Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
Stock Code: 000541, 200541 Stock Name: FSL, FSL-B Announcement No.65
FOSHAN ELECTRICAL AND LIGHTING CO., LTD.
THIRD QUARTERLY REPORT 2024
Foshan Electrical and Lighting Co., Ltd. (hereinafter referred to as the “Company”) and all the members
of the Company’s Board of Directors hereby guarantee that the contents of this Report are true, accurate
and complete and free of any misrepresentations, misleading statements or material omissions.
Important Notes:
1. The Board of Directors, the Supervisory Committee as well as the directors, supervisors and senior
management of the Company hereby guarantee that the contents of this Report are true, accurate and complete
and free of any misrepresentations, misleading statements or material omissions, and collectively and
individually accept legal responsibility for such contents.
2. The Company’s legal representative, Chief Financial Officer (CFO), and person-in-charge of the Company’s
accounting organ (equivalent to accounting manager) hereby guarantee that the financial statements carried in
this Report are true, accurate and complete.
3. Indicate whether the financial statements in this Report have been audited by an independent auditor.
□Yes No
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate whether there is any retrospectively restated datum in the table below.
□Yes No
Q3 2024 YoY change (%) Q1-Q3 2024 YoY change (%)
Operating revenue
2,102,727,793.40 -5.75% 6,887,273,560.82 1.33%
(RMB)
Net profit attributable
to the listed company’s 58,693,073.41 -15.86% 250,922,255.79 5.12%
shareholders (RMB)
Net profit attributable
to the listed company’s
shareholders before 38,987,283.45 -21.77% 217,830,196.22 -5.39%
exceptional gains and
losses (RMB)
Net cash generated
from/used in operating — — 571,133,616.55 -24.21%
activities (RMB)
Basic earnings per
0.0382 -26.11% 0.1634 -7.63%
share (RMB/share)
Diluted earnings per
0.0379 -25.98% 0.1620 -7.59%
share (RMB/share)
Weighted average
0.92% -0.44% 3.94% -0.65%
return on equity (%)
30 September 2024 31 December 2023 YoY change (%)
Total assets (RMB) 17,321,642,323.83 16,934,439,915.02 2.29%
Equity attributable to
the listed company’s 6,395,566,168.23 6,285,442,808.19 1.75%
shareholders (RMB)
(II) Exceptional Gains and Losses
Applicable □ Not applicable
Unit: RMB
Item Q3 2024 Q1-Q3 2024 Note
Gain or loss on disposal of non-current
assets (inclusive of impairment 21,170,598.07 21,236,332.14
allowance write-offs)
Government grants recognised in profit
or loss (exclusive of those that are
8,544,869.96 37,492,558.66
closely related to the Company's
normal business operations and given
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
Item Q3 2024 Q1-Q3 2024 Note
in accordance with defined criteria and
in compliance with government
policies, and have a continuing impact
on the Company's profit or loss)
Gain or loss on fair-value changes in
financial assets and liabilities held by a
non-financial enterprise, as well as on
disposal of financial assets and
1,416,416.91 4,222,201.14
liabilities (exclusive of the effective
portion of hedges that is related to the
Company's normal business
operations)
Capital occupation charges on non-
financial enterprises that are charged to 68,205.85 227,313.95
current gains and losses
Reversed portions of impairment
allowances for receivables which are 1,140,282.04 1,277,996.30
tested individually for impairment
Income equal to the amount by which
investment costs for the Company to
obtain subsidiaries, associates and joint
ventures are lower than the Company’s 2,131,597.43 2,131,597.43
enjoyable fair value of identifiable net
assets of investees when making
investments
Non-operating income and expense
9,817,826.39 12,221,625.65
other than the above
Less: Income tax effects 6,562,455.35 10,497,469.99
Non-controlling interests effects
18,021,551.34 35,220,095.71
(net of tax)
Total 19,705,789.96 33,092,059.57 --
Other items that meet the definition of exceptional gain/loss:
□Applicable Not applicable
No such cases in the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
Public—Exceptional Gain/Loss Items:
□Applicable Not applicable
No such cases in the Reporting Period.
(III) Changes in Key Financial Statement Line Items and Explanation of why
Applicable □ Not applicable
Unit: RMB
Q1~Q3 2024/ Q1~Q3 2023/
Item Change (%) Main reason for the change
30 September 2024 1 January 2024
Decreased bank acceptance notes with higher
Receivables financing 307,824,796.41 443,201,960.02 -30.55%
credit ratings in the current period
Increased uncollected performance bonds in the
Other receivables 64,763,005.45 49,108,300.85 31.88%
current period
Acquisition of Hule Electrical, a sub-subsidiary
Contract assets 12,147,588.05 4,252,013.94 185.69%
not under common control, in the current period
Purchase of short-term bank’s wealth
Other current assets 225,488,683.01 109,292,399.14 106.32%
management products in the current period
Other debt Purchase of a higher amount of large depository
1,132,260,801.33 454,822,905.25 148.95%
investments receipts in the current period
Increased carry-forward of assets to be leased
Investment property 338,248,927.27 163,636,347.41 106.71%
out in the current period
Right-of-use assets 13,084,722.04 8,812,320.64 48.48% Additional property leases in the current period
Other non-current Increased long-term assets to be disposed of in
185,511,969.44 119,327,703.18 55.46%
assets the current period
Decreased advances from customers in the
Contract liabilities 121,518,965.57 235,335,693.28 -48.36%
current period
Taxes and levies Increase in value added tax payable in the
73,007,177.98 42,940,157.30 70.02%
payable current period
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
Q1~Q3 2024/ Q1~Q3 2023/
Item Change (%) Main reason for the change
30 September 2024 1 January 2024
Other current Increased notes receivable that were endorsed
338,255,547.35 95,008,427.01 256.03%
liabilities but undue in the current period
Lease liabilities 6,427,979.08 4,310,967.92 49.11% Additional property leases in the current period
Increased provisions for product warranties in
Provisions 20,784,308.33 14,277,087.30 45.58%
the current period
Other non-current Transfer of output tax pending write-off in the
205,769.48 -100.00%
liabilities current period
Establishment of specific reserve in the current
Specific reserve 5,389,623.51 1,213,325.92 344.20%
period
Increase in government grants received in the
Other income 79,097,762.16 40,940,624.68 93.20%
current period
Increased interest income from large depository
Return on investment 46,575,224.07 19,490,163.08 138.97%
receipts in the current period
Changes in the fair value of forward exchange
Gain on changes in
-29,111.32 -13,694,620.01 99.79% settlement products as a result of currency
fair value
fluctuations in the same period of last year
Increased asset disposal income in the current
Asset disposal income 21,473,940.85 12,669,744.50 69.49%
period
Transfer from payables of subsidiary NationStar
Non-operating Optoelectronics that it did not need to pay and
16,055,872.56 5,569,379.68 188.29%
income receipt of compensation and mediation payments
in the current period
Non-operating Higher base of loss on damage and retirement of
1,940,258.19 5,267,434.90 -63.17%
expense non-current assets in the same period of last year
Increased changes in the fair value of
Other comprehensive investments in other equity instruments in the
39,255,823.16 -88,509,238.19 144.35%
income, net of tax current period compared with the same period of
last year
Other comprehensive
Increased changes in the fair value of
income, net of tax
investments in other equity instruments in the
attributable to owners 39,318,194.26 -89,542,585.21 143.91%
current period compared with the same period of
of the Company as
last year
the parent
Changes in the fair Increased changes in the fair value of
value of investments investments in other equity instruments in the
39,391,019.21 -90,769,609.63 143.40%
in other equity current period compared with the same period of
instruments last year
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
Q1~Q3 2024/ Q1~Q3 2023/
Item Change (%) Main reason for the change
30 September 2024 1 January 2024
Differences arising
from the translation
Fluctuations of the RMB against foreign
of foreign currency- -72,824.95 1,227,024.42 -105.94%
currencies
denominated financial
statements
Other comprehensive
income, net of tax Fluctuations of the RMB against foreign
-62,371.10 1,033,347.02 -106.04%
attributable to non- currencies
controlling interests
Increased changes in the fair value of
Total comprehensive investments in other equity instruments in the
375,413,117.27 232,341,926.76 61.58%
income current period compared with the same period of
last year
Total comprehensive
Increased changes in the fair value of
income attributable to
investments in other equity instruments in the
owners of the 290,240,450.05 149,149,215.98 94.60%
current period compared with the same period of
Company as the
last year
parent
Purchase of a higher total amount of large
Net cash generated
depository receipts and payment for the
from/used in -1,005,019,520.60 -272,237,910.41 -269.17%
acquisition of Hule Electrical, a sub-subsidiary
investing activities
not under common control, in the current period
Net cash generated Increased bank borrowings in the current period
from/used in -80,483,899.13 -365,735,695.99 77.99% and higher amount of borrowing repayment in
financing activities the same period of last year
Net increase in cash Decrease in net cash generated from investing
-502,325,725.31 120,085,894.40 -518.31%
and cash equivalents activities
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well
as Holdings of Top 10 Shareholders
Unit: share
Number of preference shareholders with resumed
Number of ordinary shareholders 72,024 0
voting rights (if any)
Top 10 shareholders (exclusive of shares lent in refinancing)
Name of Nature of Shareholding Total shares Restricted Shares in pledge, marked or frozen
shareholder shareholder percentage held shares held Status Shares
Hong Kong
Wah Shing
Foreign
Holding 12.74% 197,338,980 0 N/A 0
corporation
Company
Limited
Prosperity
Lamps & Foreign
9.49% 146,934,857 0 N/A 0
Components corporation
Limited
Guangdong
Electronics State-owned
8.54% 132,194,246 0 N/A 0
Information corporation
Industry Group
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
Ltd.
Guangdong
Rising State-owned
8.38% 129,826,793 46,695,895 N/A 0
Holdings corporation
Group Co., Ltd.
Essence
International
Foreign
Securities 2.45% 37,981,282 0 N/A 0
corporation
(Hong Kong)
Limited
Central Huijin
Asset State-owned
2.14% 33,161,800 0 N/A 0
Management corporation
Co., Ltd.
Rising
Investment Foreign
1.65% 25,482,252 0 N/A 0
Development corporation
Limited
Domestic
Zhang Shaowu 1.10% 17,000,000 0 N/A 0
individual
Hong Kong
Securities
Foreign
Clearing 0.81% 12,504,590 0 N/A 0
corporation
Company
Limited
Foreign
Zhuang Jianyi 0.77% 11,903,509 8,927,632 N/A 0
individual
Top 10 unrestricted shareholders (exclusive of shares lent in refinancing and locked shares of executives)
Shares by class and number
Name of shareholder Unrestricted shares held
Class Shares
RMB-
denominated 188,496,430
Hong Kong Wah Shing Holding ordinary share
197,338,980
Company Limited Domestically
listed foreign 8,842,550
share
RMB-
Prosperity Lamps & Components
146,934,857 denominated 146,934,857
Limited
ordinary share
RMB-
Guangdong Electronics
132,194,246 denominated 132,194,246
Information Industry Group Ltd.
ordinary share
RMB-
Guangdong Rising Holdings
83,130,898 denominated 83,130,898
Group Co., Ltd.
ordinary share
Domestically
Essence International Securities
37,981,282 listed foreign 37,981,282
(Hong Kong) Limited
share
RMB-
Central Huijin Asset Management
33,161,800 denominated 33,161,800
Co., Ltd.
ordinary share
Domestically
Rising Investment Development
25,482,252 listed foreign 25,482,252
Limited
share
RMB-
Zhang Shaowu 17,000,000 denominated 17,000,000
ordinary share
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
RMB-
Hong Kong Securities Clearing
12,504,590 denominated 12,504,590
Company Limited
ordinary share
Domestically
China Merchants Securities (HK)
8,567,891 listed foreign 8,567,891
Co., Limited
share
Among the top 10 shareholders, Hong Kong Wah Shing Holding
Company Limited, Guangdong Electronics Information Industry Group
Ltd., Guangdong Rising Holdings Group Co., Ltd. and Rising
Investment Development Limited are acting-in-concert parties;
Related or acting-in-concert parties among the
Prosperity Lamps & Components Limited and Zhuang Jianyi are acting-
shareholders above
in-concert parties. Apart from that, it is unknown whether there is among
the top 10 shareholders any other related parties or acting-in-concert
parties as defined in the Administrative Measures for the Acquisition of
Listed Companies.
Top 10 shareholders involved in securities margin
None
trading (if any)
5% or greater shareholders, top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing
shares lending
□Applicable Not applicable
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return
compared with the prior period
□Applicable Not applicable
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□Applicable Not applicable
III Other Significant Events
Applicable □ Not applicable
1. The project of investment in the establishment of a wholly-owned subsidiary and investment in the
production and construction with respect to auto lamps by Liaowang Auto Lamp
On 27 September 2024, the Proposal on the Project of Investment in the Establishment of a Wholly-owned
Subsidiary and Investment in the Production and Construction with respect to Auto Lamps by a Majority-owned
Subsidiary was approved at the 59th Meeting of the Ninth Board of Directors. Nanning Liaowang Auto Lamp
Co., Ltd. (“Liaowang Auto Lamp”), a majority-owned subsidiary of the Company, was agreed to invest in the
establishment of a wholly-owned subsidiary in Xiangcheng District of Suzhou City to invest in the construction
project of an auto lamp production base, with an investment amount of approximately RMB580 million. The
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
purpose of the investment is to optimise the business layout of Liaowang Auto Lamp, expand the scale of
production of its auto lamps, accelerate the layout and upgrading to the medium and high-end markets, and
enhance market competitiveness. For further information, please refer to the Announcement on the Project of
Investment in the Establishment of a Wholly-owned Subsidiary and Investment in the Production and
Construction with respect to Auto Lamps by a Majority-owned Subsidiary disclosed by the Company on 28
September 2024 on www.cninfo.com.cn.
2. The project of the acquisition of Zhejiang Hule Electrical Equipment Manufacturing Co., Ltd. by
Fozhao (Hainan)
Upon the execution of the relevant decision-making procedures by the Company’s wholly-owned subsidiary
Fozhao (Hainan) Technology Co., Ltd. (“Fozhao (Hainan)”) and approval by the General Manager's Office of
the Company, Fozhao (Hainan) entered into a Supplemental Agreement to the Equity Transfer Agreement with
the transferor in August 2024. As such, Fozhao (Hainan) acquired in cash a 66% interest in Zhejiang Hule
Electrical Equipment Manufacturing Co., Ltd. ( “ Hule Electrical ” ), and Hule Electrical has become a
majority-owned sub-subsidiary of the Company.
3. Land reserve of the Fenjiang North Road land parcel
On 6 December 2023 and 22 December 2023, the Company respectively held the 49th meeting of the 9th Board
of Directors and the Second Extraordinary General Meeting of 2023, which approved the Proposal on the
Disposal of Assets of the Company and Signing of Reserve Agreement, and agreed that the Company would
sign the Letter of Intent on Land Reserve with Foshan City Chancheng District Zumiao Street Office, and sign
the State-owned Land Use Right Reserve Agreement with Foshan City Chancheng District Land Reserve Center
and Foshan City Chancheng District Zumiao Street Office. In February 2024, the Company formally signed the
State-owned Land Use Right Reserve Agreement with Foshan City Chancheng District Land Reserve Center
and Foshan City Chancheng District Zumiao Street Office. After completing the preliminary land preparation
work such as demolition of buildings on the ground in accordance with relevant laws, regulations and policies,
the Fenjiang North Road land parcel would be handed over in three years batch by batch for pending
expropriation. In September 2024, after completing the preliminary land preparation work such as demolition of
buildings on the ground for the Fenjiang North Road land parcel in accordance with relevant regulations, the
Company handed over the south section of the Fenjiang North Road land parcel to Foshan City Chancheng
District Land Reserve Center. The Chancheng Branch of Foshan Natural Resources Bureau has put up for sale
the land parcel in the south section by public listing on 28 September 2024 at the Chancheng Branch of Foshan
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
Public Resources Trading Centre. Upon the sale of the land, the Company would receive compensation for land
transfer in accordance with the agreed terms of the State-owned Land Use Right Reserve Agreement. For
further information, please refer to the Announcement on the Disposal of Assets of the Company and Signing of
Reserve Agreement, the Announcement on Progress of the Disposal of Assets of the Company and Signing of
Reserve Agreement, and the Announcement on Progress of the Disposal of Assets of the Company and the
Public Tender of Land, which were disclosed by the Company on www.cninfo.com.cn dated 7 December 2023,
3 February 2024 and 30 September 2024, respectively.
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by Foshan Electrical and Lighting Co., Ltd.
30 September 2024
Unit: RMB
Item 30 September 2024 1 January 2024
Current assets:
Monetary assets 3,082,185,753.82 3,596,049,654.55
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets 134,059,164.09 152,529,775.41
Derivative financial assets
Notes receivable 1,078,281,673.52 1,057,352,267.60
Accounts receivable 2,252,404,978.41 2,093,499,280.40
Receivables financing 307,824,796.41 443,201,960.02
Prepayments 35,459,104.57 34,508,638.92
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 64,763,005.45 49,108,300.85
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 1,920,966,682.98 1,971,171,641.14
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
Item 30 September 2024 1 January 2024
Including: data resources
Contract assets 12,147,588.05 4,252,013.94
Assets held for sale 17,147,339.84 17,147,339.84
Current portion of non-current assets
Other current assets 225,488,683.01 109,292,399.14
Total current assets 9,130,728,770.15 9,528,113,271.81
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments 1,132,260,801.33 454,822,905.25
Long-term receivables
Long-term equity investments 180,584,857.48 179,188,555.15
Investments in other equity
746,105,121.90 699,762,746.35
instruments
Other non-current financial assets
Investment property 338,248,927.27 163,636,347.41
Fixed assets 3,324,371,531.57 3,453,214,586.47
Construction in progress 1,053,495,186.60 1,174,533,505.11
Productive living assets
Oil and gas assets
Right-of-use assets 13,084,722.04 8,812,320.64
Intangible assets 442,968,548.26 434,549,913.99
Including: data resources
Development costs
Including: data resources
Goodwill 421,831,593.46 421,831,593.46
Long-term prepaid expense 227,776,762.30 190,362,699.25
Deferred income tax assets 124,673,532.03 106,283,766.95
Other non-current assets 185,511,969.44 119,327,703.18
Total non-current assets 8,190,913,553.68 7,406,326,643.21
Total assets 17,321,642,323.83 16,934,439,915.02
Current liabilities:
Short-term borrowings 169,250,839.17 220,019,877.73
Borrowings from the central bank
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
Item 30 September 2024 1 January 2024
Loans from other banks and financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 1,945,081,521.15 2,271,174,787.69
Accounts payable 3,058,856,982.81 2,875,980,206.64
Advances from customers 596,261.77 466,872.69
Contract liabilities 121,518,965.57 235,335,693.28
Financial assets sold under
repurchase agreements
Customer deposits and deposits from
other banks and financial institutions
Payables for acting trading of
securities
Payables for underwriting of
securities
Employee benefits payable 224,650,011.39 193,830,812.66
Taxes and levies payable 73,007,177.98 42,940,157.30
Other payables 446,230,473.64 362,491,923.01
Including: Interest payable
Dividends payable
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
385,226,847.40 343,914,214.45
liabilities
Other current liabilities 338,255,547.35 95,008,427.01
Total current liabilities 6,762,674,628.23 6,641,162,972.46
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 277,886,376.26 253,093,421.29
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 6,427,979.08 4,310,967.92
Long-term payables
Long-term employee benefits
payable
Provisions 20,784,308.33 14,277,087.30
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
Item 30 September 2024 1 January 2024
Deferred income 69,410,782.03 75,185,461.27
Deferred income tax liabilities 187,110,155.27 174,806,746.25
Other non-current liabilities 205,769.48
Total non-current liabilities 561,619,600.97 521,879,453.51
Total liabilities 7,324,294,229.20 7,163,042,425.97
Owners’ equity:
Share capital 1,548,778,230.00 1,548,778,230.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 914,336,325.66 914,336,325.66
Less: Treasury stock 82,165,144.15 82,165,144.15
Other comprehensive income 399,345,221.85 360,027,027.59
Specific reserve 5,389,623.51 1,213,325.92
Surplus reserves 107,944,679.06 107,944,679.06
General reserve
Retained earnings 3,501,937,232.30 3,435,308,364.11
Total equity attributable to owners of the
6,395,566,168.23 6,285,442,808.19
Company as the parent
Non-controlling interests 3,601,781,926.40 3,485,954,680.86
Total owners’ equity 9,997,348,094.63 9,771,397,489.05
Total liabilities and owners’ equity 17,321,642,323.83 16,934,439,915.02
Legal representative: Wan Shan Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Liang Yuefei
2. Consolidated Income Statement for Q1~Q3
Unit: RMB
Item Q1~Q3 2024 Q1~Q3 2023
1. Revenues 6,887,273,560.82 6,797,008,003.68
Including: Operating revenue 6,887,273,560.82 6,797,008,003.68
Interest income
Insurance premium income
Fee and commission
income
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
Item Q1~Q3 2024 Q1~Q3 2023
2. Costs and expenses 6,603,913,211.15 6,420,801,736.12
Including: Cost of sales 5,573,521,449.18 5,535,973,386.78
Interest expense
Fee and commission
expense
Surrenders
Net insurance claims paid
Net amount provided as
insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and levies 57,229,904.62 56,954,464.79
Selling expense 247,090,723.82 203,017,067.09
Administrative expense 344,152,454.09 299,817,354.12
R&D expense 412,737,821.41 359,659,339.75
Finance costs -30,819,141.97 -34,619,876.41
Including: Interest
16,344,079.84 19,331,634.25
expense
Interest
41,280,269.74 38,170,763.00
income
Add: Other income 79,097,762.16 40,940,624.68
Return on investment (“-” for
46,575,224.07 19,490,163.08
loss)
Including: Share of profit or
1,396,302.33 1,558,105.76
loss of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
-29,111.32 -13,694,620.01
for loss)
Credit impairment loss (“-” for
-31,784,287.66 -30,867,217.69
loss)
Asset impairment loss (“-” for
-48,898,832.11 -45,751,119.19
loss)
Asset disposal income (“-” for
21,473,940.85 12,669,744.50
loss)
3. Operating profit (“-” for loss) 349,795,045.66 358,993,842.93
Add: Non-operating income 16,055,872.56 5,569,379.68
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Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
Item Q1~Q3 2024 Q1~Q3 2023
Less: Non-operating expense 1,940,258.19 5,267,434.90
4. Gross profit (“-” for loss) 363,910,660.03 359,295,787.71
Less: Income tax expense 27,753,365.92 38,444,622.76
5. Net profit (“-” for net loss) 336,157,294.11 320,851,164.95
5.1 By operating continuity
5.1.1 Net profit from continuing
336,157,294.11 320,851,164.95
operations (“-” for net loss)
5.1.2 Net profit from
discontinued operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
shareholders of the Company as the 250,922,255.79 238,691,801.19
parent (“-” for net loss)
5.2.2 Net profit attributable to non-
85,235,038.32 82,159,363.76
controlling interests (“-” for net loss)
6. Other comprehensive income, net of
39,255,823.16 -88,509,238.19
tax
Attributable to owners of the
39,318,194.26 -89,542,585.21
Company as the parent
6.1 Items that will not be
39,391,019.21 -90,769,609.63
reclassified to profit or loss
6.1.1 Changes caused by
remeasurements on defined benefit
schemes
6.1.2 Other comprehensive
income that will not be reclassified to
profit or loss under the equity method
6.1.3 Changes in the fair value of
39,391,019.21 -90,769,609.63
investments in other equity instruments
6.1.4 Changes in the fair value
arising from changes in own credit risk
6.1.5 Other
6.2 Items that will be reclassified to
-72,824.95 1,227,024.42
profit or loss
6.2.1 Other comprehensive
income that will be reclassified to profit
or loss under the equity method
6.2.2 Changes in the fair value of
other debt investments
6.2.3 Other comprehensive
income arising from the reclassification
of financial assets
6.2.4 Credit impairment
allowance for other debt investments
6.2.5 Reserve for cash flow
hedges
6.2.6 Differences arising from the
translation of foreign currency- -72,824.95 1,227,024.42
denominated financial statements
6.2.7 Other
- 15 -
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
Item Q1~Q3 2024 Q1~Q3 2023
Attributable to non-controlling
-62,371.10 1,033,347.02
interests
7. Total comprehensive income 375,413,117.27 232,341,926.76
7.1 Attributable to owners of the
290,240,450.05 149,149,215.98
Company as the parent
7.2 Attributable to non-controlling
85,172,667.22 83,192,710.78
interests
8. Earnings per share
8.1 Basic earnings per share 0.1634 0.1769
8.2 Diluted earnings per share 0.1620 0.1753
Where business combinations under common control occurred in the current period, the net profit achieved by
the acquirees before the combinations was RMB0.00, with the amount for the same period of last year being
RMB0.00.
Legal representative: Wan Shan Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Liang Yuefei
3. Consolidated Cash Flow Statement for Q1~Q3
Unit: RMB
Item Q1~Q3 2024 Q1~Q3 2023
1. Cash flows from operating activities:
Proceeds from sale of commodities
6,382,134,539.43 5,975,682,602.93
and rendering of services
Net increase in customer deposits and
deposits from other banks and financial
institutions
Net increase in borrowings from the
central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Interest, fees and commissions
received
Net increase in loans from other
banks and financial institutions
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax and levy rebates 132,299,754.21 164,019,398.33
Cash generated from other operating
199,368,180.81 193,974,038.74
activities
- 16 -
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
Item Q1~Q3 2024 Q1~Q3 2023
Subtotal of cash generated from
6,713,802,474.45 6,333,676,040.00
operating activities
Payments for commodities and
4,496,493,532.75 4,036,894,176.40
services
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and other banks and financial
institutions
Payments for claims on original
insurance contracts
Net increase in loans to other banks
and financial institutions
Interest, fees and commissions paid
Policy dividends paid
Cash paid to and for employees 1,086,677,957.96 1,035,295,184.09
Taxes and levies paid 244,998,020.42 305,559,029.37
Cash used in other operating
314,499,346.77 202,361,428.42
activities
Subtotal of cash used in operating
6,142,668,857.90 5,580,109,818.28
activities
Net cash generated from/used in
571,133,616.55 753,566,221.72
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 430,000,000.00 220,981,292.12
Return on investment 25,411,998.70 15,446,758.01
Net proceeds from the disposal of
fixed assets, intangible assets and other 29,412,095.54 1,595,864.64
long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
484,824,094.24 238,023,914.77
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other long- 260,307,678.16 219,901,065.19
lived assets
Payments for investments 1,174,000,000.00 290,000,000.00
Net increase in pledged loans granted
Net payments for the acquisition of
55,535,936.68
subsidiaries and other business units
Cash used in other investing activities 360,759.99
Subtotal of cash used in investing
1,489,843,614.84 510,261,825.18
activities
Net cash generated from/used in
-1,005,019,520.60 -272,237,910.41
investing activities
- 17 -
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
Item Q1~Q3 2024 Q1~Q3 2023
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings received 238,828,726.86 143,185,218.89
Cash generated from other financing
58,412,450.44 40,461,306.66
activities
Subtotal of cash generated from
297,241,177.30 183,646,525.55
financing activities
Repayment of borrowings 138,097,169.56 366,489,526.02
Interest and dividends paid 229,484,182.41 182,483,084.25
Including: Dividends paid by
32,714,218.04 31,969,754.99
subsidiaries to non-controlling interests
Cash used in other financing
10,143,724.46 409,611.27
activities
Subtotal of cash used in financing
377,725,076.43 549,382,221.54
activities
Net cash generated from/used in
-80,483,899.13 -365,735,695.99
financing activities
4. Effect of foreign exchange rates
12,044,077.87 4,493,279.08
changes on cash and cash equivalents
5. Net increase in cash and cash
-502,325,725.31 120,085,894.40
equivalents
Add: Cash and cash equivalents,
3,101,252,943.88 1,945,971,307.26
beginning of the period
6. Cash and cash equivalents, end of the
2,598,927,218.57 2,066,057,201.66
period
Legal representative: Wan Shan Chief Financial Officer: Tang Qionglan
Person-in-charge of the Company’s accounting organ: Liang Yuefei
(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation
of the New Accounting Standards Implemented since 2024
Applicable □ Not applicable
Note to adjustments
In March 2024, the Accounting Regulatory Department of Ministry of Finance of the People’s Republic of
China (hereinafter referred to as the “Ministry of Finance”) prepared and issued the Compilation of Application
Guidance for Accounting Standards for Business Enterprises 2024 (hereinafter referred to as the “Compilation
of Application Guidance 2024”), which clarifies the provisions of “Presentation of Estimated Liabilities Arising
from Guarantee-Type Quality Assurance”. The Company has implemented the aforesaid provisions since 1
January 2024, and has made corresponding adjustments to the financial statement data of the comparable
periods by adopting the retrospective adjustment method. Details of the adjustments are as follows:
Unit: RMB
- 18 -
Foshan Electrical and Lighting Co., Ltd. Third Quarterly Report 2024
Consolidated income statement
Item Q1~Q3 2024 Q1~Q3 2023
Before After Adjusted Before After Adjusted
Cost of sales 5,553,458,702.93 5,573,521,449.18 20,062,746.25 5,527,480,367.80 5,535,973,386.78 8,493,018.98
Selling expense 267,153,470.07 247,090,723.82 -20,062,746.25 211,510,086.07 203,017,067.09 -8,493,018.98
(III) Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes No
These financial statements have not been audited by such an auditor.
The Board of Directors
Foshan Electrical and Lighting Co., Ltd.
28 October 2024
- 19 -
