Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
FOSHAN ELECTRICAL AND LIGHTING CO., LTD.
FIRST QUARTERLY REPORT 2021
April 2021
1
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Part I Important Notes
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,
supervisors and senior management of Foshan Electrical and Lighting Co., Ltd. (hereinafter
referred to as the “Company”) hereby guarantee the factuality, accuracy and completeness of
the contents of this Report and its summary, and shall be jointly and severally liable for any
misrepresentations, misleading statements or material omissions therein.
All the Company’s directors have attended the Board meeting for the review of this Report
and its summary.
Wu Shenghui, the Company’s legal representative, Tang Qionglan, the Company’s Chief
Financial Officer (CFO), and Peng Fentao, the person-in-charge of the Company’s accounting
organ (equivalent to accounting 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.
2
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
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
Reason for retrospective restatement:
Business combination involving entities under common control.
Q1 2020 Change (%)
Q1 2021
Before Restated Restated
Operating revenue (RMB) 825,678,013.99 560,357,960.57 560,357,960.57 47.35%
Net profit attributable to the listed
42,203,399.57 32,282,776.35 31,238,269.29 35.10%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before exceptional 39,266,019.69 34,187,987.98 34,187,987.98 14.85%
gains and losses (RMB)
Net cash generated from/used in operating
48,558,082.07 -24,040,955.33 -21,233,501.52 328.69%
activities (RMB)
Basic earnings per share (RMB/share) 0.0305 0.0234 0.0226 34.96%
Diluted earnings per share (RMB/share) 0.0305 0.0234 0.0226 34.96%
Weighted average return on equity (%) 0.71% 0.65% 0.62% 0.09%
31 December 2020 Change (%)
31 March 2021
Before Restated Restated
Total assets (RMB) 7,851,627,428.83 8,519,336,914.11 8,519,336,914.11 -7.84%
Equity attributable to the listed company’s
5,629,948,280.73 6,263,921,304.54 6,263,921,304.54 -10.12%
shareholders (RMB)
Note: Due to share repurchases in the Reporting Period, the total share capital is calculated on a weighted average
basis according to the time of share changes when computing the earnings per share, and the earnings per share of
the same period of last year were adjusted accordingly as per the aforesaid principle.
Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2021 Note
3
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Gain or loss on disposal of non-current assets (inclusive of
149,083.95
impairment allowance write-offs)
Government subsidies charged to current profit or loss (exclusive
of government subsidies given in the Company’s ordinary course
4,237,000.00
of business at fixed quotas or amounts as per the government’s
uniform standards)
Capital occupation charges on non-financial enterprises that are
303,275.64
recognized in profit or loss
Gain or loss on fair-value changes on held-for-trading and
derivative financial assets and liabilities & income from disposal
of held-for-trading and derivative financial assets and liabilities 197,950.00
and other debt investments (exclusive of the effective portion of
hedges that arise in the Company’s ordinary course of business)
Non-operating income and expense other than the above 94,596.37
Less: Income tax effects 1,785,892.81
Non-controlling interests effects (net of tax) 258,633.27
Total 2,937,379.88 --
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Gain/Loss Items:
□ Applicable √ Not applicable
No such cases for the Reporting Period.
II Total Number of Shareholders and Holdings of Top 10 Shareholders at the End of the
Reporting Period
1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share
Number of preferred shareholders
Number of ordinary shareholders at
73,406 with resumed voting rights at the 0
the period-end
period-end (if any)
Top 10 shareholders
Name of Nature of Shareholding Restricted shares Shares in pledge or frozen
Total shares held
shareholder shareholder percentage held Status Shares
Hongkong Wah Foreign legal
13.47% 188,496,430 0 In pledge 92,363,251
Shing Holding person
4
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Company
Limited
Prosperity Lamps
Foreign legal
& Components 10.50% 146,934,857 0
person
Limited
Guangdong
Electronics
State-owned legal
Information 8.77% 122,694,246 0 In pledge 32,532,815
person
Industry Group
Ltd.
Shenzhen Rising
Investment State-owned legal
5.12% 71,696,136 0 In pledge 35,800,000
Development person
Co., Ltd.
Central Huijin
Asset State-owned legal
2.42% 33,878,900 0
Management Co., person
Ltd.
Essence
International Foreign legal
2.34% 32,780,128 0
Securities (Hong person
Kong) Co., Ltd.
Special securities
account for
repurchases of
Other 2.22% 31,070,300 0
Foshan Electrical
and Lighting Co.,
Ltd.
Rising
Investment Foreign legal
1.82% 25,482,252 0
Development person
Limited
China Merchants
State-owned legal
Securities (Hong 1.04% 14,504,423 0
person
Kong) Co., Ltd
DBS Vickers
Foreign legal
(Hong Kong) Ltd 0.94% 13,118,691 0
person
A/C Clients
Top 10 unrestricted shareholders
Shares by type
Name of shareholder Unrestricted shares held
Type Shares
5
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Hongkong Wah Shing Holding RMB-denominate
188,496,430 188,496,430
Company Limited d ordinary stock
Prosperity Lamps & Components RMB-denominate
146,934,857 146,934,857
Limited d ordinary stock
Guangdong Electronics Information RMB-denominate
122,694,246 122,694,246
Industry Group Ltd. d ordinary stock
Shenzhen Rising Investment RMB-denominate
71,696,136 71,696,136
Development Co., Ltd. d ordinary stock
Central Huijin Asset Management RMB-denominate
33,878,900 33,878,900
Co., Ltd. d ordinary stock
Domestically
Essence International Securities
32,780,128 listed foreign 32,780,128
(Hong Kong) Co., Ltd.
stock
Special securities account for
RMB-denominate
repurchases of Foshan Electrical and 31,070,300 31,070,300
d ordinary stock
Lighting Co., Ltd.
Domestically
Rising Investment Development
25,482,252 listed foreign 25,482,252
Limited
stock
Domestically
China Merchants Securities (Hong
14,504,423 listed foreign 14,504,423
Kong) Co., Ltd
stock
Domestically
DBS Vickers (Hong Kong) Ltd A/C
13,118,691 listed foreign 13,118,691
Clients
stock
Among the top 10 shareholders holding unrestricted ordinary shares, Hongkong Wah Shing
Holding Company Limited, Shenzhen Rising Investment Development Co., Ltd., Guangdong
Related or acting-in-concert parties Electronics Information Industry Group Ltd. and Rising Investment Development Limited are
among the shareholders above acting-in-concert parties. Apart from that, it is unknown whether there is among the top 10
shareholders any other related parties or acting-in-concert parties as defined in the
Administrative Measures for the Acquisition of Listed Companies.
Top 10 shareholders involved in
None
securities margin trading (if any)
Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary
shareholders of the Company conducted any promissory repo during the Reporting Period.
□ Yea √ No
No such cases in the Reporting Period.
6
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
7
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Part III Significant Events
I Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
Unit: RMB
Q1 2021/31 March Q1 2020/31
Item Change (%) Explanation of why
2021 December 2020
Held-for-trading Disinvestment in bank’s wealth management
203,249,119.16 407,619,201.36 -50.14%
financial assets products upon maturity in the Current Period
Increase in export tax rebates in the Current
Other receivables 35,876,484.95 20,194,968.19 77.65%
Period
Notes payable 630,905,437.90 480,971,214.80 31.17% Increase in procurement in the Current Period
Employee benefits Payment in the Current Period of the year-end
53,626,433.18 82,485,090.47 -34.99%
payable bonuses of last year to the employees
Increase in output tax to be recognized as a
Other current liabilities 7,373,666.58 5,503,702.07 33.98% result of an increase in contract liabilities at
the period-end
Settlement of loan of subsidiary to be
Other non-current
30,636.07 1,244,064.84 -97.54% liquidated and de-registered in the Current
liabilities
Period
Repurchase of treasury shares in the Current
Treasury shares 207,340,531.49 N/A
Period
Increase in operating revenue in the Current
Operating revenue 825,678,013.99 560,357,960.57 47.35%
Period
Mainly due to the increase in the cost of sales
with the rising of the operating revenue for the
Reporting Period; for the Company starts to
implement the new standards governing
Cost of sales 676,742,067.81 450,843,200.86 50.11% revenue since 1 January 2020, the freight
related to contract performance was turned
into the cost of sales for accounting, thus the
data of the same period of last year shall be
adjusted accordingly.
The Company increased R&D investments in
R&D expense 35,175,015.78 19,828,312.32 77.40% the Current Period, with an expanded R&D
team and an increase in R&D projects.
Mainly due to the decrease in interest of the
Finance costs -5,512,578.78 -13,912,036.15 60.38% Company and fluctuation of exchange rates for
the Reporting Period.
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Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Increase in government grants received in the
Other income 4,247,000.00 122,198.82 3375.48% ordinary course of business in the Current
Period
As the forward forex settlement products
outstanding at the beginning of the period
Gain on changes in fair
-6,092,000.00 -1,528,400.00 -298.59% were delivered upon maturity in the period, the
value
gain/loss on changes in the corresponding fair
value was transferred to return on investment
Reversal of allowances for expected credit
Credit impairment loss 3,529,334.65 -730,317.40 583.26%
losses due to a decrease in accounts receivable
Asset disposal income 149,083.95 N/A Disposal of assets in the Current Period
Refunds of handling charges received in the
Non-operating income 269,122.60 72,280.75 272.33%
Current Period
Decrease in loss on disposal of fixed assets in
Non-operating expense 174,526.23 684,869.08 -74.52%
the Current Period
Increase in operating revenue in the Current
Gross profit 53,310,213.85 37,767,693.04 41.15%
Period
Income tax expense 9,123,807.96 6,072,161.84 50.26% Increase in gross profit in the Current Period
Net profit 44,186,405.89 31,695,531.20 39.41% Increase in gross profit in the Current Period
Net profit attributable to
owners of the Company 42,203,399.57 31,238,269.29 35.10% Increase in net profit in the Current Period
as the parent
Net profit attributable to Increase in profits of non-wholly-owned
1,983,006.32 457,261.91 333.67%
non-controlling interests subsidiaries in the Current Period
Other comprehensive Decrease in the fair value of investments in
-468,665,430.52 100,555,938.69 -566.07%
income, net of tax other equity instruments in the Current Period
Other comprehensive
income, net of tax,
Decrease in the fair value of investments in
attributable to owners of -468,665,430.52 100,555,938.69 -566.07%
other equity instruments in the Current Period
the Company as the
parent
Changes in the fair value
Decrease in the fair value of investments in
of investments in other -468,616,484.90 100,595,067.77 -565.84%
other equity instruments in the Current Period
equity instruments
Net cash generated
from/used in operating 48,558,082.07 -21,233,501.52 328.69% Increase in sales collected
activities
Net cash generated
Repurchase of treasury shares in the Current
from/used in financing -207,510,992.86 - N/A
Period
activities
Net increase in cash and Decrease in net cash generated from financing
35,692,307.61 256,047,246.55 -86.06%
cash equivalents activities in the Current Period
9
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
II Progress, Influence and Solutions with regard to Significant Events
√ Applicable □ Not applicable
The Company held the 6th Meeting of the 9th Board of Directors and the 3rd Extraordinary General Meeting of
2020 respectively on 2 December 2020 and 18 December 2020. On the meetings, the Proposal on the
Related-party Transaction of Acquisition of 100% Equities of Hunan Keda New Energy Investment and
Development Co., Ltd. was reviewed and approved, and the acquisition by the Company was agreed. As for the
above-mentioned equity transfer, the registration for the transfer of share ownership was completed. For more
details, please refer to the Announcement on the Related-party Transaction of Acquisition of 100% Equities of
Hunan Keda New Energy Investment and Development Co., Ltd. and Announcement on the Progress of the
Acquisition of 100% Equities of Hunan Keda New Energy Investment and Development Co., Ltd. disclosed on
Cninfo (cninfo.com.cn) respectively on 3 December 2020 and 28 January 2021.
Summary of the significant event Disclosure date Index to the related announcement
Announcement on the Related-party
Transaction of Acquisition of 100%
3 December 2020 www.cninfo.com.cn
Equities of Hunan Keda New Energy
Investment and Development Co., Ltd.
Announcement on the Progress of the
Acquisition of 100% Equities of Hunan
28 January 2021 www.cninfo.com.cn
Keda New Energy Investment and
Development Co., Ltd.
Progress on any share repurchases:
√ Applicable □ Not applicable
On 18 December 2020, the Company called the 3rd Extraordinary General Meeting of 2020, at which the Proposal
on the Repurchase of Part of the Company's Renminbi-Denominated Ordinary Shares (A-Shares) and Domestic
Listed Foreign Investment Shares (B-Shares) was examined and approved. As of 31 March 2021, the Company
had repurchased a total of 31,070,300 A-Shares and 3,799,702 B-shares of the Company through centralized
bidding. The repurchased shares account for 2.49% of the Company's total share capital. The A-shares were
repurchased at a highest price of RMB6.70 per share and a lowest price of RMB6.03 per share, with a total cost of
RMB196.959 million (excluding transaction costs). The B shares were repurchased a highest price of HKD3.40
per share and a lowest price of HKD3.14 per share, with a total cost of HKD12.4382 million (excluding
transaction costs).
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Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Progress on reducing the repurchased shares by means of centralized bidding:
□ Applicable √ Not applicable
III Commitments that the Company’s Actual Controller, Shareholders, Related Parties,
Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during the
Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IV Financial Investments
1. Securities Investments
√ Applicable □ Not applicable
Unit: RMB
Gain/loss Purch Sol Gain/
Cumulativ
Accoun on ased d in loss
Code Name e
Initial ting Opening fair-value in the the in the Closing Accou Fundin
Type of of of fair-value
investment measur carrying changes curre curr curre carrying nting g
securities secur securiti changes
cost ement amount in the nt ent nt amount title source
ities es through
method current perio peri perio
equity
period d od d
Invest
ment
Guoxua
Domestically/ Fair in
0020 n 160,000,000 1,778,218, -140,457, 1,417,525, 1,637,760, Self-fu
Overseas value other
74 High-te .00 182.00 417.75 624.61 764.25 nded
listed stock method equity
ch
instru
ments
Invest
ment
China
Domestically/ Fair in
6018 Everbri 30,828,816. 74,001,54 1,669,207 52,021,00 75,670,75 Self-fu
Overseas value other
18 ght 00 8.46 .86 8.50 6.32 nded
listed stock method equity
Bank
instru
ments
Domestically/ Fair Invest
6011 Xiamen 292,574,133 1,448,227, -412,525, 743,127,6 1,035,701, Self-fu
Overseas value ment
87 Bank .00 123.20 301.76 88.44 821.44 nded
listed stock method in
11
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
other
equity
instru
ments
Foshan
Invest
branch
ment
of
Domestically/ Fair in
Guangd 500,000.0 500,000.0 Self-fu
Overseas N/A 500,000.00 value 0.00 other
ong 0 0 nded
listed stock method equity
Develo
instru
pment
ments
Bank
483,90
3,300,946, -551,313, 2,212,674, 2,749,633,
Total 2,949.0 -- 0.00 0.00 0.00 -- --
853.66 511.65 321.55 342.01
0
Disclosure date of the
announcement on the Board’s
approval of securities
investments
Disclosure date of the
announcement on the general
meeting’s approval of
securities investments (if any)
2. Investments in Derivative Financial Instruments
√ Applicable □ Not applicable
Unit: USD’0,000
Ending
investm
Actual
Relation Related- Purchas Impairm ent as %
Initial Beginni Sold in gain/los
ship party Type of ed in ent Ending of the
Operati investm Beginni Ending ng Reporti s in
with the transacti derivativ Reporti allowan investm Compan
ng party ent ng date date investm ng Reporti
Compan on or e ng ce (if ent y’s
amount ent Period ng
y not Period any) ending
Period
net
assets
Agricult Ordinary
ural forward 25 29
Not
Bank of Not forex 600 August March 600 600 0 48.59
related
China settleme 2020 2021
(Foshan nt (USD)
12
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
branch)
Industri
al and
Ordinary
Comme 30
forward 23
rcial Not Septem
Not forex 300 Februar 300 300 0 19.51
Bank of related ber
settleme y 2021
China 2020
nt (USD)
(Foshan
branch)
Industri
al and
Ordinary
Comme
forward 20
rcial Not 23 April
Not forex 600 October 600 400 200 15.38
Bank of related 2021
settleme 2020
China
nt (USD)
(Foshan
branch)
Industri
al and
Ordinary
Comme
forward 28 29
rcial Not
Not forex 300 October January 300 300 0 10.4
Bank of related
settleme 2020 2021
China
nt (USD)
(Foshan
branch)
Industri
al and
Ordinary
Comme
forward 3 29
rcial Not
Not forex 200 Decemb January 200 200 0 1.45
Bank of related
settleme er 2020 2021
China
nt (USD)
(Foshan
branch)
Bank of Ordinary
Commu forward 15 25
Not
nication Not forex 300 January Februar 300 300 0 1.1
related
(Foshan settleme 2021 y 2021
branch) nt (USD)
Industri Ordinary
21 25
al and Not forward
Not 200 January Februar 200 200 0 0.49
Comme related forex
2021 y 2021
rcial settleme
13
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Bank of nt (USD)
China
(Foshan
branch)
Foshan
branch Ordinary
of the forward
Not 8 March 29 April
Agricult Not forex 400 400 400 0.46%
related 2021 2021
ural settleme
Bank of nt (USD)
China
Industri
al and
Ordinary
Comme
forward 25
rcial Not 29 April
Not forex 300 March 300 300 0.35%
Bank of related 2021
settleme 2021
China
nt (USD)
(Foshan
branch)
Total 3,200 -- -- 2,000 1,200 2,300 0 900 0.81% 96.92
Funding source All self-funded
Legal matters involved (if
N/A
applicable)
Disclosure date of board 10 April 2020
announcement approving derivative
28 Jan 2021
investment (if any)
Disclosure date of general meeting
announcement approving derivative 8 May 2020
investment (if any)
Risk Analysis of Forward Exchange Settlement Business: 1. Risk of exchange rate
fluctuations. In the case of large fluctuations in the exchange rate, the quoted price of the
bank’s forward exchange rate may be lower than the Company’s quoted exchange rate to the
customer, which will make the Company unable to lock the quoted exchange rate to the
Analysis of risks and control
customer or the bank’s forward exchange rate may deviate from the exchange rate at the time
measures associated with derivative
of the Company’s actual receipt and payment, and causes exchange losses. 2. Risk of
investments held in Reporting Period
customer default. The customer’s accounts receivable may be overdue, and the payment for
(including but not limited to market
goods cannot be recovered within the predictable payback period, which will result in the
risk, liquidity risk, credit risk,
loss of the Company due to the delayed forward settlement. 3. Risk of payback prediction.
operational risk, legal risk, etc.)
The marketing department shall made corresponding payback prediction based on customer
orders and expected orders. However, during the actual implementation process, customers
may adjust their orders and predictions, which will result in the Company’s incorrect
payback prediction and cause the risk of delayed delivery of forward exchange settlement.
14
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Adopted Risk Control Measures: 1. The Company will strengthen the research and analysis
of the exchange rate. When the exchange rate fluctuates greatly, it will adjust the business
strategy in a timely manner to stabilize the export business and avoid exchange losses to the
utmost. 2. The Management System for Forward Settlement and Sales of Foreign Exchanges
reviewed and approved by the board of directors of the Company stipulates that all forward
foreign exchange settlement businesses of the Company shall be based on the normal
production and operation, and relied on specific business operations to avoid and prevent
various exchange rate risks. However, speculative transaction and interest arbitrage are not
allowed. At the same time, the system clearly defines the operating principles, approval
authority, responsible department and responsible person, internal operation procedures,
information isolation measures, internal risk reporting system, risk management procedures,
and information disclosure related to the forward settlement business as well. In fact, the
system is conducive to strengthen the management of the Company’s forward foreign
exchange settlement business and prevent investment risks. 3. In order to prevent any delay
in the forward exchange settlement, the Company will strengthen the management of
accounts receivable, actively collect receivables, and avoid any overdue receivables. In the
meantime, the Company plans to increase the export purchases and purchase corresponding
credit insurance so as to reduce the risk of default and customer default. 4. The Company’s
forward foreign exchange settlement transactions must be based on the Company’s foreign
exchange earnings prediction. Besides, the Company shall strictly control the scale of its
forward foreign exchange settlement business, and manage all risks that the Company may
face within a controllable range. 5. The internal audit department of the Company shall check
the actual signing and execution situation of all trading contracts on a regular or irregular
basis.
The Company carries out recognition and measurement in accordance with the Accounting
Standard for Business Enterprises No. 22—Recognition and Measurement of Financial
Changes in market prices or fair
Instruments, the Accounting Standard for Business Enterprises No. 24—Hedges, the
value of derivative investments in
Accounting Standard for Business Enterprises No. 37—Presentation of Financial Instrument
Reporting Period (fair value analysis
and other applicable regulations. Fair value is arrived at based on the price provided by
should include measurement method
pricing service providers such as banks or the price obtained. Fair value measurement and
and related assumptions and
recognition are carried out on a monthly basis. Changes in the fair value of forward exchange
parameters)
settlement contracts entered into by the Company are mainly attributable to difference arising
from exchange rate fluctuations.
Major changes in accounting policies
and specific accounting principles
adopted for derivative investments in N/A
Reporting Period compared to last
reporting period
Opinions of the Independent Directors: The forward foreign exchange settlement transactions
Opinion of independent directors on
conducted by the Company are based on normal production and operation, are supported by
derivative investments and risk
specific businesses, aim to avoid and prevent foreign exchange risks associated with export
control
businesses, do not involve speculative operations and are consistent with the needs of the
15
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Company's operation and development. The Company has established relevant business
management policies and risk control and prevention measures. The risk is controllable. The
proposal was passed following a lawful, valid decision-making procedure, has no negative
impact on the Company's normal operation and business development and does not
undermine the interest of the Company and its shareholders. Therefore, the Company's
conducting forward foreign exchange settlement transactions is approved.
V Progress of Projects Financed with Raised Funds
□ Applicable √ Not applicable
VI Operating Performance Forecast for January-June 2021
Warning of a forecast loss on or a forecast significant YoY change in the accumulative net profit from the
beginning of the year to the end of the next reporting period, as well as explanation of why:
□ Applicable √ Not applicable
VII Significant Contracts Arising from the Company’s Ordinary Course of Business
□ Applicable √ Not applicable
VIII Cash Entrusted for Wealth Management
√ Applicable □ Not applicable
Unit: RMB’0,000
Unrecovered overdue
Type Funding source Amount Undue amount
amount
Bank’s wealth
Self-funded 40,000 20,000 0
management product
Total 40,000 20,000 0
High-risk wealth management transactions with a significant single amount, or with low security, low liquidity or
no principal protection:
√ Applicable □ Not applicable
Unit: RMB’0,000
Type Annua Actual Receip Allow Prescr Plan Index
Source Deter Expect
Type of Begin Use of lized gain/lo t/paym ance ibed for to
Truste Princi of Endin minati ed
of wealth ning princi yield ss in ent of for proced more transa
e pal princi g date on of yield
trustee manag date pal rate Report such impair ure transa ction
pal yield (if
ement for ing gain/lo ment execut ction summ
16
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
product refere any) Period ss (if ed or or not ary
nce any) not and
other
infor
matio
n (if
any)
Repay
China ment
Not
Merch The of
princip
ants Comp princi www.
al-prot 17 17 To be
Bank any’s Invest pal cninfo
Bank ected 10,000 Sept. Sept. 4.30% 428.82 212.05 receiv Yes Yes
(Fosha own ment with .com.c
with 2020 2021 ed
n idle yield n
floatin
branch funds upon
g yield
) maturi
ty
Industr Repay
ial ment
Not
Bank The of
princip
(sub-b Comp princi www.
al-prot 31 30 To be
ranch any’s Invest pal cninfo
Bank ected 10,000 Dec. Jun. 3.60% 178.52 88.77 receiv Yes Yes
of own ment with .com.c
with 2020 2021 ed
Baiyu idle yield n
floatin
n, funds upon
g yield
Guang maturi
zhou) ty
Total 20,000 -- -- -- -- -- -- 607.34 300.82 -- -- -- --
Wealth management transactions with possible impairments including an expectedly unrecoverable principal:
□ Applicable √ Not applicable
IX Irregularities in the Provision of Guarantees
□ Applicable √ Not applicable
No such cases in the Reporting Period.
X Occupation of the Company’s Capital by the Controlling Shareholder or Its Related Parties
for Non-Operating Purposes
□ Applicable √ Not applicable
17
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
No such cases in the Reporting Period.
XI Communications with the Investment Community such as Researches, Inquiries and
Interviews during the Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
18
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by Foshan Electrical and Lighting Co., Ltd.
31 March 2021
Unit: RMB
Item 31 March 2021 31 December 2020
Current assets:
Monetary assets 1,045,900,558.16 981,249,699.49
Settlement reserve
Interbank loans granted
Held-for-trading financial assets 203,249,119.16 407,619,201.36
Derivative financial assets
Notes receivable 180,468,347.32 140,972,143.00
Accounts receivable 940,223,382.28 1,134,233,235.70
Accounts receivable financing
Prepayments 11,214,269.84 11,994,745.05
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 35,876,484.95 20,194,968.19
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 883,309,501.72 735,685,116.91
Contract assets
Assets held for sale
Current portion of non-current assets
Other current assets 184,909,000.24 175,090,368.85
Total current assets 3,485,150,663.67 3,607,039,478.55
19
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 181,440,282.83 181,365,016.32
Investments in other equity
2,754,187,518.41 3,305,501,030.06
instruments
Other non-current financial assets
Investment property
Fixed assets 681,636,804.62 685,707,548.55
Construction in progress 521,082,060.29 503,941,120.31
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets 169,972,066.94 170,693,873.30
Development costs
Goodwill
Long-term prepaid expense 13,329,715.28 13,411,226.23
Deferred income tax assets 35,853,135.21 40,253,777.17
Other non-current assets 8,975,181.58 11,423,843.62
Total non-current assets 4,366,476,765.16 4,912,297,435.56
Total assets 7,851,627,428.83 8,519,336,914.11
Current liabilities:
Short-term borrowings
Borrowings from the central bank
Interbank loans obtained
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 630,905,437.90 480,971,214.80
Accounts payable 972,841,055.92 1,059,674,020.99
Advances from customers 1,508,780.05 1,285,357.28
Contract liabilities 84,453,803.87 65,777,726.45
Financial assets sold under
repurchase agreements
20
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Customer deposits and interbank
deposits
Payables for acting trading of
securities
Payables for underwriting of
securities
Employee benefits payable 53,626,433.18 82,485,090.47
Taxes payable 15,410,647.10 18,876,657.51
Other payables 73,385,698.36 76,668,330.66
Including: Interest payable
Dividends payable
Handling charges and commissions
payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
liabilities
Other current liabilities 7,373,666.58 5,503,702.07
Total current liabilities 1,839,505,522.96 1,791,242,100.23
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income
Deferred income tax liabilities 331,901,148.22 414,670,609.97
Other non-current liabilities 30,636.07 1,244,064.84
Total non-current liabilities 331,931,784.29 415,914,674.81
Total liabilities 2,171,437,307.25 2,207,156,775.04
Owners’ equity:
21
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Share capital 1,399,346,154.00 1,399,346,154.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 15,157,514.90 15,157,514.90
Less: Treasury stock 207,340,531.49
Other comprehensive income 1,880,723,103.09 2,349,388,533.61
Specific reserve
Surplus reserves 741,396,578.18 741,567,039.55
General reserve
Retained earnings 1,800,665,462.05 1,758,462,062.48
Total equity attributable to owners of
5,629,948,280.73 6,263,921,304.54
the Company as the parent
Non-controlling interests 50,241,840.85 48,258,834.53
Total owners’ equity 5,680,190,121.58 6,312,180,139.07
Total liabilities and owners’ equity 7,851,627,428.83 8,519,336,914.11
Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Peng Fentao
2. Balance Sheet of the Company as the Parent
Unit: RMB
Item 31 December 2021 31 December 2020
Current assets:
Monetary assets 974,627,411.83 896,261,882.77
Held-for-trading financial assets 203,249,119.16 407,619,201.36
Derivative financial assets
Notes receivable 178,039,378.10 137,477,199.21
Accounts receivable 852,409,341.60 1,030,713,074.22
Accounts receivable financing
Prepayments 9,788,452.03 9,581,302.45
Other receivables 517,859,300.45 462,284,585.09
Including: Interest receivable
Dividends receivable
22
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Inventories 740,154,062.06 615,106,650.81
Contract assets
Assets held for sale
Current portion of non-current assets
Other current assets 143,917,931.44 139,275,518.71
Total current assets 3,620,044,996.67 3,698,319,414.62
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 552,024,578.24 536,949,311.73
Investments in other equity
2,754,187,518.41 3,305,501,030.06
instruments
Other non-current financial assets
Investment property
Fixed assets 623,968,198.88 628,174,755.88
Construction in progress 64,597,964.57 54,652,119.14
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets 122,047,889.91 122,391,701.60
Development costs
Goodwill
Long-term prepaid expense 11,859,189.57 11,651,100.48
Deferred income tax assets 27,002,792.82 31,403,727.94
Other non-current assets 6,185,496.63 7,548,885.47
Total non-current assets 4,161,873,629.03 4,698,272,632.30
Total assets 7,781,918,625.70 8,396,592,046.92
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 644,395,437.90 484,230,566.21
Accounts payable 1,084,351,433.92 1,108,208,382.75
23
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Advances from customers
Contract liabilities 70,981,283.18 53,572,800.70
Employee benefits payable 40,299,566.96 62,075,512.08
Taxes payable 7,236,105.44 7,819,839.48
Other payables 148,299,043.78 171,916,835.73
Including: Interest payable
Dividends payable
Liabilities directly associated with
assets held for sale
Current portion of non-current
liabilities
Other current liabilities 6,300,427.00 4,483,279.11
Total current liabilities 2,001,863,298.18 1,892,307,216.06
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term employee benefits
payable
Provisions
Deferred income
Deferred income tax liabilities 331,901,148.22 414,670,609.97
Other non-current liabilities
Total non-current liabilities 331,901,148.22 414,670,609.97
Total liabilities 2,333,764,446.40 2,306,977,826.03
Owners’ equity:
Share capital 1,399,346,154.00 1,399,346,154.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 7,426,635.62 7,426,635.62
Less: Treasury stock 207,340,531.49
24
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Other comprehensive income 1,880,773,173.33 2,349,389,658.23
Specific reserve
Surplus reserves 741,396,578.18 741,567,039.55
Retained earnings 1,626,552,169.66 1,591,884,733.49
Total owners’ equity 5,448,154,179.30 6,089,614,220.89
Total liabilities and owners’ equity 7,781,918,625.70 8,396,592,046.92
Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Peng Fentao
3. Consolidated Income Statement
Unit: RMB
Item Q1 2021 Q1 2020
1. Revenue 825,678,013.99 560,357,960.57
Including: Operating revenue 825,678,013.99 560,357,960.57
Interest income
Insurance premium income
Handling charge and
commission income
2. Costs and expenses 784,152,595.65 527,891,623.07
Including: Cost of sales 676,742,067.81 450,843,200.86
Interest expense
Handling charge and
commission expense
Surrenders
Net insurance claims paid
Net amount provided as
insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and surcharges 6,729,392.37 7,084,171.07
Selling expense 30,751,003.52 32,287,937.98
Administrative expense 40,267,694.95 31,760,036.99
R&D expense 35,175,015.78 19,828,312.32
25
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Finance costs -5,512,578.78 -13,912,036.15
Including: Interest
expense
Interest
3,988,043.22 10,602,533.79
income
Add: Other income 4,247,000.00 122,198.82
Return on investment (“-” for loss) 9,856,780.54 8,050,462.45
Including: Share of profit or loss
75,266.51
of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
-6,092,000.00 -1,528,400.00
for loss)
Credit impairment loss (“-” for
3,529,334.65 -730,317.40
loss)
Asset impairment loss (“-” for loss)
Asset disposal income (“-” for
149,083.95
loss)
3. Operating profit (“-” for loss) 53,215,617.48 38,380,281.37
Add: Non-operating income 269,122.60 72,280.75
Less: Non-operating expense 174,526.23 684,869.08
4. Profit before tax (“-” for loss) 53,310,213.85 37,767,693.04
Less: Income tax expense 9,123,807.96 6,072,161.84
5. Net profit (“-” for net loss) 44,186,405.89 31,695,531.20
5.1 By operating continuity
5.1.1 Net profit from continuing
44,186,405.89 31,695,531.20
operations (“-” for net loss)
5.1.2 Net profit from discontinued
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
42,203,399.57 31,238,269.29
owners of the Company as the parent
5.2.1 Net profit attributable to
1,983,006.32 457,261.91
non-controlling interests
6. Other comprehensive income, net of -468,665,430.52 100,555,938.69
26
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
tax
Attributable to owners of the Company
-468,665,430.52 100,555,938.69
as the parent
6.1 Items that will not be
-468,616,484.90 100,595,067.77
reclassified to profit or loss
6.1.1 Changes caused by
remeasurements on defined benefit
schemes
6.1.2 Other comprehensive
income that will not be reclassified to
profit or loss under the equity method
6.1.3 Changes in the fair value of
-468,616,484.90 100,595,067.77
investments in other equity instruments
6.1.4 Changes in the fair value
arising from changes in own credit risk
6.1.5 Other
6.2 Items that will be reclassified to
-48,945.62 -39,129.08
profit or loss
6.2.1 Other comprehensive
income that will be reclassified to profit
or loss under the equity method
6.2.2 Changes in the fair value of
investments in other debt obligations
6.2.3 Other comprehensive
income arising from the reclassification
of financial assets
6.2.4 Credit impairment
allowance for investments in other debt
obligations
6.2.5 Reserve for cash flow
hedges
6.2.6 Differences arising from the
translation of foreign
-48,945.62 -39,129.08
currency-denominated financial
statements
6.2.7 Other
Attributable to non-controlling
interests
7. Total comprehensive income -424,479,024.63 132,251,469.89
Attributable to owners of the Company
-426,462,030.95 131,794,207.98
as the parent
Attributable to non-controlling
1,983,006.32 457,261.91
interests
27
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
8. Earnings per share
8.1 Basic earnings per share 0.0305 0.0226
8.2 Diluted earnings per share 0.0305 0.0226
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees before
the combinations was RMB0.00, with the amount for last year being RMB0.00.
Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Peng Fentao
4. Income Statement of the Company as the Parent
Unit: RMB
Item Q1 2021 Q1 2020
1. Operating revenue 749,661,660.91 525,496,491.07
Less: Cost of sales 629,874,068.88 432,357,989.78
Taxes and surcharges 5,497,116.23 6,177,097.24
Selling expense 27,724,076.48 30,083,400.00
Administrative expense 31,428,131.61 26,821,027.28
R&D expense 31,190,272.17 17,626,070.34
Finance costs -5,335,497.92 -13,775,921.87
Including: Interest expense
Interest income 3,828,283.03 10,456,543.51
Add: Other income 2,501,000.00 75,128.00
Return on investment (“-” for
9,856,780.54 8,050,462.45
loss)
Including: Share of profit or
75,266.51
loss of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
-6,092,000.00 -1,528,400.00
for loss)
Credit impairment loss (“-” for
4,845,885.57 772,220.24
loss)
Asset impairment loss (“-” for
loss)
28
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Asset disposal income (“-” for
149,083.95
loss)
2. Operating profit (“-” for loss) 40,544,243.52 33,576,238.99
Add: Non-operating income 234,583.03 18,235.94
Less: Non-operating expense 6,889.83 -71,320.11
3. Profit before tax (“-” for loss) 40,771,936.72 33,665,795.04
Less: Income tax expense 6,104,500.55 5,049,869.23
4. Net profit (“-” for net loss) 34,667,436.17 28,615,925.81
4.1 Net profit from continuing
34,667,436.17 28,615,925.81
operations (“-” for net loss)
4.2 Net profit from discontinued
operations (“-” for net loss)
5. Other comprehensive income, net of
-468,616,484.90 100,595,067.77
tax
5.1 Items that will not be reclassified
-468,616,484.90 100,595,067.77
to profit or loss
5.1.1 Changes caused by
remeasurements on defined benefit
schemes
5.1.2 Other comprehensive income
that will not be reclassified to profit or
loss under the equity method
5.1.3 Changes in the fair value of
-468,616,484.90 100,595,067.77
investments in other equity instruments
5.1.4 Changes in the fair value
arising from changes in own credit risk
5.1.5 Other
5.2 Items that will be reclassified to
profit or loss
5.2.1 Other comprehensive income
that will be reclassified to profit or loss
under the equity method
5.2.2 Changes in the fair value of
investments in other debt obligations
5.2.3 Other comprehensive income
arising from the reclassification of
financial assets
5.2.4 Credit impairment allowance
for investments in other debt
obligations
5.2.5 Reserve for cash flow hedges
29
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
5.2.6 Differences arising from the
translation of foreign
currency-denominated financial
statements
5.2.7 Other
6. Total comprehensive income -433,949,048.73 129,210,993.58
7. Earnings per share
7.1 Basic earnings per share
7.2 Diluted earnings per share
Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Peng Fentao
5. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2021 Q1 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities
1,031,138,656.04 669,750,377.22
and rendering of services
Net increase in customer deposits and
interbank deposits
Net increase in borrowings from the
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
Interest, handling charges and
commissions received
Net increase in interbank loans
obtained
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax rebates 26,143,863.35 15,719,615.48
30
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Cash generated from other operating
18,358,589.39 43,411,843.79
activities
Subtotal of cash generated from
1,075,641,108.78 728,881,836.49
operating activities
Payments for commodities and
705,267,730.79 510,880,370.55
services
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and in interbank loans granted
Payments for claims on original
insurance contracts
Net increase in interbank loans
granted
Interest, handling charges and
commissions paid
Policy dividends paid
Cash paid to and for employees 219,582,109.41 165,291,285.47
Taxes paid 25,466,476.99 15,730,276.50
Cash used in other operating
76,766,709.52 58,213,405.49
activities
Subtotal of cash used in operating
1,027,083,026.71 750,115,338.01
activities
Net cash generated from/used in
48,558,082.07 -21,233,501.52
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 210,000,000.00 280,000,000.00
Return on investment 8,161,200.00 12,613,429.83
Net proceeds from the disposal of
fixed assets, intangible assets and other 41,640.28 109,978.12
long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
218,202,840.28 292,723,407.95
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other 16,677,660.59 15,530,355.37
long-lived assets
Payments for investments
31
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
Net increase in pledged loans granted
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
16,677,660.59 15,530,355.37
activities
Net cash generated from/used in
201,525,179.69 277,193,052.58
investing activities
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings raised
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
Repayment of borrowings
Interest and dividends paid
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing
207,510,992.86
activities
Subtotal of cash used in financing
207,510,992.86
activities
Net cash generated from/used in
-207,510,992.86
financing activities
4. Effect of foreign exchange rates
-6,879,961.29 87,695.49
changes on cash and cash equivalents
5. Net increase in cash and cash
35,692,307.61 256,047,246.55
equivalents
Add: Cash and cash equivalents,
875,728,218.57 1,055,682,413.47
beginning of the period
6. Cash and cash equivalents, end of the
911,420,526.18 1,311,729,660.02
period
Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Peng Fentao
32
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item Q1 2021 Q1 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities
955,336,342.43 640,471,098.43
and rendering of services
Tax rebates 26,143,724.06 15,714,059.77
Cash generated from other operating
12,809,461.57 12,361,475.68
activities
Subtotal of cash generated from
994,289,528.06 668,546,633.88
operating activities
Payments for commodities and
668,245,564.84 497,890,855.63
services
Cash paid to and for employees 173,671,566.86 127,807,771.53
Taxes paid 14,265,423.35 8,859,709.89
Cash used in other operating
62,557,862.59 54,781,434.63
activities
Subtotal of cash used in operating
918,740,417.64 689,339,771.68
activities
Net cash generated from/used in
75,549,110.42 -20,793,137.80
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 210,000,000.00 280,000,000.00
Return on investment 8,161,200.00 12,613,429.83
Net proceeds from the disposal of
fixed assets, intangible assets and other 103,361.02
long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
218,161,200.00 292,716,790.85
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other 14,686,415.99 14,962,496.05
long-lived assets
Payments for investments 15,000,000.00
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
33
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
activities
Subtotal of cash used in investing
29,686,415.99 14,962,496.05
activities
Net cash generated from/used in
188,474,784.01 277,754,294.80
investing activities
3. Cash flows from financing activities:
Capital contributions received
Borrowings raised
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
Repayment of borrowings
Interest and dividends paid
Cash used in other financing
207,510,992.86
activities
Subtotal of cash used in financing
207,510,992.86
activities
Net cash generated from/used in
-207,510,992.86
financing activities
4. Effect of foreign exchange rates
-6,856,683.37 120,937.17
changes on cash and cash equivalents
5. Net increase in cash and cash
49,656,218.20 257,082,094.17
equivalents
Add: Cash and cash equivalents,
803,264,792.72 983,378,125.66
beginning of the period
6. Cash and cash equivalents, end of the
852,921,010.92 1,240,460,219.83
period
Legal representative: Wu Shenghui Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Peng Fentao
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of the New
Standards Governing Leases from 2021
□ Applicable √ Not applicable
34
Foshan Electrical and Lighting Co., Ltd. First Quarterly Report 2021
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of the New
Standards Governing Leases from 2021
□ Applicable √ Not applicable
III Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□ Yes √ No
These financial statements have not been audited by such an auditor.
Foshan Electrical and Lighting Co., Ltd.
Legal representative: Wu Shenghui
23 April 2021
35