Stock Code: 601689
Convertible Bond Code: 113061
Ningbo Tuopu Group Co., Ltd.
Semi-annual Report 2024
August 2024
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Important Notes
I. The Board of Directors, Board of Supervisors, Directors, Supervisors and Senior Management
of Ningbo Tuopu Group Co., Ltd. hereby guarantee that the information presented in this
report shall be authentic, accurate and complete and free of any false records, misleading
statements or material omissions, and they will bear joint and several liability for such
information.
II. All directors attended the meeting of the Board of Directors.
III. This semi-annual report has not yet been audited.
IV. Wu Jianshu, a person in charge of the Company, Hong Tieyang, an officer in charge of
accounting work and accounting institution (Accounting Officer) hereby declare and warrant
that the financial statements in the annual report are authentic, accurate, and complete.
V. The profit distribution plan for the reporting period or the plan for converting public reserve
funds into additional share capital after consideration by the Board of Directors
No profit distribution or conversion of public reserve funds into additional share capital is made in
this reporting period
VI. Risk statement of forward-looking statements
√Applicable □Non-applicable
The forward-looking description of the future development strategy, business plan, performance
forecast and other aspects in relation to the Company as contained herein will not constitute a substantial
commitment to investors. All investors of the Company are advised to be cautious about the investment
risks.
VII. Whether there is any non-operating capital occupation by the controlling shareholder and its
affiliates
No
VIII. Whether there is any external guarantee provided in violation of the prescribed decision
procedures
No
IX. Whether there are more than half of the directors who cannot guarantee the annual report
disclosed by the Company as to its authenticity, accuracy and completeness
No
X. Significant risk statement
The Company has described the significant risks that may adversely affect the future development
of the Company and the realization of its business objectives herein. More details are available in
"Section III Discussion and Analysis of Business Conditions" under this report.
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XI. Other
√Applicable □Non-applicable
On January 26, 2024, the Company successfully completed the issuance of 60,726,104 A-shares to
designated parties, finalizing the registration, custody, and restricted sale procedures for the additional
shares at the Shanghai Branch of China Securities Depository and Clearing Co., Ltd. The total funds
raised from this issuance amounted to RMB3,514,826,899.52. After accounting for issuance expenses of
RMB16,389,101.09 (excluding tax), the net proceeds realized were RMB3,498,437,798.43.
Subsequently, on July 26, 2024, the newly issued shares were listed for trading on the Shanghai Stock
Exchange. For further information refer to the “Announcement on the Results of the Issue of Shares by
Tuopuup to Specific Targets and Changes in Share Capital,” which was published by the Company on
January 30, 2024, on the Shanghai Stock Exchange website.
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Contents
Section 1 Definitions ................................................................................................................................ 5
Section 2 Company Profile and Key Financial Indicators ....................................................................... 5
Section 3 Discussion and Analysis of Operation Conditions ................................................................... 8
Section 4 Corporate Governance ........................................................................................................... 26
Section 5 Environmental and Social Responsibility .............................................................................. 28
Section 6 Significant Events .................................................................................................................. 38
Section 7 Changes in Shares and Shareholders ...................................................................................... 67
Section 8 Information about Preference Shares ..................................................................................... 76
Section 9 Information of Corporate Bonds ............................................................................................ 77
Section 10 Financial Report ................................................................................................................... 80
(1) Full text and extracts of this semi-annual report affixed with the signature of the
company's legal representative and common seal.
(2) Financial statements signed and sealed by the legal representative of the company,
Catalogue of
the officer in charge of accounting work and the person in charge of the accounting
Files for Future
institution.
Inspection
(3) Original and manuscript of all company documents and announcements that are
disclosed on the information disclosure media designated by the company during the
reporting period
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Section 1 Definitions
In this report, unless the context requires otherwise, the following words and terms shall be construed as:
Common terms and definitions
The Company, issuer, Tuopu Refers Ningbo Tuopu Group Co., Ltd.
to
Mecca HK Refers Mecca International Holding (Hk) Limited, the controlling
to shareholder of the Company
Ningbo Zhuyue Refers The wholly-owned sub-subsidiary of the controlling
to shareholder, Mecca International Holding (Hk) Limited
Pecil Property Refers The wholly-owned sub-subsidiary of the controlling
to shareholder, Mecca International Holding (Hk) Limited
Reporting Period Refers From January 1, 2024 o June 30, 2024
to
Board of Directors, Board of Refers Board of Directors, Board of Supervisors, General Meeting
Supervisors, General Meeting of to of Shareholders of Ningbo Tuopu Group Co., Ltd.
Shareholders
1.00 Yuan, 10,000 Yuan, 100 Refers 1.00, 10,000.00, 100,000,000.00
million Yuan to
Section 2 Company Profile and Key Financial Indicators
I. Company Information
Company Name in Chinese Ningbo Tuopu Group Co., Ltd.
Company Abbreviation in Chinese 拓普集团
Company Name in English Ningbo Tuopu Group Co.,Ltd.
Company Abbreviation in English Tuopu Group
Legal Representative of the Wu Jianshu
Company
II. Contact Person and Contact Information
Security of the Board Representative of Securities Affairs
Name Wang Mingzhen Gong Yuchao
Contact Address 268 Yuwangshan Rd, Beilun District, 268 Yuwangshan Rd, Beilun District,
Ningbo Ningbo
Tel. 0574-86800850 0574-86800850
Fax 0574-86800877 0574-86800877
E-mail wmz@tuopu.com gyc@tuopu.com
III. General Information Summary
Registered Address of the Company 268 Yuwangshan Rd, Daqi Street, Beilun District, Ningbo,
Zhejiang
Change History of Registered Address On 16 June 2020, the company address was changed from
“215 Huangshan West Road, Beilun, Ningbo, Zhejiang” to
“268 Yuwangshan Rd, Daqi Street, Beilun District,
Ningbo, Zhejiang”
Office Address of the Company 268 Yuwangshan Rd, Daqi Street, Beilun District, Ningbo,
Zhejiang
Postal Code of Office Address 315806
Website www.tuopu.com
E-mail tuopu@tuopu.com
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Search index of changes during the reporting NA
period
IV. Information Disclosure and Location
The Media Selected by the Company for Securities Times
Disclosure
Website Designated by CSRC for Publishing SSE website (www.sse.com.cn)
Semi-annual Report
Location for Annual Report of the Company Office of Board Secretary
Search index of changes during the reporting NA
period
V. Overview of Stock Information
Stock Type Stock Exchange Stock Abbreviation Stock Code Stock Abbreviation
Before Change
A-share Shanghai Stock Tuopu Group 601689 -
Exchange
VI. Other Related Information
□Applicable √Non-applicable
VII. Key Accounting Data and Financial Indicators over the Past Three Years
(1) Key Accounting Data
Unit：Yuan Currency：RMB
During this Increase/decrease
Figures in
Key Accounting Data reporting period compared with
previous period
(January-June) previous year (%)
Operating income 12,221,820,236.43 9,160,451,044.52 9,160,451,044.52
Net profit attributable to shareholders of
1,456,245,678.61 1,094,024,695.52 1,094,024,695.52
the listed Company
Net profit attributable to shareholders of
the listed company after deducting 1,295,768,391.51 1,027,259,033.76 1,027,259,033.76
non-recurring gains and losses
Net cash flow generated by operational
1,038,398,021.56 1,226,121,434.62 1,226,121,434.62
activities
Increase/Decrease
at the end of the
End of this End of previous current year
reporting period year compared with the
end of the
previous year (%)
Net assets attributable to shareholders of
18,064,215,951.96 13,784,379,600.93 13,784,379,600.93
the listed company
Total assets 34,090,579,889.00 30,769,771,206.88 30,769,771,206.88
(2) Key Financial Indicators
During this Increase/decrease
Figures in previous
Key Financial Indicators reporting period compared with
period
(January-June) previous year (%)
Basic Earnings per Share (RMB/Share) 0.88 0.67 31.34
Diluted Earnings per Share 0.67
0.88 31.34
(RMB/Share)
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Basic Earnings per Share after deducting
non-recurring gains and losses 0.77 0.63 22.22
(RMB/Share)
Weighted Average ROE Decreased by
8.36 8.63
0.27%
Weighted Average ROE after deducting Decreased by
7.44 8.10
non-recurring gains and losses (%) 0.66%
Notes to the key accounting data and financial indicators over the previous three years at the end of the
reporting period
□Applicable √Non-applicable
Following the considerations and approvals made during the 2023 Annual General Meeting, the
Company's proposal for profit distribution and capitalization for the year 2023 is outlined as follows:
Based on the total share capital of 1,162,775,947 shares prior to the execution of this proposal, a cash
dividend of RMB0.556 per share (with tax) will be distributed. Additionally, shareholders will receive
0.45 shares from the capital reserve, resulting in a total cash dividend payout of RMB 646,503,426.53.
Consequently, a total cash dividend of RMB 646,503,426.53 will be disbursed, alongside the transfer of
523,249,176 shares. Following this conversion, the total share capital of the Company will amount to
1,686,025,109 shares.
The ex-rights date for this equity distribution plan is set for July 18, 2024, while the listing date for the
additional shares arising from the conversion of the capital reserves is scheduled for July 19, 2024. In
compliance with the relevant provisions of “Accounting Standard for Business Enterprises No. 34 -
Earnings per share” has restated the calculation of earnings per share for the first half of 2023,
considering the number of shares resulting from the conversion of capital reserves, to ensure the
comparability of accounting indicators between the previous and subsequent periods.
VIII. Differences in Accounting Data under Chinese and International Accounting Standards
□Applicable √Non-applicable
IX. Non-recurring Gains and Losses Items and Amounts
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Non-recurring Gains and Losses Items Amount Note (if
applicable)
Gains and losses on disposal of non-current assets, including
-10,664,542.29
elimination of provision for impairment of assets
Government subsidies included in the current profit and loss,
but closely associated with the regular business operations of
the Company, except for government subsidies that are 173,001,330.61 Section X, XI
consistent with national policies and continuously granted at a
fixed quota or amount under certain national standard
Gains and losses from changes in the fair value of financial
assets and liabilities held by non-financial corporations and
gains and losses from the disposal of financial assets and 6,585,172.25
liabilities, except for effective hedging operations related to the
Company's normal business operations
Payment for the use of funds charged to non-financial
enterprises included in profit or loss for the period
Gains and losses on entrusted investment or asset management
Gains and losses on entrusted external loans
Losses on assets due to force majeure factors such as natural
disasters
Reversal of the receivables and contract assets depreciation
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reserves for separate impairment test
Cost of investments in subsidiaries, associates and joint
ventures acquired by an enterprise is less than its share of the
21,901,496.20
gain arising from the fair value of the invested entity's
identifiable net assets at the time of investment acquisition
Net profit or loss of subsidiaries from the beginning of the
period to the date of consolidation arising from a business
combination under the same control
Gain or loss on exchange of non-monetary assets
Gains or losses on debt restructuring
One-time costs incurred by the enterprise due to the fact that the
relevant business activities are no longer continuing, such as
expenditures for the relocation of employees
One-time impact on current profit or loss due to adjustments in
tax, accounting and other laws and regulations
For cash-settled share-based payments, gains and losses arising
from changes in the fair value of employee compensation
payable after the date of exercise of options
Profits and losses generated from a change in the fair value of
investment real estates that are subsequently measured by the
fair value model
Gains or losses arising from transactions at significantly unfair
prices
Gains or losses arising from contingencies unrelated to the
Company's normal business operations
Custody fee income from entrusted operations
Non-operating income and expenses other than the above -376,748.90
Other gains and losses items that fit the definition of
non-recurring gains and losses
Less: Impact of income tax 29,864,033.59
Impact of minority equity (after tax) 105,387.18
Total 160,477,287.10
For items of non-recurring gains and losses defined by the Company under the "Explanatory Notice to
Information Disclosure of the Company Offering Shares to the Public No. 1 - Non-recurring Gains and
Losses" and items defining non-recurring gains and losses enumerated in " Explanatory Notice to
Information Disclosure of the Company Offering Shares to the Public No. 1 - Non-recurring Gains and
Losses" as recurring gains and losses, it is required to give the reason.
□Applicable √Non-applicable
X. Other
□Applicable √Non-applicable
Section 3 Discussion and Analysis of Operation Conditions
I. Main business operations, business model and profile of industry during the reporting period
(1) Industry Landscape
In the first half of 2024, global sales of passenger cars reached around 28,737,000 units, indicating a
year-on-year increase of 3.5%. In China, sales totaled approximately 11,976,000 units, marking a 6.3%
rise compared to the prior year. The global market for new energy passenger vehicles saw sales of about
6,270,000 units, which represents a significant year-on-year growth of 19.9%, making up 21.8% of the
overall global sales. Within this segment, China accounted for approximately 4,701,000 units sold,
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demonstrating a remarkable increase of 31.4% year-on-year and constituting 39.3% of the total sales
aross the nation.
(2) Main business operations
1. Main operations
The Company specializes in the research and development, production and sales of auto parts. The main
products include automobile NVH Anti-vibration System, interior and exterior trim parts, lightweight
body, intelligent cockpit components, thermal management system, chassis system, air suspension
system, intelligent driving system. The major customers it serves include international and domestic
smart electric car makers and traditional OEM car makers at home and abroad. In line with the business
philosophy of creating value for customers, the Company adheres to R&D and innovation, boosts global
landscaping, enhances overall competitiveness, and strives to be a more trusted partner for car makers.
2. Business process and operation pattern
3.During the reporting period, the Company’s main business by industry, product, and region is listed
below:
Unit:Yuan Currency: RMB
Main business operations by industry
Increase/
Increase/Decr Decrease
Increase/Decrea
ease of of
se of gross
By Operating Operating Gross profit operating operating
profit rate over
industry income cost rate (%) income over cost over
the previous
the previous the
year (%)
year (%) previous
year (%)
Automobil 11,472,79 9,301,624, Decreased by
18.92 31.83 36.38
e parts 1,402.25 242.04 2.71%
Main business operations by product
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Increase/Decr Increase/Dec Increase/Dec
ease of rease of rease of
Operating Operating Gross profit operating operating gross profit
By product
income cost rate (%) income over cost over the rate over the
the previous previous previous
year (%) year (%) year (%)
Vibration
2,143,319 1,690,579, Decreaed by
control 21.12 18.03 23.35
,053.98 183.45 3.41%
parts
Trimming 3,908,136 3,240,626, Decreaed by
17.08 24.30 28.61
system ,583.53 855.06 2.78%
Chassis 3,789,414 3,037,973, Decreaed by
19.83 31.46 35.84
System ,666.29 737.96 2.58%
Mechatroni 706,932,8 571,696,63 Decreaed by
19.13 743.59 796.94
c system 97.74 4.40 4.81%
Thermal
918,717,0 757,757,83 Decreaed by
manageme 17.52 18.35 20.30
65.25 5.42 1.34%
nt system
Actuator 6,271,135 2,989,995.
52.32
system .46 75
Main business operations by region
Operating income in the Increase or decrease of operating income over the
By region
current period previous period (%)
Domestic 8,198,483,191.04 41.17
Overseas 3,274,308,211.21 13.10
II． Analysis of core competitiveness during the reporting period
√Applicable □Non-applicable
To date, the rapid development of the world's cutting-edge technology drives AI on the fast lane,
intelligent driving and robots are the key areas where AI brings changes to our life, with broad market
potentials. The Company is a participant of NEVs and intelligent driving accessible to trillions of market
capacity, ample room for market development and long business life cycle, features
technology-intensive, capital-intensive, and the existing competition pattern has to reshape, which means
a good historical opportunity for leap-forward development. The expansion of business footprints to
robots is expected to bring about ample market potentials.
In the course of 40 years after founding, the Company has been consistently enhancing overall
competitiveness, raised the competition threshold and shaped a moat.
1. Strength of product platform.
Keeping up with the trend of industry development, the Company makes a prospective distribution
of NEVs track, expands its product lines, and forms a platform-based corporation. Now it owns 8
product lines: Automobile Vibration Control System, Interior & Exterior System, Body Lightweight
Products, Cabin Comfort System, Thermal Management System, Chassis System, Air Suspension
System, Intelligent Braking System. The unit price of components per vehicle is about 30,000 and there
is some room to expand the product line.
The Company has a wide range of product lines which can provide customers with one-stop,
system-grade and modularized products and services, and some products are scarce and hardly
benchmarked in the global market of automobile parts. In the era of industrial transformation and
business model innovation, labor collaboration with customers can in turn enhance customer satisfaction
and pave the way for getting bigger and stronger.
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The Company has a wide array of product lines such as suspension system, brake-by-wire and
steering-by-wire, impressive chassis tuning capabilities, and requisite factors to integrate drive-by-wire
chassis and skateboard chassis. Drive-by-wire chassis is an essential condition to realize high-level auto
piloting. In contrast, skateboard chassis can create a new car-making model featuring faster speed of
making and lower cost. With a proven ability to render further services to customers, the Company is
highly responsive to the technology development trend of vehicle E/E control architecture and
sub-domain control and the creative car-making model that may appear.
The product lines are briefly described here: 1. Vibration Control System, comprising powertrain
mount support, drive motor damper, cylinder support, torsional damper, sub-frame support, and
hydraulic bushing; 2.Interior & Exterior System, comprising automobile door panel, roof, main carpet,
coat rack, heat and sound insulation components, luggage insulation components, and exterior trim
products such as sealing strips and decorative strips; 3. Body Lightweight Products, comprising
one-piece front and rear floor panels, body structural part, door structural part, and battery pack
structural part; 4. Cabin Comfort System, comprising rotary screen controller, electric tailgate, electric
sliding door, and seat comfort system; 5. Thermal Management System, comprising integrated heat
pump assembly, multi-port valve, electronic water pump, and electronic expansion valve; 6. Chassis
System, comprising front and rear sub-frames, aluminum sub-frame, control arms, rods, and steering
knuckles; 7. Air Suspension System, comprising integrated air supply unit, air suspension, and height
sensor; 8. Intelligent Braking System, comprising steer-by-wire, brake-by-wire, and power-adjustable
steering columns.
2. Strength of customer group and business pattern
The Company undertakes the mission statement of creating values for its customers and has been
generally accepted by customers in cooperation. The TUOPU brand reputation has been enhanced, along
with higher loyalty level of customers. In the era of intelligent electrification, capitalizing on the core
competitiveness generated from QSTP, the Company has established and maintained stable cooperation
with domestic and overseas carmakers.
The Company brings Tier0.5 grade cooperation into practice and establishes strategic partnerships
with customers. This creative supply chain cooperation is expected to improve efficiency and reduce
cost for car makers, fit the present needs of developing automotive industry, and to keep the competition
threshold higher. The rendering of “responsive and answerable” services to every strategic customer has
been positively rated and recognized by customers, which in turn paves the way for supplying
components to millions of units.
3. Strength of R&D.
The only way leading to a world-class automobile parts enterprise is to improve capabilities of
R&D and innovation. Sticking to R&D and innovation, the Company was the first participant within the
industry to lay down the forward R&D development strategy as early as twenty years ago. After the
technological accumulation for years,now it has the system-level synchronous positive R&D capabilities
of each product line, and demonstrates the R&D integration capabilities of machinery, electronic control
and software. and has a number of independent intellectual property rights such as invention patents.
The Company kicks off basic research works in order to further maintain its leading edge in research and
development. With uninterrupted investments in system construction, recruitment of talents and testing
capacity, the Company maintains the average percentage of annual R&D investments in operating
income at a level about 5%, signaling the continuous improvement of R&D competitiveness.
With R&D centers set up in North America, Europe, Shanghai, Shenzhen, and Ningbo, the
Company is able to provide better services to global customers and recruit quality talents at home and
abroad. Thanks to its efforts, the Company has put a scientific research team consisting of nearly 2,000
members in place, including more than 100 holders of doctoral and master degrees.
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The Company has set up a test center of global excellence which has the testing and validation
capabilities with respect to materials, products, systems and vehicles. With certified CNAS
ISO/IEC17025 system, the Company has been appointed by many automakers to conduct in-vehicle
tests.
Leveraging the top-down R&D capabilities, the Company can expand its product line and enhance
the value of components per vehicle, and also renders T0.5-level service to customers.
4. Strength of plant layout and capacity.
The Company has set up manufacturing bases in Ningbo, Chongqing, Wuhan and other places
encircling major automobile industry clusters in China. To render better services to global customers, the
Company has established manufacturing plants or warehouse centers in the United States, Canada,
Brazil and Malaysia,Tuopu Poland have switched to volume production, and Tuopu Mexico Industrial
Park and the factory in the United States are planning production activities in order. Under this plant
layout, the Company is able to render faster and more efficient services to its customers and guarantee
the business development on global platforms.
The penetration rate of NEVs features by a rapid increase, but the industrial chain capacity of
NEVs is obviously insufficient, global auto part makers are under a heavy burden of transformation,
their investment willingness is weak, and the investment level and rate of home auto part makers are not
enough. According to the company-specific capacity requirement and future forecasts, the Company is
expected to build up capacity in order to maintain its leading edge in production capacity, technology,
and equipment.
In addition, the automobile industry requires a large-sum investment in the plant layout, the
construction period is long and the complex equipment and process are involved, so it can hardly be
replaced like the cellphone industry chain.
5. Strength of intelligent manufacturing.
Relying on the intelligent manufacturing strategy and pinpointing the goal of building a lighthouse
factory, the Company enhances the digitalization of the factory, and fabricates a smart factory.
Leveraging DFM virtual simulation technology, the Company simulates factory layout, production
line design, production process, parameter control, visual inspection, takt time, distribution and
warehousing, energy saving and consumption reduction in the stage of product supplying and R&D,
which in turn sharply reduces the duration of volume production, improves quality and reduces cost.
The Company has set up an equipment automation division to enhance the production automation,
strengthens quality assurance capabilities, increase the output per capita, and prepares for benchmarking
the international level.
The availability of production automation, coupled with AI visual inspection, AGV automatic
logistics, intelligent warehousing and RFID barcode and traceability system, is driven by AI, big data
analysis, and 5G to improve intelligent manufacturing capabilities, ensure quality and reduce costs.
6. Strength of management.
Under the IATF16949 quality system, the Company has established a specific management system
with typical features through years of innovation efforts.
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For management structure, the division-based management structure is laid down for the group,
which can relieve the stress of management, highlight the business operations, improve the efficiency of
operation, and lead to relative competition; divisions are subject to the horizontal flat management with
sales activities standing in the core, for market-oriented construction of the organization, pool resources
and make quick response; under the pyramid organization, business units enforce standard processes to
improve efficiency and reduce cost.
For management system, the Company has established a full set of standard processes, management
systems and assessment indicators as directed by process, information, standardization, and lean
production, and is leveraging some information tools such as SAP, PLM, OA, and MES to implement
exact processes, bring digitalized operation into practice, thereby improving management,
decision-making efficiency and business performance.
For incentive mechanism, the Company lays up a career platform that is adequately authorized for
staff members, in which the Company tapes into internal development and promotion mode that is fair
and just, in order to keep the channel of promotion smooth, fit to the growth strategy, and form a
positive cycle for business growth and career path.
7. Strength of talents.
The Company puts the screening and training of talents in priority. The post-doctoral workstation
within the Company solicits and recruits technical specialists globally. Adhering to the concept of
“recruiting and promoting members on their merits”, the Company is committed to building a
competitive management team. The Company has established an integrated, specific and open financial
indicator system to transform officers from managers to operators and entrepreneurs.
The Company encourages for the formation of a learning organization that is fully authorized, and
forges a young and experienced international team specialized in sales, R&D activities and production
who can pave the way for leapfrog development of the Company.
8. Strength of culture.
The Company undertakes the mission statement of “making our customers, employees,
shareholders, the community and partners satisfied, and becomes a corporate citizen of excellence.
Aligning with the business philosophy of serving the country with industrial achievements, the
Company stands at the industry front, gets immersed in R&D and innovation, goes all out to solve
“bottlenecking” technical issues, and contributions to the industry safety and development. Adhering to
the operation concept of legal compliance, the Company undertakes social responsibility and is
committed to infusing positive energy into social development.
The Company gives its employees an access to comfortable workplace, equal interpersonal
relationships, appealing salary and benefits, and an extraordinary career development platform, in order
to tap into the potentials of all employees. The Company has established partnerships with suppliers,
respected the business philosophy of seeking equality and win-win results, and driven the common
development of the supply chain.
The Company values and protects the interests of investors, strictly abides by the rules governing
information disclosure and other provisions, and distributes dividends to investors even though the
capital expenditures have been increased. All staff members are united to improve operating
performance, in order to maximize the benefits to investors.
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9. Strength of equity structure.
The Company is run and operated by founder, which in turn maintains the prudence of major
decisions, values long-term benefits and development, makes quick decisions and assures good
execution. The founder holds a higher percentage of shares, keeps a clear equity structure, and exercises
longstanding control on the Company from the top-level design, in order to keep the Company running
steadily for a long time and have an ample potential for capital expansion. The members of the Board of
Directors led by the chairman demonstrate impressive experience, have clear division of work, keep a
low profile, keep ambitious and energetic, and use their best endeavors to drive the Company to the
forefront of the industry in the right way.
10. Strength of risk control.
The Company keeps the debt-to-equity ratio at low level and has an abundant cash
flow. The well-established financial system and the strict risk control system can in turn
guarantee the implementation of strategic plan and investment plan, or allow it to seek
mergers and expansion whenever appropriate, or reduce the risk exposure to business
operation, and maintain its long-term investment value.
III. Discussion and Analysis of Operation Conditions
During the reporting period, the company’s revenue came at RMB 12.222 billion, an
increase of 33.42% compared with the prior year; total profit came at RMB 1.692 billion, an
increase of 32.80% compared with the prior year; and net profit attributable to shareholders
of the listed company came at RMB 1.456 billion, an increase of 33.11% compared with the
prior year.
Based on the accounting standards, the bonds payable were subject to initial and
subsequent measurements at amortized cost for the convertible bonds held by the company.
For the period from January 2024 to June 2024, the financial expense of RMB 43,948,636.80
and the actual interest expense payable of RMB 2,479,224.78 were recognized, which has an
impact on the net profit of RMB 41,469,412.02.
During the reporting period, the net cash flow from operating activities came at RMB 1.038
billion; the cash outflows from investing activities came at RMB 3.852 billion, of which the
cash spent on the purchase and construction of fixed assets and other long-term assets was
RMB 1.812 billion, allowing the company to make a good preparation for the rapid growth
of NEVs and raise the barrier to competition; the depreciation and amortization amounted to RMB
760 million, representing 6.22% of operating income, which remains consistent with the previous year.
As at the end of this report, total assets were RMB 34.091 billion, an increase of 10.79%
over the end of prior year; total liabilities were RMB 15.991 billion billion, a decrease of
5.69% over the end of prior year; the asset-liability ratio was 46.91%; the owner's equity
attributable to the parent company came at RMB 18.064 billion, an increase of 31.05% over
the end of prior year.
During the reporting period, the Company managed to improve its operating efficiency and
business performance in spite of economy and industry fluctuations. The positive factors
including broad product line of the NEV industry, overall R&D capabilities and innovative
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
business pattern drove a rapid growth of sales proceeds and profit, and brought the
operation and management activities to the growth track, with particular information
described below:
(1) Marketing and sales.
The Tier0.5 innovative business mode rolled out by the Company and its strategic customers has made
an exemplary success. Under this mode, the number and amount of components per vehicle are higher,
and the Company is able to provide better QSTP products and services to customers, create value for
customers.Adhering to the cooperation concept of “quick response and all-out cooperation”, the
Company has been highly rated by strategic customers, and there is an ample potential of business
growth.
In the domestic market, the company's cooperation with Huawei-Seres, Li Auto, Nio, Chery, Great
Wall, Xiaomi, BYD, Geely and other automobile enterprises is progressing rapidly, and the amount of
components per vehicle is increasing. In the international market, the company and the United States of
America's innovative car companies A customers, as well as FORD, GM, STELLANTIS, BMW and
other traditional car companies are in the field of NEVs to roll out ful-on cooperation.
The strategy of product platformization is making significant strides. By leveraging research and
development innovation alongside digital intelligence manufacturing capabilities, the overall
competitiveness of the company's internal functional components, lightweight chassis, and thermal
management sectors has been on the rise, resulting in steady sales revenue growth. Orders for
automotive electronic products have started to materialize, and projects such as As a result of continuous
R&D investment, the Company has successfully mass-produced its air suspension system, cabin comfort
actuator, IBS, EPS, and other projects, particularly the air suspension project, which is experiencing
rapid expansion and paving the way for the company's long-term growth.
The international market strategy is being accelerated. The North American Mexico Industrial Park
is advancing systematically, with the first plant of the initial phase now operational, while the other two
plants are undergoing equipment installation and test run. The European market development is also
proceeding smoothly, highlighted by the acquisition of orders from BMW for the ball-hinged forged
aluminum control arm project, a key element of the lightweight chassis, during the reporting period.
Intensive planning is underway for the second phase of the Poland plant, which will facilitate additional
local orders in Europe.
(2) R&D and innovation.
During the reporting period, the Company intensified the efforts in R&D investment, allocated
more resources, maintained its leading edge in research and development. During the reporting period,
R&D expenditures amounted to RMB 533 million. As a result of sustained investment in R&D, the
company has successfully initiated mass production of several projects, including the air suspension
system, cabin comfort actuator, IBS, and EPS. Furthermore, the product line continues to expand.
(3) Capacity landscaping.
In consideration of new orders placed, and the projections over the penetration rate of NEV, the
Company paces up its capacity landscaping. Efforts are made to facilitate the construction of Hangzhou
Bay Phase 8, 9 and of Xi’an, Jinan, Henan, Mexico and other factories.
In the short run, the investment and construction of these factories are expected to impose a certain
cost pressure. In the times of NEV rapid development, even though car makers have some capacity
available. In this concern, the capacity boost has been weighed and decided as appropriate with
impressive forward-looking character.
(4) Cost control.
During the reporting period, the cost of raw materials and labor services has obviously risen, the
Company implements cost control, boost efficiency and performance by purchasing in large quantity,
technological innovation, strict budget control and other proper measures.
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
With new factories built every year, the overhead and manufacturing expenses are higher in the
process of production ramp-up and trial production, the average cost of a facory is around tens of
millions of yuan. As a new factory reaches the initial production capacity and comes at the break-even
point, it would make a greater contribution to the group’s profit.
A number of research projects in process and the employment of many technical specialists led to a
rapid increase in R&D expenditures. As driven by the capacity expansion needs of the company, capital
expenditures increased enormously and the ratio of depreciation and amortization also rose. In future,
the volume production and sales growth are expected to spread R&D cost, capital expenditures and
miscellaneous cost, and the gross margin is expected to grow on an ongoing basis.
(5) Manufacturing upgrade.
The Company proceeds digital factory, implements MES management system, enables effective
management in respect of quality control, product traceability, lean production, equipment management,
and promotes the interconnectivity between the company-wide data and customer data, in order to build
an smart factory accredited with Industry 4.0.
News factories leverage virtual simulation DFM to conduct full-scale simulations on quality,
traceability, automation, visual inspection, energy utilization, carbon emissions to ensure the highest
level of product quality and cost, and reduce the duration of volume production to the extent possible.
(6) Sustainable development.
The company fulfills its corporate responsibilities in ESG, boosts green and low-carbon production,
fulfills corporate social responsibilities of energy saving, low-carbon environmental protection, and
contributes to "carbon peaking and carbon neutrality". As of the first half of 2024, the installed
photovoltaic capacity is 14.20 MW, a cumulative installed capacity is up to 141.75 MW, the annual
power generation will reach 144.911 million kWh, and the carbon dioxide emissions will be reduced by
144, 476. 29 tons a year.
The company will persist in its efforts to foster green development by embedding the principles of
sustainability throughout its operational processes. It aims to take a proactive role in scientific and
technological innovation while implementing various strategies to further decrease carbon emissions,
ultimately working towards the realization of zero-carbon factories and contributing to the overarching
goals of achieving carbon peak and carbon neutrality.
(7) Refinancing.
The company wrapped up the issuance of convertible bonds in January 2024 and raised RMB 3.498
billion. In turn, it further enhances the financial strength, seizes the opportunity for developing NEV,
and accelerate the development of various projects. With the drastic growth of sales and profits, its own
cash flow will cover, even outrun capital expenditures, and subsequent external financing will reduce.
Significant changes in operating conditions of the Company during the reporting period, as well as
events that significantly impact its operating conditions during the reporting period and are
expected to have a significant impact in the future
□Applicable√Non-applicable
IV. Main business operations during the reporting period
(1) Analysis of main business operations
1 1. Analysis of changes in related subjects of income statement and cash flow statement
Unit：Yuan Currency：RMB
Subject Amount in the current Amount in previous Change as
period period percentage (%)
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Operating income 12,221,820,236.43 9,160,451,044.52 33.42
Operating cost 9,613,009,267.55 7,091,717,971.79 35.55
Cost of sales 147,701,007.66 100,232,455.37 47.36
Overhead expenses 313,068,483.72 250,407,616.23 25.02
Financial expenses 73,517,091.86 -13,280,974.34 -653.55
R&D cost 533,298,050.74 450,976,583.06 18.25
Net cash flow from operating
1,038,398,021.56 1,226,121,434.62 -15.31
activities
Net cash flows from investing
-3,097,893,122.35 -1,768,915,625.69 75.13
activities
Net cash flow from financing
3,285,425,872.60 432,865,813.68 658.99
activities
Note to the reason for changes in operating income: attributed to large volume of orders placed by
domestic and foreign valued customers solicited by the Company in the current period
Note to the reason for changes in operating cost: attributed to the year-on-year increase in operating
income for the current period.
Note to the reason for changes in cost of sales: attributed to an increase in salesforce salary, selling
service fees and business hospitality expenses during the period
Note to the reason for changes in overhead expenses: mainly due to the increase in overseas startup fee
in the current period.
Note to the reason for changes in financial expenses:attributed to a decrease in foreign exchange gains in
the current period
Note to the reason for changes in R&D expenses: attributed to a continuous intensification of R&D and
innovation efforts and of R&D investments in the current period
Note to the reason for changes in net cash flow from operating activities:: mainly attributable to an
increase in cash paid for goods and services during the period during the period
Reasons for the change in net cash flows from investing activities: mainly due to the increase in the
purchase of structured deposits with idle proceeds during the period
Reasons for the change in net cash flows from financing activities: mainly due to the receipt of
fixed-income proceeds during the period.
2 Particulars of major changes in the business type, profit composition or source of profit of the
Company during the current period
□Applicable√Non-applicable
(2) Note to major changes in profits caused by operations other than main operations
□Applicable√Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(3) Analysis of assets and liabilities
√Applicable □Non-applicable
1. 1. Assets and liabilities
√Applicable □Non-applicable
Unit：Yuan
Change in
the amount
Amount at Amount at at the end of
the end of the end of the current
the current previous period as a
Amount at the end of the Amount at the end of
Item period as a period as a percentage Remark
current period previous period
percentage percentage of the
of total of total amount at
assets (%) assets the end of
previous
period (%)
Cash and Bank 4,049,299,491.76 11.88 2,855,366,991.27 9.28 41.81 Mainly as a result of the receipt of
Balances proceeds from fixed-income financing
during the period
Trading financial 1,640,935,400.96 4.81 300,872,066.52 0.98 445.39 Mainly as a result of the increase in
assets the purchase of structured deposits
during the period.
Notes receivable 114,845,961.04 0.34 554,030,607.88 1.80 -79.27 Mainly due to the decrease of notes
receivable received during the period.
Advance payments 224,297,484.65 0.66 116,414,223.74 0.38 92.67 Mainly as a result of the increase of
prepayment for materials during the
period.
Notes payable 1,471,685,278.98 4.32 2,855,691,274.58 9.28 -48.46 Mainly as a result of the decrease in
notes payable during the period.
Contract liabilities 38,794,120.23 0.11 20,090,277.73 0.07 93.10 Mainly as a result of the increase in
advance receipts of goods during the
period.
Other payables 673,548,745.17 1.98 24,690,743.41 0.08 2627.94 Mainly as a result of the increase in
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
dividend payable during the period
Non-current Mainly as a result of the increase in
liabilities due within long-term loans reclassified to
2,533,899,376.17 7.43 1,290,220,025.19 4.19 96.39
one year non-current liabilities due within one
year during the period
Other current 3,591,562.55 0.01 1,690,671.66 0.01 112.43 Mainly as a result of the increase in
liabilities value-added tax (“VAT”) on goods
received in advance during the period.
Long-term Mainly as a result of the increase in
borrowings long-term loans reclassified to
1,432,968,519.06 4.20 2,506,123,957.26 8.14 -42.82
non-current liabilities due within one
year.
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
2. Overseas assets
√Applicable □Non-applicable
(1) Scale of assets
Including: overseas assets RMB 2,253,802,485.88 (Unit: Yuan Currency: RMB), in 6.61% of total
assets.
(2) Notes to overseas assets
□Applicable √Non-applicable
3. Major asset restrictions as of the end of the reporting period
√Applicable □Non-applicable
Unit：Yuan
Item Book value at the end of the Reason for restricted use
period
Cash and bank balances 490,835,991.95 Security deposit
Notes receivable 645,652,939.22 mortgage
Fixed Assets 163,488,461.48 mortgage
Intangible Assets 8,165,756.94 mortgage
Receivable financing 5,271,872.86 Pledge
Total 1,313,415,022.45 /
4. Other Notes
□Applicable √Non-applicable
(4) Investment condition
1. Overall analysis of external equity investments
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(1) Significant equity investment
□Applicable √Non-applicable
(2) Significant non-equity investment
□Applicable √Non-applicable
ⅰ. Condition of purchased land
i. Updates of investments
Reference
number
Date of Title of
NO. of Main content Update of event
Signing announcement
announce
ment
1 2021-086 Tuopu’s Notice on The Company and the People's Government of The equipment commissioning is in its final
Dec. 2021 Signing an Shapingba District of Chongqing signed the "Project stages, prepared for test run.
Investment Intent Cooperation Agreement on the Production Base of
Agreement in Tuopu NEV Lightweight Chassis System and Interior
Shouxian County, Acoustic Insulation Parts System ", intending to invest
Anhui Province RMB 1.5 billion in Shapingba District to construct the
production base for NEV product lines in phases.
2 August 2022 2022-072 Tuopu Group’s The Company and the Administration Committee of The equipment commissioning is in its final
Announcement on Xinqiao International Industrial Park, Shouxian stages, prepared for test run.
the Investment County, Anhui signed the "Project Agreement" with
Intent Agreement the intent of investing RMB 2.5 billion to build a NEV
Signed with critical parts production base in phases in Xinqiao
Shouxian County, International Industrial Park, Shouxian County.
Anhui
3 September 2022-079 Tuopu Group’s The Company and the Administration Committee of The main structure renovation is currently
2022 Announcement on Xi’an Economic and Technological Development underway, along with the construction of
the Investment Zone signed the “Auto Parts Production Project ancillary works.
Intent Agreement Landing Agreement” with the intent of investing
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Signed with Xi’an about RMB 3 billion to build a NEV critical parts
production base in Xi’an Economic and Technological
Development Zone.
4 September 2022-081 Tuopu Group’s The Company establishes a new wholly-owned The initial factory of the first phase project
2022 Announcement on subsidiary Tuopu Group Mexico,S.de R.L. de C.V in has commenced production, while the
New Mexico, and plans to purchase industrial land in remaining two factories are undergoing
Establishment of a Mexico to build a production base for NEV auto parts. equipment installation and test run.
Wholly-owned
Subsidiary in
Mexico
5 September 2022-082 Tuopu Group’s The Company and the Administration Committee of The completion and acceptance process is
2022 Announcement on Changxing Economic and Technological ongoing, with the finalization of ancillary
the Investment Development Zone, Huzhou signed the “Investment works also in progress.
Intent Agreement Agreement” with the intent of investing about RMB 2
Signed with billion to build a NEV critical parts production base in
Changxing, Changxing Economic and Technological
Huzhou Development Zone.
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
6 January 2024 April 2024 Announcement of The Company has signed the Investment Agreement The project is advancing steadily.
Tuopu Group on on the Project of R&D and Production Base for Robot
the Signing of Actuator system with the Management Committee of
Investment Ningbo Economic and Technological Development
Agreement on the Zone.
Project of R&D
and Production
Base for Robot
Actuator system
(3) Financial assets measured at fair value
□Applicable √Non-applicable
Gain/loss on Cumulative
Impairment
Amount at fair value fair value Amounts mounts
Asset provided A Other Amount at end of
beginning of changes changes purchased during sold/redeemed
category during the changes period
period during the included in the period during the period
period
period equity
Equity
872,066.52 63,334.44 935,400.96
instruments
Short-term
financial 300,000,000.00 2,040,000,000.00 700,000,000.00 1,640,000,000.00
products
Receivables
1,039,933,314.87 2,479,741,183.89 2,638,431,122.52 208,762.47 881,452,138.71
financing
Total 1,340,805,381.39 63,334.44 4,519,741,183.89 3,338,431,122.52 208,762.47 2,522,387,539.67
Securities Investment
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
□Applicable √Non-applicable
Securities investment
□Applicable √Non-applicable
PE fund investment
□Applicable √Non-applicable
Derivatives investment
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(5) Disposal of major assets and equity
□Applicable √Non-applicable
(6) Analysis of major controlling and participating companies
√Applicable □Non-applicable
Unit：in 10,000 Yuan
Company name Paid-in capital Total assets in the Total liabilities in Total net assets in Operating income in Net profit in the
reporting period the reporting period the reporting period the reporting period current period
Ushone Electronic
4,000.00 5,304.16 185.58 5,118.58 16,496.37 -48.26
Chassis
Tuopu Imp&Exp. 20,000.00 76,362.62 15,885.24 60,477.38 203,752.35 9,868.84
Tuopu Parts 20,000.00 82,656.40 59,193.81 23,462.59 523,787.60 4,121.92
Tuopu Acoustics
20,000.00 72,061.99 43,111.98 28,950.01 385,752.21 3,578.09
Vibration
Sichuan Tuopu 2,000.00 12,351.27 6,366.83 5,984.44 20,626.93 817.32
Yantai Tuopu 6,280.00 9,753.54 2,842.94 6,910.60 4,568.94 296.61
Pinghu Tuopu 20,800.00 30,067.87 6,638.30 23,429.57 20,253.71 -785.16
Suining Tuopu 15,000.00 42,693.63 9,552.77 33,140.86 30,603.76 3,733.72
Zhejiang Towin 18,000.00 55,628.48 6,116.69 49,511.79 13,695.98 741.23
Tuopu Automotive
250,000.00 672,931.98 204,400.57 468,531.41 238,731.14 31,679.35
Electronics
Tuopu Thermal
385,600.00 484,035.92 85,952.99 398,082.93 181,052.03 9,575.12
Management
Hunan Tuopu 72,259.00 118,516.97 36,050.92 82,466.05 61,397.61 7,073.45
Tuopu Skateboard
Chassis (Ningbo) 51,490.00 111,435.12 43,165.51 68,269.61 77,595.35 6,771.45
Co., Ltd.
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(7) Structured entities controlled by the Company
□Applicable √Non-applicable
I.Other disclosures
(1) Potential risks
√Applicable □Non-applicable
1. Exchange rate, tariffs, fluctuations in material prices, and price reduction requested by customers
may expose business operations to risk. The Company intends to resolve these risks by enhancing
overall competitiveness. In the course of 40 years after founding, the Company stayed on the track of
good business performance and development in spite of the risk exposures, and developed a well-fit risk
control system based on the past experience.
2. The NEVs track in which the Company is currently engaged has been fully recognized by
governments and the industry community and put into practice, with proven signs of right direction and
bright future. For this reason, there is no risk borne in the strategic direction and investments.
(2) Other disclosures
√Applicable □Non-applicable
1. Note to the deposit and use of proceeds: On February 7, 2024, the Company convened the Sixth
Meeting of the Fourth Session of the Board of Directors, during which it reviewed and approved the
“Proposal on Adjusting the Implementation Progress of Certain Fund Raising Investment Projects.” The
Board agreed to revise the timelines for the fund-raising initiatives, specifically the “Lightweight
Chassis System Construction Project with an Annual Production Capacity of 1.5 Million Sets” and the
“Lightweight Chassis System Construction Project with an Annual Production Capacity of 3.3 Million
Sets”, setting the expected operational readiness to June 2024 and April 2025, respectively.
2. Regarding the expansion of the subject, site of executing the fundraising project, and the extension of
the deadline: On August 16, 2024, the Company convened the eleventh meeting of the fifth session of
the board of directors, during which the proposal concerning the expansion of the subject, site, and
deadline was reviewed and approved. The board agreed to expand the implementation subject to include
the subjects “Tuopu Mexico and Ningbo Import & Export”, and the site Monterrey, Nuevo León,
Mexico” , and revised the timeline for the project to achieve its intended use to October 2025.
Section 4 Corporate Governance
I. Brief Information about General Meetings
The search index
of the specified Date of disclosure
Date of
Session website to to publication of Resolution
convention
publish resolutions
resolutions
2024 first 19 www.sse.com.cn February 20, 2024 More details are available in the
extraordinary February "Announcement on Resolutions
general 2024 of the 2024 First Extraordinary
meeting General Meeting of Tuopu
Group" (Announcement No.:
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
2024-024)
2024 second 23 www.sse.com.cn February 24, 2024 More details are available in the
extraordinary February "Announcement on Resolutions
general 2024 of the 2024 Second
meeting Extraordinary General Meeting
of Tuopu Group"
(Announcement No.: 2024-024)
2023 annual 24 June www.sse.com.cn June 25, 2024 More details are available in the
general 2024 "Announcement on Resolutions
meeting of the 2023 Annual General
Meeting of Tuopu Group"
(Announcement No.: 2024-024)
Preferred shareholders whose voting rights have been restored request to convene an
extraordinary general meeting
□Applicable√Non-applicable
Note to General Meeting
√Applicable □Non-applicable
During the reporting period, the Company held three general meetings. These meetings are
convened and held under the applicable laws, regulations and these "Articles of Association"; the
persons present at and convening such meetings hold legal and valid qualifications; the voting procedure
is consistent with the applicable relevant laws, regulations, normative documents and these "Articles of
Association". The voting results are legal and valid.
II. Changes in directors, supervisors and officers
□Applicable√Non-applicable
Note to the changes in directors, supervisors and officers
□Applicable√Non-applicable
III. The plan for the profit distribution of common stocks or the transfer of capital reserves
The drafted semi-annual plan for the profit distribution of common stocks or the transfer of
capital reserves
Whether for the profit distribution or the transfer No
of capital reserves
Number of bonus issues (stocks) every 10 shares NA
Number of dividends distributed (Yuan) (with tax NA
included) every 10 shares
Number of additional shares (stocks) every 10 NA
shares
Note to the plan for the profit distribution of common stocks or the transfer of capital reserves
No
IV. Conditions and Impact of Equity Incentive Plan, ESOP (employee stock ownership plan) or
Other Employee Incentive Measures of the Company
(1) Related incentive events have been disclosed in the provisional announcement and there is no
progress or change in subsequent implementation
□Applicable√Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(2) Incentives that are not disclosed in the provisional announcement or there is a progress in
subsequent implementation
Condition of equity incentives
□Applicable√Non-applicable
Other notse
□Applicable√Non-applicable
ESOP
□Applicable√Non-applicable
Other incentives
□Applicable√Non-applicable
Section 5 Environmental and Social Responsibility
Ⅰ.Information about environment
(1)Notes to the environmental protection conditions of companies and their important subsidiaries
announced by the environmental protection authority as key emission entities
√Applicable □Non-applicable
1. Information about emissions
√Applicable □Non-applicable
（1）As written in the “Notice of Ningbo Bureau of Ecology and Environment on Issuing the List
of Ningbo Key Entities for Environmental Supervision and Control in 2024 (YONG HUAN FA [2024]
No.16) issued by Ningbo Bureau of Ecology and Environment on 28 March 2024:
The Company is included in the list of key environmental risk control entities (radiation).
Its plant addressed at Guanhai Road, Chunxiao, Beilun District, Ningbo ("Guanhai Road Plant") is
included in the list of key regulatory entities for water environment pollution and the list of key control
entities for environmental risks (hazardous waste);
Its suspension plant addressed at Chunxiao, Beilun District, Ningbo ("Chunxiao Suspension Plant")
is included in the list of key control entities for environmental risks (hazardous waste and radiation).
Its plant addressed at Longtanshan Road, Beilun District, Ningbo (“Longtanshan Road Plant”) is
included in the list of key environmental risk control units (hazardous waste, radiation).
(2) Ningbo Tuopu Chassis System Co., Ltd. (“Yinzhou Chassis”), a wholly-owned subsidiary of the
Company located in Yinzhou District, Ningbo, is included in the list of key environmental risk control
entities (hazardous waste).
(3) Ningbo Tuopu Automotive Electronics Co., Ltd.(“Tuopu Automotive Electronics”), a
wholly-owned subsidiary of the Company located in Ningbo Qianwan New District, is included in the e
list of key environmental risk control entities (hazardous waste and radiation).
(4) Tuopu Skateboard Chassis (Ningbo) Co., Ltd (hereinafter referred to as "Skateboard Chassis"),
a wholly-owned subsidiary of the Company located in Ningbo Qianwan New District, has been included
in the list of key environmental risk control units (hazardous waste).
(5) Tuopu Thermal Management (Ningbo) Co., Ltd (hereinafter referred to as "Tuopu Thermal
Management"), a wholly-owned subsidiary of the Company located in Ningbo Qianwan New District,
has been included in the list of key environmental risk control units (hazardous waste).
(6) According to the "Notice on the Publication of the List of Key Units for Environmental
Supervision and Control in Jinhua City in 2024" issued by the Bureau of Ecology and Environment of
Jinhua on March 31, 2024, the Company's wholly-owned subsidiary, Jiangsu Towin Automobile
Components Company Limited ("Jiangsu Towin"), which is located in Baifaoshan Industrial Park, Wuyi
County, Jinhua City, was included in the list of key environmental risk control units (hazardous waste)
("Zhejiang Towin"), a wholly-owned subsidiary of the Company located in Baihuashan Industrial Park,
Wuyi County, Jinhua City, was included in the list of key environmental risk control units.
(7) According to the "Suining List of Key Units for Environmental Supervision and Control in
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
2024" issued by Suining Bureau of Ecology and Environment on March 29, 2024, the Company's
wholly-owned subsidiary Suining Tuopu Automotive Chassis Systems Company Limited ("Suining
Tuopu"), which is located in the Industrial Concentration Development Zone of Anju District, Suining
City, was included in the list of key units for environmental supervision and control. ("Suining Tuopu"),
a wholly-owned subsidiary of the Company located in the Industrial Concentration Development Zone
of Anju District, Suining City, was included in the list of key environmental risk control units in Suining
City in 2024.
(8) Pursuant to the ''Notice on Issuing the 2024 Xiangtan City Environmental Supervision and
Control Key Units List'' issued by the Xiangtan City Bureau of Ecology and Environment on March 28,
2024, the Company's wholly-owned subsidiary, Hunan Tuopu Automobile Parts Co., ltd., which is
located in Xiangtan Economic Development Zone, was included in the list of key environmental
supervision and control units.
2. Construction and operation of pollution control facilities
√Applicable □Non-applicable
All plants of the Company arrange production facilities in a reasonable way, improve processes and
increase the recycling of water, and reduce the emissions of sewage, waste liquid, general solid wastes
and hazardous wastes. The automatic waste monitoring system is running normally and transmitting data
to the environment protection authority in real time, allowing environment protection authorities at all
levels to perform real-time monitoring. Each plant has set up a yard for storage of hazardous wastes in
accordance with the measures applicable to the control of hazardous wastes, taken reasonable
measures against seepage, leakage and overflowing, maintained the hazardous waste management
account and transfer form, and subjected hazardous wastes to the transfer form system.
The construction and operation of pollution control facilities in the plants or subsidiaries included
on the list of key emission entities are as follows:
(1) Guanhai Road Factory, Chunxiao Suspension Factory, Longtanshan Road Factory: implement
rainwater and sewage diversion and clean sewage diversion, and obtain permits for urban sewage
connection to the drainage network, as well as obtaining sewage discharge permits issued by the
Ecology and Environment Bureau of the jurisdiction or the registration receipt. The numbers are:
Sewage discharge: (No. 36 Guanhai Road) 91330200761450380T001V, (No. 1 Longtanshan Road)
91330200761450380T004Y, (No. 59 Guanhai Road) 91330200761450380T007Y, (No. 666 West
Hengshan Road) 91330200761450380T002U, (No. 99 Chunxiao Avenue) 91330200761450380T006Z,
(No. 268 Yukwangshan Road) 91330200761450380T005W, (No. 339 West Damtou Road)
91330200761450380T003W.
Drainage: (Guanhai Road No. 36) Zhelun Daiji No. 00767, (Longtanshan Road No. 1) Zhelun Daiji
No. 00398, (Guanhai Road No. 59) Zhelun Xiaoxiao Daiji No. 00035, (Chunxiao Avenue No. 99)
Zhelun Xiaoxiao Daiji No. 00023, (Yukwangshan Road No. 268) Zhelun Daiji No. 00656.
The Company received a radiation safety license from the Department of Ecology and Environment
of Zhejiang Province on December 13, 2022. The certificate number is Zhe Huan Radiation Certificate
[B3021].
Production wastewater: directed into the municipal sewage system via a sewage pipe following
treatment at a sewage treatment facility to ensure compliance with discharge standards.
Domestic wastewater similarly funneled into the municipal sewage pipeline after undergoing
pretreatment through sedimentation and septic tanks to meet the required discharge standards.
Radiation: the company adheres to stringent safety protocols for radiation equipment, implements
zoning management in radiation work areas, places warning signs at the boundaries of controlled and
monitored zones, establishes a systematic equipment inspection protocol, conducts regular and thorough
inspections, and enhances both equipment maintenance and staff training.
For hazardous and dangerous waste, the facility strictly follows the "Hazardous Waste Storage
Pollution Control Standards," establishing designated temporary storage areas, implementing classified
collection and temporary storage practices, and regularly engaging the services of Ningbo Beilun
Environmental Protection Solid Waste Disposal Co. Limited and other certified entities for safe waste
disposal.
(2) Yinzhou Tuopu: a new factory, various pollution prevention and control facilities in the
factory area are currently being submitted for approval in preparation for the construction stage.
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According to the Ningbo Municipal Bureau of Ecology and Environment on the "Ningbo Tuopu
Chassis System Co., Ltd. annual output of 800,000 sets of high-end automotive interior functional trim
parts project and annual output of 500,000 sets of automotive lightweight chassis system project
Environmental Impact Report Sheet" of the review of the comments (Yin Huan Jian [2023] 126) on the
construction and operation of environmental protection facilities are approved as follows:
The project must prioritize the following tasks during the construction and operation process:
Compliance with water pollution control regulations by enhancing the collection and treatment of
wastewater. The wastewater from the rubber workshop must meet the standards set by GB27632-2011
for the rubber products industry before being discharged into the natatorium. Other production
wastewater, such as neutralization and precipitation tank wastewater, should be treated along with
domestic sewage in septic tanks to meet the Level 3 standards of GB8978-1996 for Comprehensive
Emission Standards for Wastewater (including ammonia nitrogen and total phosphorus). The discharge
should then be directed into the pipe after meeting the control indicators specified in DB33/887-2013 for
Indirect Emission Limits of Nitrogen and Phosphorus Pollutants from Wastewater of Industrial
Enterprises.
Implementation of exhaust gas pollution prevention measures to ensure compliance with
regulations and control all types of exhaust emissions.
The die-casting workshop of Project A is subject to various air pollutant emission standards. These
standards, outlined in the GB39726-2020, set limits for the emissions of melting fumes, mold exhaust,
natural gas combustion exhaust, baking package exhaust, heat treatment exhaust, shot blasting dust,
grinding dust particles, sulfur dioxide, and nitrogen oxides. Additionally, the emissions of non-methane
hydrocarbons from die-casting molding, fluorescence flaw detection, industrial oil volatilization, laser
marking, and coding are regulated. The total methane hydrocarbons emitted from die-casting,
fluorescent flaw detection, volatilization of industrial oils, and dust emissions from laser coding are
covered under Table 2 of GB16297-1996. This table includes emission limits for air pollutants from new
sources and concentration limits for monitoring unorganized emissions.
The emission of non-methane hydrocarbons in the rubber extrusion, extension exhaust, and
vulcanization exhaust in workshop B (suspension system production workshop) of the project complies
with the emission limit values of air pollutants from newly-built enterprises stated in Table 5 of the
"Pollutant Emission Standards for Rubber Products Industry." Additionally, it adheres to the limit values
of unorganized emission from the factory boundaries of newly-built enterprises as specified in Table 6
of the same standards. The emission values of carbon disulphide and odorous gases are also in
accordance with the standards set in Table 1 of the "Emission Standards for Odor Pollutants" in
GB14554-1993. The second level standard value of odor pollutants at the plant boundary in Table 1 and
the limit value of odor pollutants emission standards in Table 2 are also met. Furthermore, the emission
standards for steam boiler exhaust emissions are followed as outlined in Table 3 of GB13271-2014
"Boiler Air Pollutants Emission Standards." The special emission limits for air pollutants and the
emission requirements for low-nitrogen combustion control, as stated in the "Gas Boiler Low-nitrogen
Transformation Work Technical Guidelines (Interim)" by the Department of Ecology and Environmental
Protection of Zhejiang Province, are also implemented. It is important to note that the local standards of
Zhejiang Province will be enforced once they are released. Lastly, the emission of sand blasting dust
from the mold core complies with the comprehensive emission standards for air pollutants stated in
Table 2 of GB16297-1996, which includes the emission limits for air pollutants from new sources and
the concentration limits for monitoring and control of disorganized emissions.
The production workshop for the sealing system, known as Project Workshop C, involves various
processes such as unpacking, rubber refining, open training, extrusion, vulcanization, and jointing hot
pressing. These processes generate non-methane hydrocarbons and particulate emissions. To ensure
environmental compliance, the workshop must adhere to the air pollutant emission limits specified in
GB27632-2011 "Rubber Products Industry Pollutant Emission Standards." Table 5 of this standard sets
the emission limits for new enterprises, while Table 6 specifies the limits for both existing and new
enterprises within the plant boundary. Specifically, the workshop needs to control emissions of carbon
disulfide and odor from rubber refining and open training. These emissions should comply with the
standards outlined in GB14554-1993 "Emission Standards for Odor Pollutants." Table 1 of this standard
defines the second level of odor pollutants at the factory boundary, while Table 2 sets the emission
standard limits for odor pollutants. Furthermore, the workshop must address emissions from processes
such as workpiece surface spraying, drying and curing exhaust, glue and drying and curing exhaust, and
sealing strips. These emissions include non-methane hydrocarbons, odor, and other pollutants. To
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regulate these emissions, the workshop should follow the air pollutant emission limits specified in
DB33/2146-2018 Table 1 and the air pollutant concentration limits in Table 6. These limits are outlined
in the "Emission Standards for Air Pollutants from Industrial Painting Processes." Regarding the exhaust
gas from natural gas combustion, the workshop should comply with the emission standards stated in
GB9078-1996 "Emission Standards for Air Pollutants from Industrial Furnaces and Kilns." Specifically,
Table 2 of this standard defines the secondary standards for exhaust gas emissions. Additionally, the
workshop must meet the requirements of the "Comprehensive Control Program of Air Pollution from
Industrial Furnaces and Kilns in Zhejiang Province" as stated in Zhejiang Environmental Letter (2019)
No. 315.
In Workshop D, which is responsible for the production of sound insulation systems, the pressure
molding exhaust gas contains non-methane hydrocarbons. To regulate these emissions, the workshop
should adhere to the pollutant emission standards specified in GB31572-2015 "Pollutant Emission
Standards for Synthetic Resin Industry." Table 5 of this standard sets the special emission limits for air
pollutants, while Table 9 defines the concentration limits for air pollutants at the boundary of
enterprises.
The emission standards for malodorous pollutants, as stated in GB14554-1993, are being
implemented at the sewage station to control the odorous waste gas emissions. Table 1 sets the
secondary standard values for odor pollutants at the plant boundary, while Table 2 establishes the
emission standard limits for odor pollutants. In addition, the unorganized emission of volatile organic
compounds in the plant area is regulated by GB37822-2019, which provides special emission limits in
Table A1. The canteen fumes are effectively treated through a smoke purification device, in accordance
with GB18483-2001, which sets the emission standards for the catering industry.
Noise pollution prevention and control requirements. The environmental noise emission at the
factory boundary of the project carries out GB12348-2008 "Environmental Noise Emission Standard for
Factory Boundary of Industrial Enterprises", which is a category 3 standard.
Solid waste pollution prevention and control requirements. Hazardous waste has been planned in
accordance with the relevant requirements of classification collection and storage, and handed over to
qualified units for treatment, the corresponding implementation of the hazardous waste transfer joint bill
system: general industrial solid waste and domestic garbage and other solid wastes are classified and
collected for harmless or resource treatment, and to prevent the generation of secondary pollution.
Environmental risk prevention and emergency response. Implement risk and accident prevention
countermeasures in strict accordance with the EIA. Promote the implementation of environmental
protection facilities such as wastewater treatment and other key environmental control facilities to
implement the requirements of safe production, carry out safety risk assessment and hidden danger
investigation and management, and report the relevant information to the Municipal Bureau and the
relevant industry authorities, copied to the Municipal Emergency Management Bureau. Proposed to
entrust the design unit with the appropriate qualifications of the key environmental protection facilities
of the construction project, and to establish and improve the internal pollution prevention and control
facilities for stable operation and management responsibility system and safety control ledger
information, in strict accordance with the standards and specifications for the construction of
environmental governance facilities to ensure that the environmental governance facilities are safe,
stable and effective operation. Project pollution prevention and control facilities shall be designed
together with the main project in accordance with the requirements of safe production, and when
carrying out the safety evaluation work as required, it is proposed to include the environmental control
facilities into the scope of safety evaluation together, and can only be implemented after approval and
consent of the relevant functional departments. Effectively prevent environmental risks that may be
caused by accidental discharge of pollutants or safety production accidents, and ensure the safety of the
surrounding environment.
Total pollutant emission control requirements. According to the Report Table, the total control
indexes of the whole plant after the implementation of the project are as follows: Chemical Oxygen
Demand (COD) 0.212t/a, Nitrogen Oxide: 3.354t/a, Sulfur Dioxide 0.176t/a, Particulate Matter
19.587t/a, VOC 10.949t/a. If the nature of the project, scale, location, the production process used or
measures to prevent pollution and ecological damage have undergone significant changes, the project is
proposed to be re-approved according to the law of environmental assessment documents. After 5 years
from the date of approval, if the project party starts construction, the EIA document will be reported to
the municipal bureau for re-examination. If the project does not conform to the approved EIA document
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during the construction and operation of the project, the relevant environmental protection procedures
shall be carried out in accordance with the law.
The above comments and the pollution prevention and control measures and risk prevention
measures proposed in the Report Table, our company intends to conscientiously implement in the
project design, construction, operation and management to ensure environmental safety and social
stability during the construction and operation of the project. Our company strictly implements the
environmental protection "three simultaneous" system, and realizes the commitment of the legal person.
Before the project is put into production or use, the environmental protection facilities will be inspected
and accepted according to the law, and the project shall not be put into production or use without
inspection or unqualified inspection. Our company accepts the supervision and inspection of ecological
environment departments at all levels according to regulations.
(3) Tuopu Automobile Electronics: It implements rainwater and sewage diversion and clean sewage
diversion, and has obtained a license for urban sewage connection to the drainage network (Zheji No.
19119) and a sewage discharge license issued by the Bureau of Ecology and Environment of Hangzhou
Bay New District, Ningbo City (Certificate No. 91330201MA2833A9XR001Q).
Production wastewater: After collecting all production wastewater from the plant to the collection
tank of sewage treatment station through pipeline, it will be discharged into the municipal sewage
pipeline after pretreatment, mediation, reaction, precipitation, neutralization, hydrolysis acidification,
aerobic biochemistry, secondary precipitation, flocculation precipitation, and other processes to finally
reach the standard. Eliminate non-standard sewage into the municipal pipeline network.
Domestic Wastewater: The oily wastewater generated by the cafeteria is pre-treated by grease traps,
and the domestic wastewater is treated by septic tanks, and then discharged into the municipal
wastewater pipeline network of Hangzhou Bay New Area after reaching the standard of Hangzhou Bay
New Area Sewage Treatment Plant.
After the above wastewater and sewage treatment, one way of wastewater and wastewater is
discharged into Hangzhou Bay New Area municipal sewage pipeline through 02WS863 outlet, and the
other way of wastewater is discharged into Hangzhou Bay New Area municipal sewage pipeline into the
city sewage treatment plant through 01WS703 outlet.
Factory wastewater discharge standards for: GB8978-1996 "Comprehensive Emission Standards
for Sewage" in the third level, ammonia nitrogen and total phosphorus to implement the "Zhejiang
Province, local standards for industrial wastewater nitrogen, phosphorus pollutants indirect discharge
limits" (DB33/887-2013) discharged into the municipal wastewater network, and ultimately by the
wastewater treatment plant treatment of the "urban sewage treatment plant pollutant emission standards"
( GB18918-2002), and then discharged into the municipal sewage pipe network.
Hangzhou Bay factory wastewater is treated into the urban pipeline network standard. The actual
production of wastewater testing data: pH value of 7.2, COD is 28mg / l, ammonia nitrogen is 1.03mg / l,
suspended solids 32mg / l, petroleum 0.41mg / l, total phosphorus 0.67mg / l, zinc 1.09mg / l, anionic
surfactant 0.24mg / l, total nitrogen 5.55mg / l, five-day BOD4.4mg /l, all of which meet the
requirements.
Metal trimmings within the facility, non-compliant products during production, maintenance of
waste metal molds, rubber edges, and waste packaging are classified as general solid waste. These items
are subject to unified collection, sale, and comprehensive utilization. Hazardous waste such as waste
paint residue, waste rubber, waste packaging drums, sludge, activated carbon, cleaning waste liquid,
waste emulsion, waste engine oil, aluminum ash, and aluminum dregs must be handled in accordance
with national regulations. Hazardous waste yards and warehouses should be established to meet the
requirements of the Environmental Protection Bureau. The transfer of hazardous waste declaration
should be done through the "National Solid Waste and Chemical Management Information System" and
disposal agreements with Ningbo Beilun Environmental Protection Solid Waste Disposal Co., Ltd.,
Zhejiang Kaikang Metal Products Co., Ltd., Ningbo Bochuan Waste Liquid Disposal Co., Ltd.,
Dongyang Mason Industry and Trade Co., Ltd., Ningbo Juxin Environmental Protection Products Co.,
Ltd., Zhejiang Lvchen Environmental Protection Science and Technology Co., Ltd., and Zhejiang
Environmental Protection Group Beilun Shanko Environmental Protection Science and Technology Co.,
Ltd. must be adhered to.
10 sets of Class III X-ray detectors and four sets of Class II X-ray detectors are used in the plant
project, and the Company obtained the radiation safety license issued by the Department of Ecology and
Environment of Zhejiang Province on May 12, 2022, with the certificate number of Zhe Huan Radiation
Certificate [B2971].
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(4) Skateboard Chassis: rainwater and sewage diversion and clean sewage diversion are
implemented, and the company has obtained a license for urban sewage connection to the drainage
network (Zhejiang No. 2411) and a sewage discharge license issued by the Bureau of Construction and
Traffic and Transportation of Ningbo Qianwan New Area (Certificate No. 91330201MA7FLHCH5K).
Production wastewater: After collecting all production wastewater from the plant to the collection
tank of the wastewater treatment station through the pipeline, it will be discharged into the municipal
wastewater pipeline after pretreatment, mediation, reaction, precipitation, neutralization, hydrolysis and
acidification, aerobic biochemistry, secondary precipitation, flocculation and precipitation, and other
processes that finally meet the standard. Eliminate non-standard sewage into the municipal pipeline
network.
Domestic Wastewater: The oily wastewater generated by the cafeteria is pre-treated by grease traps,
and the domestic wastewater is treated by septic tanks, and then discharged into the municipal
wastewater pipeline network of Hangzhou Bay New Area after reaching the standard of Hangzhou Bay
New Area Sewage Treatment Plant.
After the above wastewater and sewage treatment, one way of wastewater and wastewater is
discharged into Hangzhou Bay New Area municipal sewage pipeline through WS0001 outlet, and the
other way of wastewater is discharged into Hangzhou Bay New Area municipal sewage pipeline into the
city sewage treatment plant through WS0155 outlet.
Factory wastewater discharge standards for: GB8978-1996 "Comprehensive Emission Standards
for Sewage" in the third level, ammonia nitrogen and total phosphorus to implement the "Zhejiang
Province, local standards for industrial wastewater nitrogen, phosphorus pollutants indirect discharge
limits" (DB33/887-2013) discharged into the municipal wastewater pipeline network, and ultimately by
the wastewater treatment plant to treat up to the "municipal wastewater treatment plant pollutant
discharge standards" ( GB18918-2002) Class A standard and then discharged to the sea. Hangzhou Bay
factory sewage after treatment into the municipal pipeline network standards. The actual production
wastewater testing data: pH value of 6-9mg/L, COD 500mg/L, BOD 300mg/L, SS 400mg/L, ammonia
nitrogen 35mg/L, petroleum 20mg/L, LAS 20mg/L, total aluminum 2.0mg/L, total phosphorus 8mg/L,
total nitrogen 70mg/L, are in line with the requirements.
Industrial waste in the plant, baling tape, waste saw blades, waste rubber edge, scrap
rubber-containing iron (just) products, scrap rubber-containing aluminum products, waste mold
materials, (waste mold materials, iron chips, cooked iron foam), scrap iron (just) products, waste copper,
waste brass, waste cardboard boxes, iron, wire barrels, steel foam belongs to the general solid waste,
after the collection of the unified outsourcing of comprehensive utilization. For waste plastic drums,
waste iron drums, waste cutting fluid, waste oil, sludge, aluminum ash aluminum slag are hazardous
waste, according to the national hazardous waste collection, packaging, storage and transportation,
disposal requirements for the establishment of hazardous waste yards and warehouses, and according to
the Environmental Protection Bureau of the hazardous waste management requirements unified in the
"National Solid Waste and Chemical Management Information System". Ningbo Chengjie Property
Management Co., Ltd., Ningbo Yibang Renewable Resources Co., Ltd., Ningbo Bochuan Waste Liquid
Disposal Co., Ltd., Dongyang Mason Industry and Trade Co., Ltd., Ningbo Juxin Environmental
Protection Products Co., Ltd., Zhejiang Lvchen Environmental Protection Science and Technology Co.,
Ltd., Zhejiang Environmental Protection Group Beilun Shangke Environmental Protection Technology
Co., Ltd.
Skateboard Chassis uses 11 sets of three types of X-ray detectors, and the company is in the process
of obtaining the radiation safety license.
(5) Tuopu Thermal Management: practicing rainwater and sewage diversion and clean sewage
diversion, obtaining the license for urban sewage connection to the drainage network (Zhe Zi
No.2360)( Zhe Zi No.2361)( Zhe Zi No.2362), and the sewage discharge license issued by the Bureau of
Ecology and Environment of the Hangzhou Bay New District of Ningbo City (Certificate No.
91330201MA2J3L9257002W ) (Certificate No. 91330201MA2J3L9257001X) (Certificate No.
91330201MA2J3L9257003X).
Production wastewater: After collecting all production wastewater from the plant to the collection
tank of sewage treatment station through pipeline, it will be discharged into the municipal sewage
pipeline after pretreatment, mediation, reaction, precipitation, neutralization, hydrolysis acidification,
aerobic biochemistry, secondary precipitation, flocculation precipitation, and other processes to finally
meet the standard. Eliminate non-standard sewage into the municipal pipeline network.
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Domestic Wastewater: The oily wastewater generated by the cafeteria is pre-treated by grease trap
facilities, and the domestic wastewater is treated by septic tanks, and then discharged into the municipal
sewage network of Hangzhou Bay New Area after reaching the standard of Hangzhou Bay New Area
Sewage Treatment Plant.
After the above wastewater and sewage treatment, three of the sewage and wastewater are
discharged into Hangzhou Bay New Area municipal sewage pipeline through WS808, WS111 and
WS101 drainage outlets into the city sewage treatment plant.
The factory adheres to the sewage discharge standards outlined in GB8978-1996, known as the
"comprehensive sewage discharge standards" at the third level. According to these standards, the factory
discharges ammonia nitrogen and total phosphorus into the municipal sewage network, following the
limits set by the local standards for industrial wastewater nitrogen and phosphorus pollutants indirect
discharge limits in Zhejiang Province (DB33/887-2013). The discharged wastewater is then treated at
the sewage treatment plant to meet the "municipal wastewater treatment plant emission standards" at
level 1, as specified in GB18918-2002. After meeting the Class A standard of GB18918-2002, the
treated wastewater is discharged into the sea. In Hangzhou Bay, the factory's sewage is treated according
to the municipal pipeline network standards. The actual testing data of the wastewater produced during
the factory's production process is as follows: the pH value is 7.3, COD is 358mg/L, ammonia nitrogen
is 7.58mg/L, suspended solids are 85mg/L, petroleum is 0.21mg/L, total phosphorus is 1.06mg/L, zinc is
0.01mg/L, anionic surfactant is 0.66mg/L, total nitrogen is 4.57mg/L, and five-day biochemical oxygen
demand is 156mg/L. These values are in compliance with the required standards.
Metal trimmings within the plant are used in the production of substandard products, while waste
metal mold maintenance, rubber edges, and waste packaging are considered general solid waste. These
materials are subject to unified collection and sale for comprehensive utilization. Hazardous waste, such
as waste paint residue, waste rubber, waste packaging drums, sludge, activated carbon, cleaning waste
liquid, waste emulsion, waste engine oil, aluminum ash, and aluminum dregs, must be handled in
accordance with national regulations. This includes proper collection, packaging, storage, transportation,
and disposal. Hazardous waste yards and warehouses should be established to meet these requirements.
Additionally, compliance with the Environmental Protection Bureau's guidelines for hazardous waste
management is essential. Various companies, including Ningbo Beilun Environmental Protection Solid
Waste Disposal Co., Ltd., Zhejiang Kaikang Metal Products Co., Ltd., Ningbo Bochuan Waste Liquid
Disposal Co., Ltd., Dongyang Meichen Industry and Trade Co., Ltd., Ningbo Juxin Environmental
Protection Products Co., Ltd., Zhejiang Lvchen Environmental Protection Technology Co., Ltd., and
Zhejiang Province Environmental Protection Group Beilun Shangke Environmental Protection Science
and Technology Co., Ltd., have signed hazardous waste disposal agreements to ensure proper handling
of such materials.
Tuopu Thermal Management uses 22 sets of Class III X-ray detectors, and the company obtained a
radiation safety license issued by the Department of Ecology and Environment of Zhejiang Province on
November 17, 2023, with a certificate number of Zhe Huan Radiation [B3074] (10 sets of Class III
X-ray detectors in Phase V are not included in the list, and the project is in progress).
(6) Zhejiang Towin: diversion of rainwater and sewage, diversion of clean water and sewage,
obtain the permit for urban sewage to the drainage pipeline system, serial no.: Zhe Wu Wu Pai Zi No.
2022085; obtain the emission permit granted from Jinhua Ecological Environment Bureau, serial
no.:91330723MA29PBM72F001U.
Production wastewater: the production wastewater as gathered from the plant area via the pipeline
to the regulating tank of sewage treatment station are subject to neutralization, flocculation, coarse
sedimentation, air flotation, acidifying, aerobic biochemistry reaction, sedimentation and regulating.
Once acceptable to the standard, the production wastewater will be discharged to the municipal sewage
pipeline of the Development Zone. An automatic monitoring system is implemented to prevent any
unacceptable sewage from accessing to the municipal sewage pipeline. The environmental protection
authorities at all levels across the nation can monitor how the sewage station operates in the plant area
and the emission indexes.
Domestic sewage: The oily wastewater generated in the canteen is pretreated by the oil trapping
facility, and the domestic sewage is treated by the septic tank. Once acceptable to the pipeline
conveyance standard designated by Wuyi NO.1 Sewage Treatment Plant, the domestic wastewater will
be discharged to the municipal sewage pipeline system.
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The above wastewater and sewage subject to the treatment process are finally discharged to the
municipal sewage pipeline system of Wuyi Baihuashan Industrial Park via a drain outlet, finally to Wuyi
Sewage Treatment plant.
The normative standard applicable to sewage discharge of Zhejiang Towin: total zinc is subject to
Grade 3 standard of "Integrated Wastewater Discharge Standard" (GB8978-1996), the sewage subject to
treatment process is discharged into the municipal pipeline system. Actual data of production wastewater
test: pH value: 7.05, suspended matter: 31 mg/l, COD:45.44 mg/l, biochemical oxygen demand over a
course of 5 days: 46.2mg/l, ammonia nitrogen: 12.303mg/l, total phosphorus: 0.086mg/l, petroleum:
0.60mg/l, anionic surfactant: 6.0mg/l, all indexes conform to the specifications.
In Zhejiang Towin Plant, rubber scraps, non-conforming products in production, and scrap metal
generated by mold repair are identified as general solid wastes, collected, then disposed and utilized.
Waste paint slags, pickling and phosphate slags, and waste oil generated in the production process are
identified as hazardous wastes, a dedicated storehouse for hazardous wastes is set up under the national
provisions applicable to collection, packaging, storage, conveyance and disposal of hazardous wastes,
the storage registration account is created on Zhejiang Solid Wastes Monitoring Information System,
and the agreements for disposal of hazardous wastes have been signed with Zhejiang Red Lion
Environmental Protection Co., Ltd. and Zhejiang Yulong Environmental Protection Technology Co.,
Ltd.
Zhejiang Towin Plant arranges production facilities in a reasonable way, improves processes and
increase the recycling of water, and reduces the emissions of sewage. The automatic waste monitoring
system is running normally and transmitting data to the environment protection authority in real time.
The access control facility (environmental protection authorities at the central, provincial, municipal and
county level can perform real-time monitoring) is added. The plant has set up a yard and storehouse for
hazardous wastes in accordance with the measures applicable to the control of hazardous wastes, and
maintained the hazardous waste management account and transfer form.
(7) Suining Tuopu：diversion of rainwater and sewage, diversion of clean water and sewage, obtain
the permit for urban sewage to the drainage pipeline system, and the emission permit granted from
Suining Ecological Environment Bureau of Sichuan (serial no.: 91510904071417225P001U).
Production wastewater: the production wastewater as gathered from the plant area via the pipeline
to the regulating tank of sewage treatment station are subject to neutralization, flocculation, coarse
sedimentation, air flotation, acidifying, aerobic biochemistry reaction, sedimentation and regulating.
Once acceptable to the standard, the production wastewater will be discharged to Longyanjing Sewage
Treatment Plant. An automatic monitoring system is implemented, which allows the environmental
protection authorities at all levels in Sichuan to monitor how the sewage station operates in the plant
area and the emission indexes.
Domestic sewage: The oily wastewater generated in the canteen is pretreated by the oil trapping
facility, the Longyanjing Wastewater Treatment Plant receives domestic sewage after it has undergone
pre-treatment in septic tanks. The sewage is then treated and discharged in accordance with the set
standards.
The above wastewater and sewage subject to the treatment process are discharged into the
municipal sewage pipeline of Anju Industrial Concentration Development Zone, finally to Longyanjing
Sewage Treatment Plant.
The normative standard applicable to sewage discharge of the plant is Grade 3 standard of
"Integrated Wastewater Discharge Standard" (GB8978-1996).The sewage subject to treatment process is
discharged into the municipal pipeline system. Actual data of production wastewater test: Total nickel:
0.041mg/l, pH value: 7.3, COD: 124.5mg/l, ammonia nitrogen: 1.136mg/l (standard values of five
classes with respect to this project), and petroleum: 0.06mg/l.
Test data of domestic wastewater: pH value: 7.73, suspended matter: 4 mg/l, COD: 167.5 mg/l, all
indexes conform to the specifications.
In the plant, rubber scraps, non-conforming products in production, and scrap metal generated by
mold repair are identified as general solid wastes, collected, then disposed and utilized. Waste paint
slags, pickling and phosphate slags, and waste oil generated in the production process are identified as
hazardous wastes, a dedicated yard and storehouse for hazardous wastes is set up under the national
provisions applicable to collection, packaging, storage, conveyance and disposal of hazardous wastes,
the application for transfer of hazardous wastes has been submitted in accordance with the applicable
management provisions of Anju Environmental Protection Bureau, and the agreements for disposal of
hazardous wastes have been signed with Suining Tuopu and Zigong Jinlong Cement Co., Ltd.
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The plant arranges production facilities in a reasonable way, improves processes and increase the
recycling of water, and reduces the emissions of sewage. The automatic sewage monitoring system is
operating normally and connected to the environmental protection authority for data transmission in real
time, and the environmental protection authorities at the provincial, city and county levels can monitor it
in real time.Sichuan Maigao has been approved in the environmental protection acceptance procedure by
Suining Environmental Protection Bureau and filed for urban rainwater and sewage pipeline. Acting in
strict accordance with the national emission standards, Sichuan Maigao is committed to improving the
environment, with minor impact on the surrounding environment.The sludge, waste oil, and waste paint
slag generated from the sewage station are disposed by Zigong Jinlong Cement Co., Ltd.
(8) Hunan Tuopu: It has implemented rainwater and sewage diversion and obtained the license for
urban sewage connection to the drainage network (4111 No. 0319) and the sewage discharge license
issued by Xiangtan Ecological Environment Bureau (Certificate No. 91430300MA4PDKMY0M001Q).
Production wastewater: 1 wastewater treatment station, with a treatment capacity of 15m3/h,
treatment processes include: fluorescent osmosis solution cleaning wastewater pretreatment process,
hydrolysis adjustment process, biochemical contact oxidation process, depth treatment process, etc.;
production wastewater is optimized and adjusted, and 60% of the water treated by the wastewater
treatment station is reused for production, and 40% of the wastewater is discharged into municipal
wastewater pipeline network after treatment up to the standard; the waste cutting fluid, as a hazardous
waste waste, is It will be handed over to the third party qualified unit for treatment.
Domestic wastewater: grease trap (20m3/d) and septic tank (50m3/d) are discharged into the
municipal sewage network after the septic tank treatment is up to standard.
After treatment, the above wastewater and sewage are discharged into Xiangtan municipal sewage
pipeline into Jiuhua Sewage Plant through the factory's total outlet DWO01 outlet.
The factory wastewater discharge at Hunan Tuopu follows the implementation standard set by
GB8978-1996 "Comprehensive Wastewater Discharge Standard". After undergoing treatment at the
factory wastewater treatment station, the wastewater is discharged into the municipal sewage network.
Subsequently, it undergoes further treatment at the Jiuhua Wastewater Treatment Plant. The testing data
for the actual production wastewater indicates that it meets the required standards. The pH value is 7.2,
COD is 128mg/L, ammonia nitrogen is 17.1mg/L, suspended solids are less than 30mg/L, petroleum
content is 0.4mg/L, total phosphorus is 0.44mg/L, anionic surfactant is 0.832mg/L, total nitrogen is
3.95mg/L, and five-day BOD is 35.9mg/L.
Metal trimmings in the plant, the production of substandard products, mold maintenance of waste
metal, rubber edges, waste packaging belongs to the general solid waste, after unified collection and sale
of comprehensive utilization. For waste rubber, waste drums, sludge, waste activated carbon, waste
emulsion, waste oil, aluminum ash, aluminum slag, dust collected by bag filter are hazardous waste,
according to the national requirements for hazardous waste collection, packaging, storage and
transportation, disposal of hazardous waste warehouse has been set up, and according to the
requirements of the Environmental Protection Bureau of the management of hazardous waste unified in
the "National Solid Waste and Chemical Management Information System”, and hazardous waste
disposal agreements were concluded with Hunan Hanyang Environmental Protection Technology Co.,
Ltd, Hunan Jingyi Xiangtai Environmental Protection Hi-Tech Co., Ltd, Changsha Mingyuan
Environmental Protection Technology Co., Ltd., and Hunan Yongxinyuan Environmental Protection Co.,
Ltd.
Hunan Tuopu project uses 6 sets of Class III X-ray detectors, and the Company obtained the
radiation safety license issued by Xiangtan Eco-Environmental Bureau on January 28, 2023, with the
certificate number: Xianghuan Huirongzhi [C0168].
3. EIA of construction projects and administrative permits granted to other environmental
protection
√Applicable □Non-applicable
All construction projects in each plant are subject to the project-specific EIA requirement and
comply with the national emission standards, approved by the environmental protection acceptance and
filed for urban rainwater and sewage pipeline. All environmental impact factors are acceptable to the
project-specific EIA requirement. Each plant is committed to improving the environment.
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4. Emergency response for environmental contingencies
√Applicable □Non-applicable
The Company has drawn up general and special emergency response plans for environmental
contingencies which are intended to specify and direct the emergency rescue operations for
environmental emergencies, and make a filing to local environmental emergency enterprise filing
platform or in the Ecological Environment Bureau. The file numbers in connection with the relevant
subsidiaries or plants are 330206-2022-013-L, 330282 （ H ） -2022-043L, 330206-2015-007-L,
510904-2021-018-L, 510904-2024-14-L, 430304-2024-036-L, 330282(H)-2024-023L,
330282(H)-2024-030L, 330282(H)-2024-032L, TPHBDP-2024-04 respectively.
5. In-house environmental monitoring plan
√Applicable □Non-applicable
The Company tests wastewater, waste gas, and noise at plant boundaries in all plants at regular
intervals every year, which are found to be acceptable under the national standards; the plan for disposal
of hazardous wastes is submitted earlier each year.
6. Administrative penalties due to environmental concerns during the reporting period
□Applicable √Non-applicable
7. Other environmental information that should be disclosed
□Applicable √Non-applicable
(2)Notes to the environmental protection of the companies other than key emission entities
□Applicable √Non-applicable
(3)Notes to updates or changes in the disclosure of environmental information during the
reporting period
□Applicable √Non-applicable
(4)Relevant information that benefits ecosystem protection, pollution control, and fulfillment
environmental responsibilities
□Applicable √Non-applicable
The company fulfills its corporate responsibilities in ESG, boosts green and low-carbon production,
fulfills corporate social responsibilities of energy saving, low-carbon environmental protection, and
contributes to "carbon peaking and carbon neutrality".
(5)Measures and effects taken to reduce carbon emissions during the reporting period
√Applicable □Non-applicable
As of the first half of 2024, the installed photovoltaic capacity is 14.20 MW, the cumulative
installed capacity of 141.75 MW, the annual power generation is up to 144.110 million kWh, and the
carbon dioxide emissions will be reduced by 144,476.29 tons a year. In future, efforts will be intensified
to broaden the scope of distributed photovoltaic power plants, and a package of initiatives will be taken
to scale down carbon emissions and attain the goal of zero-carbon factory step by step.
II.Particulars of consolidating and expanding the deliverables of poverty alleviation, rural
revitalization and other tasks
□Applicable √Non-applicable
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Section 6 Significant Events
I. Performance of commitments
（1）Commitments made by actual controllers, shareholders, related parties, acquirers of the Company, and the Company and other related parties
making commitments during the reporting period or continuing to the reporting period
√Applicable □Non-applicable
If such
Whether If such
Whether commitments
Date and perform commitments
Type of there is a cannot be
Background deadline of ed cannot be
commitmen Committed by Content of commitment deadline for completed
of commitmen strictly completed
t performanc timely, state
commitment t and timely, state
e the specific
timely the next plan
reason
Commitment
related to the
share reform
Commitment
made in the
report of
acquisition
or the report
of equity
change
Commitment
related to
significant
asset
restructuring
Mecca 1. The Company does not have, and March 2012 No Yes NA NA
Commitment
intratype International will not be directly or indirectly
related to
competition Holding (HK) engaged in, or by any form including
IPO
Limited but not limited to holding,
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participating of shares, joint venture,
associate partnership, lease, agent
operation, trust or other similar form
engage in any operation or activity that
may have constituted or substantially
constitute a current or potential
competition against the existing and
future operations of Tuopu Group and
its holding subsidiaries.
2. For companies and economic
entities directly or indirectly controlled
by the Company, the Company will
procure such companies and economic
entities to perform the obligations of
avoiding competition as contained in
the letter of commitment having
equivalent standards to the
Company/Enterprise by sending out
institutions and persons (including but
not limited to directors, managing
directors, financial officers) or by
gaining the controlling status (e.g.:
shareholders’ rights, directors’ rights),
so as to keep such companies and
economic entities from competing
against Tuopu Group and its
subsidiaries.
3. If any change in policies and
regulations or other reasons that are
not attributable to the Company
unavoidably causes other companies
or economic entities controlled by
Company or any company or
economic entity that the Company
may impose significant impact has
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constituted or may potentially
constitute competition, Tuopu Group
shall have the right of first refusal as to
the trusted management (contracting
operation, leasing operation) or
acquisition in respect of such
operations that have constituted or
may potentially constitute competition.
4. The above commitments are
unconditional, if a violation of the
above commitments inflicts any
financial loss to Tuopu Group, the
Company will indemnify other
shareholders or interested parties of
Tuopu Group against such losses as
comprehensive, prompt and sufficient.
5. This letter of commitment shall
remain in force and effect whenever
the Company and any company
controlled by the Company are related
to Tuopu Group.
Resolve Mecca 1. The Company and its controlled March 2012 No Yes NA NA
related party International entities will do the utmost to avoid
transactions Holding (HK) related transactions with the issuer and
Limited its subsidiaries.
2. If related party transactions are
unavoidable, both parties to the
transactions will strictly follow the
normal business code of conduct. The
pricing policy applicable to related
party transactions must follow the
principles of fairness, impartiality and
openness in the market, and the
transaction price is fixed at the price at
which the transaction are conducted
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
with an independent third party in the
market. For major related party
transactions without market price
available for comparison or pricing is
restricted, the transaction price shall be
fixed at the cost of the commodities or
labor services traded in accordance
with a reasonable profit standard with
a view to ensuring fair transaction
prices.
3. The Company undertakes to
perform the necessary procedures in
strict accordance with the current
national laws, regulations, normative
documents, the “Articles of
Association”, the “Related Party
Transaction Control System” and other
applicable provisions, adhere to the
principles of market fairness, fairness
and openness, and define the rights
and obligations of both parties, and
maintain the fairness and
reasonableness of related party
transactions, without any circumstance
prejudicing the interests of all
shareholders of Tuopu.
4. The Company and its controlled
entities will not illegally occupy the
funds and any other assets and
resources of Tuopu Group for any
reason or in any manner whatsoever,
and will not require Tuopu Group to
provide any form of guarantee under
any circumstances whatsoever.
5. The above commitments are
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
unconditional, if a violation of the
above commitments inflicts any
financial loss to Tuopu Group, the
Company will indemnify other
shareholders or interested parties of
Tuopu Group against such losses as
comprehensive, prompt and sufficient.
6. This letter of commitment shall
remain in force and effect whenever
the Company and its controlled
entities are related to Tuopu Group.
other Mecca If the issuer's prospectus contains any March 2015 No Yes NA NA
International falsified records, misleading
Holding (HK) statements or material omissions,
Limited which constitutes a significant and
substantial impact on determining
whether the issuer meets the issuance
conditions as prescribed by law, the
Company will, within 30 days after the
CSRC rules illegal facts, repurchase
the restricted shares that are originally
transferred, and urge the issuer to
repurchase all new shares in this
public offering; the Company will fix
the repurchase price at the higher of
the issuer's stock issue price and the
average transaction price of the
issuer's stock within 30 trading days
before the CSRC rules illegal facts,
and repurchase all the original
restricted shares that have been sold. If
the issuer's shares are involved in the
issuance of bonus shares or conversion
of capital reserves into share capital,
such issue price and repurchase
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quantity will be adjusted where
applicable. The Company will
indemnify the investors enduring
financial losses in securities
transactions due to false records,
misleading statements or material
omissions in the issuer's prospectus for
this public offering of stocks. Within
30 days after such illegal facts are
ruled by CSRC, the stock exchange or
the judicial authority, the Company
will, in line with the principles of
simplifying procedures, actively
negotiating, compensating in advance,
maintaining the interests of investors,
especially small and medium
investors, and in accordance with the
measurable economic losses directly
endured by investors, elect to reconcile
with investors, mediate with investors
through third parties, or otherwise
establish investor compensation funds
to actively indemnify the investors
harmless from and against the direct
economic losses endured therein. The
standard, scope of subjects and sum of
such indemnity shall be subject to the
final indemnification plan prevailing
in the occurrence of the above
circumstances.
other Mecca From August 31, 2012, nothing will August No Yes NA NA
International procure Ningbo Tuopu Group Co., 2012
Holding (HK) Ltd. to use any raised funds from this
Limited issuance and listing for real estate
business or real estate enterprises.
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
other Ningbo Tuopu If the issuer's prospectus contains any March 2015 No Yes NA NA
Group Co., Ltd. falsified records, misleading
statements or material omissions,
which constitutes a significant and
substantial impact on determining
whether the issuer meets the issuance
conditions as prescribed by law, the
Company will, within 30 days after the
CSRC rules illegal facts, repurchase
the restricted shares that are originally
transferred, and urge the issuer to
repurchase all new shares in this
public offering; the Company will fix
the repurchase price at the higher of
the issuer's stock issue price and the
average transaction price of the
issuer's stock within 30 trading days
before the CSRC rules illegal facts,
and repurchase all the original
restricted shares that have been sold. If
the issuer's shares are involved in the
issuance of bonus shares or conversion
of capital reserves into share capital,
such issue price and repurchase
quantity will be adjusted where
applicable. The Company will
indemnify the investors enduring
financial losses in securities
transactions due to false records,
misleading statements or material
omissions in the issuer's prospectus for
this public offering of stocks. Within
30 days after such illegal facts are
ruled by CSRC, the stock exchange or
the judicial authority, the Company
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will, in line with the principles of
simplifying procedures, actively
negotiating, compensating in advance,
maintaining the interests of investors,
especially small and medium
investors, and in accordance with the
measurable economic losses directly
endured by investors, elect to reconcile
with investors, mediate with investors
through third parties, or otherwise
establish investor compensation funds
to actively indemnify the investors
harmless from and against the direct
economic losses endured therein. The
standard, scope of subjects and sum of
such indemnity shall be subject to the
final indemnification plan prevailing
in the occurrence of the above
circumstances.
other Ningbo Tuopu If the company's stock price falls March 2015 No Yes NA NA
Group Co., Ltd. below its audited net assets per share
in the previous year within three years
after its IPO and listing (hereinafter
referred to as "net asset value per
share", total number of the ordinary
shareholders' equity attributable to the
parent in the consolidated financial
statements/number of shares of the
company at the end of the year, if the
company conducts ex-rights or
ex-dividends due to distribution of
cash dividends, bonus shares,
conversion of share capital, additional
issuance of new shares, the above
price should be adjusted accordingly,
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
hereinafter inclusive). The Company
repurchases its shares through
centralized bidding, tender offer or
other means as approved by the
securities regulatory authorities. The
Company further commits that total
amount of funds used to repurchase
shares must not exceed the total sum
of funds raised by its IPO of new
shares; the amount of funds used to
repurchase its shares for stabilizing the
stock price within each period of 12
months from the date of listing shall
not be less than RMB 50 million, and
the repurchase price must not exceed
the latest audited net asset value per
share before the announcement of such
price stability plan.
other Ningbo Tuopu From August 31, 2012, nothing will August No Yes NA NA
Group Co., Ltd. procure Ningbo Tuopu Group Co., 2012
Ltd. to use any raised funds from this
issuance and listing for real estate
business or real estate enterprises.
Resolve Wu Jianshu 1. I and controlled entities will do the March 2012 No Yes NA NA
related party utmost to avoid related transactions
transactions with the issuer and its subsidiaries.
2. If related party transactions are
unavoidable, both parties to the
transactions will strictly follow the
normal business code of conduct. The
pricing policy applicable to related
party transactions must follow the
principles of fairness, impartiality and
openness in the market, and the
transaction price is fixed at the price at
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
which the transaction are conducted
with an independent third party in the
market. For major related party
transactions without market price
available for comparison or pricing is
restricted, the transaction price shall be
fixed at the cost of the commodities or
labor services traded in accordance
with a reasonable profit standard with
a view to ensuring fair transaction
prices.
3. I undertake to perform the necessary
procedures in strict accordance with
the current national laws, regulations,
normative documents, the “Articles of
Association”, the “Related Party
Transaction Control System” and other
applicable provisions, adhere to the
principles of market fairness, fairness
and openness, and define the rights
and obligations of both parties, and
maintain the fairness and
reasonableness of related party
transactions, without any circumstance
prejudicing the interests of all
shareholders of Tuopu.
4. I and controlled entities will not
illegally occupy the funds and any
other assets and resources of Tuopu
Group for any reason or in any manner
whatsoever, and will not require
Tuopu Group to provide any form of
guarantee under any circumstances
whatsoever.
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
5. The above commitments are
unconditional, if a violation of the
above commitments inflicts any
financial loss to Tuopu Group, I will
indemnify other shareholders or
interested parties of Tuopu Group
against such losses as comprehensive,
prompt and sufficient.
6. This letter of commitment shall
remain in force and effect whenever I
and any company controlled by I are
related to Tuopu Group.
Resolve Wu Jianshu 1. I does not have, and will not be March 2012 No Yes NA NA
intratype directly or indirectly engaged in, or by
competition any form including but not limited to
holding, participating of shares, joint
venture, associate partnership, lease,
agent operation, trust or other similar
form engage in any operation or
activity that may have constituted or
substantially constitute a current or
potential competition against the
existing and future operations of
Tuopu Group and its holding
subsidiaries. 2. For companies and
economic entities directly or indirectly
controlled by I, I will procure such
companies and economic entities to
perform the obligations of avoiding
competition as contained in the letter
of commitment having equivalent
standards to I by sending out
institutions and persons (including but
not limited to directors, managing
directors, financial officers) or by
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
gaining the controlling status (e.g.:
shareholders’ rights, directors’ rights),
so as to keep such companies and
economic entities from competing
against Tuopu Group and its
subsidiaries. 3. If any change in
policies and regulations or other
reasons that are not attributable to I
unavoidably causes other companies
or economic entities controlled by
Company/Enterprise or any company
or economic entity that I may impose
significant impact has constituted or
may potentially constitute competition,
Tuopu Group shall have the right of
first refusal as to the trusted
management (contracting operation,
leasing operation) or acquisition in
respect of such operations that have
constituted or may potentially
constitute competition. 4. The above
commitments are unconditional, if a
violation of the above commitments
inflicts any financial loss to Tuopu
Group, I will indemnify other
shareholders or interested parties of
Tuopu Group against such losses as
comprehensive, prompt and sufficient.
5. This letter of commitment shall
remain in force and effect whenever I
and any company controlled by I are
related to Tuopu Group.
Other Wu Jianshu The Company will indemnify the March 2015 No Yes NA NA
investors enduring financial losses in
securities transactions due to false
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
records, misleading statements or
material omissions in the issuer's
prospectus for this public offering of
stocks. Within 30 days after such
illegal facts are ruled by CSRC, the
stock exchange or the judicial
authority, the Company will, in line
with the principles of simplifying
procedures, actively negotiating,
compensating in advance, maintaining
the interests of investors, especially
small and medium investors, and in
accordance with the measurable
economic losses directly endured by
investors, elect to reconcile with
investors, mediate with investors
through third parties, or otherwise
establish investor compensation funds
to actively indemnify the investors
harmless from and against the direct
economic losses endured therein. The
standard, scope of subjects and sum of
such indemnity shall be subject to the
final indemnification plan prevailing
in the occurrence of the above
circumstances.
Commitment
related to
refinancing
Commitment
related to
equity
incentives
Other
commitment
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
s made to the
small and
medium
shareholders
of the
Company
Other
commitment
s
II. Whether there is any non-operating capital occupation by the controlling shareholder and its affiliates
□Applicable √Non-applicable
III. Violation of guarantee
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
IV. Audit of the semi-annual report
□Applicable √Non-applicable
V. Changes and handling of matters involved in non-standard audit opinions in the previous year’s
annual report
□Applicable √Non-applicable
VI. Matters concerning bankruptcy and reorganization
□Applicable √Non-applicable
VII. Significant Lawsuits and Arbitrations
□The Company is involved in any significant lawsuits and arbitrations in the current year √The
Company is not involved in any significant lawsuits and arbitrations in the current year
VIII. Listed companies and their directors, supervisors, officers, controlling shareholders, and
actual controllers suspected of violations of laws and regulations, or subject to punishment and
rectification
□Applicable √Non-applicable
IX. Notes to the Credit Standing of the Company and Its Controlling Shareholders and Actual
Controllers during the Reporting Period
□Applicable √Non-applicable
X. Significant Related-party Transactions
(1) Related-party transactions related to daily operations
1. Events that have been disclosed in the provisional announcement and there is no progress or
change in subsequent implementation
□Applicable √Non-applicable
2. Events that have been disclosed in the provisional announcement, but there is no progress or
change in subsequent implementation
□Applicable √Non-applicable
3. Events that are not disclosed in the provisional announcement
□Applicable √Non-applicable
(2) Related-party transactions in the acquisition or sale of assets or equity
1. Events that have been disclosed in the provisional announcement and there is no progress or
changes in subsequent implementation
□Applicable √Non-applicable
2. Events that have been disclosed in the provisional announcement, but there is a progress or
change in subsequent implementation
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
3. Events that are not disclosed in the provisional announcement
□Applicable √Non-applicable
4. Where there is a performance agreement involved, the performance achieved during the
reporting period shall be disclosed
□Applicable √Non-applicable
(3) Significant related-party transactions of joint external investment
1. Events that have been disclosed in the provisional announcement and there is no progress or
changes in subsequent implementation
□Applicable √Non-applicable
2. Events that have been disclosed in the provisional announcement, but there are progress or
changes in subsequent implementation
□Applicable √Non-applicable
3. Events that are not disclosed in the provisional announcement
□Applicable √Non-applicable
(4) Related credits and liabilities
1. Events that have been disclosed in the provisional announcement, but there is no progress or
change in subsequent implementation
□Applicable √Non-applicable
2. Events that have been disclosed in the provisional announcement, but there is a progress or
change in subsequent implementation
□Applicable √Non-applicable
3. Events that have not been disclosed in the provisional announcement
□Applicable √Non-applicable
(5) Financial business between the Company and the associated financial company, the Company's
holding financial company and the related party
□Applicable √Non-applicable
(6) Other major related transactions
□Applicable √Non-applicable
(7) Other
□Applicable √Non-applicable
XI. Major contracts and contract performance
1 Matters relating to trusteeship, contracting and leasing
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
2 Significant guarantees performed and unfulfilled during the reporting period
√Applicable □Non-applicable
Unit：Yuan Currency： RMB
External guarantees by the Company (other than its guarantees to subsidiaries)
Relation
Date of
between Whether
guarantee Whether Whether it is
the Type of the Guarantee
Guarantee Guaranteed occurred Main Collateral the Counter-guarantee a guarantee Associating
Guarantor guarantor From Until guarante guarantee overdue
d party amount (date of debts (if any) guarantee situation for related relation
and the e has been amount
agreement is overdue parties
listed fulfilled
execution)
company
Total amount of guarantees during the reporting period (other than
0
guarantees to subsidiaries)
Total balance of guarantees at the end of the reporting period (A)
0
(other than guarantees to subsidiaries)
Guarantees by the Company to its subsidiaries
Total amount of guarantees to subsidiaries during the reporting
39,679,480.77
period
Total balance of guarantees to subsidiaries at the end of the
502,573,512.73
reporting period (B)
Total amount of company guarantees (including its guarantees to subsidiaries)
Total guarantees (A+B) 502,573,512.73
Total guarantees as a percentage of the Company's net assets (%) 2.78
Including:
Amount of guarantees provided for shareholders, actual controllers
0
and their related parties (C)
Amount of debt guarantee provided directly or indirectly for the
0
guaranteed object whose asset-liability ratio exceeds 70% (D)
Amount of the total guarantees exceeding 50% of the net assets (E) 0
Total of the above three guarantees (C+D+E) 0
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Note to unexpired guarantees that may bear joint liability for
NA
repayment
(1)Tuopu Poland sp.z.o.o, ("Tuopu Poland") is a wholly-owned subsidiary established by
Tuopu Group in Poland in March 2021. It leases 7R PROJEKT 35 Sp. z oo ("7R Project
Company"). The customized plant will accept and produce European orders and has assigned a
lease agreement with 7R Project Company on March 15, 2021.
Given business practices and actual needs, the Company provided performance guarantee for
the said plant lease agreement signed by Tuopu Poland.The total liability of the letter of
guarantee is up to 7 million euros (calculated at the exchange rate on the day before the
announcement on March 19, 2021, equivalent to RMB 54.174 million), and the effective term
covers the validity period of the said lease agreement (84 months counted from March 15,
2021) and five months after its expiration or termination, but no later than August 1, 2029.
The above performance guarantees have been reviewed and approved at the 5th meeting of the
fourth Board of Directors. More details are available in “Announcement of Tuopu Group on
Providing Performance Guarantees for the Lease of Industrial Plants for Overseas
Wholly-owned Subsidiaries”disclosed by the company on the portal site of Shanghai Stock
Statement of guarantees Exchange on March 19, 2021. (Announcement No. 2021-018). The guarantee still exists
during the reporting period.
(2) Tuopu Photovoltaic Technology (Ningbo Hangzhou Bay New District) Co., Ltd.
(hereinafter referred to as "Tuopu Photovoltaic Technology (Hangzhou Bay"), a wholly-owned
sub-subsidiary, entered into a loan contract (Contract No.: 3302202101100001111) with China
Development Bank Ningbo Branch on 9 December 2021, with a loan amount of RMB 60
million. The length of loan maturity starts from 9 December 2021 to 9 December 2033. The
Company provides Tuopu Photovoltaic Technology (Hangzhou Bay) addressed at No. 59
Chunxiao Guanhai Road, Beilun District, Ningbo under mortgage guarantee. As at 30 June
2024, the balance of the medium- and long-term borrowings under this contract is RMB 36.00
million, the original value of the property used for mortgage is RMB 45,324,720.72 and the net
value is RMB 33,888,928.55; the original value of the land placed under mortgage is RMB
13,070,562.81 and the net value is RMB 9,454,373.86.
The above performance guarantee was considered and approved at the 14th meeting of the
fourth board of directors of the company. More details are available in the “Announcement of
Tuopu Group on providing guarantee for wholly-owned sub-subsidiary to apply for bank
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
loans”(Announcement Number: 2021-079）as disclosed by the company on the official website
of Shanghai Stock Exchange on 20 November 2021. The guarantee still exists during the
reporting period.
(3) Tuopu Group Mexico,S.de R.L. de C.V (hereinafter referred to as “Tuopu Mexico”), a
wholly-owned subsidiary of Tuopu Group, rented local industrial buildings as production
workshops, in order to put into production as soon as practicable. At the landlord’s request,
Toppan Group provided rental guarantee for Toppan Mexico. The total liability of the
guarantee shall not exceed USD14 million (approximately RMB 102.76 million), and the
validity period shall cover the entire validity period of the lease agreement (i.e. from
November 1, 2023 to October 31, 2030).
The above performance guarantees have been reviewed and approved at the 13th meeting of
the Fourth Board of Directors. More details are available in “Announcement of Tuopu Group
on Providing Performance Guarantees for Bank Loans to Wholly-owned
Sub-subsidiary”disclosed by the Company on the portal site of Shanghai Stock Exchange on
September 29, 2023. (Announcement No. 2023-067). The guarantee remained on-going during
the reporting period.
(4) Tuopu Group Mexico,S.de R.L. de C.V (hereinafter referred to as “Tuopu Mexico”), a
wholly-owned subsidiary of Tuopu Group, rented an industrial building located in Nuevo Leon
State, Mexico, as its Phase II plant and signed a lease agreement with the lessor. Tuopu USA,
LLC, a wholly-owned subsidiary of the Company, guaranteed the rents and related taxes
agreed in the above lease agreement, with the total liability not exceeding USD 35 million
(approximately RMB 248,335,500). At the same time, Toppan Group delivered to the landlord
a standby letter of credit issued by a commercial bank to guarantee the lease of the aforesaid
Phase II plant, with a standby letter of credit in the amount of USD 3,047,669.86
(approximately RMB 21,624,131.96). The above guarantees total USD 38,047,669.86
(approximately RMB 269,959,631.96) and are valid for the entire validity period (i.e. from
November 15, 2023 to January 14, 2034) of the Lease Agreement.
The above performance guarantees have been reviewed and approved at the 4th meeting of the
Fifth Board of Directors. More details are available in “Announcement of Tuopu Group on
Providing Performance Guarantees for Bank Loans to Wholly-owned
Sub-subsidiary”disclosed by the Company on the portal site of Shanghai Stock Exchange on
December 23, 2023. (Announcement No. 2023-083). The guarantee remained on-going during
the reporting period.
56 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(5) To facilitate its ongoing expansion in North America, Tuopu Mexico, a wholly-owned
subsidiary of Tuopu Group, entered into a lease agreement for its industrial facility situated in
Nuevo Leon, Mexico. The landlord, BancoMonex, S.A., I.B.M, Monex Grupo Financiero,
acting as Trustee of the Trust designated as F/3485, finalized this agreement on February 6,
2024, for a duration of five years. This facility will function as the trim plant for the production
of automobile parts at Tuopu Mexico's operations. In alignment with business practices and
operational requirements, the Company has secured the rental obligations outlined in the lease
through standby letters of credit. The cumulative value of these two standby letters of credit
amounts to USD 5,582,369.27 (approximately RMB39,679,480.77). The contract remains
effective from February 6, 2024, until July 15, 2029.
The above performance guarantees have been reviewed and approved at the 7th meeting of the
Fifth Board of Directors. More details are available in “Announcement of Tuopu Group on
Providing Performance Guarantees for Bank Loans to Wholly-owned
Sub-subsidiary”disclosed by the Company on the portal site of Shanghai Stock Exchange on
February 27, 2024. (Announcement No. 2024-029). The guarantee remained on-going during
the reporting period.
The combined total of the aforementioned five guarantees amounts to RMB 502,573,512.73.
57 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
3 Other major contracts
□Applicable √Non-applicable
XII. Note to the update of the utilization of proceeds
□Applicable √Non-applicable
(1) Overall utilization of issue proceeds
√Applicable □Non-applicable
Unit: in RMB 10,000
Cumulative Of which: Progress of Total amount
Total
total amount Cumulative Progress of cumulative of
Amount of committed Percentage of
of funds total cumulative investment of fund-raising
net proceeds investment of Amount amount
Time of Total excess invested in investment of investment of overprovided for change of
Source of Total amount after proceeds in the invested in invested in the
receipt of funds raised fundraising over-raised proceeds as of funds as of the use
proceeds of proceeds deduction of prospectus or the current current year
proceeds (3) = (1) - (2) as of the end funds as of the end of the end of the
issuance offering year (8) (%) (9) =
of the the end of the reporting period reporting
expenses (1) memorandum (8)/(1)
reporting reporting (%)(6)=(4)/(1) period (%)(7)
(2)
period (4) period (5) = (5)/(3)
Issuance of
July 20,
convertible 250,000.00 248,897.26 248,897.26 160,465.33 0.00 64.47 0.00 14,517.40 5.83
2022
bonds
Issuance of
Shares to January 1
351,482.69 349,843.78 349,843.78 78,528.11 0.00 22.45 0.00 78,528.11 22.45
specific 6, 2022
subjects
January 601,482.69 598,741.04 598,741.04 238,993.44
58 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(II) Particulars of the issue and investment projects
√Applicable □Not applicable
1. Detailed utilization of issue proceeds
□Applicable □Not applicable
Unit: yuan
Whether there
Whether it Cumulative
is any
is a total Cumulative Whether the Specific
Benefits significant
committed Total Amount amount of progress of Date when progress of reasons for Benefits
Whether it Whether realized change in the Amount
investment planned invested proceeds investment as the project investment the progress realized
Source of Nature of involves a the project or R&D feasibility of of
Project title project in investment in the invested as at the end of comes to is in line of in the
proceeds project change of has been results of the project, and balance
the of proceeds current at the end of the reporting the intended with the investment current
investment completed the if so, please
prospectus (1) year the period (%) state of use planned falling short year
project explain the
or offering reporting (3)=(2)/(1) progress of the plan
specific
prospectus period (2)
circumstances
Lightweight chassis
Issuance system construction
of project with an Production
Yes No 72,133.99 3,934.93 66,831.02 92.65 June 2024 No Yes NA No
convertible annual production construction
bonds capacity of 1.5
million sets
Issuance Lightweight chassis
of system construction Production Under
Yes No 176,763.27 10,582.47 93,634.31 52.97 No Yes NA No
convertible project with an construction construction
bonds annual production
59 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
capacity of 3.3
million sets
Chongqing
lightweight chassis
system with an
annual production
Issuance capacity of 1.2
of stocks million sets and Production Under
Yes No 60,000.00 22,137.22 22,137.22 36.90 No Yes NA No
to specific automotive interior construction construction
subjects decoration project
with an annual
production capacity
of 600,000 sets of
functional parts
Ningbo qianwan
Issuance lightweight chassis
of stocks system project with Production Under
Yes No 75,000.00 10,435.26 10,435.26 13.91 No Yes NA No
to specific an annual construction construction
subjects production capacity
of 2.2 million sets
Ningbo qianwan
project functional
Issuance
parts for automotive
of stocks Production Under
interiors with an Yes No 10,000.00 3,616.91 3,616.91 36.17 No Yes NA No
to specific construction construction
annual production
subjects
capacity of 500,000
sets
Issuance Ningbo qianwan Production Yes No 100,000.00 8,188.87 8,188.87 8.19 Under No Yes NA No
60 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
of stocks project automotive construction construction
to specific interior functional
subjects parts with an annual
production capacity
of 1.1 million sets
and thermal
management system
project with an
annual production
capacity of 1.3
million sets
Ningbo qianwan
Issuance lightweight chassis
of stocks system project with Production Under
Yes No 50,000.00 1,218.41 1,218.41 2.44 No Yes NA No
to specific an annual construction construction
subjects production capacity
of 1.6 million sets
Anhui shouxian
lightweight chassis
system project with
an annual
Issuance
production capacity
of stocks Production Under
of 300,000 sets and Yes No 19,843.78 8,401.86 8,401.86 42.34 No Yes NA No
to specific construction construction
automotive interior
subjects
functional parts
project with an
annual production
capacity of 500,000
61 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
sets
Huzhou changxing
lightweight chassis
system project with
an annual
Issuance production capacity
of stocks of 800,000 sets and Production Under
Yes No 15,000.00 11,129.69 11,129.69 74.20 No Yes NA No
to specific automotive interior construction construction
subjects functional parts
system project with
an annual
production capacity
of 400,000 sets
Issuance
of stocks Intelligent driving Production Under
Yes No 20,000.00 13,399.89 13,399.89 67.00 No Yes NA No
to specific R&D center project construction construction
subjects
Total / / / / 598,741.04 93,045.51 238,993.44 / / / / / / /
2. Utilizatin of over-raised funds
□Applicable √Not applicable
(III) Changes in or termination of fund-raising investments during the reporting period
□Applicable √Not applicable
62 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(IV) Other use of issue proceeds during the reporting period
1. Prior investment and substitution of issue proceeds investment projects
√Applicable □Not applicable
As of March 14, 2024, the Company had allocated a total of RMB633,981,700 towards projects
funded by the proceeds of self-financing. During the Eighth Meeting of the Fifth Session of the Board of
Directors and the Eighth Meeting of the Fifth Session of the Supervisory Committee, convened on April
22, 2024, the members reviewed and approved the "Proposal on the Use of Proceeds to Replace
Self-financing Funds Pre-invested in Fundraising Projects." This proposal authorized the substitution of
the self-financing amount of RMB633,981,700, which had been invested as of March 14, 2024, with the
proceeds from the fundraising. The proponent of the proposal provided a specialized verification opinion,
and BDO Shu Lun Pan Certified Public Accountants LLP(Special General Partnership) issued the
"Special Assurance Report on the Substitution of Proceeds of Ningbo Tuopu Group Co., Ltd."
As at March 14, 2024, the details of the actual self-financing proceeds already invested in the
fund-raising investment projects to be replaced by the Company are as follows:
Project Title Amount of Amount of
proceeds to be self-financed
invested (in funds invested in
RMB advance
1,000,000) (in RMB
1,000,000)
Chongqing lightweight chassis system with an annual production
capacity of 1.2 million sets and automotive interior decoration
project with an annual production capacity of 600,000 sets of 60,000.00 18,578.90
functional parts
Ningbo qianwan lightweight chassis system project with an
75,000.00 7,382.47
annual production capacity of 2.2 million sets
Ningbo qianwan project functional parts for automotive interiors
10,000.00 3,507.14
with an annual production capacity of 500,000 sets
Ningbo qianwan project automotive interior functional parts with
an annual production capacity of 1.1 million sets and thermal
100,000.00 4,604.99
management system project with an annual production capacity
of 1.3 million sets
Ningbo qianwan lightweight chassis system project with an
50,000.00 566.94
annual production capacity of 1.6 million sets
Anhui shouxian lightweight chassis system project with an annual
production capacity of 300,000 sets and automotive interior
19,843.78 8,161.48
functional parts project with an annual production capacity of
500,000 sets
Huzhou changxing lightweight chassis system project with an
annual production capacity of 800,000 sets and automotive
15,000.00 9,102.40
interior functional parts system project with an annual production
capacity of 400,000 sets
Intelligent driving R&D center project 20,000.00 11,493.85
Total 349,843.78 63,398.17
As of June 30, 2024, the Company has actually replaced the advanced funds of RMB63,398.17
million invested in advance.
1. Temporary replenishment of liquidity with idle proceeds
√Applicable □Not applicable
63 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
1. On April 17, 2023, the Company convened the 29th Meeting of the Fourth Session of the Board
of Directors. Subsequently, on June 19, 2023, the Company conducted the 2022 Annual General
Meeting of Shareholders. During this meeting, the resolution titled "Proposal on the Use of Part of
Temporarily Idle Proceeds to Supplement Liquid Funds" was reviewed and approved. The proposal
outlined the intention to utilize temporarily idle proceeds, not exceeding RMB500,000,000, to enhance
liquid funds for the duration from July 1, 2023, to June 30, 2024. The independent directors, the
Supervisory Committee, and the sponsor of the Company have all expressed their consent with this
decision.
2. On January 29, 2024, the Company conducted the 5th Meeting of the Fifth Session of the Board
of Directors to deliberate on and approve the "Proposal on the Amount of New Idle Proceeds to
Supplement Liquidity." Following this, on February 19, 2024, the Company held its First Extraordinary
General Meeting of 2024. During this meeting, the "Proposal on New Amount of Idle Proceeds to
Supplement Liquid Funds" was considered and subsequently approved. The newly identified
temporarily idle proceeds, not exceeding RMB800 million, will be allocated to temporarily enhance
liquidity from the date of approval by the general meeting until June 30, 2024. The Company will
continue to utilize these temporarily idle proceeds for the purpose of boosting liquidity.
3. On April 22, 2024, the Company convened the Eighth Meeting of the Fifth Session of the Board
of Directors. Subsequently, on June 24, 2024, the Company conducted the 2023 Annual General
Meeting of Shareholders. During these meetings, the proposal titled “Proposal on the Use of Part of
Temporarily Idle Proceeds to Supplement Liquidity” was reviewed and approved. The Company, along
with its wholly-owned subsidiaries, plans to utilize temporarily idle proceeds not exceeding RMB1,000
million to enhance liquidity, with the utilization period commencing on July 1, 2024, and concluding on
June 30, 2025. It is anticipated that a portion of these temporarily idle proceeds will be employed to
bolster liquidity. Both the Board of Supervisors and the Sponsor have provided their agreement
regarding this initiative.
Following the receipt of the aforementioned authorization, the Company has utilized
RMB30,000,000 of the temporarily idle proceeds to support its working capital. As of June 30, 2024, the
Company has returned RMB300,000,000 to the designated account for proceeds, which was allocated
for the enhancement of working capital.
2. Cash management of idle proceeds and investment in related products
√Applicable □Not applicable
Unit: in 10,000 Currency: RMB
Whether the
highest
Managed
balance
Effective cash
Date of during the
consideration of balance at
consideration by period
issue proceeds Start date End date the end of
the Board of exceeded
for cash the
Directors the
management reporting
authorized
period
amount
April 17, 2023 50,000 July 1, 2023 June 30, 2024 0 No
February 19, No
January 29, 2024 200,000 June 30, 2024 164,000
2024
April 22, 2024 280,000 July 1, 2024 June 30, 2025 0 No
Other notes:
1. On April 17, 2023, the Company convened the 29th Meeting of the Fourth Session of the Board
of Directors, followed by the 2022 Annual General Meeting on June 19, 2023. During these meetings,
the "Proposal on the Use of Part of Temporarily Idle Proceeds for Entrusted Wealth Management" was
reviewed and approved. It was resolved that the Company would allocate temporarily idle proceeds, not
64 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
exceeding RMB50,000,000, for entrusted wealth management, with the authorization period set from
July 1, 2023, to June 30, 2024. The allocated funds may be utilized on a rolling basis. The independent
directors, the Board of Supervisors, and the Sponsor all expressed their agreement with this decision.
2. On January 29, 2024, the Company conducted the 5th Meeting of the Fifth Session of the Board
of Directors. Subsequently, on February 19, 2024, the Company held its First Extraordinary General
Meeting of 2024. During this meeting, the "Proposal on the New Amount of Idle Proceeds Entrusted for
Wealth Management" was discussed and approved. A new allocation of temporarily idle proceeds, not
exceeding RMB2 billion, was entrusted for wealth management, effective from the date of approval by
the shareholders' general meeting until June 30, 2024.
3. On April 22, 2024, the Company convened the 8th Meeting of the Fifth Session of the Board of
Directors. Subsequently on June 24, 2024, the Company conducted the 2023 Annual General Meeting of
Shareholders. During this meeting, the proposal titled “Proposal on the Use of Part of Temporarily Idle
Proceeds for Entrusted Wealth Management” was reviewed and approved. It was resolved that the
Company, including its wholly-owned subsidiaries, would allocate temporarily idle proceeds up to a
maximum of RMB2.8 billion for entrusted wealth management, specifically for structured deposits or
the acquisition of principal-protected wealth management products. The authorization period for this
allocation is set from July 1, 2024, to June 30, 2025, allowing for the funds within this limit to be
utilized on a revolving basis. Both the Board of Supervisors and the Sponsor expressed their
agreement with this decision.
Following the authorization, the Company engaged in cash management of idle proceeds, resulting
in the purchase of relevant products totaling RMB2,040,000,000 from January to June 2024. This
amount includes RMB100,000,000 that was transferred from the special account for proceeds at China
Merchants Bank to the special account for wealth management at the Bank of China on December 29,
2023. The transfer was necessary due to a 24-hour cooling-off period for structured deposit investments,
which coincided with the New Year's Day holiday, leading to the successful acquisition of financial
products on January 2, 2024. Additionally, the cumulative redemption of relevant products reached
RMB700,000,000, which includes RMB300,000,000 of outstanding financial products at the beginning
of the period. As of June 30, 2024, the balance of outstanding financial products amounted to
RMB1,640,000,000, with specific transaction details available for the purchased financial products.
Whether it is
Name of
Amount Interest due for
Name of entrusted
entrusted (in commencement Maturity date collection at
entrusted party financial
RMB 10,000) date the balance
products
sheet date
SPDB Ningbo Structural
10,000.00 2023.12.29 2024.03.29 Yes
Branch deposits
Bank of China
Structural
Xindalu 4,900.00 2024.01.02 2024.03.28 Yes
deposits
Sub-branch
Bank of China
Structural
Xindalu 5,100.00 2024.01.02 2024.03.29 Yes
deposits
Sub-branch
Bank of
Structural
Nignbo Xinqi 20,000.00 2023.12.19 2024.06.26 Yes
deposits
Sub-branch
Ping An Bank
Structural
Beilun 20,000.00 2024.02.23 2024.06.28 Yes
deposits
Sub-branch
SPDB Ningbo Structural
10,000.00 2024.03.29 2024.06.28 Yes
Branch deposits
Bank of China
Structural
Xindalu 30,000.00 2024.02.22 2024.08.30 No
deposits
Sub-branch
SPDB Ningbo Structural
100,000.00 2024.02.23 2024.08.23 No
Branch deposits
65 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Bank of China
Structural
Xindalu 10,000.00 2024.04.01 2024.09.29 No
deposits
Sub-branch
Bank of
Hangzhou Structural
10,000.00 2024.06.28 2024.09.27 No
Beilun deposits
Sub-branch
Bank of
Structural
Ningbo Xinqi 14,000.00 2024.06.28 2024.12.27 No
deposits
Sub-branch
4. Other
□Applicable √Not applicable
XIII. Note to other material matters
□Applicable √Not applicable
66 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Section 7 Changes in Shares and Shareholders
I. Condition in change of equity
(1) Condition in change of shares
Unit：shares
Before change Increase or decrease (+， -) After change
Conversion of
Percent Issue of Bonus Percent
Shares shares from Other Subtotal Shares
(%) new shares shares (%)
provident fund
I. Restricted shares 60,726,104 60,726,104 60,726,104 5.22
1. Shares held by the state
2. Shares held by state-owned corporations 16,449,549 16,449,549 16,449,549 1.41
3、Other domestic shares 28,727,144 28,727,144 28,727,144 2.47
Of which: shares held by domestic
non-state legal persons
Shares held by domestic natural
persons
4. Shares held by foreign capital 15,549,411 15,549,411 15,549,411 1.34
Of which: shares held by overseas 15,549,411 15,549,411 15,549,411 1.34
corporates
Shares held by overseas natural
persons
II. Non-restricted shares in circulation 1,102,049,773 100 56 56 1,102,049,829 94.78
1. RMB common shares 1,102,049,773 100 56 56 1,102,049,829 94.78
2. Domestic listed foreign shares
3. Overseas listed foreign shares
4. Other
III. Total shares 1,102,049,773 100 60,726,104 56 60,726,160 1,162,775,933 100
1. Changes in shares
√Applicable □Non-applicable
67 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
The Company issued 60,726,104 shares (A shares) to specific parties and completed the registration, custody and restriction procedures on January 26, 2024 at the
Shanghai Branch of China Securities Depository and Clearing Corporation. After the completion of registration, the total share capital of the Company will be
1,162,775,877 shares.
2. Impact of changes in common shares on financial indexes such as EPS and net assets per share from the reporting period to the disclosure of the
semi-annual report (if any)
√Applicable □Non-applicable
Following the deliberations and approval of the 2023 Annual General Meeting, the Company's proposal for profit distribution and capitalization for the year 2023 is
outlined as follows: In accordance with the total share capital of 1,162,775,947 shares prior to the execution of this proposal, a cash dividend of RMB0.556 per
share (inclusive of tax) will be distributed. Additionally, shareholders will receive 0.45 shares from the capital reserves, resulting in a total cash dividend payout of
RMB 646,503,426.53. Consequently, a total cash dividend of RMB 646,503,426.53 will be disbursed, alongside the transfer of 523,249,176 shares. Post-conversion,
the Company's total share capital will amount to 1,686,025,109 shares.
The ex-rights date for this equity distribution plan is set for July 18, 2024, with the listing date for the additional shares arising from the capitalization of the
provident fund scheduled for July 19, 2024.
Upon the execution of the stock dividend plan, the earnings per share for the first half of 2024, based on the diluted new total share capital of 1,686,025,109 shares,
will be RMB0.88, while the net assets per share will be RMB10.71.
3. Other content as the Company deems necessary to disclose or required by the securities regulatory institution
□Applicable √Non-applicable
(II) Changes in restricted sale of shares
□Applicable √Non-applicable
Unit: shares
Number of Number of Number of
shares shares shares
Number of
subject to released subject to
shares Date of release
selling from selling
increased from selling
Name of shareholder restrictions selling restrictions Reason for selling restrictions
during the restrictions
at the restrictions at the end
reporting
beginning during the of the
period
of the reporting reporting
period period period
68 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
J.P. Morgan Securities plc 0 0 8,379,405 8,379,405 Participation in the company's offering of July 26, 2024
shares to specific subjects for a restricted
period of six months
UBS AG 0 0 5,096,751 5,096,751 Participation in the company's offering of July 26, 2024
shares to specific subjects for a restricted
period of six months
Nuode Asset Management Co., 0 0 5,216,123 5,216,123 Participation in the company's offering of July 26, 2024
Ltd. shares to specific subjects for a restricted
period of six months
Changzhou Wangxi Investment 0 0 2,073,255 2,073,255 Participation in the company's offering of July 26, 2024
Partnership (Limited Partnership) shares to specific subjects for a restricted
period of six months
CITIC Securities Co., Ltd. 0 0 10,487,214 10,487,214 Participation in the company's offering of July 26, 2024
shares to specific subjects for a restricted
period of six months
Guotai Junan Securities Co., Ltd. 0 0 5,962,335 5,962,335 Participation in the company's offering of July 26, 2024
shares to specific subjects for a restricted
period of six months
Caitong Fund Management Co., 0 0 3,469,224 3,469,224 Participation in the company's offering of July 26, 2024
Ltd. shares to specific subjects for a restricted
period of six months
CITIC Securities Asset 0 0 2,125,429 2,125,429 Participation in the company's offering of July 26, 2024
Management Co., Ltd. shares to specific subjects for a restricted
period of six months
Guotai Asset Management Co., 0 0 2,263,298 2,263,298 Participation in the company's offering of July 26, 2024
Ltd. shares to specific subjects for a restricted
period of six months
Huaxia Fund Management Co., 0 0 3,282,650 3,282,650 Participation in the company's offering of July 26, 2024
Ltd. shares to specific subjects for a restricted
period of six months
Penghua Fund Management Co., 0 0 5,096,751 5,096,751 Participation in the company's offering of July 26, 2024
Ltd. shares to specific subjects for a restricted
period of six months
Pacific Asset Management Co., 0 0 2,090,532 2,090,532 Participation in the company's offering of July 26, 2024
Ltd. shares to specific subjects for a restricted
period of six months
69 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Morgan Stanley International 0 0 2,073,255 2,073,255 Participation in the company's offering of July 26, 2024
Company limited shares to specific subjects for a restricted
period of six months
Tian An Life Insurance Co., Ltd. 0 0 3,109,882 3,109,882 Participation in the company's offering of July 26, 2024
shares to specific subjects for a restricted
period of six months
Total 0 0 60,726,104 60,726,104 / /
II. Condition of Shareholders
(1) Total shareholders
Total number (accounts) of common shareholders as of 47,937
the end of the reporting period
Total number (accounts) of preferred shareholders whose NA
voting rights have been restored as of the end of the
reporting period
(2) Shares held by the top ten shareholders and top ten tradable shareholders (or shareholders not subject to restricted sale) as of the end of the reporting
period
Unit：shares
Shares held by the top ten shareholders
Increase/De Condition of pledge,
Number of Number of
crease marking or freezing
Name of Shareholder shares held at Percentage shares held Nature of shareholders
during the
(Full Name) the end of the (%) subject to Status of Number of
reporting
period restricted sale shares shares
period
70 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
MECCA INTERNATIONAL
693,680,000 59.66 No Foreign corporate person
HOLDING （HK） LIMITED
Hong Kong Securities Clearing
42,563,990 3.66 Unknown Unknown
Company Limited
CITIC Securities Company
10,571,278 0.91 10,487,214 Unknown Unknown
Limited
Shanghai Ruiyang Investment
Management Co., Ltd.-Ruiyang
8,500,000 0.73 Unknown Unknown
Emerging Growth Private
Placement Investment Fund
J. P. Morgan Securities PLC- Own
8,388,049 0.72 8,379,405 Unknown Unknown
funds
Wu Jianshu 8,273,608 0.71 No Foreign natural person
National Social Security Fund-0Ⅶ
8,017,154 0.69 3,455,425 Unknown Unknown
Portfolio
Huaxia Life Insurance Company
7,303,239 0.63 Unknown Unknown
Limited
Guotai Junan Securities Co., Ltd. 5,995,035 0.52 5,962,335 Unknown Unknown
Industrial and Commercial Bank of
China Limited - Huatai-PineBridge
5,569,900 0.48 Unknown Unknown
CSI 300 Traded Open-ended Index
Fund
Shares held by the top ten shareholders not subject to restricted sale
Number of tradable shares Class and number of shares
held not subject to restricted
Name of Shareholder
sale Class Number of shares
Mecca International Holding (Hk) 693,680,000 693,680,000
RMB common share
Limited
Hong Kong Securities Clearing 42,563,990 42,563,990
RMB common share
Company Limited
Shanghai Ruiyang Investment 8,500,000 8,500,000
Management Co., Ltd.-Ruiyang
RMB common share
Emerging Growth Private
Placement Investment Fund
71 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Wu Jianshu 8,273,608 RMB common share 8,273,608
Huaxia Life Insurance Company 7,303,239 7,303,239
RMB common share
Limited-Own funds
Industrial and Commercial Bank of 5,569,900 5,569,900
China Limited - Huatai-PineBridge
RMB common share
CSI 300 Traded Open-ended Index
Fund
China Construction Bank 5,524,320 5,524,320
Corporation - Xin'ao New Energy
RMB common share
Selection Hybrid Securities
Investment Fund
China Merchants Bank Corporation 5,448,088 5,448,088
– Zhong Ou Alpha Hybrid RMB common share
Securities Investment Fund
Ningbo Zhuyue Investment 5,407,630 5,407,630
RMB common share
Management Co., Ltd.
Bank of China Limited – E Fund 4,719,334 4,719,334
Supply Reform Flexible Allocation RMB common share
Mixed Securities Investment Fund
Description of the repurchase of special accounts among the top ten
NA
shareholders
Notes to the voting rights entrusted by or to, and waived by the above
NA
shareholders
Notes to the associated relationship or concerted action of the above Among these shareholders:
shareholders 1. Mr. Wu Jianshu holds 100% of the shares in Mecca International Holding (Hk)
Limited.
2. Ningbo Zhuyue Investment Management Co., Ltd. is a wholly-owned
sub-subsidiary of Mecca International Holding (Hk) Limited, the controlling
shareholder of the Company, and is a person acting in concert.
In addition, the Company doesn’t know whether there is an associated relationship
among the above shareholders or whether they are parties acting in concert.
Notes to the preferred shareholders whose voting rights have been restored
NA
and the number of shares held
72 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Shareholders holding more than 5% of shares, top ten shareholders and top ten shareholders with unlimited shares in circulation participating in the lending of
shares in the transfer and financing business
√Applicable □Non-applicable
Unit: shares
Shareholders holding more than 5% of shares, Top 10 shareholders and Top 10 shareholders with unrestricted shares in circulation participating in the lending of
shares on refinancing
Shares lent on refinancing at the Shares lent on refinancing at the
Shares held in general account and Shares held in general account and
beginning of the period and not yet end of the period and not yet
Name of credit account at the beginning of credit account at the end of the
returned returned
shareholder the period period
(full name)
Total number of Percentage Total number of Percentage Total number of Percentage Total number of Percentage
shares (%) shares (%) shares (%) shares (%)
Industrial and
Commercial
Bank of China
Limited -
Huatai-PineBri 3,324,400 0.30 18,100 0.0016 5,569,900 0.48 1,300 0.0001
dge CSI 300
Traded
Open-ended
Index Fund
Top ten shareholders and top ten shareholders with unlimited shares outstanding changed from the previous period due to lending/returning of refinancing securities
□Applicable √Not applicable
Number of shares held by the top ten shareholders with limited selling conditions and the conditions under which the shares are subject to selling restrictions
√Applicable □Not Applicable
Unit: shares
Shares with restricted selling rights available for
listing and trading
Name of shareholders with restricted selling Number of shares with Restricted selling
Seq.
rights restricted selling rights Number of shares rights
Time available for listing
newly available for
and trading
listing and trading
73 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Lock-up period of
1 CITIC Securities Co., Ltd. 10,487,214 July 26, 2024 10,487,214
6 months
Lock-up period of
2 J.P.Morgan Securities plc 8,379,405 July 26, 2024 8,379,405
6 months
Lock-up period of
3 Guotai Junan Securities Co., Ltd. 5,962,335 July 26, 2024 5,962,335
6 months
Lock-up period of
4 Nuode Asset Management Co., Ltd. 5,216,123 July 26, 2024 5,216,123
6 months
Lock-up period of
5 UBS AG 5,096,751 July 26, 2024 5,096,751
6 months
Lock-up period of
6 Penghua Fund Management Co., Ltd. 5,096,751 July 26, 2024 5,096,751
6 months
Lock-up period of
7 Caitong Fund Management Co., Ltd. 3,469,224 July 26, 2024 3,469,224
6 months
Lock-up period of
8 Huaxia Fund Management Co., Ltd. 3,282,650 July 26, 2024 3,282,650
6 months
Lock-up period of
9 Tian An Life Insurance Co., Ltd. 3,109,882 July 26, 2024 3,109,882
6 months
Lock-up period of
10 Guotai Asset Management Co., Ltd. 2,263,298 July 26, 2024 2,263,298
6 months
Description of the above shareholders' affiliation or
Uknown.
concerted action
(3) Strategic investors or general legal persons become the top ten shareholders due to the placement of new shares
□Applicable √Non-applicable
III. Directors, supervisors and officers
(1) Changes in shareholding of current and resigned directors, supervisors and officers during the reporting period
√Applicable □Non-applicable
Number of Number of
shares held at shares held at
Name Capacity Changes in shares during the Reasons for the increase or decrease
the beginning of the end of the
reporting period
the period period
74 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Wu Jianshu President 7,210,308 8,273,608 1,063,300 From January 3 to July 2, 2024, implemented and
completed the plan to increase the number of shares.
Wu Haonian Vice 1,367,300 1,367,300 0 From December 21 to March 20, 2023, implemented
President and completed the plan to increase the number of
shares.
Other notes
√Applicable □Non-applicable
Mr. Wu Haonian, Vice President of the Company, became a permanent resident of Hong Kong on April 2024.
(2) Share incentives granted by directors, supervisors and officers during the reporting period
□Applicable √Non-applicable
(3) Other notes
□Applicable √Non-applicable
IV. Changes in controlling shareholders or actual controlle
□Applicable √Non-applicable
75 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Section 8 Information about Preference Shares
□Applicable √Non-applicable
76 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Section 9 Information of Corporate Bonds
I. Corporate bonds, debentures and non-financial corporate debt financing instruments
□Applicable √Non-applicable
II. Condition of convertible corporate bonds
√Applicable □Non-applicable
√Applicable □Non-applicable
(1) Issuance of convertible bonds
Under the CSRC’s approval on the public offering of convertible corporate bonds by Ningbo Tuopu
Group Co., Ltd. (CSRC Permit [2022] No. 830), the Company issued 25 million convertible corporate
bonds at a nominal value of RMB 100 on 14 July 2022, with a total amount of RMB 2,500 million and a
duration of 6 years.
BDO China Shu Lun Pan CPAs (Special General Partnership) assessed the capital for this issuance
and released the “Capital Verification Report of Ningbo Tuopu Group Co., Ltd.” (Xin Kuai Shi Bao Zi
[2022] No. ZF10923). Through capital verification, as at 20 July 2022, the proceeds raised by the
Company from this issuance come at RMB 2,500,000.00 million. Netting of the tax-excluded expenses
of RMB 11,027,358.47, the
As agreed under the SSE Self-disciplinary Supervision Decision [2022] No. 218, the convertible
bonds of RMB 250,000,000 were available for trading on SSE from 12 August 2022, with the bond
abbreviated as "Tuopu Convertible Bonds" and the bond code "113061".
(2) Convertible bond holders and guarantors during the reporting period
Title of convertible corporate Tuopu Convertible Bonds
bond
Number of bondholders at the 7,393
end of the period
Guarantor of convertible bonds NA
Significant changes in the
guarantor's profitability, asset NA
status and credit standing
Particulars about the top XV bondholders of convertible bonds:
Name of bondholder Name of bonds held Percent of
at the end of the share held (%)
period (RMB)
Bank of China Limited – Guang Fa Juxin Bond Securities 98,649,000 3.95
Investment Fund
Northwest Investment Management Hong Kong Limited- 86,000,000 3.44
Northwest Feilong Fund Ltd
Bank of China Limited-Southern Asset Management 78,983,000 3.16
Changyuan Convertible Bond Securities Investment Fund
Bank of China Limited – E Fund Stable Income Bond 67,399,000 2.70
Securities Investment Fund
Industrial and Commercial Bank of China Limited- Southern 66,023,000 2.64
Asset Management Guangli Return Bond Securities
Investment Fund
Agricultural Bank of China Limited - Southern Asset 64,042,000 2.56
Management Xiyuan Convertible Bond Securities Investment
Fund
China Galaxy Securities Co., Ltd. 60,294,000 2.41
Ping An Fund-Ping An Life Insurance Company of China 56,503,000 2.26
77 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Limited-Participation-Participation in Individual
Insurance-Ping An Life-Ping An Fund Fixed Income
Entrusted Investment No. 1 Single Asset Management Plan
Guosen Securities Co., Ltd. 51,146,000 2.05
National Social Security Fund 201 Portfolio 49,916,000 2.00
(3) Changes in convertible bonds during the reporting period
Unit:Yuan Currency:RMB
Name of Increase or decrease
convertible Before change Conversion of Redemption of Put-back After change
bonds shares shares
Tuopu 2,499,772,000 4,000 2,499,768,000
Convertible
Bonds
(4) Cumulative conversion of convertible bonds during the reporting period
Name of convertible bonds Tuopu Convertible Bonds
Amount of shares converted in the reporting 4,000
period (yuan)
Number of shares converted in the reporting 56
period (shares)
Cumulative number of shares converted (shares) 3,257
Cumulative number of shares converted accounted 0.000296
for the total number of issued shares of the
company before conversion (%)
Amount of shares not yet converted (yuan) 2,499,768,000
Unconverted convertible bonds as a percentage of 99.990720
total convertible bonds issued (%)
(5) Conversion price adjustments
Unit:Yuan Currency:RMB
Name of Convertible Corporate Bond
Tuopu Convertible Bond
Description of
Conversion price Adjusted
Disclosure time Disclosure media conversion price
adjustment date conversion price
adjustment
July 17, 2023 RMB70.92/share July 10, 2023 Shanghai Stock Due to the
Exchange website, implementation of
Securities Times the profit
distribution plan
for the year 2022
July 19, 2024 RMB 48.06/share July 12, 2024 Shanghai Stock Due to the
Exchange website, implementation of
Securities Times the profit
distribution plan
for the year 2023
Latest conversion price as of the end of RMB 48.6/share
the reporting period
78 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(6) Liabilities, credit standing change and cash arrangement for debt repayment in the coming
years
The Company runs stable business and as at 30 June 2024, its asset-liability ratio is 46.91% which is
considered good credit standing. In the coming years, the company will persist in fulfilling its debt
service obligations as stipulated.
(7) Note to other conditions about convertible bonds
NA.
79 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Section 10 Financial Report
I. Audit report
√Applicable □Non-applicable
II. Financial Statements
Consolidated Balance Sheet
As of 30 June 2024
Prepared by:Ningbo Tuopu Group Co., Ltd.
Unit:Yuan Currency:RMB
Item Note 31 December 2024 31 December 2023
Current assets:
Cash and Bank Balances Ⅶ. 1 4,049,299,491.76 2,855,366,991.27
Deposit Reservation for
Balance
Loans to Banks and Other
Financial Institutions
Trading Financial Assets Ⅶ. 2 1,640,935,400.96 300,872,066.52
Derivative Financial Assets
Notes receivable Ⅶ. 4 114,845,961.04 554,030,607.88
Accounts receivable Ⅶ. 5 5,439,472,800.81 5,006,715,161.67
Receivables Financing Ⅶ. 7 881,452,138.71 1,039,933,314.87
Prepayments Ⅶ. 8 224,297,484.65 116,414,223.74
Premium Receivable
Reinsurance Accounts
Receivable
Reinsurance Contract
Reserves Receivable
Other Receivables Ⅶ. 9 76,777,361.70 89,762,378.31
Including: interest receivable
Dividends Receivable
Buying Back the Sale of
Financial Assets
Inventory Ⅶ. 10 3,463,406,445.93 3,244,841,805.11
Contract Assets
Holding for-sale assets
Non-current Assets Due
Ⅶ. 13
within 1Year
Other Current Assets 293,399,410.27 283,924,859.25
Subtotal of Current Assets 16,183,886,495.83 13,491,861,408.62
Non-current Assets:
Granting of loans and
advances
Investment in Creditor's
Rights
Investment in Other
Creditor's Rights
Long-term Receivables
Long-term Equity Investment Ⅶ. 17 119,476,291.86 139,641,447.46
Investment in Other Equity
Instruments
Other Non-current Financial
80 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Assets
Investment Property Ⅶ. 20 22,249,973.34 22,979,091.55
Fixed Assets Ⅶ. 21 12,435,665,858.51 11,518,327,615.38
Projects under Construction Ⅶ. 22 2,748,282,117.57 2,999,617,867.21
Productive Biological Assets
Oil and gas assets
Right-of-use Assets Ⅶ. 25 311,763,179.94 340,623,222.02
Intangible Assets Ⅶ. 26 1,378,786,829.67 1,390,141,202.49
Development Expenditure
Goodwill Ⅶ. 27 203,183,057.72 203,183,057.72
Long-term unamortized
Ⅶ. 28 164,085,493.36 169,098,529.79
expenses
Deferred Income Tax Assets Ⅶ. 29 212,323,306.46 202,239,458.82
Other Non-current Assets Ⅶ. 30 310,877,284.74 292,058,305.82
Total Non-current Assets 17,906,693,393.17 17,277,909,798.26
Total Assets 34,090,579,889.00 30,769,771,206.88
Current Liabilities:
Short-term loan Ⅶ. 32 726,540,185.71 999,798,705.09
Borrowings from the Central
Bank
Borrowings from Banks and
Other Financial Institutions
Transactional financial
liabilities
Derivative Financial
Liabilities
Notes Payable Ⅶ. 35 1,471,685,278.98 2,855,691,274.58
Accounts Payable Ⅶ. 36 5,360,972,212.45 5,407,037,561.30
Received Prepayments
Contract liabilities Ⅶ. 38 38,794,120.23 20,090,277.73
Financial Assets Sold for
Repurchase
Deposit Taking and Interbank
Deposit
Receiving from Vicariously
Traded Securities
Receiving from Vicariously
Sold Securities
Payroll payable Ⅶ. 39 278,633,046.54 353,499,479.48
Tax Payable Ⅶ. 40 231,481,423.42 271,156,762.61
Other Payables Ⅶ. 41 673,548,745.17 24,690,743.41
Including: interest payable
Dividends Payable 646,503,426.53
Service Charge and
Commission Payable
Reinsurance Accounts
Payable
Holding for-sale liabilities
Non-current Liabilities Due
Ⅶ. 43 2,533,899,376.17 1,290,220,025.19
within 1 Year
Other Current Liabilities Ⅶ. 44 3,591,562.55 1,690,671.66
Subtotal of Current
11,319,145,951.22 11,223,875,501.05
Liabilities
Non-current Liabilities:
81 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Insurance Contract Reserves
Long-term loan Ⅶ. 45 1,432,968,519.06 2,506,123,957.26
Bonds Payable Ⅶ. 46 2,477,794,641.39 2,436,329,229.37
Including: Preferred Stocks
Perpetual Bonds
Lease Liabilities Ⅶ. 47 263,944,471.21 298,078,535.61
Long-term Payables
Long-term payroll payable
Expected Liabilities
Deferred Income Ⅶ. 51 423,955,781.50 424,223,057.18
Deferred Income Tax
Ⅶ. 29 73,400,592.35 66,838,020.68
Liabilities
Other Non-current Liabilities
Total Non-current
4,672,064,005.51 5,731,592,800.10
Liabilities
Total Liabilities 15,991,209,956.73 16,955,468,301.15
Owners’ Equity (or Shareholders' Equity):
Paid-in capital (or share
Ⅶ. 53 1,686,025,109.00 1,102,049,773.00
Capital)
Other Equity Instruments Ⅶ. 54 143,200,902.59 143,201,172.16
Including: Preferred Stocks
Perpetual Bonds
Capital Reserves Ⅶ. 55 8,255,496,179.18 5,341,029,541.42
Less: Treasury Share
Other Comprehensive -35,627,036.63
Ⅶ. 57 -7,279,431.39
Incomes
Special Reserves
Surplus Reserves Ⅶ. 59 706,943,994.98 706,943,994.98
General Risk Reserves
Undistributed Profits Ⅶ. 60 7,308,176,802.84 6,498,434,550.76
Total Shareholders' Equity
Attributable to the Parent 18,064,215,951.96 13,784,379,600.93
Company
Minority Shareholders'
35,153,980.31 29,923,304.80
Equity
Total Shareholders' Equity 18,099,369,932.27 13,814,302,905.73
Total Liabilities and
34,090,579,889.00 30,769,771,206.88
Shareholders' Equity
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
82 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Balance Sheet of the Parent Company
As of 30 June 2024
Prepared by:Ningbo Tuopu Group Co., Ltd.
Unit: Yuan Currency:RMB
Item Note 30 June 2024 31 December 2023
Current Assets:
Cash and Bank Balances 2,039,206,522.07 618,675,203.54
Trading Financial Assets 1,640,000,000.00 300,000,000.00
Derivative Financial Assets
Notes receivable
Accounts receivable XIX.1 2,051,719,477.00 1,991,981,167.80
Receivables Financing 6,200,589.23 6,020,517.09
Prepayments 38,654,794.54 19,523,355.44
Other Receivables XIX.2 189,434,485.88 338,124,520.82
Including: interest receivable
Dividends Receivable
Inventory 687,779,111.22 748,720,435.55
Including: data resources
Contract Assets
Holding for-sale assets
Non-current Assets Due
within 1 Year
Other Current Assets
Subtotal of Current Assets 6,652,994,979.94 4,023,045,200.24
Non-current Assets:
Investment in Creditor's
Rights
Investment in Other
Creditor's Rights
Long-term Receivables
Long-term Equity Investment 14,081,871,738.64 12,525,007,982.83
Investment in Other Equity
Instruments
Other Non-current Financial
Assets
Investment Property 22,249,973.34 22,979,091.55
Fixed Assets 2,489,190,018.76 2,437,105,520.81
Projects under Construction 176,236,563.93 238,684,855.76
Productive Biological Assets
Oil and gas assets
Right-of-use Assets
Intangible Assets 287,819,737.42 290,479,090.94
Including: data resources
Development Expenditure
Including: data resources
Goodwill
Long-term unamortized 17,054,582.77
23,705,229.33
expenses
Deferred Income Tax Assets
Other Non-current Assets 52,183,239.20 47,858,801.24
Total Non-current Assets 17,126,605,854.06 15,585,820,572.46
Total Assets 23,779,600,834.00 19,608,865,772.70
Current Liabilities:
Short-term loan 626,454,630.15 599,470,362.78
83 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Transactional financial
liabilities
Derivative Financial
Liabilities
Notes Payable 453,421,785.50 575,433,154.97
Accounts Payable 1,707,670,013.22 1,663,426,306.15
Received Prepayments
Contract liabilities 989,607.04 1,605,274.16
Payroll payable 89,972,483.31 116,634,952.50
Tax Payable 58,363,192.96 81,172,711.50
Other Payables 654,832,129.64 6,018,884.90
Including: interest payable
Dividends Payable 646,503,426.53
Holding for-sale liabilities
Non-current Liabilities Due
1,578,769,427.66 746,896,254.40
within 1 Year
Other Current Liabilities 128,648.92 208,685.64
Subtotal of Current
5,170,601,918.40 3,790,866,587.00
Liabilities
Non-current Liabilities:
Long-term loan 1,300,000,000.00 1,970,000,000.00
Bonds Payable 2,477,794,641.39 2,436,329,229.37
Including: Preferred Stocks
Perpetual Bonds
Lease Liabilities
Long-term Payables
Long-term payroll payable
Expected Liabilities
Deferred Income 109,283,507.26 117,125,221.06
Deferred Income Tax
18,883,481.91 19,778,558.30
Liabilities
Other Non-current Liabilities
Subtotal of Non-current
3,905,961,630.56 4,543,233,008.73
Liabilities
Total Liabilities 9,076,563,548.96 8,334,099,595.73
Owners’ Equity (or Shareholders' Equity):
Paid-in Capital (or Share
1,686,025,109.00 1,102,049,773.00
Capital)
Other Equity Instruments 143,200,902.59 143,201,172.16
Including: Preferred Stocks
Perpetual Bonds
Capital Reserves 8,255,496,179.18 5,341,029,541.42
Less: Treasury Share
Other Comprehensive
Incomes
Special Reserves
Surplus Reserves 706,943,994.98 706,943,994.98
Undistributed Profits 3,911,371,099.29 3,981,541,695.41
Total Owners’ Equity (or
14,703,037,285.04 11,274,766,176.97
Shareholders' Equity)
Total Liabilities and Owners’
23,779,600,834.00 19,608,865,772.70
Equity (or Shareholders' Equity)
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
84 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Consolidated Income Statement
For the Period from January 2024 to June 2024
Unit: Yuan Currency:RMB
Item Note Semi-annual 2024 Semi-annual 2023
I. Total Operating Revenue 12,221,820,236.43 9,160,451,044.52
Including: Operating Revenue Ⅶ. 61 12,221,820,236.43 9,160,451,044.52
Interest Income
Earned Premiums
Service Charge and Commission
Income
II. Total Operating Cost 10,765,426,237.40 7,948,124,959.21
Including: Operating Cost Ⅶ. 61 9,613,009,267.55 7,091,717,971.79
Interest Expenditures
Service Charge and Commission
Expenses
Surrender Value
Net Claims Paid
Net Amount of Withdrawn Reserve
for Insurance Liability Contract
Policyholder Dividend Expense
Reinsurance Cost
Taxes and Surcharges Ⅶ. 62 84,832,335.87 68,071,307.10
Sales Expenses Ⅶ. 63 147,701,007.66 100,232,455.37
Administration expenses Ⅶ, 64 313,068,483.72 250,407,616.23
Research and development expense Ⅶ. 65 533,298,050.74 450,976,583.06
Financial Expenses Ⅶ. 66 73,517,091.86 -13,280,974.34
Including: interest expenses 115,347,505.11 110,183,341.40
Interest Income 24,827,246.45 20,349,051.18
Add: Other income Ⅶ. 67 245,316,990.75 87,704,709.64
Investment Income (Mark"-" for
Ⅶ. 68 25,122,694.10 14,695,055.38
Loss)
Including: Investment Income from
18,600,856.29 11,141,300.10
Affiliates and Joint Ventures
Profits from derecognition of
Financial Assets at Amortized Cost
Exchange Gains (Mark"-" for Losses)
Profit of Net Exposure Hedging
(Mark"-" for Loss)
Incomes from changes in fair value
Ⅶ.70 63,334.44 -216,798.66
(losses marked with "-")
Credit Impairment Losses (Mark"-"
Ⅶ.71 -22,955,582.19 -23,825,581.51
for Loss)
Asset Impairment Losses (Mark"-" Ⅶ.72 -22,629,644.58 -5,466,369.89
for Loss)
Asset Disposal Income (Mark"-" for
Ⅶ.73 16,240.57
Loss)
III. Operating Profit (Mark"-" for Loss) 1,681,311,791.55 1,285,233,340.84
Add: Non-operating Revenues Ⅶ.74 24,918,665.43 1,230,582.52
Less: Non-operating Expenses Ⅶ.75 14,593,503.27 12,649,565.28
IV. Total Profit (Mark"-" for Total Loss) 1,691,636,953.71 1,273,814,358.08
Less: Income Tax Expense Ⅶ.76 230,036,509.09 174,651,897.40
V. Net Profit (Mark"-" for Net Loss) 1,461,600,444.62 1,099,162,460.68
85 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(1) Classified by operation continuity
1. Net Profit as a Going Concern
1,461,600,444.62 1,099,162,460.68
(Mark"-" for Net Loss)
2. Net Profit of Discontinued Operation
(Mark"-" for Net Loss)
(2). Classified by the attribution of ownership
1. Net Profit Attributable to
1,456,245,678.61 1,094,024,695.52
Shareholders of Parent Company
2. Minority Shareholders' Profit and
5,354,766.01 5,137,765.16
Loss
VI. Net Amount of Other Comprehensive
-28,471,695.74 11,924,312.63
Incomes after Tax
(1) Net Amount of Other Comprehensive
Incomes after Tax Attributable to the Parent -28,347,605.24 11,281,395.14
Company's Owner
1, Other comprehensive income that
cannot be reclassified as P/L
(1) Re-measure the variation of the
defined benefit plan
(2) Other comprehensive income that
cannot be transferred to P/L under the equity
method
(3) Changes in the fair value of
investment in other equity instruments
(4) Changes in the fair value of the
credit risk of the enterprise
2. Other comprehensive income that will
-28,347,605.24 11,281,395.14
be reclassified as P/L
(1) Other comprehensive income that can
be transferred to P/L under the equity method
(2) Changes in the fair value of investment
in other creditor's rights
(3) Financial assets reclassified into other
comprehensive income
(4) Provisions for the credit impairment of
investment in other creditor's rights
(5) Cash flow hedge reserves
(6) Currency translation difference -28,347,605.24 11,281,395.14
(7) Others
(2) Net Amount of Other Comprehensive
Incomes After Tax Attributable to Minority -124,090.50 642,917.49
Shareholders
VII. Total Comprehensive Income 1,433,128,748.88 1,111,086,773.31
(1) Total Comprehensive Income
1,427,898,073.37 1,105,306,090.66
Attributable to the Parent Company's Owner
(2) Total Comprehensive Income
5,230,675.51 5,780,682.65
Attributable to Minority Shareholders
VIII. Earnings per Share:
(1) Basic Earnings per Share 0.88 0.67
(2) Diluted Earnings per Share 0.88 0.67
If there is a business combination under the same control in the current period, the net profit earned by the
combined party before the combination is: RMB 0, and the net profit earned by the combined party in the
previous period is: RMB 0.
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
86 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Income Statement of the Parent Company
For the Period from January 2024 to June 2024
Unit:Yuan Currency:RMB
Item Note Semi-annual 2024 Semi-annual 2023
I. Operating Revenue XIX.4 3,941,292,383.19 3,316,719,220.00
Less: Operating Cost XIX.4 2,965,973,183.93 2,561,210,134.54
Taxes and Surcharges 27,809,504.77 24,566,052.81
Sales Expenses 4,410,767.20 2,219,982.67
Administration expenses 113,868,536.61 92,649,704.85
Research and development expense 299,347,240.56 261,363,476.97
Financial Expenses 76,670,386.32 73,390,894.50
Including: interest expenses 88,658,566.53 96,974,427.83
Interest Income 17,249,840.37 13,235,863.64
Add: Other income XIX.5 140,811,862.09 64,467,568.03
Investment Income (Mark"-" for
25,122,694.10 14,695,055.38
Loss)
Including: Investment Income from
18,600,856.29 11,141,300.10
Affiliates and Joint Ventures
Profits from Derecognition of
Financial Assets at Amortized Cost
Profit of Net Exposure Hedging (loss
in "-")
Incomes from changes in fair value
(loss in "-")
Credit Impairment Losses (loss in "-") 14,162,954.71 -7,136,533.70
Asset Impairment Losses (loss in "-") -10,988,640.36 -4,560,248.49
Asset Disposal Income (loss in "-")
II. Operating Profit (loss in "-") 622,321,634.34 368,784,814.88
Add: Non-operating Revenues 1,511,177.74 166,447.50
Less: Non-operating Expenses 1,570,988.76 778,532.27
III. Total Profit (total loss in “-“) 622,261,823.32 368,172,730.11
Less: Income Tax Expense 45,928,992.91 20,956,601.66
IV. Net Profit (Mark for Net Loss) 576,332,830.41 347,216,128.45
(I) Net Profit as a Going Concern (net
576,332,830.41 347,216,128.45
loss in “-“)
(II) Net Profit of Discontinued Operation
(net loss in “-“)
V. Net Amount of Other Comprehensive
Incomes After Tax
(1) Other comprehensive income that
cannot be reclassified as P/L
1. Re-measure the variation of the
defined benefit plan
2. Other comprehensive income that
cannot be transferred to P/L under the equity
method
3. Changes in the fair value of
investment in other equity instruments
4. Changes in the fair value of the credit
risk of the enterprise
(2) Other comprehensive income that will
be reclassified as P/L
1. Other comprehensive income that can
87 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
be transferred to P/L under the equity method
2. Changes in the fair value of
investment in other creditor's rights
3. Financial assets reclassified into other
comprehensive income
4. Provisions for the credit impairment
of investment in other creditor's rights
5. Cash flow hedge reserves
6. Currency translation difference
7. Others
VI. Total Comprehensive Income 576,332,830.41 347,216,128.45
VII. Earnings per Share:
(I) Basic Earnings per Share 0.34 0.21
(II) Diluted Earnings per Share 0.34 0.21
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
Consolidated Cash Flow Statement
From the Period from January 2024 to June 2024
Unit：Yuan Currency：RMB
Item Note Semi-annual 2024 Semi-annual 2023
I. Cash Flow Generated by Operational Activities:
Cash from Sales of Merchandise and
10,705,885,326.19 9,619,106,701.87
Provision of Services
Net Increase in Customer's Bank
Deposits and Interbank Deposits
Net Increase in Borrowings from the
Central Bank
Net Increase in Borrowings from Other
Financial Institutions
Cash Arising from Receiving Premiums
for the Original Insurance Contract
Net Amount Arising from Reinsurance
Business
Net Increase in Deposits and Investments
from Policyholders
Cash Arising from Interests, Service
Charges and Commissions
Net Increase in Borrowings from Banks
and Other Financial Institutions
Net Increase in Repurchase Business
Funds
Net Amount of Cash Received from the
Vicariously Traded Securities
Tax Refund 362,023,942.65 351,926,788.38
Other Received Cashes Related to
Ⅶ.78 244,566,994.78 200,796,761.92
Operational Activities
Subtotal of cash inflow from
11,312,476,263.62 10,171,830,252.17
operational activities
Cash Paid for Merchandise and Services 7,667,175,875.72 6,856,237,308.91
Net Increase in Loans and Advances to
Customers
Net Increase in Deposits with Central
88 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Bank and Other Financial Institutions
Cash Paid for Original Insurance
Contract Claims
Net increase of funds lent
Cash Paid for Interests, Service Charges
and Commissions
Cash Paid for Policy Dividends
Cash Paid to and for Employees 1,502,149,549.13 1,161,002,065.58
Cash Paid for Taxes and Surcharges 659,237,158.34 555,679,717.07
Other Paid Cashes Related to Operational
Ⅶ.78 445,515,658.87 372,789,725.99
Activities
Subtotal of cash outflow from
10,274,078,242.06 8,945,708,817.55
operational activities
Net cash flow generated by
1,038,398,021.56 1,226,121,434.62
operating activities
II. Cash Flow from Investment Activities:
Cash Arising from Disposal of
706,521,837.81 753,553,755.28
Investments
Cash Arising from Investment Incomes
Net Cash Arising from Disposal of Fixed
Assets, Intangible Assets and Other 18,894,640.94 7,458,918.50
Long-term Assets
Net Cash Arising from Disposal of
Subsidiaries and Other Business Units
Other Received Cashes Related to
Ⅶ.78 28,714,513.23 20,397,800.00
Investment Activities
Subtotal of cash inflow from
754,130,991.98 781,410,473.78
investment activities
Cash Paid for Purchase and Construction
of Fixed Assets, Intangible Assets and 1,812,024,114.33 1,750,326,099.47
Other Long-term Assets
Cash Paid for Investments 2,040,000,000.00 800,000,000.00
Net Increase in Pledge Loans
Net Cash Paid for Acquisition of
Subsidiaries and Other Business Units
Other Paid Cashes Related to Investment
Activities
Subtotal of Cash Outflow from
3,852,024,114.33 2,550,326,099.47
Investment Activities
Net amount of cash flow generated
-3,097,893,122.35 -1,768,915,625.69
by investment activities
III. Cash Flow from Financing Activities:
Cash Arising from Absorbing
3,514,826,899.52
Investments
Including: Cash Arising from
Subsidiaries Absorbing Investments by
Minority Shareholders
Cash Arising from Borrowings 935,500,000.00 1,890,636,991.85
Other Received Cashes Related to
206,900,000.00
Financing Activities
Subtotal of cash inflow from financing
4,450,326,899.52 2,097,536,991.85
activities
Cash Paid for Debts Repayment 1,050,337,845.20 1,445,323,840.82
Cash Paid for Distribution of Dividends
64,781,605.92 65,822,611.38
and Profits or Payment of Interests
Including: Dividends and Profits Paid to
89 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Minority Shareholders by Subsidiaries
Other Paid Cashes Related to Financing
Ⅶ.78 49,781,575.80 153,524,725.97
Activities
Subtotal of cash outflow from
1,164,901,026.92 1,664,671,178.17
financing activities
Net cash flow generated by
3,285,425,872.60 432,865,813.68
financing activities
IV. Impact of Fluctuation in Exchange
18,594,795.49 11,328,326.49
Rate on Cash and Cash Equivalents
V. Net Increase in Cash and Cash
1,244,525,567.30 -98,600,050.90
Equivalents
Add: Cash and Cash Equivalents at the
2,313,937,932.51 2,410,212,553.28
Commencement of the Period
VI. Cash and Cash Equivalents at the
3,558,463,499.81 2,311,612,502.38
End of the Period
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
Cash Flow Statement of the Parent Company
For the Period from January 2024 to June 2024
Unit:Yuan Currency:RMB
Item Note Semi-annual 2024 Semi-annual 2023
I. Cash Flow Generated by Operational Activities:
Cash from Sales of Merchandise and
3,114,456,039.98 2,977,681,619.26
Provision of Services
Tax Refund
Other Received Cashes Related to
123,265,753.73 110,627,064.59
Operational Activities
Subtotal of cash inflow from
3,237,721,793.71 3,088,308,683.85
operational activities
Cash Paid for Merchandise and Services 1,846,223,503.00 1,601,746,545.26
Cash Paid to and for Employees 449,719,643.68 373,274,736.23
Cash Paid for Taxes and Surcharges 243,192,312.88 202,512,854.26
Other Paid Cashes Related to Operational
144,434,191.17 151,342,264.77
Activities
Subtotal of cash outflow from
2,683,569,650.73 2,328,876,400.52
operational activities
Net cash flow generated by operating
554,152,142.98 759,432,283.33
activities
II. Cash Flow from Investment Activities:
Cash Arising from Disposal of
706,521,837.81 753,553,755.28
Investments
Cash Arising from Investment Incomes
Net Cash Arising from Disposal of Fixed
Assets, Intangible Assets and Other 65,466,900.18 61,090,739.28
Long-term Assets
Net Cash Arising from Disposal of
Subsidiaries and Other Business Units
Other Received Cashes Related to
174,509,254.29
Investment Activities
Subtotal of cash inflow from
946,497,992.28 814,644,494.56
investment activities
Cash Paid for Purchase and Construction
of Fixed Assets, Intangible Assets and 125,694,540.95 208,943,615.06
Other Long-term Assets
90 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Cash Paid for Investments 3,578,262,899.52 1,808,603,035.00
Net Cash Paid for Acquisition of
Subsidiaries and Other Business Units
Other Paid Cashes Related to Investment
9,500,000.00 74,665,000.00
Activities
Subtotal of Cash Outflow from
3,713,457,440.47 2,092,211,650.06
Investment Activities
Net amount of cash flow generated
-2,766,959,448.19 -1,277,567,155.50
by investment activities
III. Cash Flow from Financing Activities:
Cash Arising from Absorbing
3,514,826,899.52
Investments
Cash Arising from Borrowings 926,000,000.00 1,099,000,000.00
Other Received Cashes Related to
106,900,000.00
Financing Activities
Subtotal of cash inflow from financing
4,440,826,899.52 1,205,900,000.00
activities
Cash Paid for Debts Repayment 739,400,000.00 809,500,000.00
Cash Paid for Distribution of Dividends
44,935,927.45 54,761,063.14
and Profits or Payment of Interest
Other Paid Cashes Related to Financing
16,389,101.09 60,232,345.00
Activities
Subtotal of cash outflow from
800,725,028.54 924,493,408.14
financing activities
Net cash flow generated by
3,640,101,870.98 281,406,591.86
financing activities
IV. Impact of Fluctuation in Exchange
Rate on Cash and Cash Equivalents
V. Net Increase in Cash and Cash
1,427,294,565.77 -236,728,280.31
Equivalents
Add: Cash and Cash Equivalents at the
600,119,330.48 1,278,492,772.64
Commencement of the Period
VI. Cash and Cash Equivalents at the
2,027,413,896.25 1,041,764,492.33
End of the Period
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong
Tieyang
91 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Consolidated Statement of Changes in Owners' Equity
For the Period from January 2023 to June 2023
Unit:Yuan Currency:RMB
Semi-annual 2024
Shareholders' Equity Attributable to the Parent Company's Owner
Other Equity Instruments Minority
Item Paid-in General Shareholders Total Shareholder s'
Prefe Less: Other Special
Capital Capital Surplus Risk Undistributed Other 'Equity Equity
Treasur Comprehensive Reserve Subtotal
rred Perpetual s
(or Share Others Reserves Reserves Reserve Profits
Stock Bonds y Shares Incomes s
Capital) s
s
I. Balance at the 1,102,049, 143,201,17 5,341,029,541.4
-7,279,431.39 706,943,994.98 6,498,434,550.76 13,784,379,600.93 29,923,304.80 13,814,302,905.73
End of Last Year 773.00 2.16 2
Add: Changes in
Accounting
Policies
Correction
of Errors in the
Previous Period
Others
II. Balance at the
1,102,049, 143,201,17 5,341,029,541.4
Start of This 773.00 2.16 2
-7,279,431.39 706,943,994.98 6,498,434,550.76 13,784,379,600.93 29,923,304.80 13,814,302,905.73
Year
III. Increases or
Decreases in
583,975,33 2,914,466,637.7
This Period 6.00
-269.57
6
-28,347,605.24 809,742,252.08 4,279,836,351.03 5,230,675.51 4,285,067,026.54
(Decreases in
"-")
(I) Total
Comprehensive -28,347,605.24 1,456,245,678.61 1,427,898,073.37 5,230,675.51 1,433,128,748.88
Income
(II)
Shareholders'
60,726,160 3,437,715,813.7
Contribution and .00
-269.57
6
3,498,441,704.19 3,498,441,704.19
Reduction in
Capital
1. Common
60,726,104 3,437,715,813.7
stock invested by .00 6
3,498,441,917.76 3,498,441,917.76
the owner
2. Capital
Invested by
Holders of Other 56.00 -269.57 -213.57 -213.57
Equity
Instruments
3. Amount of
92 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Share-based
Payments
Recorded into
Shareholders'
Equity
4. Others
(III) Profit
-646,503,426.53 -646,503,426.53 -646,503,426.53
Distribution
1. Appropriation
of Surplus
Reserves
2.
Appropriation of
General Risk
Reserves
3. Distribution to
Owners (or -646,503,426.53 -646,503,426.53 -646,503,426.53
Shareholders)
4. Others
(IV) Internal
Carry-forward of 523,249,17
-523,249,176.00
Shareholders' 6.00
Equity
1. Capital
Reserves
523,249,17
Transferred into 6.00
-523,249,176.00
Capital (or Share
Capital)
2. Surplus
Reserves
Transferred into
Capital (or Share
Capital)
3. Surplus
Reserves
Covering Losses
4. Carry-forward
retained earnings
of the variation
of the defined
benefit plan
5. Other
Carry-forward
Retained
Earnings of the
Comprehensive
Income
6. Others
(V) Special
Reserves
1. Withdrawal in
this period
2. Used in this
period
(VI) Others
IV. Balance at 1,686,025, 143,200,90 8,255,496,179.1
-35,627,036.63 706,943,994.98 7,308,176,802.84 18,064,215,951.96 35,153,980.31 18,099,369,932.27
109.00 2.59 8
93 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
the End of This
Period
Semi-annual 2023
Shareholders' Equity Attributable to the Parent Company's Owner
Item Other Equity Instruments Minority Total
Paid-in
Capital Less: Other Surplus Genera l Undistributed Shareholders' Shareholde
Capital (Or Perp Equity rs' Equity
etua Treasur Comprehensiv Special Risk Others Subtotal
Share Preferred
l Reserves Reserves Profits
Stocks Others y Share e Incomes Reserves Reserves
Capital) Bon
ds
I. Balance at the
1,102,046,57 143,214,23 12,160,225,3
End of Last 2.00 3.30
5,340,798,886.81 -21,343,831.86 631,484,906.94 4,933,499,753.42 12,129,700,520.61 30,524,801.04
21.65
Year
Add: Changes in
Accounting
Policies
Correction
of Errors in the
Previous Period
Others
II. Balance at
1,102,046,57 143,214,23 12,160,225,3
the Start of This 2.00 3.30
5,340,798,886.81 -21,343,831.86 631,484,906.94 4,933,499,753.42 12,129,700,520.61 30,524,801.04
21.65
Year
III. Increases or
Decreases in
600,956,052.
This Period 1,736.00 -8,356.98 124,273.05 11,281,395.14 583,776,322.43 595,175,369.64 5,780,682.65
29
(Decreases in
“-“)
(I) Total
1,111,086,77
Comprehensive 11,281,395.14 1,094,024,695.52 1,105,306,090.66 5,780,682.65
3.31
Income
(II)
Shareholders'
Contribution 1,736.00 -8,356.98 124,273.05 117,652.07 117,652.07
and Reduction
in Capital
1. Common
stock invested
by the owner
2. Capital
Invested by
Holders of 1,736.00 -8,356.98 124,273.05 117,652.07 117,652.07
Other Equity
Instruments
3. Amount of
Share-based
Payments
Recorded into
Shareholders'
94 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Equity
4. Others
(III) Profit -510,248,373.
-510,248,373.09 -510,248,373.09
Distribution 09
1. Appropriation
of Surplus
Reserves
2. Appropriation
of General Risk
Reserves
3. Distribution
-510,248,373.
to Owners (or -510,248,373.09 -510,248,373.09
09
Shareholders)
4. Others
(IV) Internal
Carry-forward
of Shareholders'
Equity
1. Capital
Reserves
Transferred into
Capital (or
Share Capital)
2. Surplus
Reserves
Transferred into
Capital (or
Share Capital)
3. Surplus
Reserves
Covering Losses
4.
Carry-forward
retained
earnings of the
variation of the
defined benefit
plan
5. Other
Carry-forward
Retained
Earnings of the
Comprehensive
Income
6. Others
(V) Special
Reserves
1. Withdrawal
in this period
2. Used in this
period
(VI) Others
IV. Balance at
1,102,048,30 143,205,87 12,761,181,3
the End of This 8.00 6.32
5,340,923,159.86 -10,062,436.72 631,484,906.94 5,517,276,075.85 12,724,875,890.25 36,305,483.69
73.94
Period
95 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
Statement of Changes in Owners' Equity of the Parent Company
For the Period from January 2024-June 2024
Unit:Yuan Currency:RMB
Semi-annual 2024
Other Equity Instruments Speci
Less: Other
Item Paid-in Capital (or
Perpetu Capital Reserves Treasur Comprehensive
al
Surplus Reserves Undistributed Profits
Total Shareholders'
Share Capital) Preferred Reser Equity
al Others y Share Incomes
Stocks ves
Bonds
I. Balance at the End of Last Year 143,20
1,102,049,773.00 1,172. 5,341,029,541.42 706,943,994.98 3,981,541,695.41 11,274,766,176.97
16
Add: Changes in Accounting Policies
Correction of Errors in the Previous
Period
Others
II. Balance at the Start of This Year 143,20
1,102,049,773.00 1,172. 5,341,029,541.42 706,943,994.98 3,981,541,695.41 11,274,766,176.97
16
III. Increases or Decreases in This Period -269.5
583,975,336.00 2,914,466,637.76 -70,170,596.12 3,428,271,108.07
(Decreases in “-“) 7
(1) Total comprehensive income 576,332,830.41 576,332,830.41
II) Shareholders' Contribution and -269.5
60,726,160.00 3,437,715,813.76 3,498,441,704.19
Reduction in Capital 7
1. Common stock invested by the owner 60,726,104.00 3,437,715,813.76 3,498,441,917.76
2. Capital Invested by Holders of Other -269.5
56.00 -213.57
Equity Instruments 7
3. Amount of Share-based Payments
Recorded into Shareholders' Equity
4. Others
(III) Profit Distribution -646,503,426.53 -646,503,426.53
1. Appropriation of Surplus Reserves
2. Distribution to Owners (or
-646,503,426.53 -646,503,426.53
Shareholders)
3. Others
(IV) Internal Carry-forward of
523,249,176.00 -523,249,176.00
Shareholders' Equity
1. Capital Reserves Transferred into
523,249,176.00 -523,249,176.00
Capital (or Share Capital)
2. Surplus Reserves Transferred into
Capital (or Share Capital)
3. Surplus Reserves Covering Losses
4. Carry-forward retained earnings of the
variation of the defined benefit plan
5. Other Carry-forward Retained
Earnings of the Comprehensive Income
6. Others
(V) Special Reserves
96 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
1. Withdrawal in this period
2. Used in This Period
(VI) Others
IV. Balance at the End of This Period 143,20
1,686,025,109.00 0,902. 8,255,496,179.18 706,943,994.98 3,911,371,099.29 14,703,037,285.04
59
Semi-annual 2023
Other Equity Instruments Other Total
Less: Special
Item Paid-in Capital (Or
Perpetu Capital Reserves Treasury Reserve Surplus Undistributed Profits
Share Capital) Preferred Comprehensive Shareholders'
al Others Share s Reserves
Stocks
Bonds
Incomes Equity
I. Balance at the End of Last Year 143,214
1,102,046,572.00 5,340,798,886.81 631,484,906.94 3,812,658,276.18 11,030,202,875.23
,233.30
Add: Changes in Accounting Policies
Correction of Errors in the Previous
Period
Others
II. Balance at the Start of This Year 143,214
1,102,046,572.00 5,340,798,886.81 631,484,906.94 3,812,658,276.18 11,030,202,875.23
,233.30
III. Increases or Decreases in This Period -8,356.9
1,736.00 124,273.05 -163,032,244.64 -162,914,592.57
(Decreases in “-“) 8
(I) Total Comprehensive Income 347,216,128.45 347,216,128.45
(II) Shareholders' Contribution and -8,356.9
1,736.00 124,273.05 117,652.07
Reduction in Capital 8
1. Common stock invested by the owner
2. Capital Invested by Holders of Other -8,356.9
1,736.00 124,273.05 117,652.07
Equity Instruments 8
3. Amount of Share-based Payments
Recorded into Shareholders' Equity
4. Others
(III) Profit Distribution -510,248,373.09 -510,248,373.09
1. Appropriation of Surplus Reserves
2. Distribution to Owners (or
-510,248,373.09 -510,248,373.09
Shareholders)
3. Others
(IV) Internal Carry-forward of
Shareholders' Equity
1. Capital Reserves Transferred into
Capital (or Share Capital)
2. Surplus Reserves Transferred into
Capital (or Share Capital)
3. Surplus Reserves Covering Losses
4. Carry-forward retained earnings of the
variation of the defined benefit plan
5. Other Carry-forward Retained
Earnings of the Comprehensive Income
6. Others
(V) Special Reserves
97 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
1. Withdrawal in this period
2. Used in this period
(VI) Others
IV. Balance at the End of This Period 143,205
1,102,048,308.00 5,340,923,159.86 631,484,906.94 3,649,626,031.54 10,867,288,282.66
,876.32
Legal Representative: Wu Jianshu Accounting Work Officer: Hong Tieyang Accounting Institution Officer: Hong Tieyang
98 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
III. Basic Information about the Company
1. Company Profile
√Applicable □Non-applicable
Ningbo Tuopu Group Co., Ltd. (hereinafter referred to as "Company" or "The Company"), a
company limited by shares changed from Ningbo Tuopu Brake System Co., Ltd., incorporated by Mecca
International Holding (Hk) Limited, Ningbo Jinlun Equity Investment Partnership (Limited Partnership)
and Ningbo Jinrun Equity Investment Partnership (Limited Partnership), holder of the Corporate
Business License (Registration No.: 91330200761450380T), listed on Shanghai Stock Exchange (SSE)
in March 2015, is specialized in manufacturing - automobile manufacturing.
As of June 30, 2024, the Company has issued a total of 1,686,025,109 shares, with a registered
capital of RMB 1,686,025,109, registered address: 268 Yuwangshan Road, Daqi Street, Beilun District,
Ningbo, Zhejiang, headquartered in 268 Yuwangshan Road, Daqi Street, Beilun District, Ningbo,
Zhejiang, is engaged in R&D, production and sales of automobile parts. Mecca International Holding
(Hk) Limited is the parent company of the Company is, and Wu Jianshu is the actual controller of the
Company.
This financial statement was approved for release by the Board of Directors on August 28, 2024.
IV. Basis for Preparing the Financial Statement
1. Basis for the preparation
The Company prepares the financial statement, as a going concern.
Based on transactions and matters that have actually occurred, in accordance with “Accounting
Standards for Business Enterprises - Basic Standards” issued by the Ministry of Finance and all specific
accounting standards, application guidelines for accounting standards for business enterprises,
explanations on the accounting standards for business enterprises and other related regulations
(hereinafter collectively as "Accounting Standards for Business Enterprises"), and the disclosure
provisions in the “Preparation Rules for Information Disclosures by Companies Offering Securities to
the Public No. 15 - General Provisions on Financial Reports” issued by CSRC.
2. Going concern
√Applicable □Non-applicable
The Company has the capability to continue as a going concern for at least 12 months as of the end
of current reporting period, without any significant item affecting the capability for continuing as a
going concern.
V. Significant Accounting Polices and Accounting Estimates
Notes to specific accounting policies and accounting estimates:
√Applicable □Non-applicable
The following disclosures cover the specific accounting policies and accounting estimates
formulated by the Company according to the characteristics of its production and operation.
1. Statement on compliance with Accounting Standards for Business Enterprises
This financial statement is in compliance with the requirements in the Accounting Standards for
Business Enterprises promulgated by the Ministry of Finance and presents truly and completely the
financial position, operating results and cash flows of the Company.
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2. Accounting period
The accounting period of the Company is from 1 January to 31 December of each calendar year.
3. Operating cycle
√Applicable □Non-applicable
The Company's operating cycle is 12 months.
4. Functional currency
Renminbi (RMB) is used as local currency of account. The subsidiaries of the Company fix their local
currency of account given the major economic environments where they are currently operating. The
financial statements are presented in RMB.
5. Methodology for determining materiality criteria and basis for selection
√Applicable □Non-applicable
Item Significance criteria
Significant construction in progress Individual construction in progress exceeding
0.5% of total assets
Significant accounts payable aged over one year Accounts payable where the amount of a single
item exceeds 0.5% of total assets
Significant contract liabilities aged over one year Contract liabilities with an amount exceeding
0.5% of total assets
Significant other payables aged over one year Other accounts payable with an amount
exceeding 0.5% of total assets
Significant cash flows from investing activities Single cash flow from investing activities with an
amount exceeding 10% of total assets
Significant non-wholly owned subsidiaries Total assets of non-wholly owned subsidiaries
exceeding 10% of the company's consolidated
total assets or operating revenues exceeding 5%
of the company's consolidated operating revenues
Significant joint ventures or associates Carrying value of long-term equity investments
in joint ventures or associates accounting for
more than 0.5% of the Company's consolidated
net assets or investment income accounted for
under the equity method of long-term equity
investments accounting for more than 10% of the
Company's consolidated net income
6. The accounting treatment of business combinations involving enterprises under common control
and business combinations not involving enterprises under common control
√Applicable □Non-applicable
Business combination under common control: The assets and liabilities acquired by the merging
party in business combination shall be measured at the book value of the assets, liabilities of the merged
party (including goodwill incurred in the acquisition of the merged party by ultimate controlling party)
in the consolidated financial statements of the ultimate controlling party on the date of combination. The
difference between the book value of the net assets obtained and the book value of the consideration
paid for the combination (or total nominal value of the issued shares) is adjusted to capital premium in
capital reserve. Adjustments shall be made to retained earnings in the event that the share premiums in
the capital reserves are not sufficient for write-down.
Business combinations involving entities not under common control: The assets paid and liabilities
incurred or committed as a consideration of business combination by the merging party were measured
at fair value on the date of acquisition and the difference between the fair value and its book value shall
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be charged to the profit or loss for the period. Where the cost of combination is higher than the fair value
of the identifiable net assets acquired from the merging party in business combination, such difference
shall be recognized as goodwill; where the cost of combination is less than the fair value of the
identifiable net assets acquired from the merging party in business combination, such difference shall be
charged to the profit or loss for the period. The identifiable assets, liabilities and contingent liabilities of
the merged party obtained in business combination that meet the recognition conditions are measured at
their fair values on the purchase date.
The fees which are directly related to the business combination shall be recognized as the profit or
loss in the period when the costs are incurred; the transaction expenses of issuing equity securities or
debt securities for business merger shall be initially capitalized for equity securities or debt securities.
7. Criteria for determining control and preparation method of consolidated financial statements
√Applicable □Non-applicable
1. Criteria for determining control
The determination of the scope of consolidation in the consolidated financial statements is based on
control. This scope encompasses the Company as well as all its subsidiaries. Control refers to the
Company's authority over the investee, its ability to gain variable returns by participating in the
investee's activities, and its capacity to utilize its authority to influence the amount of returns it receives.
2. Procedures of Consolidation
The Company regards the Enterprise Group as an accounting entity and prepares consolidated
financial statements in accordance with unified accounting policies to reflect the overall financial
position, operating result and cash flow of the Enterprise Group. The influence of internal transactions
between the Company and the Subsidiaries and between the Subsidiaries shall be offset. Where internal
transaction indicates the occurrence of impairment loss to relevant assets, such loss shall be recognized
in full. In preparing the consolidated financial statements, where the accounting policies and the
accounting periods are inconsistent between the Company and subsidiaries, the financial statements of
subsidiaries are adjusted where necessary in accordance with the accounting policies and accounting
period of the Company.
The owner's equity, the net profit or loss and the comprehensive income attributable to minority
shareholders of a subsidiary of the current period are presented separately under the owners' equity in the
consolidated balance sheet, the net profit and the total comprehensive income in the consolidated income
statement respectively. Where losses attributable to the minority shareholders of a subsidiary of the
current period exceed the minority shareholders' interest entitled in the shareholders' equity of the
subsidiary at the beginning of the period, the excess is allocated against the minority shareholders
interest.
(1) Acquisition of subsidiaries or Business
For acquisition of subsidiaries or business due to business combination involving entities under
common control during the reporting period, the operating results and cash flows of such subsidiaries
or business from the beginning to the end of the reporting period when the acquisition occurs shall be
included in the consolidated financial statements. Adjustments shall be made to the opening balance
of the consolidated financial statements and the related items in the comparative statements
simultaneously as if the consolidated reporting entity has been in existence since the beginning of the
control by the ultimate controlling party.
Where the control over the investee under common control is made possible due to additional
investment or other reasons, the equity investment held before gaining control of the combined party
is recognized as relevant profit or loss, other comprehensive income and changes of other net assets
at the later of the date of acquisition of the original equity and the date when the combining and the
combined parties are under common control, and shall be written down to the opening retained
earnings or current profit or loss in the comparative reporting period.
For acquisition of subsidiaries or business due to business combination involving entities not under
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common control during the reporting period, the identifiable assets, liabilities and contingent
liabilities shall be included in the consolidated financial statements based on the fair value determined
on the date of the acquisition.
In connection with imposing control over the investee not under joint control due to additional
investment and other reasons, the equity of acquiree held before acquisition date shall be remeasured
by the Company at the fair value of such equity on the acquisition date and the difference between
fair value and book value shall be recognized as investment income in current period. Other
comprehensive income related to the equity held by the Acquiree before the acquisition date which
can be reclassified into future profit or loss, and other changes of owners’ equity accounted for under
equity
(2) Disposal of Subsidiaries or Business
①General Treatment
When losing control of the investee due to partial disposal of the equity investment, or any other
reasons, the remaining equity investment is remeasured at fair value at the date in which control is lost.
The sum of consideration received from disposal of equity investment and the fair value of the
remaining equity investment, net of the difference between the sum of the Company's previous share of
the subsidiary's net assets recorded from the acquisition date or combination date and the sum of
goodwill, is recognized in investment income in the period in which control is lost. Other comprehensive
income related to the equity investment of the original subsidiary that can be reclassified into future
profit or loss, and other changes of owners’ equity accounted for under equity method shall be
recognized in investment income in the period in which control is lost.
②Disposal of Subsidiary Achieved by Stages
When disposal of equity interests of subsidiaries through multiple transaction until the control is
lost, generally transactions in stages are treatment as a package deal in accounting if the transaction
terms, conditions, and economic impact of disposal of the subsidiary's equity interests comply with one
or more of the following:
i. These transactions are achieved at the same time or the mutual effects on each other are
considered;
ii. A complete set of commercial results can be achieved with reference to the series of
transactions as a whole;
iii. Achieving a transaction depends on at least achieving of one of the other transaction;
iv. One transaction recognized separately is not economical, but it is economical when considered
together with other transactions.
When losing control of a subsidiary in disposal of equity interests through multiple transactions is
recognized as a package deal, these transactions shall be in accounting treated as loss control of a
subsidiary in disposal of equity interests achieved. However, the differences between price on each
disposal and disposal of investment on the subsidiary's net assets shall be recognized in other
comprehensive income in the consolidated financial statements, and included in profit or loss for the
period when the control is lost.
When all transactions in disposal of equity interests of subsidiaries are not a package deal,
accounting treatment for partial disposal of equity investments of subsidiary without losing control shall
be applied before control is lost. When the control is lost, general accounting treatment for disposal of a
subsidiary shall be used.
(3) Acquisition of Minority Interest of Subsidiaries
The Company shall adjust the share premium in the capital reserve of the consolidated balance sheet
with respect to any difference between the long-term equity investment arising from the purchase of
minority interest and the net assets attributing to the parent company continuously calculated on the
basis of the newly increased share proportion as of the acquisition date or date of combination, adjust the
retained earnings if the share premium in the capital reserve is insufficient for write-down.
(4) Partial Disposal of Equity Investment in Subsidiaries without Losing Control
Disposal price and disposal of long-term equity investment shall be entitled to the difference between
the shares of the net assets of the subsidiaries calculated continuously from the date of purchase or
acquisition. Adjustments shall be made to the equity premiums in the capital reserve of consolidated
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balance sheet. When the equity premiums in the capital reserve are not sufficient for write-down, the
retained earnings shall be adjusted.
8. Classification of Joint Arrangement and Accounting Treatment Methods of Joint Operation
√Applicable □Non-applicable
Joint arrangement can be divided into joint operation and joint venture.
Joint operation refers to a joint arrangement in which the parties have rights to the assets and
obligations for the liabilities relating to the joint operation.
The Company recognizes the following items related to the share of interests in the joint operation:
(1) Recognize the assets held separately by the Company and the assets jointly held in accordance
with the share of the Company;
(2) Recognize the liabilities assumed separately by the Company and the liabilities jointly
assumed in accordance with the share of the Company;
(3) Recognize the income generated through the sale of the Company's share of the output of the
joint operation;
(4) Recognize the income generated through the sale of the output of the joint operation in
accordance with the share of the Company；
(5) Recognize the expenses incurred separately, and the expenses incurred in joint operation in
accordance with the share of the Company .
The Company's investment in joint venture is accounted for by the equity method, as specified in the
note “VII. 17. Long-term Equity Investment”.
9. Recognition criteria of cash and cash equivalents
Cash refers to the cash on hand of the Company and deposits that are available for payment at any time.
Cash equivalents refer to investments held by the Company featuring short duration, strong liquidity,
easy conversion into cash of known amount and low risk of changes in value.
10. Conversion of transactions and financial statements denominated in foreign currencies
√Applicable □Non-applicable
1. Foreign currency transactions
Foreign currency transactions shall be translated into RMB at the spot exchange rate on the day when
the transactions occurred, or at an exchange rate fixed in accordance with a systematic and reasonable
method that is similar to the spot exchange rate on the day when the transactions occurred.
Balance sheet date foreign currency monetary items shall be translated using the spot exchange rate at
the balance sheet date. The resulting exchange differences are recognized in profit or loss for the
current period, except for those differences related to the principal and interest on a specific-purpose
borrowing denominated in foreign currency for acquisitions, construction or production of the qualified
assets, which should be capitalized as cost of the assets.
2. Translation of foreign currency financial statements
All assets and liabilities items in balance sheet are translated based on spot exchange rate on the
balance sheet date; owners' equity items other than "undistributed profits" are translated at a spot
exchange rate when accrued. Revenue and expense items as contained in the income statement are
translated at a spot exchange rate at the transaction occurrence date. For disposal of overseas operation,
the translation difference as stated in the foreign currency financial statements relating to overseas
operation, is accounted for in the profit and loss account in the current period from owners' equity
items.
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11. Financial instruments
√Applicable □Non-applicable
The Company recognizes a financial asset, financial liability or equity instrument when it becomes
a party to a financial instrument contract.
1. Classification of the financial instruments
According to the Company's business model for management of the financial assets and the contractual
cash flow features of the financial assets, the financial assets, when initially recognized, are classified as:
financial assets at amortized cost, financial assets at fair value through other comprehensive income and
financial assets at fair value through profit or loss.
For financial assets that meet the following conditions and are not designated to be measured at fair
value through the current profit or loss, the Company classifies them as financial assets at amortized
cost:
— The business model is aimed at collecting contract cash flow;
— Contract cash flow is the payment of principal and interest based on the outstanding principal
amount.
For financial assets that meet the following conditions and are not designated to be measured at fair
value through current profit or loss, the Company classifies them as financial assets at fair value
through other comprehensive income (debt instruments).
— The business model is aimed at both collecting contract cash flows and selling financial asset;
— Contract cash flow is the payment of principal and interest based on the outstanding principal
amount.
The Company will, at the time of initial recognition, irrevocably designate non-trading investments
in equity instruments as financial assets measured at fair value and the change shall be included in other
comprehensive income (equity instrument). The designation is made on the basis of independent
investment, and the related investments fit the definition of an equity instrument from an issuer’s
perspective.
In addition to the aforementioned financial assets at amortized cost and at fair value through other
comprehensive income, the Company classifies all other financial assets as financial assets at fair value
through current profit or loss. At the time of initial recognition, for financial assets that should have been
classified as financial assets at amortized cost or fair value through other comprehensive income, the
Company can irrevocably designate them as financial assets at fair value through current profit or loss in
order to eliminate or significantly reduce the accounting mismatch.
The financial liabilities, when initially recognized, are classified as: financial liabilities at fair
value through profit or loss and financial liabilities at amortized cost.
Financial liabilities which meet one of the following conditions will be, when initially measured,
designated as financial liabilities at fair value through profit or loss:
1) Such designation may be able to eliminate or significantly reduce the accounting mismatch.
2) The portfolio of financial liabilities or the portfolio of financial assets and financial liabilities
shall be subject to management and performance evaluation on the basis of fair value according to the
enterprise risk management or investment strategy contained in the formal documentations, and a report
shall be made to the key management personnel within the enterprise on this basis.
3) Such financial liabilities shall contain embedded derivatives to be split separately.
2. Recognition and measurement of financial instruments
(1) Financial assets at amortized cost
Financial assets at amortized cost include notes receivable, accounts receivable, other receivables,
long-term receivables and creditors investment, which shall be initially measured at fair value, and the
relevant transaction expenses should be initially capitalized; The accounts receivable that do not contain
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material financing compositions and those for which the Company decides to not take into account the
financing compositions of no more than one year shall be initially measured at the contract transaction
price.
The interest calculated by effective interest method during the holding period is recorded into the
current profit and loss.
At the time of recovery or disposal, the difference between the price obtained and the book value
shall be included in the current profit or loss.
(2) Financial assets measured at fair value and its changes are included in other comprehensive
income (debt instruments)
Financial assets measured at fair value and its changes are included in other comprehensive income
(debt instruments) include receivables financing and investments in other creditor's rights. They are
initially measured at fair value, and the value, other than the interest, the impairment loss or profit and
the profit or loss on foreign exchange, shall be included in other comprehensive income.
Upon derecognition, the cumulative profits or losses previously included in other comprehensive
income shall be removed from other comprehensive income and included in the profit or loss for the
period.
(3) Financial assets at fair value through other comprehensive income (equity instruments)
Financial assets at fair value through other comprehensive income (equity instruments) include
investment in other equity instruments. They are initially measured at fair value, and the transaction
expenses shall be initially capitalized. These financial assets are subsequently measured at fair value,
and the change in fair value shall be included in other comprehensive income. The dividends obtained
shall be included in the profit or loss for the period.
Upon derecognition, the cumulative profits or losses previously included in other comprehensive income
shall be removed from other comprehensive income and included in the carry-forward retained earnings.
(4) Financial assets at fair value through profit or loss in this period
Financial assets at fair value through profit or loss include trading financial assets, derivative financial
assets and other non-current financial assets. They are initially measured at fair value, and the
transaction expenses related to them are included in the profit or loss for the period. These financial
assets are subsequently measured at fair value, and the change in fair value shall be included in the profit
or loss for the period.
(5) Financial Liabilities Measured in Fair Value with Changes Recorded into Current Profit and Loss
Financial liabilities at fair value through profit or loss include trading financial liabilities and derivative
financial liabilities. They are initially measured at fair value, and the transaction expenses related to
them are included in the profit or loss for the period. These financial liabilities are subsequently
measured at fair value, and the change in fair value shall be included in the profit or loss for the period.
Upon derecognition, the difference between their book value and the consideration paid is included
in the profit or loss for the period.
(6) Financial liabilities at amortized cost
Financial liabilities at amortized cost include short-term loans, notes payable, accounts payable,
other payables, long-term loans, bonds payable, and long-term payables. They are initially measured at
fair value, and the transaction expenses shall be initially capitalized.
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The interest calculated by effective interest method during the holding period is recorded into the
current profit and loss.
Upon derecognition the difference between the consideration paid and the book value of these
financial liabilities is included in the current profit or loss.
3. Derecognition and transfer of financial assets
The Company derecognizes financial assets when any one of the following conditions is satisfied:
- The contractual right to receive cash flows of the financial assets has been terminated;
- The financial asset have been transferred and virtually all the risks and rewards related to the
ownership of the financial asset shave been transferred to the transferee;
- The financial assets have been transferred, and while the Company has neither transferred nor
retained virtually all of the risks and rewards related to the ownership of the financial assets, it has
not retained control of the financial assets.
The financial assets have been transferred, and while the Company has neither transferred nor
retained virtually all of the risks and rewards related to the ownership of the financial assets, it has not
retained control of the financial assets.
The substance-over-form principle shall be adopted while making judgment on whether the transfer
of financial assets satisfies the above conditions for termination of recognition.
The transfer of financial assets can be classified into entire transfer and partial transfer. If the
transfer of an entire financial asset satisfies the conditions for termination of recognition, the difference
between the two amounts below shall be recorded into profit or loss for the period:
(1) The book value of the financial asset transferred;
(2) The consideration received as a result of the transfer, plus the accumulative amount of the
change in fair value previously recorded into the owners' equities (in cases where the transferred
financial assets are financial assets at fair value through other comprehensive income (debt
instruments)).
If the partial transfer of financial assets satisfies the conditions for termination of recognition, the
overall book value of the transferred financial asset shall be apportioned according to their respective
relative fair value between the recognition terminated part and the remaining part, and the difference
between the two amounts below shall be recorded into profit or loss for the current period:
(1) The book value of the recognition terminated portion;
(2) The sum of consideration of the recognition terminated portion and the corresponding portion of
accumulated change in fair value previously recorded into owners' equity (in cases where the transferred
financial assets are financial assets at fair value through other comprehensive income (debt
instruments)).
Financial assets will still be recognized if they fail to satisfy the conditions for termination of
recognition, with the consideration received recognized as a financial liability.
4. Recognition for termination of financial liabilities
When the current obligation under a financial liability is completely or partially discharged, the
recognition of the whole or relevant portion of the liability is terminated; an agreement is entered
between the Company and a creditor to replace the original financial liabilities with new financial
liabilities with substantially different terms, terminate the recognition of the original financial liabilities
as well as recognize the new financial liabilities.
If all or part of the contract terms of the original financial liabilities are substantially amended, the
recognition of the original financial liabilities will be terminated in full or in part, and the financial
liabilities whose terms have been amended shall be recognized as a new financial liability.
When recognition of financial liabilities is terminated in full or in part, the difference between the
book value of the financial liabilities terminated and the consideration paid (including transferred
non-cash assets or new financial liability) is recognized in profit or loss for the current period.
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Where the Company repurchases part of its financial liabilities, the book value of such financial
liabilities will be allocated according to the relative fair value between the continued recognized part
and terminated part on the repurchase date. The difference between the book value of the financial
liabilities terminated and the consideration paid (including transferred non-cash assets or new financial
liability) is recognized in profit or loss for the current period.
5. Method of determining the fair values of financial assets and liabilities
The fair value of a financial instrument that is traded in an active market is determined at the quoted
price in the active market. The fair value of a financial instrument that is not traded in an active market
is determined by using a valuation technique. The Company uses the valuation technique when it is
applicable under current conditions and there are enough available data and other information to support
and the technique should maximize the use of relevant observable. It chooses the inputs which are
consistent with the asset or liability's characteristics considered by market participants in the transaction
of the relevant asset or liability and makes the maximum use of relevant observable inputs.
Unobservable inputs are used under the circumstance that the relevant observable inputs cannot be
obtained or not feasible.
6. Test method and accounting treatment for impairment of financial assets
The Company accounts for impairment of financial assets carried at amortized cost, financial assets
(debt instruments) at fair value through other comprehensive income and financial guarantee contracts
on the basis of expected credit losses.
The Company recognizes expected credit losses by calculating the probability-weighted amount of
the present value of the difference between the cash flows receivable and the cash flows expected to be
received from a contract, taking into account reasonable and supportable information about past events,
current conditions, and forecasts of future economic conditions, weighted by the risk of default.
For receivables and contract assets resulting from transactions governed by “Accounting Standards
for Business Enterprises No. 14, Revenue”, the Company always measures its allowance for losses at an
amount equal to the expected credit losses over the entire duration, regardless of whether or not there is
a significant financing component. For lease receivables resulting from transactions governed by
“Accounting Standards for Business Enterprises No. 21, Leases”, the Company has elected to always
measure its allowance for losses at an amount equal to the expected credit losses over the entire duration.
For other financial instruments, the Company assesses at each balance sheet date the changes in
credit risk of the relevant financial instruments since initial recognition.
The Company recognizes the relative changes in the risk of default within the expected duration of
financial instruments, and assesses whether the credit risk of financial instruments has significantly
increased since the initial recognition by comparing the risk of default of financial instruments on the
balance sheet date with the risk of default on the initial recognition date. If the financial instrument
becomes overdue for more than 30 days, the Company believes that the credit risk of this financial
instrument has been significantly increased, unless there are concrete evidences that the credit risk of
this financial instrument has not been significantly increased upon initial recognition.
If the financial instrument carries low credit risk at the balance sheet date, the Company believes
that the credit risk of this financial instrument is not significantly increased upon initial recognition.
In case the credit risk of a financial instrument has significantly increased since initial recognition,
the Company will calculate the allowance for losses based on the expected credit losses over the entire
life of the financial instrument. Conversely, if the credit risk has not significantly increased since initial
recognition, the Company will measure the allowance for losses based on the expected credit losses of
the financial instrument within the next 12 months. Any resulting increase or reversal in the loss
allowance will be recorded as an impairment loss or gain in the profit or loss statement. For financial
assets (debt instruments) carried at fair value through other comprehensive income, the allowance for
losses will be recognized in other comprehensive income, while the impairment loss or gain will be
recognized in the profit or loss statement for the current period, without reducing the carrying amount of
the financial asset as reported in the balance sheet.
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If there is objective evidence that a receivable is impaired for credit purposes, the Company makes
an allowance for impairment of that receivable on an individual basis.
In addition to the above receivables that are individually provided for bad debts, the Company
classifies the remaining financial instruments into portfolios based on credit risk characteristics and
determines the expected credit losses on a portfolio basis.
The categories of portfolios and the basis for determining expected credit losses for the Company's
notes and accounts receivable financing are as follows:
Item Type of portfolio Basis of determination
Notes receivable with commercial banks
Bank acceptances Portfolio 1 as acceptors
Notes receivable with non-commercial
Commercial acceptance Portfolio 2
banks as acceptors
The categories of portfolio and the basis for determining the expected credit losses on accounts
receivable and other receivables were set out below:
Item Type of portfolio Basis of determination
Aging from the point in time when the
Accounts receivable Aging portfolio accounts receivable are recognized
Aging from the point of recognition of
Other receivables Aging portfolio
other receivables
If the Company does not have a reasonable anticipation anymore that it will recover the contractual
cash flows from a financial asset, either in whole or in part, the carrying amount of the financial asset is
directly reduced.
12. Notes receivable
□Applicable √Non-applicable
13. Accounts receivable
□Applicable √Non-applicable
14. Receivables financing
□Applicable √Non-applicable
15. Other accounts receivable
□Applicable √Non-applicable
16. Inventories
√Applicable □Non-applicable
Inventory categories, issue valuation method, inventory system, amortization method for low value
consumables and packages
√Applicable □Non-applicable
1. Category and cost of inventories
Inventories are classified as raw materials, turnover materials, commodity stocks, products in
progress and materials commissioned for processing.
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Inventories are initially measured at cost. Inventory costs include procurement costs, processing
costs, and other expenses incurred to bring the inventory to its current location and condition.
2. Determination of cost for delivered inventory
Cost of inventories is determined using the weighted average method.
3. Inventory system
The perpetual inventory system is adopted.
4. Amortization of low-value consumables and packaging materials
(1) Low-value consumables are amortized using the immediate write-off method;
(2) Packaging materials are amortized using the immediate write-off method.
Criteria for recognization and provision for inventory falling price reserves
√Applicable □Non-applicable
On the balance sheet date, inventories shall be measured at the lower of cost and net realizable
value. A provision shall be made for inventory price drops if inventory costs exceed the net realizable
value. Net realizable value refers to the amount after deducting the estimated costs to be incurred at the
time of completion, the estimated selling expenses and taxes from the estimated sales price of
inventories during daily activities.
Net realizable value of held-for-sale commodity stocks, such as finished goods, goods-in-stock, and
held-for-sale raw materials, during the normal course of production and operation, shall be determined
by their estimated sales less the related selling expenses and taxes; the net realizable value of material
inventories, which need to be processed, during the normal course of production and operation, shall be
determined by the amount after deducting the estimated cost of completion, estimated selling expenses
and relevant taxes from the estimated selling price of finished goods; the net realizable value of
inventories held for execution of sales contracts or labor contracts shall be calculated on the ground of
the contracted price. If an enterprise holds more inventories than the quantity stipulated in the sales
contract, the net realizable value of the exceeding part shall be calculated on the ground of general
selling price.
Where the Company provides for provision for inventory falling price reserves on a portfolio basis,
the categories of portfolios and the basis for determining the portfolios as well as the basis for
determining the net realizable value of different categories of inventories are set out below:
Category of Basis for
inventory determining Basis for determining net realizable value
portfolio portfolio
The net realizable value of inventories with an age of more
than one year and corresponding to models that have ceased
Inventory age
Inventory age production is zero; for other inventories, the net realizable
portfolio value is the estimated selling price less estimated selling
expenses and related taxes.
The inventory falling price reserves withdrawn shall be reversed within the amount withdrawn, and
the reversed amount shall be included in current profit or loss, if the net realizable value of an inventory
is higher than its book value after the withdrawal due to the disappearance of the factors that influence
the writing-down of its value.
Categories and basis for determining provision for inventory falling price reserves according to
portfolios, and basis for determining net realizable value of different categories of inventories
□Applicable √Non-applicable
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Calculation method and basis for determining the net realizable value of inventories by age group
for the purpose of recognizing net realizable value of inventories based on age group.
□Applicable √Non-applicable
17. Contract assets
√Applicable □Non-applicable
Recognition methods and standards of contract assets
√Applicable □Non-applicable
The Company shall show the contract assets or contract liabilities in the balance sheet in
accordance with the relationship between the performance of the contract obligations and the Customer
payment. The Company shall list its right to receive consideration due to the transfer of goods or
services to the Customer (and such rights are subject to factors other than the passage of time) as
contractual assets. Contract assets and contract liabilities under the same contract shall be shown on a
net basis. The Company’s unconditional right (depending solely on the passage of time) to collect
consideration from the Customer shall be shown separately as a receivable.
Determination method and accounting treatment for the expected credit loss of contract assets
□Applicable √Non-applicable
Aging calculation method for recognizing credit risk profile groupings based on aging
□Applicable √Non-applicable
Determination of bad debt provisioning based on individual items Individual provisioning
judgment criteria
□Applicable √Non-applicable
18. Held-for-sale assets
√Applicable □Non-applicable
A non-current asset or disposal group is classified as held for sale if its carrying amount is to be
recovered principally through sale (including non-monetary asset exchanges with commercial substance)
rather than through continuing use.
Recognition criteria and accounting treatment for non-current assets or disposal groups classified
as held for sale
√Applicable □Non-applicable
The Company will categorize non-current assets or disposal groups as held for sale if the following
conditions are met simultaneously:
(1) The sale of these assets or disposal groups is imminent based on the current conditions and the
Company's past practice of selling similar assets or disposal groups.
(2) It is highly likely that the sale will occur within one year. The Company has made a decision to
sell and has obtained firm commitments from buyers. If the relevant regulations require approval from
the relevant authority or regulatory body before the sale can proceed, the Company has obtained that
approval.
For non-current assets classified as held for sale (excluding financial assets, deferred income tax
assets, and assets arising from employee compensation) or disposal groups with a carrying value higher
than the fair value less costs to sell, the carrying value is reduced to the fair value less costs to sell. The
amount of the reduction is recognized as an impairment loss on the asset, which is then recorded in the
profit or loss statement. Additionally, a provision for impairment of assets held for sale is also created.
Recognition criteria and presentation of discontinued operations
√Applicable □Non-applicable
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Discontinued operation is a component that meets one of the following conditions and can be
separately distinguished, and the component has been disposed of by the Company or classified as held
for sale by the Company:
(1) The component represents a separate principal business or a separate principal operating area;
(2) The component is part of a related program of proposed dispositions of a separate principal
business or a separate principal operating area;
(3) The component is a subsidiary acquired exclusively for resale.
Gains and losses from continuing operations and gains and losses from discontinued operations are
presented separately in the income statement. Operating gains and losses, such as impairment losses and
reversal amounts for discontinued operations, and gains and losses on disposals are presented as gains
and losses from discontinued operations. For discontinued operations presented in the current period, the
Company restates the information originally presented as profit or loss from continuing operations as
profit or loss from discontinued operations for the comparable accounting period in the current period's
financial statements.
19. Long-term equity investments
√Applicable □Non-applicable
1. Joint control or significant influence criteria
Joint control is the contractually agreed sharing of control of an arrangement, and exists only when
requiring the unanimous consent of the parties sharing control before making decisions about the
relevant activities of the arrangement. The Company together with the other joint venture parties can
jointly control over the investee and are entitled to the right of the net assets of the investee, as the
investee is joint venture of the Company.
Significant influence refers to the power to participate in making decisions on the financial and
operating policies of an enterprise, but not the power to control, or jointly control, the formulation of
such policies with other parties. Where the Company can exercise significant influence over the investee,
the investee is an associate of the Company.
2. Determination of initial investment cost
(1) Long-term equity investments formed through business combination of entities
For long-term equity investment in a subsidiary generated due to business combinations involving
entities under common control, the share of the book value in the consolidated financial statements of
the ultimate controlling party on the date of combinations shall be taken as the initial investment cost of
the long-term equity investments. For difference between the initial cost of long-term equity investment
and the book value of the consideration paid, adjustments shall be made to the equity premiums in the
capital reserve. When the equity premiums in the capital reserve are not sufficient for write-down, the
retained earnings shall be adjusted. Where control over the investee under common control is available
due to additional investment or other reasons, for difference between the initial cost of long-term equity
investment recognized in accordance with the above principles, and the sum of the book value of
long-term equity investment prior to the combination and the book value of newly paid consideration for
the acquisition of further shares on the date of combination, adjustments shall be made to equity
premiums. When the equity premiums are not sufficient for write-down, the retained earnings shall be
written down.
For long-term equity investment in a subsidiary generated due to business combinations involving
entities not under common control, the cost of the combination recognized on the date of combination
shall be taken as the initial investment cost of the long-term equity investments. In relation to imposing
control over the investee not under common control as a result of additional investment and other
reasons, the initial investment shall be the sum of the book value of the equity investment originally held
and the newly increased investment cost.
(2) Long-term equity investments acquired by means other than business combination
The initial cost of a long-term equity investment obtained by cash payment shall be the purchase
costs actually paid.
The initial cost of investment of a long-term equity investment obtained by means of issuance of
equity securities shall be the fair value of the equity securities issued.
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3. Subsequent measurement and recognition of profit or loss
(1) Long-term equity investment calculated by cost method
Long-term equity investment in subsidiaries of the company is calculated by cost method, unless
the investment meets the conditions for holding for sale. except for the actual consideration paid for the
acquisition of investment or the declared but not yet distributed cash dividends or profits which are
included in the consideration, investment gains are recognized as the Company' shares of the cash
dividends or profits declared by the investee.
(2) Long-term equity investment accounted for by equity method
Long-term equity investments of associates and jointly controlled entities are calculated using
equity method. Where the initial investment cost exceeds the investment, the difference between the
share of the fair value of the investee’s identifiable net assets shall be enjoyed and no adjustment shall be
made to the initial investment cost of long-term equity investment; where the initial investment cost is
less than the investment, the difference between the share of the fair value of the investee’s identifiable
net assets shall be enjoyed and be included in current profit or loss, and adjustments shall be made to the
initial investment cost of long-term equity investment.
The Company recognizes the investment income and other comprehensive income according to the
shares of net profit or loss and other comprehensive income realized by the investee which it shall be
entitled or shared respectively, and simultaneously makes adjustment to the book value of long-term
equity investments; the book value of long-term equity investment shall be reduced by attributable share
of the profit or cash dividends for distribution declared by the investee; in relation to other changes of
owner's equity except for net profits and losses, other comprehensive income and profit distributions of
the investee (hereinafter referred to as "changes in other owners' equity"), the book value of long-term
equity investments shall be adjusted and included in owner's equity.
When recognizing the amount of proportion of net profit or loss, other comprehensive income and
other changes of owner’s equity, in the investee which it entitles, fair value of the identifiable assets of
the investee at the time when the investment is obtained shall be used as basis, and adjustment shall be
made to the net profit, other comprehensive income and others of the investee in accordance with the
accounting policies and accounting period of the Company.
The unrealized profit or loss resulting from internal transactions between the Company and its
associate or joint venture shall be offset in portion to its equity interests, based on which investment
income shall be recognized, except when the assets invested or sold constitute transaction. Any losses
resulting from transactions, which are attributable to impairment of assets, shall be fully recognized.
The Company shall be liable for net loss incurred by the Company to the joint venture or associate,
and shall write it down to zero with the book value of the long-term equity investment and other
long-term equity which substantially constitute net investment in the joint venture or associate. Where a
joint venture or associate later realizes net profits, the Company shall resume recognition of its share of
income after the share of income has made up for the unrecognized share of loss.
(3) Disposal of long-term equity investments
For disposal of long-term equity investment, the difference between the book value and the
consideration actually received shall be included in the current profit or loss.
For long-term equity investments accounted by partial equity disposal method, the remaining equity
is still accounted by the equity method. Other comprehensive income recognized by the original equity
method shall be carried forward in a corresponding proportion on the same basis as the direct disposal of
related assets or liabilities by the investee. Changes in the interests of the owners are carried forward to
the current profit and loss on a pro ratio basis.
When losing joint control or significant influence over the investee due to disposal of equity
investment or other reasons, other comprehensive income of the original equity investment recognized
accounted by equity method shall be treated using the same basis as the direct disposal of related assets
or liabilities by the investee upon the termination of the use of equity methods. Other changes of owner’s
equity shall be converted to the current profit or loss upon the termination of use of equity methods.
When losing the control over the investee due to partially disposal of equity investment and other
reasons, the remaining equities after disposal shall be accounted for under equity method in preparation
of individual financial statements provided that joint control or significant influence over the investee
can be imposed, and shall be adjusted as if such remaining equities has been accounted for under the
equity method since they are obtained. Other comprehensive income recognized prior to the acquisition
of controls over the investee shall be carried over proportionally using the same basis as the direct
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disposal of related assets or liabilities by the investee. Other changes of owner’s equity due to the use of
equity method shall be carried over into the current profit or loss proportionally. Where the remaining
equities after disposal cannot impose joint control or significant influence over the investee, it shall be
recognized as financial asset, and the difference between fair value and the book value on the date of
losing control shall be included in the current profit or loss. All the other comprehensive incomes and
other changes of owners’ equity recognized prior to the acquisition of controls over the investee shall be
carried over.
When losing control over a subsidiary in step-by-step disposal of its equity interests through
multiple transactions is recognized as a package deals, these transactions shall be in accounting treated
as loss of control of a subsidiary in disposal of equity interests. The differences between price on each
disposal prior to loss of control and the long-term equity investment book value of the disposed equity
shall be recognized as other comprehensive income in individual financial statements, and included in
the current profit or loss when the control is lost. Transactions not recognized as a package deal shall be
accounted for separately.
20. Investment property
(1). In case of cost measurement:
Depreciation or amortization method
Investment property refers to the real estate held to generate rental income or capital appreciation,
or both, including leased land use rights, land use rights held for transfer after appreciation, and leased
buildings (including buildings that are leased after completion of self-construction or development
activities and buildings in construction or development that are used for rental in the future).
Subsequent expenditures related to fixed assets shall be included in the cost of fixed assets when
the relevant economic benefits are likely to flow in and the cost can be measured reliably; otherwise, it
shall be included in the current profit and loss when occurred.
The Company adopts the cost mode to measure the existing investment property. Other subsequent
expenditures shall be included in current profit or loss at the time of occurrence. Investment property
measured at cost - buildings held for leasing shall adopt the same depreciation policy for fixed assets of
the company, land use rights held for leasing shall adopt the same amortization policy for the intangible
assets.
21. Fixed assets
(1). Conditions for recognition
√Applicable □Non-applicable
Fixed assets are tangible assets that are held for use in the production or supply of goods or services,
for rental to others, or for administrative purposes; and have a service life of more than one accounting
year. Fixed asset is recognized when it meets the following conditions:
(1) It is probable that the economic benefits associated with the fixed asset will flow to the
enterprise;
(2) Its cost can be reliably measured.
Fixed assets are initially measured at cost (with the influence of expected disposal costs taken into
consideration).
Subsequent expenditures related to fixed assets shall be included in the cost of fixed assets when
the relevant economic benefits are likely to flow in and the cost can be measured reliably; the book value
of the replaced part is derecognized; other subsequent expenditures shall be included in current profit or
loss at the time of occurrence.
(2).Methods for depreciation
√Applicable □Non-applicable
Depreciation Useful Lives of Annual
Category Residual Ratio
Method Depreciation Depreciation
Housing and Straight-line 20 10% 4.50%
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building method
Machinery and Straight-line
5-10 10% 18.00%-9.00%
equipment method
Means of Straight-line
5 10% 18.00%
transportation method
Office equipment Straight-line
5 10% 18.00%
and others method
Straight-line Land use
method certificate
Buildings for indicates the
10%
commercial use remaining years
but no longer than
40 years
PV engineering Straight-line
20 10% 4.50%
project method
22. Projects under construction
√Applicable □Non-applicable
Projects under construction is measured at the actual costs incurred. The actual cost includes
construction costs, installation costs, borrowing costs that meet the capitalization conditions, and other
necessary expenditures incurred before the construction in progress reaches its intended use status.
Projects under construction reaching predetermined serviceable conditions shall be converted to fixed
assets and begin counting for depreciation the following month. The criteria and point of time for
carrying forward the Company's construction in progress to fixed assets are as follows:
Category Criteria and time point for conversion to fixed assets
(1) The main construction works and ancillary works have been completed; (2) If
the construction works have reached the state of intended use but the final account
Construction works
has not yet been finalized, the construction works shall be transferred to fixed
such as buildings assets at the estimated value based on the actual cost of the works from the date of
reaching the state of intended use.
Installation of (1) Relevant equipment and other ancillary facilities have been installed; (2) the
equipment can maintain normal and stable operation for a certain period of time
machinery and after debugging; and (3) the equipment has been accepted by asset management
personnel and users.
equipment, etc.
23. Borrowing costs
√Applicable □Non-applicable
1. Criteria for recognition of capitalized borrowing costs
For borrowing costs incurred by the Company that are directly attributable to the acquisition,
construction or production of assets qualified for capitalization, the costs will be capitalized and
included in the costs of the related assets. Other borrowing costs shall be recognized as expense in the
period in which they are incurred and included in profit or loss for the current period.
Assets qualified for capitalization are assets (fixed assets, investment property, inventories, etc.)
that necessarily take a substantial period of time for acquisition, construction or production to get ready
for their intended use or sale.
2. Capitalization period of borrowing costs
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The capitalization period shall refer to the period between the commencement and the cessation of
capitalization of borrowing costs, excluding the period in which capitalization of borrowing costs is
temporarily suspended.
Capitalization of borrowing costs begins when the following three conditions are fully satisfied:
(1) Expenditures for the assets (including cash paid, transferred non-currency assets or
expenditure for holding debt liability for the acquisition, construction or production of assets qualified
for capitalization) have been incurred;
(2) Borrowing costs have been incurred;
(3) Acquisition, construction or production that are necessary to enable the asset reach its intended
usable or salable condition have commenced.
Capitalization of borrowing costs shall be suspended during periods in which the qualifying asset
under acquisition and construction or production ready for the intended use or sale.
3. Suspension of capitalization period
Capitalization of borrowing costs shall be suspended during periods in which the acquisition,
construction or production of a qualifying asset is interrupted abnormally, when the interruption is for a
continuous period of more than 3 months; if the interruption is a necessary step for making the
qualifying asset under acquisition and construction or production ready for the intended use or sale, the
capitalization of the borrowing costs shall continue. The borrowing costs incurred during such period
shall be recognized as profits and losses of the current period, borrowing costs continue to be capitalized
until the acquisition and construction of the asset or the recommencement of production activities.
4. Calculation of capitalization rate and amount of borrowing costs
Specific borrowings for the acquisition, construction or production of assets qualified for
capitalization, borrowing costs of the specific borrowings actually incurred in the current period minus
the interest income earned on the unused borrowing loans as a deposit in the bank or as investment
income earned from temporary investment will be used to determine the amount of borrowing costs for
capitalization.
General borrowings for the acquisition, construction or production of assets qualified for
capitalization, the to-be-capitalized amount of interests on the general borrowing shall be calculated and
determined by multiplying the weighted average asset disbursement of the part of the accumulative asset
disbursements minus the specifically borrowed loans by the capitalization rate of the general borrowing
used. The capitalization rate shall be calculated and determined according to the weighted average
interest rate of the general borrowing.
During the period of capitalization, the exchange balance on the principals and interests of special
foreign currency borrowings shall be capitalized and shall be included in the cost of assets eligible for
capitalization. The exchange balance on the principals and interests of foreign currency borrowings other
than the special foreign currency borrowings shall be included in current profit or loss.
24. Biological assets
□Applicable √Non-applicable
25. Oil and gas assets
□Applicable √Non-applicable
26. Intangible assets
(1). Useful life and the basis for its determination, estimation status, amortization method or
review procedure
√Applicable □Not applicable
1. Intangible assets are initially measured at cost upon acquisition
(1) Intangible assets are initially measured at cost upon acquisition
The costs of an externally purchased intangible asset include the purchase price, relevant taxes and
expenses paid, and other expenditures directly attributable to putting the asset into condition for its
intended use.
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(2) Subsequent measurement
The service life of intangible assets shall be analyzed and judged upon acquisition.
As for intangible assets with a finite service life, they are amortized using the straight-line method
over the term in which economic benefits are brought to the firm; If the term in which economic benefits
are brought to the firm by an intangible asset cannot be estimated, the intangible asset shall be taken as
an intangible asset with indefinite service life, and shall not be amortized.
2. Estimated useful lives for the intangible assets with finite service life
Item Estimated useful lives Amortization Method Basis
Land use rights 38-50 years Straight-line method Land use certificate
Software 2-10 years Straight-line method Expected benefited period
Emission rights 5 years Straight-line method Emission permits
3. Basis for the judgment of intangible assets with uncertain service life and the procedure for
reviewing their service life
As of December 31, 2023, the Company has no intangible assets with uncertain useful life.
(1). Scope of attribution of R&D expenditures and related accounting treatment
√Applicable □Not applicable
1. Scope of research and development expenditure
Expenditures incurred by the Company in the course of conducting research and development
(R&D) include relevant employee remuneration for personnel engaged in R&D activities, consumable
materials, relevant depreciation and amortization expenses and other related expenditures, and are
summarized in the following manner:
Employee remuneration related to personnel engaged in research and development activities mainly
refers to the employee remuneration related to personnel directly engaged in research and development
activities as well as management personnel and direct service personnel closely related to research and
development activities, consumable materials mainly refers to the relevant materials directly invested in
research and development activities, and related depreciation and amortization expenses mainly refers to
the depreciation or amortization of fixed assets or intangible assets used in research and development
activities.
2. Specific criteria for the division of research phase and development phase
The expenses for internal research and development projects of the Company are divided into
expenses in the research phase and expenses in the development phase.
Research phase: Scheduled innovative investigations and research activities to obtain and
understand scientific or technological knowledge.
Development phase: Apply the research outcomes or other knowledge to a plan or design prior to a
commercial production or use in order to produce new or essentially-improved materials, devices,
products, etc.
3. Specific condition for capitalizing expenditure during the development phase
Expenses in the research phase are recorded into the profits and losses for the current period when
they occur. Expenditure during the development phase that simultaneously satisfies the following
conditions shall be recognized as intangible assets. Otherwise shall be included in current profit or loss:
(1) It is technically feasible to complete such intangible asset so that it will be available for use or
for sale;
(2) There is intention to complete the intangible asset for use or sale;
(3) The intangible asset can produce economic benefits, including there is evidence that the
products produced using the intangible asset has a market or the intangible asset itself has a market; if
the intangible asset is for internal use, there is evidence that there exists usage for the intangible asset;
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(4) There is sufficient support in terms of technology, financial resources and other resources in
order to complete the development of the intangible asset, and there is capability to use or sell the
intangible asset;
(5) The expenses attributable to the development stage of the intangible asset can be measured
reliably.
The R&D expenditures incurred shall be included in current profit or loss if it is impossible to
distinguish expenditure during the research phase and expenditure during the development phase.
27. Impairment of long-term assets
√Applicable □Non-applicable
Long-term assets, such as long-term equity investment, investment properties, fixed assets and
construction in progress that measured at cost, right-of-use assets，and intangible assets with limited
service life, are tested for impairment if there is any indication that an asset may be impaired on the
balance sheet date. If the result of the impairment test indicates that the recoverable amount of the asset
is less than its book value, a provision for impairment and an impairment loss are recognized for the
amount by which the asset's book value exceeds its recoverable amount. The recoverable amount is the
higher of an asset's fair value less costs to sell and the present value of the future cash flows expected to
be derived from the asset. Provision for asset impairment is determined and recognized on the individual
asset basis. If it is not possible to estimate the recoverable amount of an individual asset, the recoverable
amount of a group of assets to which the asset belongs to is determined. A group of assets is the smallest
group of assets that is able to generate cash inflows independently.
Goodwill formed due to business combination, intangible assets with uncertain service life and
intangible assets that have not yet reached serviceable conditions, shall be tested for impairment at least
at the end of each year, regardless of whether there is any indication of impairment.
When the Company carry out impairment test to goodwill, the Company shall, as of the purchasing
day, allocate on a reasonable basis the book value of the goodwill formed by merger of enterprises to the
relevant asset groups, or if there is a difficulty in allocation, to allocate it to the sets of asset groups. The
relevant asset group or combination of asset groups is the asset group or combination of asset groups
that can benefit from the synergies of business combination.
For the purpose of impairment test on the relevant asset groups or the sets of asset groups
containing goodwill, if any evidence shows that the impairment of asset groups or sets of asset groups
related to goodwill is possible, an impairment test will be made first on the asset groups or sets of asset
groups not containing goodwill, thus calculating the recoverable amount and comparing it with the
relevant book value so as to recognize the corresponding impairment loss. Asset group or combination
of group assets containing goodwill are tested for impairment and the book value and recoverable
amount shall be compared. If the recoverable amount is less than the book value, the amount of
impairment loss shall be deducted and apportioned to the book value of goodwill in asset group or
combination of asset groups, before deducting to the book value of all other assets proportionally based
on the proportion of the book value of all assets other than goodwill in the asset group or combination of
asset groups.
Once the above asset impairment loss is recognized, it will not be reversed in the subsequent
accounting periods.
28. Long-term prepaid expenses
√Applicable □Non-applicable
Long-term prepaid expenses are expenses which have occurred but will benefit over 1 year and
shall be amortized over the current period and subsequent periods.
The amortization period and amortization method for each expense is:
Item Amortization Method Amortization period
Renovation cost Straight-line method 5 years
Others Straight-line method 3-5 years
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29. Contract liabilities
√Applicable □Non-applicable
The Company shall show the contract assets or contract liabilities in the balance sheet in
accordance with the relationship between the performance of the contract obligations and the Customer
payment. The Company’s obligation to transfer goods or provide services to customers for which
consideration has been received or receivable are presented as contractual liabilities. Contract assets and
contract liabilities under the same contract shall be shown on a net basis.
30. Employee remuneration
(1). Accountant arrangement method of short-term remuneration
√Applicable □Non-applicable
During the accounting period when the staff provides service, the Company will recognize the
short-term remuneration actually incurred as liabilities, and the liabilities would be charged into current
profits and loss or costs of assets.
The Company will pay social insurance and housing funds, and will make provision of trade union
funds and staff education costs in accordance with the requirements. During the accounting period when
the staff provides service, the Company will determine the relevant amount of employee benefits in
accordance with the required provision basis and provision ratios.
The expenses on employee benefit incurred by the Company shall be included in the current profit
or loss or related asset cost based on the actual amount when actually incurred, and the non-monetary
benefit shall be measured at its fair value.
(2).Accounting treatment method of retirement benefit plan
√Applicable □Non-applicable
1. Defined contribution plan
The Company will pay basic pension insurance and unemployment insurance in accordance with
the relevant provisions of the local government for the staff. During the accounting period when the staff
provides service, the Company will calculate the amount payable in accordance with the local stipulated
basis and proportions which will be recognized as liabilities, and the liabilities would be charged into
current profits and loss or costs of assets.
2. Defined benefit plan
The welfare responsibilities generated from defined benefit scheme based on the formula
determined by projected unit credit method would be vested to the service period of the staff and
charged into current profits and loss or costs of assets.
The deficit or surplus formed by the present value of obligations of the defined benefit plan minus
the fair value of the assets of the defined benefit plan is recognized as a net liability or net asset of the
defined benefit plan. If there is a surplus in the defined benefit plan, the Company shall use the lower of
the surplus of the defined benefit plan and the asset ceiling to measure the net assets of the defined
benefit plan.
All defined benefit plan obligations, including obligations expected to be paid within twelve
months after the end of the annual reporting period in which employees render services, are discounted
at the market rate of return in respect of the national debts matching the term and currency of the defined
benefit plan, or in respect of high-quality corporate bonds available on the active market on the balance
sheet date.
The service cost incurred by the defined benefit plan and the net interest of the net liabilities or net
assets of the defined benefit plan are included in the current profit and loss or the related asset cost; the
changes in the net liabilities or net assets of the defined benefit plan are recorded in other comprehensive
income, and it will not be reversed to profit or loss in the subsequent accounting period. When the
original defined benefit plan is terminated, all that originally included in other comprehensive income
will be carried forward to undistributed profit within the scope of equity.
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At the settlement of the defined benefit plan, the gain or loss from the settlement is recognized by
the difference between the present value of the obligation of the defined benefit plan and the settlement
price determined on the settlement date.
(3).Accountant arrangement method of termination benefits
√Applicable □Non-applicable
Where the Company pays termination benefit to employees, the liabilities of employee
remuneration generated by termination benefit shall be recognized at the earlier of the following date
and included in the current profit or loss: when the company cannot unilaterally withdraw termination
benefit provided by labor relationship termination plan or layoff proposal; when the Company
recognizes costs or expenses related to a restructuring of the payment of termination benefits.
(4).Accountant arrangement method of other long-term employee benefits
□Applicable √Non-applicable
31. Estimated liabilities
√Applicable □Non-applicable
The obligations related to contingencies in the satisfaction of all of the following conditions will be
recorded as estimated liabilities:
(1) The obligation is the current obligation undertaken by the company;
(2) The fulfillment of this obligation is likely to result in the outflow of economic benefits from the
company;
(3) The amount of the obligation can be reliably measured.
Estimated liabilities are initially measured based on the best estimate of the expenditure required to
fulfill the relevant current obligations.
On fixing the best estimate, certain factors such as risks, uncertainties and time value of money in
connection with contingencies shall be considered in full aspects. If the time value of money has a
significant impact, the best estimate is fixed after discounting the relevant future cash outflows.
If there is a continuous range of required expenditures, and the likelihood of occurrence of various
outcomes within this range is the same, the best estimate shall be fixed at the median value within the
range; in other circumstances, the best estimate shall be treated as:
If a contingency involves one item, it shall be fixed according to the most likely amount.
If a contingency involves more than one items, it shall be calculated and fixed according to
various possible results and related probabilities.
If all or part of the expenditure required to pay off the estimated liability is expected to be
compensated by a third party, the compensation amount shall be recognized as an asset separately when
virtually confirmed that it can be received, and the compensation amount recognized must not exceed
the book value of the estimated liability.
The company shall review the book value of estimated liabilities on the balance sheet date. If there
is conclusive evidence that the book value cannot reflect the current best estimate, the book value shall
be adjusted according to the current best estimate.
32. Share-based payment
□Applicable √Non-applicable
33. Preference shares, perpetual bonds and other financial instruments
□Applicable √Non-applicable
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34. Revenue
(1).Disclosure of accounting policies used for revenue recognition and measurement by type of
business
√Applicable □Non-applicable
1. Accounting policies for revenue recognition and measurement
The Company has fulfilled its contractual obligation to recognize income when the Customer
obtains control over the relevant goods or services. Obtaining control over related goods or services
means to be able to dominate the use of the goods or services and obtain virtually all economic benefits
from it.
Where the Contract contains the performance of two or more obligations, the Company shall, on
the commencement date of the Contract, apportion the transaction price to each individual performance
obligation on the basis of the relative proportion of the individual selling price of the goods or service
committed by each individual performance obligation. The Company shall measure its income on the
basis of the transaction price apportioned to each individual performance obligation.
The transaction price refers to the amount of consideration the Company is expected to be entitled
to receive for the transfer of goods or services to the Customer, excluding payments received on behalf
of third parties and the amounts expected to be refunded to the Customer. The Company determines the
transaction price in accordance with Contract terms and by taking into consideration its past practices. In
determining the transaction price, it takes into consideration the impact of variable consideration,
material financing elements in the Contract, non-cash consideration, consideration payable to customers
and other factors. The Company determines the transaction price that includes the variable consideration
at an amount not exceeding the amount of accumulated recognized income which is not likely to be
materially reversed when the relevant uncertainty is eliminated. Where there is material financing
components in the Contract, the Company shall determine the transaction price on the basis of the
amount payable based on the assumption that the Customer pays in cash upon obtaining control over the
goods or services, and shall amortize the difference between the transaction price and the Contract
consideration by effective interest method during the Contract period.
It shall be deemed as fulfilling performance obligation within a certain period of time if one of the
following conditions is satisfied. Otherwise, it shall be deemed as fulfilling performance obligation at a
certain point in time:
The Customer obtains and consumes the economic benefits arising from the Company's
performance of obligations at the same time of that the Company perform its obligations.
The Customer can control the goods under construction during the process that the Company
perform its obligations.
The product produced by the Company during the performance of its obligations is
irreplaceable in use, and the Company shall be entitled to receive payment for the accumulated part of
the performance completed so far during the whole Contract period.
For obligations performed within a certain period of time, the Company shall recognize income on
the basis of the performance progress during that period, except when the performance progress cannot
be reasonably determined. The Company will adopt output method or input method to determine the
performance progress by taking the nature of the goods or services into consideration. Where the
performance progress cannot be reasonably determined and the costs incurred are expected to be
compensated, the Company shall recognize income on the basis of the costs incurred until the
performance progress can be reasonably determined.
For obligations performed at a certain point of time, the Company recognizes income at the point
when the Customer obtain control over relevant goods or services. The Company takes the following
indications into consideration when determining whether the Customer has obtained control over
relevant goods or services:
The Company is entitled to collect payment in respect of the goods or services immediately,
i.e. the Customer is obliged to make payment in respect of the goods or services immediately
The Company has transferred legal ownership of the goods to the Customer, i.e. the Customer
has legal ownership of the goods.
The Company has physically transferred the goods to the Customer, i.e. the Customer has
physically possessed the goods.
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The Company has transferred the principal risks and rewards in the ownership of the goods to
the Customer, i.e. the Customer has obtained the principal risks and rewards in the ownership of the
goods.
The Customer has received the goods or services, etc.
The determination of the Company's status as either a principally liable person or an agent is made
when entering into a transaction, depending on whether it exercises control over the goods or services
before handing them over to the customer. If the Company has the ability to control the goods or
services before transferring them to the customer, it is considered the principal and records revenue
according to the total consideration received or receivable. On the other hand, if the Company lacks
control over the goods or services before transferring them, it is classified as an agent and recognizes
revenue based on the anticipated commissions or fees.
2. Disclosure of specific revenue recognition and measurement methods by business type
(1) Domestic company
1) Domestic sales
For sales to domestic carmakers, the goods received by customer and the notice of issuing an invoice is
treated as the time point of revenue recognition. For domestic after-sales market sales, the time of
delivery is treated as the time point of revenue recognition.
2) Overseas sales
For general trade sales, customs declaration and export are treated as the revenue confirmation time
point. For the sales based on DDU and DDP as contained in the sales contract, the time of arrival at the
destination and the acknowledgment of receipt by customer is treated as the time point of revenue
recognition.
(2) Overseas company
The time of shipment and the acknowledgment of receipt by customer is treated as the time point of
revenue recognition.
(2). Different business models adopted for similar businesses leading to differences in revenue
recognition accounting policies
□Applicable√ Non-applicable
35. Contract costs
√Applicable □Non-applicable
Contract costs include contract performance costs and contract acquisition costs.
The Company recognizes the costs incurred for performing the contract and that not fall within the
scope of inventories, fixed assets or intangible assets as stipulated by related standards as an asset when
the following conditions are met:
The cost is directly related to a current or anticipated contract.
The cost increases the Company's future resources to perform obligations.
The cost is expected to be recovered
The Company regards the incremental cost incurred to acquire the contract and that are expected to
be recovered as contract acquisition costs, and recognizes them as an asset.
Assets related to contract costs shall be amortized using the same basis as income recognition of
goods or services related to the asset. However, the Company shall include the amount in current profit
or loss if the amortization period of the contract acquisition cost is less than one year.
The Company shall draw an impairment provision for the excess part when the book value of an
asset related to the contract cost is higher than the difference between the following two items, and
recognize it as an impairment loss of the asset:
1. The remaining consideration expected to be obtained due to the transfer of goods or services
related to the asset;
2. Estimated costs to be incurred for the transfer of goods or services related to the asset.
The Company shall reverse the impairment provision withdrawn and include it in current profit or
loss if the impairment factors of the previous period change and cause the aforementioned difference
higher than the book value of the asset. However, the book value of the asset after reverse shall not
exceed the book value of the asset on the reverse date under the assumption that no provision for the
impairment is withdrawn.
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36. Government subsidies
√Applicable □Non-applicable
1. Type
Government grants are monetary assets and non-monetary assets acquired by the Company from
the government free of charge. Government grants are classified into government grants related to assets
and government grants related to revenue.
Government grants related to assets refer to government grants acquired by the Company for the
purpose of purchasing or constructing or otherwise forming long-term assets. Government grants related
to revenue refer to the government grants other than those related to assets.
Government grants are classified as assets-related under the following criteria: government grants
obtained for purchase and construction or other forms of long-term assets are defined as government
grants related to assets;
Government grants are classified as income-related under the following criteria government grants
other than assets-related government grants are defined as income-related government grants;
If the government documents have not yet specified the intended subjects of grants, the Company
will classify the government grants as asset-related or income-related according to the following criteria:
(1) If the government document specifies a item applicable to the grants, it shall be divided
according to the relative proportion of the expenditure amount that will form the asset and the
expenditure amount included in the expense in the budget of the specific item, and the division ratio
shall be rechecked among each balance sheet date and subject to a if necessary;
(2) The government document only makes a general statement, and no specific item is specified, it
is recorded as the income-related government grants.
2. Confirmation of time point
Government subsidies are confirmed when the company can meet its attached conditions and can
be received.
3. Accounting treatment
Government grants related to assets shall write off the book value of relevant assets or be
recognized as deferred income. When recognized as deferred income, the government grant related to
assets will be period by period credited to the profits and losses of the current period in a reasonable and
systematic manner within the service life of relevant assets (those related to the Company's daily
activities shall be recognized as other income; those unrelated to the Company's daily activities shall be
recognized as non-operating income).
The revenue-related government grants shall be recognized as deferred income if they are used to
compensate relevant expenses or losses in subsequent periods, and they shall be included in profit and
loss of the current period (those related to Company's routine activities shall be included in other income;
those unrelated to the Company's routine activities shall be included in non-operating income) or used to
offset relevant expenses or losses during the recognition of related expenses or losses; the grants used to
compensate related expenses or losses incurred shall be included in profit and loss of the current period
(those related to Company's routine activities shall be included in other income; those unrelated to the
Company's routine activities shall be included in non-operating income) or used to offset relevant
expenses or losses.
37. Deferred income tax assets/deferred income tax liabilities
√Applicable □Non-applicable
Income tax includes current income tax and deferred income tax. The Company will include current
income tax and deferred income tax in the current profit or loss, except for income tax arising from
business combination and transaction or event directly included in the owners’ equity (including other
comprehensive income).
Deferred income tax assets and deferred income tax liabilities shall be calculated and recognized on
the basis of the difference (temporary difference) between the tax basis of the assets and liabilities and
their book value.
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Deferred income tax assets are recognized to the extent that it is probable that future taxable profits
will be available against which deductible temporary differences can be utilized. For deductible losses
and tax credits that can be reversed in the future period, deferred tax assets shall be recognized to the
extent that it is probable that taxable profit will be available in the future to offset the deductible losses
and tax credits.
Save as the exceptions, deferred income tax liabilities shall be recognized for the taxable temporary
difference.
Special circumstances in which deferred income tax assets or deferred income tax liabilities are not
recognized include:
Initial recognition of goodwill;
Transaction or event that is not a business combination and would not affect accounting
profit and taxable income (or deductible loss) at the time of occurrence.
For taxable temporary differences related to investments in subsidiaries, associates and joint
ventures, deferred income tax liability is recognized, unless the Company can control the timing of
reversal of such temporary differences and such temporary differences are not likely to be reversed in
the foreseeable future. For deductible temporary differences related to the investments of subsidiaries,
associates and joint ventures, deferred tax asset is recognized when the temporary differences are likely
to be reversed in the foreseeable future and the taxable income amount used to offset the deductible
temporary differences is likely to be obtained in the future.
Deferred tax assets and deferred tax liabilities on the balance sheet are evaluated based on the
anticipated tax rates that will be applicable during the period when the associated assets are recuperated
or the associated liabilities are resolved, in accordance with the prevailing tax regulations.
On the balance sheet date, the Company reviews the book value of the deferred income tax assets.
The book value of the deferred income tax asset will be written down if sufficient taxable income is not
likely to be obtained to offset the benefit of the deferred income tax asset in the future period. The
write-down amount will be reversed when sufficient taxable income is likely to be obtained.
After granted the legal rights of net settlement and with the intention to use net settlement or obtain
assets and repay debt at the same time, the net amount after offsetting its current income tax assets and
current income tax liabilities shall be recorded.
On the balance sheet date, deferred income tax assets and deferred income tax liabilities shall be, as
stipulated by tax law, measured by the applicable tax rate of the period of expected recovery of the
relevant assets or settlement of the relevant liabilities.
The taxpayer has the legal right to settle the current income tax assets and current income tax
liabilities on a net basis;
Deferred income tax assets and deferred tax liabilities are related to the income tax to be paid
by the same entity liable to pay tax to the same tax collection and management authority or related to
different entities liable to pay tax. The relevant entity liable to pay tax is intended to apply net settlement
of current income tax assets and liabilities or, at the same time, obtain assets and repay debt in every
future period that deferred income tax assets and liabilities with importance would be reversed.
38. Lease
√Applicable □Non-applicable
Judgemental basis and accounting treatment of short-term leases and leases of low-value assets as
a simplified treatment for lessee
√Applicable □Non-applicable
(1) Right-of-use assets
On the start date of the lease term, the Company recognizes the right-of-use asset for leases other
than short-term leases and low-value asset leases. Right-of-use assets are initially measured at cost,
which includes:
The initial measurement amount of the lease liability;
For lease payments paid on or before the start of the lease term, if there is a lease incentive, the
amount of the lease incentive already enjoyed is deducted;
Initial direct expenses incurred by the Company;
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The Company's estimated cost for dismantling and removing the leased assets, restoring the
site where the leased assets are located, or restoring the leased assets to the state as set out in the lease
terms and conditions, except for the costs incurred for the production of inventory.
The Company subsequently uses the straight-line method to depreciate the right-of-use assets. If it
can be reasonably determined that the ownership of the leased asset will be obtained at the end of the
lease term, the Company shall depreciate the leased asset over the remaining useful life; otherwise, the
leased asset will be depreciated over the lease term or the remaining useful life of the leased asset,
whichever is shorter.
The Company determines whether the right-of-use asset has been impaired under the principles as
set out in "Note V. 27. Long-term asset impairment", and performs accounting treatment for the
identified impairment loss.
(2) Lease liabilities
On the commencement of the lease term, the Company recognizes lease liabilities for leases other
than short-term leases and leases of low-value assets. Lease liabilities are initially measured based on the
present value of the unpaid lease payments. Lease payments include:
Fixed payment (including the actual fixed payment), if there is a lease incentive, the relevant
amount of the lease incentive will be deducted;
Variable lease payments that depend on an index or rate;
The amount expected to be paid based on the residual value of the guarantee provided by the
company;
The exercise price of the purchase option, provided that the Company reasonably determines
that it will exercise the option;
The amount to be paid to exercise the option to terminate the lease, provided that the lease
term reflects that the company will exercise the option to terminate the lease.
The Company takes the interest rate implicit in the lease as the discount rate, but if the interest rate
implicit in the lease cannot be reasonably determined, the company's incremental borrowing interest rate
is used as the discount rate.
The Company calculates the interest expense of the lease liability during each period of the lease
term according to a fixed periodic interest rate, and includes it in the current profit and loss or the cost of
related assets.
Variable lease payments that are not included in the measurement of lease liabilities are included in
the current profit and loss or the cost of related assets when they actually occur.
After the commencement of the lease term, in any of the following circumstances, the Company
re-measures the lease liability and adjusts the corresponding right-of-use asset. If the book value of the
right-of-use asset has been reduced to zero, but the lease liability still needs to be further reduced, it will
The difference is included in the current profit and loss:
When the evaluation results of the purchase option, the renewal option or the termination option
change, or the actual exercise of the aforementioned option is inconsistent with the original evaluation
result, the company will discount the lease payment after the change and the revised discount The
present value of the rate calculation remeasures the lease liability;
When the actual fixed payment changes, the expected payable amount of the guarantee residual
value changes, or the index or ratio used to determine the lease payment changes, the company
calculates the present value based on the changed lease payment and the original discount rate
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Remeasure the lease liability. However, if changes in lease payments originate from changes in floating
interest rates, the revised discount rate is used to calculate the present value.
(3) Short-term leases and low-value asset leases
The Company elects not to recognize right-of-use assets and lease liabilities for short-term leases
and low-value asset leases, and calculates the relevant lease payments in the current profit and loss or
related asset costs on a straight-line basis in each period of the lease term. Short-term lease refers to a
lease that does not include purchase options for a lease period not exceeding 12 months at the beginning
of the lease period. Low-value asset leasing refers to a lease with a lower value when a single leased
asset is a new asset. If the Company subleases or expects to sublease the leased assets, the original lease
is not a low-value asset lease.
(4) Lease change
If the lease is changed and the following conditions are met at the same time, the company shall
treat the lease change as a separate lease for accounting treatment:
The lease change expands the scope of the lease by adding one or more use rights to leased
assets;
The increased consideration is equivalent to the amount of the individual price of the expanded
part of the lease scope adjusted according to the contract conditions.
If the lease change is not accounted for as a separate lease, on the effective date of the lease change,
the Company reapportions the consideration of the contract after the change, re-determines the lease
term, and calculates the current lease payment based on the lease payment after the change and the
revised discount rate. The value of the lease liability is remeasured.
If the lease change causes the scope of the lease to be reduced or the lease term is shortened, the
Company will correspondingly reduce the book value of the right-of-use asset, and the relevant gains or
losses from the partial or complete termination of the lease are included in the current profit and loss. If
other lease changes cause the lease liability to be remeasured, the company adjusts the book value of the
right-of-use asset accordingly.
Criteria for classification and accounting treatment of leases as lessors
√Applicable □Non-applicable
On the commencement date of the lease, the Company divides the lease into financial lease and
operating lease. Finance lease refers to a lease in which almost all the risks and rewards related to the
ownership of the leased asset are transferred regardless of whether the ownership is ultimately
transferred. Operating leases refer to leases other than financial leases. When the Company acts as a
sublease lessor, it classifies subleases based on the right-of-use assets generated from the original lease.
(1) Accounting treatment of operating leases
The lease receipts of operating leases are recognized as rental income in each period of the lease
term according to the straight-line method. The Company capitalizes the initial direct costs incurred
related to operating leases, and allocates them to the current profit and loss on the same basis as the
confirmation of rental income during the lease term. Variable lease payments that are not included in the
lease receipts are included in the current profit and loss when they actually occur. If an operating lease is
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changed, the company will account for it as a new lease from the effective date of the change, and the
amount of advance receipts or lease receivables related to the lease before the change shall be deemed as
the receipts of the new lease.
(2) Accounting treatment of financial leasing
On the commencement date of the lease, the Company recognizes the financial lease receivables for
the financial lease and terminates the recognition of the financial lease assets. When the Company
initially measures the financial lease receivables, the net lease investment is taken as the entry value of
the financial lease receivables. The net lease investment is the sum of the unguaranteed residual value
and the present value of the lease payment that has not been received at the beginning of the lease term,
discounted at the interest rate implicit in the lease.
The Company calculates and recognizes the interest income for each period of the lease term based
on a fixed periodic interest rate. The derecognition and impairment of financial lease receivables shall be
accounted for in accordance with this Note "III. (X). Financial Instruments".
Variable lease payments that are not included in the measurement of the net lease investment are
included in the current profit and loss when they actually occur.
If a financial lease is changed and the following conditions are met at the same time, the Company
shall treat the change as a separate lease for accounting treatment:
The change expands the scope of the lease by adding one or more use rights to leased assets;
The increased consideration is equivalent to the amount of the individual price of the expanded
part of the lease scope adjusted according to the contract conditions.
If the change of the financial lease is not accounted for as a separate lease, the company shall deal
with the changed lease in the following situations:
If the change takes effect on the lease start date, the lease will be classified as an operating lease,
and the Company will start accounting for it as a new lease from the lease change effective date, and use
the net lease investment before the lease change effective date as The book value of the leased asset;
If the change takes effect on the lease start date, the lease will be classified as a financial lease,
and the company will conduct accounting treatment in accordance with the policy of this note "V. (11).
Financial Instruments" on the modification or renegotiation of the contract.
39. Other significant accounting policies and accounting estimates
□Applicable √Non-applicable
40. Changes in significant accounting policies and accounting estimates
(1). Changes in significant accounting policies
√Applicable □Non-applicable
(2). Changes in significant accounting estimates
□Applicable √Non-applicable
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(3). From 2024 onwards, the initial implementation of new accounting standards or standard
interpretations involves adjustments to the financial statements at the beginning of the first
implementation year
□Applicable √Non-applicable
41. Others
□Applicable √Non-applicable
VI. Taxes
1. Major categories of taxes and tax rates
Main categories of taxes and tax rates
√Applicable □Non-applicable
Tax Type Taxation basis Tax rate
According to the provisions of the
tax law, the sales tax shall be
calculated on the basis of the
income by selling goods and
VAT taxable services. After deducting 13%, 9%, 6%（Note 1）
the input tax that is allowed to be
deducted from the sales tax in the
current period, the difference shall
be the value added tax
Urban Maintenance and Calculated based on the actual
7%, 5%（Note2）
Construction Tax VAT paid
Education Surcharges Calculated based on the actual
3%
VAT paid
Local Education Surcharges Calculated based on the actual
2%
VAT paid
Enterprise income tax 34%, 30%, 28%, 27%, 26.5%、
Calculated based on the taxable
income 25%, 24%, 20.6%, 19%, 16.5%、
15%
Note 1: The sales of goods are subject to VAT at 13% of taxable income, technology development
services are subject to VAT at 6% of taxable income, and real estate leasing is subject to VAT at 9% of
taxable income.
Note 2: If there are taxable entities applicable to different corporate city maintenance and
construction tax rates, make a disclosure of statement:
Urban Maintenance and Construction Tax Rate
Name of Taxpayer
(%)
Tuopu Automobile Electronics 5
Tuopu Thermal Management 5
Zhejiang Towin 5
Skateboard Chassis 5
Taizhou Tuopu 5
Sichuan Tuopu 5
Ningbo Qianhui 5
Shanghai Towin 5
Anhui Tuopu 5
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Henan Tuopu 5
Tuopu Photovoltaic Technology (Hangzhou Bay) 5
Tuopu Photovoltaic Technology (Jinhua) 5
Tuopu Photovoltaic Technology (Linshui) 5
If there are taxpayers applicable to different corporate local education surcharge rates, make a disclosure
of the description
√Applicable □Non-applicable
Name of Taxpayer Income Tax Rate (%)
The Company 15
Tuopu Automobile Electronics 15
Tuopu Thermal Management 15
Zhejiang Towin 15
Suining Tuopu 15
Tuopu Chassis 15
Hunan Tuopu 15
Xi’an Tuopu 15
Sichuan Tuopu 15
Liuzhou Tuopu 15
Baoji Tuopu 15
Ningbo Qianhui 15
Chongqing Tuopu 15
Tuopu North America Limited 26.50
Tuopu North America USA Limited, INC 27
Tuopu USA, LLC 28
Tuopu International 16.50
Tuopu Poland 19
Tuopu Sweden 20.60
Tuopu Malaysia 24
Tuopu Do Brasil 34
Tuopu Mexico 30
Other companies 25
2. Preferential tax rate
√Applicable □Non-applicable
1. Under the provisions of the “Administrative measures for the accreditation of hi-tech enterprises”
(Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management of hi-tech
enterprises” (Guo Ke Fa Huo [2016] No.195), Ningbo Science and Technology Bureau, Ningbo Finance
Bureau, and Ningbo Tax Service, SAT issued the certificate of hi-tech enterprise (No.
GR202133100574). As set out in the certificate, the Company was accredited as a hi-tech enterprise and
this accreditation is valid for 3 years. Within this period of validity, the preferential tax rate for corporate
income tax is 15%, which is effective from 2021 to 2023 The corporate income tax rate for 2023 is 15%
The documents pertaining to the re-evaluation of the Company's status as a high-tech enterprise has
been submitted. As of the date of this financial report, the Company has not yet received confirmation of
this status. In accordance with the State Administration of Taxation Announcement No. 24 of 2017, the
enterprise income tax for a company whose high-tech enterprise qualification has lapsed is temporarily
assessed at a rate of 15% until the re-evaluation is completed. Consequently, the Company's enterprise
income tax for the period from January to June 2024 has been provisionally assessed at a rate of 15%.
2. Under the provisions of the “Administrative measures for the accreditation of hi-tech enterprises”
(Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management of hi-tech
enterprises” (Guo Ke Fa Huo [2016] No.195), Ningbo Science and Technology Bureau, Ningbo Finance
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Bureau, and Ningbo Tax Service, SAT issued the certificate of hi-tech enterprise (No.
GR202233100803). As set out in the certificate, Tuopu Automotive Electronics was accredited as a
hi-tech enterprise and this accreditation is valid for 3 years. Within this period of validity, the
preferential tax rate for corporate income tax is 15%, which is effective from 20222 to 2024. The
corporate income tax rate applicable to Tuopu Automotive Electronics for 2023 is 15%.
3. Under the provisions of the “Administrative measures for the accreditation of hi-tech enterprises”
(Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management of hi-tech
enterprises” (Guo Ke Fa Huo [2016] No.195), Ningbo Science and Technology Bureau, Ningbo Finance
Bureau, and Ningbo Tax Service, SAT issued the certificate of hi-tech enterprise (No.
GR202233100803). As set out in the certificate, Tuopu Thermal Management was accredited as a
hi-tech enterprise and this accreditation is valid for 3 years. Within this period of validity, the
preferential tax rate for corporate income tax is 15%, which is effective from 2023 to 2025. The
corporate income tax rate applicable to Tuopu Thermal Management for 2024 is 15%.
4. Under the provisions of the “Administrative measures for the Accreditation of hi-tech
enterprises” (Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management of
hi-tech enterprises” (Guo Ke Fa Huo [2016] No.195), Ningbo Science and Technology Bureau, Ningbo
Finance Bureau, and Ningbo Tax Service, SAT issued the certificate of hi-tech enterprise (No.
GR202333103290). As set out in the certificate, Zhejiang Towin was accredited as a hi-tech enterprise
and this accreditation is valid for 3 years. Within this period of validity, the preferential tax rate for
corporate income tax is 15%, which is effective from 2022 to 2024. The corporate income tax rate
applicable to Zhejiang Towin for 2024 is 15%
5. Under the provisions of the “Circular on the Continuation of the Enterprise Income Tax Policy
for the Western Development Strategy” (No. 23 [2020] Circular of the Ministry of Finance, the State
Administration of Taxation, and the National Development and Reform Commission” and “Catalogue of
Encouraged Industries in Western China”, the main operations of Suining Tuopu were accredited as the
state encouraged industry by Sichuan Department of Economic and Information, the preferential tax rate
for corporate income tax is 15%, which is effective from 1 January 2021 to 31 December 2030. The
corporate income tax rate applicable to Suining Tuopu for 2024 is 15%.
6. Under the provisions of the “Administrative measures for the Accreditation of hi-tech
enterprises” (Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management of
hi-tech enterprises” (Guo Ke Fa Huo [2016] No.195), Ningbo Science and Technology Bureau, Ningbo
Finance Bureau, and Ningbo Tax Service, SAT issued the certificate of hi-tech enterprise (No.
GR202333103290). As set out in the certificate, Tuopu Chassis was accredited as a hi-tech enterprise
and this accreditation is valid for 3 years. Within this period of validity, the preferential tax rate for
corporate income tax is 15%, which is effective from 2023 to 2025. The corporate income tax rate
applicable to Tuopu Chassis for 2024 is 15%.
7. Under the provisions of the “Administrative measures for the accreditation of hi-tech enterprises”
(Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management of hi-tech
enterprises” (Guo Ke Fa Huo [2016] No.195), Hunan Science and Technology Bureau, Hunan
Department of Finance, and Hunan Tax Service, SAT issued the certificate of hi-tech enterprise (No.
GR202343003469). As set out in the certificate, Hunan Tuopu was accredited as a hi-tech enterprise and
this accreditation is valid for 3 years. Within this period of validity, the preferential tax rate for corporate
income tax is 15%, which is effective from 2023 to 2025. The corporate income tax rate applicable to
Hunan Tuopu for 2023 is 15%.
8. Under the provisions of the “Circular on the Continuation of the Enterprise Income Tax Policy
for the Western Development Strategy” (No. 23 [2020] Circular of the Ministry of Finance, the State
Administration of Taxation, and the National Development and Reform Commission” and “Catalogue of
Encouraged Industries in Western China”, any enterprise engaged in an encouraged industry in Western
China will pay corporate income tax at 15% from 1 January 2021 to 31 December 2030. The corporate
income tax rate applicable to Xi’an Tuopu for 2024 is 15%.
9. Under the provisions of the “Circular on the Continuation of the Enterprise Income Tax Policy
for the Western Development Strategy” (No. 23 [2020] Circular of the Ministry of Finance, the State
Administration of Taxation, and the National Development and Reform Commission” and “Catalogue of
Encouraged Industries in Western China”, any enterprise engaged in an encouraged industry in Western
China will pay corporate income tax at 15% from 1 January 2021 to 31 December 2030. The corporate
income tax rate applicable to Sichuan Tuopu for 2024 is 15%.
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10. Under the provisions of the “Circular on the Continuation of the Enterprise Income Tax Policy
for the Western Development Strategy” (No. 23 [2020] Circular of the Ministry of Finance, the State
Administration of Taxation, and the National Development and Reform Commission” and “Catalogue of
Encouraged Industries in Western China”, any enterprise engaged in an encouraged industry in Western
China will pay corporate income tax at 15% from 1 January 2021 to 31 December 2030. The corporate
income tax rate applicable to Liuzhou Tuopu for 2024 is 15%.
11. Under the provisions of the “Circular on the Continuation of the Enterprise Income Tax Policy
for the Western Development Strategy” (No. 23 [2020] Circular of the Ministry of Finance, the State
Administration of Taxation, and the National Development and Reform Commission” and “Catalogue of
Encouraged Industries in Western China”, any enterprise engaged in an encouraged industry in Western
China will pay corporate income tax at 15% from 1 January 2021 to 31 December 2030. The corporate
income tax rate applicable to Baoji Tuopu for 2024 is 15%.
12. Under the provisions of the “Administrative measures for the accreditation of hi-tech
enterprises” (Guo Ke Fa Huo [2016] No. 32) and the “Guidelines for the accreditation management of
hi-tech enterprises” (Guo Ke Fa Huo [2016] No.195), Ningbo Science and Technology Bureau, Ningbo
Finance Bureau, and Ningbo Tax Service, SAT issued the certificate of hi-tech enterprise (No.
GR202333100329). As set out in the certificate, Ningbo Qianhui was accredited as a hi-tech enterprise
and this accreditation is valid for 3 years. Within this period of validity, the preferential tax rate for
corporate income tax is 15%, which is effective from 2023 to 2025. The corporate income tax rate
applicable to Ningbo Qianhui for 2024 is 15%.
13. Under the provisions of the “Circular on the Continuation of the Enterprise Income Tax Policy
for the Western Development Strategy” (No. 23 [2020] Circular of the Ministry of Finance, the State
Administration of Taxation, and the National Development and Reform Commission” and “Catalogue of
Encouraged Industries in Western China”, any enterprise engaged in an encouraged industry in Western
China will pay corporate income tax at 15% from 1 January 2021 to 31 December 2030. The corporate
income tax rate applicable to Chongqing Tuopu for 2024 is 15%.
14. . According to the " The Law of the People’s Republic of China on Enterprise Income Tax" and
applicable implementation regulations, the income from investment and operation of the state-sponsored
public infrastructure projects shall be exempted for corporate income tax from the first to the third year,
and paid in half from the fourth to the sixth year, which commences from the taxable year of the first
sum of production and operation income. Tuopu Photovoltaic Technology (Beilun) was entitled to the
three-year tax exemption and three-year half tax payment policy from 2022 onwards.
15. According to the " The Law of the People’s Republic of China on Enterprise Income Tax" and
applicable implementation regulations, the income from investment and operation of the state-sponsored
public infrastructure projects shall be exempted for corporate income tax from the first to the third year,
and paid in half from the fourth to the sixth year, which commences from the taxable year of the first
sum of production and operation income. Tuopu Photovoltaic Technology (Hangzhou Bay) was entitled
to the three-year tax exemption and three-year half tax payment policy from 2022 onwards.
16. According to the " The Law of the People’s Republic of China on Enterprise Income Tax" and
applicable implementation regulations, the income from investment and operation of the state-sponsored
public infrastructure projects shall be exempted for corporate income tax from the first to the third year,
and paid in half from the fourth to the sixth year, which commences from the taxable year of the first
sum of production and operation income. Tuopu Photovoltaic Technology (Pinghu) was entitled to the
three-year tax exemption and three-year half tax payment policy from 2022 onwards.
17. According to the " The Law of the People’s Republic of China on Enterprise Income Tax" and
applicable implementation regulations, the income from investment and operation of the state-sponsored
public infrastructure projects shall be exempted for corporate income tax from the first to the third year,
and paid in half from the fourth to the sixth year, which commences from the taxable year of the first
sum of production and operation income. Tuopu Photovoltaic Technology (Taizhou) was entitled to the
three-year tax exemption and three-year half tax payment policy from 2023 onwards.
18. According to the " The Law of the People’s Republic of China on Enterprise Income Tax" and
applicable implementation regulations, the income from investment and operation of the state-sponsored
public infrastructure projects shall be exempted for corporate income tax from the first to the third year,
and paid in half from the fourth to the sixth year, which commences from the taxable year of the first
sum of production and operation income. Tuopu Photovoltaic Technology (Ningbo Yinzhou) was
entitled to the three-year tax exemption and three-year half tax payment policy from 2023 onwards.
130 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
19. According to the " The Law of the People’s Republic of China on Enterprise Income Tax" and
applicable implementation regulations, the income from investment and operation of the state-sponsored
public infrastructure projects shall be exempted for corporate income tax from the first to the third year,
and paid in half from the fourth to the sixth year, which commences from the taxable year of the first
sum of production and operation income. Tuopu Photovoltaic Technology (Xiangtan) was entitled to the
three-year tax exemption and three-year half tax payment policy from 2023 onwards.
20. In accordance with the relevant regulations outlined in the “Announcement on VAT Credit
Policy for Advanced Manufacturing Enterprises” (Announcement No. 43 of the Ministry of Finance and
the State Administration of Taxation of the People's Republic of China of 2023), advanced
manufacturing enterprises have the privilege to deduct 5% of the creditable input tax amount for the
current period from the payable value-added tax ("VAT") between January 1, 2023, and December 31,
2027. The Company, Ningbo Tuopu Automobile Electronics, Zhejiang Towin, Tuopu Thermal
Management, Tuopu Chassis, and Ningbo Qianhui, are eligible for this VAT addition and deduction
policy.
21. According to the provisions outlined in the “Announcement on Tax Policies Related to Further
Supporting Entrepreneurship and Employment of Key Groups”(Announcement No. 15 of 2023 by the
Ministry of Finance, the General Administration of Taxation, the Ministry of Human Resources and
Social Security, and the Ministry of Agriculture and Rural Development), enterprises that hire
individuals who have lifted themselves out of poverty and those who have been unemployed for over six
months at public employment service institutions under the human resources and social security
department will receive a flat-rate sequential deduction of VAT for a three-year period. This deduction
will be based on the number of individuals recruited, provided they hold the necessary certificates, have
signed a labor contract lasting more than one year, and have paid social insurance premiums as required
by law. This tax incentive will apply from January 1, 2023, to December 31, 2027. The Company,
Ningbo Tuopu Automobile Electronics, Ningbo Qianhui, Tuopu Industrial Automation, Zhejiang Towin,
Suining Tuopu, Tuopu Chassis, Yantai Tuopu, Wuhan Tuopu, Taizhou Tuopu, Baoji Tuopu, and Xi’an
Tuopu are eligible for these tax benefits.
3. Others
□Applicable √Non-applicable
VII. Notes to the Items in the Consolidated Financial Statement
1. Cash and bank balances
√Applicable □Non-applicable
Unit: Yuan Currency:RMB
Item Balance at the End of the Period Balance at the Beginning of the Period
Cash on Hand 25,802.96 18,810.59
Bank Balance 3,558,437,696.85 2,313,919,121.92
Other Cash and Bank
490,835,991.95 541,429,058.76
Balances
Deposits in finance
companies
Total 4,049,299,491.76 2,855,366,991.27
Including: Total Amount
Deposited in Overseas 362,180,147.67 228,658,843.26
Banks
Other notes
Schedule of the cash and bank balances restricted for use
Unit: Yuan Currency:RMB
Balance at the Beginning of the
Item Balance at the End of the Period
Period
Documentary Credit Deposit 482,054,524.38 535,150,594.14
L/C Guarantee deposits
Guarantee and security deposit 8,781,467.57 6,277,854.73
131 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Foreign exchange settlement 609.89
deposit
Total 490,835,991.95 541,429,058.76
2. Trading Financial Assets
√Applicable □Non-applicable
Unit: Yuan Currency:RMB
Balance at the Reasons and basis
Balance at the End of
Item Beginning of the for designation
the Period
Period
Financial assets that are /
measured at fair value and
1,640,935,400.96 300,872,066.52
whose changes are included
in the current profit and loss
Including:
Equity instrument 935,400.96 872,066.52 /
investment
Short-term financial 1,640,000,000.00 300,000,000.00 /
products
Financial assets that are
designated to be measured at
fair value and whose changes
are included in the current
profit and loss
Including:
Total 1,640,935,400.96 300,872,066.52 /
Other Notes
□Applicable √Non-applicable
3. Derivative Financial Assets
□Applicable √Non-applicable
4. Notes Receivable
(1) Notes receivable presented by category
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the Beginning of the
Item Balance at the End of the Period
Period
Bank Acceptance Notes 74,333,626.66 496,868,790.84
Commercial Acceptance Notes 40,512,334.38 57,161,817.04
Total 114,845,961.04 554,030,607.88
(2). Notes receivable pledged by the Company at the end of the period
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Pledged amount by the end of period
Bank Acceptance Notes 15,454.95
Commercial Acceptance Notes
132 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Total 15,454.95
(3). Notes receivable that the Company has endorsed or discounted at the end of the period and
that have not yet expired on the balance sheet date
□Applicable √Non-applicable
133 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(4). Disclosure by provision for bad debts
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the End of the Period Balance at the Beginning of the Period
Book Balance Bad Debt Provision Book Balance Bad Debt Provision
Category Accrued Book Accrued
Percentage Percentag Book Value
Amount Amount Proportion Value Amount Amount Proportio
(%) e (%)
(%) n (%)
Bad debt
provision accrued
based on single
item
Including:
Bad debt
provision accrued 116,978, 2,132,228. 114,845, 557,039,124.5 3,008,516.6 554,030,607.8
100.00 1.82 100.00 0.54
based on 189.16 12 961.04 7 9 8
portfolios
Including:
Portfolio: bank 74,333,6 74,333,6 496,868,790.8 496,868,790.8
63.54 89.20
acceptance notes 26.66 26.66 4 4
Portfolio 2:
42,644,5 2,132,228. 40,512,3 3,008,516.6
commercial 36.46 5.00 60,170,333.73 10.80 5.00 57,161,817.04
62.50 12 34.38 9
acceptance notes
116,978, / 2,132,228. / 114,845, 557,039,124.5 / 3,008,516.6 / 554,030,607.8
Total
189.16 12 961.04 7 9 8
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Bad debt provision accrued based on single item
□Applicable √Non-applicable
Bad debt provision accrued based on portfolio:
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the End of the Period
Name
Notes receivable Bad Debt Provision Accrued Proportion (%)
Portfolio 1: bank
74,333,626.66
acceptance notes
Portfolio 2:
commercial 42,644,562.50 2,132,228.12 5.00
acceptance notes
Total 116,978,189.16 2,132,228.12 1.82
Notes to bad debt provision accrued based on portfolio
□Applicable √Non-applicable
Provision for bad debts based on general model of expected credit losses
□Applicable √Non-applicable
Notes to significant changes in the carrying amount of notes receivable for which a change in the
allowance for losses occurred during the period:
□Applicable √Non-applicable
(5). Bad debt provision
√Applicable□Non-applicable
Unit：Yuan Currency：RMB
Balance at the Amount Changed in the Current Period Balance at the
Category Beginning of Withdrawal Other End of the
Provision Write-off
the Period or Reversal Changes Period
Portfolio 1:
bank
acceptance
notes
Portfolio 2:
commercial
3,008,516.69 -876,288.57 2,132,228.12
acceptance
notes
Total 3,008,516.69 -876,288.57 2,132,228.12
Significant withdrawal or reversal amount of provision for bad debts in the current period:
□Applicable √Non-applicable
(6). Accounts receivable actually written off in the current period
□Applicable √Non-applicable
Particulars about significant accounts receivable written off:
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Note on write-off of notes receivable:
□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
5. Accounts receivable
(1) Disclosure by aging
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Book Balance at the End of the Book Balance at the Beginning
Aging
Period of the Period
Within 1 year
Including: sub-item within 1 year
Within 1 year 5,788,026,940.69 5,358,563,151.03
Subtotal within 1 year 5,788,026,940.69 5,358,563,151.03
1 to 2 years 83,713,874.67 59,317,771.10
2 to 3 years 10,117,834.74 6,568,262.84
Over 3 years 10,841,484.71 10,026,871.15
3 to 4 years
4 to 5 years
Over 5 years 14,891,310.81 14,810,992.23
Total 5,907,591,445.62 5,449,287,048.35
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(2). Disclosure by provision method for bad debts
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the End of the Period Balance at the Beginning of the Period
Book Balance Bad Debt Provision Book Balance Bad Debt Provision
Category (%) Accrued Book Book
Percentage Accrued
Amount Percentage Amount Proportion Value Amount Amount Value
(%) Proportion (%)
(%) (%)
Bad debt
provision
166,439,40
accrued 2.18
2.82 166,439,402.18 100.00 166,439,402.18 3.05 166,439,402.18 100.00
based on
single item
Including:
Bad debt
provision
5,741,152,0 5,439,472,80 5,282,847,646.1 5,006,715,1
accrued 43.44
97.18 301,679,242.63 5.25
0.81 7
96.95 276,132,484.50 5.23
61.67
based on
portfolio
Including:
Bad debt
provision
5,741,152,0 5,439,472,80 5,282,847,646.1 5,006,715,1
accrued 43.44
97.18 301,679,242.63 5.25
0.81 7
96.95 276,132,484.50 5.23
61.67
based on
aging groups
5,907,591,4 5,439,472,80 5,449,287,048.3 5,006,715,1
Total 45.62
/ 468,118,644.81 /
0.81 5
/ 442,571,886.68 /
61.67
137 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Provision for bad debt based on single item:
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the End of the Period
Accrued
Name Bad Debt Reason for
Book Balance Proportion
Provision Accrual
(%)
Human Horizons
Expected to be
(Shandong) Technology 117,815,838.01 117,815,838.01 100.00
unrecoverable
Co., Ltd.
Wilmaster New Energy Expected to be
Auto Parts (Wenzhou) 14,768,198.95 14,768,198.95 100.00 unrecoverable
Co., Ltd.
VM Motor Purchasing Expected to be
11,687,740.70 11,687,740.70 100.00
(Shanghai) Co., Ltd. unrecoverable
Human Horizons Expected to be
(Jiangsu) Technology 5,784,653.68 5,784,653.68 100.00 unrecoverable
Co., Ltd.
Chongqing Hyosow Expected to be
4,682,782.60 4,682,782.60 100.00
Parts Co., Ltd. unrecoverable
Henan Dongqi Chenfei Expected to be
Rubber and Plastic Co., 2,438,745.39 2,438,745.39 100.00 unrecoverable
Ltd.
Jiangling Holdings Co., Expected to be
1,602,562.00 1,602,562.00 100.00
Ltd. unrecoverable
Beijing Borgward Motor Expected to be
1,449,066.88 1,449,066.88 100.00
Co., Ltd. unrecoverable
GAC Fiat Chrysler Co., Expected to be
1,415,371.81 1,415,371.81 100.00
Ltd. Guangzhou Branch unrecoverable
VM Motor Technology Expected to be
1,365,699.92 1,365,699.92 100.00
(Sichuan) Co., Ltd. unrecoverable
Expected to be
Hafei Motor Co., Ltd. 958,585.20 958,585.20 100.00
unrecoverable
VM Motor Expected to be
Technology(Hengyang) 922,148.75 922,148.75 100.00 unrecoverable
Co., Ltd.
GAC Fiat Chrysler Co., Expected to be
902,816.58 902,816.58 100.00
Ltd. unrecoverable
Zhejiang Green Field Expected to be
408,702.32 408,702.32 100.00
Motor Co., Ltd. unrecoverable
VM Motor Sales Expected to be
236,489.39 236,489.39 100.00
(Shanghai) Co., Ltd. unrecoverable
Total 166,439,402.18 166,439,402.18 100.00 /
Notes to bad debt provision accrued based on single item:
□Applicable √Non-applicable
Bad debt provision accrued based on portfolios:
√Applicable □Non-applicable
Accrued items based on combinations: Accrued items based on aging group
138 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Unit: Yuan Currency: RMB
Balance at the End of the Period
Name
Accounts Receivable Bad Debt Provision Accrued Proportion(%)
Within 1 year 5,664,426,449.00 283,221,322.46 5.00
(including 1 year)
1-2 years (including 2 56,892,308.13 5,689,230.82 10.00
years)
2-3 years (including 3 5,640,935.18 1,692,280.56 30.00
years)
3-5 years (including 5 7,789,855.83 4,673,913.49 60.00
years)
Over 5 years 6,402,495.30 6,402,495.30 100.00
Total 5,741,152,043.44 301,679,242.63
Recognition criteria for and notes to bad debt provision by portfolios:
□Applicable √Non-applicable
Provision for bad debts based on general model of expected credit losses
□Applicable √Non-applicable
Note to significant changes in the carrying amount of accounts receivable for which changes in the
allowance for losses occurred during the period:
□Applicable √Non-applicable
(3). Bad debt provision
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount Changed in the Current Period
Balance at the Balance at the
Withdrawa
Category Beginning of the Other End of the
Provision l or Write-off
Period Changes Period
Reversal
Bad debt
provision
166,439,402.
accrued 166,439,402.18
18
based on
single item
Bad debt
provision
25,546,758. 301,679,242.
accrued 276,132,484.50
13 63
based on
portfolios
25,546,758. 468,118,644.
Total 442,571,886.68
13 81
Significant withdrawal or reversal amount of provision for bad debts in the current period:
□Applicable √Non-applicable
(4). Accounts receivable actually written off in the current period
□Applicable √Non-applicable
Particulars about significant accounts receivable written off
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Notes to accounts receivable written off:
□Applicable √Non-applicable
(5). Accounts receivable of the top five closing balances collected by debtors
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Percentage
of total
Ending ending
Ending balance of balance Ending balance of balance of Ending balance
Name of
accounts of accounts receivable accounts of provision for
Entity
receivable contract and contract assets receivable bad debts
assets and
contract
assets (%)
No.1 978,798,096.85 978,798,096.85 16.57 48,939,904.84
No.2 695,795,641.55 695,795,641.55 11.78 34,789,782.08
No.3 343,533,193.91 343,533,193.91 5.82 17,176,659.70
No.4 295,972,669.25 295,972,669.25 5.01 14,798,633.46
No.5 251,456,657.01 251,456,657.01 4.26 12,572,832.85
Total 2,565,556,258.57 2,565,556,258.57 43.44 128,277,812.93
Other notes:
□Applicable √Non-applicable
6. Contract assets
(1) Status of contract assets
□Applicable √Not Applicable
(2) Amounts and reasons for significant changes in book value during the reporting period
□Applicable √Not applicable
(3) Disclosure by provision for bad debt
□Applicable √Not applicable
Provision for bad debts is made on a single item basis:
□Applicable √Not applicable
Note to bad debt provisioning by individual item:
□Applicable √Not applicable
Provision for bad debts by portfolio:
□Applicable √Not applicable
Provision for bad debts based on general model of expected credit losses.
□Applicable √Not applicable
Note to significant changes in the carrying amount of contract assets for which a change in the
allowance for losses has occurred during the period:
140 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
□Applicable √Not Applicable
(4). Provision for bad debts on contract assets for the current period
□Applicable √Not applicable
Of which the amount of bad debt provision recovered or reversed during the period is significant:
□Applicable √Not applicable
(5). Contract assets actually written off during the period
□Applicable √Not applicable
Of which significant contract assets written off
□Applicable √Not applicable
Description of contract assets written off:
□Applicable √Not applicable
Other notes:
□Applicable √Not Applicable
7. Receivables financing
(1). Presentation of receivables financing classifications
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Balance at the End of the Balance at the Beginning of the
Item
Period Period
Notes receivable 881,452,138.71 1,039,933,314.87
Accounts receivable
Total 881,452,138.71 1,039,933,314.87
(2). Receivable financing pledged by the company at the end of the period
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Item Amount pledged at the end of the period
Bank Acceptance Notes 5,271,872.86
Commercial Acceptance Notes
Total 5,271,872.86
(3). The Company's receivable financing that has been endorsed or discounted and is not due on
the balance sheet date at the end of the period,
√Applicable □Not Applicable
Unit: Yuan Currency: RMB
Amounts derecognized at the end Amounts not derecognized at the
Total
of the period end of the period
Bank Acceptance Notes 1,370,555,249.36
Commercial Acceptance Notes
Total 1,370,555,249.36
141 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(4). Disclosure by provision for bad debts
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the End of the Period Balance at the Beginning of the Period
Book Balance Bad Debt Provision Book Balance Bad Debt Provision
Category (%) Accrued Accrued
Book Value Percentage Book Value
Amount Percentage Amount Proportion Amount Amount Proportion
(%)
(%) (%) (%)
Bad debt
provision accrued
based on single
item
Including:
Bad debt
provision accrued 881,452,1 881,452,138.7 1,040,142,093. 1,039,933,314
100.00 16.36 0.00 100.00 208,778.83 0.02
based on 55.07 1 70 .87
portfolios
Including
Portfolio 1: bank 881,451,8 881,451,827.9 1,035,966,517. 1,035,966,517
100.00 99.60
acceptance notes 27.97 7 17 .17
Portfolio 2:
commercial 327.10 0.00 16.36 5.00 310.74 4,175,576.53 0.40 208,778.83 5.00 3,966,797.70
acceptance notes
881,452,1 / 16.36 / 881,452,138.7 1,040,142,093. / 208,778.83 / 1,039,933,314
Total
55.07 1 70 .87
142 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Provision for bad debts is made on an individual basis:
□Applicable √Not Applicable
Explanation of provision for bad debts by individual item:
□Applicable √Not applicable
Provision for bad debts by portfolio:
□Applicable √Not applicable
Provision for bad debts based on general model of expected credit losses.
□Applicable √Not applicable
Note to significant changes in the carrying amount of receivables financing for which changes in the
allowance for losses occurred during the period:
□Applicable √Not Applicable
(5). Provision for bad debts
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Balance at the Amount Changed in the Current Period Balance at
Category Beginning of Withdrawal or Other the End of
Provision Write-off
the Period Reversal Changes the Period
Bad debt
provision
accrued based
on single item
Bad debt
provision
accrued based 208,778.83 208,762.47 16.36
on
combinations
Total 208,778.83 208,762.47 16.36
Of which the amount of bad debt provision recovered or reversed during the period is significant:
□ Applicable √ Not applicable
(6). Receivables financing actually written off during the period
□ Applicable √ Not applicable
Of which significant write-offs of receivables financing:
□ Applicable √ Not applicable
Note to write-offs:
□ Applicable √ Not applicable
(7). Changes in receivables financing increase or decrease during the period and changes in fair
value:
√Applicable □Not applicable
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Unit：Yuan Currency：RMB
Item Balance at the Increase in the Derecognition Other Balance at the
End of Current Period in the Current Changes End of the
Previous Year Period Period
Bank
Acceptance 1,035,966,517.17 2,478,144,007.73 2,632,658,696.93 881,451,827.97
Notes
Commercial
Acceptance 3,966,797.70 1,597,176.16 5,772,425.59 208,762.47 310.74
Notes
Total 1,039,933,314.87 2,479,741,183.89 2,638,431,122.52 208,762.47 881,452,138.71
(8). Other notes:
□ Applicable √ Not applicable
8. Prepayments
(1). Presentation of prepayments by age
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the End of the Period Balance at the Start of the Period
Age
Amount Percentage(%) Amount Percentage(%)
Within 1 year 220,602,532.69 98.35 111,225,475.06 95.54
1-2 years 1,648,467.47 0.73 2,307,879.19 1.98
2-3 years 413,871.46 0.19 1,248,987.46 1.08
Over 3 years 1,632,613.03 0.73 1,631,882.03 1.40
Total 224,297,484.65 100.00 116,414,223.74 100.00
(2). Particulars of prepayments of the top five closing balances by prepayment parties
√Applicable □Non-applicable
Proportion in total
Balance at the end
Name of Entity balance of prepayments
of the period
at the end of the period
Yunnan Alumimum Co., Ltd. 113,198,550.55 50.47
GLOBAL GLORY GROUP LIMITED 11,930,319.01 5.32
Ningbo Hangzhou Bay China Resources Gas Co.,
10,740,254.03 4.79
Ltd.
Ningbo Gelite Supply Chain Management Co., Ltd. 8,875,575.89 3.96
Xiangtan Desheng Energy Power Distribution Co.,
4,482,715.27 2.00
Ltd.
Total 149,227,414.75 66.54
Other notes
□Applicable √Non-applicable
9. Other receivables
Presentation of items
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
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Balance at the beginning of the
Item Balance at the end of the period
period
Interest receivable
Dividend receivable
Other Receivables 76,777,361.70 89,762,378.31
Total 76,777,361.70 89,762,378.31
Other Notes:
□Applicable √Non-applicable
Interest receivable
(1). Classification of interest receivable
□Applicable √Not applicable
(2). Significant overdue interest
□Applicable √Not applicable
(3). Disclosure by bad debt accrual method
□Applicable √Not applicable
Provision for bad debts is made on a single item basis:
□Applicable √Not applicable
Note to bad debt provisioning by individual item:
□Applicable √Not applicable
Provision for bad debts by portfolio:
□Applicable √Not applicable
(4). Provision for bad debts based on general model of expected credit losses.
□Applicable √Not applicable
Note to significant changes in the carrying amount of interest receivable for which changes in the
allowance for losses occurred during the period:
□Applicable √Not applicable
(5). Provision for bad debts
□Applicable √Not applicable
Of which the amount of bad debt provision recovered or reversed during the period is significant:
□Applicable √Not applicable
(6). Actual write-off of interest receivable during the period
□Applicable √Not applicable
Of which significant write-off of interest receivable
□Applicable √Not applicable
Note to write-offs:
□Applicable √Not applicable
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Other notes:
□Applicable √Not applicable
Dividends receivable
(1). Dividends receivable
□Applicable √Not applicable
(2). Significant dividends receivable with an age of more than 1 year
□Applicable √Not applicable
(3). Disclosure by bad debt accrual method
□Applicable √Not applicable
Provision for bad debts is made on a single item basis:
□Applicable √Not applicable
Note to bad debt provision by individual item:
□Applicable √Not applicable
Provision for bad debts by portfolios:
□Applicable √Not applicable
(4). Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
Note to significant changes in the carrying amount of dividends receivable for which changes in the
allowance for losses occurred during the period:
□Applicable √Not applicable
(5). Provision for bad debt
□Applicable √Not applicable
Of which the amount of bad debt provision recovered or reversed during the period is significant:
□Applicable √Not applicable
(6). Dividends receivable actually written off during the period
□Applicable √Not applicable
Dividends receivable written off of which the amount is significant:
□Applicable √Not applicable
Note to write-offs:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
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Other receivables
(1). Disclosure by age
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Book Balance at the End of the Book Balance at the Beginning
Age
Period of the Period
Within 1 year
Including: sub-item within 1 year
Within 1 year 58,811,953.26 50,731,522.57
Subtotal within 1 year 58,811,953.26 50,731,522.57
1 to 2 years 12,412,676.06 35,362,927.22
2 to 3 years 11,253,844.84 11,647,415.88
Over 3 years 4,642,265.68 3,969,015.68
3 to 4 years
4 to 5 years
Over 5 years 1,087,401.00 988,401.00
Total 58,811,953.26 50,731,522.57
(2). Categorized by nature of funds
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Book balance at the end of the Book balance at the beginning
Nature of Funds
period of the period
Petty cash funds 994,300.00 6,027,386.91
Security deposits 71,457,183.92 73,765,967.01
Others 15,756,656.92 22,905,928.43
Total 88,208,140.84 102,699,282.35
(9). Particualrs of bad debt provision
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Phase 1 Phase 2 Phase 3
Expected credit Expected credit
Expected
Bad debt loss throughout the loss throughout the
credit loss in Total
provision duration (no credit duration (credit
the next 12
impairment impairment has
months
occurred) occurred)
Balance on
12,936,904.04 12,936,904.04
January 1, 2024
Balance of the
current period on
January 1, 2024
--Transfer to
Phase 2
--Transfer to
Phase 3
--Transfer to
Phase 2
--Transfer to
Phase 1
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Provision made
in the current
period
Reversal in the
1,506,124.90 1,506,124.90
current period
Write-off in the
current period
Write-off in the
current period
Other changes
Balance on
December 30, 11,430,779.14 11,430,779.14
2024
Notes to significant changes in the book balance of other receivables that have changed in the current
period:
□Applicable √Non-applicable
Amount of bad debt provision in the current period and the basis for assessing whether the credit risk of
financial instruments has increased significantly:
□Applicable √Non-applicable
(10). Particualrs of bad debt provision
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount Changed in the Current Period
Balance at the Balance at the
Category Beginning of Withdra Other End of the
Provision Write-off
the Period wal or Changes Period
Reversal
Accounts
receivable with
1,506,12
bad debt accrued 12,936,904.04 11,430,779.14
4.90
based on aging
portfolio
Total 1,506,12
12,936,904.04 11,430,779.14
4.90
Bad debt provision in the current period with significant amount of withdrawal or reversal:
□Applicable √Non-applicable
(5). Particulars of other receivables actually written off in the current period
□Applicable √Non-applicable
Particulars about significant other receivables written off:
□Applicable √Non-applicable
Note to other receivables written off:
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□Applicable √Non-applicable
(6). Particulars of other receivables of the top five closing balances collected by debtors
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Proportion Balance
in total of bad
Balance
other debt
Nature of at the
Name of Unit Aging receivables provision
funds end of
at the end of at the end
the
the period of the
period
(%) period
Avalon Risk
Deposits and 819,582.0
Management Insurance 16,391,640.00 18.58 Note
guarantees 0
Ag
Development and
Management
Deposits and Within 1 4,881,393.
Administration 12,889,898.00 14.61
guarantees year 30
Committee of Ningbo
Hangzhou Bay New Area
Hugo Galindo Y Deposits and 577,795.3
11,555,907.17 13.10 1-2 years
Asociados Sc guarantees 6
Dge-Re 7r Immobilien Within 1 769,074.2
7,690,742.40 8.72 Other
Unternehmergesellschaft year 4
Arca Star Solutions Co., Deposits and Within 1 356,340.0
7,126,800.00 8.08
Ltd. guarantees year 0
Total / / 7,404,184.
55,654,987.57 63.09
90
Note: The amount within 2-3 year is RMB 9,508,485.00, and the amount due within 3-4 years is RMB
3,381,413.000.
(7). Presented in other receivables due to centralized management of funds
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
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10. Inventories
(1). Category of inventories
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the End of the Period Balance at the Start of the Period
Inventory
Inventory depreciation
depreciation provision
Item provision or contract
Book Balance Book Value Book Balance or contract Book Value
performance cost
performance cost
impairment provision
impairment provision
Raw materials 657,510,602.07 6,035,422.95 651,475,179.12 417,047,432.46 3,749,418.34 413,298,014.12
WIPs 775,901,486.86 7,620,081.35 768,281,405.51 873,843,603.34 6,041,797.88 867,801,805.46
Finished goods 1,271,442,724.74 61,332,334.14 1,210,110,390.60 1,274,079,073.65 50,752,108.46 1,223,326,965.19
Revolving materials 48,148,014.67 48,148,014.67 28,925,666.14 28,925,666.14
Consumptive
biological assets
Contract performance
cost
Delivered goods 850,532,278.68 65,140,822.65 785,391,456.03 772,568,717.76 61,079,363.56 711,489,354.20
Total 3,603,535,107.02 140,128,661.09 3,463,406,445.93 3,366,464,493.35 121,622,688.24 3,244,841,805.11
(2). Data resources recognized as inventory
□Applicable√Non-applicable
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(3). Inventory depreciation provision and contract performance cost impairment provision
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Increase in the Current Period Decrease in the Current Period
Balance at the Balance at the End
Item Reversal or
Start of the Period Accrued Others Others of the Period
Write-off
Raw materials 3,749,418.34 2,950,326.23 664,321.62 6,035,422.95
WIPs 6,041,797.88 1,707,037.19 128,753.72 7,620,081.35
Finished goods 50,752,108.46 12,745,809.60 2,165,583.92 61,332,334.14
Revolving materials
Consumptive biological assets
Contract performance cost
Delivered goods 61,079,363.56 5,226,471.56 1,165,012.47 65,140,822.65
Total 121,622,688.24 22,629,644.58 4,123,671.73 140,128,661.09
Reasons for reversal or write-off of provision for decline in value of inventories during the period
√ Applicable □ Not applicable
After the provision for decline in value of inventories has been made, if the factors affecting the previous write-down of the value of inventories have disappeared,
resulting in the net realizable value of inventories being higher than the book value, the provision for decline in value of inventories will be reversed to the extent of
the amount of provision for decline in value of inventories originally made, and the reversal will be recognized in the gain or loss of the current period
Provision for decline in value of inventories by portfolio
√Applicable □Not applicable
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Unit: Yuan Currency: RMB
End of the period Beginning of the period
Accrual
Accrual proportion
Name of the portfolio proportion of
Book balance Falling price reserves of falling price Book balance Falling price reserves
falling price
reserves (%)
reserves (%)
Within 1 year 3,359,488,715.53 24,928,174.78 0.74 3,166,420,501.17 22,425,432.86 0.71
Over 1 year 244,046,391.49 115,200,486.31 47.20 200,043,992.18 99,197,255.38 49.59
Total 3,603,535,107.02 140,128,661.09 3,366,464,493.35 121,622,688.24
Provisioning criteria for provision for decline in value of inventories by portfolio
√Applicable □Not applicable
For inventories with an age of more than one year and corresponding to the relevant models that have ceased production, the net realizable value is zero; for other
inventories, the net realizable value is the estimated selling price less estimated selling expenses and related taxes.
(4). Notes to the balance at the end of the inventory period with the capitalized amount of borrowing costs
□Applicable √Non-applicable
(5). Notes to the amortized amount in the current period of contract performance cost
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
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11. Held-for-sale assets
□Applicable √Non-applicable
12. Non-current assets due within one year
□Applicable √Non-applicable
Debt investments maturing within one year
□Applicable √Non-applicable
Other debt investments due within one year
□Applicable √Non-applicable
13. Other current assets
√Applicable□Non-applicable
Unit：Yuan Currency：RMB
Balance at the End of the Balance at the Beginning of
Item
Period the Period
Contract acquisition cost
Return cost receivable
VAT input tax to be deducted 293,399,410.27 274,192,305.55
Advance payment of corporate
9,730,304.44
income tax
Advance payment of other taxes 2,249.26
Total 293,399,410.27 283,924,859.25
14. Debt investments
(1). Particulars of debt investments
□Applicable √Not applicable
Changes in provision for impairment of debt investments during the period
□Applicable √Not applicable
(2). Significant debt investments at the end of the period
□Applicable √Not applicable
(3). Provision for impairment
□Applicable √Not applicable
Note to significant changes in the carrying amount of debt investments for which changes in provision
for losses occurred during the period:
□Applicable √Not applicable
Amount of provision for impairment for the current period and the basis adopted for assessing whether
there is a significant increase in the credit risk of financial instruments:
□Applicable √Not applicable
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(4). Actual write-off of debt investments during the period
□Applicable √Not applicable
Particulrs on write-off of significant debt investments
□Applicable √Not applicable
Note to write-off of debt investments:
□Applicable √Not applicable
15. Other debt investments
(1). Other debt investments
□Applicable √Not applicable
Changes in provision for impairment of other debt investments during the period
□Applicable √Not applicable
(2). Significant other debt investments at the end of the period
□Applicable √Not applicable
(3). Provision for impairment
□Applicable √Not applicable
Note to significant changes in the carrying amount of other debt investments for which changes in
provision for losses occurred during the period:
□Applicable √Not applicable
Amount of provision for impairment for the current period and the basis adopted for assessing whether
there is a significant increase in the credit risk of the financial instruments:
□Applicable √Not applicable
(4). Other debt investments actually written off during the period
□Applicable √Not applicable
Write-off of significant other debt investments during the period
□Applicable √Not applicable
Note to write-off of other debt investments:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
16. Long-term receivables
(1). Long-term receivables
□Applicable √Not applicable
(2). Disclosure by bad debt accrual
□Applicable √Not applicable
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Provision for bad debts is made on a single item basis:
□Applicable √Not applicable
Note to bad debt provisioning on a single item basis:
□Applicable √Not applicable
Provision for bad debts by portfolio:
□Applicable √Not applicable
Provision for bad debts based on general model of expected credit losses
□Applicable √Not applicable
(3). Provision for bad debts
□Applicable √Not applicable
Of which the amount of bad debt provision recovery or reversal for the current period is significant:
□Applicable √Not applicable
(4). Long-term receivables actually written off during the period
□Applicable √Not applicable
Of which significant long-term receivables written off
□Applicable √Not applicable
Note to long-term receivables written off:
□Applicable √Not applicable
Other notes
□Applicable √Not applicable
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17. Long-term Equity Investment
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Decrease/Increase in the current period
Balance
Investment of
Balance at the profit and Adjustment Cash Provisi impairme
Invested Beginning of the Investment Investme loss on other Other dividends on for Balance at nt
Entity Period Increased nt recognized comprehen changes or profit impair Others the End of provision
Decrease under the the Period at the end
d equity sive in equity declared to ment
method income distribute accrued of the
period
I. Joint ventures
Tuopu
Electrical 119,476,291
99,109,088.70 20,367,203.16
Appliances Co., .86
Ltd.
Ningbo Borgers
Tuopu -57,771,
40,532,358.76 19,005,379.52 -1,766,346.87
Automobile 391.41
Parts Co., Ltd.
Subtotal -57,771, 119,476,291
139,641,447.46 19,005,379.52 18,600,856.29
391.41 .86
II. Affiliates
Subtotal
-57,771, 119,476,291
Total 139,641,447.46 19,005,379.52 18,600,856.29
391.41 .86
Other notes:
Johann Borgers GmBH is the foreign shareholder of the joint venture entity, Ningbo Borgers Tuopu Automobile Parts Co., Ltd. In accordance with the agreement
established with this entity, the Company has acquired a 50% equity stake in Ningbo Borgers Tuopu Automobile Parts Co., Ltd. for a cash consideration of
EUR2,450,000.00 (approximately RMB19,005,379.52). Following the successful completion of this acquisition, the Company's ownership in the original joint
venture increased to 100%, thereby granting it full control over the company and its subsidiaries. On April 25, 2024, the Company remitted the acquisition payment
and finalized the necessary procedures for the alteration of shareholding in the previous joint venture. Subsequent to the acquisition, Ningbo Borgers Tuopu
Automobile Parts Co., Ltd. was rebranded as Ningbo Tuopu Trim Parts Co., Ltd. and was incorporated into the consolidated financial statements, ceasing to be
classified as a joint venture.
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(2). Particulars on impairment test of long-term equity investments
□Applicable √Non-applicable
18. Other equity instrument investments
(1). Particulars of other equity instrument investments
□Applicable √Non-applicable
(2). Particulars of investment in non-trading equity instruments
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
19. Other non-current financial assets
□Applicable √Non-applicable
20. Investment property
Measurement options of investment property
(1). Investment properties measured by cost method
Unit： Yuan Currency： RMB
Buildings and Land use Projects under
Item Total
constructions rights Construction
I . Original book value
1. Balance at the
44,143,733.52 6,689,012.00 50,832,745.52
beginning of the period
2. Increased in the
Current Period
(1) Purchase
(2) Transfer-in of
Inventory\Fixed
assets\Construction in
progress
(3) Increase from
business combination
3. Decreased in the
Current Period
(1) Disposal
(2) Other Transfer-out
4. Balance at the end of
44,143,733.52 6,689,012.00 50,832,745.52
the period
II. Accumulated Depreciation and Amortization
1. Balance at the
24,890,821.98 2,962,831.99 27,853,653.97
beginning of the period
2. Increased in the 729,118.21
638,951.31 90,166.90
Current Period
(1) Accrual or
638,951.31 90,166.90 729,118.21
Amortization
3. Decreased in the
Current Period
(1) Disposal
(2) Other transfer-out
4. Balance at the end of 25,529,773.29 3,052,998.89 28,582,772.18
the period
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III. Provision for Impairment
1. Balance at the
beginning of the period
2. Increased in the
Current Period
(1) Accrual
3. Decreased in the
Current Period
(1) Disposal
(2) Other Transfer-out
4. Balance at the end of
the period
IV. Book value
1. Book value at the end 22,249,973.34
18,613,960.23 3,636,013.11
of the period
2. Book value at the
19,252,911.54 3,726,180.01 22,979,091.55
beginning of the period
(2). Particulars of investment property without the property right certificate granted
□Applicable √Non-applicable
(3). Impairment test of investment properties using the cost measurement model
□Applicable √Non-applicable
Other Notes
□Applicable √Non-applicable
21. Fixed assets
Presentation of items
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Balance at the end of the Balance at the beginning of
Item
period the period
Fixed assets 12,435,665,858.51 11,518,327,615.38
Disposal of fixed assets
Total 12,435,665,858.51 11,518,327,615.38
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Fixed Assets
(1). Particulars of fixed Assets
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Office Buildings for photovoltaic
Houses and Means of Machinery
Item equipment and commercial engineering Total
buildings transportation and equipment
others use projects
I . Original book value:
1.Balance at the
4,592,213,418.68 10,625,086,220.88 41,932,295.32 290,246,020.06 68,200,328.83 144,838,446.00 15,762,516,729.77
beginning of the period
2. Increased in the
260,367,985.31 1,228,464,076.42 4,731,503.24 16,391,611.09 144,792,671.20 1,654,747,847.26
Current Period
（1）Purchase 1,134,431.93 229,386,176.55 3,816,831.19 13,136,779.58 247,474,219.25
（2）Transfer-in
of project under 254,939,527.30 972,077,861.74 2,636,721.73 144,792,671.20 1,374,446,781.97
construction
（3）Increase
from business 4,294,026.08 27,000,038.13 914,672.05 618,109.78 32,826,846.04
combination
3.Decreased
amount in the Current 50,548,835.54 1,657,916.76 57,087.62 52,263,839.92
Period
（1）Disposal or
50,548,835.54 1,657,916.76 57,087.62 52,263,839.92
scrapping
4. Balance at the
4,852,581,403.99 11,803,001,461.76 45,005,881.80 306,580,543.53 68,200,328.83 289,631,117.20 17,365,000,737.11
end of the period
II. Accumulated Depreciation
1. Balance at the
753,932,863.11 3,296,106,717.48 24,374,512.79 156,653,650.45 7,030,210.64 6,091,159.92 4,244,189,114.39
beginning of the period
2. Increased in the
102,622,934.53 587,547,129.84 3,557,692.00 12,235,630.64 841,517.12 5,607,585.15 712,412,489.28
Current Period
159 / 271
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(1) Accrual 100,874,421.19 575,382,501.36 2,871,156.76 11,732,418.85 841,517.12 5,607,585.15 697,309,600.43
(2) Increases
from business 1,748,513.34 12,164,628.48 686,535.24 503,211.79 15,102,888.85
combination
3.Decreased
amount in the Current 25,780,086.41 1,481,713.79 4,924.87 27,266,725.07
Period
（1）Disposal or 25,780,086.41 1,481,713.79 4,924.87 27,266,725.07
scrapping
4.Balance at the
856,555,797.64 3,857,873,760.91 26,450,491.00 168,884,356.22 7,871,727.76 11,698,745.07 4,929,334,878.60
end of the period
III. Provision for Impairment
1. Balance at the
beginning of the period
2. Increased in the
Current Period
(1) Accrual
3. Decreased in the
Current Period
（1）Disposal or
scrapping
4. Balance at the
end of the period
IV. Book value
1.Book value at
3,996,025,606.35 7,945,127,700.85 18,555,390.80 137,696,187.31 60,328,601.07 277,932,372.13 12,435,665,858.51
the end of the period
2. Book value at
the beginning of the 3,838,280,555.57 7,328,979,503.40 17,557,782.53 133,592,369.61 61,170,118.19 138,747,286.08 11,518,327,615.38
period
160 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(2). Particulars of temporarily idle fixed assets
□Applicable √Non-applicable
(3). Particulars of fixed assets rented under financial leasing
□Applicable √Non-applicable
(4). Particulars of fixed assets without property right certificate granted
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Reason for non-granted property
Item Book Value
right certificate
Houses and buildings 520,487,608.26 In process
(5). Impairment test of fixed assets
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
Disposal of fixed assets
□Applicable √Non-applicable
22. Project under construction
Presentation of items
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the End of the Balance at the Beginning of the
Item
Period Period
Construction in progress 2,748,282,117.57 2,999,617,867.21
Construction supplies and
materials
Total 2,748,282,117.57 2,999,617,867.21
161 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Construction in Progress
(1). Details of construction in progress
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the end of the period Balance at the beginning of the period
Item Provision for Provision for
Book Balance Book value Book Balance Book value
decline in value decline in value
Equipment and software 2,176,578,879.07 2,176,578,879.07 2,243,955,143.40 2,243,955,143.40
installation project
Tools under fabrication 107,768,697.50 107,768,697.50 123,931,701.82 123,931,701.82
Parent company project 475,137.32 475,137.32 219,377.88 219,377.88
Tuopu EV Project 452,283.19 452,283.19 452,283.19 452,283.19
Tuopu Chassis Project 65,582,514.16 65,582,514.16 55,006,264.64 55,006,264.64
Skateboard Chassis Project 0.00 0.00 834,597.60 834,597.60
Ningbo Qianhui Project 130,601,028.56 130,601,028.56 97,650,602.44 97,650,602.44
Ushone Technology Project 38,821,365.25 38,821,365.25 45,903,374.46 45,903,374.46
Tuopu Poland Project 0.00 0.00 108,989,892.40 108,989,892.40
Chongqing Chassis Project 29,950,003.13 29,950,003.13 106,205,202.98 106,205,202.98
Tuopu Photovoltaic 4,381,589.53 4,381,589.53 2,434,216.41 2,434,216.41
Technology (Hangzhou Bay)
Project
Tuopu Photovoltaic 6,413,011.85 6,413,011.85 6,413,011.85 6,413,011.85
Technology (Taizhou) Project
Tuopu Photovoltaic 30,090,639.73 30,090,639.73 29,159,790.00 29,159,790.00
Technology (Jinhua) Project
Tuopu Photovoltaic 0.00 0.00 19,784,124.40 19,784,124.40
Technology (Ningbo Yinzhou)
Project
Tuopu Photovoltaic 0.00 0.00 7,450,367.54 7,450,367.54
Technology (Xiangtan)
Project
Tuopu Photovoltaic 0.00 0.00 760,550.45 760,550.45
Technology (Wuhan) Project
162 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Taizhou Tuopu Project 2,620,066.87 2,620,066.87 8,614,686.36 8,614,686.36
Xi’an Tuopu Project 0.00 0.00 32,669,447.24 32,669,447.24
Huzhou Tuopu Project 124,111,152.74 124,111,152.74 100,655,085.19 100,655,085.19
Anhui Tuopu Project 30,435,748.67 30,435,748.67 8,528,146.96 8,528,146.96
Tuopu Mexico Project 2,748,282,117.57 2,748,282,117.57 2,999,617,867.21 2,999,617,867.21
Total 2,176,578,879.07 2,176,578,879.07 2,243,955,143.40 2,243,955,143.40
163 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(2). Changes in significant construction in progress during the current period
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Project Including
accumulati : Capitalizati
Other Accumulat
Increased Transfer ve capitalize on rate of Capital
Balance at amounts Balance at ed
in the amounts of investment Project d interest the interest
Item Budget the Start of decreased the End of capitalized
current fixed assets as a progress amount in the Source
the Period in current the Period interest
period in this period percentage in the current
period amount
of the current period (%)
budget (%) period
Equipment
and Under Self-fun
2,243,955,14 755,975,64 816,686,949. 6,664,959. 2,176,578,87
software construct ded or
3.40 4.93 34 92 9.07
installation ion raised
project
Under Self-fun
Tools under 1,300,000
452,283.19 452,283.19 95.44 construct ded or
fabrication ,000.00
ion raised
Tuopu Under Self-fun
1,250,000 55,006,264.6 10,576,249. 65,582,514.1
Chassis 45.38 construct ded or
,000.00 4 52 6
Project ion raised
Skateboard Under Self-fun
250,000,0 97,650,602.4 32,950,426. 130,601,028.
Chassis 52.24 construct ded or
00.00 4 12 56
Project ion raised
Ushone Under
250,000,0 45,903,374.4 38,821,365.2 Self-fun
Technology 7,082,009.21 85.86 construct
00.00 6 5 ded
Project ion
Under Self-fun
Tuopu Poland 220,000,0 108,989,892. 59,089,190. 168,079,082.
0.00 76.40 construct ded or
Project 00.00 40 26 66
ion raised
Chongqing Under
230,000,0 106,205,202. 26,204,440. 102,459,640. 29,950,003.1 Self-fun
Chassis 84.29 construct
00.00 98 54 39 3 ded
Project ion
Tuopu Under
Photovoltaic construct
130,000,0 5,994,619. Self-fun
Technology 8,614,686.36 2,620,066.87 6.63 ion
00.00 49 ded
(Hangzhou
Bay) Project
164 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Under Self-fun
Xi’an Tuopu 150,000,0 32,669,447.2 51,016,411. 83,685,859.0
0.00 55.79 construct ded or
Project 00.00 4 83 7
ion raised
Under Self-fun
Huazhou 200,000,0 100,655,085. 23,456,067. 124,111,152.
62.06 construct ded or
Tuopu Project 00.00 19 55 74
ion raised
Under
Anhui Tuopu 150,000,0 21,907,601. 30,435,748.6 Self-fun
8,528,146.96 20.29 construct
Project 00.00 71 7 ded
ion
Tuopu /
2,808,630,12 981,176,03 1,177,993,54 12,659,57 2,599,153,04
Mexico / / /
9.26 2.46 0.67 9.41 1.64
Project
Under Self-fun
2,243,955,14 755,975,64 816,686,949. 6,664,959. 2,176,578,87
Total construct ded or
3.40 4.93 34 92 9.07
ion raised
165 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(3). Provision for impairment of construction in progress in the current period
□Applicable √Non-applicable
(4). Particulars of construction materials and supplies
□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
Construction materials and supplies
(1). Particulars on construction materials and supplies
□Applicable √Non-applicable
23. Productive biological assets
(1). Productive biological assets measured at cost
□Applicable √Non-applicable
(2). Impairment test of productive biological assets using the cost measurement
□Applicable √Non-applicable
(3). Productive biological assets measured at fair value
□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
24. Oil and gas assets
(1). Particulars on oil and gas assets
□Applicable √Non-applicable
(2). Impairment test of oil and gas assets
□Applicable √Non-applicable
25. Right-of-use assets
(1). Particulars on right-of-use assets
□Applicable √Non-applicable
Unit： Yuan Currency： RMB
Item Houses and buildings Total
I . Original book value
1. Balance at the beginning of 395,609,526.26
395,609,526.26
the period
2. Increased in the Current 1,560,855.24
1,560,855.24
Period
(1)New leases
（2）Other 1,560,855.24 1,560,855.24
3.Decreased in the Current 1,265,991.70
1,265,991.70
Period
166 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(1)Disposal
(2) Other 1,265,991.70 1,265,991.70
4. Balance at the end of the 395,904,389.80
395,904,389.80
period
II. Accumulated amortization
1. Balance at the beginning of 54,986,304.24
54,986,304.24
the period
2. Increased in the Current
29,535,513.23 29,535,513.23
Period
(1) Accrual 29,492,641.77 29,492,641.77
(2)Other 42,871.46 42,871.46
3.Decreased in the Current 380,607.61
380,607.61
Period
(1) Disposal
(2) Other 380,607.61 380,607.61
4. Balance at the end of the 84,141,209.86
84,141,209.86
period
III. Provision for Impairment
1. Balance at the beginning of
the period
2. Increased in the Current
Period
(1) Accrual
3. Decreased amount in the
Current Period
(1)Disposal
4. Balance at the end of the
period
IV. Book value
1.Book value at the end of the 311,763,179.94
311,763,179.94
period
2.Book value at the beginning of 340,623,222.02
340,623,222.02
the period
(2). Impairment test of right-of-use assets
□Applicable √Non-applicable
Other notes:
167 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
26. Intangible assets
(1). Particulars of intangible assets
√Applicable □Non-applicable
Unit： Yuan Currency： RMB
Non-patented
Item Land use rights Patent rights Softwares Emission rights Total
technologies
I . Original book value
1. Opening Balance 1,425,142,792.01 156,617,424.52 1,600,879.51 1,583,361,096.04
2. Increased in the Current
1,236,021.55 10,584,303.12 11,820,324.67
Period
(1) Purchase 1,236,021.55 9,284,602.37 10,520,623.92
(2) Internal research and
development
(3) Increase from business
1,299,700.75 1,299,700.75
combination
3.Decreased amount in the
Current Period
(1) Disposal
4. Balance at the end of the
1,426,378,813.56 167,201,727.64 1,600,879.51 1,595,181,420.71
period
II. Accumulated amortization
1. Balance at the beginning 130,605,213.29
61,064,068.30 1,550,611.96 193,219,893.55
of the period
2. Increased in the Current 13,576,412.28 23,174,697.49
9,573,203.14 25,082.07
Period
(1) Accrual 13,576,412.28 8,686,159.39 25,082.07 22,287,653.74
(2) Increase due to 887,043.75
887,043.75
business combination
(1) Disposal
4. Balance at the end of the
period
168 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
III. Provision for Impairment
1. Balance at the beginning
of the period
2. Increased in the Current
Period
(1) Accrual
3. Decreased in the Current
Period
(1) Disposal
4. Balance at the end of the
period
IV. Book value
1.Book value at the end of the
1,282,197,187.99 96,564,456.20 25,185.48 1,378,786,829.67
period
2.Book value at the beginning 1,294,537,578.72
95,553,356.22 50,267.55 1,390,141,202.49
of the period
The proportion of intangible assets formed through in-house research and development to the balance of intangible assets at the end of the period was 0
169 / 271
Ningbo Tuopu Group Co., Ltd Semi-annual Report 2024
(2). Data resources recognized as intangible assets
□Applicable √Non-applicable
(3). Particulars of land use rights without property right certificate granted
□Applicable √Non-applicable
(3). Particulars of impairment test of intangible assets
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
27. Development expenditure
□Applicable √Non-applicable
28. Goodwill
(1) Original book value of goodwill
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Decreased in
Increased in the
the current
current period
Name of invested Balance at the period Balance at the
entity or matter beginning of the Generated end of the
forming goodwill period from Oth Dispo Other period
business ers sal s
combination
Zhejiang Towin, 279,645,980.8
279,645,980.89
Suining Tuopu 9
Tuopu North
1,080,371.29 1,080,371.29
America Limited
Ningbo Qianhui 6,058,537.77 6,058,537.77
Chongqing Tuopu 565,010.88 565,010.88
287,349,900.8
Total 287,349,900.83
3
(2) Provision of impairment in goodwill
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Name of invested Balance at the Increased in the Decreased in the
current period current period Balance at the
entity or matter beginning of
end of the period
forming goodwill the period Accrual Other Disposal Other
Zhejiang Towin、
78,108,305.34 78,108,305.34
Suining Tuopu
Tuopu North
America Limited
170 / 271
Ningbo Tuopu Group Co., Ltd Semi-annual Report 2024
Ningbo Qianhui 6,058,537.77 6,058,537.77
Chongqing Tuopu
Total 84,166,843.11 84,166,843.11
(3). Information about the asset group or combination of asset groups where the goodwill is a part
√Applicable□Non-applicable
Composition and
basis of the asset Operating segment Whether consistent with
Name
group or portfolio to and basis previous years
which it belongs
Long-term
operating assets of
Zhejiang Towin and
Suining Tuopu, as The operating
well as the goodwill segments are Zhejiang
Asset portfolio of allocated to this Towin and Suining
Zhejiang Towin, asset group, based Tuopu, based upon Yes
Suining Tuopu Chassis upon the smallest the internal
combination of organizational
assets capable of structure
generating
independent cash
flows.
Long-term
operating assets of
Tuopu North
America Limited, as The operating
well as the goodwill segments are Tuopu
Asset portfolio of allocated to this North America
Tuopu North America asset group, based Limited, based upon Yes
Limited upon the smallest the internal
combination of organizational
assets capable of structure
generating
independent cash
flows.
Long-term
operating assets of
Ningbo Qianhui, as
well as the goodwill The operating
allocated to this segments are Ningbo
Asset portfolio of asset group, based Qianhui, based upon
Yes
Ningbo Qianhui upon the smallest the internal
combination of organizational
assets capable of structure
generating
independent cash
flows.
Long-term The operating
operating assets of segments are
Asset portfolio of Chongqing Tuopu Chongqing Tuopu
Yes
Chongqing Tuopu (including its (including its
wholly-owned wholly-owned
subsidiary subsidiary Hangzhou
171 / 271
Ningbo Tuopu Group Co., Ltd Semi-annual Report 2024
Hangzhou Tuopu), Tuopu), based upon
as well as the the internal
goodwill allocated organizational
to this asset group, structure
based upon the
smallest
combination of
assets capable of
generating
independent cash
flows.
Change in asset group or combination of asset groups
□Applicable √Not applicable
Other notes
□Applicable √Not applicable
(4). Specific determination of recoverable amount
Determination of recoverable amount as the net fair value less disposal costs
□Applicable √Not applicable
Determination of present value of recoverable amount as estimated future cash flows
√Applicable □Not applicable
Reasons for differences between the foregoing information and information used in impairment tests in
previous years or external information that is clearly inconsistent with the information
□Applicable √Not applicable
Reasons for differences between the information used in the Company's impairment tests in previous
years and the actual situation in the current year that are obviously inconsistent
□Applicable √Not applicable
(5). Performance commitments and corresponding goodwill impairment
Performance commitments existed at the time of the formation of goodwill and the reporting period or
the previous period of the reporting period was within the performance commitment period.
□Applicable √Not applicable
Other notes
□Applicable √Not applicable
28. Long-term prepaid expenses
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the Prepaid Other Balance at the
Increased in the
Item beginning of Expenses in Amounts End of the
current period
the period This Period Decreased Period
Renovation 57,533,803.90 10,504,073.32 13,666,605.68 1,211,804.33 53,159,467.21
172 / 271
Ningbo Tuopu Group Co., Ltd Semi-annual Report 2024
cost, etc.
Other 111,564,725.89 35,918,726.54 35,380,881.98 1,176,544.30 110,926,026.15
Total 169,098,529.79 46,422,799.86 49,047,487.66 2,388,348.63 164,085,493.36
29. Deferred income tax assets/deferred income tax liabilities
(1). Deferred income tax assets that are not written off
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the beginning of the
Balance at the end of the period
period
Item Taxable Taxable Deferred
Deferred Income
temporary temporary Income Tax
Tax Liabilities
difference difference Liabilities
Provision for
621,810,329.52 140,963,631.55 580,348,774.48 132,000,760.12
impairment of assets
Unrealized profits
169,271,281.96 41,652,866.02 152,661,213.35 37,356,680.93
from internal transactions
Deductible loss
Deferred income 423,955,781.50 68,626,802.66 424,223,057.18 73,625,068.41
Transactional financial
319,939.40 47,990.91 383,273.84 57,491.08
assets
Lease liabilities 321,388,032.49 88,243,493.81 344,361,800.01 93,729,723.27
Total 1,536,745,364.87 339,534,784.95 1,501,978,118.86 336,769,723.81
(2). Deferred income tax liabilities that are not written off
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the beginning of the
Balance at the end of the period
period
Item Taxable Taxable
Deferred Income Deferred Income
temporary temporary
Tax Liabilities Tax Liabilities
difference difference
Assessed appreciation of
assets from business
combination of the 35,157,905.28 8,789,476.32 36,815,532.32 9,203,883.08
companies not under the
same control
Changes in the fair value
of other equity
instrument investments
Changes in the fair value
of other debt investments
Accelerated depreciation
695,907,020.75 104,386,053.11 611,948,559.17 91,792,283.87
of fixed assets
Temporary differences in
10,955,330.48 1,643,299.57 52,409,376.44 7,861,406.47
convertible bonds
Right-of-use assets 313,704,505.89 85,793,241.84 340,623,222.02 92,510,712.25
Total 1,055,724,762.40 200,612,070.84 1,041,796,689.95 201,368,285.67
173 / 271
Ningbo Tuopu Group Co., Ltd Semi-annual Report 2024
(3). Deferred income tax assets or liabilities presented by net amount after offset
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount of Beginning
Amount of Ending balance
deferred tax balance of
deferred tax of deferred tax
assets and deferred tax
Item assets and assets or
liabilities offset assets or
liabilities offset liabilities after
at beginning of liabilities after
at end of period offsetting
period offsetting
Deferred income tax
127,211,478.49 212,323,306.46 134,530,264.99 202,239,458.82
assets
Deferred income tax
127,211,478.49 73,400,592.35 134,530,264.99 66,838,020.68
liabilities
(4). Particulars on unrecognized deferred income tax asset
□Applicable √Non-applicable
(5). Deductible losses of unrecognized deferred income tax assets will expire in the following years
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
30. Other non-current assets
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Provision
Provision
Item Book for
Book value Book balance for decline Book value
balance decline in
in value
value
Contract
acquisition
cost
Contract
performance
cost
Return cost
receivable
Contract
assets
Prepayments
or 310,877,284 310,877,284. 292,058,305.8 292,058,305
construction .74 74 2 .82
equipment
310,877,284 310,877,284. 292,058,305.8 292,058,305
Total
.74 74 2 .82
174 / 271
Ningbo Tuopu Group Co., Ltd Semi-annual Report 2024
31. Assets with restricted ownership or right to use
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
End of period Beginning of period
Item Type of Condition of Type of Condition of
Book balance Book value Book balance Book value
restriction restriction restriction restriction
Bank and Security Security
490,835,991.95 490,835,991.95 Other 541,429,058.76 541,429,058.76 Other
cash deposit deposit
Notes
482,580,085.17 480,750,837.88 Pledge Pledge
Receivable
Inventories
Including:
data
resources
Fixed
964,846,332.80 645,652,939.22 Mortgage Mortgage 964,846,332.80 664,318,107.19 Mortgage Mortgage
assets
Intangible
215,968,916.82 163,488,461.48 Mortgage Mortgage 215,968,916.82 167,242,044.27 Mortgage Mortgage
assets
Including:
data
resources
Investment
24,529,646.86 8,165,756.94 Mortgage Mortgage 24,529,646.86 8,501,803.54 Mortgage Mortgage
properties
Receivables
5,271,872.86 5,271,872.86 Pledge Pledge 438,059,635.51 438,059,635.51 Pledge Pledge
financing
Total 1,701,452,761.29 1,313,415,022.45 / / 2,667,413,675.92 2,300,301,487.15 / /
175 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
32. Short-term loans
(1). Category of Short-term loans
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the beginning of the
Item Balance at the end of the period
period
Pledge loan
Mortgage loan
Guaranteed loan
Credit loan 726,000,000.00 999,000,000.00
Unmatured interest 540,185.71 798,705.09
Total 726,540,185.71 999,798,705.09
(2). Short-term loans that have been late for repayment
□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
33. Transactional financial liabilities
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
34. Derivative financial liabilities
□Applicable √Non-applicable
35. Notes payable
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the beginning of the
Category Balance at the end of the period
period
Commercial acceptance
notes
Bank acceptance notes 1,471,685,278.98 2,855,691,274.58
Total 1,471,685,278.98 2,855,691,274.58
36. Accounts payable
(1). Presentation of accounts payable
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Balance at the end of the Balance at the beginning of the
period period
176 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Within 1 year (including 1
5,229,101,388.57 5,220,972,897.01
year)
1-2 years (including 2 years) 102,230,071.91 156,534,365.52
2-3 years (including 3 years) 17,444,793.26 16,867,130.16
Over 3 years 12,195,958.71 12,663,168.61
Total 5,360,972,212.45 5,407,037,561.30
(2). Important accounts payable aged over 1 year
□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
37. Advance receipts
(1). Presentation of advance receipts
□Applicable √Non-applicable
(2). Important accounts payable aged over 1 year
□Applicable √Non-applicable
(3). Amounts and reasons for significant changes in book value during the reporting period
□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
38. Contract liabilities
(1). Particulars on contract liabilities
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the beginning of the
Item Balance at the end of the period
period
Within 1 year (including 1
30,128,959.68 11,579,301.98
year)
1-2 years (including 2 years) 616,493.46 1,010,852.47
2-3 years (including 3 years) 2,009,729.27 1,199,952.64
Over 3 years 6,038,937.82 6,300,170.64
Total 38,794,120.23 20,090,277.73
(2). Significant contractual liabilities aged over 1 year
□Applicable √Non-applicable
(3). Amount and reason for significant change in the book value during the reporting period
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
39. Payroll payable
(1).Presentation of payroll payable
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the
Increased in the Decreased in the Balance at the
Item Beginning of the
current period current period End of the Period
Period
I . Short-term
342,631,685.69 1,336,535,095.24 1,401,467,914.32 277,698,866.61
remuneration
II. Demission
benefits -
defined 10,867,793.79 82,639,197.56 92,572,811.42 934,179.93
contribution
scheme
III. Dismissal
benefits
IV. Other
benefits due
within 1 year
Total 353,499,479.48 1,419,174,292.80 1,494,040,725.74 278,633,046.54
(2).Presentation of short-term remuneration
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the
Increased in the Decreased in the Balance at the
Item Beginning of the
current period current period End of the Period
Period
1. Wages or
salaries,
bonuses, 319,012,621.05 1,169,203,633.74 1,234,593,633.42 253,622,621.37
allowances and
subsidies
2. Staff welfare 18,906,419.98 86,702,878.13 85,450,788.88 20,158,509.23
3. Social
insurance 2,008,884.98 34,706,961.63 36,193,277.34 522,569.27
contributions
Including:
medical
1,697,162.65 30,370,878.91 31,602,944.43 465,097.13
insurance
premium
Work
injury
278,632.14 4,184,915.12 4,415,961.02 47,586.24
insurance
premium
Birth
insurance 33,090.19 151,167.60 174,371.89 9,885.90
premium
4. Housing
315,917.50 37,096,109.74 37,187,287.20 224,740.04
funds
5. Labor union 2,387,842.18 8,825,512.00 8,042,927.48 3,170,426.70
178 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
and education
funds
6. Short-term
paid absences
7. Short-term
profit sharing
plan
Total 342,631,685.69 1,336,535,095.24 1,401,467,914.32 277,698,866.61
(3). Presentation of defined contribution plan
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the Increased in Decreased in Balance at the
Item beginning of the the current the current end of the
period period period period
1. Basic pension insurance
10,553,084.23 79,301,001.23 88,943,483.65 910,601.81
premium
2. Unemployment
314,709.56 3,338,196.33 3,629,327.77 23,578.12
insurance premium
3. Corporate annuity
payment
Total 10,867,793.79 82,639,197.56 92,572,811.42 934,179.93
Other Notes
□Applicable √Non-applicable
40.Taxes payable
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the beginning of the
Item Balance at the end of the period
period
VAT 53,405,263.14 52,358,919.15
Enterprise Income Tax 99,897,546.93 128,229,994.26
Individual income tax 2,825,455.50 3,088,818.10
Urban Maintenance and
3,615,507.48 3,514,290.88
Construction Tax
Education surcharges 1,688,654.35 1,679,260.68
Local education surcharges 1,138,961.95 1,118,994.07
Property tax 21,794,386.92 34,568,143.81
Land use tax 10,202,337.90 21,857,255.01
Environmental protection tax 1,217.81 777.38
Disabled security fund 29,260,819.88 17,783,858.89
Special funds for water
106,081.31 80,953.70
conservancy construction
Stamp duty 7,545,190.25 6,875,496.68
Total 231,481,423.42 271,156,762.61
41.Other payables
(1). Presentation of items
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the end of the Balance at the beginning of
Item
period the period
179 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Interest Payable
Dividends Payable 646,503,426.53
Other payables 27,045,318.64 24,690,743.41
Total 673,548,745.17 24,690,743.41
(2). Interest payable
□Applicable √Non-applicable
(3). Dividends payable
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the beginning of the
Item Balance at the end of the period
period
Dividends on common shares 646,503,426.53
Dividends on preferred
shares\perpetual bonds classified
as equity instruments
Dividends on preferred
shares\perpetual bonds-XXX
Preferred stock\perpetual debt
dividend-XXX
Dividend payable-XXX
Dividends payable-XXX
Total 646,503,426.53
(4). Other payables
Other payables presented by nature of funds
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the beginning of the
Item Balance at the end of the period
period
Security deposits 21,555,203.89 16,792,416.42
Others 5,490,114.75 7,898,326.99
Total 27,045,318.64 24,690,743.41
Significant other payables aged over 1 year or overdue
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
42. Held-for-sale liabilities
□Applicable √Non-applicable
43. Non-current liabilities due within 1 year
√Applicable □Non-applicable
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Unit: Yuan Currency: RMB
Balance at the beginning of the
Item Balance at the end of the period
period
Long-term loans due within 1
2,471,105,978.82 1,239,252,506.51
year
Bonds payable due within 1
7,163,468.75 4,684,254.27
year
Long-term payables due
within 1 year
Lease liabilities due within 1
55,629,928.60 46,283,264.41
year
Total 2,533,899,376.17 1,290,220,025.19
44. Other current liabilities
Particulars on other current liabilities
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the beginning of the
Item Balance at the end of the period
period
Short-term bonds payable
Return payment payable
Prepaid and deferred output 3,591,562.55 1,690,671.66
tax
Borrowings from financial 3,591,562.55 1,690,671.66
leasing company
Total
Changes in short-term bonds payable:
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
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45. Long-term loans
(1). Category of long-term loans
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the beginning of the
Item Balance at the end of the period
period
Pledge loans
Mortgage loans 1,536,000,000.00 1,539,000,000.00
Guaranteed loans
Credit loans 2,364,368,519.06 2,203,206,364.26
Outstanding interest payable 2,963,014.43 3,170,099.51
Less: Long-term loans due within
-2,470,363,014.43 -1,239,252,506.51
one year
Total 1,432,968,519.06 2,506,123,957.26
Other notes:
□Applicable √Non-applicable
46. Bonds payable
(1). Bonds payable
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the beginning of the
Item Balance at the end of the period
period
Convertible corporate bonds 2,484,958,120.44 2,441,013,483.64
Less: Bonds payable due within
-7,163,479.05 -4,684,254.27
one year
Total 2,477,794,641.39 2,436,329,229.37
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(2). Changes in bonds payable: (excluding preferred stocks, perpetual bonds and other financial instruments classified as financial liabilities)
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Stated
Bond Interest Amortized at
interest Issue Current Current
Bond name Face value duratio Issue price Opening balance accrued at par premium/disco Closing balance Default or not
rate date issues repayment
n value unt price
（%）
Tuopu
2022/7/
Convertible 100.00 Note 6 years 2,500,000,000.00 2,441,013,483.64 2,479,224.78 41,469,412.02 4,000.00 2,484,958,120.44 No
14
Bond
Less: Bonds
payable due
4,684,254.27 2,479,224.78 7,163,479.05 No
within one
year
Total / / / / 2,436,329,229.37 41,469,412.02 4,000.00 2,477,794,641.39 /
Please be informed that the stated interest rates for the Company's public offering of convertible bonds are as follows: 0.2% in the first year, 0.4% in the second
year, 0.6% in the third year, 1.5% in the fourth year, 1.8% in the fifth year, and 2.0% in the sixth year. After the convertible bonds expire, the Company will redeem
all unconverted bonds from investors within five trading days at a price of 110% of the bonds' par value, including the last annual interest.
183 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(3). Note to convertible corporate bond
√Applicable □Non-applicable
Item Condition for conversion of shares Date of conversion of shares
In accordance with the relevant
provisions stated in the “Prospectus for
Public Offering of Convertible Bonds of
As of June 30, 2024, a total of
Ningbo Tuopu Group Co., Ltd”, the
RMB232,000 worth of Tuopu
"Tuopu Convertible Bonds" have been
Convertible Bonds has been
eligible for conversion into shares of the
converted into A shares of the
Company since January 20, 2023. The
Company, resulting in a
initial conversion price of the Company
cumulative conversion of 3,257
was set at RMB 71.38 per share.
Tuopu Convertible Bond shares.
However, as per the "Announcement of
Specifically, between January 1,
Ningbo Top Group Co., Ltd. on
2024, and June 30, 2024, the
Adjustment of Conversion Price of
cumulative conversion amount
Convertible Bonds due to Profit
for the Top Convertible Bonds
Distribution for the Year of 2022" issued
was RMB4,000, leading to the
on July 10, 2023, the conversion price
conversion of 56 shares.
was revised to RMB 70.92 per share.
The adjustment came into effect on July
17, 2023.
Accounting treatment and judgmental basis for transfer of equity
□Applicable √Not applicable
(4). Notes to other financial instruments classified as financial liabilities
General particulars of other financial instruments such as preferred stocks and perpetual bonds issued at
the end of the period
□Applicable √Non-applicable
Changes in financial instruments such as preferred stocks and perpetual bonds issued at the end of the
period
□Applicable √Non-applicable
Notes to the basis for classification of other financial instruments as financial liabilities:
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
184 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
47. Lease liabilities
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the beginning of the
Item Balance at the end of the period
period
Lease liabilities 319,574,399.80 344,361,800.01
Less: Lease liabilities due within
-55,629,928.59 -46,283,264.40
one year
Total 263,944,471.21 298,078,535.61
48. Long-term payables
Presentation of items
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
Long-term payables
(1). Long-term payables presented by the nature of payments
□Applicable √Non-applicable
Special payables
(2). Special payables presented by the nature of payments
□Applicable √Non-applicable
49. Long-term payroll payable
□Applicable √Non-applicable
50. Estimated liabilities
□Applicable √Non-applicable
51. Deferred income
Deferred income
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the
Increased in Decreased in Balance at the
Item beginning of the Reason
the period the period end of the period
period
Government
424,223,057.18 19,199,721.00 19,466,996.68 423,955,781.50
grants
Total 424,223,057.18 19,199,721.00 19,466,996.68 423,955,781.50 /
Other notes:
□Applicable √Non-applicable
185 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
52. Other non-current liabilities
□Applicable √Non-applicable
53. Equity
□Applicable √Non-applicable
Unit: Yuan Currency: RMB
Increased or decreased amount in this period (+/-)
Balance at the Shares Balance at the
beginning of converted end of the
New
the period Bonus from Subtotal period
issue Others
issue capital
reserves
Total 1,102,049,773.00 60,726,104.00 523,249,176.00 56.00 583,975,336.00 1,686,025,109.00
shares
Other notes:
During the period from January 1, 2023 to June 30, 2024, the Company executed the conversion of
56 shares of "Tuopu Convertible Bonds", resulting in an increase in registered capital (share capital) by
RMB 56.00.
186 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
54. Other equity instruments
(1). Basic information of other financial instruments such as preferred stocks and perpetual bonds issued at the end of the period
□Applicable √Non-applicable
(2). Changes in financial instruments such as preferred stocks and perpetual bonds issued at the end of the period
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Outstanding financial As at the end of last year Increase in this period Decrease in this period As at the end of this period
instruments
Quantity Book value Quantity Book value Quantity Book value Quantity Book value
Equity value of
24,997,720 143,201,172.16 40 269.57 24,997,680 143,200,902.59
convertible bonds
Total 24,997,720 143,201,172.16 40 269.57 24,997,680 143,200,902.59
Changes in other equity instruments during the current period, the reason for the changes, and the basis for related accounting treatments:
√Applicable □Non-applicable
During the period, a total of 2,280 "Tuopu Convertible Bonds" were converted into 40 shares, and the equity value of the Company's convertible bonds was
reduced by RMB 269.57.
Other notes:
□Applicable √Non-applicable
187 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
55. Capital reserve
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the
Increased in the Decreased in the Balance at the
Item beginning of the
period period end of the period
period
Capital
premium (equity 5,341,019,192.64 3,437,715,813.76 523,249,176.00 8,255,485,830.40
premium)
Other capital
10,348.78 10,348.78
reserves
Total 5,341,029,541.42 3,437,715,813.76 523,249,176.00 8,255,496,179.18
Other notes, including the changes during the period and the reasons for such changes:
1. On January 16, 2024, the Company completed the issuance of A shares to specific parties, and the net
proceeds were RMB3,498,437,798.43, of which RMB60,726,104 was credited to share capital and
RMB3,437,711,694.43 was credited to capital surplus.
2. From January 1, 2024 to June 30, 2024, the Company converted 56 shares of “Tuopu Convertible
Bonds”, resulting in an increase of the registered capital (share capital) of the Company by RMB 56
yuan and capital surplus by RMB 4,119.33.
3. On June 24, 2024, the annual general meeting of the Company in 2023 considered and approved the
annual equity distribution plan for 2023, in which the capitalization plan was based on the total share
capital of the Company of 1,162,775,947 shares before implementation, and 0.45 shares were transferred
to all shareholders per share from the capital reserve, with a total of 523,249,176 shares transferred.
56. Treasury bonds
□Applicable √Non-applicable
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
57. Other comprehensive income
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the current period
Less:
Less:
Recorded
recorded
into other
into other
Amount comprehen
Balance comprehen Attributa
incurred sive Less:
at the sive Attributabl ble to the Balance at
before incomes in Incom
Item beginning incomes in e to the minority the end of
income tax previous e Tax
of the previous Company sharehold the period
in the period and Expen
period period and after tax ers after
current transferred se
transferred tax
period to retained
to P/L in
income in
current
current
period
period
1. Other
comprehens
ive income
that cannot
be
reclassified
into profit
and loss
Including:
re-measure
ment of
changes in
defined
benefit
plans
Other
comprehens
ive income
that cannot
be
transferred
to profit and
loss under
the equity
method
Changes
in the fair
value of
other equity
instrument
investments
Changes
in fair value
of the
enterprise's
own credit
risk
2. Other
comprehens
ive income
-7,279,431 -28,471,69 -28,347,60 -124,090. -35,627,03
that will be
.39 5.74 5.24 50 6.63
reclassified
into profit
and loss
Including:
189 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
other
comprehens
ive income
that can be
transferred
to profit or
loss under
the equity
method
Changes in
the fair
value of
other debt
investments
Amount
of financial
assets
reclassified
and
included in
other
comprehens
ive income
Provision
for
impairment
of other
debt
investment
Cash flow
hedge
reserves
Translation
difference
-7,279,431 -28,471,69 -28,347,60 -124,090. -35,627,03
of foreign
.39 5.74 5.24 50 6.63
currency
financial
statements
-7,279,431 -28,471,69 -28,347,60 -124,090. -35,627,03
Total
.39 5.74 5.24 50 6.63
58. Special reserves
□Applicable √Non-applicable
59. Surplus reserves
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the
Increased in the Decreased in the Balance at the end
Item beginning of the
current period current period of the period
period
Statutory surplus 706,943,994.98 706,943,994.98
reserve
Discretionary
surplus reserve
Reserve fund
Business
190 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
development fund
Others
Total 706,943,994.98 706,943,994.98
60. Undistributed profit
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Current period Previous period
Undistributed Profit before 6,498,434,550.76
Adjustment at the End of Previous 4,933,499,753.42
Period
Adjust the total undistributed profits
at the start of the period (increase +,
decrease -)
Undistributed Profit after Adjustment 6,498,434,550.76
4,933,499,753.42
at the Start of the Period
Add: net profit attributable to parent 1,456,245,678.61
2,150,642,258.47
company's owner in current period
Less: withdrawal of statutory surplus
75,459,088.04
reserve
Withdrawal of discretionary
surplus reserve
Withdrawal of general risk
reserve
Ordinary stock dividend 646,503,426.53
510,248,373.09
payable
Ordinary stock dividends
converted into equity
Undistributed profit at the end of the 7,308,176,802.84
6,498,434,550.76
period
Adjust the particulars of undistributed profit at the beginning of the period:
1. Due to the retrospective adjustments made in accordance with the “Accounting Standards for
Business Enterprises" and its related new regulations, the unappropriated profit at the beginning of the
period was affected by 0.
2. The impact of changes in accounting policies on undistributed profit at the beginning of the period is
0.
3. The impact of the correction of major accounting errors on undistributed profit at the beginning of the
period is 0.
4. The impact of change in the scope of business combination as a result of the same control on
undistributed profit at the beginning of the period is 0.
5. The gross impact of other adjustments on the undistributed profit at the beginning of the period is 0.
61. Operating income and operating cost
(1). Particulars on operating income and operating cost
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the current period Amount incurred in previous period
Item
Income Cost Income Cost
191 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Main
11,472,791,402.25 9,301,624,242.04 8,702,538,262.43 6,820,269,065.35
operation
Other
749,028,834.18 311,385,025.51 457,912,782.09 271,448,906.44
operations
Total 12,221,820,236.43 9,613,009,267.55 9,160,451,044.52 7,091,717,971.79
(2). Information about the breakdown of operating income and cost
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Total
Category of contracts
Operating income Operating cost
Product types
Vibration Control System 2,143,319,053.98 1,690,579,183.45
Interior & Exterior System 3,908,136,583.53 3,240,626,855.06
Chassis System 3,789,414,666.29 3,037,973,737.96
Mechatronic System 706,932,897.74 571,696,634.40
Thermal Management System 918,717,065.25 757,757,835.42
Actuator system 6,271,135.46 2,989,995.75
Total 11,472,791,402.25 9,301,624,242.04
(3). Note to performance obligations
□Applicable √Non-applicable
(4). Note to allocation to remaining performance
□Applicable √Non-applicable
(5). Note to significant contract changes or significant transaction price
□Applicable √Non-applicable
192 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
62. Taxes and surcharges
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the current Amount incurred in previous
Item
period period
Consumption tax 19,004,778.70 15,583,258.85
Education Surcharges 8,968,473.59 7,387,880.23
Local education surcharges 5,978,982.35 4,924,670.76
Property tax 23,559,320.23 17,446,434.72
Land use tax 12,607,832.23 12,432,093.42
Vehicle and vessel use tax 5,034.51 7,165.16
Stamp duty 14,283,928.40 10,212,488.91
Environmental protection tax 6,288.90 3,150.34
Others 417,696.96 74,164.71
Total 84,832,335.87 68,071,307.10
63. Sales expense
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the current Amount incurred in previous
Item
period period
Service expense 62,987,367.54 49,440,364.49
Payroll 40,869,142.88 25,346,272.50
Business hospitality expense 22,821,642.67 15,683,391.48
Repair cost 11,639,734.33 3,604,247.51
Travel expense 2,616,394.49 2,259,881.35
Packaging fee 466,872.50 28,410.99
Vehicle cost 1,256,433.68 1,002,945.18
Exhibition fee 247,632.70 211,298.67
Others 4,795,786.87 2,655,643.20
Total 147,701,007.66 100,232,455.37
64. Overhead expense
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the Amount incurred in
Item
current period previous period
Payroll 169,191,388.60 164,532,947.07
Depreciation expense 49,540,948.12 19,827,787.02
Business hospitality expense 3,043,569.53 2,626,917.81
Vehicle cost 3,163,594.28 2,724,946.91
Travel expenses 7,759,255.80 3,569,709.73
Amortization of intangible assets 15,335,787.85 14,080,612.16
Office expenses 5,443,842.84 3,203,655.04
Insurance premiums 5,173,200.47 4,778,008.46
Intermediary fee 3,802,849.90 3,856,258.68
Utility bills 4,465,537.63 3,682,787.18
Service charge 11,804,179.75 11,351,636.54
1,354,315.46 241,206.44
Rent
10,256,134.35 1,408,772.46
Employment guarantee fund for
193 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
persons with disabilities
22,733,879.14 14,522,370.73
Others
Total 313,068,483.72 250,407,616.23
65. R&D expense
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the Amount incurred in
Item
current period previous period
Material expense 162,364,506.92 151,503,275.20
Payroll 258,539,231.80 202,763,696.73
Depreciation and amortization 54,604,759.31 43,882,092.90
Transportation and storage fee 1,851,559.03 4,198,247.10
Energy consumption fee 21,665,975.63 20,677,962.24
Travel expense 8,566,966.82 4,982,972.45
Trial production expense 7,891,433.61 6,977,674.86
Others 17,813,617.62 15,990,661.58
Total 533,298,050.74 450,976,583.06
66. Financial expense
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the Amount incurred in
Item
current period previous period
Interest expense 115,347,505.11 110,183,341.40
Interest income -24,827,246.45 -20,349,051.18
Gain and loss from exchange -19,737,000.42 -105,054,401.81
Handling charge 2,733,833.62 1,939,137.25
Total 73,517,091.86 -13,280,974.34
67. Other income
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the Amount incurred in previous
Item
current period period
Government Subsidies 173,001,330.61 87,132,153.51
Handling fee for withholding
789,293.34 572,556.13
personal income tax
VAT input tax credit 60,672,566.80
Direct VAT credit for employment
10,853,800.00
of key persons
Total 245,316,990.75 87,704,709.64
194 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
68. Investment income
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the Amount incurred in
Item
current period previous period
Long-term equity investment income 18,600,856.29 11,141,300.10
calculated by the equity method
Investment income from disposal of
long-term equity investments
Investment income of trading financial
assets during the holding period
Dividend income from other equity
instrument investments during the
holding period
Interest income from debt investment
during the holding period
Interest income from other debt
investments during the holding period
Investment income from disposal of
trading financial assets
Investment income from the disposal
of other equity instrument investments
Investment income from disposal of
debt investment
Investment income from the disposal
of other debt investments
Income from debt restructuring
Investment income from financial
6,521,837.81 3,553,755.28
management products
Total 25,122,694.10 14,695,055.38
69. Net exposure hedging income
□Applicable √Non-applicable
70. Gains from changes in fair value
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Sources of income from changes in Amount incurred in the Amount incurred in previous
fair value current period period
Transactional financial assets 63,334.44 -216,798.66
Including: income from changes in
fair value generated by derivative
financial instruments
Transactional financial liabilities
Investment real estate measured at
fair value
Total 63,334.44 -216,798.66
195 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
71. Credit impairment loss
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the Amount incurred in previous
Item
current period period
Bad debt loss on accounts receivable -876,288.57 265,578.53
Bad debt loss on accounts receivable 25,546,758.13 25,370,911.44
Bad debt loss on other receivables -1,506,124.90 -2,115,295.86
Impairment loss of debt investment
Impairment loss of other debt
investment
Bad debt loss of long-term receivables
Impairment loss of contract assets
Impairment loss on receivables -208,762.47 304,387.40
financing
Total 22,955,582.19 23,825,581.51
72. Asset impairment loss
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the Amount incurred in previous
Item
current period period
1. Loss of bad debts
2. Loss of inventory falling price and
loss of contract performance cost 22,629,644.58 5,466,369.89
impairment
3. Long-term equity investment
impairment losses
4. Impairment loss of investment real
estate
5. Impairment loss of fixed assets
6. Impairment loss of construction
materials
7. Impairment loss of construction in
progress
8. Impairment loss of productive
biological assets
9. Impairment losses of oil and gas
assets
10. Intangible assets impairment loss
11. Goodwill impairment loss
12. Others
Total 22,629,644.58 5,466,369.89
73. Income from disposal of assets
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the current Amount incurred in previous
196 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
period period
Income from disposal of assets 16,240.57
Total 16,240.57
74. Non-operating income
Particulars about non-operating income
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount included in the
Amount incurred in the Amount incurred in
Item current non-recurring
current period previous period
profit and loss
Total gains from
disposal of 605,238.40 202,979.64 605,238.40
non-current assets
Including: gains from
disposal of fixed 605,238.40 202,979.64 605,238.40
assets
Gains from
disposal of intangible
assets
Gains from
non-monetary asset
exchange
Gain on exchange of
non-monetary assets
Capital from donation
Government grants
Compensation income 2,057,959.58 463,914.68 2,057,959.58
Business combination 21,901,496.20 21,901,496.20
Other 353,971.25 563,688.20 353,971.25
Total 24,918,665.43 1,230,582.52 24,918,665.43
Other Notes:
□Applicable √Non-applicable
During the reporting period, the foreign shareholder of the joint venture, Ningbo Borgers Tuopu
Automobile Parts Co., Ltd., transferred its 50% equity stake in the joint venture to the Company.
Following the conclusion of this transaction, the Company's ownership in the previously joint venture
entity increased to 100%. This transaction resulted in a gain, as the investment cost in the acquired
subsidiary was lower than the fair value of the identifiable net assets of the investee at the time of
acquisition, totaling RMB21,901,496.20.
75. Non-operating expenses
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount included in the
Amount incurred in the Amount incurred in
Item current non-recurring
current period previous period
profit and loss
Total loss from 11,269,780.69 11,961,652.67 11,269,780.69
197 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
disposal of
non-current assets
Including: Loss on
disposal of fixed 11,269,780.69 11,961,652.67 11,269,780.69
assets
Loss on
disposal of intangible
assets
Loss on debt
restructuring
Loss from exchange
of non-monetary
assets
External donation 300,000.00 7,079.65 300,000.00
Special funds for 534,680.55 275,342.98
water conservancy
construction
Others 2,489,042.03 405,489.98 2,489,042.03
76. Income tax expense
(1). Schedule of income tax expense
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the Amount incurred in previous
Item
current period period
Income tax expense in the current
233,557,785.06 194,782,252.59
period
Deferred income tax expense -3,521,275.97 -20,130,355.19
Total 230,036,509.09 174,651,897.40
(2). Adjustment process of accounting profit and income tax expense
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount incurred in the current period
Total profits 1,691,636,953.71
Income tax expense calculated at the
253,745,543.06
statutory/applicable tax rate
Impact of different tax rates applied to
22,505,699.94
subsidiaries
Adjusted impact of income tax in prior periods 5,779,184.46
Impact of non-taxable income -2,929,154.06
Impact of non-deductible costs, expenses and
-1,739,758.64
losses
Impact of using deductible losses of deferred
income tax assets that have not been recognized -16,228,337.65
in the previous period
Impact of deductible temporary differences or
deductible losses on unrecognized deferred 31,024,730.95
income tax assets in the current period
Changes in deferred tax assets/liabilities at the 5,761,704.56
198 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
beginning of the period due to tax rate
adjustments
Impact of additional tax deductions for enterprise
-67,883,103.52
research and development
Income tax expense 230,036,509.09
Other Notes:
□Applicable √Non-applicable
77. Other comprehensive income
√Applicable □Non-applicable
Details are available in “Note VII. 57. Other comprehensive income”
78. Cash flow statement items
(1). Other cash received related to operating activities
Other cash received related to operating activities
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the Amount incurred in previous
Item
current period period
Receipt of temporary loans 35,836,737.40 61,477,108.37
Interest income 24,827,246.45 20,349,051.18
Government grants 181,246,841.81 117,300,592.89
Income from compensation and
2,060,094.52 463,914.68
fines
Others 596,074.60 1,206,094.80
Total 244,566,994.78 200,796,761.92
Other cash paid related to operating activities
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the Amount incurred in previous
Item
current period period
Payment of temporary loans 34,433,430.24 42,242,994.91
Business hospitality expense 25,865,212.20 18,500,393.95
Repair cost 14,285,560.30 4,682,399.13
R&D spending 228,644,625.66 192,429,230.82
Travel expense 10,375,650.29 7,311,177.51
Insurance premium 5,112,801.31 5,019,052.49
Office expense 5,538,408.42 4,759,382.90
Vehicle expense 4,420,027.96 4,054,065.83
Service charge 74,800,354.69 60,792,001.03
Intermediary fee 3,802,849.90 4,143,994.94
Packaging fee 466,872.50 28,410.99
Utility bill 4,465,537.63 20,308,769.75
Rent 4,698,770.07 379,660.85
Others 28,605,557.70 8,138,190.88
Total 445,515,658.87 372,789,725.99
199 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(2). Other cash received related to investment activities
Cash received related to important investing activities
□Applicable√Non-applicable
Cash paid related to important investment activities
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the Amount incurred in previous
Item
current period period
Cash paid for acquisition of property,
plant and equipment, intangible 1,812,024,114.33 1,750,326,099.47
assets and other long-term assets
Total 1,812,024,114.33 1,750,326,099.47
Other cash paid related to investment activities
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the current Amount incurred in previous
Item
period period
Impact of business combination with
Chongqing Tuopu not under the same 22,384,400.00 20,397,800.00
control
Performance bond recovered 6,330,113.23
Total 28,714,513.23 20,397,800.00
Other cash paid relating to investing activities
√Applicable □Not applicable
(3). Cash relating to financing activities
Other cash received relating to financing activities
□Applicable √Not applicable
Other cash paid relating to financing activities
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Amount incurred in the current Amount incurred in previous
Item
period period
Cash paid for lease liabilities 33,392,474.71 14,125,714.32
Repayment of loans from finance
139,399,011.65
leasing companies
Funding costs for additional shares
16,389,101.09
issued to specific subjects
Total 49,781,575.80 153,524,725.97
200 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Changes in liabilities arising from financing activities
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Balance at the Increase in current period Decrease in current period
Balance at the end
Item beginning of the Cash changes Non-cash changes Cash changes Non-cash changes
of the period
period
Short-term loans 999,798,705.09 226,000,000.00 13,747,871.06 513,006,390.44 726,540,185.71
Other payables - dividends
646,503,426.53 646,503,426.53
payable
Other current liabilities 3,745,376,463.77 709,500,000.00 48,423,373.84 599,968,304.12 3,903,331,533.49
Long-term loans (including
2,436,329,229.37 41,469,412.02 4,000.00 2,477,794,641.39
those due within one year)
Bonds payable (including
344,361,800.01 8,605,074.50 33,392,474.71 319,574,399.80
those due within one year)
Lease liabilities (including
7,525,866,198.24 935,500,000.00 758,749,157.95 1,146,367,169.27 4,000.00 8,073,744,186.92
those due within one year)
Total 999,798,705.09 226,000,000.00 13,747,871.06 513,006,390.44 726,540,185.71
201 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(4). Note to cash flows presented on a net basis
□Applicable √Not applicable
(5). Significant activities and financial effects that do not involve current cash receipts and
disbursements but affect the enterprise's financial position or may affect the enterprise's cash
flows in the future
□Applicable √Not applicable
79. Additional information on cash flow statement
(1). Additional information on cash flow statement
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Additional Information Amount in the current period Amount in previous period
1. Reconciliation of net profit to cash flows from operational activities:
Net Profit 1,461,600,444.62 1,099,162,460.68
Add: provision for impairment of
22,955,582.19 5,466,369.89
assets
Credit impairment provision 22,629,644.58 23,825,581.51
Depreciation of fixed assets, oil and
697,948,551.74 513,617,834.35
gas assets, productive biological assets
Depreciation of right-of-use assets 29,492,641.77 12,688,854.03
Amortization of Intangible Assets 22,377,820.64 19,921,943.02
Amortization of long-term prepaid
49,047,487.66 40,997,998.06
expenses
Losses on disposal of fixed assets,
intangible assets and other long-term -16,240.57
assets (income as in “-”)
Losses on scrapping of fixed assets
10,664,542.29 11,758,673.03
(income as in “-”)
Losses on fair value changes (income
-63,334.44 216,798.66
as in “-”)
Financial expenses (income as in “-”) 100,845,559.17 11,163,987.30
Losses on investment (income as in
-25,122,694.10 -14,695,055.38
“-”)
Decrease on deferred income tax
-10,083,847.64 -8,944,541.27
assets (increase as in “-”)
Increase on deferred income tax
6,562,571.67 -11,185,813.92
liabilities (decrease as in “-”)
Decrease on inventories (increase as
-217,026,090.16 463,920,048.35
in “-”)
Decrease on operational receivables
-462,527,786.52 -497,946,316.20
(increase as in “-”)
Increase on operational payables
-649,001,575.71 -443,831,146.92
(decrease as in “-”)
Others -21,901,496.20
Net cash flow generated by operating
1,038,398,021.56 1,226,121,434.62
activities
2. Major investing and financing activities not involving cash receipts and payment:
202 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Conversion of debt into capital 21,901,496.20
Convertible corporate bonds due 7,163,468.75
within one year
Fixed assets under financing lease
3. Net changes in cash and cash equivalents:
Closing balance of cash 3,558,463,499.81 2,311,612,502.38
Less: opening balance of cash 2,313,937,932.51 2,410,212,553.28
Add: closing balance of cash
equivalents
Less: opening balance of cash
equivalents
Net additions to balance of
1,244,525,567.30 -98,600,050.90
equivalents
(2). Net cash receipts from disposal of subsidiaries in this period
□Applicable √Not applicable
(3). Net cash received from disposal of subsidiaries in the current period
□Applicable √Not applicable
(4). Composition of cash and cash equivalents
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the end of the Balance at the beginning of
Item
period the period
1. Cash 3,558,463,499.81 2,313,937,932.51
Including: cash on hand 25,802.96 18,810.59
Bank deposits that can be used
3,558,437,696.85 2,313,919,121.92
for payment at any time
Other currency funds that can
be used for payment at any time
Deposits in the central bank
that can be used for payment
Deposits in Other Financial
Institutions
Call loans from Other
Financial Institutions
2. Cash equivalents
Including: bond investments due
within three months
3. Balance of cash and cash 3,558,463,499.81
2,313,937,932.51
equivalents at the end of the period
Including: cash and cash
equivalents that are restricted for us
by the parent company or subsidiary
within the group
203 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(5). Condition of restricted scope of use but still presented as cash and cash equivalents
□Applicable √Not applicable
(6). Cash and bank balances not classified as cash and cash equivalents
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Amount in current Amount in prior
Item Reason
period period
Bank acceptance Restricted for use
482,054,524.38 522,669,959.85
deposit
Letter of credit Restricted for use
1,746,224.00
deposit
Guarantee deposit 8,781,467.57 4,678,698.92 Restricted for use
Total 482,054,524.38 529,094,882.77 /
Other notes:
□Applicable √Not applicable
80. Notes to items in the statement of changes in owners' equity
State the name of the item “others” adjusting the balance at the end of previous year and the amount of
adjustment:
□Applicable √Non-applicable
81. Assets with restricted ownership or use rights
(1). Assets with restricted ownership or use rights
√Applicable □Non-applicable
Unit: yuan
Foreign currency Balance converted to
Converted exchange
Item balance at the end of RMB at the end of
rate
the period the period
Cash and bank balances - - 460,917,945.21
Including: USD 18,646,917.39 7.1268 132,892,850.86
EUR 27,352,382.80 7.6617 209,565,751.30
MYR 10,761,399.94 1.5095 16,244,333.21
BRL 15,089,495.04 1.3224 19,954,348.24
PLN 3,047,686.48 1.7689 5,391,052.61
MXN 6,349,748.21 0.3857 2,449,097.88
SEK 1,287,907.15 0.6737 867,663.05
CAD 13,510,952.35 5.2274 70,627,152.31
HKD 3,205,609.58 0.9127 2,925,695.75
Accounts receivable - - 1,616,878,640.66
Including: USD 155,037,631.37 7.1268 1,104,922,191.25
EUR 32,671,120.02 7.6617 250,316,320.26
PLN 5,036,860.43 1.7689 8,909,702.41
MYR 6,207,188.79 1.5095 9,369,751.48
BRL 13,953,357.02 1.3224 18,451,919.32
CAD 43,024,975.31 5.2274 224,908,755.94
Other Receivables - - 40,844,492.35
204 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Including: USD 2,320,478.97 7.1268 16,537,589.52
SEK 1,934,948.89 0.6737 1,303,575.07
PLN 4,715,287.74 1.7689 8,340,872.48
MXN 38,015,180.93 0.3857 14,662,455.28
Accounts payable - - 135,620,754.90
Including: CAD 15,490,269.85 5.2274 80,973,836.61
USD 1,346,532.29 7.1268 9,596,466.32
MYR 594,479.36 1.5095 897,366.59
PLN 24,781,958.86 1.7689 43,836,807.03
SEK 469,464.67 0.6737 316,278.35
Other Payables 8,172,103.60
Including: USD 1,078,436.22 7.1268 7,685,799.25
SEK 532,807.80 0.6737 358,952.61
MYR 84,366.84 1.5095 127,351.74
(2). Notes to overseas business entities, overseas business locations, functional currency and the
basis for selection in respect of important overseas business entities should be disclosed; if there is
a change in the functional currency, the reason for the change should be further disclosed.
√Applicable □Non-applicable
The Company has nine subsidiaries outside of China, i.e.: Tuopu North America Limited, currently
operating in Canada and with Canadian dollars as the functional currency; Tuopu North America USA
Limited, INC, currently operating in the United States and with U.S. dollars as the functional currency;
Tuopu Do Brasil, currently operating in Brasil and with Brazilian Real as the functional currency; Tuopu
Sweden, currently operating in Sweden and with Swedish krona as the functional currency; Tuopu
International, currently operating in Hong Kong and with Hong Kong dollar as the functional currency;
Tuopu (Malaysia) Sdn.Bhd., currently operating in Malaysia and with Ringgit as the functional currency;
Tuopu USA, LLC, currently operating in the United States and with U.S. dollars as the functional
currency; Tuopu Poland sp.z.o.o, currently operating in Poland and with PLN as the functional
currency.Tuopu Mexico, currently operating in Mexico and with Mexican peso as the functional
currency.
82. Lease
(1). As lessee
√Applicable □Not applicable
Variable lease payments not included in the measurement of lease liabilities
□Applicable √Not applicable
Lease payments for short-term leases or low-value assets with simplified treatment
□Applicable √Not applicable
Sale and leaseback transactions and basis of judgment
□Applicable √Not applicable
Total cash outflow related to lease 33,392,474.71 (Unit: Yuan Currency: RMB)
(2). As lessor
Operating lease as lessor
√Applicable □Not applicable
205 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Unit: Yuan Currency: RMB
of which: Income related to
Item Lease income variable lease payments not
included in lease receipts
Income from operating leases 3,029,183.39
Total 3,029,183.39
Finance lease as lessor
□Applicable √Not applicable
Reconciliation of undiscounted lease receipts to net investment in leases
□Applicable √Not applicable
Undiscounted lease receipts for the next five years
□Applicable √Not applicable
(3). Recognition of gain or loss on sales under finance leases as a manufacturer or distributor
□Applicable √Not applicable
83. Data resources
□Applicable √Not applicable
83. Others
□Applicable √Not applicable
VIII. R&D expense
(1). Presentation by nature of expense
□Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the Amount incurred in
Item
current period previous period
Material expense 162,364,506.92 151,503,275.20
Payroll 258,539,231.80 202,763,696.73
Depreciation and amortization 54,604,759.31 43,882,092.90
Transportation and storage fee 1,851,559.03 4,198,247.10
Energy consumption fee 21,665,975.63 20,677,962.24
Travel expense 8,566,966.82 4,982,972.45
Trial production expense 7,891,433.61 6,977,674.86
Others 17,813,617.62 15,990,661.58
Total 533,298,050.74 450,976,583.06
Of which: Expensed R&D
533,298,050.74 450,976,583.06
expenditure
Capitalized R&D expenditure
(2). Development expenditure on R&D projects eligible for capitalization
□Applicable √Not applicable
206 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Major capitalized R&D projects
□Applicable √Not applicable
Provision for impairment of development expenditures
□Applicable √Not applicable
(3). Major outsourced research and development projects in progress
□Applicable √Not applicable
207 / 271
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IX. Changes in the scope of consolidation
1. Business combination not under common control
√Applicable □Non-applicable
(1). Business combination transactions not under the same control occurring during the period
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Basis for
Percentage Revenue of the Net profit of the Cash flow of the
Equity Method of determining
Name of Cost of equity of equity Acquistion acquiree as of acquiree at the acquiree at the
acquisition equity the
acquiree acquisition acquisition date the end of the end of the end of the
date acquisition acquistion
(%) purchase date acquistion period acquistion period
date
Ningbo
2024/4/25 57,771,391.41 50% 2024/4/25 Control 35,573,451.86 -1,269,342.27 7,663,633.55
Borgers
Other notes:
Johann Borgers GmBH is the foreign shareholder of the joint venture entity, Ningbo Borgers Tuopu Automobile Parts Co., Ltd. In accordance with the agreement
established with this entity, the Company has acquired a 50% equity stake in Ningbo Borgers Tuopu Automobile Parts Co., Ltd. for a cash consideration of
EUR2,450,000.00 (approximately RMB19,005,379.52). Following the successful completion of this acquisition, the Company's ownership in the original joint
venture increased to 100%, thereby granting it full control over the company and its subsidiaries. On April 25, 2024, the Company remitted the acquisition payment
and finalized the necessary procedures for the alteration of shareholding in the previous joint venture. Subsequent to the acquisition, Ningbo Borgers Tuopu
Automobile Parts Co., Ltd. was rebranded as Ningbo Tuopu Trim Parts Co., Ltd.
208 / 271
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Semi-annual Report 2024
(2). Business combination transactions not under the same control occurring during the period
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Consolidated costs Ningbo Borgers
--Cash 19,005,379.52
--Fair value of non-cash assets
--Fair value of debt issued or assumed
--Fair value of equity securities issued
--Fair value of contingent consideration
-Fair value at purchase date of equity interests held
38,766,011.89
prior to purchase date
- - Other
Total cost of consolidation 57,771,391.41
Less: share of fair value of identifiable net assets
79,672,887.61
acquired
Amount by which goodwill/cost of combination is
less than share of fair value of identifiable net -21,901,496.20
assets acquired
Method of determining fair value of consolidated costs:
□Applicable √Not Applicable
Completion of performance commitments:
□Applicable √Not Applicable
Main reasons for the formation of large amount of goodwill:
□Applicable √Not applicable
(3). Identifiable assets and liabilities of the purchased party at the date of purchase
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Ningbo Borgers
Fair value on the acquistion Carrying value on the acquistion date
date purchase
Assets:
Monetary funds 25,335,492.75 25,335,492.75
Accounts receivable 59,419,514.55 59,419,514.55
Prepayments 1,061,595.99 1,061,595.99
Other receivables 1,176,369.02 1,176,369.02
Inventories 24,168,195.24 24,168,195.24
Fixed assets 17,723,957.19 17,723,957.19
Intangible assets 412,657.00 412,657.00
Construction in progress 12,251,380.59 12,251,380.59
Long-term amortized 8,268,621.22 8,268,621.22
expenses
Other current assets 2,574,128.19 2,574,128.19
Liabilities:
209 / 271
Ningbo Tuopu Group Co., Ltd.
Semi-annual Report 2024
Payables 71,247,206.62 71,247,206.62
Employee compensation 1,433,704.32 1,433,704.32
payable
Other payables 38,113.19 38,113.19
Net assets 79,672,887.61 79,672,887.61
Less: minority interests
Net assets acquired 79,672,887.61 79,672,887.61
(4). Gains or losses arising from the remeasurement to fair value of equity interests held prior to
the date of acquisition
Existence of transactions in which a business combination was achieved in stages through multiple
transactions and control was obtained during the reporting period?
□Applicable √Not applicable
(5). Explanation of the inability to reasonably determine the merger consideration or the fair value
of the acquiree's identifiable assets and liabilities on the date of acquisition or at the end of the
current period of the combination
□Applicable √Not applicable
(6). Other notes
□Applicable √Not applicable
2. Business combination under common control
□Applicable √Non-applicable
3. Counter purchase
□Applicable √Non-applicable
4. Disposal of subsidiaries
Whether there is any transactions or events during the period in which control of subsidiaries is lost
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
Whether there is a step-by-step disposal of investments in subsidiaries through multiple transactions and
loss of control during the period
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
5. Changes in the scope of consolidation due to other reasons
Account for the changes in the scope of consolidation as a result of other reasons (for example, new
establishments of subsidiaries, liquidation of subsidiaries) and relevant circumstances:
□Applicable √Non-applicable
210 / 271
Ningbo Tuopu Group Co., Ltd.
Semi-annual Report 2024
6. Others
□Applicable √Non-applicable
X. Equity in Other Entities
1. Equity in Subsidiaries
(1). Composition of the group
√Applicable □Non-applicable
Unit: yuan Currency: RMB
Principal Percentage of
Registere Registered Nature of Shares (%) Method of
Name of Subsidiary Business
d Capital Address Business Acquisition
Site Direct Indirect
RMB
Tuopu Automobile 100.0 Establishmen
Ningbo 2,500 Ningbo Manufacturing
Electronics 0 t
million
RMB
Tuopu Thermal 100.0 Establishmen
Ningbo 4,500 Ningbo Manufacturing
Management 0 t
million
Business
combination
RMB 200 100.0
Tuopu Imp&Exp Ningbo Ningbo Trading under
million 0
common
control
Business
combination
Tuopu Automobile RMB 200 100.0
Ningbo Ningbo Trading under
Parts million 0
common
control
Business
TUOPU combination
RMB 200 100.0
VIBRO-ACOUSTIC Ningbo Ningbo Trading under
million 0
S common
control
Business
combination
RMB 180 100.0
Zhejiang Towin Jinhua Jinhua Manufacturing not under
million 0
common
control
Business
combination
RMB 150 100.0
Suining Tuopu Suining Suining Manufacturing not under
million 0
common
control
USHONE
RMB 50 100.0 Establishmen
ELECTRONIC Ningbo Ningbo Trading
million 0 t
CHASSIS
RMB 600 100.0 Establishmen
Tuopu Chassis Ningbo Ningbo Manufacturing
million 0 t
RMB 800 100.0 Establishmen
Hunan Tuopu Xiangtan Xiangtan Manufacturing
million 0 t
RMB
100.0 Establishmen
Skateboard Chassis Ningbo 2,000 Ningbo Manufacturing
0 t
million
RMB 100 100.0 Establishmen
Taizhou Tuopu Taizhou Taizhou Manufacturing
million 0 t
SHANGHAI RMB 50 100.0 Establishmen
Shanghai Shanghai Manufacturing
TUOPUYALE million 0 t
RMB 208 100.0 Establishmen
Pinghu Tuopu Jiaxing Jiaxing Manufacturing
million 0 t
Tuopu North Canada CAD Canada Trading 51.00 Business
211 / 271
Ningbo Tuopu Group Co., Ltd.
Semi-annual Report 2024
America Limited 10,000 combination
not under
common
control
USD 5 100.0 Establishmen
Tuopu USA, LLC USA USA Trading
million 0 t
PLN 10 100.0 Establishmen
Tuopu Poland Poland Poland Manufacturing
million 0 t
RMB 200 100.0 Establishmen
Xi’an Tuopu Xi’an Xi’an Manufacturing
million 0 t
RMB 150 100.0 Establishmen
Wuhan Tuopu Wuhan Wuhan Manufacturing
million 0 t
RMB 20 100.0 Establishmen
Sichuan Tuopu Linshui Linshui Manufacturing
million 0 t
Business
combination
RMB 100 100.0
Liuzhou Tuopu Liuzhou Liuzhou Manufacturing under
million 0
common
control
RMB 350 100.0 Establishmen
Huzhou Tuopu Huzhou Huzhou Manufacturing
million 0 t
RMB 50 100.0 Establishmen
Baoji Tuopu Baoji Baoji Manufacturing
million 0 t
Business
RMB combination
100.0
Yantai Tuopu Yantai 62.80 Yantai Manufacturing under
0
million common
control
Business
USD combination
Ningbo Qianhui Ningbo 3.7551 Ningbo Manufacturing 51.00 not under
million common
control
RMB 10 100.0 Establishmen
Shenyang Tuopu Shenyang Shenyang Manufacturing
million 0 t
RMB 8 100.0 Establishmen
Jinzhong Tuopu Jinzhong Jinzhong Manufacturing
million 0 t
Business
RMB combination
100.0
Chongqing Tuopu Chongqing 14.6422 Chongqing Manufacturing not under
0
million common
control
Business
combination
RMB 3
Hangzhou Tuopu Hangzhou Hangzhou Manufacturing 100.00 not under
million
common
control
RMB
100.0 Establishmen
Shanghai Towin Shanghai 12.1 Shanghai R&D
0 t
million
RMB 20 100.0 Establishmen
Shenzhen Towin Shenzhen Shenzhen R&D
million 0 t
RMB 100 100.0 Establishmen
Ushone E-commerce Ningbo Ningbo Service
million 0 t
RMB 300 100.0 Establishmen
Ushone Technology Ningbo Ningbo Manufacturing
million 0 t
RMB 200 100.0 Establishmen
Tuopu Investment Ningbo Ningbo Investment
million 0 t
Hong RMB 33 100.0 Establishmen
Tuopu International Hong Kong Investment
Kong million 0 t
Tuopu Industrial RMB 20 100.0 Establishmen
Ningbo Ningbo Manufacturing
Automation million 0 t
Tuopu North
Establishmen
America USA USA USD 10 USA Service 51.00
t
Limited, INC
212 / 271
Ningbo Tuopu Group Co., Ltd.
Semi-annual Report 2024
SEK Establishmen
Tuopu Sweden Sweden Sweden R&D 100.00
50,000 t
BRL
TUOPU DO Establishmen
Brazil 80.8095 Brazil Manufacturing 99.96 0.04
BRASIL t
million
MYR
Establishmen
Tuopu Malaysia Malaysia 2.50 Malaysia Manufacturing 100.00
t
million
RMB 500 100.0 Establishmen
Chongqing Chassis Chongqing Chongqing Manufacturing
million 0 t
RMB 600 100.0 Establishmen
Anhui Tuopu Huainan Huainan Manufacturing
million 0 t
MXN
Establishmen
Tuopu Mexico Mexico 598,5179 Mexico Manufacturing 99.00 1.00
t
million
Tuopu Photovoltaic Power
RMB 50 Establishmen
Technology (Ningbo Ningbo Ningbo generation 100.00
million t
Beilun) service
Tuopu Photovoltaic Power
RMB 100 Establishmen
Technology Ningbo Ningbo generation 100.00
million t
(Hangzhou Bay) service
Power
Tuopu Photovoltaic RMB 50 Establishmen
Jiaxing Jiaxing generation 100.00
Technology (Pinghu) million t
service
Tuopu Photovoltaic Power
RMB 20 Establishmen
Technology Taizhou Taizhou generation 100.00
million t
(Taizhou) service
Power
Tuopu Photovoltaic RMB 10 Establishmen
Jinhua Jinhua generation 100.00
Technology (Jinhua) million t
service
RMB 50 100.0 Establishmen
Henan Tuopu Kaifeng Kaifeng Manufacturing
million 0 t
RMB 50 100.0 Establishmen
Jinan Tuopu Jinan Jinan Manufacturing
million 0 t
Tuopu Photovoltaic Power
RMB 50 Establishmen
Technology (Ningbo Ningbo Ningbo generation 100.00
million t
Yinzhou) service
Tuopu Photovoltaic Power
RMB 50 Establishmen
Technology Xiangtan Xiangtan generation 100.00
million t
(Xiangtan) service
Power
Tuopu Photovoltaic RMB 30 Establishmen
Wuhan Wuhan generation 100.00
Technology (Wuhan) million t
service
Power
Tuopu Photovoltaic RMB 20 Establishmen
Guang’an Guang’an generation 100.00
Technology (Linshui) million t
service
Tuopu Photovoltaic Power
RMB 10 Establishmen
Technology Suining Suining generation 100.00
million t
(Suiningn) service
Tuopu Photovoltaic Power
RMB 10 Establishmen
Technology Liuzhou Liuzhou generation 100.00
million t
(Liuzhou) service
Tuopu Photovoltaic Power
RMB 10 Establishmen
Technology Shenyang Shenyang generation 100.00
million t
(Shenyang) service
Business
combination
Ningbo Tuopu Trim RMB 21 100.0
Ningbo Ningbo Manufacturing not under
Parts million 0
common
control
Business
combination
Langfang Tuopu RMB 5
Langfang Langfang Manufacturing 100.00 not under
Trim Parts million
common
control
213 / 271
Ningbo Tuopu Group Co., Ltd.
Semi-annual Report 2024
Business
combination
Shenyang Tuopu RMB 3
Shenyang Shenyang Manufacturing 100.00 not under
Maigao million
common
control
(2). Important non-wholly owned subsidiaries
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Profit and loss Balance of
Percentage of Dividends
attributable to minority
Name of shares held by declared to minority
minority shareholders'
Subsidiary minority shareholders in the
shareholders in the equity at the end
shareholders current period
current period of the period
Tuopu North 49 3,720,127.79 1,228,770.26
America
Limited
Notes to the percentage of shares held by minority shareholder that is different from the percentage of
voting rights:
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
214 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(3). Main financial information of important non-wholly-owned subsidiaries
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the end of the period Balance at the beginning of the period
Name
of Total
Current Current Current Current Total
subsidia Non-curre Total assets Non-current Liabiliti Non-curre Total assets Non-current
assets liabiliti assets liabiliti Liabilities
ry nt assets liabilities es nt assets liabilities
es es
Tuopu
North
America 81,149,721.4 6,018,742.0
87,168,463.48
84,660,769 84,660,769. 56,444,244.5 8,948,741.1
65,392,985.67
69,495,929
69,495,929.50
n USA 1 7 .08 08 7 0 .50
Limited,
INC
Amount incurred in the current period Amount incurred in previous period
Cash flow
Total Cash flow Total
Name of Subsidiary Operating Operating from
Net profit comprehensive from operating Net profit comprehensive
income income operating
income activities income
activities
Tuopu North American 705,347,044.5 7,592,097.54 7,592,097.54 8,936,436.28 701,326,331.1
5 12,757,929.73 12,757,929.73 -33,880,344.85
USA Limited, INC 8
215 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(4). Significant restrictions on the use of group assets and the settlement of group debts
□Applicable √Non-applicable
(5). Financial support or other support provided to structured entities included in the scope of
consolidated financial statements
□Applicable √Non-applicable
Other Notes:
□Applicable √Non-applicable
2. Transactions leading to a change in the share of owner's equity in the subsidiary and the control
over the subsidiary remains
□Applicable √Non-applicable
3. Rights and interests in joint ventures or associates
□Applicable √Non-applicable
(1). Important joint ventures or associates
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Percentage of Shares Accounting
Name of Principal Held (%) treatment of
Registered Business
joint venture Business investment in
Address Nature
or associate Site Direct Indirect joint ventures
or associate
Tuopu Ningbo Ningbo Manufacturing 50.00 Equity method
Electrical
Appliances
(2). Main financial information of important joint venturesMain financial information of
important joint ventures
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the end of the Balance at the beginning of the
period/Amount incurred in the period/Amount incurred in previous
current period period
Tuopu Electrical Appliances Tuopu Electrical Appliances
Current assets 265,799,808.10 281,521,077.93
Including: cash and cash
62,803,092.25 36,912,035.93
equivalents
Non-current assets 44,460,372.33 46,509,479.21
Total assets 310,260,180.43 328,030,557.14
Current liabilities 71,199,733.89 129,151,221.33
Non-current liabilities 531,850.99
216 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Total liabilities 71,199,733.89 129,683,072.32
Minority shareholders'
equity
Equity attributable to 239,060,446.54 198,347,484.82
shareholders of the parent
company
Share of net assets 99,173,742.41
calculated at the 119,530,223.27
percentage of shares held
Adjusted events -53,931.41 -64,653.71
--Goodwill
--Unrealized profits from
-53,931.41 -64,653.71
internal transactions
-Others
Book value of equity
investment in joint 119,476,291.86 99,109,088.70
ventures
Fair value of equity
investment in joint
ventures with public offers
Operating income 189,399,253.97 122,454,781.32
Financial expenses -130,124.06 282,039.71
Income tax expense 6,118,172.66 4,375,262.99
Net profit 40,712,961.72 24,898,919.02
Net profit from
discontinued operations
Other comprehensive
income
Total comprehensive
40,712,961.72 24,898,919.02
income
Dividends received from
joint ventures in this year
(3). Main financial information of important associates
□Applicable √Non-applicable
(4). Summarized financial information on insignificant joint ventures and associates
□Applicable √Non-applicable
(5). Notes to significant restrictions on the ability of joint ventures or associates to transfer funds to
the Company
□Applicable √Non-applicable
(6). Excess losses suffered by joint ventures or associates
□Applicable √Non-applicable
217 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(7). Unconfirmed commitments related to joint venture investment
□Applicable √Non-applicable
(8). Contingent liabilities related to investment in joint ventures or associates
□Applicable √Non-applicable
4. Important joint operations
□Applicable √Non-applicable
5. Equity in structured entities not included in the scope of consolidated financial statements
Notes to structured entities not included in the scope of the consolidated financial statements:
□Applicable √Non-applicable
6. Others
□Applicable √Non-applicable
XI. Government subsidies
1. Government grants recognized at the end of the reporting period based on amounts receivable
□Applicable √Not applicable
Reasons for failing to receive government grants in the estimated amount at the estimated point in time
□Applicable √Not applicable
218 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
2. Liability items involving government grants
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Amount included
Amount of new Transferred to
Financial in non-operating Other changes Asset/income
Opening balance grants during the other income Closing balance
statement items income during the during the period related
period during the period
period
Automobile Asset-related
composite fiber 141,666.67 49,999.98 91,666.69
production project
Production and Asset-related
application
technology
transformation
1,750,000.00 437,500.02 1,312,499.98
project of
lightweight
materials for
vehicles
Technological Asset-related
transformation
project of
4,621,219.22 330,087.06 4,291,132.16
high-performance
Vibration Control
system
Production line Asset-related
transformation
project of
1,102,476.00 275,619.00 826,857.00
high-performance
Vibration Control
system for cars
Digital workshop 2,837,027.59 202,644.84 2,634,382.75 Asset-related
219 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
project with an
annual capacity of
120,000 sets of
intelligent brake
systems
Machine Asset-related
substitution for
human project
with an annual
826,000.00 235,999.98 590,000.02
capacity of
700,000 sets of
Vibration Control
products
Technological Asset-related
transformation
project of
high-performance 4,456,305.47 445,630.56 4,010,674.91
Vibration Control
system for
automobiles
Technological Asset-related
Transformation
Project of
Automobile 4,431,366.69 407,733.24 4,023,633.45
Interior and
Exterior Trim
Parts
Technological Asset-related
Transformation
Project of
4,576,282.23 457,628.16 4,118,654.07
Automobile
Lightweight Parts
Production Line
Technological Asset-related
Improvement 4,376,875.65 437,687.58 3,939,188.07
Project for
220 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Automobile
Lightweight
Chassis
Components
Technological Asset-related
transformation
project of
automobile 4,649,268.11 332,090.58 4,317,177.53
lightweight
chassis system
production line
Technological Asset-related
Transformation
Project of
21,328,207.60 692,857.14 20,635,350.46
Automobile
Lightweight
Control Arms
Technological Asset-related
transformation
project of 757,135.14 54,081.06 703,054.08
lightweight auto
parts
Tuopu Intelligent Asset-related
Automotive
Electronics 8,114,431.38 540,962.04 7,573,469.34
Industrial Park
Project
Digitalization Asset-related
Workshop Project
of Thermal
Management
System for New 16,410,256.42 1,025,641.02 15,384,615.40
Energy Vehicles
with Annual
Capacity of
250,000 Sets
221 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Technology Asset-related
Transformation
Project for New 13,594,517.32 795,166.92 12,799,350.40
Energy Vehicle
Chassis Key Parts
New Energy Asset-related
Vehicle
Intelligent Brake
6,433,159.48 209,325.78 6,223,833.70
System
Digitalization
Workshop
New Energy Asset-related
Vehicle
Electronic Chassis
Critical
16,719,026.09 911,058.84 15,807,967.25
Components
Technological
Transformation
Project
Technological Asset-related
transformation
project for the
production line of
automotive 5,790,289.43 500,000.10 5,290,289.33
lightweight alloy
parts with an
annual capacity of
300,000 sets
Technological Asset-related
Transformation
Project of
Automobile 3,915,520.20 286,603.80 3,628,916.40
High-Performance
Vibration Control
System
222 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Asset-related
Land leveling
7,313,818.90 77,291.16 7,236,527.74
subsidies
Automotive Parts Asset-related
Production and
Industrial 66,666,861.65 2,250,000.00 64,416,861.65
Automation
Project
Automobile Asset-related
Lightweight
Steering System
16,420,799.93 995,200.02 15,425,599.91
Technological
Transformation
Project
2022 Automobile Asset-related
Chassis Vibration
Control System
17,929,166.62 956,250.02 16,972,916.60
Technological
Transformation
Project
Automobile High Asset-related
Performance
Shock Absorption
System
4,929,166.62 325,000.01 4,604,166.61
Production
Project with an
Annual Capacity
of 2 Million Sets
Technological Asset-related
Transformation
Project for
2,190,900.76 346,524.44 1,844,376.32
Automotive NVH
Interior Trim
Parts
Technological 4,929,166.63 325,000.01 4,604,166.62 Asset-related
223 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Transformation
Project for
Automotive
Lightweight
Components
Automotive
Lightweight
Components
Technological
4,929,166.63 325,000.01 4,604,166.62 Asset-related
Transformation
Project with an
Annual Capacity
of 3 million sets
District-level Asset-related
Technological
Transformation
Project for New 1,683,333.27 100,000.02 1,583,333.25
Energy Vehicle
Front and Rear
Axle Assembly
District-level Asset-related
Technological
Transformation
1,683,333.28 100,000.02 1,583,333.26
Project for
Lightweight
Steering System
District-level Asset-related
Technological
Transformation
Subsidies for 1,683,333.27 100,000.02 1,583,333.25
Automobile
Chassis Vibration
Control System
Technological Asset-related
Transformation 15,666,666.59 1,000,000.02 14,666,666.57
Project for New
224 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Energy Vehicle
Front and Rear
Axle Assembly
2023 Asset-related
Technological
Transformation
Subsidies for 3,766,666.69 116,666.66 3,650,000.03
Automotive
Control Arm
Project
2023 lightweight Asset-related
subframe
4,930,000.00 85,000.00 4,845,000.00
digitalization
workshop
Pinghu Tuopu Asset-related
Auto Parts
10,346,050.00 397,925.00 9,948,125.00
Production
Project
Relocation Project Asset-related
for Automotive
Interior Trim
442,375.18 55,302.90 387,072.28
Parts with an
Annual Capacity
of 300,000 sets
Technological Asset-related
Transformation
Project for
Lightweight
5,188,000.00 259,400.00 4,928,600.00
Suspension
System with an
Annual Capacity
of 350,000 sets
Technological Asset-related
Transformation
5,600,000.00 280,000.00 5,320,000.00
Project for New
Energy Vehicle
225 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Battery Holder
with an Annual
Capacity 200,000
sets
Hunan Xiangtan Asset-related
Auto Parts
14,226,009.67 399,721.00 405,063.95 14,220,666.72
Industrial Base
Project
Tuopu Chassis Asset-related
Auto Parts
15,398,446.37 164,689.26 15,233,757.11
Industrial Base
Project
Technological Asset-related
Transformation
Project for
Lightweight
Automobile
3,563,721.74 299,334.98 3,264,386.76
Chassis System
Production Line
with an Annual
Capacity of
100,000 Sets
Technical Asset-related
Improvement
2,700,000.00 5,263.16 2,694,736.84
Subsidy for
Chassis System
Related Auto Asset-related
Parts Production
Line Project with
401,147.38 43,399.14 357,748.24
an Annual
Capacity of
300,000 sets
Automobile Asset-related
Chassis
4,197,999.55 51,614.75 4,146,384.80
Components
Project with an
226 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Annual Capacity
of 500,000 sets
Production Line Asset-related
Project for
Passenger Car
Chassis
Suspension 1,398,804.64 163,026.48 1,235,778.16
Related Parts with
an Annual
Capacity of
500,000 sets
Technological Asset-related
transformation
project for
automobile
suspension 2,339,628.20 206,000.88 2,133,627.32
chassis production
line with an
annual capacity of
500,000 sets
Technological Asset-related
transformation
project for
automobile front
and rear axle 409,269.80 179,516.48 229,753.32
production line
with an annual
capacity of
200,000 sets
Technological Asset-related
transformation
project for
automobile 818,520.16 144,593.61 673,926.55
suspension
chassis production
line with an
227 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
annual capacity of
300,000 sets
Automobile Asset-related
Fabric Production 2,087,711.71 266,516.39 1,821,195.32
Line Project
Intelligent Factory Asset-related
Construction
Project for
Automobile
375,833.31 55,000.00 320,833.31
Interior Trim
Parts with an
annual capacity of
2 million sets
Technological Asset-related
transformation
project for Auto
Roof and Carpet
Assembly Series 495,000.00 82,500.00 412,500.00
Interior Trim
Parts with an
annual capacity of
1.6 million sets
Liudong New Asset-related
Area Auto Parts
1,109,674.42 42,139.58 1,067,534.84
Production
Project
Factory Outdoor Asset-related
Supporting
5,307,890.16 165,532.34 5,142,357.82
Engineering
Project
Shenyang Tuopu Asset-related
Auto Parts Base 194,444.39 194,444.39 0.00
Project
Production Base Asset-related
Project for Tuopu 57,600,000.00 0.00 57,600,000.00
New Energy
228 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Vehicles
Lightweight
Chassis System
and Interior
Vibration Control
Trim Parts System
Subsidies for the Asset-related
Second Batch of
Intelligent
Manufacturing
Projects in Beilun
5,219,966.42 53,355.72 5,166,610.70
District in 2023
by Beilun District
Economy and
Information
Bureau
Tuopu Anhui land Asset-related
5,949,152.55 10,000,000.00 129,627.58 15,819,524.97
subsidies
Incentive for
domestic
equipment
upgrading and
transformation
from Economic 1,000,000.00 49,999.98 950,000.02 Asset-related
and Information
Technology
Bureau of
Qianwan New
District
Receipt of 2023
Industrial
Investment
(Technological 5,100,000.00 42,500.00 5,057,500.00 Asset-related
Reform and
Reconstruction)
Incentive from
229 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Qianwan New
District
Total 424,223,057.18 19,199,721.00 19,466,996.68 423,955,781.50 /
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
3. Government grants recognized in profit or loss for the period
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Type Amount in current period Amount in prior period
Asset related 19,466,996.68 16,435,725.56
Income related 153,534,333.93 70,696,427.95
Total 173,001,330.61 87,132,153.51
Other notes:
Government grants:
Unit: Yuan Currency: RMB
Amount of Amounts recognized
Asset-related/
Item government in profit or loss for
Income-related
subsidies the period
Automobile composite fiber production
1,000,000.00 49,999.98 Asset-related
project
Production and application technology
transformation project of lightweight 7,000,000.00 437,500.02 Asset-related
materials for vehicles
Technological transformation project of
high-performance Vibration Control 5,910,700.00 330,087.06 Asset-related
system
Production line transformation project of
high-performance Vibration Control 4,409,904.00 275,619.00 Asset-related
system for cars
Digital workshop project with an annual
capacity of 120,000 sets of intelligent 4,041,000.00 202,644.84 Asset-related
brake systems
Machine substitution for human project
with an annual capacity of 700,000 sets of 4,720,000.00 235,999.98 Asset-related
Vibration Control products
Technological transformation project of
high-performance Vibration Control 8,250,992.00 445,630.56 Asset-related
system for automobiles
Technological Transformation Project of
Automobile Interior and Exterior Trim 7,794,112.00 407,733.24 Asset-related
Parts
Technological Transformation Project of
Automobile Lightweight Parts Production 8,443,472.00 457,628.16 Asset-related
Line
Technological Improvement Project for
Automobile Lightweight Chassis 8,085,312.00 437,687.58 Asset-related
Components
Technological transformation project of
automobile lightweight chassis system 6,125,420.00 332,090.58 Asset-related
production line
Tuopu Intelligent Automotive Electronics 27,000,000.00 692,857.14 Asset-related
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Industrial Park Project
Digitalization Workshop Project of
Thermal Management System for New
1,000,500.00 54,081.06 Asset-related
Energy Vehicles with Annual Capacity of
250,000 Sets
Technology Transformation Project for
10,458,600.00 540,962.04 Asset-related
New Energy Vehicle Chassis Key Parts
New Energy Vehicle Intelligent Brake
20,000,000.00 1,025,641.02 Asset-related
System Digitalization Workshop
New Energy Vehicle Electronic Chassis
Critical Components Technological 15,161,900.00 795,166.92 Asset-related
Transformation Project
Technological transformation project for
the production line of automotive
6,489,100.00 209,325.78 Asset-related
lightweight alloy parts with an annual
capacity of 300,000 sets
Technological Transformation Project of
Automobile High-Performance Vibration 17,936,000.00 911,058.84 Asset-related
Control System
Land leveling subsidies 10,000,000.00 500,000.10 Asset-related
Tuopu Intelligent Automotive Electronics
5,713,900.00 286,603.80 Asset-related
Industrial Park Project
Digitalization Workshop Project of
Thermal Management System for New
7,729,116.00 77,291.16 Asset-related
Energy Vehicles with Annual Capacity of
250,000 Sets
Automotive Parts Production and
90,000,000.00 2,250,000.00 Asset-related
Industrial Automation Project
Automobile Lightweight Steering System
19,904,000.00 995,200.02 Asset-related
Technological Transformation Project
2022 Automobile Chassis Vibration
Control System Technological 20,000,000.00 956,250.02 Asset-related
Transformation Project
Automobile High Performance Shock
Absorption System Production Project 6,500,000.00 325,000.01 Asset-related
with an Annual Capacity of 2 Million Sets
Technological Transformation Project for
2,889,100.00 346,524.44 Asset-related
Automotive NVH Interior Trim Parts
Technological Transformation Project for
6,500,000.00 325,000.01 Asset-related
Automotive Lightweight Components
Automotive Lightweight Components
Technological Transformation Project 6,500,000.00 325,000.01 Asset-related
with an Annual Capacity of 3 million sets
District-level Technological
Transformation Project for New Energy 2,000,000.00 100,000.02 Asset-related
Vehicle Front and Rear Axle Assembly
District-level Technological
Transformation Project for Lightweight 2,000,000.00 100,000.02 Asset-related
Steering System
District-level Technological
Transformation Subsidies for Automobile 2,000,000.00 100,000.02 Asset-related
Chassis Vibration Control System
Technological Transformation Project for
New Energy Vehicle Front and Rear Axle 20,000,000.00 1,000,000.02 Asset-related
Assembly
2023 Technological Transformation 4,000,000.00 116,666.66 Asset-related
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Subsidies for Automotive Control Arm
Project
2023 lightweight subframe digitalization
5,100,000.00 85,000.00 Asset-related
workshop
Pinghu Tuopu Auto Parts Production
14,470,000.00 397,925.00 Asset-related
Project
Relocation Project for Automotive
Interior Trim Parts with an Annual 965,300.00 55,302.90 Asset-related
Capacity of 300,000 sets
Technological Transformation Project for
Lightweight Suspension System with an 5,188,000.00 259,400.00 Asset-related
Annual Capacity of 350,000 sets
Technological Transformation Project for
New Energy Vehicle Battery Holder with 5,600,000.00 280,000.00 Asset-related
an Annual Capacity 200,000 sets
Hunan Xiangtan Auto Parts Industrial
15,500,279.00 405,063.95 Asset-related
Base Project
Tuopu Chassis Auto Parts Industrial Base
16,000,000.00 164,689.26 Asset-related
Project
Technological Transformation Project for
Lightweight Automobile Chassis System
4,386,700.00 299,334.98 Asset-related
Production Line with an Annual Capacity
of 100,000 Sets
Technical Improvement Subsidy for
2,700,000.00 5,263.16 Asset-related
Chassis System
Related Auto Parts Production Line
Project with an Annual Capacity of 1,110,000.00 43,399.14 Asset-related
300,000 sets
Automobile Chassis Components Project
5,032,438.00 51,614.75 Asset-related
with an Annual Capacity of 500,000 sets
Production Line Project for Passenger Car
Chassis Suspension Related Parts with an 2,539,990.00 163,026.48 Asset-related
Annual Capacity of 500,000 sets
Technological transformation project for
automobile suspension chassis production
3,541,300.00 206,000.88 Asset-related
line with an annual capacity of 500,000
sets
Technological transformation project for
automobile front and rear axle production
3,056,045.00 179,516.48 Asset-related
line with an annual capacity of 200,000
sets
Technological transformation project for
automobile suspension chassis production
2,582,045.00 144,593.61 Asset-related
line with an annual capacity of 300,000
sets
Automobile Fabric Production Line
4,104,000.00 266,516.39 Asset-related
Project
Intelligent Factory Construction Project
for Automobile Interior Trim Parts with 1,100,000.00 55,000.00 Asset-related
an annual capacity of 2 million sets
Technological transformation project for
Auto Roof and Carpet Assembly Series
1,650,000.00 82,500.00 Asset-related
Interior Trim Parts with an annual
capacity of 1.6 million sets
Liudong New Area Auto Parts Production
1,510,000.00 42,139.58 Asset-related
Project
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Factory Outdoor Supporting Engineering
7,000,011.00 165,532.34 Asset-related
Project
Shenyang Tuopu Auto Parts Base Project 2,000,000.00 194,444.39 Asset-related
Production Base Project for Tuopu New
Energy Vehicles Lightweight Chassis
5,300,000.00 53,355.72 Asset-related
System and Interior Vibration Control
Trim Parts System
Subsidies for the Second Batch of
Intelligent Manufacturing Projects in
6,000,000.00 129,627.58 Asset-related
Beilun District in 2023 by Beilun District
Economy and Information Bureau
Incentive for domestic equipment
upgrading and transformation from
1,000,000.00 49,999.98 Asset-related
Economic and Information Technology
Bureau of Qianwan New District
Receipt of 2023 Industrial Investment
(Technological Reform and
5,100,000.00 42,500.00 Asset-related
Reconstruction) Incentive from Qianwan
New District
Subsidies for Large, Excellent and Strong
1,200,000.00 1,200,000.00 Income-related
Enterprises
Social Security Subsidies for Female
24,038.91 24,038.91 Income-related
Employees of Enterprises in 2023 Q4
Special Funds for Technological Reform
in 2023 and Reward for Enterprise 2,010,000.00 2,010,000.00 Income-related
Cultivation and Growth Project in 2022
Funding Subsidies for 2022 Industrial
Strengthening Zone of Pinghu Economic 30,000.00 30,000.00 Income-related
Development
Industrial Development Bureau 2022
10,000.00 10,000.00 Income-related
Enterprises on the Steps Award
Subsidies for 2023 enterprise wind-up 700,000.00 700,000.00 Income-related
Funding for Statistics of High-tech Zone
4,500.00 4,500.00 Income-related
for 2022 Q2-Q4
The first batch of provincial industrial
19,748.00 19,748.00 Income-related
development emergency funds in 2023
Statistics Funding for 2023 Q1, Economic
1,500.00 1,500.00 Income-related
and Information Bureau
R&D Funding for District Economic and
2,928.00 2,928.00 Income-related
Science Bureau in 2022
Unemployment refund for Hangzhou
550.94 550.94 Income-related
Employment Management Service Center
Subsidies for Industrial Enterprises
100,000.00 100,000.00 Income-related
Windfall in 2023
The first batch of subsidies for promoting
industries from the District Science and 37,000,000.00 37,000,000.00 Income-related
Technology Bureau
High-quality development funding from
320,000.00 320,000.00 Income-related
the Development and Reform Bureau
2023 first batch of development support
incentive allocation funds to Commerce 2,690,000.00 2,690,000.00 Income-related
and Trade Enterprises
Tax Rebate (Stamp Duty) 800,000.00 800,000.00 Income-related
Government Stamp Duty Subsidy 2,440,000.00 2,440,000.00 Income-related
Provincial high-tech enterprise research
300,000.00 300,000.00 Income-related
and development subsidy
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Pinghu Employment Center (social
security for female workers during 2,730.35 2,730.35 Income-related
maternity leave) subsidy
Job Retention Subsidy 22,500.00 22,500.00 Income-related
Water-saving Enterprise Subsidy 100,000.00 100,000.00 Income-related
High-tech Enterprise Subsidy 220,000.00 220,000.00 Income-related
Subsidies for upgrading small enterprises 200,000.00 200,000.00 Income-related
Subsidies for Regulated Enterprises 100,000.00 100,000.00 Income-related
Reward and subsidy funds for enterprise
sub-metering equipment and running 2,100.00 2,100.00 Income-related
costs
Reward for Capacity Increase of Qianwan
New District from September to 1,278,000.00 1,278,000.00 Income-related
December 2023
Subsidy for stabilizing job positions in
560,753.75 560,753.75 Income-related
2022
Subsidy for enterprises to absorb jobs and
social security in June-December 2023, 146,700.06 146,700.06 Income-related
allocated from the Employment Bureau
Government Incentives - First Batch of
30,000.00 30,000.00 Income-related
Sales Advancement Award in 2023
Special Funds for Provincial Industrial
30,000.00 30,000.00 Income-related
Development for the First Batch in 2023
Subsidies for industrial technological
130,000.00 130,000.00 Income-related
reform policy support projects in 2023
Award and subsidy funds for the
management committee of the Economic 100,000.00 100,000.00 Income-related
Development Zone
Unemployment Insurance Stabilization
1,000.00 1,000.00 Income-related
Rebate
Subsidies from the Bureau of Economy,
Information, Science and Technology
50,530.97 50,530.97 Income-related
(Industrial Rainbird Policy Incentive
Subsidy)
Subsidies for four-star benchmark
enterprises of management innovation in 20,000.00 20,000.00 Income-related
new districts in 2023
Subsidy for stabilizing jobs in 2022 116,798.16 116,798.16 Income-related
VAT Withholding and Payment Handling
241,360.43 241,360.43 Income-related
Fee
One-time Subsidy for Job Expansion 123,000.00 123,000.00 Income-related
Wuyi County Science and Technology
245,800.00 245,800.00 Income-related
Bureau 2022 R&D subsidy
Social Security Subsidy (Recruitment of
Unemployed 4050 Personnel & Poverty 27,060.36 27,060.36 Income-related
Eradicators)
Patent Subsidy for Intellectual Property
4,500.00 4,500.00 Income-related
Office
Promotion of Economic Development
455,000.00 455,000.00 Income-related
Policy Subsidy
Jingkai District Finance Bureau Award
290,000.00 290,000.00 Income-related
Funding
2023 Municipal Key Project Assessment
50,000.00 50,000.00 Income-related
Subsidy Funding
Subsidy for Promoting Industries 11,110,000.00 11,110,000.00 Income-related
Subsidy for the Tenth Batch of Projects 54,890,000.00 54,890,000.00 Income-related
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Specialized in New Energy Vehicles in
2024
Post-subsidy for enterprise R&D
investment of Beilun District Science and 60,600.00 60,600.00 Income-related
Technology Bureau of Ningbo
Foreign Trade Enterprises Outbound
4,886.00 4,886.00 Income-related
Reward in January-April 2023
R&D subsidy for integrated die-casting
molding of aluminum alloy structural 400,000.00 400,000.00 Income-related
parts
Subsidy for the Tenth Batch of Projects
Specialized in New Energy Vehicles in 21,935,000.00 21,935,000.00 Income-related
2024
Subsidy for Capacity Expansion of
Pinghu Economy and Information 43,900.00 43,900.00 Income-related
Technology Bureau
Provincial Science and Technology-based
Small and Medium-sized Enterprises 5,000.00 5,000.00 Income-related
Reward
Wuyi County Municipal Administration
10,000.00 10,000.00 Income-related
Invention Patent Subsidy in 2023
Subsidy for Employment Bureau
1,000.00 1,000.00 Income-related
(Recruitment of New Growth Employees)
Special fund subsidy for energy
339,108.00 339,108.00 Income-related
conservation
Subsidy for Technological Reform 50,000.00 50,000.00 Income-related
Technology reform subsidy 380,000.00 380,000.00 Income-related
Employment Bureau Subsidy 277,000.00 277,000.00 Income-related
Yushi County Advanced Manufacturing
Development Zone Management 330,840.00 330,840.00 Income-related
Committee Subject in 2024
Subsidy for New Labor for Enterprises in
300,000.00 300,000.00 Income-related
Qianwan New District in 2024
Subsidy for the Tenth Batch of Projects
Specialized in New Energy Vehicles in 11,065,900.00 11,065,900.00 Income-related
2024
Funding Subsidy for Green Factory in
100,000.00 100,000.00 Income-related
Ningbo Qianwan New Area in 2023
Subsidy for Newly Incorporated
30,000.00 30,000.00 Income-related
Enterprises in Qianwan New Area in 2023
X. Risks related to financial instruments
√Applicable □Non-applicable
The Company faces various financial risks in the course of its operations: credit risk, liquidity risk
and market risk (including exchange rate risk, interest rate risk and other price risks). The said financial
risks and the risk management policies adopted by the Company to reduce these risks are described
below:
The Board of Directors is responsible for planning and establishing the risk management structure
applicable to the Company, laying down the risk management policies and guidelines, and supervising
the implementation of risk management measures. The Company has laid down some risk management
policies to identify and analyze the risks exposed to it. These risk management policies clearly identify
specific risks, ranging from market risk, credit risk to liquidity risk management. The Company assesses
the market environment and changes in its business activities at regular intervals in order to decide
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
whether to update the risk management policy and system or not. Its risk management is carried out by
the Risk Management Committee in accordance with the policies approved by the Board of Directors.
Risk Management Committee will identify, evaluate and avoid related risks by maintaining a close
cooperation with other business units within the Company. The internal audit division conducts regular
audits on risk management control and procedures, and reports the audit results to the Auditing
Committee of the Company.
The Company carries out the diversification of risks in financial instruments through appropriate
diversified investment and business portfolios, and prepares appropriate risk management policies to
reduce the risk concentrated in a single industry, specific region or specific counterparty.
1. Credit risk
Credit risk refers to the risk of the company's financial losses due to the failure of the counterparty
to perform its contractual obligations.
The credit risk exposed to the Company mainly arises from monetary funds, notes receivable,
accounts receivable, accounts receivable financing, other receivables, as well as those debt instrument
investments and derivative financial assets that are not included in the scope of impairment assessment
and are measured at fair value and whose changes are included in the current profit and loss. On the
balance sheet date, the book value of the Company's financial assets has represented its maximum credit
risk exposure.
The monetary funds owned by the Company are mainly bank deposits deposited in well-reputated
state-owned banks with high credit ratings and other large and medium-sized listed banks. In the opinion
of the Company, there is no significant credit risk, and there will be almost no critical loss caused by
bank defaults.
The Company lays down relevant policies to control credit risk exposure in respect of notes
receivable, accounts receivable, financing receivables and other receivables. The Company assesses the
credit profile of each customer and defines the credit term based on its financial standing, the possibility
of obtaining guarantees from a third party, credit record and other factors such as current market
condition. The Company will monitor the credit record of each customer at regular intervals. For those
found with poor credit record, the Company will maintain its overall credit risk to the extent controllable
by written demand, shortening or cancellation of credit term.
2. Liquidity risk
Liquidity risk refers to the risk of a shortage of funds when an enterprise fulfills its obligation of
settlement by cash or other financial assets.
The Company's policy is to ensure that there is sufficient cash to repay the liabilities due. The
liquidity risk is under the concentrated control of the Company's Financial Department. Through
monitoring the balance of cash and securities cashable at any time and rolling forecasting the cash flow
in the next twelve months, the Financial Department ensures that the Company has sufficient funds to
repay its debts under all reasonable predictions. And it will continue to monitor whether the Company
complies with the provisions of the borrowing agreement and obtains commitments from major financial
institutions to provide sufficient reserve funds to meet its funding needs, whether short term or long
term.
3. Market risk
The market risk of financial instruments refers to the risk of fluctuation at fair value of financial
instruments or future cash flows with the change of market prices, including exchange rate risk, interest
rate risk and other price risks.
(1) Interest rate risk
The interest rate risk refers to the risk in which the fair value or future cash flow of financial
instruments changes due to the change of market interest rate.
Interest-bearing financial instruments applicable to fixed interest rates and floating interest rates
bring the Company up to fair value interest rate risk and cash flow interest rate risk respectively. The
Company ascertains the ratio of fixed interest rates to floating interest rate instruments based on the
market environment, and maintains an appropriate portfolio of fixed and floating interest rate
instruments at regular intervals. If necessary, the Company will adopt interest rate swap instruments to
hedge interest rate risk.
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On June 30, 2024, if other variables remain the same, the borrowing interest rate calculated by
floating interest rate rises or falls by 100 base points, the Company's net profit will decrease or increase
by RMB 23,150,372.49. In the opinion of the management,100 base points can reasonably reflect the
reasonable range of possible changes in interest rates in the next year.
(2) Exchange rate risk
Exchange rate risk refers to the risk that the fair value of financial instruments or future cash flows
will fluctuate due to changes in foreign exchange rates.
The Company will try its best to match the revenues with the expenses in foreign currency, to lower
the exchange rate risk. In addition, the Company may also sign forward foreign exchange contracts or
currency swap contracts to avoid exchange rate risks. In the current period and the previous period, the
company did not sign any forward foreign exchange contracts or currency swap contracts.
The exchange rate risk faced with by the Company is mainly from financial assets and liabilities in
USD. The amounts of assets and liabilities in foreign currencies and converted into RMB are presented
as below:
Balance at the end of the period Balance at the End of Last Year
Other Other
Item
US dollars foreign Total US dollars foreign Total
currencies currencies
Cash and
18,646,917.39 442,271,027.82 460,917,945.21 272,871,157.38 179,132,342.92 452,003,500.30
bank
balances
Accounts
155,037,631.37 1,461,841,009.29 1,616,878,640.66 530,455,755.57 411,937,700.49 942,393,456.06
receivable
Other
2,320,478.97 38,524,013.38 40,844,492.35 17,549,238.97 13,482,218.12 31,031,457.09
Receivables
Accounts
1,346,532.29 134,274,222.61 135,620,754.90 62,456,222.83 113,998,603.33 176,454,826.16
payable
Other
1,078,436.22 7,093,667.38 8,172,103.60 555,541.92 428,818.53 984,360.45
Payables
178,429,996.24 2,084,003,940.48 2,262,433,936.72 883,887,916.67 718,979,683.39 1,602,867,600.06
Total
On June30, 2024, if all other variables remain the same, if the exchange rate of RMB against any of
foreign currencies (principally USD, Euro, CAD, BRL, MYR, SEK, PLN) appreciates or depreciates by
5%, the Company will Increase or decrease the net profit by RMB 98,742,410.98. In the opinion of the
management, 5% can reasonably reflect the reasonable range of possible changes in the exchange rate of
RMB against any of the above foreign currencies in the next year.
(3) Other price risks
Other price risk refers to the risk that the fair value or future cash flow of financial instruments
will fluctuate due to changes in market prices other than exchange rate risk and interest rate risk.
Other price risks exposed to the Company mainly arise from investments in various equity
instruments, and there is a risk of changes in the price of equity instruments.
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2. Hedging
(1) The company conducts hedging business for risk management
□Applicable √Not applicable
Other notes
□Applicable √Not applicable
(2) The Company conducts eligible hedging operations and applies hedge accounting
□Applicable √Not applicable
Other notes
□Applicable √Not applicable
(3) The company conducts hedging business for risk management and expects to achieve the risk
management objectives, but does not apply hedge accounting.
□Applicable √Not applicable
Other notes
□Applicable √Not applicable
3. Transfer of financial assets
(1) Classification of transfer methods
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Amount of
Nature of financial Derecognition of Judgment basis for
Mode of transfer financial assets
assets transferred financial assets derecognition
transferred
Since the credit
risk and deferred
payment risk of
bankers'
acceptances in
receivables
financing are
small, and the
Outstanding bank
interest rate risk
acceptance notes
Endorsement 1,370,555,249.36 Derecognition related to the notes
in receivables
has been
financing
transferred to the
bank, it can be
judged that the
major risks and
rewards of title of
the notes have
been transferred,
so they are
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
derecognized.
Total / 1,370,555,249.36 / /
(2) Financial assets derecognized due to transfer
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Mode of transfer of Amount of financial Gain or loss related to
Item
financial assets assets derecognized derecognition
1,370,555,249.36
Receivables financing Endorsement
Total / 1,370,555,249.36
(3) Transferred financial assets with continuing involvement
□Applicable √Not applicable
Othe notes
□Applicable √Not applicable
XIII. Disclosure of Fair Values
1. Fair values of the assets and liabilities at the end of the period
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Fair value at the end of the period
Fair value Fair value
Fair value
Item measurement measurement
measurement at the Total
at the at the
third-level
first-level second-level
I. Constant
measurement at fair
value
(I) Trading Financial
935,400.96 1,640,000,000.00 1,640,935,400.96
Assets
1. Financial assets at
fair value through profit 935,400.96 1,640,000,000.00 1,640,935,400.96
or loss in this period
(1) Investment in debt
instruments
(2) Investment in
935,400.96 935,400.96
equity instrument
(3)Derivative
Financial Assets
(4) Other 1,640,000,000.00 1,640,000,000.00
2. Designated
financial assets that are
measured at fair value
and whose changes are
included in the current
profit and loss
(1) Investment in debt
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Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
instruments
(2) Investment in
equity instrument
(II) Receivables
881,452,138.71 881,452,138.71
financing
Total assets measured
at fair value on an 935,400.96 2,521,452,138.71 2,522,387,539.67
ongoing basis
(VI) Financial
liabilities held for
trading
1. Financial liabilities
that are measured at
fair value and whose
changes are included in
the current profit and
loss
Including: issued
trading bonds
Derivative
Financial Liabilities
Others
2. Designated
Financial Liabilities
Measured in Fair Value
with Changes Recorded
into Current Profit and
Loss
Total amount of
liabilities constantly
measured at their fair
values
II. Non-continuous
fair value
measurement
(1) Held-for-sale
assets
Total assets that are
not continuously
measured at fair value
Total liabilities not
continuously
measured at fair value
2. Determination basis for the market price of continuous and non-continuous first-level fair value
measurement projects
√Applicable □Non-applicable
The Company's trading financial assets included in the first level of fair value measurement are the
shares of Lifan Technology (Group) Company Limited ("Lifan Technology"), which are listed on the
main board of the Shanghai Stock Exchange and have active quoted prices, therefore, the closing price
of the shares of Lifan Technology is regarded as the fair value.
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3. Qualitative and quantitative information on the valuation techniques used and important
parameters for continuous and non-continuous second-level fair value measurement items
□Applicable √Non-applicable
4. Continuous and non-sustainable third-level fair value measurement projects, qualitative and
quantitative information on valuation techniques and important parameters used
√Applicable □Non-applicable
1. For bank financial products included in trading financial assets, the Company uses the expected
rate of return to forecast future cash flows, the unobservable estimate is the expected rate of return, and
the fair value is determined at the end of the period based on the amount that is expected to be recovered
with a high probability.
2. For receivables financing, the Company determines the fair value of the promissory notes at the
end of the period based on the face amount, considering the small difference between the face amount
and the fair value.
5. Continuous third-level fair value measurement items, adjustment information between the book
value at the beginning of the period and that at the end of the period and sensitivity analysis of
unobservable parameters
□Applicable √Non-applicable
6. Continuous fair value measurement items, if there is a conversion between levels occurred in the
current period, the reasons for the conversion and the policies for determining the time point of
the conversion
□Applicable √Non-applicable
7. Changes in valuation technique in the current period and reasons for the changes
□Applicable √Non-applicable
8. The fair value of financial assets and financial liabilities not measured at fair value
√Applicable □Non-applicable
The Company's financial assets and financial liabilities that are measured at amortized cost consist
mainly of cash funds, notes receivable, accounts receivable, other receivables, short-term borrowings,
notes payable, accounts payable, other payables, non-current liabilities due within one year, long-term
borrowings and bonds payable.
The differences between the carrying amounts and fair values of the Company's financial assets and
liabilities not measured at fair value were minimal and are not disclosed in detail.
9. Others
□Applicable √Non-applicable
XIV. Related Parties and Related-party Transactions
1. The parent company
√Applicable □Non-applicable
Unit： Yuan Currency： HKD
Percentage of
Percentage of the
the Company’s
Name of parent Nature of Registered Company’s voting
Registered shares held by
company business capital rights held by the
address the parent
parent company
company
Mecca International Hong
1,000,000.00 59.66 59.66
Holding (HK) Kong Investment
242 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Limited
The ultimate controlling party of the Company is Wu Jianshu.
2. Subsidiaries of the Company
More details of the subsidiaries of the Company are available in the notes.
√Applicable □Non-applicable
Details about the subsidiaries of the Company are available in the note "X. Interests in other
entities"
3. Joint ventures and associates of the Company
More details of the subsidiaries of the Company are available in the note.
√Applicable □Non-applicable
Details about the subsidiaries of the Company are available in the note "X. Interests in other
entities"
The situation of other joint ventures or associates that have related party transactions with the company
during the current period or the balance of the related party transactions with the Company in the
previous period is listed as follows.
√Applicable □Non-applicable
Other Notes
√Applicable □Non-applicable
4. Other Related Parties
√Applicable □Non-applicable
Name of Other Related Party Relationship between Other Related Party and the
Company
Ninghai Jinsuoer Auto Parts Co., Ltd. A company controlled by the niece of the actual
[Note] controller of the Company
Ninghai Saipu Rubber and Plastic Parts A company controlled by the niece of the actual
Factory [Note] controller of the Company
A company controlled by the young sister of the actual
Ninghai Jinxin Packaging Co., Ltd.
controller of the Company
Ninghai Zhonghao Plastic Products Co., An officer’s brother-in-law holds 40% of the shares and
Ltd. serves as an executive director of the company
A company controlled by the elder sister and
Ninghai Xidian Qingqing Plastic Factory
brother-in-law of the officer of the Company
A company controlled by the niece’s husband of the
Ningbo Hongke Auto Parts Co., Ltd. [Note]
actual controller of the Company
Ningbo Gloyel Intelligent Technology Co. Other company controlled by the actual controller of the
Ltd. Company
Other company controlled by the actual controller of the
Ningbo Gloyel Motor Technology Co., Ltd.
Company
Other company controlled by the actual controller of the
Gloyel Electric (Ningbo) Co., Ltd.
Company
Note: Ninghai Jinsuoer Auto Parts Co., Ltd.， Ninghai Saipu Rubber and Plastic Parts Factory, and
Ningbo Hongke Auto Parts Co., Ltd., are entities controlled by the niece of Mr. Wu Jianshu, who is the
actual controller of the Company. In accordance with the definition of connected persons for listed
companies as outlined in section 6.3.3 of the Rules Governing the Listing of Stocks on the Shanghai
Stock Exchange (Revised in August 2023), these entities do not qualify as connected persons of Tuopu
243 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Group. Consequently, their routine transactions with Tuopu Group are not classified as connected
transactions, and their cumulative business activities represent a relatively minor portion of the
Company's overall revenue. Beginning in 2024, the Company will cease to recognize the
aforementioned three entities as related parties, and they will no longer be included in the Company's
regular reports, audit reports, announcements regarding daily connected transactions, or any other
documentation.
5. Related party transactions
(1). Related-party transactions of purchase and sale of goods, rendering and acceptance of labor
services
List of purchase of goods/acceptance of labor services
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Whether the
Amount incurred Approved
Related-party transaction limit Amount incurred
Related party in the current transaction limit
transaction is exceeded (if in previous period
period (if applicable)
applicable)
Ninghai Jinxin
Packaging Co., Material 8,777,651.51 20,000,000.00 No 7,907,317.42
Ltd.
Ninghai
Zhonghao
Material 14,269,194.82 25,000,000.00 No 9,660,854.24
Plastic Products
Co., Ltd.
Ninghai Xidian
Qingqing Material 2,855,692.11 7,000,000.00 No 2,231,033.04
Plastic Factory
Tuopu
Electrical
Material 249,335.05 400,000.00 No 180,839.17
Appliances Co.,
Ltd.
Ningbo Borgers
Tuopu
Material 3,951,220.50 5,000,000.00 No 6,802,215.97
Automobile
Parts Co., Ltd.
Ningbo Gloyel
Motor
Material 35,765,025.80 40,000,000.00 No 12,017,177.83
Technology
Co., Ltd.
Ningbo Gloyel
New Energy Labor service 1,593,693.99 5,000,000.00 No -
Co. Ltd.
Ningbo Gloyel
Intelligent
Equipment 42,077,560.63 80,000,000.00 No 53,169,071.20
Technology Co.
Ltd.
List of sale of goods/rendering of labor services
□Applicable √Non-applicable
Unit：Yuan Currency：RMB
Content of related Amount incurred in the Amount incurred in
Related party
transaction current period previous period
Tuopu Electrical Appliances Material
2,468,098.59 2,110,153.72
Co., Ltd.
Ningbo Borgers Tuopu Material
15,655,164.65 61,156,655.24
Automobile Parts Co., Ltd.
Ningbo Gloyel Motor Material
1,649,514.77 1,527,970.48
Technology Co., Ltd.
Ningbo Gloyel New Energy Co. Equipment
19,578.05
Ltd.
244 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Notes to related-party transactions in the purchase and sale of goods, rendering and acceptance of labor
services
□Applicable √Non-applicable
The acquisition of Ningbo Borgers by the Company was finalized on April 25, 2024. Consequently, the
data for Ningbo Borgers reflected in the above table pertains to the period from January to April 2024.
(2). Related trusteeship management/contracting and entrusted management/outsourcing
List of trusteeship management/contracting of the Company:
□Applicable √Non-applicable
Related trusteeship/contracting
□Applicable √Non-applicable
List of entrusted management/outsourcing
□Applicable √Non-applicable
Related management/outsourcing
□Applicable √Non-applicable
(3). Related leases
The Company as landlord:
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Kind of lease Rental income recognized Rental income recognized in
Name of tenant
assets in the current period previous period
Ningbo Gloyel Electric Houses and
Motor Technology Co., structures 99,082.57 99,082.57
Ltd.
Ningbo Gloyel Houses and
Intelligent Technology structures 308,715.60
Co., Ltd.
245 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
The Company as tenant:
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Rental charges for
Variable lease
short-term leases and
payments not included
leases of low-value Interest expense on lease Added right-of-use
in the measurement of Rent paid
assets for simplified liability assumed assets
the lease liability (if
Kind of processing (if
Name of applicable)
lease applicable)
tenant
assets Amount Amount Amount Amount
Amount Amount Amount Amount Amount
incurred incurred incurred Amount incurred
incurred in incurred in incurred in incurred in incurred in
in the in in incurred in the in the
the current previous the current previous previous
current previous previous current period current
period period period period period
period period period period
Gloyel
Houses
Electric
and 1,564,744.96 1,564,744.96 181,686.92 70,955.02
(Ningbo)
structures
Co., Ltd.
Affiliated leases
□Applicable √Non-applicable
246 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(4). Related guarantees
The Company as guarantor
√Applicable □Non-applicable
Unit：in 10,000 Yuan Currency：RMB
Guaranteed Whether the guarantee
Guaranteed party From Until
amount has been fulfilled
Tuopu Poland 5,417.44 Refer to Note (1) Refer to Note (1) No
Tuopu No
Photovoltaic
3,600.00 2021-12-9 2033-12-9
Technology
(Hangzhou Bay)
Tuopu Mexico 10,276.00 2023-11-1 2030-10-31 No
Tuopu Mexico 26,995.96 2023-11-15 2034-1-14 No
Tuopu Mexico 3,967.95 2024-2-6 2029-7-15 No
The Company as guaranteed party
□Applicable √Non-applicable
Notes to related guarantees
√Applicable □Non-applicable
(1) For smooth conduct of business operations in Europe, Tuopu Poland sp.z.o.o, ("Tuopu Poland")
is a wholly-owned subsidiary established by Tuopu Group in Poland in March 2021. It leases 7R
PROJEKT 35 Sp. z.o.o ("7R Project Company"), customized industrial plants in Poland (including
office areas, production areas and warehouses). According to business practice and actual needs, the
Company provided performance bond for the said lease agreement, and authorized the chairman or
authorized representative to sign the relevant guarantee. The total liability of the letter of guarantee must
not exceed 7 million euros (about RMB 54.1744 million), and the maturity period covers the entire term
of the said lease agreement and five months after its expiration or termination, but no later than August 1,
2029.
(2) On 9 December 2021, Tuopu Photovoltaic Technology (Ningbo Hangzhou Bay New Area) Co.,
Ltd., the wholly-owned sub-subsidiary signed a loan contract with China Development Bank Ningbo
Branch, with the granted credit line at RMB 60 million, under the loan contract number
(2021)3302202101100001111. The term of this medium and long-term loan is 12 years which
commences from 9 February 2021 till 9 December 2023, subject to the repayment schedule as set out in
the contract. The form of guarantee is setting the real property (located at No. 59, Guanhai Road,
Chunxiao, Beilun District, Ningbo) on mortgage, such guarantee is provided by Ningbo Tuopu Group
Co., Ltd. for the benefit of Tuopu Photovoltaic Technology (Ningbo Hangzhou Bay New Area) Co., Ltd.
As of 31 December 2023, the balance of this medium and long-term loan is RMB 39 million, the
original value and net value of the real property on mortgage is RMB 45,324,720.72 and RMB
34,905,288.82 respectively; the original value and net value of land on mortgage is RMB 13,070,562.81
and RMB 9,585,079.49 respectively.
(3) In order to expand its business in North America, Tuopu Group Mexico,S.de R.L. de C.V
("Tuopu Mexico"), a subsidiary of the Company, has hired David Wolberg Peia, Armando Arturo
González Gutiérrez, a natural person, and Alberto González Gutiérrez, Adrián González Gutiérrez, a
natural person, Arturo González Gutiérrez, Alberto González Gutiérrez and Adrián González Gutiérrez,
natural persons (hereinafter collectively referred to as the "Lessors"), and has concluded an agreement
with the legal representatives of the five aforementioned co-owners. A lease agreement has been signed
with Irma Garza Ita, the legal representative of the five co-owners mentioned above. The agreement
provides for monthly rent payments beginning on November 1, 2023 and ending after 84 months (i.e.,
October 31, 2030). In view of the business practice and practical needs, the Company provided
247 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
guarantee for the rent agreed in the said lease agreement and authorized the Chairman of the Board of
Directors or his authorized representative to sign the guarantee. The total liability of the guarantee will
not exceed USD14 million (approximately RMB102.76 million) and the validity period of the guarantee
covers the entire validity period of the said lease agreement.
(4) In order to continue to expand its business in North America, Tuopu Mexico, a subsidiary of
the Company, leased an industrial building located in the State of Nuevo León, Mexico (hereinafter
referred to as the "Phase II Building") to BANCO ACTINVE, S.A. INSTITUCIN DE
BANCAMULTIPLE, GRUPOFINANCIERO ACTINVER, COMO FIDUCIARIO DELFIDEICOMISO
F/ 1401, a lessor, for use as the second phase of Tuopu Mexico's plant for automotive parts. 1401 leased
its industrial building located in Nuevo Leon, Mexico as the second phase of the Tuopu Mexico Plant
(hereinafter referred to as the "second phase") for the production of automotive parts and entered into a
lease agreement with it for a term commencing on November 15, 2023 and ending on January 14, 2034,
which is expected to be completed by the end of the lease term. In view of the business practice and
practical needs, Tuopu USA, LLC, a wholly-owned subsidiary of the Company, has provided a
guarantee for the rental and related taxes agreed in the aforesaid lease agreement, with the total
guarantee liability not exceeding USD 35 million (approximately RMB 248,335,500), and the validity
period of the guarantee will cover the entire validity period of the aforesaid lease agreement. At the same
time, the Board agreed that the Company shall deliver to the Lessor a standby letter of credit issued by a
commercial bank to secure the lease of the Phase II Plant, with a standby letter of credit in the amount of
USD 3,047,669.86 (approximately RMB 21,624,131.96), which is equivalent to the first year's rent of
the Phase II Plant (including relevant taxes). The total amount of the above guarantees is USD
38,047,669.86 (approximately RMB 269,959,631.96).
(5) Tuopu Group Mexico,S.de R.L. de C.V, a fully-owned subsidiary, has taken steps to further its
expansion in North America by leasing an industrial facility from BancoMonex, S.A., I.B.M, Monex
Grupo Financiero, which is acting as the Trustee for the Trust designated as F/3485. This facility,
located in the State of Nuevo Leon, Mexico, will serve as Tuopu Mexico's plant for the manufacturing of
automotive components within its trim operations. A lease agreement was formalized on February 6,
2024, with a duration of five years. To ensure compliance with the rental obligations outlined in the
lease, the Company has provided a standby letter of credit as a guarantee. The cumulative value of the
two standby letters of credit amounts to US$5,582,369.27 (approximately RMB39,679,480.77). The
contract remains effective from February 6, 2024, until July 15, 2029.
(5). Borrowed funds from related parties
□Applicable √Non-applicable
(6). Asset transfer and debt restructuring of related parties
□Applicable √Non-applicable
(7). Remuneration of key management members
√Applicable □Non-applicable
Unit：in 10,000 Yuan Currency：RMB
Amount incurred in the current Amount incurred in
Item
period previous period
Remuneration from key 4,088,692.26 3,587,350.52
management members
(8). Other related-party transactions
□Applicable √Non-applicable
248 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
6. Accounts receivable and payable of related parties
(1). Items of receivable
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the end of the Balance at the beginning of the
period period
Item Related party
Book Bad debt Bad debt
Book balance
balance provision provision
Tuopu
Accounts Electrical
1,709,968.76 85,498.44 2,828,883.09 141,444.15
receivable Appliances Co.,
Ltd.
Ningbo Borgers
Accounts Tuopu
40,000,051.53 2,000,002.58
receivable Automobile
Parts Co., Ltd.
Ningbo Gloyel
Other
Intelligent
non-current 1,846,000.00 2,387,197.00
Technology Co.
assets
Ltd.
Ningbo Gloyel
Accounts Motor
531,264.39 26,563.22
receivable Technology
Co., Ltd.
(2). Items of payable
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Book balance at the Book balance at the
Item Related party
end of the period beginning of the period
Tuopu Electrical
Accounts payable 498,225.84 424,128.00
Appliances Co., Ltd.
Accounts payable Ningbo Borgers
Tuopu Automobile 2,584,443.67
Parts Co., Ltd.
Accounts payable Ninghai Jinxin
6,864,084.17 9,204,110.32
Packaging Co., Ltd.
Accounts payable Ninghai Zhonghao
Plastic Products Co., 7,654,296.67 8,604,784.92
Ltd.
Accounts payable Ninghai Xidian
Qingqing Plastic 2,058,921.63 2,109,134.61
Factory
Accounts payable Ningbo Gloyel
Intelligent 434,509.82 1,025,652.12
Technology Co., Ltd.
Accounts payable Ningbo Gloyel Motor
15,821,380.30 9,804,836.10
Technology Co., Ltd.
Accounts payable Gloyel Electric
434,567.45 549,037.21
(Ningbo) Co., Ltd.
Accounts payable Ningbo Gloyel New
Energy Technology 292,803.36
Co., Ltd.
249 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Lease liabilities Gloyel Electric
7,268,700.2 8,651,758.24
(Ningbo) Co., Ltd.
(3). Other items
□Applicable √Non-applicable
7. Related party commitments
□Applicable √Non-applicable
8. Others
□Applicable √Non-applicable
XIV. Share-based payment
1. Equity instruments
□Applicable √Not applicable
Stock options or other equity instruments issued and outstanding at the end of the period
□Applicable √Not applicable
2. Equity-settled share-based payments
□Applicable √Not applicable
3. Cash-settled share-based payments
□Applicable √Not applicable
4. Share-based payment expenses for the period
□Applicable √Not applicable
5. Modification and termination of share-based payment
□Applicable √Not applicable
6. Others
□Applicable √Not applicable
XV. Commitments and Contingencies
1. Important commitments
√Applicable □Non-applicable
Important external commitments, nature, and amount on the balance sheet date
(1) On 14 November 2022, the Company signed a loan contract with the Export-Import Bank of
China Ningbo Branch, with the granted credit line at RMB 300 million, under the loan contract number
(2022) Jin Chu Yin (Yong Xin He) No. 1-135. As of June 30, 2024, the long-term loan balance under
the contract is RMB 300 million. On January 6, 2023, the Company signed a loan contract with the
Export-Import Bank of China Ningbo Branch, with the granted credit line at RMB 300 million, under
the loan contract number (2023) Jin Chu Yin (Yong Xin He) No. 1-010. As of June 30, 2024, the
250 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
long-term loan balance under the contract is RMB 300 million. On November 14, 2023, the Company
signed a loan contract with the Export-Import Bank of China Ningbo Branch, with the granted credit line
at RMB 400 million, under the loan contract number (2024) Jin Chu Yin (Yong Xin He) No. 1-129. As
of June 30, 2024, the long-term loan balance under the contract is RMB 400 million. On June 30, 2024,
the Company signed a loan contract with the Export-Import Bank of China Ningbo Branch, with the
granted credit line at RMB 400 million. On June 13, 2024, the Company signed a loan contract with the
Export-Import Bank of China Ningbo Branch, with the granted credit line at RMB 380 million, under
the loan contract number (2024) Jin Chu Yin (Yong Xin He) No. 1-057. As of June 30, 2024, the
long-term loan balance under the contract is RMB 380 million. On June 13, 2024, the Company signed a
loan contract with the Export-Import Bank of China Ningbo Branch, with the granted credit line at RMB
120 million, under the loan contract number (2024) Jin Chu Yin (Yong Xin He) No. 1-058. As of June
30, 2024, the long-term loan balance under the contract is RMB 120 million. The form of guarantee is
setting real properties on mortgage, under the guarantee contract number (2022) Jin Chu Yin (Yong Zui
Xin Di) No. 1-001, (2022) Jin Chu Yin (Yong Zui Xin Di) No. 1-003 and (2024) Jin Chu Yin (Yong Zui
Xin Di) No. 1-003. The original value of the properties used for mortgage is RMB 944,051,258.94 with
a net value of RMB 637,914,621.91 (of which the original value of fixed assets is RMB 919,521,612.08
with a net value of RMB 611,764,010.67; the original value of investment properties is RMB
24,529,646.86 with a net value of RMB 8,165,756.94); and the original value of the land used for
mortgage is RMB 202,898,354.01 with a net value of RMB 154,034,087.62.
(2) The Company and Ping An Bank Ningbo Beilun Sub-branch engaged in several agreements,
specifically Ping An Bank Ningbo Strategy II Division Cheng Shen Zi No. 20231018 No.006, Ping An
Bank Ningbo Strategy II Division Cheng Shen Zi No. 20231117 No.006, Ping An Bank Ningbo Strategy
II Division Cheng Shen Zi No. 20231219 No.006, Ping An Bank Ningbo Strategy II Division Cheng
Shen Zi No. 20230714 No.006, Ping An Bank Ningbo Strategy II Division Cheng Shen Zi No.
20230821 No.006, as well as Ping An Bank Ningbo Strategy II Department Cheng Shen Zi No.
20230915 No.006 applications for acceptance note. As of June 30, 2024, the Company submitted a bank
acceptance deposit of RMB 12,100,000.00 to Ping An Bank Ningbo Beilun Sub-branch, resulting in the
issuance of a note payable amounting to RMB 323,804,367.67.
(3) The Company engaged in a collaborative agreement with Zheshang Bank Company Limited
Ningbo Branch, through the bill pool business cooperation agreement No. (33100000) Zheshang Asset
Pool Zi (2023) No. 18285 and the pledge pool guarantee contract No. (33100000) Zheshang Asset Pool
Qi Zi (2023) No. 18286. As of June 2024, there remains a pledge of bank acceptance note amounting to
RMB 5,271,872.86. Additionally, a deposit of RMB 192,625.82 was paid to the bank in relation to the
bank acceptance note. Consequently, a note payable of RMB 5,199,721.89 was issued.
(4) On 9 December 2021, Tuopu Photovoltaic Technology (Hangzhou Bay) and China
Development Bank Ningbo Branch finalized a RMB fund loan agreement. The loan amount was RMB
60 million, and the loan contract number was (2021)3302202101100001111. This medium- and
long-term loan has a duration of 12 years, starting from December 9, 2021, and ending on December 9,
2033. The loan will be repaid according to the agreed-upon repayment schedule. To secure the loan, the
Company provided a real estate mortgage, specifically a mortgage guarantee on the property located at
No. 59, Chunxiao Guanhai Road, Beilun District, Ningbo, to Top Solar (Hangzhou Bay). As of June 30,
2024, the remaining balance of the medium- and long-term borrowings under this contract was RMB 36
million. The original value of the mortgaged property was RMB 45,324,720.72, with a net value of
RMB 33,888,928.55. Additionally, the original value of the mortgaged land was RMB 13,070,562.81,
with a net value of RMB 9,454,373.86.
(5) The Company and the Management Committee of Ningbo Qianwan New Area signed an
investment agreement in 2022 under the contract number Xin Qu Tou Xie [2022] No. 1. The agreement
specified that the fixed assets investment intensity should be RMB 3 million per mu and the average tax
revenue per mu should be RMB 0.38 million per mu. Failure to meet these terms would result in a
penalty of RMB 161,100,000. Additionally, the Company obtained an Irrevocable Bank Guarantee from
Bank of China Beilun Branch on 19 September 2022, for an amount not exceeding RMB
161,100,000,000 in favor of the Management Committee of Ningbo Qianwan New Area. The guarantee,
with number GC1901322000187, is valid from September 19, 2022, to September 30, 2030. This
guarantee ensures that Bank of China Beilun Branch will pay the Management Committee of Ningbo
Qianwan New Area up to RMB 161,100,000 in case of default, upon receiving the necessary
documentation.
251 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(6) In compliance with the U.S. Customs bonding requirements, the Company entered into an
Irrevocable Bank Guarantee with Citibank on 12 September 2023. This guarantee, identified as
Guarantee No. 69628907, was established in favor of AVALON RISK MANAGEMENT INSURANCE
AGENCY and is valued up to USD 2.8 million. The validity period of this guarantee spans from 12
September 2023, to September 12, 2024. Its purpose is to ensure the timely payment of a draft, not
exceeding USD 2.8 million, upon Citibank's receipt of a draft in accordance with the terms outlined in
this letter of credit.
(7) On 22 August 2023, Tuopu Automobile Electronics and Ping An Bank, Ningbo Branch,
entered into an agreement known as the application for acceptance note numbered Ping An Beilun
Cheng Shen Zi No. 20230822 No. 006. According to this agreement, Tuopu Automobile Electronics is
required to provide a deposit equal to or greater than 6.03% of the face value of the acceptance note. The
acceptance note is secured by a mortgage. As of June 30, 2024, Tuopu Automobile Electronics has paid
a total of RMB 3,700,000.00 to Ping An Bank as a deposit for the bank acceptance note. Based on this
payment, a note payable in the amount of RMB 74,090,293.43 was issued.
(8) Skateboard Chassis signed a construction contract with Ningbo Longyuan Shenghong
Ecological Construction Engineering Co. Ltd. for two projects: the annual production capacity of 1.1
million sets of interior functional trim parts and the annual production capacity of 1.3 million sets of
thermal management systems for Tuopu Skateboard Chassis (Ningbo) Co. Ltd. The company also
entered into a Payment Guarantee with Bank of China Limited Ningbo Branch on 1 March 2023, in
favor of Ningbo Longyuan Shenghong Ecological Construction Engineering Co. Ltd. The guarantee
amount is RMB 1.7152 million, with Guarantee No. GC1900323000176. The validity period is from the
effective date of the main contract to 28 days after the payment of the contract sum. If Skateboard
Chassis fails to pay the contract sum, the bank will pay on their behalf within the guaranteed amount.
Skateboard Chassis has already paid the guarantee deposit of RMB 1,715,200,000 to Bank of China
Limited Ningbo Branch.
(9) Skateboard Chassis signed a construction contract with Ningbo Zhongqin Construction
Engineering Co. Ltd. for the construction contract for civil general contracting works for the project with
an annual production capacity of 1.6 million sets of lightweight chassis systems, under the contract
number G1012024032202. The company also entered into a Payment Guarantee with Bank of China
Limited Ningbo Branch on April 3, 2024, in favor of Ningbo Zhongqin Construction Engineering Co.
Ltd. The guarantee amount is not exceeding RMB 2.6386 million, with Guarantee No.
GC1900324000216. The validity period is from the effective date of the main contract to 28 days after
the payment of the contract sum. If Skateboard Chassis fails to pay the contract sum, the bank will pay
on their behalf within the guaranteed amount. Skateboard Chassis has already paid the guarantee deposit
of 2.6386 million to Bank of China Limited Ningbo Branch
(10) Tuopu Automobile Parts entered into a business cooperation agreement with Zheshang Bank
Co., numbered 33100000 Zheshang Bills Pool Zi 2017 No. 01470, as well as an asset pool business
cooperation agreement, numbered 33100000 Zheshang Asset Pool Zi 2017 No. 01470, and numbered
33100000 Zheshang Asset Pool Zi 2017 No. 01471. These agreements also include the Zheshang Bank
Asset Pool Pledge Guarantee Contract. As of June 30, 2024, RMB 51,338,749.73 was paid to the bank
as a deposit for the bank acceptance note. Based on these transactions, notes payable totaling RMB
38,981,264.18 was issued.
(11) Tuopu Automobile Parts engaged in a collaborative business arrangement with CITIC Bank
Corporation Ningbo Free Trade Zone Sub-branch, referred to as the note pool business cooperation and
note pledge agreement No. 20240109001, on January 9, 2024. As of June 30, 2024, there were RMB
203,335,511.00 worth of pledged bank acceptance notes. The notes payable amounting to RMB
186,232,527.95 were issued.
(12) Tuopu Vibro-Acoustics Technology has entered into several agreements with Bank of
Ningbo Co., Ltd. Ningbo Beilun Sub-branch. These agreements include the Asset Pool Invoicing
Straight-Through Agreement No. 05100AT22BFN865, the Asset Pool Business Cooperation and Pledge
Agreement No. 0510100015480, and the Asset Pool Zi 2019 No. 031. As of June 30, 2024, a deposit of
RMB 100,063,703.82 was paid to the bank for the bank acceptance bills, resulting in the issuance of a
note payable of RMB 76,921,879.03.
(13) Tuopu Vibro-Acoustics Technology has entered into several agreements with Bank of
Ningbo Co., Ltd. Ningbo Beilun Sub-branch. These agreements include the Asset Pool Invoicing
Straight-Through Agreement No. 05100AT22BFN865, the Asset Pool Business Cooperation and Pledge
Agreement No. 0510100015480, and the Asset Pool Zi 2019 No. 031. As of June 30, 2024, a deposit of
252 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
RMB 111,823,800.38 was paid to the bank for the bank acceptance bills, resulting in the issuance of a
note payable of RMB 72,479,867.54.
(14) Tuopu Poland signed a bank guarantee with Citibank for an amount not exceeding
2,500,000.00 (PLN) on July 19, 2023, to cover customs duties related to trade, under guarantee number
GC23-2000001. As of June 30, 2024, the Company had transferred 2,500,000.00 (PLN) to Bank of
China (equivalent to approximately RMB 4,422,000.00) as a bond deposit.
(15) At the request of the Immigration Authority, Tuopu Malaysia has entered into a bank
guarantee agreement with Bank of China (Malaysia) Sdn Bhd in favor of GUO HUIQIN. The bank
guarantee is for an amount not exceeding RM1,500.00, which covers GUO HUIQIN's personal passage
fee for visa application. This guarantee is issued under the letter of guarantee no. LG5111723000234,
valid from October 10, 2023, to October 9, 2024. According to the terms of the letter of guarantee, the
bank will make the payment to Tuopu Malaysia, on behalf of the bank, within the guaranteed amount
upon Tuopu Malaysia's written request for payment. As a deposit for the letter of guarantee, Tuopu
Malaysia has already paid MYR 1,500.00 (approximately RMB 2,264.25) to the Bank of China.
(16) Ningbo Qianhui has executed a maximum pledge contract, specifically No.
06001PC20198005 (supplemental), with Bank of Ningbo Company Limited Ninghai Sub-branch. As of
June 30, 2024, there remains a total value of RMB 2,271,976.83 in pledged bank acceptance notes.
Additionally, RMB 3,725,460.59 worth of bank acceptance notes were submitted to the bank as a
deposit. Consequently, a note payable amounting to RMB 2,268,399.5 was issued.
2. Contigencies
(1). Important contingencies existing on the balance sheet date
□Applicable √Non-applicable
(2). Even if the Company has no important contingencies to be disclosed, also state:
□Applicable √Non-applicable
3. Others
□Applicable √Non-applicable
XVII. Events after the Balance Sheet Date
1. Important non-adjusting events
□Applicable √Non-applicable
2. Profit distribution
□Applicable √Non-applicable
Unit: Yuan Currency: RMB
Proposed distribution of profits or 646,503,426.53 646,503,387.61
dividends
Profits or dividends declared after 646,503,426.53
deliberation and approval
3. Sales return
□Applicable √Non-applicable
4. Notes to Other Events after the Balance Sheet Date
□Applicable √Non-applicable
253 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
XXVIII. Other Significant Events
1. Correction of previous accounting errors
(1). Retrospective restatement
□Applicable √Non-applicable
(2). Prospective application
□Applicable √Non-applicable
2. Debt restructuring
□Applicable √Non-applicable
3. Replacement of assets
(1). Exchange of non-monetary assets
□Applicable √Non-applicable
(2). Exchange of other assets
□Applicable √Non-applicable
4. Annuity plan
□Applicable √Non-applicable
5. Discontinuing operation
□Applicable √Non-applicable
6. Segment information
(1). Determination basis and accounting policies of the reportable segment
□Applicable √Non-applicable
(2). Financial information of the reportable segment
□Applicable √Non-applicable
(3). If the Company has no reportable segments or cannot disclose the total assets and total
liabilities of individual reportable segment, state the reason
□Applicable √Non-applicable
(4). Other notes
□Applicable √Non-applicable
7. Other significant transactions and event that have an impact on investors' decisions
□Applicable √Non-applicable
8. Others
□Applicable √Non-applicable
254 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
XXIX. Notes to the Main Items of the Financial Statements of the Parent Company
1. Accounts receivable
(1). Disclosure by age
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Book balance at the end of the Book balance at the beginning of
Age
period the period
Within 1 year
Including: sub-items within 1 year
Within 1 year 2,014,213,965.27 1,945,977,497.47
Subtotal within 1 year 2,014,213,965.27 1,945,977,497.47
1 to 2 years 111,669,152.26 116,037,921.61
2-3 years 49,933,918.57 51,788,849.82
Over 3 years 6,900,574.91 6,540,552.20
3 to 4 years
4 to 5 years
Over 5 years 34,408,646.42 34,341,864.17
Total 2,217,126,257.43 2,154,686,685.27
255 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(2). Categorical disclosure by provision for bad debts
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the End of the Period Balance at the Beginning of the Period
Book Balance Bad Debt Provision Book Balance Bad Debt Provision
Category Accrued Accrued
Percentage Book Value Percentage Book Value
Amount Proportion Amount Proportion
(%) Amount (%) Amount
(%) (%)
Bad debt
provision
accrued based
on single item
Including:
Bad debt
provision 2,217,126,2 165,406,7 2,154,686, 162,705,5
100.00 7.46 2,051,719,477.00 100.00 7.55 1,991,981,167.80
accrued based 57.43 80.43 685.27 17.47
on single item
Including:
Bad debt
provision
2,217,126,2 165,406,7 2,154,686, 162,705,5
accrued based 57.43
100.00
80.43
7.46 2,051,719,477.00
685.27
100.00
17.47
7.55 1,991,981,167.80
on aging
combinations
2,217,126,2 165,406,7 2,154,686, 162,705,5
Total 57.43
/
80.43
/ 2,051,719,477.00
685.27
/
17.47
/ 1,991,981,167.80
256 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Bad debt provision accrued based on single item:
□Applicable √Non-applicable
Bad debt provision accrued based on combinations
√Applicable □Non-applicable
Accrued items based on combinations: accounts receivable with bad debt provision by aging portfolio
Unit：Yuan Currency：RMB
Balance at the End of the Period
Name Accrued
Accounts Receivable Bad Debt Provision
Proportion(%)
Within 1 year 2,014,213,965.27 100,710,698.26 5.00
1 to 2 years 111,669,152.26 11,166,915.23 10.00
2 to 3 years 49,933,918.57 14,980,175.57 30.00
3 to 5 years 6,900,574.91 4,140,344.95 60.00
Over 5 years 34,408,646.42 34,408,646.42 100.00
Total 2,217,126,257.43 165,406,780.43
Recognition criteria for and notes to bad debt provision by combinations
□Applicable √Non-applicable
If the bad debt provision is made by the general expected credit loss model, e refer to the disclosure of
other receivables:
□Applicable √Non-applicable
(3). Bad debt provision
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Amount Changed in the Current Period
Balance at the Balance at the
Category Beginning of the Other End of the
Withdrawal
Period Provision Write-off Changes Period
or Reversal
Bad debt
provision
accrued 2,701,262
162,705,517.47 165,406,780.43
based on .96
combinatio
ns
Total 2,701,262
162,705,517.47 165,406,780.43
.96
Significant withdrawal or reversal amount of provision for bad debts in the current period:
□Applicable √Non-applicable
(4). Accounts receivable actually written off in the current period
□Applicable √Non-applicable
Write-off of significant accounts receivable
□Applicable √Non-applicable
(5). Accounts receivable of the top five closing balances collected by debtors
√Applicable □Non-applicable
257 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Proportion in Total
Balance at the End of
Name of Entity Accounts Receivable Bad Debt Provision
the Period
(%)
588,142,364.50 588,142,364.50
No.1
327,453,821.55 327,453,821.55
No.2
198,994,312.26 198,994,312.26
No.3
184,003,767.38 184,003,767.38
No.4
152,095,175.98 152,095,175.98
No.5
Total 1,450,689,441.67 1,450,689,441.67
Other Notes:
□Applicable √Non-applicable
2. Other Receivables
Presentation of items
√Applicable □Non-applicable
Unit：Yuan Currency：RMB
Balance at the beginning of the
Item Balance at the end of the period
period
Interest receivable
Dividend receivable
Other Receivables 189,434,485.88 338,124,520.82
Total 189,434,485.88 338,124,520.82
Other Notes:
□Applicable √Non-applicable
Interest receivable
(1). Category of interest receivable
□Applicable √Non-applicable
(2). Important late payment interest
□Applicable √Non-applicable
(3) Disclosure by bad debt accrual method
□Applicable √Non-applicable
Provision for bad debts is made on a single item basis:
□Applicable √Non-applicable
Note to provision for bad debts is made on a single item basis:
□Applicable √Non-applicable
Provision for bad debts by portfolio:
□Applicable √Non-applicable
258 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(4). Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
Note to significant changes in the book amount of interest receivable for which changes in the allowance
for losses occurred during the period:
□Applicable √Not applicable
(5) Provision for bad debts
□Applicable √Not applicable
Of which the amount of bad debt provision recovered or reversed during the period is significant:
□Applicable √Not applicable
(6) Interest receivable written off during the period
□Applicable √Not applicable
Of which significant write-off of interest receivable
□Applicable √Not applicable
Note to write-offs:
□Applicable √Not applicable
Other notes:
□Applicable √Not Applicable
Dividend Receivable
(1). Dividends receivable
□Applicable √Not applicable
(2). Significant dividends receivable with an age of more than one year
□Applicable √Not applicable
(3). Disclosure by bad debt accrual method
□Applicable √Not applicable
Provision for bad debts is made on a single item basis:
□Applicable √Not applicable
Note to provision for bad debts is made on a single item basis:
□Applicable √Not applicable
Note to provision for bad debts by portfolio
□Applicable √Not applicable
(4). Provision for bad debts based on the general model of expected credit losses.
□Applicable √Not applicable
Note to significant changes in the carrying amount of dividends receivable for which changes in the
allowance for losses occurred during the period:
259 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
□Applicable √Not applicable
(5). Provision for bad debts
□Applicable √Not applicable
Of which the amount of bad debt provision recovered or reversed during the period is significant:
□Applicable √Not applicable
(6). Dividends receivable written off during the period
□Applicable √Not applicable
Dividends receivable written off of which the amount is significant:
□Applicable √Not applicable
Note to write-offs:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Other receivables
(1). Disclosure by aging
√Applicable □Not applicable
Unit: Yuan Currency: RMB
Book Balance at the End of the Book Balance at the Beginning
Aging
Period of the Period
Within 1 year
Including: sub-item within 1 year
Within 1 year 17,229,004.33 196,727,954.35
Subtotal within 1 year 17,229,004.33 196,727,954.35
1 to 2 years 141,306,196.93 96,487,272.58
2 to 3 years 65,415,077.90 85,926,323.13
Over 3 years 252,000.00 10,614,981.71
3 to 4 years
4 to 5 years
Over 5 years 255,800.00 255,800.00
Total 224,458,079.16 390,012,331.77
(2). Disclosure by provision for bad debts
√Applicable□Non-applicable
Unit: Yuan Currency: RMB
Nature of Funds Book balance at the end of the Book balance at the beginning
period of the period
Temporary borrowings 219,763,956.81 383,638,156.62
Petty cash funds 1,593,800.00 2,545,800.00
Security deposit 1,209,250.00 1,209,250.00
Others 1,891,072.35 2,619,125.15
Total 224,458,079.16 390,012,331.77
260 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(3). Provision for bad debts
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Phase 1 Phase 2 Phase 3
Expected credit Expected credit
Expected
Bad Debt loss throughout the loss throughout the Total
credit loss in
Provision duration (no credit duration (credit
the next 12
impairment impairment has
months
occurred) occurred)
Balance on
51,887,810.95 51,887,810.95
January 1, 2023
Balance of the
current period on
January 1, 2023
--Transfer to
Phase 2
--Transfer to
Phase 3
--Transfer to
Phase 2
--Transfer to
Phase 1
Provision made
in the current
period
Reversal in the
16,864,217.67 16,864,217.67
current period
Write-off in the
current period
Write-off in the
current period
Other changes
Balance on
December 31, 35,023,593.28 35,023,593.28
2023
Notes to significant changes in the book balance of other receivables that have changed in the current
period:
□Applicable √Non-applicable
Amount of bad debt provision in the current period and the basis for assessing whether the credit risk of
financial instruments has increased significantly:
□Applicable √Non-applicable
(4). Particulars of bad debt provision
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Category Balance at mount Changed in the Current Period Balance at the
261 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
the End of the
Beginning Withdrawal or Other Period
Provisio Write-off
of the Reversal Changes
n
Period
Accounts
receivable
with bad debt
51,887,810.
accrued 16,864,217.67 35,023,593.28
95
based on
aging
portfolio
Total 51,887,810.
16,864,217.67 35,023,593.28
95
Bad debt provision in the current period with significant amount of withdrawal or reversal:
□Applicable √Non-applicable
(5). Particulars of other receivables actually written off in the current period
□Applicable √Non-applicable
Of which significant other receivables are written off:
□Applicable √Not Applicable
Description of other receivables written off:
□Applicable √Not applicable
(6). Particulars of other receivables of the top five closing balances collected by debtors
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Proportion in
Balance of bad
total other
Name of Balance at the Nature of debt provision
receivables at the Aging
Unit end of the period funds at the end of the
end of the period
period
(%)
Tuopu 210,263,956.81 93.68 Temporary Note 1 33,701,126.79
Poland borrowing
sp.z.o.o
Hangzhou 9,500,000.00 4.23 Temporary Within 1 475,000.00
Tuopu borrowing year
Automobile
Parts Co.,
Ltd.
Zhejiang 1,000,000.00 0.45 Security 1-2 years 100,000.00
Holley & deposit
Futong
Investment
Co., Ltd.
Li Dongmei 274,800.00 0.12 Petty cash Note 2 261,500.00
He Jinlei 250,000.00 0.11 Petty cash 2-3 years 75,000.00
Total 221,288,756.81 98.59 / / 34,612,626.79
262 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Note 1: The amount for less than 1 year are RMB 5,517,683.51, for 1-2 years 9it is RMB
139,993,196.90, and for 2-3 years it is RMB 64,753.076.40.
Note 2: The amount for 1-2 years it is RMB 19,000.00, for 5 years it is RMB 255,800.00.
(7). Accounts receivable related to government subsidies
□Applicable √Non-applicable
Other notes:
□Applicable √Non-applicable
263 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
3. Long-term equity investments
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the end of the period Balance at the beginning of the period
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Investments 13,962,395,446.78 13,962,395,446.78
in 12,385,366,535.37 12,385,366,535.37
subsidiaries
Investments 119,476,291.86 119,476,291.86
in joint
139,641,447.46 139,641,447.46
ventures and
associates
Total 14,081,871,738.64 14,081,871,738.64 12,525,007,982.83 12,525,007,982.83
(1). Investments in subsidiaries
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Balance at the
Impairment
end of the
Balance at the beginning Increased in current Decreased in Balance at the end of the provision
Invested Entity period of
of the period period current period period accrued in the
impairment
current period
provision
Tuopu Imp&Exp 198,081,940.48 198,081,940.48
Tuopu Automobile 196,984,594.91 196,984,594.91
Parts
Tuopu 199,685,004.03 199,685,004.03
Vibro-acoustics
62,800,000.00 62,800,000.00
Yantai Tuopu
264 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
100,000,000.00 100,000,000.00
Liuzhou Tuopu
10,000,000.00 10,000,000.00
Shenyang Tuopu
20,000,000.00 20,000,000.00 40,000,000.00
Ushone Electronic
Chassis
31,210,000.00 31,210,000.00
Ningbo Qianhui
20,000,000.00 20,000,000.00
Sichuan Tuopu
150,000,000.00 150,000,000.00
Wuhan Tuopu
208,000,000.00 208,000,000.00
Pinghu Tuopu
Shanghai Towin 10,000,000.00 111,000,000.00 121,000,000.00
Tuopu Industrial 20,000,000.00 20,000,000.00
Automation
Tuopu Investment 129,610,000.00 17,990,000.00 147,600,000.00
USHONE 4,000,000.00 200,000.00 4,200,000.00
E-commerce
Tuopu International
Baoji Tuopu Maigao 18,980,000.00 9,350,000.00 28,330,000.00
Taizhou Tuopu 100,000,000.00 100,000,000.00
Tuopu Automobile 2,500,000,000.00 2,500,000,000.00
Electronics
Jinzhong Tuopu 8,000,000.00 8,000,000.00
Shenzhen Towin 15,200,000.00 1,800,000.00 17,000,000.00
Tuopu Do Brasil 80,776,216.50 80,776,216.50
Zhejiang Towin 571,320,000.00 571,320,000.00
Suining Tuopu 290,000,000.00 290,000,000.00
Hunan Tuopu 722,590,000.00 722,590,000.00
Tuopu USA, LLC 35,091,204.56 35,091,204.56
Tuopu Chassis 514,900,000.00 514,900,000.00
System
Tuopu Thermal 3,836,000,000.00 20,000,000.00 3,856,000,000.00
265 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Management
Tuopu Chassis
Technology
Huzhou Tuopu 50,000,000.00 120,000,000.00 170,000,000.00
Tuopu Poland 18,000,000.00 18,000,000.00
Shanghai Tuopuyale 16,500,000.00 16,500,000.00
Xi’an Tuopu 73,504,351.00 46,017,520.00 119,521,871.00
Ningbo Ushone 50,000,000.00 150,000,000.00 200,000,000.00
Technology
Chongqing Chassis 191,200,000.00 254,000,000.00 445,200,000.00
Skateboard Chassis 1,633,010,000.00 509,000,000.00 2,142,010,000.00
Anhui Tuopu 160,200,000.00 109,500,000.00 269,700,000.00
Chongqing Tuopu 18,583,223.89 18,583,223.89
Tuopu Mexico 95,040,000.00 148,500,000.00 243,540,000.00
Jinan Tuopu 18,900,000.00 1,900,000.00 20,800,000.00
Henan Tuopu 7,200,000.00 7,200,000.00
Ningbo Tuopu Trim 57,771,391.41 57,771,391.41
Parts
Total 12,385,366,535.37 1,577,028,911.41 13,962,395,446.78
(2). Investments in joint ventures and associates
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Decrease/Increase in the current period Balance
of
Balance at Investment Cash
Adjustm Provision Balance at the impairment
Invested the Inves profit and loss Other dividends
ent on for End of the provision
Entity Beginning of Investmen tment recognized changes or profit
other impairment Other Period at the end
the Period t Increased Decr under the in equity declared to
compreh accrued of the
eased equity method distribute
ensive period
266 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
income
I. Joint ventures
Tuopu
Electrical 99,109,088.70 20,367,203.16 119,476,291.86
Appliances
Ningbo -57,77
19,005,379.
Borgers 40,532,358.76 -1,766,346.87 1,391.4
52
1
Subtotal -57,77
19,005,379.
139,641,447.46 18,600,856.29 1,391.4 119,476,291.86
52
1
II. Associates
Subtotal
-57,77
19,005,379.
Total 139,641,447.46
52
18,600,856.29 1,391.4 119,476,291.86
1
267 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
(3). Impairment test of long-term equity investments
□ Applicable √ Not applicable
Other notes
□ Applicable √ Not applicable
4. Operating income and operating cost
(1). Particulars on operating income and operating cost
√Applicable□Not applicable
Unit: Yuan Currency: RMB
Amount incurred in the current
Amount incurred in previous period
Item period
Income Cost Income Cost
Main business
3,560,086,436.73 2,714,246,809.00 3,061,273,610.19 2,376,940,758.50
operations
Other business
381,205,946.46 251,726,374.93 255,445,609.81 184,269,376.04
operations
Total 3,941,292,383.19 2,965,973,183.93 3,316,719,220.00 2,561,210,134.54
(2). Particulars on breakdown of operating income and cost
□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
(3). Notes to discharge of obligations
□Applicable √Non-applicable
(4). Notes to allocation to remaining discharge of obligations
□Applicable √Non-applicable
(5). Significant Contract Changes or Significant Transaction Price Adjustments
□Applicable √Non-applicable
5. Investment income
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Amount incurred in the Amount incurred in
Item
current period previous period
Long-term equity investment income
measured by cost method
Long-term equity investment income 18,600,856.29 11,141,300.10
measured by equity method
268 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Investment income from disposal of
long-term equity investment
Investment income of trading financial
assets during the holding period
Dividend income from other equity
instrument investments during the
holding period
Interest income from debt investment
during the holding period
Interest income from other debt
investments during the holding period
Investment income from disposal of
trading financial assets
Investment income from the disposal
of other equity instrument investments
Investment income from disposal of
debt investments
Investment income from the disposal
of other debt investments
Income from debt restructuring
Investment income from wealth 6,521,837.81
3,553,755.28
management products
Total 25,122,694.10 14,695,055.38
6. Others
□Applicable √Non-applicable
XX. Additional Data
1. Current non-recurring profit and loss schedule
√Applicable □Non-applicable
Unit: Yuan Currency: RMB
Item Amount Note
Gains and losses on disposal of non-current assets,
including the elimination of the provision for asset -10,664,542.29
impairment.
Government grants recognized in profit or loss for
the current period, except for government grants
that are closely related to the Company's normal
business operations, in compliance with national 173,001,330.61
policies and in accordance with defined criteria,
and that have a continuous impact on the
Company's profit or loss
Gains and losses arising from changes in the fair
value of financial assets and financial liabilities
held by non-financial enterprises and gains and
losses arising from the disposal of financial assets 6,585,172.25
and financial liabilities, except for effective
hedging business related to the Company's normal
operating business
Capital occupancy fees charged to non-financial
enterprises recognized as current profit or loss
Gains and losses on entrusted investment or asset
management
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Gains and losses on entrusted external loans
Losses on assets due to force majeure factors,
such as natural disasters
Reversal of provision for impairment of
receivables individually tested for impairment
Gain arising from the excess of the cost of
investment in subsidiaries, associates and joint
ventures over the fair value of the investee's 21,901,496.20
identifiable net assets at the time of investment
acquisition
Net profit or loss of subsidiaries for the period
from the beginning of the period to the date of
consolidation arising from a business combination
under the same control
Gain or loss on exchange of non-monetary assets
Gains or losses on debt restructuring
One-time costs incurred by the enterprise due to
the fact that the relevant operating activities are no
longer continuing, such as expenditures for the
relocation of employees
One-time impact on current profit or loss due to
adjustments in tax, accounting and other laws and
regulations
One-time recognition of share-based payment
expenses due to cancellation or modification of
equity incentive plans
For cash-settled share-based payments, gains or
losses arising from changes in the fair value of
employee compensation payable after the feasible
date of entitlement
Gains or losses arising from changes in the fair
value of investment properties subsequently
measured using the fair value model
Gains or losses arising from transactions where
the transaction price is significantly less than fair
value
Gains or losses arising from contingencies
unrelated to the Company's normal business
operations
Custodian fee income from entrusted operations
Non-operating income and expenses other than
-376,748.90
those listed above
Other items of gains and losses that meet the
definition of non-recurring gains and losses
Less: Income tax effect 29,864,033.59
Minority interests impact amount (after tax) 105,387.18
Total 160,477,287.10
For non-recurring profit and loss items that the Company has recognized as non-recurring profit and loss
items not listed in "Interpretative Announcement for Information Disclosure of Companies Issuing
Securities No. 1 - Non-recurring Profit and Loss" and the amount of which is material, as well as items
defined as non-recurring profit and loss in "Interpretative Announcement for Information Disclosure of
270 / 271
Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024
Companies Issuing Securities No. 1 - Non-recurring Profit and Loss", state the reasons.
□Applicable √Non-applicable
Other notes
□Applicable √Non-applicable
2. ROE and EPS
√Applicable □Non-applicable
Weighted EPS
Profit for the reporting period
Average ROE (%) Basic EPS Diluted EPS
Net profit attributable to
common shareholders of the 8.36 0.88 0.88
Company
Net profit attributable to
common shareholders of the
7.44 0.77 0.77
Company after deducting
non-recurring gains and losses
3. Differences between international and Chinese accounting standards
□Applicable √Non-applicable
4. Others
□Applicable √Non-applicable
President: Wu Jianshu
Date of Submission to Board of Directors: August 22, 2024
Revisions
□Applicable √Non-applicable
271 / 271
