Stock Code: 601689 Abbr.:Tuopu Group
Ningbo Tuopu Group Co., Ltd.
Semi-annual Report 2022
August 2022
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Important Notes
I. The Board of Directors, Board of Supervisors, Directors, Supervisors and Senior Management
of Ningbo Tuopu Group Co., Ltd. hereby guarantee that the information presented in this
report shall be authentic, accurate and complete and free of any false records, misleading
statements or material omissions, and they will bear joint and several liability for such
information.
II. All directors attended the meeting of the Board of Directors.
III. This semi-annual report has not yet been audited.
IV. Wu Jianshu, a person in charge of the Company, Hong Tieyang, an officer in charge of
accounting work and accounting institution (Accounting Officer) hereby declare and warrant
that the financial statements in the annual report are authentic, accurate, and complete.
V. The profit distribution plan for the reporting period or the plan for converting public reserve
funds into additional share capital after consideration by the Board of Directors
No profit distribution or conversion of public reserve funds into additional share capital is made in
this reporting period
VI. Risk statement of forward-looking statements
√Applicable □Non-applicable
The forward-looking description of the future development strategy, business plan, performance
forecast and other aspects in relation to the Company as contained herein will not constitute a substantial
commitment to investors. All investors of the Company are advised to be cautious about the investment
risks.
VII. Whether there is any non-operating capital occupation by the controlling shareholder and its
affiliates
No
VIII. Whether there is any external guarantee provided in violation of the prescribed decision
procedures
No
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IX. Whether there are more than half of the directors who cannot guarantee the annual report
disclosed by the Company as to its authenticity, accuracy and completeness
No
X. Significant risk statement
The Company has described the significant risks that may adversely affect the future development
of the Company and the realization of its business objectives herein. More details are available in
"Section III Discussion and Analysis of Business Conditions" under this report.
XI. Other
√Applicable □Non-applicable
Subject to the approval by the China Securities Regulatory Commission for public issuance of
convertible corporate bonds by Ningbo Tuopu Group Co., Ltd. (Zheng Jian Xu Ke [2022] No. 830), the
company was approved to issue convertible bonds with a total face value of RMB 2.5 billion, with a
maturity of 6 years.
On 20 July 2022, the company completed the public issuance of convertible corporate bonds, and
wrapped up the registration procedures for convertible corporate bonds on 28 July 2022 at the Shanghai
Branch of China Securities Depository and Clearing Corporation Limited. On 12 August 2022, these
convertible bonds were listed on the Shanghai Stock Exchange.
The total amount of funds raised from this issuance is RMB 2.5 million. Nett of the total issuance
expenses of RMB 11,027,358.47 (without tax), the actual net amount of funds raised is RMB
2,488,972,641.53. BDO China Shu Lun Pan Certified Public Accountants LLP (Special General
Partnership) verified the raised funds and issued the "Capital Verification Report of Ningbo Tuopu
Group Co., Ltd." (Xin Kuai Shi Bao Zi [2022] No. ZF10923).
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Contents
Section 1 Definitions ..................................................................................... 5
Section 2 Company Profile and Key Financial Indicators ........................ 5
Section 3 Discussion and Analysis of Operation Conditions .................... 8
Section 4 Corporate Governance .............................................................. 25
Section 5 Environmental and Social Responsibility ................................ 28
Section 6 Significant Events ....................................................................... 35
Section 7 Changes in Shares and Shareholders ....................................... 53
Section 8 Information about Preference Shares ...................................... 57
Section 9 Information of Corporate Bonds .............................................. 57
Section 10 Financial Report ....................................................................... 58
(1) Full text and extracts of this semi-annual report affixed with the signature of the
company's legal representative and common seal.
(2) Financial statements signed and sealed by the legal representative of the company,
Catalogue of
the officer in charge of accounting work and the person in charge of the accounting
Files for Future
institution.
Inspection
(3) Original and manuscript of all company documents and announcements that are
disclosed on the information disclosure media designated by the company during the
reporting period
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Section 1 Definitions
In this report, unless the context requires otherwise, the following words and terms shall be construed as:
Common terms and definitions
The Company, issuer, Tuopu Refers Ningbo Tuopu Group Co., Ltd.
to
MECCA HK Refers MECCA INTERNATIONAL HOLDING （ HK ）
to LIMITED, the controlling shareholder of the Company
Reporting Period Refers From January 1, 2022 to June 30, 2022
to
Board of Directors, Board of Refers Board of Directors, Board of Supervisors, General Meeting
Supervisors, General Meeting of to of Shareholders of Ningbo Tuopu Group Co., Ltd.
Shareholders
1.00 Yuan, 10,000 Yuan, 100 Refers 1.00, 10,000.00, 100,000,000.00
million Yuan to
Section 2 Company Profile and Key Financial Indicators
I. Company Information
Company Name in Chinese Ningbo Tuopu Group Co., Ltd.
Company Abbreviation in Chinese 拓普集团
Company Name in English Ningbo Tuopu Group Co.,Ltd.
Company Abbreviation in English Tuopu Group
Legal Representative of the Wu Jianshu
Company
II. Contact Person and Contact Information
Security of the Board Representative of Securities Affairs
Name Wang Mingzhen Gong Yuchao
Contact Address 268 Yuwangshan Rd, Beilun District, 268 Yuwangshan Rd, Beilun District,
Ningbo Ningbo
Tel. 0574-86800850 0574-86800850
Fax 0574-86800877 0574-86800877
E-mail wmz@tuopu.com gyc@tuopu.com
III. General Information Summary
Registered Address of the Company 268 Yuwangshan Rd, Daqi Street, Beilun District, Ningbo,
Zhejiang
Change History of Registered Address On 16 June 2020, the company address was changed from
“215 Huangshan West Road, Beilun, Ningbo, Zhejiang” to
“268 Yuwangshan Rd, Daqi Street, Beilun District,
Ningbo, Zhejiang”
Office Address of the Company 268 Yuwangshan Rd, Daqi Street, Beilun District, Ningbo,
Zhejiang
Postal Code of Office Address 315806
Website www.tuopu.com
E-mail tuopu@tuopu.com
Search index of changes during the reporting NA
period
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IV. Information Disclosure and Location
The Media Selected by the Company for Securities Times
Disclosure
Website Designated by CSRC for Publishing SSE website (www.sse.com.cn)
Semi-annual Report
Location for Annual Report of the Company Office of Board Secretary
Search index of changes during the reporting NA
period
V. Overview of Stock Information
Stock Type Stock Exchange Stock Abbreviation Stock Code Stock Abbreviation
Before Change
A-share Shanghai Stock Tuopu Group 601689 -
Exchange
VI. Other Related Information
□Applicable √Non-applicable
VII. Key Accounting Data and Financial Indicators over the Past Three Years
(1) Key Accounting Data
Unit：Yuan Currency：RMB
During this Increase/decrease
Figures in
Key Accounting Data reporting period compared with
previous period
(January-June) previous year (%)
Operating income 6,793,989,768.80 4,916,747,063.20 38.18
Net profit attributable to shareholders of
707,806,710.76 459,702,187.79 53.97
the listed Company
Net profit attributable to shareholders of
the listed company after deducting 684,872,435.30 444,689,918.25 54.01
non-recurring gains and losses
Net cash flow generated by operational
1,119,114,445.35 745,334,877.96 50.15
activities
Increase/Decrease
at the end of the
End of this End of previous current year
reporting period year compared with
the end of the
previous year (%)
Net assets attributable to shareholders of
10,992,701,612.63 10,588,767,194.07 3.81
the listed company
Total assets 21,325,228,463.19 18,682,692,767.26 14.14
(2) Key Financial Indicators
During this Increase/decrease
Figures in previous
Key Financial Indicators reporting period compared with
period
(January-June) previous year (%)
Basic Earnings per Share (RMB/Share) 0.64 0.42 52.38
Diluted Earnings per Share
0.64 0.42 52.38
(RMB/Share)
Basic Earnings per Share after deducting
non-recurring gains and losses 0.62 0.41 51.22
(RMB/Share)
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Weighted Average ROE Increased by
6.47 4.81
1.66%
Weighted Average ROE after deducting Increased by
6.26 4.65
non-recurring gains and losses (%) 1.61%
Notes to the key accounting data and financial indicators over the previous three years at the end of the
reporting period
□Applicable √Non-applicable
VIII. Differences in Accounting Data under Chinese and International Accounting Standards
□Applicable √Non-applicable
IX. Non-recurring Gains and Losses Items and Amounts
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Non-recurring Gains and Losses Items Amount Note (if
applicable)
Gains and losses from disposal of non-current assets -1,715,718.83
Approval beyond authority, or without formal approval
document, or incidental tax rebates, deducts and exempts
Government subsidies included in the current profit and loss, but
closely associated with the regular business operations of the
Company, except for government subsidies that are consistent 24,261,834.13 X、VII、84
with national policies and continuously granted at a fixed quota
or amount under certain national standard
Payment for the use of funds charged from non-financial
enterprises that is included in current profit and loss
Income generated from the investment cost of the Company in
acquiring subsidiaries, associates and joint ventures that is less
than the fair value of the identifiable net assets held by the
invested entity at the acquisition of investment
Gains and losses from exchange of non-monetary assets
Gains and losses from the engagement of others in investment or
4,771,387.95
management
Provisions for impairment of various assets due to force majeure
factors including natural disasters
Gains and losses from restructuring of debts
Expenses incurred in enterprise restructuring, including those
incurred in staff placement and integration
Gains and losses from the part of transactions whose prices are
clearly unfair in excess of the fair value
Net profits and losses for the current period from the beginning of
the period to the date of the merger arising from a business
combination under the same control
Profits and losses generated from contingent events that are
unrelated to the regular business operations of the Company
Profits and losses resulting from the changes in fair value for
holding trading financial assets, derivative financial assets and
trading financial liabilities, derivative financial liabilities and
investment income from disposal of trading financial assets, -197,311.14
derivative financial assets, trading financial liabilities, derivative
financial liabilities and other obligatory right investments, except
for valid hedging businesses associated with the regular business
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operations of the Company
Reversal of the receivables and contract assets depreciation
reserves for separate impairment test
Gains and losses from external entrusted loans
Profits and losses generated from a change in the fair value of
investment real estates that are subsequently measured by the fair
value model
Impact of one-off adjustment to the current profit and loss under
the requirements of taxation, accounting and other laws and
regulations on the current profit and loss
Custody fee income from entrusted operations
Non-operating income and expenses other than the above 297,952.18
Other gains and losses items that fit the definition of
non-recurring gains and losses
Less: Impact of income tax 4,471,817.02
Impact of minority equity (after tax) 12,051.81
Total 22,934,275.46
For items defined as non-recurring gains and losses according to the No. 1 Explanatory Announcement
on Information Disclosure for Companies Offering Their Securities to Public - Non-recurring Gains and
Losses, or non-recurring gains and losses items listed in the said document defined as recurring ones,
state the reasons.
□Applicable √Non-applicable
X. Other
□Applicable √Non-applicable
Section 3 Discussion and Analysis of Operation Conditions
I. Main business operations, business model and profile of industry during the reporting period
(1) Industry Landscape
According to public available information, in the first half of 2022, about 32.63 million units of
passenger cars were sold globally, a decrease of 10.1% compared to the same period in prior year; about
12.06 million units were sold in China, a decrease of 6.6% compared to the same period in prior year.
However, the sales of NEVs still drives in the fast lane, about 3 million units of NEVs were sold
globally, an increase of 109% compared to the same period in prior year, accounting for 9% of gross
sales. About 2.6 million units of NEVs were sold in China, an increase of 120% compared to the same
period in prior year, accounting for 21.7% of gross sales. The penetration rate of NEVs is skyrocketing.
(2) Main business operations
1. Main operations
The Company specializes in the research and development, production and sales of auto parts. The
main products include automobile NVH Anti-vibration System, interior and exterior trim parts,
lightweight body, intelligent cockpit components, thermal management system, chassis system, air
suspension system, intelligent driving system. The major customers it serves include international and
domestic smart electric car makers and traditional OEM car makers at home and abroad. In line with the
business philosophy of creating value for customers, the Company adheres to R&D and innovation,
boosts global landscaping, enhances overall competitiveness, and strives to be a more trusted partner for
car makers.
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2. Business process and operation pattern
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3.During the reporting period, the Company’s main business by industry, product, and region is listed below:
Unit:Yuan Currency: RMB
Main business operations by industry
Increase/Decrease of Increase/Decrease of Increase/Decrease of
Gross profit
By industry Operating income Operating cost operating income over operating cost over gross profit rate over
rate (%)
the previous year (%) the previous year (%) the previous year (%)
Automobile parts 6,476,966,953.32 5,221,541,982.74 19.38 35.74 35.67 Increased by 0.04%
Main business operations by product
Increase/Decrease of Increase/Decrease of Increase/Decrease of
Gross profit
By product Operating income Operating cost operating income over operating cost over gross profit rate over
rate (%)
the previous year (%) the previous year (%) the previous year (%)
NVH Anti-vibration
1,832,700,905.29 1,404,468,471.63 23.37 7.68 8.71 Decreased by 0.72%
System
Interior & Exterior
2,150,013,540.13 1,780,016,247.79 17.21 40.59 38.33 Increased by 1.35%
System
Chassis System 1,784,414,160.05 1,462,539,349.65 18.04 100.47 95.51 Increased by 2.08%
Intelligent Driving
93,345,524.42 69,411,731.96 25.64 15.39 16.62 Decreased by 0.79%
System
Thermal Management
616,492,823.43 505,106,181.71 18.07 8.28 9.22 Decreased by 0.70%
System
Main business operations by region
By region Operating income in the current period Increase or decrease of operating income over the previous period (%)
Domestic 4,339,156,270.62 23.96
Overseas 2,137,810,682.70 68.20
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II． Analysis of core competitiveness during the reporting period
√Applicable □Non-applicable
The NEVs track in which the Company is currently engaged heralds the market capacity at
trillion-level, its enormous potential of market development, long business life cycle, and
technology-intensive and capital-intensive character offer a historical opportunity for the Company to
stride forward. In the course of 39 years after founding, the Company has been consistently enhancing
overall competitiveness, raised the competition threshold and shaped a moat.
1. Strength of product platform.
Keeping up with the trend of industry development, the Company makes a prospective distribution
of NEVs track, expands its product lines, and forms a platform-based corporation. Now it owns 8
product lines: automobile NVH Anti-vibration System, interior and exterior trim parts, lightweight body,
intelligent cockpit components, thermal management system, chassis system, air suspension system,
intelligent driving system. The unit price of components per vehicle is about 30,000 and these product
lines are accessible to enormous potentials of expansion. The company also deploys some resources in
motion actuators intended for humanoid robots. This is a trillion-level track for the future of mankind
with enormous prospects.
The Company has a wide range of product lines which can provide customers with one-stop,
system-grade and modularized products and services, and some products are scarce and hardly
benchmarked in the global market of automobile parts. In the era of industrial transformation and
business model innovation, labor collaboration with customers can in turn enhance customer satisfaction
and pave the way for getting bigger and stronger.
The Company has a wide array of product lines such as suspension system, brake-by-wire and
steering-by-wire, impressive chassis tuning capabilities, and requisite factors to integrate drive-by-wire
chassis and skateboard chassis. Drive-by-wire chassis is an essential condition to realize high-level auto
piloting. In contrast, skateboard chassis can create a new car-making model featuring faster speed of
making and lower cost. With a proven ability to render further services to customers, the Company is
highly responsive to the technology development trend of vehicle E/E control architecture and
sub-domain control and the creative car-making model that may appear.
The product lines are briefly described here: 1. NVH Anti-vibration System, comprising powertrain
mount support, drive motor damper, cylinder support, torsional damper, sub-frame support, and
hydraulic bushing; 2.Interior and exterior trim parts, comprising roof, main carpet, coat rack, heat and
sound insulation components, luggage insulation components, and exterior trim products such as sealing
strips and decorative strips; 3. Lightweight body, comprising one-piece front and rear floor panels, body
structural part, door structural part, and battery pack structural part; 4. Intelligent cockpit components,
comprising rotary screen controller, electric tailgate, electric sliding door, and seat comfort system; 5.
Thermal management system, comprising integrated heat pump assembly, multi-port valve, electronic
water pump, and electronic expansion valve; 6. Chassis system, comprising front and rear sub-frames,
aluminum sub-frame, control arms, rods, and steering knuckles; 7. Air suspension system, comprising
integrated air supply unit, air spring, and height sensor; 8. Intelligent driving system, comprising
steer-by-wire, brake-by-wire, and power-adjustable steering columns.
2. Strength of customer group.
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The Company undertakes the mission statement of creating values for its customers and has been
generally accepted by customers in cooperation. The TUOPU brand reputation has been enhanced, along
with higher loyalty level of customers. In the era of intelligent electrification, capitalizing on the core
competitiveness generated from QSTP, the Company has established and maintained stable cooperation
with domestic and overseas carmakers.
In line with the key customer strategy, the Company takes resource-focused approach to explore
Tier0.5 cooperation pattern, and renders services characterized by “responsive and highly cooperative”
to strategic customers, which in turn earns positive review and recognition from customers, and paves
the way for supplying components fit to millions of vehicles.
3. Strength of R&D.
The only way leading to a world-class automobile parts enterprise is to improve capabilities of
R&D and innovation. Sticking to R&D and innovation, the Company was the first participant within the
industry to lay down the forward R&D development strategy as early as twenty years ago. After the
technological accumulation for years, the Company has demonstrated the system-grade synchronous
forward R&D capabilities with respect to five modules and the integrated R&D capabilities of machines,
electronic control, and software, and has a number of independent intellectual property rights such as
invention patents. The Company kicks off basic research works in order to further maintain its leading
edge in research and development. With uninterrupted investments in system construction, recruitment
of talents and testing capacity, the Company maintains the average percentage of annual R&D
investments in operating income at a level about 5%, signaling the continuous improvement of R&D
competitiveness.
With R&D centers set up in North America, Europe, Shanghai, Shenzhen, and Ningbo, the
Company is able to provide better services to global customers and recruit quality talents at home and
abroad. Thanks to its efforts, the Company has put a scientific research team consisting of nearly 2,000
members in place, including more than 100 holders of doctoral and master degrees.
The Company has set up a test center of global excellence which has the testing and validation
capabilities with respect to materials, products, systems and vehicles. With certified CNAS
ISO/IEC17025 system, the Company has been appointed by many automakers to conduct in-vehicle
tests.
Leveraging the top-down R&D capabilities, the Company can expand its product line and enhance
the value of components per vehicle, and also renders T0.5-level service to customers.
4. Strength of plant layout and capacity.
The Company has set up manufacturing bases in Ningbo, Chongqing, Wuhan and other places
encircling major automobile industry clusters in China. To render better services to global customers, the
Company has established manufacturing plants or warehouse centers in the United States, Canada,
Brazil and Malaysia, the prospective plants in Poland and Mexico are in process. Under this plant layout,
the Company is able to render faster and more efficient services to its customers and guarantee the
business development on global platforms.
The penetration rate of NEVs features by a rapid increase, just as the industry participants
experience, but the industrial chain capacity of NEVs is obviously insufficient, global auto part makers
are under a heavy burden of transformation, their investment willingness is weak, and the investment
level and rate of home auto part makers are not enough. According to the company-specific capacity
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requirement and future forecasts, the Company is expected to build up capacity in order to maintain its
leading edge in production capacity, technology, and equipment.
In addition, the automobile industry requires a large-sum investment in the plant layout, the
construction period is long and the complex equipment and process are involved, so it can hardly be
replaced like the cellphone industry chain.
5. Strength of management.
Under the IATF16949 quality system, the Company has established a specific management system
with typical features through years of innovation efforts.
For management structure, the division-based management structure is laid down for the group,
which can relieve the stress of management, highlight the business operations, improve the efficiency of
operation, and lead to relative competition; divisions are subject to the horizontal flat management with
sales activities standing in the core, for market-oriented construction of the organization, pool resources
and make quick response; under the pyramid organization, business units enforce standard processes to
improve efficiency and reduce cost.
For management system, the Company has established a full set of standard processes, management
systems and assessment indicators as directed by process, information, standardization, and lean
production, and is leveraging some information tools such as SAP, PLM, OA, and MES to implement
exact processes, which in turn improves the efficiency of management and decision.
For incentive mechanism, the Company lays up a career platform that is adequately authorized for
staff members, in which the Company tapes into internal development and promotion mode that is fair
and just, in order to keep the channel of promotion smooth, fit to the growth strategy, and form a
positive cycle for business growth and career path.
6. Strength of talents.
The Company puts the screening and training of talents in priority. The post-doctoral workstation
within the Company solicits and recruits technical specialists globally. Adhering to the concept of
“recruiting and promoting members on their merits”, the Company is committed to building a
competitive management team. The Company has established an integrated, specific and open financial
indicator system to transform officers from managers to operators and entrepreneurs.
The Company encourages for the formation of a learning organization that is fully authorized, and
forges a young and experienced international team specialized in sales, R&D activities and production
who can pave the way for leapfrog development of the Company.
7. Strength of culture.
The Company undertakes the mission statement of “making our customers, employees,
shareholders, the community and partners satisfied, and becomes a corporate citizen of excellence.
Aligning with the business philosophy of serving the country with industrial achievements, the
Company stands at the industry front, gets immersed in R&D and innovation, goes all out to solve
“bottlenecking” technical issues, and contributions to the industry safety and development. Adhering to
the operation concept of legal compliance, the Company undertakes social responsibility and is
committed to infusing positive energy into social development.
The Company gives its employees an access to comfortable workplace, equal interpersonal
relationships, appealing salary and benefits, and an extraordinary career development platform, in order
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to tap into the potentials of all employees. The Company has established partnerships with suppliers,
respected the business philosophy of seeking equality and win-win results, and driven the common
development of the supply chain.
The Company values and protects the interests of investors, strictly abides by the rules governing
information disclosure and other provisions, and distributes dividends to investors even though the
capital expenditures have been increased. All staff members are united to improve operating
performance, in order to maximize the benefits to investors.
8. Strength of equity structure.
The Company is run and operated by founder, which in turn maintains the prudence of major
decisions, values long-term benefits and development, makes quick decisions and assures good
execution. The founder holds a higher percentage of shares, keeps a clear equity structure, and exercises
longstanding control on the Company from the top-level design, in order to keep the Company running
steadily for a long time and have an ample potential for capital expansion. The members of the Board of
Directors led by the chairman demonstrate impressive experience, have clear division of work, keep a
low profile, keep ambitious and energetic, and use their best endeavors to drive the Company to the
forefront of the industry in the right way.
9. Strength of risk control.
The Company keeps the debt-to-equity ratio at low level and has an abundant cash flow. The
well-established financial system and the strict risk control system can in turn guarantee the
implementation of strategic plan and investment plan, or allow it to seek mergers and expansion
whenever appropriate, or reduce the risk exposure to business operation, and maintain its long-term
investment value.
III. Discussion and Analysis of Operation Conditions
During the reporting period, the Company earned an operating income of RMB 6.794 billion, an
increase of 38.18% over the previous period; total profit was RMB 0.86 billion, an increase of 58.09%
over the previous period; the net profit attributable to shareholders of the listed company was RMB
0.708 billion, an increase of 53.97% over the previous period.
During the reporting period, the net cash flow generated from operating activities was RMB 1.119
billion, an indicator of good operation capability of the company；the cash outflow from investment
activities was RMB 2.032 billion, in which the cash expended for the purchase and construction of fixed
assets and other long-term assets was RMB 1.992 billion, which in turn prepares it to meet the rapid
growth of the NEVs market and level up the competition barriers.
As of the end of the reporting period, the Company's total assets were RMB 21.325 billion,an
increase of 14.14% over the end of the last year; total liabilities were RMB 10.292 billion, an increase of
27.65% over the end of the last year; the asset-liability ratio was 48.26%; the owner's equity attributable
to the parent company was RMB 10.993 billion,an increase of 3.81% over the end of the last year.
In the first half of the year, the automotive industry was vulnerable to unfavorable factors such as
short supply of chips, recurring of COVID-19 and material price fluctuations. Despite the adverse
situation, the company has realized growth of revenue and profit and developed business management
activities during the reporting period as driven by positive factors including broad product lines, system
R&D capability and innovative business model in the NEV industry. More details are given as follows:
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(1) Marketing and sales.
The Tier0.5 cooperation mode rolled out by the Company and its strategic customers has made an
exemplary success. Under this mode, the number and amount of components per vehicle are higher, and
the Company is able to provide better QSTP products and services to customers, create value for
customers. Adhering to the cooperation concept of “quick response and all-out cooperation”, the
Company has been highly rated by strategic customers, and there is an ample potential of business
growth. Tuopu Polish factory has been put into operation, and the planning and construction of the Phase
1 project of Tuopu Mexico factory with an area of 220 mu has been paced up with a view to fulfilling
the orders placed by our strategic customers and deepening strategic partnerships.
Domestically, the company has quickly established cooperation with NEV companies including
BYD, Geely New Energy, Seres, NIO, Xiaopeng, and Lixiang. Internationally, the company has rolled
out the full-scale cooperation with US innovative carmakers such as RIVIAN, LUCID, tech companies,
and FORD, GM, FCA and other traditional carmakers in the sector of NEVs.
With the roll-out of the product platform strategy and the increased level of market acceptance of
the new marketing mode, the number of new orders accepted by the Company increases substantially
compared to prior years, which in turn paves the way for fast-growing sustainable development in
future.
During the reporting period, the company's IBS project, EPS project, air suspension project and
thermal management project were designated by FAW, Geely, Seres, Hycan, HiPhi and other customers,
which in turn paves the way for longstanding development.
R&D and innovation.
During the reporting period, the Company intensified the efforts in R&D investment, allocated
more resources, maintained its leading edge in research and development,and broadened product
lines.Owning to continuous R&D and innovation, the Company now owns 8 product lines: automobile
NVH Anti-vibration System, interior and exterior trim parts, lightweight body, intelligent cockpit
components, thermal management system, chassis system, air suspension system, intelligent driving
system. The unit price of components per vehicle is about 30,000,which in turn paves the way for
realizing 100-billion-level enterprise.
Influenced by the corporate culture calling for R&D and innovation, the company has invested
large sums in procuring the world's leading R&D and testing facilities, solicited well-performing R&D
team, and a full set of R&D system, adhered to the management practice that works slowly but surely,
instead of rushing for quick results. As a result, the company is improving the R&D capacity. From
product R&D to system R&D and fundamental research, and from mechanical capabilities to electronic
control and software capabilities, the company has developed impressive R&D capabilities, filed a
number of patents and intellectual property rights, well-positioned to further extend product lines, and
paved the road to achieving the target of “technology-intensive Tuopu”.
The company is deploying resources to the robot industry along with the automotive business. It is
estimated that there are 3.45 billion labor forces around the world. Assuming that the price of humanoid
robot is RMB 250,000 per set and 11.6% of the laborers will be substituted by robots, the global market
share of humanoid robots is projected to reach RMB 100 trillion. Motion actuator is one of the critical
components of robot. To imitate all actions that would be done by human, humanoid robot often requires
many motion actuators. In-house motion actuator comprises motor, electronic control and reduction gear,
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
and the samples are also accepted by customers, heralding an ample potential for subsequent
development.
For manufacturing research and development, the Company used virtual simulation technology to
quicken up the research and development of manufacturing processes and quality control, exploit visual
detection, product traceability, AI and other technologies to realize intelligent manufacturing,
substantially improve the precision of quality control, reduce the time spent for equipment installation,
commissioning and process trial run, and achieve fast and high-quality volume production.
Capacity landscaping.
According to the updates of new orders and based on the projection of the future penetration rate of
NEVs.The company is pacing up the capacity deployment. Phase 4, 5, 6, and 7 project of Hangzhou Bay,
and Tuopu Chongqing factory with an area of about 1,400 mu are accelerated. The planning and
implementation of Tuopu Mexico production base and Shouxian production base are also accelerated.
In the short run, the investment and construction activities of the aforementioned factories would
incur an immense cost pressure on us. The lead time for many NEV models is 20-30 weeks. For another
challenge we are facing, even though carmakers may set a capacity in place, the supply chain of auto
parts cannot catch up with their production schedule. In this regard, the company-led capacity expansion
has been studied precisely and this decision is considered reasonable and highly prospective.
Cost control.
During the reporting period, the cost of raw materials and labor services has obviously risen, the
Company implements cost control by purchasing in large quantity, technological innovation, strict
budget control and other proper measures.
The management and manufacturing overhead incurred in production ramp-up and trial production
is relatively high.With more than ten new factories constructed every year, the management and
manufacturing overhead incurred in production ramp-up and trial production is relatively high, a single
factory costs about tens of millions of yuan on average. The initial attainment of the design capacity and
the break-even point is expected to contribute greater profits to the company.
A number of research projects in process and the employment of many technical specialists led to a
rapid increase in R&D expenditures. As driven by the capacity expansion needs of the company, capital
expenditures increased enormously and the ratio of depreciation and amortization also rose. The
initiation of mass production and the sales growth will dilute the costs such as R&D costs and capital
expenditures, and the gross profit margin level will significantly rise, which leaves room for cost
reduction by customers.
Manufacturing upgrade.
The Company proceeds digital factory, implements MES management system, enables effective
management in respect of quality control, product traceability, lean production, equipment management,
and promotes the interconnectivity between the company-wide data and customer data, in order to build
an smart factory accredited with Industry 4.0.
Our new factories have a full-scale simulation of quality, traceability, automation, visual inspection,
energy utilization, and carbon emissions through virtual simulation and DFM, to the extent that the
quality and cost level of products would be on the top level.
Convertible bond financing.
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
As encouraged by the rapid growth of lightweight chassis,the company issued convertible bonds at
the end of last year for intended fundraising of RMB 2.5 billion. As of the release date of this report, the
company has wrapped up this issuance, boosting the financial strength of the company and driving the
project to the fast lane.
Significant changes in operating conditions of the Company during the reporting period, as well as
events that significantly impact its operating conditions during the reporting period and are
expected to have a significant impact in the future
□Applicable√Non-applicable
IV. Main business operations during the reporting period
(1) Analysis of main business operations
1 1. Analysis of changes in related subjects of income statement and cash flow statement
Unit：Yuan Currency：RMB
Subject Amount in the current Amount in previous Change as
period period percentage (%)
Operating income 6,793,989,768.80 4,916,747,063.20 38.18
Operating cost 5,342,716,658.15 3,890,647,152.66 37.32
Cost of sales 93,359,456.70 67,811,133.02 37.68
Overhead expenses 186,965,967.60 138,616,680.48 34.88
Financial expenses -12,647,345.29 -875,186.94 1,345.10
R&D cost 323,760,820.10 233,873,710.58 38.43
Net cash flow from operating
1,119,114,445.35 745,334,877.96 50.15
activities
Net cash flows from investing
-1,677,276,680.19 -1,866,786,551.76 NA
activities
Net cash flow from financing
1,536,387,053.02 2,153,875,320.02 NA
activities
Note to the reason for changes in operating income: attributed to large volume of orders placed by
domestic and foreign valued customers solicited by the Company in the current period
Note to the reason for changes in operating cost: attributed to the year-on-year increase in operating
income for the current period.
Note to the reason for changes in cost of sales:attributed to an increase in salesperson salaries and repair
costs in the current period
Note to the reason for changes in overhead expenses: mainly due to the increase in management staff
and salary increase in the current period.
Note to the reason for changes in financial expenses:attributed to an increase in foreign exchange gains
in the current period
Note to the reason for changes in R&D expenses: attributed to a continuous intensification of R&D and
innovation efforts and of R&D investments in the current period
Note to the reason for changes in net cash flow from operating activities:attributed to the increase in the
amount of payment received in the current period
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
2 Particulars of major changes in the business type, profit composition or source of profit of the
Company during the current period
□Applicable√Non-applicable
(2) Note to major changes in profits caused by operations other than main operations
□Applicable√Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(3) Analysis of assets and liabilities
√Applicable □Non-applicable
1. 1. Assets and liabilities
Unit：Yuan
Change in
the amount
Amount at Amount at at the end of
the end of the end of the current
the current previous period as a
Amount at the end Amount at the end
Item period as a period as a percentage Remark
of the current period of previous period
percentage percentage of the
of total of total amount at
assets (%) assets the end of
previous
period (%)
Cash and bank Attributed to an increase in bank borrowings in the
2,386,589,820.44 11.19 1,271,450,147.37 6.81 87.71
balances current period
Trading financial Attributed to an decrease in the amount of financial
41,310,535.72 0.19 321,507,846.86 1.72 -87.15
assets management products purchased in the current period
Attributed to an decrease in the VAT retained in the
Other receivable 116,701,775.66 0.55 266,187,079.91 1.42 -56.16
current period
Construction in Attributed to the increase in plants and equipment
2,778,527,250.42 13.03 1,990,647,471.76 10.66 39.58
progress under construction in the current period
Right-of-use Attributed to an increase in the leased factories of
111,523,599.28 0.52 58,788,393.16 0.31 89.7
assets subsidiaries in the current period
Long-term 135,071,372.68 0.63 95,018,634.21 0.51 42.15 Attributed to an increase in received prepayments for
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
unamortized construction and equipment in the current period
expenses
Other Non-current Attributed to the increase in received prepayments for
755,419,280.90 3.54 558,231,000.78 2.99 35.32
Assets construction and equipment in the current period
Short-term loan Attributed to he increase in short-term bank loans in
1,636,521,388.89 7.67 1,214,591,106.66 6.5 34.74
the current period
Contract liabilities Attributed to an increase in advance receipts in the
32,104,195.45 0.15 22,575,563.28 0.12 42.21
current period
Long-term loan Attributed to an increase in long-term bank
1,940,000,000.00 9.1 310,000,000.00 1.66 525.81
borrowings in the current period
Lease liabilities Attribute to an increase in the leased factories of
89,422,826.55 0.42 40,685,114.26 0.22 119.79
subsidiaries in the current period
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
2. Overseas assets
√Applicable □Non-applicable
(1) Scale of assets
Including: overseas assets RMB 1,209,833,699.90 (Unit: Yuan Currency: RMB), in 5.67% of total
assets.
(2) Notes to overseas assets
□Applicable √Non-applicable
3. Major asset restrictions as of the end of the reporting period
√Applicable □Non-applicable
Unit：Yuan
Item Book value at the end of the Reason for restricted use
period
Cash and bank balances 465,160,011.50 Security deposit
Notes receivable 324,514,650.57 Pledge
Receivable financing 961,091,430.61 Pledge
Fixed Assets 1,710,732,078.33 Pledge
Intangible Assets 242,191,563.90 Pledge
Total 3,703,689,734.91 /
4. Other Notes
□Applicable √Non-applicable
(4) Investment condition
1. Overall analysis of external equity investments
□Applicable √Non-applicable
(1) Significant equity investment
□Applicable √Non-applicable
(2) Significant non-equity investment
□Applicable √Non-applicable
ⅰ. Condition of purchased land
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
On 17 January 2022, Top Automotive Chassis System (Chongqing) Co., Ltd., a wholly-owned
subsidiary of Tuopu Group, was awarded the bid of the use right of a parcel of state-owned construction
land covering about 180 mu in Shapingba District, Chongqing for a consideration of RMB 90.21
million.
On 23 February 2022, Tuopu Skateboard Chassis (Ningbo) Co., Ltd., a wholly-owned subsidiary of
Tuopu Group, was awarded the bid of the use right of two parcels of state-owned construction land
covering about 383, 155 mu in Hangzhou Bay New District, Ningbo for a consideration of RMB 76,51
and 30.97 million respectively;
ⅱ. Updates of investments
Refe
rence
Date num
N Title of
of ber
O announce Main content Update of event
Signi of
. ment
ng anno
unce
ment
1 Nove 2016- Tuopu The Company signed the At present, Phase 2 has been
mber 076 Group’s "Investment Agreement" with completed and put into operation.
2016 announce the Development and
ment on Construction Management
the Committee of Ningbo
investmen Hangzhou Bay New Zone, and
t prospectively invests and
agreement constructs a production base
signed intended for the automobile
with parts production project in
Hangzhou Ningbo Hangzhou Bay New
Bay New Zone.
Zone
2 Dece 2021- Tuopu The Company and the People's On December 30, 2021, the
mber 086 Group’s Government of Shapingba Company incorporated Tuopu
2021 announce District, Chongqing signed the Automotive Chassis System
ment on “Project Cooperation (Chongqing) Co., Ltd., a
the Agreement for Tuopu NEV wholly-owned subsidiary in
investmen Chassis lightweight System - Shapingba District, Chongqing,
t intent Interior Trim Sound Insulation identified as one of the entities
agreement System Production Base”, performing this Agreement. On
signed in with an intent of investing January 17, 2022, the subsidiary
Chongqin RMB 1.5 billion in Shapingba bade for the right to use about 180
g District to construct the mu of industrial land for a
22 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
production base for NEV consideration of RMB 90.21
product lines by phase. million. At ppresent, the constructor
has been appointed and the
construction permit is under
process.
(3) Financial assets measured at fair value
√Applicable □Non-applicable
Item Balance at the end of the period Note
Short-term financial products 40,000,000.00 Wealth management products
Equity instrument investment 1,310,535.72 Debt payment by customer in
stocks
Receivables Financing 1,253,789,934.33
Total 1,295,100,470.05
(5) Disposal of major assets and equity
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(6) Analysis of major controlling and participating companies
√Applicable □Non-applicable
Unit：in 10,000 Yuan Currency：RMB
Total assets in the Total liabilities in the Total net assets in Operating income in Net profit in the
Company name Registered capital
reporting period reporting period the reporting period the reporting period current period
Ushone Electronic
5,000.00 5,399.07 1,807.54 3,591.53 9,899.70 -140.55
Chassis
Tuopu Imp&Exp. 20,000.00 65,313.15 52,931.51 12,381.64 144,334.30 2,108.47
Tuopu Parts 20,000.00 180,234.34 156,625.53 23,608.81 289,126.41 2,933.23
Tuopu Acoustics
20,000.00 120,860.38 101,524.65 19,335.73 198,085.01 3,533.96
Vibration
Sichuan Tuopu 2,000.00 7,245.24 3,650.34 3,594.90 8,090.39 112.88
Yantai Tuopu 6,280.00 8,469.88 2,409.45 6,060.43 5,245.13 184.11
Pinghu Tuopu 20,800.00 24,363.03 3,625.01 20,738.02 14,860.50 997.08
Sichuan Maigao 15,000.00 26,999.91 5,383.78 21,616.13 14,534.10 1,089.25
Zhejiang Towin 18,000.00 55,780.64 8,374.67 47,405.97 20,042.86 1,866.83
Tuopu Automotive
250,000.00 447,498.82 125,407.96 322,090.86 227,829.79 19,372.19
Electronics
Ningbo Qianhui 2,725.86 9,384.08 2,743.17 6,640.91 2,744.89 -205.38
Tuopu North
5.00 6,342.84 4,646.62 1,696.22 53,133.63 1,971.29
American Ltd
Tuopu Electrical
5,000.00 14,824.26 4,023.32 10,800.94 7,150.93 821.97
Appliances
Ningbo Borgers 2,100.00 20,124.09 5,744.92 14,379.17 18,509.61 1,362.23
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(7) Structured entities controlled by the Company
□Applicable √Non-applicable
I.Other disclosures
(1) Potential risks
√Applicable □Non-applicable
1. Exchange rate, tariffs, fluctuations in material prices, and price reduction requested by customers
may expose business operations to risk. The Company intends to resolve these risks by enhancing
overall competitiveness. In the course of 39 years after founding, it has maintained good momentum in
spite of this kind of risks, and developed a full set of risk control mechanisms based on experience.
2. The NEVs track in which the Company is currently engaged has been fully recognized by
governments and the industry community and put into practice, with proven signs of right direction and
bright future. For this reason, there is no risk borne in the strategic direction and investments.
(2) Other disclosures
√Applicable □Non-applicable
On 15 March 2022, the company signed the “Equity Transfer Agreement” with Antolin (China)
Investment Co., Ltd., the foreign shareholder of the joint venture subsidiary Chongqing Antolin Tuopu
Overhead System Co., Ltd., which sets out the company intends to acquire 61% shares of Chongqing
Antolin Tuopu it holds for a consideration of RMB 11,556,120.82 in cash. After this transfer was
delivered in March 2022, Chongqing Antolin Tuopu became a wholly-owned subsidiary of the company
and renamed to “Chongqing Tuopu Auto Parts Co., Ltd.".
Section 4 Corporate Governance
I. Brief Information about General Meetings
The search index
of the specified Date of disclosure
Date of
Session website to to publication of Resolution
convention
publish resolutions
resolutions
2022 first February www.sse.com.cn February 11,2022 More details are available in
extraordinary 10,,2022 the "Announcement on
general Resolutions of the 2022 First
meeting Extraordinary General
Meeting of Shareholders of
Tuopu Group"
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(Announcement No.:
2022-010)
2021 general May www.sse.com.cn May 20,2022 More details are available in
meeting 19,2022 the "Announcement on
Resolutions of the 2022
Annual General Meeting of
Shareholders of Tuopu Group"
(Announcement No.:
2022-040)
2022 second June www.sse.com.cn June 21,2022 More details are available in
extraordinary 20,2022 the "Announcement on
general Resolutions of the 2022
meeting Second Extraordinary General
Meeting of Shareholders of
Tuopu Group"
(Announcement No.:
2022-040)
Preferred shareholders whose voting rights have been restored request to convene an
extraordinary general meeting
□Applicable√Non-applicable
Note to General Meeting
√Applicable □Non-applicable
During the reporting period, the Company held three general meetings. These meetings are
convened and held under the applicable laws, regulations and these "Articles of Association"; the
persons present at and convening such meetings hold legal and valid qualifications; the voting procedure
is consistent with the applicable relevant laws, regulations, normative documents and these "Articles of
Association". The voting results are legal and valid.
II. Changes in directors, supervisors and officers
√Applicable □Non-applicable
Name Office held Changes
Wang Weiwei Director Elected
Li Weiguo Staff representative supervisor Elected
Wang Chengcai Staff representative supervisor left
Note to the changes in directors, supervisors and officers
√Applicable □Non-applicable
(1) To prospectively keep updated about the industry trend of deepening the integration of smart electric
vehicles and the world's cutting-edge technology, and improving the ability of making informed decision,
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
subject to the approval at the 16th meeting of the fourth board of directors and the first extraordinary
general meeting in 2022, Mr. Wang Weiwei was elected as a non-independent director of the fourth
board of directors, with the same term of office as the tenure of the fourth board of directors, which
comes into effect from the date of consideration and approval at the first extraordinary general meeting
in 2022.
(2) On 14 March 2022, the Board of Supervisors received a resignation report submitted by Mr. Wang
Chengcai, the staff representative supervisor of the company. For personal reason, Mr. Wang Chengcai
requested for the resignation from staff representative supervisor of the fourth session of the fourth
board of supervisors, and ceased to hold any position in the company after resignation. On the same day,
the company held an employee representative meeting and elected Mr. Li Weiguo as the staff
representative supervisor of the fourth board of supervisors, with the term of office effective from the
date of election and ended on the date of expiry of the term of the fourth board of supervisors.
III. The plan for the profit distribution of common stocks or the transfer of capital reserves
The drafted semi-annual plan for the profit distribution of common stocks or the transfer of
capital reserves
Whether for the profit distribution or the transfer No
of capital reserves
Number of bonus issues (stocks) every 10 shares NA
Number of dividends distributed (Yuan) (with tax NA
included) every 10 shares
Number of additional shares (stocks) every 10 NA
shares
Note to the plan for the profit distribution of common stocks or the transfer of capital reserves
No
IV. Conditions and Impact of Equity Incentive Plan, ESOP (employee stock ownership plan) or
Other Employee Incentive Measures of the Company
(1) Related incentive events have been disclosed in the provisional announcement and there is no
progress or change in subsequent implementation
□Applicable√Non-applicable
(2) Incentives that are not disclosed in the provisional announcement or there is a progress in
subsequent implementation
Condition of equity incentives
□Applicable√Non-applicable
Other notse
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
□Applicable√Non-applicable
ESOP
□Applicable√Non-applicable
Other incentives
□Applicable√Non-applicable
Section 5 Environmental and Social Responsibility
Ⅰ.Information about environment
(1)Notes to the environmental protection conditions of companies and their important subsidiaries
announced by the environmental protection authority as key emission entities
√Applicable □Non-applicable
1. Information about emissions
√Applicable □Non-applicable
During the reporting period, the key emissions of relevant companies or subsidiaries announced by
the environmental protection authorities are provided as follows:
(1)Under the "Notice of Ningbo Municipal Bureau of Ecology and Environment on printing and
handing out the list of key emission entities in Ningbo in 2022" (Yong Huan Fa (2022) No.21), as
circulated by Ningbo Municipal Bureau of Ecology and Environment on April 8, 2022, the plant
addressed at Guanhai Road, Chunxiao Street, Beilun District, Ningbo (“Guanhai Road Plant”) is
included on the list of key water environment emission entities and the list of key soil environment
supervised entities; the plant addressed at Longtanshan Rd, Beilun District, Ningbo (“Longtanshan Road
Plant”) is included on the list of key soil environment supervised entities.
(2)Under the "Notice of Ningbo Municipal Bureau of Ecology and Environment on printing and
handing out the list of key emission entities in Ningbo in 2021" (Yong Huan Fa (2022) No.21), as
circulated by Ningbo Municipal Bureau of Ecology and Environment on April 8, 2022, the
wholly-owned subsidiary plant Ningbo Tuopu Automotive Electronics Co., Ltd. (“Tuopu Automotive
Electronics”) addressed in Hangzhou Bay New Area, Ningbo, is included on the list of key soil
environment supervised entities.
(3)Under the " Notice on release of the list of key emission entities in Jinhua in 2022”, as circulated
by Jinhua Ecological Environment Bureau on March 31, 2022, Zhejiang Towin Automobile Parts Co.,
Ltd., (“Zhejiang Towin”), the wholly-owned subsidiary addressed at Wuxi County Baihuashan Industrial
Park, Jinhua, is included on the list of key water environment emission entities and the list of key soil
environment supervised entities.
(4)Under the "Notice on the list of key emission units in Sichuan in 2022 (Suining)”, as circulated
by Suining Ecological Environment Bureau on March 16, 2022, Sichuan Maigao Automobile Parts Co.,
Ltd. (“Sichuan Maigao”), the wholly-owned subsidiary addressed at Industrial Concentration
Development Zone of Anju, Suining, is included on the list of key soil environment supervised entities.
2. Construction and operation of pollution control facilities
√Applicable □Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
All plants of the Company arrange production facilities in a reasonable way, improve processes and
increase the recycling of water, and reduce the emissions of sewage, waste liquid, general solid wastes
and hazardous wastes. The automatic waste monitoring system is running normally and transmitting data
to the environment protection authority in real time, allowing environment protection authorities at all
levels to perform real-time monitoring. Each plant has set up a yard for storage of hazardous wastes in
accordance with the measures applicable to the control of hazardous wastes, taken reasonable
measures against seepage, leakage and overflowing, maintained the hazardous waste management
account and transfer form, and subjected hazardous wastes to the transfer form system.
The construction and operation of pollution control facilities in the plants or subsidiaries included
on the list of key emission entities are as follows:
（1）Guanhai Road Plant, Longtanshan Road Plant: diversion of rainwater and sewage, diversion of
clean water and sewage, obtain the permit for urban sewage to the drainage pipeline system, and the
emission permits granted by Ningbo Ecological Environment Bureau. The permit numbers for drainage
pipeline system in the above-mentioned plant are: Zhelun Paizi No. 00767, Zhelun Paizi No. 00398, and
the permit numbers for sewage discharge are: 91330200761450380T001V, 91330200761450380T004Y.
Production wastewater: the production wastewater as gathered from the plant area via the pipeline
to the regulating tank of sewage treatment station are subject to neutralization, flocculation, coarse
sedimentation, air flotation, acidifying, aerobic biochemistry reaction, sedimentation and regulating.
Once acceptable to the standard, the production wastewater will be discharged to the municipal sewage
pipeline, an intelligent sewage treatment control system that can prevent any unacceptable sewage from
accessing to the municipal sewage pipeline. An automatic monitoring system is implemented in the plant
area, which allows the environmental protection authority to monitor how the sewage station operates in
the plant area.
Domestic sewage: The oily wastewater generated in the canteen is pretreated by the oil trapping
facility, and the domestic sewage is treated by the septic tank. Once acceptable to the pipeline
conveyance standard designated by Chunxiao Sewage Treatment Plant, the domestic wastewater will be
discharged to the municipal sewage pipeline system.
The above wastewater and sewage subject to the treatment process are finally discharged to
Chunxiao municipal sewage pipeline system via a drain outlet, finally to Chunxiao Sewage Treatment
plant. The normative standard applicable to sewage discharge of Chunxiao Plant: total zinc is subject to
Grade 1 standard as contained in Table 4 of the "Integrated Wastewater Discharge Standard"
(GB8978-1996), other contents are subject to the pipeline conveyance standard of Chunxiao Sewage
Treatment Plant. Actual data of production wastewater test: total zinc is 0.038mg/L, pH value is 8.31,
suspended matter is 10mg/L, COD is 55mg/L; domestic wastewater test data: pH value is 7.60,
suspended matter is 97mg/L, COD It is 354mg/L, all data are acceptable.
In the plant, rubber scraps, non-conforming products in production, and scrap metal generated by
mold repair are identified as general solid wastes, sorted out by category, then disposed and recycled.
Waste activated carbon, waste paint slags, pickling and phosphate slags, and waste oil generated in the
production process are identified as hazardous wastes, a yard for storage of hazardous wastes has been
set up in accordance with the national applicable provisions. The application for transfer of hazardous
wastes has been submitted in accordance with the applicable management provisions of Ningbo
Ecological Environment Bureau. And the agreements for disposal of hazardous wastes have been signed
with Ningbo Beilun Environmental Solid Waste Disposal Co., Ltd., Hangzhou Fuyang Shenneng Solid
Waste Environmental Recycling Co., Ltd., and Ningbo Zhende Environmental Technology Co., Ltd.
（2）Tuopu Automotive Electronics: diversion of rainwater and sewage, diversion of clean water
and sewage, obtain the permit for urban sewage to the drainage pipeline system, serial no.: Zhe Zi
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
No.19119; obtain the emission permit granted from Hangzhou Bay New Area Ecological Environment
Bureau, serial no.:91330201MA2833A9XR001Q.
Production wastewater: the production wastewater as gathered from the plant area via the pipeline
to the regulating tank of sewage treatment station are subject to neutralization, flocculation, coarse
sedimentation, air flotation, acidifying, aerobic biochemistry reaction, sedimentation and regulating.
Once acceptable to the standard, the production wastewater will be discharged to the municipal sewage
pipeline of the Development Zone. Unacceptable sewage is prohibited from accessing to the municipal
sewage pipeline.
Domestic sewage: The oily wastewater generated in the canteen is pretreated by the oil trapping
facility, and the domestic sewage is treated by the septic tank. Once acceptable to the pipeline
conveyance standard designated by Hangzhou Bay New Area Sewage Treatment Plant, the domestic
wastewater will be discharged to the municipal sewage pipeline system.
Subject to the treatment process, one pipeline of the above wastewater and sewage is discharged via
02WS863 drain outlet, the other pipeline is discharged via 01WS703 drain outlet to the municipal
wastewater pipeline Hangzhou Bay New Area, finally treated in the Municipal Wastewater Treatment
Plant.
The normative standard applicable to sewage discharge of Tuopu Automotive Electronics: Grade 3
standard of "Integrated Wastewater Discharge Standard" (GB8978-1996 Ammonia nitrogen and total
phosphorus are subject to the "Zhejiang Local Standard Industrial Enterprise Wastewater Nitrogen and
Phosphorus Pollutant Indirect Discharge Limits" (DB33/887-2013 ), then discharged into the municipal
sewage pipeline, and finally treated in the sewage treatment plant to meet the Grade 1 standard of the
"Urban Sewage Treatment Plant Pollutant Discharge Standard" (GB18918-2002) before being
discharged into the sea.
Subject to treatment, the sewage from the Hangzhou Bay plant enters the urban pipe network
standard. Actual test data of production wastewater: pH value is 7.5, COD is 1.6mg/L, ammonia
nitrogen is 0.914MG/L, suspended solids is 10MG/L, petroleum is 0.06MG/L, total phosphorus is
0.04MG/L, Zinc is 0.045MG/L, and anionic surfactant is 0.05MG/L, all of which meet the
specifications.
In the plant, metal scraps, non-conforming products in production, scrap metal from mold repairs,
rubber scraps, and waste packaging are identified as general solid waste, collected, then disposed and
utilized. Waste paint slags, pickling and phosphate slags, and waste oil generated in the production
process are identified as hazardous wastes, dedicated stacking field and storehouse for hazardous wastes
are set up under the national provisions applicable to collection, packaging, storage, conveyance and
disposal of hazardous wastes, the storage registration account is created on Zhejiang Solid Wastes
Monitoring Information System, the hazardous waste transfer declaration is made on the "National Solid
Waste and Chemical Management Information System" in line with the hazardous waste control
requirements of the Environmental Protection Bureau, and hazardous waste disposal agreements have
been signed with Ningbo Wanrun Special Oil Products Co., Ltd.,Lanxi Zili Environmental Technology
Co., Ltd., Ningbo Beilun Environmental Solid Waste Disposal Co., Ltd., Zhejiang Kaikang Metal
Products Co., Ltd., Ningbo Bochuan Waste Liquid Disposal Co., Ltd., and Zhejiang Yongli
Environmental Technology Co., Ltd.
（3）Zhejiang Towin: diversion of rainwater and sewage, diversion of clean water and sewage,
obtain the permit for urban sewage to the drainage pipeline system, serial no.: Zhe Wu Wu Pai Zi No.
2022085; obtain the emission permit granted from Jinhua Ecological Environment Bureau, serial
no.:91330723MA29PBM72F001U.
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Production wastewater: the production wastewater as gathered from the plant area via the pipeline
to the regulating tank of sewage treatment station are subject to neutralization, flocculation, coarse
sedimentation, air flotation, acidifying, aerobic biochemistry reaction, sedimentation and regulating.
Once acceptable to the standard, the production wastewater will be discharged to the municipal sewage
pipeline of the Development Zone. An automatic monitoring system is implemented to prevent any
unacceptable sewage from accessing to the municipal sewage pipeline. The environmental protection
authorities at all levels across the nation can monitor how the sewage station operates in the plant area
and the emission indexes.。
Domestic sewage: The oily wastewater generated in the canteen is pretreated by the oil trapping
facility, and the domestic sewage is treated by the septic tank. Once acceptable to the pipeline
conveyance standard designated by Wuyi NO.1 Sewage Treatment Plant, the domestic wastewater will
be discharged to the municipal sewage pipeline system.
The above wastewater and sewage subject to the treatment process are finally discharged to the
municipal sewage pipeline system of Wuyi Baihuashan Industrial Park via a drain outlet, finally to Wuyi
Sewage Treatment plant.
The normative standard applicable to sewage discharge of Zhejiang Towin: total zinc is subject to
Grade 3 standard of "Integrated Wastewater Discharge Standard" (GB8978-1996), the sewage subject to
treatment process is discharged into the municipal pipeline system. Actual data of production wastewater
test: pH value is 7.20, COD is 90mg/L, ammonia nitrogen is 2.65mg/L, all data are acceptable.
In Zhejiang Towin Plant, rubber scraps, non-conforming products in production, and scrap metal
generated by mold repair are identified as general solid wastes, collected, then disposed and utilized.
Waste paint slags, pickling and phosphate slags, and waste oil generated in the production process are
identified as hazardous wastes, a dedicated storehouse for hazardous wastes is set up under the national
provisions applicable to collection, packaging, storage, conveyance and disposal of hazardous wastes,
the storage registration account is created on Zhejiang Solid Wastes Monitoring Information System,
and the agreements for disposal of hazardous wastes have been signed with Zhejiang Red Lion
Environmental Protection Co., Ltd. and Zhejiang Yulong Environmental Protection Technology Co.,
Ltd.
Zhejiang Towin Plant arranges production facilities in a reasonable way, improves processes and
increase the recycling of water, and reduces the emissions of sewage. The automatic waste monitoring
system is running normally and transmitting data to the environment protection authority in real time.
The access control facility (environmental protection authorities at the central, provincial, municipal and
county level can perform real-time monitoring) is added. The plant has set up a yard and storehouse for
hazardous wastes in accordance with the measures applicable to the control of hazardous wastes, and
maintained the hazardous waste management account and transfer form.
（4）Sichuan Maigao: diversion of rainwater and sewage, diversion of clean water and sewage,
obtain the permit for urban sewage to the drainage pipeline system, and the emission permit granted
from Suining Ecological Environment Bureau of Sichuan (serial no.: 91510904071417225P001U).
Production wastewater: the production wastewater as gathered from the plant area via the pipeline
to the regulating tank of sewage treatment station are subject to neutralization, flocculation, coarse
sedimentation, air flotation, acidifying, aerobic biochemistry reaction, sedimentation and regulating.
Once acceptable to the standard, the production wastewater will be discharged to Longyanjing Sewage
Treatment Plant. An automatic monitoring system is implemented, which allows the environmental
protection authorities at all levels in Sichuan to monitor how the sewage station operates in the plant
area and the emission indexes.
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Domestic sewage: The oily wastewater generated in the canteen is pretreated by the oil trapping
facility, and the domestic sewage is treated by the septic tank, then treated in Longyanjing Sewage
Treatment Plant. Discharged once acceptable to the standard.
The above wastewater and sewage subject to the treatment process are discharged into the
municipal sewage pipeline of Anju Industrial Concentration Development Zone, finally to Longyanjing
Sewage Treatment Plant.
The normative standard applicable to sewage discharge of the plant is Grade 3 standard of
"Integrated Wastewater Discharge Standard" (GB8978-1996).The sewage subject to treatment process is
discharged into the municipal pipeline system. Actual data of production wastewater test: total zinc is
＜0.09 mg/L, pH value is 7.4, COD is 196 mg/L; ammonia nitrogen is 0.509mg/L（Category 5 standard
value applicable to this project） total phosphorus is 15.1 mg/L（Category 5 standard value applicable to
this project） , petroleum is 1.32 mg/L. Actual data of domestic wastewater test: pH value is
7.4,suspended matter is 14mg/L, COD is 196 mg/L, all data are acceptable.
In the plant, rubber scraps, non-conforming products in production, and scrap metal generated by
mold repair are identified as general solid wastes, collected, then disposed and utilized. Waste paint
slags, pickling and phosphate slags, and waste oil generated in the production process are identified as
hazardous wastes, a dedicated yard and storehouse for hazardous wastes is set up under the national
provisions applicable to collection, packaging, storage, conveyance and disposal of hazardous wastes,
the application for transfer of hazardous wastes has been submitted in accordance with the applicable
management provisions of Anju Environmental Protection Bureau, and the agreements for disposal of
hazardous wastes have been signed with Sichuan Maigao and Zigong Jinlong Cement Co., Ltd.
The plant arranges production facilities in a reasonable way, improves processes and increase the
recycling of water, and reduces the emissions of sewage. The automatic sewage monitoring system is
operating normally and connected to the environmental protection authority for data transmission in real
time, and the environmental protection authorities at the provincial, city and county levels can monitor it
in real time.Sichuan Maigao has been approved in the environmental protection acceptance procedure by
Suining Environmental Protection Bureau and filed for urban rainwater and sewage pipeline. Acting in
strict accordance with the national emission standards, Sichuan Maigao is committed to improving the
environment, with minor impact on the surrounding environment.The sludge, waste oil, and waste paint
slag generated from the sewage station are disposed by Sichuan Maigao and Zigong Jinlong Cement Co.,
Ltd.
3. EIA of construction projects and administrative permits granted to other environmental
protection
√Applicable □Non-applicable
All construction projects in each plant are subject to the project-specific EIA requirement and
comply with the national emission standards, approved by the environmental protection acceptance and
filed for urban rainwater and sewage pipeline. All environmental impact factors are acceptable to the
project-specific EIA requirement. Each plant is committed to improving the environment.
4. Emergency response for environmental contingencies
√Applicable □Non-applicable
The Company has laid down the integrated and dedicated emergency responses to environmental
contingencies, which can direct the rescue operations in case of environmental contingencies. The
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Company makes announcement on Zhejiang Business Announcement Platform for Environmental
Contingencies, under the record number:330206-2022-013-L.
5. In-house environmental monitoring plan
√Applicable □Non-applicable
The Company tests wastewater, waste gas, and noise at plant boundaries in all plants at regular
intervals every year, which are found to be acceptable under the national standards; the plan for disposal
of hazardous wastes is submitted earlier each year.
6. Administrative penalties due to environmental concerns during the reporting period
□Applicable √Non-applicable
7. Other environmental information that should be disclosed
□Applicable √Non-applicable
(1)Notes to the environmental protection of the companies other than key emission entities
□Applicable √Non-applicable
(2)Notes to updates or changes in the disclosure of environmental information during the
reporting period
□Applicable √Non-applicable
(3)Relevant information that benefits ecosystem protection, pollution control, and fulfillment
environmental responsibilities
□Applicable √Non-applicable
(4)Measures and effects taken to reduce carbon emissions during the reporting period
√Applicable □Non-applicable
Respecting the ESG and incorporating the concept of eco-friendly development as a part of the
long-term development plan, the company is rolling out the action plan for eco-friendly development in
the sectors of product R&D, eco-friendly and intelligent manufacturing, energy utilization, and supply
chain coordination. With a view to boosting the goal of “Carbon Peaking and Carbon Neutrality”, and
fulfilling the social responsibility of energy conservation, consumption reduction, low carbon and
environmental protection, the company implements the solar photovoltaic facility projects, drives green
and low-carbon production, and fulfills its social responsibility of energy conservation, consumption
reduction, low-carbon and environmental protection.
On 6 May 2022, 20 MW photovoltaic power station of the Phase 1 project of Tuopu Hangzhou Bay
Factory was connected to the grid for power generation. After over half a year of intense construction
and grid connection, the Phase 1 photovoltaic power generation project has wrapped up. With gross
installed capacity is 33.8 MW, the project can generate 34.55 million kWh a year, reduce carbon dioxide
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
emissions by 34,453 tons a year, and reduce carbon dust by 9,399 tons a year. The project consists of
five sets of distributed photovoltaic power generation systems which are located in Ningbo Head Office,
Chunxiao Suspension Factory, Chunxiao Sound Insulation Factory, Pinghu Factory, and Hangzhou Bay
Phase I Factory, where the energy storage protocols are combined to improve the system stability and
power quality.
II.Particulars of consolidating and expanding the deliverables of poverty alleviation, rural
revitalization and other tasks
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Section 6 Significant Events
I. Performance of commitments
（1）Commitments made by actual controllers, shareholders, related parties, acquirers of the Company, and the Company and other related parties
making commitments during the reporting period or continuing to the reporting period
√Applicable □Non-applicable
If such
Whether If such
Whether commitm
there is commitment
Date and perform ents
Type of a s cannot be
Background Committed deadline of ed cannot be
commitm Content of commitment deadline completed
of by commitme strictly complete
ent for timely, state
commitment nt and d timely,
perform the specific
timely state the
ance reason
next plan
Commitment
related to the
share reform
Commitment
made in the
report of
acquisition or
the report of
equity change
Commitment
related to
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
significant
asset
restructuring
1. The Company does not have, and will not be directly March No Yes NA NA
or indirectly engaged in, or by any form including but 2012,
not limited to holding, participating of shares, joint continuous
venture, associate partnership, lease, agent operation,
trust or other similar form engage in any operation or
activity that may have constituted or substantially
constitute a current or potential competition against the
existing and future operations of Tuopu Group and its
holding subsidiaries.
MECCA 2. For companies and economic entities directly or
INTERNATI indirectly controlled by the Company, the Company
intratype
Commitment ONAL will procure such companies and economic entities to
competiti
related to IPO HOLDING perform the obligations of avoiding competition as
on
（HK） contained in the letter of commitment having
LIMITED equivalent standards to the Company/Enterprise by
sending out institutions and persons (including but not
limited to directors, managing directors, financial
officers) or by gaining the controlling status (e.g.:
shareholders’ rights, directors’ rights), so as to keep
such companies and economic entities from competing
against Tuopu Group and its subsidiaries.
3. If any change in policies and regulations or other
reasons that are not attributable to the Company
unavoidably causes other companies or economic
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
entities controlled by Company or any company or
economic entity that the Company may impose
significant impact has constituted or may potentially
constitute competition, Tuopu Group shall have the
right of first refusal as to the trusted management
(contracting operation, leasing operation) or acquisition
in respect of such operations that have constituted or
may potentially constitute competition.
4. The above commitments are unconditional, if a
violation of the above commitments inflicts any
financial loss to Tuopu Group, the Company will
indemnify other shareholders or interested parties of
Tuopu Group against such losses as comprehensive,
prompt and sufficient.
5. This letter of commitment shall remain in force and
effect whenever the Company and any company
controlled by the Company are related to Tuopu Group.
Resolve MECCA 1. The Company and its controlled entities will do the March No Yes NA NA
related INTERNATI utmost to avoid related transactions with the issuer and 2012,
party ONAL its subsidiaries. continuous
transactio HOLDING 2. If related party transactions are unavoidable, both
ns （HK） parties to the transactions will strictly follow the
LIMITED normal business code of conduct. The pricing policy
applicable to related party transactions must follow the
principles of fairness, impartiality and openness in the
market, and the transaction price is fixed at the price at
which the transaction are conducted with an
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independent third party in the market. For major related
party transactions without market price available for
comparison or pricing is restricted, the transaction price
shall be fixed at the cost of the commodities or labor
services traded in accordance with a reasonable profit
standard with a view to ensuring fair transaction prices.
3. The Company undertakes to perform the necessary
procedures in strict accordance with the current
national laws, regulations, normative documents, the
“Articles of Association”, the “Related Party
Transaction Control System” and other applicable
provisions, adhere to the principles of market fairness,
fairness and openness, and define the rights and
obligations of both parties, and maintain the fairness
and reasonableness of related party transactions,
without any circumstance prejudicing the interests of
all shareholders of Tuopu.
4. The Company and its controlled entities will not
illegally occupy the funds and any other assets and
resources of Tuopu Group for any reason or in any
manner whatsoever, and will not require Tuopu Group
to provide any form of guarantee under any
circumstances whatsoever.
5. The above commitments are unconditional, if a
violation of the above commitments inflicts any
financial loss to Tuopu Group, the Company will
indemnify other shareholders or interested parties of
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Tuopu Group against such losses as comprehensive,
prompt and sufficient.
6. This letter of commitment shall remain in force and
effect whenever the Company and its controlled
entities are related to Tuopu Group.
other MECCA If the issuer's prospectus contains any falsified records, March No Yes NA NA
INTERNATI misleading statements or material omissions, which 2015,
ONAL constitutes a significant and substantial impact on continuous
HOLDING determining whether the issuer meets the issuance
（HK） conditions as prescribed by law, the Company will,
LIMITED within 30 days after the CSRC rules illegal facts,
repurchase the restricted shares that are originally
transferred, and urge the issuer to repurchase all new
shares in this public offering; the Company will fix the
repurchase price at the higher of the issuer's stock issue
price and the average transaction price of the issuer's
stock within 30 trading days before the CSRC rules
illegal facts, and repurchase all the original restricted
shares that have been sold. If the issuer's shares are
involved in the issuance of bonus shares or conversion
of capital reserves into share capital, such issue price
and repurchase quantity will be adjusted where
applicable. The Company will indemnify the investors
enduring financial losses in securities transactions due
to false records, misleading statements or material
omissions in the issuer's prospectus for this public
offering of stocks. Within 30 days after such illegal
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
facts are ruled by CSRC, the stock exchange or the
judicial authority, the Company will, in line with the
principles of simplifying procedures, actively
negotiating, compensating in advance, maintaining the
interests of investors, especially small and medium
investors, and in accordance with the measurable
economic losses directly endured by investors, elect to
reconcile with investors, mediate with investors
through third parties, or otherwise establish investor
compensation funds to actively indemnify the investors
harmless from and against the direct economic losses
endured therein. The standard, scope of subjects and
sum of such indemnity shall be subject to the final
indemnification plan prevailing in the occurrence of the
above circumstances.
other MECCA From August 31, 2012, nothing will procure Ningbo August No Yes NA NA
INTERNATI Tuopu Group Co., Ltd. to use any raised funds from 2012,
ONAL this issuance and listing for real estate business or real continuous
HOLDING estate enterprises.
（HK）
LIMITED
other Ningbo If the issuer's prospectus contains any falsified records, March No Yes NA NA
Tuopu Group misleading statements or material omissions, which 2015,
Co., Ltd. constitutes a significant and substantial impact on continuous
determining whether the issuer meets the issuance
conditions as prescribed by law, the Company will,
within 30 days after the CSRC rules illegal facts,
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
repurchase the restricted shares that are originally
transferred, and urge the issuer to repurchase all new
shares in this public offering; the Company will fix the
repurchase price at the higher of the issuer's stock issue
price and the average transaction price of the issuer's
stock within 30 trading days before the CSRC rules
illegal facts, and repurchase all the original restricted
shares that have been sold. If the issuer's shares are
involved in the issuance of bonus shares or conversion
of capital reserves into share capital, such issue price
and repurchase quantity will be adjusted where
applicable. The Company will indemnify the investors
enduring financial losses in securities transactions due
to false records, misleading statements or material
omissions in the issuer's prospectus for this public
offering of stocks. Within 30 days after such illegal
facts are ruled by CSRC, the stock exchange or the
judicial authority, the Company will, in line with the
principles of simplifying procedures, actively
negotiating, compensating in advance, maintaining the
interests of investors, especially small and medium
investors, and in accordance with the measurable
economic losses directly endured by investors, elect to
reconcile with investors, mediate with investors
through third parties, or otherwise establish investor
compensation funds to actively indemnify the investors
harmless from and against the direct economic losses
41 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
endured therein. The standard, scope of subjects and
sum of such indemnity shall be subject to the final
indemnification plan prevailing in the occurrence of the
above circumstances.
other Ningbo If the company's stock price falls below its audited net March No Yes NA NA
Tuopu Group assets per share in the previous year within three years 2015,
Co., Ltd. after its IPO and listing (hereinafter referred to as "net continuous
asset value per share", total number of the ordinary
shareholders' equity attributable to the parent in the
consolidated financial statements/number of shares of
the company at the end of the year, if the company
conducts ex-rights or ex-dividends due to distribution
of cash dividends, bonus shares, conversion of share
capital, additional issuance of new shares, the above
price should be adjusted accordingly, hereinafter
inclusive). The Company repurchases its shares
through centralized bidding, tender offer or other
means as approved by the securities regulatory
authorities. The Company further commits that total
amount of funds used to repurchase shares must not
exceed the total sum of funds raised by its IPO of new
shares; the amount of funds used to repurchase its
shares for stabilizing the stock price within each period
of 12 months from the date of listing shall not be less
than RMB 50 million, and the repurchase price must
not exceed the latest audited net asset value per share
before the announcement of such price stability plan.
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
other Ningbo From August 31, 2012, nothing will procure Ningbo August No Yes NA NA
Tuopu Group Tuopu Group Co., Ltd. to use any raised funds from 2012,
Co., Ltd. this issuance and listing for real estate business or real continuous
estate enterprises.
Resolve Wu Jianshu 1. I and controlled entities will do the utmost to avoid March No Yes NA NA
related related transactions with the issuer and its subsidiaries. 2012,
party 2. If related party transactions are unavoidable, both continuous
transactio parties to the transactions will strictly follow the
ns normal business code of conduct. The pricing policy
applicable to related party transactions must follow the
principles of fairness, impartiality and openness in the
market, and the transaction price is fixed at the price at
which the transaction are conducted with an
independent third party in the market. For major related
party transactions without market price available for
comparison or pricing is restricted, the transaction price
shall be fixed at the cost of the commodities or labor
services traded in accordance with a reasonable profit
standard with a view to ensuring fair transaction prices.
3. I undertake to perform the necessary procedures in
strict accordance with the current national laws,
regulations, normative documents, the “Articles of
Association”, the “Related Party Transaction Control
System” and other applicable provisions, adhere to the
principles of market fairness, fairness and openness,
and define the rights and obligations of both parties,
and maintain the fairness and reasonableness of related
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
party transactions, without any circumstance
prejudicing the interests of all shareholders of Tuopu.
4. I and controlled entities will not illegally occupy the
funds and any other assets and resources of Tuopu
Group for any reason or in any manner whatsoever, and
will not require Tuopu Group to provide any form of
guarantee under any circumstances whatsoever.
5. The above commitments are unconditional, if a
violation of the above commitments inflicts any
financial loss to Tuopu Group, I will indemnify other
shareholders or interested parties of Tuopu Group
against such losses as comprehensive, prompt and
sufficient.
6. This letter of commitment shall remain in force and
effect whenever I and any company controlled by I are
related to Tuopu Group.
Resolve Wu Jianshu 1. I does not have, and will not be directly or indirectly March No Yes NA NA
intratype engaged in, or by any form including but not limited to 2012,
competiti holding, participating of shares, joint venture, associate continuous
on partnership, lease, agent operation, trust or other
similar form engage in any operation or activity that
may have constituted or substantially constitute a
current or potential competition against the existing
and future operations of Tuopu Group and its holding
subsidiaries. 2. For companies and economic entities
directly or indirectly controlled by I, I will procure
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
such companies and economic entities to perform the
obligations of avoiding competition as contained in the
letter of commitment having equivalent standards to I
by sending out institutions and persons (including but
not limited to directors, managing directors, financial
officers) or by gaining the controlling status (e.g.:
shareholders’ rights, directors’ rights), so as to keep
such companies and economic entities from competing
against Tuopu Group and its subsidiaries. 3. If any
change in policies and regulations or other reasons that
are not attributable to I unavoidably causes other
companies or economic entities controlled by
Company/Enterprise or any company or economic
entity that I may impose significant impact has
constituted or may potentially constitute competition,
Tuopu Group shall have the right of first refusal as to
the trusted management (contracting operation, leasing
operation) or acquisition in respect of such operations
that have constituted or may potentially constitute
competition. 4. The above commitments are
unconditional, if a violation of the above commitments
inflicts any financial loss to Tuopu Group, I will
indemnify other shareholders or interested parties of
Tuopu Group against such losses as comprehensive,
prompt and sufficient. 5. This letter of commitment
shall remain in force and effect whenever I and any
company controlled by I are related to Tuopu Group.
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Other Wu Jianshu The Company will indemnify the investors enduring March No Yes NA NA
financial losses in securities transactions due to false 2015,
records, misleading statements or material omissions in continuous
the issuer's prospectus for this public offering of stocks.
Within 30 days after such illegal facts are ruled by
CSRC, the stock exchange or the judicial authority, the
Company will, in line with the principles of
simplifying procedures, actively negotiating,
compensating in advance, maintaining the interests of
investors, especially small and medium investors, and
in accordance with the measurable economic losses
directly endured by investors, elect to reconcile with
investors, mediate with investors through third parties,
or otherwise establish investor compensation funds to
actively indemnify the investors harmless from and
against the direct economic losses endured therein. The
standard, scope of subjects and sum of such indemnity
shall be subject to the final indemnification plan
prevailing in the occurrence of the above
circumstances.
Commitment
related to
refinancing
Commitment
related to
equity
incentives
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Other
commitments
made to the
small and
medium
shareholders
of the
Company
Other
commitments
II. Whether there is any non-operating capital occupation by the controlling shareholder and its affiliates
□Applicable √Non-applicable
III. Violation of guarantee
□Applicable √Non-applicable
IV. Audit of the semi-annual report
□Applicable √Non-applicable
V. Changes and handling of matters involved in non-standard audit opinions in the previous year’s annual report
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
VI. Matters concerning bankruptcy and reorganization
□Applicable √Non-applicable
VII. Significant Lawsuits and Arbitrations
□The Company is involved in any significant lawsuits and arbitrations in the current year √The
Company is not involved in any significant lawsuits and arbitrations in the current year
VIII. Listed companies and their directors, supervisors, officers, controlling shareholders, and
actual controllers suspected of violations of laws and regulations, or subject to punishment and
rectification
□Applicable √Non-applicable
IX. Notes to the Credit Standing of the Company and Its Controlling Shareholders and Actual
Controllers during the Reporting Period
□Applicable √Non-applicable
X. Significant Related-party Transactions
(1) Related-party transactions related to daily operations
1. Events that have been disclosed in the provisional announcement and there is no progress or
change in subsequent implementation
□Applicable √Non-applicable
2. Events that have been disclosed in the provisional announcement, but there is no progress or
change in subsequent implementation
□Applicable √Non-applicable
3. Events that are not disclosed in the provisional announcement
□Applicable √Non-applicable
(2) Related-party transactions in the acquisition or sale of assets or equity
1. Events that have been disclosed in the provisional announcement and there is no progress or
changes in subsequent implementation
□Applicable √Non-applicable
2. Events that have been disclosed in the provisional announcement, but there is a progress or
change in subsequent implementation
□Applicable √Non-applicable
3. Events that are not disclosed in the provisional announcement
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
4. Where there is a performance agreement involved, the performance achieved during the
reporting period shall be disclosed
□Applicable √Non-applicable
(3) Significant related-party transactions of joint external investment
1. Events that have been disclosed in the provisional announcement and there is no progress or
changes in subsequent implementation
□Applicable √Non-applicable
2. Events that have been disclosed in the provisional announcement, but there are progress or
changes in subsequent implementation
□Applicable √Non-applicable
3. Events that are not disclosed in the provisional announcement
□Applicable √Non-applicable
(4) Related credits and liabilities
1. Events that have been disclosed in the provisional announcement, but there is no progress or
change in subsequent implementation
□Applicable √Non-applicable
2. Events that have been disclosed in the provisional announcement, but there is a progress or
change in subsequent implementation
□Applicable √Non-applicable
3. Events that have not been disclosed in the provisional announcement
□Applicable √Non-applicable
(5) Financial business between the Company and the associated financial company, the Company's
holding financial company and the related party
□Applicable √Non-applicable
(6) Other major related transactions
□Applicable √Non-applicable
(7) Other
□Applicable √Non-applicable
XI. Major contracts and contract performance
1 Matters relating to trusteeship, contracting and leasing
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
2 Significant guarantees performed and unfulfilled during the reporting period
√Applicable □Non-applicable
Unit：Yuan Currency： RMB
External guarantees by the Company (other than its guarantees to subsidiaries)
Relation Date of
Whether Whether Whether
between the guarantee
Guarant Guarant Type of Collat the the Guarante it is a
Guaranto guarantor occurred Fro Main Counter-guarant Associatin
eed eed Until guarant eral (if guarantee guarante e overdue guarantee
r and the (date of m debts ee situation g relation
party amount ee any) has been e is amount for related
listed agreement
fulfilled overdue parties
company execution)
Total amount of guarantees during the reporting period (other than
guarantees to subsidiaries)
Total balance of guarantees at the end of the reporting period (A)
(other than guarantees to subsidiaries)
Guarantees by the Company to its subsidiaries
Total amount of guarantees to subsidiaries during the reporting
0
period
Total balance of guarantees to subsidiaries at the end of the
114,174,400
reporting period (B)
Total amount of company guarantees (including its guarantees to subsidiaries)
Total guarantees (A+B) 114,174,400
Total guarantees as a percentage of the Company's net assets (%) 1.03
Including:
Amount of guarantees provided for shareholders, actual controllers 0
50 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
and their related parties (C)
Amount of debt guarantee provided directly or indirectly for the
0
guaranteed object whose asset-liability ratio exceeds 70% (D)
Amount of the total guarantees exceeding 50% of the net assets (E) 0
Total of the above three guarantees (C+D+E) 0
Note to unexpired guarantees that may bear joint liability for
NA
repayment
(1)Tuopu Poland sp.z.o.o, ("Tuopu Poland") is a wholly-owned subsidiary established by
Tuopu Group in Poland in March 2021. It leases 7R PROJEKT 35 Sp. z oo ("7R Project
Company"). The customized plant will accept and produce European orders and has assigned a
lease agreement with 7R Project Company on March 15, 2021.
Given business practices and actual needs, the Company provided performance guarantee for
the said plant lease agreement signed by Tuopu Poland.The total liability of the letter of
guarantee is up to 7 million euros (calculated at the exchange rate on the day before the
announcement on March 19, 2021, equivalent to RMB 54.174 million), and the effective term
covers the validity period of the said lease agreement (84 months counted from March 15, 2021)
Statement of guarantees
and five months after its expiration or termination, but no later than August 1, 2029.
The above performance guarantees have been reviewed and approved at the 5th meeting of the
fourth Board of Directors. More details are available in “Announcement of Tuopu Group on
Providing Performance Guarantees for the Lease of Industrial Plants for Overseas
Wholly-owned Subsidiaries”disclosed by the company on the portal site of Shanghai Stock
Exchange on March 19, 2021. (Announcement No. 2021-018).
(2) Tuopu Hangzhou Bay Photovoltaic, a new wholly-owned sub-subsidiary incorporated on 11
June 2021 and specialized in photovoltaic power generation, intends to apply for long-term loan
51 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
with the sum of more than RMB 60 million to Ningbo Branch of China Development Bank. The
company will provide land, factory and other assets as guarantee for the loan.
The above performance guarantee was considered and approved at the 14th meeting of the
fourth board of directors of the company. More details are available in the “Announcement of
Tuopu Group on providing guarantee for wholly-owned sub-subsidiary to apply for bank
loans”(Announcement Number: 2021-079）as disclosed by the company on the official website
of Shanghai Stock Exchange on 20 November 2021.
The gross sum of (1) and (2) guarantees as referred to above is RMB 114,174,400.
3 Other major contracts
□Applicable √Non-applicable
XII. Explanation of other important matters
□Applicable √Non-applicable
52 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Section 7 Changes in Shares and Shareholders
I. Condition in change of equity
(1) Condition in change of shares
1. Condition in change of shares
During the reporting period, no change occurred to the total shares and share capital structure of the
company.
2. Changes in shares
□Applicable √Non-applicable
3. Impact of changes in common shares on financial indexes such as EPS and net assets per share
from the reporting period to the disclosure of the semi-annual report (if any)
□Applicable √Non-applicable
4. Other content as the Company deems necessary to disclose or required by the securities
regulatory institution
□Applicable √Non-applicable
(2) Changes in restricted sale of shares
□Applicable √Non-applicable
II. Condition of Shareholders
(1) Total shareholders
Total number (accounts) of common shareholders as of 24,646
the end of the reporting period
Total number (accounts) of preferred shareholders whose NA
voting rights have been restored as of the end of the
reporting period
53 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(2) Shares held by the top ten shareholders and top ten tradable shareholders (or shareholders not subject to restricted sale) as of the end of the reporting
period
Unit：shares
Shares held by the top ten shareholders
Numb Condition of
Increa
er of pledge, marking
se/Dec
shares or freezing
rease Number of
Perce held
Name of Shareholder during shares held at Nature of
ntage subjec
(Full Name) the the end of the Status Numb shareholders
(%) t to
reporti period of er of
restric
ng shares shares
ted
period
sale
MECCA INTERNATIONAL HOLDING （HK） LIMITED 200,0
Foreign
693,680,000 62.94 0 Pledge 00,00
corporate
0
Hong Kong Securities Clearing Company Limited 25,603,240 2.32 0 No Unknown
Shanghai Ruiyang Investment Management Co., Ltd.-Ruiyang Emerging
9,750,081 0.88 0 No Unknown
Growth Private Placement Investment Fund
Shanghai Panjing Investment Management Center (Limited
8,033,254 0.73 0 No Unknown
Partnership)-Shengxin Phase 2 Private Placement Securities Investment Fund
Foreign natural
Wu Jianshu 7,210,308 0.65 0 No
person
CITIC Securities-CITIC Bank-CITIC Securities Dividend Value One-year
6,815,400 0.62 0 No Unknown
Commingled Collective Asset Management Plan
Shanghai Panjing Investment Management Center (limited partnership) -
6,423,960 0.58 0 No Unknown
Panjing Shengxin No. 16 Private Equity Investment Fund
Domestic non-S
Ningbo Zhuyue Investment Management Co., Ltd. 5,407,630 0.49 0 No
OE corporate
Shanghai Panjing Investment Management Center (limited partnership) -
5,099,245 0.46 0 No Unknown
Shengxin No.1 Private Equity Investment Fund Master Fund
Huaneng Guicheng Trust Co., Ltd. 4,143,183 0.38 0 No Unknown
Shares held by the top ten shareholders not subject to restricted sale
Name of Shareholder Number of tradable shares held not Class and number of shares
54 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
subject to restricted sale Number of
Class
shares
MECCA INTERNATIONAL HOLDING （HK） LIMITED 693,680,000
RMB common
693,680,000
share
Hong Kong Securities Clearing Company Limited RMB common
25,603,240 25,603,240
share
Shanghai Ruiyang Investment Management Co., Ltd.-Ruiyang Emerging RMB common
9,750,081 9,750,081
Growth Private Placement Investment Fund share
Shanghai Panjing Investment Management Center (Limited RMB common
8,033,254 8,033,254
Partnership)-Shengxin Phase 2 Private Placement Securities Investment Fund share
RMB common
Wu Jianshu 7,210,308 7,210,308
share
CITIC Securities-CITIC Bank-CITIC Securities Dividend Value One-year RMB common
6,815,400 6,815,400
Commingled Collective Asset Management Plan share
Shanghai Panjing Investment Management Center (limited partnership) -
RMB common
Panjing Shengxin No. 16 Private Equity Investment Fund 6,423,960 6,423,960
share
RMB common
Ningbo Zhuyue Investment Management Co., Ltd. 5,407,630 5,407,630
share
Shanghai Panjing Investment Management Center (limited partnership) - RMB common
5,099,245 5,099,245
Shengxin No.1 Private Equity Investment Fund Master Fund share
RMB common
Huaneng Guicheng Trust Co., Ltd. 4,143,183 4,143,183
share
Description of the repurchase of special accounts among the top ten
NA
shareholders
Notes to the voting rights entrusted by or to, and waived by the above
NA
shareholders
55 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Notes to the associated relationship or concerted action of the above Among these shareholders:
shareholders
1. Mr. Wu Jianshu holds 100% of the shares in MECCA INTERNATIONAL
HOLDING （HK） LIMITED.
2. Ningbo Zhuyue Investment Management Co., Ltd. is a wholly-owned
sub-subsidiary of MECCA INTERNATIONAL HOLDING （HK） LIMITED,
the controlling shareholder of the Company, and is a person acting in concert.
In addition, the Company doesn’t know whether there is an associated
relationship among the above shareholders or whether they are parties acting in
concert.
Notes to the preferred shareholders whose voting rights have been restored and
NA
the number of shares held
Number of shares held by the top ten shareholders subject to restricted sale and the conditions of restricted sales
□Applicable √Non-applicable
(3) Strategic investors or general legal persons become the top ten shareholders due to the placement of new shares
□Applicable √Non-applicable
III. Directors, supervisors and officers
(1) Changes in shareholding of current and resigned directors, supervisors and officers during the reporting period
□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
(2) Share incentives granted by directors, supervisors and officers during the reporting period
□Applicable √Non-applicable
(3) Other notes
□Applicable √Non-applicable
IV. Changes in controlling shareholders or actual controllers
□Applicable √Non-applicable
56 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Section 8 Information about Preference Shares
□Applicable √Non-applicable
Section 9 Information of Corporate Bonds
I. Corporate bonds, debentures and non-financial corporate debt financing instruments
□Applicable √Non-applicable
II. Condition of convertible corporate bonds
□Applicable √Not applicable
57 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Section 10 Financial Report
I. Audit report
√Applicable □Non-applicable
II. Financial Statements
Consolidated Balance Sheet
As of 30 June 2022
Prepared by:Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Unit:Yuan Currency:RMB
Balance at the End of the Balance at the
Item Note
Period Beginning of the Period
Current assets:
Cash and Bank Balances Ⅶ、1 2,386,589,820.44 1,271,450,147.37
Deposit Reservation for
Balance
Loans to Banks and Other
Financial Institutions
Trading Financial Assets Ⅶ、2 41,310,535.72 321,507,846.86
Derivative Financial Assets
Notes receivable Ⅶ、4 326,187,612.72 364,139,072.40
Accounts receivable Ⅶ、5 2,901,698,273.22 3,168,220,804.95
Receivables Financing Ⅶ、6 1,253,789,934.33 972,493,168.64
Prepayments Ⅶ、7 73,379,020.32 84,489,104.36
Premium Receivable
Reinsurance Accounts
Receivable
Reinsurance Contract
Reserves Receivable
Other Receivables Ⅶ、8 55,000,612.72 44,679,367.27
Including: interest receivable
Dividends Receivable 3,719,979.84
Buying Back the Sale of
Financial Assets
Inventory Ⅶ、9 2,551,576,042.88 2,296,983,843.07
Contract Assets
Holding for-sale assets
Non-current Assets Due
within 1
Year
Other Current Assets Ⅶ、13 116,701,775.66 266,187,079.91
Subtotal of Current Assets 9,706,233,628.01 8,790,150,434.83
58 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Non-current Assets:
Granting of loans and
advances
Investment in Creditor's
Rights
Investment in Other
Creditor's Rights
Long-term Receivables
Long-term Equity Investment Ⅶ、17 124,010,424.01 129,477,775.53
Investment in Other Equity
Instruments
Other Non-current Financial
Assets
Investment Property Ⅶ、20 29,092,116.06 29,929,216.74
Fixed Assets Ⅶ、21 6,257,858,277.01 5,831,567,302.57
Projects under Construction Ⅶ、22 2,778,527,250.42 1,990,647,471.76
Productive Biological Assets
Oil and gas assets
Right-of-use Assets 111,523,599.28 58,788,393.16
Intangible Assets Ⅶ、26 1,058,002,425.68 855,105,073.23
Development Expenditure
Goodwill Ⅶ、28 209,241,595.49 208,676,584.61
Long-term unamortized
Ⅶ、29 135,071,372.68 95,018,634.21
expenses
Deferred Income Tax Assets Ⅶ、30 145,248,493.65 135,100,879.84
Other Non-current Assets Ⅶ、31 770,419,280.90 558,231,000.78
Total Non-current Assets 11,618,994,835.18 9,892,542,332.43
Total Assets 21,325,228,463.19 18,682,692,767.26
Current Liabilities:
Short-term loan Ⅶ、32 1,636,521,388.89 1,214,591,106.66
Borrowings from the Central
Bank
Borrowings from Banks and
Other Financial Institutions
Transactional financial
liabilities
Derivative Financial
Liabilities
Notes Payable Ⅶ、35 3,012,984,331.71 2,333,423,633.37
Accounts Payable Ⅶ、36 2,604,379,383.49 3,225,754,064.50
Received Prepayments
Contract liabilities Ⅶ、38 32,104,195.45 22,575,563.28
59 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Financial Assets Sold for
Repurchase
Deposit Taking and Interbank
Deposit
Receiving from Vicariously
Traded Securities
Receiving from Vicariously
Sold Securities
Payroll payable Ⅶ、39 175,444,909.57 193,766,884.51
Tax Payable Ⅶ、40 162,824,360.44 148,102,445.81
Other Payables Ⅶ、41 13,916,261.76 15,363,015.51
Including: interest payable
Dividends Payable
Service Charge and
Commission Payable
Reinsurance Accounts
Payable
Holding for-sale liabilities
Non-current Liabilities Due
Ⅶ、43 24,592,240.14 19,018,076.84
within 1 Year
Other Current Liabilities Ⅶ、44 183,807,617.63 193,908,274.06
Subtotal of Current
7,846,574,689.08 7,366,503,064.54
Liabilities
Non-current Liabilities:
Insurance Contract Reserves
Long-term loan Ⅶ、45 1,940,000,000.00 310,000,000.00
Bonds Payable
Including: Preferred Stocks
Perpetual Bonds
Lease Liabilities Ⅶ、47 89,422,826.55 40,685,114.26
Long-term Payables
Long-term payroll payable
Expected Liabilities
Deferred Income Ⅶ、51 339,496,696.59 269,329,507.52
Deferred Income Tax
Ⅶ、30 76,142,647.73 75,749,671.63
Liabilities
Other Non-current Liabilities
Total Non-current
2,445,062,170.87 695,764,293.41
Liabilities
Total Liabilities 10,291,636,859.95 8,062,267,357.95
Owners’ Equity (or Shareholders' Equity):
Paid-in capital (or share Ⅶ、53 1,102,046,572.00 1,102,046,572.00
60 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Capital)
Other Equity Instruments
Including: Preferred Stocks
Perpetual Bonds
Capital Reserves Ⅶ、55 5,340,798,886.81 5,340,798,886.81
Less: Treasury Share
Other Comprehensive
Ⅶ、57 -22,482,241.65 -24,978,896.47
Incomes
Special Reserves
Surplus Reserves Ⅶ、59 543,809,467.58 543,809,467.58
General Risk Reserves
Undistributed Profits Ⅶ、60 4,028,528,927.89 3,627,091,164.15
Total Shareholders' Equity
Attributable to the Parent 10,992,701,612.63 10,588,767,194.07
Company
Minority Shareholders'
40,889,990.61 31,658,215.24
Equity
Total Shareholders' Equity 11,033,591,603.24 10,620,425,409.31
Total Liabilities and
21,325,228,463.19 18,682,692,767.26
Shareholders' Equity
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
Balance Sheet of the Parent Company
As of 30 June 2022
Prepared by:Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Unit: Yuan Currency:RMB
Balance at the End of the Balance at the
Item Note
Period Beginning of the Period
Current Assets:
Cash and Bank Balances 940,261,765.04 495,802,119.38
Trading Financial Assets 40,000,000.00 320,000,000.00
Derivative Financial Assets
Notes receivable
Accounts receivable XVII、1 1,235,106,406.82 1,778,649,685.56
Receivables Financing 269,174,742.00 248,682,850.00
Prepayments 19,675,422.18 46,040,551.32
Other Receivables XVII、2 609,112,096.52 136,297,080.46
Including: interest receivable
Dividends Receivable 3,719,979.84
Inventory 884,375,212.15 827,202,417.23
Contract Assets
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Holding for-sale assets
Non-current Assets Due
within 1 Year
Other Current Assets
Subtotal of Current Assets 3,997,705,644.71 3,852,674,703.95
Non-current Assets:
Investment in Creditor's
Rights
Investment in Other
Creditor's Rights
Long-term Receivables
Long-term Equity Investment XVII、3 8,095,286,358.31 6,970,931,120.31
Investment in Other Equity
Instruments
Other Non-current Financial
Assets
Investment Property 29,092,116.06 29,929,216.74
Fixed Assets 2,251,803,040.18 2,351,941,233.80
Projects under Construction 297,197,305.71 236,446,945.07
Productive Biological Assets
Oil and gas assets
Right-of-use Assets
Intangible Assets 259,664,770.52 253,862,756.23
Development Expenditure
Goodwill
Long-term unamortized
20,414,819.49 18,599,173.24
expenses
Deferred Income Tax Assets 42,625,520.24 38,776,770.35
Other Non-current Assets 159,081,927.94 84,846,194.82
Total Non-current Assets 11,155,165,858.45 9,985,333,410.56
Total Assets 15,152,871,503.16 13,838,008,114.51
Current Liabilities:
Short-term loan 800,693,055.56 800,806,666.66
Transactional financial
liabilities
Derivative Financial
Liabilities
Notes Payable 579,084,680.03 531,091,664.57
Accounts Payable 1,118,668,408.11 1,417,930,187.52
Received Prepayments
Contract liabilities 1,319,288.68 988,691.79
Payroll payable 55,535,567.23 73,996,046.73
62 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Tax Payable 54,200,187.89 69,719,441.49
Other Payables 4,329,104.69 5,080,317.49
Including: interest payable
Dividends Payable
Holding for-sale liabilities
Non-current Liabilities Due
within 1 Year
Other Current Liabilities 102,647,736.86 192,538,221.24
Subtotal of Current
2,716,478,029.05 3,092,151,237.49
Liabilities
Non-current Liabilities:
Long-term loan 1,910,000,000.00 300,000,000.00
Bonds Payable
Including: Preferred Stocks
Perpetual Bonds
Lease Liabilities
Long-term Payables
Long-term payroll payable
Expected Liabilities
Deferred Income 98,191,892.83 74,925,064.60
Deferred Income Tax
54,328,617.08 54,328,617.08
Liabilities
Other Non-current Liabilities
Subtotal of Non-current
2,062,520,509.91 429,253,681.68
Liabilities
Total Liabilities 4,778,998,538.96 3,521,404,919.17
Owners’ Equity (or Shareholders' Equity):
Paid-in Capital (or Share
1,102,046,572.00 1,102,046,572.00
Capital)
Other Equity Instruments
Including: Preferred Stocks
Perpetual Bonds
Capital Reserves 5,340,798,886.81 5,340,798,886.81
Less: Treasury Share
Other Comprehensive
Incomes
Special Reserves
Surplus Reserves 543,809,467.58 543,809,467.58
Undistributed Profits 3,387,218,037.81 3,329,948,268.95
Total Owners’ Equity (or
10,373,872,964.20 10,316,603,195.34
Shareholders' Equity)
Total Liabilities and Owners’ 15,152,871,503.16 13,838,008,114.51
63 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Equity (or Shareholders' Equity)
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
Consolidated Income Statement
For the Period from January 2022 to June 2022
Unit: Yuan Currency: RMB
Item Note Semi-annual 2022 Semi-annual 2021
I. Total Operating Revenue 6,793,989,768.80 4,916,747,063.20
Including: Operating Revenue VII、61 6,793,989,768.80 4,916,747,063.20
Interest Income
Earned Premiums
Service Charge and Commission
Income
II. Total Operating Cost 5,972,984,810.89 4,363,907,911.44
Including: Operating Cost VII、61 5,342,716,658.15 3,890,647,152.66
Interest Expenditures
Service Charge and Commission
Expenses
Surrender Value
Net Claims Paid
Net Amount of Withdrawn Reserve
for Insurance Liability Contract
Policyholder Dividend Expense
Reinsurance Cost
Taxes and Surcharges VII、62 38,829,253.63 33,834,421.64
Sales Expenses VII、63 93,359,456.70 67,811,133.02
Administration expenses VII、64 186,965,967.60 138,616,680.48
Research and development expense VII、65 323,760,820.10 233,873,710.58
Financial Expenses VII、66 -12,647,345.29 -875,186.94
Including: interest expenses 37,501,673.22 8,718,663.63
Interest Income 9,832,744.02 16,268,492.45
Add: Other income VII、67 24,660,039.88 11,183,175.51
Investment Income (Mark"-" for
VII、68 15,340,505.13 12,766,068.35
Loss)
Including: Investment Income from
10,569,117.18 8,441,193.70
Affiliates and Joint Ventures
Profits from derecognition of
Financial Assets at Amortized Cost
Exchange Gains (Mark"-" for Losses)
64 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Profit of Net Exposure Hedging
(Mark"-" for Loss)
Incomes from changes in fair value
VII、70 -197,311.14 -2,613,733.23
(losses marked with "-")
Credit Impairment Losses (Mark"-"
VII、71 7,316,287.04 -25,601,468.87
for Loss)
Asset Impairment Losses (Mark"-" VII、72 -6,424,175.11 -9,508,691.87
for Loss)
Asset Disposal Income (Mark"-" for
VII、73 -544,422.83 -1,258,747.17
Loss)
III. Operating Profit (Mark"-" for Loss) 861,155,880.88 537,805,754.48
Add: Non-operating Revenues VII、74 482,097.90 6,804,870.60
Less: Non-operating Expenses VII、75 1,355,441.72 436,761.83
IV. Total Profit (Mark"-" for Total Loss) 860,282,537.06 544,173,863.25
Less: Income Tax Expense VII、76 143,664,603.42 80,832,042.80
V. Net Profit (Mark"-" for Net Loss) 716,617,933.64 463,341,820.45
(1) Classified by operation continuity
1. Net Profit as a Going Concern
716,617,933.64 463,341,820.45
(Mark"-" for Net Loss)
2. Net Profit of Discontinued Operation
(Mark"-" for Net Loss)
(2). Classified by the attribution of ownership
1. Net Profit Attributable to
707,806,710.76 459,702,187.79
Shareholders of Parent Company
2. Minority Shareholders' Profit and
8,811,222.88 3,639,632.66
Loss
VI. Net Amount of Other Comprehensive
2,917,207.31 1,955,317.48
Incomes after Tax
(1) Net Amount of Other Comprehensive
Incomes after Tax Attributable to the Parent 2,496,654.82 1,934,152.65
Company's Owner
1, Other comprehensive income that
cannot be reclassified as P/L
(1) Re-measure the variation of the
defined benefit plan
(2) Other comprehensive income that
cannot be transferred to P/L under the equity
method
(3) Changes in the fair value of
investment in other equity instruments
(4) Changes in the fair value of the
credit risk of the enterprise
65 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
2. Other comprehensive income that will
2,496,654.82 1,934,152.65
be reclassified as P/L
(1) Other comprehensive income that can
be transferred to P/L under the equity method
(2) Changes in the fair value of investment
in other creditor's rights
(3) Financial assets reclassified into other
comprehensive income
(4) Provisions for the credit impairment of
investment in other creditor's rights
(5) Cash flow hedge reserves
(6) Currency translation difference 2,496,654.82 1,934,152.65
(7) Others
(2) Net Amount of Other Comprehensive
Incomes After Tax Attributable to Minority 420,552.49 21,164.83
Shareholders
VII. Total Comprehensive Income 719,535,140.95 465,297,137.93
(1) Total Comprehensive Income
710,303,365.58 461,636,340.44
Attributable to the Parent Company's Owner
(2) Total Comprehensive Income
9,231,775.37 3,660,797.49
Attributable to Minority Shareholders
VIII. Earnings per Share:
(1) Basic Earnings per Share 0.64 0.42
(2) Diluted Earnings per Share 0.64 0.42
If there is a business combination under the same control in the current period, the net profit earned by the
combined party before the combination is: RMB 0, and the net profit earned by the combined party in the
previous period is: RMB 0.
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
Income Statement of the Parent Company
From the Period from January 2022 to June 2022
Unit:Yuan Currency:RMB
Item Note Semi-annual 2022 Semi-annual 2021
I. Operating Revenue XVII、4 3,151,230,932.04 2,751,171,906.11
Less: Operating Cost XVII、4 2,426,178,750.90 2,155,104,009.66
Taxes and Surcharges 17,800,081.17 18,491,588.19
Sales Expenses 8,797,853.03 1,374,060.32
Administration expenses 79,981,135.61 68,430,398.07
Research and development expense 189,227,537.44 172,022,046.93
Financial Expenses 25,891,503.15 -5,028,375.59
Including: interest expenses 27,914,193.91 7,741,372.22
66 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Interest Income 2,963,062.17 13,195,796.71
Add: Other income 11,187,773.12 4,261,349.94
Investment Income (Mark"-" for XVII、5
15,340,505.13 12,766,068.35
Loss)
Including: Investment Income from
10,569,117.18 8,441,193.70
Affiliates and Joint Ventures
Profits from Derecognition of
Financial Assets at Amortized Cost
Profit of Net Exposure Hedging (loss
in "-")
Incomes from changes in fair value
(loss in "-")
Credit Impairment Losses (loss in "-") 1,048,276.69 26,251,726.10
Asset Impairment Losses (loss in "-") -4,438,427.15 -7,959,800.58
Asset Disposal Income (loss in "-") -673,710.01 -1,195,076.16
II. Operating Profit (loss in "-") 425,818,488.52 374,902,446.18
Add: Non-operating Revenues 139,448.74 1,350,175.15
Less: Non-operating Expenses 116,965.18
III. Total Profit (total loss in “-“) 425,957,937.26 376,135,656.15
Less: Income Tax Expense 62,319,221.38 55,962,872.35
IV. Net Profit (Mark for Net Loss) 363,638,715.88 320,172,783.80
(I) Net Profit as a Going Concern (net
363,638,715.88 320,172,783.80
loss in “-“)
(II) Net Profit of Discontinued Operation
(net loss in “-“)
V. Net Amount of Other Comprehensive
Incomes After Tax
(1) Other comprehensive income that
cannot be reclassified as P/L
1. Re-measure the variation of the
defined benefit plan
2. Other comprehensive income that
cannot be transferred to P/L under the equity
method
3. Changes in the fair value of
investment in other equity instruments
4. Changes in the fair value of the credit
risk of the enterprise
(2) Other comprehensive income that will
be reclassified as P/L
1. Other comprehensive income that can
be transferred to P/L under the equity method
2. Changes in the fair value of
67 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
investment in other creditor's rights
3. Financial assets reclassified into other
comprehensive income
4. Provisions for the credit impairment
of investment in other creditor's rights
5. Cash flow hedge reserves
6. Currency translation difference
7. Others
VI. Total Comprehensive Income 363,638,715.88 320,172,783.80
VII. Earnings per Share:
(I) Basic Earnings per Share 0.33 0.29
(II) Diluted Earnings per Share 0.33 0.29
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
Consolidated Cash Flow Statement
From the Period from January 2022 to June 2022
Unit：Yuan Currency：RMB
Item Note Semi-annual 2022 Semi-annual 2021
I. Cash Flow Generated by Operational Activities:
Cash from Sales of Merchandise and
7,440,880,665.97 5,385,942,651.69
Provision of Services
Net Increase in Customer's Bank
Deposits and Interbank Deposits
Net Increase in Borrowings from the
Central Bank
Net Increase in Borrowings from
Other Financial Institutions
Cash Arising from Receiving
Premiums for the Original Insurance
Contract
Net Amount Arising from
Reinsurance Business
Net Increase in Deposits and
Investments from Policyholders
Cash Arising from Interests, Service
Charges and Commissions
Net Increase in Borrowings from
Banks and Other Financial Institutions
Net Increase in Repurchase Business
Funds
Net Amount of Cash Received from
the Vicariously Traded Securities
68 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Tax Refund 459,410,287.49 160,277,646.26
Other Received Cashes Related to
VII、78 109,806,391.64 32,450,469.95
Operational Activities
Subtotal of cash inflow from
8,010,097,345.10 5,578,670,767.90
operational activities
Cash Paid for Merchandise and
5,381,672,109.84 3,842,870,640.13
Services
Net Increase in Loans and Advances
to Customers
Net Increase in Deposits with Central
Bank and Other Financial Institutions
Cash Paid for Original Insurance
Contract Claims
Net increase of funds lent
Cash Paid for Interests, Service
Charges and Commissions
Cash Paid for Policy Dividends
Cash Paid to and for Employees 904,641,537.32 632,322,899.02
Cash Paid for Taxes and Surcharges 325,019,727.17 153,927,551.25
Other Paid Cashes Related to
VII、78 279,649,525.42 204,214,799.54
Operational Activities
Subtotal of cash outflow from
6,890,982,899.75 4,833,335,889.94
operational activities
Net cash flow generated by
1,119,114,445.35 745,334,877.96
operating activities
II. Cash Flow from Investment Activities:
Cash Arising from Disposal of
324,771,387.95 504,584,367.13
Investments
Cash Arising from Investment
12,719,979.84 20,000,000.00
Incomes
Net Cash Arising from Disposal of
Fixed Assets, Intangible Assets and 186,343.77 591,135.78
Other Long-term Assets
Net Cash Arising from Disposal of
Subsidiaries and Other Business Units
Other Received Cashes Related to
16,804,204.70
Investment Activities
Subtotal of cash inflow from
354,481,916.26 525,175,502.91
investment activities
Cash Paid for Purchase and
Construction of Fixed Assets, Intangible 1,991,758,596.45 1,491,962,054.67
Assets and Other Long-term Assets
Cash Paid for Investments 40,000,000.00 900,000,000.00
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Net Increase in Pledge Loans
Net Cash Paid for Acquisition of
Subsidiaries and Other Business Units
Other Paid Cashes Related to
Investment Activities
Subtotal of Cash Outflow from
2,031,758,596.45 2,391,962,054.67
Investment Activities
Net amount of cash flow
-1,677,276,680.19 -1,866,786,551.76
generated by investment activities
III. Cash Flow from Financing Activities:
Cash Arising from Absorbing
1,978,417,846.74
Investments
Including: Cash Arising from
Subsidiaries Absorbing Investments by
Minority Shareholders
Cash Arising from Borrowings 3,418,166,160.00 560,132,949.77
Other Received Cashes Related to
VII、78 100,000.00
Financing Activities
Subtotal of cash inflow from
3,418,266,160.00 2,538,550,796.51
financing activities
Cash Paid for Debts Repayment 1,366,280,600.00 187,396,955.00
Cash Paid for Distribution of
Dividends and Profits or Payment of 341,217,229.76 197,278,521.49
Interests
Including: Dividends and Profits Paid
to Minority Shareholders by
Subsidiaries
Other Paid Cashes Related to
VII、78 174,381,277.22
Financing Activities
Subtotal of cash outflow from
1,881,879,106.98 384,675,476.49
financing activities
Net cash flow generated by
1,536,387,053.02 2,153,875,320.02
financing activities
IV. Impact of Fluctuation in
Exchange Rate on Cash and Cash 7,532,599.78 2,006,733.68
Equivalents
V. Net Increase in Cash and Cash
985,757,417.96 1,034,430,379.90
Equivalents
Add: Cash and Cash Equivalents at
935,672,390.98 674,866,422.08
the Commencement of the Period
VI. Cash and Cash Equivalents at the
1,921,429,808.94 1,709,296,801.98
End of the Period
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
70 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Cash Flow Statement of the Parent Company
For the Period from January 2022 to June 2022
Unit:Yuan Currency:RMB
Item Note Semi-annual 2022 Semi-annual 2021
I. Cash Flow Generated by Operational Activities:
Cash from Sales of Merchandise and
3,233,465,875.90 2,871,660,298.41
Provision of Services
Tax Refund
Other Received Cashes Related to
38,406,368.50 15,259,971.88
Operational Activities
Subtotal of cash inflow from operational
3,271,872,244.40 2,886,920,270.29
activities
Cash Paid for Merchandise and Services 1,919,296,159.52 1,099,743,097.74
Cash Paid to and for Employees 356,239,477.83 293,579,139.82
Cash Paid for Taxes and Surcharges 185,627,055.79 80,386,119.16
Other Paid Cashes Related to Operational
113,690,302.91 103,714,219.65
Activities
Subtotal of cash outflow from
2,574,852,996.05 1,577,422,576.37
operational activities
Net cash flow generated by operating
697,019,248.35 1,309,497,693.92
activities
II. Cash Flow from Investment Activities:
Cash Arising from Disposal of Investments 324,771,387.95 504,584,367.13
Cash Arising from Investment Incomes 12,719,979.84 20,000,000.00
Net Cash Arising from Disposal of Fixed
Assets, Intangible Assets and Other 54,566,653.56 8,921,586.13
Long-term Assets
Net Cash Arising from Disposal of
Subsidiaries and Other Business Units
Other Received Cashes Related to
81,200,000.00
Investment Activities
Subtotal of cash inflow from investment
392,058,021.35 614,705,953.26
activities
Cash Paid for Purchase and Construction
of Fixed Assets, Intangible Assets and Other 121,391,689.21 216,749,664.00
Long-term Assets
Cash Paid for Investments 1,162,786,120.82 2,312,685,322.60
Net Cash Paid for Acquisition of
Subsidiaries and Other Business Units
Other Paid Cashes Related to Investment
496,109,600.00 46,000,000.00
Activities
Subtotal of Cash Outflow from 1,780,287,410.03 2,575,434,986.60
71 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Investment Activities
Net amount of cash flow generated by
-1,388,229,388.68 -1,960,729,033.34
investment activities
III. Cash Flow from Financing Activities:
Cash Arising from Absorbing Investments 1,978,417,846.74
Cash Arising from Borrowings 2,660,000,000.00
Other Received Cashes Related to
100,000.00 150,000,000.00
Financing Activities
Subtotal of cash inflow from financing
2,660,100,000.00 2,128,417,846.74
activities
Cash Paid for Debts Repayment 1,050,000,000.00
Cash Paid for Distribution of Dividends
334,396,752.03 197,278,521.49
and Profits or Payment of Interest
Other Paid Cashes Related to Financing
140,033,461.98
Activities
Subtotal of cash outflow from financing
1,524,430,214.01 197,278,521.49
activities
Net cash flow generated by financing
1,135,669,785.99 1,931,139,325.25
activities
IV. Impact of Fluctuation in Exchange
Rate on Cash and Cash Equivalents
V. Net Increase in Cash and Cash
444,459,645.66 1,279,907,985.83
Equivalents
Add: Cash and Cash Equivalents at the
495,802,119.38 191,701,837.06
Commencement of the Period
VI. Cash and Cash Equivalents at the End
940,261,765.04 1,471,609,822.89
of the Period
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
72 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Consolidated Statement of Changes in Owners' Equity
For the Period from January 2022 to June 2022
Unit:Yuan Currency:RMB
Semi-annual 2022
Shareholders' Equity Attributable to the Parent Company's Owner
Minority
Item Paid-in Less: General
Other Equity Instruments Shareholders Total Shareholder
Other Special Other
Capital Treasur Surplus Risk Undistributed
Capital Reserves Comprehensiv Reserv Subtotal 'Equity s' Equity
(or Share Preferred Perpetual Other y Reserves Reserv Profits s
Stocks Bonds s e Incomes es
Capital) Shares es
I. Balance at the 1,102,046 5,340,798,886.8 543,809,467.5
-24,978,896.47 3,627,091,164.15 10,588,767,194.07 31,658,215.24 10,620,425,409.31
End of Last Year ,572.00 1 8
Add: Changes in
Accounting
Policies
Correction
of Errors in the
Previous Period
Consolidate
d under the
Same Control
Others
II. Balance at the
1,102,046 5,340,798,886.8 543,809,467.5
Start of This -24,978,896.47 3,627,091,164.15 10,588,767,194.07 31,658,215.24 10,620,425,409.31
,572.00 1 8
Year
III. Increases or
Decreases in 2,496,654.82 401,437,763.74 403,934,418.56 9,231,775.37 413,166,193.93
This Period
73 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(Decreases in
"-")
(I) Total
Comprehensive 2,496,654.82 707,806,710.76 710,303,365.58 9,231,775.37 719,535,140.95
Income
(II)
Shareholders'
Contribution and
Reduction in
Capital
1. Common
stock invested
by the owner
2. Capital
Invested by
Holders of Other
Equity
Instruments
3. Amount of
Share-based
Payments
Recorded into
Shareholders'
74 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Equity
4. Others
(III) Profit
-306,368,947.02 -306,368,947.02 -306,368,947.02
Distribution
1. Appropriation
of Surplus
Reserves
2.
Appropriation of
General Risk
Reserves
3. Distribution to
Owners (or -306,368,947.02 -306,368,947.02 -306,368,947.02
Shareholders)
4. Others
(IV) Internal
Carry-forward of
Shareholders'
Equity
1. Capital
Reserves
Transferred into
Capital (or Share
Capital)
2. Surplus
Reserves
Transferred into
75 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Capital (or Share
Capital)
3. Surplus
Reserves
Covering Losses
4. Carry-forward
retained earnings
of the variation
of the defined
benefit plan
5. Other
Carry-forward
Retained
Earnings of the
Comprehensive
Income
6. Others
(V) Special
Reserves
1. Withdrawal in
this period
2. Used in this
period
(VI) Others
IV. Balance at 1,102,046 5,340,798,886.8 543,809,467.5
-22,482,241.65 4,028,528,927.89 10,992,701,612.63 40,889,990.61 11,033,591,603.24
the End of This ,572.00 1 8
76 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Period
Semi-annual 2021
Shareholders' Equity Attributable to the Parent Company's Owner
Minority Total
Item Paid-in Genera
Capital Less: Other Surplus Undistributed Shareholders' Shareholders'
Capital (Or Special l Risk
Preferre Perpetual Treasur Comprehensi Others Subtotal
Equity Equity
Share Reserves Reserv Reserves Reserv Profits
d Stocks Bonds Others
y Share ve Incomes
Capital) es es
I. Balance at the 1,054,987,7 3,409,439,863. 474,769,630.8 7,786,994,893. 31,086,452.2
- - - - -20,631,668.74 - - 2,868,429,319.48 7,818,081,345.88
End of Last Year 49.00 07 6 67 1
Add: Changes in
Accounting - -
Policies
Correction
of Errors in the - -
Previous Period
Consolidate
d under the - -
Same Control
Others - -
II. Balance at the
1,054,987,7 3,409,439,863. 474,769,630.8 7,786,994,893. 31,086,452.2
Start of This - - - - -20,631,668.74 - - 2,868,429,319.48 7,818,081,345.88
49.00 07 6 67 1
Year
III. Increases or
Decreases in
47,058,823. 1,931,359,023. 2,250,502,176.
This Period - - - - 1,934,152.65 - - - 270,150,177.41 3,660,797.49 2,254,162,974.29
00 74 80
(Decreases in
“-“)
77 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(I) Total
Comprehensive 1,934,152.65 459,702,187.79 461,636,340.44 3,660,797.49 465,297,137.93
Income
(II)
Shareholders'
47,058,823. 1,931,359,023. 1,978,417,846.
Contribution and - - - - - - - - - - 1,978,417,846.74
00 74 74
Reduction in
Capital
1. Common
47,058,823. 1,931,359,023. 1,978,417,846.
stock invested 1,978,417,846.74
00 74 74
by the owner
2. Capital
Invested by
Holders of Other - -
Equity
Instruments
3. Amount of
Share-based
Payments
- -
Recorded into
Shareholders'
Equity
4. Others - -
(III) Profit -189,552,010.3
- - - - - - - - - - -189,552,010.38 - -189,552,010.38
Distribution 8
1. Appropriation - -
78 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
of Surplus
Reserves
2. Appropriation
of General Risk - -
Reserves
3. Distribution to
-189,552,010.3
Owners (or -189,552,010.38 -189,552,010.38
8
Shareholders)
4. Others - -
(IV) Internal
Carry-forward of
- - - - - - - - - - - - - -
Shareholders'
Equity
1. Capital
Reserves
Transferred into - -
Capital (or Share
Capital)
2. Surplus
Reserves
Transferred into - -
Capital (or Share
Capital)
3. Surplus
Reserves - -
Covering Losses
4. Carry-forward - -
79 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
retained earnings
of the variation
of the defined
benefit plan
5. Other
Carry-forward
Retained
- -
Earnings of the
Comprehensive
Income
6. Others - -
(V) Special
- - - - - - - - - - - - - -
Reserves
1. Withdrawal in
- -
this period
2. Used in this
- -
period
(VI) Others - -
IV. Balance at
1,102,046,5 5,340,798,886. 474,769,630.8 10,037,497,070 34,747,249.7
the End of This - - - - -18,697,516.09 - - 3,138,579,496.89 10,072,244,320.17
72.00 81 6 .47 0
Period
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
80 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Statement of Changes in Owners' Equity of the Parent Company
For the Period from January 2022 to June 2022
Unit:Yuan Currency:RMB
Semi-annual 2022
Other Equity Instruments Other
Speci
Item Paid-in Capital (or
Less:
al Total Shareholders'
Perpet Capital Reserves Treasur Comprehensive Surplus Reserves Undistributed Profits
Share Capital) Preferred Other Reser Equity
ual y Share
Stocks s ves
Bonds Incomes
I. Balance at the End of Last Year 1,102,046,572.00 5,340,798,886.81 543,809,467.58 3,329,948,268.95 10,316,603,195.34
Add: Changes in Accounting Policies
Correction of Errors in the Previous Period
Others
II. Balance at the Start of This Year 1,102,046,572.00 5,340,798,886.81 543,809,467.58 3,329,948,268.95 10,316,603,195.34
III. Increases or Decreases in This Period
57,269,768.86 57,269,768.86
(Decreases in “-“)
(1) Total comprehensive income 363,638,715.88 363,638,715.88
II) Shareholders' Contribution and Reduction in
Capital
1. Common stock invested by the owner
2. Capital Invested by Holders of Other Equity
Instruments
3. Amount of Share-based Payments Recorded into
Shareholders' Equity
4. Others
(III) Profit Distribution -306,368,947.02 -306,368,947.02
1. Appropriation of Surplus Reserves
2. Distribution to Owners (or Shareholders) -306,368,947.02 -306,368,947.02
3. Others
81 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(IV) Internal Carry-forward of Shareholders'
Equity
1. Capital Reserves Transferred into Capital (or
Share Capital)
2. Surplus Reserves Transferred into Capital (or
Share Capital)
3. Surplus Reserves Covering Losses
4. Carry-forward retained earnings of the variation
of the defined benefit plan
5. Other Carry-forward Retained Earnings of the
Comprehensive Income
6. Others
(V) Special Reserves
1. Withdrawal in this period
2. Used in This Period
(VI) Others
IV. Balance at the End of This Period 1,102,046,572.00 5,340,798,886.81 543,809,467.58 3,387,218,037.81 10,373,872,964.20
Semi-annual 2021
Other Equity Instruments Other
Total
Item Less: Special
Paid-in Capital (Or
Perpetu Capital Reserves Treasury Comprehensive Reserv Surplus Undistributed Profits
Share Capital) Preferred Shareholders'
al Others Share es Reserves
Stocks
Bonds
Incomes Equity
I. Balance at the End of Last Year 1,054,987,749.00 3,409,439,863.07 474,769,630.86 2,898,141,748.80 7,837,338,991.73
Add: Changes in Accounting Policies
Correction of Errors in the Previous Period
82 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Others
II. Balance at the Start of This Year 1,054,987,749.00 3,409,439,863.07 474,769,630.86 2,898,141,748.80 7,837,338,991.73
III. Increases or Decreases in This Period
47,058,823.00 1,931,359,023.74 130,620,773.42 2,109,038,620.16
(Decreases in “-“)
(I) Total Comprehensive Income 320,172,783.80 320,172,783.80
(II) Shareholders' Contribution and Reduction in
47,058,823.00 1,931,359,023.74 1,978,417,846.74
Capital
1. Common stock invested by the owner 47,058,823.00 1,931,359,023.74 1,978,417,846.74
2. Capital Invested by Holders of Other Equity
Instruments
3. Amount of Share-based Payments Recorded
into Shareholders' Equity
4. Others
(III) Profit Distribution -189,552,010.38 -189,552,010.38
1. Appropriation of Surplus Reserves
2. Distribution to Owners (or Shareholders) -189,552,010.38 -189,552,010.38
3. Others
(IV) Internal Carry-forward of Shareholders'
Equity
1. Capital Reserves Transferred into Capital (or
Share Capital)
2. Surplus Reserves Transferred into Capital (or
Share Capital)
3. Surplus Reserves Covering Losses
4. Carry-forward retained earnings of the
variation of the defined benefit plan
83 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
5. Other Carry-forward Retained Earnings of the
Comprehensive Income
6. Others
(V) Special Reserves
1. Withdrawal in this period
2. Used in this period
(VI) Others
IV. Balance at the End of This Period 1,102,046,572.00 5,340,798,886.81 474,769,630.86 3,028,762,522.22 9,946,377,611.89
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
84 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
III. Basic Information about the Company
1. Company Profile
√Applicable □Non-applicable
Ningbo Tuopu Group Co., Ltd. (hereinafter referred to as "Company" or "The Company"), a
company limited by shares changed from Ningbo Tuopu Brake System Co., Ltd., incorporated by
MECCA INTERNATIONAL HOLDING （ HK ） LIMITED, Ningbo Jinlun Equity Investment
Partnership (Limited Partnership) and Ningbo Jinrun Equity Investment Partnership (Limited
Partnership), holder of the Corporate Business License (Registration No.: 91330200761450380T), listed
on Shanghai Stock Exchange (SSE) in March 2015, is specialized in manufacturing - automobile
manufacturing.
As of June 30, 2022, the Company has issued a total of 1,102,046,572 shares, with a registered
capital of RMB 1,102,046,572 million, registered address: 268 Yuwangshan Road, Daqi Street, Beilun
District, Ningbo, Zhejiang, headquartered in 268 Yuwangshan Road, Daqi Street, Beilun District,
Ningbo, Zhejiang, is engaged in R&D, production and sales of automobile parts. MECCA
INTERNATIONAL HOLDING （HK） LIMITED is the parent company of the Company is, and Wu
Jianshu is the actual controller of the Company.
This financial statement was approved for release by the Board of Directors on August 24, 2022.
2. Scope of consolidated statement
√Applicable □Non-applicable
As of June 30st, 2021, the subsidiaries included in the scope of consolidated statement of the
Company are as follows:
Name of Subsidiary
1.Ningbo Tuopu Import and Export Co., Ltd. (hereinafter referred to as "Tuopu Imp&Exp.")
2. Ningbo Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Tuopu Parts")
3. Ningbo Tuopu Acoustics Vibration Technology Co., Ltd. (hereinafter referred to as "Tuopu Acoustics
Vibration")
4. Yantai Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Yantai Tuopu")
5. Liuzhou Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Liuzhou Tuopu")
6. Shenyang Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Shenyang Tuopu")
7. Ningbo Ushone Electronic Chassis Co., Ltd. (hereinafter referred to as “Ushone Electronic Chassis”) Note
1
8. Tuopu North American Ltd (hereinafter referred to as " North American ")
9. Ningbo Qianhui Automobile Trim Parts Co., Ltd. (hereinafter referred to as "Ningbo Qianhui")
10. Tuopu North American USA Limited,INC (hereinafter referred to as " Tuopu North American USA")
11. Sichuan Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Sichuan Tuopu")
12. Wuhan Tuopu Maigao Automobile Parts Co., Ltd. (hereinafter referred to as "Wuhan Tuopu")
13. Pinghu Tuopu Special Fabric Co., Ltd. (hereinafter referred to as "Pinghu Tuopu")
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Name of Subsidiary
14. Shanghai Towin Automotive Technology Co., Ltd. (hereinafter referred to as "Shanghai Towin")
15.Ningbo Tuopu Industrial Automation Co., Ltd. (hereinafter referred to as "Tuopu Industrial
Automation")
16. Ningbo Tuopu Investment Co., Ltd. (hereinafter referred to as "Tuopu Investment")
17. Ningbo Yuxiang E-commerce Co., Ltd. (hereinafter referred to as "Yuxiang E-commerce")
18. Tuopu Group International Co., Ltd. (hereinafter referred to as "Tuopu International")
19. Baoji Tuopu Maigao Automobile Parts Co., Ltd. (hereinafter referred to as "Baoji Tuopu")
20. Taizhou Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Taizhou Tuopu")
21.Ningbo Tuopu Mechatronic System Co., Ltd. (hereinafter referred to as "Tuopu Mechatronic
System")
22. Tuopu Do Brasil Autopeas Ltda (hereinafter referred to as "Tuopu Brasil")
23. Tuopu Sweden Technology AB (hereinafter referred to as "Tuopu Sweden")
24. Jinzhong Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Jinzhong Tuopu")
25. Shenzhen Towin Automotive Technology Co., Ltd. (hereinafter referred to as "Shenzhen Towin")
26. Zhejiang Towin Automobile Parts Co., Ltd. (hereinafter referred to as "Zhejiang Towin")
27. Sichuan Maigao Automobile Parts Co., Ltd. (hereinafter referred to as "Sichuan Maigao")
28. Hunan Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Hunan Tuopu")
29. TUOPU (MALAYSIA) SDN.BHD. (hereinafter referred to as "Tuopu Malaysia")
30. Tuopu USA, LLC (hereinafter referred to as "Tuopu USA")
31. Ningbo Tuopu Chassis System Co., Ltd. (hereinafter referred to as "Tuopu Chassis")
32.Tuopu EV Thermal Management System (Ningbo) Co., Ltd. (hereinafter referred to as "Tuopu
Thermal Management")
33. Huzhou Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as “Huzhou Tuopu”)
34. Xi’an Tuopu Automobile Parts Co., Ltd (hereinafter referred to as “Xi’an Tuopu”)
35. Shanghai Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as “Shanghai Tuopu”)
36. TUOPU POLAND SP.Z.O.O (hereinafter referred to as “Tuopu Poland”)
37. Tuopu Photovoltaic Technology (Ningbo Beilun) Co., Ltd. (hereinafter referred to as “Tuopu Photovoltaic Technology
(Ningbo Beilun)”)
38. Tuopu Photovoltaic Technology (Ningbo Hangzhou Bay New Area) Co., Ltd. (hereinafter referred to as “Tuopu
Photovoltaic Technology (Ningbo Hangzhou Bay New Area)”)
39. Tuopu Photovoltaic Technology (Pinghu) Co., Ltd.(hereinafter referred to as “Tuopu Photovoltaic Technology
(Tuopu Photovoltaic Technology (Pinghu))”)
40. Ningbo Ushone Smart Mobility Co., Ltd. (hereinafter referred to as “Ushone Smart Mobility”)
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Name of Subsidiary
41. Tuopu Automotive Chassis (Chongqing) Co., Ltd. (hereinafter referred to as "Chongqing Chassis")
42. Chongqing Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Chongqing Tuopu")
43. Hangzhou Tuopu Automobile Parts Co., Ltd. (hereinafter referred to as "Hangzhou Tuopu")
44. Tuopu Skateboard Chassis (Ningbo) Co., Ltd. (hereinafter referred to as "Tuopu Skateboard")
45. Tuopu Photovoltaic Technology (Taizhou) Co., Ltd. (hereinafter referred to as "Tuopu Photovoltaic
(Taizhou)")
46. Tuopu Photovoltaic Technology (Jinhua) Co., Ltd. (hereinafter referred to as "Tuopu Photovoltaic
(Jinhua)")
More details about the subsidiaries of the Company are available in “IX. Interests in other entities”.
More details about the changes in the scope of consolidation are available in “VIII. Changes in the
scope of consolidation”.
Note 1: On 27 April 2022, Ningbo Tuopu Intelligent Brake System Co., Ltd. renamed to Ningbo
Ushone Electronic Chassis Co., Ltd
IV. Basis for Preparing the Financial Statement
1. Basis for the preparation
The Company prepares the financial statement, as a going concern.
Based on transactions and matters that have actually occurred, in accordance with “Accounting
Standards for Business Enterprises - Basic Standards” issued by the Ministry of Finance and all specific
accounting standards, application guidelines for accounting standards for business enterprises,
explanations on the accounting standards for business enterprises and other related regulations
(hereinafter collectively as "Accounting Standards for Business Enterprises"), and the disclosure
provisions in the “Preparation Rules for Information Disclosures by Companies Offering Securities to
the Public No. 15 - General Provisions on Financial Reports” issued by CSRC.
2. Going concern
√Applicable □Non-applicable
The Company has the capability to continue as a going concern for at least 12 months as of the end
of current reporting period, without any significant item affecting the capability for continuing as a
going concern.
V. Significant Accounting Polices and Accounting Estimates
Notes to specific accounting policies and accounting estimates:
√Applicable □Non-applicable
The following disclosures cover the specific accounting policies and accounting estimates
formulated by the Company according to the characteristics of its production and operation.
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1. Statement on compliance with Accounting Standards for Business Enterprises
This financial statement is in compliance with the requirements in the Accounting Standards for
Business Enterprises promulgated by the Ministry of Finance and presents truly and completely the
financial position, operating results and cash flows of the Company.
2. Accounting period
The accounting period of the Company is from 1 January to 31 December of each calendar year.
3. Operating cycle
√Applicable □Non-applicable
The Company's operating cycle is 12 months.
4. Functional currency
The reporting currency is Renminbi ("RMB").
5. The accounting treatment of business combinations involving enterprises under common control
and business combinations not involving enterprises under common control
√Applicable □Non-applicable
Business combination under common control: The assets and liabilities acquired by the merging
party in business combination shall be measured at the book value of the assets, liabilities of the merged
party (including goodwill incurred in the acquisition of the merged party by ultimate controlling party)
in the consolidated financial statements of the ultimate controlling party on the date of combination. The
difference between the book value of the net assets obtained and the book value of the consideration
paid for the combination (or total nominal value of the issued shares) is adjusted to capital premium in
capital reserve. Adjustments shall be made to retained earnings in the event that the share premiums in
the capital reserves are not sufficient for write-down.
Business combinations involving entities not under common control: The assets paid and liabilities
incurred or committed as a consideration of business combination by the merging party were measured
at fair value on the date of acquisition and the difference between the fair value and its book value shall
be charged to the profit or loss for the period. Where the cost of combination is higher than the fair value
of the identifiable net assets acquired from the merging party in business combination, such difference
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shall be recognized as goodwill; where the cost of combination is less than the fair value of the
identifiable net assets acquired from the merging party in business combination, such difference shall be
charged to the profit or loss for the period. The identifiable assets, liabilities and contingent liabilities of
the merged party obtained in business combination that meet the recognition conditions are measured at
their fair values on the purchase date.
The fees which are directly related to the business combination shall be recognized as the profit or
loss in the period when the costs are incurred; the transaction expenses of issuing equity securities or
debt securities for business merger shall be initially capitalized for equity securities or debt securities.
6. Preparation method of consolidated financial statements
√Applicable □Non-applicable
1. Scope of Consolidation
The scope of consolidation of the consolidated financial statements is based on controlling interests
and includes the Company and all the subsidiaries. Control means that the Company has the rights over
the investee, enjoys variable returns through participating in relevant activities of the investee, and has
the ability to influence the amount of returns by exercising its rights over the investee.
2. Procedures of consolidation
The Company regards the Enterprise Group as an accounting entity and prepares consolidated
financial statements in accordance with unified accounting policies to reflect the overall financial
position, operating result and cash flow of the Enterprise Group. The influence of internal transactions
between the Company and the Subsidiaries and between the Subsidiaries shall be offset. Where internal
transaction indicates the occurrence of impairment loss to relevant assets, such loss shall be recognized
in full. In preparing the consolidated financial statements, where the accounting policies and the
accounting periods are inconsistent between the Company and subsidiaries, the financial statements of
subsidiaries are adjusted where necessary in accordance with the accounting policies and accounting
period of the Company.
The owner's equity, the net profit or loss and the comprehensive income attributable to minority
shareholders of a subsidiary of the current period are presented separately under the owners' equity in the
consolidated balance sheet, the net profit and the total comprehensive income in the consolidated income
statement respectively. Where losses attributable to the minority shareholders of a subsidiary of the
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current period exceed the minority shareholders' interest entitled in the shareholders' equity of the
subsidiary at the beginning of the period, the excess is allocated against the minority shareholders
interest.
(1) Acquisition of subsidiaries or Business
For acquisition of subsidiaries or business due to business combination involving entities under
common control during the reporting period, the operating results and cash flows of such subsidiaries or
business from the beginning to the end of the reporting period when the acquisition occurs shall be
included in the consolidated financial statements. Adjustments shall be made to the opening balance of
the consolidated financial statements and the related items in the comparative statements simultaneously
as if the consolidated reporting entity has been in existence since the beginning of the control by the
ultimate controlling party.
Where the control over the investee under common control is made possible due to additional
investment or other reasons, the equity investment held before gaining control of the combined party is
recognized as relevant profit or loss, other comprehensive income and changes of other net assets at the
later of the date of acquisition of the original equity and the date when the combining and the combined
parties are under common control, and shall be written down to the opening retained earnings or current
profit or loss in the comparative reporting period.
For acquisition of subsidiaries or business due to business combination involving entities not under
common control during the reporting period, the identifiable assets, liabilities and contingent liabilities
shall be included in the consolidated financial statements based on the fair value determined on the date
of the acquisition.
In connection with imposing control over the investee not under joint control due to additional
investment and other reasons, the equity of acquiree held before acquisition date shall be remeasured by
the Company at the fair value of such equity on the acquisition date and the difference between fair
value and book value shall be recognized as investment income in current period. Other comprehensive
income related to the equity held by the Acquiree before the acquisition date which can be reclassified
into future profit or loss, and other changes of owners’ equity accounted for under equity
(2) Disposal of subsidiaries
①General Treatment
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When losing control of the investee due to partial disposal of the equity investment, or any other
reasons, the remaining equity investment is remeasured at fair value at the date in which control is lost.
The sum of consideration received from disposal of equity investment and the fair value of the
remaining equity investment, net of the difference between the sum of the Company's previous share of
the subsidiary's net assets recorded from the acquisition date or combination date and the sum of
goodwill, is recognized in investment income in the period in which control is lost. Other comprehensive
income related to the equity investment of the original subsidiary that can be reclassified into future
profit or loss, and other changes of owners’ equity accounted for under equity method shall be
recognized in investment income in the period in which control is lost.
②Disposal of Subsidiary Achieved by Stages
When disposal of equity interests of subsidiaries through multiple transaction until the control is
lost, generally transactions in stages are treatment as a package deal in accounting if the transaction
terms, conditions, and economic impact of disposal of the subsidiary's equity interests comply with one
or more of the following:
i. These transactions are achieved at the same time or the mutual effects on each other are
considered;
ii. A complete set of commercial results can be achieved with reference to the series of
transactions as a whole;
iii. Achieving a transaction depends on at least achieving of one of the other transaction;
iv. One transaction recognized separately is not economical, but it is economical when considered
together with other transactions.
When losing control of a subsidiary in disposal of equity interests through multiple transactions is
recognized as a package deal, these transactions shall be in accounting treated as loss control of a
subsidiary in disposal of equity interests achieved. However, the differences between price on each
disposal and disposal of investment on the subsidiary's net assets shall be recognized in other
comprehensive income in the consolidated financial statements, and included in profit or loss for the
period when the control is lost.
When all transactions in disposal of equity interests of subsidiaries are not a package deal, accounting
treatment for partial disposal of equity investments of subsidiary without losing control shall be applied
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before control is lost. When the control is lost, general accounting treatment for disposal of a subsidiary
shall be used.
(3) Acquisition of Minority Interest of Subsidiaries
The Company shall adjust the share premium in the capital reserve of the consolidated balance
sheet with respect to any difference between the long-term equity investment arising from the purchase
of minority interest and the net assets attributing to the parent company continuously calculated on the
basis of the newly increased share proportion as of the acquisition date or date of combination, adjust the
retained earnings if the share premium in the capital reserve is insufficient for write-down.
(4) Partial Disposal of Equity Investment in Subsidiaries without Losing Control
Disposal price and disposal of long-term equity investment shall be entitled to the difference
between the shares of the net assets of the subsidiaries calculated continuously from the date of purchase
or acquisition. Adjustments shall be made to the equity premiums in the capital reserve of consolidated
balance sheet. When the equity premiums in the capital reserve are not sufficient for write-down, the
retained earnings shall be adjusted.
7. Classification of Joint Arrangement and Accounting Treatment Methods of Joint Operation
√Applicable □Non-applicable
Joint arrangement can be divided into joint operation and joint venture.
Joint operation refers to a joint arrangement in which the parties have rights to the assets and
obligations for the liabilities relating to the joint operation.
The Company recognizes the following items related to the share of interests in the joint operation:
(1) Recognize the assets held separately by the Company and the assets jointly held in accordance
with the share of the Company;
(2) Recognize the liabilities assumed separately by the Company and the liabilities jointly
assumed in accordance with the share of the Company;
(3) Recognize the income generated through the sale of the Company's share of the output of the
joint operation;
(4) Recognize the income generated through the sale of the output of the joint operation in
accordance with the share of the Company；
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(5) Recognize the expenses incurred separately, and the expenses incurred in joint operation in
accordance with the share of the Company .
The Company's investment in joint venture is accounted for by the equity method, as specified in the
note “V. 21. Long-term Equity Investment”.
8. Recognition criteria of cash and cash equivalents
Cash equivalents refer to investments held by the Company featuring short duration (it generally refers
to the maturity within three months from the purchase date), strong liquidity, easy conversion into cash
of known amount and low risk of changes in value.
9. Conversion of transactions and financial statements denominated in foreign currencies
√Applicable □Non-applicable
1. Foreign currency transactions
Foreign currency transactions shall be translated into RMB at the spot exchange rate on the day
when the transactions occurred, or at an exchange rate fixed in accordance with a systematic and
reasonable method that is similar to the spot exchange rate on the day when the transactions occurred.
Balance sheet date foreign currency monetary items shall be translated using the spot exchange rate
at the balance sheet date. The resulting exchange differences are recognized in profit or loss for the
current period, except for those differences related to the principal and interest on a specific-purpose
borrowing denominated in foreign currency for acquisitions, construction or production of the qualified
assets, which should be capitalized as cost of the assets.
2. Translation of foreign currency financial statements
All assets and liabilities items in balance sheet are translated based on spot exchange rate on the balance
sheet date; owners' equity items other than "undistributed profits" are translated at a spot exchange rate
when accrued. Revenue and expense items as contained in the income statement are translated at a spot
exchange rate at the transaction occurrence date.
For disposal of overseas operation, the translation difference as stated in the foreign currency
financial statements relating to overseas operation, is accounted for in the profit and loss account in the
current period from owners' equity items.
10. Financial instruments
√Applicable □Non-applicable
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The Company recognizes a financial asset, financial liability or equity instrument when it becomes
a party to a financial instrument contract.
1. Classification of the financial instruments
According to the Company's business model for management of the financial assets and the contractual
cash flow features of the financial assets, the financial assets, when initially recognized, are classified as:
financial assets at amortized cost, financial assets at fair value through other comprehensive income
and financial assets at fair value through profit or loss.
For financial assets that meet the following conditions and are not designated to be measured at fair
value through the current profit or loss, the Company classifies them as financial assets at amortized
cost:
— The business model is aimed at collecting contract cash flow;
Contract cash flow is the payment of principal and interest based on the outstanding principal
For financial assets that meet the following conditions and are not designated to be measured at fair
value through current profit or loss, the Company classifies them as financial assets at fair value
through other comprehensive income (debt instruments).
— The business model is aimed at both collecting contract cash flows and selling financial asset;
— Contract cash flow is the payment of principal and interest based on the outstanding principal
amount.
The Company will, at the time of initial recognition, irrevocably designate non-trading investments
in equity instruments as financial assets measured at fair value and the change shall be included in other
comprehensive income (equity instrument). The designation is made on the basis of independent
investment, and the related investments fit the definition of an equity instrument from an issuer’s
perspective.
In addition to the aforementioned financial assets at amortized cost and at fair value through other
comprehensive income, the Company classifies all other financial assets as financial assets at fair value
through current profit or loss. At the time of initial recognition, for financial assets that should have been
classified as financial assets at amortized cost or fair value through other comprehensive income, the
Company can irrevocably designate them as financial assets at fair value through current profit or loss in
order to eliminate or significantly reduce the accounting mismatch.
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The financial liabilities, when initially recognized, are classified as: financial liabilities at fair value
through profit or loss and financial liabilities at amortized cost.
Financial liabilities which meet one of the following conditions will be, when initially measured,
designated as financial liabilities at fair value through profit or loss:
1)Such designation may be able to eliminate or significantly reduce the accounting mismatch.
2) The portfolio of financial liabilities or the portfolio of financial assets and financial liabilities
shall be subject to management and performance evaluation on the basis of fair value according to the
enterprise risk management or investment strategy contained in the formal documentations, and a report
shall be made to the key management personnel within the enterprise on this basis.
3) Such financial liabilities shall contain embedded derivatives to be split separately.
2. Recognition and measurement of financial instruments
(1) Financial assets at amortized cost
Financial assets at amortized cost include notes receivable, accounts receivable, other receivables,
long-term receivables and creditors investment, which shall be initially measured at fair value, and the
relevant transaction expenses should be initially capitalized; The accounts receivable that do not
contain material financing compositions and those for which the Company decides to not take into
account the financing compositions of no more than one year shall be initially measured at the contract
transaction price.
The interest calculated by effective interest method during the holding period is recorded into the current
profit and loss.
At the time of recovery or disposal, the difference between the price obtained and the book value shall
be included in the current profit or loss.
(2) Financial assets measured at fair value and its changes are included in other comprehensive
income (debt instruments)
Financial assets measured at fair value and its changes are included in other comprehensive income
(debt instruments) include receivables financing and investments in other creditor's rights. They are
initially measured at fair value, and the value, other than the interest, the impairment loss or profit and
the profit or loss on foreign exchange, shall be included in other comprehensive income.
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Upon derecognition, the cumulative profits or losses previously included in other comprehensive
income shall be removed from other comprehensive income and included in the profit or loss for the
period.
(3) Financial assets at fair value through other comprehensive income (equity instruments)
Financial assets at fair value through other comprehensive income (equity instruments) include
investment in other equity instruments. They are initially measured at fair value, and the transaction
expenses shall be initially capitalized. These financial assets are subsequently measured at fair value,
and the change in fair value shall be included in other comprehensive income. The dividends obtained
shall be included in the profit or loss for the period.
Upon derecognition, the cumulative profits or losses previously included in other comprehensive
income shall be removed from other comprehensive income and included in the carry-forward retained
earnings.
(4) Financial assets at fair value through profit or loss in this period
Financial assets at fair value through profit or loss include trading financial assets, derivative financial
assets and other non-current financial assets. They are initially measured at fair value, and the
transaction expenses related to them are included in the profit or loss for the period. These financial
assets are subsequently measured at fair value, and the change in fair value shall be included in the
profit or loss for the period.
(5) Financial Liabilities Measured in Fair Value with Changes Recorded into Current Profit and
Loss
Financial liabilities at fair value through profit or loss include trading financial liabilities and derivative
financial liabilities. They are initially measured at fair value, and the transaction expenses related to
them are included in the profit or loss for the period. These financial liabilities are subsequently
measured at fair value, and the change in fair value shall be included in the profit or loss for the period.
Upon derecognition, the difference between their book value and the consideration paid is included in
the profit or loss for the period.
(6) Financial liabilities at amortized cost
Financial liabilities at amortized cost include short-term loans, notes payable, accounts payable, other
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payables, long-term loans, bonds payable, and long-term payables. They are initially measured at fair
value, and the transaction expenses shall be initially capitalized.
The interest calculated by effective interest method during the holding period is recorded into the current
profit and loss.
Upon derecognition the difference between the consideration paid and the book value of these financial
liabilities is included in the current profit or loss.
3. Derecognition and transfer of financial assets
The Company derecognizes financial assets when any one of the following conditions is satisfied:
- The contractual right to receive cash flows of the financial assets has been terminated;
- The financial asset have been transferred and virtually all the risks and rewards related to the
ownership of the financial asset shave been transferred to the transferee;
- The financial assets have been transferred, and while the Company has neither transferred nor
retained virtually all of the risks and rewards related to the ownership of the financial assets, it
has not retained control of the financial assets.
The financial assets have been transferred, and while the Company has neither transferred nor
retained virtually all of the risks and rewards related to the ownership of the financial assets, it has not
retained control of the financial assets.
The substance-over-form principle shall be adopted while making judgment on whether the transfer of
financial assets satisfies the above conditions for termination of recognition.
The transfer of financial assets can be classified into entire transfer and partial transfer. If the transfer of
an entire financial asset satisfies the conditions for termination of recognition, the difference between the
two amounts below shall be recorded into profit or loss for the period:
(1) The book value of the financial asset transferred;
(2) The consideration received as a result of the transfer, plus the accumulative amount of the
change in fair value previously recorded into the owners' equities (in cases where the transferred
financial assets are financial assets at fair value through other comprehensive income (debt
instruments)).
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If the partial transfer of financial assets satisfies the conditions for termination of recognition, the
overall book value of the transferred financial asset shall be apportioned according to their respective
relative fair value between the recognition terminated part and the remaining part, and the difference
between the two amounts below shall be recorded into profit or loss for the current period:
(1) The book value of the recognition terminated portion;
(2) The sum of consideration of the recognition terminated portion and the corresponding portion of
accumulated change in fair value previously recorded into owners' equity (in cases where the transferred
financial assets are financial assets at fair value through other comprehensive income (debt
instruments)).
Financial assets will still be recognized if they fail to satisfy the conditions for termination of recognition,
with the consideration received recognized as a financial liability.
4. Recognition for termination of financial liabilities
When the current obligation under a financial liability is completely or partially discharged, the
recognition of the whole or relevant portion of the liability is terminated; an agreement is entered
between the Company and a creditor to replace the original financial liabilities with new financial
liabilities with substantially different terms, terminate the recognition of the original financial liabilities
as well as recognize the new financial liabilities.
If all or part of the contract terms of the original financial liabilities are substantially amended, the
recognition of the original financial liabilities will be terminated in full or in part, and the financial
liabilities whose terms have been amended shall be recognized as a new financial liability.
When recognition of financial liabilities is terminated in full or in part, the difference between the book
value of the financial liabilities terminated and the consideration paid (including transferred non-cash
assets or new financial liability) is recognized in profit or loss for the current period.
Where the Company repurchases part of its financial liabilities, the book value of such financial
liabilities will be allocated according to the relative fair value between the continued recognized part
and terminated part on the repurchase date. The difference between the book value of the financial
liabilities terminated and the consideration paid (including transferred non-cash assets or new financial
liability) is recognized in profit or loss for the current period.
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5. Method of determining the fair values of financial assets and liabilities
The fair value of a financial instrument that is traded in an active market is determined at the quoted
price in the active market. The fair value of a financial instrument that is not traded in an active market
is determined by using a valuation technique. The Company uses the valuation technique when it is
applicable under current conditions and there are enough available data and other information to support
and the technique should maximize the use of relevant observable. It chooses the inputs which are
consistent with the asset or liability's characteristics considered by market participants in the transaction
of the relevant asset or liability and makes the maximum use of relevant observable inputs.
Unobservable inputs are used under the circumstance that the relevant observable inputs cannot be
obtained or not feasible.
6. Test method and accounting treatment for impairment of financial assets
The Company estimates the expected credit loss on the financial assets at amortized cost and the
financial assets at fair value through other comprehensive income (debt instruments), and financial
guarantee contracts, either alone or in combination.
The Company calculates the probability-weighted amount of the current value of the difference between
the cash flows receivable under the Contract and the cash flows expected to receive, and recognizes the
expected credit loss, by taking into account all the reasonable and well-founded information, including
past events, current condition and forward-looking economic situation, and weighting the risk of
default.
If the credit risk of this financial instrument has been significantly increased upon initial recognition, the
Company measures its loss provision in accordance with the amount equivalent to the expected credit
loss of the financial instrument throughout the duration; if the credit risk of this financial instrument is
not significantly increased upon initial recognition, the Company will measure the loss provision of this
financial instrument by the amount of its expected credit loss in the twelve months to come. The
increased or reversed amount of the loss provision resulting therefrom is included in the current profit or
loss as the impairment loss or profit.
The Company recognizes the relative changes in the risk of default within the expected duration of
financial instruments, and assesses whether the credit risk of financial instruments has significantly
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increased since the initial recognition by comparing the risk of default of financial instruments on the
balance sheet date with the risk of default on the initial recognition date. If the financial instrument
becomes overdue for more than 30 days, the Company believes that the credit risk of this financial
instrument has been significantly increased, unless there are concrete evidences that the credit risk of
this financial instrument has not been significantly increased upon initial recognition.
If the financial instrument carries low credit risk at the balance sheet date, the Company believes that
the credit risk of this financial instrument is not significantly increased upon initial recognition.
If there are objective evidences showing that a certain financial asset has been subject to credit
impairment, the Company will accrue impairment provision for this financial asset on the individual
asset basis.
The Company will always measure the loss provision for the accounts receivable and contract assets
generated by transactions regulated by “Accounting Standards for Enterprises No. 14 – Revenue”
(2017), whether they contain material financing compositions or not, by the amount of the expected
credit loss throughout the duration.
The Company will always measure the loss provision for the lease receivable by the amount of the
expected credit loss throughout the duration.
The Company shall write down the book balance of a financial asset directly if it no longer reasonably
expects that the contract cash flow of the financial asset can be recovered in whole or in part.
11. Notes receivable
Determination method and accounting treatment method of expected credit loss of notes
receivable
□Applicable√Non-applicable
12. Accounts receivable
Determination method and accounting treatment method of expected credit loss of accounts
receivable
□Applicable√Non-applicable
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13. Receivables financing
□Applicable√Non-applicable
14. Other accounts receivable
Determination method and accounting treatment method of expected credit loss of other accounts
receivable
□Applicable √Non-applicable
15. Inventories
√Applicable □Non-applicable
1. Category and cost of inventories
Inventories are classified as raw materials, turnover materials, commodity stocks, products in
progress and materials commissioned for processing.
Inventories are initially measured at cost. Inventory costs include procurement costs, processing
costs, and other expenses incurred to bring the inventory to its current location and condition.
2. Determination of cost for delivered inventory
Cost of inventories is determined using the weighted average method.
3. Basis for the determination of net realizable value and different type of inventories
On the balance sheet date, inventories shall be measured at the lower of cost and net realizable
value. A provision shall be made for inventory price drops if inventory costs exceed the net realizable
value. Net realizable value refers to the amount after deducting the estimated costs to be incurred at the
time of completion, the estimated selling expenses and taxes from the estimated sales price of
inventories during daily activities.
Net realizable value of held-for-sale commodity stocks, such as finished goods, goods-in-stock, and
held-for-sale raw materials, during the normal course of production and operation, shall be determined
by their estimated sales less the related selling expenses and taxes; the net realizable value of material
inventories, which need to be processed, during the normal course of production and operation, shall be
determined by the amount after deducting the estimated cost of completion, estimated selling expenses
and relevant taxes from the estimated selling price of finished goods; the net realizable value of
inventories held for execution of sales contracts or labor contracts shall be calculated on the ground of
the contracted price. If an enterprise holds more inventories than the quantity stipulated in the sales
contract, the net realizable value of the exceeding part shall be calculated on the ground of general
selling price.
The inventory falling price reserves withdrawn shall be reversed within the amount withdrawn, and
the reversed amount shall be included in current profit or loss, if the net realizable value of an inventory
is higher than its book value after the withdrawal due to the disappearance of the factors that influence
the writing-down of its value.
4. Inventory system
The perpetual inventory system is adopted.
5. Amortization of low-value consumables and packaging materials
Low-value consumables are amortized using the immediate write-off method;
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Packaging materials are amortized using the immediate write-off method.
16. Contract Assets
(1). Recognition methods and standards of contract assets
√Applicable □Non-applicable
The Company shall show the contract assets or contract liabilities in the balance sheet in
accordance with the relationship between the performance of the contract obligations and the Customer
payment. The Company shall list its right to receive consideration due to the transfer of goods or
services to the Customer (and such rights are subject to factors other than the passage of time) as
contractual assets. Contract assets and contract liabilities under the same contract shall be shown on a
net basis. The Company’s unconditional right (depending solely on the passage of time) to collect
consideration from the Customer shall be shown separately as a receivable.
(2). Determination method and accounting treatment for the expected credit loss of contract
assets
√Applicable □Non-applicable
See “10. 6. Testing methods and accounting treatment methods for impairment of financial
assets” for specified determination method and accounting treatment for the expected credit loss of
contract assets.
17. Held-for-sale assets
□Applicable √Non-applicable
18. Debt investment
(1). Determination method and accounting treatment method of expected credit loss of debt
investment
□Applicable √Non-applicable
19. Other debt investment
(1). Determination methods and accounting treatment methods of expected credit losses of other
debt investments
□Applicable √Non-applicable
20. Long-term receivables
(1) Determination method and accounting treatment method of long-term expected credit loss of
receivables
□Applicable √Non-applicable
21. Long-term Equity Investment
√Applicable □Non-applicable
1. Joint control or significant influence criterion
Joint control is the contractually agreed sharing of control of an arrangement, and exists only when
requiring the unanimous consent of the parties sharing control before making decisions about the
relevant activities of the arrangement. The Company together with the other joint venture parties can
jointly control over the investee and are entitled to the right of the net assets of the investee, as the
investee is joint venture of the Company.
Significant influence refers to the power to participate in making decisions on the financial and
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operating policies of an enterprise, but not the power to control, or jointly control, the formulation of
such policies with other parties. Where the Company can exercise significant influence over the investee,
the investee is an associate of the Company.
2. Determination of initial investment cost
(1) Long-term equity investments formed through business combination of entities
For long-term equity investment in a subsidiary generated due to business combinations involving
entities under common control, the share of the book value in the consolidated financial statements of
the ultimate controlling party on the date of combinations shall be taken as the initial investment cost of
the long-term equity investments. For difference between the initial cost of long-term equity investment
and the book value of the consideration paid, adjustments shall be made to the equity premiums in the
capital reserve. When the equity premiums in the capital reserve are not sufficient for write-down, the
retained earnings shall be adjusted. Where control over the investee under common control is available
due to additional investment or other reasons, for difference between the initial cost of long-term equity
investment recognized in accordance with the above principles, and the sum of the book value of
long-term equity investment prior to the combination and the book value of newly paid consideration for
the acquisition of further shares on the date of combination, adjustments shall be made to equity
premiums. When the equity premiums are not sufficient for write-down, the retained earnings shall be
written down.
For long-term equity investment in a subsidiary generated due to business combinations involving
entities not under common control, the cost of the combination recognized on the date of combination
shall be taken as the initial investment cost of the long-term equity investments. In relation to imposing
control over the investee not under common control as a result of additional investment and other
reasons, the initial investment shall be the sum of the book value of the equity investment originally held
and the newly increased investment cost.
(2) Long-term equity investments acquired by means other than business combination
The initial cost of a long-term equity investment obtained by cash payment shall be the purchase
costs actually paid.
The initial cost of investment of a long-term equity investment obtained by means of issuance of
equity securities shall be the fair value of the equity securities issued.
3. Subsequent measurement and recognition of profit or loss
(1) Long-term equity investment calculated by cost method
Long-term equity investment in subsidiaries of the company is calculated by cost method, unless
the investment meets the conditions for holding for sale. except for the actual consideration paid for the
acquisition of investment or the declared but not yet distributed cash dividends or profits which are
included in the consideration, investment gains are recognized as the Company' shares of the cash
dividends or profits declared by the investee.
(2) Long-term equity investment accounted for by equity method
Long-term equity investments of associates and jointly controlled entities are calculated using
equity method. Where the initial investment cost exceeds the investment, the difference between the
share of the fair value of the investee’s identifiable net assets shall be enjoyed and no adjustment shall be
made to the initial investment cost of long-term equity investment; where the initial investment cost is
less than the investment, the difference between the share of the fair value of the investee’s identifiable
net assets shall be enjoyed and be included in current profit or loss, and adjustments shall be made to the
initial investment cost of long-term equity investment.
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The Company recognizes the investment income and other comprehensive income according to the
shares of net profit or loss and other comprehensive income realized by the investee which it shall be
entitled or shared respectively, and simultaneously makes adjustment to the book value of long-term
equity investments; the book value of long-term equity investment shall be reduced by attributable share
of the profit or cash dividends for distribution declared by the investee; in relation to other changes of
owner's equity except for net profits and losses, other comprehensive income and profit distributions of
the investee (hereinafter referred to as "changes in other owners' equity"), the book value of long-term
equity investments shall be adjusted and included in owner's equity.
When recognizing the amount of proportion of net profit or loss, other comprehensive income and
other changes of owner’s equity, in the investee which it entitles, fair value of the identifiable assets of
the investee at the time when the investment is obtained shall be used as basis, and adjustment shall be
made to the net profit, other comprehensive income and others of the investee in accordance with the
accounting policies and accounting period of the Company.
The unrealized profit or loss resulting from internal transactions between the Company and its
associate or joint venture shall be offset in portion to its equity interests, based on which investment
income shall be recognized, except when the assets invested or sold constitute transaction. Any losses
resulting from transactions, which are attributable to impairment of assets, shall be fully recognized.
The Company shall be liable for net loss incurred by the Company to the joint venture or associate,
and shall write it down to zero with the book value of the long-term equity investment and other
long-term equity which substantially constitute net investment in the joint venture or associate. Where a
joint venture or associate later realizes net profits, the Company shall resume recognition of its share of
income after the share of income has made up for the unrecognized share of loss.
(3) Disposal of long-term equity investments
For disposal of long-term equity investment, the difference between the book value and the
consideration actually received shall be included in the current profit or loss.
For long-term equity investments accounted by partial equity disposal method, the remaining equity
is still accounted by the equity method. Other comprehensive income recognized by the original equity
method shall be carried forward in a corresponding proportion on the same basis as the direct disposal of
related assets or liabilities by the investee. Changes in the interests of the owners are carried forward to
the current profit and loss on a pro ratio basis.
When losing joint control or significant influence over the investee due to disposal of equity
investment or other reasons, other comprehensive income of the original equity investment recognized
accounted by equity method shall be treated using the same basis as the direct disposal of related assets
or liabilities by the investee upon the termination of the use of equity methods. Other changes of owner’s
equity shall be converted to the current profit or loss upon the termination of use of equity methods.
When losing the control over the investee due to partially disposal of equity investment and other
reasons, the remaining equities after disposal shall be accounted for under equity method in preparation
of individual financial statements provided that joint control or significant influence over the investee
can be imposed, and shall be adjusted as if such remaining equities has been accounted for under the
equity method since they are obtained. Other comprehensive income recognized prior to the acquisition
of controls over the investee shall be carried over proportionally using the same basis as the direct
disposal of related assets or liabilities by the investee. Other changes of owner’s equity due to the use of
equity method shall be carried over into the current profit or loss proportionally. Where the remaining
equities after disposal cannot impose joint control or significant influence over the investee, it shall be
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recognized as financial asset, and the difference between fair value and the book value on the date of
losing control shall be included in the current profit or loss. All the other comprehensive incomes and
other changes of owners’ equity recognized prior to the acquisition of controls over the investee shall be
carried over.
When losing control over a subsidiary in step-by-step disposal of its equity interests through
multiple transactions is recognized as a package deals, these transactions shall be in accounting treated
as loss of control of a subsidiary in disposal of equity interests. The differences between price on each
disposal prior to loss of control and the long-term equity investment book value of the disposed equity
shall be recognized as other comprehensive income in individual financial statements, and included in
the current profit or loss when the control is lost. Transactions not recognized as a package deal shall be
accounted for separately.
22. Investment property
(1). In case of cost measurement:
Depreciation or amortization method
Investment property refers to the real estate held to generate rental income or capital appreciation,
or both, including leased land use rights, land use rights held for transfer after appreciation, and leased
buildings (including buildings that are leased after completion of self-construction or development
activities and buildings in construction or development that are used for rental in the future).
Subsequent expenditures related to fixed assets shall be included in the cost of fixed assets when
the relevant economic benefits are likely to flow in and the cost can be measured reliably; otherwise, it
shall be included in the current profit and loss when occurred.
The Company adopts the cost mode to measure the existing investment property. Other subsequent
expenditures shall be included in current profit or loss at the time of occurrence. Investment property
measured at cost - buildings held for leasing shall adopt the same depreciation policy for fixed assets of
the company, land use rights held for leasing shall adopt the same amortization policy for the intangible
assets.
23. Fixed Assets
(1). Conditions for recognition of fixed assets
√Applicable □Non-applicable
Fixed assets are tangible assets that are held for use in the production or supply of goods or services,
for rental to others, or for administrative purposes; and have a service life of more than one accounting
year. Fixed asset is recognized when it meets the following conditions:
(1) It is probable that the economic benefits associated with the fixed asset will flow to the
enterprise;
(2) Its cost can be reliably measured.
Fixed assets are initially measured at cost (with the influence of expected disposal costs taken into
consideration).
Subsequent expenditures related to fixed assets shall be included in the cost of fixed assets when
the relevant economic benefits are likely to flow in and the cost can be measured reliably; the book value
of the replaced part is derecognized; other subsequent expenditures shall be included in current profit or
loss at the time of occurrence.
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(2). Methods for depreciation
√Applicable □Non-applicable
Depreciation Useful Lives of Annual
Category Residual Ratio
Method Depreciation Depreciation
Housing and Straight-line 20 10% 4.50%
building method
Machinery and Straight-line 5-10 10% 18.00%-9.00%
equipment method
Means of Straight-line 5 10% 18.00%
transportation method
Office equipment Straight-line 5 10% 18.00%
and others method
Land use 10%
certificate
Buildings for Straight-line indicates the
commercial use method remaining years
but no longer than
40 years
The depreciation of fixed assets is classified and accrued using the straight-line method, and the
depreciation rate is fixed according to the type of fixed assets, estimated useful life and estimated net
residual value rate. Fixed assets with impairment provision made, the depreciation amount shall be
determined according to the book value net of the depreciation reserves and the remaining useful life in
the future period. If the useful life of each part of fixed assets is different or provides economic benefits
to the enterprise in different manners, different depreciation rates or depreciation methods shall be
chosen and depreciation shall be accrued separately.
(3). Recognition basis, valuation and depreciation method of fixed assets under financing lease
□Applicable √Non-applicable
24. Projects under construction
√Applicable □Non-applicable
Construction in progress is measured at the actual costs incurred. The actual cost includes
construction costs, installation costs, borrowing costs that meet the capitalization conditions, and other
necessary expenditures incurred before the construction in progress reaches its intended use status.
Construction in progress reaching predetermined serviceable conditions shall be converted to fixed
assets and begin counting for depreciation the following month.
25. Borrowing Costs
√Applicable □Non-applicable
1. Criteria for recognition of capitalized borrowing costs
For borrowing costs incurred by the Company that are directly attributable to the acquisition,
construction or production of assets qualified for capitalization, the costs will be capitalized and
included in the costs of the related assets. Other borrowing costs shall be recognized as expense in the
period in which they are incurred and included in profit or loss for the current period.
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Assets qualified for capitalization are assets (fixed assets, investment property, inventories, etc.)
that necessarily take a substantial period of time for acquisition, construction or production to get ready
for their intended use or sale.
2. Capitalization period of borrowing costs
The capitalization period shall refer to the period between the commencement and the cessation of
capitalization of borrowing costs, excluding the period in which capitalization of borrowing costs is
temporarily suspended.
Capitalization of borrowing costs begins when the following three conditions are fully satisfied:
(1) Expenditures for the assets (including cash paid, transferred non-currency assets or expenditure
for holding debt liability for the acquisition, construction or production of assets qualified for
capitalization) have been incurred;
（(2) Borrowing costs have been incurred;
(3) Acquisition, construction or production that are necessary to enable the asset reach its intended
usable or salable condition have commenced.
Capitalization of borrowing costs shall be suspended during periods in which the qualifying asset
under acquisition and construction or production ready for the intended use or sale.
3. Suspension of capitalization period
Capitalization of borrowing costs shall be suspended during periods in which the acquisition,
construction or production of a qualifying asset is interrupted abnormally, when the interruption is for a
continuous period of more than 3 months; if the interruption is a necessary step for making the
qualifying asset under acquisition and construction or production ready for the intended use or sale, the
capitalization of the borrowing costs shall continue. The borrowing costs incurred during such period
shall be recognized as profits and losses of the current period. When the acquisition and construction or
production of the asset resumes, the capitalization of borrowing costs commences.
4. Calculation of capitalization rate and amount of borrowing costs
Specific borrowings for the acquisition, construction or production of assets qualified for
capitalization, borrowing costs of the specific borrowings actually incurred in the current period minus
the interest income earned on the unused borrowing loans as a deposit in the bank or as investment
income earned from temporary investment will be used to determine the amount of borrowing costs for
capitalization.
General borrowings for the acquisition, construction or production of assets qualified for
capitalization, the to-be-capitalized amount of interests on the general borrowing shall be calculated and
determined by multiplying the weighted average asset disbursement of the part of the accumulative asset
disbursements minus the specifically borrowed loans by the capitalization rate of the general borrowing
used. The capitalization rate shall be calculated and determined according to the weighted average
interest rate of the general borrowing.
During the period of capitalization, the exchange balance on the principals and interests of special
foreign currency borrowings shall be capitalized and shall be included in the cost of assets eligible for
capitalization. The exchange balance on the principals and interests of foreign currency borrowings other
than the special foreign currency borrowings shall be included in current profit or loss.
26. Biological Assets
□Applicable √Non-applicable
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27. Oil and Gas Assets
□Applicable √Non-applicable
28. Right-of-use assets
□Applicable √Non-applicable
29. Intangible Assets
(1). Valuation method, useful life, impairment test
√Applicable □Non-applicable
1. Intangible assets are initially measured at cost upon acquisition
(1) Intangible assets are initially measured at cost upon acquisition
The costs of an externally purchased intangible asset include the purchase price, relevant taxes and
expenses paid, and other expenditures directly attributable to putting the asset into condition for its
intended use.
(2) Subsequent measurement
The service life of intangible assets shall be analyzed and judged upon acquisition.
As for intangible assets with a finite service life, they are amortized using the straight-line method
over the term in which economic benefits are brought to the firm; If the term in which economic benefits
are brought to the firm by an intangible asset cannot be estimated, the intangible asset shall be taken as
an intangible asset with indefinite service life, and shall not be amortized.
2. Estimated useful lives for the intangible assets with finite service life
Item Estimated useful lives Amortization Method Basis
Land use rights 38-50 years Straight-line method Land use certificate
Software 2-10 years Straight-line method Expected benefited
period
Emission rights 5 years Straight-line method Emission permits
3. basis for the judgment of intangible assets with uncertain service life and the procedure for
reviewing their service life
As of June 30st, 2022, the Company has no intangible assets with uncertain useful life.
4. Specific criteria for the division of research phase and development phase
The expenses for internal research and development projects of the Company are divided into
expenses in the research phase and expenses in the development phase.
Research phase: Scheduled innovative investigations and research activities to obtain and
understand scientific or technological knowledge.
Development phase: Apply the research outcomes or other knowledge to a plan or design prior to a
commercial production or use in order to produce new or essentially-improved materials, devices,
products, etc.
5. Specific condition for capitalizing expenditure during the development phase
Expenses in the research phase are recorded into the profits and losses for the current period when
they occur. Expenditure during the development phase that simultaneously satisfies the following
conditions shall be recognized as intangible assets. Otherwise shall be included in current profit or loss:
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(1) It is technically feasible to complete such intangible asset so that it will be available for use
or for sale;
(2) There is intention to complete the intangible asset for use or sale;
(3) The intangible asset can produce economic benefits, including there is evidence that the
products produced using the intangible asset has a market or the intangible asset itself has a market; if
the intangible asset is for internal use, there is evidence that there exists usage for the intangible asset;
(4) There is sufficient support in terms of technology, financial resources and other resources in
order to complete the development of the intangible asset, and there is capability to use or sell the
intangible asset;
(5) The expenses attributable to the development stage of the intangible asset can be measured
reliably.
The R&D expenditures incurred shall be included in current profit or loss if it is impossible to
distinguish expenditure during the research phase and expenditure during the development phase.
(2). Accounting policies for internal research and development expenditures
□Applicable √Non-applicable
30. Impairment of long-term assets
√Applicable □Non-applicable
Long-term assets, such as long-term equity investment, investment properties, fixed assets and
construction in progress that measured at cost, right-of-use assets，and intangible assets with limited
service life, are tested for impairment if there is any indication that an asset may be impaired on the
balance sheet date. If the result of the impairment test indicates that the recoverable amount of the asset
is less than its book value, a provision for impairment and an impairment loss are recognized for the
amount by which the asset's book value exceeds its recoverable amount. The recoverable amount is the
higher of an asset's fair value less costs to sell and the present value of the future cash flows expected to
be derived from the asset. Provision for asset impairment is determined and recognized on the individual
asset basis. If it is not possible to estimate the recoverable amount of an individual asset, the recoverable
amount of a group of assets to which the asset belongs to is determined. A group of assets is the smallest
group of assets that is able to generate cash inflows independently.
Goodwill formed due to business combination, intangible assets with uncertain service life and
intangible assets that have not yet reached serviceable conditions, shall be tested for impairment at least
at the end of each year, regardless of whether there is any indication of impairment.
When the Company carry out impairment test to goodwill, the Company shall, as of the purchasing
day, allocate on a reasonable basis the book value of the goodwill formed by merger of enterprises to the
relevant asset groups, or if there is a difficulty in allocation, to allocate it to the sets of asset groups. The
relevant asset group or combination of asset groups is the asset group or combination of asset groups
that can benefit from the synergies of business combination.
For the purpose of impairment test on the relevant asset groups or the sets of asset groups
containing goodwill, if any evidence shows that the impairment of asset groups or sets of asset groups
related to goodwill is possible, an impairment test will be made first on the asset groups or sets of asset
groups not containing goodwill, thus calculating the recoverable amount and comparing it with the
relevant book value so as to recognize the corresponding impairment loss. Asset group or combination
of group assets containing goodwill are tested for impairment and the book value and recoverable
amount shall be compared. If the recoverable amount is less than the book value, the amount of
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impairment loss shall be deducted and apportioned to the book value of goodwill in asset group or
combination of asset groups, before deducting to the book value of all other assets proportionally based
on the proportion of the book value of all assets other than goodwill in the asset group or combination of
asset groups. Once the above asset impairment loss is recognized, it will not be reversed in the
subsequent accounting periods.
31. Long-term prepaid expenses
√Applicable □Non-applicable
Long-term prepaid expenses are expenses which have occurred but will benefit over 1 year and
shall be amortized over the current period and subsequent periods.
Item Amortization Method Amortization period
Renovation cost Straight-line method 5 years
Software maintenance fee Straight-line method 5 years
Others Straight-line method 3-5 years
32. Contract liabilities
(1).Recognition method of contract liabilities
√Applicable □Non-applicable
The Company shall show the contract assets or contract liabilities in the balance sheet in
accordance with the relationship between the performance of the contract obligations and the Customer
payment. The Company’s obligation to transfer goods or provide services to customers for which
consideration has been received or receivable are presented as contractual liabilities. Contract assets and
contract liabilities under the same contract shall be shown on a net basis.
33. Employee remuneration
(1). Accountant arrangement method of short-term remuneration
√Applicable □Non-applicable
During the accounting period when the staff provides service, the Company will recognize the
short-term remuneration actually incurred as liabilities, and the liabilities would be charged into current
profits and loss or costs of assets.
The Company will pay social insurance and housing funds, and will make provision of trade union
funds and staff education costs in accordance with the requirements. During the accounting period when
the staff provides service, the Company will determine the relevant amount of employee benefits in
accordance with the required provision basis and provision ratios.
The expenses on employee benefit incurred by the Company shall be included in the current profit
or loss or related asset cost based on the actual amount when actually incurred, and the non-monetary
benefit shall be measured at its fair value.
(2).Accounting treatment method of retirement benefit plan
√Applicable □Non-applicable
(1) Defined contribution plan
The Company will pay basic pension insurance and unemployment insurance in accordance with
the relevant provisions of the local government for the staff. During the accounting period when the staff
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provides service, the Company will calculate the amount payable in accordance with the local stipulated
basis and proportions which will be recognized as liabilities, and the liabilities would be charged into
current profits and loss or costs of assets.
(2) Defined benefit plan
The welfare responsibilities generated from defined benefit scheme based on the formula
determined by projected unit credit method would be vested to the service period of the staff and
charged into current profits and loss or costs of assets.
The deficit or surplus formed by the present value of obligations of the defined benefit plan minus
the fair value of the assets of the defined benefit plan is recognized as a net liability or net asset of the
defined benefit plan. If there is a surplus in the defined benefit plan, the Company shall use the lower of
the surplus of the defined benefit plan and the asset ceiling to measure the net assets of the defined
benefit plan.
All defined benefit plan obligations, including obligations expected to be paid within twelve
months after the end of the annual reporting period in which employees render services, are discounted
at the market rate of return in respect of the national debts matching the term and currency of the defined
benefit plan, or in respect of high-quality corporate bonds available on the active market on the balance
sheet date.
The service cost incurred by the defined benefit plan and the net interest of the net liabilities or net
assets of the defined benefit plan are included in the current profit and loss or the related asset cost; the
changes in the net liabilities or net assets of the defined benefit plan are recorded in other comprehensive
income, and it will not be reversed to profit or loss in the subsequent accounting period. When the
original defined benefit plan is terminated, all that originally included in other comprehensive income
will be carried forward to undistributed profit within the scope of equity.
At the settlement of the defined benefit plan, the gain or loss from the settlement is recognized by
the difference between the present value of the obligation of the defined benefit plan and the settlement
price determined on the settlement date.
(3).Accountant arrangement method of termination benefits
√Applicable □Non-applicable
Where the Company pays termination benefit to employees, the liabilities of employee remuneration
generated by termination benefit shall be recognized at the earlier of the following date and included in
the current profit or loss: when the company cannot unilaterally withdraw termination benefit provided
by labor relationship termination plan or layoff proposal; when the Company recognizes costs or
expenses related to a restructuring of the payment of termination benefits.
(4).Accountant arrangement method of other long-term employee benefits
□Applicable √Non-applicable
34. Lease liabilities
□Applicable √Non-applicable
35. Estimated liabilities
□Applicable √Non-applicable
36. Share-based payment
□Applicable √Non-applicable
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37. Preference shares, perpetual bonds and other financial instruments
□Applicable √Non-applicable
38. Revenue
(1). Accounting policies for revenue recognition and measurement
√Applicable □Non-applicable
The Company has fulfilled its contractual obligation to recognize income when the Customer
obtains control over the relevant goods or services. Obtaining control over related goods or services
means to be able to dominate the use of the goods or services and obtain virtually all economic benefits
from it.
Where the Contract contains the performance of two or more obligations, the Company shall, on
the commencement date of the Contract, apportion the transaction price to each individual performance
obligation on the basis of the relative proportion of the individual selling price of the goods or service
committed by each individual performance obligation. The Company shall measure its income on the
basis of the transaction price apportioned to each individual performance obligation.
The transaction price refers to the amount of consideration the Company is expected to be entitled
to receive for the transfer of goods or services to the Customer, excluding payments received on behalf
of third parties and the amounts expected to be refunded to the Customer. The Company determines the
transaction price in accordance with Contract terms and by taking into consideration its past practices. In
determining the transaction price, it takes into consideration the impact of variable consideration,
material financing elements in the Contract, non-cash consideration, consideration payable to customers
and other factors. The Company determines the transaction price that includes the variable consideration
at an amount not exceeding the amount of accumulated recognized income which is not likely to be
materially reversed when the relevant uncertainty is eliminated. Where there is material financing
components in the Contract, the Company shall determine the transaction price on the basis of the
amount payable based on the assumption that the Customer pays in cash upon obtaining control over the
goods or services, and shall amortize the difference between the transaction price and the Contract
consideration by effective interest method during the Contract period.
It shall be deemed as fulfilling performance obligation within a certain period of time if one of the
following conditions is satisfied. Otherwise, it shall be deemed as fulfilling performance obligation at a
certain point in time:
The Customer obtains and consumes the economic benefits arising from the Company's
performance of obligations at the same time of that the Company perform its obligations.
The Customer can control the goods under construction during the process that the Company perform
its obligations.
The product produced by the Company during the performance of its obligations is irreplaceable in
use, and the Company shall be entitled to receive payment for the accumulated part of the performance
completed so far during the whole Contract period.
For obligations performed within a certain period of time, the Company shall recognize income on
the basis of the performance progress during that period, except when the performance progress cannot
be reasonably determined. The Company will adopt output method or input method to determine the
performance progress by taking the nature of the goods or services into consideration. Where the
performance progress cannot be reasonably determined and the costs incurred are expected to be
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compensated, the Company shall recognize income on the basis of the costs incurred until the
performance progress can be reasonably determined.
For obligations performed at a certain point of time, the Company recognizes income at the point
when the Customer obtain control over relevant goods or services. The Company takes the following
indications into consideration when determining whether the Customer has obtained control over
relevant goods or services:
The Company is entitled to collect payment in respect of the goods or services immediately, i.e. the
Customer is obliged to make payment in respect of the goods or services immediately
The Company has transferred legal ownership of the goods to the Customer, i.e. the Customer has
legal ownership of the goods.
The Company has physically transferred the goods to the Customer, i.e. the Customer has
physically possessed the goods.
The Company has transferred the principal risks and rewards in the ownership of the goods to the
Customer, i.e. the Customer has obtained the principal risks and rewards in the ownership of the goods.
The Customer has received the goods or services, etc.
2. Specific principles
(1) Domestic company
1) Domestic sales
For sales to domestic carmakers, the goods received by customer and the notice of issuing an invoice is
treated as the time point of revenue recognition. For domestic after-sales market sales, the time of
delivery is treated as the time point of revenue recognition.
2) Overseas
For general trade sales, customs declaration and export are treated as the revenue confirmation time
point. For the sales based on DDU and DDP as contained in the sales contract, the time of arrival at the
destination and the acknowledgment of receipt by customer is treated as the time point of revenue
recognition.
(2) Tuopu North American Ltd
The time of shipment and the acknowledgment of receipt by customer is treated as the time point of
revenue recognition.
(2). Different business models adopted for similar businesses leading to differences in revenue
recognition accounting policies
□Applicable√ Non-applicable
39. Contract costs
√Applicable □Non-applicable
Contract costs include contract performance costs and contract acquisition costs.
The Company recognizes the costs incurred for performing the contract and that not fall within the
scope of inventories, fixed assets or intangible assets as stipulated by related standards as an asset when
the following conditions are met:
The cost is directly related to a current or anticipated contract.
The cost increases the Company's future resources to perform obligations.
The cost is expected to be recovered
The Company regards the incremental cost incurred to acquire the contract and that are expected to
be recovered as contract acquisition costs, and recognizes them as an asset.
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Assets related to contract costs shall be amortized using the same basis as income recognition of
goods or services related to the asset. However, the Company shall include the amount in current profit
or loss if the amortization period of the contract acquisition cost is less than one year.
The Company shall draw an impairment provision for the excess part when the book value of an
asset related to the contract cost is higher than the difference between the following two items, and
recognize it as an impairment loss of the asset:
1. The remaining consideration expected to be obtained due to the transfer of goods or services
related to the asset;
2. Estimated costs to be incurred for the transfer of goods or services related to the asset.
The Company shall reverse the impairment provision withdrawn and include it in current profit or
loss if the impairment factors of the previous period change and cause the aforementioned difference
higher than the book value of the asset. However, the book value of the asset after reverse shall not
exceed the book value of the asset on the reverse date under the assumption that no provision for the
impairment is withdrawn.
40. Government subsidies
√Applicable □Non-applicable
1. Type
Government grants are monetary assets and non-monetary assets acquired by the Company from
the government free of charge. Government grants are classified into government grants related to assets
and government grants related to revenue.
Government grants related to assets refer to government grants acquired by the Company for the
purpose of purchasing or constructing or otherwise forming long-term assets. Government grants related
to revenue refer to the government grants other than those related to assets.
The company classifies government grants into asset-related grants in accordance with the
following criteria:
If the government document specifies the specific intended project of subsidies, it will be classified
according to the relative ratio of the amount paid of the asset and the amount paid included in the
expenses as part of the specific project, and the classification ratio needs to be checked and if necessary,
changed on each balance sheet date.
The company classifies government grants into revenue-related grants in accordance with the
following criteria:
If the government documents have not yet specified the intended subjects of grants, the Company
will classify the government grants as asset-related or income-related according to the following criteria:
2. Confirmation of time point
Government subsidies are confirmed when the company can meet its attached conditions and can
be received.
3. Accounting treatment
Government grants related to assets shall write off the book value of relevant assets or be
recognized as deferred income. When recognized as deferred income, the government grant related to
assets will be period by period credited to the profits and losses of the current period in a reasonable and
systematic manner within the service life of relevant assets (those related to the Company's daily
activities shall be recognized as other income; those unrelated to the Company's daily activities shall be
recognized as non-operating income).
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The revenue-related government grants shall be recognized as deferred income if they are used to
compensate relevant expenses or losses in subsequent periods, and they shall be included in profit and
loss of the current period (those related to Company's routine activities shall be included in other income;
those unrelated to the Company's routine activities shall be included in non-operating income) or used to
offset relevant expenses or losses during the recognition of related expenses or losses; the grants used to
compensate related expenses or losses incurred shall be included in profit and loss of the current period
(those related to Company's routine activities shall be included in other income; those unrelated to the
Company's routine activities shall be included in non-operating income) or used to offset relevant
expenses or losses.
41. Deferred income tax assets/deferred income tax liabilities
√Applicable □Non-applicable
Income tax includes current income tax and deferred income tax. The Company will include current
income tax and deferred income tax in the current profit or loss, except for income tax arising from
business combination and transaction or event directly included in the owners’ equity (including other
comprehensive income).
Deferred income tax assets and deferred income tax liabilities shall be calculated and recognized on
the basis of the difference (temporary difference) between the tax basis of the assets and liabilities and
their book value.
Deferred income tax assets are recognized to the extent that it is probable that future taxable profits
will be available against which deductible temporary differences can be utilized. For deductible losses
and tax credits that can be reversed in the future period, deferred tax assets shall be recognized to the
extent that it is probable that taxable profit will be available in the future to offset the deductible losses
and tax credits.
Save as the exceptions, deferred income tax liabilities shall be recognized for the taxable temporary
difference.
Special circumstances in which deferred income tax assets or deferred income tax liabilities are not
recognized include:
Initial recognition of goodwill;
Transaction or event that is not a business combination and would not affect accounting profit and
taxable income (or deductible loss) at the time of occurrence.
For taxable temporary differences related to investments in subsidiaries, associates and joint ventures,
deferred income tax liability is recognized, unless the Company can control the timing of reversal of
such temporary differences and such temporary differences are not likely to be reversed in the
foreseeable future. For deductible temporary differences related to the investments of subsidiaries,
associates and joint ventures, deferred tax asset is recognized when the temporary differences are likely
to be reversed in the foreseeable future and the taxable income amount used to offset the deductible
temporary differences is likely to be obtained in the future.
On the balance sheet date, the Company reviews the book value of the deferred income tax assets.
The book value of the deferred income tax asset will be written down if sufficient taxable income is not
likely to be obtained to offset the benefit of the deferred income tax asset in the future period. The
write-down amount will be reversed when sufficient taxable income is likely to be obtained.
After granted the legal rights of net settlement and with the intention to use net settlement or obtain
assets and repay debt at the same time, the net amount after offsetting its current income tax assets and
current income tax liabilities shall be recorded.
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On the balance sheet date, deferred income tax assets and deferred income tax liabilities shall be, as
stipulated by tax law, measured by the applicable tax rate of the period of expected recovery of the
relevant assets or settlement of the relevant liabilities.
The taxpayer has the legal right to settle the current income tax assets and current income tax
liabilities on a net basis;
Deferred income tax assets and deferred tax liabilities are related to the income tax to be paid by
the same entity liable to pay tax to the same tax collection and management authority or related to
different entities liable to pay tax. The relevant entity liable to pay tax is intended to apply net settlement
of current income tax assets and liabilities or, at the same time, obtain assets and repay debt in every
future period that deferred income tax assets and liabilities with importance would be reversed.
42. Lease
(1). Accounting of operating lease
□Applicable √Non-applicable
(2). Accounting treatment method of financing lease
□Applicable √Non-applicable
(3). Determination method and accounting treatment method of lease under the new lease
standard
√Applicable □Non-applicable
Accounting policy effective from January 1, 2021
Lease refers to a contract in which the landlord transfers the right to use the asset to the tenant in a
given period to obtain consideration. On the commencement date of the contract, the Company assesses
whether the contract is a lease or includes a lease. If a party in the contract transfers the right to control
the use of one or more identified assets in a given period in exchange for consideration, the contract is a
lease or includes a lease.
If the contract contains a plurality of separate leases at the same time, the Company will split the
contract and perform accounting treatments for each of the separate leases. If the contract contains both
lease and non-lease parts, the tenant and landlord shall separate the lease and non-lease parts.
For rent derates, late payments and other rent reductions in connection with current lease contracts
directly caused by the outbreak of COVID-19, if all of the following conditions are satisfied, the
Company will apply a simplified method to all lease options, and does not evaluate whether there is a
lease change or reassess lease classification:
The lease consideration subject to deduction is reduced or basically remains unchanged
compared to that before deduction, in which the lease consideration can be undiscounted or discounted
at the discount rate before deduction;
The deduction only applies to the lease payments payable before June 30, 2022, an increase in
lease payments payable after June 30, 2022 will not impact this condition, and a decrease in lease
payments payable after June 30, 2022 will not satisfy this condition; and
Other terms and conditions of the lease have not changed significantly after considering
qualitative and quantitative factors.
1. The Company as tenant
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(1) Right-of-use assets
On the start date of the lease term, the Company recognizes the right-of-use asset for leases other
than short-term leases and low-value asset leases. Right-of-use assets are initially measured at cost,
which includes:
The initial measurement amount of the lease liability;
For lease payments paid on or before the start of the lease term, if there is a lease incentive, the
amount of the lease incentive already enjoyed is deducted;
Initial direct expenses incurred by the Company;
The Company's estimated cost for dismantling and removing the leased assets, restoring the site
where the leased assets are located, or restoring the leased assets to the state as set out in the lease terms
and conditions, except for the costs incurred for the production of inventory.
The Company subsequently uses the straight-line method to depreciate the right-of-use assets. If it
can be reasonably determined that the ownership of the leased asset will be obtained at the end of the
lease term, the Company shall depreciate the leased asset over the remaining useful life; otherwise, the
leased asset will be depreciated over the lease term or the remaining useful life of the leased asset,
whichever is shorter.
The Company determines whether the right-of-use asset has been impaired under the principles as
set out in "Note III. (XIX). Long-term asset impairment", and performs accounting treatment for the
identified impairment loss.
(2) Lease liabilities
On the commencement of the lease term, the Company recognizes lease liabilities for leases other
than short-term leases and leases of low-value assets. Lease liabilities are initially measured based on the
present value of the unpaid lease payments. Lease payments include:
Fixed payment (including the actual fixed payment), if there is a lease incentive, the relevant
amount of the lease incentive will be deducted;
Variable lease payments that depend on an index or rate;
The amount expected to be paid based on the residual value of the guarantee provided by the
company;
The exercise price of the purchase option, provided that the Company reasonably determines that it
will exercise the option;
The amount to be paid to exercise the option to terminate the lease, provided that the lease term
reflects that the company will exercise the option to terminate the lease.
The Company takes the interest rate implicit in the lease as the discount rate, but if the interest rate
implicit in the lease cannot be reasonably determined, the company's incremental borrowing interest rate
is used as the discount rate.
The Company calculates the interest expense of the lease liability during each period of the lease
term according to a fixed periodic interest rate, and includes it in the current profit and loss or the cost of
related assets.
Variable lease payments that are not included in the measurement of lease liabilities are included in
the current profit and loss or the cost of related assets when they actually occur.
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After the commencement of the lease term, in any of the following circumstances, the Company
re-measures the lease liability and adjusts the corresponding right-of-use asset. If the book value of the
right-of-use asset has been reduced to zero, but the lease liability still needs to be further reduced, it will
The difference is included in the current profit and loss:
When the evaluation results of the purchase option, the renewal option or the termination option
change, or the actual exercise of the aforementioned option is inconsistent with the original evaluation
result, the company will discount the lease payment after the change and the revised discount The
present value of the rate calculation remeasures the lease liability;
When the actual fixed payment changes, the expected payable amount of the guarantee residual
value changes, or the index or ratio used to determine the lease payment changes, the company
calculates the present value based on the changed lease payment and the original discount rate
Remeasure the lease liability. However, if changes in lease payments originate from changes in floating
interest rates, the revised discount rate is used to calculate the present value.
(3) Short-term leases and low-value asset leases
The Company elects not to recognize right-of-use assets and lease liabilities for short-term leases
and low-value asset leases, and calculates the relevant lease payments in the current profit and loss or
related asset costs on a straight-line basis in each period of the lease term. Short-term lease refers to a
lease that does not include purchase options for a lease period not exceeding 12 months at the beginning
of the lease period. Low-value asset leasing refers to a lease with a lower value when a single leased
asset is a new asset. If the Company subleases or expects to sublease the leased assets, the original lease
is not a low-value asset lease.
(4) Lease change
If the lease is changed and the following conditions are met at the same time, the company shall
treat the lease change as a separate lease for accounting treatment:
The lease change expands the scope of the lease by adding one or more use rights to leased assets;
The increased consideration is equivalent to the amount of the individual price of the expanded
part of the lease scope adjusted according to the contract conditions.
If the lease change is not accounted for as a separate lease, on the effective date of the lease change,
the Company reapportions the consideration of the contract after the change, re-determines the lease
term, and calculates the current lease payment based on the lease payment after the change and the
revised discount rate. The value of the lease liability is remeasured.
If the lease change causes the scope of the lease to be reduced or the lease term is shortened, the
Company will correspondingly reduce the book value of the right-of-use asset, and the relevant gains or
losses from the partial or complete termination of the lease are included in the current profit and loss. If
other lease changes cause the lease liability to be remeasured, the company adjusts the book value of the
right-of-use asset accordingly.
(5) Rent reductions related to COVID-19
For rents applicable to the simplified method of rent deducts in connection with the outbreak of
COVID-19, the Company does not assess whether there is a lease change, continues to calculate the
interest expense of the lease liability at the same discount rate as that before reduction and record it in
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the current gain and loss, and continues to accrue the depreciation of right-of-use assets in the same way
as that before reduction. In the event of rent deducts, the Company will treat the reduced rent as the
variable lease payment amount. Where the original rent payment obligation is discharged by reaching
deduction agreement, the discounted amount at the undiscounted or pre-discount discount rate will write
down the cost or expense of relevant assets and adjust the lease liabilities accordingly; in the event of a
delay in the rent payment, the Company will write down the lease liabilities recognized in the previous
period when the actual payment is incurred.
For short-term leases and low-value asset leases, the Company continues to record the original
contract rent in the cost or expense of the relevant assets in the same way as that before reduction. In the
event of rent deducts, the Company will treat the reduced rent as the variable lease payment and write
down the costs or expenses of relevant assets during the period of reduction; in the event of a delay in
the rent payment, the Company will recognize the rent payable as payable during the period of original
payment and write down the payables recognized before write-down when the actual payment is
incurred.
2. The Company as .landlord
On the commencement date of the lease, the Company divides the lease into financial lease and
operating lease. Finance lease refers to a lease in which almost all the risks and rewards related to the
ownership of the leased asset are transferred regardless of whether the ownership is ultimately
transferred. Operating leases refer to leases other than financial leases. When the Company acts as a
sublease lessor, it classifies subleases based on the right-of-use assets generated from the original lease.
(1) Accounting treatment of operating leases
The lease receipts of operating leases are recognized as rental income in each period of the lease
term according to the straight-line method. The Company capitalizes the initial direct costs incurred
related to operating leases, and allocates them to the current profit and loss on the same basis as the
confirmation of rental income during the lease term. Variable lease payments that are not included in the
lease receipts are included in the current profit and loss when they actually occur. If an operating lease is
changed, the company will account for it as a new lease from the effective date of the change, and the
amount of advance receipts or lease receivables related to the lease before the change shall be regarded
as the receipts of the new lease.
(2) Accounting treatment of financial leasing
On the commencement date of the lease, the Company recognizes the financial lease receivables for
the financial lease and terminates the recognition of the financial lease assets. When the Company
initially measures the financial lease receivables, the net lease investment is taken as the entry value of
the financial lease receivables. The net lease investment is the sum of the unguaranteed residual value
and the present value of the lease payment that has not been received at the beginning of the lease term,
discounted at the interest rate implicit in the lease.
The Company calculates and recognizes the interest income for each period of the lease term based
on a fixed periodic interest rate. The derecognition and impairment of financial lease receivables shall be
accounted for in accordance with this Note "III. (X). Financial Instruments".
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Variable lease payments that are not included in the measurement of the net lease investment are
included in the current profit and loss when they actually occur.
If a financial lease is changed and the following conditions are met at the same time, the Company
shall treat the change as a separate lease for accounting treatment:
The change expands the scope of the lease by adding one or more use rights to leased assets;
The increased consideration is equivalent to the amount of the individual price of the expanded
part of the lease scope adjusted according to the contract conditions.
If the change of the financial lease is not accounted for as a separate lease, the company shall deal
with the changed lease in the following situations:
If the change takes effect on the lease start date, the lease will be classified as an operating lease,
and the Company will start accounting for it as a new lease from the lease change effective date, and use
the net lease investment before the lease change effective date as The book value of the leased asset;
If the change takes effect on the lease start date, the lease will be classified as a financial lease,
and the company will conduct accounting treatment in accordance with the policy of this note "III. (X).
Financial Instruments" on the modification or renegotiation of the contract.
(3) Rent reductions related to COVID-19
For operating leases applicable to the simplified method of rent reduction in connection with
the outbreak of COVID-19, the Company continues to recognize the original contract rent as rental
income in the same way as that before reduction; in the event of rent deducts, the Company treats the
reduced rent as variable lease payments and write down the lease income during the period of reduction;
in the event of a delay in the rent payment, the Company will recognize the receivable rent as an account
receivable during the period of original collection and write down the receivable recognized before
write-down when actually received.
For financial leasing applicable to the simplified method of rent deducts in connection with the
outbreak of COVID-19, the Company continues to calculate the interest expense of the lease liability at
the same discount rate as that before reduction and recognize it as rent income. In the event of rent
deducts, the Company will treat the reduced rent as variable lease payments, where the right to collect
original rent is waived by reaching deduction agreement, the discounted amount at the undiscounted or
pre-discount discount rate is used to write down the originally recognized lease income, and the part
insufficient to write down is recorded in the investment income and the financial lease receivables are
adjusted accordingly; in the event of a delay in the rent collection, the Company will write down the
finance lease receivables recognized before write-down when actually received.
3. Sale and leaseback transaction
The Company evaluates and determines whether the asset transfer in the sale and leaseback
transaction is a sale in accordance with the principles described in "III. (XXIV). Revenue".
(1) As tenant
If the asset transfer in the sale and leaseback transaction is a sale, the company as the lessee
measures the right-of-use asset formed by the sale and leaseback based on the portion of the original
asset's book value related to the right to use obtained from the leaseback, and only transfers it to the
lease The rights of the person confirm the relevant gains or losses; if the asset transfer in the sale and
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leaseback transaction does not belong to the sale, the company as the lessee continues to confirm the
transferred assets and at the same time confirms a financial liability equal to the transfer income. For the
accounting treatment of financial liabilities, see "III. (x). Financial Instruments".
(2) As landlord
If the asset transfer in the sale and leaseback transaction is a sale, the company acts as the lessor to
account for the purchase of the asset, and the asset lease is accounted for in accordance with the
aforementioned "2. The company as the lessor" policy; in the sale and leaseback transaction If the
transfer of assets is not a sale, the company as the lessor does not recognize the transferred assets, but
recognizes a financial asset equal to the transfer income. For the accounting treatment of financial assets,
see "III. (X). Financial Instruments”.
Accounting policy effective before January 1, 2021
Leases are divided into financial leases and operating leases. Finance lease refers to a lease that has
substantially transferred all the risks and rewards related to asset ownership. Operating leases refer to
leases other than financial leases.
For rent derates, late payments and other rent reductions in connection with current lease contracts
directly caused by the outbreak of COVID-19, if all of the following conditions are satisfied, the
Company will apply a simplified method to all lease options, and does not evaluate whether there is a
lease change or reassess lease classification:
The lease consideration subject to deduction is reduced or basically remains unchanged
compared to that before deduction, in which the lease consideration can be undiscounted or discounted
at the discount rate before deduction;
The deduction only applies to the lease payments payable before June 30, 2022, an increase in
lease payments payable after June 30, 2022 will not impact this condition, and a decrease in lease
payments payable after June 30, 2022 will not satisfy this condition; and
Other terms and conditions of the lease have not changed significantly after considering
qualitative and quantitative factors.
1. Accounting treatment of operating leases
(1) The lease fee paid by the Company for rented assets shall be apportioned on a straight-line basis
during the entire lease period without deducting the rent-free period and included in the current expenses.
The initial direct expenses related to the lease transaction paid by the Company shall be included in the
current expenses.
When the asset lessor bears the lease-related expenses that should be borne by the company, the
company deducts this part of the cost from the total rent, amortizes the deducted rent during the lease
term, and counts it into the current expenses.
For operating leases applicable to the simplified method of rent reduction in connection with the
outbreak of COVID-19, the Company continues to recognize the original contract rent as rental income
in the same way as that before reduction; in the event of rent deducts, the Company treats the reduced
rent as contingent rent and record it in gain or loss during the period of deducts; in the event of a delay in
rent payment, the Company will recognize the payable rent as an account payable during the period of
original payment and write down the payable recognized before write-down when actually paid.
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(2) The lease fee charged by the Company for lease of assets shall be apportioned on a straight-line
basis during the entire lease period without deducting the lease-free period and recognized as
lease-related income. The initial direct expenses paid by the company related to the lease transaction
shall be included in the current expenses; if the amount is large, it shall be capitalized and included in
the current income in installments based on the same basis as the lease-related income recognition
during the entire lease period.
When the Company bears the lease-related expenses that should be borne by the lessee, the
company deducts this part of the expenses from the total rental income, and distributes the deducted
rental expenses during the lease term.
For operating leases applicable to the simplified method of rent reduction in connection with the
outbreak of COVID-19, the Company continues to recognize the original contract rent as rental income
in the same way as that before reduction; in the event of rent deducts, the Company treats the reduced
rent as variable lease payments and write down the lease income during the period of reduction; in the
event of a delay in the rent payment, the Company will recognize the receivable rent as an account
receivable during the period of original collection and write down the receivable recognized before
write-down when actually received.
43. Other significant accounting policies and accounting estimates
□Applicable √Non-applicable
44. Changes in significant accounting policies and accounting estimates
(1). Changes in significant accounting policies
□Applicable √Non-applicable
(2). Changes in significant accounting estimates
□Applicable √Non-applicable
45. Others
□Applicable √Non-applicable
VI. Taxes
1. Major categories of taxes and tax rates
Main categories of taxes and tax rates
√Applicable □Non-applicable
Taxation basis Tax rate
Tax Type
VAT According to the provisions of the 13%、9%、6%（Note 1）
tax law, the sales tax shall be
calculated on the basis of the
income by selling goods and
taxable services. After deducting
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the input tax that is allowed to be
deducted from the sales tax in the
current period, the difference shall
be the value added tax
Consumption tax
Business tax
Urban Maintenance and Calculated based on the actual 7%、5%、1%（Note 2）
Construction Tax VAT paid
Enterprise income tax Calculated based on the taxable 34%、27.88%、27%、26.5%、25%、
income 24%、22.2%、19%、16.5%、15%
Education Surcharges Calculated based on the actual 3%
VAT paid
Local Education Surcharges Calculated based on the actual 2%
VAT paid
Note 1: The VAT tax of technology development service fees are calculated at 6% of the taxable
income; if other VAT taxable sales activities are occurred in the Company, under the “Announcement of
the Ministry of Finance, the State Administration of Taxation, and the General Administration of
Customs on deepening the policies of VAT reform" (Announcement of the Ministry of Finance, the
State Administration of Taxation, and the General Administration of Customs, 2019 No.39), the tax rate
applicable to VAT will be adjusted to 13% and 9% from April 1st, 2019.
Note 2: If there are taxable entities applicable to different corporate city maintenance and
construction tax rates, make a disclosure of statement:
Name of Taxpayer Urban Maintenance and Construction Tax Rate
Liuzhou Tuopu 5%
Ningbo Qianhui 5%
Sichuan Tuopu 5%
Pinghu Tuopu 5%
Taizhou Tuopu 5%
Tuopu Mechatronic System 5%
Zhejiang Towin 5%
Hunan Tuopu 5%
Tuopu EV Thermal Management System (Ningbo)
5%
Co., Ltd.
Shanghai Towin 1%
Other companies 7%
If there are taxpayers applicable to different corporate local education surcharge rates, make a disclosure
of the description
√Applicable □Non-applicable
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Name of Taxpayer Income Tax Rate (%)
The Company 15
Ningbo Qianhui 15
Baoji Tuopu 15
Tuopu Mechatronic System 15
Zhejiang Towin 15
Sichuan Maigao 15
Xian Tuopu 15
Tuopu North American Ltd 26.50
Tuopu North American USA Limited, INC 27
Tuopu International 16.50
Tuopu Poland 19
Tuopu Sweden 22.20
TUOPU (MALAYSIA) SDN.BHD. 24
Tuopu USA, LLC 27.88
Tuopu Brasil 34
Other company 25
2. Preferential tax rate
√Applicable □Non-applicable
1. Under the provisions of the “Administrative measures for the accreditation of hi-tech enterprises”
(Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management of hi-tech
enterprises” (Guo Ke Fa Huo [2016] No.195), Ningbo Science and Technology Bureau, Ningbo Finance
Bureau, and Ningbo Tax Service, SAT issued the certificate of hi-tech enterprise (No.
GR202133100574). As set out in the certificate, the Company was accredited as a hi-tech enterprise and
this accreditation is valid for 3 years. Within this period of validity, the preferential tax rate for corporate
income tax is 15%, which is effective from 2021 to 2023.The corporate income tax rate for the first half
of 2022 is 15%.
2. Under the provisions of the “Administrative measures for the accreditation of hi-tech enterprises”
(Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management of hi-tech
enterprises” (Guo Ke Fa Huo [2016] No.195), Ningbo Science and Technology Bureau, Ningbo Finance
Bureau, and Ningbo Tax Service, SAT issued the certificate of hi-tech enterprise (No.
GR202033100564). As set out in the certificate, Ningbo Qianhui was accredited as a hi-tech enterprise
and this accreditation is valid for 3 years. Within this period of validity, the preferential tax rate for
corporate income tax is 15%, which is effective from January 1st, 2020 to December 31st, 2022. The
corporate income tax rate for the first half of 2022 is 15%.
3. Under the relevant provisions of the "Announcement on Continuing the Enterprise Income Tax
Policy for the Great Western Development" (Announcement No. 23 [2020] of the NDRC) and the "List
of Encouraged Industries in the Western Region", Sichuan Department of Economics and Information
Technology accredited Baoji Tuopu as encouraged industry enterprise and the preferential tax rate for
124 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
corporate income tax is 15%, which is effective from January 1, 2021 to December 31, 2030. Therefore,
the corporate income tax rate for the first half of 2022 is 15%.
4.Under the provisions of the “Administrative measures for the accreditation of hi-tech enterprises”
(Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management of hi-tech
enterprises” (Guo Ke Fa Huo [2016] No.195), Ningbo Science and Technology Bureau, Ningbo Finance
Bureau, and Ningbo Tax Service, SAT issued the certificate of hi-tech enterprise (No.
GR201933100261). As set out in the certificate, Tuopu Smart Brake was accredited as a hi-tech
enterprise and this accreditation is valid for 3 years. Within this period of validity, the preferential tax
rate for corporate income tax is 15%, which is effective from 2019 to 2021.
The files for the re-accreditation of Tuopu Automotive Electronics as high-tech enterprise have
been submitted. As of the financial report date, the company has not yet been accredited. Under the
“2017 No.24 Announcement of the State Administration of Taxation”, the corporate income tax shall be
prepaid at 15% until the granting of re-accreditation in the year of expiry of the high-tech enterprise
qualification. Therefore, the corporate income tax shall be prepaid at 15% in the first half of 2022.
5. Under the provisions of the “Administrative measures for the accreditation of hi-tech enterprises”
(Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management of hi-tech
enterprises” (Guo Ke Fa Huo [2016] No.195), the Office of the Steering Group for the National Hi-tech
Enterprise Accreditation Management Work announced the list of hi-tech enterprises prospectively
accredited in Zhejiang Province in 2019, in which Zhejiang Towin was accredited as a hi-tech enterprise.
The preferential tax rate for corporate income tax is 15%, which is effective from 2019 to 2021. The
corporate income tax rate for 2021 is 15%.
The files for the re-accreditation of Zhejiang Towin as high-tech enterprise have been submitted.
As of the financial report date, the company has not yet been accredited. Under the “2017 No.24
Announcement of the State Administration of Taxation”, the corporate income tax shall be prepaid at 15%
until the granting of re-accreditation in the year of expiry of the high-tech enterprise qualification.
Therefore, the corporate income tax shall be prepaid at 15% in the first half of 2022.
6. Under the relevant provisions of the "Announcement on Continuing the Enterprise Income Tax
Policy for the Great Western Development" (Announcement No. 23 [2020] of the NDRC) and the "List
of Encouraged Industries in the Western Region", Sichuan Department of Economics and Information
Technology accredited Sichuan Maigao as encouraged industry enterprise and the preferential tax rate
for corporate income tax is 15%, which is effective from January 1, 2021 to December 31, 2030.
Therefore, the corporate income tax rate for the first half of 2022 is 15%.
7. Under the relevant provisions of the "Announcement on Continuing the Enterprise Income Tax
Policy for the Great Western Development" (Announcement No. 23 [2020] of the NDRC) and the "List
of Encouraged Industries in the Western Region", Sichuan Department of Economics and Information
Technology accredited Xian Tuopu as encouraged industry enterprise and the preferential tax rate for
corporate income tax is 15%, which is effective from January 1, 2021 to December 31, 2030. Therefore,
the corporate income tax rate for the first half of 2022 is 15%.
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
3. Others
□Applicable √Non-applicable
VII. Notes to the Items in the Consolidated Financial Statement
1. Cash and bank balances
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Balance at the End of the Balance at the Beginning of the
Item
Period Period
Cash on Hand 15,582.26 9,367.02
Bank Balance 1,921,414,226.68 935,663,023.96
Other Cash and Bank Balances 465,160,011.50 335,777,756.39
Total 2,386,589,820.44 1,271,450,147.37
Including: Total Amount Deposited in
215,664,020.71 162,601,396.46
Overseas Banks
Other notes
Schedule of the cash and bank balances restricted for use
Balance at the End of the Balance at the Beginning of
Item
Period the Period
Documentary Credit Deposit 465,160,011.50 328,627,756.39
L/C Guarantee deposits 7,150,000.00
Total 465,160,011.50 335,777,756.39
2. Trading Financial Assets
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Balance at the End of the Balance at the Beginning of
Item
Period the Period
Financial assets that are measured at fair 41,310,535.72 321,507,846.86
value and whose changes are included in
the current profit and loss
Including:
Equity instrument investment 1,310,535.72 1,507,846.86
Short-term financial products 40,000,000.00 320,000,000.00
Financial assets that are designated to be
measured at fair value and whose
changes are included in the current
profit and loss
Including:
Total 41,310,535.72 321,507,846.86
Other Notes
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
3. Derivative Financial Assets
□Applicable √Non-applicable
4. Notes Receivable
(1) Notes receivable presented by category
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the Beginning of the
Item Balance at the End of the Period
Period
Bank Acceptance Notes 326,187,612.72 364,139,072.40
Commercial Acceptance Notes
Total 326,187,612.72 364,139,072.40
(2). Notes receivable pledged by the Company at the end of the period
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Item Pledged amount by the end of period
Bank Acceptance Notes 324,514,650.57
Commercial Acceptance Notes
Total 324,514,650.57
(3). Notes receivable that the Company has endorsed or discounted at the end of the period and
that have not yet expired on the balance sheet date
□Applicable √Non-applicable
(4). Notes that the Company has transferred to accounts receivable due to a failure of contract
performance at the end of the period.
□Applicable √Non-applicable
(5). Categorical disclosure of accounts receivable
□Applicable √Non-applicable
(6). Provision for bad debts
□Applicable √Non-applicable
(7). Notes receivable actually written off in the current period
□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
5. Accounts receivable
(1). Disclosure by aging
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Aging Book Balance at the End of the Period
Within 1 year
Including: sub-item within 1 year
127 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Within 1 year 3,032,566,245.98
Subtotal within 1 year 3,032,566,245.98
1 to 2 years 14,595,868.88
2 to 3 years 8,168,778.24
Over 3 years 9,862,342.69
3 to 4 years
4 to 5 years
Over 5 years 6,902,810.83
Total 3,072,096,046.62
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(2）. Categorical disclosure by provision for bad debts
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the End of the Period Balance at the Beginning of the Period
Book Balance Bad Debt Provision Book Balance Bad Debt Provision
Category (%) Accrued Accrued
Book Value Percentage Book Value
Amount Percentage Amount Proportion Amount Proportion
(%) Amount
(%) (%) (%)
Bad debt
provision accrued
7,536,306.12 0.25 7,536,306.12 100.00 7,536,306.12 0.22 7,536,306.12 100.00
based on single
item
Including:
Bad debt
provision accrued 3,064,559,740.5 2,901,698,273. 3,343,948,161.
99.75 162,861,467.28 5.31 99.78 175,727,356.26 5.26 3,168,220,804.95
based on 0 22 21
combinations
Including:
Bad debt
provision accrued 3,064,559,740.5 2,901,698,273. 3,343,948,161.
99.75 162,861,467.28 5.31 99.78 175,727,356.26 5.26 3,168,220,804.95
based on aging 0 22 21
combinations
3,072,096,046.6 / 170,397,773.40 / 2,901,698,273. 3,351,484,467.
Total / 183,263,662.38 / 3,168,220,804.95
2 22 33
129 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Bad debt provision accrued based on single item
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the End of the Period
Name Bad Debt Accrued
Book Balance Reason for Accrual
Provision Proportion (%)
Chongqing 4,682,782.60 4,682,782.60 100.00 Expected to be unable to recover
Hyosow
Parts Co.,
Ltd.
Henan 2,438,745.39 2,438,745.39 100.00 Expected to be unable to recover
Dongqi
Chenfei
Rubber
and Plastic
Co., Ltd.
Zhejiang 414,778.13 414,778.13 100.00 Expected to be unable to recover
Green
Field
Motor Co.,
Ltd.
Total 7,536,306.12 7,536,306.12 100.00 /
Notes to Bad debt provision accrued based on single item:
□Applicable √Non-applicable
Bad debt provision accrued based on combinations
√Applicable □Non-applicable
Accrued items based on combinations: Accrued items based on aging group
Unit：Yuan Currency：RMB
Balance at the End of the Period
Name
Accounts Receivable Bad Debt Provision Accrued Proportion(%)
Within 1 3,032,566,245.98 151,628,312.30 5.00
year
(including
1 year)
1-2 years 10.00
(including 14,595,868.88 1,459,586.90
2 years)
2-3 years 30.00
(including 8,168,778.24 2,450,633.46
3 years)
3-5 years 60.00
4,764,781.96 2,858,869.18
(including
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
5 years)
Over 5 100.00
4,464,065.44 4,464,065.44
years
Total 3,064,559,740.50 162,861,467.28
Recognition criteria for and notes to bad debt provision by combinations
□Applicable √Non-applicable
If the bad debt provision is made by the general expected credit loss model, e refer to the disclosure of
other receivables:
□Applicable √Non-applicable
(3). Bad debt provision
√Applicable□Non-applicable
Unit：Yuan Currency：RMB
Amount Changed in the Current Period
Balance at the Balance at the
Other
Category Beginning of Withdrawal or Write- End of the
Provision Chang
the Period Reversal off Period
es
Bad debt
provision
7,536,306.12 7,536,306.12
accrued based
on single item
Bad debt
provision
175,727,356.26 12,865,888.98 162,861,467.28
accrued based
on combinations
Total 183,263,662.38 12,865,888.98 170,397,773.40
Significant withdrawal or reversal amount of provision for bad debts in the current period:
□Applicable √Non-applicable
(4). Accounts receivable actually written off in the current period
□Applicable √Non-applicable
(5). Accounts receivable of the top five closing balances collected by debtors
√Applicable □Non-applicable
Proportion in Total
Balance at the End of the
Name of Entity Accounts Receivable Bad Debt Provision
Period
(%)
131 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
No.1 769,700,944.21 25.05 38,485,047.21
No.2 268,892,280.82 8.75 13,444,614.04
No.3 132,693,416.11 4.32 6,634,670.81
No.4 93,083,926.41 3.03 4,654,196.32
No.5 59,727,274.90 1.94 2,986,363.75
Total 1,324,097,842.45 43.09 66,204,892.13
(6).Accounts receivable derecognized due to the transfer of financial assets
□Applicable √Non-applicable
(7). Amount of assets and liabilities formed by the transfer of accounts receivable and continued
involvement
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
6. Receivables Financing
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the End of the Balance at the Beginning of the
Item
Period Period
Notes receivable 1,253,789,934.33 972,493,168.64
Accounts receivable
Total 1,253,789,934.33 972,493,168.64
132 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Changes in the financing of receivables and changes in fair value in the current period:
√Applicable □Non-applicable
Item Balance at the End Increase in the Derecognition in the Other Changes Balance at the End Cumulative loss
of Previous Year Current Period Current Period of the Period provision recognized
in other
comprehensive
income
Bank Acceptance
909,604,953.41 1,170,632,925.62 959,548,168.91 1,120,689,710.12
Notes
Commercial
62,888,215.23 332,881,763.14 258,974,385.26 -3,695,368.90 133,100,224.21
Acceptance Notes
Total 972,493,168.64 1,503,514,688.76 1,218,522,554.17 -3,695,368.90 1,253,789,934.33
If the bad debt provision is made by the general expected credit loss model, e refer to the disclosure of other receivables:
□Applicable √Non-applicable
133 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Other Notes:
√Applicable □Non-applicable
1. Notes receivable pledged by the Company at the end of the period
Unit：Yuan Currency：RMB
Item Pledged amount by the end of period
Bank Acceptance Notes 961,091,430.61
Commercial Acceptance Notes 45,879,298.54
Total 1,006,970,729.15
2. Notes receivable that the Company has endorsed or discounted at the end of the period and that
have not yet expired on the balance sheet date
Unit：Yuan Currency：RMB
Item Derecognised amount at the end Not derecognised amount at the
of the period end of the period
Bank Acceptance Notes 2,238,891,767.09
Total 2,238,891,767.09
3. Provision for impairment of accounts receivable financing
As of June 30, 2022, the balance of the commercial acceptance bill is RMB 140,105,499.17. Under the
principle of prudence, the company manages the unexpired commercial acceptance bills as accounts
receivable. Under the principle of continuous calculation of the age of the accounts receivable, a
provision for bad debts of RMB 7,005,274.96 is made for the unexpired commercial acceptance bills.
7. Prepayments
(1). Aging analysis of prepayments is as follows
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the Start of the
Balance at the End of the Period
Period
Aging
Percentage
Amount Percentage (%) Amount
(%)
Within
70,345,190.29 95.87 81,259,561.39 96.18
1 year
1-2
1,051,146.69 1.43 1,651,762.16 1.96
years
2-3
444,558.47 0.61 179,441.10 0.21
years
Over 3
1,538,124.87 2.09 1,398,339.71 1.65
years
Total 73,379,020.32 100.00 84,489,104.36 100.00
(2).Particulars of advance payment of the top five closing balances by prepayment parties
√Applicable □Non-applicable
Proportion in total
Balance at the end of the
Name of Entity balance of prepayments
period
at the end of the period
GLOBAL GLORY GROUP LIMITED 5,012,804.22 6.83
Fengyang L-S Light Alloy Precise Forming 2,154,824.03 2.94
134 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Co., Ltd.
Ningbo Qingsu Trading Co., Ltd. 1,720,000.00 2.34
Yangli Group Company Limited 1,469,468.15 2.00
Ningbo Hangzhou Bay China Resources Gas 1,402,816.00 1.91
Co., Ltd.
Total 11,759,912.40 16.02
Other Notes
□Applicable √Non-applicable
8. Other Receivables
Presentation of items
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the beginning of the
Item Balance at the end of the period
period
Interest receivable
Dividend receivable 3,719,979.84
Other Receivables 55,000,612.72 40,959,387.43
Total 55,000,612.72 44,679,367.27
Other Notes:
□Applicable √Non-applicable
Interest receivable
(1). Category of interest receivable
□Applicable √Non-applicable
(2). Important late payment interest
□Applicable √Non-applicable
(3). Particulars of bad debt provision
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
Dividend receivable
(4). Dividend Receivable
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the end of the Balance at the beginning of
Item (or Invested Entity)
period the period
Chongqing Antolin Tuopu Overhead 3,719,979.84
System Co., Ltd.
Total 3,719,979.84
(5). Important dividend receivable with an aging over 1 year
□Applicable √Non-applicable
(6). Particulars of bad debt provision
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
Other Receivables
(1) Disclosure by aging
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Aging Book Balance at the End of the Period
135 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Within 1 year
Including: sub-item within 1 year
Within 1 year 25,953,535.27
Subtotal within 1 year 25,953,535.27
1-2 years 33,433,124.93
2-3 years 208,502.55
Over 3 years 272,475.00
3-4 years
4-5 years
Over 5 years 699,620.19
Bad debt provision 60,567,257.94
(7). Categorized by the nature of funds
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Book balance at the end of the Book balance at the beginning
Nature of Funds
period of the period
Petty cash funds 2,696,710.00 1,785,350.00
Security deposit 47,893,430.59 37,215,851.82
Others 9,977,117.35 5,670,597.79
Total 60,567,257.94 44,671,799.61
(8). Particulars of bad debt provision
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Phase 1 Phase 2 Phase 3
Expected credit Expected credit
Expected
Bad debt loss throughout the loss throughout the
credit loss in Total
provision duration (no credit duration (credit
the next 12
impairment impairment has
months
occurred) occurred)
Balance on 3,712,412.18 3,712,412.18
January 1, 2022
Balance of the
current period on
January 1, 2022
--Transfer to
Phase 2
--Transfer to
Phase 3
--Transfer to
Phase 2
--Transfer to
Phase 1
Provision made
in the current 1,854,233.04 1,854,233.04
period
Reversal in the
current period
Write-off in the
current period
Write-off in the
current period
Other changes
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Balance on 5,566,645.22 5,566,645.22
December 31,
2022
Notes to significant changes in the book balance of other receivables that have changed in the current
period:
□Applicable √Non-applicable
Amount of bad debt provision in the current period and the basis for assessing whether the credit risk of
financial instruments has increased significantly:
□Applicable √Non-applicable
(9). Particulars of bad debt provision
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Balance at Amount Changed in the Current Period Balance at the
Category the Beginning Withdrawal Other End of the
Provision
of the Period or Reversal Write-off Changes Period
Accounts
receivable
with bad
debt accrued 3,712,412.18 1,854,233.04 5,566,645.22
based on
aging
portfolio
Total 3,712,412.18 1,854,233.04 5,566,645.22
Bad debt provision in the current period with significant amount of withdrawal or reversal:
□Applicable √Non-applicable
(10). Particulars of other receivables actually written off in the current period
□Applicable √Non-applicable
(11). Particulars of other receivables of the top five closing balances collected by debtors
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Proportion in
Balance of bad
Balance at the total other
Nature of debt provision at
Name of Unit end of the Aging receivables at
funds the end of the
period the end of the
period
period (%)
Ningbo Hangzhou 33,259,433.00 Within 1 54.91 1,662,971.65
Bay New Zone year
Administration Security
Committee for deposit
Development and
Construction
Avalon Risk Security 11,409,380.00 Within 1 18.84 570,469.00
Management deposit year
Insurance Agency
Yan Qing Petty cash 390,000.00 Within 1 0.64 19,500.00
funds year
137 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Shenbei New District Security 340,000.00 Over 5 0.56 340,000.00
Station of Shenyang deposit years
Construction
Engineering Quality
Supervision Station
Shen Baojun Petty cash 320,000.00 Within 1 0.53 16,000.00
funds year
Total / 45,718,813.00 / 75.48 2,608,940.65
(12). Accounts receivable related to government subsidies
□Applicable √Non-applicable
(13). Other accounts receivable derecognised due to transfer of financial assets
□Applicable √Non-applicable
(14). Amount of assets and liabilities generated due to transfer of other receivables and continued
involvement
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
138 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
9. Inventories
(1).Category of inventories
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the End of the Period Balance at the Start of the Period
Inventory depreciation Inventory depreciation
Item provision or contract provision or contract
Book Balance Book Value Book Balance Book Value
performance cost performance cost
impairment provision impairment provision
Raw materials 430,348,498.00 430,348,498.00 295,991,257.60 295,991,257.60
WIPs
Finished goods 1,070,445,426.20 62,861,458.14 1,007,583,968.06 1,018,334,344.47 58,225,344.98 960,108,999.49
Revolving materials 32,328,252.60 32,328,252.60 26,763,189.32 26,763,189.32
Consumptive biological
assets
Contract performance
cost
Production cost 500,416,572.67 500,416,572.67 453,562,883.94 453,562,883.94
Delivered goods 580,898,751.55 580,898,751.55 560,557,512.72 560,557,512.72
Total 2,614,437,501.02 62,861,458.14 2,551,576,042.88 2,355,209,188.05 58,225,344.98 2,296,983,843.07
139 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(2). Inventory depreciation provision and contract performance cost impairment provision
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Decrease in the
Balance at the Increase in the Current Period Balance at the
Current Period
Item Start of the End of the
Reversal or
Period Accrued Others Others Period
Write-off
Raw
materials
WIPs
Finished 58,225,344.98 6,424,175.11 1,788,061.95 62,861,458.14
goods
Revolving
materials
Consumptive
biological
assets
Contract
performance
cost
Production
cost
Delivered
goods
Total 58,225,344.98 6,424,175.11 1,788,061.95 62,861,458.14
140 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(3). Notes to the balance at the end of the inventory period with the capitalized amount of
borrowing costs
□Applicable √Non-applicable
(4). Notes to the amortized amount in the current period of contract performance cost
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
10. Contract Assets
(1). Particulars of contract assets
□Applicable √Non-applicable
(2). Amount and reason for the significant change in the book value during the reporting period
□Applicable √Non-applicable
(3). Particulars of impairment provision of contract assets in the current period
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
11. Holding-for-sale assets
□Applicable √Non-applicable
12. Non-current assets due within one year
□Applicable √Non-applicable
13. Other Current Assets
□Applicable √Non-applicable
Unit：Yuan Currency：RMB
Balance at the End of the Balance at the Beginning of
Item
Period the Period
Contract acquisition cost
Prepaid income tax
Prepayments of other taxes 2,055,935.67 1,763,396.48
Unpaid VAT 3,166.41
Total 114,645,839.99 264,420,517.02
Contract acquisition cost 116,701,775.66 266,187,079.91
14. Debt Investment
(1). Particulars of debt investment
□Applicable √Non-applicable
(2). Important debt investment at the end of the period
□Applicable √Non-applicable
(3). Particulars of provision for impairment
□Applicable √Non-applicable
15. Other Debt Investments
(1). Particulars of other debt investments
□Applicable √Non-applicable
(2). Other important debt investments at the end of the period
□Applicable √Non-applicable
(3). Particulars of provision for impairment
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
141 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
16. Long-term Receivables
(1). Particulars of long-term receivables
□Applicable √Non-applicable
(2). Particulars of provision for bad debts
□Applicable √Non-applicable
(3). Long-term receivables derecognized due to the transfer of financial assets
□Applicable √Non-applicable
(4). The amount of assets and liabilities formed by the transfer of long-term receivables and
continued involvement
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
142 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
17. Long-term Equity Investment
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Decrease/Increase in the current period
Balance
of
Provisi impair
Balance at the Adjustmen Cash
Invest Invest Investment profit and on for Balance at ment
Invested Entity Beginning of t on other Other dividends
ment ment loss recognized under impair Othe the End of provisi
the Period comprehen changes or profit
Increa Decre the equity method ment rs the Period on at
sive in equity declared to
sed ased accrue the end
income distribute
d of the
period
I. Joint ventures
Tuopu
Electrical
49,647,448.77 4,109,849.92 53,757,298.69
Appliances Co.,
Ltd.
Ningbo Borgers
Tuopu 9,000,000.0
72,441,987.22 6,811,138.10 70,253,125.32
Automobile 0
Parts Co., Ltd.
Subtotal 9,000,000.0 124,010,424.0
122,089,435.99 10,920,988.02
0 1
II. Affiliates
Chongqing 11,556, -18,5
7,388,339.54 -351,870.84
Antolin Tuopu 120.82 92,58
143 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Overhead 9.52
System Co., Ltd.
Subtotal -18,5
11,556,
7,388,339.54 -351,870.84 92,58
120.82
9.52
-18,5
11,556, 9,000,000.0 124,010,424.0
Total 129,477,775.53 10,569,117.18 92,58
120.82 0 1
9.52
Other notes
On 15 March 2022, the company signed the “Equity Transfer Agreement” with Antolin (China) Investment Co., Ltd., the foreign shareholder of the joint
venture subsidiary Chongqing Antolin Tuopu Overhead System Co., Ltd., which sets out the company intends to acquire 61% shares of Chongqing Antolin Tuopu it
holds for a consideration of RMB 11,556,120.82 in cash. After this transfer, Chongqing Antolin Tuopu became a wholly-owned subsidiary of the company and
renamed to “Chongqing Tuopu Auto Parts Co., Ltd.”, and will not be presented as its associate anymore.
144 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
18. Other equity instrument investments
(1). Particulars of other equity instrument investments
□Applicable √Non-applicable
(2). Particulars of investment in non-trading equity instruments
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
19. Other non-current financial assets
□Applicable √Non-applicable
20. Investment property
Measurement options of investment property
(1). Investment properties measured by cost method
Unit： Yuan Currency： RMB
Buildings and Projects under
Item Land use rights Total
constructions Construction
I . Original book value
1. Balance at the beginning of the period 49,063,282.93 6,689,012.00 55,752,294.93
2. Increased in the Current Period
(1) Purchase
(2) Transfer-in of Inventory\Fixed
assets\Construction in progress
(3) Increase from business combination
3. Decreased in the Current Period
(1) Disposal
(2) Other Transfer-out
4. Balance at the end of the period 49,063,282.93 6,689,012.00 - 55,752,294.93
II. Accumulated Depreciation and Amortization
1. Balance at the beginning of the period 23,181,318.75 2,641,759.44 25,823,078.19
2. Increased in the Current Period 746,933.78 90,166.90 - 837,100.68
145 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(1) Accrual or Amortization 746,933.78 90,166.90 - 837,100.68
3. Decreased in the Current Period
(1) Disposal
(2) Other transfer-out
4. Balance at the end of the period 23,928,252.53 2,731,926.34 - 26,660,178.87
III. Provision for Impairment
1. Balance at the beginning of the period
2. Increased in the Current Period
(1) Accrual
3. Decreased in the Current Period
(1) Disposal
(2) Other Transfer-out
4. Balance at the end of the period
IV. Book value
1. Book value at the end of the period 25,135,030.40 3,957,085.66 - 29,092,116.06
2. Book value at the beginning of the period 25,881,964.18 4,047,252.56 29,929,216.74
(2). Particulars of investment property without the property right certificate granted
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
21. Fixed assets
Presentation of items
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Item Balance at the end of the period Balance at the beginning of the period
Fixed assets 6,257,858,277.01 5,831,567,302.57
Disposal of fixed assets
Total 6,257,858,277.01 5,831,567,302.57
146 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Fixed Assets
(1). Particulars of fixed Assets
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Houses and Means of Machinery and Office equipment Buildings for
Item Total
buildings transportation equipment and others commercial use
1. Balance at the beginning of the period
2. Increased in the
2,417,802,703.13 35,828,764.17 5,547,890,797.59 225,492,024.05 68,200,328.83 8,295,214,617.77
Current Period
(1) Purchase 6,602,868.08 2,526,830.15 742,508,605.70 17,810,951.11 769,449,255.04
(2) Transfer-in of
431,741.93 2,267,852.47 201,088,352.52 15,012,824.11 218,800,771.03
construction in progress
(3) Increase from
6,171,126.15 133,097.34 529,036,562.15 1,195,955.88 536,536,741.52
business combination
3. Decreased in the
125,880.34 12,383,691.03 1,602,171.12 14,111,742.49
Current Period
(1) Disposal or
1,134,138.08 9,411,251.00 496,257.46 11,041,646.54
scrapping
2. Increased in the
1,134,138.08 9,411,251.00 496,257.46 11,041,646.54
Current Period
（2）other
4. Balance at the end of
2,424,405,571.21 37,221,456.24 6,280,988,152.29 242,806,717.70 68,200,328.83 9,053,622,226.27
the period
II. Accumulated Depreciation
1. Balance at the
452,656,355.04 25,071,547.70 1,869,099,945.92 112,856,984.18 3,962,482.36 2,463,647,315.20
beginning of the period
2. Increased in the
53,428,030.42 1,961,649.89 272,232,363.34 12,080,714.10 841,517.12 340,544,274.87
Current Period
(1) Accrual 53,428,030.42 1,722,296.47 263,236,837.03 10,725,182.11 841,517.12 329,953,863.15
3. Decreased in the 239,353.42 8,995,526.31 1,355,531.99 10,590,411.72
Current Period
(1) Disposal or
1,065,684.67 6,909,160.97 452,795.17 8,427,640.81
scrapping
4. Balance at the end of
1,065,684.67 6,909,160.97 452,795.17 8,427,640.81
the period
147 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
1. Balance at the
506,084,385.46 25,967,512.92 2,134,423,148.29 124,484,903.11 4,803,999.48 2,795,763,949.26
beginning of the period
III. Provision for Impairment
1. Balance at the
beginning of the period
2. Increased in the
Current Period
(1) Accrual
3. Decreased in the
Current Period
(1) Disposal or
scrapping
4. Balance at the end of
the period
IV. Book value
1.Book value at the end
1,919,413,772.86 14,914,724.19 4,141,769,044.27 118,364,406.34 63,396,329.35 6,257,858,277.01
of the period
2. Book value at the
1,965,146,348.09 10,757,216.47 3,678,790,851.67 112,635,039.87 64,237,846.47 5,831,567,302.57
beginning of the period
(2). Particulars of temporarily idle fixed assets
□Applicable √Non-applicable
(3). Particulars of fixed assets rented under financial leasing
□Applicable √Non-applicable
Fixed assets rented under operating leases
□Applicable √Non-applicable
(5). Particulars of fixed assets without property right certificate granted
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Item Book Value Reason for non-granted property right certificate
Houses and buildings 544,199,325.45 In process
√Applicable □Non-applicable
148 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
The above factories are under construction with a full set of documents and relevant procedures are gone through. The process of obtaining property right
certificates is expedited, some construction projects have been accepted and recorded by competent authority, and there is no substantial obstacle in this process.
Disposal of Fixed Assets
√Applicable □Non-applicable
22. Construction in progress
Presentation of items
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Item Balance at the End of the Period Balance at the Beginning of the Period
Construction in progress 2,778,527,250.42 1,990,647,471.76
Construction supplies and materials
Total 2,778,527,250.42 1,990,647,471.76
Construction in Progress
(1). Details of construction in progress
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the end of the period Balance at the beginning of the period
Item Provision for decline in Provision for decline in
Book Balance Book value Book Balance Book value
value value
Equipment and software 1,093,993,456.1 1,093,993,456.1 918,204,256.60
918,204,256.60
installation project 6 6
Molds of the group under 97,943,256.42
116,437,701.78 116,437,701.78 97,943,256.42
fabrication
Intelligent Brake project of the 387,660.57
5,308,478.93 5,308,478.93 387,660.57
group headquarter
Wuhan Tuopu Project 489,259.22 489,259.22
Intelligent Driving System Phase 2,792,014.72
20,407,204.57 20,407,204.57 2,792,014.72
II Project
Tuopu EV project 1,082,588,785.6 1,082,588,785.6 741,854,318.80
741,854,318.80
8 8
Tuopu Chassis Project 202,274,233.13 202,274,233.13 167,456,827.87 167,456,827.87
Poland plant construction project 150,249,499.64 150,249,499.64 33,701,866.37 33,701,866.37
149 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Tuopu Photovoltaic Technology 6,489,718.13
16,726,288.66 16,726,288.66 6,489,718.13
(Beilun) Project
Tuopu Photovoltaic Technology 18,914,514.91
18,914,514.91
(Hangzhou Bay) Project
Tuopu Photovoltaic Technology 2,032,852.20
6,296,444.87 6,296,444.87 2,032,852.20
(Pinghu) project
Other sporadic construction 380,925.95
380,925.95
projects
Tuopu Skateboard Chassis
69,817,989.00 69,817,989.00
project
Tuopu Chassis (Chonqqing)
1,008,044.36 1,008,044.36
project
Ushone Smart Mobility project 13,419,123.64 13,419,123.64
2,778,527,250.4 2,778,527,250.4 1,990,647,471.76 1,990,647,471.7
Total
2 2 6
(2). Changes in significant construction in progress during the current period
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Includ
Project Capita
ing:
accum Accu lizatio
capita
ulative mulat n rate
lized
Other invest ed of the
Transfer Projec intere
Balance at amounts Balance at ment as capita interes
Increased in the amounts of t st Capital
Item Budget the Start of decreased the End of a lized t in
current period fixed assets in progre amou Source
the Period in current the Period percent intere the
this period ss nt in
period age of st curren
the
the amou t
curren
budget nt period
t
(%) (%)
period
Equipment and Under Self-fun
918,204,256. 430,186,073.3 8,700,085.5 1,192,087,8
software 712,769,704.60 constru ded or
60 4 2 02.34
installation project ction raised
150 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Molds of the group Under
97,943,256.4 116,437,70 Self-fun
under fabrication 74,764,112.84 56,269,667.48 constru
2 1.78 ded
ction
Intelligent Brake Under Self-fun
530,000,00 5,308,478.9
project of the group 387,660.57 4,920,818.36 98.51 constru ded or
0.00 3
headquarter ction raised
Wuhan Tuopu Self-fun
489,259.22 489,259.22 完工
Project ded
Intelligent Driving Under Self-fun
130,000,00 20,407,204.
System Phase II 2,792,014.72 18,150,526.88 535,337.03 118.14 constru ded or
0.00 57
Project ction raised
Tuopu EV project Under Self-fun
1,300,000,0 741,854,318. 1,082,588,7
340,734,466.88 83.28 constru ded or
00.00 80 85.68
ction raised
Tuopu Chassis Under
350,000,00 167,456,827. 202,274,23 Self-fun
Project 34,817,405.26 57.79 constru
0.00 87 3.13 ded
ction
Poland plant Under
50,000,000. 33,701,866.3 52,155,153. Self-fun
construction project 18,453,287.09 104.31 constru
00 7 46 ded
ction
Tuopu Photovoltaic Under
30,000,000. 16,726,288. Self-fun
Technology (Beilun) 6,489,718.13 11,197,616.23 961,045.70 58.96 constru
00 66 ded
Project ction
Tuopu Photovoltaic
Under
Technology 50,000,000. 18,914,514.9 Self-fun
28,543,037.16 47,457,552.07 94.92 constru
(Hangzhou Bay) 00 1 ded
ction
Project
Tuopu Photovoltaic Under
10,000,000. 6,296,444.8 Self-fun
Technology (Pinghu) 2,032,852.20 4,520,473.40 256,880.73 65.53 constru
00 7 ded
project ction
Other sporadic Under
Self-fun
construction projects 380,925.95 380,925.95 constru
ded
ction
Tuopu Skateboard Under Self-fun
400,000,00 69,817,989.
Chassis project 69,817,989.00 17.45 constru ded or
0.00 00
ction raised
151 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Tuopu Chassis Under
150,000,00 1,008,044.3 Self-fun
(Chonqqing) project 1,008,044.36 0.67 constru
0.00 6 ded
ction
Ushone Smart Under
200,000,00 13,419,123.
Mobility project 13,419,123.64 6.71 constru 自筹
0.00 64
ction
3,200,000,0 1,990,647,47 1,333,116,605.7 536,536,741.5 8,700,085.5 2,778,527,2 / / / /
Total
00.00 1.76 0 2 2 50.42
(3). Provision for impairment of construction in progress in the current period
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
Construction materials and supplies
(4). Particulars of construction materials and supplies
□Applicable √Non-applicable
23. Productive biological assets
(1). Productive biological assets measured at cost
□Applicable √Non-applicable
(2). Productive biological assets measured at fair value
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
24. Oil and gas assets
□Applicable √Non-applicable
25. Right-of-use assets
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Item Houses and buildings Total
I . Original book value
1. Balance at the beginning of the period 72,671,362.53 72,671,362.53
152 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
2. Increased in the Current Period 66,161,149.69 66,161,149.69
(1)New leases 65,217,689.23 65,217,689.23
(2) Acquisition
(3)Revaluation adjustment
(4)Others 943,460.46 943,460.46
3.Decreased in the Current Period
(1)Transfer out to fixed assets
(2)Disposal
4. Balance at the end of the period 138,832,512.22 138,832,512.22
II. Accumulated amortization
1. Balance at the beginning of the period 13,882,969.37 13,882,969.37
2. Increased in the Current Period 13,425,943.57 13,425,943.57
(1) Accrual 13,425,943.57 13,425,943.57
3.Decreased in the Current Period
(1) Disposal
(2)Transfer out to fixed assets
4. Balance at the end of the period 27,308,912.94 27,308,912.94
III. Provision for Impairment
1. Balance at the beginning of the period
2. Increased in the Current Period
(1) Accrual
3.Decreased in the Current Period
(1) Disposal
(2)Transfer out to fixed assets
4. Balance at the end of the period
IV. Book value
1.Book value at the end of the period 111,523,599.28 111,523,599.28
2.Book value at the beginning of the period 58,788,393.16 58,788,393.16
153 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
26. Intangible assets
(1). Particulars of intangible assets
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Non-patented
Item Land use rights Patent rights Softwares Emission rights Total
technologies
I . Original book value
1. Opening Balance 899,271,722.10 73,310,795.38 1,548,222.50 974,130,739.98
2. Increased in the
203,854,498.23 14,471,436.67 218,325,934.90
Current Period
(1) Purchase 203,854,498.23 13,382,918.18 217,237,416.41
(2) Internal research
and development
(3) Acquisition 1,088,518.49 1,088,518.49
(4)Other
3. Decreased in the Current
Period
3. Decreased in the
Current Period
(2)Lapsed and
derecognized part
(3)Other 1,103,126,220.33 87,782,232.05 1,548,222.50 1,192,456,674.88
II. Accumulated amortization
1. Balance at the
83,080,009.57 34,902,110.30 1,043,546.88 119,025,666.75
beginning of the period
2. Increased in the 10,099,372.22 5,163,884.66 165,325.57 15,428,582.45
Current Period
(1) Accrual 10,099,372.22 4,158,502.12 165,325.57 14,423,199.91
3. Decreased in the 1,005,382.54 1,005,382.54
Current Period
(1) Disposal
(2)Lapsed and
derecognized part
154 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(3)Other 93,179,381.79 40,065,994.96 1,208,872.45 134,454,249.20
III. Provision for Impairment
1. Balance at the
beginning of the period
2. Increased in the
Current Period
(1) Accrual
3. Decreased in the
Current Period
(1) Disposal
4. Balance at the end of
the period
IV. Book value
1.Book value at the end of
1,009,946,838.54 47,716,237.09 339,350.05 1,058,002,425.68
the period
2.Book value at the
816,191,712.53 38,408,685.08 504,675.62 855,105,073.23
beginning of the period
(2). Particulars of land use rights without property right certificate granted
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
155 / 253
Ningbo Tuopu Group Co., Ltd Semi-annual Report 2022
27. Development expenditure
□Applicable √Non-applicable
28. Goodwill
(1) Original book value of goodwill
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Increased in the Decreased in the
Name of invested Balance at the current period current period Balance at the
entity or matter beginning of the Generated end of the
forming goodwill period from business … Disposal … period
combination
Tuopu North
American USA 1,080,371.29 1,080,371.29
Limited,INC
Ningbo Qianhui 6,058,537.77 6,058,537.77
Goodwill formed
by the acquisition
of chassis business
279,645,980.89 279,645,980.89
from Zhejiang
Towin and
Sichuan Maigao
Chongqing Tuopu 565,010.88 565,010.88
Total 286,784,889.95 565,010.88 287,349,900.83
(2) Provision of impairment in goodwill
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Name of Increased in the current Decreased in the
invested entity Balance at the period current period Balance at the
or matter beginning of end of the
forming the period Accrual … Disposal … period
goodwill
Goodwill
formed by the
acquisition of
chassis
business from 78,108,305.34 78,108,305.34
Zhejiang
Towin and
Sichuan
Maigao
Total 78,108,305.34 78,108,305.34
（3）Information about the asset group or combination of asset groups where the goodwill is a part
□Applicable √Non-applicable
156 / 253
Ningbo Tuopu Group Co., Ltd Semi-annual Report 2022
(4). Explain the process of impairment testing of goodwill, key parameters (for example, the
forecast period growth rate, stable period growth rate, profit rate, discount rate, forecast period,
etc., if applicable) and business Recognition method of reputation impairment loss
□Applicable √Non-applicable
(3). Impact of goodwill impairment test
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
29. Long-term prepaid expenses
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Item Balance at the Increased in the Prepaid Other Balance at the
beginning of current period Expenses in Amounts End of the
the period This Period Decreased Period
Decoration 12,827,341.97 8,127,479.33 40,464,658.43
35,764,795.79
cost et al.
Others 59,253,838.42 68,538,270.31 30,740,369.46 2,445,025.02 94,606,714.25
Total 95,018,634.21 81,365,612.28 38,867,848.79 2,445,025.02 135,071,372.68
30. Deferred income tax assets/deferred income tax liabilities
(1). Deferred income tax assets not written off
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the beginning of the
Balance at the end of the period
period
Item Taxable Taxable Deferred
temporary Deferred Income Tax Liabilities temporary Income Tax
difference difference Liabilities
Provision 248,511,325.60 56,418,547.35
for
242,015,047.95 55,353,062.86
impairment
of assets
Unrealized 138,020,992.35 33,806,756.49
profits from
131,182,184.95 31,880,669.76
internal
transactions
Deductible
loss
Deferred 269,329,507.52 44,837,700.02
339,496,696.59 58,006,481.73
income
Transactio 252,506.50 37,875.98
nal financial 55,195.33 8,279.30
assets
Total 712,749,124.82 145,248,493.65 656,114,331.97 135,100,879.84
(2). Deferred income tax liabilities not written-off
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the beginning of the
Item Balance at the end of the period
period
157 / 253
Ningbo Tuopu Group Co., Ltd Semi-annual Report 2022
Taxable Taxable Deferred
temporary Deferred Income Tax Liabilities temporary Income Tax
difference difference Liabilities
Assessed
appreciation of
assets from
business
41,788,413.36 10,447,103.34 43,446,040.40 10,861,510.10
combination of
the companies
not under the
same control
Changes in the
fair value of
other equity
instrument
investments
Changes in the
fair value of
other debt
investments
Accelerated 432,587,743.52 64,888,161.53
depreciation of 437,970,295.92 65,695,544.39
fixed assets
Total 479,758,709.28 76,142,647.73 476,033,783.92 75,749,671.63
(3) Deferred Income Tax Assets or Liabilities Listed by Net Amount after Offset
□Applicable √Non-applicable
(4).Particulars of unrecognized deferred income tax asset
□Applicable √Non-applicable
(5). The deductible losses of unrecognized deferred income tax assets will expire in the following
years
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
31.Other non-current assets
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the end of the period Balance at the beginning of the period
Provision Provision
Item Book Book
for decline Book value for decline Book Value
balance balance
in value in value
Contract
acquisition
cost
Contract
performance
cost
Return cost
receivable
Contract
assets
158 / 253
Ningbo Tuopu Group Co., Ltd Semi-annual Report 2022
Prepayments
or 770,419,280. 770,419,280. 558,231,000. 558,231,000.
construction 90 90 78 78
equipment
770,419,280. 770,419,280. 558,231,000. 558,231,000.
Total
90 90 78 78
32.Short-term loans
(1). Categories of short-term loan
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the beginning of the
Item Balance at the end of the period
period
Pledge loan
Mortgage loan 300,000,000.00 700,000,000.00
Guaranteed loan
Credit loan 1,335,570,000.00 513,684,440.00
Unmatured interest 951,388.89 906,666.66
Total 1,636,521,388.89 1,214,591,106.66
(2). Short-term loans that have been late for repayment
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
33.Transactional financial liabilities
□Applicable √Non-applicable
34.Derivative financial liabilities
□Applicable √Non-applicable
35. Notes payable
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Balance at the beginning of the
Category Balance at the end of the period
period
Commercial acceptance
bill
Bank acceptance bill 3,012,984,331.71 2,333,423,633.37
Total 3,012,984,331.71 2,333,423,633.37
At the end of the current period, total amount of notes payable that have not yet been paid is 0 Yuan.
36.Accounts payable
(1). Presentation of accounts payable
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Item Balance at the end of the Balance at the beginning of the
period period
Within 1 year (including 1 3,189,803,122.51
2,540,305,599.82
year)
1-2 years (including 2 years) 50,955,465.21 25,672,355.16
2-3 years (including 3 years) 7,840,503.29 5,382,102.73
Over 3 years 5,277,815.17 4,896,484.10
Total 2,604,379,383.49 3,225,754,064.50
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(2). Important accounts payable aged over 1 year
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
37.Advance receipts
(1). Presentation of advance receipts
□Applicable √Non-applicable
(2). Important accounts payable aged over 1 year
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
38. Contract liabilities
(1). Particulars of contract liabilities
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Item Balance at the beginning of the
Balance at the end of the period
period
Within 1 year (including 1 14,378,979.25
23,608,333.17
year)
1-2 years (including 2 years) 1,172,149.08 565,925.37
2-3 years (including 3 years) 3,247,711.42 3,937,527.97
Over 3 years 4,076,001.78 3,693,130.69
Total 32,104,195.45 22,575,563.28
(2). The amount and reason for significant change in the book value during the reporting period
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
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39.Payroll payable
(1). Presentation of payroll payable
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the Beginning Increased in the current Decreased in the current Balance at the End of the
Item
of the Period period period Period
I . Short-term remuneration 193,107,565.98 836,674,520.80 854,950,271.35 174,831,815.43
II. Demission benefits - defined contribution
659,318.53 49,834,271.69 49,880,496.08 613,094.14
scheme
III. Dismissal benefits
IV. Other benefits due within 1 year
Total 193,766,884.51 886,508,792.49 904,830,767.43 175,444,909.57
(2) . Presentation of short-term remuneration
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the Beginning Increased in the current Decreased in the current Balance at the End of the
Item
of the Period period period Period
1. Wages or salaries, bonuses, allowances
191,900,064.73 713,192,558.45 735,201,086.68 169,891,536.50
and subsidies
2. Staff welfare 113,649.12 60,923,273.47 59,697,361.55 1,339,561.04
3. Social insurance contributions 429,025.43 25,336,871.37 25,324,579.60 441,317.20
Including: medical insurance premium 362,987.62 23,199,817.79 23,170,858.60 391,946.81
Work injury insurance premium 49,452.34 1,967,433.26 1,977,990.82 38,894.78
Birth insurance premium 16,585.47 169,620.32 175,730.18 10,475.61
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4. Housing funds 148,477.80 31,481,835.57 31,392,379.18 237,934.19
5. Labor union and education funds 516,348.90 5,739,981.94 3,334,864.34 2,921,466.50
6. Short-term paid absences
7. Short-term profit sharing plan
Total 193,107,565.98 836,674,520.80 854,950,271.35 174,831,815.43
(3). Presentation of defined contribution plan
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Balance at the beginning Increased in the current Decreased in the current Balance at the end of the
Item
of the period period period period
1. Basic pension insurance premium 625,420.88 47,866,348.14 47,898,925.14 592,843.88
2. Unemployment insurance premium 33,897.65 1,967,923.55 1,981,570.94 20,250.26
3. Corporate annuity payment
Total 659,318.53 49,834,271.69 49,880,496.08 613,094.14
Other Notes
□Applicable √Non-applicable
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40.Taxes payable
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Balance at the beginning of the
Item Balance at the end of the period
period
VAT 50,918,117.40 59,457,554.67
Consumption tax
Business tax
Enterprise Income Tax 84,082,023.52 47,368,757.82
Individual income tax 1,870,751.47 1,681,521.35
Urban Maintenance and 1,965,414.28
2,279,742.18
Construction Tax
Property tax 9,864,130.70 18,831,478.02
Education surcharges 871,725.04 1,001,931.95
Local education surcharges 597,026.88 667,098.49
Land use tax 8,239,902.08 14,114,234.70
Environmental protection tax 575.74 629.00
Disabled security fund 3,444,827.23 1,666,524.94
Special funds for water 14,989.24
30,880.13
conservancy construction
Stamp duty 954,876.86 1,002,092.56
Total 162,824,360.44 148,102,445.81
41.Other payables
Presentation of items
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Balance at the end of the Balance at the beginning of
Item
period the period
Interest Payable
Dividends Payable
Other payables 13,916,261.76 15,363,015.51
Total 13,916,261.76 15,363,015.51
Interest Payable
□Applicable √Non-applicable
Dividends payable
□Applicable √Non-applicable
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Other payables
(1) Other payables presented by nature of funds
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Item Balance at the end of the period Balance at the beginning of the
period
Security deposits 5,447,081.16 6,556,518.94
Others 8,469,180.60 8,806,496.57
Total 13,916,261.76 15,363,015.51
(2). Significant other payables aged over 1 year
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
42. Held-for-sale liabilities
□Applicable √Non-applicable
43. Non-current liabilities due within 1 year
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Balance at the end of the period Balance at the beginning of the
Item period
Long-term loans due within 1
year
Bonds payable due within 1
year
Long-term payables due
within 1 year
Lease liabilities due within 1 24,592,240.14
19,018,076.84
year
Total 24,592,240.14 19,018,076.84
44. Other current liabilities
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Balance at the end of the period Balance at the beginning of the
Item period
Short-term bonds payable
Return payment payable
Prepaid and deferred output 2,164,721.65 1,498,582.75
tax
Financial lease loan 181,642,895.98 192,409,691.31
Total 183,807,617.63 193,908,274.06
Changes in short-term bonds payable:
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□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
45. Long-term loans
(1). Category of long-term loans
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Item Balance at the end of the period Balance at the beginning of the
period
Pledge loans
Mortgage loans 1,940,000,000.00 310,000,000.00
Guaranteed loans
Credit loans
Total 1,940,000,000.00 310,000,000.00
Other notes, including interest rate range:
□Applicable √Non-applicable
46.Bonds payable
(1). Bonds payable
□Applicable √Non-applicable
(2). Changes in bonds payable: (excluding preferred stocks, perpetual bonds and other financial
instruments classified as financial liabilities)
□Applicable √Non-applicable
(3). Conversion conditions and time of convertible corporate bonds
□Applicable √Non-applicable
(4). Notes to other financial instruments classified as financial liabilities
General particulars of other financial instruments such as preferred stocks and perpetual bonds issued at
the end of the period
□Applicable √Non-applicable
Changes in financial instruments such as preferred stocks and perpetual bonds issued at the end of the
period
□Applicable √Non-applicable
Notes to the basis for classification of other financial instruments as financial liabilities:
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
47.Lease liabilities
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Item Balance at the end of the period Balance at the beginning of the
period
Lease liabilities 114,015,066.69 59,703,191.10
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Less: Lease liabilities due within -24,592,240.14 -19,018,076.84
one year
Total 89,422,826.55 40,685,114.26
48. Long-term payables
Presentation of items
□Applicable √Non-applicable
Long-term payables
□Applicable √Non-applicable
Special payables
□Applicable √Non-applicable
49. Long-term payroll payable
□Applicable √Non-applicable
50. Estimated liabilities
□Applicable √Non-applicable
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51. Deferred income
Deferred income
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Balance at the beginning Decreased in the Balance at the end of
Item Increased in the period Reason
of the period period the period
Government grants 269,329,507.52 82,628,179.00 12,460,989.93 339,496,696.59
Total 269,329,507.52 82,628,179.00 12,460,989.93 339,496,696.59 /
Items related to government grants:
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Amount Amount
included included in other
Balance at the Additional grants in income in this
Other Balance at the Assets-related/
Item beginning of the increased in the non-operat period
changes end of the period income-related
period period ing
income in
the period
Machine substitution for human
project with an annual capacity of
1,770,000.00 235,999.98 1,534,000.02 Assets-related
700,000 sets of shock absorbing
products
Automobile composite fiber
341,666.71 49,999.98 291,666.73 Assets-related
production project
Tuopu Intelligent Mechatronic 24,134,523.85 692,857.14 23,441,666.71 Assets-related
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System Industrial Park Project
Production line transformation
project of high-performance shock 2,204,952.00 275,619.00 1,929,333.00 Assets-related
absorbing system for cars
Production and application
technology transformation project of 3,500,000.00 437,500.02 3,062,499.98 Assets-related
lightweight materials for vehicles
Technological Transformation
Project of Automobile
6,238,827.64 445,630.56 5,793,197.08 Assets-related
High-Performance Shock Absorbing
System
Technological Transformation
Project of Automobile interior 6,062,299.65 407,733.24 5,654,566.41 Assets-related
&exterior system
Technological Transformation
Project of Automobile Lightweight 6,127,625.92 437,687.58 5,689,938.34 Assets-related
Control Arms
Technological Transformation
Project of Automobile Lightweight 6,406,795.12 457,628.16 5,949,166.96 Assets-related
Parts Production Line
Technological Transformation
Project of Automobile
1,551,420.00 86,190.00 1,465,230.00 Assets-related
High-Performance Shock Absorbing
System
Technological transformation
1,687,608.00 4,250,300.00 292,368.15 5,645,539.85 Assets-related
project of lightweight auto parts
Digital workshop project with an 3,647,606.90 202,644.84 3,444,962.06 Assets-related
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annual capacity of 120,000 sets of
intelligent braking systems
Auto parts production and industrial
75,666,861.65 1,128,583.62 74,538,278.03 Assets-related
automation projects
Technological transformation
project for the production line of
automotive lightweight alloy parts 7,790,289.83 500,000.10 7,290,289.73 Assets-related
with an annual capacity of 300,000
sets
Technological Transformation
Project of Automobile
5,061,935.40 286,603.80 4,775,331.60 Assets-related
High-Performance Shock Absorbing
System
Shenyang Tuopu Auto Parts Base
715,277.88 291,666.66 423,611.22 Assets-related
Project
Intelligent factory construction
project with an annual capacity of 2
595,833.33 55,000.00 540,833.33 Assets-related
million sets of automotive Interior &
Exterior System
Technological transformation
project of car roof, carpet assembly
and other Interior & Exterior System 825,000.00 82,500.00 742,500.00 Assets-related
with an annual capacity of 1.6
million sets
Auto Parts Production Project of
1,278,232.54 42,139.54 1,236,093.00 Assets-related
Liudong New District
Automobile Fabric Production Line 3,153,777.27 266,516.39 2,887,260.88 Assets-related
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Project
Pinghu Tuopu Auto Parts
11,937,750.00 397,925.00 11,539,825.00 Assets-related
Production Project
Production line project with an
annual capacity of 300,000 sets of 574,743.93 43,399.14 531,344.79 Assets-related
related auto parts
Automobile chassis parts project
with an annual capacity of 500,000 4,404,458.56 51,614.75 4,352,843.81 Assets-related
sets
Tuopu Chassis Auto Parts Industry
7,932,203.40 246,329.24 7,685,874.16 Assets-related
Base Project
Auxiliary project outside the
6,093,101.62 196,082.50 5,897,019.12 Assets-related
factory
Hunan Xiangtan Auto Parts
6,000,000.00 3,900,279.00 216,489.15 9,683,789.85 Assets-related
Industry Base Project
Relocation project with an annual
capacity of 300,000 sets of
663,562.78 55,296.90 608,265.88 Assets-related
automotive Interior & Exterior
System
Technological transformation
project for the production line of
1,165,491.32 189,055.38 976,435.94 Assets-related
automobile front and rear axle with
an annual output of 200,000 sets
Technological transformation
project of automobile suspension
1,396,894.60 144,593.61 1,252,300.99 Assets-related
chassis production line with annual
capacity of 300,000 sets
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Passenger vehicle chassis suspension
components project with an annual 2,050,910.56 163,026.48 1,887,884.08 Assets-related
capacity of 500,000 sets
Technological transformation project
of automobile chassis lightweight 973,459.48 54,081.06 919,378.42 Assets-related
production line
Technological transformation project
of automobile chassis lightweight 10,278,279.33 540,962.04 9,737,317.29 Assets-related
components
Technological transformation project
of NEVs front and rear axle 19,666,666.67 1,000,000.02 18,666,666.65 Assets-related
assembly
Subsidies for land leveling 7,623,599.06 77,906.68 7,545,692.38 Assets-related
Technological transformation project
of Automobile High-Performance
6,229,166.66 325,000.02 5,904,166.64 Assets-related
Shock Absorbing System with an
annual capacity of 2,000,000 sets
Technological transformation project
of automotive NVH interior trim 2,768,720.80 144,454.98 2,624,265.82 Assets-related
parts system
Technological transformation project
of automotive lightweight 6,229,166.67 325,000.02 5,904,166.65 Assets-related
components
Technological transformation project
of automotive lightweight
6,229,166.67 325,000.02 5,904,166.65 Assets-related
components an annual capacity of
3,000,000 sets
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Government subsidies for
technological transformation of the 5,188,000.00 5,188,000.00 Assets-related
real economy in 2021
Technological transformation project
of automotive suspension chassis
3,163,631.72 188,834.14 2,974,797.58 Assets-related
production line with an annual
capacity of 500,000 sets
NEV thermal management system
20,000,000.00 512,820.51 19,487,179.49 Assets-related
digital workshop
Technological Transformation
Project of Automobile
4,186,900.00 40,649.51 4,146,250.49 Assets-related
High-Performance Shock Absorbing
System
Technical Transformation Project of
Automotive Lightweight Steering 19,904,000.00 497,600.01 19,406,399.99 Assets-related
System
Technological transformation project
for the production line of automobile 2,000,000.00 16,666.67 1,983,333.33 Assets-related
front and rear axles
Technical Transformation Project of
automatic electronic shock absorbing 2,000,000.00 16,666.67 1,983,333.33 Assets-related
system
Technical transformation project of a
utomotive electronic steering knuckl 2,000,000.00 16,666.67 1,983,333.33 Assets-related
e
Technical Transformation Project of
4,386,700.00 4,386,700.00 Assets-related
the production line of automotive
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electronic steering knuckle with an
annual capacity of 100,000 sets
Subsidy for Chongqing Chassis Auto
20,000,000.00 20,000,000.00 Assets-related
Parts Project
Total 269,329,507.52 82,628,179.00 12,460,989.93 339,496,696.59
Other notes:
√Applicable □Non-applicable
1. Under the "Notice of Ningbo Economic and Information Commission on Announcement of 2016 As-built Technical Transformation Projects in Ningbo"
Yong Jing Xin Ji Gai [2016] No. 95, as circulated by Ningbo Economic and Information Commission, the Company received the grants at RMB 4,720,000.00 for
machine substitution for human project with an annual capacity of 700,000 sets of damping products. As of September 30, 2015, the said project was substantially
completed and put into production operation. Amortized by the depreciation years (10 years) corresponding to the machinery and equipment purchased using the
above grants, as of June 30, 2022, there was a remaining sum of 1,534,000.02 to be amortized over the remaining years.
2. Under the “Notice on releasing incentives for 2016 Ningbo Strategic Emerging Industry Development Projects” Yong Cai Zheng Fa 【2016】 No.584, as
circulated by Ningbo Finance Bureau, the Company received the grants at RMB 1,000,000.00 for automobile composite fiber production project in September 2016.
As of September 30, 2015, the said project was substantially completed and put into production operation. Amortized by the depreciation years (10 years)
corresponding to the machinery and equipment transformed using the above grants, as of June 30, 2022, there was a remaining sum of RMB 291,666.73 to be
amortized over the remaining years.
3. The Company received two grants at RMB 17,000,000.00 and RMB 10,000,000.00 respectively in September 2016 and October 2020, in a gross sum of
RMB 27,000,000.00, and used the sums for Tuopu Intelligent Mechatronics Industrial Park Project. In May 2019, this project was completed step by step and put
into production operation. Amortized by the depreciation years (20 years) corresponding to the buildings and structures constructed using the above grants, as of
June 30, 2022, there was a remaining sum of RMB 23,441,666.71 to be amortized over the remaining years.
4. Under the “Notice on releasing the subsidies for the first and second batches of district-level partial as-built projects of 2017 Industrial Investment (Technical
Transformation) in Ningbo” Lun Jing Xin 【2018】 No.55, as circulated by Beilun District Finance Bureau of Ningbo, the Company received the automobile
composite fiber production project. The Company received the grants at RMB 4,409,904.0 for automobile composite fiber production project in September 2018. As
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of January 2018, the said project was substantially completed and put into production operation. Amortized by the remaining useful life corresponding to the
machinery and equipment purchased using the above grants, as of June 30, 2022, there was a remaining sum of RMB 1,929,333.00 to be amortized over the
remaining years.
5. Under the “Notice on releasing the subsidies for the first and second batches of district-level partial as-built projects of 2017 Industrial Investment (Technical
Transformation) in Ningbo” Lun Jing Xin 【2018】 No.55, as circulated by Beilun District Finance Bureau of Ningbo, the Company received the grants at RMB
7,000,000.00 for production and application technology transformation project of lightweight materials for vehicles. As of January 2018, the said project was
substantially completed and put into production operation. Amortized by the remaining useful life corresponding to the machinery and equipment purchased using
the above grants, as of June 30, 2022, there was a remaining sum of RMB 3,062,499.98 to be amortized over the remaining years.
6. The Company received three grants at RMB 2,772,000.00, RMB 3,840,000.00 and RMB 1,638,992.00 respectively in February 2019, November 2019 and
July 2020 respectively, and used the sums for Technological Transformation Project of Automobile High-Performance Vibration control system. As of December
2018, the said project was substantially completed and put into production operation. Amortized by the remaining useful life corresponding to the machinery and
equipment transformed using the above grants, as of June 30, 2022, there was a remaining sum of RMB 5,793,197.08 to be amortized over the remaining years.
7. The Company received three grants at RMB 2,654,400.00, RMB 3,600,000.00 and RMB 1,539,712.00 respectively in February 2019, December 2019 and
July 2020 respectively, and used the sums for Technological Transformation Project of Automobile Interior and Exterior Trim Parts. As of June 2019, the said
project was substantially completed and put into production operation. Amortized by the remaining useful life corresponding to the machinery and equipment
transformed using the above grants, as of June 30, 2022, there was a remaining sum of RMB 5,654,566.41 to be amortized over the remaining years.
8. The Company received three grants at RMB 2,532,000.00, RMB 3,890,000.00 and RMB 1,663,312.00 respectively in February 2019, November 2019 and
July 2020 respectively, and used the sums for Technological Transformation Project of Automobile Lightweight Control Arms. As of December 2018, the said
project was substantially completed and put into production operation. Amortized by the remaining useful life corresponding to the machinery and equipment
transformed using the above grants, as of June 30, 2022, there was a remaining sum of RMB 5,689,938.34 to be amortized over the remaining years.
9. The Company received three grants at RMB 2,544,000.00, RMB 4,130,000.00 and RMB 1,769,472.00 respectively in February 2019, November 2019 and
July 2020 respectively, and used the sums for Technological Transformation Project of Automobile Lightweight Parts Production Line. As of December 2018, the
said project was substantially completed and put into production operation. Amortized by the remaining useful life corresponding to the machinery and equipment
transformed using the above grants, as of June 30, 2022, there was a remaining sum of RMB 5,949,166.96 to be amortized over the remaining years.
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10. The Company received the grants at RMB 1,723,800.00 in September 2020 and used the sums for Technological Transformation Project of Automobile
High-Performance Shock Absorbing System. As of January 2021, the said project was substantially completed and put into production operation. Amortized by the
depreciation years corresponding to the machinery and equipment transformed using the above grants, as of June 30, 2022, there was a remaining sum of RMB
1,465,230.00 to be amortized over the remaining years.
11. The Company received the grants at RMB 1,875,120.00 and 4,250,300.00 in September 2020 and January 2022 respectively, and used the sums for
Technological Transformation Project of Lightweight Auto Parts. As of January 2021, the said project was substantially completed and put into production
operation. Amortized by the depreciation years corresponding to the machinery and equipment transformed using the above grants, as of June 30, 2022, there was a
remaining sum of RMB 5,645,539.85 to be amortized over the remaining years.
12. The Company received the grants at RMB 3,696,000.00 and 345,000.00 in September 2020 and May 2021 respectively, and used the sums for
Technological Transformation Project of Intelligent Brake System with an annual capacity of 120,000 sets. As of January 2021, the said project was substantially
completed and put into production operation. Amortized by the depreciation years corresponding to the machinery and equipment transformed using the above
grants, as of June 30, 2022, there was a remaining sum of RMB 3,444,962.06 to be amortized over the remaining years.
13. Tuopu Automotive Electronics received two grants at RMB 60,000,000.00 and RMB 30,000,000.00 in August 2017 and December 2018 and used the sums
for auto parts production and industrial automation projects. The said project was substantially completed and put into production operation in 2018. Amortized by
the depreciation years (20 years) corresponding to the buildings and structures constructed using the above grants, as of June 30, 2022, there was a remaining sum
of RMB 74,538,278.03 to be amortized over the remaining years.
14. Tuopu Automotive Electronics received two grants at RMB 9,462,800.00 and RMB 537,200.00 in October 2019 and July 2020 and used the sums for
technological transformation project for the production line of automotive lightweight alloy parts with an annual capacity of 300,000 sets. As of December 2018, the
said project was substantially completed and put into production operation. Amortized by the remaining useful life corresponding to the machinery and equipment
transformed using the above grants, as of June 30, 2022, there was a remaining sum of RMB 7,290,289.73 to be amortized over the remaining years.
15. Tuopu Automotive Electronics received two grants at RMB 5,564,300.00, 149,600.00 in November 2020 and November 2021 respectively for production
project of automotive high-performance shock absorbing system. As of November 2020, the said project was substantially completed and put into production
operation. Amortized by the depreciation years corresponding to the machinery and equipment transformed using the above grants, as of June 30, 2022, there was a
remaining sum of RMB 4,775,331.60 to be amortized over the remaining years.
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16.Tuopu Automotive Electronics received two grants at RMB 1,000,000.00 and RMB 1,000,000.00 in October 2018 and August 2020 respectively, in a gross
sum of RMB 2,000,000.00, and used the sums for Shenyang Tuopu Auto Parts Base Project. The said project was completed and put into operation in 2013.
Amortized by the depreciation years corresponding to the fixed assets using the above grants, as of June 30, 2022, there was a remaining sum of RMB 423,611.22 to
be amortized over the remaining years.
17. Under the “Notice on issuing special funds for information and industrial development of Guangxi Zhuang Autonomous Region in 2017” Gui Cai Gong
Jiao 【2017】 No.57, as circulated by Department of Finance of Guangxi Zhuang Autonomous Region, Liuzhou Tuopu received the technological transformation
project funds at RMB 1,100,000.00 and used the sums for Intelligent factory construction project with an annual capacity of 2 million sets of automotive Interior &
Exterior System in August 2017. As of May 31, 2017, the said project was substantially completed and put into production operation. Amortized by the depreciation
years corresponding to the machinery and equipment purchased using the above funds, as of June 30, 2022, there was a remaining sum of RMB 540,833.33 to be
amortized over the remaining years.
18. Under the “Notice on issuing the first batch of Liuzhou enterprise support funding project investment plans in 2017” Liu Gong Xin Tong 【2017】 No.164,
as circulated by Liuzhou Industry and Information Technology Commission and Liuzhou Finance Bureau, Liuzhou Tuopu received the potential exploitation
transformation funds at RMB 1,650,000.00 and used the sums for technological transformation project of car roof, carpet assembly and other Interior & Exterior
System with an annual capacity of 1.6 million sets in December 2017. As of December 26, 2016, the said project was substantially completed and put into
production operation. Amortized by the depreciation years (10 years) corresponding to the machinery and equipment purchased using the above funds, as of June 30,
2022, there was a remaining sum of RMB 742,500.00 to be amortized over the remaining years.
19. Liuzhou Tuopu received the grants at RMB 1,510,000.00 and used the sums for Auto Parts Production Project of Liudong New District in April 2019. As
of February 2017, the said project was substantially completed and put into production operation. Amortized by the remaining useful life corresponding to the
buildings and structures constructed and acquired using the above grants, as of June 30, 2022, there was a remaining sum of RMB 1,236,093.00 to be amortized over
the remaining years.
20. Wuhan Tuopu received the grants at RMB 427,000.00,RMB 1,767,000.00 and RMB 1,910,000.00 in January 2019, April 2020 and June 2020
respectively, and used the sums for Fabric Production Line Project. As of November 2017, the said project was substantially completed and put into production
operation. Amortized by the remaining useful life corresponding to the machinery and equipment purchased using the above grants, as of June 30, 2022, there was a
remaining sum of RMB 2,887,260.88 to be amortized over the remaining years.
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21. Pinghu Tuopu received two grants at RMB 7,235,000.00 and RMB 7,235,000.00 in January 2016 and May 2020 respectively, in a gross sum of RMB
14,470,000.00, and used the sums for Automotive Interior & Exterior System Production Project. As of January 2017, the said project was substantially completed
and put into production operation. Amortized by the depreciation years (20 years) corresponding to the buildings and structures constructed and acquired using the
above grants, as of June 30, 2022, there was a remaining sum of RMB 11,539,825.00 to be amortized over the remaining years.
22. Under the “Request for application of special funds for Technological Transformation and Transformation and Upgrading of Sichuan Province in 2015” Sui
Jing Xin 【2015】 No.28, as circulated by Suining Industrial and Information Technology Commission and Suining Finance Bureau, Sichuan Maigao received the
technological transformation and upgrading funds in October 2015 at RMB 1,110,000.00, and used the sums for production line project with an annual capacity of
300,000 sets of related auto parts. As of October 2015, the said project was substantially completed and put into production operation. Amortized by the remaining
useful life corresponding to the purchased machinery and equipment and constructed plants using the above funds, as of June 30, 2022, there was a remaining sum
of RMB 531,344.79 to be amortized over the remaining years.
23. Under the “Investment Agreement” Nr. B-ZS-GY/(2013)4 signed between and by Anju Industrial Concentration Development Committee of Suining and
Zhejiang Fortuna Auto Parts Co., Ltd. On January 28, 2013, Sichuan Maigao received land subsidies at RMB 5,032,438.00 in December 2015 and used the sums for
Automobile chassis parts project with an annual capacity of 500,000 sets. As of December 2015, the said project was substantially completed and put into
production operation. Amortized by the depreciation years (48.75 years) corresponding to the land subsidies, as of June 30, 2022, there was a remaining sum of
RMB 4,352,843.81 to be amortized over the remaining years.
24. Tuopu Chassis received the grants at RMB 8,000,000.00 in September 2020 and used the sums for Tuopu Chassis Auto Parts Industry Base Project. As of
August 2021, this project was substantially completed and put into production. According to the special land grants, the amortization shall be made over the
remaining useful life of the land, as of June 30, 2022, there was a remaining sum of RMB 7,685,874.16 to be amortized over the remaining years.
25. Under the investment contract made between Yantai Tuopu and the Investment Promotion Bureau of Yantai Economic and Technological Development
Zone, Yantai Tuopu received five grants at RMB 2,330,000.00, RMB 290,000.00, RMB 301,458.00, RMB 1,810,000.00 and RMB 2,268,533.00 in July 2018, May
2019, July 2019, December 2019 and September 2020 respectively, and used the sums for auxiliary project outside the factory. As of July 2018, the said project was
substantially completed and put into production operation. Amortized by the remaining useful life corresponding to the buildings and structures using the above
grants, as of June 30, 2022, there was a remaining sum of RMB 5,897,019.12 to be amortized over the remaining years.
26. Hunan Tuopu received the grants at RMB 2,000,000.00, 4,000,000.00, 2,000,000.00, 1,000,000.00, and 900,279.00 in December 2020, December 2021,
April 2022, and June 2022 respectively, and used the sums for Hunan Xiangtan Auto Parts Industry Base Project. As of 30 June 2022 and January 2022, the said
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
project was substantially completed and put into production operation. Amortized by the depreciation years corresponding to the fixed assets using the above grants,
as of June 30, 2022, there was a remaining sum of RMB 9,683,789.85 to be amortized over the remaining years.
27. Under the “Notice on issuing special fiscal funds for provincial industrial and information development of Linhai in 2018” (Lin Cai Qi [2018]30), as
circulated by Linhai Finance Bureau and Linhai Economic and Information Bureau, Taizhou Tuopu received four grants at RMB 175,100.00, RMB 193,300.00,
RMB 70,900.00 and RMB 526,000.00 in September 2018, November 2019 and December 2019, and used the sums for relocation project with an annual capacity of
300,000 sets of automotive Interior & Exterior System. As of January 2018, the said project was substantially completed and put into production operation.
Amortized by the remaining useful life corresponding to the machinery and equipment purchased using the above grants, as of June 30, 2022, there was a remaining
sum of RMB 608,265.88 to be amortized over the remaining years.
28. Under the “Review comment on the second batch of technological renovation and industrial and information project grants for industrial enterprises in
2016”, as circulated by Wuxi County People’s Government and Wuyi County Economic and Commercial Bureau, Zhejiang Towin received the technological
transformation and upgrading funds at RMB 3,056,045.00 in December 2016, and used the sums for technological transformation project for the production line of
automobile front and rear axle with an annual output of 200,000 sets. As of December 2016, the said project was substantially completed and put into production
operation. Amortized by the remaining useful life corresponding to the machinery and equipment purchased using the above funds, as of June 30, 2022, there was a
remaining sum of RMB 976,435.94 to be amortized over the remaining years.
29. Under the “Review comment on the first batch of technological renovation and industrial and information project grants for industrial enterprises in 2017”,
as circulated by Wuxi County People’s Government and Wuyi County Economic and Commercial Bureau, Zhejiang Towin received the county-level robot purchase
grants at RMB 448,715.00 in May 2017, and used the sums for Technological transformation project of automobile suspension chassis production line with annual
capacity of 300,000 sets. As of May 2017, the said project was substantially completed and put into production operation. Amortized by the depreciation years
corresponding to the machinery and equipment purchased using the above funds, as of June 30, 2022, there was a remaining sum of RMB 225,559.32 to be
amortized over the remaining years.Under the “Notice on appropriating special fiscal funds (Investment and Development) for provincial industrial and information
development in 2016”, as circulated by Wuyi County Economic and Commercial Bureau and Wuyi County Finance Bureau, Zhejiang Towin received technological
transformation funds at RMB 2,133,330.00 in December 2017 and used the sums for technological transformation project of automobile suspension chassis
production line with annual capacity of 300,000 sets. As of January 2018, the said project was substantially completed and put into production operation. Amortized
by the depreciation years corresponding to the machinery and equipment purchased using the above funds, as of June 30, 2022, there was a remaining sum of RMB
1,252,300.99 to be amortized over the remaining years.
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30. Zhejiang Towin received technological transformation funds at RMB 2,539,990.00 for passenger vehicle chassis suspension project with an annual capacity
of 500,000 sets in July 2020. As of July 2020, the said project was substantially completed and put into production operation. Amortized by the depreciation years
corresponding to the machinery and equipment purchased using the above funds, as of June 30, 2022, there was a remaining sum of RMB 1,887,884.08 to be
amortized over the remaining years.
31、The company received one grant at RMB 1,000,500.00 in October 2021 for the technological transformation project of automotive chassis lightweight
system production lines. As of October 2021, the said project was substantially completed and put into production operation.Amortized by the depreciation years
corresponding to the machinery and equipment transformed using the above grants, as of June 30, 2022, there was a remaining sum of RMB 919,378.42 to be
amortized over the remaining years.
32. The Company received one grant at RMB 10,458,600.00 in November 2021 for the technological transformation project of automotive chassis lightweight
components. As of October 2021, the said project was substantially completed and put into production operation.Amortized by the depreciation years corresponding
to the machinery and equipment transformed using the above grants, as of June 30, 2022, there was a remaining sum of RMB 9,737,317.29 to be amortized over the
remaining years.
33. Tuopu Automotive Electronics Co., Ltd. received one grant at RMB 20,000,000.00 in November 2021 for the technological transformation project of NEVs
front and rear axle assembly. As of November 2021, the said project was substantially completed and put into production operation.Amortized by the depreciation
years corresponding to the machinery and equipment transformed using the above grants, as of June 30, 2022, there was a remaining sum of RMB 18,666,666.65 to
be amortized over the remaining years.
34、Tuopu Automotive Electronics Co., Ltd. received one grant at RMB 7,729,116.00 in May 2021 for land leveling. According to the special land grant, the
amortization should be made over the remaining useful life of the land, as of June 30, 2022, there was a remaining sum of RMB 7,545,692.38 to be amortized over
the remaining years.
35、Tuopu Automotive Electronics Co., Ltd. received one grant at RMB 6,500,000.00 in August 2021 for the production project of automotive
high-performance shock absorbing system with an annual capacity of 2,000,000 sets. As of August 2021, the said project was substantially completed and put into
production operation.Amortized by the depreciation years corresponding to the machinery and equipment transformed using the above grants, as of June 30, 2022,
there was a remaining sum of RMB 5,904,166.64 to be amortized over the remaining years.
36、Tuopu Automotive Electronics Co., Ltd. received one grant at RMB 2,899,100.00 in August 2021 for the technological transformation project of
automotive NVH interior trim functional parts. As of August 2021, the said project was substantially completed and put into production operation.Amortized by the
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depreciation years corresponding to the machinery and equipment transformed using the above grants, as of June 30, 2022, there was a remaining sum of RMB
2,624,265.82 to be amortized over the remaining years.
37、Tuopu Automotive Electronics Co., Ltd. received one grant at RMB 6,500,000.00 0 in August 2021 for the technological transformation project of
automotive lightweight parts. As of August 2021, the said project was substantially completed and put into production operation.Amortized by the depreciation
years corresponding to the machinery and equipment transformed using the above grants, as of June 30, 2022,, there was a remaining sum of RMB 5,904,166.65 to
be amortized over the remaining years.
38、Tuopu Automotive Electronics Co., Ltd. received one grant at RMB 6,500,000.00 for the technological transformation project of automotive lightweight
parts with an annual capacity of 3,000,000 sets. As of August 2021, the said project was substantially completed and put into production operation.Amortized by the
depreciation years corresponding to the machinery and equipment transformed using the above grants, as of June 30, 2022, there was a remaining sum of RMB
5,904,166.65 to be amortized over the remaining years.
39、Taizhou Tuopu received one grant at RMB 5,188,000.00 in November 2021 for the technological transformation project of real economy in 2021. As of
June 30, 2022, this project has not yet been completed and no amortization is made in this period.
40、Zhejiang Towin received one grant at RMB 3,541,300.00 in February 2021 for the technological transformation project of automotive suspension chassis
with an annual capacity of 500,000 sets. As of February 2021, the said project was substantially completed and put into production operation.Amortized by the
depreciation years corresponding to the machinery and equipment transformed using the above grants, as of June 30, 2022, there was a remaining sum of RMB
2,974,797.58 to be amortized over the remaining years.
41. According to the document circulated by Ningbo Finance Bureau Yong Cai [2022] No. 251 "Notice on the Release of the Fourth Batch of Funds for
High-quality Development of Manufacturing Industries in 2022", the company received the grants at RMB 20,000,000.00 in April 2022 for NEV Automotive
thermal management system digital workshop project. As of April 2022, the project has been completed and put into operation. As of April 2022, the said project
was substantially completed and put into production operation. Amortized by the depreciation years corresponding to the purchased machines and equipment using
the above grants, as of June 30, 2022, there was a remaining sum of RMB 19,487,179.49 to be amortized over the remaining years.
42. According to the document circulated by Beilun District Economic and Information Bureau of Ningbo Lun Jing Xin [2021] No.36 “Notice on Making the
Remaining Grants Available for Ningbo City's 2019 Industrial Investment (Technical Transformation) District-level Completion Project in 2020", the company
received the grants at RMB 4,186,900.00 for the technical transformation project of high-performance automobile shock absorbing system. As of June 2022, the
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
said project was substantially completed and put into production operation. Amortized by the depreciation years corresponding to the purchased equipment using the
above grants, as of June 30, 2022, there was a remaining sum of RMB 4,146,250.49 to be amortized over the remaining years.
43. According to Yong Cai Jing【2022】No.234 “Notice on the Release of Funds for Industrial Investment (Technical Transformation) Projects in New Districts
in 2021", Tuopu Automotive Electronics received the grants at RMB 19,904,000.00 in April 2022, and used the sums for the technical transformation project of
automotive lightweight steering system. As of April 2022, the said project was substantially completed and put into production operation. Amortized by the
depreciation years corresponding to the purchased equipment using the above grants, as of June 30, 2022, there was a remaining sum of RMB 19,406,399.99 to be
amortized over the remaining years.
44. According to Yong Xin Jing Xin【2022】 No.42 “Notice on the Release of Funds for Industrial Investment (Technical Transformation) Projects in New
Districts in 2021", Tuopu Automotive Electronics received the grants at RMB 2,000,000.00 in June2022, and used the sums for the technical transformation project
of automotive electronic front and rear axles. As of June 2022, the said project was substantially completed and put into production operation. Amortized by the
depreciation years corresponding to the modified machines and equipment using the above grants, as of June 30, 2022, there was a remaining sum of RMB
1,983,333.33 to be amortized over the remaining years.
45. According to Yong Xin Jing Xin【2022】 No.42 “Notice on the Release of Funds for Industrial Investment (Technical Transformation) Projects in New
Districts in 2021", Tuopu Automotive Electronics received the grants at RMB 2,000,000.00 in June2022, and used the sums for the technical transformation project
of automotive electronic shock absorbing. As of June 2022, the said project was substantially completed and put into production operation. Amortized by the
depreciation years corresponding to the modified machines and equipment using the above grants, as of June 30, 2022, there was a remaining sum of RMB
1,983,333.33 to be amortized over the remaining years.
46. According to Yong Xin Jing Xin【2022】 No.42 “Notice on the Release of Funds for Industrial Investment (Technical Transformation) Projects in New
Districts in 2021", Tuopu Automotive Electronics received the grants at RMB 2,000,000.00 in June2022, and used the sums for the technical transformation project
of automotive electronic steering knuckle. As of June 2022, the said project was substantially completed and put into production operation. Amortized by the
depreciation years corresponding to the modified machines and equipment using the above grants, as of June 30, 2022, there was a remaining sum of RMB
1,983,333.33 to be amortized over the remaining years.
47. According to Yong Cai Jing (2021) No.1314 "Notice on the Release of the Fourth Batch of Funds for High-quality Development of Manufacturing
Industries in 2022", Tuopu Chassis received the grants at RMB 2,250,000.00 and 2,136,700.00 in February, March 2022 respectively, and used the sums for the
technical transformation project of automotive lightweight chassis with an annual capacity of 100,000 sets. As of June 2022, the project has not yet been completed.
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48. Chongqing Chassis received the grants at RMB 20,000,000.00 in June 2022 and used the sums for Chongqing Chassis Auto Parts Project. As of June 2022,
the project has not yet been completed.
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52. Other non-current liabilities
□Applicable √Non-applicable
53.Equity
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Increased or decreased amount in this period (+/-)
Shares
Balance at the
converted Balance at the end
beginning of the New
Bonus from Subtotal of the period
period issue Others
issue capital
reserves
1,102,046,572.00 1,102,046,572.00
Total
shares
54.Other equity instruments
(1). Basic information of other financial instruments such as preferred stocks and perpetual
bonds issued at the end of the period
□Applicable √Non-applicable
(2). Changes in financial instruments such as preferred stocks and perpetual bonds issued at the
end of the period
□Applicable √Non-applicable
Changes in other equity instruments during the current period, the reason for the changes, and the basis
for related accounting treatments:
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
55.Capital reserve
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Balance at the
Increased in the Decreased in the Balance at the
Item beginning of the
period period end of the period
period
Capital
premium (equity 5,340,788,538.03 5,340,788,538.03
premium)
Other capital
10,348.78 10,348.78
reserves
Total 5,340,798,886.81 5,340,798,886.81
56.Treasury stocks
□Applicable √Non-applicable
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57.Other comprehensive income
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Amount incurred in the current period
Less: Less:
recorded Recorded
into other into other
Amount
comprehen comprehensi
incurred Less:
Balance at the sive ve incomes Attributab Balance at the
before Incom Attributabl
Item beginning of the incomes in in previous le to the end of the
income tax e Tax e to the
period previous period and minority period
in the Expen Company
period and transferred to shareholde
current se after tax
transferred retained rs after tax
period
to P/L in income in
current current
period period
1. Other comprehensive income that
cannot be reclassified into profit and
loss
Including: re-measurement of changes
in defined benefit plans
Other comprehensive income that
cannot be transferred to profit and loss
under the equity method
Changes in the fair value of other
equity instrument investments
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Changes in fair value of the
enterprise's own credit risk
2. Other comprehensive income that -24,978,896.47 2,917,207.31 2,496,654.82 420,552.49
-22,482,241.65
will be reclassified into profit and loss
Including: other comprehensive
income that can be transferred to profit
or loss under the equity method
Changes in the fair value of other debt
investments
Amount of financial assets
reclassified and included in other
comprehensive income
Provision for impairment of other
debt investment
Cash flow hedge reserves
Translation difference of foreign -24,978,896.47 2,917,207.31 2,496,654.82 420,552.49
-22,482,241.65
currency financial statements
Total -24,978,896.47 2,917,207.31 2,496,654.82 420,552.49 -22,482,241.65
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
58.Special reserves
□Applicable √Non-applicable
59.Surplus reserve
√Applicable □Non-applicable
Unit： Yuan Currency：人 RMB
Item Balance at the Increased in the Decreased in the Balance at the end
beginning of the current period current period of the period
period
Statutory surplus 543,809,467.58 543,809,467.58
reserve
Discretionary
surplus reserve
Reserve fund
Business
development fund
Others
Total 543,809,467.58 543,809,467.58
60. Undistributed profit
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Item Current period Previous period
Undistributed Profit before
Adjustment at the End of Previous 3,627,091,164.15 2,868,429,319.48
Period
Adjust the total undistributed profits
at the start of the period (increase +,
decrease -)
Undistributed Profit after Adjustment
3,627,091,164.15 2,868,429,319.48
at the Start of the Period
Add: net profit attributable to parent
707,806,710.76 1,017,253,691.77
company's owner in current period
Less: withdrawal of statutory surplus
69,039,836.72
reserve
Withdrawal of discretionary
surplus reserve
Withdrawal of general risk
reserve
Ordinary stock dividend payable 306,368,947.02 189,552,010.38
Ordinary stock dividends
converted into equity
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Undistributed profit at the end of the
4,028,528,927.89 3,627,091,164.15
period
Adjust the particulars of undistributed profit at the beginning of the period:
1. The impact of the retrospective adjustment of the "Accounting Standards for Business Enterprises"
and updated regulations on undistributed profit at the beginning of the period is RMB 0.
2. The impact of changes in accounting policies on undistributed profit at the beginning of the period is
RMB 0.
3. The impact of the correction of major accounting errors on undistributed profit at the beginning of
the period is RMB 0.
4. The impact of change in the scope of business combination as a result of the same control on
undistributed profit at the beginning of the period is RMB 0.
5. The gross impact of other adjustments on the undistributed profit at the beginning of the period is
RMB 0.
61. Operating income and operating cost
(1). Particulars of operating income and operating cost
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Amount incurred in the current period Amount incurred in previous period
Item
Income Cost Income Cost
Main
6,476,966,953.32 5,221,541,982.74 4,771,583,403.09 3,848,796,980.15
operation
Other
317,022,815.48 121,174,675.41 145,163,660.11 41,850,172.51
operations
Total 6,793,989,768.80 5,342,716,658.15 4,916,747,063.20 3,890,647,152.66
(2). Particulars of the income generated from contract
□Applicable √Non-applicable
(3). Notes to discharge of obligation
□Applicable √Non-applicable
(4). Notes to allocation to remaining performance obligations
□Applicable √Non-applicable
62.Taxes and surcharges
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Amount incurred in the current Amount incurred in previous
Item
period period
Consumption tax
Business tax
Urban Maintenance and 8,074,140.26
6,987,224.84
Construction Tax
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Education Surcharges 3,529,547.70 3,097,328.39
Resource tax
Property tax 11,764,355.53 10,863,776.45
Land use tax 8,633,935.65 7,573,624.46
Vehicle and vessel use tax 13,190.56 2,940.00
Stamp duty 3,564,126.86 3,239,904.97
Local education surcharges 2,369,180.60 2,064,885.50
Environmental protection tax 7,089.23 2,796.57
Franchise tax 1,951.74 1,940.46
Others 871,735.5
Total 38,829,253.63 33,834,421.64
63. Sales expense
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Amount incurred in the Amount incurred in
Item
current period previous period
Service expense 32,073,420.81 29,531,427.34
Payroll 21,455,991.86 17,233,933.57
Business hospitality expense 12,916,387.51 11,056,660.16
Repair cost 21,350,346.14 6,047,882.34
Travel expense 915,934.48 602,156.99
Packaging fee 851,529.53 96,467.24
Vehicle cost 1,099,785.21 903,723.57
Exhibition fee 26,663.16
Others 2,696,061.16 2,312,218.65
Total 93,359,456.70 67,811,133.02
64. Overhead expense
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Amount incurred in the Amount incurred in
Item
current period previous period
Payroll 116,605,643.54 80,651,461.49
Depreciation expense 16,882,298.57 16,725,375.77
Business hospitality expense 1,610,768.34 2,026,288.73
Vehicle cost 2,032,476.28 1,932,384.37
Taxes 1,081,961.02 1,303,839.64
Travel expenses 942,196.16 897,665.31
Amortization of intangible assets 11,178,408.91 9,358,516.34
Office expenses 3,874,134.51 2,620,048.32
Insurance premiums 3,998,507.91 2,281,744.16
Intermediary fee 2,905,267.74 2,363,351.13
Utility bills 2,334,057.77 1,674,698.17
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Service charge 9,787,302.53 4,887,204.46
Rent 1,235,711.93 927,544.88
Others 12,497,232.39 10,966,557.71
Total 186,965,967.60 138,616,680.48
65.R&D expenses
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Amount incurred in the Amount incurred in
Item
current period previous period
Material 99,480,660.19 75,976,147.05
Payroll 150,435,254.13 103,433,263.82
Depreciation and amortization 32,948,309.01 30,240,100.76
Transportation and storage fee 2,403,436.74 1,499,838.43
Energy consumption fee 19,521,719.9 10,086,641.70
Travel expense 3,083,428.15 1,479,159.73
Trial production expense 5,719,530.11 2,023,727.07
Others 10,168,481.87 9,134,832.02
Total 323,760,820.10 233,873,710.58
66. Financial expense
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Amount incurred in the Amount incurred in
Item
current period previous period
Interest expense 37,501,673.22 8,718,663.63
Less: interest income -9,832,744.02 -16,268,492.45
Gain and loss from exchange -42,704,731.05 5,154,538.67
Handling charge 2,388,456.56 1,520,103.21
Total -12,647,345.29 -875,186.94
67.Other income
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Amount incurred in the Amount incurred in
Item
current period previous period
Government grants 24,261,834.13 11,183,175.51
Withholding personal income tax fees 398,205.75
Total 24,660,039.88 11,183,175.51
Other Notes:
Government grants included in other income:
189 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Unit： Yuan Currency： RMB
Item Amount in the Amount in
current period previous period Assets-related/In
come-related
Machine substitution for human project
with an annual capacity of 700,000 sets of 235,999.98 235,999.98 Assets-related
damping products
Automobile composite fiber production
49,999.98 49,999.98 Assets-related
project
Tuopu Intelligent Mechatronics Industrial
692,857.14 692,857.14 Assets-related
Park Project
Production line transformation project of
high-performance vibration control 275,619.00 275,619.04 Assets-related
system for cars
Production and application technology
transformation project of lightweight 437,500.02 437,499.98 Assets-related
materials for vehicles
Technological Transformation Project of
Automobile High-Performance Vibration 445,630.56 445,630.56 Assets-related
control system
Technological Transformation Project of
Automobile Interior and Exterior Trim 407,733.24 407,733.24 Assets-related
Parts
Technological Transformation Project of
437,687.58 437,687.58 Assets-related
Automobile Lightweight Control Arms
Technological Transformation Project of
Automobile Lightweight Parts Production 457,628.16 457,628.16 Assets-related
Line
Technological Transformation Project of
Automobile High-Performance Vibration 86,190.00 86,190.00 Assets-related
control system
Technological transformation project of
292,368.15 93,756.00 Assets-related
lightweight auto parts
Digital workshop project with an annual
capacity of 120,000 sets of intelligent 202,644.84 190,748.28 Assets-related
braking systems
Auto parts production and industrial
1,128,583.62 2,250,000.00 Assets-related
automation projects
Technological transformation project for
the production line of automotive
500,000.10 500,000.04 Assets-related
lightweight alloy parts with an annual
capacity of 300,000 sets
Technological Transformation Project of 286,603.80 278,215.02 Assets-related
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Automobile High-Performance Vibration
control system
Shenyang Tuopu Auto Parts Base Project 291,666.66 291,666.66 Assets-related
Intelligent factory construction project
with an annual capacity of 2 million sets 55,000.00 55,000.00 Assets-related
of automotive Interior & Exterior System
Technological transformation project of
car roof, carpet assembly and other
82,500.00 82,500.00 Assets-related
Interior & Exterior System with an annual
capacity of 1.6 million sets
Auto Parts Production Project of Liudong
42,139.54 42,139.54 Assets-related
New District
Automobile Fabric Production Line
266,516.39 345,358.18 Assets-related
Project
Pinghu Tuopu Auto Parts Production
397,925.00 397,925.00 Assets-related
Project
Production line project with an annual
capacity of 300,000 sets of related auto 43,399.14 43,399.14 Assets-related
parts
Automobile chassis parts project with an
51,614.75 51,614.75 Assets-related
annual capacity of 500,000 sets
Tuopu Chassis Auto Parts Industry Base
246,329.24 306,818.26 Assets-related
Project
Auxiliary project outside the factory 196,082.50 196,523.24 Assets-related
Hunan Xiangtan Auto Parts Industry Base
216,489.15 Assets-related
Project
Relocation project with an annual
capacity of 300,000 sets of automotive 55,296.90 55,296.90 Assets-related
Interior & Exterior System
Technological transformation project for
the production line of automobile front
189,055.38 189,055.38 Assets-related
and rear axle with an annual output of
200,000 sets
Technological transformation project of
AVS products & chassis production line 144,593.61 144,593.61 Assets-related
with annual capacity of 300,000 sets
Passenger vehicle chassis AVS products
project with an annual capacity of 163,026.48 Assets-related
500,000 sets
Technological transformation project of
automobile chassis lightweight production 54,081.06 26,379.24 Assets-related
line
Technological transformation project of 540,962.04 Assets-related
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
automobile chassis lightweight
components
Technological transformation project of
1,000,000.02 Assets-related
NEVs front and rear axle assembly
Subsidies for land leveling 77,906.68 Assets-related
Technological transformation project of
Automobile High-Performance Shock
325,000.02 Assets-related
Absorbing System with an annual
capacity of 2,000,000 sets
Technological transformation project of
automotive NVH interior trim parts 144,454.98 Assets-related
system
Technological transformation project of
325,000.02 Assets-related
automotive lightweight components
Technological transformation project of
automotive lightweight components an 325,000.02 Assets-related
annual capacity of 3,000,000 sets
Technological transformation project of
automotive suspension chassis production
188,834.14 Assets-related
line with an annual capacity of 500,000
sets
NEV thermal management system digital
512,820.51 Assets-related
workshop
Technical transformation project of
high-performance automobile shock 40,649.51 Assets-related
absorption system
Technical transformation project of
497,600.01 Assets-related
Automotive Lightweight Steering System
Technical transformation project of
16,666.67 Assets-related
Automotive electronic front and rear axles
Technical transformation project of
automotive electronic shock absorbing 16,666.67 Assets-related
system
Technical transformation project of
16,666.67 Assets-related
automotive electronic steering knuckle
Stable employment subsidies 2,719,286.74 390,070.02 Income-related
Social security premium subsidies 897.00 Income-related
Power grants 150,000.00 1,066,871.59 Income-related
Capacity increase incentives 450,000.00 Income-related
Subsidies for “on-the-job training” 90,000.00 102,000.00 Income-related
R&D subsidies 105,502.00 Income-related
Special Fund for Ningbo Engineering
3,000,000.00 Income-related
Research Center
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Reward for attaining the output value
600,000.00 Income-related
target of Ningbo in 2021 Q4
Grants for Ningbo 2021 going global
92,300.00 Income-related
award
Talent recruitment subsidies 1,500.00 Income-related
Government incentives for additional
1,000,000.00 Income-related
issuance of shares for refinancing
Entrepreneurship and Employment Fee
42,000.00 Income-related
for Retired Soldiers
Beilun Policy Subsidy (interior and
43,100.00 Income-related
exterior, NEV projects)
Policy for retaining and optimizing
employees, maintaining stable growth and
75,068.80 Income-related
promoting investment in the service
industry
2022 government subsidies for scientific
and technological innovation granted by 353,000.00 Income-related
Wuyi Finance Bureau
Government subsidies for provincial
R&D center granted by Wuyi Finance 190,000.00 Income-related
Bureau
2022 policy incentive for supporting
enterprises in production and growth 50,000.00 Income-related
granted by Wuyi Finance Bureau
One-time subsidies for job retention and
training granted by Wuyi Social Security 122,500.00 Income-related
Bureau
Suining Anju District Industrial
253,700.00 Income-related
High-quality Development Award
Suining 2020 R&D Subsidies 21,800.00 Income-related
Hangzhou Bay New Area 2021 Economic
"Wind and Cloud List" Advanced Unit 500,000.00 Income-related
Award
Subsidies for attaining the output target of
1,000,000.00 Income-related
Hangzhou Bay New Area
2021 subsidies for key enterprises in
single champion manufacturing of 800,000.00 Income-related
Hangzhou Bay New Area
Linhai Industrial Enterprises Rewards for
200,000.00 Income-related
Stable and Expanded Capacity
Unit yield reward 200,000.00 Income-related
High-tech enterprise subsidies 100,000.00 Income-related
Government economic conference 50,000.00 Income-related
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incentives
Project construction funds of
50,000.00 Income-related
development zone administration board
Property tax refund 46,588.66 Income-related
Grants from Science and Technology
50,000.00 Income-related
Bureau
Total 24,261,834.13 11,183,175.51
68. Investment income
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Amount incurred in the Amount incurred in
Item
current period previous period
Long-term equity investment income 10,569,117.18 8,441,193.70
calculated by the equity method
Investment income from disposal of
long-term equity investments
Investment income of trading financial
assets during the holding period
Dividend income from other equity
instrument investments during the holding
period
Interest income from debt investment during
the holding period
Interest income from other debt investments
during the holding period
Investment income from disposal of trading
financial assets
Investment income from the disposal of
other equity instrument investments
Investment income from disposal of debt
investment
Investment income from the disposal of
other debt investments
Income from debt restructuring
Investment income from financial 4,771,387.95 4,324,874.65
management products
Total 15,340,505.13 12,766,068.35
69. Net exposure hedging income
□Applicable √Non-applicable
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70.Gains from changes in fair value
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Sources of income from changes in fair Amount incurred in the Amount incurred in previous
value current period period
Transactional financial assets -197,311.14 -2,613,733.23
Including: income from changes in fair
value generated by derivative financial
instruments
Transactional financial liabilities
Investment real estate measured at fair
value
Total -197,311.14 -2,613,733.23
71. Credit impairment loss
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Sources of income from changes in fair Amount incurred in the Amount incurred in previous
value current period period
Bad debt loss on accounts receivable -3,695,368.90 -1,338,732.94
Bad debt loss on accounts receivable 12,865,888.98 -23,131,411.91
Bad debt loss on other receivables -1,854,233.04 -1,131,324.02
Impairment loss of debt investment
Impairment loss of other debt
investment
Bad debt loss of long-term receivables
Impairment loss of contract assets
Total 7,316,287.04 -25,601,468.87
72. Asset impairment loss
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Amount incurred in the Amount incurred in previous
Item
current period period
1. Loss of bad debts
2. Loss of inventory falling price and -6,424,175.11 -9,508,691.87
loss of contract performance cost
impairment
3. Long-term equity investment
impairment losses
4. Impairment loss of investment real
estate
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5. Impairment loss of fixed assets
6. Impairment loss of construction
materials
7. Impairment loss of construction in
progress
8. Impairment loss of productive
biological assets
9. Impairment losses of oil and gas
assets
10. Intangible assets impairment loss
11. Goodwill impairment loss
12. Others
Total -6,424,175.11 -9,508,691.87
73. Income from disposal of assets
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Item Amount incurred in the current Amount incurred in previous
period period
Income from disposal of assets -544,422.83 -1,258,747.17
Total -544,422.83 -1,258,747.17
Other note:
□Applicable √Non-applicable
74. Non-operating income
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Amount included in
Amount incurred in Amount incurred in the current
Item
the current period previous period non-recurring profit
and loss
Total gains from disposal of
non-current assets
Including: gains from disposal of
fixed assets
Gains from disposal of
intangible assets
Gains from debt restructuring
Gains from non-monetary asset
exchange
Capital from donation
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Government grants 2,754,867.06
Compensation income 3,931,684.14
Other 482,097.90 118,319.40 482,097.90
Total 482,097.90 6,804,870.60 482,097.90
Government grants included in current profit and loss
□Applicable √Non-applicable
Other note:
□Applicable √Non-applicable
75.Non-operating expenses
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Amount included in
Amount incurred in Amount incurred in the current
Item
the current period previous period non-recurring profit
and loss
Total loss from disposal of 1,171,296.00 1,171,296.00
non-current assets
Including: Loss on disposal 1,171,296.00 1,171,296.00
of fixed assets
Loss on disposal of
intangible assets
Gains from debt restructuring
Loss from exchange of
non-monetary assets
External donation
Special funds for water 37,136.90
28,454.87
conservancy construction
Loss from debt restructuring 147,008.82 408,306.96 184,145.72
Others 1,355,441.72 436,761.83 1,355,441.72
76. Income tax expense
(1). Schedule of income tax expense
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Amount incurred in the current Amount incurred in previous
Item
period period
Income tax expense in the current
153,222,074.77 78,718,313.52
period
Deferred income tax expense -9,557,471.35 2,113,729.28
Total 143,664,603.42 80,832,042.80
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(2). Adjustment process of accounting profit and income tax expense
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Item Amount incurred in the current period
Total profits 860,282,537.06
Income tax expense calculated at the
129,042,380.56
statutory/applicable tax rate
Impact of different tax rates applied to
22,248,376.83
subsidiaries
Adjusted impact of income tax in prior periods
Impact of non-taxable income -1,585,367.58
Impact of non-deductible costs, expenses and
1,076,355.85
losses
Impact of using deductible losses of deferred
income tax assets that have not been recognized -22,360,432.30
in the previous period
Impact of deductible temporary differences or
deductible losses on unrecognized deferred 16,371,632.77
income tax assets in the current period
-1,128,342.71
Impact of income tax credit
Others
Income tax expense 143,664,603.42
Other Notes:
□Applicable √Non-applicable
77. Other Comprehensive Income
√Applicable □Non-applicable
More details are available in“Note VII. 57. Other comprehensive income”
78.Cash flow statement items
(1). Other cash received related to operating activities
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Item Amount incurred in the current Amount incurred in previous
period period
Receipt of temporary loans 4,673,237.33 -4,343,921.23
Interest income 9,832,744.02 16,268,492.45
Government grants 94,818,312.39 16,475,895.19
Income from compensation and fines 3,931,684.14
Others 482,097.90 118,319.40
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Total 109,806,391.64 32,450,469.95
(2). Other cash paid related to operating activities
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Item Amount incurred in the Amount incurred in previous
current period period
Payment of temporary loans
Business hospitality expense 14,643,539.83 13,082,948.89
Repair cost 22,515,716.25 6,035,707.07
R&D spending 139,616,879.62 100,200,346.00
Travel expense 4,941,558.79 1,499,822.30
Insurance premium 4,356,216.36 2,281,744.16
Office expense 5,112,257.02 2,620,048.32
Vehicle expense 3,822,693.46 2,836,107.94
Service charge 41,577,403.86 34,418,631.80
Intermediary fee 2,905,267.74 2,185,372.26
Packaging fee 851,529.53 96,467.24
Utility bill 2,334,057.77 1,674,698.17
Rent 1,321,608.80 927,544.88
Others 35,650,796.39 36,355,360.51
Total 279,649,525.42 204,214,799.54
(3). Other cash received related to investment activities
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Item Amount incurred in the current Amount incurred in previous
period period
Cash received from the acquisition of
Chongqing Antolin Tuopu 16,804,204.70
Total 16,804,204.70
Note to other cash received related to investing activities:
On 15 March 2022, the company signed the “Equity Transfer Agreement” with Antolin (China)
Investment Co., Ltd., the foreign shareholder of the joint venture subsidiary Chongqing Antolin Tuopu
Overhead System Co., Ltd., which sets out the company intends to acquire 61% shares of Chongqing
Antolin Tuopu it holds for a consideration of RMB 11,556,120.82 in cash. After this transfer, Chongqing
Antolin Tuopu became a wholly-owned subsidiary of the company and renamed to “Chongqing Tuopu
Auto Parts Co., Ltd.”. On the date of merger, the amount of the monetary funds in Chongqing Antolin
Tuopu's consolidated statement is RMB 28,360,325.52, and the shortall of RMB 16,804,204.70 from the
merger consideration is included in other cash received related to investment activities.
(4). Other cash paid related to investment activities
□Applicable √Non-applicable
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(5). Other cash received related to financing activities
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Item Amount incurred in the current Amount incurred in previous
period period
Cash received from finance leases 100,000.00
Total 100,000.00
(6). Other cash paid related to financing activities
Applicable □Non-applicable
Unit： Yuan Currency： RMB
Item Amount incurred in the current Amount incurred in previous
period period
Cash paid for lease liabilities 13,514,481.89
Repayment of borrowings to the
160,866,795.33
financial leasing company
Total 174,381,277.22
79. Additional information on cash flow statement
(1). Additional information on cash flow statement
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Amount in the current Amount in previous
Additional Information
period period
1. Reconciliation of net profit to cash flows from operational activities:
Net Profit 716,617,933.64 463,341,820.45
Add: provision for impairment of assets 6,424,175.11 9,508,691.87
Credit impairment provision -7,316,287.04 25,601,468.87
Depreciation of fixed assets, oil and gas assets,
330,700,796.93 243,243,181.58
productive biological assets
Depreciation of right-of-use assets 13,425,943.57
Amortization of Intangible Assets 14,513,366.81 12,405,545.82
Amortization of long-term prepaid expenses 38,867,848.79 22,951,301.82
Losses on disposal of fixed assets, intangible
assets and other long-term assets (income as in 544,422.83 1,258,747.17
“-”)
Losses on scrapping of fixed assets (income as in
1,171,296.00
“-”)
Losses on fair value changes (income as in “-”) 197,311.14 2,613,733.23
Financial expenses (income as in “-”) -4,607,525.66 7,745,204.27
Losses on investment (income as in “-”) -15,340,505.13 -12,766,068.35
Decrease on deferred income tax assets (increase -10,147,613.81 -6,049,708.92
200 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
as in “-”)
Increase on deferred income tax liabilities
392,976.10 5,809,657.58
(decrease as in “-”)
Decrease on inventories (increase as in “-”) -257,861,154.16 -114,599,125.33
Decrease on operational receivables (increase as
-39,042,187.52 -717,851,822.93
in “-”)
Increase on operational payables (decrease as in
330,573,647.75 802,122,250.83
“-”)
Others
Net cash flow generated by operating activities 1,119,114,445.35 745,334,877.96
2. Major investing and financing activities not involving cash receipts and payment:
Conversion of debt into capital
Convertible corporate bonds due within one year
Fixed assets under financing lease
3. Net changes in cash and cash equivalents:
Closing balance of cash 1,921,429,808.94 1,709,296,801.98
Less: opening balance of cash 935,672,390.98 674,866,422.08
Add: closing balance of cash equivalents
Less: opening balance of cash equivalents
Net additions to balance of equivalents 985,757,417.96 1,034,430,379.90
(2). Net cash receipts from disposal of subsidiaries in this period
□Applicable √Non-applicable
(3). Net cash received from disposal of subsidiaries in the current period
□Applicable √Non-applicable
(4). Composition of cash and cash equivalents
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Balance at the end of the Balance at the beginning
Item
period of the period
1. Cash 1,921,429,808.94 935,672,390.98
Including: cash on hand 15,582.26 9,367.02
Bank deposits that can be used for 1,921,414,226.68
935,663,023.96
payment at any time
Other currency funds that can be used
for payment at any time
Deposits in the central bank that can
be used for payment
Deposits in Other Financial
Institutions
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Call loans from Other Financial
Institutions
2. Cash equivalents
Including: bond investments due within
three months
3. Balance of cash and cash equivalents at 1,921,429,808.94 935,672,390.98
the end of the period
Including: cash and cash equivalents that
are restricted for us by the parent company
or subsidiary within the group
Other Notes:
√Applicable □Non-applicable
“Balance of cash and cash equivalents at the end of the period” as contained in the current cash
flow statement is RMB 465,160,011.50 less than the "monetary funds" at the end of the period as
contained in the consolidated balance sheet, because the deposit of RMB 465,160,011.50 for bills and
L/C is not treated as cash and cash equivalents.
80. Notes to items in the statement of changes in owners' equity
Give the name of the item “others” adjusting the balance at the end of previous year and the amount of
adjustment:
□Applicable √Non-applicable
81.Assets with restricted ownership or use rights
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Item Book value at the end of the Reason for restricted use
period
Monetary funds Bank Acceptance Draft
465,160,011.50
Deposit
Notes receivable 324,514,650.57 Pledge
Inventories
Fixed assets 1,710,732,078.33 Mortgage
Intangible assets 242,191,563.90 Mortgage
Receivables financing 961,091,430.61 Pledge
Total 3,703,689,734.91 /
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82. Foreign currency balance at the end of the period
(1). Foreign currency balance at the end of the period
√Applicable □Non-applicable
Unit： Yuan
Foreign currency Balance converted
Converted exchange
Item balance at the end of to RMB at the end of
rate
the period the period
Cash and bank balances - - 358,030,959.01
Including: USD 25,202,556.70 6.71 169,144,439.04
EUR 900,124.45 7.01 6,308,432.20
CAD 7,664,882.70 5.21 39,901,846.36
BRL 28,626,833.29 1.29 37,017,358.13
MYR 16,047,496.67 1.53 24,472,432.42
SEK 630,456.54 0.66 413,264.26
PLN 53,791,413.56 1.50 80,773,186.60
Accounts receivable - - 661,420,458.99
Including: USD 59,583,804.06 6.71 399,890,742.57
EUR 5,174,279.53 7.01 36,263,420.66
CAD 34,995,981.65 5.21 182,182,081.27
GBP 3,931.20 8.14 31,986.21
BRL 18,706,414.96 1.29 24,189,265.18
MYR 12,369,156.13 1.53 18,862,963.10
Other Receivables - - 11,663,183.71
Including: USD 1,700,575.50 6.71 11,413,242.41
SEK 381,298.70 0.66 249,941.30
Short-term loan 335,570,000.00
Including: USD 50,000,000.00 6.71 335,570,000.00
Accounts payable 139,005,589.14
Including: USD 11,031,225.06 6.71 74,034,963.87
CAD 7,653,200.34 5.21 39,841,030.33
BRL 6,581,508.27 1.29 8,510,548.34
MYR 1,340,543.63 1.53 2,044,329.04
SEK 580,319.84 0.66 380,399.66
PLN 9,452,795.62 1.50 14,194,317.90
Other Payables - - 1,590,261.33
Including: USD 10,826.39 6.71 72,660.23
MYR 822,743.43 1.53 1,254,683.73
SEK 401,094.39 0.66 262,917.37
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(2). Notes to overseas business entities, overseas business locations, functional currency and the
basis for selection in respect of important overseas business entities should be disclosed; if there is
a change in the functional currency, the reason for the change should be further disclosed.
√Applicable □Non-applicable
The Company has seven subsidiaries outside of China, i.e.: Tuopu North American USA
Limited,INC, currently operating in Canada and with Canadian dollars as the functional currency; Tuopu
North American USA Limited, INC, currently operating in the United States and with U.S. dollars as the
functional currency; Tuopu Brasil, currently operating in Brasil and with Brazilian Real as the functional
currency; Tuopu Sweden, currently operating in Sweden and with Swedish krona as the functional
currency; Tuopu International, currently operating in Hong Kong and with Hong Kong dollar as the
functional currency; TUOPU (MALAYSIA) SDN.BHD., currently operating in Malaysia and with
Ringgit as the functional currency; Tuopu USA, LLC,, currently operating in the United States and with
U.S. dollars as the functional currency; Tuopu Poland sp.z.o.o, currently operating in Poland and with
PLN as the functional currency.
83. Hedging
□Applicable √Non-applicable
84. Government subsidies
1. General information of government subsidies
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Amount
included into
Category Amount Presented Item
current profit
and loss
Machine substitution for human project with
an annual capacity of 700,000 sets of 4,720,000.00 Deferred income 235,999.98
damping products
Automobile composite fiber production
1,000,000.00 Deferred income 49,999.98
project
Tuopu Intelligent Mechatronics Industrial
27,000,000.00 Deferred income 692,857.14
Park Project
Production line transformation project of
high-performance vibration control system 4,409,904.00 Deferred income 275,619.00
for cars
Production and application technology
transformation project of lightweight 7,000,000.00 Deferred income 437,500.02
materials for vehicles
Technological Transformation Project of
Automobile High-Performance Vibration 8,250,992.00 Deferred income 445,630.56
control system
Technological Transformation Project of
7,794,112.00 Deferred income 407,733.24
Automobile Interior and Exterior Trim Parts
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Technological Transformation Project of
8,085,312.00 Deferred income 437,687.58
Automobile Lightweight Control Arms
Technological Transformation Project of
Automobile Lightweight Parts Production 8,443,472.00 Deferred income 457,628.16
Line
Technological Transformation Project of
Automobile High-Performance Vibration 1,723,800.00 Deferred income 86,190.00
control system
Technological transformation project of
6,125,420.00 Deferred income 292,368.15
lightweight auto parts
Digital workshop project with an annual
capacity of 120,000 sets of intelligent 4,041,000.00 Deferred income 202,644.84
braking systems
Auto parts production and industrial
90,000,000.00 Deferred income 1,128,583.62
automation projects
Technological transformation project for the
production line of automotive lightweight
10,000,000.00 Deferred income 500,000.10
alloy parts with an annual capacity of
300,000 sets
Technological Transformation Project of
Automobile High-Performance Vibration 5,713,900.00 Deferred income 286,603.80
control system
Shenyang Tuopu Auto Parts Base Project 2,000,000.00 Deferred income 291,666.66
Intelligent factory construction project with
an annual capacity of 2 million sets of 1,100,000.00 Deferred income 55,000.00
automotive Interior & Exterior System
Technological transformation project of car
roof, carpet assembly and other Interior &
1,650,000.00 Deferred income 82,500.00
Exterior System with an annual capacity of
1.6 million sets
Auto Parts Production Project of Liudong
1,510,000.00 Deferred income 42,139.54
New District
Automobile Fabric Production Line Project 4,104,000.00 Deferred income 266,516.39
Pinghu Tuopu Auto Parts Production Project 14,470,000.00 Deferred income 397,925.00
Production line project with an annual
1,110,000.00 Deferred income 43,399.14
capacity of 300,000 sets of related auto parts
Automobile chassis parts project with an
5,032,438.00 Deferred income 51,614.75
annual capacity of 500,000 sets
Tuopu Chassis Auto Parts Industry Base
8,000,000.00 Deferred income 246,329.24
Project
Auxiliary project outside the factory 7,000,011.00 Deferred income 196,082.50
Hunan Xiangtan Auto Parts Industry Base
9,900,279.00 Deferred income 216,489.15
Project
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Relocation project with an annual capacity
of 300,000 sets of automotive Interior & 965,300.00 Deferred income 55,296.90
Exterior System
Technological transformation project for the
production line of automobile front and rear 3,056,045.00 Deferred income 189,055.38
axle with an annual output of 200,000 sets
Technological transformation project of
AVS products & chassis production line 2,582,045.00 Deferred income 144,593.61
with annual capacity of 300,000 sets
Passenger vehicle chassis AVS products
project with an annual capacity of 500,000 2,539,990.00 Deferred income 163,026.48
sets
Technological transformation project of
automobile chassis lightweight production 1,000,500.00 Deferred income 54,081.06
line
Technological transformation project of
10,458,600.00 Deferred income 540,962.04
automobile chassis lightweight components
Technological transformation project of
20,000,000.00 Deferred income 1,000,000.02
NEVs front and rear axle assembly
Subsidies for land leveling 7,729,116.00 Deferred income 77,906.68
Technological transformation project of
Automobile High-Performance Shock
6,500,000.00 Deferred income 325,000.02
Absorbing System with an annual capacity
of 2,000,000 sets
Technological transformation project of
2,889,100.00 Deferred income 144,454.98
automotive NVH interior trim parts system
Technological transformation project of
6,500,000.00 Deferred income 325,000.02
automotive lightweight components
Technological transformation project of
automotive lightweight components an 6,500,000.00 Deferred income 325,000.02
annual capacity of 3,000,000 sets
Government subsidies for technological
5,188,000.00 Deferred income
transformation of the real economy in 2021
Technological transformation project of
automotive suspension chassis production 3,541,300.00 Deferred income 188,834.14
line with an annual capacity of 500,000 sets
NEV thermal management system digital
20,000,000.00 Deferred income 512,820.51
workshop
Technical transformation project of
high-performance automobile shock 4,186,900.00 Deferred income 40,649.51
absorption system
Technical transformation project of
19,904,000.00 Deferred income 497,600.01
Automotive Lightweight Steering System
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Technical transformation project of
2,000,000.00 Deferred income 16,666.67
Automotive electronic front and rear axles
Technical transformation project of
automotive electronic shock absorbing 2,000,000.00 Deferred income 16,666.67
system
Technical transformation project of
2,000,000.00 Deferred income 16,666.67
automotive electronic steering knuckle
Technical transformation project of
lightweight chassis system production line 4,386,700.00 Deferred income
with an annual capacity of 100,000 sets
Subsidies for Chongqing Chassis Auto Parts
20,000,000.00 Deferred income
Project
Stable employment subsidies 2,719,286.74 Other income 2,719,286.74
Power grants 150,000.00 Other income 150,000.00
Subsidies for “on-the-job training” 90,000.00 Other income 90,000.00
Special Fund for Ningbo Engineering
3,000,000.00 Other income 3,000,000.00
Research Center
Reward for attaining the output value target
600,000.00 Other income 600,000.00
of Ningbo in 2021 Q4
Grants for Ningbo 2021 going global award 92,300.00 Other income 92,300.00
Talent recruitment subsidies 1,500.00 Other income 1,500.00
Government incentives for additional
1,000,000.00 Other income 1,000,000.00
issuance of shares for refinancing
Entrepreneurship and Employment Fee for
42,000.00 Other income 42,000.00
Retired Soldiers
Beilun Policy Subsidy (interior and exterior,
43,100.00 Other income 43,100.00
NEV projects)
Policy for retaining and optimizing
employees, maintaining stable growth and 75,068.80 Other income 75,068.80
promoting investment in the service industry
2022 government subsidies for scientific and
technological innovation granted by Wuyi 353,000.00 Other income 353,000.00
Finance Bureau
Government subsidies for provincial R&D
190,000.00 Other income 190,000.00
center granted by Wuyi Finance Bureau
2022 policy incentive for supporting
enterprises in production and growth granted 50,000.00 Other income 50,000.00
by Wuyi Finance Bureau
One-time subsidies for job retention and
training granted by Wuyi Social Security 122,500.00 Other income 122,500.00
Bureau
Suining Anju District Industrial High-quality
100,000.00 Other income 100,000.00
Development Award
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Suining Anju District Industrial High-quality
103,700.00 Other income 103,700.00
Development Award
Suining Anju District Industrial High-quality
50,000.00 Other income 50,000.00
Development Award
Suining 2020 R&D Subsidies 21,800.00 Other income 21,800.00
Hangzhou Bay New Area 2021 Economic
"Wind and Cloud List" Advanced Unit 500,000.00 Other income 500,000.00
Award
Subsidies for attaining the output target of
1,000,000.00 Other income 1,000,000.00
Hangzhou Bay New Area
2021 subsidies for key enterprises in single
champion manufacturing of Hangzhou Bay 800,000.00 Other income 800,000.00
New Area
Linhai Industrial Enterprises Rewards for
200,000.00 Other income 200,000.00
Stable and Expanded Capacity
Unit yield reward 200,000.00 Other income 200,000.00
High-tech enterprise subsidies 100,000.00 Other income 100,000.00
Government economic conference incentives 50,000.00 Other income 50,000.00
Project construction funds of development
50,000.00 Other income 50,000.00
zone administration board
Property tax refund 46,588.66 Other income 46,588.66
Grants from Science and Technology Bureau 50,000.00 Other income 50,000.00
(2). Refund of government subsidies
□Applicable √Non-applicable
85. Others
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
VIII. Changes in the scope of consolidation
1. Business combination not under common control
√Applicable □Non-applicable
(1) Business combinations not under common control that occurred in the current period
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Income of the Net profit of the
Percentage
Date of Method of acquiree from the acquiree from the
Name of Cost of equity of equity Date of Basis for determination of
equity equity purchase date to purchase date to
acquiree acquisition acquisition purchase purchase date
acquisition acquisition the end of the the end of the
（%）
period period
Chongqing
Antolin
Tuopu
2022.3.30 11,556,120.82 61.00 Cash 2022.3.30 completed the equity transfer 16,368,327.32 -929,559.98
Overhead
System
Co., Ltd.
Other note:
On 15 March 2022, the company signed the “Equity Transfer Agreement” with Antolin (China) Investment Co., Ltd., the foreign shareholder of the joint
venture subsidiary Chongqing Antolin Tuopu Overhead System Co., Ltd., which sets out the company intends to acquire 61% shares of Chongqing Antolin Tuopu it
holds for a consideration of RMB 11,556,120.82 in cash. After this transfer was delivered in March 2022, Chongqing Antolin Tuopu became a wholly-owned
subsidiary of the company and renamed to “Chongqing Tuopu Auto Parts Co., Ltd.".
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(2). Combination costs and goodwill
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Combination cost Chongqing Tuopu
--Cash 11,556,120.82
--Fair value of non-cash assets
--Fair value of debts issued or assumed
--Fair value of equity securities issued
-- Fair value of contingent consideration
--Fair value of the equity held before the purchase
7,036,468.70
date on the purchase date
--Other
Total of combination cost 18,592,589.52
Less: fair value share of identifiable net assets
18,027,578.64
acquired
Amount of goodwill/combination cost less than the
565,010.88
fair value share of identifiable net assets obtained
(3). Identifiable assets and liabilities of the acquiree on the purchase date
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Chongqing Tuopu
Fair value on purchase date
Book value on purchase date
Assets: 56,056,830.97 56,056,830.97
Cash and bank 28,360,325.52 28,360,325.52
balances
Receivables 15,289,219.98 15,289,219.98
Inventory 8,333,452.29 8,333,452.29
Fixed Assets 3,239,088.31 3,239,088.31
Intangible 81,056.31 81,056.31
Assets
Projects under 546,212.13 546,212.13
Construction
Deferred 207,476.43 207,476.43
Income Tax
Assets
Liabilities: 38,029,252.33 38,029,252.33
Borrowings
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Accounts 38,029,252.33 38,029,252.33
payable
Deferred
Income Tax
Liabilities
Net assets 18,027,578.64 18,027,578.64
Less: minority
interests
Net assets 18,027,578.64 18,027,578.64
acquired
(4) Gains or losses arising from re-measurement of equity held before the date of purchase at fair
value
Whether there is a transaction in which the business combination is attained by stages through multiple
transactions and the control is obtained during the reporting period
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Gains or losses Determination Amount of other
Book value of Fair value of arising from method and main comprehensive
the equity the equity the assumptions of income related to
originally originally held remeasurement the fair value of the original
Name of
held before before the of the original the equity holding equity
acquiree
the purchase purchase date holdings at fair originally held transferred into
date on the on the value before before the investment
purchase date purchase date the purchase purchase date on income before the
date the purchase date purchase date
Chongqing 7,036,468.70 7,036,468.70
Tuopu
(5). Note to the unreasonable determination of the merger consideration or the fair value of the
identifiable assets and liabilities of the acquiree on the purchase date or at the end of the current
period of the merger
□Applicable √Non-applicable
(1). Other notes:
□Applicable √Non-applicable
2. Business combination under the same control
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
3. Reverse purchase
□Applicable √Non-applicable
4. Disposal of subsidiaries
Whether there is a situation where a single disposal of the investment in the subsidiary will immediately
lead to loss of control
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
5. Changes in the scope of consolidation due to other reasons
Notes to changes in the scope of consolidation due to other reasons (e.g.: incorporated new subsidiaries,
subsidiaries on liquidation) and relevant conditions:
√Applicable □Non-applicable
The company incorporated Tuopu Skateboard Chassis (Ningbo) Co., Ltd., Tuopu Photovoltaic
Technology (Taizhou) Co., Ltd., Tuopu Photovoltaic Technology (Jinhua) Co., Ltd., and the above
subsidiaries were incorporated as a part of consolidation from the date of incorporation.
6. Others
□Applicable √Non-applicable
IX. Equity in Other Entities
1. Equity in Subsidiaries
(1). Composition of the group
√Applicable □Non-applicable
Principal Percentage of
Name of Registered Nature of Method of
Business Shares (%)
Subsidiary Address Business Acquisition
Site Direct Indirect
Ningbo Ningbo Trading 100.00 Business
Tuopu Imp&Ex combination
p. under the same
control
Tuopu Parts Ningbo Ningbo Trading 100.00 Business
combination
under the same
control
Tuopu Acoustics Ningbo Ningbo Trading 100.00 Business
Vibration combination
under the same
control
Yantai Tuopu Yantai Yantai Manufacturing 100.00 Business
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
combination
under the same
control
Liuzhou Tuopu Liuzhou Liuzhou Manufacturing 100.00 Business
combination
under the same
control
Shenyang Tuopu Shenyang Shenyang Manufacturing 100.00 Establishment
Ushone Ningbo Ningbo Manufacturing 100.00 Establishment
Electronic
Chassis
Tuopu North Canada Canada Trading 51.00 Business
American combination not
under the same
control
Ningbo Qianhui Ninghai Ninghai Manufacturing 51.00 Business
combination not
under the same
control
Tuopu North USA USA Service 51.00 Establishment
American USA
Limited, INC
Sichuan Tuopu Lingshui Lingshui Manufacturing 100.00 Establishment
Wuhan Tuopu Wuhan Wuhan Manufacturing 100.00 Establishment
Pinghu Tuopu Jiaxing Jiaxing Manufacturing 100.00 Establishment
Shanghai Towin Shanghai Shanghai Manufacturing 100.00 Establishment
Tuopu Industrial Ningbo Ningbo Manufacturing 100.00 Establishment
Automation
Tuopu Investment Ningbo Ningbo Investment 100.00 Establishment
Yuxiang Ningbo Ningbo Service 100.00 Establishment
E-commerce
Tuopu Hong Kong Hong Investment 100.00 Establishment
International Kong
Baoji Tuopu Baoji Baoji Manufacturing 100.00 Establishment
Taizhou Tuopu Linhai Linhai Manufacturing 100.00 Establishment
Tuopu Ningbo Ningbo Manufacturing 100.00 Establishment
Mechatronic
System
Tuopu Brasil Brasil Brasil Manufacturing 99.96 0.04 Establishment
Tuopu Sweden Sweden Sweden R&D 100.00 Establishment
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Jinzhong Tuopu Jinzhong Jinzhong Manufacturing 100.00 Establishment
Shenzhen Towin Shenzhen Shenzhen Manufacturing 100.00 Establishment
Zhejiang Towin Jinhua Jinhua Manufacturing 100.00 Business
combination not
under the same
control
Sichuan Maigao Suining Suining Manufacturing 100.00 Business
combination not
under the same
control
Hunan Tuopu Xiangtan Xiangtan Manufacturing 100.00 Establishment
TUOPU Malaysia Malaysia Manufacturing 100.00 Establishment
(MALAYSIA)
SDN.BHD.
Tuopu USA, USA USA Trading 100.00 Establishment
LLC
Tuopu Chassis Ningbo Ningbo Manufacturing 100.00 Establishment
Tuopu Thermal Ningbo Ningbo Manufacturing 100.00 Establishment
Management
Huzhou Tuopu Huzhou Huzhou Manufacturing 100.00 Establishment
Xi’an Tuopu Xi’an Xi’an Manufacturing 100.00 Establishment
Shanghai Shanghai Shanghai Manufacturing 100.00 Establishment
Tuopuyu
Tuopu Poland Poland Poland Manufacturing 100.00 Establishment
Tuopu Photovoltaic Ningbo Ningbo Manufacturing 100.00 Establishment
（Ningbo
Beilun）
Tuopu Photovoltaic Ningbo Ningbo Manufacturing 100.00 Establishment
（Ningbo
Hangzhou Bay）
Tuopu Photovoltaic Jiaxing Jiaxing Manufacturing 100.00 Establishment
（Pinghu）
Ushone Smart Ningbo Ningbo Manufacturing 100.00 Establishment
Mobility
Chongqing Chongqing Chongqing Manufacturing 100.00 Establishment
Chassis
Tuopu Ningbo Ningbo Manufacturing 100.00 Establishment
Skateboard
Chassis
Chongqing Tuopu Chongqing Chongqing Manufacturing 100.00 Business
combination not
under the same
214 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
control
Hangzhou Tuopu Hangzhou Hangzhou Manufacturing 100.00 Business
combination not
under the same
control
Tuopu Taizhou Taizhou Manufacturing 100.00 Establishment
Photovoltaic
Technology
(Taizhou)
Tuopu Jinhua Jinhua Manufacturing 100.00 Establishment
Photovoltaic
Technology
(Taizhou)
(2). Important non-wholly owned subsidiaries
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Profit and loss Balance of
Percentage of Dividends
attributable to minority
Name of shares held by declared to minority
minority shareholders'
Subsidiary minority shareholders in the
shareholders in the equity at the end
shareholders current period
current period of the period
Tuopu North 49.00% 9,659,335.31 7,801,110.43
American USA
Limited, INC
Notes to the percentage of shares held by minority shareholder that is different from the percentage of
voting rights:
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(3). Main financial information of important non-wholly-owned subsidiaries
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Name
of Total Current Total
Current Non-current Total Current Non-curre Current Non-current Total Non-curre
subsidia Liabiliti liabilitie Liabiliti
assets assets assets liabilities nt assets assets assets nt
ry es s es
liabilities liabilities
Tuopu
North
America 59,580,302.4 46,466,172. 35,231,400.2 41,841,573.1 45,633,868. 45,633,868.
3,848,103.86 63,428,406.30 46,466,172.31 6,610,172.92
n USA 4 31 1 3 81 81
Limited,
INC
Amount incurred in the current period Amount incurred in previous period
Cash flow Cash flow
Total Total
Name of Subsidiary Operating from Operating from
Net profit comprehensive Net profit comprehensive
income operating income operating
income income
activities activities
Tuopu North 531,336,262.44 19,712,929.21 19,712,929.21 11,210,569.17 280,412,603.97 6,346,672.32 6,346,672.32 11,115,861.92
American USA
Limited, INC
216 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(4). Significant restrictions on the use of group assets and the settlement of group debts
□Applicable √Non-applicable
(5). Financial support or other support provided to structured entities included in the scope of consolidated financial statements
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
2. Transactions leading to a change in the share of owner's equity in the subsidiary and the
control over the subsidiary remains
□Applicable √Non-applicable
3. Rights and interests in joint ventures or associates
□Applicable √Non-applicable
(1). Important joint ventures or associates
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Percentage of Shares Held Accounting
Name of
(%) treatment of
joint Principal Business
Registered investment in
venture or Business Nature
Address Direct Indirect joint ventures
associate Site
or associate
Tuopu Ningbo Ningbo 50.00 Equity
Electrical Manufacturing method
Appliances
Ningbo Ningbo Ningbo 50.00 Equity
Borgers Manufacturing method
(2). Main financial information of important joint ventures
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the beginning of the
Balance at the end of the period/Amount incurred
period/Amount incurred in
in the current period
previous period
Tuopu Ningbo Borgers Tuopu Ningbo
Electrical Electrical Borgers
Appliances Appliances
Current
111,062,616.55 162,280,091.61 115,959,930.24 174,115,922.71
assets
Including:
cash and cash 17,860,392.82 28,628,576.80 17,964,903.52 30,668,327.53
equivalents
Non-current
37,180,022.33 38,960,794.65 37,425,815.26 36,105,633.27
assets
Total assets 148,242,638.88 201,240,886.26 153,385,745.50 210,221,555.98
Current 40,233,197.33 57,449,191.34
53,851,583.03 63,722,353.69
liabilities
Non-current
liabilities
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Total 40,233,197.33 57,449,191.34
53,851,583.03 63,722,353.69
liabilities
Minority
shareholders'
equity
Equity
attributable to
shareholders 108,009,441.55 143,791,694.92 99,534,162.47 146,499,202.29
of the parent
company
Share of net
assets
calculated at 54,004,720.78 71,895,847.46 49,767,081.24 73,249,601.15
the percentage
of shares held
Adjusted
-119,632.47 -807,613.93
events
--Goodwill
--Unrealized
profits from
-247,422.09 -1,642,722.14 -119,632.47 -807,613.93
internal
transactions
-
-Others
Book value
of equity
53,757,298.69 70,253,125.32 49,647,448.77 72,441,987.22
investment in
joint ventures
Fair value of
equity
investment in
joint ventures
with public
offers
Operating 71,509,318.19 185,096,067.90
63,242,426.20 204,377,100.32
income
Financial -17,838.98 -412,470.61
81,910.01 -445,129.03
expenses
Income tax 1,450,535.27 3,347,782.12 1,043,421.81 2,160,269.23
219 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
expense
Net profit 8,219,699.83 13,622,276.19 5,912,723.66 11,533,242.64
Net profit
from
discontinued
operations
Other
comprehensive
income
Total 8,219,699.83 13,622,276.19
comprehensive 5,912,723.66 11,533,242.64
income
Dividends
received from
9,000,000.00
joint ventures
in this year
(3). Main financial information of important associates
□Applicable √Non-applicable
(5). Notes to significant restrictions on the ability of joint ventures or associates to transfer funds
to the Company
□Applicable √Non-applicable
(6). Excess losses suffered by joint ventures or associates
□Applicable √Non-applicable
(7). Unconfirmed commitments related to joint venture investment
□Applicable √Non-applicable
(8). Contingent liabilities related to investment in joint ventures or associates
□Applicable √Non-applicable
4. Important joint operations
□Applicable √Non-applicable
5. Equity in structured entities not included in the scope of consolidated financial statements
Notes to structured entities not included in the scope of the consolidated financial statements:
□Applicable √Non-applicable
6. Others
□Applicable √Non-applicable
X. Risks related to financial instruments
√Applicable □Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
The Company faces various financial risks in the course of its operations: credit risk, liquidity risk
and market risk (including exchange rate risk, interest rate risk and other price risks). The said financial
risks and the risk management policies adopted by the Company to reduce these risks are described
below:
The Board of Directors is responsible for planning and establishing the risk management structure
applicable to the Company, laying down the risk management policies and guidelines, and supervising
the implementation of risk management measures. The Company has laid down some risk management
policies to identify and analyze the risks exposed to it. These risk management policies clearly identify
specific risks, ranging from market risk, credit risk to liquidity risk management. The Company assesses
the market environment and changes in its business activities at regular intervals in order to decide
whether to update the risk management policy and system or not. Its risk management is carried out by
the Risk Management Committee in accordance with the policies approved by the Board of Directors.
Risk Management Committee will identify, evaluate and avoid related risks by maintaining a close
cooperation with other business units within the Company. The internal audit division conducts regular
audits on risk management control and procedures, and reports the audit results to the Auditing
Committee of the Company.
The Company carries out the diversification of risks in financial instruments through appropriate
diversified investment and business portfolios, and prepares appropriate risk management policies to
reduce the risk concentrated in a single industry, specific region or specific counterparty.
(1) Credit risk
Credit risk refers to the risk of the company's financial losses due to the failure of the counterparty
to perform its contractual obligations.
The credit risk exposed to the Company mainly arises from monetary funds, notes receivable,
accounts receivable, accounts receivable financing, other receivables, as well as those debt instrument
investments and derivative financial assets that are not included in the scope of impairment assessment
and are measured at fair value and whose changes are included in the current profit and loss. On the
balance sheet date, the book value of the Company's financial assets has represented its maximum credit
risk exposure.
The monetary funds owned by the Company are mainly bank deposits deposited in well-reputated
state-owned banks with high credit ratings and other large and medium-sized listed banks. In the opinion
of the Company, there is no significant credit risk, and there will be almost no critical loss caused by
bank defaults.
The Company lays down relevant policies to control credit risk exposure in respect of notes
receivable, accounts receivable, financing receivables and other receivables. The Company assesses the
credit profile of each customer and defines the credit term based on its financial standing, the possibility
of obtaining guarantees from a third party, credit record and other factors such as current market
condition. The Company will monitor the credit record of each customer at regular intervals. For those
found with poor credit record, the Company will maintain its overall credit risk to the extent controllable
by written demand, shortening or cancellation of credit term.
(2) Liquidity risk
Liquidity risk refers to the risk of a shortage of funds when an enterprise fulfills its obligation of
settlement by cash or other financial assets.
The Company's policy is to ensure that there is sufficient cash to repay the liabilities due. The
liquidity risk is under the concentrated control of the Company's Financial Department. Through
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
monitoring the balance of cash and securities cashable at any time and rolling forecasting the cash flow
in the next 12 months, the Financial Department ensures that the Company has sufficient funds to repay
its debts under all reasonable predictions. And it will continue to monitor whether the Company
complies with the provisions of the borrowing agreement and obtains commitments from major financial
institutions to provide sufficient reserve funds to meet its funding needs, whether short term or long
term.
(3) Market risk
The market risk of financial instruments refers to the risk of fluctuation at fair value of financial
instruments or future cash flows with the change of market prices, including exchange rate risk, interest
rate risk and other price risks.
1. Interest rate risk
The interest rate risk refers to the risk in which the fair value or future cash flow of financial
instruments changes due to the change of market interest rate.
Interest-bearing financial instruments applicable to fixed interest rates and floating interest rates
bring the Company up to fair value interest rate risk and cash flow interest rate risk respectively. The
Company ascertains the ratio of fixed interest rates to floating interest rate instruments based on the
market environment, and maintains an appropriate portfolio of fixed and floating interest rate
instruments at regular intervals. If necessary, the Company will adopt interest rate swap instruments to
hedge interest rate risk.
On June 30, 2022, if other variables remain the same, the borrowing interest rate calculated by
floating interest rate rises or falls by 100 base points, the Company's net profit will decrease or increase
by RMB 17,882,606.95. In the opinion of the management,100 base points can reasonably reflect the
reasonable range of possible changes in interest rates in the next year.
2. Exchange rate risk
Exchange rate risk refers to the risk that the fair value of financial instruments or future cash flows
will fluctuate due to changes in foreign exchange rates.
The Company will try its best to match the revenues with the expenses in foreign currency, to
lower the exchange rate risk. In addition, the Company may also sign forward foreign exchange
contracts or currency swap contracts to avoid exchange rate risks. In the current period and the previous
period, the company did not sign any forward foreign exchange contracts or currency swap contracts.
The exchange rate risk faced with by the Company is mainly from financial assets and liabilities in
USD. The amounts of assets and liabilities in foreign currencies and converted into RMB are presented
as below:
Balance at the end of the period Balance at the beginning of the year
Item Other Total
Other foreign
US dollars Total US dollars foreign
currencies
currencies
Cash and bank 169,144,439.04 188,886,519.97 358,030,959.01 87,084,790.13 126,342,546.08 213,427,336.21
balances
Accounts 399,890,742.57 261,529,716.42 661,420,458.99 514,439,362.50 177,466,695.52 691,906,058.02
receivable
Other 11,413,242.41 249,941.30 11,663,183.71 65,961.97 396,298.95 462,260.92
Receivables
Short-term 335,570,000.00 335,570,000.00 313,684,440.00 313,684,440.00
borrowings
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Accounts 74,034,963.87 64,970,625.27 139,005,589.14 322,020,826.25 55,982,031.64 378,002,857.89
payable
Other Payables 72,660.23 1,517,601.10 1,590,261.33 5,457.03 1,531,828.57 1,537,285.60
Total 990,126,048.12 517,154,404.06 1,507,280,452.18 1,237,300,837.88 361,719,400.76 1,599,020,238.64
On June 30, 2022, if all other variables remain the same, if the exchange rate of RMB against any
of foreign currencies (principally USD, Euro, CAD, BRL, MYR, SEK, PLN) appreciates or depreciates
by 5%, the Company will Increase or decrease the net profit by RMB 27,747,437.56. In the opinion of
the management, 5% can reasonably reflect the reasonable range of possible changes in the exchange
rate of RMB against USD in the next year.
Other price risk refers to the risk that the fair value or future cash flow of financial instruments
will fluctuate due to changes in market prices other than exchange rate risk and interest rate risk.
Other price risks exposed to the Company mainly arise from investments in various equity
instruments, and there is a risk of changes in the price of equity instruments.
XI. Disclosure of Fair Values
1. Fair values of the assets and liabilities at the end of the period
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Fair value at the end of the period
Fair value Fair value Fair value
Item
measurement at measurement at the measurement at the Total
the first-level second-level third-level
I. Constant
measurement at fair
value
(I) Trading Financial 41,310,535.72 41,310,535.72
Assets
1. Financial assets at
fair value through profit 41,310,535.72 41,310,535.72
or loss in this period
(1) Investment in debt
instruments
(2) Investment in
equity instrument
3)Derivative Financial
Assets
2. Designated financial
assets that are measured
at fair value and whose
changes are included in
the current profit and
loss
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(1) Investment in debt
instruments
(2) Investment in
equity instrument
(II) Investment in Other
Creditor's Rights
(III) Investment in
Other Equity
Instruments
(IV) Investment
Property
1. Land use rights for
lease
2. Rented buildings
3. Land use rights held
and prepared to transfer
after appreciation
(V) Biological assets
1. Consumable
biological assets
2. Productive
Biological Assets
(VI) Receivables 1,253,789,934.33 1,253,789,934.33
Financing
Total assets
constantly measured at 41,310,535.72 1,253,789,934.33 1,295,100,470.05
fair value
(VIII) Transactional
financial liabilities
1. Financial liabilities
that are measured at fair
value and whose
changes are included in
the current profit and
loss
Including: issued
trading bonds
Derivative
Financial Liabilities
Others
2. Designated Financial
Liabilities Measured in
Fair Value with Changes
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Recorded into Current
Profit and Loss
Total amount of
liabilities constantly
measured at their fair
values
II. Non-continuous
fair value
measurement
(1) Holding-for-sale
assets
Total assets that are
not continuously
measured at fair value
Total liabilities not
continuously measured
at fair value
2. Determination basis for the market price of continuous and non-continuous first-level fair
value measurement projects
□Applicable √Non-applicable
3. Qualitative and quantitative information on the valuation techniques used and important
parameters for continuous and non-continuous second-level fair value measurement items
□Applicable √Non-applicable
4. Continuous and non-sustainable third-level fair value measurement projects, qualitative and
quantitative information on valuation techniques and important parameters used
□Applicable √Non-applicable
5. Continuous third-level fair value measurement items, adjustment information between the
book value at the beginning of the period and that at the end of the period and sensitivity analysis
of unobservable parameters
□Applicable √Non-applicable
6. Continuous fair value measurement items, if there is a conversion between levels occurred in
the current period, the reasons for the conversion and the policies for determining the time point
of the conversion
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
7. Changes in valuation technique in the current period and reasons for the changes
□Applicable √Non-applicable
8. The fair value of financial assets and financial liabilities not measured at fair value
□Applicable √Non-applicable
9. Others
□Applicable √Non-applicable
XII. Related Parties and Related-party Transactions
1. The parent company
√Applicable □Non-applicable
Unit： Yuan Currency： HKD
Percentage
Percentage
of the
of the
Company’s
Nature of Registered Company’s
Name of parent company Registered voting rights
business capital shares held by
address held by the
the parent
parent
company
company
MECCA 1,000,000.00 62.94 62.94
INTERNATIONAL Hong
HOLDING （HK） Kong Investment
LIMITED
The ultimate controlling party of the Company is Wu Jianshu.
2. Subsidiaries of the Company
More details of the subsidiaries of the Company are available in the notes.
√Applicable □Non-applicable
More details of the subsidiaries of the Company are available in “Note IX. Equity in Other
Entities”.
3. Joint ventures and associates of the Company
More details of the subsidiaries of the Company are available in the note.
√Applicable □Non-applicable
More details of important joint ventures or associates of the Company are available in “Note IX..
Equity in Other Entities”.
The situation of other joint ventures or associates that have related party transactions with the company
during the current period or the balance of the related party transactions with the Company in the
previous period is listed as follows.
√Applicable □Non-applicable
Name of Joint Ventures or Associates Relationship with the Company
Tuopu Electrical Appliances Joint venture of the Company
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Ningbo Borgers Joint venture of the Company
Other Notes
√Applicable □Non-applicable
4. Other Related Parties
√Applicable □Non-applicable
Name of Other Related Party Relationship between Other Related
Party and the Company
Ninghai Jinsuoer Auto Parts Factory (hereinafter referred to A company controlled by the niece of
as "Ninghai Jinsuoer") the actual controller of the Company
Ninghai Saipu Rubber and Plastic Parts Factory (hereinafter A company controlled by the niece of
referred to as "Ninghai Saipu") the actual controller of the Company
A company controlled by the young
Ninghai Jinxin Packaging Co., Ltd. (hereinafter referred to as
sister of the actual controller of the
"Ninghai Jinxin")
Company
An officer’s brother-in-law holds 40%
Ninghai Zhonghao Plastic Products Co., Ltd. (hereinafter
of the shares and serves as an executive
referred to as "Ninghai Zhonghao")
director of the company
A company controlled by the elder
Ninghai Xidian Qingqing Plastic Factory (hereinafter
sister and brother-in-law of the officer
referred to as "Ninghai Qingqing")
of the Company
A company controlled by the niece’s
Ningbo Hongke Auto Parts Co., Ltd. (hereinafter referred to
husband of the actual controller of the
as "Ningbo Hongke")
Company
Ningbo Gloyel Intelligent Technology Co. Ltd. (hereinafter Other company controlled by the
referred to as "Gloyel Intelligent”) actual controller of the Company
Ningbo Gloyel Motor Technology Co., Ltd. (hereinafter Other company controlled by the
referred to as "Ningbo Gloyel”) actual controller of the Company
5. Related party transactions
(1). Related-party transactions of purchase and sale of goods, rendering and acceptance of labor
services
List of purchase of goods/acceptance of labor services
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Related-party Amount incurred in the Amount incurred in
Related party
transaction current period previous period
Tuopu Electrical Material 262,293.55 793,100.56
Appliances
Ningbo Borgers Material 5,159,310.50
Ninghai Jinsuoer Material 2,957,242.90 6,563,661.02
Ninghai Saipu Material 1,427,451.92 1,424,042.76
Ninghai Jinxin Material 6,405,157.14 6,908,172.56
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Ninghai Zhonghao Material 10,071,845.25 7,989,179.29
Ninghai Qingqing Material 2,184,474.56 2,946,705.13
Ningbo Hongke Material 54,547,212.19 40,937,837.26
Gloyel Intelligent Equipment 26,417,522.12 5,175,221.23
Gloyel Motor Material 14,014,490.00 13,211,110.14
Total 91,957,778.13 91,108,340.45
List of sale of goods/rendering of labor services
□Applicable √Non-applicable
Unit： Yuan Currency： RMB
Content of related Amount incurred in the Amount incurred in
Related party
transaction current period previous period
Tuopu Electrical 3,982,471.60
Appliances Goods, labor services, 2,992,049.59
et al.
Ningbo Borgers Goods, labor services, 57,294,993.02
38,475,609.13
et al.
Total 41,467,658.72 61,277,464.62
Notes to related-party transactions in the purchase and sale of goods, rendering and acceptance of labor
services
□Applicable √Non-applicable
(2). Related trusteeship management/contracting and entrusted management/outsourcing
List of trusteeship management/contracting of the Company:
□Applicable √Non-applicable
Related trusteeship/contracting
□Applicable √Non-applicable
List of entrusted management/outsourcing
□Applicable √Non-applicable
Related management/outsourcing
□Applicable √Non-applicable
(3). Related leases
The Company as landlord:
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Rental income recognized Rental income recognized in
Name of tenant Kind of lease assets
in the current period previous period
Ningbo Borgers Houses and 309,633.03
309,633.03
structures
Gloyel Motor Houses and 99,082.57
99,082.57
structures
Total 408,715.60 408,715.60
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
The Company as tenant:
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Rental charges for
Variable lease
short-term leases
payments not
and leases of
included in the Interest expense on lease
low-value assets Rent paid Added right-of-use assets
measurement of liability assumed
for simplified
the lease liability
Name of Kind of lease processing (if
(if applicable)
tenant assets applicable)
Amount Amount Amount Amount Amount
Amount Amount Amount Amount
incurred incurred incurred incurred Amount incurred
incurred in incurred in incurred in incurred in
in the in in the in incurred in the in the
previous the current previous previous
current previous current previous current period current
period period period period
period period period period period
Gloyel Houses and
3,411,144.00 3,411,144.00 277,385.03 406,716.75 8,562,457.91
Electrical structures
Affiliated leases
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(4). Related guarantees
The Company as guarantor
√Applicable □Non-applicable
Unit：in 10,000 Yuan Currency：RMB
Whether the
guarantee
Guaranteed party Guaranteed amount From Until
has been
fulfilled
Tuopu Poland More details are More details are
5,417.44 NO
available in Note 1 available in Note 1
Tuopu Photovoltaic(Hangzhou
6,000.00 2021-12-9 2033-12-9 NO
Bay)
The Company as guaranteed party
√Applicable □Non-applicable
Unit：in 10,000 Yuan Currency：RMB
Guaranteed Whether the guarantee
Guarantor From Until
amount has been fulfilled
Tuopu 44,000.00 2022-6-15 2024-6-14 NO
Automotive
Electronics
Notes to related guarantees
√Applicable □Non-applicable
Note 1: For smooth conduct of business operations in Europe, Tuopu Poland sp.z.o.o, ("Tuopu
Poland") is a wholly-owned subsidiary established by Tuopu Group in Poland in March 2021. It leases
7R PROJEKT 35 Sp. z.o.o ("7R Project Company"), customized industrial plants in Poland (including
office areas, production areas and warehouses). According to business practice and actual needs, the
Company provided performance bond for the said lease agreement, and authorized the chairman or
authorized representative to sign the relevant guarantee. The total liability of the letter of guarantee must
not exceed 7 million euros (about RMB 54.1744 million), and the maturity period covers the entire term
of the said lease agreement and five months after its expiration or termination, but no later than August 1,
2029.
The above guarantees were considered and approved at the fifth session of the Fourth Board of
Directors.
Note 2: On 9 December 2021, Tuopu Photovoltaic Technology (Hangzhou Bay) signed a RMB
capital loan contract (NO.: 3302202101100001111) with China Development Bank Ningbo Branch,
with a loan amount of RMB 60 million. The term of such loan is from December 9, 2021 to December 9,
2033. The company provided guarantee for Tuopu Photovoltaic Technology under the mortgage of
houses and buildings. As of December 31, 2021, the balance of the long-term loan under the contract is
230 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
RMB 10,000,000, the original value of the property used for mortgage is RMB 45,324,720.72, and the
net value is RMB 38,989,563.42; the original value of the land used for mortgage is RMB 13,070,562.81,
and the net value is RMB 10,107,902.01.
Note 3: On 15 June 2022, the company signed a RMB capital loan contract (Contract Number:
3302202201100001187) with the China Development Bank Ningbo Branch, with a loan amount of
RMB 440,000,000. The term of the loan is effective from 15 June 2022 and ends on 14 June 2024.
Tuopu Automotive Electronics provides a guarantee in the form of houses and buildings for the
company. As of 30 June 2022, the outstanding balance of the long-term loan under the contract is RMB
210,000,000, the original value and net value of the property guaranteed under mortgage is
518,372,966.46 and 453,425,946.58 respectively; the original value and net value of the land guaranteed
under mortgage is RMB 87,128,775.00 and 78,078,261.21 respectively.
(5). Borrowed funds from related parties
□Applicable √Non-applicable
(6). Asset transfer and debt restructuring of related parties
√Applicable □Non-applicable
(7). Remuneration of key management members
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Amount incurred in the current Amount incurred in
Item
period previous period
Remuneration from key 3,202,550.10 2,707,471.80
management members
(8). Other related-party transactions
□Applicable √Non-applicable
6. Accounts receivable and payable of related parties
(1). Items of receivable
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the beginning of
Balance at the end of the period
Related the period
Item
party Book Bad debt
Bad debt provision
balance Book balance provision
Accounts Ningbo 11,361,629.92 568,081.50 18,944,379.66 947,218.98
receivable Borgers
Tuopu 2,375,097.28 118,754.86 2,990,343.13 149,517.16
Accounts
Electrical
receivable
Appliances
Other Gloyel 35,881,575.00 25,273,020.00
non-current Intelligent
assets
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(2). Items of payable
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Related party Book balance at the end Book balance at the
of the period beginning of the period
Accounts payable Ningbo Borgers 56,961.75 107,350.32
Accounts payable Ninghai Jinsuoer 2,179,344.67 3,378,282.14
Accounts payable Ninghai Saipu 1,619,119.04 1,062,872.50
Accounts payable Ninghai Jinxin 4,633,858.96 6,085,792.76
Tuopu Electrical 577,355.12 779,489.56
Accounts payable
Appliances
Accounts payable Ninghai Zhonghao 9,108,741.42 7,440,703.72
Accounts payable Ninghai Qingqing 2,039,336.56 2,192,180.40
Accounts payable Ningbo Hongke 51,122,549.27 40,588,197.56
Accounts payable Gloyel Motor 4,606,530.00 7,391,444.20
Accounts payable Gloyel Intelligent 87,610.62 1,009,518.20
Accounts payable Gloyel Electrical 106.64 106.64
7. Related-party commitments
□Applicable √Non-applicable
8. Others
□Applicable √Non-applicable
XIII. Share-based payment
1. General situation of share-based payment
□Applicable √Non-applicable
2. Particulars of equity-settled share-based payment
□Applicable √Non-applicable
3. Particulars of cash-settled share-based payment
□Applicable √Non-applicable
4. Modification and termination of share-based payment
□Applicable √Non-applicable
5. Others
□Applicable √Non-applicable
XIV. Commitments and Contingencies
1. Important commitments
√Applicable □Non-applicable
Important external commitments, nature, and amount on the balance sheet date
232 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(1) On June 17, 2022, the Company signed a loan contract with the Export-Import Bank of China
Ningbo Branch, with the granted credit line at RMB 400 million, under the loan contract number (2022)
Jin Chu Yin (Yong Xin He) No. 1-056, the length of maturity of short-term loans is up to 24 months, the
revolving use of credit loans is allowed, with the length of each sum up to 12 months. The form of
guarantee is setting houses and structures on mortgage, under the guarantee contract number (2022) Jin
Chu Yin (Yong Zui Xin Di) No. 1-001. As of June 30, 2022, the short-term loan balance under the
contrtact is RMB 400 million, the original value and net value of properties on mortgage is RMB
118,839,780.32 and RMB 39,240,854.86 respectvely; the original value and net value of land on
mortgage is RMB 10,659,462.00 and RMB 6,486,159.42 respectvely.
(2) On December 17, 2021, the Company signed a loan contract with the Export-Import Bank of
China Ningbo Branch, with the granted credit line at RMB 300 million, under the loan contract number
(2021) Jin Chu Yin (Yong Xin He) No. 1-113, the length of maturity of short-term loans is up to 24
months, the revolving use of credit loans is allowed, with the length of each sum up to 12 months. The
form of guarantee is setting houses and structures on mortgage, under the guarantee contract number
(2021) Jin Chu Yin (Yong Zui Xin Di) No. 1-018. As of June 30, 2022, the short-term loan balance
under the contrtact is RMB 300 million, the original value and net value of properties on mortgage is
RMB 557,705,718.41 and RMB 485,637,361.18 respectvely; the original value and net value of land on
mortgage is RMB 92,039,214.40 and RMB 80,687,711.31 respectvely.
(3) On December 27, 2021, the Company signed a loan contract with the Export-Import Bank of
China Ningbo Branch, with the granted credit line at RMB 300 million, under the loan contract number
(2021) Jin Chu Yin (Yong Xin He) No. 1-117, the length of maturity of short-term loans is up to 24
months, the revolving use of credit loans is allowed, with the length of each sum up to 12 months. The
form of guarantee is setting houses and structures on mortgage, under the guarantee contract number
(2021) Jin Chu Yin (Yong Zui Xin Di) No. 1-018. As of June 30, 2022, the short-term loan balance
under the contrtact is RMB 300 million, the original value and net value of properties on mortgage is
RMB 557,705,718.41 and RMB 485,637,361.18 respectvely; the original value and net value of land on
mortgage is RMB 92,039,214.40 and RMB 80,687,711.31 respectvely.
(4) On April 18, 2016, the Company signed the state-owned construction land use rights
assignment contract No. 3302062016A21006 with Ningbo Bureau of Land and Resources, and signed
the industrial land invesmtnet agreement with Administration Committee of Ningbo Economic &
Technological Development Zone (NETD). Under the said industrial land invesmtnet agreement, if the
Company fails to pay taxes at RMB 20.00/mu in any year within the period from October 31, 2019 to
October 31, 2022, it must pay RMB 5 million as penalty to Ningbo Economic & Technological
Development Zone (NETD).
On July 21, 2016, the Company signed the "Irrevocable Bank Guarantee" at the maximum sum of
RMB 5 million with Bank of China Ningbo Branch in the beneficiary of Administration Committee of
Ningbo Economic & Technological Development Zone (NETD), under the bank guarantee number
GC1901316000107, with the term of bank guarantee effective from 1 May 2022 to 30 April 2023. The
bank guarantee specifies that the Company must pay a penalty up to RMB 5 million to Administration
Committee of Ningbo Economic & Technological Development Zone (NETD), upon the time in which
233 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
the Bank of China Ningbo Branch receives the original written notice of notice in printed form and the
proof of default from Administration Committee of Ningbo Economic & Technological Development
Zone (NETD).
(5) Tuopu Parts signed the note pool cooperation agreement 33100000 Zhe Shang Piao Chi Zi
2017 No.01470, the asset pool cooperation agreement 33100000 Zhe Shang Zi Chan Chi Zi 2017
No.01470, and the asset pool pledge guarantee contract 33100000 Zhe Shang Zi Chan Chi Zi 2017
No.01471 with China Zheshang Bank Beilun Branch. As of June 30, 2022, there were bank acceptance
notes in a sum of RMB 572,352,308.43under pledge and accordingly, the notes payable in a sum of
RMB 579,702,693.94 were issued.
(6) Tuopu Acoustics Vibration signed the note pool cooperation agreement 33100000 Zhe Shang
Piao Chi Zi 2017 No.01472, the asset pool cooperation agreement 33100000 Zhe Shang Zi Chan Chi Zi
2017 No.01472, and the asset pool pledge guarantee contract 33100000 Zhe Shang Zi Chan Chi Zi 2017
No.01473 with China Zheshang Bank Beilun Branch. As of June 30, 2022, there were bank acceptance
notes in a sum of RMB 324,514,650.57 under pledge and accordingly, the notes payable in a sum of
RMB 466,875,197.52 were issued.
(7) On July 5, 2018, Tuopu Parts signed the note pool cooperation and note pledge agreement
05101PC20188002 with Bank of Ningbo Beilun branch, and 7 November 2018, signed the additional
note pool cooperation and note pledge agreement 05101PC20188002 with Bank of Ningbo Beilun
branch. As of June 30, 2022, there were bank acceptance notes in a sum of RMB 92,429,461.44 under
pledge and accordingly, the commercial acceptance bills in a sum of RMB 45,879,298.54 were issued,
and the notes payable in a sum of RMB 288,540,034.22 were issued.
(8) Yuxiang Dirve-by-Wire Chassis signed the note pool cooperation and note pledge agreement
9411202000000006 and the maximum mortgage contract ZZ9411202000000006 with Shanghai Pudong
Development Bank Co., Ltd. Ningbo Development Zone Sub-branch. As of June 30, 2022, there were
bank acceptance notes in a sum of RMB 17,560,718.29 under pledge and accordingly, and the notes
payable in a sum of RMB 16,460,820.89 were issued.
(9)Ningbo Qianhui signed the maximum pledge contract 06001PC20198005 with Bank of Ningbo
Ninghai Branch. As of June 30, 2022, there were bank acceptance notes in a sum of RMB 11,248,942.45
under pledge, the notes payable in a sum of RMB 13,536,296.00 were issued.
(10) The Company and Ping An Bank Ningbo Branch signed a special agreement on the credit
extension business (Ping Yin Bei Lun Piao Chi Zi 20210913 No.001) and Additional to the Maximum
Amount Pledge Contract for Bill Pool Credit Business (Yin Bei Lun Piao Chi Zhi Bu Zi 20210914
No.001). As of June 30, 2022, there were bank acceptance notes in a sum of RMB 148,500,000.00 under
pledge, and the notes payable of RMB 136,322,321.12 were issued.
(11) The Company signed Bank of Ningbo signed the additional clauses of the Asset Pool
Business Cooperation and Pledge Agreement (No.: 0510100014087) and the Master Agreement for
Asset Pool Billing Pass (No.: 05100AT21B7KKBM). As of June 30, 2022, there were bank acceptance
notes in a sum of RMB 119,000,000.00 under pledge, and the notes payable of RMB
199,157,340.73were issued.
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(12) On 9 December 2021, Tuopu Photovoltaic Technology (Hangzhou Bay) signed a RMB
capital loan contract (NO.: 3302202101100001111) with China Development Bank Ningbo Branch,
with a loan amount of RMB 60 million. The term of such loan is from December 9, 2021 to December 9,
2033. The company provided guarantee for Tuopu Photovoltaic Technology under the mortgage of
houses and buildings. As of June 30, 2021, the balance of the long-term loan under the contract is RMB
30 million, the original value of the property used for mortgage is RMB 45,324,720.72, and the net value
is RMB 37,969,757.20; the original value of the land used for mortgage is RMB 13,070,562.81, and the
net value is RMB 9,977,196.38.
(13) On March 28, 2022, the Company signed a loan contract with the Export-Import Bank of
China Ningbo Branch, with the granted credit line at RMB 500 million, under the loan contract number
(2022) Jin Chu Yin (Yong Xin He) No. 1-025, the length of maturity of short-term loans is up to 24
months, the revolving use of credit loans is allowed, with the length of each sum up to 12 months. The
form of guarantee is setting houses and structures on mortgage, under the guarantee contract number
(2022) Jin Chu Yin (Yong Zui Xin Di) No. 1-003. As of June 30, 2022, the short-term loan balance
under the contrtact is RMB 500 million, the original value and net value of properties on mortgage is
RMB 276,102,676.96 and RMB 172,390,539.26 respectvely; the original value and net value of land on
mortgage is RMB 80,260,997.56 and RMB 61,143,826.81 respectvely.
(14) On June 15, 2022, the Company signed a loan contract with the Export-Import Bank of China
Ningbo Branch, with the granted credit line at RMB 500 million, under the loan contract number (2022)
Jin Chu Yin (Yong Xin He) No. 1-055, the length of maturity of short-term loans is up to 24 months, the
revolving use of credit loans is allowed, with the length of each sum up to 12 months. The form of
guarantee is setting houses and structures on mortgage, under the guarantee contract number (2021) Jin
Chu Yin (Yong Zui Xin Di) No. 1-018. As of June 30, 2022, the short-term loan balance under the
contrtact is RMB 500 million, the original value and net value of properties on mortgage is RMB
557,705,718.41 and RMB 485,637,361.18 respectvely; the original value and net value of land on
mortgage is RMB 92,039,214.40 and RMB 80,687,711.31 respectvely.
On June 15, 2022, the Company signed a RMB capital loan contract (Contract Number:
3302202201100001187) with the China Development Bank Ningbo Branch, with a loan amount of
RMB 440,000,000. The term of the loan is effective from 15 June 2022 and ends on 14 June 2024.
Tuopu Automotive Electronics provides a guarantee in the form of houses and buildings for the
company. As of 30 June 2022, the outstanding balance of the long-term loan under the contract is RMB
210,000,000, the original value and net value of the property guaranteed under mortgage is
518,372,966.46 and 453,425,946.58 respectively; the original value and net value of the land guaranteed
under mortgage is RMB 87,128,775.00 and 78,078,261.21 respectively.
(16) On August 25, 2021, the Company signed a financial leasing contract with Maxwealth
Financial Leasing Co., Ltd., the leased property is machinery and equipment, the original book value of
the leased property is RMB 120,303,100, and the net book value of the lease property at the end of 2021
is RMB 91,379,500. The financial lease contract number is 2021YYZL0208073-ZL-01, the repayment
principal of the financial lease is RMB 100,000,000, the interest is RMB 278,800, and the lease
235 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
repayment period is 12 months. As of June 30, 2022, the balance of other current liabilities under the
contract is RMB 16.6667 million.
(17) On 27 August 2021, the Company signed a leaseback contract with Ping An International
Financial Leasing Co., Ltd., the leased property is machinery and equipment, the original book value of
the lease property is RMB 44.689 million, the net book value of the leased object at the end of 2021 is
RMB 39.4422 million. The leaseback contract number is 2021PAZL0101959-ZL-01. The repayment
principal of this financial lease is RMB 49.500 million, the interest is RMB 178,200, and the lease
repayment period is 12 months. As of June 30, 2022, the balance of other current liabilities under the
contract is RMB 6.8542 million.
(18) On 18 November 2021, the company signed leaseback contract with Ping An International
Financial Leasing Co., Ltd., the leased property is machinery and equipment. The original purchase
value of the leased property is RMB 116.5203 million, and the net book value of the leased property at
the end of 2021 is RMB 108.4539 million. The leaseback contract number is 2021PAZL0102607-ZL-01.
The real estate mortgage contract was further signed, the mortgage contract number is
2021PAZL0102607-DY-01, the original value of the property under mortgage is RMB 50,754,271.44,
and the net value is RMB 19,716,430.96; the original value of the land used for mortgage is RMB
8,793,892.34, and the net value is RMB 5,818,408.77. The repayment principal of the financial lease is
RMB 100,000,000, the interest is RMB 337,000, and the lease repayment period is 12 months. As of
June 30, 2022, the balance of other current liabilities under the contract is RMB 33.0220 million.
(19) On February 16, 2022, Tuopu Automotive Electronics signed a financial leasing contract with
Maxwealth Financial Leasing Co., Ltd., the leased property is machinery and equipment, the original
book value of the leased property is RMB 64,085,800, and the net book value of the lease property at the
end of 2021 is RMB 61,295,600. The financial lease contract number is 2022YYZL0201704-ZL-01, the
repayment principal of the financial lease is RMB 50 million, the interest is RMB 87,200, and the lease
repayment period is 12 months. As of June 30, 2022, the balance of other current liabilities under the
contract is RMB 33.3333 million.
(20) On May 12, 2022, Tuopu Automotive Electronics signed a financial leasing contract with
Maxwealth Financial Leasing Co., Ltd., the leased property is machinery and equipment, the original
book value of the leased property is RMB 56,020,500, and the net book value of the lease property at the
end of 2021 is RMB 55,527,300. The financial lease contract number is 2022YYZL0206508-ZL-01, the
repayment principal of the financial lease is RMB 50 million, the interest is RMB 25,800, and the lease
repayment period is 12 months. As of June 30, 2022, the balance of other current liabilities under the
contract is RMB 45.8333 million.
(21) On May 12, 2022, the Company signed a financial leasing contract with Maxwealth
Financial Leasing Co., Ltd., the leased property is machinery and equipment, the original book value of
the leased property is RMB 56,020,500, and the net book value of the lease property at the end of the
period is RMB 55,527,300. The financial lease contract number is 2022YYZL0206508-ZL-01, the
repayment principal of the financial lease is RMB 50 million, the interest is RMB 25,800, and the lease
repayment period is 12 months. As of June 30, 2022, the balance of other current liabilities under the
contract is RMB 45.8333 million.
236 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(22) On 28 June 2022, the Company signed a leaseback contract with Ping An International
Financial Leasing Co., Ltd., the leased property is machinery and equipment, the original book value of
the lease property is RMB 77,371,400, the net book value of the leased object at the end of the period is
RMB 74,306,000. The leaseback contract number is 2022PAZL0101271-ZL-01. The repayment
principal of this financial lease is RMB 93 million and the lease repayment period is 12 months. As of
June 30, 2022, the balance of other current liabilities under the contract is RMB 100,000.
2. Contingencies
(1). Important contingencies existing on the balance sheet date
□Applicable √Non-applicable
(2). Even if the Company has no important contingencies to be disclosed, also state:
□Applicable √Non-applicable
3. Others
□Applicable √Non-applicable
XV. Events after the Balance Sheet Date
1. Important non-adjusting events
□Applicable √Non-applicable
2. Profit distribution
□Applicable √Non-applicable
3. Sales return
□Applicable √Non-applicable
4. Notes to Other Events after the Balance Sheet Date
□Applicable √Non-applicable
VI. Other Significant Events
1. Correction of previous accounting errors
(1). Retrospective restatement
□Applicable √Non-applicable
(2). Prospective application
□Applicable √Non-applicable
2. Debt restructuring
□Applicable √Non-applicable
3. Replacement of assets
(1). Exchange of non-monetary assets
□Applicable √Non-applicable
237 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(2). Exchange of other assets
□Applicable √Non-applicable
4. Annuity plan
□Applicable √Non-applicable
5. Discontinuing operation
□Applicable √Non-applicable
6. Segment information
(1). Determination basis and accounting policies of the reportable segment
□Applicable √Non-applicable
(2). Financial information of the reportable segment
□Applicable √Non-applicable
(3). If the Company has no reportable segments or cannot disclose the total assets and total
liabilities of individual reportable segment, state the reason
□Applicable √Non-applicable
(4). Other notes
□Applicable √Non-applicable
7. Other significant transactions and event that have an impact on investors' decisions
□Applicable √Non-applicable
8. Others
□Applicable √Non-applicable
XVII. Notes to the Main Items of the Financial Statements of the Parent Company
1. Accounts receivable
(1). Disclosure by age
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Aging Book balance at the end of the period
Within 1 year
Including: sub-items within 1 year
Within 1 year 1,182,469,173.96
Subtotal within 1 year 1,182,469,173.96
1 to 2 years 53,417,944.87
2-3 years 51,276,923.73
Over 3 years 69,476,736.42
3 to 4 years
4 to 5 years
Over 5 years 323,215.01
Total 1,356,963,993.99
238 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
(2). Categorical disclosure by provision for bad debts
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Balance at the End of the Period Balance at the Beginning of the Period
Book Balance Bad Debt Provision Book Balance Bad Debt Provision
Accrue
Category Accrued
Book Value Percentage d Book Value
Amount Percent Amount Proportio Amount Amount
(%) Proporti
age (%) n (%)
on
(%)
Bad debt provision
accrued based on
single item
Including:
Bad debt provision
1,235,106,406.8 1,926,247,651.8 147,597,966.2
accrued based on 1,356,963,993.99 100.00 121,857,587.17 8.98 100.00 7.66 1,778,649,685.56
2 4 8
single item
Including:
Bad debt provision
1,235,106,406.8 1,926,247,651.8 147,597,966.2
accrued based on 1,356,963,993.99 100.00 121,857,587.17 8.98 100.00 7.66 1,778,649,685.56
2 4 8
aging combinations
1,356,963,993.99 / 121,857,587.17 / 1,235,106,406.8 1,926,247,651.8 / 147,597,966.2 / 1,778,649,685.56
Total
2 4 8
239 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Bad debt provision accrued based on single item:
□Applicable √Non-applicable
Bad debt provision accrued based on combinations
√Applicable □Non-applicable
Accrued items based on combinations: accounts receivable with bad debt provision by aging portfolio
Unit： Yuan Currency： RMB
Balance at the End of the Period
Name Accounts Receivable Bad Debt Provision Accrued Proportion(%)
5.00
Within 1,182,469,173.96 59,123,458.70
1 year
1 to 2 10.00
53,417,944.87 5,341,794.49
years
2 to 3 30.00
51,276,923.73 15,383,077.12
years
3 to 5 60.00
69,476,736.42 41,686,041.85
years
Over 100.00
5 323,215.01 323,215.01
years
Total 1,356,963,993.99 121,857,587.17
Recognition criteria for and notes to bad debt provision by combinations
□Applicable √Non-applicable
If the bad debt provision is made by the general expected credit loss model, e refer to the disclosure of
other receivables:
□Applicable √Non-applicable
(3). Bad debt provision
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Amount Changed in the Current Period
Balance at the Balance at the
Category Beginning of the Other End of the
Withdrawal Write-off
Period Provision Changes Period
or Reversal
Bad debt
provision
accrued -25,740,3
147,597,966.28 121,857,587.17
based on 79.11
combinati
ons
Total -25,740,3
147,597,966.28 121,857,587.17
79.11
240 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Significant withdrawal or reversal amount of provision for bad debts in the current period:
□Applicable √Non-applicable
(4). Accounts receivable actually written off in the current period
□Applicable √Non-applicable
Write-off of significant accounts receivable
□Applicable √Non-applicable
(5). Accounts receivable of the top five closing balances collected by debtors
√Applicable □Non-applicable
Proportion in Total
Balance at the End of
Name of Entity Accounts Receivable Bad Debt Provision
the Period
(%)
No.1 247,572,198.50 18.24 12,378,609.93
No.2 194,183,833.43 14.31 9,709,191.67
No.3 153,984,643.48 11.35 7,699,232.17
No.4 92,386,222.07 6.81 4,619,311.10
No.5 87,742,430.58 6.47 4,387,121.53
Total 775,869,328.06 57.18 38,793,466.40
(6).Accounts receivable derecognized due to the transfer of financial assets
□Applicable √Non-applicable
(7). Amount of assets and liabilities formed by the transfer of accounts receivable and continued
involvement
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
2. Other Receivables
Presentation of items
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Balance at the beginning of the
Item Balance at the end of the period
period
Interest receivable
Dividend receivable 3,719,979.84
Other Receivables 609,112,096.52 132,577,100.62
Total 609,112,096.52 136,297,080.46
241 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Other Notes:
□Applicable √Non-applicable
Interest receivable
(1). Category of interest receivable
□Applicable √Non-applicable
(2). Important late payment interest
□Applicable √Non-applicable
(3). Particulars of bad debt provision
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
Dividend receivable
(1). Dividend Receivable
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Balance at the end of the Balance at the beginning of
Item (or Invested Entity)
period the period
Chongqing Antolin Tuopu Overhead 3,719,979.84
System Co., Ltd.
Total 3,719,979.84
(4). Important dividend receivable with an aging over 1 year
□Applicable √Non-applicable
(5). Particulars of bad debt provision
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
Other Receivables
(1). Disclosure by aging
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Aging Book Balance at the End of the Period
Within 1 year
Including: sub-item within 1 year
Within 1 year 612,675,588.76
Subtotal within 1 year 612,675,588.76
1 to 2 years 19,622,000.00
2 to 3 years 13,414,981.71
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Over 3 years 50,000.00
3 to 4 years
4 to 5 years
Over 5 years 205,800.00
Total 645,968,370.47
(2）. Categorical disclosure by provision for bad debts
√Applicable□Non-applicable
Unit： Yuan Currency： RMB
Nature of Funds Book balance at the end of the Book balance at the beginning
period of the period
Temporary borrowings 643,929,654.84 142,648,612.96
Petty cash funds 37,660.00 199,202.76
Security deposit 19,250.00 19,250.00
Others 1,981,805.63 1,874,206.43
Total 645,968,370.47 144,741,272.15
(3). Categorized by the nature of funds
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Phase 1 Phase 2 Phase 3
Expected credit Expected credit
Expected
Bad Debt loss throughout the loss throughout the Total
credit loss in
Provision duration (no credit duration (credit
the next 12
impairment impairment has
months
occurred) occurred)
Balance on 12,164,171.53 12,164,171.53
January 1, 2022
Balance of the
current period on
January 1, 2022
--Transfer to
Phase 2
--Transfer to
Phase 3
--Transfer to
Phase 2
--Transfer to
Phase 1
Provision made 24,692,102.42 24,692,102.42
in the current
243 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
period
Reversal in the
current period
Write-off in the
current period
Write-off in the
current period
Other changes
Balance on June 36,856,273.95 36,856,273.95
30, 2022
Notes to significant changes in the book balance of other receivables that have changed in the current
period:
□Applicable √Non-applicable
Amount of bad debt provision in the current period and the basis for assessing whether the credit risk of
financial instruments has increased significantly:
□Applicable √Non-applicable
(4). Particulars of bad debt provision
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Amount Changed in the Current Period
Balance at Balance at
Other
Category the Beginning Withdrawal the End of
Provision Change
of the Period or Reversal Write-off the Period
s
Accounts
receivable with
24,692,10 36,856,273.9
bad debt accrued 12,164,171.53
2.42 5
based on aging
portfolio
Total 24,692,10 36,856,273.9
12,164,171.53
2.42 5
Bad debt provision in the current period with significant amount of withdrawal or reversal:
□Applicable √Non-applicable
(5). Particulars of other receivables actually written off in the current period
□Applicable √Non-applicable
Other note to write-off of receivables:
□Applicable √Non-applicable
(6). Particulars of other receivables of the top five closing balances collected by debtors
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Proportion in
Balance of bad
total other
Nature of Balance at the debt provision at
Aging receivables at the
Name of Unit funds end of the period the end of the
end of the period
period
(%)
Tuopu EV Thermal
Temporary Within 1
Management System 199,600,000.00 30.90 9,980,000.00
borrowings year
(Ningbo) Co., Ltd.
Tuopu Poland Temporary Within 1
144,932,073.13 22.44 7,246,603.66
sp.z.o.o borrowings year
Hunan Tuopu
Temporary Within 1
Automobile Parts 127,081,600.00 19.67 6,354,080.00
borrowings year
Co., Ltd.
Shanghai Towin
Temporary
Automotive 73,115,981.71 1 to 3 years 11.32 7,959,794.51
borrowings
Technology Co., Ltd.
Taizhou Tuopu
Temporary Within 1
Automobile Parts 70,000,000.00 10.84 3,500,000.00
borrowings year
Co., Ltd.
Total / 614,729,654.84 / 95.17 35,040,478.17
(7). Accounts receivable related to government subsidies
□Applicable √Non-applicable
(8). Other accounts receivable derecognised due to transfer of financial assets
□Applicable √Non-applicable
(9). Amount of assets and liabilities generated due to transfer of other receivables and continued
involvement
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
3. Long-term Equity Investment
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Balance at the end of the period Balance at the beginning of the period
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Investments in subsidiaries 7,971,275,934.30 7,971,275,934.30 6,841,453,344.78 6,841,453,344.78
Investments in joint ventures and
124,010,424.01 124,010,424.01 129,477,775.53 129,477,775.53
associates
Total 8,095,286,358.31 8,095,286,358.31 6,970,931,120.31 6,970,931,120.31
(1). Investments in subsidiaries
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Impairment Balance at the end
Balance at the
Increased in Decreased in Balance at the end provision accrued of the period of
Invested Entity beginning of the
current period current period of the period in the current impairment
period
period provision
Tuopu Imp&Exp. 178,081,940.48 178,081,940.48
Tuopu Parts 196,984,594.91 196,984,594.91
Tuopu Acoustics Vibration 184,685,004.03 184,685,004.03
Yantai Tuopu 62,800,000.00 62,800,000.00
Liuzhou Tuopu 100,000,000.00 100,000,000.00
Shenyang Tuopu 10,000,000.00 10,000,000.00
Ushone Electronic Chassis 20,000,000.00 20,000,000.00
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Ningbo Qianhui 31,210,000.00 31,210,000.00
Sichuan Tuopu 20,000,000.00 20,000,000.00
Wuhan Tuopu 150,000,000.00 150,000,000.00
Pinghu Tuopu 208,000,000.00 208,000,000.00
Shanghai Towin 10,000,000.00 10,000,000.00
Tuopu Industrial Automation 17,700,000.00 17,700,000.00
Tuopu Investment 27,270,000.00 17,390,000.00 44,660,000.00
Yuxiang E-commerce 3,700,000.00 100,000.00 3,800,000.00
Tuopu International
Baoji Tuopu 18,980,000.00 18,980,000.00
Taizhou Tuopu 100,000,000.00 100,000,000.00
Tuopu Mechatronic System 2,438,400,000.00 61,600,000.00 2,500,000,000.00
Jinzhong Tuopu 8,000,000.00 8,000,000.00
Shenzhen Towin 11,300,000.00 11,300,000.00
Tuopu Brasil 80,776,216.50 80,776,216.50
Zhejiang Tuowin 571,320,000.00 571,320,000.00
Sichuan Maigao 290,000,000.00 290,000,000.00
Hunan Tuopu 253,800,000.00 46,200,000.00 300,000,000.00
Tuopu USA, LLC 35,091,204.56 35,091,204.56
Tuopu Chassis 341,902,468.30 37,450,000.00 379,352,468.30
Tuopu Thermal Management 1,392,400,000.00 607,600,000.00 2,000,000,000.00
Huzhou Tuopu 32,220,000.00 32,220,000.00
Tuopu Poland 18,000,000.00 18,000,000.00
Shanghai Tuopuyu 16,500,000.00 16,500,000.00
Xian Tuopu 12,331,916.00 12,331,916.00
Chongqing Chassis 94,500,000.00 94,500,000.00
247 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Ushone Smart Mobility 13,020,000.00 13,020,000.00
Tuopu Skateboard Chassis 233,370,000.00 233,370,000.00
Chongqing Tuopu 18,592,589.52 18,592,589.52
Total 6,841,453,344.78 1,129,822,589.52 7,971,275,934.30
(2). Investments in joint ventures and associates
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Decrease/Increase in the current period
Balance of
Investment Adjustme Cash
Balance at the Provision Balance at impairment
Invested Investme Invest profit and loss nt on Other dividends
Beginning of for the End of provision at
Entity nt ment recognized other changes in or profit
the Period impairment Other the Period the end of
Increase Decrea under the comprehe equity declared to
accrued the period
d sed equity method nsive distribute
income
I. Joint ventures
Tuopu
53,757,298.6
Electrical 49,647,448.77 4,109,849.92
9
Appliances
Ningbo 70,253,125.3
72,441,987.22 6,811,138.10 9,000,000.00
Borgers 2
Subtotal 124,010,424.
122,089,435.99 10,920,988.02 9,000,000.00
01
II. Associates
Antolin 7,388,339.54 11,556,12 -351,870.84 -18,592
248 / 253
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2022
Tuopu 0.82 ,589.52
Subtotal 11,556,12 -18,592
7,388,339.54 -351,870.84
0.82 ,589.52
11,556,12 -18,592 124,010,424.
Total 129,477,775.53 10,569,117.18 9,000,000.00
0.82 ,589.52 01
Other Notes:
√Applicable □Non-applicable
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4. Operating Income and Operating Cost
(1).Particulars of operating income and operating cost
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Amount incurred in the current period Amount incurred in previous period
Item
Income Cost Income Cost
Main
business 2,928,318,046.77 2,267,230,346.42 2,608,935,777.52 2,065,485,916.16
operations
Other
business 222,912,885.27 158,948,404.48 142,236,128.59 89,618,093.50
operations
Total 3,151,230,932.04 2,426,178,750.90 2,751,171,906.11 2,155,104,009.66
(2). Income generated by contracts
□Applicable √Non-applicable
(3). Notes to discharge of obligations
□Applicable √Non-applicable
(4). Notes to allocation to remaining discharge of obligations
□Applicable √Non-applicable
5. Investment income
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Amount incurred in the Amount incurred in
Item
current period previous period
Long-term equity investment income
measured by cost method
Long-term equity investment income 10,569,117.18
8,441,193.70
measured by equity method
Investment income from disposal of
long-term equity investment
Investment income of trading financial
assets during the holding period
Dividend income from other equity
instrument investments during the
holding period
Interest income from debt investment
during the holding period
Interest income from other debt
investments during the holding period
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Investment income from disposal of
trading financial assets
Investment income from the disposal
of other equity instrument investments
Investment income from disposal of
debt investments
Investment income from the disposal
of other debt investments
Income from debt restructuring
Investment income from wealth 4,771,387.95 4,324,874.65
management products
Total 15,340,505.13 12,766,068.35
6. Others
□Applicable √Non-applicable
XVIII. Additional Information
1. Current non-recurring profit and loss schedule
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Item Amount Note
Gains and losses from disposal of non-current assets -1,715,718.83
Approval beyond authority, or without formal approval
document, or incidental tax rebates, deducts and exempts
Government subsidies included in the current profit and loss, but
closely associated with the regular business operations of the
Company, except for government subsidies that are consistent 24,261,834.13 X、VII、84
with national policies and continuously granted at a fixed quota
or amount under certain national standard
Payment for the use of funds charged from non-financial
enterprises that is included in current profit and loss
Income generated from the investment cost of the Company in
acquiring subsidiaries, associates and joint ventures that is less
than the fair value of the identifiable net assets held by the
invested entity at the acquisition of investment
Gains and losses from exchange of non-monetary assets
Gains and losses from the engagement of others in investment or
4,771,387.95
management
Provisions for impairment of various assets due to force majeure
factors including natural disasters
Gains and losses from restructuring of debts
Expenses incurred in enterprise restructuring, including those
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incurred in staff placement and integration
Gains and losses from the part of transactions whose prices are
clearly unfair in excess of the fair value
Net profits and losses for the current period from the beginning
of the period to the date of the merger arising from a business
combination under the same control
Profits and losses generated from contingent events that are
unrelated to the regular business operations of the Company
Profits and losses resulting from the changes in fair value for
holding trading financial assets, derivative financial assets and
trading financial liabilities, derivative financial liabilities and
investment income from disposal of trading financial assets,
-197,311.14
derivative financial assets, trading financial liabilities, derivative
financial liabilities and other obligatory right investments, except
for valid hedging businesses associated with the regular business
operations of the Company
Reversal of the receivables and contract assets depreciation
reserves for separate impairment test
Gains and losses from external entrusted loans
Profits and losses generated from a change in the fair value of
investment real estates that are subsequently measured by the fair
value model
Impact of one-off adjustment to the current profit and loss under
the requirements of taxation, accounting and other laws and
regulations on the current profit and loss
Custody fee income from entrusted operations
Non-operating income and expenses other than the above 297,952.18
Other gains and losses items that fit the definition of
non-recurring gains and losses
Less: Impact of income tax 4,471,817.02
Impact of minority equity 12,051.81
Total 22,934,275.46
For items defined as non-recurring gains and losses according to the No. 1 Explanatory Announcement
on Information Disclosure for Companies Offering Their Securities to Public - Non-recurring Gains and
Losses, or non-recurring gains and losses items listed in the said document defined as recurring ones,
state the reasons.
□Applicable √Non-applicable
2. ROE and EPS
√Applicable □Non-applicable
Profit for Weighted EPS
the reporting Average ROE Basic EPS Diluted EPS
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period (%)
Net profit
attributable
to common
6.47 0.64 0.64
shareholders
of the
Company
Net profit
attributable
to common
shareholders
of the
Company 6.26 0.62 0.62
after
deducting
non-recurring
gains and
losses
3. Differences between international and Chinese accounting standards
□Applicable √Non-applicable
4. Others
□Applicable √Non-applicable
Chairman: Wu Jianshu
Date of Submission to Board of Directors: August 24, 2022
Revisions
□Applicable √Non-applicable
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