Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
Stock Code: 600690 Short Name: Qingdao Haier
Third Quarterly Report of
2017
Qingdao Haier Co., Ltd
Stock Code: 600690
INTELLIGENCE
CREATES SMART LIFE
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Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
Contents
I. Important Notice ......................................................................................................................... 3
II. Company Profile ......................................................................................................................... 3
III. Important Events ......................................................................................................................... 8
IV. Appendix .....................................................................................................................................18
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Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
I. Important Notice
1.1 The Board of Directors, the Board of Supervisors and directors, supervisors and senior
management of Qingdao Haier Co., Ltd. (the “Company”) hereby assure that the content set out in
the quarterly report is true, accurate and complete, and free from any false record, misleading
representation or material omission, and are individually and collectively responsible for the
content set out therein.
1.2 All directors of the Company have attended the Board meeting to consider and approve the
quarterly report.
1.3 Liang Haishan (legal representative of the Company), Gong Wei (chief financial officer of the
Company) and Ying Ke (the person in charge of accounting department) hereby certify that the
financial statement set out in the quarterly report is true, accurate and complete.
1.4 Third quarterly report of the Company has not been audited.
II. Company Profile
2.1 Major financial information
Unit and Currency: RMB
At the end of last year Increase/dec
rease at the
end of the
reporting
As at the end of the
period
reporting period After adjustment Before adjustment
compared
with the end
of last year
(%)
Total assets 144,448,659,020.58 131,469,157,348.79 131,255,290,325.24 9.87
Net assets
attributable to 30,205,038,353.20 26,438,188,226.56 26,364,725,409.83 14.25
shareholders of
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Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
listed companies
As at the beginning of last year to the end of Increase/dec
the reporting period of last year rease for the
As at the beginning
(January to September) period
of the year to the
compared
end of the reporting
with the
period
correspondi
(January to After adjustment Before adjustment
ng period of
September)
last year
(%)
Net cash flows
from operating 14,160,052,998.94 4,945,944,554.94 4,934,382,297.60 186.30
activities
As at the beginning of last year to the end of Increase/dec
the reporting period of last year rease for the
As at the beginning
(January to September) period
of the year to the
compared
end of the reporting
with the
period
correspondi
(January to After adjustment Before adjustment
ng period of
September)
last year
(%)
Operating
119,189,613,634.20 84,367,342,584.55 84,270,593,385.38 41.27
revenue
Net profits
attributable to
5,682,361,717.64 3,826,984,146.82 3,823,106,782.95 48.48
shareholders of
listed companies
Net profits
attributable to
shareholders of
listed companies
4,695,336,406.07 3,548,735,043.47 3,548,735,043.47 32.31
with
non-recurring
gain and loss
deducted
Weighted
Increased
average return on 19.51 15.76 15.79
3.75%
equity (%)
Basic earnings
per share (RMB 0.932 0.627 0.627 48.64
per share)
Diluted earnings
per share (RMB 0.932 0.627 0.627 48.64
per share)
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Qingdao Haier Co., Ltd.
Notes:
1. From January to September 2017, the Company’s revenue increased by 41% compared to the corresponding
period of last year, among which, revenue from refrigerator and freezer business increased by 34%, revenue from washing
machine business increased by 41%, revenue from air conditioner business increased by 61% and revenue from kitchen
products increased by 76%.
2. From January to September 2017, revenue from the original business of the Company (excluding GEA) increased
by 22%, and net profit attributable to the Parent Company with non-recurring gain and loss deducted increased by 22%.
3. The domestic market focuses on retail transformation, efficiency optimization and structure upgrading. Revenue
from domestic white appliances increased by 26% from January to September 2017; high-end brand Casarte continues to
grow rapidly with an increase of 41% in the first three quarters, maintaining the absolute leading position in the high-end
market.
4. The overseas market carries forward multi-brand and “R&D, manufacturing and marketing” integrated layout,
realizing comprehensive development. From January to September 2017, the overall overseas revenue amounted to
RMB50.74 billion, representing 43% of the total revenue, and approximately 100% of the revenue from self-owned brand:
①From January to September 2017, GEA’s contribution to revenue amounted to RMB34.2 billion, contribution to the net
profit attributable to the Parent Company amounted to RMB1.88 billion and contribution to net profits attributable to
shareholders of listed companies with non-recurring gain and loss deducted amounted to RMB1.02 billion. Among which
the third quarter alone recorded revenue of RMB11.7 billion, representing an increase of 7.7% compared with the
corresponding period of last year. ②Revenue from original overseas business (excluding GEA) increased by 20%, among
which revenue from the South-Asian market increased by 49%, revenue from the European market increased by 29%,
revenue from the Middle-Eastern and African market increased by 29% and revenue from the Australian market increased
by 19%.
5. U+ SmartLife platform focuses on intellectualization and user experience upgrading, accelerating
the pace of product intellectualization, and continuing the iteration of the U+ Home OS system. The sale
of white internet appliances (smart appliances) for the first three quarters amounted to 8.4 million units,
representing an increase of 222%. U+ platform users amounted to 50 million, representing an increase of
102%, compared with the corresponding period of last year.
6. Carrying forward the construction of COSMOPlat Industrial Internet Platform and promoting the transformation
of digital enterprises, mass customization of appliances amounted to 7.14 million units, representing an increase of 870%.
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Qingdao Haier Co., Ltd.
7. The community economic ecological platform of “Shunguang micro-store, online store, offline store”, achieved
0.61 million Shunguang micro-store owners, 16,000 OTO stores and 20,000 communities on the Platform, with GMV
(Gross Merchandise Volume) amounting to over RMB3 billion from January to September 2017.
Non-recurring Profit or Loss Items and Amount
√Applicable □ Not Applicable
Unit and Currency: RMB
Amount from the
Amount of current beginning of the
Items period year to the end of the
(July-September) reporting period
(January-September)
Losses and profits from disposal of non-current assets 3,444,050.08 24,463,313.86
Government grants included in current profit or loss,
except that closely related to the normal operating
business, complied with requirements of the national 108,768,137.25 226,840,920.22
policies, continued to be granted with the amount and
quantity determined under certain standards
Current net profit or loss of the subsidiaries from the
consolidation of enterprises under common control from 500,041.82 500,041.82
the beginning of the period to the date of the mergers
In addition to the effective hedging business related to the
normal operations of the Company, profit or loss of
changes in fair value arising from holding of trading
financial assets and trading financial liabilities, as well as 153,656,077.48 579,570,227.47
investment gain realized from disposal of trading financial
assets, trading financial liabilities and financial assets
available for sale
Other non-operating income and expenses except the
223,550,616.45 386,393,769.38
aforementioned items
Minority interests (after tax) -29,605,242.68 -100,022,424.36
Income tax effect -123,017,318.39 -130,720,536.82
Total 337,296,362.01 987,025,311.57
2.2 Total number of shareholders, top 10 shareholders and top 10 shareholders holding circulating
shares (or shareholders not subject to trading restrictions) as of the end of the reporting period
Unit: Share
Total number of shareholders 138,077
Shareholdings of top ten shareholders
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Qingdao Haier Co., Ltd.
Number of Status of
shares shares
Number of Nature
held pledged
Name of shares held Percenta of
subject or frozen
Shareholder (full name) at the end of ge (%) shareholde
to selling Nu
the period r
restriction Status mb
s er
Domestic
non-state-
Haier Electric Appliances
1,258,684,824 20.64 Nil owned
International Co., Ltd.
legal
entity
Domestic
non-state-
Haier Group Corporation 1,072,610,764 17.59 Nil owned
legal
entity
Foreign
KKR HOME
605,985,988 9.94 Nil legal
INVESTMENT S.A R.L.
entity
Hong Kong Securities Unknown
460,096,580 7.55 Unknown
Clearing Co., Ltd.
China Securities Finance Unknown
229,914,866 3.77 Unknown
Corporation Limited
Domestic
Qingdao Haier Venture &
non-state-
Investment Information
172,252,560 2.83 Nil owned
Co., Ltd.(青岛海尔创业投
legal
资咨询有限公司）
entity
National social security Unknown Unknown
106,888,894 1.75
fund, Portfolio 104
GIC PRIVATE LIMITED 77,187,435 1.27 Unknown Unknown
Central Huijin Asset Unknown Unknown
69,539,900 1.14
Management Ltd.
National social security Unknown Unknown
40,027,881 0.66
fund, Portfolio 103
Shareholdings of top ten shareholders not subject to selling restrictions
Number of Class and number of shares
shares held
Name of shareholder subject
Class Number
to no selling
restrictions
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Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
Haier Electric Appliances International Co., 1,258,684,824
1,258,684,824 RMB ordinary
Ltd.
Haier Group Corporation 1,072,610,764 RMB ordinary 1,072,610,764
KKR HOME INVESTMENT S.A R.L. 605,985,988 RMB ordinary 605,985,988
Hong Kong Securities Clearing Co., Ltd. 460,096,580 RMB ordinary 460,096,580
China Securities Finance Corporation RMB ordinary 229,914,866
229,914,866
Limited
Qingdao Haier Venture & Investment RMB ordinary 172,252,560
Information Co., Ltd.(青岛海尔创业投资咨 172,252,560
询有限公司）
National social security fund, Portfolio 104 106,888,894 RMB ordinary 106,888,894
GIC PRIVATE LIMITED 77,187,435 RMB ordinary 77,187,435
Central Huijin Asset Management Ltd. 69,539,900 RMB ordinary 69,539,900
National social security fund, Portfolio 103 40,027,881 RMB ordinary 40,027,881
(1) Haier Electric Appliances International Co., Ltd. is a
holding subsidiary of Haier Group Corporation. Haier
Group Corporation holds 51.20% of its equity. Qingdao
Related-parties or parties acting in concert Haier Venture & Investment Information Co., Ltd.(青岛
among the aforesaid shareholders 海尔创业投资咨询有限公司) is a party acting in
concert with Haier Group Corporation;
(2) The Company is not aware of the existence of any
connections of other shareholders.
Description of preferential shareholders with
restoration of voting rights and their N/A
shareholdings
2.3 Total number of preferential shareholders, top ten preferential shareholders and top ten holders of
preference shares not subject to trading moratorium as of the end of the reporting period
□Applicable √ Not Applicable
III. Important Events
3.1 The major changes and reasons for the items of accounting statement and financial indicators
√Applicable □Not Applicable
1) Monetary capital increased by 36.38% as compared with the beginning of the period, which
was mainly due to the fact that the net cash flows from operating activities in the period has increased;
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Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
2) Financial assets measured at fair value and its changes of which included in current profit or
loss decreased by 71.28% as compared with the beginning of the period, which was mainly attributable
to the influence of change in fair value of derivative financial instruments such as forward contracts;
3) Interests receivable increased by 46.17% as compared with the beginning of the period, which
was mainly due to the fact that the interests of the financial products which have not yet been received
recognized at the end of the period have increased;
4) Dividends receivable decreased by 95.55% as compared with the beginning of the period,
which was mainly attributable to the dividend which had been declared but not yet received from the
joint stock companies;
5) Other current assets increased by 31.42% as compared with the beginning of the period, which
was mainly attributable to the addition of financial products for the period;
6) Long-term prepaid expenses decreased by 30.40% as compared with the beginning of the
period, which was mainly attributable to the amortization of the current expenses;
7) Short-term borrowings decreased by 31.63% as compared with the beginning of the period,
which was mainly attributable to the adjustment from part of short-term borrowings to long-term
borrowings due to the fact that the Company had adjusted the borrowing structure;
8) Financial liabilities measured at fair value and changes of which included in current profit and
loss decreased by 52.42% as compared with the beginning of the period, which was mainly attributable
to the change in fair value of derivative financial instruments such as forward contract for the period;
9) Interests payable increased by 551.93% as compared with the beginning of the period, which
was mainly attributable to the increase of interests which has been accrued but not yet paid;
10) Non-current liabilities due within one year decreased by 44.07% as compared with the
beginning of the period, which was mainly due to the conversion of convertible bonds issued in previous
years into shares in the period by subsidiaries of the Company;
11) Estimated liabilities increased by 39.91% as compared with the beginning of the period, which
was mainly due to the fact that contingent liabilities recognized as the investments with buy-back
conditions which were absorbed by subsidiaries of the Company;
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Qingdao Haier Co., Ltd.
12) Other non-current liabilities decreased by 72.58% as compared with the beginning of the period,
which was mainly attributable to the change in fair value of forward contract due over one year which
was held by the Company in the period;
13) Treasury stock decreased by 100% as compared with the beginning of the year, which was
mainly attributable to the cancellation of the treasury stock in the period;
14) Other comprehensive income decreased by 52.69% as compared with the beginning of the
period, which was mainly attributable to the decrease of the share of other comprehensive income which
will be reclassified in profit and loss in the future;
15) Operating revenue increased by 41.27% as compared with the corresponding period of last
year, which was mainly attributable to the growth of the original business of the Company and the
contribution of GEA;
16) Operating expense increased by 39.61% as compared with the corresponding period of last
year, which was mainly attributable to the increase of expenses resulting from the growth of sales;
17) Taxes and surtaxes increased by 112.87% as compared with the corresponding period of last
year, which was mainly attributable to the consolidation of all relevant taxes during the course of
operating activities into the accounting item of taxes and surcharge since 1 May 2016 according to the
CAIKUAI No. [2016]22 Value Added Tax Accounting Treatment Regulations issued by the MOF;
18) Selling expenses increased by 57.31% as compared with the corresponding period of last year,
which was mainly attributable to the inclusion of selling expenses of GEA (the corresponding period
only included the selling expenses of GEA during the period from 6 June to 30 September 2016);
19) Financial expenses increased by 266.86% as compared with the corresponding period of last
year, which was mainly attributable to the increase of average balance of borrowings for the period as
compared with the corresponding period of last year;
20) Loss in assets impairment increased by 37.01% as compared with the corresponding period of
last year, which was mainly attributable to the increase of closing balance of account receivables;
21) Income from change in fair value increased by 608.13% as compared with the corresponding
period of last year, which was mainly attributable to the change in fair value of derivative financial
instruments such as forward contracts for the period;
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Qingdao Haier Co., Ltd.
22) Other income increased by 100% as compared with the corresponding period of last year,
which was mainly attributable to the implementation of the Accounting Standards for Business
Enterprises No. 16 - Government grants (2017 Revision) at the time as requested by the MOF during the
period;
23) Non-operating expenses decreased by 57.48% as compared with the corresponding period of
last year, which was mainly attributable to the higher one off expense which was incurred from the
acquisition of GEA in the corresponding period of last year and there was no such factor in the current
period;
24) Net cash flows from operating activities increased by 186.30% as compared with the
corresponding period of last year, which was mainly due to the increase of revenue for the period and
the strengthening of management of supply chain;
25) Net cash flows from investing activities increased by 87.64% as compared with the
corresponding period of last year, which was mainly attributable to the higher payment for the
acquisition of GEA in the corresponding period of last year;
26) Net cash flows from financing activities decreased by 103.06% as compared with the
corresponding period of last year, which was mainly attributable to the substantial debt financing used
for the acquisition of GEA in the corresponding period of last year.
3.2 Note and analysis on the progress of significant events and their impact and solution
√ Applicable □Not Applicable
(1) As of the end of the reporting period, the external guarantees of the Company and its
subsidiaries are all guarantees among the Company and its subsidiaries, and the balance of the external
guarantees amounted to RMB23.757 billion, representing 78.7% of the net assets of the Company for the
latest period, and 16.4% of the total assets for the latest period.
(2) As of the end of the reporting period, the balance of the Company’s exchange transactions of
derivative products amounted to approximately US$2.9 billion.
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Qingdao Haier Co., Ltd.
3.3 The undertakings that have been past due and not been completed during the reporting period.
□Applicable √Not applicable
During the reporting period, the Company has no undertakings that have past due but not performed.
The undertakings made by the actual controlling shareholders, shareholders, related parties, purchasers and the Company and others during or up to the
reporting period are as follows:
Whether
it is
Whether it
performed
Time and has a
Background Type Covenanter Content in a
term deadline for
timely
performance
and strict
way
During the period from September 2006 to May 2007, the
Company issued shares to Haier Group Corporation (“Haier
Group”) to purchase the controlling equity in its four subsidiaries,
namely Qingdao Haier Air-Conditioner Electronics Co., Ltd. (青
27
岛海尔空调电子有限公司), Hefei Haier Air-conditioning Co.,
Eliminate the Septem
Undertaking related to Haier Limited (合肥海尔空调器有限公司), Wuhan Haier Electronics
property right ber
significant assets Group Co., Ltd. ( 武 汉 海 尔 电 器 股 份 有 限 公 司 ), Guizhou Haier YES YES
defects in 2006,
reorganization Corporation Electronics Co., Ltd. (贵州海尔电器有限公司). With regard to
land and etc. long
the land and property required in the operation of Qingdao Haier
term
Air-Conditioner Electronics Co., Ltd. (青岛海尔空调电子有限公
司) , Hefei Haier Air-conditioning Co., Limited (合肥海尔空调器
有限公司), Wuhan Haier Electronics Co., Ltd. (武汉海尔电器股
份 有 限 公 司 ) (the “Covenantees”), Haier Group made an
12 / 34
Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
undertaking (the “2006 Undertaking”). According to the content of
2006 Undertaking and current condition of each Covenantee,
Haier Group will constantly assure that Covenantees will lease the
land and property owned by Haier Group for free. Haier Group
will make compensation in the event that the Covenantees suffer
loss due to the unavailability of such land and property.
Haier Group Corporation undertakes that it will assure Qingdao
Haier and its subsidiaries of the constant, stable and unobstructed
use of the leased property. In the event that Qingdao Haier or any
of its subsidiaries suffers any economic loss due to the fact that
leased property has no relevant ownership certificate, Haier Group
Corporation will make compensation to impaired party in a timely
and sufficient way and take all reasonable and practicable
measures to support the impaired party to recover to normal
operation before the occurrence of loss. Upon the expiration of
Eliminate the 24
Haier relevant leasing period, Haier Group Corporation will grant or take
Undertaking related to property right December
Group practicable measures to assure Qingdao Haier and its subsidiaries YES YES
refinancing defects in 2013, long
Corporation of priority to continue to lease the property at a price not higher
land and etc. term
than the rent in comparable market at that time. Haier Group
Corporation will assure Qingdao Haier and its subsidiaries of the
constant, stable, free and unobstructed use of self-built property
and land of the Group. In the event that Qingdao Haier or any of
its subsidiaries fails to continue to use self-built property
according to its own will or in original way due to the fact that
self-built property has no relevant ownership certificate, Haier
Group Corporation will take all reasonable and practicable
measures to eliminate obstruction and impact, or will support
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Qingdao Haier Co., Ltd.
Qingdao Haier or its affected subsidiary to obtain alternative
property as soon as possible, if Haier Group Corporation
anticipates it is unable to cope with or eliminate the external
obstruction and impact with its reasonable effort. For details,
please refer to the Announcement of Qingdao Haier Co., Ltd. on
the Formation, Current Situation of the Defective Property, the
Influence on Operation of Issuer Caused by Uncertainty of
Ownership, Solution for the Defect and Guarantee Measures (L
2014-005) published by the Company on the four major securities
newspapers and the website of Shanghai Stock Exchange on 29
March 2014.
The Company undertakes that it will eliminate the property defects
of the Company and main subsidiaries within five years with
reasonable business effort since 24 December 2013, so as to
achieve the legality and compliance of the Company and main
Eliminate the subsidiaries in terms of land and property. For details, please refer 24
Qingdao
property right to the Announcement of Qingdao Haier Co., Ltd. on the December
Haier Co., YES YES
defects in Formation, Current Situation of the Defective Property, the 2013, five
Ltd.
land and etc. Influence on Operation of Issuer Caused by Uncertainty of years
Ownership, Solution for the Defect and Guarantee Measures (L
2014-005) published by the Company on the four major securities
newspapers and the website of Shanghai Stock Exchange on 29
March 2014.
With regard to its Share Option Incentive Scheme, the Company
Undertaking related to Qingdao 11 April
has undertaken not to provide loan or any other kind of financial
the share option Other Haier Co., 2014, long YES YES
support to incentive object in exercising option under the Share
incentive Ltd. term
Option Incentive Scheme or purchase of restricted shares,
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Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
including providing guarantee for its loan.
Inject the assets of Fisher&Paykel to the Company or dispose such
assets through other ways according to the requirements of the
Haier domestic supervision before June 2020. For more details, please May
Asset
Group refer to the Announcement of Qingdao Haier Co., Ltd. on the 2015-June YES YES
injection
Corporation Changes of Funding Commitment of Haier Group Corporation (L 2020
2015-015) published on the four major securities newspapers and
the website of Shanghai Stock Exchange on 26 May 2015.
Inject the assets of Haier Photoelectric to the Company or dispose
such assets through other ways according to the requirements of
the domestic supervision before June 2020. For more details,
Haier December
Asset please refer to the Announcement of Qingdao Haier Co., Ltd. on
Group 2015-June YES YES
Other undertakings injection the Changes of Funding Commitment of Haier Group Corporation
Corporation 2020
made to the medium (L 2015-063) published on the four major securities newspapers
and minority and the website of Shanghai Stock Exchange on 23 December
shareholders 2015.
In December 2015 and January 2016, the meeting of the Board of
Directors and general meeting of the shareholders considered and
approved the matters in relation to the acquisition of minority
equity interest of Mitsubishi Heavy Industries Haier and Carrier
December
Profit Haier Refrigeration Equipment held by Haier Group. The Company
2015-
forecast and Group signed the Profit Compensation Agreement with Haier Group to YES YES
December
compensation Corporation forecast the profits achieved by the aforementioned two companies
2018
in 2015 - 2018. If the profits are not reached during the
commitment period, the difference part will be made up to the
Company by Haier Group in cash. For more details, please refer to
the Announcement of Qingdao Haier Co., Ltd. on the Acquisition
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Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
of Equity in Sino-foreign Joint Venture Held by Haier Group
Corporation and Related-party Transaction (L 2015-062)
published on the four major securities newspapers and the website
of Shanghai Stock Exchange on 23 December 2015.
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Qingdao Haier Co., Ltd.
3.4 Warning and explanation on reasons for accumulated net profit for the period from the beginning
of the year to the end of the next reporting period to be at a loss or expected to have material
change as compared to those of the same period of last year
Applicable √Not Applicable
Name of Qingdao Haier Co., Ltd.
company
Legal Liang Haishan
representatives
Date 30 October 2017
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Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
IV. Appendix
4.1 Financial Statements
Consolidated Balance Sheet
30 September 2017
Prepared by: Qingdao Haier Co., Ltd.
Unit and Currency: RMB
Unaudited
Items Closing balance Opening balance
Current Assets:
Monetary Capital 32,161,405,575.63 23,582,239,011.20
Clearing settlement funds
Placements with banks
Financial assets measured at fair value
and changes of which included in current 23,099,285.52 80,432,384.17
profit and loss
Derivative financial assets
Bills receivables 13,613,608,437.38 13,796,561,238.05
Accounts receivables 14,080,769,417.93 12,265,195,443.40
Prepayments 636,516,972.75 592,510,116.61
Premiums receivable
Reinsurance accounts receivables
Reinsurance contract reserves receivable
Interests receivables 197,782,711.00 135,319,774.41
Dividends receivables 4,524,472.84 101,648,913.10
Other receivables 1,162,772,967.81 1,180,418,052.75
Financial assets purchased under resale
agreements
Inventories 16,662,708,886.43 15,284,904,331.04
Assets classified as held for sale
Non-current assets due within one
year
Other current assets 3,492,482,010.38 2,657,462,188.89
Total current assets 82,035,670,737.67 69,676,691,453.62
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Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
Non-current assets:
Loans and advances granted
Available-for-sale financial assets 1,529,297,430.03 1,555,878,717.05
Held-to-maturity investments
Long-term receivables
Long-term equity investments 12,199,579,035.51 11,057,819,628.14
Investment properties 31,829,109.66 34,600,393.37
Fixed assets 15,467,940,420.30 15,592,013,177.13
Construction in progress 1,938,163,487.98 1,769,875,050.35
Construction materials
Disposals of fixed assets 55,839,366.07 55,808,808.81
Biological assets for production
Fuel assets
Intangible assets 7,005,667,558.19 7,242,818,792.38
Development expenses 964,265,409.64 913,283,796.32
Goodwill 20,118,185,407.90 21,004,123,145.39
Long-term amortization expenditures 80,576,820.58 115,773,592.78
Deferred income tax assets 1,929,302,431.06 1,592,009,404.59
Other non-current assets 1,092,341,805.99 858,461,388.86
Total non-current assets 62,412,988,282.91 61,792,465,895.17
Total assets 144,448,659,020.58 131,469,157,348.79
Current liabilities:
Short-term borrowings 12,418,891,006.63 18,165,531,879.15
Borrowings from central bank
Absorbing deposit and deposit in
inter-bank market
Placements from banks
Financial liabilities measured at fair value
and changes of which included in current 1,113,469.99 2,340,213.20
profit and loss
Derivative financial liabilities
Bills payable 16,103,545,239.34 12,404,889,760.05
Accounts payables 24,883,347,557.94 20,601,681,120.03
Payments received in advance 5,699,883,655.56 5,737,348,712.97
Disposal of repurchased financial
assets
Handling charges and commissions
payable
Staff remuneration payable 2,034,170,759.85 2,408,525,656.48
Taxes payable 1,821,564,136.55 1,620,588,401.27
Interests payable 199,296,599.98 30,570,328.66
Dividends payable 171,494,413.64 148,690,489.01
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Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
Other payables 11,188,265,516.60 9,459,636,746.05
Reinsurance accounts payable
Deposits for insurance contracts
Customer deposits for trading in
securities
Amounts due to issuer for securities
underwriting
Liabilities classified as held for sale
Non-current liabilities due within one 1,659,225,902.64 2,966,808,509.55
year
Other current liabilities 12,730,995.55 17,228,645.29
Total current liabilities 76,193,529,254.27 73,563,840,461.71
Non-current liabilities:
Long-term borrowings 19,300,470,189.58 15,530,801,311.80
Debentures payable
Including: preference Shares
Perpetual bonds
Long-term payable 113,567,759.83 115,783,382.28
Long-term payables for staff’s 892,334,688.34 1,209,218,564.79
remuneration
Special payable
Estimated liabilities 3,232,008,708.04 2,310,119,430.60
Deferred income 394,639,154.50 342,825,593.35
Deferred income tax liabilities 158,956,064.31 133,243,146.68
Other non-current liabilities 159,823,992.08 582,785,069.86
Total non-current liabilities 24,251,800,556.68 20,224,776,499.36
Total liabilities 100,445,329,810.95 93,788,616,961.07
Owners’ equity
Share capital 6,097,402,727.00 6,097,630,727.00
Other equity instruments
Including: preference shares
Perpetual bonds
Capital reserve 83,462,866.62 106,798,262.17
Less: Treasury stock 1,041,960.00
Other comprehensive income 268,226,696.49 566,987,435.57
Special reserve
Surplus reserve 2,065,911,217.00 2,074,118,571.01
General risk provisions
Undistributed profits 21,690,034,846.09 17,593,695,190.81
Total equity attributable to owners of the 30,205,038,353.20 26,438,188,226.56
parent company
Minority interests 13,798,290,856.43 11,242,352,161.16
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Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
Total owners’ equity 44,003,329,209.63 37,680,540,387.72
Total liabilities and owners’ equities 144,448,659,020.58 131,469,157,348.79
Legal representative: Liang Haishan Chief accountant: Gong Wei Person in charge of
accounting department: Ying Ke (应珂)
Balance Sheet of the Parent Company
30 September 2017
Prepared by: Qingdao Haier Co., Ltd.
Unit and Currency: RMB
Unaudited
Items Closing balance Opening balance
Current Assets:
Monetary Capital 4,563,406,578.43 3,888,623,400.28
Financial assets measured at fair value
and changes of which included in current
profit and loss
Derivative financial assets
Bills receivables
Accounts receivables 211,862,728.36 265,438,220.39
Prepayments 40,174,115.51 10,000,000.00
Interests receivables 186,711,026.24 85,452,583.16
Dividends receivables 200,000.00 329,713,897.32
Other receivables 38,971,830.93 322,953,279.90
Inventories 38,472,023.53 69,799,065.47
Assets classified as held for sale
Non-current assets due within one
year
Other current assets 165,012,831.51 94,935,174.83
Total current assets 5,244,811,134.51 5,066,915,621.35
Non-current assets:
Available-for-sale financial assets 5,978,414.52 5,478,235.84
Held-to-maturity investments
Long-term receivables 8,600,000,000.00 8,600,000,000.00
Long-term equity investments 23,068,844,965.51 22,342,078,877.07
Investment properties
Fixed assets 122,757,304.80 116,840,195.32
Construction in progress 16,806,600.17 22,611,979.50
Construction materials
Disposals of fixed assets
21 / 34
Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
Biological assets for production
Fuel assets
Intangible assets 7,953,498.86 8,578,922.84
Development expenses
Goodwill
Long-term amortization expenditures
Deferred income tax assets 62,346,256.82 62,346,256.82
Other non-current assets
Total non-current assets 31,884,687,040.68 31,157,934,467.39
Total assets 37,129,498,175.19 36,224,850,088.74
Current liabilities:
Short-term borrowings
Financial liabilities measured at fair value
and changes of which included in current
profit and loss
Derivative financial liabilities
Bills payable
Accounts payables 302,548,109.26 1,142,008,704.07
Payments received in advance 633,678,127.81 1,844,082,827.50
Staff remuneration payable 33,607,763.18 39,919,748.55
Taxes payable 12,712,709.52 57,218,867.86
Interests payable 93,254,821.05 117,705,327.18
Dividends payable
Other payables 25,394,674,517.86 21,170,550,089.69
Liabilities classified as held for sale
Non-current liabilities due within one
year
Other current liabilities 10,402,345.83 4,841,867.91
Total current liabilities 26,480,878,394.51 24,376,327,432.76
Non-current liabilities:
Long-term borrowings
Debentures payable
Including: preference shares
Perpetual bonds
Long-term payable 20,000,000.00 20,000,000.00
Long-term payables for staff’s
remuneration
Special payable
Estimated liabilities
Deferred income 27,700,000.00 17,700,000.00
Deferred income tax liabilities 15,644,327.91 15,569,301.11
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Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
Other non-current liabilities
Total non-current liabilities 63,344,327.91 53,269,301.11
Total liabilities 26,544,222,722.42 24,429,596,733.87
Owners’ equity：
Share capital 6,097,402,727.00 6,097,630,727.00
Other equity instruments
Including: preference shares
Perpetual bonds
Capital reserve 2,060,812,960.17 2,061,597,739.78
Less: Treasury stock 1,041,960.00
Other comprehensive income -24,405,467.75 -10,881,603.15
Special reserve
Surplus reserve 1,389,846,284.51 1,389,846,284.51
Undistributed profits 1,061,618,948.84 2,258,102,166.73
Total owners’ equity 10,585,275,452.77 11,795,253,354.87
Total liabilities and owners’ equities 37,129,498,175.19 36,224,850,088.74
Legal representative: Liang Haishan Chief accountant: Gong Wei Person in charge of
accounting department: Ying Ke (应珂)
Consolidated Income Statement
January-September 2017
Prepared by: Qingdao Haier Co., Ltd.
Unit and Currency: RMB
Unaudited
Amount as at the Amount as at the
beginning of the beginning of last
year to the end of year to the end of
Current amount Prior amount the reporting the reporting
Items
(July-September) (July-September) period period
(January-Septemb (January-Septem
er) ber)
I. Total operating
41,613,863,654.10 35,580,735,659.68 119,189,613,634.20 84,367,342,584.55
revenue
Including: operating
41,613,863,654.10 35,580,735,659.68 119,189,613,634.20 84,367,342,584.55
revenue
Interest income
Insurance
premiums earned
23 / 34
Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
Fee and commission
income
II. Total cost of
40,468,513,665.59 34,713,999,575.68 113,364,284,425.92 80,118,843,110.38
operations
Including: operating
29,397,273,551.20 25,171,204,780.30 83,552,179,384.59 59,846,936,854.72
cost
Interest expenses
Fee and commission
expenses
Insurance withdrawal
payment
Net payment from
indemnity
Net provisions for
insurance contract
Insurance policy
dividend paid
Reinsurance cost
Business taxes and
269,212,903.89 117,023,348.43 614,599,237.19 288,720,266.70
surcharge
Selling expenses 8,086,931,744.23 6,671,957,919.30 21,024,447,698.61 13,365,034,255.10
Administrative
2,324,987,511.75 2,634,371,111.57 6,948,695,908.26 6,177,453,643.25
expenses
Financial expenses 378,794,177.81 144,920,254.93 990,471,459.74 269,989,263.40
Loss in assets
11,313,776.71 -25,477,838.85 233,890,737.53 170,708,827.21
impairment
Add: income from
change in fair value
114,188,419.25 78,690,919.90 526,252,264.40 -103,567,238.94
(losses are
represented by “-”)
Investment
income (losses are 318,580,844.17 308,359,351.21 972,423,558.52 1,337,553,151.05
represented by “-”)
Including: investment
income of associates
and joint ventures
Exchange gain (losses
are represented by
“-”)
Other incomes 191,577,886.70 264,319,732.74
III. Operating profit
(losses are 1,769,697,138.63 1,253,786,355.11 7,588,324,763.94 5,482,485,386.28
represented by “-”)
24 / 34
Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
Add: non-operating
314,205,463.92 129,603,563.04 623,209,532.54 589,928,436.18
income
Including: gain from
disposal of
non-current assets
Less:
non-operating 39,369,015.51 234,988,996.29 123,948,038.66 291,472,316.41
expenses
Including: Loss from
disposal of
non-current assets
IV. Total profit (total
losses are represented 2,044,533,587.04 1,148,400,921.86 8,087,586,257.82 5,780,941,506.05
by “-”)
Less: income tax
218,094,249.60 202,370,445.05 976,116,407.83 863,068,827.03
expense
V. Net profit (net
losses are represented 1,826,439,337.44 946,030,476.81 7,111,469,849.99 4,917,872,679.02
by “-”)
Net profit
attributable to owners 1,255,293,313.13 511,810,975.12 5,682,361,717.64 3,826,984,146.82
of the Company
Profit or loss
attributable to 571,146,024.31 434,219,501.69 1,429,108,132.35 1,090,888,532.20
minority shareholders
VI. Other
comprehensive -144,121,187.22 318,820,472.39 -345,254,600.46 -57,829,623.37
income, net of tax
Other
comprehensive
income attributable to -130,145,366.38 316,020,122.26 -298,760,739.08 -70,651,292.41
owners of the
Company, net of tax
(I) Other
comprehensive
income that will not
be reclassified
subsequently to profit
or loss
1. Changes in net
liabilities or net assets
arising from
re-measurement of
25 / 34
Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
defined benefit plans
2. Share of other
comprehensive
income of investees
that cannot be
reclassified to profit
or loss under equity
method
(II) Other
comprehensive
income to be
-130,145,366.38 316,020,122.26 -298,760,739.08 -70,651,292.41
reclassified
subsequently to profit
or loss
1. Share of other
comprehensive
income of investees
that will be
40,693,511.60 10,147,015.47 -81,346,664.65 -34,869,817.75
reclassified
subsequently to profit
or loss under equity
method
2. Gain or loss from
change in fair value
2,843,778.27 -1,569,310.30 496,754.29 -449,875,102.32
of available-for-sale
financial assets
3. Gain or loss arising
from reclassification
from held-to-maturity
investments to
available-for-sale
financial assets
4. Effective portion of
gain or loss arising
4,628,209.01 -1,139,401.61
from cash flow
hedging instruments
5. Exchange
differences on
translation of
-178,310,865.26 307,442,417.09 -216,771,427.11 414,093,627.66
financial statements
denominated in
foreign currencies
6. Other
26 / 34
Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
Other
comprehensive
income attributable to
-13,975,820.84 2,800,350.13 -46,493,861.38 12,821,669.04
minority
shareholders, net of
tax
VII. Total
comprehensive 1,682,318,150.22 1,264,850,949.20 6,766,215,249.53 4,860,043,055.65
income
Total
comprehensive
income attributable to 1,125,147,946.75 827,831,097.38 5,383,600,978.56 3,756,332,854.41
the shareholders of
parent company
Total
comprehensive
income attributable to 557,170,203.47 437,019,851.82 1,382,614,270.97 1,103,710,201.24
the minority
shareholders
VIII . Earnings per
share:
(I) Basic earnings
per share 0.206 0.084 0.932 0.627
(RMB/share)
(II) Diluted
earnings per share 0.206 0.084 0.932 0.627
(RMB/share)
The net profit realized by the acquiree prior to its merger with the Company, which turned the
acquiree into a jointly controlled entity of the Company, was RMB 500,041.82 during the period.
Legal representative: Liang Haishan Chief accountant: Gong Wei Person in charge of
accounting department: Ying Ke (应珂)
Income Statement of the Parent Company
January-September 2017
Prepared by: Qingdao Haier Co., Ltd.
Unit and Currency: RMB
Unaudited
27 / 34
Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
Amount as at Amount as at
the beginning of the beginning of
the year to the last
Current
Prior amount end of year to the end
amount
Items (July-Septemb the reporting of the
(July-Septemb
er) period reporting
er)
(January-Septe period
mber) (January-Septe
mber)
I. Operating revenue 885,928,248.69 827,929,968.02 2,429,040,574.34 2,343,801,453.23
Less: Operation cost 599,578,352.66 599,133,201.64 1,724,678,093.73 1,663,108,069.07
Taxes and surcharge 8,873,954.31 2,251,251.96 17,998,106.78 8,696,651.40
Selling expenses 65,814,107.53 30,872,977.31 150,349,127.54 172,551,891.19
Administrative expenses 205,554,320.29 202,054,309.20 497,356,040.18 424,068,353.18
Financial expenses 32,401,366.94 13,315,728.36 77,833,579.73 13,236,150.33
Loss in assets impairment -67,084,496.59 -1,722,245.56 -17,843,951.04 -3,616,902.23
Add: income from change in fair
value (losses are represented by
“-”)
Investment income (losses
108,081,882.92 56,992,467.02 259,975,650.65 200,457,104.98
are represented by “-”)
Including: investment
income of associates and joint
ventures
Other incomes 17,166,899.75 17,166,899.75
II. Operating profit (losses are
166,039,426.22 39,017,212.13 255,812,127.82 266,214,345.27
represented by “-”)
Add: non-operating income 7,140,206.67 5,619,768.40 59,966,161.35 81,560,399.04
Including: gain from
disposal of non-current assets
Less: non-operating expenses 852,535.19 891,618.63 861,948.86 911,949.33
Including: Loss from
disposal of non-current assets
III. Total Profit (losses are
172,327,097.70 43,745,361.90 314,916,340.31 346,862,794.98
represented by “-”)
Less: income tax expense 9,633,872.86 -1,987,065.76 -756,318.10 5,807,852.78
IV. Net Profit (net losses are
162,693,224.84 45,732,427.66 315,672,658.41 341,054,942.20
represented by “-”)
V. Other comprehensive income,
79,633.31 6,110,062.02 -13,523,864.60 -14,597,453.12
net of tax
(I) Other comprehensive income
will not be reclassified
subsequently to profit or loss
28 / 34
Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
1. Changes in net liabilities or
net assets arising from
re-measurement of defined benefit
plans
2. Share of other
comprehensive income of investees
that cannot be reclassified to profit
or loss under equity method
(II) Other comprehensive
income to be reclassified 79,633.31 6,110,062.02 -13,523,864.60 -14,597,453.12
subsequently to profit or loss
1. Share of other
comprehensive income of investees
that will be reclassified 14,374,168.36 6,169,709.37 425,151.88 915,175.04
subsequently to profit or loss under
equity method
2. Gain or loss from change in
fair value of available-for-sale -14,294,535.05 -59,647.35 -13,949,016.48 -15,512,628.16
financial assets
3. Gain or loss arising from
reclassification from
held-to-maturity investments to
available-for-sale financial assets
4. Effective portion of gain or
loss arising from cash flow hedging
instruments
5. Exchange differences on
translation of financial statements
denominated in foreign currencies
6. Other
VI. Total comprehensive income 162,772,858.15 51,842,489.68 302,148,793.81 326,457,489.08
VII. Earnings per share:
(I) Basic earnings per share
(RMB/ share)
(II) Diluted earnings per share
(RMB/share)
Legal representative: Liang Haishan Chief accountant: Gong Wei Person in charge of
accounting department: Ying Ke (应珂)
Consolidated Cash Flow Statement
January-September 2017
Prepared by: Qingdao Haier Co., Ltd.
29 / 34
Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
Unit and Currency: RMB
Unaudited
Amount as at the Amount as at the
beginning of beginning of last
Items the year to the end of year to the end of the
the reporting period reporting period
(January-September) (January-September)
I. Cash flows from operating activities:
Cash received from the sale of goods and 139,498,787,397.46 90,110,978,075.44
rendering of services
Net increase in customer and interbank
deposits
Net increase in borrowing from PBOC
Net cash increase in borrowing from
other financial institutes
Cash received from premiums under
original insurance contract
Net cash received from reinsurance
business
Net increase in deposits of policy
holders and investment
Net increase from the disposal of
financial assets measured at fair value and
changes of which included in current
profit and loss
Cash paid for interest, bank charges and
commissions
Net increase in cash borrowed
Net increase in cash received from
repurchase operation
Refunds of taxes 933,453,763.81 499,360,330.52
Cash received from other related 641,640,968.26 671,981,686.17
operating activities
Sub-total of cash inflows from 141,073,882,129.53 91,282,320,092.13
operating activities
Cash paid on purchase of goods and 99,997,320,327.27 64,518,763,975.56
services
Net increase in loans and advances
Net increase in deposits in PBOC and
interbank
Cash paid for compensation payments
under original insurance contract
30 / 34
Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
Cash paid for interest, bank charges and
commissions
Cash paid for insurance policy dividend
Cash paid to and on behalf of employees 11,219,814,215.75 7,808,375,565.15
Cash paid for all types of taxes 5,736,748,757.22 5,149,863,599.32
Cash paid to other operation related 9,959,945,830.35 8,859,372,397.16
activities
Sub-total of cash outflows from 126,913,829,130.59 86,336,375,537.19
operating activities
Net cash flows from operating 14,160,052,998.94 4,945,944,554.94
activities
II. Cash flows from investing activities:
Cash received from disposal of
52,073,162.58 580,469,201.21
investments
Cash received from return on
240,271,551.96 132,888,904.12
investments
Net cash received from the disposal of
fixed assets, intangible assets and other 44,493,426.47 26,085,548.94
long term assets
Net cash received from disposal of
155,037,270.54
subsidiaries and other operating entities
Cash received from other investment
3,693,847.50
related activities
Sub-total of cash inflows from
491,875,411.55 743,137,501.77
investing activities
Cash paid on purchase of fixed assets,
intangible assets and other long term 2,614,123,880.97 2,050,472,227.16
assets
Cash paid for investments 2,597,591,667.47 1,201,539,611.53
Net increase in secured loans
Net cash paid on acquisition of
88,429,231.46 36,398,588,501.66
subsidiaries and other operating entities
Cash paid on other investment related
3,861,165.47
activities
Sub-total of cash outflows from
5,300,144,779.90 39,654,461,505.82
investing activities
Net cash flows from investing
-4,808,269,368.35 -38,911,324,004.05
activities
III. Cash flows from financing activities:
Cash received from investment 1,347,292,085.10 10,839,764.43
Including: cash received by
subsidiaries from minority shareholders’
investment
31 / 34
Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
Cash received from borrowings 16,802,698,248.06 37,147,302,314.09
Cash received from issuing bonds
Cash received from other financing 1,731,609.42
related activities
Sub-total of cash inflows from 18,151,721,942.58 37,158,142,078.52
financing activities
Cash paid on repayment of borrowings 16,985,670,538.25 6,080,035,623.81
Cash paid on distribution of dividends, 2,010,741,534.99 1,767,259,255.68
profits, or interest expenses
Including: dividend, profit paid to
minority shareholders by subsidiaries
Cash paid on other financing activities 47,799,254.84 168,740,536.91
Sub-total of cash outflows from 19,044,211,328.08 8,016,035,416.40
financing activities
Net cash flows from financing -892,489,385.50 29,142,106,662.12
activities
IV. Effect of fluctuations in exchange -184,484,131.52 -56,520,198.96
rates on cash and cash equivalents
V. Net increase in cash and cash 8,274,810,113.57 -4,879,792,985.95
equivalents
Add: balance of cash and cash 23,510,900,890.49 24,725,880,770.59
equivalents at the beginning of the period
VI. Balance of cash and cash equivalents 31,785,711,004.06 19,846,087,784.64
at the end of the period
Legal representative: Liang Haishan Chief accountant: Gong Wei Person in charge of
accounting department: Ying Ke (应珂)
Cash Flow Statement of the Parent Company
January-September 2017
Prepared by: Qingdao Haier Co., Ltd.
Unit and Currency: RMB
Unaudited
Amount as at the Amount as at the
beginning of beginning of last
Items the year to the end of year to the end of the
the reporting period reporting period
(January-September) (January-September)
I. Cash flows from operating activities:
Cash received from the sale of goods 427,739,667.35 314,712,571.18
and rendering of services
Refunds of taxes 55,711,962.27 12,451,222.14
32 / 34
Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
Cash received from other related 54,115,058.79 46,880,078.85
operating activities
Sub-total of cash inflows from 537,566,688.41 374,043,872.17
operating activities
Cash paid on purchase of goods and 1,452,092,842.51 431,718,199.28
services
Cash paid to and on behalf of employees 564,703,136.34 241,922,703.85
Cash paid for all types of taxes 137,011,406.78 116,783,336.85
Cash paid to other operation related 321,211,786.90 422,365,565.20
activities
Sub-total of cash outflows from 2,475,019,172.53 1,212,789,805.18
operating activities
Net cash flows from operating -1,937,452,484.12 -838,745,933.01
activities
II. Cash flows from investing activities:
Cash received from disposal of
investments
Cash received from return on 429,548,610.50 249,905,293.86
investments
Net cash received from the disposal of
fixed assets, intangible assets and other
long term assets
Net cash received from disposal of
subsidiaries and other operating entities
Cash received from other investment
related activities
Sub-total of cash inflows from
429,548,610.50 249,905,293.86
investing activities
Cash paid on purchase of fixed assets,
intangible assets and other long term 28,348,785.40 8,959,725.03
assets
Cash paid for investments 793,311,762.50 15,748,337,507.50
Net cash paid on acquisition of
subsidiaries and other operating entities
Cash paid on other investment related
activities
Sub-total of cash outflows from 821,660,547.90 15,757,297,232.53
investing activities
Net cash flows from investing -392,111,937.40 -15,507,391,938.67
activities
III. Cash flows from financing activities:
Cash received from investment
Cash received from borrowings
33 / 34
Third Quarterly Report of 2017
Qingdao Haier Co., Ltd.
Cash received from issuing bonds
Cash received from other financing 4,517,547,537.12 20,809,717,585.98
related activities
Sub-total of cash inflows from 4,517,547,537.12 20,809,717,585.98
financing activities
Cash paid on repayment of borrowings
Cash paid on distribution of dividends, 1,512,155,876.29 1,279,850,811.18
profits, or interest expenses
Cash paid on other financing activities 1,041,960.00 139,903,557.84
Sub-total of cash outflows from 1,513,197,836.29 1,419,754,369.02
financing activities
Net cash flows from financing 3,004,349,700.83 19,389,963,216.96
activities
IV. Effect of fluctuations in exchange -2,101.16
rates on cash and cash equivalents
V. Net increase in cash and cash 674,783,178.15 3,043,825,345.28
equivalents
Add: balance of cash and cash 3,888,623,400.28 562,827,007.96
equivalents at the beginning of the period
VI. Balance of cash and cash equivalents 4,563,406,578.43 3,606,652,353.24
at the end of the period
Legal representative: Liang Haishan Chief accountant: Gong Wei Person in charge of
accounting department: Ying Ke (应珂)
4.2 Audit Report
□Applicable √Not Applicable
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