The First Quarter Report in 2020
Stock Code: 688007 Stock Short Name: Appotronics
Appotronics Corporation Limited
The First Quarter Report in 2020
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The First Quarter Report in 2020
CONTENT
I. Important Notes................................................................. 3
II. Basic Information ............................................................... 3
III. Significant Events ............................................................... 8
IV. Annex ...................................................................... 155
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The First Quarter Report in 2020
I. Important Notes
1.1 The Board of Directors, the Board of Supervisors, directors, supervisors and senior officers of the
Company hereby warrant that the information contained in this Quarter Report is true, accurate and
complete and this Quarter Report is free from any misrepresentation, misleading statement or
material omission, and agree to assume joint and several liability for this Quarter Report.
1.2 All directors of the Company attended the meeting of the Board of Directors for deliberation of this
Quarter Report.
1.3 BO Lianming, Principal of the Company; ZHAO Ruijin, the Person in Charge of the Accounting
Body; and WEI Yanlin, the Chief Accountant (the Person in Charge of Accounting) hereby
represent that the financial statements contained in this Quarter Report are true, accurate and
complete.
1.4 The Company's first quarter report has not been audited.
II. Basic Information
2.1 Major financial data
In RMB
Changes at the end of the
At the end of the reporting
At the end of the prior year reporting period from the end of
period
the prior year (%)
Total assets 2,984,904,808.29 3,099,508,090.85 -3.70
Net assets 2,001,216,429.95 1,974,559,837.64 1.35
attributable to
shareholders of the
listed company
From the beginning of the From the beginning of the prior
Changes over the same period of
year to the end of the year to the end of the reporting
the prior year (%)
reporting period period of the prior year
Net cash flow from -38,289,185.55 -65,364,673.16 N/A
operating activities
From the beginning of the From the beginning of the prior
Changes over the same period of
year to the end of the year to the end of the reporting
the prior year (%)
reporting period period of the prior year
Operating income 306,900,748.84 359,369,025.24 -14.60
Net profits 13,322,216.29 27,848,207.29 -52.16
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The First Quarter Report in 2020
attributable to
shareholders of the
listed company
Net profits -7,989,708.14 17,279,140.15 -146.24
attributable to
shareholders of the
listed company after
deduction of
non-recurring
profits or losses
Weighted average 0.67 3.83 Decrease by 3.16%
return on net assets
(%)
Basic earnings per 0.03 0.07 -57.14
share (RMB/share)
Diluted earnings per 0.03 0.07 -57.14
share (RMB/share)
Proportion of R&D 14.26 10.17 Increase by 4.09%
investments to the
operating income
(%)
The net profit attributable to shareholders of the listed company after deduction of non-recurring
profit or loss for the current period amounted to RMB -7,989,708.14, down 146.24%, primarily due to the
decline in the comprehensive gross margin caused by changed product income structure during the period;
the expenses during the period, including the share-based payments charged to recurring profit or loss
amounted to RMB 9,027,862.06, increased by 8.72% year over year; and the non-recurring gains for the
current period increased by RMB 12,528,305.13, primarily contributed by the income from wealth
management products and government grants.
Items and amounts of non-recurring profit or loss
√Applicable □ N/A
In RMB
Item 2019 Description
Profit or loss on disposal of 238,395.63
non-current assets
11,818,995.29 The government grants primarily
Government grants recognized in
represent those recognized in profit
profit or loss other than grants which
or loss for the current period,
are closely related to the Company's
including government grants
business and are either in fixed
received in the current period and
amounts or determined under
those previously received but
quantitative methods in accordance
recognized in the current period for
with the national standard
amortization.
Net profit or loss of subsidiaries from 5,827,864.14 It refers to the realized part of
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The First Quarter Report in 2020
the beginning of the period up to the unrealized profits and losses from
business combination date recognized transactions prior to business
as a result of business combination of combination involving entities
enterprises involving entities under under common control.
common control
Profit or loss on changes in the fair 6,232,108.77 It primarily refers to the gains from
value of held-for-trading financial wealth management products
assets, derivative financial assets, purchased by temporarily idle
held-for-trading financial liabilities funds
and derivative financial liabilities and
investment income on disposal of
held-for-trading financial assets,
derivative financial assets,
held-for-trading financial liabilities,
derivative financial liabilities and
other debt investments, other than
those used in the effective hedging
activities relating to normal operating
business
Other non-operating income or -344,986.73
expenses other than the above
Effects attributable to minority -120,908.65
interests (net of tax)
Income tax effects -2,339,544.02
Total 21,311,924.43
2.2 Total number of shareholders, and the shareholding of top ten shareholders and top ten unrestricted
shareholders as of the end of reporting period
In Share
Total number of shareholders (account) 17,029
The shareholding of top ten shareholders
Number of Description of
restricted pledge or
shares freeze
Number of Nature
Number of including
Shareholder name shares held Proport of
restricted shares leased If
(full name) at the end of ion (%) shareh
shares held out for pledged Num
the period olders
refinancing or ber
business frozen
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The First Quarter Report in 2020
Non-state-
Shenzhen
owned
Appotronics 79,762,679 17.66 79,762,679 79,762,679 No 0
corporatio
Holdings Limited
n in China
SAIF IV Hong
Oversea
Kong (China
62,980,676 13.95 62,980,676 62,980,676 No 0 corporatio
Investments)
n
Limited
CITIC PE
Oversea
Investment (Hong
41,774,562 9.25 41,774,562 41,774,562 No 0 corporatio
Kong) 2016
n
Limited
Fuzhou Strait Non-state-
Appotronics owned
25,064,737 5.55 25,064,737 25,064,737 No 0
Investment corporatio
Partnership (LP) n in China
Shenzhen Yuanshi
Non-state-
Laser Industrial
owned
Investment 24,139,500 5.35 24,139,500 24,139,500 No 0
corporatio
Consulting
n in China
Partnership (LP)
Shenzhen Non-state-
Appotronics Daye owned
20,430,250 4.52 20,430,250 20,430,250 No 0
Investment corporatio
Partnership (LP) n in China
GREEN FUTURE Oversea
HOLDINGS 16,504,518 3.66 16,504,518 16,504,518 No 0 corporatio
LIMITED n
Shenzhen Non-state-
Appotronics owned
15,662,374 3.47 15,662,374 15,662,374 No 0
Hongye Investment corporatio
Partnership (LP) n in China
Non-state-
Shenzhen Jinleijing
owned
Investment Limited 12,353,106 2.74 12,353,106 12,353,106 No 0
corporatio
Partnership (LP)
n in China
Changzhou Non-state-
Lisheng Equity owned
11,667,635 2.58 11,667,635 11,667,635 No 0
Investment corporatio
Partnership (LP) n in China
The shareholding of top ten shareholders of non-restricted shares
Shareholder name Number of unrestricted Category and number of shares
circulating shares Category Number
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The First Quarter Report in 2020
National Social Security Fund RMB ordinary
1,742,168 1,742,168
Portfolio 102 shares
RMB ordinary
UBS AG 1,517,479 1,517,479
shares
RMB ordinary
ZHONG Haidi 822,804 822,804
shares
Agricultural Bank of China
Limited - BOCOM Schroder RMB ordinary
594,434 594,434
Pioneer Hybrid Securities shares
Investment Fund
RMB ordinary
LONG Shixue 464,700 464,700
shares
RMB ordinary
GAO Ermei 393,713 393,713
shares
RMB ordinary
WANG Danping 329,210 329,210
shares
RMB ordinary
ZHANG Shangmin 317,734 317,734
shares
RMB ordinary
ZHOU Qiping 273,940 273,940
shares
Industrial and Commercial Bank of
China Limited - BOCOM Schroder
RMB ordinary
Technology Innovation Flexible 272,708 272,708
shares
Allocation Hybrid Securities
Investment Fund
Explanation for related-party 1. As of March 31, 2020, the Company has received no statement
relationship or concerted actions from aforementioned shareholders to confirm there is a
among aforementioned related-party relationship or concerted action, except the concerted
shareholders action among Shenzhen Appotronics Holdings Limited, Shenzhen
Yuanshi Laser Industrial Investment Consulting Partnership (LP),
Shenzhen Appotronics Daye Investment Partnership ( LP),
Shenzhen Appotronics Hongye Investment Partnership (LP), and
Shenzhen Jinleijing Investment Limited Partnership (LP) in top 10
shareholders of the Company.
2. The Company is unaware that whether there is a related-party
relationship among circulating shareholders or whether they are
persons acting in concert as stipulated in the Measures for the
Administration of Disclosure of Shareholder Equity Changes of
Listed Companies.
Explanation on preferred N/A
shareholders of voting power
recovered and shareholding
numbers
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The First Quarter Report in 2020
2.3 Total number of preferred shareholders, and the shareholding of top ten preferred shareholders and
top ten unrestricted preferred shareholders as of the end of reporting period
□ Applicable √ N/A
III. Significant Events
3.1 Significant changes in the Company's main accounting line items and financial highlights and
reasons thereof
√Applicable □ N/A
1. Changes in line items of the balance sheet and reasons thereof
In RMB
Item March 31, 2020 December 31, 2019 Proportion Reason for change
of change
Receivables 1,169,000.00 1,980,500.00 -40.97% Primarily due to the
financing acceptance of matured
bank acceptance bills
Notes payable 22,379,090.01 37,335,841.79 -40.06% Primarily due to the
acceptance of matured
bank acceptance bills
Receipts in 184,444,643.33 N/A Primarily due to the
advance implementation of
new standards
Contract 198,880,050.18 N/A Primarily due to the
liabilities implementation of
new standards
Employee 13,882,223.33 50,586,932.71 -72.56% Primarily due to the
benefits payable payment of 2019
year-end bonus in the
current period
Taxes payable 10,525,791.11 42,924,647.79 -75.48% Primarily due to the
decreased payment of
enterprise income tax
and the decline in
taxes payable in the
current period
Non-current 36,459,795.66 64,968,795.02 -43.88% Primarily due to the
liabilities due decreased balance of
within one year long-term borrowings
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The First Quarter Report in 2020
due within one year
Other 7,084,382.66 3,287,063.85 115.52% Primarily due to the
comprehensive exchange differences
income on translation of
financial statements
denominated in
foreign currencies
2. Changes in line items of the income statement and reasons thereof
In RMB
Item For the period from For the period from Proportion Reason for change
January 1, 2020 to January 1, 2019 to of change
March 31, 2020 March 31, 2019
Taxes and levies 848,964.73 2,713,456.49 -68.71% Primarily due to the
decreased payment of
VAT in the current
period
Administrative 34,641,364.44 26,453,737.41 30.95% Primarily due to the
expenses increased expenses of
share-based payments
in the current period
Financial 3,640,120.46 10,183,619.72 -64.26% Primarily due to
expenses decreased loan interest
expenses and
increased deposit
interest income
Other income 13,967,683.29 6,995,045.26 99.68% Primarily due to
increases in
government grants
recognized in the
current period
Investment 6,951,747.26 -4,299,742.78 N/A Primarily due to the
income income from wealth
management products
recognized in the
current period and
decreased losses of
investments in
associates
Losses of credit 3,178,689.54 13,856.68 22839.76% Primarily due to the
impairment decrease in the
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The First Quarter Report in 2020
provision for bad debts
of accounts receivable
Impairment -4,230,773.80 1,936,993.19 -318.42% Primarily due to the
losses of assets increase in the
provision for decline
in value of inventories
in the current period
Income tax 6,583,959.00 15,103,968.68 -56.41% Primarily due to the
expense decreased profits
before tax in the
current period
Net profit 7,299,713.17 37,606,521.44 -80.59% Primarily due to
decreased income and
increased expenses in
the current period
Net profits 13,322,216.29 27,848,207.29 -52.16% Primarily due to
attributable to decreased income and
owners of the increased expenses in
Parent Company the current period
Profit or loss -6,022,503.12 9,758,314.15 -161.72% Primarily due to the
attributable to decreased profits of
minority subsidiaries in the
shareholders current period
Exchange 3,797,318.81 -2,985,768.48 N/A Primarily due to
differences on increased assets
translation of dominated in foreign
financial currencies and the
statements exchange rate change
denominated in
foreign currencies
Basic and diluted 0.03 0.07 -57.14% Primarily due to
earnings per share decreased profits and
increased shares
3. Changes in line items of the cash flow statement and reasons thereof
In RMB
Item For the period from For the period from Proportion Reason for change
January 1, 2020 to January 1, 2019 to of change
March 31, 2020 March 31, 2019
Net cash flow -38,289,185.55 -65,364,673.16 N/A Primarily due to the
from operating decreased payment
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The First Quarter Report in 2020
activities for purchase in the
current period
Net cash flow 56,240,044.30 -5,455,447.62 N/A Primarily due to the
from investing redemption of and
activities gains from wealth
management products
purchased by
temporarily idle funds
Net cash flow -53,008,882.64 -9,610,541.75 N/A Primarily due to the
from financing decrease in new
activities borrowings in the
current period as
compared with the
same period of last
year.
Effect of foreign 419,408.45 -2,687,466.36 N/A Primarily due to
exchange rate exchange profit or
changes on cash loss and the exchange
and cash differences on
equivalents translation of
financial statements
denominated in
foreign currencies
Net increase in -34,638,615.44 -83,118,128.89 N/A Primarily due to the
cash and cash comprehensive effects
equivalents on changes in each
line item above of the
cash flow statement
3.2 Description of analysis on progresses of significant events and their influences and solutions
√Applicable □ N/A
(I) Litigation
1.Civil litigation and arbitration cases where the Company acted as a defendant
As of the date of issue of the financial statements, there have been 5 civil litigation cases where the
Company was a defendant, with details as below:
Cause of Amount
Case No. Plaintiffs Defendant/Appellee Patents involved Progress
action involved
(2019) Yue 73 Infringemen Delta Appotronics RMB Suspension
ZL201610387831.8
Zhi Min Chu t of patent Electronics, Corporation Limited; 16,145,300 of hearing
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The First Quarter Report in 2020
No.662 rights of Inc. Shenzhen Futian
(2019) Yue 73 inventions Suopuni Projection
RMB
Zhi Min Chu Video System ZL201310017478.0 Pending
16,145,300
No.663 Commercial Firm
(2019) Yue 73 RMB Pending
Zhi Min Chu ZL20310625063.1 16,145,300
No.664
(2019) Jing 73 RMB Pending
Min Chu Infringemen Fengmi (Beijing) ZL201410249663.7 16,010,000
Delta
No.1275 t of patent Technology Co.,
Electronics,
(2019) Jing 73 rights of Ltd.; Appotronics RMB Pending
Inc.
Min Chu inventions Corporation Limited ZL201610387831.8 16,010,000
No.1276
2.Civil litigation and arbitration cases where the Company acted as a plaintiff
As of the disclosure date of the report, there have been 30 civil litigation cases where the Company
acted as a plaintiff. In these cases, 28 cases were caused by infringement of invention patents with relevant
claims as follows: requiring the defendant to stop infringing the Company's patents for invention and
destroy the equipment and mold used to produce the infringed products; requiring the defendant to
compensate the plaintiff with economic losses and reasonable expenses incurred for stopping the
infringement, and to bear the joint and several liability. No other credit and debit disputes were involved.
And 2 cases are brought for correcting the inventors of the patents, with relevant claims of correcting LI Yi
and HU Fei as the inventors of the US Patent No. 9,024,241 and the China Patent No. ZL201610387831.8.
3. In March 2020, the Company concluded the Mediation Agreement with Casio Computer Co., Ltd.,
pursuant to which both parties voluntarily reached a mediation on a number of litigation cases, and
withdrew relevant cases respectively. The details were disclosed by the Company on the official site of
Shanghai Stock Exchange (www.sse.com.cn) on March 21, 2020 and in the 2020-008 Announcement in
designated information disclosure media. As of the disclosure date of the report, the withdrawal of cases
by both parties is in progress.
(II) Invalidation plea
1. Invalidation plea cases where the Company acted a patentee
As of the disclosure date of the report, there have been 4 invalidation plea cases where the Company
acted as a patentee, with details as below:
Serial Case code Patentee Patent No. involved Petitioner Remark
No. for
invalidation
1 4W110045 Appotronics ZL200880107739.5 Delta The National
Corporation Electronics Intellectual
Limited (Shanghai) Property
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The First Quarter Report in 2020
Co., Ltd. Administration of
the PRC accepted
the invalidation
plea. Details were
disclosed in
2020-007
Temporary
Announcement.
2 4W108668 Appotronics ZL200810065225.X Dehao Pending
Corporation Electronic
Limited Technology
Ltd.
3 4W108847 Appotronics ZL200810065225.X WEI Qun Pending
Corporation
Limited
4 4W110041 Appotronics ZL200810065225.X Delta The National
Corporation Electronics Intellectual
Limited (Shanghai) Property
Co., Ltd. Administration of
the PRC accepted
the invalidation
plea. Details were
disclosed in
2020-007
Temporary
Announcement.
2. Invalidation plea cases where the Company acted a petitioner
As of the disclosure date of the report, there have been 4 invalidation plea cases where the Company
acted as a petitioner, all of which are related to the invalidation plea against patents held by Delta
Electronics, Inc.
3.3 Commitments failed in completion as scheduled within the reporting period
□ Applicable √ N/A
3.4 Warning of the estimate that the accumulated net profits from the beginning of the year to the end of
the next reporting period will be negative or will change significantly comparing with the same
period of the previous year, and description of reasons
√Applicable □ N/A
Though the COVID-19 epidemic has been effectively controlled in China, it still spreads all over
the world in a tendency far from optimistic, which has greatly affected the worldwide economy and
industry. Due to the impact of this epidemic, businesses in the movie industry where the Company's
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The First Quarter Report in 2020
cinema light source lease service belongs have also suspended, causing the Company’s shutdown of its
cinema projector light source lease service business, hence the Company’s income from cinema
projector light source lease service has been directly affected. Meanwhile, the shrink of consumption
demand as the result of the macro environment has also affected the Company’s other businesses to a
certain extent. As GDC invested by the Company belongs to the cinema projection equipment industry, it
is also affected by the discontinued operation of cinemas, so that it may fail to achieve the expected results,
which will increase the Company’s external investment risks. Therefore, the Company is exposed to the
risk that the Company’s performance from the beginning of the year to the end of the next reporting
period will be significantly lower than that of the same period of the previous year.
Company Appotronics Corporation
name Limited
Legal BO Lianming
Representative
Date April 29, 2020
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The First Quarter Report in 2020
IV. Annex
4.1 Financial statements
Consolidated Balance Sheet
March 31, 2020
Prepared by: Appotronics Corporation Limited
In RMB, Unaudited
Item March 31, 2020 December 31, 2019
Current Assets:
Cash and bank balances 827,117,516.74 875,858,784.58
Balances with clearing agencies
Placements with banks and other
financial institutions
Held-for-trading financial assets 485,000,000.00 540,000,000.00
Derivative financial assets
Notes receivable 4,583,773.78 4,042,559.63
Accounts receivable 138,433,481.93 176,035,155.24
Receivables financing 1,169,000.00 1,980,500.00
Prepayments 30,274,385.62 35,070,999.13
Premiums receivable
Amounts receivable under
reinsurance contracts
Reinsurer's share of insurance
contract reserves
Other receivables 11,893,750.49 9,618,750.08
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 347,382,515.07 299,966,170.35
Contract assets
Held-for-sale assets
Non-current assets due within one
year
Other current assets 41,590,854.50 44,405,513.30
Total Current Assets 1,887,445,278.13 1,986,978,432.31
Non-current Assets:
Loans and advances
Debt investments
Other debt investments
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The First Quarter Report in 2020
Long-term receivables
Long-term equity investments 142,382,489.82 139,534,371.94
Other equity instrument 11,975,419.38 11,975,419.38
investments
Other non-current financial assets
Investment properties
Fixed assets 465,654,761.50 471,204,340.95
Construction in progress 14,552,980.54 20,132,004.07
Bearer biological assets
Oil and gas assets
Use right assets
Intangible assets 328,514,812.96 332,331,324.07
Development expenditure
Goodwill
Long-term prepaid expenses 16,759,002.15 16,908,070.34
Deferred tax assets 106,192,677.72 109,023,941.85
Other non-current assets 11,427,386.09 11,420,185.94
Total Non-current Assets 1,097,459,530.16 1,112,529,658.54
Total assets 2,984,904,808.29 3,099,508,090.85
Current Liabilities:
Short-term borrowings 97,656,413.93 76,765,319.05
Loans from the central bank
Taking from banks and other
financial institutions
Held-for-trading financial
liabilities
Derivative financial liabilities
Notes payable 22,379,090.01 37,335,841.79
Accounts payable 156,802,981.12 176,624,445.46
Receipts in advance 184,444,643.33
Contract liabilities 198,880,050.18
Financial assets sold under
repurchase agreements
Customer deposits and deposits
from banks and other financial
institutions
Funds from securities trading
agency
Funds from underwriting
securities agency
Employee benefits payable 13,882,223.33 50,586,932.71
Taxes payable 10,525,791.11 42,924,647.79
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The First Quarter Report in 2020
Other payables 14,972,938.20 14,364,076.43
Including: Interest payable
Dividends payable
Fees and commissions payable
Amounts payable under
reinsurance contracts
Held-for-sale liabilities
Non-current liabilities due within 36,459,795.66 64,968,795.02
one year
Other current liabilities
Total Current Liabilities 551,559,283.54 648,014,701.58
Non-current Liabilities:
Insurance contract reserves
Long-term borrowings 240,199,125.63 279,615,107.27
Bonds payable
Including: Preferred shares
Perpetual bonds
Leasing liabilities
Long-term payables 3,542,550.00 3,488,100.00
Long-term employee benefits
payable
Provisions 29,568,184.72 27,072,676.49
Deferred income 15,034,378.48 17,108,361.69
Deferred tax liabilities
Other non-current liabilities
Total Non-current Liabilities 288,344,238.83 327,284,245.45
Total Liabilities 839,903,522.37 975,298,947.03
Owners’ (or Shareholders’)
equity:
Paid-in capital (or share capital) 451,554,411.00 451,554,411.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 1,216,200,640.70 1,207,942,318.37
Less: Treasury shares
Other comprehensive income 7,084,382.66 3,287,063.85
Special reserve
Surplus reserve 22,800,224.13 22,800,224.13
General risk reserve
Retained profits 303,576,771.46 288,975,820.29
Total Owners’(or Shareholders’) 2,001,216,429.95 1,974,559,837.64
Equity Attributable to Owners of the
17 / 36
The First Quarter Report in 2020
Parent Company
Minority interests 143,784,855.97 149,649,306.18
Total Owners’ (or 2,145,001,285.92 2,124,209,143.82
Shareholders’) Equity
Total Liabilities and Owners’ 2,984,904,808.29 3,099,508,090.85
(or Shareholders’) Equity
Legal Representative: Person in Charge of the Accounting Body: Chief Accountant:
BO Lianming ZHAO Ruijin WEI Yanlin
Balance Sheet of the Parent Company
March 31, 2020
Prepared by: Appotronics Corporation Limited
In RMB, Unaudited
Item March 31, 2020 December 31, 2019
Current Assets:
Cash and bank balances 469,608,752.61 570,479,390.49
Held-for-trading financial assets 485,000,000.00 540,000,000.00
Derivative financial assets
Notes receivable 2,909,223.78 3,542,559.63
Accounts receivable 288,187,483.95 299,315,776.44
Receivables financing 129,000.00 442,500.00
Prepayments 5,305,552.69 6,410,257.48
Other receivables 70,959,929.83 67,227,575.21
Including: Interest receivable
Dividends receivable
Inventories 163,646,069.08 135,617,379.22
Contract assets
Held-for-sale assets
Non-current assets due within one
year
Other current assets 10,924,913.92 12,280,164.39
Total Current Assets 1,496,670,925.86 1,635,315,602.86
Non-current Assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 391,378,475.54 257,795,276.13
Other equity instrument 7,075,419.38 7,075,419.38
investments
Other non-current financial assets
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The First Quarter Report in 2020
Investment properties
Fixed assets 58,631,091.77 60,391,512.92
Construction in progress 2,245,799.09 1,385,496.59
Bearer biological assets
Oil and gas assets
Use right assets
Intangible assets 327,120,322.03 330,796,423.87
Development expenditure
Goodwill
Long-term prepaid expenses 13,072,982.44 12,771,126.83
Deferred tax assets 7,861,742.77 9,545,438.20
Other non-current assets 6,439,815.16 6,744,453.85
Total Non-current Assets 813,825,648.18 686,505,147.77
Total assets 2,310,496,574.04 2,321,820,750.63
Current Liabilities:
Short-term borrowings 20,000,000.00 10,217,738.36
Held-for-trading financial
liabilities
Derivative financial liabilities
Notes payable 22,379,090.01 37,335,841.79
Accounts payable 159,440,057.91 162,596,838.45
Receipts in advance 11,116,659.11
Contract liabilities 13,163,978.16
Employee benefits payable 7,794,625.23 26,985,668.92
Taxes payable 735,473.27 1,534,242.70
Other payables 46,393,502.32 42,599,703.36
Including: Interest payable
Dividends payable
Held-for-sale liabilities
Non-current liabilities due within
one year
Other current liabilities
Total Current Liabilities 269,906,726.90 292,386,692.69
Non-current Liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Leasing liabilities
Long-term payables 3,542,550.00 3,488,100.00
Long-term employee benefits
payable
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The First Quarter Report in 2020
Provisions 15,151,566.68 14,631,273.00
Deferred income 13,668,257.45 15,724,174.30
Deferred tax liabilities
Other non-current liabilities
Total Non-current Liabilities 32,362,374.13 33,843,547.30
Total Liabilities 302,269,101.03 326,230,239.99
Owners’ (or Shareholders’)
equity:
Paid-in capital (or share capital) 451,554,411.00 451,554,411.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 1,319,967,729.88 1,310,939,867.82
Less: Treasury shares
Other comprehensive income
Special reserve
Surplus reserve 21,522,683.40 21,522,683.40
Retained profits 215,182,648.73 211,573,548.42
Total Owners’ (or 2,008,227,473.01 1,995,590,510.64
Shareholders’) Equity:
Total Liabilities and Owners’ 2,310,496,574.04 2,321,820,750.63
(or Shareholders’) Equity:
Legal Representative: Person in Charge of the Accounting Body: Chief Accountant:
BO Lianming ZHAO Ruijin WEI Yanlin
Consolidated Income Statement
For the period from January 1, 2020 to March 31, 2020
Prepared by: Appotronics Corporation Limited
In RMB, Unaudited
Item The First Quarter in 2020 The First Quarter in 2019
I. Total operating income 306,900,748.84 359,369,025.24
Including: Operating income 306,900,748.84 359,369,025.24
Interest income
Premiums earned
Fee and commission income
II. Total operating costs 312,526,014.17 311,930,400.24
Including: Operating costs 205,113,820.04 211,196,655.46
Interest expenses
Fee and commission expenses
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The First Quarter Report in 2020
Surrenders
Claims and policyholder benefits (net
of amounts recoverable from reinsurers)
Net withdrawal of insurance contract
reserves
Insurance policyholder dividends
Expenses for reinsurance accepted
Taxes and levies 848,964.73 2,713,456.49
Selling expenses 24,522,520.30 24,850,190.08
Administrative expenses 34,641,364.44 26,453,737.41
R&D expenses 43,759,224.20 36,532,741.08
Financial expenses 3,640,120.46 10,183,619.72
Including: Interest expense 5,974,996.52 8,508,945.58
Interest income 2,452,836.80 656,900.44
Add: other income 13,967,683.29 6,995,045.26
Investment income (loss is indicated 6,951,747.26 -4,299,742.78
by “-”)
Including: Income from investments 719,638.49 -4,299,742.78
in associates and joint ventures
Gains from derecognition of
financial assets at amortized assets
Foreign exchange gains (loss is
indicated by “-”)
Gains from net exposure hedges (loss
is indicated by “-”)
Gains from changes in fair values
(loss is indicated by “-”)
Losses of credit impairment (loss is 3,178,689.54 13,856.68
indicated by “-”)
Impairment losses of assets (loss is -4,230,773.80 1,936,993.19
indicated by “-”)
Gains from disposal of assets (loss is 0.00 0.00
indicated by “-”)
III. Operating profit (loss is indicated by “-”) 14,242,080.96 52,084,777.35
Add: Non-operating income 17,320.21 881,216.12
Less: Non-operating expenses 375,729.00 255,503.35
IV. Total profits (total losses are indicated by 13,883,672.17 52,710,490.12
“-”)
Less: Income tax expenses 6,583,959.00 15,103,968.68
V. Net profits (net losses are indicated by “-”) 7,299,713.17 37,606,521.44
(I) Categorized by the continuity of operation
1. Net profits from continuing 7,299,713.17 37,606,521.44
operations (net losses are indicated by “-”)
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The First Quarter Report in 2020
2. Net profits from discontinued
operations (net losses are indicated by “-”)
(II) Categorized by the ownership
1.Net profits attributable to shareholders 13,322,216.29 27,848,207.29
of the Parent Company (net losses are
indicated by “-”)
2. Profits or losses attributable to -6,022,503.12 9,758,314.15
minority shareholders (net losses are
indicated by “-”)
VI. Other comprehensive income, net of tax 3,832,339.57 -3,083,099.94
(I) Other comprehensive income that can 3,797,318.81 -2,985,768.48
be attributable to owners of the Parent
Company, net of tax
1. Other comprehensive income that
cannot be reclassified subsequently to profit
or loss
(1) Changes from remeasurement of
defined benefit plans
(2) Other comprehensive income that
cannot be reclassified to profit or loss under
the equity method
(3) Changes in fair value of investments in
other equity instruments
(4) Changes in fair value of enterprises’
own credit risks
2.Other comprehensive income that will 3,797,318.81 -2,985,768.48
be reclassified to profit or loss
(1) Other comprehensive income that will
be reclassified to profit or loss under the
equity method
(2) Changes in fair value of other debt
investments
(3) Amount of financial assets reclassified
to other comprehensive income
(4) Provision for credit impairment of
other debt investments
(5) Reserve for cash flow hedges
(6) Exchange differences on translation of 3,797,318.81 -2,985,768.48
financial statements denominated in foreign
currencies
(7) Others
(II) Other comprehensive income that can 35,020.76 -97,331.46
be attributable to minority shareholders, net
22 / 36
The First Quarter Report in 2020
of tax
VII. Total comprehensive income 11,132,052.74 34,523,421.50
(I) Total comprehensive income that can 17,119,535.10 24,862,438.81
be attributable to owners of the Parent
Company
(II) Total comprehensive income that can -5,987,482.36 9,660,982.69
be attributable to minority shareholders
VIII. Earnings per share:
(I) Basic earnings per share (RMB/share) 0.03 0.07
(II) Diluted earnings per share (RMB/share) 0.03 0.07
For business combination involving entities under common control occurred during the period, net profit
of the acquiree generated before the business combination is nil, and net profit of the acquiree generated in
prior period is nil.
Legal Representative: Person in Charge of the Accounting Body: Chief Accountant:
BO Lianming ZHAO Ruijin WEI Yanlin
Income Statement of the Parent Company
For the period from January 1, 2020 to March 31, 2020
Prepared by: Appotronics Corporation Limited
In RMB, Unaudited
Item The First Quarter in
The First Quarter in 2019
2020
I. Operating income 149,314,735.41 200,753,485.99
Less: Operating costs 95,623,590.51 138,936,932.06
Taxes and levies 414,212.02 2,021,050.85
Selling expenses 14,007,454.17 19,037,302.68
Administrative expenses 24,524,700.83 18,742,524.81
R&D expenses 25,612,027.29 21,264,581.55
Financial expenses -3,569,835.96 2,396,569.61
Including: Interest expense 13,174.14 1,267,455.77
Interest income 3,279,548.30 1,998,509.13
Add: other income 11,797,618.37 4,522,798.93
Investment income (loss is indicated by 6,232,108.77 -64,542.33
“-”)
Including: Income from investments in
associates and joint ventures
Gains from derecognition of
financial assets at amortized assets
Gains from net exposure hedges (loss is
23 / 36
The First Quarter Report in 2020
indicated by “-”)
Gains from changes in fair values (loss is
indicated by “-”)
Losses of credit impairment (loss is 175,684.06 939,710.43
indicated by “-”)
Impairment losses of assets (loss is -3,221,027.46 1,825,144.32
indicated by “-”)
Gains from disposal of assets (loss is
indicated by “-”)
II. Operating profit (loss is indicated by “-”) 7,686,970.29 5,577,635.78
Add: Non-operating income 17,318.89 879,954.73
Less: Non-operating expenses 14,740.59 63,711.29
III. Total profits (total losses are indicated by 7,689,548.59 6,393,879.22
“-”)
Less: Income tax expenses 4,080,448.28 931,193.96
VI. Net profits (net losses are indicated by “-”) 3,609,100.31 5,462,685.26
(I) Net profits from continuing operations 3,609,100.31 5,462,685.26
(net losses are indicated by “-”)
(II) Net profits from discontinued operations
(net losses are indicated by “-”)
V. Other comprehensive income, net of tax
(I) Other comprehensive income that cannot
be reclassified subsequently to profit or loss
1.Changes from remeasurement of defined
benefit plans
2. Other comprehensive income that cannot
be reclassified to profit or loss under the equity
method
3.Changes in fair value of investments in
other equity instruments
4.Changes in fair value of enterprises’
own credit risks
(II) Other comprehensive income that will be
reclassified to profit or loss
1. Other comprehensive income that will be
reclassified to profit or loss under the equity
method
2. Changes in fair value of other debt
investments
3. Amount of financial assets reclassified to
other comprehensive income
4.Provision for credit impairment of other
debt investments
24 / 36
The First Quarter Report in 2020
5. Reserve for cash flow hedges
6. Exchange differences on translation of
financial statements denominated in foreign
currencies
7. Others
VI. Total comprehensive income 3,609,100.31 5,462,685.26
VII. Earnings per share:
(I) Basic earnings per share (RMB/share) 0.01 0.01
(II) Diluted earnings per share (RMB/share) 0.01 0.01
Legal Representative: Person in Charge of the Accounting Body: Chief Accountant:
BO Lianming ZHAO Ruijin WEI Yanlin
Consolidated Cash Flow Statement
For the period from January 1, 2020 to March 31, 2020
Prepared by: Appotronics Corporation Limited
In RMB, Unaudited
Item The First Quarter in 2020 The First Quarter in 2019
I. Cash Flows from Operating
Activities:
Cash receipts from the sale of goods 397,384,359.17 431,315,369.06
and the rendering of services
Net increase in customer deposits and
deposits from banks and other financial
institutions
Net increase in loans from the central
bank
Net increase in taking from banks and
other financial institutions
Cash receipts from premiums under
direct insurance contracts
Net cash receipts from reinsurance
business
Net cash receipts from
policyholders’ deposits and investment
contract liabilities
Cash receipts from interest, fees and
commissions
Net increase in taking from banks
25 / 36
The First Quarter Report in 2020
Net increase in financial assets sold
under repurchase arrangements
Net cash received from securities
trading agencies
Receipts of tax refunds 2,267,811.01 1,515,965.19
Other cash receipts relating to 34,991,984.03 27,092,157.24
operating activities
Sub-total of cash inflows from 434,644,154.21 459,923,491.49
operating activities
Cash payments for goods purchased 298,323,599.64 340,681,052.03
and services received
Net increase in loans and advances to
customers
Net increase in balance with the
central bank and due from banks and
other financial institutions
Cash payments for claims and
policyholders' benefits under direct
insurance contracts
Net increase in placements with banks
and other financial institutions
Cash payments for interest, fees and
commissions
Cash payments for insurance
policyholder dividends
Cash payments to and on behalf of 99,940,689.15 78,312,969.04
employees
Payments of various types of taxes 35,918,878.89 53,102,338.02
Other cash payments relating to 38,750,172.08 53,191,805.56
operating activities
Sub-total of cash outflows from 472,933,339.76 525,288,164.65
operating activities
Net cash flow from operating -38,289,185.55 -65,364,673.16
activities
II. Cash Flows from Investing
Activities:
Cash receipts from disposals and 540,000,000.00 3,700,000.00
recovery of investments
Cash receipts from investment income 6,232,108.77
Net cash receipts from disposals of 2,281.47
fixed assets, intangible assets and other
long-term assets
Net cash receipts from disposals of
26 / 36
The First Quarter Report in 2020
subsidiaries and other business units
Other cash receipts relating to
investing activities
Sub-total of cash inflows from 546,234,390.24 3,700,000.00
investing activities
Cash payments to acquire or construct 4,994,345.94 9,155,447.62
fixed assets, intangible assets and other
long-term assets
Cash payments to acquire investments 485,000,000.00
Net increase in pledged loans
receivables
Net cash payments for acquisitions of
subsidiaries and other business units
Other cash payments relating to
investing activities
Sub-total of cash outflows from 489,994,345.94 9,155,447.62
investing activities
Net cash flow from investing 56,240,044.30 -5,455,447.62
activities
III. Cash Flows from Financing
Activities:
Cash receipts from capital
contributions
Including: cash receipts from capital
contributions from minority shareholders
of subsidiaries
Cash receipts from borrowings 31,049,660.15 101,960,000.00
Other cash receipts relating to
financing activities
Sub-total of cash inflows from 31,049,660.15 101,960,000.00
financing activities
Cash repayments of borrowings 77,790,695.10 103,168,350.00
Cash payments for distribution of 6,267,847.69 8,402,191.75
dividends or profits or settlement of
interest expenses
Including: payments for distribution of
dividends or profits to minority
shareholders of subsidiaries
Other cash payments relating to
financing activities
Sub-total of cash outflows from 84,058,542.79 111,570,541.75
financing activities
Net cash flow from financing -53,008,882.64 -9,610,541.75
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The First Quarter Report in 2020
activities
IV. Effect of Foreign Exchange Rate 419,408.45 -2,687,466.36
Changes on Cash and Cash
Equivalents
V. Net Increase in Cash and Cash -34,638,615.44 -83,118,128.89
Equivalents
Add: Opening balance of cash and 829,789,487.86 472,508,550.40
cash equivalents
VI. Closing Balance of Cash and Cash 795,150,872.42 389,390,421.51
Equivalents
Legal Representative: Person in Charge of the Accounting Body: Chief Accountant:
BO Lianming ZHAO Ruijin WEI Yanlin
Cash Flow Statement of the Parent Company
For the period from January 1, 2020 to March 31, 2020
Prepared by: Appotronics Corporation Limited
In RMB, Unaudited
Item The First Quarter in 2020 The First Quarter in 2019
I. Cash Flows from Operating
Activities:
Cash receipts from the sale of goods 175,632,699.35 259,244,374.99
and the rendering of services
Receipts of tax refunds 1,258,598.52 0.00
Other cash receipts relating to 69,010,030.52 27,903,540.81
operating activities
Sub-total of cash inflows from 245,901,328.39 287,147,915.80
operating activities
Cash payments for goods purchased 148,745,453.42 177,525,319.52
and services received
Cash payments to and on behalf of 58,149,160.99 48,748,387.90
employees
Payments of various types of taxes 2,326,794.97 27,672,453.21
Other cash payments relating to 59,079,296.15 44,283,765.25
operating activities
Sub-total of cash outflows from 268,300,705.53 298,229,925.88
operating activities
Net cash flow from operating -22,399,377.14 -11,082,010.08
activities
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The First Quarter Report in 2020
II. Cash Flows from Investing
Activities:
Cash receipts from disposals and 540,000,000.00 4,635,457.67
recovery of investments
Cash receipts from investment income 6,232,108.77
Net cash receipts from disposals of 2,281.47
fixed assets, intangible assets and other
long-term assets
Net cash receipts from disposals of
subsidiaries and other business units
Other cash receipts relating to
investing activities
Sub-total of cash inflows from 546,234,390.24 4,635,457.67
investing activities
Cash payments to acquire or construct 3,965,789.67 8,002,000.13
fixed assets, intangible assets and other
long-term assets
Cash payments to acquire investments 616,213,540.00
Net cash payments for acquisitions of
subsidiaries and other business units
Other cash payments relating to
investing activities
Sub-total of cash outflows from 620,179,329.67 8,002,000.13
investing activities
Net cash flow from investing -73,944,939.43 -3,366,542.46
activities
III. Cash Flows from Financing
Activities:
Cash receipts from capital
contributions
Cash receipts from borrowings 20,000,000.00
Other cash receipts relating to
financing activities
Sub-total of cash inflows from 20,000,000.00
financing activities
Cash repayments of borrowings 10,000,000.00 44,440,000.00
Cash payments for distribution of 230,912.50 1,347,159.22
dividends or profits or settlement of
interest expenses
Other cash payments relating to
financing activities
Sub-total of cash outflows from 10,230,912.50 45,787,159.22
financing activities
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The First Quarter Report in 2020
Net cash flow from financing 9,769,087.50 -45,787,159.22
activities
IV. Effect of Foreign Exchange Rate -327,571.48 -2,970,439.13
Changes on Cash and Cash
Equivalents
V. Net Increase in Cash and Cash -86,902,800.55 -63,206,150.89
Equivalents
Add: Opening balance of cash and 524,648,100.62 295,049,085.02
cash equivalents
VI. Closing Balance of Cash and Cash 437,745,300.07 231,842,934.13
Equivalents
Legal Representative: Person in Charge of the Accounting Body: Chief Accountant:
BO Lianming ZHAO Ruijin WEI Yanlin
4.2 Description of adjustments in opening balances of line items in financial statements of the year due to
the implementation of new revenue standard and new lease standard since 2020
√Applicable □ N/A
Consolidated Balance Sheet
In RMB
Item December 31, 2019 January 1, 2020 Adjusted amount
Current Assets:
Cash and bank balances 875,858,784.58 875,858,784.58
Balances with clearing agencies
Placements with banks and other
financial institutions
Held-for-trading financial assets 540,000,000.00 540,000,000.00
Derivative financial assets
Notes receivable 4,042,559.63 4,042,559.63
Accounts receivable 176,035,155.24 195,363,317.97 19,328,162.73
Receivables financing 1,980,500.00 1,980,500.00
Prepayments 35,070,999.13 35,070,999.13
Premiums receivable
Amounts receivable under
reinsurance contracts
Reinsurer’s share of insurance
contract reserves
Other receivables 9,618,750.08 9,618,750.08
Including: Interest receivable
Dividends receivable
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The First Quarter Report in 2020
Financial assets purchased under
resale agreements
Inventories 299,966,170.35 283,610,860.13 -16,355,310.22
Contract assets
Held-for-sale assets
Non-current assets due within
one year
Other current assets 44,405,513.30 44,405,513.30
Total Current Assets 1,986,978,432.31 1,989,951,284.82 2,972,852.51
Non-current Assets:
Loans and advances
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 139,534,371.94 139,534,371.94
Other equity instrument 11,975,419.38 11,975,419.38
investments
Other non-current financial
assets
Investment properties
Fixed assets 471,204,340.95 471,204,340.95
Construction in progress 20,132,004.07 20,132,004.07
Bearer biological assets
Oil and gas assets
Use right assets
Intangible assets 332,331,324.07 332,331,324.07
Development expenditure
Goodwill
Long-term prepaid expenses 16,908,070.34 16,908,070.34
Deferred tax assets 109,023,941.85 109,023,941.85
Other non-current assets 11,420,185.94 11,420,185.94
Total Non-current Assets 1,112,529,658.54 1,112,529,658.54
Total assets 3,099,508,090.85 3,102,480,943.36 2,972,852.51
Current Liabilities:
Short-term borrowings 76,765,319.05 76,765,319.05
Loans from the central bank
Taking from banks and other
financial institutions
Held-for-trading financial
liabilities
Derivative financial liabilities
Notes payable 37,335,841.79 37,335,841.79
Accounts payable 176,624,445.46 176,624,445.46
31 / 36
The First Quarter Report in 2020
Receipts in advance 184,444,643.33 -184,444,643.33
Contract liabilities 184,444,643.33 184,444,643.33
Financial assets sold under
repurchase agreements
Customer deposits and deposits
from banks and other financial
institutions
Funds from securities trading
agency
Funds from underwriting
securities agency
Employee benefits payable 50,586,932.71 50,586,932.71
Taxes payable 42,924,647.79 45,265,272.99 2,340,625.20
Other payables 14,364,076.43 14,364,076.43
Including: Interest payable
Dividends payable
Fees and commissions payable
Amounts payable under
reinsurance contracts
Held-for-sale liabilities
Non-current liabilities due 64,968,795.02 64,968,795.02
within one year
Other current liabilities
Total Current Liabilities 648,014,701.58 650,355,326.78 2,340,625.20
Non-current Liabilities:
Insurance contract reserves
Long-term borrowings 279,615,107.27 279,615,107.27
Bonds payable
Including: Preferred shares
Perpetual bonds
Leasing liabilities
Long-term payables 3,488,100.00 3,488,100.00
Long-term employee benefits
payable
Provisions 27,072,676.49 27,072,676.49
Deferred income 17,108,361.69 17,108,361.69
Deferred tax liabilities
Other non-current liabilities
Total Non-current Liabilities 327,284,245.45 327,284,245.45
Total Liabilities 975,298,947.03 977,639,572.23 2,340,625.20
Owners’ (or Shareholders’) equity:
Paid-in capital (or share capital) 451,554,411.00 451,554,411.00
Other equity instruments
32 / 36
The First Quarter Report in 2020
Including: Preferred shares
Perpetual bonds
Capital reserve 1,207,942,318.37 1,207,942,318.37
Less: Treasury shares
Other comprehensive income 3,287,063.85 3,287,063.85
Special reserve
Surplus reserve 22,800,224.13 22,800,224.13
General risk reserve
Retained profits 288,975,820.29 290,254,555.17 1,278,734.88
Total Owners’ (or 1,974,559,837.64 1,975,838,572.52 1,278,734.88
Shareholders’) Equity Attributable
to Owners of the Parent Company
Minority interests 149,649,306.18 149,002,798.61 -646,507.57
Total Owners’ (or 2,124,209,143.82 2,124,841,371.13 632,227.31
Shareholders’) Equity
Total Liabilities and 3,099,508,090.85 3,102,480,943.36 2,972,852.51
Owners’ (or Shareholders’) Equity
Description of adjustments on each item:
√Applicable □ N/A
In accordance with the Accounting Standards for Business Enterprises No.14- Revenue (Cai Kuai
[2017] No. 2) issued by the Ministry of Finance on July 5, 2017, for enterprises listed in domestic and
oversea stock exchange concurrently and enterprises listed overseas with the financial statements prepared
under international financial reporting standards or accounting standards for business enterprises, the new
revenue standard shall be implemented from January 1, 2018; and for other enterprises listed in
domestically, the revenue standard shall be implemented from January 1, 2020. As a domestic listed
company, the Company adopted the new revenue standard as at January 1, 2020, according to which: (1)
the goods payments received in advance originally qualified for conditions of “Receipts in advance”
were charged to the line item of “Contract liabilities”, with an adjustment on the opening balance of
relevant item recognized in the financial statements of 2020, but the data in comparable period can be
unadjusted; (2) for goods sold under the model of “profit distribution”, income from customers received
but not recognized were changed as it satisfied the condition of revenue recognition under the new revenue
standard, with an adjustment on the opening balance of relevant item recognized in the balance sheet for
adopting a transition treatment during the implementation of standards.
Balance Sheet of the Parent Company
In RMB
Item December 31, 2019 January 1, 2020 Adjusted amount
Current Assets:
Cash and bank balances 570,479,390.49 570,479,390.49
Held-for-trading financial 540,000,000.00 540,000,000.00
assets
Derivative financial assets
33 / 36
The First Quarter Report in 2020
Notes receivable 3,542,559.63 3,542,559.63
Accounts receivable 299,315,776.44 299,315,776.44
Receivables financing 442,500.00 442,500.00
Prepayments 6,410,257.48 6,410,257.48
Other receivables 67,227,575.21 67,227,575.21
Including: Interest receivable
Dividends receivable
Inventories 135,617,379.22 135,617,379.22
Contract assets
Held-for-sale assets
Non-current assets due within
one year
Other current assets 12,280,164.39 12,280,164.39
Total Current Assets 1,635,315,602.86 1,635,315,602.86
Non-current Assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 257,795,276.13 257,795,276.13
Other equity instrument 7,075,419.38 7,075,419.38
investments
Other non-current financial
assets
Investment properties
Fixed assets 60,391,512.92 60,391,512.92
Construction in progress 1,385,496.59 1,385,496.59
Bearer biological assets
Oil and gas assets
Use right assets
Intangible assets 330,796,423.87 330,796,423.87
Development expenditure
Goodwill
Long-term prepaid expenses 12,771,126.83 12,771,126.83
Deferred tax assets 9,545,438.20 9,545,438.20
Other non-current assets 6,744,453.85 6,744,453.85
Total Non-current Assets 686,505,147.77 686,505,147.77
Total assets 2,321,820,750.63 2,321,820,750.63
Current Liabilities:
Short-term borrowings 10,217,738.36 10,217,738.36
Held-for-trading financial
liabilities
Derivative financial liabilities
34 / 36
The First Quarter Report in 2020
Notes payable 37,335,841.79 37,335,841.79
Accounts payable 162,596,838.45 162,596,838.45
Receipts in advance 11,116,659.11 -11,116,659.11
Contract liabilities 11,116,659.11 11,116,659.11
Employee benefits payable 26,985,668.92 26,985,668.92
Taxes payable 1,534,242.70 1,534,242.70
Other payables 42,599,703.36 42,599,703.36
Including: Interest payable
Dividends payable
Held-for-sale liabilities
Non-current liabilities due
within one year
Other current liabilities
Total Current Liabilities 292,386,692.69 292,386,692.69
Non-current Liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Leasing liabilities
Long-term payables 3,488,100.00 3,488,100.00
Long-term employee benefits
payable
Provisions 14,631,273.00 14,631,273.00
Deferred income 15,724,174.30 15,724,174.30
Deferred tax liabilities
Other non-current liabilities
Total Non-current Liabilities 33,843,547.30 33,843,547.30
Total Liabilities 326,230,239.99 326,230,239.99
Owners’ (or Shareholders’) equity:
Paid-in capital (or share capital) 451,554,411.00 451,554,411.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 1,310,939,867.82 1,310,939,867.82
Less: Treasury shares
Other comprehensive income
Special reserve
Surplus reserve 21,522,683.40 21,522,683.40
Retained profits 211,573,548.42 211,573,548.42
Total Owners’ (or 1,995,590,510.64 1,995,590,510.64
Shareholders’) Equity:
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The First Quarter Report in 2020
Total Liabilities and 2,321,820,750.63 2,321,820,750.63
Owners’ (or Shareholders’)
Equity:
Description of adjustments on each item:
√Applicable □ N/A
In accordance with the Accounting Standards for Business Enterprises No.14- Revenue (Cai Kuai
[2017] No. 2) issued by the Ministry of Finance on July 5, 2017, for enterprises listed in domestic and
oversea stock exchange concurrently and enterprises listed overseas with the financial statements prepared
under international financial reporting standards or accounting standards for business enterprises, the new
revenue standard shall be implemented from January 1, 2018; and for other enterprises listed in
domestically, the revenue standard shall be implemented from January 1, 2020. As a domestic listed
company, the Company adopted the new revenue standard as at January 1, 2020, according to which the
goods payments received in advance originally qualified for conditions of “Receipts in advance” were
charged to the line item of “Contract liabilities”, with an adjustment on the opening balance of relevant
item recognized in the financial statements of 2020, but the data in comparable period can be unadjusted.
4.3 Description of retrospective adjustments in comparable data for previous periods upon the first
adoption of the new revenue standard and new lease standard since 2020
□ Applicable √ N/A
4.4 Auditor's report
□ Applicable √ N/A
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