Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Wuxi Little Swan Company Limited
Report for the Third Quarter of 2014
October 2014
1
Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Section I. Important Reminders
The Board of Directors, the Supervisory Committee as well as all directors, supervisors and senior management
staff of Wuxi Little Swan Company Limited (hereinafter referred to as “the Company”) warrant that this report is
factual, accurate and complete without any false record, misleading statement or material omission. And they shall
be jointly and severally liable for that.
All directors attended the board session for reviewing this report.
Mr. Fang Hongbo, chairman of the Board of Directors, Mr. Zhang Zhaofeng, CFO, and Mr. Zhong Fangliu, chief
of the accounting organ (chief of accounting), hereby confirm that the Financial Report enclosed in this report is
factual, accurate and complete.
This report is prepared in both Chinese and English. Should there be any discrepancy between the two versions,
the Chinese version shall prevail.
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Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Section II. Financial Highlights & Change of Shareholders
I. Major accounting data and financial indexes
Does the Company adjust retrospectively or restate accounting data of previous years due to change of the accounting policy or
correction of any accounting error?
□ Yes √ No
30 Sept. 2014 31 Dec. 2013 Increase/decrease (%)
Total assets (RMB Yuan) 10,575,549,706.77 9,222,527,380.74 14.67%
Net assets attributable to shareholders of
4,243,024,026.22 3,908,897,654.74 8.55%
the Company (RMB Yuan)
YoY YoY
Jul.-Sept. 2014 Jan.-Sept. 2014
increase/decrease (%) increase/decrease (%)
Operating revenues (RMB Yuan) 2,804,258,384.17 19.23% 7,778,315,404.72 22.49%
Net profit attributable to shareholders of
197,842,982.94 92.37% 514,201,515.06 58.80%
the Company (RMB Yuan)
Net profit attributable to shareholders of
the Company after extraordinary gains 172,201,108.23 123.90% 444,699,105.33 68.69%
and losses (RMB Yuan)
Net cash flows from operating activities
-- -- 1,013,018,933.44 9.62%
(RMB Yuan)
Basic EPS (RMB Yuan/share) 0.31 92.37% 0.81 58.80%
Diluted EPS (RMB Yuan/share) 0.31 92.37% 0.81 58.80%
Weighted average ROE (%) 4.78% 75.09% 12.53% 46.38%
Items and amounts of extraordinary gains and losses
√Applicable □Inapplicable
Unit: RMB Yuan
Item Amount as of Jan.-Sept. 2014 Note
Gains/losses on the disposal of non-current assets (including the offset
5,611,098.89
part of asset impairment provisions)
Government grants recognized in the current period, except for those
acquired in the ordinary course of business or granted at certain quotas or 10,750,842.62
amounts according to the country’s unified standards
Gain/loss on entrusting others with investments or asset management 77,363,661.47
Gain/loss on debt restructuring 1,688,200.34
Reversal of impairment provisions for the accounts receivable on which
5,548,244.81
impairment tests were carried out separately
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Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Other non-operating income and expenses than the above 4,622,384.28
Other gain/loss items that meet the definition of an extraordinary
-10,167,408.75
gain/loss
Less: Income tax effects 15,877,500.88
Minority interests effects (after tax) 10,037,113.05
Total 69,502,409.73 --
Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Extraordinary Gains and
Losses, or classifies any extraordinary gain/loss item mentioned in the said explanatory announcement as a recurrent gain/loss item
□ Applicable √ Inapplicable
II. Total number of shareholders and shareholdings of the top ten shareholders at the
period-end
1. Total number of common shareholders and shareholdings of the top ten common shareholders at the
period-end
Unit: share
Total number of common
28,874
shareholders at the period-end
Shareholdings of the top ten common shareholders
Number of Pledged or frozen
Shareholding Number of the restricted shares
Name of shareholder Nature of shareholder
percentage (%) shares held shares Status of Number
held shares of shares
Domestic non-state-owned
MIDEA GROUP CO., LTD. 37.78% 238,948,117
corporation
TITONI INVESTMENTS
Foreign corporation 14.89% 94,204,942
DEVELOPMENT LTD.
GAOLING FUND,L.P. Foreign corporation 4.23% 26,727,686
On behalf of the
FINANCE BUREAU OF WUXI 3.49% 22,057,657
government
GUOTAI JUNAN
SECURITIES(HONGKONG) Foreign corporation 2.28% 14,408,237
LIMITED
NATIONAL SOCIAL
Domestic non-state-owned
SECURITY FUND PORTFOLIO 1.90% 12,000,000
corporation
102
NATIONAL SOCIAL Domestic non-state-owned 0.98% 6,180,101
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Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
SECURITY FUND PORTFOLIO corporation
108
CCB－PENGHUA VALUE
ADVANTAGE STOCK Domestic non-state-owned
0.88% 5,593,148
SECURITIES INVESTMENT corporation
FUND
INDUSTRIAL SECURITIES Domestic non-state-owned
0.65% 4,100,000
CO., LTD corporation
Li Zhuangyu Domestic individual 0.63% 4,000,000
Shareholdings of the top ten non-restricted common shareholders
Number of non-restricted Type of shares
Name of shareholder common shares held at the
Type Number
period-end
MIDEA GROUP CO., LTD. 238,948,117 RMB ordinary share
TITONI INVESTMENTS DEVELOPMENT LTD. 94,204,942 Domestically listed foreign share
GAOLING FUND,L.P. 26,727,686 Domestically listed foreign share
FINANCE BUREAU OF WUXI 22,057,657 RMB ordinary share
GUOTAI JUNAN SECURITIES(HONGKONG)
14,408,237 Domestically listed foreign share
LIMITED
NATIONAL SOCIAL SECURITY FUND
12,000,000 RMB ordinary share
PORTFOLIO 102
NATIONAL SOCIAL SECURITY FUND
6,180,101 RMB ordinary share
PORTFOLIO 108
CCB－PENGHUA VALUE ADVANTAGE STOCK
5,593,148 RMB ordinary share
SECURITIES INVESTMENT FUND
INDUSTRIAL SECURITIES CO., LTD 4,100,000 RMB ordinary share
Li Zhuangyu 4,000,000 RMB ordinary share
MIDEA GROUP CO., LTD. and TITONI INVESTMENTS
Explanation on associated relationship or/and persons
DEVELOPMENT LTD. are parties acting in concert.
Did any of the top 10 common shareholders or the top 10 non-restricted common shareholders of the Company carry out any agreed
buy-back in the reporting period?
□ Yes √ No
2. Total number of preferred share holders and shareholdings of the top ten preferred share holders at the
period-end
□ Applicable √ Inapplicable
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Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Section III. Significant Events
I. Major changes of main accounting statement items and financial indicators in the reporting
period, as well as reasons for the changes
1. Major changes of main accounting statement items in the reporting period, as well as reasons for the
changes
Unit: RMB Ten thousand
30 Sept. 31 Dec. Increase Increase
Financial statement item Explanation
2014 2013 /decrease /decrease (%)
We enhanced capital management,
Monetary funds 238,078.34 161,737.31 76,341.03 47% adopting notes instead of cash more
often in payment.
Financial assets measured The fair value of the forward foreign
at fair value and of which exchange contracts decreased due to
the gains are recorded 162.59 1,501.67 -1,339.08 -89% exchange rate fluctuations, and the
into current gains and forward foreign exchange contracts
losses signed with banks decreased.
Accounts receivable increased due to
Accounts receivable 104,145.35 77,774.41 26,370.94 34%
the sales cycle.
Prepayments 19,821.61 14,084.19 5,737.42 41% Prepayments for materials increased.
Construction in progress 218.43 - 218.43 100% Plant engineering of the Company
Long-term deferred Molds were amortized and the book
257.81 714.78 -456.97 -64%
expenses value decreased.
Deferred income tax The deductible temporary difference
25,414.38 17,099.10 8,315.29 49%
assets increased.
Subsidiaries secured new short-term
Short-term borrowings 10,036.07 - 10,036.07 100%
borrowings from banks.
Banker’s acceptance bills drawn by
Notes payable 93,270.39 38,567.31 54,703.08 142% the Company were adopted more
often in payment.
Accounts received in Accounts received in advance
49,163.55 105,795.26 -56,631.71 -54%
advance decreased due to the sales cycle.
Accounts payable increased due to
Accounts payable 358,771.25 276,804.61 81,966.64 30%
the procurement scale and cycle.
Taxes payable increased due to
Taxes and fares payable 27,589.62 19,920.39 7,669.23 38%
growth in the sales scale and profits.
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Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Deferred income tax The book value of transactional
27.40 228.44 -201.04 -88%
liabilities financial assets decreased.
Jan.-Sept. Jan.-Sept. Increase Increase
Financial statement item Explanation
2014 2013 /decrease /decrease (%)
The exchange loss decreased as a
result of exchange rate fluctuations.
Financial expenses -4,341.62 2,210.16 -6,551.77 -296%
And the interest income increased
along with the monetary funds.
The gains on fair value changes of
Gains on fair value
-1,339.08 1,395.17 -2,734.25 -196% forward exchange contracts
changes
decreased.
The loss on disposal of worn-out
Non-business expenses 762.88 1,448.66 -685.78 -47%
fixed assets decreased.
The sales scale and the gross profit
Total profits 69,169.44 43,009.10 26,160.34 61%
rate both increased.
Income tax expenses 10,938.08 6,559.94 4,378.14 67% Total profits increased.
The sales scale and the gross profit
Net profits 58,231.35 36,449.16 21,782.19 60%
rate both increased.
The net profits of subsidiary Hefei
Minority shareholders’
6,811.20 4,068.58 2,742.63 67% Midea Washing Machine Co., Ltd.
income
increased.
The translation difference of
Other comprehensive foreign-currency statements of the
26.65 -67.25 93.90 140%
incomes Singapore subsidiary changed as a
result of exchange rate fluctuations.
The difference between returns and
Net cash flows from
-17,600.36 -60,771.69 43,171.33 71% expenditures on bank wealth
investing activities
management products narrowed.
Net cash flows from Cash received as short-term
-8,999.89 -18,331.20 9,331.32 51%
financing activities borrowings increased.
2. Influence of the amended accounting standards on the consolidated financial statements of the Company
According to the definitions and examples given in the , we did not need to adjust our consolidated
financial statements for the reporting period.
II. Commitments made by the Company or shareholders holding over 5% of the Company’s
shares in the reporting period or such commitments carried down into the reporting period
√ Applicable □ Inapplicable
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Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Time of Period of
Commitment
Commitment Contents making commitmen Fulfillment
maker
commitment t
Where the controlling shareholder GD Midea Holding Co.,
Ltd. (Midea Holding) plans to sell the Company’s shares
released from trading moratorium held by it via the bid
In the
Commitment trading system of the Shenzhen Stock Exchange, and Midea
Controlling process of
on share Holding decreases over 5% shares within six months since 28 Feb. 2008 Long-term
shareholder implementa
reform the first reduction of holdings, Midea Holding will disclose
tion
the suggestive announcement on share selling through the
Company two trading days before its first reduction of
holdings.
1. As for the commitment of avoiding horizontal competition,
Midea Group (the controlling shareholder) and Mr. He
Xiangjian (the actual controller) has promised that, for the
period after the said transaction when the Company’s
controlling shareholder and actual controller remain
unchanged, the actual controller Mr. He Xiangjian, his
immediate family, Midea Group and its controlled other
enterprises neither recently nor in the future will engage in
any production or operation activity the same as or similar to
the recently main business of Little Swan or its controlled
enterprises, as well as will neither engage in nor participate in
Controlling any competitive business the same as the recently main In the
Commitment shareholder business of Little Swan or its controlled enterprises through 1 Dec. 2010, process of
Long-term
in the and actual controlling other economic entities, institutions, economic 6 Jun. 2014 implementa
acquisition controller organizations. If Little Swan and its controlled enterprises tion
report or the further developed its scope of the operation business on the
report on basis of the recently business, and if the actual controller Mr.
equity He Xiangjian, his immediate family, Midea Group and its
changes controlled other enterprises had executed production of that,
would solve the corresponding horizontal competition
problems within the reasonable period. If recently there was
no any production or operation, would not engage in the
similar new business that competed with Little Swan and its
controlled enterprises. If there was any situation violated the
above commitments, the profits gained from the business
related to operation were belongs to Little Swan.
2. The commitment by Midea Group and the actual controller
Controlling In the
on the specification of the related-party transaction. Midea
shareholder 1 Dec. 2010, process of
Group (the controlling shareholder) and Mr. He Xiangjian Long-term
and actual 6 Jun. 2014 implementa
(the actual controller) has promised that, for the period after
controller tion
the said transaction when the Company’s controlling
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Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
shareholder and actual controller remain unchanged, the
actual controller Mr. He Xiangjian, his immediate family,
Midea Group and its controlled other enterprises will specify
and try their best to reduce the related-party transactions with
Little Swan and its controlled enterprises. If occurred the
unavoidable related transactions with Little Swan and its
controlled enterprises, would sign the normative related-party
transactions agreement Little Swan according to laws and
would execute the approval procedure according to the
relevant regulations to ensure the fairness of the price of the
related-party transactions; ensure to execute the information
disclose obligation of related-party transactions according to
the relevant regulations; ensure not to make advantage of the
related-party transactions for illegally transferring the assets
and profits of Little Swan, as well as not to make advantage
of the related-party transactions for harming to the interests of
Little Swan and the shareholders; would not require Little
Swan to offer any more favorable condition compared with
that offered to the independent third party in any fair trade
market transaction; execute the voting debarb obligation
when involved in the voting of the related events of the actual
controller Mr. He Xiangjian, his immediate family, Midea
Group and its controlled other enterprises. If Midea Group
and Mr. He Xiangjian violated the above commitments and
promises that led to the harm for the equity of Little Swan or
other shareholders, Midea Group and Mr. He Xiangjian
should take the responsibility of the corresponding liability
for damage.
3. As for the commitment on independence, Midea Group has
promised to protect Little Swan’s independence in terms of
assets, staff, finance, organization and business. 3. As for the
commitment on independence, Midea Group and the actual
In the
controller Mr. He Xiangjian has promised that, to further
Controlling 1 Dec. 2010, process of
ensure the independent operation of Little Swan, Mr. He Long-term
shareholder 6 Jun. 2014 implementa
Xiangjian, Midea Group and its controlled other enterprises
tion
would maintain the mutual independent in terms of personnel,
finance, assets, business and institutions with Little Swan
according to the relevant laws and regulations as well as the
normative documents.
4. As for the commitment on related-party deposits and
In the
borrowings, up to 8 Apr. 2010, the Financial Settlement
Controlling process of
Center of Midea Group had settled all internal deposits and 1 Dec. 2010 Long-term
shareholder implementa
borrowings with Hefei Royalstar Washing Equipment
tion
Manufacturing Co., Ltd.; and Midea Group has promised that
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Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
there will be no more deposits, borrowings or other funds
flows incurred between the Financial Settlement Center and
Hefei Royalstar Washing Equipment Manufacturing Co.,
Ltd..
5. The commitment by Midea Group on housing properties
with no ownership certificates of the target company for sale
is detailed as follows. Two pieces of the buildings of
Royalstar Washing Equipment assessed and sold to the
Company are of no ownership certificates—the warehouse
In the
for half-finished products (176 square meters) and the
Controlling process of
workshop for injection molding (834 square meters), both 1 Dec. 2010 Long-term
shareholder implementa
located in the old factory of Royalstar Washing Equipment,
tion
Hewa Road, Hefei. Midea Group has promised that if loss
occurs due to the said two buildings without ownership
certificates in the asset disposal process in the future, it will
assume the loss thus caused and make compensation to the
Company.
6. The commitment by Midea Group on trademarks is
detailed as follows. (1) Concerning the “Midea” trademark:
Upon approval and implementation of the equity transfer
transaction, Midea Group has promised that it will make sure
that Royalstar Washing Equipment uses the “Midea”
trademark in a proper manner. Royalstar Washing Equipment
will be allowed to use the “Midea” trademark with a
trademark use fee not more than that paid by Midea Group No. (2),
(the controlling shareholder of Midea Group) and its RongShiDa
subsidiaries (currently 3‰ of the annual sales income trademark
generated by products using the “Midea” trademark), and is due by
upon negotiation and signing of the “Agreement for March 31,
In the
Trademark Use”. The related-party transactions incurred due 2013 and
Controlling process of
to the said use of the “Midea” trademark will be submitted to 1 Dec. 2010 won’t
shareholder implementa
the decision-making organ of the Company for approval renew its
tion
according to the stipulated procedure. As such, interests of the contract;
Company and its minority shareholders will be safeguarded. Other items
(2) Concerning the “Royalstar” trademark: Midea Group has for a long
signed the “Contract for Trademark Use” with Royalstar term
Group and obtained the ordinary use rights of the “Royalstar” implement
(or “RongShiDa”) trademark. As the transferor in the transfer
transaction of equity interests of Royalstar Washing
Equipment, Midea Group has promised that within the scope
as agreed in the “Contract for Trademark Use”, if any dispute
arises between Royalstar Washing Equipment and Royalstar
Group over the former’s execution of the “Contract for
Trademark Use”, Little Swan will not be involved. If
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Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Royalstar Washing Equipment and Little Swan have to
assume any responsibility or loss due to the aforesaid dispute,
Midea Group is willing to take on the responsibility instead
and make compensations to Royalstar Washing Equipment
and Little Swan at full amount.
7. The commitment by Midea Group on social security
payment and tax risks is detailed as follows. Midea Group has
promised that upon the completion of the said equity transfer
deal, if Royalstar Washing Equipment is obliged to take on
any responsibility or pay relevant fares as required by
relevant government authorities due to its social security
payment before the said deal, Midea Group is willing to pay
relevant fares for Royalstar Washing Equipment to relevant
In the
government authorities in a timely manner and assume any
Controlling process of
other liability. If any loss thus occurs to Royalstar Washing 1 Dec. 2010 Long-term
shareholder implementa
Equipment or Little Swan, Midea Group is willing to assume
tion
relevant responsibilities for compensation. Upon the
completion of the said equity transfer deal, if income tax
evasion or any other tax risk is found in Royalstar Washing
Equipment, Midea Group is willing to assume relevant legal
responsibilities and risks and pay relevant taxes in a timely
manner to relevant government authorities; and if any loss
thus occurs to Little Swan, Midea Group will assume the
corresponding responsibility for compensation.
Commitment
s made in an
Naught
asset
exchange
Commitment
s made in
first public Naught
issuance or
refinancing.
Other
commitments
made to Naught
minority
shareholders
Executed
Yes
timely or not?
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Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
III. Predict the 2014 annual operating results
Warnings of possible loss or large-margin change of the accumulated net profit made during the period from the beginning of the
year to the end of the next reporting period compared with the same period of the last year according to prediction, as well as
explanations on the reasons
□Applicable √Inapplicable
IV. Investments in derivatives
√Applicable □Inapplicable
Unit: RMB Ten Thousand Yuan
Proportion of
Related- the closing
Type of Opening Impairme Closing Actual
party Initial investment
Operato derivative Beginning Ending investme nt investme gain/loss in
Relation transacti investmen amount in the
r investmen date date nt provision nt reporting
on or t amount Company’s
t amount (if any) amount period
not closing net
assets (%)
Forward
16 May
Bank No No exchange 48,371 7 Jan 2015 48,371 8,613 1.74% -764.5
2013
contract
Total 48,371 -- -- 48,371 8,613 1.74% -764.5
Capital source for derivative
All self-owned funds
investment
Lawsuits ( if applicable ) Inapplicable
Disclosure date of the board
announcement approving the wealth 7 Mar. 2014
management entrustment (if any)
Disclosure date of the general meeting
announcement approving the wealth 16 April 2014
management entrustment (if any)
The Company has formulated the Management Methods for Futures Hedging Business and
the Management Methods for Exchange Funds upon review to thoroughly assess and control
Analysis on risks and control measures derivative investment risks, which are detailed as follows:
of derivative products held in the 1. Market risk
reporting period (including but not Price movements of bulk raw materials and fluctuations of exchange rates may incur a great
limited to market risk, liquidity risk, market risk in the futures business and the foreign exchange funds business. Meanwhile, if
credit risk, operation risk, law risk, the Company fails to input enough funds in time to create and maintain hedging positions in
etc.) its futures hedging operations, or fails to input foreign exchanges on time for contract
execution in the foreign exchange funds business, hedging loss and contract breach risk may
incur.
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Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Counter-measures: The Company will not carry out speculative trading in its futures hedging
business and foreign exchange funds business. And the Company will stick to the principle
of being prudent in operations. As for the futures hedging business, the hedging volume
should be determined and futures trading applications should be filed in strict accordance
with production and operation needs. In principle, the hedging volume shall not exceed one
third of the planned volume for the year. And a stop-loss mechanism is adopted. Guarantee
deposits are paid as required and increased according to production and operation needs. As
for the foreign exchange funds business, a from-the-bottom-up management mechanism is
adopted. When subsidiaries or product enterprises file applications for funds business, they
will give a risk analysis on conditions or circumstances that might affect gains and losses,
estimate the maximum gain and loss, and state the ratio or total amount of guarantee deposits
they can bear. And the Company will, according to their applications, update operations in
time in its funds business and make funds arrangements before the maturity date.
2. Operation risk
The Company may suffer loss in its hedging business and foreign exchange funds business
due to faulty internal procedures, staff, systems and external events.
Counter-measures: Responsibility division and approval procedures for the hedging and
foreign exchange business have been specified in relevant management rules. And a sound
supervision mechanism has been established. And operation risk can be effectively reduced
by enhancing risk control over procedures for operation, decision-making and trading.
3. Risk concerning laws and regulations
The Company carries out its hedging and foreign exchange business in compliance with
applicable laws and regulations, with rights and duties between the Company and agencies
being stated clearly.
Counter-measures: The Company urges responsible departments to understand better
about relevant laws, regulations and market rules; be strict in contract re-checks; make clear
relevant rights and duties; and enhance compliance checks to make sure that the Company
operates derivative investments in compliance with applicable laws, regulations and the
Company’s internal management rules.
Changes of market prices or fair
values in the reporting period of the
invested derivatives. And the analysis The Company adopts public quotations in the futures market or forward foreign exchange
on the fair value of the derivatives quotations declared by the People’s Bank of China in its analysis on fair values of derivative
should include the specific use products.
methods and the relevant assumptions
and parameters.
Whether significant changes occurred
to the Company’s accounting policy
and specific accounting principles of
No significant changes.
derivatives in the reporting period
compared to the previous reporting
period
Specific opinion from independent Independent directors of the Company believe that: The Company has formulated derivative
13
Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
directors on the Company’s investment rules such as the Management Methods for Futures Hedging Business and the
derivatives investment and risk control Management Methods for Exchange Funds to help it effectively control risks involved; The
Company’s derivative investments in the reporting period mainly targeted its exports. It
signed forward exchange contracts with domestic financial institutions, which helped it lock
up the exchange rate and avoid the risk of exchange rate fluctuations. The Company
conducted no speculative operations, so there was no credit risk. And transaction periods
were determined according to expectations and payment receiving and making, with no
influence on the Company’s fluidity.
V. Researches, visits and interviews received in the reporting period
√Applicable □Inapplicable
Way of Main discussion and materials
Time Place Visitor type Visitor
reception provided by the Company
Conference Room of Guosen Securities, Overall operation of the
1 Jul. 2014 Field research Institution
the Company GUOLIAN Securities Company
Conference Room of Overall operation of the
7 Jul. 2014 Field research Institution Huatai Securities
the Company Company
Conference Room of Overall operation of the
7 Aug. 2014 Field research Institution ESSENCE Securities
the Company Company
Conference Room of Chinese Fund, Founder Overall operation of the
1 Sep. 2014 Field research Institution
the Company Securities Company
Conference Room of Overall operation of the
4 Sep. 2014 Field research Institution Huatai Securities
the Company Company
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Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Section IV. Financial Statements
I. Financial statements
1. Consolidated balance sheet
Prepared by Wuxi Little Swan Company Limited
Unit: RMB Yuan
Item Closing balance Opening balance
Current Assets:
Monetary funds 2,380,783,432.66 1,617,373,088.50
Settlement reserves
Intra-group lendings
Financial assets measured at fair value and of which changes are
1,625,900.00 15,016,740.00
recorded into current gains and losses
Notes receivable 2,677,582,220.93 2,449,770,225.41
Accounts receivable 1,041,453,515.70 777,744,132.32
Accounts paid in advance 198,216,108.62 140,841,924.06
Premiums receivable
Reinsurance premiums receivable
Receivable reinsurance contract reserves
Interest receivable
Dividend receivable
Other accounts receivable 31,680,859.49 26,163,524.13
Financial assets purchased under agreements to resell
Inventories 634,779,029.10 798,141,838.58
Assets held for sale
Non-current assets due within 1 year
Other current assets 1,997,278,786.50 1,791,288,539.62
Total current assets 8,963,399,853.00 7,616,340,012.62
Non-current assets:
Loans by mandate and advances granted
Available-for-sale financial assets 501,056.00 512,816.00
Held-to-maturity investments
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Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Long-term accounts receivable
Long-term equity investment 3,169,463.53 4,379,148.88
Investing property 8,709,058.60 9,466,777.10
Fixed assets 1,121,031,153.22 1,194,244,286.86
Construction in progress 2,184,273.62
Engineering materials
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets 219,832,882.92 219,445,532.87
R&D expense
Goodwill
Long-term deferred expenses 2,578,135.48 7,147,835.74
Deferred income tax assets 254,143,830.40 170,990,970.67
Other non-current assets
Total of non-current assets 1,612,149,853.77 1,606,187,368.12
Total assets 10,575,549,706.77 9,222,527,380.74
Current liabilities:
Short-term borrowings 100,360,740.00
Borrowings from Central Bank
Customer bank deposits and due to banks and other financial
institutions
Intra-group borrowings
Financial liabilities measured at fair value and of which changes are
recorded into current gains and losses
Notes payable 932,703,928.71 385,673,110.34
Accounts payable 3,587,712,503.20 2,768,046,095.46
Accounts received in advance 491,635,454.20 1,057,952,597.52
Financial assets sold for repurchase
Handling charges and commissions payable
Employee’s compensation payable 189,622,771.48 207,323,619.92
Tax payable 275,896,166.92 199,203,856.56
Interest payable
Dividend payable 4,088,128.36 3,740,152.33
Other accounts payable 43,225,364.88 50,021,093.66
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Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Reinsurance premiums payable
Insurance contract reserves
Payables for acting trading of securities
Payables for acting underwriting of securities
Liabilities held for sale
Non-current liabilities due within 1 year
Other current liabilities
Total current liabilities 5,625,245,057.75 4,671,960,525.79
Non-current liabilities:
Long-term borrowings
Bonds payable
Long-term payables
Specific payables 2,073,957.30 2,073,957.30
Estimated liabilities 10,133,489.48 11,310,523.59
Deferred income tax liabilities 273,998.40 2,284,388.40
Other non-current liabilities 491,200.00 568,600.00
Total non-current liabilities 12,972,645.18 16,237,469.29
Total liabilities 5,638,217,702.93 4,688,197,995.08
Owners’ equity (or shareholders’ equity)
Paid-up capital (or share capital) 632,487,764.00 632,487,764.00
Capital reserves 1,138,655,354.58 1,129,250,666.31
Less: Treasury stock
Specific reserves
Other comprehensive income 170,642.60 180,638.60
Surplus reserves 290,958,368.49 290,958,368.49
Provisions for general risks
Retained profits 2,184,035,116.96 1,859,579,931.10
Foreign exchange difference -3,283,220.41 -3,559,713.76
Total equity attributable to owners of the Company 4,243,024,026.22 3,908,897,654.74
Minority interests 694,307,977.62 625,431,730.92
Total owners’ (or shareholders’) equity 4,937,332,003.84 4,534,329,385.66
Total liabilities and owners’ (or shareholders’) equity 10,575,549,706.77 9,222,527,380.74
Legal representative: Fang Hongbo Chief of the accounting work: Zhang Zhaofeng
Chief of the accounting organ: Zhong Fangliu
17
Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
2. Balance sheet of the Company
Prepared by Wuxi Little Swan Company Limited
Unit: RMB Yuan
Item Closing balance Opening balance
Current Assets:
Monetary funds 1,323,130,037.11 910,325,739.17
Financial assets measured at fair value and of which changes are
1,041,490.00 8,727,740.00
recorded into current gains and losses
Notes receivable 1,731,202,885.88 1,541,082,811.22
Accounts receivable 752,563,653.83 731,446,199.69
Accounts paid in advance 87,538,570.83 56,620,106.39
Interest receivable
Dividend receivable
Other accounts receivable 26,976,811.61 18,752,200.83
Inventories 386,451,105.49 543,401,541.27
Assets held for sale
Non-current assets due within 1 year
Other current assets 1,169,115,028.77 939,664,538.10
Total current assets 5,478,019,583.52 4,750,020,876.67
Non-current assets:
Available-for-sale financial assets 451,056.00 462,816.00
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investment 1,400,363,955.10 1,601,573,640.45
Investing property 8,709,058.60 9,466,777.10
Fixed assets 535,691,845.15 568,924,123.24
Construction in progress 2,184,273.62
Engineering materials
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets 98,644,343.35 101,069,007.28
R&D expense
Goodwill
18
Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Long-term deferred expenses 2,216,468.83 6,781,326.79
Deferred income tax assets 172,350,916.77 119,667,809.75
Other non-current assets
Total of non-current assets 2,220,611,917.42 2,407,945,500.61
Total assets 7,698,631,500.94 7,157,966,377.28
Current liabilities:
Short-term borrowings
Financial liabilities measured at fair value and of which changes are
recorded into current gains and losses
Notes payable 496,708,666.84 273,399,760.34
Accounts payable 2,499,713,630.94 1,766,585,288.21
Accounts received in advance 302,534,321.05 724,228,146.67
Employee’s compensation payable 114,184,556.95 118,237,120.06
Tax payable 194,904,065.59 156,722,107.53
Interest payable
Dividend payable 4,088,128.36 3,740,152.33
Other accounts payable 14,044,690.38 208,682,591.14
Liabilities held for sale
Non-current liabilities due within 1 year
Other current liabilities
Total current liabilities 3,626,178,060.11 3,251,595,166.28
Non-current liabilities:
Long-term borrowings
Bonds payable
Long-term payables
Specific payables
Estimated liabilities
Deferred income tax liabilities 186,336.90 1,341,038.40
Other non-current liabilities
Total non-current liabilities 186,336.90 1,341,038.40
Total liabilities 3,626,364,397.01 3,252,936,204.68
Owners’ equity (or shareholders’ equity)
Paid-up capital (or share capital) 632,487,764.00 632,487,764.00
Capital reserves 1,298,896,328.95 1,291,302,721.54
19
Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Less: Treasury stock
Specific reserves
Other comprehensive income 170,642.60 180,638.60
Surplus reserves 278,308,224.59 278,308,224.59
Provisions for general risks
Retained profits 1,862,404,143.79 1,702,750,823.87
Foreign exchange difference
Total owners’ (or shareholders’) equity 4,072,267,103.93 3,905,030,172.60
Total liabilities and owners’ (or shareholders’) equity 7,698,631,500.94 7,157,966,377.28
Legal representative: Fang Hongbo Chief of the accounting work: Zhang Zhaofeng
Chief of the accounting organ: Zhong Fangliu
3. Consolidated income statement for the reporting period
Prepared by Wuxi Little Swan Company Limited
Unit: RMB Yuan
Item Jul.-Sept. 2014 Jul.-Sept. 2013
I. Total operating revenues 2,804,258,384.17 2,351,890,369.69
Including: Sales income 2,804,258,384.17 2,351,890,369.69
Interest income
Premium income
Handling charge and commission income
II. Total operating cost 2,576,607,738.71 2,243,884,051.22
Including: Cost of sales 2,091,801,523.78 1,773,421,672.92
Interest expenses
Handling charge and commission expenses
Surrenders
Net claims paid
Net amount withdrawn for the insurance contract reserve
Expenditure on policy dividends
Reinsurance premium
Taxes and associate charges 19,941,950.55 14,711,505.82
Selling and distribution expenses 371,631,466.09 333,805,764.77
Administrative expenses 115,738,140.00 110,382,703.36
20
Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Financial expenses -33,516,356.24 1,958,463.49
Asset impairment loss 11,011,014.51 9,603,940.85
Add: Gain/(loss) from change in fair value (“-” means loss) 138,950.00 3,367,000.00
Gain/(loss) from investment (“-” means loss) 34,382,091.67 35,231,232.64
Including: share of profits in associates and joint ventures
Foreign exchange gains (“-” means loss)
III. Business profit (“-” means loss) 262,171,687.13 146,604,551.11
Add: non-operating income 15,602,937.06 11,627,742.66
Less: non-operating expense 2,880,560.12 7,054,088.32
Including: loss from non-current asset disposal
IV. Total profit (“-” means loss) 274,894,064.07 151,178,205.45
Less: Income tax expense 42,944,237.62 22,607,062.03
V. Net profit (“-” means loss) 231,949,826.45 128,571,143.42
Including: Net profit achieved by combined parties before the
combinations
Attributable to owners of the Company 197,842,982.94 102,844,386.40
Minority shareholders’ income 34,106,843.51 25,726,757.02
VI. Earnings per share -- --
(I) Basic earnings per share 0.31 0.16
(II) Diluted earnings per share 0.31 0.16
Ⅶ. Other comprehensive incomes 40,488.59 -102,839.73
Including: Other comprehensive incomes items that cannot be
reclassified as gains and losses in the subsequent accounting periods
Other comprehensive incomes items that will be reclassified as gains
and losses in the subsequent accounting periods as relevant 40,488.59 -102,839.73
requirements are met
Ⅷ. Total comprehensive incomes 231,990,315.04 128,468,303.69
Attributable to owners of the Company 197,883,471.54 102,741,546.67
Attributable to minority shareholders 34,106,843.50 25,726,757.02
Legal representative: Fang Hongbo Chief of the accounting work: Zhang Zhaofeng
Chief of the accounting organ: Zhong Fangliu
4. Income statement of the Company for the reporting period
Prepared by Wuxi Little Swan Company Limited
Unit: RMB Yuan
21
Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Item Jul.-Sept. 2014 Jul.-Sept. 2013
I. Total sales 2,045,214,108.73 1,674,972,222.91
Less: cost of sales 1,551,013,865.02 1,313,528,463.00
Business taxes and surcharges 14,895,038.76 10,712,797.70
Distribution expenses 287,110,364.16 243,078,146.76
Administrative expenses 80,643,242.07 70,987,207.69
Financial costs -12,084,031.02 55,060.61
Impairment loss 9,489,035.72 3,791,558.79
Add: gain/(loss) from change in fair value (“-” means loss) 149,660.00 1,818,010.00
Gain/(loss) from investment (“-” means loss) 27,323,011.72 19,663,159.44
Including: income form investment on associates and joint
ventures
II. Business profit (“-” means loss) 141,619,265.74 54,300,157.80
Add: non-business income 6,170,955.53 3,467,962.17
Less: non-business expense 2,599,036.26 2,213,259.41
Including: loss from non-current asset disposal
III. Total profit (“-” means loss) 145,191,185.01 55,554,860.56
Less: income tax expense 22,917,494.19 8,333,229.08
IV. Net profit (“-” means loss) 122,273,690.82 47,221,631.48
V. Earnings per share -- --
(I) Basic earnings per share
(II) Diluted earnings per share
VI. Other comprehensive income 41,983.20 49,980.00
Including: Other comprehensive incomes items that cannot be
reclassified as gains and losses in the subsequent accounting periods
Other comprehensive incomes items that will be reclassified as
gains and losses in the subsequent accounting periods as relevant 41,983.20 49,980.00
requirements are met
VII. Total comprehensive income 122,315,674.02 47,271,611.48
Legal representative: Fang Hongbo Chief of the accounting work: Zhang Zhaofeng
Chief of the accounting organ: Zhong Fangliu
5. Consolidated income statement for Jan.-Sept. 2014
Prepared by Wuxi Little Swan Company Limited
Unit: RMB Yuan
22
Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Item Jan.-Sept. 2014 Jan.-Sept. 2013
I. Total operating revenues 7,778,315,404.72 6,350,114,706.00
Including: Sales income 7,778,315,404.72 6,350,114,706.00
Interest income
Premium income
Handling charge and commission income
II. Total operating cost 7,183,578,691.28 6,022,580,316.08
Including: Cost of sales 5,747,116,600.37 4,779,232,584.06
Interest expenses
Handling charge and commission expenses
Surrenders
Net claims paid
Net amount withdrawn for the insurance contract reserve
Expenditure on policy dividends
Reinsurance premium
Taxes and associate charges 51,122,619.48 40,669,122.03
Selling and distribution expenses 1,080,503,620.01 873,771,862.53
Administrative expenses 325,821,024.69 283,474,894.04
Financial expenses -43,416,185.10 22,101,561.23
Asset impairment loss 22,431,011.83 23,330,292.19
Add: Gain/(loss) from change in fair value (“-” means loss) -13,390,840.00 13,951,660.00
Gain/(loss) from investment (“-” means loss) 90,760,162.13 73,812,914.09
Including: share of profits in associates and joint ventures
Foreign exchange gains (“-” means loss)
III. Business profit (“-” means loss) 672,106,035.57 415,298,964.01
Add: non-operating income 27,217,146.86 29,278,637.87
Less: non-operating expense 7,628,798.78 14,486,580.26
Including: loss from non-current asset disposal
IV. Total profit (“-” means loss) 691,694,383.65 430,091,021.62
Less: Income tax expense 109,380,840.22 65,599,413.96
V. Net profit (“-” means loss) 582,313,543.43 364,491,607.66
Including: Net profit achieved by combined parties before the
combinations
Attributable to owners of the Company 514,201,515.06 323,805,853.35
23
Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Minority shareholders’ income 68,112,028.37 40,685,754.31
VI. Earnings per share -- --
(I) Basic earnings per share 0.81 0.51
(II) Diluted earnings per share 0.81 0.51
VII. Other comprehensive incomes 266,497.35 -672,531.38
Including: Other comprehensive incomes items that cannot be
reclassified as gains and losses in the subsequent accounting periods
Other comprehensive incomes items that will be reclassified as
gains and losses in the subsequent accounting periods as relevant 266,497.35 -672,531.38
requirements are met
VIII. Total comprehensive incomes 582,580,040.78 363,819,076.28
Attributable to owners of the Company 514,468,012.41 323,133,321.97
Attributable to minority shareholders 68,112,028.37 40,685,754.31
Legal representative: Fang Hongbo Chief of the accounting work: Zhang Zhaofeng
Chief of the accounting organ: Zhong Fangliu
6. Income statement of the Company for Jan.-Sept. 2014
Prepared by Wuxi Little Swan Company Limited
Unit: RMB Yuan
Item Jan.-Sept. 2014 Jan.-Sept. 2013
I. Total sales 5,687,914,331.68 4,585,374,586.77
Less: cost of sales 4,269,756,795.64 3,510,911,722.40
Business taxes and surcharges 36,659,116.46 31,033,628.81
Distribution expenses 805,413,041.27 637,153,613.83
Administrative expenses 225,606,342.21 180,536,721.37
Financial costs -16,645,680.21 12,229,740.00
Impairment loss 3,540,560.15 6,642,092.71
Add: gain/(loss) from change in fair value (“-” means loss) -7,686,250.00 8,331,530.00
Gain/(loss) from investment (“-” means loss) 50,796,884.88 42,405,848.12
Including: income form investment on associates and joint
ventures
II. Business profit (“-” means loss) 406,694,791.04 257,604,445.77
Add: non-business income 9,905,491.91 11,460,429.17
Less: non-business expense 5,790,568.60 6,814,563.01
24
Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Including: loss from non-current asset disposal
III. Total profit (“-” means loss) 410,809,714.35 262,250,311.93
Less: income tax expense 61,410,065.24 39,608,473.35
IV. Net profit (“-” means loss) 349,399,649.11 222,641,838.58
V. Earnings per share -- --
(I) Basic earnings per share 0.55 0.35
(II) Diluted earnings per share 0.55 0.35
VI. Other comprehensive income -9,996.00 11,995.20
Including: Other comprehensive incomes items that cannot be
reclassified as gains and losses in the subsequent accounting periods
Other comprehensive incomes items that will be reclassified as
gains and losses in the subsequent accounting periods as relevant -9,996.00 11,995.20
requirements are met
VII. Total comprehensive income 349,389,653.11 222,653,833.78
Legal representative: Fang Hongbo Chief of the accounting work: Zhang Zhaofeng
Chief of the accounting organ: Zhong Fangliu
7. Consolidated cash flow statement for Jan.-Sept. 2014
Prepared by Wuxi Little Swan Company Limited
Unit: RMB Yuan
Item Jan.-Sept. 2014 Jan.-Sept. 2013
I. Cash flows from operating activities:
Cash received from sale of commodities and rendering of service 5,854,769,921.86 5,442,525,374.24
Net increase of deposits from customers and dues from banks
Net increase of loans from the central bank
Net increase of funds borrowed from other financial institutions
Cash received from premium of original insurance contracts
Net cash received from reinsurance business
Net increase of deposits of policy holders and investment fund
Net increase of disposal of tradable financial assets
Cash received from interest, handling charges and commissions
Net increase of intra-group borrowings
Net increase of funds in repurchase business
Tax refunds received 13,166,555.37 83,523,076.70
25
Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Other cash received relating to operating activities 59,179,851.13 29,429,979.50
Subtotal of cash inflows from operating activities 5,927,116,328.36 5,555,478,430.44
Cash paid for goods and services 2,946,834,967.13 2,786,581,207.50
Net increase of customer lendings and advances
Net increase of funds deposited in the central bank and amount due
from banks
Cash for paying claims of the original insurance contracts
Cash for paying interest, handling charges and commissions
Cash for paying policy dividends
Cash paid to and for employees 533,741,998.28 448,347,381.57
Various taxes paid 501,447,104.33 364,241,388.70
Other cash payment relating to operating activities 932,073,325.18 1,032,160,321.78
Subtotal of cash outflows from operating activities 4,914,097,394.92 4,631,330,299.55
Net cash flows from operating activities 1,013,018,933.44 924,148,130.89
II. Cash flows from investing activities:
Cash received from withdrawal of investments 5,440,020,000.00 7,593,702,834.77
Cash received from return on investments 83,159,591.47 11,120,460.00
Net cash received from disposal of fixed assets, intangible assets
844,540.00 21,044,377.77
and other long-term assets
Net cash received from disposal of subsidiaries or other business
units
Other cash received relating to investing activities
Subtotal of cash inflows from investing activities 5,524,024,131.47 7,625,867,672.54
Cash paid to acquire fixed assets, intangible assets and other
55,907,723.73 77,524,540.48
long-term assets
Cash paid for investment 5,644,120,000.00 8,156,060,000.00
Net increase of pledged loans
Net cash paid to acquire subsidiaries and other business units
Other cash payments relating to investing activities
Subtotal of cash outflows from investing activities 5,700,027,723.73 8,233,584,540.48
Net cash flows from investing activities -176,003,592.26 -607,716,867.94
III. Cash Flows from Financing Activities:
Cash received from capital contributions
Including: Cash received from minority shareholder investments
by subsidiaries
26
Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Cash received from borrowings 100,360,740.00
Cash received from issuance of bonds
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities 100,360,740.00
Repayment of borrowings
Cash paid for interest expenses and distribution of dividends or
190,359,596.70 183,312,022.63
profit
Including: dividends or profit paid by subsidiaries to minority
shareholders
Other cash payments relating to financing activities
Sub-total of cash outflows from financing activities 190,359,596.70 183,312,022.63
Net cash flows from financing activities -89,998,856.70 -183,312,022.63
IV. Effect of foreign exchange rate changes on cash and cash
equivalents
V. Net increase in cash and cash equivalents 747,016,484.48 133,119,240.32
Add: Opening balance of cash and cash equivalents 1,558,204,866.53 1,293,126,217.00
VI. Closing balance of cash and cash equivalents 2,305,221,351.01 1,426,245,457.32
Legal representative: Fang Hongbo Chief of the accounting work: Zhang Zhaofeng
Chief of the accounting organ: Zhong Fangliu
8. Cash flow statement of the Company for Jan.-Sept. 2014
Prepared by Wuxi Little Swan Company Limited
Unit: RMB Yuan
Item Jan.-Sept. 2014 Jan.-Sept. 2013
I. Cash flows from operating activities:
Cash received from sale of commodities and rendering of service 3,902,801,185.93 3,297,310,258.35
Tax refunds received 26,272,444.49
Other cash received relating to operating activities 29,041,956.63 17,751,046.44
Subtotal of cash inflows from operating activities 3,931,843,142.56 3,341,333,749.28
Cash paid for goods and services 1,736,877,561.10 1,475,159,756.56
Cash paid to and for employees 337,293,632.27 277,552,402.16
Various taxes paid 372,812,427.18 276,251,059.17
Other cash payment relating to operating activities 673,354,836.47 807,407,602.30
Subtotal of cash outflows from operating activities 3,120,338,457.02 2,836,370,820.19
27
Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Net cash flows from operating activities 811,504,685.54 504,962,929.09
II. Cash flows from investing activities:
Cash received from retraction of investments 3,049,900,000.00 3,655,470,698.80
Cash received from return on investments 51,659,368.70 6,945,530.00
Net cash received from disposal of fixed assets, intangible assets
446,698.24 2,172,280.00
and other long-term assets
Net cash received from disposal of subsidiaries or other business
38,977.14
units
Other cash received relating to investing activities
Subtotal of cash inflows from investing activities 3,102,045,044.08 3,664,588,508.80
Cash paid to acquire fixed assets, intangible assets and other
30,786,364.18 58,489,377.34
long-term assets
Cash paid for investment 3,280,000,000.00 4,067,000,000.00
Net cash paid to acquire subsidiaries and other business units
Other cash payments relating to investing activities
Subtotal of cash outflows from investing activities 3,310,786,364.18 4,125,489,377.34
Net cash flows from investing activities -208,741,320.10 -460,900,868.54
III. Cash Flows from Financing Activities:
Cash received from capital contributions
Cash received from borrowings
Cash received from issuance of bonds
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities
Repayment of borrowings
Cash paid for interest expenses and distribution of dividends or
189,398,353.17 183,315,363.93
profit
Other cash payments relating to financing activities
Sub-total of cash outflows from financing activities 189,398,353.17 183,315,363.93
Net cash flows from financing activities -189,398,353.17 -183,315,363.93
IV. Effect of foreign exchange rate changes on cash and cash
equivalents
V. Net increase in cash and cash equivalents 413,365,012.27 -139,253,303.38
Add: Opening balance of cash and cash equivalents 882,413,120.18 848,257,647.96
VI. Closing balance of cash and cash equivalents 1,295,778,132.45 709,004,344.58
Legal representative: Fang Hongbo Chief of the accounting work: Zhang Zhaofeng
28
Report for the Third Quarter of 2014 of Wuxi Little Swan Company Limited
Chief of the accounting organ: Zhong Fangliu
II. Audit report
Is this report audited?
□ Yes √ No
This report is not audited.
Wuxi Little Swan Company Limited
Legal representative: Fang Hongbo
22 Oct. 2014
29
