Stock Code: 000570, 200570 Stock Name: Changchai, Changchai-B Announcement No. 2021-067
CHANGCHAI COMPANY, LIMITED
THIRD QUARTERLY REPORT 2021
Changchai Company, Limited (hereinafter referred to as the “Company”) and all the members of
the Company’s Board of Directors hereby guarantee that the contents of this Report are true,
accurate and complete and free of any misrepresentations, misleading statements or material
omissions.
Important Notes:
1. The Board of Directors, the Supervisory Committee as well as the directors, supervisors and senior
management of the Company hereby guarantee that the contents of this Report are true, accurate and complete and
free of any misrepresentations, misleading statements or material omissions, and collectively and individually
accept legal responsibility for such contents.
2. The Company’s legal representative, General Manager, and head of the financial department (equivalent to
financial manager) hereby guarantee that the financial statements carried in this Report are true, accurate and
complete.
3. Indicate whether the financial statements in this Report have been audited by an independent auditor.
□Yes √ No
4. Matters with modified audit opinions given by the auditor
□ Applicable √ Not applicable
I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
YoY change
Q3 2021 YoY change (%) Q1-Q3 2021
(%)
Operating revenue
484,183,670.58 -17.15% 1,981,354,126.38 13.10%
(RMB)
Net profit attributable to
the listed company’s -23,478,352.18 —— 105,710,713.42 171.37%
shareholders (RMB)
Net profit attributable to
the listed company’s -9,073,885.20 —— 18,086,529.38 -37.25%
shareholders before
exceptional items (RMB)
Net cash generated
from/used in operating —— —— -316,185,740.11 ——
activities (RMB)
Basic earnings per share
-0.0333 —— 0.1734 149.86%
(RMB/share)
Diluted earnings per
-0.0333 —— 0.1734 149.86%
share (RMB/share)
Weighted average return
-0.75% -1.29% 4.54% 2.68%
on equity (%)
30 September 2021 31 December 2020 Change (%)
Total assets (RMB) 4,862,324,921.69 3,952,954,464.45 23.00%
Equity attributable to the
listed company’s 3,122,661,074.22 2,273,349,347.02 37.36%
shareholders (RMB)
Total share capital up to the former trading date before the disclosure:
Total share capital up to the former trading date
705,692,507
before the disclosure (share)
Fully diluted EPS calculated by the newest share capital:
Dividend on preferred shares paid (RMB) 0.00
Interest on perpetual bonds paid (RMB) 0.00
Fully diluted EPS calculated by the newest share
0.1498
capital (RMB/share)
(II) Exceptional Gains and Losses
√ Applicable □ Not applicable
Unit: RMB
Item Q3 2021 Q1-Q3 2021 Note
Gain or loss on disposal of
non-current assets (inclusive of 757,900.36 6,459.16
impairment allowance write-offs)
Government grants through profit or
loss (exclusive of government grants
continuously given in the Company’s
360,000.00 766,454.70
ordinary course of business at fixed
quotas or amounts as per the
government’s policies and standards)
Gain or loss on fair-value changes on For Q1-Q3 2021, the fair
held-for-trading financial assets and value of stocks in Jiangsu
liabilities & income from disposal of Liance Electromechanical
-20,805,528.66 102,081,339.45
held-for-trading financial assets and Technology Co., Ltd. and
liabilities and available-for-sale Kailong High Technology Co.,
financial assets (exclusive of the Ltd. held by the Company’s
effective portion of hedges that arise wholly-owned subsidiary
in the Company’s ordinary course of Changzhou Horizon
business) Investment Co., Ltd. and
equity in Jiangsu Horizon
New Energy Technology Co.,
Ltd. held by the Company
increased. For Q3, gain or loss
on fair value changes
decreased due to the decline in
stock price.
Non-operating income and expense
270,234.72 787,110.59
other than the above
Income tax refund 0.00 6,307,493.08
Less: Income tax effects -5,013,436.60 22,319,882.62
Non-controlling interests effects
510.00 4,790.32
(net of tax)
Total -14,404,466.98 87,624,184.04 --
Other items that meet the definition of exceptional gain/loss:
□ Applicable √ Not applicable
No such cases in the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item 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 in the Reporting Period.
(III) Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
1. Consolidated Balance Sheet Items
30 September 31 December
Item Change (%) Explanation of why
2021 (RMB) 2020 (RMB)
Investments in wealth management
Held-for-trading
321,347,440.00 11,500,272.00 2694.26% instruments with idle funds out of the
financial assets
amount raised in a private placement
Discounting and collection upon maturity of
Notes receivable 346,652,281.02 600,140,938.05 -42.24%
bank acceptance notes held by the Company
The Company properly allowed customers’
buying on credit for more markets and
Accounts multi-cylinder diesel engine customers are
1,033,370,187.93 397,154,016.49 160.19%
receivable mainly supporting companies of main
engine, which are usually given longer
payment days.
Decrease in imprest cash, security deposits
Other receivables 4,002,431.93 6,212,062.80 -35.57% and other receivables, as well as provisional
payments
Increase in gains on changes in the fair
value of shares held by the Company’s
wholly-owned subsidiary Changzhou
Other non-current Horizon Investment Co., Ltd. in Liance
234,801,290.76 98,732,938.63 137.81%
financial assets Technology, Kailong High Tech, etc., as
well as of equity interests held by the
Company in Jiangsu Horizon New Energy
Technology Co., Ltd.
Construction in Wholly-owned subsidiary Changchai
117,018,095.85 66,502,432.41 75.96%
progress Machinery being under construction
Increase in prepayments of Changchai
Other non-current
63,853,284.81 19,971,006.56 219.73% Machinery for construction and engineering
assets
services
Short-term Repayment of some short-term borrowings
12,000,000.00 22,000,000.00 -45.45%
borrowings by the Company and its subsidiary
Employee benefits Salaries and bonuses accrued last year were
14,007,846.80 50,127,161.47 -72.06%
payable paid in the Reporting Period
Deferred income
124,661,259.24 80,671,598.82 54.53% Increase in the fair value of financial assets
tax liabilities
Inclusion of share premium upon the
Capital reserves 640,676,218.40 164,328,665.43 289.87%
completion of a private placement
2. Consolidated Income Statement Items for Q1~Q3
Q1~Q3 2021 Q1~Q3 2020
Item Change (%) Explanation of why
(RMB) (RMB)
Exchange gains and losses resulted from
Finance costs 823,688.31 7,051,835.86 -88.32% exchange rate fluctuations and increase in
interest income
Decrease in government grants received by
Other income 766,454.70 5,695,097.89 -86.54%
the Company
Return on Increase in dividends received by the
8,663,940.64 5,503,903.85 57.41%
investment Company from the Bank of Jiangsu
Income tax 23,705,272.54 5,108,476.05 364.04% Increase in gains on changes in fair value
expense
Credit impairment Allowances for doubtful accounts
-13,804,149.22 -7,335,779.05 ——
losses receivable established based on aging
Asset impairment Decrease in losses on the impairment of
-7,356,415.78 -17,398,507.67 ——
losses assets such as inventories
Increase in sales revenue, as well as
increase in gains on changes in the fair
Net profit value of shares held by the Company’s
attributable to wholly-owned subsidiary Changzhou
shareholders of 105,710,713.42 38,953,778.68 171.37% Horizon Investment Co., Ltd. in Liance
the Company as Technology, Kailong High Tech, etc., as
the parent well as of equity interests held by the
Company in Jiangsu Horizon New Energy
Technology Co., Ltd.
3. Consolidated Cash Flow Statement Items for Q1~Q3
Item Q1~Q3 2021 Q1~Q3 2020 Change (%) Explanation of why
(RMB) (RMB)
Net cash
generated
The Company properly allowed customers’
from/used in -316,185,740.11 17,685,800.21 ——
buying on credit for more markets
operating
activities
Net cash Large investments in construction in
generated progress of Changchai Machinery, and
from/used in -427,869,678.24 -104,621,999.67 —— investments of the Company and its
investing subsidiaries in wealth management
activities instruments with idle funds
Net cash
generated
Receipt of funds raised in a private
from/used in 612,388,654.75 -2,280,722.28 ——
placement
financing
activities
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well
as Holdings of Top 10 Shareholders
Unit: share
Number of preference shareholders
Number of ordinary shareholders 51,043 0
with resumed voting rights (if any)
Top 10 shareholders
Shareho Shares in pledge, marked or
Name of Nature of lding Total shares Restricted frozen
shareholder shareholder percenta held shares held
Status Shares
ge
Changzhou
State-owned
Investment Group 32.26% 227,663,417 56,818,181
corporation
Co., Ltd.
Nuode Fund-
Huazhang Tiandi
Media Investment
Co., Ltd.-Nuode Other 1.61% 11,363,636 11,363,636
Fund Pujiang
No.64 Single Asset
Management Plan
China National
Gold Group Asset State-owned
1.51% 10,681,818 10,681,818
Management Co., corporation
Ltd.
Domestic
Chen Beiwen 1.03% 7,272,727 7,272,727
individual
Enjoy(Ningbo)Ass Other 0.97% 6,818,181 6,818,181
et Management
L.P.-Enjoy
Yingshanhong
No.9 Private
Securities
Investment Fund
Changzhou
Transportation
Construction State-owned
0.67% 4,745,454 4,545,454
Investment corporation
Development Co.,
Ltd.
Domestic
Yao Jianquan 0.64% 4,545,454 4,545,454
individual
Domestic
Sun Meichun 0.64% 4,545,454 4,545,454
individual
Jiangxi Jintou Domestic
Industrial non-state-o
0.64% 4,545,454 4,545,454
Development Co., wned
Ltd. corporation
Domestic
Minmetals non-state-o
0.64% 4,545,454 4,545,454
Securities Co., Ltd. wned
corporation
Top 10 unrestricted shareholders
Shares by class
Name of shareholder Unrestricted ordinary shares held
Class Shares
RMB-denominate
Chen Jian 3,492,700 3,492,700
d ordinary share
Domestically
KGI ASIA LIMITED 3,101,695 listed foreign 3,101,695
share
Domestically
Li Suinan 1,548,100 listed foreign 1,548,100
share
Domestically
Huang Guoliang 1,528,891 listed foreign 1,528,891
share
RMB-denominate
Wang Zefeng 1,386,747 1,386,747
d ordinary share
Domestically
Lu Zhang 1,337,012 listed foreign 1,337,012
share
Tao Xiaofang 1,240,000 RMB-denominate 1,240,000
d ordinary share
Domestically
Xue Hong 1,240,000 listed foreign 1,240,000
share
RMB-denominate
Chen Xiaojing 1,195,800 1,195,800
d ordinary share
RMB-denominate
Zhang Baoshan 1,150,000 1,150,000
d ordinary share
It is unknown whether there is among the top 10 public shareholders and
Related or acting-in-concert
the top 10 unrestricted public shareholders any related parties or
parties among the shareholders
acting-in-concert parties as defined in the Administrative Measures for
above
Information Regarding Shareholding Alteration.
Chen Jian, Wang Zefeng and Chen Xiaojing respectively held 1,966,800,
Top 10 shareholders engaged in
1,386,747 and 1,194,000 shares in the Company through their credit
securities margin trading (if any)
accounts.
III Other Significant Events
√ Applicable □ Not applicable
1. Non-public offering of shares
On 9 April 2020, the 24th meeting of the 8th board of directors of the Company discussed and approved the
Non-public Offering Plan of the Company for 2020. The Company intended to make non-public issuance of
domestic common shares listed in RMB to specific objects, and this matter was approved by the controlling
shareholder Changzhou Investment Group Co., Ltd. and was reviewed and adopted in the meeting of shareholders
of 2019. On 18 September 2020, the temporary meeting of the board of directors of the Company discussed and
approved the relevant revision matters concerning non-public issuance of shares, the Company supplemented and
improved the foresaid plan according to the relevant revision matters, and prepared the Non-public Offering Plan
of the Company for 2020 (Revision Version), which was discussed and approved in the second temporary meeting
of shareholders in 2020.
On 17 December 2020, the Company received the Reply concerning the Approval of the Non-public Offering of
Shares of Changchai Company, Limited (ZJXK [2020] No. 3374) from the China Securities Regulatory
Commission, which approved the non-public offering of up to 168,412,297 shares of the Company. The
Company's offered 144,318,181 RMB ordinary shares (A shares) in a non-public manner. The issuing price was
RMB4.40 per share, total amount raised was RMB634,999,936.40, and the net amount raised was
RMB622,499,996.40. The new shares issued in a non-public manner were listed on the Shenzhen Stock Exchange
on 5 July 2021. For details, please refer to the Report on Non-public Offering by Changchai Company, Limited
and Listing Bulletin disclosed by the Company on www.cninfo.com.cn on 1 July 2021. The Company has
completed the capital registration, industrial and commercial registration of changes, and revision of articles of
association.
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by Changchai Company, Limited
30 September 2021
Unit: RMB
Item 30 September 2021 31 December 2020
Current assets:
Monetary assets 672,734,056.90 760,728,222.85
Settlement reserve
Loans to other banks and financial institutions
Held-for-trading financial assets 321,347,440.00 11,500,272.00
Derivative financial assets
Notes receivable 346,652,281.02 600,140,938.05
Accounts receivable 1,033,370,187.93 397,154,016.49
Receivables financing
Prepayments 10,885,260.69 9,357,840.75
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables 4,002,431.93 6,212,062.80
Including: Interest receivable
Dividends receivable
Financial assets purchased under resale
agreements
Inventories 589,150,932.87 606,680,340.55
Contract assets
Assets held for sale
Current portion of non-current assets
Other current assets 19,625,671.20 27,299,362.72
Total current assets 2,997,768,262.54 2,419,073,056.21
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments
Investments in other equity instruments 829,767,691.82 685,137,950.87
Other non-current financial assets 234,801,290.76 98,732,938.63
Investment property 44,583,070.43 46,239,326.03
Fixed assets 415,214,477.96 454,181,555.68
Construction in progress 117,018,095.85 66,502,432.41
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets 155,021,871.48 158,870,631.71
Development costs
Goodwill
Long-term prepaid expense 65,002.89 13,693.20
Deferred income tax assets 4,231,873.15 4,231,873.15
Other non-current assets 63,853,284.81 19,971,006.56
Total non-current assets 1,864,556,659.15 1,533,881,408.24
Total assets 4,862,324,921.69 3,952,954,464.45
Current liabilities:
Short-term borrowings 12,000,000.00 22,000,000.00
Borrowings from the central bank
Loans from other banks and financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 656,796,159.50 595,346,000.00
Accounts payable 587,456,913.85 612,757,392.46
Advances from customers 661,612.17
Contract liabilities 37,772,926.63 35,944,517.15
Financial assets sold under repurchase
agreements
Customer deposits and deposits from other
banks and financial institutions
Payables for acting trading of securities
Payables for underwriting of securities
Employee benefits payable 14,007,846.80 50,127,161.47
Taxes and levies payable 4,044,397.46 2,869,485.41
Other payables 235,066,490.82 197,545,076.08
Including: Interest payable
Dividends payable 3,891,433.83 3,891,433.83
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with assets held
for sale
Current portion of non-current liabilities
Other current liabilities 6,106,039.32 5,233,947.12
Total current liabilities 1,553,250,774.38 1,522,485,191.86
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income 42,179,737.60 56,949,737.60
Deferred income tax liabilities 124,661,259.24 80,671,598.82
Other non-current liabilities
Total non-current liabilities 166,840,996.84 137,621,336.42
Total liabilities 1,720,091,771.22 1,660,106,528.28
Owners’ equity:
Share capital 705,692,507.00 561,374,326.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 640,676,218.40 164,328,665.43
Less: Treasury stock
Other comprehensive income 548,418,038.05 425,482,758.24
Specific reserve 18,812,986.55 18,812,986.55
Surplus reserves 325,451,531.14 325,451,531.14
General reserve
Retained earnings 883,609,793.08 777,899,079.66
Total equity attributable to owners of the Company
3,122,661,074.22 2,273,349,347.02
as the parent
Non-controlling interests 19,572,076.25 19,498,589.15
Total owners’ equity 3,142,233,150.47 2,292,847,936.17
Total liabilities and owners’ equity 4,862,324,921.69 3,952,954,464.45
Legal representative: Shi Xinkun General Manager: Zhang Xin
Head of the accounting department: Jiang He
2. Consolidated Income Statement for Q1~Q3
Unit: RMB
Item Q1~Q3 2021 Q1~Q3 2020
1. Revenues 1,981,354,126.38 1,751,860,265.23
Including: Operating revenue 1,981,354,126.38 1,751,860,265.23
Interest income
Insurance premium income
Fee and commission income
2. Costs and expenses 1,942,537,176.98 1,694,490,647.57
Including: Cost of sales 1,709,842,352.28 1,468,409,717.46
Interest expense
Fee and commission expense
Surrenders
Net insurance claims paid
Net amount provided as insurance contract reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and levies 9,599,626.55 9,673,762.22
Selling expense 97,211,507.42 102,089,329.05
Administrative expense 69,073,749.70 57,818,820.36
R&D expense 55,986,252.72 49,447,182.62
Finance costs 823,688.31 7,051,835.86
Including: Interest expense 5,806,935.93 5,384,379.68
Interest income 7,246,601.53 4,563,438.25
Add: Other income 766,454.70 5,695,097.89
Return on investment (“-” for loss) 8,663,940.64 5,503,903.85
Including: Share of profit or loss 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 (“-” for loss) 101,609,123.57
Credit impairment loss (“-” for loss) -13,804,149.22 -7,335,779.05
Asset impairment loss (“-” for loss) -7,356,415.78 -17,398,507.67
Asset disposal income (“-” for loss) 6,459.16 181,780.55
3. Operating profit (“-” for loss) 128,702,362.47 44,016,113.23
Add: Non-operating income 1,268,521.68 628,068.52
Less: Non-operating expense 481,411.09 424,278.65
4. Gross profit (“-” for loss) 129,489,473.06 44,219,903.10
Less: Income tax expense 23,705,272.54 5,108,476.05
5. Net profit (“-” for net loss) 105,784,200.52 39,111,427.05
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net loss) 105,784,200.52 39,111,427.05
5.1.2 Net profit from discontinued operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to owners of the Company as the
105,710,713.42 38,953,778.68
parent
5.2.1 Net profit attributable to non-controlling interests 73,487.10 157,648.37
6. Other comprehensive income, net of tax 122,935,279.81 22,732,693.67
Attributable to owners of the Company as the parent 122,935,279.81 22,732,693.67
6.1 Items that will not be reclassified to profit or loss 122,935,279.81 22,732,693.67
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 investments in other
122,935,279.81 22,732,693.67
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 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 other debt investments
6.2.3 Other comprehensive income arising from the
reclassification of financial assets
6.2.4 Credit impairment allowance for other debt
investments
6.2.5 Reserve for cash flow hedges
6.2.6 Differences arising from the translation of foreign
currency-denominated financial statements
6.2.7 Other
Attributable to non-controlling interests
7. Total comprehensive income 228,719,480.33 61,844,120.72
Attributable to owners of the Company as the parent 228,645,993.23 61,686,472.35
Attributable to non-controlling interests 73,487.10 157,648.37
8. Earnings per share
8.1 Basic earnings per share 0.1734 0.0694
8.2 Diluted earnings per share 0.1734 0.0694
Legal representative: Shi Xinkun General Manager: Zhang Xin
Head of the accounting department: Jiang He
3. Consolidated Cash Flow Statement for Q1~Q3
Unit: RMB
Item Q1~Q3 2021 Q1~Q3 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of
1,631,589,730.09 1,611,643,141.67
services
Net increase in customer deposits and deposits from other
banks and financial institutions
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, fees and commissions received
Net increase in loans from other banks and financial
institutions
Net increase in proceeds from repurchase transactions
Net proceeds from acting trading of securities
Tax and levy rebates 33,014,359.71 21,886,374.72
Cash generated from other operating activities 10,218,300.82 11,604,073.90
Subtotal of cash generated from operating activities 1,674,822,390.62 1,645,133,590.29
Payments for commodities and services 1,610,525,132.37 1,284,823,979.81
Net increase in loans and advances to customers
Net increase in deposits in the central bank and other
banks and financial institutions
Payments for claims on original insurance contracts
Net increase in loans to other banks and financial
institutions
Interest, fees and commissions paid
Policy dividends paid
Cash paid to and for employees 253,758,615.93 220,889,699.06
Taxes and levies paid 31,954,409.88 32,562,156.11
Cash used in other operating activities 94,769,972.55 89,171,955.10
Subtotal of cash used in operating activities 1,991,008,130.73 1,627,447,790.08
Net cash generated from/used in operating activities -316,185,740.11 17,685,800.21
2. Cash flows from investing activities:
Proceeds from disinvestment 28,222,100.00 29,773,443.16
Return on investment 8,762,954.14 5,503,903.85
Net proceeds from the disposal of fixed assets, intangible
815,419.17 108,370.88
assets and other long-lived assets
Net proceeds from the disposal of subsidiaries and other
business units
Cash generated from other investing activities 97,150.00
Subtotal of cash generated from investing activities 37,800,473.31 35,482,867.89
Payments for the acquisition of fixed assets, intangible
120,898,051.55 114,151,611.40
assets and other long-lived assets
Payments for investments 344,772,100.00 25,022,956.16
Net increase in pledged loans granted
Net payments for the acquisition of subsidiaries and other
business units
Cash used in other investing activities 930,300.00
Subtotal of cash used in investing activities 465,670,151.55 140,104,867.56
Net cash generated from/used in investing activities -427,869,678.24 -104,621,999.67
3. Cash flows from financing activities:
Capital contributions received 634,999,996.40
Including: Capital contributions by non-controlling
interests to subsidiaries
Borrowings received 7,000,000.00 20,000,000.00
Cash generated from other financing activities 1,391,000.00
Subtotal of cash generated from financing activities 643,390,996.40 20,000,000.00
Repayment of borrowings 17,000,000.00 20,000,000.00
Interest and dividends paid 1,307,343.28 2,280,722.28
Including: Dividends paid by subsidiaries to
non-controlling interests
Cash used in other financing activities 12,694,998.37
Subtotal of cash used in financing activities 31,002,341.65 22,280,722.28
Net cash generated from/used in financing activities 612,388,654.75 -2,280,722.28
4. Effect of foreign exchange rates changes on cash and cash
-401,452.02
equivalents
5. Net increase in cash and cash equivalents -131,666,763.60 -89,618,373.76
Add: Cash and cash equivalents, beginning of the period 629,939,540.50 545,959,998.20
6. Cash and cash equivalents, end of the period 498,272,776.90 456,341,624.44
Legal representative: Shi Xinkun General Manager: Zhang Xin
Head of the accounting department: Jiang He
(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
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.
The Board of Directors
Changchai Company, Limited
29 October 2021
