Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
Stock Code：200771 Stock ID: Hangqilun B Announcement No.2019-37
Hangzhou Steam Turbine Co., Ltd.
The First Quarterly Report 2019
(Stock Code：200771 )
April 2019
1
Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
I. ImportantPrompt
The Board of Directors, The Supervisory Committee, the supervisors and the directors of the Company guarantee
that there are no significant omissions, fictitious or misleading statements carried in the Report and we will accept
individual and joint responsibilities for the truthfulness, accuracy and completeness of the Report.
All of the directors presented the board meeting at which this Quarterly Report was examined.
Chairman Mr. Zheng Bin, Chief Financial Officer Mr.Zhao Jiamao, and the Chief of Accounting Department Mr.
Jin Can hereby declare: the Financial Statement in the report is guaranteed to be truthful and complete.
II. Basic information about the company
I. Main financial data and indices
Indicate by tick mark whether the Company needs to retroactively restate any of its accounting data.
No
Changes of this
period over same
This period Same period of last year
period of last year
（％）
Operating income（Yuan） 981,379,422.22 962,078,793.39 2.01%
Net profit attributable to the shareholders of the listed
company（Yuan） 77,880,149.01 39,042,232.50 99.48%
Net profit after deducting of non-recurring gain/loss
attributable to the shareholders of listed company
（Yuan） 64,434,545.56 28,469,122.60 126.33%
Cash flow generated by business operation, net
（Yuan） -10,468,568.94 126,725,248.14 -108.26%
Basic earning per share(Yuan/Share) 0.10 0.05 100.00%
Diluted gains per share(Yuan/Share) 0.10 0.05 100.00%
Weighted average return on equity（%） 1.26% 0.66% 0.60%
Changes of this
period-end over same
End of this period End of last period
period-end of last
year(%)
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
Gross assets（Yuan） 12,035,257,391.97 11,569,169,903.81 4.03%
Net assets attributable to the shareholders of the listed
company（Yuan） 6,364,721,242.43 6,007,540,929.16 5.95%
Items and amount of non-current gains and losses
In RMB
Amount (Year-beginning to the
Non-recurring gain and loss items Notes
end of the report period.)
Non-current asset disposal gain/loss(including the write-off part for which assets impairment
-1,020.37
provision is made)
Governmental Subsidy accounted as current gain/loss, except for those subsidies at with
amount or quantity fixed by the national government and closely related to the Company’s 1,618,554.63
business operation.
Debt restructuring profit or loss -526,315.79
In addition to normal business with the company effective hedging related business, holders
of tradable financial assets, transactions and financial liabilities arising from changes in fair
16,333,452.93
value gains and losses, as well as the disposal of trading of financial assets, trading financial
liabilities and available-for-sale financial assets gains return on investment
Other non-operating income and expenditure beside for the above items -281,890.11
Less: Influenced amount of income tax 2,706,191.10
Amount of influence of minority interests（After tax） 990,986.74
Total 13,445,603.45 --
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and
its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure
for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as
recurring gains and losses, it is necessary to explain the reason.
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information
disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
II. Total number of shareholders at the period-end and shareholdings of top 10 shareholders
1. About Total Common Shareholders, Total Preference Shareholders with the Voting Power Recovered
and the Shares Held by Top Ten Common Shareholders
In shares
Total number of common shareholders at Total preference shareholders with the voting power recovered at the
13,879 0
the period-end end of the reporting period(if any)
Shares held by the top 10 shareholders
Amount of Pledging or freezing
Share tradable shares
Properties of
Shareholder name proporti Quantity with Status of
shareholder Quantity
on % Conditional the shares
held
State-owned
Hangzhou Steam Turbine Power Group Co., Ltd. 63.64% 479,824,800 479,824,800
legal person
VANGUARD EMERGING MARKETS STOCK INDEX Foreign legal
0.63% 4,722,804 0
FUND person
VANGUARD TOTAL INTERNATIONAL STOCK INDEX Foreign legal
0.61% 4,596,779 0
FUND person
Domestic
Zhou Jie 0.56% 4,200,000 0
Natural person
Foreign legal
ISHARES CORE MSCI EMERGING MARKETS ETF 0.55% 4,144,859 0
person
Foreign legal
GUOTAI JUNAN SECURITIES(HONGKONG) LIMITED 0.49% 3,722,079 0
person
State-owned
China Merchants Secutities(HK)Co., Ltd. 0.47% 3,508,541 0
legal person
Foreign legal
NORGES BANK 0.33% 2,514,529 0
person
Domestic
Xia Zulin 0.31% 2,301,000 0
Natural person
Domestic
Wang Yihu 0.19% 1,441,324 0
Natural person
Shares held by the Top 10 Shareholders of Non-restricted shares
Number of the Share type
Shareholders’ Names non-restricted
Share type Quantity
shares held
Foreign shares placed in
VANGUARD EMERGING MARKETS STOCK INDEX FUND 4,722,804 4,722,804
domestic exchange
Foreign shares placed in
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 4,596,779 4,596,779
domestic exchange
Foreign shares placed in
Zhou Jie 4,200,000 4,200,000
domestic exchange
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
Foreign shares placed in
ISHARES CORE MSCI EMERGING MARKETS ETF 4,144,859 4,144,859
domestic exchange
Foreign shares placed in
GUOTAI JUNAN SECURITIES(HONGKONG) LIMITED 3,722,079 3,722,079
domestic exchange
Foreign shares placed in
China Merchants Securities(HK)Co., Ltd. 3,508,541 3,508,541
domestic exchange
Foreign shares placed in
NORGES BANK 2,514,529 2,514,529
domestic exchange
Foreign shares placed in
Xia Zulin 2,301,000 2,301,000
domestic exchange
Foreign shares placed in
Wang Yihu 1,441,324 1,441,324
domestic exchange
Foreign shares placed in
Haitong International Securities Company Limited-Account Client 1,371,396 1,371,396
domestic exchange
(1) There is not any relationship between Hangzhou Steam
Turbine Group Power Group Co., Ltd. and other
shareholders; (2) It is unknown to the Company if there is
any relationship among the top 10 common share holders
Explanation on associated relationship or concerted action of the above shareholders without restriction; (3) Hangzhou Steam Turbine Group Co.,
Ltd. is not an “action-in-concert” party with any of other
shareholders as described by the “Administration Rules of
Informational Disclosure about Change of Shareholding
Statues of PLCs”.
Note to the top 10 common stockholders involved in margin financing & securities
Not applicable
lending (If any)
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a
buy-back agreement dealing in reporting period.
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company
have no buy –back agreement dealing in reporting period.
2.Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end of the
report period
Not applicable
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
III. Significant Events
I. Changes in the principal accounting statement items and financial indications and the causes
Scale of Remarks on the change
Items End of term Beginning of term
change
Mainly due to the year-on-year
Other current assets 781,347,086.94 1,188,747,955.74 -34.27%
decrease in wealth management
Mainly due to the new investment in
the current phase of the steam turbine
Construction in process 553,964,577.53 454,767,328.93 21.81%
heavy industry project with the
progress of the project
Mainly on the end of the current period
Employees’ wage payable 66,135,087.07 86,390,955.29 -23.45%
provision for payment of wages
Mainly due to the increase in fair value
Other Comprehensive Income 1,656,792,172.11 1,377,168,522.74 20.30% of Hangzhou Bank's other equity
instruments in the current period
Mainly due to increase in value-added
Tax payable 90,528,916.89 62,405,200.62 45.07% tax and income tax at the end of the
period.
Income statement items Same period of last Scale of Remarks on the change
This period
year change
Mainly due to the increase in interest
Financial expenses 4,347,822.25 13,846,986.06 -68.60% income and the decrease in exchange
losses in the current period
Mainly due to the good return of the cu
rrent period, resulting in a decrease in t
Asset impairment loss -18,034,732.47 25,569,130.99 -170.53%
he provision for bad debts of accounts r
eceivable.
Same period of last Scale of Remarks on the change
Cash flow statement Items This period
year change
Net Cash flow generated by business Mainly due to the decrease in cash
operation -10,468,568.94 126,725,248.14 -108.26% receipts for sales of goods during the
period
Net cash flow generated by investment Mainly due to the decrease in new
wealth management products in the
305,922,724.58 -280,100,905.12 209.22%
current period compared with the
same period of last year.
Net cash flow generated by Financing Mainly due to the year-on-year
-37,535,954.10 10,881,462.31 -444.95%
increase in short -term loans
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
II. Progress of Significant Events, their Influences and Analytical Notice on the Solutions
The company continued to promote the construction of steam turbine heavy industry projects as planned, and fully
prepared for the relocation work. As of the disclosure date, the company's newly completed steam turbine power
building (formerly the scientific research building) has been partially activated, and the steam turbine heavy indust
ry has been partially activated.
Progress in the implementation of share repurchase
Not applicable
Progress in the implementation of the reduction of the repurchased shares by means of centralized bidding
Not applicable
III. Commitments finished in implementation by the Company, shareholders, actual controller, acquirer,
directors, supervisors, senior executives or other related parties in the reporting period and commitments
unfinished in implementation at the end of the reporting period
Non-existence
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
IV．Prediction of Business performance for January- June 2019
Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss probably or the warning of its material change
compared with the corresponding period of the last year and explanation of reason.
Not applicable
V. Securities investment
Mode of Purchase Sale
Gain/los
accountin Book value balance at amount amount Book value balance at Accou Sauce
Security Security Stock Initial investment Changes in fair value Cumulative fair value s of the
g the beginning of the in the in the the end of the reporting nting of the
category code Abbreviation: cost of the this period changes in equity reporting
measure reporting period this this period items shares
period
ment period period
Domesti
c and Other Self
600926 Hangzhou Bank 390,954,040.00 FVM 2,011,876,524.40 328,968,999.26 1,949,891,483.66 0.00 0.00 0.00 2,340,845,523.66
foreign assets funds
stocks
Total 390,954,040.00 -- 2,011,876,524.40 328,968,999.26 1,949,891,483.66 0.00 0.00 0.00 2,340,845,523.66 -- --
Disclosure date for the notice of
Not applicable
approval by the Board
Disclosure date for the notice of
Not applicable
approval by shareholders’ Meeting
VI. Investment in derivatives
Non-existence
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
VII. Registration form of such Activities as Reception, Research, Communication, Interview in the Reporting Period
No such cases in the reporting period.
VIII. Outward Guarantee against the Regulations
No such cases in the reporting period.
IX. Non-operational Occupancy of the Company’s Capital by the Controlling Shareholder and its Related Parties
Non-existence
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
IV.FinancialStatement
I. Financial statement
1. Consolidated balance sheet
Prepared by:：Hangzhou Steam Turbine Co., Ltd.
In RMB
Items March 31,2019 December 31,2018
Current asset：
Monetary fund 1,637,876,350.79 1,382,392,009.59
Settlement provision
Outgoing call loan
Transactional financial assets 66,000,000.00
Financial assets measured at fair value with variations accounted into
current income account
Derivative financial assets
Notes receivable & account receivable 2,630,906,374.10 2,535,887,430.48
Including： Notes receivable 553,627,623.69 595,089,175.22
Account receivable 2,077,278,750.41 1,940,798,255.26
Prepayments 418,751,932.09 370,958,990.74
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Other account receivable 33,424,412.22 32,552,458.76
Including：Interest receivable
Dividend receivable 16,557,292.60 16,557,292.60
Repurchasing of financial assets
Inventories 2,239,085,430.22 2,188,121,342.87
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 781,347,086.94 1,188,747,955.74
Total of current assets 7,807,391,586.36 7,698,660,188.18
Non-current assets：
Loans and payment on other’s behalf disbursed
Debt investment
Available for sale of financial assets 2,130,076,555.20
Other investment on bonds
Expired investment in possess
Long-term receivable
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
Long term share equity investment 9,581,439.29 8,221,439.29
Other equity instruments investment 2,340,845,523.66
Other non-current financial assets 52,200,030.80
Property investment
Fixed assets 778,843,408.32 783,740,928.49
Construction in progress 553,964,577.53 454,767,328.93
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 278,931,164.55 279,740,756.49
Development expenses
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 213,499,661.46 213,962,707.23
Other non-current asset
Total of non-current assets 4,227,865,805.61 3,870,509,715.63
Total of assets 12,035,257,391.97 11,569,169,903.81
Current liabilities
Short-term loans 119,500,000.00 139,600,000.00
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Financial liabilities measured at fair value with variations accounted into
current income account
Derivative financial liabilities
Notes payable & account payable 1,480,422,463.77 1,350,583,381.53
Advance receipts 2,523,888,921.39 2,582,234,158.36
Selling of repurchased financial assets
Deposit taking and interbank deposit
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable 66,135,087.07 86,390,955.29
Tax payable 90,528,916.89 62,405,200.62
Other account payable 42,540,320.98 36,904,303.01
Including：Interest payable 100,958.90 437,314.72
Dividend payable
Fees and commissions payable
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
Reinsurance fee payable
Contract Liabilities
Liabilities held for sales
Non-current liability due within 1 year 100,100,000.00 100,100,000.00
Other current liability
Total of current liability 4,423,115,710.10 4,358,217,998.81
Non-current liabilities：
Reserve fund for insurance contracts
Long-term loan 22,700,000.00 22,700,000.00
Bond payable
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable 473,308,843.54 474,876,451.26
Long-term remuneration payable to staff
Expected liabilities
Deferred income 43,448,778.30 44,675,128.30
Deferred income tax liability 293,515,296.46 244,169,946.57
Other non-current liabilities
Total non-current liabilities 832,972,918.30 786,421,526.13
Total of liability 5,256,088,628.40 5,144,639,524.94
Owners’ equity
Share capital 754,010,400.00 754,010,400.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 151,684,419.65 151,684,419.65
Less：Shares in stock
Other comprehensive income 1,656,792,172.11 1,377,168,522.74
Special reserve 20,697,186.36 21,020,671.47
Surplus reserves 621,112,807.78 621,112,807.78
Common risk provision
Retained profit 3,160,424,256.53 3,082,544,107.52
Total of owner’s equity belong to the parent company 6,364,721,242.43 6,007,540,929.16
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
Minority shareholders’ equity 414,447,521.14 416,989,449.71
Total of owners’ equity 6,779,168,763.57 6,424,530,378.87
Total of liabilities and owners’ equity 12,035,257,391.97 11,569,169,903.81
Legal Representative: Zheng Bin Person in charge of accounting：Zhao Jiamao Accounting Dept Leader: Jin Can
2.Parent Company Balance Sheet
In RMB
Items March 31, 2019 December 31, 2018
Current asset：
Monetary fund 1,128,980,955.32 877,357,020.98
Transactional financial assets 66,000,000.00
Financial assets measured at fair value with variations accounted into
current income account
Derivative financial assets
Notes receivable & account receivable 1,720,369,440.28 1,676,913,196.88
Including：Notes receivable 253,764,623.34 302,284,986.43
Account receivable 1,466,604,816.94 1,374,628,210.45
Prepayments 239,254,834.85 208,498,421.20
Other account receivable 52,559,156.42 19,984,760.06
Including：Interest receivable
Dividend receivable 16,557,292.60 16,557,292.60
Inventories 1,605,223,908.55 1,584,030,951.83
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 558,668,023.95 890,000,000.00
Total of current assets 5,371,056,319.37 5,256,784,350.95
Non-current assets：
Debt investment
Available for sale of financial assets 2,090,631,297.62
Other investment on bonds
Expired investment in possess
Long-term receivable
Long term share equity investment 502,919,378.03 502,919,378.03
Other equity instruments investment 2,340,845,523.66
Other non-current financial assets 12,754,773.22
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
Property investment
Fixed assets 450,780,087.64 448,890,495.75
Construction in progress 171,204,399.99 142,310,055.48
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 165,734,347.73 165,734,347.73
Development expenses
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 161,324,402.66 163,871,631.81
Other non-current asset
Total of non-current assets 3,805,562,912.93 3,514,357,206.42
Total of assets 9,176,619,232.30 8,771,141,557.37
Current liabilities
Short-term loans
Transactional financial liabilities
Financial liabilities measured at fair value with variations accounted into
current income account
Derivative financial liabilities
Notes payable & account payable 686,376,431.31 654,853,099.86
Advance receipts 1,803,448,290.59 1,877,069,335.29
Contract Liabilities
Employees’ wage payable 41,137,106.47 43,332,523.01
Tax payable 56,888,515.45 37,809,874.53
Other account payable 27,780,355.44 24,708,959.22
Including：Interest payable 100,958.90 212,010.69
Dividend payable 0.00 0.00
Liabilities held for sales
Non-current liability due within 1 year 100,000,000.00 100,000,000.00
Other current liability
Total of current liability 2,715,630,699.26 2,737,773,791.91
Non-current liabilities：
Long-term loan
Bond payable
Including：preferred stock
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
Sustainable debt
Lease liability
Long-term payable 264,213,580.51 264,512,388.24
Long-term remuneration payable to staff
Expected liabilities
Deferred income 41,944,793.30 41,944,793.30
Deferred income tax liability 293,515,296.46 244,169,946.57
Other non-current liabilities
Total non-current liabilities 599,673,670.27 550,627,128.11
Total of liability 3,315,304,369.53 3,288,400,920.02
Owners’ equity
Share capital 754,010,400.00 754,010,400.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 138,953,250.09 138,953,250.09
Less：Shares in stock
Other comprehensive income 1,657,407,761.11 1,377,784,111.74
Special reserve 7,524,745.76 7,609,505.31
Surplus reserves 602,356,402.65 602,356,402.65
Retained profit 2,701,062,303.16 2,602,026,967.56
Total of owners’ equity 5,861,314,862.77 5,482,740,637.35
Total of liabilities and owners’ equity 9,176,619,232.30 8,771,141,557.37
Legal Representative: Zheng Bin Person in charge of accounting：Zhao Jiamao Accounting Dept Leader: Jin Can
3.Consolidated Income statement
In RMB
Same period of the previous
Items Report period
year
I. Income from the key business 981,379,422.22 962,078,793.39
Including：Business income 981,379,422.22 962,078,793.39
Interest income
Insurance fee earned
Fee and commission received
15
Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
II. Total business cost 885,437,628.30 923,882,796.39
Including：Business cost 687,084,952.75 677,035,461.03
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Net amount of withdrawal of insurance contract reserve
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 10,002,595.20 8,754,883.42
Sales expense 42,946,925.81 38,457,390.31
Administrative expense 103,213,462.27 102,361,451.02
R & D costs 55,876,602.49 57,857,493.56
Financial expenses 4,347,822.25 13,846,986.06
Including：Interest expense 3,742,052.78 3,157,102.73
Interest income 5,685,034.53 3,602,405.87
Asset impairment loss -18,034,732.47 25,569,130.99
Credit impairment loss
Add：Other income 1,618,554.63 367,707.12
Investment gain（“-”for loss） 16,333,452.93 16,889,734.98
Including: investment gains from affiliates
Gains from currency exchange
Net exposure hedging income
Changing income of fair value
Income on disposal of assets
III. Operational profit（“-”for loss） 113,893,801.48 55,453,439.10
Add ：Non-operational income 85,765.95 2,932,814.41
Less: Non-operating expense 894,992.22 266,922.74
IV. Total profit(“-”for loss) 113,084,575.21 58,119,330.77
Less：Income tax expenses 18,054,696.67 9,310,235.49
V. Net profit 95,029,878.54 48,809,095.28
(I) Classification by business continuity
1.Net continuing operating profit 95,029,878.54 48,809,095.28
2.Termination of operating net profit
16
Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
(II) Classification by ownership
Net profit attributable to the owners of parent company 77,880,149.01 39,042,232.50
Minority shareholders’ equity 17,149,729.53 9,766,862.78
VI. Net after-tax of other comprehensive income 279,623,649.37 -39,617,101.50
Net of profit of other comprehensive income attributable to owners of the -39,616,527.30
parent company. 279,623,649.37
（I）Other comprehensive income items that will not be reclassified into
gains/losses in the subsequent accounting period 279,623,649.37
1.Re-measurement of defined benefit plans of changes in net debt or net a
ssets
2.Other comprehensive income under the equity method investee can not
be reclassified into profit or loss.
3. Changes in the fair value of investments in other equity instruments 279,623,649.37
4. Changes in the fair value of the company’s credit risks
5.Other
（II）
-39,616,527.30
Other comprehensive income that will be reclassified into profit or loss.
1.Other comprehensive income under the equity method investee can be r
eclassified into profit or loss.
2. Changes in the fair value of investments in other debt obligations
3.Gains and losses from changes in fair value available for sale financial a -39,616,101.50
ssets
4. Other comprehensive income arising from the reclassification of
financial assets
5.Held-to-maturity investments reclassified to gains and losses of availabl
e for sale financial assets
6. Allowance for credit impairments in investments in other debt
obligations
7. Reserve for cash flow hedges
8. Translation differences in currency financial statements -425.80
9.Other
Net of profit of other comprehensive income attributable to Minority
-574.20
shareholders’ equity
17
Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
VII. Total comprehensive income 374,653,527.91 9,191,993.78
Total comprehensive income attributable to the owner of the parent
357,503,798.38 -574,294.80
company
Total comprehensive income attributable minority shareholders 17,149,729.53 9,766,288.58
VIII. Earnings per share
（I）Basic earnings per share 0.10 0.05
(II)Diluted earnings per share 0.10 0.05
Legal Representative: Zheng Bin Person in charge of accounting：Zhao Jiamao Accounting Dept Leader: Jin Can
4. Income statement of the Parent Company
In RMB
Same period of the previous
Items Report period
year
I. Revenue 576,342,586.70 665,826,865.49
Including：Business cost 391,240,784.15 501,571,098.74
Business tax and surcharge 5,971,671.17 6,750,023.51
Sales expense 22,828,881.22 19,855,662.21
Administrative expense 73,427,839.51 60,560,685.42
R & D costs 31,160,922.92 40,184,459.92
Financial expenses 2,105,878.62 12,917,968.41
Including：Interest expenses 1,967,737.57 1,862,055.93
Interest income 5,028,554.95 2,452,159.72
Asset impairment loss -16,981,527.65 26,529,217.37
Credit impairment loss
Add：Other income 298,807.73 0.00
Investment gain（“-”for loss） 44,838,301.36 44,093,063.87
Including: investment gains from affiliates
Net exposure hedging income
Changing income of fair value
Income on disposal of assets
II. Operational profit（“-”for loss） 111,725,245.85 41,550,813.78
Add ：Non-operational income 12,700.00 3,116,732.00
Less：Non -operational expenses 592,962.79 130,524.05
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
III. Total profit(“-”for loss) 111,144,983.06 44,537,021.73
Less：Income tax expenses 12,109,647.46 2,491,113.26
IV. Net profit 99,035,335.60 42,045,908.47
1.Net continuing operating profit 99,035,335.60 42,045,908.47
2.Termination of operating net profit
V. Net after-tax of other comprehensive income 279,623,649.37 -39,616,101.50
（I）Other comprehensive income items that will not be reclassified into
gains/losses in the subsequent accounting period 279,623,649.37
1.Re-measurement of defined benefit plans of changes in net debt or net a
ssets
2.Other comprehensive income under the equity method investee can not
be reclassified into profit or loss.
3. Changes in the fair value of investments in other equity instruments 279,623,649.37
4. Changes in the fair value of the company’s credit risks
5.Other
（II）
-39,616,101.50
Other comprehensive income that will be reclassified into profit or loss.
1.Other comprehensive income under the equity method investee can be r
eclassified into profit or loss.
2. Changes in the fair value of investments in other debt obligations
3.
Gains and losses from changes in fair value available for sale financial as -39,616,101.50
sets
4. Other comprehensive income arising from the reclassification of
financial assets
5.Held-to-maturity investments reclassified to gains and losses of availabl
e for sale financial assets
6. Allowance for credit impairments in investments in other debt
obligations
7. Reserve for cash flow hedges
8. Translation differences in currency financial statements
9.Other
VI. Total comprehensive income 378,658,984.97 2,429,806.97
VII. Earnings per share
（I）Basic earnings per share 0.13 0.06
(II)Diluted earnings per share 0.13 0.06
19
Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
Legal Representative: Zheng Bin Person in charge of accounting：Zhao Jiamao Accounting Dept Leader: Jin Can
5. Consolidated Cash flow statement
In RMB
Same period of the previous
Items Report period
year
I. Cash flows from operating activities
Cash received from sales of goods or rending of services 745,588,958.09 838,220,339.60
Net increase of customer deposits and capital kept for brother company
Net increase of loans from central bank
Net increase of inter-bank loans from other financial bodies
Cash received against original insurance contract
Net cash received from reinsurance business
Net increase of client deposit and investment
Net increase of amount from disposal financial assets that measured by fair
value and with variation reckoned into current gains/losses
Cash received from interest, commission charge and commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Net cash received by agent in securities trading
Tax returned 2,148,686.90 2,374,074.97
Other cash received from business operation 8,746,017.84 5,420,749.00
Sub-total of cash inflow 756,483,662.83 846,015,163.57
Cash paid for purchasing of merchandise and services 447,021,932.25 425,452,604.80
Net increase of client trade and advance
Net increase of savings in central bank and brother company
Cash paid for original contract claim
Net increase in financial assets held for trading purposes
Net increase for Outgoing call loan
Cash paid for interest, processing fee and commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 193,009,920.39 189,311,016.30
Taxes paid 83,045,359.81 64,394,773.79
Other cash paid for business activities 43,875,019.32 40,131,520.54
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
Sub-total of cash outflow from business activities 766,952,231.77 719,289,915.43
Net cash generated from /used in operating activities -10,468,568.94 126,725,248.14
II. Cash flow generated by investing
Cash received from investment retrieving 80,000,000.00
Cash received as investment gains 16,333,452.93 16,889,734.98
Net cash retrieved from disposal of fixed assets, intangible assets, and other
long-term assets
Net cash received from disposal of subsidiaries or other operational units
Other investment-related cash received 1,024,205,268.55 880,265,735.99
Sub-total of cash inflow due to investment activities 1,040,538,721.48 977,155,470.97
Cash paid for construction of fixed assets, intangible assets and other
130,558,742.18 100,656,376.09
long-term assets
Cash paid as investment 1,360,000.00
Net increase of loan against pledge
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities 602,697,254.72 1,156,600,000.00
Sub-total of cash outflow due to investment activities 734,615,996.90 1,257,256,376.09
Net cash flow generated by investment 305,922,724.58 -280,100,905.12
III.Cash flow generated by financing
Cash received as investment 2,312,067.15
Including: Cash received as investment from minor shareholders
Cash received as loans 19,000,000.00 42,000,000.00
Cash received from bond placing
Other financing –related cash received
Sub-total of cash inflow from financing activities 21,312,067.15 42,000,000.00
Cash to repay debts 39,100,000.00 23,900,000.00
Cash paid as dividend, profit, or interests 19,548,513.32 7,218,537.69
Including: Dividend and profit paid by subsidiaries to minor shareholders
Other cash paid for financing activities 199,507.93
Sub-total of cash outflow due to financing activities 58,848,021.25 31,118,537.69
Net cash flow generated by financing -37,535,954.10 10,881,462.31
IV. Influence of exchange rate alternation on cash and cash equivalents -2,433,860.34 -9,365,315.99
V.Net increase of cash and cash equivalents 255,484,341.20 -151,859,510.66
Add: balance of cash and cash equivalents at the beginning of term 1,262,186,817.20 1,222,677,495.94
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
VI ..Balance of cash and cash equivalents at the end of term 1,517,671,158.40 1,070,817,985.28
Legal Representative: Zheng Bin Person in charge of accounting：Zhao Jiamao Accounting Dept Leader: Jin Can
6. Cash Flow Statement of the Parent Company
In RMB
Items Report period Same period of the previous year
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 357,531,475.37 337,257,363.43
Tax returned 198,416.10
Other cash received from business operation 5,091,255.25 2,486,269.96
Sub-total of cash inflow 362,622,730.62 339,942,049.49
Cash paid for purchasing of merchandise and services 217,084,052.44 225,206,170.83
Cash paid to staffs or paid for staffs 118,261,725.24 119,618,256.32
Taxes paid 46,199,590.52 29,555,820.94
Other cash paid for business activities 19,700,026.88 11,564,241.82
Sub-total of cash outflow from business activities 401,245,395.08 385,944,489.91
Net cash generated from /used in operating activities -38,622,664.46 -46,002,440.42
II. Cash flow generated by investing
Cash received from investment retrieving 80,000,000.00
Cash received as investment gains 44,838,301.36 16,083,463.87
Net cash retrieved from disposal of fixed assets, intangible
assets, and other long-term assets
Net cash received from disposal of subsidiaries or other
operational units
Other investment-related cash received 520,000,000.00 685,025,355.14
Sub-total of cash inflow due to investment activities 564,838,301.36 781,108,819.01
Cash paid for construction of fixed assets, intangible assets
49,962,456.00 32,378,236.48
and other long-term assets
Cash paid as investment
Net cash received from subsidiaries and other operational
units
Other cash paid for investment activities 220,000,000.00 895,000,000.00
Sub-total of cash outflow due to investment activities 269,962,456.00 927,378,236.48
22
Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
Net cash flow generated by investment 294,875,845.36 -146,269,417.47
III. Cash flow generated by financing
Cash received as investment
Cash received as loans
Cash received from bond placing
Other financing –related ash received
Sub-total of cash inflow from financing activities
Cash to repay debts
Cash paid as dividend, profit, or interests 2,078,789.36 1,974,653.15
Other cash paid for financing activities
Sub-total of cash outflow due to financing activities 2,078,789.36 1,974,653.15
Net cash flow generated by financing -2,078,789.36 -1,974,653.15
IV. Influence of exchange rate alternation on cash and cash
-2,550,457.20 -9,124,849.87
equivalents
V.Net increase of cash and cash equivalents 251,623,934.34 -203,371,360.91
Add: balance of cash and cash equivalents at the beginning
654,407,180.33
of term 842,347,117.83
VI ..Balance of cash and cash equivalents at the end of
451,035,819.42
term 1,093,971,052.17
Legal Representative: Zheng Bin Person in charge of accounting：Zhao Jiamao Accounting Dept Leader: Jin Can
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of any New
Standards Governing Financial Instruments, Revenue or Leases
Consolidated balance sheet
In RMB
Items December 31, 2018 January 1, 2019 Adjustment
Current asset：
Monetary fund 1,382,392,009.59 1,382,392,009.59
Transactional financial assets Not applicable 66,000,000.00 66,000,000.00
Financial assets measured at fair value
with variations accounted into current
income account Not applicable
23
Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
Notes receivable & account receivable 2,535,887,430.48 2,535,887,430.48
Including：Notes receivable 595,089,175.22 595,089,175.22
Account receivable 1,940,798,255.26 1,940,798,255.26
Prepayments 370,958,990.74 370,958,990.74
Other account receivable 32,552,458.76 32,552,458.76
Dividend receivable 16,557,292.60 16,557,292.60
Inventories 2,188,121,342.87 2,188,121,342.87
Other current assets 1,188,747,955.74 1,188,747,955.74
Total of current assets 7,698,660,188.18 7,764,660,188.18 66,000,000.00
Non-current assets：
Available-for-sale financial assets 2,130,076,555.20 Not applicable -2,130,076,555.20
Long term share equity investment 8,221,439.29
Other equity instruments investment Not applicable 2,011,876,524.40 2,011,876,524.40
Other non-current Finance assets Not applicable 52,200,030.80 52,200,030.80
Fixed assets 783,740,928.49 783,740,928.49
Construction in progress 454,767,328.93 454,767,328.93
Intangible assets 279,740,756.49 279,740,756.49
Deferred tax assets 213,962,707.23 213,962,707.23
Total of non-current assets 3,870,509,715.63 3,804,509,715.63 -66,000,000.00
Total of assets 11,569,169,903.81 11,569,169,903.81
Current liabilities
Short-term loans 139,600,000.00 139,600,000.00
Notes payable & account payable 1,350,583,381.53 1,350,583,381.53
Advance payment 2,582,234,158.36 2,582,234,158.36
Employees’ wage payable 86,390,955.29 86,390,955.29
Tax payable 62,405,200.62 62,405,200.62
Other account payable 36,904,303.01 36,904,303.01
Including：Interest payable 437,314.72 437,314.72
Non-current liability due within 1 year 100,100,000.00 100,100,000.00
Total of current liability 4,358,217,998.81 4,358,217,998.81
Non-current liabilities：
Long-term loan 22,700,000.00 22,700,000.00
Long-term payable 474,876,451.26 474,876,451.26
Deferred income 44,675,128.30 44,675,128.30
Deferred income tax liability 244,169,946.57 244,169,946.57
24
Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
Total non-current liabilities 786,421,526.13 786,421,526.13
Total of liability 5,144,639,524.94 5,144,639,524.94
Owners’ equity
Share capital 754,010,400.00 754,010,400.00
Capital reserves 151,684,419.65 151,684,419.65
Other comprehensive income 1,377,168,522.74 1,377,168,522.74
Special reserve 621,112,807.78 621,112,807.78
Surplus reserves 3,082,544,107.52 3,082,544,107.52
Retained profit 6,007,540,929.16 6,007,540,929.16
Total of owner’s equity belong to the parent
416,989,449.71 416,989,449.71
company
Minority shareholders’ equity 6,424,530,378.87 6,424,530,378.87
Total of owners’ equity 11,569,169,903.81 11,569,169,903.81
Total of liabilities and owners’ equity 11,569,169,903.81 11,569,169,903.81
Parent Company Balance Sheet
In RMB
Items December 31, 2018 January 1, 2019 Adjustment
Current asset：
Monetary fund 877,357,020.98 877,357,020.98
Transactional financial assets Not applicable 66,000,000.00 66,000,000.00
Financial assets measured at fair
value with variations accounted into Not applicable
current income account
Notes receivable & account
1,676,913,196.88 1,676,913,196.88
receivable
Including：Notes receivable 302,284,986.43 302,284,986.43
Account receivable 1,374,628,210.45 1,374,628,210.45
Prepayments 208,498,421.20 208,498,421.20
Other account receivable 19,984,760.06 19,984,760.06
Dividend receivable 16,557,292.60 16,557,292.60
Inventories 1,584,030,951.83 1,584,030,951.83
Other current assets 890,000,000.00 890,000,000.00
Total of current assets 5,256,784,350.95 5,322,784,350.95 66,000,000.00
Non-current assets：
25
Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
Available-for-sale financial assets 2,090,631,297.62 Not applicable -2,090,631,297.62
Long term share equity investment 502,919,378.03 502,919,378.03
Other equity instruments investment Not applicable 2,011,876,524.40 2,011,876,524.40
Other non-current Finance assets Not applicable 12,754,773.22 12,754,773.22
Fixed assets 448,890,495.75 448,890,495.75
Construction in progress 142,310,055.48 142,310,055.48
Intangible assets 165,734,347.73 165,734,347.73
Deferred income tax assets 163,871,631.81 163,871,631.81
Total of non-current assets 3,514,357,206.42 3,448,357,206.42 -66,000,000.00
Total of assets 8,771,141,557.37 8,771,141,557.37
Current liabilities
Notes payable & Account payable 654,853,099.86 654,853,099.86
Advance payment 1,877,069,335.29 1,877,069,335.29
Employees’ wage payable 43,332,523.01 43,332,523.01
Tax payable 37,809,874.53 37,809,874.53
Other account payable 24,708,959.22 24,708,959.22
Including：Interest payable 212,010.69 212,010.69
Dividend payable 0.00 0.00
Non-current liability due within 1
100,000,000.00 100,000,000.00
year
Total of current liability 2,737,773,791.91 2,737,773,791.91
Non-current liabilities：
Long-term payable 264,512,388.24 264,512,388.24
Deferred income 41,944,793.30 41,944,793.30
Deferred income tax liability 244,169,946.57 244,169,946.57
Total non-current liabilities 550,627,128.11 550,627,128.11
Total of liability 3,288,400,920.02 3,288,400,920.02
Owners’ equity
Share capital 754,010,400.00 754,010,400.00
Capital reserves 138,953,250.09 138,953,250.09
Other comprehensive income 1,377,784,111.74 1,377,784,111.74
Special reserve 602,356,402.65 602,356,402.65
Surplus reserves 2,602,026,967.56 2,602,026,967.56
Retained profit 5,482,740,637.35 5,482,740,637.35
Total of owners’ equity 8,771,141,557.37 8,771,141,557.37
26
Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2019(Full text)
Total of liabilities and owners’ equity 8,771,141,557.37 8,771,141,557.37
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of any New
Standards Governing Financial Instruments or Leases
Not applicable
III. Auditor’ report
Is the First Quarterly Report be audited?
The First Quarterly report is not audited.
Hangzhou Steam Turbine Co., Ltd.
Chairman of the Board: Zheng Bin
April 27,2019
27