interview in Reporting Period
Time Location Method Types Visitor Topics Discussed
Business operation and
Conference Field development of logistics
Jan 21, 2016 Individual Individual Investor
Room Research parks. No documents are
provided.
Business operation and
Conference Field Ping an Securities development of logistics
May 16, 2016 Institute
Room Research Co., Ltd parks. No documents are
provided.
17
PART V Significant Events
I.Corporate Governance
1. General
During the report period, the Company had continuously observed Company Law, Securities Law, and
Guidelines of Corporate Governance for Listed Company and relevant regulations to improve and enhance
its corporate governance.
(1) During the report period, according to the Company's business development, the Company revised the
Articles of Association. The revision was reviewed and approved by the 17th tele-communication meeting of
the 7th Board of Director and the First Extraordinary Shareholders Meeting.
(2) Shareholders and shareholders general meeting: the Company ensures that all the shareholders,
especially minority shareholders, are equal and could enjoy their full rights. The Company called and held
shareholders general meeting strictly in compliance with the Rules for Shareholders General Meeting.
(3) Relationship between the controlling shareholder and the Company: controlling shareholder of the
Company acted in line with rules during the reporting period, did not intervened the decisions, productions or
operations of the Company directly or indirectly in exceeding the authority of the shareholders general
meeting, and did not appropriate any funds of the Company.
(4) Directors and the Board of Directors: the Company elected directors in strict accordance with the Articles
of Association. Number and composition of members of the Board were in compliance with relevant laws
and regulations; all Directors attend Board meetings and shareholders general meeting in a serious and
responsible manner and participated enthusiastically relevant training so as to know better about laws and
regulations as well as the rights, obligations and liabilities of Directors.
(5) Supervisors and the Supervisory Committee: number and composition of the members of the Supervisory
Committee were in compliance with the requirements of laws and regulations. The supervisors diligently and
seriously performed their duties and obligations, took responsible attitudes to all shareholders and supervised
the financial affair as well as the performance by the Companys Directors, managers and other senior
executives of their duties in compliance with the laws and regulations.
(6) Stakeholders: the Company fully respected and safeguarded the legal rights and interests of the banks and
other creditors, staff, consumers and other stakeholders so as to develop the Company in a consistent and
healthy way.
(7) Information disclosure and transparency: the Company authorized the Company Secretary to take charge
of information disclosure, and the Chairman as well as related Directors to meet with shareholders. The
Company disclosed relevant information in a true, accurate, complete and timely way in strict accordance
with the requirements of laws, regulations and the Articles of Association, formulated the Management Rules
on Information Disclosure, the Management System on Inside Information and Insiders and the Rules on the
Management of Investors Relations, and designated Securities Times, Hong Kong Commercial Daily and
http://www.cninfo.com.cn as its newspaper and website for information disclosure, so as to ensure all
shareholders have equal opportunity to obtain the information.
(8) Non-normative Corporate Governance
According to the requirements of Ministry of Finance and Accounting Standards for Enterprises, the
18
Company provided financial reports monthly to its controlling shareholders, Nanshan Group, for compiling
consolidated financial statements. In accordance with requirements of the Supplementary Notice on
Strengthened Supervision of Non-Standard Behaviors in Corporate Governance Including Providing
Undisclosed Information to Controlling Shareholders and Effective Controller, the Board of Directors
reviewed and approved the Resolution on Regular Submission of Financial Statements to the Controlling
Shareholders on the Second Tele-communication Meeting of the Fifth Board of Directors. Nanshan Group
and the Company signed the commitment letter respectively, and the Company provided the insiders list to
CSRC Shenzhen Bureau for record as well.
2. Preparation and Implementation of the Registration Management System for Insiders
On October 28, 2009, the Seventh Session of the Fifth Board of Directors reviewed and approved the
registration system of undisclosed information insiders. (Please find the details on www.cninfo.com.cn on
October 30, 2009) In the report period, the Company implemented the registration system strictly and
registered the insiders timely.
In the report period, directors, supervisors and the senior management of the Company did not buy or sell
shares against regulations.
II.Significant Lawsuits and Arbitration Affairs
□ Applicable √ Inapplicable
There is no significant lawsuit or arbitration affair occurred in reporting period.
Other lawsuit
Whether
Involved
forming Result and Arbitration Disclosure
Basic Information Amount Progress
estimated influence Execution Date
(0000)
liabilities
Ming Jiang Baowans construction contract
First
disputation appealed by China Building and 4,203.80 to be settled - - -
trial
Technology Group LTD.
Construction disputation of Chixiao
Engineering construction Ltd.,and the First
143.98 to be settled - - -
Compay appealed by Shenzhen Lingnan trial
Building and Engineering Ltd
III.Media Query
□ Applicable √ Inapplicable
There is no universal media query in reporting period.
IV.Bankruptcy and Restructure
□ Applicable √ Inapplicable
There is no bankruptcy or restructure affair occurred at the end of reporting period.
V.Assets Transaction
Purchase of assets affair
√ Applicable □ Inapplicable
19
Contributi
Impact on on of Net
Transaction Takeover Price Impact on profit and Profit of Related Transaction Announce
Progress Disclosure
Party Assets 0000 operation loss Assets to Transaction Relationship ment Note
Total
Profit
Assets
located in no affect
Jiashan of the
Economic continuity
Jiangjin Completed Announce
Developm and
(Zhejiang) transfer of No affect ment
ent Zone 12,500 stability of - N/A Inapplicable 2015-12-18
Furniture involved yet No.2015-6
of Jiaxing the
Ltd assets 8
city manageme
(including nt of the
land and company
buildings)
Changdu no affect
Xiangtai of the
Industrial 100% continuity
Announce
Ltd. equity of Completed and
No affect ment
Xinjiang Beijing 26,142 equity stability of - N/A Inapplicable 2015-12-18
yet No.2015-6
Baishang Jinmu transfer the
9
Investment Caoye Ltd manageme
(Group) nt of the
Ltd company
There is no sale of assets affair, or enterprise combination occurred at the end of reporting period.
VI.Implementation and Influence of Equity Incentives
□ Applicable √ Inapplicable
There is no equity incentives plan or implementation occurred in reporting period.
VII.Significant Related Transactions
1. Related Transactions Involving Daily Operation
Unit: RMB Million
Approved Whether
Ratio of Market
Type of Price Amount Transactio Exceeded
Same Price Disclos
Transactio Relationshi Related Pricing (Unit: (Unit: n Amount the Settlemen Disclosur
p
Contents Type of (Unit: ure
n Party Transactio Principle RMB RMB (Unit: Approved t e Date
Transactio RMB Index
n Million) Million) RMB Amount
n (%) Million)
Million)
Bank Annou
Renting Settlemen nceme
Nanshan Parent Providing Office and Market t 2016.04.
Group Company Services Maintenan Price 4.88 4.88 31.00% 8.73 N/A 4.88 nt
26
ce Services No.20
16-31
Renting Bank Annou
Land and Settlemen nceme
Nanshan Parent Receiving Building, Market t 2016.04.
Group Company Services Receiving Price 2.59 2.59 16.00% 5.27 N/A 2.59 nt
26
Power No.20
Supply 16-31
Total -- -- 7.47 -- 14 -- -- -- -- --
Large Amount Return of Goods N/A
Where the Company classifies and The Board of Directors approved the amount of RMB 14 million of routine related
estimates the total amount of routine transactions with Nanshan Group for Year 2016. The actual amount of routine related
related transactions for the report transactions for half of Year 2016 is RMB 7.47 million, in which the amount of providing
20
period, explain the actual services is RMB 4.88 million and receiving services is RMB 2.59 million.
implementation during the report
period.
Explain why the transaction price is
Inapplicable
greatly different from the market price
2. Related Transactions of Assets Acquisition and Sales
□ Applicable √ Inapplicable
There is no related transaction of assets acquisition occurred at the end of reporting period.
3. Significant Related Transactions of Joint Investment
√ Applicable □ Inapplicable
Associated Pricing Investee Main Business of Registered Total Net Net
Investor Party
Relationship Principle Name Investee Capital 0000 Assets 0000 Assets 0000 Profit 0000
Increase Investment in
registered logistics industry,
Controlled capital of Blogis trade industry
CNDI 250,000 455,779 363,883 -24
Shareholder Blogis Holding and related
Holding by investment
shareholding consulting, etc
Progress of Projects Under
Refer to5. Major Investments with Non-raised Proceeds
Construction
4. Related Credits and Liabilities
√Applicable □ Inapplicable
Whether any non-operational related credit and liabilities existed or not
□ Yes √ No
5. Other Significant Related Transaction
□ Applicable √ Inapplicable
VIII. Non-operation Oriented Fund Occupied by Controlling Shareholders and its parties
□ Applicable √ Inapplicable
IX. Significant Contracts and Implementation
1. Custodian, Contracting and Lease
(1) Custodian
Approved by the 16th tele-communication of 6th Board of the Company, Blogis Holdings is entrusted to
manage Hefei Baowans operation with the term ended at the Dec 31, 2014. The entrustment term will be
extended automatically for 1 year upon the agreement by both parties. Such agreement would be terminated
if both parties do not decide to renew it anymore. The entrustment fee will be charged and extracted in
accordance with 5% of actual total profit incurred by Hefei Baowan. Heifei Baowan has paid management
fee amounted to RMB 397,700 for 2015.
Any Project brought gains or losses over 10% of the Companys total profit or above in reporting period
□ Applicable √ Inapplicable
21
(2) Contracting
□ Applicable √ Inapplicable
(3) Lease
□ Applicable √ Inapplicable
2. Guarantee
Unit: RMB 0000
Outward guarantees (excluding guarantee to the subsidiaries)
Total outward guarantee quota Total amount of outward
approved in the reporting period 0 guarantee actually incurred in 0
（A1） the reporting period （A2）
Total outward guarantee quota Total balance of actual
approved at the end of the outward guarantee at the end
0 0
reporting period of the reporting period
（A3） （A4）
Guarantees to the Subsidiaries
Date of
Guarantee
occurrence
Names of Disclosure Guarantee Actual amount Implementation to related
(date of Type Period
Guarantees Date Amount of guarantee status party?
agreement
(Y/N)
execution)
2013.07.05 N/A
Guangzhou Baowan 8,565.40 2014.04.18 8,511.10 Irrevocable 15Years N/A
2016.01.13
2013.07.05 N/A
Nanjing Baowan 6,499.60 2014.05.28 6,429.46 Irrevocable 15Years N/A
2016.01.13
Wuhan Baowan 2014.04.24 19,340.00 2014.11.03 5,664.15 Irrevocable 15 Years N/A N/A
Baowan Holdings 2012.01.13 60,000.00 2016.03.29 20,000.00 Irrevocable 2 Years N/A N/A
Total guarantee quota to the Total amount of guarantee
subsidiaries approved in the to the subsidiaries actually
60,000 20,129.20
reporting period incurred in the reporting
（B1） period （B2）
Total balance of actual
Total guarantee quota to the
guarantee to the subsidiaries
subsidiaries approved at the end
94,405 at the end of the reporting 40,604.71
of the reporting period
period
（B3）
（B4）
Guarantees to the Subsidiaries by Subsidiaries
Total guarantee quota to the Total amount of guarantee
subsidiaries approved in the to the subsidiaries actually
0 0
reporting period incurred in the reporting
（C1） period （C2）
Total balance of actual
Total guarantee quota to the
guarantee to the subsidiaries
subsidiaries approved at the end
0 at the end of the reporting 0
of the reporting period
period
（C3）
（C4）
The Companys total guarantee (i.e. total of the first three main items)
Total amount of guarantee
Total guarantee quota approved in
actually incurred in the
the reporting period 60,000 20,129.20
reporting period
（A1+B1+C1）
（A2+B2+C2）
Total guarantee quota already Total balance of the actual
approved at the end of the guarantee at the end of the
94,405 40,604.71
reporting period reporting period
（A3+B3+C3） （A4+B4+C4）
Actual total guarantee (A4+ B4)/ Net Assets of the Company 22.88%
22
Including: 0
Amount of guarantee for shareholders, actual controller and
0
its related parties(D)
The debts guarantee amount provided for the guaranteed
parties whose assets-liability ratio exceed 70% directly or 0
indirectly(E)
Proportion of total amount of guarantee in net assets of the
0
Company exceed 50%(F)
Total amount of the aforesaid three guarantees(D+E+F) 0
Guarantee Violation
□ Applicable √ Inapplicable
There is no guarantee violation occurred in reporting period.
3. Other Significant Contracts
□ Applicable √ Inapplicable
4. Other Significant Transactions
(1) The Project of Ningbo Yuyao Baowan Logistics Park
Approved by 20th telecommunication meeting of 7th of the Board, Blogis intends to invest and construct
logistics park in Donggang District Terminal in Ningbo Yuyao, covering an area of 300.5 Mu with the initial
investment of RMB 312 million. To operate and manage the project, Blogis has registered a new company
with the name of Ningbo Yuyao Baowan Logistics Co., Ltd and registration capital of RMB100 million.
More details were published on Securities Times, Hong Kong Commercial Daily and website of
http://www.cninfo.com.cn on Jan 13 and 16, May 25, 2016.
(2) The Project of Chengdu Xinjin Baowan Logistics Park
Approved by 20th telecommunication meeting of 7th of the Board, Blogis intends to invest and construct
logistics park in Chengdu Xinjin, covering an area of 208 Mu with the initial investment of RMB 489 million.
To operate and manage the project, Blogis has registered a new company with the name of Chengdu Xinjin
Baowan Logistics Co., Ltd and registration capital of RMB80 million.
More details were published on Securities Times, Hong Kong Commercial Daily and website of
http://www.cninfo.com.cn on Jan 13 and 16, Aug 23, 2016.
(3) The Adjustment of Guarantee Amount of Guanzhou and Nanjing Baowan
Approved by 20th telecommunication meeting of 7th of the Board and 1st Extraordinary Shareholders Meeting
in 2016, the total guarantee amount for Guangzhou and Nanjing Baowan would be adjusted to RMB 255.49
Million including RMB85.6540 for Guanzhou Baowan and RMB64.996 million for Nanjing Baowan
respectively.
More details were published on Securities Times, Hong Kong Commercial Daily and website of
http://www.cninfo.com.cn on Jan 13, Jan 16 and 30, 2016.
(4) The Increase of Guarantee Amount of Blogis Holdings
Approved by 20th telecommunication meeting of 7th of the Board and 1st Extraordinary Shareholders Meeting
in 2016, the Company would provide Blogis joint liability guarantee under credit line of RMB 600 million
within the term of 3 years for financing such as borrowing, open a bank guarantee, bank acceptance, etc.
More details were published on Securities Times, Hong Kong Commercial Daily and website of
http://www.cninfo.com.cn on Jan 13, Jan 16 and 30, 2016.
(5) The Project of Chongqing Jiangjin Baowan Logistics Park
Approved by 21th telecommunication meeting of 7th of the Board, Blogis intends to invest and construct
logistics park in Chongqing Jiangjin, covering an area of 301 Mu with the initial investment of RMB 337
million. To operate and manage the project, Blogis intends to register a new company with the name of
Chongqing Jiangjin Baowan Logistics Co., Ltd and registration capital of RMB100 million.
23
More details were published on Securities Times, Hong Kong Commercial Daily and website of
http://www.cninfo.com.cn on Mar 23, 2016.
(6) Hubei Baowan Holdings Ltd
Approved by 24th telecommunication meeting of 7th of the Board, Blogis intends to register Hubei Baowan
Holdings Ltd in Qingshan District in Hunan City with registration capital of RMB100 million.
More details were published on Securities Times, Hong Kong Commercial Daily and website of
http://www.cninfo.com.cn on Jun 7, 2016.
(7) The Project of Wuhan Qingshan Baowan Logistics Park
Approved by 24th telecommunication meeting of 7th of the Board, Blogis intends to invest and construct
logistics park in Wuhan Qingshan, covering an area of 441 Mu with the initial investment of RMB 1,070
million. To operate and manage the project, Blogis intends to register a new company with the name of
Wuhan Qingshan Baowan Logistics Co., Ltd and registration capital of RMB200 million.
More details were published on Securities Times, Hong Kong Commercial Daily and website of
http://www.cninfo.com.cn on Jun 7, 2016.
(8) Significant Assets Reorganization
1st of 8th Board of Directors and 3rd Extraordinary Shareholders’ Meeting in 2016 have approved the
proposal on Shenzhen New Nanshan Holdings (Group) issuing A share to absorb and merge Chiwan Base
with raising funds. Legal person of Chiwan Base would be terminated and cancelled and meanwhile
inherited and carried by New Nanshan Holding if such transaction successful approved.
The above mentioned transaction has gained approved by Shenzhen Stock Exchange and State-owned Assets
Supervision and Administration Commission.
More details were published on Securities Times, Hong Kong Commercial Daily and website of
http://www.cninfo.com.cn on Jul 2, Jul 16, Jul 19, Jul 30, Aug 2, Aug 5, Aug 9, Aug 12, Aug 26 etc, 2016.
X.Commitments made by the Company or shareholders holding over 5% shares of the
Company in reporting period or extending to reporting period.
√Applicable □ Inapplicable
Commit
Promisee Content Beginning Deadline Status
ments
Nanshan
to land use 1997-8-1 2022-7-31 On duty
Group
Nanshan to resolve payment difficulties by
2014-1-6 2017-1-5 On duty
Group China Development Finance
Other
The to provide regular monthly financial
Commit 2007-10-25 Long term effective On duty
Company reports to the controlling shareholder
ments
The About the issue of "medium-term
2012-3-7 2017-3-6 On duty
Company notes for 2012" Commitment
The About the issue of "12 base debt"
2013-1-9 2020-1-8 On duty
Company commitment
Fulfill
Commit
Yes
ments
timely
XI. Engagement/ Disengagement of Certified Public Accountants
Whether the Financial Statements for the First Half Year of 2016 were audited or not
□ Yes √ No
24
XII.Punishment and Rectification
√ Applicable □ Inapplicable
Name Position Reason Punishment Type Conclusion Disclosure Date Disclosure Index
Mr.Fan Short-term Informed Announcement
Director Other 2015.12.29
Zhaoping trading Criticism No.2015-72
Particulars about Alleged illegal Proceeds
Alleged Illegal Proceeds
Name Alleged illegal proceeds back time
Amount(RMB)
Former Director Mr. Fan Zhaoping 2015.12.31 40,655.38
XIII. Violation of Delisting Risk Revealed
□ Applicable √ Inapplicable
XIV. Statements on Other Significant Events
□ Applicable √ Inapplicable
XV. Corporate Bonds
There was the public issued corporate bonds that listed on the stock exchange which neither to expire on the
approval quote date of the annual report nor to pay in full amount when expired.
1. Basic Information of the corporate bonds
Abbreviatio Bond Balance Interest Ways of Debt
Name Code Issue Date Due Date
n (RMB 0000) Rate Service
To pay interest
2012 corporate bonds of
once a year and
Shenzhen Chiwan 12 Chiwan
112140 2012.12.17 2019.12.17 57,000 5.78% to pay for the
Petroleum Supply Base Base Bonds
principal at one
Co., Ltd.
time
Exchange Place for the Listing or
Shenzhen Stock Exchange
Transfer of the Corporate Bonds
Eligibility Management of Investors Inapplicable
Situation of the Interest Payment of
the Corporate Bonds during the Inapplicable
Report Period
Execution of relevant regulations if
the corporate bonds were affiliated
with the special regulations such as
Inapplicable
the options of the issuers or the
investors as well as exchangeable
regulations. (if applicable)
2. List of the Bonds Trustees and the Credit Rating Organization
Bonds Trustees：
Room 1608, China Life Insurance
Huarong Securities Co., Office Contact Yuan Contact
Name Building, Chaoyang District, 010-85556464
Ltd. Address Person Dong Number
Beijing
Credit Rating Organization Tracked and Rated the Corporate Bonds during the Report Period：
25
8F, An Ji Building, No. 760 South Xizang Road,
Name China Chengxin Securities Rating Co., Ltd. Office Address
Huangpu District, Shanghai
3. List of the Usage of the Raised Funds of the Corporate Bonds
Usage and Execution Process of the Bonds Raised
The Company used the raised funds strictly followed the regulation.
Funds of the Company
Closing Balance (RMB10,000) 0
Operation of the Special Account of the Raised Funds The Company did not create special account for the bonds.
The usage of the raised funds whether met with the
committed usage, usage plans and other agreements on Yes
the specification.
4. List of the Rating of the Corporate Bonds Information
CCXR maintained the credit rating of “12 Chiwan Base Bonds” of AA+ as well as the credit rating of the
main body of the Company of AA with the stable rating outlook.
5. Credit Supplement Mechanism, Repayment Plans and Other Repayment Guarantee Measures of
the Corporate Bonds
In the report period, there were no changes of credit supplement mechanism, repayment plans or other
repayment guarantee measures of the Corporate Bonds.
The Companys controlling shareholder, Nanshan Group, provided guarantee for the Corporate Bonds. By
the end of reporting period, Nanshan Groups net assets were RMB 10.739 billion; assets-liabilities ratio was
57.74%; return on equity was 3.37%; current ratio was 145.70%; and quick ratio was 63.11%. The
above-mentioned data was unaudited. The amount of external guarantee of Nanshan Group was RMB 2.01
billion, 24.22% of its net assets.
6. List of the Holder Conference of the Bonds during the Report Period
In reporting period, there is no event required to convene holder conference happened in reporting period.
For being absorbed and merged by Nanshan Holding, the Company convened bonds holder conference on
Jul 21, 2016.
7. List of the Duties Performance of the Bonds Trustee during the Report Period
In the report period, bonds trustee performed their duties according to related regulation, including
supervising the usage of raised funds, continuously paying attention to the Companys creditability, etc.
The Company has disclosed Entrusted Management Report of 2012 Corporate Bonds for Year 2015
published on Jun 8, 2016, which is made and published by Huarong Securities Co., Ltd.
8. Major Accounting Data and Financial Index of the recent 2 years of the Company
Unit: RMB Ten Thousand Yuan
Item 2016.6.30 2015.12.31 Change
Current ratio 37.34% 42.07% -4.73%
Asset-liability Ratio 59.50% 63.30% -3.80%
Quick Ratio 37.30% 42.01% -4.71%
2016.6.30 2015.6.30 Change
Times Interest Earned of
2.36 2.58 -8.53%
EBITDA
Loan Repayment Rate 100% 100% 0
Interest Coverage 100% 100% 0
26
Note to the year-on-year change of the relevant data over 30%
□ Applicable √ Inapplicable
9. List of the Restricted Assets Right up to the Report-end
Inapplicable
10. Fails to repay the debt
Inapplicable
11. List of the Interest Payment of Other Bonds and Bonds Financing Instruments during the Report
Period
The Company had paid interest of medium-term notes of RMB 24 million in reporting period.
12. List of the Acquired Bank Credit Lines, Usage and Repayment of the Bank Loans
The amount of the newly acquired bank credit lines was of RMB 1.3 billion within usage of RMB 50 million
and repayment the loan of RMB 100 million during the report period.
13. List of the Execution of the Agreement or the Commitment Related to the Corporate Bonds
Raising Specification during the Report Period
The raised funds of RMB 570 million had used up in 2013.
14. Significant Events Occurred during the Report Period
Inapplicable
15. Whether There Was Guarantor of the Corporate Bonds
√ Yes □No
Whether the Guarantor of the Corporate Bonds was Business Entity or Other Organizations
√ Yes □No
Whether Disclose Guarantors Financial Report.
√ Yes □No
27
PART VI Changes in Capital Share and Shareholders
I. Changes in Capital Share
Unit: Share
Before Changes Changes in Shares（＋，－） After Changes
New Conversion of
Bonus Reserves
Shares Ratio Shares Others Subtotal Shares Ratio
Shares
Issued to Shares
1.Non-tradable Shares 119,420,000 51.79% 119,420,000 51.79%
Promoters Shares 119,420,000 51.79% 119,420,000 51.79%
Ownership by Domestic
119,420,000 51.79% 119,420,000 51.79%
Legal Entities
2.Tradable shares 111,180,000 48.21% 111,180,000 48.21%
B shares 111,180,000 48.21% 111,180,000 48.21%
3.Total 230,600,000 100% 230,600,000 100%
Reason of Capital Share Changed
□ Applicable √ Inapplicable
Approval of Share Changed
□ Applicable √ Inapplicable
Ownership Transfer of Share Changed
□ Applicable √ Inapplicable
Influence from the shareholding movements upon such financial indicators as earnings per share, net asset per share of the
latest year and the latest accounting period
□ Applicable √ Inapplicable
Other information as the Company considers necessary to be disclosed or demanded by the securities regulatory authority
for disclosing
□ Applicable √ Inapplicable
Explanation on changes in aspect of total shares, shareholders structure as well as structures of assets and liabilities of the
Company
□ Applicable √ Inapplicable
28
II.Particulars about Shareholders and Shares Holding
Unit: Share
Total Number of Preference
Total common shareholders in
6,971 Shareholders with Resumed Voting 0
reporting period
Rights at Period-end (if any)
Particulars about Shareholders with 5% or above /Top Ten Common Shareholders
Impawned or
Ratio Total shares Change in the Non-tradabl Tradable Frozen Shares
Name Nature reporting period e shares
（％） held shares Status Shares
CHINA NANSHAN
Domestic Legal
DEVELOPMENT (GROUP) 51.79% 119,420,000 0 119,420,000 0 - 0
Person
INCORPORATION
China Logistics Holding(12) Foreign Legal
19.90% 45,890,000 0 0 45,890,000 - unknown
PTE.LTD. Person
CHINA MECHANTS unknown
State-owned Legal
SECURITIES (HONGKONG) 1.61% 3,717,134 102,910 0 3,717,134 -
Person
LTD
CREDIT SUISSE (HONG Foreign Legal
1.15% 2,653,799 -900 0 2,653,799 - unknown
KONG) LIMITED Person
GUOTAI JUNAN unknown
Foreign Legal
SECURITIES(HONGKONG) 0.93% 2,133,542 -408,499 0 2,133,542 -
Person
LIMITED
GREENWOODS CHINA ALPHA Foreign Legal
0.43% 984,693 0 0 984,693 - unknown
MASTER FUND Person
Domestic Natural
LI WEI 0.28% 636,000 36,000 0 636,000 - unknown
Person
Domestic Natural
SHA SHU LI 0.21% 480,611 0 0 480,611 - unknown
Person
Foreign Natural
YU LING FENG 0.20% 458,083 0 0 458,083 - unknown
Person
Domestic Natural
PAN BO 0.18% 420,300 400 0 420,300 - unknown
Person
Strategic Investors of General Legal Person Become
N/A
Top Ten Shareholders Due To Share Issued
Among the top ten shareholders, the domestic legal entity shareholder, China Nanshan
Development (Group) Incorporation has no affiliated relations with other shareholders
Explanation for the Affiliated Relations or United and does not fall into the scope of united action person stipulated by “Regulation of
Action of the Top Ten Shareholders Information Disclosure of the Change of Shareholding of listed company”. It is
unknown that whether other tradable-share shareholders fall into the scope of united
action person.
Top Ten Tradable Shareholders
Type
Name Shares Held
Type Shares
China Logistics Holding(12) PTE.LTD. 45,890,000 B 45,890,000
CHINA MECHANTS SECURITIES
3,717,134 B 3,717,134
(HONGKONG) LTD
CREDIT SUISSE (HONG KONG) LIMITED 2,653,799 B 2,653,799
GUOTAI JUNAN
2,133,542 B 2,133,542
SECURITIES(HONGKONG) LIMITED
GREENWOODS CHINA ALPHA MASTER
984,693 B 984,693
FUND
LI WEI 636,000 B 636,000
SHA SHU LI 480,611 B 480,611
YU LING FENG 458,083 B 458,083
PAN BO 420,300 B 420,300
LI MING YA 402,580 B 402,580
Statement on Associated Relationship or
It is unknown that whether other tradable-share shareholders fall into the scope of united action
Consistent Action among the Above
person.
Shareholders
Remarks on Shareholders Involved in
N/A
Securities Margin Trading
Whether top ten shareholders appointed repurchase transaction during reporting period
□ Yes √ No
29
III.Changes of Controlling Shareholders and Actual Controller
Change of Controlling Shareholder in the Reporting Period
□ Applicable √ Inapplicable
Change of Actual Controller in the Reporting Period
□ Applicable √ Inapplicable
IV. Submission or Implementation of Increasing Holdings of Shares Scheme by Shareholders and
Persons Acting in Concert in the Reporting Period
□ Applicable √ Inapplicable
PART VII Particulars about Preferred Shares
□ Applicable √ Inapplicable
30
PART VIII Particulars about Directors, Supervisors and Senior Management
I. Changes of Shares held by Directors, Supervisors and Senior Management
□ Applicable √ Inapplicable
There is no change of shares held by directors, supervisors or senior Management occurred in reporting period. Please refer
to 2015s Annual Report for more details
II. Particulars about Directors, Supervisors and Senior Management Changed
√ Applicable □ Inapplicable
Name Post Type Date Reason
Tian Junyan Chairman Election 2016.06.30 Office Term Shift
Guzhe Wenjing Deputy Chairman Election 2016.06.30 Office Term Shift
Wang Shiyun Director Election 2016.06.28 Office Term Shift
Zhang Jianguo Director Election 2016.06.28 Office Term Shift
Chen Lei Director Election 2016.06.28 Office Term Shift
Chen Hong Director Election 2016.06.28 Office Term Shift
Shu Qian Director Election 2016.06.28 Office Term Shift
He Liming Independent Director Election 2016.06.28 Office Term Shift
Chen Weijie Independent Director Election 2016.06.28 Office Term Shift
Chen Shujun Independent Director Election 2016.06.28 Office Term Shift
Yu Xiufeng Independent Director Election 2016.06.28 Office Term Shift
Li Hongwei Supervisor Convenor Election 2016.06.30 Office Term Shift
Zeng Jun Supervisor Election 2016.06.28 Office Term Shift
Shang Yuexiang Supervisor Election 2016.06.28 Office Term Shift
Song Huibin Supervisor Election 2016.06.28 Office Term Shift
Sun Yuhui Employee Supervisor Election 2016.06.28 Office Term Shift
Cao Lirong Employee Supervisor Election 2016.06.28 Office Term Shift
Ming Zhi Mei Deputy Chairman Term Expiration 2016.06.28 Office Term Shift
Kent Yang Director Term Expiration 2016.06.28 Office Term Shift
Zhang Jianguo Supervisor Convenor Term Expiration 2016.06.28 Office Term Shift
Chen Lei Supervisor Term Expiration 2016.06.28 Office Term Shift
Chen Hong Supervisor Term Expiration 2016.06.28 Office Term Shift
Huang Ronghui Supervisor Term Expiration 2016.06.28 Office Term Shift
Song Tao Board Secretary Dismissal 2016.06.27 Personal Reason
31
PART IX Financial Statements (Attachment)
The Financial Statements for the First Half Year of 2016 are not audited.
PART X Documents Available for Verification
1. Financial Statements carrying the signature of relative persons in charge.
2. All text of the Companys documents and original public notices disclosed on websites specified by the China
Securities Regulatory Commission in reporting period.
Board of Directors
Shenzhen Chiwan Petroleum Supply Base Co., Ltd.
August 31, 2016
32
Financial Statements for the First Half of 2016 (Unaudited)
I. Audit Report
Whether or not audited for the half-year report:
□ Yes √ No
II. Financial Statements
The currency for the explanatory notes of financial statements is: RMB Yuan
33
1.Balance Sheet
Consolidated Currency: RMB
Items Ending Balance Beginning Balance
Current Assets:
Cash and bank balances 647,599,268.21 321,121,926.73
Notes receivable 12,000,000.00 -
Accounts receivable 59,119,539.26 50,257,814.22
Prepayments 1,746,711.30 435,877.51
Interest receivable -0.00 1,138,739.73
Dividends receivable -
Other receivables 68,963,994.40 58,666,231.60
Inventories 847,585.06 914,543.44
Other current assets 25,000,000.00 235,000,000.00
Total Current Assets 815,277,098.23 667,535,133.23
Non-current Assets: -
Long-term equity investments 583,449,728.92 582,600,360.74
Investment properties 1,404,227,159.27 1,425,593,724.71
Fixed assets 816,703,265.36 842,722,056.06
Construction in progress 606,274,615.18 368,965,477.50
Disposal of fixed assets 50,787.60 -
Intangible assets 1,564,542,662.07 1,450,042,826.68
Deferred tax assets 39,317,503.36 28,877,355.41
Other non-current assets 592,248,797.88 277,619,704.84
Total Non-current Assets 5,606,814,519.64 4,976,421,505.94
TOTAL ASSETS 6,422,091,617.87 5,643,956,639.17
Current Liabilities: -
Short-term borrowings 240,000,000.00 300,000,000.00
Accounts payable 10,399,682.27 13,502,745.52
Receipts in advance 6,264,446.01 4,294,109.24
Employee benefits payable 18,169,950.70 26,233,258.02
Taxes payable 20,421,638.24 20,937,276.95
Interest payable 56,997,886.86 28,404,479.52
Other payables 424,338,682.69 480,066,219.49
Non-current liabilities due within one year 1,107,002,353.40 707,396,728.40
Other current liabilities 300,000,000.00 6,000,000.00
Total Current Liabilities 2,183,594,640.17 1,586,834,817.14
Non-current Liabilities: -
Long-term borrowings 793,843,625.45 489,834,250.45
Bonds payable 567,900,500.00 967,159,500.00
Long-term payables 251,417,853.31
Deferred income 50,425,115.23 51,251,151.07
Other non-current liabilities 225,692,882.76 226,367,558.34
Total Non-current Liabilities 1,637,862,123.44 1,986,030,313.17
TOTAL LIABILITIES 3,821,456,763.61 3,572,865,130.31
SHAREHOLDERS' EQUITY: -
Share capital 230,600,000.00 230,600,000.00
Capital reserve 234,141,186.09 234,141,186.09
Other comprehensive income 652,079.14 652,079.14
Special reserve 6,392,632.59 5,941,771.48
Surplus reserve 318,603,562.42 317,245,288.81
Unappropriated profits 984,251,031.21 965,504,851.33
Total shareholders' equity attributable to equity holders of the Company 1,774,640,491.45 1,754,085,176.85
Minority interests 825,994,362.81 317,006,332.01
TOTAL SHAREHOLDERS' EQUITY 2,600,634,854.26 2,071,091,508.86
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 6,422,091,617.87 5,643,956,639.17
Legal Representative: Tianjunyan Chief financial officer：Yu Zhongxia Financial manager：Sun Yuhui
34
2.Balance Sheet
Parent Company Currency: RMB
Items Ending Balance Beginning Balance
Current Assets:
Cash and bank balances 14,973,482.20 28,808,779.96
Accounts receivable 26,904,657.56 22,290,192.64
Prepayments 858,614.85 174,357.15
Interest receivable 1,031,342.47
Dividends receivable
-
Other receivables 449,932,112.14 1,519,389,018.64
Inventories 597,575.40 665,307.48
Other current assets 25,000,000.00 235,000,000.00
Total Current Assets 518,266,442.15 1,807,358,998.34
Non-current Assets:
-
Long-term equity investments 3,211,162,053.21 1,486,226,120.45
Investment properties 118,702,355.44 121,605,608.97
Fixed assets 57,957,134.61 62,672,792.29
Construction in progress 3,759,283.00 2,600,283.00
Disposal of fixed assets 1,611.00
-
Intangible assets 284,479,614.11 292,794,849.40
Deferred tax assets 19,546,752.57 9,635,782.89
Other non-current assets 183,600.00 255,366.60
Total non-current assets 3,695,792,403.94 1,975,790,803.60
TOTAL ASSETS 4,214,058,846.09 3,783,149,801.94
Current Liabilities:
-
Short-term borrowings 190,000,000.00 300,000,000.00
Accounts payable 10,085,538.84 13,115,420.11
Employee benefits payable 10,472,638.51 17,261,742.30
Taxes payable 1,015,139.39 2,508,111.41
Interest payable 56,724,068.61 28,118,306.33
Other payables 508,249,783.47 67,373,561.98
Non-current liabilities due within one year 1,101,349,351.16 701,349,351.16
Other current liabilities
-
Total Current Liabilities 1,877,896,519.98 1,129,726,493.29
Non-current Liabilities:
-
Long-term borrowings 280,024,302.04 181,224,302.04
Bonds payable 567,900,500.00 967,159,500.00
Deferred tax liability
-
Other non-current liabilities 15,692,882.76 16,367,558.34
Total Non-current Liabilities 863,617,684.80 1,164,751,360.38
TOTAL LIABILITIES 2,741,514,204.78 2,294,477,853.67
SHAREHOLDERS' EQUITY:
-
Share capital 230,600,000.00 230,600,000.00
Capital reserve 204,534,849.49 204,534,849.49
Special reserve 6,171,268.75 5,775,987.68
Surplus reserve 318,603,562.42 317,245,288.81
Unappropriated profits 712,634,960.65 730,515,822.29
TOTAL SHAREHOLDERS' EQUITY 1,472,544,641.31 1,488,671,948.27
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 4,214,058,846.09 3,783,149,801.94
Legal Representative: Tianjunyan Chief financial officer：Yu Zhongxia Financial manager：Sun Yuhui
35
3.Income Statements
Consolidated Currency: RMB
Items Current Period Same Period Last Year
I. Total operating income 331,048,288.65 307,119,072.68
Including:Operating income 331,048,288.65 307,119,072.68
Less: Total operating costs 304,779,907.33 282,174,074.29
Including:Operating costs 143,269,502.63 140,446,455.32
Business taxes and levies 18,867,639.42 20,894,744.56
Selling expenses 917,022.63 267,618.01
General and administrative expenses 55,345,349.17 42,341,999.23
Financial expenses 86,362,478.62 78,223,257.17
Impairment losses of assets 17,914.86 -
Add: Investment income 14,962,394.28 36,159,585.39
Including: Income from investments inassociates and joint ventures 13,758,166.75 30,629,354.18
II. Operating profit 41,230,775.60 61,104,583.78
Add: Non-operating income 2,702,848.88 5,009,323.18
Including: Gains from disposal of non-current assets 27,777.65 49,459.07
Less: Non-operating expenses 851,692.02 110,153.24
Including: Losses from disposal of non-current assets 36,978.43 6,522.45
III. Gross profit 43,081,932.46 66,003,753.72
Less: Income tax expenses 12,085,315.99 13,532,146.18
IV. Net profit 30,996,616.47 52,471,607.54
Net profit attributable to owners of the Company 20,104,453.49 42,629,933.48
Profit or loss attributable to minority shareholders 10,892,162.98 9,841,674.06
V. Post-tax net value of other comprehensive income -1,092,133.32
Post-tax net value of other comprehensive incomeattributable to owners of the
-844,874.34
Company
Including: Translation differences arising on translation of financial statements
-844,874.34
denominated in foreign currencies
Post-tax net value of other comprehensive income attributable to minority
-247,258.98
shareholders
VI. Total comprehensive income: 30,996,616.47 51,379,474.22
Total comprehensive income attributable to owners of the Company 20,104,453.49 41,785,059.14
Total comprehensive income attributable to minority shareholders 10,892,162.98 9,594,415.08
VII. Earnings per share:
(I) Basic earnings per share 0.09 0.18
(II) Diluted earnings per share Not applicable Not applicable
Legal Representative: Tianjunyan Chief financial officer：Yu Zhongxia Financial manager：Sun Yuhui
36
4.Income Statements
Parent company Currency: RMB
Items Current Period Same Period Last Year
I. Operating income 68,844,361.06 79,034,763.59
Less: Operating costs 45,529,220.40 56,471,311.84
Business taxes and levies 1,666,673.87 3,357,157.03
General and administrative expenses 17,990,662.26 20,248,504.66
Financial expenses 44,955,212.43 32,472,692.36
Impairment loss of assets -35,125.53 -
Add: Investment income 14,962,394.28 36,103,914.15
Including: Income from investments in associates and joint ventures 13,758,166.75 30,629,354.18
II. Operating profit -26,299,888.09 2,589,011.85
Add: Non-operating income 26,125.02 840,898.68
Including: Gains from disposal of non-current assets 36,927.52
Less: Non-operating expenses 117,787.56 17,734.76
Including: Losses from disposal of non-current assets 1,000.00 56.54
III. Gross profit -26,391,550.63 3,412,175.77
Less: Income tax expenses -9,868,962.60 -4,747,251.44
IV. Net profit -16,522,588.03 8,159,427.21
V. Other comprehensive income
VI. Total comprehensive income -16,522,588.03 8,159,427.21
VII. Earnings per share:
(I) Basic earnings per share Not applicable Not applicable
(II) Diluted earnings per share Not applicable Not applicable
Legal Representative: Tianjunyan Chief financial officer：Yu Zhongxia Financial manager：Sun Yuhui
37
5.Cash Flow Statements
Consolidated Currency: RMB
Items Current Period Same Period Last Year
I. Cash Flows from Operating Activities:
Cash receipts from sales of goods and rendering of services 340,836,855.86 317,497,115.70
Refund of tax and levies
-
Other cash receipts relating to operating activities 16,961,342.77 16,887,964.87
Sub-total of cash inflows from operating activities 357,798,198.63 334,385,080.57
Cash payments for goods purchased and services received 64,402,911.49 58,015,385.11
Cash payments to and on behalf of employees 53,260,826.50 52,399,414.15
Payments of various taxes 67,664,546.72 81,569,809.87
Other cash payments relating to operating activities 21,359,814.12 18,466,453.95
Sub-total of cash outflows from operating activities 206,688,098.83 210,451,063.08
Net Cash Flows from Operating Activities 151,110,099.80 123,934,017.49
II. Cash Flows from Investing Activities:
- -
Cash receipts from investment income 12,908,798.55 14,329,928.96
Net cash receipts from disposal of fixed assets, intangible assets and other
84,062.00 33,161.00
long-term assets
Other cash receipts relating to investing activities 257,590,350.00 761,936,417.51
Sub-total of cash inflows from investing activities 270,583,210.55 776,299,507.47
Cash payments to acquire or construct fixed assets, intangible assets and other
513,233,238.63 234,888,483.09
long-term assets
Cash payments to acquire investments
-
Net cash outflows of procurement of subsidiaries and other business units 254,014,920.01
-
Other cash payments relating to investing activities 45,000,000.00 706,000,000.00
Sub-total of cash outflows from investing activities 812,248,158.64 940,888,483.09
Net Cash Flows from Investing Activities -541,664,948.09 -164,588,975.62
III. Cash Flows from Financing Activities:
- -
Cash receipts from capital contributions 498,080,000.00
-
Cash receipts from borrowings 449,570,000.00 375,697,062.91
Other cash receipts relating to financing activities 294,000,000.00
-
Sub-total of cash inflows from financing activities 1,241,650,000.00 375,697,062.91
Cash repayments of borrowings 205,955,000.00 301,701,000.00
Cash payments for distribution of dividends or profits or settlement of interest
43,767,861.82 37,081,714.50
expenses
Other cash payments relating to financing activities 274,894,948.41 1,201,200.00
Sub-total of cash outflows from financing activities 524,617,810.23 339,983,914.50
Net Cash Flows from Financing Activities 717,032,189.77 35,713,148.41
IV. Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents 34,359.25
-
V. Net Increase(Decrease)in Cash and Cash Equivalents 326,477,341.48 -4,907,450.47
Add: Opening balance of Cash and Cash Equivalents 321,121,926.73 375,328,861.18
VI. Closing Balance of Cash and Cash Equivalents 647,599,268.21 370,421,410.71
Legal Representative: Tianjunyan Chief financial officer：Yu Zhongxia Financial manager：Sun Yuhui
38
6.Cash Flow Statements
Parent company Currency: RMB
Items Current Period Same Period Last Year
I. Cash Flows from Operating Activities:
Cash receipts from sales of goods and rendering of services 67,132,430.77 90,185,871.67
Refund of tax and levies -
Other cash receipts relating to operating activities 4,451,235.52 2,355,314.62
Sub-total of cash inflows from operating activities 71,583,666.29 92,541,186.29
Cash payments for goods purchased and services received 25,952,137.67 25,726,617.37
Cash payments to and on behalf of employees 29,028,207.27 30,994,991.10
Payments of various taxes 6,135,326.17 32,749,737.63
Other cash payments relating to operating activities 9,879,000.80 11,548,229.29
Sub-total of cash outflows from operating activities 70,994,671.91 101,019,575.39
Net Cash Flows from Operating Activities 588,994.38 -8,478,389.10
II. Cash Flows from Investing Activities: - -
Cash receipts from investment income 12,908,798.55 14,329,928.96
Net cash receipts from disposal of fixed assets, intangible assets and other
1,012.00 -
long-term assets
Other cash receipts relating to investing activities 459,335,570.00 778,716,888.74
Sub-total of cash inflows from investing activities 472,245,380.55 793,046,817.70
Cash payments to acquire or construct fixed assets, intangible assets and other
2,141,437.33 7,532,928.19
long-term assets
Cash paid to acquire investments 302,376,564.58 26,099,820.00
Other cash payments relating to investing activities 138,173,595.45 798,440,078.57
Sub-total of cash outflows from investing activities 442,691,597.36 832,072,826.76
Net Cash Flows from Investing Activities 29,553,783.19 -39,026,009.06
III. Cash Flows from Financing Activities: - -
Cash receipts from borrowings 190,000,000.00 300,000,000.00
Other cash receipts relating to financing activities 4,451,531.60 3,417,001.15
Sub-total of cash inflows from financing activities 194,451,531.60 303,417,001.15
Cash repayments of borrowings 201,200,000.00 650,000.00
Cash payments for distribution of dividends or profits or settlement of interest
35,338,081.13 29,503,797.33
expenses
Other cash payments relating to financing activities 1,891,525.80 304,477,659.94
Sub-total of cash outflows from financing activities 238,429,606.93 334,631,457.27
Net Cash Flows from Financing Activities -43,978,075.33 -31,214,456.12
IV. Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents -4,585.00
V．Net Increase(Decrease) in Cash and Cash Equivalents -13,835,297.76 -78,723,439.28
Add: Opening balance of Cash and Cash Equivalents 28,808,779.96 110,176,958.92
VI. Closing Balance of Cash and Cash Equivalents 14,973,482.20 31,453,519.64
Legal Representative: Tianjunyan Chief financial officer：Yu Zhongxia Financial manager：Sun Yuhui
39
7. Statement of Changes in Equity
Consolidated Currency: RMB
Amount for the current period Amount for the same period of last year
ITEM Attributable to shareholders of the Company Attributable to shareholders of the Company
Total shareholders' Total shareholders'
Othercompreh Unappropriated Minority interests Othercompreh Unappropriated Minority interests
Share capital Capital reserve Special reserve Surplus reserve equity Share capital Capital reserve Special reserve Surplus reserve equity
ensive income profits ensive income profits
I. Closing balance of the preceding year 230,600,000.00 234,141,186.09 652,079.14 5,941,771.48 317,245,288.81 965,504,851.33 317,006,332.01 2,071,091,508.86 230,600,000.00 234,141,186.09 652,079.14 4,240,147.49 307,084,630.25 913,767,989.40 297,936,230.92 1,988,422,263.29
Add: Changes in accounting policies - - - - - - - - - - - - - - - -
Corrections of prior period errors - - - - - - - - - - - - - - - -
Business combination involving entities under common control - - - - - - - - - - - - - - - -
Others - - - - - - - - - - - - - - - -
II. Opening balance of the current year 230,600,000.00 234,141,186.09 652,079.14 5,941,771.48 317,245,288.81 965,504,851.33 317,006,332.01 2,071,091,508.86 230,600,000.00 234,141,186.09 652,079.14 4,240,147.49 307,084,630.25 913,767,989.40 297,936,230.92 1,988,422,263.29
III. Changes for the year - - - 450,861.11 1,358,273.61 18,746,179.88 508,988,030.80 529,543,345.40 - - - 1,701,623.99 10,160,658.56 51,736,861.93 19,070,101.09 82,669,245.57
(I) Comprehensive income - - - - - 20,104,453.49 10,892,162.98 30,996,616.47 - - - - - 91,644,920.49 19,027,674.41 110,672,594.90
(II) Owners' contributions and reduction in capital - - - - - - 498,080,000.00 498,080,000.00 - - - - - - - -
1. Capital contribution from owners - - - - - - 498,080,000.00 498,080,000.00 - - - - - - - -
2. Capital contribute from other equity instrument holders - - - - - - - - - - - - - - - -
3. Share-based payment recognised in owners' equity - - - - - - - - - - - - - - - -
4. Others - - - - - - - - - - - - - - - -
(III) Profit distribution - - - - 1,358,273.61 -1,358,273.61 - - - - - - 10,160,658.56 -39,908,058.56 - -29,747,400.00
1. Transfer to surplus reserve - - - - 1,358,273.61 -1,358,273.61 - - - - - - 10,160,658.56 -10,160,658.56 - -
2. General Risk Provision - - - - - - - - - - - - - - - -
3. Distributions to shareholders - - - - - - - - - - - - - -29,747,400.00 - -29,747,400.00
4. Others - - - - - - - - - - - - - - - -
(IV) Transfers within owners' equity - - - - - - - - - - - - - - - -
1. Capitalization of capital reserve - - - - - - - - - - - - - - - -
2. Capitalization of surplus reserve - - - - - - - - - - - - - - - -
3. Loss offset by surplus reserve - - - - - - - - - - - - - - - -
4. Others - - - - - - - - - - - - - - - -
(V) Special reserve - - - 450,861.11 - - 15,867.82 466,728.93 - - - 1,701,623.99 - - 42,426.68 1,744,050.67
1. Transfer to special reserve in the period - - - 752,714.22 - - 24,799.30 777,513.52 - - - 2,539,292.54 - - 56,404.62 2,595,697.16
2. Amount utilized in the period - - - -301,853.11 - - -8,931.48 -310,784.59 - - - -837,668.55 - - -13,977.94 -851,646.49
(VI) Others - - - - - - - - - - - - - - - -
IV. Closing balance of the current year 230,600,000.00 234,141,186.09 652,079.14 6,392,632.59 318,603,562.42 984,251,031.21 825,994,362.81 2,600,634,854.26 230,600,000.00 234,141,186.09 652,079.14 5,941,771.48 317,245,288.81 965,504,851.33 317,006,332.01 2,071,091,508.86
Legal Representative: Chief financial officer： Financial manager：
40
8.Statement of Changes in Equity
Parent company Currency: RMB
Amount for the current period Amount for the same period of last year
ITEM
Unappropriated Total shareholders' Unappropriated Total shareholders'
Share capital Capital reserve Special reserve Surplus reserve Share capital Capital reserve Special reserve Surplus reserve
profits equity profits equity
I. Closing balance of the preceding year 230,600,000.00 204,534,849.49 5,775,987.68 317,245,288.81 730,515,822.29 1,488,671,948.27 230,600,000.00 204,534,849.49 4,103,762.23 307,084,630.25 743,258,408.62 1,489,581,650.59
Add: Changes in accounting policies - - - - - - - - - - - -
Corrections of prior period errors - - - - - - - - - - - -
Others - - - - - - - - - - - -
II. Opening balance of the current year 230,600,000.00 204,534,849.49 5,775,987.68 317,245,288.81 730,515,822.29 1,488,671,948.27 230,600,000.00 204,534,849.49 4,103,762.23 307,084,630.25 743,258,408.62 1,489,581,650.59
III. Changes for the year - - 395,281.07 1,358,273.61 -17,880,861.64 -16,127,306.96 - - 1,672,225.45 10,160,658.56 -12,742,586.33 -909,702.32
(I) Comprehensive income - - - - -16,522,588.03 -16,522,588.03 - - - - 27,165,472.23 27,165,472.23
(II) Owners' contributions and reduction in capital - - - - - - - - - - - -
1. Capital contribution from owners - - - - - - - - - - - -
2. Capital contribute from other equity instrument holders - - - - - - - - - - - -
3. Share-based payment recognised in owners' equity - - - - - - - - - - - -
4. Others - - - - - - - - - - - -
(III) Profit distribution - - - 1,358,273.61 -1,358,273.61 - - - - 10,160,658.56 -39,908,058.56 -29,747,400.00
1. Transfer to surplus reserve - - - 1,358,273.61 -1,358,273.61 - - - - 10,160,658.56 -10,160,658.56 -
2. Distributions to shareholders - - - - - - - - - - -29,747,400.00 -29,747,400.00
3. Others - - - - - - - - - - - -
(IV) Transfers within owners' equity - - - - - - - - - - - -
1. Capitalization of capital reserve - - - - - - - - - - - -
2. Capitalization of surplus reserve - - - - - - - - - - - -
3. Loss offset by surplus reserve - - - - - - - - - - - -
4. Others - - - - - - - - - - - -
(V) Special reserve - - 395,281.07 - - 395,281.07 - - 1,672,225.45 - - 1,672,225.45
1. Transfer to special reserve in the period - - 641,816.28 - - 641,816.28 - - 2,423,047.32 - - 2,423,047.32
2. Amount utilized in the period - - 246,535.21 - - 246,535.21 - - 750,821.87 - - 750,821.87
(VI) Others - - - - - - - - - - - -
IV. Closing balance of the current year 230,600,000.00 204,534,849.49 6,171,268.75 318,603,562.42 712,634,960.65 1,472,544,641.31 230,600,000.00 204,534,849.49 5,775,987.68 317,245,288.81 730,515,822.29 1,488,671,948.27
Legal Representative: Chief financial officer： Financial manager：
41
III. BASIC INFORMATION ABOUT THE COMPANY
Shenzhen Chiwan Petroleum Supply Base Co., Ltd. (the “Company”) was established through the restructuring of
Shenzhen Chiwan Base Company pursuant to the approval of Shen Fu Ban Han (1995) No. 112 issued by the
General Office of Shenzhen Municipal People's Government.
The Company publicly issued domestic listed foreign shares (B Share) pursuant to the approval of Shen Fu Ban
Han (1995) No. 112 issued by the General Office of Shenzhen Municipal People's Government and Shen Zheng
Ban Fu (1995) No.33 issued by Shenzhen Securities Administration Office on 11 May 1995 and 16 June 1995
respectively. The total number of shares of the Company is 230,600,000 shares after the public offering, of which
China Nanshan Development (Group) Incorporation (“Nanshan Group”) holds 119,420,000 shares that accounts
for 51.79% the Company's equity shares. Pursuant to the Listing Notice of Shen Zheng Shi Zi (1995) No.14,
issued by Shenzhen Stock Exchange, the Company's shares were listed and traded on Shenzhen Stock Exchange
on 28 July 1995.
The registration place of the Company is Shenzhen City, Guangdong Province. The main business scopes of the
Company and its subsidiaries (together the “Group”) include: terminal and port operation services; lease of stack
area, storage and office building; provision of labor service, cargo handling and transportation, equipment lease,
supply of water, power and oil, and agency services for offshore crude oil logistics; operating bonded warehouse
and stack area, and commercial car park operation.
The scope of consolidated financial statements in the current period involves 37 subsidiaries. See Note (IX)
"Equity in other entities" for details. Changes of scope are subsidiaries acquired in business combinations
involving enterprises under common control. See Note (VIII) "Changes of consolidation scope" for details.
IV. BASIS OFPREPARATIONOFFINACIALSTATEMENTS
1、Basis of Preparation of financial statements
Basis of Preparation
The Group has adopted the Accounting Standards for Business Enterprises (the "ASBEs") issued by the Ministry
of Finance (the "MoF"), including standards newly issued and amended in 2014. In addition, the Group has
disclosed relevant financial information in accordance with Information Disclosure and Presentation Rules for
Companies Offering Securities to the Public No. 15 - General Provisions on Financial Reporting (Revised in
2014).
Basis of keeping accounts and principle of valuation
The Group has adopted the accrual basis of accounting. Except for certain financial instruments which are
measured at fair value, the Group adopts the historical cost as the principle of measurement in the financial
statements. Where assets are impaired, provisions for asset impairment are made in accordance with the relevant
requirements.
Under the historical cost measurement, asset should be measured at the value of cash or cash equivalents or fair
value paid to acquire the asset, whereas liability should be measured at the value of cash or assets received due to
shoulder present obligation, or at the contract amount of shouldering present obligation, or at the value of cash or
cash equivalents expected to pay for the liability in routine activities.
Under the historical cost measurement, asset should be measured at the value of cash or cash equivalents or fair
value paid to acquire the asset, whereas liability should be measured at the value of cash or assets received due to
shoulder present obligation, or at the contract amount of shouldering present obligation, or at the value of cash or
cash equivalents expected to pay for the liability in routine activities.
42
Pursuant to the observation of input value and the significance of the input value on the whole, measurements of
fair value are divided into the below three levels:
Level 1 input value is the unadjusted price of equivalent assets or liability which can be acquired in an active
market on the measurement date.
Level 2 input value is assets or liability except for those in Level 1, which are observable for the asset or
liability, either directly or indirectly
Level 3 input value is assets or liability which cannot be observed.
2、Going concern
The Group evaluated its going concern ability within 12 months since 30 June 2016. There are no events or
circumstances that may cast significant doubt upon the entity's ability to continue as a going concern, Hence, the
financial statements have been prepared on a going concern basis.
V. SIGNIFICANT ACCOUNTING POLICIES, and ACCOUNTING ESTIMATES
1、 Statement of compliance with the ASBE
The financial statements of the Company have been prepared in accordance with the ASBEs, and present truly
and completely, the Company's and consolidated financial position as of 30 June 2016, and the Company's and
consolidated results of operations and cash flows for the half-year then ended in 2016.
2、 Accounting period
The Group has adopted the calendar year as its accounting year, i.e. from 1 January to 31 December.
3、Business Cycle
Business cycle is referred to the period from which an enterprise buys assets to manufacture to the date it
achieves cash or cash equivalents.
4、Functional Currency
Renminbi ("RMB") is the currency of the primary economic environment in which the Company and its
subsidiaries in the People's Republic of China (the "PRC") operate. Therefore, the Company and its PRC
subsidiaries choose RMB as their functional currency. Subsidiaries not located in PRC choose HK dollar as their
functional currency based on the primary economic environment. The Group adopts RMB to prepare its financial
statements.
5、The accounting treatment of business combinations involving enterprises under common
control and business combinations not involving enterprises under common control
Business combinations are classified into business combinations involving enterprises under common control
and business combinations not involving enterprises under common control.
5.1 Business combinations involving enterprises under common control
A business combination involving enterprises under common control is a business combination in which all of
the combining enterprises are ultimately controlled by the same party or parties both before and after the
combination, and that control is not transitory.
43
Assets and liabilities obtained shall be measured at their respective carrying amounts as recorded by the
combining entities at the date of the combination. The difference between the carrying amount of the net assets
obtained and the carrying amount of the consideration paid for the combination is adjusted to the share premium
in capital reserve. If the share premium is not sufficient to absorb the difference, any excess shall be adjusted
against retained earnings.
Costs that are directly attributable to the combination are charged to profit or loss in the period in which they are
incurred.
5.2 Business combinations not involving enterprises under common control and goodwill
A business combination not involving enterprises under common control is a business combination in which all
of the combining enterprises are not ultimately controlled by the same party or parties before and after the
combination.
The cost of combination is the aggregate of the fair values, at the acquisition date, of the assets given, liabilities
incurred or assumed, and equity securities issued by the acquirer in exchange for control of the acquiree. The
intermediary expenses incurred by the acquirer in respect of auditing, legal services, valuation and consultancy
services, etc. and other associated administrative expenses attributable to the business combination are
recognized in profit or loss when they are incurred.
The acquiree's identifiable assets, liabilities and contingent liabilities, acquired by the acquirer in a business
combination, that meet the recognition criteria shall be measured at fair value at the acquisition date.
Where the cost of combination exceeds the acquirer's interest in the fair value of the acquiree's identifiable net
assets, the difference is treated as an asset and recognized as goodwill, which is measured at cost on initial
recognition. Where the cost of combination is less than the acquirer's interest in the fair value of the acquiree's
identifiable net assets, the acquirer firstly reassesses the measurement of the fair values of the acquiree's
identifiable assets, liabilities and contingent liabilities and measurement of the cost of combination. If after that
reassessment, the cost of combination is still less than the acquirer's interest in the fair value of the acquiree's
identifiable net assets, the acquirer recognizes the remaining difference immediately in profit or loss for the
current period.
Goodwill arising on a business combination is measured at cost less accumulated impairment losses, and is
presented separately in the consolidated financial statements.
6、Preparation of Consolidated Financial Statements
The scope of consolidation in the consolidated financial statements is determined on the basis of control. Control
is the power to govern the financial and operating policies of an enterprise so as to obtain benefits from its
operating activities. Once above-mentioned essential factor changed due to relevant matters and situation change,
the Group needs to reappraise the control.
The consolidation for a subsidiary is involved when the Group keeps the control, and not involved when the
Group loses the control.
For a subsidiary disposed of by the Group, the operating results and cash flows before the date of disposal (the
date when control is lost) are included in the consolidated income statement and consolidated statement of cash
flows, as appropriate.
For a subsidiary acquired through a business combination not involving enterprises under common control, the
operating results and cash flows from the acquisition date (the date when control is obtained) are included in the
44
consolidated income statement and consolidated statement of cash flows, as appropriate, and no adjustment is
made to the opening balances and comparative figures in the consolidated financial statements.
No matter when the business combination occurs in the reporting period, subsidiaries acquired through a
business combination involving enterprises under common control are included in the Group's scope of
consolidation as if they had been included in the scope of consolidation from the date when they first came under
the common control of the ultimate controlling party. Their operating results and cash flows from the beginning
of the earliest reporting period are included in the consolidated income statement and consolidated statement of
cash flows, as appropriate.
The significant accounting policies and accounting periods adopted by the subsidiaries are determined based on the
uniform accounting policies and accounting periods set out by the Company.
All significant intra-group balances and transactions are eliminated on consolidation.
The portion of subsidiaries' equity that is not attributable to the Company is treated as minority interests and
presented as "minority interests" in the consolidated balance sheet within shareholders' equity. The portion of net
profits or losses of subsidiaries for the period attributable to minority interests is presented as "minority interests"
in the consolidated income statement below the "net profit" line item.
When the amount of loss for the period attributable to the minority shareholders of a subsidiary exceeds the
minority shareholders' portion of the opening balance of owners' equity of the subsidiary, the excess amount are
still allocated against minority interests.
Acquisition of minority interests or disposal of interest in a subsidiary that does not result in the loss of control
over the subsidiary is accounted for as equity transactions. The carrying amounts of the Company's interests and
minority interests are adjusted to reflect the changes in their relative interests in the subsidiary. The difference
between the amount by which the minority interests are adjusted and the fair value of the consideration paid or
received is adjusted to capital reserve under owners' equity. If the capital reserve is not sufficient to absorb the
difference, the excess are adjusted against retained earnings.
7、Recognition criteria of cash and cash equivalents
Cash comprises cash on hand and deposits that can be readily withdrawn on demand. Cash equivalents are the
Group's short-term, highly liquid investments that are readily convertible to known amounts of cash and which
are subject to an insignificant risk of changes in value.
8、Translation of transactions and financial statements denominated in foreign currencies
8.1 Transactions denominated in foreign currencies
A foreign currency transaction is recorded, on initial recognition, by applying the spot exchange rate on the date
of the transaction.
At the balance sheet date, foreign currency monetary items are translated into RMB using the spot exchange rates
at the balance sheet date. Exchange differences arising from the differences between the spot exchange rates
prevailing at the balance sheet date and those on initial recognition or at the previous balance sheet date are
recognized in profit or loss for the period, except that (1) exchange differences related to a specific-purpose
borrowing denominated in foreign currency that qualify for capitalization are capitalized as part of the cost of the
qualifying asset during the capitalization period; (2) exchange differences related to hedging instruments for the
45
purpose of hedging against foreign currency risks are accounted for using hedge accounting; (3) exchange
differences arising from available-for-sale non-monetary items (such as shares) denominated in foreign currencies
and changes in the carrying amounts (other than the amortized cost) of available-for-sale monetary items are
recognized as other comprehensive income.
Foreign currency non-monetary items measured at historical cost are translated to the amounts in functional
currency at the spot exchange rates on the dates of the transactions and the amounts in functional currency
remain unchanged. Foreign currency non-monetary items measured at fair value are re-translated at the spot
exchange rate on the date the fair value is determined. Difference between the re-translated functional currency
amount and the original functional currency amount is treated as changes in fair value (including changes of
exchange rate) and is recognized in profit and loss or as other comprehensive income.
8.2 Translation of financial statements denominated in foreign currencies
For the purpose of preparing the consolidated financial statements, financial statements of a foreign operation are
translated from the foreign currency into RMB using the following method: assets and liabilities on the balance
sheet are translated at the spot exchange rate prevailing at the balance sheet date; shareholders' equity items
except for retained earnings are translated at the spot exchange rates at the dates on which such items arose; all
items in the income statement as well as items reflecting the distribution of profits are translated at the spot
exchange rates on the dates of the transactions; the opening balance of retained earnings is the translated closing
balance of the previous year's retained earnings; the closing balance of retained earnings is calculated and
presented on the basis of each translated income statement and profit distribution item. The difference between
the translated assets and the aggregate of liabilities and shareholders' equity items is separately presented as the
exchange differences arising on translation of financial statements denominated in foreign currencies under the
shareholders' equity in the balance sheet.
Cash flows arising from a transaction in foreign currency and the cash flows of a foreign subsidiary are translated
at an exchange rate which approximates the spot exchange rate on the date of the cash flows. The effect of
exchange rate changes on cash and cash equivalents is regarded as a reconciling item and presented separately in
the cash flow statement as "effect of exchange rate changes on cash and cash equivalents".
The opening balances and the comparative figures of previous year are presented at the translated amounts in the
previous year's financial statements.
On disposal of the Group's entire interest in a foreign operation, or upon a loss of control over a foreign operation
due to disposal of certain interest in it or other reasons, the Group transfers the accumulated exchange differences
arising on translation of financial statements of this foreign operation attributable to the owners' equity of the
Company and presented under shareholders' equity, to profit or loss in the period in which the disposal occurs.
In case of a disposal or other reason that does not result in the Group losing control over a foreign operation, the
proportionate share of accumulated exchange differences arising on translation of financial statements are
re-attributed to minority interests and are not recognized in profit and loss. For partial disposals of equity
interests in foreign operations which are associates or joint ventures, the proportionate share of the accumulated
exchange differences arising on translation of financial statements of foreign operations is reclassified to profit or
loss.
46
9、Financial Instruments
Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual
provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. For
financial assets and financial liabilities at fair value through profit or loss, transaction costs are immediately
recognized in profit or loss. For other financial assets and financial liabilities, transaction costs are included in
their initial recognized amounts.
9.1Effective interest method
The effective interest method is a method of calculating the amortized cost of a financial asset or a financial
liability (or a group of financial assets or financial liabilities) and of allocating the interest income or interest
expense over the relevant period, using the effective interest rate. The effective interest rate is the rate that
exactly discounts estimated future cash flows through the expected life of the financial asset or financial liability
or, where appropriate, a shorter period to the net carrying amount of the financial asset or financial liability.
When calculating the effective interest rate, the Group estimates future cash flows considering all contractual
terms of the financial asset or financial liability (without considering future credit losses), and also considers all
fees paid or received between the parties to the contract giving rise to the financial asset and financial liability
that are an integral part of the effective interest rate, transaction costs, and premiums or discounts, etc.
9.2 Classification, recognition and measurement of financial assets
On initial recognition, the Group's financial assets are classified into one of the four categories, including
financial assets at fair value through profit or loss, held-to-maturity investments, loans and receivables, and
available-for-sale financial assets. All regular way purchases or sales of financial assets are recognized and
derecognized on a trade date basis.
9.2.1. Financial assets at fair value through profit or loss ("FVTPL")
Financial assets at FVTPL include financial assets held for trading and those designated as at fair value through
profit or loss.
A financial asset is classified as held for trading if one of the following conditions is satisfied: (i) It has been
acquired principally for the purpose of selling in the near term; or (ii) On initial recognition it is part of a
portfolio of identified financial instruments that the Group manages together and there is objective evidence that
the Group has a recent actual pattern of short-term profit-taking; or (iii) It is a derivative that is not designated
and effective as a hedging instrument, or a financial guarantee contract, or a derivative that is linked to and must
be settled by delivery of an unquoted equity instrument (without a quoted price in an active market) whose fair
value cannot be reliably measured.
A financial asset may be designated as at FVTPL upon initial recognition only when one of the following
conditions is satisfied: (i) Such designation eliminates or significantly reduces a measurement or recognition
inconsistency that would otherwise result from measuring assets or recognizing the gains or losses on them on
different bases; or (ii) The financial asset forms part of a group of financial assets or a group of financial assets
and financial liabilities, which is managed and its performance is evaluated on a fair value basis, in accordance
with the Group's documented risk management or investment strategy, and information about the grouping is
reported to key management personnel on that basis; (iii) Hybrid instruments associated with embedded
derivatives and financial assets measured at fair value and of which changes are recorded into the profits and
47
losses as specified in Accounting Standard for Business Enterprises No.22 - Financial Recognition and
Measurement of Instruments.
Financial assets at FVTPL are subsequently measured at fair value. Any gains or losses arising from changes in
the fair value and any dividend or interest income earned on the financial assets are recognized in profit or loss.
9.2.2 Held-to-maturity investments
Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed
maturity dates that the Group's management has the positive intention and ability to hold to maturity.
Held-to-maturity investments are subsequently measured at amortized cost using the effective interest method.
Gain or loss arising from DE recognition, impairment or amortization is recognized in profit or loss.
9.2.3. Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not
quoted in an active market. Financial assets classified as loans and receivables by the Group include accounts
receivable, interest receivable, dividends receivable, and other receivables.
Loans and receivables are subsequently measured at amortized cost using the effective interest method. Gain or
loss arising from DE recognition, impairment or amortization is recognized in profit or loss.
9.2.4. Available-for-sale financial assets
Available-for-sale financial assets include non-derivative financial assets that are designated on initial
recognition as available for sale, and financial assets that are not classified as financial assets at fair value
through profit or loss, loans and receivables or held-to-maturity investments.
Available-for-sale financial assets are subsequently measured at fair value, and gains or losses arising from
changes in the fair value are recognized as other comprehensive income, except that impairment losses and
exchange differences related to amortized cost of monetary financial assets denominated in foreign currencies are
recognized in profit or loss, until the financial assets are derecognized, at which time the gains or losses are
released and recognized in profit or loss.
Interests obtained and the dividends declared by the investee during the period in which the available-for-sale
financial assets are held, are recognized in investment gains.
Investments in equity instruments that do not have a quoted market price in an active market and whose fair
value cannot be reliably measured, and derivative financial assets which are linked to and must be settled by
delivery of such unquoted equity instruments, are measured at cost.
9.3 Impairment of financial assets
The Group assesses at each balance sheet date the carrying amounts of financial assets other than those at fair
value through profit or loss. If there is objective evidence that a financial asset is impaired, the Group determines
the amount of any impairment loss. Objective evidence that a financial asset is impaired is evidence that, arising
from one or more events that occurred after the initial recognition of the asset, the estimated future cash flows of
the financial asset, which can be reliably measured, have been affected.
Objective evidence that a financial asset is impaired includes the following observable events:
48
(1) Significant financial difficulty of the issuer or obligor;
(2) A breach of contract by the borrower, such as a default or delinquency in interest or principal payments;
(3) The Group, for economic or legal reasons relating to the borrower's financial difficulty, granting a
concession to the borrower;
(4) It becoming probable that the borrower will enter bankruptcy or other financial reorganizations;
(5) The disappearance of an active market for that financial asset because of financial difficulties of the issuer;
(6) Upon an overall assessment of a group of financial assets, observable data indicates that there is a
measurable decrease in the estimated future cash flows from the group of financial assets since the initial
recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in
the group. Such observable data includes:
- Adverse changes in the payment status of borrower in the group of assets;
- Economic conditions in the country or region of the borrower which may lead to a failure to pay the group of
assets;
(7) Significant adverse changes in the technological, market, economic or legal environment in which the issuer
operates, indicating that the cost of the investment in the equity instrument may not be recovered by the investor;
(8) A significant or prolonged decline in the fair value of an investment in an equity instrument below its cost;
(9) Other objective evidence indicating there is an impairment of a financial asset.
- Impairment of financial assets measured at amortized cost
If financial assets carried at amortized cost are impaired, the carrying amounts of the financial assets are reduced
to the present value of estimated future cash flows (excluding future credit losses that have not been incurred)
discounted at the financial asset's original effective interest rate. The amount of reduction is recognized as an
impairment loss in profit or loss. If, subsequent to the recognition of an impairment loss on financial assets
carried at amortized cost, there is objective evidence of a recovery in value of the financial assets which can be
related objectively to an event occurring after the impairment is recognized, the previously recognized
impairment loss is reversed. However, the reversal is made to the extent that the carrying amount of the financial
asset at the date the impairment is reversed does not exceed what the amortized cost would have been had the
impairment not been recognized.
For a financial asset that is individually significant, the Group assesses the asset individually for impairment. For
a financial asset that is not individually significant, the Group assesses the asset individually for impairment or
includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses
them for impairment. If the Group determines that no objective evidence of impairment exists for an individually
assessed financial asset (whether significant or not), it includes the asset in a group of financial assets with
similar credit risk characteristics and collectively reassesses them for impairment. Assets for which an
impairment loss is individually recognized are not included in a collective assessment of impairment.
- Impairment of available-for-sale financial assets
When an available-for-sale financial asset is impaired, the cumulative loss arising from decline in fair value
previously recognized directly in capital reserve is reclassified from the capital reserve to profit or loss. The
amount of the cumulative loss that is reclassified from capital reserve to profit or loss is the difference between
the acquisition cost (net of any principal repayment and amortization) and the current fair value, less any
impairment loss on that financial asset previously recognized in profit or loss.
49
If, subsequent to the recognition of an impairment loss on available-for-sale financial assets, there is objective
evidence of a recovery in value of the financial assets which can be related objectively to an event occurring after
the impairment is recognized, the previously recognized impairment loss is reversed. The amount of reversal of
impairment loss on available-for-sale equity instruments is recognized as other comprehensive income, while the
amount of reversal of impairment loss on available-for-sale debt instruments is recognized in profit or loss.
- Impairment of financial assets measured at cost
If an impairment loss has been incurred on an investment in unquoted equity instrument (without a quoted price
in an active market) whose fair value cannot be reliably measured, or on a derivative financial asset that is linked
to and must be settled by delivery of such an unquoted equity instrument, the carrying amount of the financial
asset is reduced to the present value of estimated future cash flows discounted at the current market rate of return
for a similar financial asset. The amount of reduction is recognized as an impairment loss in profit or loss. The
impairment loss on such financial asset is not reversed once it is recognized.
9.4 Transfer of financial assets
The Group derecognizes a financial asset if one of the following conditions is satisfied: (1) the contractual rights
to the cash flows from the financial asset expire; or (2) the financial asset has been transferred and substantially
all the risks and rewards of ownership of the financial asset is transferred to the transferee; or (3) although the
financial asset has been transferred, the Group neither transfers nor retains substantially all the risks and rewards
of ownership of the financial asset but has not retained control of the financial asset.
If the Group neither transfers nor retains substantially all the risks and rewards of ownership of a financial asset,
and it retains control of the financial asset, it recognizes the financial asset to the extent of its continuing
involvement in the transferred financial asset and recognizes an associated liability. The extent of the Group's
continuing involvement in the transferred asset is the extent to which it is exposed to changes in the value of the
transferred asset.
For a transfer of a financial asset in its entirety that satisfies the DE recognition criteria, the difference between
(1) the carrying amounts of the financial asset transferred; and (2) the sum of the consideration received from the
transfer and any cumulative gain or loss that has been recognized in other comprehensive income is recognized
in profit or loss.
If a part of the transferred financial asset qualifies for derecognition, the carrying amount of the transferred financial asset
is allocated between the part that continues to be recognized and the part that is derecognized, based on the respective fair
values of those parts. The difference between (1) the carrying amount allocated to the part derecognized; and (2) the sum
of the consideration received for the part derecognized and any cumulative gain or loss allocated to the part derecognized
which has been previously recognized in other comprehensive income, is recognized in profit or loss.
9.5 Classification, recognition and measurement of financial liabilities
Debt and equity instruments issued by the Group are classified into financial liabilities or equity on the basis of
the substance of the contractual arrangements and definitions of financial liability and equity instrument.
On initial recognition, financial liabilities are classified into financial liabilities at fair value through profit or loss
and other financial liabilities.
9.5.1 Financial liabilities at fair value through profit or loss
50
Financial liabilities at FVTPL consist of financial liabilities held for trading and those designated as at FVTPL on
initial recognition.
A financial liability is classified as held for trading if one of the following conditions is satisfied: (1) It has been
acquired principally for the purpose of repurchasing in the near term; or (2) On initial recognition it is part of a
portfolio of identified financial instruments that the Group manages together and there is objective evidence that
the Group has a recent actual pattern of short-term profit-taking; or (3) It is a derivative, except for a derivative
that is a designated and effective hedging instrument, or a financial guarantee contract, or a derivative that is
linked to and must be settled by delivery of an unquoted equity instrument (without a quoted price in an active
market) whose fair value cannot be reliably measured.
A financial liability may be designated as at FVTPL upon initial recognition only when one of the following
conditions is satisfied: (1) Such designation eliminates or significantly reduces a measurement or recognition
inconsistency that would otherwise result from measuring liabilities or recognizing the gains or losses on them
on different bases; or (2) The financial liability forms part of a group of financial liabilities or a group of
financial assets and financial liabilities, which is managed and its performance is evaluated on a fair value basis,
in accordance with the Group's documented risk management or investment strategy, and information about the
grouping is reported to key management personnel on that basis; (3) Hybrid instruments associated with
embedded derivatives and financial liabilities measured at fair value and of which changes are recorded into the
profits and losses as specified in Accounting Standard for Business Enterprises No.22 - Recognition and
Measurement of Financial Instruments.
Financial liabilities at FVTPL are subsequently measured at fair value. Any gains or losses arising from changes
in the fair value or any dividend or interest expenses related to the financial liabilities are recognized in profit or
loss.
9.5.2 Other financial liabilities
For a derivative liability that is linked to and must be settled by delivery of an unquoted equity instrument
(without a quoted price in an active market) whose fair value cannot be reliably measured, it is subsequently
measured at cost. Other financial liabilities (excluding liabilities with financial guarantee contracts) are
subsequently measured at amortized cost using the effective interest method, with gains or losses arising from
derecognition or amortization recognized in profit or loss.
9.5.3. Financial guarantee contracts
A financial guarantee contract is a contract by which the guarantor and the lender agree that the guarantor would
settle the debts or bear obligations in accordance with terms of the contract in case the borrower fails to settle the
debts. Financial guarantee contracts that are not designated as financial liabilities at fair value through profit or
loss are initially measured at their fair values less the directly attributable transaction costs. Subsequent to initial
recognition, they are measured at the higher of: (i) the amount determined in accordance with Accounting
Standard for Business Enterprises No. 13 - Contingencies; and (ii) the amount initially recognized less
cumulative amortization recognized in accordance with the principles set out in Accounting Standard for
Business Enterprises No. 14 - Revenue.
9.6Derecognition of financial liabilities
The Group derecognizes a financial liability (or part of it) only when the underlying present obligation (or part of
it) is discharged. An agreement between the Group (an existing borrower) and an existing lender to replace the
51
original financial liability with a new financial liability with substantially different terms is accounted for as an
extinguishment of the original financial liability and the recognition of a new financial liability.
When the Group derecognizes a financial liability or a part of it, it recognizes the difference between the carrying
amount of the financial liability (or part of the financial liability) derecognized and the consideration paid
(including any non-cash assets transferred or new financial liabilities assumed) in profit or loss.
9.7 Derivatives and embedded derivatives
Derivatives are initially measured at fair value at the date when the derivative contracts are entered into and are
subsequently re-measured at fair value. The resulting gain or loss is recognized in profit or loss unless the
derivative is designated and highly effective as a hedging instrument, in which case the timing of the recognition
in profit or loss depends on the nature of the hedge relationship.
An embedded derivative is separated from the hybrid instrument, where the hybrid instrument is not designated
as a financial asset or financial liability at fair value through profit or loss, and treated as a standalone derivative
if 1) the economic characteristics and risks of the embedded derivative are not closely related to the economic
characteristics and risks of the host contract; and 2) a separate instrument with the same terms as the embedded
derivative would meet the definition of a derivative. If the Group is unable to measure the embedded derivative
separately either at acquisition or at a subsequent balance sheet date, it designates the entire hybrid instrument as
a financial asset or financial liability at fair value through profit or loss.
9.8 Offsetting financial assets and financial liabilities
Where the Group has a legal right that is currently enforceable to set off the recognized financial assets and
financial liabilities, and intends either to settle on a net basis, or to realize the financial asset and settle the
financial liability simultaneously, a financial asset and a financial liability shall be offset and the net amount is
presented in the balance sheet. Except for the above circumstances, financial assets and financial liabilities shall
be presented separately in the balance sheet and shall not be offset.
9.9 Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting
all of its liabilities. The consideration received from issuing equity instruments and net of transaction costs, are
added to shareholders' equity.
All types of distributions (excluding stock dividends) made by the Group to holders of equity instruments, are
deducted from shareholders' equity. The Group does not recognize any changes in the fair value of equity
instruments.
10、Receivables
10.1 Receivables for which bad debt provision is collectively assessed on a portfolio basis
Basis or monetary criteria for A receivable that exceeds RMB 1 million (including RMB 1 million)
determining an individually is deemed as an individually significant receivable by the Group.
significant receivable
Method of determining provision for For receivables that are individually significant, the Group assesses
52
receivables that are individually the receivables individually for impairment. For a financial asset that
significant and for which bad debt is not impaired individually, the Group includes the asset in a group of
provision is individually assessed financial assets with similar credit risk characteristics and collectively
assesses them for impairment. Receivables for which an impairment
loss is individually recognized are not included in a collective
assessment of impairment.
10.2 Receivables for which bad debt provision is collectively assessed on a portfolio basis:
Name of the Portfolio Accruing Method
Portfolio 1 (Receivables from government, petty cash advanced to
employees, security deposit, and receivables from related parties of the
No bad debt provision
Company and its subsidiaries. Bad debt provision is not recognized for such
receivables since the possibility of incurring bad debt losses is remote.)
Portfolio 2 (mainly includes receivables arising from operating activities Based on percentage of
other than Portfolio 1) accounts balances
10.2.1 Portfolios that the aging schedule of total receivables outstanding is used for bad debt provision:
□Applicable √Not applicable
10.2.2 Portfolios that percentage of total receivables outstanding is used for bad debt provision:
√Applicable □ Not applicable
Provision as a proportion Provision as a proportion of
Name of portfolio of accounts receivable (%) other receivables (%)
Based on percentage of accounts balances 1% 1%
10.2.3 Portfolios that other method of total receivables outstanding is used for bad debt provision:
□Applicable √Not applicable
10.3 Receivables that are not individually significant but for which bad debt provision is individually assessed:
Reasons for making individual bad debt Significant difference between the carrying amount of
provision accounts receivable and the present value of estimated future
cash flows
Bad debt provision methods Standalone impairment test is carried out and impairment
losses are recognized based on the difference between the
carrying amount and the present value of estimated future
cash flows.
53
11. Inventories
11.1 Categories of inventories
The Group's inventories mainly include raw materials and maintenance accessories etc. Inventories are initially
measured at cost. Cost of inventories comprises all costs of purchase, costs of conversion and other expenditures
incurred in bringing the inventories to their present location and condition.
11.2 Valuation method of inventories upon delivery
The actual cost of inventories upon delivery is calculated using the weighted average method.
11.3 Basis for determining net realisable value of inventories and provision methods for decline in value of
inventories
At the balance sheet date, inventories are measured at the lower of cost and net realisable value. If the net realisable value
is below the cost of inventories, a provision for decline in value of inventories is made. Net realisable value is the
estimated selling price in the ordinary course of business less the estimated costs of completion, the estimated costs
necessary to make the sale and relevant taxes. Net realisable value is determined on the basis of clear evidence obtained,
and takes into consideration the purposes of holding inventories and effect of post balance sheet events.
Provision for decline in value of inventories is made based on the excess of cost of inventory over its net
realisable value on an item-by-item basis.
After the provision for decline in value of inventories is made, if the circumstances that previously caused
inventories to be written down below cost no longer exist so that the net realisable value of inventories is higher
than their cost, the original provision for decline in value is reversed and the reversal is included in profit or loss
for the period.
11.4 Inventory count system
The perpetual inventory system is maintained for stock system.
12. Long-term equity investments
12.1 Basis for determining joint control and significant influence over investee
Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its
activities. Joint control is the contractually agreed sharing of control over an economic activity, and exists only
when the strategic financial and operating policy decisions relating to the activity require the unanimous consent
of the parties sharing control. Significant influence is the power to participate in the financial and operating
policy decisions of the investee but is not control or joint control over those policies. When determining whether
an investing enterprise is able to exercise control or significant influence over an investee, the effect of potential
voting rights of the investee (for example, warrants and convertible debts) held by the investing enterprises or
other parties that are currently exercisable or convertible shall be considered.
12.2 Determination of investment cost
For a long-term equity investment acquired through a business combination involving enterprises under common
control, the investment cost of the long-term equity investment is the attributable share of the carrying amount of
the shareholders' equity of the acquiree at the date of combination. For a long-term equity investment acquired
through business combination not involving enterprises under common control, the investment cost of the
54
long-term equity investment is the cost of acquisition. For a long-term equity investment acquired through
business combination not involving enterprises under common control and achieved in stages, the investment
cost of the long-term equity investment is the aggregate of the carrying amount of the equity interest held in the
acquiree prior to the acquisition date and the cost of the additional investment at the acquisition date. The
long-term equity investment acquired otherwise than through a business combination is initially measured at its
cost.
Other long-term equity investments acquired through methods other than business combination, shall be
recorded at cost initially. According to CAS No.22 – Financial Instrument Recognition and Measurement, if the
investor can exert significant influence on the investee or implement co-control but not solely-control, the cost of
long-term investment shall be the fair value plus the newly invested cost.
12.3 Subsequent measurement and recognition of profit or loss
12.3.1. Long-term equity investment accounted for using the cost method
For long-term equity investments over which the Group does not have joint control or significant influence and
without quoted prices in an active market and that fair values cannot be reliably measured, the Group accounts
for such long-term equity investments using the cost method. Besides, long-term equity investments in
subsidiaries are accounted for using the cost method in the Company's separate financial statements. A subsidiary
is an investee that is controlled by the Group.
Under the cost method, a long-term equity investment is measured at initial investment cost. Except for cash
dividends or profits already declared but not yet paid that are included in the price or consideration actually paid
upon acquisition of the long-term equity investment, investment income is recognized in the period in
accordance with the attributable share of cash dividends or profit distributions declared by the investee.
12.3.2. Long-term equity investment accounted for using the equity method
The Group accounts for investment in associates and joint ventures using the equity method. An associate is an
entity over which the Group has significant influence and a joint venture is an entity over which the Group
exercises joint control along with other investors.
Under the equity method, where the initial investment cost of a long-term equity investment exceeds the Group's
share of the fair value of the investee's identifiable net assets at the time of acquisition, no adjustment is made to
the initial investment cost. Where the initial investment cost is less than the Group's share of the fair value of the
investee's identifiable net assets at the time of acquisition, the difference is recognized in profit or loss for the
period, and the cost of the long-term equity investment is adjusted accordingly.
Under the equity method, the Group recognizes its share of the net profit or loss of the investee for the period as
investment income or loss for the period. The Group recognizes its share of the investee's net profit or loss based
on the fair value of the investee's individually identifiable assets, etc. at the acquisition date after making
appropriate adjustments to conform with the Group's accounting policies and accounting period. Unrealized
profits or losses resulting from the Group's transactions with its associates and joint ventures are recognized as
investment income or loss to the extent that those attributable to the Group's equity interest are eliminated.
However, unrealized losses resulting from the Group's transactions with its associates and joint ventures which
represent impairment losses on the transferred assets are not eliminated. Changes in owners' equity of the
55
investee other than net profit or loss are correspondingly adjusted to the carrying amount of the long-term equity
investment, and recognized as other comprehensive income which is included in the capital reserve.
The Group discontinues recognizing its share of net losses of the investee after the carrying amount of the
long-term equity investment together with any long-term interests that in substance form part of its net
investment in the investee is reduced to zero. If the Group has incurred obligations to assume additional losses of
the investee, a provision is recognized according to the expected obligation, and recorded as investment loss for
the period. Where net profits are subsequently made by the investee, the Group resumes recognizing its share of
those profits only after its share of the profits exceeds the share of losses previously not recognized.
12.3.3 Disposal of long-term equity investments
On disposal of a long term equity investment, the difference between the proceeds actually received and
receivable and the carrying amount is recognized in profit or loss for the period. For a long-term equity
investment accounted for using the equity method, the amount included in the shareholders' equity attributable to
the percentage interest disposed is transferred to profit or loss for the period.
12.4 Basis for determining joint control and significant influence over investee
Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its
activities. Joint control is the contractually agreed sharing of control over an economic activity, and exists only
when the strategic financial and operating policy decisions relating to the activity require the unanimous consent
of the parties sharing control. Significant influence is the power to participate in the financial and operating
policy decisions of the investee but is not control or joint control over those policies. When determining whether
an investing enterprise is able to exercise control or significant influence over an investee, the effect of potential
voting rights of the investee (for example, warrants and convertible debts) held by the investing enterprises or
other parties that are currently exercisable or convertible shall be considered.
13. Investment properties
The Group uses the cost model for subsequent measurement of investment property, and adopts a depreciation or
amortization policy for the investment property which is straight-line method.
14、Fixed Asset
14.1 Recognition criteria for fixed assets
Fixed assets are tangible assets that are held for use in the production or supply of goods or services, for rental to
others, or for administrative purposes, and have useful lives of more than one accounting year. A fixed asset is
recognized only when it is probable that economic benefits associated with the asset will flow to the Group and
the cost of the asset can be measured reliably. Fixed assets are initially measured at cost and the effect of any
expected costs of abandoning the asset at the end of its use is considered.
Subsequent expenditures incurred for the fixed asset are included in the cost of the fixed asset and if it is
probable that economic benefits associated with the asset will flow to the Group and the subsequent expenditures
can be measured reliably. Meanwhile the carrying amount of the replaced part is derecognized. Other subsequent
expenditures are recognized in profit or loss in the period in which they are incurred.
14.2 Depreciation of each category of fixed assets
56
A fixed asset is depreciated over its useful life using the straight-line method since the month subsequent to the
one in which it is ready for intended use. The useful life, estimated net residual value rate and annual
depreciation rate of each category of fixed assets are as follows:
Depreciation period Annual depreciation rate
Category Residual value rate (%)
(years) (%)
Buildings 5-50 5, 10 1.8-19
Port facilities 50 5 1.9
Machinery and equipment 3-20 5, 10 4.5-31.7
Transportation vehicles 3-14 5, 10 6.4-31.7
Fixed asset decorations 2-5 - 20-50
Office and other equipment 3-5 5, 10 18-31.7
15、Construction in progress
Construction in progress is measured at its actual costs. The actual costs include various construction
expenditures during the construction period, borrowing costs capitalized before it is ready for intended use and
other relevant costs. Construction in progress is not depreciated. Construction in progress is transferred to a fixed
asset when it is ready for its intended use.
16、Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying asset are
capitalized when expenditures for such asset and borrowing costs are incurred and activities relating to the
acquisition, construction or production of the asset that are necessary to prepare the asset for its intended use or
sale have commenced. Capitalization of borrowing costs ceases when the qualifying asset being acquired,
constructed or produced becomes ready for its intended use or sale. If construction or production of assets
qualifying capitalization is interrupted abnormally for a continuous 3-month-or-above period, the capitalization
of borrowing costs should be ceased until the assets resume construction or production. Other borrowing costs
are recognized as an expense in the period in which they are incurred.
Where funds are borrowed under a specific-purpose borrowing, the amount of interest to be capitalized is the
actual interest expense incurred on that borrowing for the period less any bank interest earned from depositing
the borrowed funds before being used on the asset or any investment income on the temporary investment of
those funds. Where funds are borrowed under general-purpose borrowings, the Group determines the amount of
interest to be capitalized on such borrowings by applying a capitalization rate to the weighted average of the
excess of cumulative expenditures on the asset over the amounts of specific-purpose borrowings. The
capitalization rate is the weighted average of the interest rates applicable to the general-purpose borrowings.
During capitalization period, any exchange differences of special loans in foreign currency should be capitalized,
whereas exchange differences of general loans should be recorded in current profits and losses.
17、Intangible assets
Intangible assets include land use rights, trademarks and software.
An intangible asset is measured initially at cost. When an intangible asset with a finite useful life is available for
use, its original cost less net residual value and any accumulated impairment losses is amortized over its
estimated useful life using the straight-line method. An intangible asset with an indefinite useful life is not
57
amortized. The amortization method, years of useful life and net residual value are as follows:
Category Amortization method Useful life (year) Net residual value (%)
land use rights Straight-line method 50 -
trademarks Straight-line method 10 -
Software Straight-line method 3-10 -
For an intangible asset with a finite useful life, the Group reviews the useful life and amortization method at the
end of the period, and makes adjustments when necessary.
18、Long-term assets impairment
The Group assesses at each balance sheet date whether there is any indication that the long-term equity
investment, investment property measured at cost method, fixed assets, construction in progress and intangible
assets with a finite useful life may be impaired. If there is any indication that such assets may be impaired,
recoverable amounts are estimated for such assets. Intangible assets with indefinite useful life and intangible
assets not yet available for use are tested for impairment annually, irrespective of whether there is any indication
that the assets may be impaired.
If it is not practical to estimate the recoverable amount of an individual asset, the recoverable amount of the asset
group to which the asset belongs will be estimated. 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.
If the recoverable amount of an asset or an asset group is less than its carrying amount, the deficit is accounted
for as an impairment loss and is recognized in profit or loss for the period.
Goodwill should be tested for impairment at least at the end of each year. For the purpose of impairment testing,
goodwill is considered together with the related assets group(s), i.e., goodwill is reasonably allocated to the
related assets group(s) or each of assets group(s) expected to benefit from the synergies of the combination. An
impairment loss is recognized if the recoverable amount of the assets group or sets of assets groups (including
goodwill) is less than its carrying amount. The impairment loss is firstly allocated to reduce the carrying amount
of any goodwill allocated to such assets group or sets of assets groups, and then to the other assets of the group
pro-rata on the basis of the carrying amount of each asset (other than goodwill) in the group.
Once the impairment loss of such assets is recognized, it is not be reversed in any subsequent period.
19、 Employee benefits
19.1 Accounting method for short-term employee benefits
Actually occurred short-term employee benefits are recognized as liabilities, with a corresponding charge to the
profit or loss for the period or in the costs of relevant assets in the accounting period in which employees provide
services to the Group. Staff welfare expenses incurred by the Group are recognized in profit or loss for the
period or the costs of relevant assets based on the actually occurred amounts when it actually occurred.
Non-monetary staff welfare expenses are measured at fair value.
Payment made by the Group of social security contributions for employees such as premiums or contributions on
medical insurance, work injury insurance and maternity insurance, etc. and payments of housing funds, as well as
union running costs and employee education costs provided in accordance with relevant requirements, are
calculated according to prescribed bases and percentages in determining the amount of employee benefits and
58
recognized as relevant liabilities, with a corresponding charge to the profit or loss for the period or the costs of
relevant assets in the accounting period in which employees provide services.
19.2 Accounting method for post-employment benefits
Post-employment benefits are all defined contribution. The contribution payable to the defined contribution
plan is recognized as liabilities, with a corresponding charge to the profit or loss for the period or in the costs of
relevant assets in the accounting period in which employees provide services to the Group.
19.3 Accounting method for termination benefits
When the Group provides termination benefits to employees, employee benefit liabilities are recognized for
termination benefits, with a corresponding charge to the profit or loss for the period at the earlier of: (1) when the
Group cannot unilaterally withdraw the offer of termination benefits because of the termination plan or a
curtailment proposal; and (2) when the Group recognizes costs or expenses related to restructuring that involves
the payment of termination benefits.
20、Provisions
Provision can be recognized when (1) contingent events related obligations is the group's current obligation; (2)
economic interests are expected to flow out from the enterprise; (3) the amount can be measured reliably.
At The balance sheet date, risks of contingent events, uncertainty and time value should be concerned and
determine the amount of provision. For situations where time value makes a significant effect, use NPV as the
estimate value.
If all or part of the payment of provision is expected to be compensated by a third party and the amount of
compensation not exceed the carrying value of provision, then it can be recognized as an asset when it is certain
that the compensation can be received.
21、 Revenue
21.1 Revenue from rendering of services
Revenue from rendering of services is recognized when (1) the amount of revenue can be measured reliably; (2)
it is probable that the associated economic benefits will flow to the enterprise; (3) the stage of completion of the
transaction can be determined reliably; and (4) the associated costs incurred or to be incurred can be measured
reliably. Revenue from rendering of services is recognized using the percentage of completion method at the
balance sheet date. The stage of completion of a transaction for rendering for services is determined based on
services performed to date as a percentage of total services to be performed.
When the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue is
recognized only to the extent of the costs incurred that will be recoverable, and the costs incurred are recognized
as expenses for the period. When it is not probable that the costs incurred will be recovered, revenue is not
recognized.
21.2Revenue from rendering of asset usage right
The revenue is recognized on accrual basis according to related contracts or agreements reached.
21.3 Interest income
59
The interest income shall be calculated based on the tenure of the Group's monetary funds used by others and the
actual interest rates used.
22、Government grants
22.1 Basis of judgment and accounting methods for assets-related government grant
The Groups' government grant includes special grants for logistics park construction. As the grant relates to the
final formation of assets, this grant is classified as assets-related government grant.
A government grant related to an asset is recognized as deferred income, and evenly amortized to profit or loss
over the useful life of the related asset.
22.2 Basis of judgment and accounting methods for income-related government grant
The Group's government grant includes governmental supporting funds and subsidies for modern logistics
industry. The grant should be classified as income-related government grant.
For a government grant related to income, if the grant is a compensation for related expenses or losses to be
incurred in subsequent periods, it is recognized as deferred income, and recognized in profit or loss over the
periods in which the related costs are recognized. If the grant is a compensation for related expenses or losses
already incurred, it is recognized immediately in profit or loss for the period.
23、Deferred Income Tax Assets/Deferred Income Tax Liabilities
The income tax expenses include current income tax and deferred income tax.
23.1 Current income tax
At the balance sheet date, current income tax liabilities (or assets) for the current and prior periods are measured
at the amount expected to be paid (or recovered) according to the requirements of tax laws.
23.2 Deferred tax assets and deferred tax liabilities
For temporary differences between the carrying amounts of certain assets or liabilities and their tax base, or
between the nil carrying amount of those items that are not recognized as assets or liabilities and their tax base
that can be determined according to tax laws, deferred tax assets and liabilities are recognized using the balance
sheet liability method.
Deferred tax is generally recognized for all temporary differences. Deferred tax assets for deductible temporary
differences are recognized to the extent that it is probable that taxable profits will be available against which the
deductible temporary differences can be utilized. However, for temporary differences associated with the initial
recognition of goodwill and the initial recognition of an asset or liability arising from a transaction (not a
business combination) that affects neither the accounting profit nor taxable profits (or deductible losses) at the
time of transaction, no deferred tax asset or liability is recognized.
For deductible losses and tax credits that can be carried forward, deferred tax assets are recognized to the extent
that it is probable that future taxable profits will be available against which the deductible losses and tax credits
can be utilized.
Deferred tax liabilities are recognized for taxable temporary differences associated with investments in
subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the timing of
60
the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the
foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such
investments and interests are only recognized to the extent that it is probable that there will be taxable profits
against which to utilize the benefits of the temporary differences and they are expected to reverse in the
foreseeable future.
At the balance sheet date, deferred tax assets and liabilities are measured at the tax rates, according to tax laws,
that are expected to apply in the period in which the asset is realized or the liability is settled.
Current and deferred tax expenses or income are recognized in profit or loss for the period, except when they
arise from transactions or events that are directly recognized in other comprehensive income or in shareholders'
equity, in which case they are recognized in other comprehensive income or in shareholders' equity; and when
they arise from business combinations, in which case they adjust the carrying amount of goodwill.
At the balance sheet date, the carrying amount of deferred tax assets is reviewed and reduced if it is no longer
probable that sufficient taxable profits will be available in the future to allow the benefit of deferred tax assets to
be utilized. Such reduction in amount is reversed when it becomes probable that sufficient taxable profits will be
available.
23.3 Income tax offset
When the Group has a legal right to settle on a net basis and intends either to settle on a net basis or to realize the
assets and settle the liabilities simultaneously, current tax assets and current tax liabilities are offset and presented
on a net basis.
When the Group has a legal right to settle current tax assets and liabilities on a net basis, and deferred tax assets
and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable
entity or different taxable entities which intend either to settle current tax assets and liabilities on a net basis or to
realize the assets and liabilities simultaneously, in each future period in which significant amounts of deferred tax
assets or liabilities are expected to be reversed, deferred tax assets and deferred tax liabilities are offset and
presented on a net basis.
24、Operating leases and finance leases
24.1Accounting treatment on operating leases
24.1.1 The Group as lessee under operating leases
Operating lease payments are recognized on a straight-line basis over the term of the relevant lease, and are
either included in the cost of related asset or charged to profit or loss for the period. Initial direct costs incurred
are charged to profit or loss for the period. Contingent rents are charged to profit or loss in the period in which
they are actually incurred.
24.1.2 The Group as lessor under operating leases
Rental income from operating leases is recognized in profit or loss on a straight-line basis over the term of the
relevant lease. Initial direct costs with more than an insignificant amount are capitalized when incurred, and are
recognized in profit or loss on the same basis as rental income over the lease term. Other initial direct costs with
an insignificant amount are charged to profit or loss in the period in which they are incurred. Contingent rents are
charged to profit or loss in the period in which they actually arise.
61
25、Other material accounting policies and accounting estimations
No accounting policies or accounting estimations changes in current period.
VI、TAXES
1、Major categories of taxes and tax rates
Category of tax Basis of tax computation Tax rate
Revenues from water and
electricity supply and
13%, 17% (note)
maintenance service provided by
general taxpayers
Revenues from taxable services
Value-added tax ("VAT") provided by small-scale 3% (note)
taxpayers
Revenues from stack (storage),
loading and unloading, delivery
6%, 11%(note)
and port management services
provided by general taxpayers
Taxable revenue from rendering
Business tax of services, disposal of 3% or 5%
intangible assets or properties
Actual payment for VAT and
City maintenance and construction tax 5% or 7%
business taxes
Actual payment for VAT and
Education surcharge 3%
business taxes
Enterprise income tax Taxable income 25%
Urban land use tax Actual occupation of land area RMB1.50- 10.00/square meter
70% to 90% of the original cost
Property tax 1.2% of properties' residual value
of the property or rental income
Entities using different enterprise income tax rate:
Name of entity Enterprise income tax rate
Longquan Baowan 15%
Xindu Baowan 15%
Blogis (Hong Kong) Limited ("Baowan Hong Kong") 16.5%
China Huitong (H.K.) Limited ("China Huitong") 16.5%
2、Tax incentives
Pursuant to Announcement on Implementing Preferential on Enterprise Income Tax of Encouraged Industries in
the Western Region (2015 No. 14 announcement of SAT), and approved by Chengdu Longquan State
Administration of Taxation (Long Guo Shui Fa [2015] No.30), Chengdu Longquan International Logistics Co.,
Ltd. ("Longquan Baowan") and Chengdu Xindu International Logistics Co., Ltd. ("Xindu Baowan"), subsidiaries
62
of the Company which locate in Chengdu, Sichuang Province, is allowed to enjoy enterprise income tax
preferential policies tailored to enterprises which fits criteria of China West Development Program. Longquan
Baowan and Xindu Baowan enjoy enterprise income tax preferential rate of 15%.
63
VII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1、Bank and Cash
Currency：RMB Yuan
Item Closing balance Opening Balance
Cash on Hand 22,709.46 19,947.47
Bank Deposit 647,576,558.75 321,101,979.26
Total 647,599,268.21 321,121,926.73
2、 Notes receivables
Categories of notes receivable
Currency：RMB Yuan
Category Closing balance Opening balance
Bank acceptances 12,000,000.00 0.00
Total 12,000,000.00 0.00
3、 Accounts Receivables
（1）Disclosure of accounts receivable by categories
Currency：RMB Yuan
Closing Balance Opening Balance
Carrying amount Bad debt provision Carrying amount Bad debt provision
Item
Proportion Proportion( Net book value Proportion Proportion( Net book value
Amount Amount Amount Amount
(%) %) (%) %)
Accounts receivables for
which bad debt provision has
59,676,293.95 99.73% 556,754.69 0.93% 59,119,539.26 50,761,538.05 99.68% 503,723.83 50,257,814.22
been assessed by portfolios of
credit risk characteristics
Accounts receivable that are
not individually significant
but for which bad debt 164,138.40 0.27% 164,138.40 100.00% 164,138.40 0.32% 164,138.40 100.00%
provision has been assessed
individually
Total 59,840,432.35 100.00% 720,893.09 59,119,539.26 50,925,676.45 100.00% 667,862.23 50,257,814.22
Accounts receivable that are significant in amount individually and provided for bad debt individually
□Applicable √Not Applicable
In portfolio, accruing bad debt provision accounting to aging analysis of accounts receivable:
□Applicable √Not Applicable
In portfolio，accruing bad debt provision according to the percentage-of-receivables approach：
64
√Applicable □Not Applicable
Currency: RMB Yuan
Portfolio Carrying amount Proportion (%) Bad debt provision
Accruing bad debt provision according to the
59,676,293.95 0.93% 556,754.69
percentage-of-receivables approach
Total 59,676,293.95 0.93% 556,754.69
（2）Provision made and reversal of Bad debt
88,005.73 Provision has been made and 34,974.87 of provision has been reversed.
（3）Top five enterprises of accounts receivables
Currency：RMB Yuan
Percentage of Total
Company Amount Bad debt provision
Receivables (%)
Client 1 7,037,482.76 12% 65,448.59
Client 2 4,591,951.41 8% 42,705.15
Client 3 3,523,915.50 6% 32,772.41
Client 4 2,639,722.27 4% 18,478.06
Client 5 2,390,471.89 4% 16,733.30
4、Prepayments
(1) Aging analysis of prepayments is as follows:
Currency：RMB Yuan
Closing balance Opening balance
Aging Amount Proportion (%) Amount Proportion (%)
Within 1 year 1,716,195.50 98.25% 360,732.37 82.76%
1-2 years 30,515.80 1.75% 40,838.81 9.37%
2-3years 34,306.33 7.87%
More than 3 years
Total 1,746,711.30 -- 435,877.51 --
5、Interests receivable
(1) Interests receivable by categories
Currency：RMB Yuan
Item Closing balance Opening balance
Fixed deposits 107,397.26
Financing product 1,031,342.47
Total 1,138,739.73
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6、Other Receivables
（1）Disclosure of other receivables by categories:
Currency：RMB Yuan
Closing Balance Opening Balance
Carrying amount Bad debt provision Carrying amount Bad debt provision
Item
Proportion Proporti Net book value Proportion Proporti Net book
Amount Amount
(%) on(%) Amount (%) Amount on(%) value
Other receivables for
which bad debt provision
has been assessed by 68,999,834.95 100.00% 35,840.55 68,963,994.40 58,737,188.15 100.00% 70,956.55 58,666,231.60
portfolios of credit risk
characteristics
Total 68,999,834.95 100.00% 35,840.55 68,963,994.40 58,737,188.15 100.00% 70,956.55 58,666,231.60
Other receivables that are significant in amount individually and provided for bad debt individually
□Applicable √Not Applicable
In portfolio, accruing bad debt provision accounting to aging analysis of other receivable:
□Applicable √Not Applicable
In portfolio，accruing bad debt provision according to the percentage-of-receivables approach：
√Applicable □Not Applicable
Currency: RMB yuan
Portfolio Carrying amount Bad debt provision Proportion (%)
Accruing bad debt provision according to
3,584,055.00 35,840.55 1.00%
the percentage-of-receivables approach
Total 3,584,055.00 35,840.55 1.00%
（2）Provision made and reversal of Bad debt
35,116.00 of provision has been reversed.
（3）Disclosure of other receivables by nature:
Currency: RMB yuan
Nature Closing balance Opening balance
Amount due from operating activities 18,435,613.69 38,346,342.40
Deposits 44,437,077.26 18,887,803.08
Petty cash 1,714,191.68 1,282,427.95
Amount due from related parties 93,521.48
Others 4,412,952.32 127,093.24
Total 68,999,834.95 58,737,188.15
66
（4）Top five entities with the largest balances of other receivables
Currency: RMB yuan
Name of entity Nature Closing balance Aging Proportion（%） Bad debt provision
Receivables from Within 1 year
Client 6 16,000,000.00 23.00% 0.00
government
Receivables from Within 1 year
Client 7 9,010,000.00 13.00% 0.00
government
Receivables from Within 1 year
Client 8 5,000,000.00 7.00% 0.00
government
Receivables from Within 1 year
Client 9 3,000,000.00 4.00% 0.00
government
Client 10 Deposits 3,000,000.00 Within 1 year 4.00% 0.00
Total -- 36,010,000.00 -- 52.00% 0.00
7、Inventory
（1）Categories of inventories
Currency: RMB yuan
Closing Balance Opening Balance
Provision for
Items decline in Provision for
Gross carrying value of Net carrying Gross carrying decline in value Net carrying
amount inventories amount amount of inventories amount
Raw materials 566,229.69 566,229.69 579,126.32 579,126.32
Maintenance
281,355.37 281,355.37 335,417.12 335,417.12
accessories
Total 847,585.06 847,585.06 914,543.44 914,543.44
8、Other Current Assets
Currency: RMB Yuan
Items Closing Balance Opening Balance
Bank financing products 25,000,000.00 235,000,000.00
Total 25,000,000.00 235,000,000.00
9、Long-term equity investments
67
Currency: RMB Yuan
Changes in the current period Closing
Investment balance
Opening Increase Decrease Adjustment Other Announcing Closing
Investee income on
balance in in on other equity cash Provisi Other balance
recognized provisio
investme investme comprehensi chang dividends or on s
by equity n
nt nt ve income es profits
method
1、Joint venture
2、Associates
Shenzhen
Chiwan
Sembawang 467,789,861. 10,933,411. 12,908,798. 465,814,474.
Engineering 57 41 55 43
Co.
Ltd.("CSE")
Shenzhen
Chiwan
Offshore
-1,174,183.
Petroleum 3,163,403.60 1,989,219.68
92
Engineerin
g Co,. Ltd
("CPEC")
China
Developme
111,647,095. 3,998,939.2 115,646,034.
nt Finance
57 4 81
Co., Ltd.
("CDFC")
582,600,360. 13,758,166. 583,449,728.
Subtotal
74 73 92
582,600,360. 13,758,166. 583,449,728.
Total
74 73 92
10、Investment properties
（1）Investment properties measured at cost
Currency： RMB Yuan
Item Buildings Land use right Construction in progress Total
I. Total original carrying
amount
1.Opening carrying amount 1,727,238,066.75 41,750,077.02 1,768,988,143.77
2.Increase in the current 5,626,815.41 5,626,815.41
68
period
(1)Purchase
(2)Transfer from
Construction in Progress
(3)Increased by Mergering
(4)Other adjustments 5,626,815.41 5,626,815.41
3.Decrease in the current
period
（1）Disposal
（2）Other transfer
4. Closing carrying amount 1,732,864,882.16 41,750,077.02 1,774,614,959.18
II. Total accumulated
amortization
1.Opening carrying amount 312,718,574.56 30,675,844.50 343,394,419.06
2.Increase in the current
26,270,116.25 723,264.60 26,993,380.85
period
(1) Amount accrued or
26,270,116.25 723,264.60 26,993,380.85
amortized
3.Decrease in the current
period
（1）Disposal
（2）Other transfer
4. Closing carrying amount 338,988,690.81 31,399,109.10 370,387,799.91
III ． Total Provision for
impairment losses
1.Opening carrying
amount
2.Increase in the current
period
（1）Amount accrued
3. Decrease in the current
period
（1）Disposal
（2）Other transfer
4. Closing carrying
amount
IV. Total net book value of
investment properties
1. Closing net book value 1,393,876,191.35 10,350,967.92 1,404,227,159.27
2.Openning net book value 1,414,519,492.19 11,074,232.52 1,425,593,724.71
69
（2）Investment properties that have not obtained certificates
Currency：RMB Yuan
Item Net book value Reasons for not obtained certificates
Buildings 322,113,262.78 Settlement procedures are still in progress
Properties are built on leased land from Nanshan Group not obtain
Buildings 129,241,747.09
the use right certificate of the mentioned land.
11、Fixed assets
（1）Details of fixed assets are as follows:
Currency：RMB Yuan
Office and
Machinery and Transportation Fixed assets
Item Buildings Port facilities other Total
equipment vehicles decorations
equipment
I. Total original
carrying
amount
1.Opening
carrying 855,379,578.88 46,462,519.33 172,058,947.61 22,576,425.61 13,767,664.19 89,477,888.13 1,199,723,023.75
amount
2.Increase in
the current 2,613,990.53 238,517.53 9,422.07 839,386.10 3,701,316.23
period
(1)Purchase 2,613,990.53 238,517.53 9,422.07 839,386.10 3,701,316.23
(2)Transfer
from
Construction in
Progress
(3)Increase by
Mergering
3.Decrease in
the current 217,083.99 1,350,986.10 324,980.00 112,454.50 2,005,504.59
period
（1）Disposal 217,083.99 1,350,986.10 324,980.00 112,454.50 2,005,504.59
4. Closing
carrying 857,776,485.42 46,462,519.33 170,946,479.04 22,260,867.68 13,767,664.19 90,204,819.73 1,201,418,835.39
amount
II. Total
accumulated
amortization
1.Opening
carrying 148,116,056.63 35,133,444.71 91,058,535.91 14,067,681.20 13,767,664.19 54,857,585.05 357,000,967.69
amount
2.Increase in
the current 18,882,110.57 473,064.40 6,770,028.54 1,374,309.94 1,900,543.98 29,400,057.43
period
(1) Amount
accrued or 18,882,110.57 473,064.40 6,770,028.54 1,374,309.94 1,900,543.98 29,400,057.43
amortized
3.Decrease in
the current 52,350.39 1,229,487.48 308,731.00 94,886.22 1,685,455.09
period
（1）Disposal 52,350.39 1,229,487.48 308,731.00 94,886.22 1,685,455.09
4. Closing 166,945,816.81 35,606,509.11 96,599,076.97 15,133,260.14 13,767,664.19 56,663,242.81 384,715,570.03
70
carrying
amount
III ． Total
Provision for
impairment
losses
1.Opening
carrying
amount
2.Increase in
the current
period
（ 1 ） Amount
accrued
3.Decrease in
the current
period
（1）Disposal
4. Closing
carrying
amount
IV. Total net
book value of
investment
properties
1. Closing net
690,830,668.61 10,856,010.22 74,347,402.07 7,127,607.54 33,541,576.92 816,703,265.36
book value
2.Openning
707,263,522.25 11,329,074.62 81,000,411.70 8,508,744.41 34,620,303.08 842,722,056.06
net book value
（2）Fixed assets that have not obtained certificates
Currency：RMB Yuan
Item Net book value Reasons for not obtained certificates
Buildings 17,763,314.11 Settlement procedures are still in progress
Properties are built on leased land from Nanshan Group not
Buildings 3,708,500.90
obtain the use right certificate of the mentioned land.
12、Construction in progress
（1）Details of construction in progress are as follows:
Currency：RMB Yuan
Closing balance Opening balance
Provision for
Item Carrying Net carrying Provision for Net carrying
impairment Carrying amount
amount amount impairment losses amount
losses
Bingang Blogis Park 46,713,149.19 46,713,149.19 31,398,962.29 31,398,962.29
ZhenjiangWarehouse
211,947,091.01 211,947,091.01 172,404,355.90 172,404,355.90
Blogis Park
Wuxin Blogis Park 144,325,509.49 144,325,509.49 129,840,610.77 129,840,610.77
Jiaozhou Blogis Park 52,141,355.70 52,141,355.70 15,489,739.01 15,489,739.01
Shenyang Blogis Park 646,090.10 646,090.10 646,090.10 646,090.10
71
Xian Blogis Park 521,009.89 521,009.89 190,000.00 190,000.00
Xianyang Blogis Park 422,465.00 422,465.00 49,000.00 49,000.00
Qingwu Blogis Park 120,000.00 120,000.00 120,000.00 120,000.00
Yangluo Blogis Park 173,223.62 173,223.62 109,011.20 109,011.20
Jiaxing Blogis Park 6,496,594.74 6,496,594.74 99,562.42 99,562.42
Jiangyin Blogis Park 70,843.00 70,843.00 70,843.00 70,843.00
Feidong Blogis Park 7,000.00 7,000.00 7,000.00 7,000.00
Chengdu oil and gas
632,984.65 632,984.65 266,908.50 266,908.50
base project
Jinmucaoye project 125,213,640.54 125,213,640.54
Other miscellaneous
16,843,658.25 16,843,658.25 18,273,394.31 18,273,394.31
constructions
Total 606,274,615.18 606,274,615.18 368,965,477.50 368,965,477.50
72
（2）Details of construction in progress are as follows:
Currency：RMB Yuan
Amount
injected
Amount of Including: Interest
Decreased in as a Source
Opening Increase in the Transferred to Closing Construction accumulated capitalized capitalization
Item Budget amount the current proportion of
balance current period fixed assets balance progress capitalized interest for rate for the
period of budget funds
interest the period period (%)
amount
(%)
Bingang Blogis Park 343,600,000.00 31,398,962.29 15,314,186.90 46,713,149.19 13.60% 13.60% 3,231,039.87 2,616,828.72 3.00%
ZhenjiangWarehouse
362,220,000.00 172,404,355.90 39,542,735.11 211,947,091.01 58.51% 58.51%
Blogis Park
Wuxin Blogis Park 361,530,000.00 129,840,610.77 14,484,898.72 144,325,509.49 39.92% 39.92%
Jiaozhou Blogis Park 274,000,000.00 15,489,739.01 36,651,616.69 52,141,355.70 19.03% 19.03%
Shenyang Blogis Park 433,240,000.00 646,090.10 646,090.10 0.15% 0.15%
Xian Blogis Park 448,120,000.00 190,000.00 331,009.89 521,009.89 0.12% 0.12%
Xianyang Blogis Park 549,780,000.00 49,000.00 373,465.00 422,465.00 0.08% 0.08%
Qingwu Blogis Park 279,060,000.00 120,000.00 120,000.00 0.04% 0.04%
Yangluo Blogis Park 163,980,000.00 109,011.20 64,212.42 173,223.62 0.11% 0.11%
Jiaxing Blogis Park 193,690,000.00 99,562.42 6,397,032.32 6,496,594.74 3.35% 3.35%
Jiangyin Blogis Park 267,280,000.00 70,843.00 70,843.00 0.03% 0.03%
Feidong Blogis Park 228,530,000.00 7,000.00 7,000.00 0.00% 0.00%
Chengdu oil and gas
820,000,000.00 266,908.50 366,076.15 632,984.65 0.08% 0.08%
base project
Jinmucaoye project 160,000,000.00 125,213,640.54 125,213,640.54 78.26% 78.26%
73
Other miscellaneous
18,273,394.31 -1,429,736.06 16,843,658.25
constructions
Total 4,885,030,000.00 368,965,477.50 237,309,137.68 606,274,615.18 -- -- 3,231,039.87 2,616,828.72 3.00% --
74
13. Disposal of Fixed Assets
Currency： RMB Yuan
Item Closing Balance Opening Balance
Disposal 50,787.60
Total 50,787.60
14. Intangible Assets
（1）Details of intangible assets
Currency： RMB Yuan
Item Land use rights patent rights Non-Patents Trademarks Software Total
I. Total original carrying
amount
1.Opening carrying
1,879,423,447.43 312,832.83 2,192,585.94 1,881,928,866.20
amount
2.Increase in the
138,348,842.93 116,504.86 138,465,347.79
current period
(1) Purchase 116,504.86 116,504.86
(2) Internal research and
development
(3) Increase by
138,348,842.93 138,348,842.93
Mergering
3. Decrease in the
current period
(1) Disposal
4.Closing carrying
2,017,772,290.36 312,832.83 2,309,090.80 2,020,394,213.99
amount
II. Total accumulated
amortization
1.Opening carrying
430,202,824.62 215,716.29 1,467,498.61 431,886,039.52
amount
2.Increase in the
23,849,065.15 15,641.64 100,805.61 23,965,512.40
current period
(1) Amortization
23,849,065.15 15,641.64 100,805.61 23,965,512.40
accrued
3.Decrease in the
current period
(1) Disposal
4.Closing carrying
454,051,889.77 231,357.93 1,568,304.22 455,851,551.92
amount
III．Total Provision for
impairment losses
1.Opening carrying
amount
2.Increase in the
current period
(1) Amount accrued
3.Decrease in the
current period
75
(1) Disposal
4.Closing carrying
amount
IV. Total net book value
1. Closing net book
1,563,720,400.59 81,474.90 740,786.58 1,564,542,662.07
value
2.Openning net
1,449,220,622.81 97,116.54 725,087.33 1,450,042,826.68
book value
（2）Intangible assets that have not obtained certificates
Currency: RMB Yuan
Item Net book value Reasons for not obtained certificates
Land use rights 275,066,324.30 Note 1
Land use rights 8,786,860.80 Note 2
Note 1: Land use right and dock use right are assets leased from Nanshan Group, the controlling shareholder of
the Company. In 1984, Nanshan Group contributed the land use right and dock use right for 25 years as the
investment capital to the Company. The term of the use rights expired on 15 July 2009. On 18 July 2006, the
Company and Nanshan Group entered into Agreement on Land Use, which specifies that the Company can
continue to lease the land and dock by means of operating lease after the expiration. The lease term is 25 years
that starts from 15 July 2009 and ends on14 July 2034. The Company has paid off all the rentals in a lump sum.
As at 30 June 2016, Nanshan Group has not obtained the use right certificate of the above mentioned land and
dock.
Note 2: Use right of the eastern land is an asset leased from Nanshan Group, the controlling shareholder of the
Company, by means of operating lease in 1997. The lease term is 25 years from 1 August 1997 to 31 July 2022.
The Company has paid off all the rentals in a lump sum. Given that Nanshan Group has not obtained the use right
certificate of the mentioned land, in addition to the guarantee of the Company's legal use right on the land,
Nanshan Group entered into an Agreement on Immunity from Liabilities Caused by the Land Use with the
Company on 18 July 1997, agreeing to compensate the Company for any losses, expenditures and liabilities
associated with the leased land. As at 30 June 2016, Nanshan Group has not obtained use right certificate of the
above mentioned land and dock.
15、Deferred Tax Assets and Deferred Tax Liabilities
（1）Deferred tax assets that are not offset
Currency: RMB Yuan
Closing Balance Opening Balance
Item Deductible temporary Deductible temporary
Deferred tax assets Deferred tax assets
differences differences
Provision for impairment
652,586.88 163,146.72 644,599.76 152,002.98
losses of assets
Deductible losses 154,909,733.72 38,727,433.43 114,871,400.43 28,717,850.10
Intangible assets 1,707,692.84 426,923.21 30,009.32 7,502.33
76
amortization
Total 157,270,013.44 39,317,503.36 115,546,009.51 28,877,355.41
（2）Details of unrecognized deferred tax assets
Currency: RMB Yuan
Item Closing Balance Opening balance
Deductible temporary difference 94,219.02 94,219.02
Deductible losses 64,581,798.69 41,579,367.77
Total 64,676,017.71 41,673,586.79
（3）Deadline of deductible losses of unrecognized deferred tax assets
Currency: RMB Yuan
Years Closing Balance Opening balance Notes
It refers to the accumulated loss
Deductible losses without
64,581,798.69 41,579,367.77 of Bowan Hongkong and
deadline
China Huitong.
Total 64,581,798.69 41,579,367.77 --
16. Other non-current assets
Currency： RMB Yuan
Item Closing Balance Opening Balance
Prepayments for land use rights 557,598,466.11 251,808,516.48
Payments for assets 32,119,160.61 23,000,000.00
Others 2,531,171.16 2,811,188.36
Total 592,248,797.88 277,619,704.84
17. Short-term Borrowings
（1）Classification of short-term borrowings
Currency： RMB Yuan
Item Closing Balance Opening Balance
Credit borrowings 240,000,000.00 300,000,000.00
Total 240,000,000.00 300,000,000.00
77
18、Accounts Payable
（1）Details of accounts payable are as follows:
Currency: RMB Yuan
Item Closing balance Opening balance
Rents 7,681,273.55 9,251,160.55
Allowances for repairs and maintenance 927,507.68 442,426.82
Service charges 360,308.50 248,775.96
Others 1,430,592.54 3,560,382.19
Total 10,399,682.27 13,502,745.52
（2）There is no significant accounts payable aging more than a year in the closing balance:
19、Receipts in advance
（1）Details of receipts in advance are as follows:
Currency: RMB Yuan
Item Closing balance Opening balance
Storage service fees collected in advance 6,240,553.96 4,129,236.00
Others 23,892.05 164,873.24
Total 6,264,446.01 4,294,109.24
20、Employee benefits payable
（1）Details of employee benefits payable are as follows
Currency: RMB Yuan
Opening Increase in the Decrease in the
Item balance current period current period Closing balance
I. Short-term compensation 26,216,644.78 39,031,091.63 47,091,745.51 18,155,990.90
II. Post-employment benefits-defined
16,613.24 4,188,288.77 4,190,942.21 13,959.80
contribution plans
III. Termination benefits
IV. Other welfare due within one year
78
Total 26,233,258.02 43,219,380.40 51,282,687.72 18,169,950.70
（2）Short-term Compensation
Currency: RMB Yuan
Opening Increase in the Decrease in the
Item Closing balance
balance current period current period
I. Wages or salaries, bonuses,
24,311,964.44 33,624,185.89 42,238,982.90 15,697,167.43
allowances and subsidies
II. Staff welfare 24,066.00 872,213.70 757,168.66 139,111.04
III. Social security contributions 7,980.34 1,491,430.46 1,492,339.42 7,071.38
Including: Medical insurance 6,214.34 1,309,569.28 1,310,291.30 5,492.32
Work-related injury insurance 1,373.74 75,324.97 75,462.93 1,235.78
Birth insurance 392.26 106,536.21 106,585.19 343.28
IV. Housing funds 87.00 1,599,557.68 1,599,644.68
V. Expenditure for trade union and
1,872,584.42 993,503.33 553,446.70 2,312,641.05
employee training
VI. Others -37.42 450,200.57 450,163.15
Total 26,216,644.78 39,031,091.63 47,091,745.51 18,155,990.90
（3） Post-employment benefits- defined contribution plans
Currency: RMB Yuan
Increase in the Decrease in the
Item Opening balance Closing balance
current period current period
I. Basic endowment insurance 15,455.00 3,044,051.51 3,045,775.71 13,730.80
II. Unemployment insurance 1,158.24 106,013.70 106,942.94 229.00
III. Enterprise annuity payment 1,038,223.56 1,038,223.56
Total 16,613.24 4,188,288.77 4,190,942.21 13,959.80
21、Taxes payable
Currency: RMB Yuan
Items Closing Balance Opening Balance
Value Added Tax 2,049,840.67 2,589,977.27
Business Tax -2,876.90 140,936.22
Corporate Income Tax 11,747,813.17 9,806,765.58
Individual Income Tax 223,016.21 196,762.89
79
Urban Maintenance & Construction Tax 148,425.14 182,018.30
Land-use Tax 2,101,083.44 3,190,660.26
Property Tax 3,547,383.42 4,309,172.88
Educational Surcharges 111,280.75 137,261.93
Others 495,672.34 383,721.62
Total 20,421,638.24 20,937,276.95
22、Interest Payable
Currency: RMB Yuan
Items Closing Balance Opening Balance
Nanshan Group borrowings interest 30,875,736.12 6,758,208.33
Bank interest 533,774.22 839,075.67
Corporate bond interest 17,845,750.00 1,189,716.67
Medium term note interest 7,495,890.42 19,594,520.52
China Development Finance Co., Ltd.
246,736.10 22,958.33
("CDFC")
Total 56,997,886.86 28,404,479.52
23、Other Payables
（1）Details of other payables are as follows:
Currency: RMB Yuan
Item Closing balance Opening balance
Construction costs 312,170,316.46 370,546,685.54
Deposits 63,162,390.28 60,198,658.09
Others 49,005,975.95 49,320,875.86
Total 424,338,682.69 480,066,219.49
24、Non-current liabilities due within one year
Currency: RMB Yuan
Items Closing Balance Opening Balance
Long-term loans due within one year 5,653,002.24 6,047,377.24
Bond payable due within one year 400,000,000.00
Other non-current liabilities due
701,349,351.16 701,349,351.16
within one year
Total 1,107,002,353.40 707,396,728.40
80
25、Other current liabilities
Currency: RMB Yuan
Items Closing Balance Opening Balance
Loans borrowed from Nanshan
294,000,000.00
Group
Loans borrowed from Nanshan
6,000,000.00 6,000,000.00
Hong Kong
Total 300,000,000.00 6,000,000.00
26、Long-term Borrowings
（1）Classification of the long-term borrowings
Currency: RMB Yuan
Items Closing Balance Opening Balance
Guaranteed loan 648,619,607.53 441,455,232.53
Credit loan 145,224,017.92 48,379,017.92
Total 793,843,625.45 489,834,250.45
27、Bonds payable
（1）Details of bonds payable
Currency: RMB Yuan
Items Closing Balance Opening Balance
Medium term note 400,000,000.00
Corporate bond 567,900,500.00 567,159,500.00
Total 567,900,500.00 967,159,500.00
（2）Changes in the current period of bonds payable
Currency: RMB Yuan
Issue Repa
in the Premium or y for
Maturit Accrued interest
Item Par value Issue date Issued amount Opening balance curren discount the Closing balance
y term for the period
t amortization perio
period d
Corporate 570,000,000.0 17/12/201 570,000,000.0 567,159,500.0 16,656,033.3 741,000.0 567,900,500.0
7 years
bond 0 2 0 0 3 0 0
81
28、 Long-term Payables
(1) Long-term payables classified by nature
Currency: RMB Yuan
Entity Closing balance Opening balance
Nanshan Group 0.00 251,417,853.31
29、Deferred income
Currency: RMB Yuan
Increase in the Decrease in the
Item Opening balance Closing balance Cause of formation
current period current period
Special subsidy for
Government Subsidy 51,251,151.07 826,035.84 50,425,115.23 purchasing fixed
assets
Total 51,251,151.07 826,035.84 50,425,115.23 --
Items concerning government subsidy：
Currency: RMB Yuan
Amount
Increase of
recognized in
government Related to assets
Liabilities items Opening balance non-operating Closing balance Liabilities items
subsidy in the or revenue
income in the
current period
current period
Wuhan Blogis
49,826,151.07 788,535.84 49,037,615.23 Related to assets
Park
Guangzhou
Blogis Park –Lot 1,425,000.00 37,500.00 1,387,500.00 Related to assets
A Construction
Total 51,251,151.07 826,035.84 50,425,115.23 --
30、Other non-current liabilities
Currency: RMB Yuan
Item Closing balance Opening balance
Medium and long-term borrowings 210,000,000.00 210,000,000.00
Rental received in advance 15,692,882.76 16,367,558.34
Total 225,692,882.76 226,367,558.34
82
31、Share Capital
Unit: Share
Changes for Current Period（＋、－）
capitalization
Opening Balance Closing Balance
New Issued Bonus Share of surplus Others Subtotal
reserves
Total Shares 230,600,000.00 230,600,000.00
32、Capital reserve
Currency: RMB Yuan
Increase in the
Item Opening balance Decrease in the period Closing balance
period
Capital premium 124,868,225.67 124,868,225.67
Other capital reserve 109,272,960.42 109,272,960.42
Total 234,141,186.09 234,141,186.09
33、Other comprehensive income
Currency: RMB Yuan
Amount for the current period
Less：Net
amount
included in
Post-tax net
other Post-tax net
Opening amount Closing
Item Before-tax comprehensive Less： amount
belonging to
Balance amount for the income in the incom belonging to Balance
parent
current period prior periods e tax minority
company
that is shareholders
owners
transferred to
profit or loss
for the period
II. Net amount included in other
comprehensive income that can be
652,079.14 652,079.14
transferred to profit or loss in the
future
Translation differences of financial
statements denominated in foreign 652,079.14 652,079.14
currencies
Total 652,079.14 652,079.14
34、Special reserve
Currency: RMB Yuan
Increase in the Decrease in the
Item Opening balance Closing balance
period period
Production safety fee 5,941,771.48 752,714.22 301,853.11 6,392,632.59
Total 5,941,771.48 752,714.22 301,853.11 6,392,632.59
83
35、Surplus reserves
Currency: RMB Yuan
Increase in the Decrease in the
Item Opening balance period period Closing balance
Statutory surplus reserve 218,585,153.26 218,585,153.26
Discretionary surplus reserve 98,660,135.55 1,358,273.61 100,018,409.16
Total 317,245,288.81 1,358,273.61 318,603,562.42
36、Unappropriated profits
Currency: RMB Yuan
Item Amount for current period Amount for prior period
Before adjustment: Unappropriated profits at the end of prior year 965,504,851.33 913,767,989.40
After adjustment: Unappropriated profits at the beginning of the year 965,504,851.33 913,767,989.40
Add: Net profit attributable to owners of the Company for the period 20,104,453.49 91,644,920.49
Less: Appropriation to statutory surplus reserve 2,716,547.22
Appropriation to discretionary surplus reserve 1,358,273.61 7,444,111.34
Dividends paid to ordinary shares 29,747,400.00
Undistributed profit at the end of the year 984,251,031.21 965,504,851.33
37、Operating income and operating costs
Currency: RMB Yuan
Amount recognized in the current period Amount recognized in the prior period
Item Operating income Operating cost Operating income Operating cost
Principal operating activities 330,993,998.17 143,269,502.63 307,090,121.07 140,446,335.32
Other operating activities 54,290.48 28,951.61 120.00
Total 331,048,288.65 143,269,502.63 307,119,072.68 140,446,455.32
38、Business Tax and Surcharges
Currency: RMB Yuan
Item Amount incurred in the current period Amount incurred in the prior period
Business tax 557,489.96 816,977.95
City construction and maintenance tax 1,124,525.04 950,624.37
Education surcharges 863,216.39 735,505.43
Property tax 12,635,340.98 10,834,786.56
Land use tax 3,556,743.99 7,305,720.06
Others 130,323.06 251,130.19
84
Total 18,867,639.42 20,894,744.56
39、Selling expenses
Currency: RMB Yuan
Item Amount incurred in the current period Amount incurred in the prior period
Agency brokerage 917,022.63 267,618.01
Total 917,022.63 267,618.01
40、Administrative Expenses
Currency: RMB Yuan
Item Amount incurred in the current period Amount incurred in the prior period
Payroll 30,782,964.25 25,112,139.03
Asset depreciation 2,065,391.20 2,085,657.05
Asset amortization 6,882,181.50 4,752,515.23
Taxes 5,339,571.17 2,292,336.95
Business entertainment 1,200,941.26 1,153,484.31
Vehicle expense 824,987.89 853,606.69
Travelling expense 1,596,611.26 1,313,064.36
Board of directors fee 145,065.50 321,682.02
Others 6,507,635.14 4,457,513.59
Total 55,345,349.17 42,341,999.23
41、Financial Expenses
Currency: RMB Yuan
Item Amount incurred in the current period Amount incurred in the prior period
Interest expenses 89,265,690.31 84,170,623.63
Less: capitalised interest expenses -1,826,715.35 -4,184,863.04
Less: interest income -2,616,828.72 -2,681,172.66
Exchange differences -309.85 -1,138,509.75
Others 1,540,642.23 2,057,178.99
Total 86,362,478.62 78,223,257.17
42、Impairment loss
Item Amount incurred in the current period Amount incurred in the prior period
Loss from bad debt 17,914.86
Total 17,914.86
85
43、Investment income
Currency: RMB Yuan
Item Amount recognized in the current period Amount recognized in the prior period
Income from long-term equity investments
13,758,166.75 30,629,354.18
under equity method
Income from bank financing products 1,204,227.53 5,530,231.21
Total 14,962,394.28 36,159,585.39
44、Non-operating Income
Currency: RMB Yuan
Amount included in
Amount recognized in the Amount recognized in
Item non-recurring profit or loss
current period the prior period
for the period
Total gains on disposal of non-current assets 27,777.65 49,459.07 27,777.65
Including: Gains on disposal of fixed assets 27,777.65 49,459.07 27,777.65
Government grants 1,721,474.24 4,917,189.88 1,721,474.24
Penalty gains 258,640.27 9,242.81 258,640.27
Others 694,956.72 33,431.42 694,956.72
Total 2,702,848.88 5,009,323.18 2,702,848.88
Details of government grants related to income:
Currency: RMB Yuan
Amount recognised in the Amount recognised in the prior
Item Related to assets/income
current period period
Governmental subsidies 1,711,474.24 4,917,189.88 Related to income
Financial rewards 10,000.00 Related to income
Total 1,721,474.24 4,917,189.88 --
45、Non-operating Expenses
Currency: RMB Yuan
Amount included in
Amount incurred in the Amount incurred in the
Item non-recurring profit or loss
current period prior period
for the period
Total losses on disposal of non-current assets 36,978.43 6,522.45 36,978.43
Including: Losses on disposal of fixed assets 36,978.43 6,522.45 36,978.43
86
Penalty losses 664,737.28 1,049.30 664,737.28
Others 149,976.31 102,581.49 149,976.31
Total 851,692.02 110,153.24 851,692.02
46、Income Tax Expenses
（1） Details of income tax expenses
Currency: RMB Yuan
Item Amount incurred in the current period Amount incurred in the prior period
Current tax expense 26,974,453.88 15,678,278.73
Deferred tax expense -14,889,137.89 -2,146,132.55
Total 12,085,315.99 13,532,146.18
（2）Reconciliation of income tax expenses to the accounting profit is as follows:
Currency: RMB Yuan
Item Amount for the current period
Accounting profit 43,081,932.46
Income tax expenses calculated at statutory tax rate or applicable tax rate 10,770,483.12
Effect of different tax rates adopted by subsidiaries 3,634,457.79
Effect of tax-free income -3,439,541.69
Others 1,119,916.77
Income tax expense 12,085,315.99
47、Notes to items in the cash flow statement
（1）Other cash receipts relating to operating activities
Currency: RMB Yuan
Item Amount for the current period Amount for the prior period
Interest income 2,109,786.13 2,852,802.08
Government grants 543,658.40 4,879,689.88
Others 14,307,898.24 9,155,472.91
Total 16,961,342.77 16,887,964.87
（2）Other cash payments relating to operating activities
Currency: RMB Yuan
Item Amount for the current period Amount for the prior period
Payments for administrative expense 16,236,662.53 9,834,143.89
Payments for deposits 2,498,042.94 4,797,430.20
87
Others 2,625,108.65 3,834,879.86
Total 21,359,814.12 18,466,453.95
（3）Other cash receipts relating to investing activities
Currency: RMB Yuan
Item Amount for the current period Amount for the prior period
Principal and investment income
257,235,570.00 761,936,417.51
from financing products
Others 354,780.00
Total 257,590,350.00 761,936,417.51
（4）Other cash payments relating to investing activities
Currency: RMB Yuan
Item Amount for the current period Amount for the prior period
Purchase of financing products 45,000,000.00 706,000,000.00
Total 45,000,000.00 706,000,000.00
（5）Other cash receipts relating to financing activities
Currency: RMB Yuan
Item Amount for the current period Amount for the prior period
Borrowing from Nanshan Group 294,000,000.00
Total 294,000,000.00
（6）Other cash payments relating to financing activities
Currency: RMB Yuan
Item Amount for the current period Amount for the prior period
Payments for commission of medium
1,200,000.00 1,200,000.00
term note
Payments for the interest from Nanshan
273,580,492.48
group loans
Others 114,455.93 1,200.00
Total 274,894,948.41 1,201,200.00
48、Supplementary information for the cash flow statement
（1）Details of Supplementary information for the cash flow statement
Currency: RMB Yuan
Supplementary information Current period Prior period
1. Reconciliation of net profit to cash flows from -- --
88
operating activities:
Net profit 30,996,616.47 52,471,607.54
Add：Provision for the impairment of assets 17,914.86
Depreciation of fixed assets, depletion of oil & gas assets
58,108,135.15 51,265,159.23
and productive biologic material depreciation
Amortisation of intangible assets 22,752,336.51 20,031,456.43
Losses on disposal of fixed assets, intangible assets and
9,200.78 -42,936.62
other long-term assets(- for gain)
Financial expenses(gains are indicated by "-") 86,786,898.42 76,284,502.34
Losses arising from investments (gains are indicated by "-") -14,962,394.28 -36,159,585.39
Decrease in deferred tax assets (increase is indicated by "-") -10,440,147.95 -6,496,857.59
Decrease in inventories (increase is indicated by "-") 66,958.38 70,712.21
Decrease in receivables from operating activities (increase
-23,741,607.16 -10,488,221.57
is indicated by "-")
Increase in payables from operating activities (decrease is
1,516,188.62 -23,001,819.09
indicated by "-")
Net cash flow from operating activities 151,110,099.80 123,934,017.49
2 ． Significant investment and financing activities not
-- --
involving receipts and disbursements:
3．Net changes in cash and cash equivalents: -- --
Closing balance of cash 647,599,268.21 370,421,410.71
Less: Opening balance of cash 321,121,926.73 375,328,861.18
Net increase in cash and cash equivalents 326,477,341.48 -4,907,450.47
（2）Net cash on acquiring sub-company and other business unit
Currency: RMB Yuan
Amounts
Cash and cash equivalent paid for acquisition in current period 269,665,210.73
Less：Cash and cash equivalent held in sub-company in acquisition
15,650,290.72
day
Net cash payment for acquisition 254,014,920.01
（3）Composition of cash and cash equivalents
Currency: RMB Yuan
Item Closing balance Opening balance
I. Cash 647,599,268.21 321,121,926.73
Including: Cash on hand 22,709.46 19,947.47
89
Bank deposit available for immediate
647,576,558.75 321,101,979.26
payment
III. Closing balance of cash and cash equivalents 647,599,268.21 321,121,926.73
49、Foreign currency monetary items
Currency: RMB Yuan
Closing balance in Exchange rate Closing balance translate in
Item
foreign currency RMB
Bank and Cash
Including: United State Dollar 250.00 1,622.50
Euro 380.00 2,698.00
Hong Kong Dollar 3,450.00 2,898.00
Singapore Dollar 1,015.50 4,658.60
VIII、Changes of Consolidated Financial Statement Scope
1、Business combination Not under common control
（1）Business combination Not under common control for the current period
Currency: RMB Yuan
Revenue of Net profit of
Evidence for
Equity Share Acquired Acquired
Acquired Combination Acquisition Acquisitio determining
transferred percentages company since company since
company cost method n day the acquisition
Day gained the acquisition the acquisition
day
day day
Beijing
JinMu 24th,March, Cash 1st,Januar
269,665,210.73 100.00% The Contract 0.00 -1,535,219.24
CaoYe Co., 2016 payment y, 2016
Ltd
（2）Combination cost and goodwill
Currency: RMB Yuan
Combination cost
--Cash 269,665,210.73
Total cost 269,665,210.73
Less：Fair value of net equity acquired 269,665,210.73
Goodwill 0.00
90
（3）Details of recognized assets and liabilities
Currency: RMB Yuan
Fair value at acquisition day Carrying value at acquisition day
Assets：
Bank and Cash 15,650,290.72 15,650,290.72
Accounts receivable 542,739.50 542,739.50
Inventory
Non-current assets 126,709,268.17 80,831,892.06
Intangible assets 137,135,667.04 7,695,799.36
Liabilities：
Loan
Accounts payable 10,372,754.70 10,372,754.70
Deferred Tax liabilities
Net assets 269,665,210.73 94,347,966.94
Less：NCI
Net assets acquired 269,665,210.73 94,347,966.94
IX、 Equity in other entities
1、Equity in subsidiaries
（1）Group Composition
91
Proportion of holding
Name of equity (%)
Business premise Registered place Business nature Acquired method
subsidiary
Direct Indirect
Shenzhen,Guang Shenzhen,Guang
Blogis Holdings Investment 77.36% Set-up
dong Province dong Province
Shanghai Blogis Shanghai Shanghai Logistics Service 100.00% Set-up
Guangzhou , Guangzhou , Logistics Service
Guangzhou
Guangdong Guangdong 100.00% Set-up
Blogis
Province Province
Kunshan, Jiangsu Kunshan, Jiangsu Logistics Service
Kunshan Blogis 100.00% Set-up
Province Province
Tianjin Blogis Tianjin Tianjin Logistics Service 100.00% Set-up
Langfang, Hebei Langfang, Hebei Logistics Service
Langfang Blogis 100.00% Set-up
Province Province
Chengdu, Chengdu, Logistics Service
Longquan Blogis 100.00% Set-up
Sichuan Province Sichuan Province
Chengdu, Chengdu, Logistics Service
Xindu Blogis 100.00% Set-up
Sichuan Province Sichuan Province
Nanjing, Jiangsu Nanjing, Jiangsu Logistics Service
Nanjing Blogis 100.00% Set-up
Province Province
Bingang Blogis Tianjin Tianjin Logistics Service 100.00% Set-up
Nantong, Jiangsu Nantong, Jiangsu Logistics Service
Nantong Blogis 100.00% Set-up
Province Province
Wuhan, Hubei Wuhan, Hubei Logistics Service Set-up
Wuhan Blogis 100.00%
Province Province
Qingwu Blogis Tianjin Tianjin Logistics Service 100.00% Set-up
Shenyang ,Liaoni Shenyang ,Liaoni Logistics Service Set-up
Shenyang Blogis 100.00%
ng Province ng Province
Wuhan, Hubei Wuhan, Hubei Logistics Service Set-up
Yangluo Blogis 100.00%
Province Province
Hefei, Anhui Hefei, Anhui Logistics Service Set-up
Feidong Blogis 100.00%
Province Province
Xian, Shanxi Xian, Shanxi Logistics Service Set-up
Xian Blogis 100.00%
Province Province
Xianyang, Shanxi Xianyang, Shanxi Logistics Service Set-up
Xianyang Blogis 100.00%
Province Province
Hong Kong Hong Kong Set-up
Special Special
Blogis Hongkong Investment 100.00%
Administrative Administrative
Region Region
Qingdao, Qingdao, Set-up
Jiaozhou Blogis Shandong Shandong Logistics Service 100.00%
Province Province
92
Changzhou Changzhou, Changzhou, Set-up
Logistics Service 100.00%
Blogis Jiangsu Province Jiangsu Province
Jiaxing, Zhejiang Jiaxing, Zhejiang Set-up
Jaixing Blogis Logistics Service 100.00%
Province Province
Jiangyin, Jiangsu Jiangyin, Jiangsu Set-up
Jiangyin Blogis Logistics Service 100.00%
Province Province
Shenzhen, Shenzhen, Business combination
Shenzhen Blogis Guangdong Guangdong Logistics Service 100.00% involving enterprises
Province Province under common control
Business combination
Mingjiang Blogis Shanghai Shanghai Logistics Service 100.00% involving enterprises
under common control
Hong Kong Hong Kong
Business combination
Special Special
China Huitong Investment 100.00% involving enterprises
Administrative Administrative
under common control
Region Region
Business combination
Wuxi, Jiangsu Wuxi, Jiangsu
Wuxi Blogis Logistics Service 100.00% involving enterprises
Province Province
under common control
Business combination
Zhenjiang Zhenjiang, Zhenjiang,
Logistics Service 100.00% involving enterprises
Warehouse Jiangsu Province Jiangsu Province
under common control
Chengdu Oil&gas Chengdu, Chengdu, The development of
100.00% Set-up
Base Sichuan Province Sichuan Province new energy
Shaoxing,Zhejian Shaoxing,Zhejian Logistics Service Set-up
Shaoxing Blogis 100.00%
g province g province
Nanjiang,Jiangsu Nanjiang,Jiangsu Logistics Service Set-up
Jiangsu Blogis 100.00%
Province Province
Xipeng Blogis Chongqing Chongqing Logistics Service 100.00% Set-up
Zhengzhou, Zhengzhou, Logistics Service Set-up
Zhengzhou Bsea 80.00%
Henan province Henan province
Ezhou ,Hubei Ezhou ,Hubei Logistics Service Set-up
Ezhou logis 100.00%
province province
Nantong, Jiangsu Nantong, Jiangsu Logistics Service Set-up
Xintong logis 100.00%
Province Province
Jiashan, Zhejiang Jiashan, Zhejiang Logistics Service Set-up
Jiashan logis 100.00%
province province
Beijing Logistics Service Business combination
JinMuCaoYe Co., Beijing Beijing 100.00% involving enterprises not
Ltd under common control
93
（2）Significant non-wholly owned subsidiary:
Currency： RMB Yuan
Profit and loss
Dividends declared to
Proportion of minority attributable to minority Closing Balance of
Name of Subsidiary minority shareholders in
shareholders shareholders in the minority shareholders
the current period
current period
Blogis Holdings 22.64% 10,892,162.98 0.00 825,994,362.81
94
（3）Financial information of significant non-wholly owned subsidiary:
Currency： RMB Yuan
Closing Balance Opening Balance
Name of
Non-current Current Non-current Total of Non-current Current Non-current Total of
Subsidiary Current Assets Total of Assets Current Assets Total of Assets
Assets Liabilities Liabilities Liabilities Assets Liabilities Liabilities Liabilities
Blogis
Holdings 1,179,993,444 4,473,443,632 5,653,437,077 1,230,807,644 774,244,438.6 2,005,052,082 372,372,162.3 3,858,959,845 4,231,332,007 2,009,848,408 821,278,952.7 2,831,127,361
（ Consolida .84 .64 .48 .08 4 .72 7 .51 .88 .37 9 .16
tion）
Currency： RMB Yuan
Amount incurred in the current period Amount incurred in the prior period
Name of
Subsidiary Comprehensive Cash Flows from Comprehensive Cash Flows from
Operating Revenue Net Profits Operating Revenue Net Profits
Income Operating Activities Income Operating Activities
Blogis Holdings
254,035,417.18 48,110,260.58 48,110,260.58 153,540,706.42 219,509,540.31 43,470,291.79 42,378,158.47 134,753,196.33
（Consolidation）
95
2、Equity in the joint venture arrangement and Associated Enterprises
（1）Significant joint venture arrangement and Associated Enterprises
Proportion of holding equity (%) Accounting
Company Business premise Registered place Business nature
Direct Indirect method
Shenzhen Shenzhen Offshore oil
CSE engineering 32.00% Equity method
construction
Shenzhen Shenzhen Capital
CDFC 20.00% Equity method
management
Shenzhen Shenzhen Petrochemical
CPEC equipment 20.00% Equity method
manufacturing
（2）Financial information in significant Associated Enterprises
Currency: RMB Yuan
Closing balance/ Amount for the current period Opening balance/ Amount for the prior period
CSE CDFC CPEC CSE CDFC CPEC
Current Assets 501,836,654.82 2,735,346,979.71 21,254,912.92 482,873,475.04 3,307,742,630.92 29,711,372.51
Non-current
1,102,994,207.72 1,998,856,170.37 4,843,545.53 1,112,312,706.71 920,635,240.41 8,154,950.23
assets
Assets 1,604,830,862.54 4,734,203,150.08 26,098,458.45 1,595,186,181.75 4,228,377,871.33 37,866,322.74
Current liabilities 161,851,726.21 4,155,972,976.04 16,406,036.18 186,373,956.07 3,670,142,393.48 22,302,980.98
Non-current
liabilities
liabilities 161,851,726.21 4,155,972,976.04 16,406,036.18 186,373,956.07 3,670,142,393.48 22,302,980.98
NCI
Interets
contributed to 1,442,979,136.33 578,230,174.04 9,692,422.27 1,408,812,225.68 558,235,477.85 15,563,341.76
parent company
Net assets shares 465,814,474.43 115,646,034.81 1,989,219.68 467,789,861.57 111,647,095.57 3,163,403.60
Adjustment
events
Carrying anounts
of investment in
465,814,474.43 115,646,034.81 1,989,219.68 467,789,861.57 111,647,095.57 3,163,403.60
Associated
Enterprises
Fair value of
investment in
Associated
Enterprises
Revenue 223,381,557.46 44,319,651.24 14,208,275.85 289,293,798.13 29,576,854.60 33,109,153.46
Net profit 34,166,910.65 19,994,696.19 -5,870,919.49 90,043,155.42 13,938,478.73 -5,567,208.34
OCI
Total
comprehensive 34,166,910.65 19,994,696.19 -5,870,919.49 90,043,155.42 13,938,478.73 -5,567,208.34
income
Dividends from
Associated 12,908,798.55 14,329,928.96
Enterprises
96
X、RELATED PARTY RELATIONSHIPS AND TRANSACTIONS
1、Parent of the Company
Currency: RMB Yuan
Shareholding
Registered Registered Voting power
Entity name Business nature percentage
location capital (RMB) percentage (%)
(%)
Port and shipping, offshore oil service,
Nanshan Guangdong
real estate development and new 900,000,000.00 51.79 51.79
Group Shenzhen
construction material
2、Subsidiaries of the Company
Details of the subsidiaries of the Company are set out in note (IX)1.
3、 Associates and joint ventures of the Company
Details of the associates and joint ventures of the Company are set out in note (IX) 2.
4、Related party transactions
（1）Provision and receipt of services
Receipt of service
Currency： RMB Yuan
Whether exceed the
Amount for the Approved transaction Amount for the
Related party Details of Transaction approved transaction
current period amount prior period
amount
Nanshan Group
Power supply service 1,456,454.40 14,000,000.00 No 1,450,611.13
(Power Station)
Provision of service
Currency： RMB Yuan
Amount for the current
Related party Details of Transaction Amount for the prior period
period
CSE Loading and unloading service 2,612,203.11 15,043.32
CPEC Loading and unloading service 23,680.92 20,418.39
CSE Stack (storage) service 2,002,134.00 1,375,700.61
CPEC Stack (storage) service 141,409.84 442,140.56
Nanshan Group Maintenance service 87,112.69 42,618.03
CDFC Maintenance service 12,709.41 3,110.00
Nanshan Group Stack (storage) service 485,940.00 4,800.00
（2）Leases with related parties
Leases where a group entity is the lessor:
Currency：RMB Yuan
Lease income recognized Lease income recognized
Name of lessee Type of leased assets
in the current period in the prior period
Nanshan Group Office building 3,238,823.24 3,245,100.58
Nanshan Real Estate Company Office building 43,882.56 42,610.40
CDFC Office building 704,813.55 582,640.38
Yahgee Company Office building 1,000.00
97
Oriental Logistics Company Office building 66,830.40 65,520.00
CSE Office building 392,918.28 392,918.28
CPEC Office building 230,204.64 224,564.64
Chixiao Company Office building 240,852.90
Leases where a group entity is the lessee:
Currency: RMB Yuan
Lease payment recognized Lease payment recognized
Name of lessor Type of leased assets
in the current period in the prior period
Nanshan Group Site 1,134,368.82 954,580.30
Nanshan Group Site 13,921,230.06 13,484,438.04
（3）Guarantees with related parties
A group entity as the guaranteed party:
Currency：RMB Yuan
Whether execution of
Inception date of Expiration date of
Guarantor Guaranteed amount guarantee has been
guarantee guarantee
completed
Nanshan Group（Note 1） 570,000,000.00 17/12/2012 17/12/2019 No
Nanshan Group（Note 1） 400,000,000.00 09/03/2012 09/03/2017 No
Nanshan Group（Note 2） 200,000,000.00 31/03/2012 30/03/2029 No
Nanshan Group（Note 3） 120,000,000.00 29/11/2012 28/11/2029 No
Nanshan Group（Note 4） 59,996,000.00 22/04/2014 21/04/2029 No
Nanshan Group（Note 5） 58,864,000.00 29/05/2014 28/05/2029 No
Nanshan Group（Note 6） 56,600,000.00 17/12/2014 16/12/2029 No
Note 1：It refers to the Guarantee provided by Nanshan Group for the Medium term note and company bond.
Note 2：Pursuant to the long-term borrowings contract, the deadline of taking loan is due, the company can not use
any remaining loan line of credit. Nanshan Group only guarantee the closing balance of the aforesaid guaranteed
loan within the Warranty period. As at 30 June 2016, the closing balance of the aforesaid guaranteed loan is RMB
126,019,651.68.
Note 3：Pursuant to the long-term borrowings contract, the deadline of taking loan is due, the company can not use
any remaining loan line of credit. Nanshan Group only guarantee the closing balance of the aforesaid guaranteed
loan within the Warranty period. As at 30 June 2016, the closing balance of the aforesaid guaranteed loan is RMB
54,004,650.76.
Note 4: Pursuant to the long-term borrowings contract, Guangzhou Blogis can apply for loans within the scope of
guaranteed amount and guaranteed term. Nanshan Group and the Company has provided guarantee for the
borrowings by 22.64% and 77.36% of the amount respectively. As at 30 June 2016, the closing balance of the
aforesaid guaranteed loan is RMB 110,019,414.31.
Note 5: Pursuant to the long-term borrowings contract, Nanjing Blogis can apply for loans within the scope of
guaranteed amount and guaranteed term. Nanshan Group and the Company has provided guarantee for the
borrowings by 22.64% and 77.36% of the amount respectively. As at 30 June 2016, the closing balance of the
aforesaid guaranteed loan is RMB83,110,878.45.
Note 6: Pursuant to the long-term borrowings contract, Wuhan Blogis can apply for loans within the scope of
guaranteed amount and guaranteed term. Nanshan Group and the Company has provided guarantee for the
borrowings by 22.64% and 77.36% of the amount respectively. As at 30 June 2016, the closing balance of the
aforesaid guaranteed loan is RMB73,218,013.48.
98
（4）Money lending between related parties
Currency: RMB Yuan
Related parties Amounts Starting date Maturity date Note
Borrowing
Nanshan Group 220,000,000.00 25 January 2016 25 January 2017
Nanshan Group 74,000,000.00 24 February 2016 24 February 2017
CDFC 100,000,000.00 31 March 2016 30 March 2019
Lending
5、Amounts due from / to related parties
（1）Amounts due from related parties
Currency: RMB Yuan
Closing balance Opening balance
Item Related party
Carrying amount Bad debt provision Carrying amount Bad debt provision
Accounts receivable CSE 573,588.43 11,793.68 1,179,367.56 11,793.68
Accounts receivable CPEC 564,181.14 3,142.90 314,290.30 3,142.90
Accounts receivable Hefei Blogis 397,690.39
Accounts receivable Chiwan Real Estate 243,315.68 2,433.16
Other receivable Nanshan Group 2,750.00 27.50 2,750.00 27.50
Other receivable CSE 11,571.48 115.71 11,571.48 115.71
Other receivable Hefei Blogis 79,200.00
（2）Amounts due to related parties
Currency: RMB Yuan
Item Related party Closing balance Opening balance
Other payables Nanshan Group 6,732,506.34 16,228,098.95
Other payables Chixiao Project Company 5,286,323.81 15,004,897.43
Other payables Nanshan Hong Kong 16,560,712.80 11,921,567.32
Other payables Chixiao Construction Company 948,736.04 2,156,683.47
Other payables CSE 38,900.00 255,726.00
Other payables CPEC 204,224.04
Other payables Oriental Logistics Company 8,300.00 26,165.00
Other payables Chixiao Company 35,790.30
Other payables Hefei Blogis 229,748.62
Other payables Chiwan Real Estate 20,516.30
Other payables Nanshan Real Estate Company 19,350.00
Accounts payable Nanshan Group 7,644,886.05 4,340,013.89
Accounts payable Chixiao Construction Company 9,740.00 102,998.66
Accounts payable CSE 16,554.40
Accounts payable Chixiao Project Company 93,258.66
Short-term loan CDFC 100,000,000.00 100,000,000.00
Long-term loan CDFC 100,000,000.00
99
Interest payable Nanshan Group 30,875,736.12 6,758,208.33
Interest payable CDFC 246,736.10 22,958.33
Non-current liabilities within
Nanshan Group 700,000,000.00 700,000,000.00
one year
Non-current liabilities within
CSE 785,836.56 785,836.56
one year
Other non-current liabilities Nanshan Hong Kong 6,000,000.00 6,000,000.00
Long-term payables Nanshan Group 251,417,853.31
Other non-current liabilities Nanshan Hong Kong 210,000,000.00 210,000,000.00
Other non-current liabilities CSE 3,879,199.02 4,665,035.58
XI. NOTES TO KEY ITEMS IN THE COMPANY'S FINANCIAL STATEMENTS
1、Accounts Receivable
（1）Disclosure of accounts receivable by categories:
Currency：RMB Yuan
Closing balance Opening balance
Carrying amount Bad debt provision Carrying amount Bad debt provision
Item
Proportio Proportion Net Book Value Proportio Proportion Net Book Value
Amount Amount Amount Amount
n (%) (%) n (%) (%)
Accounts receivables for
which bad debt provision has
27,094,836.15 99.40% 190,178.59 0.70% 26,904,657.56 22,515,346.10 99.28% 225,153.46 1.00% 22,290,192.64
been assessed by portfolios of
credit risk characteristics
Accounts receivable that are
not individually significant
but for which bad debt 164,138.40 0.60% 164,138.40 100.00% 0.00 164,138.40 0.72% 164,138.40 100.00% 0.00
provision has been assessed
individually
Total 27,258,974.55 100.00% 354,316.99 26,904,657.56 22,679,484.50 100.00% 389,291.86 22,290,192.64
Accounts receivable that are significant in amount individually and provided for bad debt individually
□Applicable √Not Applicable
In portfolio, accruing bad debt provision accounting to aging analysis of accounts receivable:
□Applicable √Not Applicable
In portfolios ，accruing bad debt provision according to the percentage-of-receivables approach：
√ Applicable □ Not Applicable
Currency：RMB Yuan
Closing balance
Name of the portfolio
Carrying amount Bad debt provision Proportion of provision (%)
Accruing bad debt provision
according to the
27,094,836.15 190,178.59 0.70%
percentage-of-receivables
approach
Total 27,094,836.15 190,178.59 0.70%
（2）Provision made and reversal of Bad debt
34,974.87 of provision has been reversed.
100
（3）Top five enterprises of accounts receivables
Currency：RMB Yuan
Name of entity Amount Proportion (%) Bad debt provision
Client 4 2,639,722.27 10% 18,478.06
Client 5 2,390,471.89 9% 16,733.30
Client 11 1,596,978.13 6% 11,178.85
Client 12 1,345,890.00 5% 9,421.23
Client 13 1,285,144.49 5% 8,996.01
2、Other Receivables
（1）Disclosure of other receivables by categories:
Currency: RMB Yuan
Closing balance Opening balance
Carrying amount Bad debt provision Carrying amount Bad debt provision
Item
Proportion Proportio Net Book Value Proportio Proportio Net Book Value
Amount Amount Amount Amount
(%) n (%) n (%) n (%)
Other receivables for which
bad debt provision has been
448,793,523.22 37.97% 0.00% 448,793,523.22 1,518,053,170.11 99.91% 0.00 0.00% 1,518,053,170.11
assessed by portfolios of
credit risk characteristics
Other receivable that are not
individually significant but
for which bad debt provision 1,151,931.68 62.03% 13,342.76 1.16% 1,138,588.92 1,349,341.95 0.09% 13,493.42 1.00% 1,335,848.53
has been assessed
individually
Total 449,945,454.90 100.00% 13,342.76 449,932,112.14 1,519,402,512.06 100.00% 13,493.42 1,519,389,018.64
Other receivables that are significant in amount individually and provided for bad debt individually
□Applicable √Not Applicable
In portfolio, accruing bad debt provision accounting to aging analysis of accounts receivable:
□Applicable √Not Applicable
In portfolios ，accruing bad debt provision according to the percentage-of-receivables approach：
√ Applicable □ Not Applicable
Currency：RMB Yuan
Closing Balance
Name of the portfolio
Carrying amount Bad debt provision Proportion of provision (%)
Accruing bad debt provision according to the
1,151,931.68 13,342.76 1.16%
percentage-of-receivables approach
Total 1,151,931.68 13,342.76 1.16%
In portfolio, accruing bad debt provision accounting to other approaches
□Applicable √Not Applicable
（2）Provision made and reversal of Bad debt
150.66 of provision has been reversed.
（3）Disclosure of other receivables by nature:
Currency：RMB Yuan
Nature Closing Balance Opening Balance
Deposits 954.80 954.80
Petty cash 825,593.74 974,960.79
101
Amount due from related parties 447,953,057.07 1,517,078,397.72
Others 1,165,849.29 1,348,198.75
Total 449,945,454.90 1,519,402,512.06
（4）Top five entities with the largest balances of other receivables
Currency：RMB Yuan
Proportion of the
Bad debt provision
Relationship with amount to the total
Name of entity Amount Aging for the closing
the Company accounts receivable
balance
(%)
Tianjin Blogis Related party 101,499,994.72 Within 1 year 23.00% 0.00
Mingjiang Blogis Related party 127,717,766.08 Within 1 year 28.00% 0.00
Langfang Blogis Related party 89,215,321.65 Within 1 year 20.00% 0.00
Guangzhou Blogis Related party 72,000,122.58 Within 1 year 16.00% 0.00
Longquan Blogis Related party 55,948,533.43 Within 1 year 12.00% 0.00
Total -- 446,381,738.46 -- 99.00% 0.00
3、Long-term Equity Investment
Currency：RMB Yuan
Closing Balance Opening Balance
Item Bad debt Bad debt
Carrying amount Net book value Carrying amount Net book value
provision provision
Subsidiaries 2,627,712,324.29 2,627,712,324.29 903,625,759.71 903,625,759.71
Associates 583,449,728.92 583,449,728.92 582,600,360.74 582,600,360.74
Total 3,211,162,053.21 3,211,162,053.21 1,486,226,120.45 1,486,226,120.45
（1）Long-term Equity Investment to subsidiaries:
Currency：RMB Yuan
Provision for bad Closing balance
Investee Opening Balance Increase in Decrease in Closing Balance debts of the on bad debts
investment investment current period provision
Blogis Holdings 830,531,987.58 1,701,920,000.00 2,532,451,987.58
Shenzhen Blogis 41,273,772.13 41,273,772.13
Chengdu Oil&gas
31,820,000.00 22,166,564.58 53,986,564.58
Base
Total 903,625,759.71 1,724,086,564.58 2,627,712,324.29
102
（2）Long-term Equity Investment to associates:
Currency：RMB Yuan
Changes in the current period
Closing
Investment
Increase Decrease Adjustment Other Announcing balance
Investe Opening income Closing
in in on other equity cash Provisio Other on
e balance recognized balance
investme investme comprehensi change dividends or n s provisio
by equity
nt nt ve income s profits n
method
I、Joint Venture
II、Associates
467,789,861. 10,933,411. 12,908,798. 465,814,474.
CSE
57 41 55 43
111,647,095. 3,998,939.2 115,646,034.
CFDC
57 4 81
-1,174,183.9
CPEC 3,163,403.60 1,989,219.68
2
Subtot 582,600,360. 13,758,166. 2,908,798.5 583,449,728.
al 74 73 5 92
582,600,360. 13,758,166. 2,908,798.5 583,449,728.
Total
74 73 5 92
103
4、Operating income and operating costs
（1）Operating income and operating costs
Currency: RMB Yuan
Amount recognized in the current period Amount recognized in the prior period
Item Operating income Operating costs Operating income Operating costs
Principal operating activities 68,844,361.06 45,529,220.40 79,034,763.59 56,471,311.84
Other operating activities
Total 68,844,361.06 45,529,220.40 79,034,763.59 56,471,311.84
5、Investment income
Currency: RMB Yuan
Amount recognized in the Amount recognized in
Item
current period the prior period
Income from long-term equity investments under equity method 13,758,166.75 30,629,354.18
Income from bank financing products 1,204,227.53 5,474,559.97
Total 14,962,394.28 36,103,914.15
XII. SUPPLEMENTARY INFORMATION
1、Breakdown of non-recurring profit or loss
Currency: RMB Yuan
Item Amount Remark
Profit or loss on disposal of non-current
assets -9,200.78
Government grants recognized in profit or
loss for the current period(other than grants
which are closely related to the Company's
business and are either in fixed amounts or 1,721,474.24
determined under quantitative methods in
accordance with the national standard)
Other non-operating income or expenses
other than the above 138,883.40
Tax effects 469,806.59
Effects attributable to minority interests
439,240.36
(after tax)
Total 942,109.91 --
2、Return on equity (ROE) and earnings per share ("EPS")
Weighted average return on EPS
Profit for the reporting period net assets (%) Basic EPS Diluted EPS
Net profit attributable to ordinary shareholders of the Company 1.14% 0.09 Inapplicable
Net profit after deduction of non-recurring profits or losses
1.09% 0.08 Inapplicable
attributable to ordinary shareholders of the Company
104
