Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
HAINAN JINGLIANG HOLDINGS CO., LTD.
FIRST QUARTER REPORT 2018
April 2018
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
Part I Important Notes
The Board of Directors (or the “Board”), the Supervisory Board as well as the Directors,
Supervisors and senior management of Hainan Jingliang Holdings Co., Ltd. (together with its
consolidated subsidiaries, the “Company”; exclusive of its subsidiaries, the “Parent
Company”, except where the context otherwise requires) hereby guarantee the actuality,
accuracy and completeness of the contents of this Report, and shall be jointly and severally
liable for any misrepresentations, misleading statements or material omissions in this Report.
All the Company’s Directors have attended the Board meeting for the review of this Report.
Wang Guofeng, the Company’s legal representative, Guan Ying, the Company’s head for
financial affairs, and Liu Quanli, head of the Company’s financial department (equivalent to
financial manager) hereby guarantee that the Financial Statements carried in this Report are
factual, accurate and complete.
This Report has been prepared in both Chinese and English. Should there be any
discrepancies or misunderstandings between the two versions, the Chinese version shall
prevail.
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
Part II Key Corporate Information
I Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
January-March 2018 January-March 2017 Change
Sales revenue (RMB) 1,866,527,190.78 1,545,437,876.41 20.78%
Net income attributable to shareholders of
31,041,912.71 29,668,391.83 4.63%
the listed company (RMB)
Net income attributable to shareholders of
the listed company before nonrecurring 29,930,951.86 13,757,116.56 117.57%
gains and losses (RMB)
Net cash flows from operating activities
671,468,699.31 -124,811,091.49 637.99%
(RMB)
Basic earnings per share (RMB/share) 0.05 0.05 0.00%
Diluted earnings per share (RMB/share) 0.05 0.05 0.00%
Weighted average return on equity (%) 1.47% 2.12% -0.65%
March 31, 2018 December 31, 2017 Change
Total assets (RMB) 5,768,367,292.00 6,082,383,851.23 -5.16%
Equity attributable to shareholders of the
2,132,238,478.06 2,101,342,683.37 1.47%
listed company (RMB)
Nonrecurring gains and losses:
√ Applicable □ Not applicable
Unit: RMB
Item January-March 2018 Note
Non-operating income and expense other than above 2,071,983.76
Less: Income tax effects 517,995.94
Non-controlling interests effects (net of tax) 443,026.97
Total 1,110,960.85 --
Explanation of why the Company classifies an item as a nonrecurring gain/loss according to the definition in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Nonrecurring Gains and
Losses, or reclassifies any nonrecurring gain/loss item listed in the said explanatory announcement as a recurring gain/loss:
□ Applicable √ Not applicable
No such cases for the Reporting Period.
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
II Total Number of Shareholders and Top 10 Shareholders’ Holdings at Period-End
1. Numbers of Common Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Common shareholders at Preferred shareholders with resumed voting rights at
33,650 0
period-end period-end (if any)
Top 10 shareholders
Shareholding Pledged or frozen shares
Name of Nature of
percentage at Shares Restricted shares
shareholder shareholder Status Shares
period-end (%)
BEIJING GRAIN
State-owned
GROUP CO., 42.06% 288,439,561 164,877,598
juridical person
LTD.
BEIJING
STATE-OWNED
CAPITAL
State-owned
OPERATION 7.07% 48,510,460 48,510,460
juridical person
AND
MANAGEMENT
CENTER
LI SHERYN Foreign natural
3.41% 23,394,100 0
ZHAN MING person
CHINA
DEVELOPMEN
State-owned
T BANK 3.33% 22,828,451 22,828,451
juridical person
CAPITAL CO.,
LTD.
GOLD
BUFFALO
RUNYING
(TIANJIN) Other 3.33% 22,828,451 22,828,451
EQUITY
INVESTMENT
FUND (L.P.)
Domestic natural
MEI JIANYING 0.38% 2,597,803 0
person
ZHANG Domestic natural
0.28% 1,949,250 0
XIAOXIA person
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
WANG Domestic natural
0.27% 1,836,500 0
XIAOXING person
Domestic natural
ZHONG YI 0.25% 1,730,083 0
person
Domestic natural
WU LING 0.25% 1,723,600 0
person
Top 10 non-restricted shareholders
Type of shares
Name of shareholder Non-restricted shares held at period-end
Type Shares
BEIJING GRAIN GROUP CO., RMB common
123,561,963 123,561,963
LTD. stock
Domestically
LI SHERYN ZHAN MING 23,394,100 listed stock for 23,394,100
foreign investors
RMB common
MEI JIANYING 2,597,803 2,597,803
stock
Domestically
ZHANG XIAOXIA 1,949,250 listed stock for 1,949,250
foreign investors
RMB common
WANG XIAOXING 1,836,500 1,836,500
stock
RMB common
ZHONG YI 1,730,083 1,730,083
stock
RMB common
WU LING 1,723,600 1,723,600
stock
RMB common
WANG DAO 1,694,000 1,694,000
stock
RMB common
CHEN OUQIN 1,652,679 1,652,679
stock
RMB common
YAN GUANGYAN 1,629,600 1,629,600
stock
Beijing State-Owned Capital Operation And Management Center owns 100% of Beijing
Related or acting-in-concert parties Grain Group Co., Ltd., and Beijing Grain Group Co., Ltd. is the controlling shareholder of the
among shareholders above Company (a 42.06% holding). Apart from that, the Company does not know whether there
are any other related parties or acting-in-concert parties among the top 10 shareholders.
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
1. Shareholder Wang Xiaoxing holds 1,836,500 shares in the Company through an account of
collateral securities for margin trading in Soochow Securities Co., Ltd.
2. Shareholder Zhong Yi holds 1,730,083 shares in the Company through an account of
collateral securities for margin trading in Fortune Securities Co., Ltd.
Shareholders conducting securities 3. Shareholder Wang Dao holds 327,500 shares in the Company through an account of
margin trading (if any) collateral securities for margin trading in Cinda Securities Co., Ltd., as well as another
1,366,500 shares in the Company through a common stock account.
4. Shareholder Yan Guangyan holds 1,370,100 shares in the Company through an account of
collateral securities for margin trading in Shanxi Securities Co., Ltd., as well as another
259,500 shares in the Company through a common stock account.
Unit: share
Indicate by tick mark whether any of the top 10 common shareholders or the top 10 non-restricted common shareholders of the
Company conducted any promissory repo during the Reporting Period.
□ Yea √ No
No such cases in the Reporting Period.
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
Part III Significant Events
I Changes in Selected Financial Statement Items and Reasons for Such Changes
√ Applicable □ Not applicable
1. Derivative financial assets at the end of the Reporting Period decreased from the opening amount, primarily
driven by less future margins of subsidiary Jingliang Oils as a result of its decreased future contracts.
2. Prepayments at the end of the Reporting Period decreased from the opening amount, primarily driven by the
deliveries previously paid for shifting to inventories.
3. Inventories at the end of the Reporting Period decreased from the opening amount, primarily driven by the sale
of some inventories.
4. Current portion of non-current assets at the end of the Reporting Period increased from the opening amount,
primarily driven by a larger amount in wealth management.
5. Other current assets at the end of the Reporting Period increased from the opening amount, primarily driven by
the increase in national debt reverse repo investments.
6. Construction in progress at the end of the Reporting Period decreased from the opening amount, primarily
driven by the completed production line of subsidiary Xiaowangzi shifting to property, plant and equipment.
7. Notes payable at the end of the Reporting Period decreased from the opening amount, primarily driven by the
settlement of letters of credit issued at the beginning of the year for imports.
8. Accounts payable at the end of the Reporting Period decreased from the opening amount, primarily driven by
the payments made to suppliers.
9. Advances from customers at the end of the Reporting Period increased from the current Advances from
customers .
10. Payroll payable at the end of the Reporting Period decreased from the opening amount, primarily because the
annual performance remuneration for the prior year was paid in the Current Period.
11. Other current liabilities at the end of the Reporting Period decreased from the opening amount, was primarily
driven by decreases in certain floating losses on hedging.
12. Taxes and surtaxes of the Reporting Period decreased from the same period of last year, primarily because
there was land value added tax on real estate revenue in the same period of last year, while there was no real estate
revenue in the Current Period.
13. Finance costs of the Reporting Period increased from the same period of last year, primarily driven by the
increase in bank loans.
14. The impairment loss of assets during the Reporting Period decreased from the same period of last year, was
primarily driven by doubtful account allowances in the same period of last year.
15. Net cash flows from operating activities of the Reporting Period increased from the same period of last year,
was primarily caused by the Inventories decreased and the cash in-flowed from sales.
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
16. Net cash flows from investing activities of the Reporting Period decreased from the same period of last year,
primarily driven by a larger investment amount in reserve repo and bank’s wealth management.
17. Net cash flows from financing activities of the Reporting Period increased from the same period of last year,
primarily driven by a larger loan repayment amount to bank in the same period of last year.
II Progress, Influence and Solutions Associated with Significant Events
√ Applicable □ Not applicable
Summary of significant event Disclosure date Index to related announcement
On January 26, 2018, the Company signed Cooperation Agreement with
Tangshan Caofeidian Agricultural Development Group Co., Ltd (hereinafter
referred to as “CAD Group”), where the Company paid RMB25.5 million in
monetary to increase capital to Jingliang (Caofeidian) Agricultural http://www.cninfo.com.cn:
Development Co., Ltd (hereinafter referred to as “Jingliang AD Company”), Announcement on Capital
the wholly-owned subsidiary of CAD Group. After the capital increase, the Increase of the Company to
registered capital of Jingliang AD Company is RMB50 million, and the Jingliang (Caofeidian)
shareholding ration of the Company and CAD Group is respectively 51% and Agricultural Development Co.,
01/27/2018
49%.Based on the land reserves of freshwater aquaculture in Caofeidian Ltd to Launch the Project of
District, the Company conducts land remediation year by year, which forms Land Remediation in
the indicator of requisition-compensation balance to implement the project of Caofeidian, Tangshan (No.
agriculture industrialization based on marketization. The management and 2018-005 )
operation of the Company improve the utility efficiency of land, at the same
time, boost the development of agriculture industry, forming the new pattern
of integrative development for integration of the first, second, and third
industry.
In order to further expand financing channels, reduce financial costs, improve
capital usage efficiency, and achieve the benefits to the maximum, the http://www.cninfo.com.cn:
Company signed Agreement of Financial Services in Beijing with and Beijing Announcement on Agreement
Grain Group Finance Co., Ltd. (Hereinafter referred to as “Finance of Financial Services Signed
Company”) on January 26, 2018. According to the Agreement, Finance 01/27/2018 with Beijing Grain Group
Company provided the Company with a series of financial services within its Finance Co., Ltd and Related
business scope, including but not limited to deposit service, settlement service, Transactions (No. 2018-008)
comprehensive credit service, and other business that Finance Company can
engage in approved by CBRC.
The Company finished the significant assets restructuring on November 2017,
and the main businesses were converted from development of real estate, hotel
tourism, and property management into processing of vegetable oil, food
http://www.cninfo.com.cn:
manufacturing and land remediation. In accordance with the relevant
Announcement on Industry
regulations of Index of Industry Classification of Listed Companies, when the 01/31/2018
Change of the Company (No.
proportion of operating revenues of a business is larger than or equal to 50%,
2018-010)
then it shall be classified into the category corresponding to the business. The
industry of the Company was changed into: manufacturing industry-farm and
sideline food processing industry (Code C13) after being confirmed by
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
Committee of Experts of Industry Classification of Association of Chinese
Listed Companies and approved and issued by CSRC (for details, see the
Results on Industry Classification of Listed Companies in the 4th Quarter of
2017 disclosed on the website of CSRC).
Since the main business of the Company has been changed, the existing name
of the Company and stock name can’t embody the future development
strategy and the current actual business characteristics accurately and
comprehensively. In order to reflect more accurately the business situations, http://www.cninfo.com.cn:
and be in line with the future development strategy layout, the name of the Announcement on Changes in
03/13/2018
Company was changed into Hainan Jingliang Holdings Co., Ltd, which will the Company’s Name and
be easier for investors to understand. After the approval of Shenzhen Stock Stock name (No. 2018-017)
Exchange, stock names of Company were changed into “JLKG” and “JL-B”
from March 13, 2018. The stock symbols remained the same, still was
“000505” and “200505”.
III Commitments that the Company’s Actual Controller, Shareholders, Related Parties and
Acquirers, as well as the Company and Other Commitment Makers, Failed to Fulfill on Time
during Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IV Operating Result Forecast for January-June 2018
Warning of a forecast loss on or a forecast significant year-over-year change in net income for January-June 2018, as well as
explanation of why:
□ Applicable √ Not applicable
V Securities Investments
√ Applicable □ Not applicable
Initial
Variety Symbol Name Opening Opening Closing Closing Gain/loss in
investment Closing book Reporting Accounting
of of of holding holding holding holding Source
cost value (RMB) Period title
security security security (share) percentage (share) percentage (RMB)
(RMB)
Other
Other 204001 GC001 0.00 0.00% 3,546,000 354,600,000.00 1,123,327.08 current -
assets
Other
Other 204002 GC002 0.00 0.00% 35,392.23 current -
assets
Other
Other 204003 GC003 0.00 0.00% 46,619.45 -
current
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
assets
Other
Other 204004 GC004 0.00 0.00% 39,346.08 current -
assets
Other
Other 204007 GC007 0.00 0.00% 288,648.72 current -
assets
Total 0.00 0 -- 3,546,000 -- 354,600,000.00 1,533,333.56 -- --
Disclosure date of
announcement on Board’s
01/27/2018
consent for securities
investment
Disclosure date of
announcement on
shareholders’ meeting’s 02/13/2018
consent for securities
investment (if any)
VI Investments in Derivative Financial Instruments
√ Applicable □ Not applicable
Unit: RMB’0,000 (in RMB ten thousand yuan)
Closing investment as a Actual gain/loss
Closing
Type of derivative Starting date Ending date percentage of the Company’s in Reporting
investment
closing net asset value Period
Agricultural product future contract 01/01/2018 03/31/2018 2,547.33 0.98% 1,669.68
Agricultural product future contract 01/01/2018 03/31/2018 1,494.59 0.57% 155.87
Agricultural product future contract 01/01/2018 03/31/2018 2,338.46 0.90% -195.07
Soybean hedging 01/01/2018 03/31/2018 11,634.88 4.47% -3,830.14
Total — — 18,015.26 6.92% -2,199.66
Source of money used for investment The Company’s own money
Legal matters involved (if applicable) N/A
Analysis of risks and control
measures associated with derivative During the Reporting Period, the Company held future hedging positions, which were all
investments held in Reporting Period connected to material objects with forward contracts with high liquidity. The credit risk was
(including but not limited to market low with no default risk. The deals were conducted in a regulated manner with strict
risk, liquidity risk, credit risk, decision-making and operational procedures, which would result no operational or legal risk.
operational risk, legal risk, etc.)
Changes in market prices or fair The value of the Company’s future contracts changed according to the contract prices declared
value of derivative investments in by the future exchange, which were broadly representative. And the fair value of the
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
Reporting Period (fair value analysis Company’s future contracts was executed in strict compliance with the future exchange’s
should include measurement method settlement methods.
and related assumptions and
parameters)
Significant changes in accounting
policies and specific accounting
principles adopted for derivative No significant changes
investments in Reporting Period
compared to last reporting period
VII Visits Paid to the Company for Purposes of Research, Communication, Interview, etc.
during Reporting Period
√ Applicable □ Not applicable
Date of visit Way of visit Type of visitor About
See The Sheet of Investor Relations
03/12/2018 By one-on-one meeting Institution Activities of Hainan Jingliang Holdings
Co., Ltd. (No. 2018-01)
VIII Irregularities in Provision of Guarantees for External Parties
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IX Occupation of the Company’s Money by Its Controlling Shareholder or Related Parties
for Non-Operating Purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by Hainan Jingliang Holdings Co., Ltd.
March 31, 2018
Unit: RMB
Item March 31, 2018 December 31, 2017
Current assets:
Monetary assets 1,179,183,577.83 1,014,438,663.43
Settlement reserve
Inter-bank loans granted
Financial assets at fair value through profit or loss
Derivative financial assets 116,348,822.10 176,699,298.60
Notes receivable 200,610.15
Accounts receivable 84,051,748.93 75,165,127.11
Prepayments 500,436,966.88 912,843,489.70
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Interest receivable 2,558,004.44 2,657,591.11
Dividends receivable
Other receivables 81,688,074.14 73,064,548.76
Financial assets purchased under resale agreements
Inventories 969,712,592.48 1,393,958,764.07
Assets classified as held for sale
Current portion of non-current assets 73,000,000.00 51,000,000.00
Other current assets 564,504,458.53 165,867,238.70
Total current assets 3,571,684,855.48 3,865,694,721.48
Non-current assets:
Loans and advances to customers
Available-for-sale financial assets 20,000,000.00 20,000,000.00
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
Held-to-maturity investments
Long-term receivables
Long-term equity investments 175,607,186.74 174,589,701.74
Investment property 34,605,414.95 35,008,852.62
Property, plant and equipment 1,322,740,822.95 1,333,410,146.38
Construction in progress 7,001,363.78 12,737,673.01
Construction materials
Proceeds from disposal of property, plant and equipment
Productive living assets
Oil and gas assets
Intangible assets 395,078,962.69 398,844,032.07
R&D expense
Goodwill 191,394,422.51 191,394,422.51
Long-term prepaid expense 34,272,881.72 33,247,595.28
Deferred income tax assets 15,981,381.18 14,179,072.07
Other non-current assets 3,277,634.07
Total non-current assets 2,196,682,436.52 2,216,689,129.75
Total assets 5,768,367,292.00 6,082,383,851.23
Current liabilities:
Short-term borrowings 1,872,515,403.45 2,007,171,362.73
Borrowings from central bank
Customer deposits and deposits from banks and other
financial institutions
Inter-bank loans obtained
Financial liabilities at fair value through profit or loss
Derivative financial liabilities
Notes payable 7,925,905.10 83,154,229.20
Accounts payable 190,932,563.69 317,538,928.27
Advances from customers 358,416,002.93 212,124,147.38
Financial assets sold under repurchase agreements
Handling charges and commissions payable
Payroll payable 13,575,323.92 30,762,031.53
Taxes payable 30,119,658.43 36,855,139.18
Interest payable 85,503,590.37 86,064,211.31
Dividends payable 10,151,817.01 3,397,317.01
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
Other payables 355,165,391.30 451,938,294.35
Reinsurance payables
Insurance contract reserve
Payables for trading of securities
Payables for underwriting of securities
Liabilities directly associated with assets classified as held
for sale
Current portion of non-current liabilities
Other current liabilities 43,702,332.90 90,215,292.43
Total current liabilities 2,968,007,989.10 3,319,220,953.39
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Long-term payables 801,625.20 801,625.20
Long-term payroll payable 31,257,600.00 26,791,209.91
Specific payables 3,371.00
Provisions
Deferred income 78,535,661.58 78,961,972.67
Deferred income tax liabilities 61,235,315.90 56,185,676.15
Other non-current liabilities
Total non-current liabilities 171,833,573.68 162,740,483.93
Total liabilities 3,139,841,562.78 3,481,961,437.32
Owners’ equity:
Share capital 685,790,364.00 685,790,364.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 1,592,541,582.73 1,592,541,582.73
Less: Treasury shares
Other comprehensive income -146,118.02
Specific reserve
Surplus reserves 122,122,436.98 122,122,436.98
General reserve
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
Retained earnings -268,069,787.63 -299,111,700.34
Total equity attributable to owners of Parent Company 2,132,238,478.06 2,101,342,683.37
Non-controlling interests 496,287,251.16 499,079,730.54
Total owners’ equity 2,628,525,729.22 2,600,422,413.91
Total liabilities and owners’ equity 5,768,367,292.00 6,082,383,851.23
Legal representative: Wang Guofeng Head for financial affairs: Guan Ying
Head of the financial department: Liu Quanli
2. Parent Company Balance Sheet
Unit: RMB
Item March 31, 2018 December 31, 2017
Current assets:
Monetary assets 20,509,152.13 15,360,177.32
Financial assets at fair value through profit or loss
Derivative financial assets
Notes receivable
Accounts receivable 106,626.00 109,389.00
Prepayments
Interest receivable
Dividends receivable
Other receivables 103,948,179.01 60,576,292.62
Inventories 4,824,035.45 4,824,035.45
Assets classified as held for sale
Current portion of non-current assets
Other current assets 1,861,141.71 2,905,667.38
Total current assets 131,249,134.30 83,775,561.77
Non-current assets:
Available-for-sale financial assets 20,000,000.00 20,000,000.00
Held-to-maturity investments
Long-term receivables
Long-term equity investments 2,350,139,964.05 2,336,639,964.05
Investment property 6,005,621.78 6,081,230.93
Property, plant and equipment 3,528,883.93 3,589,144.87
Construction in progress
Construction materials
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
Proceeds from disposal of property, plant and equipment
Productive living assets
Oil and gas assets
Intangible assets
R&D expense
Goodwill
Long-term prepaid expense
Deferred income tax assets
Other non-current assets
Total non-current assets 2,379,674,469.76 2,366,310,339.85
Total assets 2,510,923,604.06 2,450,085,901.62
Current liabilities:
Short-term borrowings
Financial liabilities at fair value through profit or loss
Derivative financial liabilities
Notes payable
Accounts payable 2,482,949.70 2,482,949.70
Advances from customers 38,896.41 38,896.41
Payroll payable 2,330,068.37 2,017,684.57
Taxes payable 954,436.04 2,557,993.95
Interest payable 80,374,601.90 82,468,756.03
Dividends payable 3,213,302.88 3,213,302.88
Other payables 434,482,421.45 363,827,970.43
Liabilities directly associated with assets classified as held
for sale
Current portion of non-current liabilities
Other current liabilities
Total current liabilities 523,876,676.75 456,607,553.97
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Long-term payables
Long-term payroll payable
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
Specific payables
Provisions
Deferred income
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities 523,876,676.75 456,607,553.97
Owners’ equity:
Share capital 685,790,364.00 685,790,364.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 2,173,387,468.71 2,173,387,468.71
Less: Treasury shares
Other comprehensive income
Specific reserve
Surplus reserves 109,487,064.39 109,487,064.39
Retained earnings -981,617,969.79 -975,186,549.45
Total owners’ equity 1,987,046,927.31 1,993,478,347.65
Total liabilities and owners’ equity 2,510,923,604.06 2,450,085,901.62
3. Consolidated Income Statement
Unit: RMB
Item January-March 2018 January-March 2017
1. Operating revenue 1,866,527,190.78 1,545,437,876.41
Including: Sales revenue 1,866,527,190.78 1,545,437,876.41
Interest revenue
Premium revenue
Handling charge and commission revenue
2. Cost of operating revenue 1,841,620,802.54 1,465,231,517.11
Including: Cost of sales 1,729,424,214.02 1,334,365,360.22
Interest expense
Handling charge and commission expense
Surrenders
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Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
Net claims paid
Net amount provided as insurance contract reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and surtaxes 6,306,256.24 15,295,744.89
Selling expense 47,255,530.90 46,170,650.26
Administrative expense 47,691,112.12 69,600,726.09
Finance costs 11,042,135.57 4,907,707.14
Asset impairment losses -98,446.31 -5,108,671.49
Add: Gains on changes in fair value (“-” for losses) 19,033,892.64 -26,035,857.00
Investment income (“-” for loss) 3,756,489.11 4,568,029.56
Including: Share of profit or loss of joint ventures and
-514,986.56
associates
Foreign exchange gains (“-” for losses)
Asset disposal income (“-” for loss) -20,558.77 178,110.44
Other income 374,931.06
3. Operating income (“-” for loss) 48,051,142.28 58,916,642.30
Add: Non-operating revenue 2,194,528.27 3,329,854.26
Less: Non-operating expense 101,985.74 473,966.64
4. Pretax income (“-” for loss) 50,143,684.81 61,772,529.92
Less: Income tax expense 13,089,751.48 19,522,857.31
5. Net income (“-” for net loss) 37,053,933.33 42,249,672.61
5.1 Net income from continuing operations (“-” for net
loss)
5.2 Net income from discontinued operations (“-” for net
loss)
Attributable to owners of Parent Company 31,041,912.71 29,668,391.83
Attributable to non-controlling interests 6,012,020.62 12,581,280.78
6. Other comprehensive income, net of tax
Attributable to owners of Parent Company
6.1 Items that will not be reclassified to profit or loss
6.1.1 Changes in net liabilities or assets caused by
remeasurements on defined benefit pension schemes
6.1.2 Share of other comprehensive income of
investees that will not be reclassified to profit or loss under
equity method
18
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
6.2 Items that may subsequently be reclassified to profit
or loss
6.2.1 Share of other comprehensive income of
investees that will be reclassified to profit or loss under
equity method
6.2.2 Gains/Losses on changes in fair value of
available-for-sale financial assets
6.2.3 Gains/Losses arising from reclassification of
held-to-maturity investments to available-for-sale financial
assets
6.2.4 Effective gains/losses on cash flow hedges
6.2.5 Differences arising from translation of foreign
currency-denominated financial statements
6.2.6 Other
Attributable to non-controlling interests
7. Total comprehensive income 37,053,933.33 42,249,672.61
Attributable to owners of Parent Company 31,041,912.71 29,668,391.83
Attributable to non-controlling interests 6,012,020.62 12,581,280.78
8. Earnings per share
8.1 Basic earnings per share 0.05 0.05
8.2 Diluted earnings per share 0.05 0.05
Where business mergers under the same control occurred in the current period, the net income achieved by the merged parties before
the business mergers was RMB , with the amount for the same period of last year being RMB .
Legal representative: Wang Guofeng Head for financial affairs: Guan Ying Head of the financial department: Liu Quanli
4. Parent Company Income Statement
Unit: RMB
Item January-March 2018 January-March 2017
1. Sales revenue 0.00 2,857.14
Less: Cost of sales 75,609.15 75,609.15
Taxes and surtaxes 38,992.73 35,285.59
Selling expense
Administrative expense 3,955,623.47 3,558,898.68
Finance costs 2,459,641.30 1,463,740.59
Asset impairment losses -98,446.31 -5,318,040.00
Add: Gains on changes in fair value (“-” for losses)
Investment income (“-” for loss) 75,278,013.44
19
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
Including: Share of profit or loss of joint ventures
-514,986.56
and associates
Asset disposal income (“-” for loss)
Other income
2. Operating income (“-” for loss) -6,431,420.34 75,465,376.57
Add: Non-operating revenue
Less: Non-operating expense 803,756.82
3. Pretax income (“-” for loss) -6,431,420.34 74,661,619.75
Less: Income tax expense
4. Net income (“-” for net loss) -6,431,420.34 74,661,619.75
4.1 Net income from continuing operations (“-” for net
loss)
4.2 Net income from discontinued operations (“-” for net
loss)
5. Other comprehensive income, net of tax
5.1 Items that will not be reclassified to profit or loss
5.1.1 Changes in net liabilities or assets caused by
remeasurements on defined benefit pension schemes
5.1.2 Share of other comprehensive income of investees
that will not be reclassified into profit or loss under equity
method
5.2 Items that may subsequently be reclassified to profit or
loss
5.2.1 Share of other comprehensive income of investees
that will be reclassified into profit or loss under equity
method
5.2.2 Gains/Losses on changes in fair value of
available-for-sale financial assets
5.2.3 Gains/Losses arising from reclassification of
held-to-maturity investments to available-for-sale financial
assets
5.2.4 Effective gains/losses on cash flow hedges
5.2.5 Differences arising from translation of foreign
currency-denominated financial statements
5.2.6 Other
6. Total comprehensive income -6,431,420.34 74,661,619.75
7. Earnings per share
7.1 Basic earnings per share
7.2 Diluted earnings per share
20
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
5. Consolidated Cash Flow Statement
Unit: RMB
Item January-March 2018 January-March 2017
1. Cash generated by or used in operating activities:
Proceeds from sale of commodities and rendering of
2,175,325,772.32 1,614,929,946.34
services
Net increase in customer deposits and deposits from banks
and other financial institutions
Net increase in loans from central bank
Net increase in loans from other financial institutions
Premiums received on original insurance contracts
Net proceeds from reinsurance
Net increase in deposits and investments of policy holders
Net increase in proceeds from disposal of financial assets
at fair value through profit or loss
Interest, handling charges and commissions received
Net increase in interbank loans obtained
Net increase in proceeds from repurchase transactions
Tax rebates 4,353,341.48 1,820,315.81
Cash generated by other operating activities 640,978,685.79 266,790,380.57
Subtotal of cash generated by operating activities 2,820,657,799.59 1,883,540,642.72
Payments for commodities and services 1,348,654,820.64 1,477,050,855.90
Net increase in loans and advances to customers
Net increase in deposits in central bank and in interbank
loans granted
Payments for claims on original insurance contracts
Interest, handling charges and commissions paid
Policy dividends paid
Cash paid to and for employees 79,113,433.88 139,785,274.94
Taxes paid 50,185,919.15 74,055,622.91
Cash used in other operating activities 671,234,926.61 317,459,980.46
Subtotal of cash used in operating activities 2,149,189,100.28 2,008,351,734.21
Net cash flows from operating activities 671,468,699.31 -124,811,091.49
2. Cash generated by or used in investing activities:
Proceeds from disinvestments 232,510,000.00 343,700,400.00
21
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
Investment income 1,472,885.18 1,045,044.85
Net proceeds from disposal of property, plant and
322,250.00 44,108,993.00
equipment, intangible assets and other long-lived assets
Net proceeds from disposal of subsidiaries or other
business units
Cash generated by other investing activities 104,370,288.32 61,520,928.48
Subtotal of cash generated by investing activities 338,675,423.50 450,375,366.33
Payments for acquisition of property, plant and
13,101,741.12 7,681,384.98
equipment, intangible assets and other long-lived assets
Payments for investments 621,530,000.00 105,721,000.00
Net increase in pledged loans granted
Net payments for acquisition of subsidiaries and other
7,764,985.00 204,524,900.00
business units
Cash used in other investing activities 140,631,056.14 74,800,000.00
Subtotal of cash used in investing activities 783,027,782.26 392,727,284.98
Net cash flows from investing activities -444,352,358.76 57,648,081.35
3. Cash generated by or used in financing activities:
Capital contributions received 6,553,500.00
Including: Capital contributions by non-controlling
interests to subsidiaries
Increase in borrowings obtained 150,698,502.12 201,957,725.27
Net proceeds from issuance of bonds
Cash generated by other financing activities 1,443,544,816.72 228,458,000.00
Subtotal of cash generated by financing activities 1,600,796,818.84 430,415,725.27
Repayment of borrowings 323,198,502.12 327,771,770.70
Payments for interest and dividends 21,335,613.45 30,452,574.63
Including: Dividends paid by subsidiaries to
non-controlling interests
Cash used in other financing activities 1,318,105,876.66 218,209,000.00
Subtotal of cash used in financing activities 1,662,639,992.23 576,433,345.33
Net cash flows from financing activities -61,843,173.39 -146,017,620.06
4. Effect of foreign exchange rate changes on cash and cash
-528,252.76 -185,158.53
equivalents
5. Net increase in cash and cash equivalents 164,744,914.40 -213,365,788.73
Add: Cash and cash equivalents, beginning of the period 1,014,438,663.43 510,477,847.81
6. Cash and cash equivalents, end of the period 1,179,183,577.83 297,112,059.08
22
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
6. Parent Company Cash Flow Statement
Unit: RMB
Item January-March 2018 January-March 2017
1. Cash generated by or used in operating activities:
Proceeds from sale of commodities and rendering of
services
Tax rebates
Cash generated by other operating activities 7,179,777.27 37,335.96
Subtotal of cash generated by operating activities 7,179,777.27 37,335.96
Payments for commodities and services
Cash paid to and for employees 1,802,949.00 1,632,281.06
Taxes paid 2,116,405.74 41,296.88
Cash used in other operating activities 10,336,154.55 2,985,361.81
Subtotal of cash used in operating activities 14,255,509.29 4,658,939.75
Net cash flows from operating activities -7,075,732.02 -4,621,603.79
2. Cash generated by or used in investing activities:
Proceeds from disinvestments 10,000,000.00
Investment income
Net proceeds from disposal of property, plant and
35,000,000.00
equipment, intangible assets and other long-lived assets
Net proceeds from disposal of subsidiaries or other
business units
Cash generated by other investing activities 49,136.10
Subtotal of cash generated by investing activities 45,049,136.10
Payments for acquisition of property, plant and equipment,
intangible assets and other long-lived assets
Payments for investments 13,500,000.00
Net payments for acquisition of subsidiaries and other
business units
Cash used in other investing activities
Subtotal of cash used in investing activities 13,500,000.00
Net cash flows from investing activities -13,500,000.00 45,049,136.10
3. Cash generated by or used in financing activities:
Capital contributions received
Increase in borrowings obtained 27,500,000.00 2,000,000.00
Net proceeds from issuance of bonds
23
Hainan Jingliang Holdings Co., Ltd. First Quarter Report 2018
Cash generated by other financing activities
Subtotal of cash generated by financing activities 27,500,000.00 2,000,000.00
Repayment of borrowings 66,954,800.00
Payments for interest and dividends 1,659,125.50
Cash used in other financing activities 1,775,293.17 1,720,000.00
Sub-total of cash used in financing activities 1,775,293.17 70,333,925.50
Net cash flows from financing activities 25,724,706.83 -68,333,925.50
4. Effect of foreign exchange rate changes on cash and cash
equivalents
5. Net increase in cash and cash equivalents 5,148,974.81 -27,906,393.19
Add: Cash and cash equivalents, beginning of the period 15,360,177.32 33,952,786.37
6. Cash and cash equivalents, end of the period 20,509,152.13 6,046,393.18
II Independent Auditor’s Report
Indicate by tick mark whether the Q1 financial statements have been audited by an independent auditor.
□Yes √ No
The Q1 financial statements have not been audited.
Hainan Jingliang Holdings Co., Ltd.
April 16, 2018
24
