CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
Stock Code: 000521, 200521 Stock Abbreviation: Changhong Meiling, Hongmeiling B
Announcement No.: 2024-057
Changhong Meiling Co., Ltd.
The Third Quarterly Report of 2024
The Company and whole members of the Board guarantee that the information disclosed is true, accurate
and complete and there are no fictitious records, misleading statements or material omissions carried in
the Report.
Important Note:
1. Board of Directors and the Supervisory Committee of Changhong Meiling Co., Ltd. (hereinafter referred
to as the Company) and its directors, supervisors and senior executives should guarantee the reality, accuracy
and completion of the quarterly report, there are no any fictitious statements, misleading statements or
important omissions carried in this report, and shall take legal responsibilities, individual and/or joint.
2.Mr. Wu Dinggang, Person in charge of the Company, Mr. Pang Haitao, head of accounting and Mr. Yang
Jun ,person in charger of accounting organ (accounting officer) hereby confirm that the financial information
of this Quarterly Report is authentic, accurate and complete.
3. The Third quarterly report audited or not
□Yes √No
I. Main financial data
(i) Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data or not
□ Yes√ No
Increase/decrease
Increase/decrease in the from year-begin to
period compared with the Year-begin to period- period-end
Current period
same period of the end compared with the
previous year same period of the
previous year
1
CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
Operating income
(RM B) 7,810,029,557.25 23.21% 22,757,699,848.95 18.73%
Net profit attributable to
shareholders of the
115,406,948.15 -17.99% 530,440,364.03 6.35%
listed company (RM B)
Net profit attributable to
shareholders of the
listed company after
deducting non-recurring
81,836,690.17 -37.66% 514,341,146.54 0.21%
gains and losses (RM B)
Net cash flow arising
from operating
— — 2,745,427,803.45 14.09%
activities (RM B)
Basic earnings per share
6.34%
(RM B/Share) 0.1121 -17.94% 0.5150
Diluted earnings per
6.34%
share (RM B/Share) 0.1121 -17.94% 0.5150
Weighted average ROE A decrease of A decrease of 0.40
1.96% 8.86%
0.73percentage points percentage points
Changes of this period-end over same period-
End of this period End of last period
end of last year
Total assets (RM B)
22,630,704,631.07 19,391,604,526.19 16.70%
Owners’ equity
attributable to
shareholders of listed 6,047,014,267.59 5,824,782,654.09 3.82%
company (RM B)
(ii)Items of non-recurring gains and losses
√ Applicable □ Not applicable
In RMB
Item Current amount Year-begin to
Note
period-end
Gains/losses from the disposal of non-current asset
(including the write-off that accrued for impairment -1,893,298.38 -1,856,963.43
of assets)
Governmental subsidy calculated into current gains
and losses(while closely related with the normal
business of the Company, the government subsidy M ainly due to
that accord with the provision of national policies and 19,342,195.22 45,128,487.31
government subsidies.
are continuously enjoyed in line with a certain
standard quota or quantity are excluded)
Gain and loss from change of the fair value arising
It mainly refers to the
from transactional monetary assets, transactional gains and losses arising
17,847,931.41 -47,426,382.79
financial liabilities as held as well as the investment from changes in the fair
income arising from disposal of the transactional value of financial assets
2
CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
monetary assets, transactional financial liabilities and and disposal.
financial assets available for sale excluding the
effective hedging transaction in connection with the
Company’s normal business
Reversal of the account receivable
depreciation reserves subject to separate -23,891.11 20,785,113.26
impairment test
Other non-operating income and expenses other than
the above 4,919,844.60 2,993,297.20
Less: impact on income tax
5,741,004.71 -1,325,264.43
Impact on minority shareholders’ equity (post-tax)
881,519.05 4,849,598.49
Total
33,570,257.98 16,099,217.49 --
Details of other profit and loss items that meet the non-recurring profit and loss definition
□ Applicable √ Not applicable
There are no other gains/losses items that meet the definition of non-recurring gains/losses in the Company.
Explain the items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss
in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public -
-- Extraordinary Profit/loss(revised in 2023)
□ Applicable √ Not applicable
There are no items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss
in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public -
-- Extraordinary Profit/loss (revised in 2023).
(iii)Particulars about material changes in items of main accounting statement and financial index and
explanations of reasons
√ Applicable □Not applicable
1.Changes and reasons of items in balance sheet
In RMB
Changes
Item Ending balance Opening balance Reasons of changes
ratio
M ainly due to the increase in income
Trading financial assets 1,469,136,701.27 39,236,447.63 3,644.32% from wealth management products in
the current period
M ainly due to the maturity of the
Notes receivable - 267,174.50 -100.00% notes in the current period
M ainly due to the increase in sales
Account receivable 2,355,222,936.53 1,633,706,889.06 44.16% during the current period
3
CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
Changes
Item Ending balance Opening balance Reasons of changes
ratio
M ainly due to the conversion of
Contract assets 7,217,666.14 13,261,690.62 -45.58% contract assets to accounts receivable
in the current period
Non-current asset due M ainly due to the maturity of large-
- 122,294,027.78 -100.00% denomination certificates of deposit
within one year
in the current period
M ainly attributable to the increase in
the purchase of time deposits and
Other current assets 340,368,105.19 225,419,883.07 50.99% large certificates of deposit during the
current period
M ainly due to the increase in the
Creditor's rights investment 1,391,564,343.42 420,537,485.54 230.90% Company's large certificates of
deposit in the current period
M ainly due to the increase in leased
Usage right assets 111,213,574.15 49,993,400.61 122.46% factories during the current period
M ainly due to the increase in R&D
Development expenses 131,983,953.57 97,177,535.34 35.82% investment in the current period
M ainly due to the decrease in
Other non-current assets 16,954,711.86 26,601,614.35 -36.26% prepayment for equipment in the
current period
M ainly due to changes in the fair
value of irrevocable orders and
Trading financial liabilities 54,736,706.07 32,229,012.86 69.84% foreign exchange contracts during the
current period
Note payable M ainly due to the increase in
7,793,021,743.61 5,904,387,089.98 31.99% purchases during the current period
Accounts received in
M ainly due to the decrease in advance
advance 35,984.62 55,949.90 -35.68% receivables in the current period
M ainly due to the repayment of long-
Non-current liabilities due
10,939,951.24 48,822,798.47 -77.59% term borrowings due within one year
within one year
in the current period
M ainly due to the early repayment of
Long-term loans 5,842,922.02 108,000,000.00 -94.59% long-term borrowings in the current
period
M ainly due to the increase in leased
Lease liability 106,251,727.30 43,488,292.70 144.32% factories during the current period
M ainly attributable to the
Long-term account payable 541,643.86 800,347.84 -32.32% apportionment of long-term payables
for the current period
M ainly due to the increase in the
Deferred income tax recognition of deferred income tax on
liabilities 30,679,525.53 21,814,466.43 40.64% right-of-use assets in the current
period
2.Changes and reasons of items in profit statement
In RMB
Item Current period Amount at the same Changes
Reasons of changes
period of last year ratio
M ainly due to the payment of the waste
Tax and extras electrical and electronic products disposal
76,763,729.74 144,925,448.61 -47.03% fund in the previous period, and there is no
such payment in the current period
Other income M ainly due to the recognition of VAT plus
121,445,358.81 58,843,835.36 106.39% deduction credit in the current period
M ainly due to the increase in income from
Investment earnings 21,041,038.63 6,121,002.68 243.75% wealth management products in the current
period
4
CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
Item Current period Amount at the same Changes
Reasons of changes
period of last year ratio
M ainly due to changes in the fair value of
Gains on changes in
-11,228,505.02 -63,928,733.56 82.44% irrevocable orders and foreign exchange
fair value
contracts during the current period
Credit impairment loss M ainly due to the YOY decrease in bad
-1,448,976.31 -93,458,661.22 -98.45% debt provision for accounts receivable
M ainly due to the increase in the decline in
Loss of asset
-48,615,603.79 -19,904,174.33 144.25% the value of inventories accrued in the
impairment
current period
M ainly due to the decrease in liquidated
Non-operating income 7,037,132.35 13,003,292.01 -45.88% damages received during the period
M ainly attributable to the increase in
Income tax expenses 6,364,902.62 3,477,731.10 83.02% relocation costs during the current period
M ainly due to the increase in income tax
Income tax expenses 73,975,762.36 4,446,696.74 1,563.61% expenses due to the increase in taxable
income for the current period
3.Changes and reasons of items in cash flow statement
In RMB
Item Current period Amount at the
Changes
same period of last Reasons of changes
ratio
year
M ainly due to the YOY increase in
Tax refund received 878,299,622.69 545,575,086.82 60.99% export tax rebates received in the
current period
Cash received from recovery M ainly due to the YOY increase in
of investment 7,438,000,000.00 630,000,000.00 1,080.63% the recovery of wealth management
products in the current period
Cash received from absorbing M ainly due to the YOY increase in
investment 45,916,313.88 34,088,250.87 34.70% the income of wealth management
products in the current period
Net cash received from
M ainly due to the YOY decrease in
disposal of fixed assets,
670,588.40 4,027,612.46 -83.35% cash recovered from the disposal of
intangible assets and other
fixed assets in the current period
long-term assets
M ainly due to the YOY increase in
Cash paid for investments
9,870,000,000.00 1,427,333,334.00 591.50% the purchase of wealth management
products in the current p eriod
M ainly due to the YOY decrease in
Other cash paid concerning the delivery loss of forward foreign
investing activities 10,004,887.52 73,130,700.88 -86.32% exchange contracts in the current
period
M ainly attributable to the YOY
Cash received from
1,798,005,348.24 1,135,721,085.04 58.31% increase in bank borrowings during
borrowing
the current period
Other cash received M ainly due to the YOY decrease in
concerning financing 59,024,900.30 250,002,913.48 -76.39% the restricted margin recovery in the
activities current period
M ainly due to the YOY increase in
Cash paid for settling debts 1,941,925,085.56 753,250,888.06 157.81% the repayment of borrowings in the
current period
M ainly due to the YOY increase in
Cash paid for dividend and
dividends distribution for the current
profit distributing or interest 331,222,527.04 126,145,172.10 162.57%
paying period
M ainly due to the impact of exchange
Influence on cash and cash
rate changes during the current
equivalents due to fluctuation 19,235,492.91 1,594,491.69 1,106.37%
in exchange rate period
5
CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
II. Shareholders
(i) Total number of common shareholders and preference shareholders with voting rights recovered and
top ten shareholders
In Shares
Total preference shareholders with voting rights
Total number of common shareholders at the end of report period 55,993 recovered at end of reporting period (if 0
applicable)
Shares held by the top 10 shareholders（Excluding shares lent through refinancing)
Information of
shares pledged,
Proportion Amount of tagged or frozen
Nature of Amount of
Shareholder’s name of shares lock-up
shareholder shares held State
held shares held
of Amount
share
Sichuan Changhong Electric Co., State-owned legal
Ltd. person 24.12% 248,457,724 0 - -
Overseas Legal
HKSCC 4.58% 47,155,309 0 - -
person
The National Social Security Fund Domestic non-state-
101 portfolio owned legal person 3.44% 35,423,661 0 - -
CHANGHONG (HK) TRADING Overseas Legal
LIM ITE person 2.63% 27,077,797 0 - -
Hefei Industry Investment Holding State-owned legal
(Group) Co., Ltd. person 2.43% 25,064,896 0 - -
Overseas natural
CAOSHENGCHUN 1.43% 14,766,086 0 - -
person
Industrial Bank－Southern Xingrun
Domestic non-state-
value one-year holding period of 1.33% 13,691,353 0 - -
owned legal person
hybrid securities investment fund
ICBC － South Excellent Growth Domestic non-state-
owned legal person 1.24% 12,722,400 0 - -
Stock Securities Investment Fund
China Construction Bank Co., Ltd.-
Domestic non-state-
Jiashixin Consumer Stock 0.65% 6,671,917 0 - -
owned legal person
Securities Investment Fund
Overseas Legal
Phillip Securities( HK) Co., Ltd. 0.61% 6,296,913 0 - -
person
Top ten shareholders with unrestricted shares held (excluding shares lent through conversions and locked-up shares for senior
managers)
Type of shares
Shareholder’s name Amount of unrestricted shares held
Type Amount
Sichuan Changhong Electric Co., Ltd. RM B ordinary
248,457,724 248,457,724
shares
RM B ordinary
HKSCC 47,155,309 47,155,309
shares
The National Social Security Fund 101 RM B ordinary
35,423,661 35,423,661
portfolio shares
CHANGHONG (HK) TRADING LIM ITE 27,077,797 Domestically listed 27,077,797
6
CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
foreign shares
Hefei Industry Investment Holding (Group) RM B ordinary
25,064,896 25,064,896
Co., Ltd. shares
Domestically listed
CAOSHENGCHUN 14,766,086 14,766,086
foreign shares
Industrial Bank－Southern Xingrun value
RM B ordinary
one-year holding period of hybrid securities 13,691,353 13,691,353
shares
investment fund
ICBC－South Excellent Growth Stock RM B ordinary
12,722,400 12,722,400
Securities Investment Fund shares
China Construction Bank Co., Ltd.-
RM B ordinary
Jiashixin Consumer Stock Securities 6,671,917 6,671,917
shares
Investment Fund
Domestically listed
Phillip Securities( HK) Co., Ltd. 6,296,913 6,296,913
foreign shares
Among the above shareholders, CHANGHONG (HK) TRADING LIM ITED
(hereinafter referred to as Hong Kong Changhong) is the wholly-owned subsidiary
of Sichuan Changhong Electric Co., Ltd.; except the shares of the Company
directly held of the B shares of the Company, 6,296,913 shares of B-stock are also
held through Phillip Securities (Hong Kong) Co., Ltd., the foregoing shareholders
constitute persons of uniform action. There existed no associated relationship or
Explanation on associated relationship belong to the concerted actors as specified in the M easures for the Administration
among the aforesaid shareholders of Information Disclosure of Shareholder Equity Changes of Listed Companies
among Sichuan Changhong Electric Co., Ltd, Hong Kong Changhong and other
top 7 shareholders, The company neither knows whether there is any association
among other shareholders, nor knows whether other shareholders belong to the
persons acting in concert that is stipulated in the “Administrative M easures on
Information Disclosure of Changes in Shareholding of Listed Companies”.
Explanation on top ten shareholders
Not applicable
involving margin business (if applicable)
Information of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10
shareholders of unrestricted tradable shares participating in the lending of shares in securities lending and
borrowing business
□Applicable Not applicable
The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed compared
with the previous period due to the securities lending/returning,
□Applicable Not applicable
(ii)Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end
of the report period
□ Applicable √Not applicable
III. Other important matters
√ Applicable □ Not applicable
Information index for temporary
Overview Date for disclosure
report disclosure
Through the resolution passed by the Company's board of directors, it’s Juchao
agreed that the Company shall establish an ESG management organizational February 20,2024 Website:http://www.cninfo.com.cn
structure and set up an ESG management committee under the board of （No.: 2024-004 and 2024-005）
7
CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
Information index for temporary
Overview Date for disclosure
report disclosure
directors of the Company, which is composed of six directors-M r. Wu
Dinggang, M r. Zhong M ing, M r. Zhao Qilin, M r. Kou Huameng, M r. Hu
Zhaogui and M s. M ou Wen (independent directors)-of the board of directors
of the Company and the chairman is M r. Wu Dinggang, taking effect from
the date of deliberation and approval of the board of directors, and the term
of office of the above members is the same as that of the board of directors.
Through the resolution passed by the Company's board of directors, it’s
agreed that the Company will invest 88 million yuan to renovate the front - Juchao
end production line of refrigerators in the Hefei manufacturing base, in order Website:http://www.cninfo.com.cn
to enhance the Company's production and manufacturing capacity of February 20,2024
（No.: 2024-004）
refrigerators in the Hefei base and enhance the product market
competitiveness.
Through the resolution of the board of directors of the Company, it’s agreed
that Sichuan Changhong Air Conditioning Co., Ltd., a subsidiary of the
Company, will invest 100 million yuan by its own funds to establish a
Juchao
wholly-owned subsidiary, Sichuan Changhong Air Conditioning Intelligent
M arch 15,2024 Website:http://www.cninfo.com.cn
Home Appliance Technology Co., Ltd. (tentative name, subject to industrial
（No.: 2024-006）
and commercial approval), to engage in related business with the
manufacturing and sales of variable frequency drive control boards in the air
conditioning industry (including special air conditioners) as the core.
Through the resolution of the Company's board of directors, supervisory
board and the general meeting of shareholders , it was agreed to pass the
Company's 2023 profit distribution plan: based on the Company's total share
capital of 1,029,923,715 shares on December 31, 2023, it will distribute a
cash dividend of RM B 3 (including tax) to all shareholders for every 10
Juchao
shares, with no bonus shares or share capital increase by reserve fund
M arch 30,2024, April Website:http://www.cninfo.com.cn
conversion. It is expected to distribute a cash dividend of RM B （No.: 2024-007, 2024-008,2024-
26,2024, June 5,2024
308,977,114.50 (including tax), accounting for 41.70% of the net profit 010,2024-024 and 2024-034）
attributable to shareholders of listed companies in 2023. On June 5, 2024, the
Company disclosed the "2023 Annual Profit Distribution Plan
Implementation Announcement “and implemented the afore-mentioned profit
distribution plan.
Through the resolution of the Company's board of directors and the general Juchao
meeting of shareholders, it’s agreed to appoint Pan-China Certified Public M arch 30,2024, April 26, Website:http://www.cninfo.com.cn
Accounts (LLP) as the auditing agency for the Company's 2024 financial 2024 （No.: 2024-007, 2024-011 and -2024-
report and internal control, with a term of one year. 024）
Through the resolution of the Company's board of directors and supervisory Juchao
board, it’s agreed that the subsidiary of the Company, Hefei M eiling Website:http://www.cninfo.com.cn
Nonferrous M etal Products Co., Ltd., will write off a total of 3,092,614.56 M arch 30,2024 （No.: 2024-007, 2024-008 and 2024-
yuan in bad debts of part accounts receivable that cannot be recovered. 012）
Through the resolution of the board of directors of the Company, it’s agreed
that the Company and its subsidiaries will carry out forward foreign Juchao
exchange fund trading business from July 1, 2024 to June 30, 2025, with a Website:http://www.cninfo.com.cn
M arch 30,2024, April 26,
transaction balance not exceeding 1.199 billion US dollars (mainly including
2024 （No.: 2024-007, 2024-013 and -2024-
US dollars, Australian dollars, Euros, and all other foreign currencies
024）
converted into US dollars), and the delivery period of a single transaction
shall not exceed one year.
Through the resolution of the Company's board of directors ,supervisory Juchao
board and the general meeting of shareholders, it’s agreed to the Company’s M arch 30,2024, April 26, Website:http://www.cninfo.com.cn
formulated "Shareholders' Return Plan for the Next Three Years (2021-2023) 2024 （No.: 2024-007, 2024-008 and -2024-
by the Company" 024）
Through the resolution of the Company's board of directors, supervisory
board and the general meeting of shareholders, it’s agreed that the Company Juchao
will increase the expected amount of no more than 1,138 million yuan M arch 30,2024, April 26, Website:http://www.cninfo.com.cn
(excluding tax) of routine related party transactions including purchase of 2024 （No.: 2024-007, 2024-008,2024-014
raw materials and commodities between the Company and its subsidiaries and -2024-024）
and Sichuan Changhong Electronic Holding Group Co., Ltd. in 2024. After
8
CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
Information index for temporary
Overview Date for disclosure
report disclosure
this increase, it’s expected that the total amount of routine related party
transactions between the Company and its subsidiaries and Sichuan
Changhong Electronic Holding Group Co., Ltd., including purchasing goods,
receiving services, and leasing, will not exceed 2,938 million yuan
(excluding tax) in 2024.
Through the resolution of the board of directors and the general meeting of
shareholder of the Company, it’s agreed that the Company and its subsidiaries Juchao
can apply for a special line of up to 400 million yuan for the bill pool to the M arch 30,2024, April 26, Website:http://www.cninfo.com.cn
Hefei Branch of Industrial Bank Co., Ltd; and apply to Hefei Branch Ping An 2024 （No.: 2024-007, 2024-015 and -2024-
Bank Co., Ltd. for a special credit line of up to 500 million yuan for the bill 024）
pool.
Through the resolution of the board of directors ,supervisory board and the
general meeting of shareholders, it was agreed to provide a total guarantee Juchao
amount of no more than RM B 600 million for raw materials purchased by April 20,2024, June Website:http://www.cninfo.com.cn
Changhong Air Conditioning, a wholly -owned subsidiary of the Company, 19,2024 （No.: 2024-020, 2024-021,2024-023
with a guarantee period of one year, starting from the date of review and and -2024-036）
approval by the Company's General M eeting of Shareholders.
In order to establish a variety of shareholder return mechanisms, thank
shareholders for their long-term concern and support, and at the same time to
Juchao
allow shareholders to experience the Company's new products and services,
M ay 17,2024 Website:http://www.cninfo.com.cn
and improve investors' understanding and recognition of the Company's
（No.: 2024-025）
intrinsic value, the Company held the "Changhong M eiling Shareholder
Thanksgiving Festival" from M ay 18, 2024 to M ay 26, 2024
Through the resolution of the board of directors and the general meeting of Juchao
shareholders, it was agreed to amend some clauses of the Company's Articles June 1, 2024, June Website:http://www.cninfo.com.cn
of Association according to relevant provisions of laws and regulations and 19,2024 （No.: 2024-026, 2024-028 and -2024-
combined with the actual situation of the Company. 036）
Through the resolution of the board of directors ,supervisory board and the
general meeting of shareholders, it was agreed that the Company and its
subsidiaries (excluding Zhongke M eiling Cryogenic Technology Co., Ltd. Juchao
and its subsidiaries) would increase the use of their own idle funds of no Website:http://www.cninfo.com.cn
more than 1.85 billion yuan(which can be used in a rolling way) to invest in June 1, 2024, June
19,2024 （No.: 2024-026, 2024-027,2024-030
and purchase bank wealth management products with high safety, good
and -2024-036）
liquidity, low risk and stability within one year. The authorization period is
valid within one year from the date of deliberation and app roval by the
General M eeting of Shareholders of the Company.
In view of the expiration of the term of the 10th Board of Directors of the
Company, according to relevant regulations, the Board of Directors of the
Company needs to be re-elected. It was agreed that the 11th Board of
Directors of the Company should have 9 directors, including 6 non-
independent directors and 3 independent directors. According to the Juchao
resolutions of the 44th meeting of the 10th Board of Directors and the First June 1, 2024, June Website:http://www.cninfo.com.cn
Extraordinary General M eeting of Shareholders in 2024, it was agreed to 19,2024 （No.: 2024-026, 2024-031 and -2024-
appoint M r. Wu Dinggang, M r. Zhong M ing, M r. Zhao Qilin, M s. Yi Suqin, 036）
M r. Cheng Ping and M r. Fang Wei as the non-independent directors of the
11th Board of Directors, and M s. M u Wen, M r. Hong Yuanjia and M r. Cheng
Wenlong as the independent directors of the 11th Board of Directors. with a
term of office the same as that of the 11th Board of directors of the Company.
Through the resolution of the supervisory board and the general meeting of Juchao
shareholders, in order to optimize the enterprise supervision system, Website:http://www.cninfo.com.cn
June 1, 2024, June
combined with the revision of the Articles of Association, it was agreed to
19,2024 （No.: 2024-027, 2024-029 and -2024-
amend some clauses of the Rules of Procedure of the Board of Supervisors,
036）
and adjust the member number of the Board of Supervisors from 5 to 3.
In view of the expiration of the term of the 10th Board of Supervisors of the
Company, according to relevant regulations, the Board of Supervisors of the Juchao
Company needs to be re-elected. It was agreed that the 11th Board of June 1, 2024, June Website:http://www.cninfo.com.cn
Supervisors of the Company should have 3 supervisors, including 2 19,2024 （No.: 2024-027, 2024-032 2024-36
shareholder representative supervisors and 1 employee supervisor. According
and -2024-037）
to the resolution of the 32nd meeting of the 10th Board of Supervisors and
the First Extraordinary General M eeting of Shareholders in 2024, it was
9
CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
Information index for temporary
Overview Date for disclosure
report disclosure
agreed to appoint M r. Qiu Jin and M r. M a Yu as the shareholder
representative supervisors of the 11th Board of Supervisors; After voting at
the second meeting of the Ninth Workers' Congress, it was agreed to elect
Ms. Ji Ge as the employee supervisor of the 11th Board of Supervisors. with
a term of office the same as that of the 11th Board of supervisors of the
Company.
Through the resolution of the board of directors , it was agreed to elect M r.
Wu Dinggang as the chairman of the 11th Board of Directors, to elect
members of the strategy, audit, nomination, remuneration and assessment and
ESG management committees under the 11th Board of Directors, to re-
appoint M r. Tang Youdao, M r. Kou Huameng and M r. Hu Zhaogui as the
Juchao
Company's vice presidents, to employ M s. Li Xia as the Company's vice June 19, 2024, June
Website:http://www.cninfo.com.cn
president and concurrently the secretary of the Board of Directors, and to re- 20,2024
appoint M r. Pang Haitao as the Company's financial director, with a term of （No.: 2024-038 and -2024-040）
office from the date of review and approval by the Board of Directors to the
Company to the date of expiration of the term of office of the current Board
of Directors.
Through the resolution of the supervisory board, it was agreed to elect M r. Juchao
Qiu Jin as the chairman of the 11th Board of Supervisors of the Company, June 19, 2024, June
Website:http://www.cninfo.com.cn
with a term of office the same as that of the 11th Board of Supervisors of the 20,2024
（No.: 2024-039 and -2024-040）
Company.
Through the resolution of the board of directors and supervisory board, it’s
agreed that the Company will increase the amount of routine related party
transactions such as financial leasing, commercial factoring and financing
orders between the Company and its subsidiaries and Yuanxin Financial Juchao
Leasing Co., Ltd. (hereinafter referred to as "Yuanxin Leasing") in 2024 not Website:http://www.cninfo.com.cn
exceeding 290 million yuan (excluding tax). After this increase, the amount August 17,2024 （No.: 2024-041,2024-042 and 2024-
of routine related party transactions such as financial leasing, commercial 044）
factoring and bill financing between the Company and its subsidiaries and
Yuanxin Leasing in 2024 is expected to not exceed 1,090 million yuan
(excluding tax).
Through the resolution of the board of directors of the Company, in order to
improve the manufacturing capacity of the Company's refrigerator products, Juchao
it’s agreed that the Company will use its own funds of 16.35 million yuan to
August 17,2024 Website:http://www.cninfo.com.cn
carry out technical transformation of some equipment of the refrigerator
（No.: 2024-041）
production line to enhance the production capacity and market
competitiveness of the Company's products.
Passed by the resolutions of the Board of Directors, the Board of Supervisors
and the General M eeting of Shareholders held by the Company on January 18
and April 26, 2023, it’ agreed that the Company will participate in the
establishment of "Sichuan Hongyun Venture Capital Partnership (Limited
Partnership)" (hereinafter referred to as "Hongyun Fund Phase II") with its
own funds of 45 million yuan, and serve as a limited partner of the
investment fund. Up to now, Hongyun Fund Phase II has completed the
industrial and commercial registration, and the partners have completed the
first phase of capital contribution. On August 22, 2024, Hongyun Fund Phase
II held the first interim general meeting of partners in 2024, and based on the Juchao
progress of the fund manager in introducing new partners and the August 24,2024 Website:http://www.cninfo.com.cn
requirements of improving the efficiency of capital use, it’s agreed that the （No.: 2024-045）
funds that have been paid in by all partners and the income from cash
management of such funds will be temporarily returned to the account
provided by the partners in accordance with the proportion of the shares held
by all partners, and the Company has received a total of 18.152 million yuan
of initial capital contributions and corresponding cash management income;
M eanwhile, in order to promote the filing of the fund, it’s agreed to extend
the open period for the introduction of new partners to December 15, 2024,
and if no new partners are introduced at that time, the liquidation procedure
of the fund will be initiated; Agreed to sign the Supplemental Agreement.
10
CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
IV. Quarterly financial statements
(i) Financial statement
1. Consolidate Balance Sheet
Prepared by Changhong Meiling Co., Ltd.
In RMB
Item Ending balance Opening balance
Current assets:
M onetary fund
8,625,778,354.77 8,840,685,525.71
Settlement provisions
Capital lent
Trading financial assets
1,469,136,701.27 39,236,447.63
Derivative financial assets
Note receivable
267,174.50
Account receivable
2,355,222,936.53 1,633,706,889.06
Receivable financing
1,477,777,423.32 1,641,858,740.34
Account paid in advance
50,661,048.60 45,738,805.90
Insurance receivable
Reinsurance receivables
Contract reserve of reinsurance receivable
Other account receivable
74,639,165.78 82,953,808.97
Including: Interest receivable
Dividend receivable
Buying back the sale of financial assets
Inventory
2,493,833,592.10 2,022,738,412.97
Including：Data resources
Contract assets
7,217,666.14 13,261,690.62
Assets held for sale
Non-current asset due within one year
122,294,027.78
Other current assets
340,368,105.19 225,419,883.07
Total current assets
16,894,634,993.70 14,668,161,406.55
Non-current assets:
Loans and payments on behalf
Creditor's rights investment
1,391,564,343.42 420,537,485.54
11
CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
Item Ending balance Opening balance
Other Creditor's rights investment
Long-term account receivable
Long-term equity investment
94,928,336.90 112,745,811.75
Investment in other equity instrument
Other non-current financial assets
674,139,515.48 674,139,515.48
Investment real estate
49,453,554.47 50,920,487.71
Fixed assets
2,124,345,702.49 2,136,912,034.28
Construction in progress
82,623,440.03 69,920,839.20
Productive biological asset
Oil and gas asset
Right-of-use assets
111,213,574.15 49,993,400.61
Intangible assets
870,135,663.07 886,455,434.73
Including：Data resources
Expense on research and development
131,983,953.57 97,177,535.34
Including：Data resources
Goodwill
Long-term expenses to be apportioned
32,260,126.58 35,698,465.62
Deferred income tax asset
156,466,715.35 162,340,495.03
Other non-current assets
16,954,711.86 26,601,614.35
Total non-current asset
5,736,069,637.37 4,723,443,119.64
Total assets
22,630,704,631.07 19,391,604,526.19
Current liabilities:
Short-term loans 1,133,775,702.32 1,134,102,419.03
Loan from central bank
Capital borrowed
Trading financial liability
54,736,706.07 32,229,012.86
Derivative financial liability
Note payable
7,793,021,743.61 5,904,387,089.98
Account payable
4,848,450,447.20 3,882,303,908.89
Accounts received in advance
35,984.62 55,949.90
Contract liabilities
416,122,990.94 405,698,756.02
Selling financial asset of repurchase
Absorbing deposit and interbank deposit
12
CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
Item Ending balance Opening balance
Security trading of agency
Security sales of agency
Wage payable
483,892,930.06 443,612,216.56
Taxes payable
85,995,858.16 91,917,751.71
Other account payable
1,061,340,473.71 884,714,721.30
Including: Interest payable
Dividend payable
6,005,989.72 5,384,407.44
Commission charge and commission
payable
Reinsurance payable
Liability held for sale
Non-current liabilities due within one year
10,939,951.24 48,822,798.47
Other current liabilities
15,981,918.21 19,172,541.50
Total current liabilities
15,904,294,706.14 12,847,017,166.22
Non-current liabilities:
Insurance contract reserve
Long-term loans
5,842,922.02 108,000,000.00
Bonds payable
Including: Preferred stock
Perpetual capital securities
Lease liability
106,251,727.30 43,488,292.70
Long-term account payable
541,643.86 800,347.84
Long-term wages payable
10,319,507.32 11,417,181.82
Accrual liability
35,958,877.72 32,054,790.39
Deferred income
112,002,975.60 132,977,494.33
Deferred income tax liabilities
30,679,525.53 21,814,466.43
Other non-current liabilities
Total non-current liabilities
301,597,179.35 350,552,573.51
Total liabilities
16,205,891,885.49 13,197,569,739.73
Owner’s equity:
Share capital
1,029,923,715.00 1,029,923,715.00
Other equity instrument
Including: Preferred stock
13
CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
Item Ending balance Opening balance
Perpetual capital securities
Capital public reserve
2,805,503,457.77 2,805,503,457.77
Less: Treasury shares
Other comprehensive income
-20,548,959.12 -20,704,362.05
Special reserve
11,859,772.95 11,246,811.91
Surplus public reserve
477,053,194.82 477,053,194.82
Provision of general risk
Retained profit
1,743,223,086.17 1,521,759,836.64
Total owner’ s equity attributable to parent
company 6,047,014,267.59 5,824,782,654.09
M inority interests
377,798,477.99 369,252,132.37
Total owner’ s equity
6,424,812,745.58 6,194,034,786.46
Total liabilities and owner’ s equity
22,630,704,631.07 19,391,604,526.19
Legal Representative: Wu Dinggang
Person in charge of accounting works: Pang Haitao
Person in charge of accounting institute: Yang Jun
2. Consolidated Income statement between the beginning of the year and end of the report period
In RMB
Item Current period Last period
I. Total operating income
22,757,699,848.95 19,167,615,833.84
Including: Operating income
22,757,699,848.95 19,167,615,833.84
Interest income
Insurance gained
Commission charge and commission income
II. Total operating cost
22,222,774,849.04 18,542,771,945.98
Including: Operating cost
20,292,216,559.07 16,590,072,964.21
Interest expense
Commission charge and commission expense
Cash surrender value
Net amount of expense of compensation
Net amount of withdrawal of insurance contract reserve
Bonus expense of guarantee slip
14
CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
Reinsurance expense
Tax and extras
76,763,729.74 144,925,448.61
Sales expense
1,263,855,338.68 1,234,618,461.71
Administrative expense
264,866,295.72 265,996,948.80
R&D expense
448,349,808.47 414,730,110.25
Financial expenses
-123,276,882.64 -107,571,987.60
Including: Interest expenses
18,337,445.84 19,220,542.10
Interest income
141,269,832.76 138,087,696.57
Add: other income
121,445,358.81 58,843,835.36
Investment income (Loss is listed with “-”)
21,041,038.63 6,121,002.68
Including: Investment income on affiliated company and
joint venture 7,635,137.26 15,050,230.24
The termination of income recognition for financial
assets measured by amortized cost -30,503,769.06 -21,839,275.77
Exchange income (Loss is listed with “-”)
Net exposure hedging income (Loss is listed with “-”)
Income from change of fair value (Loss is listed with “-”)
-11,228,505.02 -63,928,733.56
Loss of credit impairment (Loss is listed with “-”)
-1,448,976.31 -93,458,661.22
Losses of devaluation of asset (Loss is listed with “-”)
-48,615,603.79 -19,904,174.33
Income from assets disposal (Loss is listed with “-”)
464,104.04 1,379,107.45
III. Operating profit (Loss is listed with “-”)
616,582,416.27 513,896,264.24
Add: Non-operating income
7,037,132.35 13,003,292.01
Less: Non-operating expense
6,364,902.62 3,477,731.10
IV Total profit (Loss is listed with “-”)
617,254,646.00 523,421,825.15
Less: Income tax expense
73,975,762.36 4,446,696.74
V Net profit (Net loss is listed with “-”)
543,278,883.64 518,975,128.41
(i) Classify by business continuity
1. Net profit from continuing operations (net loss listed
with “-”) 543,278,883.64 518,975,128.41
2. Net profit from termination of operations (net loss
listed with “-”)
(ii) Classify by ownership
1.Net profit attributable to owner’s of parent company
530,440,364.03 498,774,154.38
2.M inority shareholders’ gains and losses
12,838,519.61 20,200,974.03
VI. Net after-tax of other comprehensive income
149,851.21 1,562,287.57
15
CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
Net after-tax of other comprehensive income
attributable to owners of parent company 155,402.93 1,309,907.03
(i) Other comprehensive income items which will not be
reclassified subsequently to profit of loss
1.Changes of the defined benefit plans that re-measured
2.Other comprehensive income under equity method that
cannot be transfer to gain/loss
3.Change of fair value of investment in other equity
instrument
4.Fair value change of enterprise's credit risk
5. Other
(ii) Other comprehensive income items which will be
reclassified subsequently to profit or loss 155,402.93 1,309,907.03
1.Other comprehensive income under equity method that
can transfer to gain/loss
2.Change of fair value of other debt investment
3.Amount of financial assets re-classify to other
comprehensive income
4.Credit impairment provision for other debt investment
5.Cash flow hedging reserve
6.Translation differences arising on translation of foreign
currency financial statements 155,402.93 1,309,907.03
7.Other
Net after-tax of other comprehensive income attributable
to minority shareholders -5,551.72 252,380.54
VII. Total comprehensive income
543,428,734.85 520,537,415.98
Total comprehensive income attributable to owners of
parent Company 530,595,766.96 500,084,061.41
Total comprehensive income attributable to minority
shareholders 12,832,967.89 20,453,354.57
VIII. Earnings per share:
(i) Basic earnings per share
0.5150 0.4843
(ii) Diluted earnings per share
0.5150 0.4843
Enterprise combine under the same control in the Period, the combined party realized net profit of 0.00
Yuan before combination, and realized 0.00 Yuan at last period for combined party.
Legal Representative: Wu Dinggang
Person in charge of accounting works: Pang Haitao
Person in charge of accounting institute: Yang Jun
16
CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
3. Consolidated Cash Flow Statement Between the Beginning of the Year and End of the Report Period
In RMB
Item Current period Last period
I. Cash flows arising from operating activities:
Cash received from selling commodities and providing labor
services 23,085,624,738.80 19,690,794,267.32
Net increase of customer deposit and interbank deposit
Net increase of loan from central bank
Net increase of capital borrowed from other financial
institution
Cash received from original insurance contract fee
Net cash received from reinsurance business
Net increase of insured savings and investment
Cash received from interest, commission charge and
commission
Net increase of capital borrowed
Net increase of returned business capital
Net cash received by agents in sale and purchase of securities
Write-back of tax received
878,299,622.69 545,575,086.82
Other cash received concerning operating activities
55,706,450.50 73,343,301.56
Subtotal of cash inflow arising from operating activities
24,019,630,811.99 20,309,712,655.70
Cash paid for purchasing commodities and receiving labor
service 18,821,837,573.14 15,509,311,028.48
Net increase of customer loans and advances
Net increase of deposits in central bank and interbank
Cash paid for original insurance contract compensation
Net increase of capital lent
Cash paid for interest, commission charge and commission
Cash paid for bonus of guarantee slip
Cash paid to/for staff and workers
1,542,674,566.91 1,443,348,831.94
Taxes paid
294,992,410.27 402,056,677.82
Other cash paid concerning operating activities
614,698,458.22 548,729,081.61
Subtotal of cash outflow arising from operating activities
21,274,203,008.54 17,903,445,619.85
Net cash flows arising from operating activities
2,745,427,803.45 2,406,267,035.85
II. Cash flows arising from investing activities:
17
CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
Cash received from recovering investment
7,438,000,000.00 630,000,000.00
Cash received from investment income
45,916,313.88 34,088,250.87
Net cash received from disposal of fixed, intangible and other
long-term assets 670,588.40 4,027,612.46
Net cash received from disposal of subsidiaries and other
units
Other cash received concerning investing activities
145,223,228.07 135,312,830.48
Subtotal of cash inflow from investing activities
7,629,810,130.35 803,428,693.81
Cash paid for purchasing fixed, intangible and other long-
term assets 223,226,696.20 177,289,681.51
Cash paid for investment
9,870,000,000.00 1,427,333,334.00
Net increase of mortgaged loans
Net cash received from subsidiaries and other units obtained
Other cash paid concerning investing activities
10,004,887.52 73,130,700.88
Subtotal of cash outflow from investing activities
10,103,231,583.72 1,677,753,716.39
Net cash flows arising from investing activities
-2,473,421,453.37 -874,325,022.58
III. Cash flows arising from financing activities
Cash received from absorbing investment
Including: Cash received from absorbing minority
shareholders’ investment by subsidiaries
Cash received from loans
1,798,005,348.24 1,135,721,085.04
Other cash received concerning financing activities
59,024,900.30 250,002,913.48
Subtotal of cash inflow from financing activities
1,857,030,248.54 1,385,723,998.52
Cash paid for settling debts
1,941,925,085.56 753,250,888.06
Cash paid for dividend and profit distributing or interest
paying 331,222,527.04 126,145,172.10
Including: Dividend and profit of minority shareholder paid
by subsidiaries 5,083,093.40 16,677,010.63
Other cash paid concerning financing activities
108,540,613.31 107,503,081.30
Subtotal of cash outflow from financing activities
2,381,688,225.91 986,899,141.46
Net cash flows arising from financing activities
-524,657,977.37 398,824,857.06
IV Influence on cash and cash equivalents due to fluctuation
in exchange rate 19,235,492.91 1,594,491.69
V Net increase of cash and cash equivalents
-233,416,134.38 1,932,361,362.02
Add: Balance of cash and cash equivalents at the period-
begin 8,391,128,635.87 6,113,222,069.76
VI. Balance of cash and cash equivalents at the period-end
8,157,712,501.49 8,045,583,431.78
18
CHANGHONG MEILING CO., LTD.THE Third QUARTERLY REPORT OF 2024
Legal Representative: Wu Dinggang
Person in charge of accounting works: Pang Haitao
Person in charge of accounting institute: Yang Jun
（ii）The information of the adjusting items related to the financial statements at the beginning of
the year of first implementation due to the first implementation of new accounting standards from
2024 Adjustment description
□Applicable Not applicable
(iii) Auditors 'Report
Is the Third Quarterly Report be audited?
□ Yes √No
The Third Quarterly report is not audited.
The Board of Directors of Changhong Meiling Co., Ltd.
October 23,2024
19
