2019 First Quarter Report
Of
Chongqing Changan Automobile Company Limited
April, 2019
1
Chapter 1 Important Notes
The Board of Directors, the Supervisory Committee and directors, supervisors and senior
management of Chongqing Changan Automobile Company Limited (hereinafter referred to as “the
Company”) hereby guarantee that no false or misleading statement or major omission was made to
the materials in this report and that they will assume all the responsibilities, individually and jointly,
for the trueness, accuracy and completeness of the contents of this report.
All directors attended the board meeting for reviewing the first quarter report.
The Chairman of the Board Zhang Baolin, the Chief Financial Officer Zhang Deyong and the
responsible person of the accounting institution (Accountant in charge) Chen Jianfeng hereby
declare that the Financial Statements enclosed in this annual report are true, accurate and complete.
The report shall be presented in both Chinese and English, and should there be any conflicting
understanding of the text, the Chinese version shall prevail.
2
Chapter 2 Basic Information
I. Main accounting data and financial indicators
Does the company conduct the retrospective adjustment or restatement of previous years accounting data due to changes in
accounting policies or accounting errors?
□Yes √No
In RMB Yuan
The reporting period The same period of last year Variance (%)
Operating income 16,007,950,602.50 20,010,746,940.77 -20.00%
Net profit attributable to shareholders of the Company -2,096,352,326.12 1,391,793,407.67 -250.62%
Net profit excluding non-recurring gains and losses
-2,161,147,810.27 896,758,297.55 -341.00%
attributable to shareholders of listed company
cash flow from operating activities 3,258,788,381.35 2,636,312,735.66 23.61%
Basic earnings per share -0.44 0.29 -251.72%
Diluted earnings per share - - -
Weighted average return on net assets -4.62% 2.88% Down 7.50 points
The reporting period End of 2018 Variance (%)
Total assets 95,867,326,904.10 93,488,854,098.95 2.54%
Net assets attributable to shareholders of listed
44,437,673,227.16 46,244,958,676.52 -3.91%
company
Accidental gain/loss item and amount
√ Applicable □ Not applicable
In RMB Yuan
Amount of the period from the
Item beginning of year to the end of Explanation
report term
Gain/loss of non-current assets -1,633,541.79
Government subsidies accounted into current gain/loss account, other than
those closely related to the Company’s common business, comply with the 57,557,097.02
national policy and continues to enjoy at certain fixed rate or amount.
Interest on deferred payment of funds received by non financial enterprises 10,682,531.96
Other non-business income and expenditures other than the above 8,990,590.89
Less: Influenced amount of income tax 10,286,093.79
Influenced amount of minority shareholders’ equity 515,100.14
Total 64,795,484.15
According to “Public offering of securities information disclosure of the company's information disclosure announcement No. 1 –
non-recurring gains and losses “Public offering of securities information disclosure of the company's information disclosure
announcement No. 1 – non-recurring gains and losses” defined non-recurring items ,and Public offering of securities information
disclosure of the company's information disclosure announcement No. 1 - non-recurring gains and losses “The items listed in the
non-recurring items defined as recurring items shall be explained .
□ Applicable √Not applicable
The company in the reporting period does not base on the definition and listing of “Public offering of securities information
disclosure of the company's information disclosure announcement No. 1 – non-recurring gains and losses” about non-recurring gains
and losses to define a case of recurring profit or loss.
3
II. Total number of shareholders at the end of the reporting period and statement on shares
held by the top ten tradable shareholders
1. Total number of shareholders at the end of the reporting period and statement on shares held by the top
ten shareholders
Unit: share
As of the reporting period, the total number of shareholders 203,311
Top 10 Shareholders
Properties of Shareholding Number of Conditional Pledging or freezing
Name of the shareholder
shareholder (%) shares shares Share status Amount
China South Industries Group Co., State-owned legal No pledge or
person shares 21.56% 1,035,312,673 0
Ltd. frozen
State-owned legal No pledge or
China Changan Automobile Co., Ltd. person shares
19.32% 928,044,946 139,762,403 0
frozen
domestic general legal No pledge or
China securities finance Co, Ltd person shares
4.88% 234,265,333 0
frozen
United Prosperity (Hongkong) foreign legal person No pledge or
shares
3.21% 154,120,237 0
Investment Co., Limited frozen
domestic general legal No pledge or
Central Huijin Investment Ltd. person shares
1.15% 55,393,100 0
frozen
DRAGON BILLION SELECT foreign legal person No pledge or
shares
0.85% 40,597,114 0
MASTER FUND frozen
foreign legal person No pledge or
GIC PRIVATE LIMITED shares
0.74% 35,340,771 0
frozen
China Merchants Bank Co., Ltd.-Boss
CSI Central Enterprise Structure fund, finance No pledge or
0.55% 26,498,722 0
Adjustment Transaction Open Index products, etc. frozen
Securities Investment Fund
Hong Kong Central Clearing foreign legal person No pledge or
shares 0.47% 22,768,083 0
Company Limited frozen
VANGUARD TOTAL
foreign legal person No pledge or
INTERNATIONAL STOCK INDEX shares 0.38% 18,012,213 0
frozen
FUND
Top 10 holders of unconditional shares
Amount of shares Category of shares
Name of the shareholder without sales
restriction Category of shares Amount
China South Industries Group Co., Ltd. 1,035,312,673 RMB ordinary shares 1,035,312,673
China Changan Automobile Co., Ltd. 788,282,543 RMB ordinary shares 788,282,543
China securities finance Co, Ltd 234,265,333 RMB ordinary shares 234,265,333
Domestic listed foreign
United Prosperity (Hongkong) Investment Co., Limited 154,120,237 shares 154,120,237
Central Huijin Investment Ltd. 55,393,100 RMB ordinary shares 55,393,100
Domestic listed foreign
DRAGON BILLION SELECT MASTER FUND 40,597,114 shares 40,597,114
Domestic listed foreign
GIC PRIVATE LIMITED 35,340,771 shares 35,340,771
China Merchants Bank Co., Ltd.-Boss CSI Central Enterprise
Structure Adjustment Transaction Open Index Securities 26,498,722 RMB ordinary shares 26,498,722
Investment Fund
Hong Kong Central Clearing Company Limited 22,768,083 RMB ordinary shares 22,768,083
VANGUARD TOTAL INTERNATIONAL STOCK INDEX Domestic listed foreign
18,012,213 shares 18,012,213
FUND
4
Among the top 10 shareholders, China South Industries Group Co., Ltd., the
actual controller; China Changan Automobile Group Co., Ltd., the controlling
Explanation on the relationship and the action alike of above shareholder, and its wholly owned subsidiary United Prosperity (Hong Kong)
shareholders Investment Co., Limited. belong to the concerted actor regulated by
“Disclosure Administration of Shares Change Information of The Listed
Company”.
Whether the company top 10 shareholders of ordinary shares, and the top 10 circulated shareholders agreed on the repurchase
transactions during the report period
□Applicable √Not Applicable
The top 10 shareholders of ordinary shares, and the top 10 circulated shareholders have not agreed on the repurchase transactions
during the report period
2. Total number of preferred shareholders at the end of the reporting period and statement on preferred
shares held by the top ten tradable shareholders
□Applicable √Not Applicable
5
Chapter 3 Important Matters
I. Significant changes & reasons in major accounting data, financial indicators
√Applicable □Not Applicable
In RMB Yuan
Number Balance Sheet Items Mar. 31st,2019 Jan. 1st, 2019 Changes (%)
1 Advances from customers 3,214,095,309.18 1,556,482,278.92 106.50%
2 Payroll payables 950,601,604.89 1,362,995,277.56 -30.26%
3 Taxes payable 252,387,664.11 669,316,487.25 -62.29%
4 Other payables 5,163,334,579.88 3,079,749,015.80 67.65%
5 Deferred tax liabilities 185,815,474.08 135,231,170.60 37.41%
6 Other comprehensive income 495,814,992.98 235,509,930.44 110.53%
Income Statement Items Jan-Mar 2019 Jan-Mar 2018 Changes (%)
1 R&D expenses 455,925,951.99 265,386,051.26 71.80%
2 Financial expenses -42,420,980.32 -124,880,508.71 66.03%
3 Investment income -397,154,020.56 1,148,431,489.58 -134.58%
4 Income tax expenses 67,508,680.94 17,667,374.07 282.11%
Cash Flow Statement Items Jan-Mar 2019 Jan-Mar 2018 Changes (%)
Net cash flows from operating
1 3,258,788,381.35 2,636,312,735.66 23.61%
activities
Net cash flows from investing
2 -1,241,139,566.02 -1,683,776,880.84 26.29%
activities
Net cash flows from financing
3 -491,899,844.50 758,546,761.56 -164.85%
activities
Net increase of cash and cash
4 1,542,739,858.66 1,712,679,597.26 -9.92%
equivalents
As at the end of reporting period, the company’s total asset was 95.867 billion Yuan, with 2.54% increase compared with the
beginning of the year. The total liability was 51.528 billion Yuan, with 8.86% increase compared with the beginning of the year. The
debt asset ratio was 53.75%, which was 3.12 percentage points higher than the beginning of the year. The balance of advances from
customers increased compared with the beginning of the year, mainly due to the increase in on-transit vehicles that the company had
invoiced but did not reach the dealers at the end of the quarter. The balance of payroll payables decreased mainly due to the company's
first quarterly payment of the payables due from the end of the previous year. The balance of taxes payable decreased mainly due to the
decrease in the consumption tax. The balance of other payables increased mainly due to the increase of dealer acceptance bill deposits.
The balance of deferred tax liabilities increased mainly due to the increase in the fair value of the stocks held by the company. The
balance of other comprehensive income increased mainly due to the increase in the fair value of the stocks held.
During the reporting period, R&D expenses increased significantly compared with the same period of last year, mainly due to the
company’s accounting conversion from year-end to quarter-end in the first quarter of 2019. Financial expenses increased significantly
mainly due to the decrease in interest income. Investment income decreased mainly due to the significant decrease in investment
income of Changan Ford. Income tax expenses increased mainly due to the decrease in deferred income tax assets.
During the reporting period, net increase of cash and cash equivalents was 1.543 billion Yuan, decreased by 9.92% on a
year-on-year basis, mainly due to the significant decrease in net cash flows from financing activities. Net cash flows from operating
activities was 3.259 billion Yuan, increased by 23.61% on a year-on-year basis, mainly due to the significant increase in other cash
received related to operating activities. Net cash flows from investing activities was -1.241 billion Yuan, increased by 26.29% on a
year-on-year basis, mainly due to the significant decrease in cash paid for the purchase and construction of fixed assets, intangible
assets and other long-term assets. Net cash flows from financing activities was -0.492 billion Yuan, decreased by 164.85% on a
year-on-year basis, mainly due to the significant decrease in other cash received (finance acceptance, letter of credit recovery), and the
significant increase in other cash payments related to financing activities.
6
II. The progress and influence of significant events and the analysis and explanation on
resolving proposal
□Applicable √Not Applicable
III. Commitments made within the reporting period by the controlling shareholders,
shareholders, related party, acquirer and the company overdue and not fulfilled
□Applicable √Not Applicable
During the reporting period, the company's actual controllers, shareholders, related parties, purchasers and companies and other
commitment parties don’t have any overdue unfulfilled commitments.
IV. Forecast of operation performance from Jan. – June of 2019
The warning or a reason for a loss or a significant change of cumulative net profit from the beginning of the year to the end of the
next reporting period compared with the same period of last year
□Applicable √Not Applicable
V. Securities Investment
√Applicable □Not Applicable
Opening Gain/loss
Initial Opening Closing Closing in the
equity equity Closing book
Security Stock Stock investment equity equity reporting Accounting Equity
value (RMB
variety code name cost (RMB Holdings holding holdings Holdings period title source
ratio Yuan)
Yuan) (share) (share) （%） (RMB
(%) Yuan)
Investment
Southwest in other Initial
Stock 600369 50,000,000 35,500,000 0.63% 35,500,000 0.63% 196,315,000 -
Securities equity investment
instruments
Total 50,000,000 35,500,000 -- 35,500,000 -- 196,315,000 - -- --
VI. Derivative Investment
□Applicable √Not Applicable
During the company's reporting period, there is no derivative investment.
VII. Interviews and visits in the reporting period
√Applicable □Not Applicable
Date Manner Object Content discussed and material offered
For details, see the January 4, 2019 Shenzhen stock exchange interactive
2019.01.2 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: January 2, 2019 investor
relations activities record sheet
For details, see the January 14, 2019 Shenzhen stock exchange interactive
2019.01.10 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: January 10, 2019 investor
relations activities record sheet(1)
For details, see the January 14, 2019 Shenzhen stock exchange interactive
2019.01.10 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: January 10, 2019 investor
relations activities record sheet(2)
For details, see the January 14, 2019 Shenzhen stock exchange interactive
2019.01.10 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: January 10, 2019 investor
relations activities record sheet(3)
7
For details, see the January 14, 2019 Shenzhen stock exchange interactive
2019.01.11 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: January 11, 2019 investor
relations activities record sheet(1)
For details, see the January 14, 2019 Shenzhen stock exchange interactive
2019.01.11 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: January 11, 2019 investor
relations activities record sheet(2)
For details, see the January 17, 2019 Shenzhen stock exchange interactive
2019.01.15 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: January 15, 2019 investor
relations activities record sheet
For details, see the January 18, 2019 Shenzhen stock exchange interactive
2019.01.15 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: January 15, 2019 investor
relations activities record sheet(2)
For details, see the January 18, 2019 Shenzhen stock exchange interactive
2019.01.16 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: January 16, 2019 investor
relations activities record sheet
For details, see the January 22, 2019 Shenzhen stock exchange interactive
2019.01.18 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: January 18, 2019 investor
relations activities record sheet
For details, see the January 24, 2019 Shenzhen stock exchange interactive
2019.01.22 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: January 22, 2019 investor
relations activities record sheet(1)
For details, see the January 24, 2019 Shenzhen stock exchange interactive
2019.01.22 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: January 22, 2019 investor
relations activities record sheet(2)
For details, see the February 27, 2019 Shenzhen stock exchange interactive
2019.02.26 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: February 26, 2019 investor
relations activities record sheet
For details, see the March 1, 2019 Shenzhen stock exchange interactive
2019.02.28 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: February 28, 2019 investor
relations activities record sheet
For details, see the March 7, 2019 Shenzhen stock exchange interactive
2019.03.05 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: March 5, 2019 investor
relations activities record sheet
For details, see the March 18, 2019 Shenzhen stock exchange interactive
2019.03.14 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: March 14, 2019 investor
relations activities record sheet(1)
For details, see the March 18, 2019 Shenzhen stock exchange interactive
2019.03.14 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: March 14, 2019 investor
relations activities record sheet
For details, see the March 20, 2019 Shenzhen stock exchange interactive
2019.03.19 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: March 19, 2019 investor
relations activities record sheet
For details, see the March 25, 2019 Shenzhen stock exchange interactive
2019.03.22 On-Site Survey Institution (http://irm.cninfo.com.cn) on the Changan Automobile: March 22, 2019 investor
relations activities record sheet
VIII. Illegal external guarantee
□Applicable √Not Applicable
The company doesn’t violate the rules of external guarantee during the reporting period.
IX. Controlling shareholder and its related parties to the listing Corporation's non-operating
funds
□Applicable √Not Applicable
During the reporting period, there is no non-operating capital occupied by the controlling shareholder and its related parties to the
8
listed company.
9
Chapter 4 Financial Statements
I. Financial Statements
1. Consolidated Balance Sheet
Prepared by: CHONGQING CHANGAN AUTOMOBILE CO., LTD.
March 31, 2019
In RMB Yuan
Account Ending Balance Opening Balance
Current assets:
Cash 12,023,594,008.52 9,980,544,526.14
Notes receivable and accounts receivable 20,598,377,328.35 21,971,045,405.74
Notes receivable
Accounts receivable
Prepayments 1,017,399,139.96 866,249,749.51
Other receivables 3,321,107,193.86 3,250,452,923.70
Inventories 6,199,642,538.90 4,917,420,457.19
Holding assets for sale
Non-current assets due within one year
Other current assets 1,681,537,503.74 2,227,565,353.23
Total current assets 44,841,657,713.33 43,213,278,415.51
Non-current assets:
Available-for-sale financial assets - 1,957,873,311.31
Long-term receivables
Long-term equity investments 12,878,016,098.27 13,275,170,118.83
Investment in other equity instruments 2,295,847,767.70 -
Investment properties 7,272,883.39 7,329,561.28
Fixed assets 23,197,358,204.84 22,161,054,058.31
Construction in progress 5,157,326,015.29 5,383,844,030.75
Intangible assets 4,924,692,543.75 5,018,243,552.80
Development expenditure 952,809,135.58 789,597,615.60
Goodwill 9,804,394.00 9,804,394.00
Long-term deferred expenses 16,529,048.19 17,104,601.67
Deferred tax assets 1,586,013,099.76 1,655,554,438.89
Other non-current assets
Total non-current assets 51,025,669,190.77 50,275,575,683.44
TOTAL ASSETS 95,867,326,904.10 93,488,854,098.95
Current liabilities:
Short-term loans 215,000,000.00 190,000,000.00
Notes payable and accounts payable 30,035,449,763.21 28,724,063,539.34
Advances from customers 3,214,095,309.18 1,556,482,278.92
Payroll payable 950,601,604.89 1,362,995,277.56
10
Taxes payable 252,387,664.11 669,316,487.25
Other payables 5,163,334,579.88 3,079,749,015.81
Non-current liabilities within one year - 6,594,120.00
Other current liabilities 3,796,224,641.85 4,325,441,152.61
Total current liabilities 43,627,093,563.12 39,914,641,871.49
Non-current liabilities:
Long-term loans
Long-term payables 323,229,072.47 303,590,824.69
Long-term payroll payable 50,819,993.72 53,837,000.00
Estimated liabilities 3,689,408,475.45 3,245,322,744.12
Deferred Revenue 3,651,912,499.87 3,683,308,534.73
Deferred tax liabilities 185,815,474.08 135,231,170.59
Other non-current liabilities
Total non-current liabilities 7,901,185,515.59 7,421,290,274.13
Total liabilities 51,528,279,078.71 47,335,932,145.62
Owners’ equity (or Shareholders’ equity):
Share capital 4,802,648,511.00 4,802,648,511.00
Capital reserves 5,057,242,440.17 5,057,242,440.17
Other comprehensive income 495,814,992.98 235,509,930.44
Special reserves 69,984,183.32 41,222,369.10
Surplus reserves 2,401,324,255.50 2,401,324,255.50
Retained earnings 31,610,658,844.19 33,707,011,170.31
Equity attributable to owners 44,437,673,227.16 46,244,958,676.52
Minority interests -98,625,401.77 -92,036,723.19
Total Owners’ equity (or Shareholders’ equity) 44,339,047,825.39 46,152,921,953.33
Liabilities and owners' equity (or shareholders' equity) in total 95,867,326,904.10 93,488,854,098.95
Legal person: Zhang Baolin Chief financial officer: Zhang Deyong The head of accounting department: Chen Jianfeng
2. Balance Sheet
In RMB Yuan
Account Ending Balance Opening Balance
Current assets:
Cash 8,590,074,700.84 7,310,973,018.99
Notes receivable and accounts receivable 25,019,975,366.50 25,070,320,963.39
Notes receivable
Accounts receivable
Prepayments 874,981,674.29 671,849,711.04
Other receivables 2,118,212,863.27 2,344,318,158.83
Inventories 5,266,224,082.52 3,851,783,233.12
Holding assets for sale
Non-current assets due within one year
Other current assets 951,218,608.28 1,355,155,749.21
Total current assets 42,820,687,295.70 40,604,400,834.58
Non-current assets:
Available-for-sale financial assets - 541,182,000.00
11
Long-term receivables
Long-term equity investments 17,888,228,446.96 18,017,137,600.72
Investment in other equity instruments 613,957,000.00 -
Investment properties
Fixed assets 17,851,564,773.32 16,795,537,563.35
Construction in progress 3,910,699,408.35 4,114,409,774.13
Intangible assets 3,970,912,888.25 4,054,893,372.88
Development expenditure 588,978,506.49 559,309,970.45
Goodwill
Long-term deferred expenses 11,916,261.00 12,555,353.69
Deferred tax assets 1,480,578,729.97 1,533,057,523.95
Other non-current assets - 250,000,000.00
Total non-current assets 46,316,836,014.34 45,878,083,159.17
TOTAL ASSETS 89,137,523,310.04 86,482,483,993.75
Current liabilities:
Short-term loans
Notes payable and accounts payable 26,291,048,980.23 24,263,743,505.87
Advances from customers 2,888,962,129.86 1,208,631,011.05
Payroll payable 647,298,578.68 1,001,765,362.99
Taxes payable 255,030,148.19 604,525,457.30
Other payables 4,691,552,086.11 3,219,909,047.22
Holding liabilities for sale
Non-current liabilities within one year
Other current liabilities 3,330,483,877.42 3,923,419,042.37
Total current liabilities 38,104,375,800.49 34,221,993,426.80
Non-current liabilities:
Long-term loans
Long-term payables 254,265,380.88 248,240,115.29
Long-term payroll payable 21,454,931.87 24,315,000.00
Estimated liabilities 2,680,122,419.91 2,372,512,543.49
Deferred Revenue 2,894,468,237.77 2,827,208,446.74
Deferred tax liabilities 37,599,992.04 26,683,742.04
Other non-current liabilities
Total non-current liabilities 5,887,910,962.47 5,498,959,847.56
Total liabilities 43,992,286,762.96 39,720,953,274.36
Owners’ equity (or Shareholders’ equity):
Share capital 4,802,648,511.00 4,802,648,511.00
Capital reserves 4,705,917,638.38 4,705,917,638.38
Other comprehensive income 211,384,553.58 149,525,803.58
Special reserves 23,659,869.51 19,835,367.61
Surplus reserves 2,401,324,255.50 2,401,324,255.50
Retained earnings 33,000,301,719.11 34,682,279,143.32
Total Owners’ equity (or Shareholders’ equity) 45,145,236,547.08 46,761,530,719.39
Liabilities and owners' equity (or shareholders' equity) in total 89,137,523,310.04 86,482,483,993.75
12
3. Consolidated Income Statement of the report term
In RMB Yuan
Account Current Period Prior Period
I. Total operating income 16,007,950,602.50 20,010,746,940.77
Operating income 16,007,950,602.50 20,010,746,940.77
Interest income
Earned premium
Fee and commission income
II. Total operating cost 17,711,143,051.82 20,389,516,370.09
Including: Operating cost 15,204,463,239.37 17,608,864,072.39
Tax and surcharges 587,353,356.83 733,870,230.80
Operating expenses 875,729,224.29 1,244,708,672.52
General and administrative expenses 626,499,621.93 660,215,017.26
R&D expenses 455,925,951.99 265,386,051.26
Financial expenses -42,420,980.32 -124,880,508.71
Interest expense
Interest income
Impairment loss on assets - 1,352,834.57
Impairment loss on credit 3,592,637.73 -
Add: Other income 57,557,097.02 612,605,944.25
Investment income (‘-‘ represent loss) -397,154,020.56 1,148,431,489.58
Investment income from associates and from joint venture -388,909,153.76 1,148,431,489.57
Asset disposal income -1,633,541.79 3,187,946.74
III. Operating profit (‘-’ represent loss) -2,044,422,914.65 1,385,455,951.25
Add: Non-operating income 9,940,462.40 13,858,456.32
Less: Non-operating expenses 949,871.51 24,442,068.39
IV. Total profit(‘-’ represent loss) -2,035,432,323.76 1,374,872,339.18
Less: Income tax expense 67,508,680.94 17,667,374.07
V. Net profit (‘-’ represent net loss) -2,102,941,004.70 1,357,204,965.11
I) Net profit from continuing operations -2,102,941,004.70 1,357,204,965.11
II) Net profit from discontinued operations
Net profit attributable to owners -2,096,352,326.12 1,391,793,407.67
Minority interests -6,588,678.58 -34,588,442.56
VI. Other comprehensive income, net of tax 260,305,062.54 -29,597,039.17
Total comprehensive income attributable to owners, net of tax 260,305,062.54 -29,597,039.17
I) Other comprehensive income not to be reclassified to profit or loss in
- -
subsequent periods
Change from defined benefit plan
Other comprehensive income not to be reclassified to profit or loss
under equity method
II) Other comprehensive income to be reclassified to profit or loss in
260,305,062.54 -29,597,039.17
subsequent periods
Other comprehensive income transferable to profit or loss under the
equity method
Changes in fair value from available-for-sale financial assets 287,350,152.91 -8,147,250.00
13
Foreign currency reserve -27,045,090.37 -21,449,789.17
VII. Total comprehensive income -1,842,635,942.16 1,327,607,925.94
Total comprehensive income attributable to owners -1,836,047,263.58 1,362,196,368.50
Total comprehensive income attributable to minority interest -6,588,678.58 -34,588,442.56
VIII. Earnings per share:
I) Basic earnings per share -0.44 0.29
II) Diluted earnings per share -0.44 0.29
Legal person: Zhang Baolin Chief financial officer: Zhang Deyong The head of accounting department: Chen Jianfeng
4. Income Statement of the report term
In RMB Yuan
Account Current Period Prior Period
I. Operating income 14,441,944,991.72 19,213,800,292.11
Less: Operating cost 13,806,773,684.94 16,928,217,741.42
Tax and surcharges 483,106,911.75 650,954,224.15
Operating expenses 670,541,870.34 1,162,227,767.63
General and administrative expenses 347,026,490.13 478,427,972.21
R&D expenses 455,935,285.81 262,185,401.90
Financial expenses -44,343,446.15 -126,234,600.20
Interest expense
Interest income
Impairment loss on assets - 646,710.64
Impairment loss on credit 769,683.06 -
Add: Other income 27,829,453.81 595,291,993.63
Investment income (‘-‘ represent loss) -386,857,266.96 1,149,969,197.43
Investment income from associates and from joint venture -388,909,153.76 1,148,431,489.57
Asset disposal income -1,611,974.75 3,192,925.68
II. Operating profit (‘-’ represent loss) -1,638,505,276.06 1,605,829,191.10
Add: Non-operating income 8,494,672.83 10,480,635.46
Less: Non-operating expenses -511,973.00 17,500,000.00
III. Total profit(‘-’ represent loss) -1,629,498,630.23 1,598,809,826.56
Less: Income tax expense 52,478,793.98 -3,333,793.88
IV. Net profit (‘-’ represent net loss) -1,681,977,424.21 1,602,143,620.44
I) Net profit from continuing operations -1,681,977,424.21 1,602,143,620.44
II) Net profit from discontinued operations
V. Other comprehensive income, net of tax 61,858,750.00 -8,147,250.00
I) Other comprehensive income not to be reclassified to profit or loss in
subsequent periods
Change from defined benefit plan
Other comprehensive income not to be reclassified to profit or loss
under equity method
II) Other comprehensive income to be reclassified to profit or loss in
61,858,750.00 -8,147,250.00
subsequent periods
Other comprehensive income transferable to profit or loss under the
equity method
14
Changes in fair value from available-for-sale financial assets 61,858,750.00 -8,147,250.00
Foreign currency reserve
VI. Total comprehensive income -1,620,118,674.21 1,593,996,370.44
VII. Earnings per share:
I) Basic earnings per share -0.35 0.33
II) Diluted earnings per share -0.35 0.33
5. Consolidated Cash Flow Statement from the beginning of year to the end of report term.
In RMB Yuan
Account Current Period Prior Period
I. CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from sale of goods or rendering of services 20,101,009,864.13 24,813,884,558.55
Refunds of taxes 130,977,526.05 155,823,063.63
Cash received relating to other operating activities 2,351,463,047.17 1,228,231,229.46
Sub-total of cash inflows 22,583,450,437.35 26,197,938,851.64
Cash paid for goods and services 14,906,195,196.51 18,818,161,279.64
Cash paid to and on behalf of employees 1,732,748,414.84 2,032,314,303.62
Cash paid for all types of taxes 1,046,776,024.48 966,403,211.09
Cash paid relating to other operating activities 1,638,942,420.17 1,744,747,321.63
Sub-total of cash outflows 19,324,662,056.00 23,561,626,115.98
Net cash flows from operating activities 3,258,788,381.35 2,636,312,735.66
II. CASH FLOWS FROM INVESTING ACTIVITIES:
Cash received from return on investments
Cash received from investment income
Net cash received from disposal of fixed assets, intangible assets and other
20,000.00 811,738.47
long-term assets
Net cash received from disposal of subsidiaries and other business units
Cash received relating to other investing activities 348,000.00 -
Sub-total of cash inflows 368,000.00 811,738.47
Cash paid for acquisition of fixed assets, intangible assets and other long-term
1,241,507,566.02 1,684,588,619.31
assets
Cash paid for acquisition of investments
Net cash paid for subsidiaries and other business units
Cash paid relating to other investing activities
Sub-total of cash outflows 1,241,507,566.02 1,684,588,619.31
Net cash flows from investing activities -1,241,139,566.02 -1,683,776,880.84
15
III. CASH FLOWS FROM FINANCING ACTIVITIES:
Cash received from borrowings 35,000,000.00 150,000,000.00
Cash received from the issuance of bonds
Cash received relating to other financing activities 28,195,180.76 782,908,132.54
Sub-total of cash inflows 63,195,180.76 932,908,132.54
Cash repayments of borrowings 16,708,100.00 171,300,000.00
Cash paid for distribution of dividends or profits and interest expenses 9,358,472.79 3,061,370.98
Cash paid relating to other financing activities 529,028,452.47 -
Sub-total of cash outflows 555,095,025.26 174,361,370.98
Net cash flows from financing activities -491,899,844.50 758,546,761.56
IV. EFFECT OF CHANGES IN EXCHANGE RATE ON CASH 16,990,887.83 1,596,980.88
V. NET INCREASE IN CASH AND CASH EQUIVALENTS 1,542,739,858.66 1,712,679,597.26
Add: Opening balance of cash and cash equivalents 9,648,153,614.80 21,478,422,090.31
VI. CLOSING BALANCE OF CASH AND CASH EQUIVLANT 11,190,893,473.46 23,191,101,687.57
6. Cash Flow Statement from the beginning of year to the end of report term.
In RMB Yuan
Account Current Period Prior Period
I. CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from sale of goods or rendering of services 17,714,720,410.20 24,043,396,961.25
Refunds of taxes
Cash received relating to other operating activities 2,039,698,293.41 843,542,276.55
Sub-total of cash inflows 19,754,418,703.61 24,886,939,237.80
Cash paid for goods and services 13,537,740,196.23 17,648,824,167.26
Cash paid to and on behalf of employees 1,250,523,925.99 1,669,215,548.31
Cash paid for all types of taxes 825,010,270.02 739,200,376.02
Cash paid relating to other operating activities 1,679,903,064.63 1,461,235,460.94
Sub-total of cash outflows 17,293,177,456.87 21,518,475,552.53
Net cash flows from operating activities 2,461,241,246.74 3,368,463,685.27
II. CASH FLOWS FROM INVESTING ACTIVITIES:
Cash received from return on investments - 839,201.56
Cash received from investment income 2,175,000.00 1,800,416.67
Net cash received from disposal of fixed assets, intangible assets and other
- 785,538.47
long-term assets
16
Net cash received from disposal of subsidiaries and other business units
Cash received relating to other investing activities
Sub-total of cash inflows 2,175,000.00 3,425,156.70
Cash paid for acquisition of fixed assets, intangible assets and other
1,169,656,810.40 1,577,600,661.86
long-term assets
Cash paid for acquisition of investments 10,000,000.00 8,000,000.00
Net cash paid for subsidiaries and other business units
Cash paid relating to other investing activities - 200,000,000.00
Sub-total of cash outflows 1,179,656,810.40 1,785,600,661.86
Net cash flows from investing activities -1,177,481,810.40 -1,782,175,505.16
III. CASH FLOWS FROM FINANCING ACTIVITIES:
Cash received from investors
Cash received from borrowings
Cash received from the issuance of bonds
Cash received relating to other financing activities - 416,856,503.42
Sub-total of cash inflows - 416,856,503.42
Cash repayments of borrowings
Cash paid for distribution of dividends or profits and interest expenses 4,657,754.49 -
Cash paid relating to other financing activities
Sub-total of cash outflows 4,657,754.49 -
Net cash flows from financing activities -4,657,754.49 416,856,503.42
IV. EFFECT OF CHANGES IN EXCHANGE RATE ON CASH - -
V. NET INCREASE IN CASH AND CASH EQUIVALENTS 1,279,101,681.85 2,003,144,683.53
Add: Opening balance of cash and cash equivalents 7,310,973,018.99 20,217,657,984.53
VI. CLOSING BALANCE OF CASH AND CASH EQUIVLANT 8,590,074,700.84 22,220,802,668.06
II. Notes on financial statement adjustments
1. Relevant situations of adjustment in financial statement at the beginning of the year when the new
financial instrument standards, new income standards and new lease standards are first implemented
√Applicable □Not Applicable
Consolidated Balance Sheet
In RMB Yuan
Account 2018.12.31 2019.1.1 Adjustment
Current assets:
Cash 9,980,544,526.14 9,980,544,526.14
Notes receivable and accounts receivable 21,971,045,405.74 21,971,045,405.74
17
Notes receivable
Accounts receivable
Prepayments 866,249,749.51 866,249,749.51
Other receivables 3,250,452,923.70 3,250,452,923.70
Inventories 4,917,420,457.19 4,917,420,457.19
Holding assets for sale
Non-current assets due within one year
Other current assets 2,227,565,353.23 2,227,565,353.23
Total current assets 43,213,278,415.51 43,213,278,415.51
Non-current assets:
Available-for-sale financial assets 1,957,873,311.31 not applicable -1,957,873,311.31
Long-term receivables
Long-term equity investments 13,275,170,118.83 13,275,170,118.83
Investment in other equity instruments not applicable 1,957,873,311.31 1,957,873,311.31
Investment properties 7,329,561.28 7,329,561.28
Fixed assets 22,161,054,058.31 22,161,054,058.31
Construction in progress 5,383,844,030.75 5,383,844,030.75
Intangible assets 5,018,243,552.80 5,018,243,552.80
Development expenditure 789,597,615.60 789,597,615.60
Goodwill 9,804,394.00 9,804,394.00
Long-term deferred expenses 17,104,601.67 17,104,601.67
Deferred tax assets 1,655,554,438.89 1,655,554,438.89
Other non-current assets
Total non-current assets 50,275,575,683.44 50,275,575,683.44
TOTAL ASSETS 93,488,854,098.95 93,488,854,098.95
Current liabilities:
Short-term loans 190,000,000.00 190,000,000.00
Notes payable and accounts payable 28,724,063,539.34 28,724,063,539.34
Advances from customers 1,556,482,278.92 1,556,482,278.92
Payroll payable 1,362,995,277.56 1,362,995,277.56
Taxes payable 669,316,487.25 669,316,487.25
Other payables 3,079,749,015.81 3,079,749,015.81
Non-current liabilities within one year 6,594,120.00 6,594,120.00
Other current liabilities 4,325,441,152.61 4,325,441,152.61
Total current liabilities 39,914,641,871.49 39,914,641,871.49
Non-current liabilities:
Long-term loans
Long-term payables 303,590,824.69 303,590,824.69
Long-term payroll payable 53,837,000.00 53,837,000.00
Estimated liabilities 3,245,322,744.12 3,245,322,744.12
Deferred Revenue 3,683,308,534.73 3,683,308,534.73
Deferred tax liabilities 135,231,170.59 135,231,170.59
Other non-current liabilities
Total non-current liabilities 7,421,290,274.13 7,421,290,274.13
Total liabilities 47,335,932,145.62 47,335,932,145.62
18
Owners’ equity (or Shareholders’ equity):
Share capital 4,802,648,511.00 4,802,648,511.00
Capital reserves 5,057,242,440.17 5,057,242,440.17
Other comprehensive income 235,509,930.44 235,509,930.44
Special reserves 41,222,369.10 41,222,369.10
Surplus reserves 2,401,324,255.50 2,401,324,255.50
Retained earnings 33,707,011,170.31 33,707,011,170.31
Equity attributable to owners 46,244,958,676.52 46,244,958,676.52
Minority interests -92,036,723.19 -92,036,723.19
Total Owners’ equity (or Shareholders’ equity) 46,152,921,953.33 46,152,921,953.33
Liabilities and owners' equity (or shareholders' equity) in
93,488,854,098.95 93,488,854,098.95
total
Statement of adjustment
In 2017, the Ministry of Finance revised and issued the “Accounting Standard for Business Enterprise No.22- Recognition of
financial instrument and measurement”, “Accounting Standard for Business Enterprise No.23- Transfer of Financial assets”,
“Accounting Standard for Business Enterprise No.24- Hedge Accounting” and “Accounting Standard for Business Enterprise No.37-
Presentation of financial instruments”, and the enterprises listed in China are required to implementing relevant accounting rules of
new financial instruments since 1 Jan. 2019.
In accordance with the requirement, the company carries out above mentioned accounting rules since 1 Jan. 2019 and reclassify
“Available-for-sale financial assets” into “Investment in other equity instruments” for presenting.
Balance Sheet
In RMB Yuan
Account 2018.12.31 2019.1.1 Adjustment
Current assets:
Cash 7,310,973,018.99 7,310,973,018.99
Notes receivable and accounts receivable 25,070,320,963.39 25,070,320,963.39
Notes receivable
Accounts receivable
Prepayments 671,849,711.04 671,849,711.04
Other receivables 2,344,318,158.83 2,344,318,158.83
Inventories 3,851,783,233.12 3,851,783,233.12
Holding assets for sale
Non-current assets due within one year
Other current assets 1,355,155,749.21 1,355,155,749.21
Total current assets 40,604,400,834.58 40,604,400,834.58
Non-current assets:
Available-for-sale financial assets 541,182,000.00 not applicable -541,182,000.00
Long-term receivables
Long-term equity investments 18,017,137,600.72 18,017,137,600.72
Investment in other equity instruments not applicable 541,182,000.00 541,182,000.00
Investment properties
Fixed assets 16,795,537,563.35 16,795,537,563.35
Construction in progress 4,114,409,774.13 4,114,409,774.13
Intangible assets 4,054,893,372.88 4,054,893,372.88
Development expenditure 559,309,970.45 559,309,970.45
Goodwill
Long-term deferred expenses 12,555,353.69 12,555,353.69
Deferred tax assets 1,533,057,523.95 1,533,057,523.95
Other non-current assets 250,000,000.00 250,000,000.00
19
Total non-current assets 45,878,083,159.17 45,878,083,159.17
TOTAL ASSETS 86,482,483,993.75 86,482,483,993.75
Current liabilities:
Short-term loans
Notes payable and accounts payable 24,263,743,505.87 24,263,743,505.87
Advances from customers 1,208,631,011.05 1,208,631,011.05
Payroll payable 1,001,765,362.99 1,001,765,362.99
Taxes payable 604,525,457.30 604,525,457.30
Other payables 3,219,909,047.22 3,219,909,047.22
Holding liabilities for sale
Non-current liabilities within one year
Other current liabilities 3,923,419,042.37 3,923,419,042.37
Total current liabilities 34,221,993,426.80 34,221,993,426.80
Non-current liabilities:
Long-term loans
Long-term payables 248,240,115.29 248,240,115.29
Long-term payroll payable 24,315,000.00 24,315,000.00
Estimated liabilities 2,372,512,543.49 2,372,512,543.49
Deferred Revenue 2,827,208,446.74 2,827,208,446.74
Deferred tax liabilities 26,683,742.04 26,683,742.04
Other non-current liabilities
Total non-current liabilities 5,498,959,847.56 5,498,959,847.56
Total liabilities 39,720,953,274.36 39,720,953,274.36
Owners’ equity (or Shareholders’ equity):
Share capital 4,802,648,511.00 4,802,648,511.00
Capital reserves 4,705,917,638.38 4,705,917,638.38
Other comprehensive income 149,525,803.58 149,525,803.58
Special reserves 19,835,367.61 19,835,367.61
Surplus reserves 2,401,324,255.50 2,401,324,255.50
Retained earnings 34,682,279,143.32 34,682,279,143.32
Total Owners’ equity (or Shareholders’ equity) 46,761,530,719.39 46,761,530,719.39
Liabilities and owners' equity (or shareholders' equity) in
86,482,483,993.75 86,482,483,993.75
total
Statement of adjustment
In 2017, the Ministry of Finance revised and issued the “Accounting Standard for Business Enterprise No.22- Recognition of
financial instrument and measurement”, “Accounting Standard for Business Enterprise No.23- Transfer of Financial assets”,
“Accounting Standard for Business Enterprise No.24- Hedge Accounting” and “Accounting Standard for Business Enterprise No.37-
Presentation of financial instruments”, and the enterprises listed in China are required to implementing relevant accounting rules of
new financial instruments since 1 Jan. 2019.
In accordance with the requirement, the company carries out above mentioned accounting rules since 1 Jan. 2019 and reclassify
“Available-for-sale financial assets” into “Investment in other equity instruments” for presenting.
2. Explanation on retrospective adjustments in the previous comparison data for the first implementation
of new financial instrument standards and new lease standards
□Applicable √Not Applicable
III. Auditors’ Report
Whether the first quarter report has been audited
20
Yes √No
□
The first quarter report has not been audited.
21
