FIYTAPrecisionTechnologyCo.,Ltd.
2025Semi-annualReport
Aug.23,2025
Section1Importantnotes,contentsanddefinitionsTheBoardofDirectors,theBoardofSupervisors,andthedirectors,supervisors,andseniormanagementguaranteethetruthfulness,accuracy,andcompletenessofthesemi-annualreport,withnofalserecords,misleadingstatements,orsignificantomissions,andbearindividualandjointlegalresponsibility.
ZhangXuhua,thepersoninchargeoftheCompany,SongYaoming,theCFO,andJiangHaiming,theFinancialManager(AccountingSupervisor)declaretoensurethatthefinancialcontentinthesemi-annualreportistruthful,accurate,andcomplete.
Alldirectorshaveattendedtheboardmeetingtoreviewthesemi-annualreport.
Theforward-lookingdescriptionssuchasfutureplansanddevelopmentstrategiesincludedinthissemi-annualreportdonotconstitutetheCompany'ssubstantivecommitmentstoinvestors.Investorsareadvisedtopayattentiontoinvestmentrisks.
TheCompanyhasdescribedtheexistingrisksindetailinthisreport.PleaserefertothesectionontherisksfacedbytheCompanyandthecountermeasuresinSection3Managementdiscussionandanalysis.
TheCompanyplanstopaynocashdividend,nobonusshares,andnoconversionofcapitalstockwithprovidentfunds.
ThisreportispreparedinbothChineseandEnglish.Incaseofanyambiguity,theChineseversionshallprevail.
TableofContents
Section1Importantnotes,contentsanddefinitions ...... 2
Section2Companyprofileandkeyfinancialindicators ...... 6
Section3Managementdiscussionandanalysis ...... 9
Section4Corporategovernance,environment,andsociety ...... 18
Section5Significantevents ...... 20
Section6Changesinsharesandshareholders ...... 26
Section7Bond-relatedinformation ...... 34
Section8Financialstatement ...... 35
Section9Otherdatasubmission ...... 170
ListofReferenceDocuments
1.Financialstatementscontainingthesignatureandsealofthelegalrepresentative,theprincipalinchargeofaccounting,andtheprincipalofaccountingagency.
2.Theoriginalsofallthecompany'sdocumentsandannouncementspubliclydisclosedinthemediadesignatedbytheCSRCduringthereportingperiod.
3.Fulltextof2025semi-annualreportwiththesignatureofthelegalrepresentative.
Interpretations
| Definitions | refersto | Description |
| TheCompany,Company,FIYTA | refersto | FIYTAPrecisionTechnologyCo.,Ltd. |
| AVIC | refersto | AviationIndustryCorporationofChina,LTD. |
| ShentianTechnologyHoldings | refersto | ShentianTechnologyHoldings(Shenzhen)Co.,Ltd. |
| AVICFinance | refersto | AVICFinanceCo.,Ltd. |
| PhaseIIrestrictedstockincentiveplan | refersto | 2018A-SharesRestrictedStockIncentivePlan(PhaseII) |
| Currentreportingperiod,reportingperiod | refersto | FromJan.1,2025toJun.30,2025 |
Section2CompanyprofileandkeyfinancialindicatorsI.CompanyProfile
| Abbreviation | FIYTA,FIYTAB | Stockcode | 000026,200026 |
| Stocknamebeforechange(ifany) | None | ||
| Stocklistingstockexchange | ShenzhenStockExchange | ||
| Chinesename | FIYTAPrecisionTechnologyCo.,Ltd. | ||
| ChineseshortnameoftheCompany(ifany) | TheFIYTAcompany | ||
| ForeignnameoftheCompany(ifany) | FIYTAPrecisionTechnologyCo.,Ltd. | ||
| ForeignshortnameoftheCompany(ifany) | FIYTA | ||
| Legalrepresentative | ZhangXuhua | ||
2.Contactpersonandcontactinformation
| SecretaryoftheBoardofDirectors | Securitiesaffairsrepresentative | |
| Name | SongYaoming | XiongYaojia |
| Contactaddress | Floor20,FiytaTechnologyBuilding,GaoxinSouth1stRoad,NanshanDistrict,Shenzhen | 18thFloor,FiytaTechnologyBuilding,GaoxinSouth1stRoad,NanshanDistrict,Shenzhen |
| TEL | 0755-86013669 | 0755-86013669 |
| Fax | 0755－83348369 | 0755－83348369 |
| investor@fiyta.com.cn | investor@fiyta.com.cn |
3.Othercircumstances
1.Companycontactinformation
TheCompany'sregisteredaddress,officeaddressandzipcode,website,e-mail,etc.remainedunchangedduringthereportingperiod.Fordetails,pleaserefertothe2024AnnualReport.
2.Informationdisclosureandstoragelocation
Thewebsiteofthestockexchangeandthenameandaddressofthemediawherethecompanydisclosesthesemi-annualreport,andtheplacewherethecompany'ssemi-annualreportispreparedremainedunchangedduringthereportingperiod.Fordetails,pleaserefertothe2024AnnualReport.
3.Otherrelevantinformation
Notapplicable
4.MainaccountingdataandfinancialindicatorsDoestheCompanyneedtoretrospectivelyadjustorrestatetheaccountingdatainpreviousyears?No
| Currentreportingperiod | Sameperiodlastyear | Changeinthecurrentreportingperiodcomparedtothesameperiodlastyear | |
| Operatingincome(yuan) | 1,784,131,937.23 | 2,076,397,911.32 | -14.08% |
| Netprofitattributabletoshareholdersofthelistedcompany(yuan) | 82,445,500.03 | 147,138,482.34 | -43.97% |
| Netprofitafterdeductingnon-recurringprofitsandlossesattributabletoshareholdersofthelistedcompany(yuan) | 78,377,262.19 | 140,445,221.81 | -44.19% |
| Netcashflowsfromoperatingactivities(yuan) | 251,490,807.07 | 136,530,796.52 | 84.20% |
| Basicearningspershare(yuan/share) | 0.2034 | 0.3568 | -42.99% |
| Dilutedearningspershare(yuan/share) | 0.2034 | 0.3564 | -42.93% |
| Returnonweightedaveragenetassets | 2.41% | 4.36% | -1.95% |
| Attheendofcurrentreportingperiod | Attheendofthepreviousyear | Changeattheendofthecurrentreportingperiodcomparedtotheendofthepreviousyear | |
| Totalassets(yuan) | 3,878,686,383.99 | 4,007,690,717.02 | -3.22% |
| Netassetsattributabletoshareholdersofthelistedcompany(yuan) | 3,333,609,683.39 | 3,391,843,200.61 | -1.72% |
5.Differencesinaccountingdataunderdomesticandoverseasaccountingstandards
1.DifferencesinnetprofitandnetassetsinthefinancialreportsdisclosedinaccordancewithinternationalaccountingstandardsandChineseaccountingstandardsNotapplicable
2.DifferencesinnetprofitandnetassetsinthefinancialreportsdisclosedinaccordancewithoverseasaccountingstandardsandChineseaccountingstandards
Notapplicable
6.Non-recurringgainsandlossesitemsandamounts
Unit:yuan
| Item | Amount | Notes |
| Profitorlossfromdisposalofnon-currentassets(includingthewriting-offpartforwhichtheassetimpairmentprovisionismade) | -424,407.32 | |
| Governmentgrantsrecognizedincurrentprofitandloss(excludingthosecloselyrelatedtotheCompany'snormaloperations,incompliancewithnationalpolicies,entitledinaccordancewithsetstandards,andhavingasustainedimpactontheCompany'sprofitandloss) | 1,509,835.03 | |
| Profitorlossonfairvaluechangesarisingfromtheholdingoffinancialassetsandfinancialliabilitiesbynon-financialenterprisesandtheprofitorlossarisingfromthedisposaloffinancialassetsandliabilities,exceptforeffectivehedgingoperationsassociatedwithCOOEC'snormaloperations | 247,499.84 | |
| Reversalofreceivablestestedforimpairmentseparately,provisionforimpairment | 2,807,146.61 | |
| Non-operatingrevenueandexpensesotherthantheabove-mentioneditems | 984,766.23 | |
| Less:incometaxeffects | 1,056,602.55 | |
| Total | 4,068,237.84 |
Specificcircumstancesofotheritemsthatmeetthedefinitionofnon-recurringgainsandlosses:
NotapplicableDescriptionofthedefinitionofnon-recurringprofitandlossitemslistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic-Non-recurringProfitorLossasrecurringprofitandlossitemsNotapplicable
Section3Managementdiscussionandanalysis
1.MainbusinessoftheCompanyduringthereportingperiod
(1)MainbusinessTheCompanywasfoundedanddevelopedfromaviationprecisiontechnologyandmaterialtechnology,withthemissionof"inheritingthe'spiritofservingthecountrybyaviation'andcreatingaqualitylife".Overtheyears,ithasdeeplycultivatedthewatchindustry,formedacorebusinesslayoutcoveringitsownbrandofwatchesandcomprehensiveservicesofluxurywatches,topromoteeachother,andiscommittedtobecomingaleaderinChina'swatchindustry,spreadingaviationcultureandChineseculture,andactivelyinvestingstrategicemergingindustriessuchasprecisiontechnologyandsmartwear.Withitscontinuousaccumulationinprofessionalwatchmakingcapacitybuildingandbrandoperationmanagement,theCompanyhasanumberofwatchbrandssuchas"FIYTA","EmileChouriet","ADASHER",andauthorizedcooperativebrand“Beijing”and“Jeep”,coveringmediumandhigh-end,mass,fashionandothermarketsegments.Amongthem,"FIYTA,"acorebrand,ispositionedas"ahigh-qualityChinesewatchbrandfeaturingaerospacewatches".BycontinuouslystrengtheningtheuniqueIPofaerospaceandproductquality,theCompanyincreasestheresearchanddevelopmentofmovementsandkeycomponents,integratesaerospacecharacteristictechnologiesandmaterialapplications,andcreatesdistinctivefeatures,therebypromotingthedevelopmentofthebrandtowards"youthfulness,high-endandmainstream".
Inordertoseizetheopportunitiesinthedomesticluxurywatchmarket,theCompanyhasestablishedacomprehensiveservicechannelfor"Harmony"luxurywatches,specializinginthedistributionandserviceofworldluxurywatches,andhasestablishedclosecooperativerelationswithmanyworldhigh-endandmainstreambrands.Bypositioning"Harmony"asa"fullserviceproviderandbrandoperationplatformforluxurywatches",theCompanycontinuestosolidlypromotetheimprovementofoperationcapabilitiesandcustomerservicecapabilities.Relyingontheoperationexperienceofleadinginternationalbrands,"Harmony"hasbecomeatopprofessionalhigh-endchaincommercialbrandofluxurywatchesinChina,helpingimprovetheoperationofownbrands.Inrecentyears,underthedevelopmentprincipleof"sharedtechnology,sharedindustryroots,andalignedvalue",theCompanyhasexpandedintostrategicemergingindustriessuchasprecisiontechnologyandsmartwearablebyvirtueofprecisiontechnologystrengthandindustrialaccumulation,andwillcontinuetoactivelyincreaseresourceinvestment,tocultivateandgrowthetwostrategicindustries.
(2)Itsindustrysituation
Duringthereportingperiod,thetotalretailsalesofdomesticconsumergoodsinthefirsthalfoftheyearannouncedbytheNationalBureauofStatisticsincreasedby5.0%YoY,andtheconsumermarketshowedapatternofoverallsteadygrowthcombinedwithstructuraldifferentiation.Fromtheperspectiveofconsumptionstructure,stimulatedbyaseriesofpoliciesandmeasures,theconsumptionoflargegoodsandservicesachievedrapidgrowth,andoptionalconsumptionshowedadifferentiatedperformance,withluxuryconsumptionundersignificantpressure;Intermsofconsumptionpreferences,thedemandforself-pleasingconsumptionandemotionalconsumptionroserapidly,drivingthedevelopmentofthenewconsumptionmarket.Atthesametime,consumersbecamemorerationaltowardstraditionalconsumptionandpaidmoreattentiontocost-effectivenessandpracticality;Fromtheperspectiveofconsumptionchannels,offlinechannelscontinuedtodifferentiate:traditionaldepartmentstoresandspecialtystoresgrewslowly,whileonlinechannelsmaintainedrapidgrowth.AItechnologyempoweredtheimprovementofchannel
operationefficiencyandconsumptionexperience.Againstthisbackdrop,thedomestictraditionalwatchconsumptionmarketremainedunderpressure.TheFederationoftheSwissWatchIndustryannouncedthatthecumulativeexportvaluetoChinesemainlandinthefirsthalfoftheyeardecreasedby18.7%year-on-year.Salesofwatchesatallpricepointsdeclinedoverall,andcompetitionamongbrandsintensifiedwithsignificantdifferentiation.Thecompanywillactivelyadjustitsoperationandmanagementmeasuresinproduct,channel,marketingandotheraspectstoenhancethecorecompetitivenessofthetraditionalwatchbusiness;adheretotechnologicalinnovation,acceleratethedevelopmentofstrategicemergingindustries,andcontinuetopromotetransformationandupgrading.
2.Analysisofcorecompetitiveness(I)BrandoperationandmanagementcapabilitiesofthewholeindustrychainTheCompanypossessesintegratedcapabilitiesacrosstheentireindustrychain,includingresearchanddevelopment,design,manufacturing,sales,andservice.Throughresourceintegrationandbusinesssynergy,itcontinuouslystrengthensthedifferentiationandcompetitivenessofitscoreproprietarybrand"FIYTA".Duringthereportingperiod,theinfluenceandmarketshareofthe'FIYTA'brandcontinuedtoincrease.(II)Omni-channelrefinedoperationandmanagementcapabilitiesTheCompanyhasrefinedchanneloperationandmanagementcapabilities.Throughhigh-qualitydevelopmentofofflinechannelsandsteadypromotionofonlineandofflinechannelintegration,thechannelstructurehasbeencontinuouslyoptimized,andtheoperationefficiencyhasbeensteadilyimproved,basicallyformingathree-dimensionalchannelnetworkcoveringonlineandofflinechannelsacrossChinaandabroad.(III)CoretechnicalcapabilitiesofprecisiontechnologyAsanationaltechnologyinnovationdemonstrationenterprise,anationalenterprisetechnologycenterandanationalindustrialdesigncenter,theCompanyhaskeycoretechnologiesandhigh-endwatchmakingskillscoveringwatchmovement,partsmanufacturing,aerospacewatchdevelopmentandotheraspects.RelyingontheR&DandproductionplatformsinShenzhenandSwitzerland,theCompanyfocusesonkeytechnologyresearch,andcontinuestopromotetechnologicalbreakthroughsinmovementandtheapplicationofscientificresearchresults.Duringthereportingperiod,thecompanyenhancedthetechnicalstrengthandcorecapabilitiesofitsprecisiontechnologybusinessthroughnewprocessdevelopment,equipmentupgrades,andtheintroductionofkeytechnicaltalents.
(IV)EfficientandempowereddigitaloperationandmanagementcapabilitiesTheCompanyhasadiversifieddigitalretailsystemanddigitalmanagementplatformthatempowersbusinessesandemployees,andpromotesbusinesscollaborationandoperationalefficiencybycontinuouslydeepeningdigitalapplicationsinmanagementandmanufacturing,sales,serviceandotherlinks.Duringthereportingperiod,thecompanycontinuedtopromotedigitaltransformationthroughdigitalretailsystemoptimization,operationmanagementsystemupgrades,andAIapplicationimplementation.
(V)ConstructioncapacityofprofessionaltalentteamBasedontheconceptof"valuecreation",theCompanycontinuouslyhasinvestedintheconstructionoftalentteam,andhasestablishedasoundtalentselection,trainingandpromotionsystemandbuiltaprofessionalandstabletalentteam.Inaddition,theCompanyhascultivatedanumberofoutstandingrepresentativesintheindustryincorefieldssuchasdesign,R&Dandmanufacturingbybuildinganinnovativeincentivemechanismanddevelopingdiversifiedtalentincentivemeasures.Duringthereportingperiod,thecompanyemployeeBeiJinghuiwasawardedthetitleof'NationalLightIndustryModelWorker'forhisoutstandingperformanceinthewatchindustry.
3.Analysisofmainbusiness
Overview
Inthefirsthalfof2025,thecompanyadheredtotheprincipleofhigh-qualitydevelopment,continuedtodeepenthewatchbusiness,consolidateditsleadingpositioninthedomesticwatchmarket,andenhancedcorecompetitiveness.Itacceleratedthedevelopmentofstrategicemergingindustriesandenhancedcorefunctions.Duringthereportingperiod,intheenvironmentofcontinuouspressureonthedomesticwatchconsumermarket,theCompanyachievedoperatingincomeofRMB1784.1319millionyuan,aYoYdecreaseof14.08%,withthetotalprofitofRMB105.5607millionyuan,down45.50%YoY;TheCompanysteadilypromotedcostreductionandefficiencyimprovement,strengthenedriskpreventionandcontrol,withanasset-liabilityratioof14.05%attheendoftheperiod,andanetcashflowfromoperatingactivitiesofRMB251.4908million,makingoveralloperationalriskscontrollable.Meanwhile,theCompanyremainedsteadfastinitsdevelopmentconfidenceandvaluedshareholderreturns,havingcompletedthe2024annualcashdividendplanofdistributingacashdividendofRMB4.00(includingtax)per10sharestoallshareholders.Duringthereportingperiod,theCompany'smainbusinessinitiativesareasfollows:
(I)FirmlypromotetheimplementationofbrandpositioningupgradestrategyandspreadaviationandChineseculture
Duringthereportingperiod,theFIYTAbrand,basedonitspositioningasahigh-qualityChinesewatchbrandfeaturingaerospacewatches,focusedonaerospacegenesandChineseculture,deeplyexploredthebrand'score,andlaunchedaerospace-themedproductssuchasthe'Yun-20'fortunemodelandthe'LittleSpaceship'three-dimensionaltime-readingmodel.Italsocreatedseriesproductslikethe'LittleGoldWatch'fortunebutterflymodelandthe'EverythingGoesWell'SongDynastyporcelainmodelthatintegrateChineseaestheticsandintangibleculturalheritageelements,tostrengthenproductcompetitivenesswithdifferentiatedfeatures.Itcontinuouslyconductedonlineandofflineintegratedmarketing,andpromotedthecontinuousgrowthofbrandvisibilitythroughrichbrandeventssuchasappearingatShanghaiFashionWeek,thereturnof'Shenzhou19',thelaunchof'Shenzhou20',andGaoYuanyuan'sOrientalSelectionLiveBroadcast.
(II)Continuouslyoptimizechannelstructureandoperationsystem,promoteonlineandofflinecoordinateddevelopment
Duringthereportingperiod,theFIYTAbrandcontinuedtooptimizethechannelstructureandbusinessmodeloffline,strengthenedthelayoutofhigh-qualitychannelssuchasmainstreamshoppingcenters,andenhancedtherefinedoperationcapabilityofself-operatedstoresbyfocusingonmemberoperations,newmediaoperations,andstorebroadcasting.Online,relyingonaerospacecultureandChineseculturalelements,itcreateddifferentiatedblockbusterproductsandalive-streamingmatrix.Duringthe"618"shoppingfestival,thee-commerceGMVachievedcounter-trendgrowth,withmultipleproductsrankingamongthetopinthesaleslistsofmajorplatforms.Theonlineandofflinesynergypromotedtheincreaseofmarketshare.
"Harmony"activelyexpandedcooperationwithmediumandhigh-endbrands,developedofflinechannelswithhighquality,andorderlypromotedtheintegrationofchannelsandbrandresources;Itcontinuedtodeepentheexcellentoperationsystem,strengthenedtheleanoperationofofflinechannels,andpromotedtheintegrateddevelopmentofonlineandofflinebusinesses.
(III)Continuetopromotetheexplorationofnewbusinessesandactivelycultivatestrategicemergingindustries
Duringthereportingperiod,thecompanycontinuouslyenhancedprocesstechnologyandprecisionmanufacturingcapabilitiesinitsprecisiontechnologybusiness,advancingmarketandcustomerdevelopment.ThecompanyplanstoacquireacontrollingstakeinShaanxiChangkongGearCo.,Ltd.(hereinafterreferredtoas'ChangkongGear')tostrengthenthetechnicalexpertiseandcorecapabilitiesinprecisiontechnology.Thesmartwearablebusinesscontinuedtopromoteproductfunctioninnovationandsoftwareandhardwaretechnologyupgrades.
(IV)Continuetoincreaseinvestmentinscientificandtechnologicalinnovationandstrengthenthestrengthofprecisiontechnology
Duringthereportingperiod,thecompanyacceleratedthedevelopmentofhigh-levelmovementsandkeycomponents,andcontinuouslydeepenedtheapplicationofaerospacematerials,innovativematerials,andprocesses.Itincreasedinvestmentinresearchanddevelopmentresourcesfocusingonkeytransformationandupgradingdirectionsofprecisiontechnologybusiness.
(V)PromoteAIempowermentanddigitalapplicationtoacceleratedigitaltransformation
Duringthereportingperiod,thecompanypromotedtheintegrationofAItechnologywithdigitalretailsystems,CRMsystems,SAPsystems,andotherplatformsincoreareassuchasdigitalretailandbusinessmanagement,empoweringbusinessdevelopmentandefficiencyimprovement.
(VI)Solidlypromotecostreductionandefficiencyimprovementtoenhanceriskresistancecapability
Duringthereportingperiod,thecompanyfullydeepenedthespecialworkofcostreductionandefficiencyimprovement,focusingoncostcontrol,resourceallocationoptimization,andoperationalefficiencyimprovementtoenhanceitsriskresistancecapability.YoYchangesinmainfinancialdata
Unit:yuan
| Currentreportingperiod | Sameperiodlastyear | YoYincrease/decrease | Reasonforchange | |
| Operatingrevenue | 1,784,131,937.23 | 2,076,397,911.32 | -14.08% | Notapplicable |
| Operatingcosts | 1,149,808,611.57 | 1,304,482,455.55 | -11.86% | Notapplicable |
| Sellingexpenses | 392,808,032.65 | 449,785,002.40 | -12.67% | Notapplicable |
| Administrativeexpenses | 89,971,510.01 | 89,213,932.54 | 0.85% | Notapplicable |
| Financialexpenses | 5,640,080.29 | 9,622,797.59 | -41.39% | Mainlyduetothereductionofloaninterestandtheeffectofexchangegainsduringthereportingperiod. |
| Incometaxexpenses | 23,115,165.73 | 46,545,035.11 | -50.34% | Mainlyduetoadecreaseintotalprofitduringthereportingperiod. |
| R&Dinvestment | 33,087,871.33 | 27,525,998.33 | 20.21% | Notapplicable |
| Netcashflowsfromoperatingactivities | 251,490,807.07 | 136,530,796.52 | 84.20% | Mainlyduetoreducedinventorypurchasesandperiodexpensesduringthereportingperiod. |
| Netcashflowsfromtheinvestingactivities | -40,364,724.39 | -83,646,605.14 | 51.74% | Mainlyduetochangesinthetermoffixeddepositsduringthereportingperiod. |
| Netcashflowsfromfinancingactivities | -191,150,697.48 | -153,122,505.66 | -24.84% | Notapplicable |
| Netincreaseofcashandcashequivalents | 20,352,756.48 | -100,273,144.58 | 120.30% | Mainlyduetoreducedinventorypurchases,periodexpenses,andtheimpactoffixeddepositsduringthereportingperiod. |
Significantchangesinthecompany'sprofitcompositionorprofitsourceduringthereportingperiodNotapplicableCompositionofrevenue
Unit:yuan
| Currentreportingperiod | Sameperiodlastyear | YoYincrease/decrease | |||
| Amount | Proportioninrevenue | Amount | Proportioninrevenue | ||
| Totaloperatingincome | 1,784,131,937.23 | 100% | 2,076,397,911.32 | 100% | -14.08% |
| Byindustry | |||||
| Watchbusiness | 1,659,610,629.02 | 93.02% | 1,910,698,928.67 | 92.03% | -13.14% |
| Precisiontechnologybusiness | 60,465,539.30 | 3.39% | 88,908,749.85 | 4.28% | -31.99% |
| Leasingbusiness | 57,835,071.51 | 3.24% | 70,906,534.63 | 3.41% | -18.43% |
| Others | 6,220,697.40 | 0.35% | 5,883,698.17 | 0.28% | 5.73% |
| Byproduct | |||||
| Watchbrandbusiness | 315,109,112.17 | 17.66% | 384,620,560.57 | 18.52% | -18.07% |
| Fullservicebusinessofluxurywatches | 1,344,501,516.85 | 75.36% | 1,526,078,368.10 | 73.51% | -11.90% |
| Precisiontechnologybusiness | 60,465,539.30 | 3.39% | 88,908,749.85 | 4.28% | -31.99% |
| Leasingbusiness | 57,835,071.51 | 3.24% | 70,906,534.63 | 3.41% | -18.43% |
| Others | 6,220,697.40 | 0.35% | 5,883,698.17 | 0.28% | 5.73% |
| Byregion | |||||
| SouthChina | 806,381,444.29 | 45.20% | 985,168,650.24 | 47.44% | -18.15% |
| NorthwestChina | 248,784,340.56 | 13.94% | 299,728,304.42 | 14.44% | -17.00% |
| NorthChina | 51,669,800.71 | 2.90% | 67,039,768.59 | 3.23% | -22.93% |
| EastChina | 228,872,072.10 | 12.83% | 258,928,020.96 | 12.47% | -11.61% |
| NortheastChina | 162,388,661.36 | 9.10% | 175,024,033.83 | 8.43% | -7.22% |
| SouthwestChina | 286,035,618.21 | 16.03% | 290,509,133.28 | 13.99% | -1.54% |
Theindustry,productorregionsituationthataccountsformorethan10%ofthecompany'srevenueoroperatingprofit
Unit:yuan
| Operatingrevenue | Operatingcosts | Grossprofitrate | Increaseordecreaseinrevenuecomparedwiththesameperiodlastyear | Increase/decreaseinoperatingcostscomparedwiththesameperiodlastyear | Increase/decreaseingrossprofitratecomparedwiththesameperiodlastyear | |
| Byindustry | ||||||
| Watchbusiness | 1,659,610,629.02 | 1,077,694,608.63 | 35.06% | -13.14% | -10.82% | -1.70% |
| Leasing | 57,835,071.51 | 16,661,369.87 | 71.19% | -18.43% | -9.70% | -2.79% |
| business | ||||||
| Byproduct | ||||||
| Watchbrandbusiness | 315,109,112.17 | 97,070,191.43 | 69.19% | -18.07% | -19.81% | 0.66% |
| Fullservicebusinessofluxurywatches | 1,344,501,516.85 | 980,624,417.20 | 27.06% | -11.90% | -9.82% | -1.69% |
| Leasingbusiness | 57,835,071.51 | 16,661,369.87 | 71.19% | -18.43% | -9.70% | -2.79% |
| Byregion | ||||||
| SouthChina | 806,381,444.29 | 506,821,115.78 | 37.15% | -18.15% | -18.76% | 0.48% |
| NorthwestChina | 248,784,340.56 | 159,847,879.10 | 35.75% | -17.00% | -12.83% | -3.07% |
| NorthChina | 51,669,800.71 | 29,754,508.68 | 42.41% | -22.93% | -17.52% | -3.78% |
| EastChina | 228,872,072.10 | 153,763,476.61 | 32.82% | -11.61% | -5.84% | -4.11% |
| NortheastChina | 162,388,661.36 | 113,628,484.29 | 30.03% | -7.22% | -1.99% | -3.73% |
| SouthwestChina | 286,035,618.21 | 185,993,147.11 | 34.98% | -1.54% | 2.25% | -2.41% |
Ifthestatisticalcaliberofthecompany'smainbusinessdataisadjustedduringthereportingperiod,thecompany'slatestperiodmainbusinessdataadjustedaccordingtothecaliberattheendofthereportingperiodNotapplicable
4.Analysisofnon-mainbusiness
Notapplicable
5.Analysisofassetsandliabilities
1.Majorchangesinthecompositionofassets
Unit:yuan
| Attheendofcurrentreportingperiod | Endoflastyear | Increaseordecreaseinproportion | SignificantchangesNotes | |||
| Amount | Proportionintotalassets | Amount | Proportionintotalassets | |||
| Monetaryfunds | 539,306,933.97 | 13.90% | 518,954,177.49 | 12.95% | 0.95% | Notapplicable |
| Accountsreceivable | 295,552,172.33 | 7.62% | 260,152,834.43 | 6.49% | 1.13% | Notapplicable |
| Contractassets | 0.00 | 0.00% | 0.00 | 0.00% | 0.00% | Notapplicable |
| Inventories | 1,844,734,053.46 | 47.56% | 1,984,486,969.74 | 49.52% | -1.96% | Notapplicable |
| Investmentproperties | 294,173,788.77 | 7.58% | 301,002,364.41 | 7.51% | 0.07% | Notapplicable |
| Long-termequityinvestments | 51,401,581.98 | 1.33% | 50,907,036.84 | 1.27% | 0.06% | Notapplicable |
| Fixedassets | 368,564,629.53 | 9.50% | 377,568,144.41 | 9.42% | 0.08% | Notapplicable |
| Constructioninprogress | 0.00 | 0.00% | 0.00 | 0.00% | 0.00% | Notapplicable |
| Right-of-useassets | 82,724,677.42 | 2.13% | 98,437,976.41 | 2.46% | -0.33% | Notapplicable |
| Short-termborrowings | 140,084,055.54 | 3.61% | 124,087,754.51 | 3.10% | 0.51% | Notapplicable |
| Contractliabilities | 15,914,217.86 | 0.41% | 12,605,722.95 | 0.31% | 0.10% | Notapplicable |
| Long-termborrowings | 0.00 | 0.00% | 0.00 | 0.00% | 0.00% | Notapplicable |
| Leaseliability | 26,793,779.93 | 0.69% | 35,065,292.04 | 0.87% | -0.18% | Notapplicable |
2.Mainoverseasassetsstatus
Notapplicable
3.AssetsandliabilitiesmeasuredatfairvalueNotapplicable
4.RestrictionsstatusonassetsrightsasoftheendofthereportingperiodNotapplicable
6.Analysisofinvestmentstatus
1.Generalsituation
| Investmentamountduringthereportingperiod(yuan) | Investmentamountinthesameperiodoflastyear(yuan) | Changerange |
| 0.00 | 0.00 | 0.00% |
2.Significantequityinvestmentacquiredduringthereportingperiod
Notapplicable
3.Significantnon-equityinvestmentsinprogressduringthereportingperiod
Notapplicable
4.Investmentinfinancialassets
(1)SecuritiesinvestmentsituationNotapplicable
(2)DerivativesinvestmentsituationNotapplicable
5.UseofraisedfundsNotapplicable
7.Saleofmajorassetsandequity
1.SaleofmajorassetsNotapplicable
2.Saleofsignificantequity
Notapplicable
8.AnalysisofmajorholdingandparticipatingcompaniesMajorsubsidiariesandjoint-stockcompanieswithanimpactofmorethan10%onthecompany'snetprofit
Unit:yuan
| Nameofthecompany | Companytype | Mainbusiness | Registeredcapital | Totalassets | Netassets | Operatingrevenue | Operatingprofit | Netprofit |
| ShenzhenHarmonyWorldWatchCentreCo.,Ltd. | Subsidiaries | Purchaseandsaleofclocks,watchesandspareparts,andmaintenanceservices. | 600,000,000.00 | 1,876,497,588.49 | 1,191,373,188.19 | 1,297,382,547.52 | 87,756,037.36 | 66,934,813.99 |
| FIYTASalesCo.,Ltd. | Subsidiaries | Design,R&Dandsalesofclocksandwatchesandspareparts. | 450,000,000.00 | 407,617,861.09 | 329,091,442.71 | 197,642,858.31 | 7,510,593.10 | 6,318,748.98 |
| ShenzhenFIYTAPrecisionTechnologyCo.,Ltd. | Subsidiaries | Manufactureclocksandwatchesandspare | 180,000,000.00 | 283,995,862.39 | 210,618,304.73 | 117,234,735.66 | -12,518,729.85 | -7,233,524.79 |
| parts. | ||||||||
| ShenzhenFIYTASTDCo.,Ltd. | Subsidiaries | Productionandprocessingofprecisionspareparts. | 50,000,000.00 | 205,586,332.09 | 171,479,460.13 | 66,607,775.00 | 15,221.00 | 727,295.62 |
| FIYTA(HONGKONG)LIMITED | Subsidiaries | Tradeandinvestmentinwatches,clocksandaccessories. | 137,737,520.00 | 276,851,162.20 | 269,894,452.02 | 29,192,948.36 | 7,626,028.31 | 5,402,013.91 |
| EmileChourietHorologe(Shenzhen)Co.,Ltd. | Subsidiaries | Design,R&Dandsalesofclocksandwatchesandspareparts. | 41,355,200.00 | 122,019,056.21 | 55,036,825.16 | 27,662,208.00 | 261,496.42 | 468,078.86 |
AcquisitionanddisposalofsubsidiariesduringthereportingperiodNotapplicableDescriptionofmainholdingandparticipatingcompaniesNotapplicable
9.StructuredentitiescontrolledbythecompanyNotapplicable
10.Risksfacedbythecompanyandcountermeasures
1.ConsumermarketriskCurrently,thedomesticconsumermarketisstillmovingforwardwithdifferentiation,andthecompanyfacesmarketriskssuchasweakeneddemandfortraditionalwatchesandshiftsinconsumerpreferences.Ononehand,thecompanywillfirmlyestablishitsbrandpositioning,andcontinuouslystrengthenbrandbuildinganddifferentiationtogainrecognitionfromtargetconsumergroups;deepenrefinedchanneloperations,enhanceconsumerstickiness,andboostmarketshare;seizemarketopportunities,andactivelyexpandoverseasandduty-freemarketbusinesses.Ontheotherhand,thecompanywillacceleratethedevelopmentofstrategicemergingindustriesandcontinuouslypromotetransformationandupgrading.
2.AcquisitionriskCurrently,thepreliminaryworkforthecompany'sproposedacquisitionofChangkongGear'scontrollingstakeisstillunderway.Thefinalacquisitionplanisyettobedeterminedandrequiresnecessarydecision-makingandapprovalproceduresfromallparties,withuncertaintyaboutitscompletion.Thecompanywillorderlyadvancetherelatedworkofthistransactiontofacilitatesmoothprojectimplementation.XI.FormulationandimplementationofmarketvaluemanagementsystemandvaluationboostplanWhethertheCompanyhasestablishedamarketvaluemanagementsystem.No
WhethertheCompanyhasdisclosedplansforvaluationboost.NoXII.Implementationoftheactionplanof"doubleimprovementofqualityandreturn"Whetherthecompanyhasdisclosedtheannouncementoftheactionplanof"doubleimprovementofqualityandreturn".No
Section4Corporategovernance,environment,andsociety
1.ChangesinDirectors,SupervisorsandSeniorManagementofthecompany
Therewasnochangeinthecompany'sDirectors,SupervisorsandSeniorManagementduringthereportingperiod.Fordetails,pleaserefertothe2024AnnualReport.
2.ProfitdistributionandconversionofprovidentfundsintocapitalstockduringthereportingperiodTheCompanyplanstopaynocashdividend,nobonusshares,andnoconversionofcapitalstockwithprovidentfundsforthesemi-annualperiod.
3.Implementationofthecompany'sequityincentiveplan,employeestockownershipplanorotheremployeeincentivemeasures
1.Equityincentive
(1)Phase-IIrestrictedstockincentiveplanTheCompanydecidedtolaunchthePhase-IIRestrictedStockIncentivePlanduringthe23rdMeetingof9thBoardofDirectorsonDecember4,2020,anditsfirstextraordinaryshareholders'meetingof2021onJanuary6.Followingapprovalatthe25thMeetingof9thBoardofDirectorsonJanuary15,2021,theCompanyultimatelygranted
7.66millionA-sharerestrictedstocksto135incentiverecipientsatapriceofRMB7.60pershare.ThisgrantwascompletedandlistedonJanuary29,2021.Fordetails,pleaserefertorelevantannouncementsdisclosedonJanuary16,2021ontheCNINFOwebsite.Thespecificimplementationduringthereportingperiodisasfollows:
Upondeliberationandapprovalatthe4thmeetingofthe11thBoardofDirectorsoftheCompany,theconditionsforliftingtherestrictionduringthethirdperiodofthePhase-IIrestrictedstockincentiveplanhavebeenfulfilled,and2,047,420A-sharerestrictedstocksinvolvingtheliftingoftherestrictionhadbeenlistedandcirculatedonFebruary5,2025.Fordetails,pleaserefertotherelevantannouncementsofthecompanydisclosedonwww.cninfo.com.cnonJanuary2andJanuary23,2025.
2.ImplementationofemployeestockownershipplanNotapplicable
3.Otheremployeeincentivemeasures
Notapplicable
IV.EnvironmentalinformationdisclosureWhetherthelistedcompanyanditsmajorsubsidiariesareincludedinthelegallyrequiredenvironmentalinformationdisclosurelistNo
V.SocialresponsibilityTheCompanyhasbeenactivelyfulfillingsocialresponsibilitiesovertheyears.Forthelatestinformation,pleaserefertothe2024Environmental,SocialandGovernance(ESG)Reportdisclosedbythecompanyonwww.cninfo.com.cnonMarch14,2025.
Section5Significantevents
1.Thecompany'sactualcontroller,shareholders,relatedparties,acquirers,andthecompanyitselfcommittedtofulfillingallcommitmentstorelevantpartiesduringthereportingperiod,withanyoutstandingcommitmentsasoftheendofthereportingperiodeitherfulfilledoroverdue.NotapplicableII.Non-operatingoccupationoffundsbycontrollingshareholdersandotherrelatedpartiesoflistedcompaniesNotapplicableIII.ExternalguaranteeinviolationofregulationsNotapplicable
4.AppointmentanddismissalofaccountingfirmsWhetherthesemi-annualfinancialreporthasbeenauditedNo
5.ExplanationoftheBoardofDirectorsandtheBoardofSupervisorsonthe"non-standardauditreport"oftheaccountingfirmduringthereportingperiod
Notapplicable
6.ExplanationoftheBoardofDirectorsonthe"non-standardauditreport"ofthepreviousyear
Notapplicable
7.MattersrelatingtobankruptcyreorganizationNotapplicable
8.LitigationmattersNotapplicable
9.PenaltiesandrectificationNotapplicable
10.Integritystatusofthecompanyanditscontrollingshareholdersandactualcontrollers
Notapplicable
11.Majorrelatedpartytransactions
1.Relatedpartytransactionsrelatedtodailyoperations
Notapplicable
2.RelatedpartytransactionsarisingfromtheacquisitionorsaleofassetsorequitiesNotapplicable
3.RelatedpartytransactionsofjointexternalinvestmentNotapplicable
4.RelatedclaimsanddebtsNotapplicable
5.TransactionswithrelatedfinancialcompaniesDepositbusiness
| Relatedparty | Relationship | Maximumdailydepositlimit(RMB'0,000) | DepositinterestrateScope | Beginningbalance(RMB10,000) | Amountinthecurrentperiod | Endingbalance(RMB10,000) | |
| Totaldepositsinthecurrentperiod(RMB10,000) | Totalwithdrawalamountinthecurrentperiod(RMB10,000) | ||||||
| AVICFinance | Controlledbythesameultimateparty | 100,000 | 0.15%-1.25% | 49,861 | 285,571 | 283,883 | 51,549 |
Loanbusiness
| Relatedparty | Relationship | Loanlimit(RMB10,000) | LoaninterestrateScope | Beginningbalance(RMB10,000) | Amountinthecurrentperiod | Endingbalance(RMB10,000) | |
| Totalloanamountinthecurrentperiod(RMB10,000) | Totalrepaymentamountinthecurrentperiod(RMB10,000) | ||||||
| AVICFinance | Controlledbythesameultimateparty | 80,000 | Nothigherthan1YLPRinterestrate | 0 | 0 | 0 | 0 |
Creditgrantingorotherfinancialbusiness
Duringthereportingperiod,thecompany'sdailymaximumassociatedbalanceofdepositsandloanswithAviationIndustryFinancialdidnotexceedthelimitsstipulatedinthefinancialservicesagreement.Additionally,nocreditorotherfinancialtransactionsoccurred.Atthesametime,thecompanyissuedtheRiskAssessmentReportonRelatedDepositsandLoanswithAVICFinanceCo.,Ltd.everysixmonthsinresponsetotheabovematters.
6.Transactionsbetweenfinancialcompaniescontrolledbythecompanyandrelatedparties
Notapplicable
7.Othermajorrelatedpartytransactions
The5thmeetingofthe11thBoardofDirectorsheldonMarch12,2025,andthe2024AnnualMeetingofShareholdersconvenedonApril10,2025,approvedtheproposalregardinganticipatedroutinerelated-partytransactionsfortheyear2025.Duringthereportingperiod,thecumulativetransactionamountofthecompany'srelatedtransactionsrelatingtodailyoperationswaswithintheannualestimatedrange.Inquiryrelatedtothedisclosurewebsiteofinterimreportonmajorrelatedtransactions
| Nameoftemporaryannouncement | Disclosuredateofprovisionalannouncement | Disclosureofwebsitenameintemporaryannouncement |
| AnnouncementofResolutionsoftheFifthMeetingoftheEleventhBoardofDirectors(2025-005) | March14,2025 | http://www.cninfo.com.cn/ |
| AnnouncementonPredictionofDailyRelatedPartyTransactionsfortheYear2025(2025-009) | March14,2025 | http://www.cninfo.com.cn/ |
| AnnouncementonResolutionsof2024AnnualMeetingofShareholders(2025-014) | Apr.11,2025 | http://www.cninfo.com.cn/ |
12.Majorcontractsandtheirperformance
1.Trusteeship,contractingandleasingmatters
(1)TrusteeshipNotapplicable
(2)ContractingNotapplicable
(3)LeasingNotapplicable
2.Majorguarantee
Unit:RMB'0,000
| Externalguaranteesprovidedbythecompanyanditssubsidiaries(excludingguaranteesprovidedtosubsidiaries) | ||||||||||
| Nameofguaranteeobject | Announcementdisclosuredaterelatedtoguaranteelimit | Guaranteelimit | Actualdate | Actualguaranteedamount | Typeofguarantee | Collateral(ifany) | Counter-guarantee(ifany) | Guaranteeperiod | Whethertheperformancehasbeencompleted | Whethertoguaranteeforarelatedparty |
| Notapplicable | ||||||||||
| Totalamountofexternalguaranteeapprovedduringthereportingperiod(A1) | 0 | Totalactualamountofexternalguaranteeduringthereportingperiod(A2) | 0 | |||||||
| Totalamountofexternalguaranteeapprovedattheendofthereportingperiod(A3) | 0 | Totalactualexternalguaranteebalanceattheendofthereportingperiod(A4) | 0 | |||||||
| GuaranteesofCOOECforsubsidiaries | ||||||||||
| Nameofguaranteeobject | Announcementdisclosuredaterelatedtoguaranteelimit | Guaranteelimit | Actualdate | Actualguaranteedamount | Typeofguarantee | Collateral(ifany) | Counter-guarantee(ifany) | Guaranteeperiod | Whethertheperformancehasbeencompleted | Whethertoguaranteeforarelatedparty |
| ShenzhenHarmonyWorldWatchCentreCo.,Ltd. | Mar.14,2024 | 30,000 | December30,2024 | 10,000 | Jointliabilityguarantee | Thesecuredpartyprovidescounter-guaranteestartingfromMay7,2025 | 1year | No | No | |
| Totalamountofguaranteesapprovedforsubsidiariesduringthereportingperiod(B1) | 30,000 | Totalactualamountofguaranteesprovidedtosubsidiariesduringthereportingperiod(B2) | 0 | |||||||
| Totalapproved | 30,000 | Totalactual | 10,000 | |||||||
| guaranteelimitforsubsidiariesattheendofthereportingperiod(B3) | guaranteebalanceforsubsidiariesattheendofthereportingperiod(B4) | |||||||||
| Guaranteesprovidedbysubsidiariestosubsidiaries | ||||||||||
| Nameofguaranteeobject | Announcementdisclosuredaterelatedtoguaranteelimit | Guaranteelimit | Actualdate | Actualguaranteedamount | Typeofguarantee | Collateral(ifany) | Counter-guarantee(ifany) | Guaranteeperiod | Whethertheperformancehasbeencompleted | Whethertoguaranteeforarelatedparty |
| Notapplicable | ||||||||||
| Totalamountofguaranteesapprovedforsubsidiariesduringthereportingperiod(C1) | 0 | Totalactualamountofguaranteesprovidedtosubsidiariesduringthereportingperiod(C2) | 0 | |||||||
| Totalapprovedguaranteelimitforsubsidiariesattheendofthereportingperiod(C3) | 0 | Totalactualguaranteebalanceforsubsidiariesattheendofthereportingperiod(C4) | 0 | |||||||
| Totalamountofcorporateguarantees(i.e.thetotalofthetopthreeitems) | ||||||||||
| Totalamountofguaranteeapprovedduringthereportingperiod(A1+B1+C1) | 30,000 | Totalactualamountofguaranteeduringthereportingperiod(A2+B2+C2) | 0 | |||||||
| Totalapprovedguaranteelimitattheendofthereportingperiod(A3+B3+C3) | 30,000 | Totalactualguaranteebalanceattheendofthereportingperiod(A4+B4+C4) | 10,000 | |||||||
| Theproportionofactualtotalamountofguarantee(i.e.A4+B4+C4)inthecompany'snetassets | 3.00% | |||||||||
| Including: | ||||||||||
| Balanceofguaranteesprovidedtoshareholders,actualcontrollersandtheirrelatedparties(D) | 0 | |||||||||
| Balanceofdebtguaranteedirectlyorindirectlyprovidedtotheguaranteedobjectwiththeasset/liabilityratioexceeding70%(E) | 0 | |||||||||
| Totalamountofguaranteeexceeding50%ofnetassets(F) | 0 | |||||||||
| Totalamountoftheabovethreeguarantees(D+E+F) | 0 |
| Fortheunexpiredguaranteecontract,theguaranteeliabilityoccurredorthereisevidenceshowingthatitispossibletoassumejointandseveralliabilityduringthereportingperiod(ifany) | Notapplicable |
| Descriptionofexternalguaranteeprovidedinviolationofprescribedprocedures(ifany) | Notapplicable |
SpecificdescriptionofthecompositeguaranteeNotapplicable
3.EntrustfinancingNotapplicable
4.OthermajorcontractsNotapplicableXIII.Explanationofothersignificantmatters
1.ProposedequityacquisitionandrelatedpartytransactionApprovedbytheseventhmeetingoftheeleventhboardofdirectorsofthecompany,thecompanysignedthe"EquityAcquisitionIntentAgreement"withHanzhongHanhangElectromechanicalCo.,Ltd.onJune4,2025.ThecompanyintendstoacquireallorpartofthecontrollingstakeinChangkongGearbymeansofcash(hereinafterreferredtoas"thisacquisition").Thisacquisitionconstitutesarelatedpartytransaction.Accordingtopreliminaryestimates,itisnotexpectedtoconstituteamajorassetreorganization.Fordetails,pleaserefertothe"AnnouncementonSigningEquityAcquisitionIntentAgreementandRelatedPartyTransaction2025-018"disclosedbythecompanyonwww.cninfo.com.cnonJune5,2025.Asofthedisclosuredateofthisreport,thecompanyandallpartiestothetransactionarepromotingthepreliminaryworkrelatedtothisacquisition.Thefinalacquisitionplanhasnotyetbeendeterminedandissubjecttothenecessarydecision-makingandapprovalproceduresofallparties.Thereisuncertaintyastowhetherthisacquisitioncanbecompletedeventually.
14.Majoreventsofthecompany'ssubsidiaries
Notapplicable
Section6ChangesinsharesandshareholdersI.Changesinshares
1.Changesinshares
Unit:shares
| Beforethischange | Increase/decreaseinthischange(+,-) | Afterthischange | |||||||
| Number | Ratio | IPO | Sharedonation | Capitalconversionofprovidentfunds | Others | Sub-total | Number | Ratio | |
| I.Restrictedshares | 2,475,720 | 0.61% | 0 | 0 | 0 | -1,855,630 | -1,855,630 | 620,090 | 0.15% |
| 1.State-ownedshares | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| 2.State-ownedlegalpersonshareholding | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| 3.Otherdomesticshareholding | 2,475,720 | 0.61% | 0 | 0 | 0 | -1,855,630 | -1,855,630 | 620,090 | 0.15% |
| Including:domesticlegalpersonshareholding | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| Domesticnaturalpersonshareholding | 2,475,720 | 0.61% | 0 | 0 | 0 | -1,855,630 | -1,855,630 | 620,090 | 0.15% |
| 4.Foreignshareholding | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| Including:overseaslegal | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| personshareholding | |||||||||
| Overseasnaturalpersonsshareholding | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| II.Non-restrictedshares | 403,288,287 | 99.39% | 0 | 0 | 0 | 1,855,630 | 1,855,630 | 405,143,917 | 99.85% |
| 1.RMBordinaryshares | 362,707,353 | 89.39% | 0 | 0 | 0 | 1,855,630 | 1,855,630 | 364,562,983 | 89.85% |
| 2.Domesticlistedforeignshares | 40,580,934 | 10.00% | 0 | 0 | 0 | 0 | 0 | 40,580,934 | 10.00% |
| 3.Overseaslistedforeignshares | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| 4.Others | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| III.Totalnumberofshares | 405,764,007 | 100.00% | 0 | 0 | 0 | 0 | 0 | 405,764,007 | 100.00% |
Reasonsforchangeinshares
1.Duringthereportingperiod,duetotheadjustmentofthetransferablequotaforincumbentseniormanagement,250,500shareswithsalesrestrictionswereincreased(correspondingtoareductionofunrestrictedshares,withthetotalcapitalstockremainingunchanged);
2.Duringthereportingperiod,2,047,420A-sharerestrictedsharesinthethirdrestriction-liftingperiodofthecompany'sPhase-IIrestrictedstockincentiveplanwereliftedfromrestrictionsandlistedfortrading,reducingthenumberofrestrictedsharesby2,047,420;Thetransferablequotaforoutgoingseniorexecutiveswasadjusted,reducingthenumberofrestrictedsharesby58,710.Intotal,theaforesaidadjustmentsreducedthenumberofrestrictedsharesby2,106,130(withacorrespondingincreaseinunrestrictedsharesandnochangeinthetotalsharecapital).
Fortheabovereasons,asoftheendofthereportingperiod,thecompany'stotalrestrictedsharesdecreasedby1,855,630,whilethetotalunrestrictedsharesincreasedby1,855,630,withthetotalsharecapitalofthecompanyremainingunchanged.Approvalofchangeinshares
AsapprovedatthefourthmeetingoftheeleventhBoardofDirectors,theconditionsforliftingtherestrictionsonthethirdrestriction-liftingperiodofthecompany'sPhase-IIrestrictedstockincentiveplanhavebeenmet.Inaccordancewiththeauthorizationgrantedbythefirstextraordinaryshareholders'meetingin2021,thecompany'sBoardofDirectorswillhandlethematterofliftingtherestrictionson2,047,420A-sharerestrictedsharesinaccordancewithrelevantregulations.Transferofchangeinshares
NotapplicableImplementationprogressofsharerepurchaseNotapplicableTheimplementationprogressofthereductionofrepurchasedsharesthroughcentralizedbiddingNotapplicableTheimpactofthesharechangesonfinancialindicatorssuchasbasicearningspershareanddilutedearningspershareforthemostrecentyearandperiod,aswellasnetassetspershareattributabletothecompany'sordinaryshareholders,isasfollows:
Notapplicable
4.OthercontentthatCOOECdeemsnecessaryorrequiredtobedisclosedbysecuritiesregulatorsNotapplicable
2.Changesinrestrictedshares
Unit:shares
| Shareholder'sname | Numberofrestrictedsharesatthebeginningoftheperiod | Numberofrestrictedsharesreleasedinthecurrentperiod | Numberofrestrictedsharesincreasedinthecurrentperiod | Numberofrestrictedsharesattheendoftheperiod | Reasonforrestrictedsales | Dateofrestrictedsalesreleased |
| PanBo | 172,537 | 50,100 | 50,100 | 172,537 | Executivelockedshares | Unlockinaccordancewiththerelevantlawsandregulationsonlockingsharesbyseniorexecutives. |
| LiMing | 120,067 | 50,100 | 50,100 | 120,067 | Executivelockedshares | Unlockinaccordancewiththerelevantlawsandregulationsonlockingsharesbyseniorexecutives. |
| LuWanjun | 120,037 | 50,100 | 50,100 | 120,037 | Executivelockedshares | Unlockinaccordancewiththerelevantlawsandregulationsonlockingsharesbysenior |
| executives. | ||||||
| LiuXiaoming | 120,037 | 50,100 | 50,100 | 120,037 | Executivelockedshares | Unlockinaccordancewiththerelevantlawsandregulationsonlockingsharesbyseniorexecutives. |
| TangHaiyuan | 80,662 | 50,100 | 50,100 | 80,662 | Executivelockedshares | Unlockinaccordancewiththerelevantlawsandregulationsonlockingsharesbyseniorexecutives. |
| HuJing | 6,750 | 0 | 0 | 6,750 | Supervisorlockedshares | Unlockinaccordancewiththerelevantlawsandregulationsonlockingsharesbysupervisors. |
| Othershareholders | 1,855,630 | 1,855,630 | 0 | 0 | Notapplicable | Notapplicable |
| Total | 2,475,720 | 2,106,130 | 250,500 | 620,090 | -- | -- |
Note:1.Reasonsforthechangeinthenumberofshareswithliftedrestrictionsinthecurrentperiod:Theconditionsforliftingrestrictionsinthethirdrestriction-liftingperiodofthePhase-IIrestrictedstockincentiveplanhavebeenmet;thetransferablequotaforoutgoingseniorexecutiveshasbeenadjusted.Thetotalnumberofshareswithrestrictionsliftedasmentionedaboveis2,106,130.
2.Reasonsforthechangeinthenumberofnewlyrestrictedsharesinthecurrentperiod:Atotalof250,500A-sharerestrictedshareswithliftedrestrictionsheldbycurrentseniorexecutiveshavebeenplacedunderrestrictioninaccordancewiththeregulationsonexecutivelockedshares.II.IssuanceandlistingofsecuritiesNotapplicable
3.Numberofshareholdersandtheirshareholdingsituationinthecompany
Unit:shares
| Totalnumberofordinaryshareholdersasattheendofthereportingperiod | 25,770 | Totalnumberofpreferredshareholderswithrestoredvotingrightsattheendofthereportingperiod(ifany)(seeNote8) | 0 | ||||
| Shareholdersholdingmorethan5%stockorthetop10stockshareholders'shareholdingdetails(excludingshareslentthroughrefinancing) | |||||||
| Sharehold | Nature | Sharehol | Numberof | Increase/ | Number | Numberof | Pledged,taggedor |
| er'sname | dingratio | sharesheldattheendofthereportingperiod | decreaseduringthereportingperiod | ofrestrictivestocksheld | non-restrictivestocksheld | frozen | ||
| Status | Number | |||||||
| ShentianTechnologyHoldings(Shenzhen)Co.,Ltd. | State-ownedlegalperson | 40.17% | 162,977,327 | 0 | 0 | 162,977,327 | Notapplicable | 0 |
| #WuJilin | Domesticnaturalperson | 4.38% | 17,770,623 | -201,818 | 0 | 17,770,623 | Notapplicable | 0 |
| QianhaiLifeInsuranceCo.,Ltd.-Dividendinsuranceproduct | Others | 1.52% | 6,186,370 | 6,186,370 | 0 | 6,186,370 | Notapplicable | 0 |
| QianhaiLifeInsuranceCo.,Ltd.-Ownfunds | Others | 0.75% | 3,026,000 | 3,026,000 | 0 | 3,026,000 | Notapplicable | 0 |
| QiuHong | Domesticnaturalperson | 0.69% | 2,800,000 | 290,000 | 0 | 2,800,000 | Notapplicable | 0 |
| BankofChinaLimited-HuashangSelectedReturnMixedSecuritiesInvestmentFund | Others | 0.63% | 2,549,400 | 2,549,400 | 0 | 2,549,400 | Notapplicable | 0 |
| ZhejiangHaokunShengfaAssetManagementCo.,Ltd.-HaokunXingkongFeimaPhase6PrivateSecuritiesInvestmentFund | Others | 0.61% | 2,492,215 | 2,492,215 | 0 | 2,492,215 | Notapplicable | 0 |
| #ZhuRui | Domesticnaturalperson | 0.51% | 2,087,500 | -61,900 | 0 | 2,087,500 | Notapplicable | 0 |
| #ShaoYixing | Domesticnaturalperson | 0.50% | 2,044,200 | 2,044,200 | 0 | 2,044,200 | Notapplicable | 0 | |||
| ZhanZhiying | Domesticnaturalperson | 0.50% | 2,031,500 | 2,031,500 | 0 | 2,031,500 | Notapplicable | 0 | |||
| Strategicinvestorsorgenerallegalpersonsbecomingthetop10shareholdersduetoplacementofnewshares(ifany)(seeNote3) | Notapplicable | ||||||||||
| Notestoshareholders'relatedrelationshiporpersonsactinginconcert | TheCompanydoesnotknowwhethertheabove10shareholdersarerelatedoractinconcert. | ||||||||||
| Descriptionoftheaboveshareholders'involvementinthecommissioned/entrustedvotingrightsandwaiverofvotingrights | Theshareholder,ShentianTechnologyHoldings,authorizedarepresentativetoexercisevotingrightsonbehalfofthecompanyatthe2024annualmeetingofshareholders,representing162,977,327shares.Fordetailsofthevotingresults,pleaserefertotherelevantannouncementsissuedbythecompanyonthewebsiteofwww.cninfo.com.cn. | ||||||||||
| Specialinstructionsontheexistenceofspecialrepurchaseaccountsamongthetop10shareholders(ifany)(seeNote11) | Notapplicable | ||||||||||
| Shareholdingofthetop10non-restrictiveshareholders(excludingshareslentthroughrefinancingandshareslockedbyseniormanagement) | |||||||||||
| Shareholder'sname | Numberofnon-restrictedstockheldattheendofthereportingperiod | Classofshares | |||||||||
| Classofshares | Number | ||||||||||
| ShentianTechnologyHoldings(Shenzhen)Co.,Ltd. | 162,977,327 | RMBcommonshare | 162,977,327 | ||||||||
| #WuJilin | 17,770,623 | RMBcommonshare | 17,770,623 | ||||||||
| QianhaiLifeInsuranceCo.,Ltd.-Dividendinsuranceproduct | 6,186,370 | RMBcommonshare | 6,186,370 | ||||||||
| QianhaiLifeInsuranceCo.,Ltd.-Ownfunds | 3,026,000 | RMBcommonshare | 3,026,000 | ||||||||
| QiuHong | 2,800,000 | RMBcommonshare | 2,800,000 | ||||||||
| BankofChinaLimited-HuashangSelectedReturnMixedSecuritiesInvestmentFund | 2,549,400 | RMBcommonshare | 2,549,400 | ||||||||
| ZhejiangHaokunShengfaAssetManagementCo.,Ltd.-HaokunXingkongFeimaPhase6PrivateSecuritiesInvestmentFund | 2,492,215 | RMBcommonshare | 2,492,215 | ||||||||
| #ZhuRui | 2,087,500 | RMBcommonshare | 2,087,500 | ||||||||
| #ShaoYixing | 2,044,200 | RMBcommonshare | 2,044,200 | ||||||||
| ZhanZhiying | 2,031,500 | RMBcommonshare | 2,031,500 | ||||||||
| Explanationofthe | TheCompanydoesnotknowwhethertheabove10shareholdersarerelatedoractin | ||||||||||
| relationshiporconcertedactionsbetweenthetop10shareholderswithunrestrictedshareholdingconditionsandthatbetweenthetop10shareholderswithunrestrictedshareholdingconditionsandthetop10shareholders | concert. |
| Explanationofthetop10commonstockshareholders'participationinsecuritiesmargintrading(ifany) | 1.Inadditiontoholding7,490,504sharesthroughtheordinarysecuritiesaccount,WuJilin,theshareholderofthecompany,alsoholds10,280,119sharesthroughtheclientcredittradingguaranteesecuritiesaccountofCICCWealthManagementholding17,770,623sharesintotal;2.Inadditiontoholding2,600sharesthroughtheordinarysecuritiesaccount,ZhuRui,theshareholderofthecompany,alsoholds2,084,900sharesintheclientcredittradingguaranteesecuritiesaccountofFirstCapitalSecuritiesCo.,Ltd.,holdingatotalof2,087,500shares;3.ShareholderShaoYixingholds2,044,200sharesthroughacustomermargintradingcollateralsecuritiesaccountofCindaSecuritiesCo.,Ltd. |
Note:Duringthereportingperiod,thenameofthecompany'scontrollingshareholderchangedfrom"AVICInternationalHoldingsLimited"to"ShentianTechnologyHoldings(Shenzhen)Co.,Ltd."Participationofshareholdersholdingmorethan5%oftheshares,toptenshareholders,andtoptenshareholderswithunlimitedtradablesharesinthelendingofsharesthroughtherefinancingbusinessNotapplicableThetoptenshareholdersandthetoptenshareholderswithunlimitedtradableshareshavechangedcomparedtothepreviousperiodduetothereasonsofrefinancing,lending,andrepaymentNotapplicableDidthecompany'stop10commonstockshareholdersandtop10holdersofunrestrictedcommonstockengageinanyagreedrepurchasetransactionsduringthereportingperiodNo
4.ChangesinshareholdingsofDirectors,SupervisorsandSeniorManagement
| Name | Title | OfficeStatus | Numberofsharesheldatthebeginningofthereportingperiod(shares) | Shareholdingincreasedinthereportingperiod(shares) | Shareholdingdecreasedinthereportingperiod(shares) | Numberofsharesheldatendofthereportingperiod(shares) | Numberofrestrictedsharesgrantedatthebeginningofthereportingperiod(shares) | Numberofrestrictedsharesgrantedduringthereportingperiod(shares) | Numberofrestrictedsharesgrantedattheendofthereportingperiod(shares) |
| ZhangXuhua | ChairmanoftheBoard | Inoffice | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| WangBo | Director | Inoffice | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| LiPeiyin | Director | Inoffice | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DengJianghu | Director | Inoffice | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| GuoGaohang | Director | Inoffice | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PanBo | ManagingDirector | Inoffice | 230,050 | 0 | 0 | 230,050 | 50,100 | 0 | 0 |
| WangSusheng | IndependentDirector | Inoffice | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| WangWenbo | IndependentDirector | Inoffice | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cao | Independent | In | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Guangzhong | Director | office | |||||||
| HuMin | ChairmanoftheSupervisoryCommittee | Inoffice | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| YuanTianbo | Supervisor | Inoffice | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| HuJing | Supervisor | Inoffice | 9,000 | 0 | 0 | 9,000 | 0 | 0 | 0 |
| LuWanjun | deputyGMandchieflawadviser | Inoffice | 160,050 | 0 | 0 | 160,050 | 50,100 | 0 | 0 |
| LiuXiaoming | DeputyGM | Inoffice | 160,050 | 0 | 0 | 160,050 | 50,100 | 0 | 0 |
| LiMing | DeputyGM | Inoffice | 160,090 | 0 | 0 | 160,090 | 50,100 | 0 | 0 |
| SongYaoming | ChiefAccountantandtheSecretaryoftheBoard | Inoffice | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| TangHaiyuan | DeputyGM | Inoffice | 107,550 | 0 | 0 | 107,550 | 50,100 | 0 | 0 |
| Total | -- | -- | 826,790 | 0 | 0 | 826,790 | 250,500 | 0 | 0 |
5.Changesincontrollingshareholdersoractualcontrollers
ChangesincontrollingshareholdersduringthereportingperiodNotapplicableChangeofactualcontrollerduringthereportingperiodNotapplicable
VI.Relevantinformationaboutpreferredstock
Notapplicable
Section7Bond-relatedinformationNotapplicable
Section8FinancialstatementI.Auditreport
Whetherthesemi-annualreporthasbeenauditedNo
II.Financialstatements
TheunitofthefinancialstatementsinthenotesisRMB
1.ConsolidatedbalancesheetPreparedby:FIYTAPrecisionTechnologyCo.,Ltd.
June30,2025
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Currentassets: | ||
| Monetaryfunds | 539,306,933.97 | 518,954,177.49 |
| Balanceswithclearingcompanies | ||
| Loanstootherbanksandfinancialinstitutions | ||
| Financialassetsheldfortrading | ||
| Derivativefinancialassets | ||
| Notesreceivable | 13,890,956.79 | 29,611,600.60 |
| Accountsreceivable | 295,552,172.33 | 260,152,834.43 |
| Receivablefinancing | ||
| Advancestosuppliers | 24,636,188.41 | 3,858,053.60 |
| Premiumreceivable | ||
| Reinsuranceaccountsreceivable | ||
| Provisionofcessionreceivable | ||
| Otherreceivables | 56,382,345.03 | 56,982,351.27 |
| Including:interestreceivable | ||
| Dividendsreceivable | ||
| Financialassetspurchasedunderresaleagreements | ||
| Inventories | 1,844,734,053.46 | 1,984,486,969.74 |
| Including:dataresources | ||
| Contractassets | ||
| Assetsheldforsale | ||
| Non-currentassetsmaturingwithinoneyear | ||
| Othercurrentassets | 94,506,620.74 | 98,007,925.22 |
| Totalcurrentassets | 2,869,009,270.73 | 2,952,053,912.35 |
| Non-currentassets: | ||
| Loansandadvances | ||
| Debtinvestments | ||
| Otherdebtinvestments | ||
| Long-termreceivables | ||
| Long-termequityinvestments | 51,401,581.98 | 50,907,036.84 |
| Investmentsinotherequityinstruments | ||
| Othernon-currentfinancialassets | ||
| Investmentproperties | 294,173,788.77 | 301,002,364.41 |
| Fixedassets | 368,564,629.53 | 377,568,144.41 |
| Constructioninprogress | ||
| Productivebiologicalassets | ||
| Oilandgasassets | ||
| Right-of-useassets | 82,724,677.42 | 98,437,976.41 |
| Intangibleassets | 30,819,121.76 | 31,567,927.16 |
| Including:dataresources | ||
| Developmentexpenses | ||
| Including:dataresources | ||
| Goodwill | ||
| Long-termdeferredexpenses | 97,336,736.70 | 110,205,323.29 |
| Deferredtaxassets | 77,387,311.98 | 82,155,778.31 |
| Othernon-currentassets | 7,269,265.12 | 3,792,253.84 |
| Totalnon-currentassets | 1,009,677,113.26 | 1,055,636,804.67 |
| Totalassets | 3,878,686,383.99 | 4,007,690,717.02 |
| Currentliabilities: | ||
| Short-termborrowings | 140,084,055.54 | 124,087,754.51 |
| Borrowingsfromcentralbank | ||
| Loansfromotherbanksandotherfinancialinstitutions | ||
| Financialliabilitiesheldfortrading | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountspayable | 94,532,784.30 | 115,532,921.57 |
| Advancesfromcustomers | 7,813,681.37 | 11,783,796.49 |
| Contractliabilities | 15,914,217.86 | 12,605,722.95 |
| Financialassetssoldunderrepurchaseagreements | ||
| Absorptionofdepositsandinterbankdeposits | ||
| Receivingfromvicariouslytradedsecurities | ||
| Receivingfromvicariouslysoldsecurities |
| Employeeremunerationpayable | 61,957,407.90 | 92,260,153.14 |
| Taxesandsurchargespayable | 46,730,334.76 | 49,815,151.35 |
| Otherpayables | 89,287,084.19 | 104,638,483.81 |
| Including:interestpayable | ||
| Dividendspayable | 2,785,293.14 | |
| Handlingchargesandcommissionspayable | ||
| Reinsuranceaccountspayable | ||
| Liabilitiesheldforsale | ||
| Non-currentliabilitiesmaturingwithinoneyear | 57,399,333.79 | 63,538,231.06 |
| Othercurrentliabilities | 2,429,897.06 | 1,529,468.07 |
| Totalcurrentliabilities | 516,148,796.77 | 575,791,682.95 |
| Non-currentliabilities: | ||
| Reservesforinsurancecontracts | ||
| Long-termborrowings | ||
| Bondspayable | ||
| Including:preferredshares | ||
| Perpetualbond | ||
| Leaseliability | 26,793,779.93 | 35,065,292.04 |
| Long-termpayables | ||
| Long-termsalarypayable | ||
| Estimatedliabilities | ||
| Deferredincome | ||
| Deferredtaxliabilities | 2,134,123.90 | 4,990,541.42 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 28,927,903.83 | 40,055,833.46 |
| Totalliabilities | 545,076,700.60 | 615,847,516.41 |
| Owners'equity: | ||
| Sharecapital | 405,764,007.00 | 405,764,007.00 |
| Otherequityinstruments | ||
| Including:preferredshares | ||
| Perpetualbond | ||
| Capitalreserves | 935,609,251.94 | 936,339,503.60 |
| Less:treasurystock | 12,815,556.81 | |
| Othercomprehensiveincome | 25,279,285.71 | 15,686,794.62 |
| Specialreserve | 4,288,952.07 | 4,340,162.76 |
| Surplusreserve | 275,010,401.50 | 275,010,401.50 |
| Generalriskreserves | ||
| Undistributedprofit | 1,687,657,785.17 | 1,767,517,887.94 |
| Totalequityattributabletoownersoftheparentcompany | 3,333,609,683.39 | 3,391,843,200.61 |
| Minorityequity | ||
| Totalowners’equity | 3,333,609,683.39 | 3,391,843,200.61 |
| Totalliabilitiesandowners'equity | 3,878,686,383.99 | 4,007,690,717.02 |
LegalRepresentative:ZhangXuhuaCFO:SongYaomingFinancialManager:JiangHaiming
2.BalanceSheetofparentcompany
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Currentassets: | ||
| Monetaryfunds | 428,653,699.64 | 390,160,466.41 |
| Financialassetsheldfortrading | ||
| Derivativefinancialassets | ||
| Notesreceivable | ||
| Accountsreceivable | 8,947,685.50 | 4,631,990.38 |
| 14.Receivablefinancing | ||
| Advancestosuppliers | ||
| Otherreceivables | 519,456,909.65 | 659,565,868.48 |
| Including:interestreceivable | ||
| Dividendsreceivable | ||
| Inventories | 46,562.24 | 45,565.43 |
| Including:dataresources | ||
| Contractassets | ||
| Assetsheldforsale | ||
| Non-currentassetsmaturingwithinoneyear | ||
| Othercurrentassets | 15,643,323.47 | 16,189,136.04 |
| Totalcurrentassets | 972,748,180.50 | 1,070,593,026.74 |
| Non-currentassets: | ||
| Debtinvestments | ||
| Otherdebtinvestments | ||
| Long-termreceivables | ||
| Long-termequityinvestments | 1,643,945,467.89 | 1,643,450,922.75 |
| Investmentsinotherequityinstruments | ||
| Othernon-currentfinancialassets | ||
| Investmentproperties | 231,728,556.05 | 237,185,496.11 |
| Fixedassets | 236,827,051.71 | 241,791,004.56 |
| Constructioninprogress | ||
| Productivebiologicalassets | ||
| 25.Oilandgasassets | ||
| Right-of-useassets | ||
| Intangibleassets | 23,771,012.63 | 24,189,360.11 |
| Including:dataresources | ||
| Developmentexpenses | ||
| Including:dataresources | ||
| Goodwill |
| Long-termdeferredexpenses | 4,162,035.50 | 3,692,497.29 |
| Deferredtaxassets | 591,249.21 | 931,572.58 |
| Othernon-currentassets | 2,205,304.19 | 1,358,052.54 |
| Totalnon-currentassets | 2,143,230,677.18 | 2,152,598,905.94 |
| Totalassets | 3,115,978,857.68 | 3,223,191,932.68 |
| Currentliabilities: | ||
| Short-termborrowings | 140,084,055.54 | 120,130,566.65 |
| Financialliabilitiesheldfortrading | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountspayable | 2,009,310.85 | 1,928,876.85 |
| Advancesfromcustomers | 7,813,681.37 | 11,783,796.49 |
| Contractliabilities | ||
| Employeeremunerationpayable | 17,162,723.30 | 23,190,240.79 |
| Taxesandsurchargespayable | 3,361,240.53 | 779,783.47 |
| Otherpayables | 279,631,983.06 | 252,129,600.19 |
| Including:interestpayable | ||
| Dividendspayable | 2,785,293.14 | |
| Liabilitiesheldforsale | ||
| Non-currentliabilitiesmaturingwithinoneyear | ||
| Othercurrentliabilities | ||
| Totalcurrentliabilities | 450,062,994.65 | 409,942,864.44 |
| Non-currentliabilities: | ||
| Long-termborrowings | ||
| Bondspayable | ||
| Including:preferredshares | ||
| Perpetualbond | ||
| Leaseliability | ||
| Long-termpayables | ||
| Long-termsalarypayable | ||
| Estimatedliabilities | ||
| Deferredincome | ||
| Deferredtaxliabilities | ||
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | ||
| Totalliabilities | 450,062,994.65 | 409,942,864.44 |
| Owners'equity: | ||
| Sharecapital | 405,764,007.00 | 405,764,007.00 |
| Otherequityinstruments | ||
| Including:preferredshares | ||
| Perpetualbond | ||
| Capitalreserves | 938,999,713.64 | 939,217,999.41 |
| Less:treasurystock | 12,815,556.81 | |
| Othercomprehensiveincome |
LegalRepresentative:ZhangXuhuaCFO:SongYaomingFinancialManager:JiangHaiming
3.Consolidatedincomestatement
Unit:yuan
| Item | Semi-annual2025 | Semi-annual2024 |
| I.Totaloperatingrevenue | 1,784,131,937.23 | 2,076,397,911.32 |
| Including:operatingrevenue | 1,784,131,937.23 | 2,076,397,911.32 |
| Interestincome | ||
| Premiumsearned | ||
| Incomefromhandlingchargesandcommissions: | ||
| II.Totaloperatingcosts | 1,686,829,306.89 | 1,892,890,643.96 |
| Including:operatingcosts | 1,149,808,611.57 | 1,304,482,455.55 |
| Interestexpenditures | ||
| Handlingchargeandcommissionexpenditures | ||
| Surrendervalue | ||
| Netamountofcompensationpayout | ||
| Netinsuranceliabilityreserveswithdrawn | ||
| Policydividendpayment | ||
| Reinsurancecosts | ||
| Taxesandsurcharges | 15,513,201.04 | 12,260,457.55 |
| Sellingexpenses | 392,808,032.65 | 449,785,002.40 |
| Administrativeexpenses | 89,971,510.01 | 89,213,932.54 |
| Researchanddevelopmentexpenses | 33,087,871.33 | 27,525,998.33 |
| Financialexpenses | 5,640,080.29 | 9,622,797.59 |
| Including:interestexpenses | 2,390,395.42 | 5,169,603.47 |
| Interestincome | 1,870,950.85 | 2,185,535.51 |
| Plus:otherincome | 2,946,889.68 | 3,103,884.50 |
| Investmentincome("-"forlosses) | 742,044.98 | 313,834.17 |
| Including:incomefrominvestmentinassociatesandjointventures | 494,545.14 | 89,872.06 |
| Incomefromderecognitionoffinancialassetmeasuredatamortizedcost |
Specialreserve
| Specialreserve | ||
| Surplusreserve | 275,010,401.50 | 275,010,401.50 |
| Undistributedprofit | 1,046,141,740.89 | 1,206,072,217.14 |
| Totalowners’equity | 2,665,915,863.03 | 2,813,249,068.24 |
| Totalliabilitiesandowners'equity | 3,115,978,857.68 | 3,223,191,932.68 |
| Foreignexchangegains("-"forlosses) | ||
| Netexposurehedgingincome("-"forlosses) | ||
| Gainsfromchangesinfairvalue("-"forlosses) | ||
| Creditimpairmentlosses("-"forlosses) | 2,228,174.46 | 2,724,678.43 |
| Assetimpairmentlosses("-"forlosses) | 1,780,567.39 | 28,336.82 |
| Assetdisposalincome("-"forlosses) | -424,407.32 | 2,906,210.67 |
| 3.Operatingprofits("-"forlosses) | 104,575,899.53 | 192,584,211.95 |
| Plus:non-operatingrevenue | 1,204,207.92 | 1,378,138.85 |
| Less:non-operatingexpenses | 219,441.69 | 278,833.35 |
| 4.Totalprofits("-"fortotallosses) | 105,560,665.76 | 193,683,517.45 |
| Less:incometaxexpenses | 23,115,165.73 | 46,545,035.11 |
| 5.Netprofits("-"fornetlosses) | 82,445,500.03 | 147,138,482.34 |
| (I)Classifiedbyoperatingsustainability | ||
| 1.Netprofitfromcontinuingoperations("-"fornetlosses) | 82,445,500.03 | 147,138,482.34 |
| 2.Netprofitfromdiscontinuedoperations("-"fornetlosses) | ||
| (II)Classifiedbyownership | ||
| 1.Netprofitattributabletoshareholdersoftheparentcompany("-"fornetlosses) | 82,445,500.03 | 147,138,482.34 |
| 2.Minorityinterestincome("-"fornetlosses) | ||
| VI.Othercomprehensiveincome,netoftax | 9,592,491.09 | -5,577,527.76 |
| Netamountofothercomprehensiveincomeaftertaxattributabletoownersoftheparentcompany | 9,592,491.09 | -5,577,527.76 |
| (I)Othercomprehensiveincomethatcannotbereclassifiedintoprofitorlosslater | ||
| 1.Changesinremeasurementofdefinedbenefitplans | ||
| 2.Othercomprehensiveincomethatcannotbetransferredtoprofitorlossundertheequitymethod | ||
| 3.Changesinfairvalueofotherequityinstrumentsinvestment | ||
| 4.Changesinthefairvalueoftheenterprise'sowncreditrisk | ||
| 5.Others | ||
| (II)Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss | 9,592,491.09 | -5,577,527.76 |
| 1.Othercomprehensive |
| incomethatcanbetransferredtoprofitorlossundertheequitymethod | ||
| 2.Changesinfairvalueofothercreditor’srightinvestment | ||
| 3.Amountoffinancialassetsreclassifiedintoothercomprehensiveincome | ||
| 4.Provisionforcreditimpairmentofothercreditor'srightsinvestment | ||
| 5.Reserveforcashflowhedges | ||
| 6.Differencesarisingfromtranslationofforeign-currencyfinancialstatements | 9,592,491.09 | -5,577,527.76 |
| 7.Others | ||
| Netoftaxfromothercomprehensiveincomeattributabletominorityshareholders | ||
| VII.Totalcomprehensiveincome | 92,037,991.12 | 141,560,954.58 |
| Totalcomprehensiveincomeattributabletoownersoftheparentcompany | 92,037,991.12 | 141,560,954.58 |
| Totalcomprehensiveincomeattributabletominorityshareholders | ||
| VIII.Earningspershare: | ||
| (I)Basicearningspershare | 0.2034 | 0.3568 |
| (II)Dilutedearningspershare | 0.2034 | 0.3564 |
LegalRepresentative:ZhangXuhuaCFO:SongYaomingFinancialManager:JiangHaiming
4.ProfitStatementofParentCompany
Unit:yuan
| Item | Semi-annual2025 | Semi-annual2024 |
| I.Operatingrevenue | 81,474,823.42 | 95,651,893.86 |
| Less:operatingcost | 25,511,651.20 | 28,763,610.04 |
| Taxesandsurcharges | 3,821,053.25 | 3,754,920.70 |
| Sellingexpenses | 17,415,912.81 | 13,488,147.65 |
| Administrativeexpenses | 27,948,465.95 | 27,338,182.18 |
| Researchanddevelopmentexpenses | 6,543,258.58 | 6,949,411.52 |
| Financialexpenses | -1,776,950.85 | -888,010.29 |
| Including:interestexpenses | -54,463.04 | 305,742.86 |
| Interestincome | 1,566,068.25 | 1,605,624.26 |
| Plus:otherincome | 818,743.58 | 194,361.73 |
| Investmentincome("-"forlosses) | 494,545.14 | 89,872.06 |
| Including:incomefrominvestmentinassociatesandjointventures | 494,545.14 | 89,872.06 |
| Gainsfrom |
| derecognitionoffinancialassetsmeasuredatamortizedcost("-"forlosses) | ||
| Netexposurehedgingincome("-"forlosses) | ||
| Gainsfromchangesinfairvalue("-"forlosses) | ||
| Creditimpairmentlosses("-"forlosses) | -462,263.85 | -520,369.57 |
| Assetimpairmentlosses("-"forlosses) | ||
| Assetdisposalincome("-"forlosses) | 2,920,369.62 | |
| 2.Operatingprofits("-"forlosses) | 2,862,457.35 | 18,929,865.90 |
| Plus:non-operatingrevenue | 23,782.21 | 973.45 |
| Less:non-operatingexpenses | 6.18 | 334,515.20 |
| 3.Totalprofits("-"fortotallosses) | 2,886,233.38 | 18,596,324.15 |
| Less:incometaxexpenses | 511,106.83 | 4,661,624.51 |
| 4.Netprofits("-"fornetlosses) | 2,375,126.55 | 13,934,699.64 |
| (1)Netprofitfromcontinuingoperations("-"fornetlosses) | 2,375,126.55 | 13,934,699.64 |
| (2)Netprofitfromdiscontinuedoperations("-"fornetlosses) | ||
| V.Othercomprehensiveincome,netoftax | ||
| (I)Othercomprehensiveincomethatcannotbereclassifiedintoprofitorlosslater | ||
| 1.Changesinremeasurementofdefinedbenefitplans | ||
| 2.Othercomprehensiveincomethatcannotbetransferredtoprofitorlossundertheequitymethod | ||
| 3.Changesinfairvalueofotherequityinstrumentsinvestment | ||
| 4.Changesinthefairvalueoftheenterprise'sowncreditrisk | ||
| 5.Others | ||
| (II)Othercomprehensiveincomethatwillbereclassifiedintoprofitorloss | ||
| 1.Othercomprehensiveincomethatcanbetransferredtoprofitorlossundertheequitymethod | ||
| 2.Changesinfairvalueofothercreditor’srightinvestment | ||
| 3.Amountoffinancialassetsreclassifiedintoothercomprehensiveincome | ||
| 4.Provisionforcreditimpairmentofothercreditor'srightsinvestment | ||
| 5.Reserveforcashflowhedges |
| 6.Differencesarisingfromtranslationofforeign-currencyfinancialstatements | ||
| 7.Others | ||
| VI.Totalcomprehensiveincome | 2,375,126.55 | 13,934,699.64 |
| VII.Earningspershare: | ||
| (I)Basicearningspershare | ||
| (II)Dilutedearningspershare |
LegalRepresentative:ZhangXuhuaCFO:SongYaomingFinancialManager:JiangHaiming
5.ConsolidatedCashFlowStatement
Unit:yuan
| Item | Semi-annual2025 | Semi-annual2024 |
| I.Cashflowsfromoperatingactivities: | ||
| Cashreceivedfromsaleofgoodsandrenderingofservices | 1,918,518,666.40 | 2,242,943,860.28 |
| Netincreaseindepositsfromcustomersanddepositswithbanksandotherfinancialinstitutions | ||
| Netincreaseinborrowingsfromcentralbank | ||
| Netincreaseinloansfromotherfinancialinstitutions | ||
| Cashreceivedfromreceivinginsurancepremiumoforiginalinsurancecontract | ||
| Netcashreceivedfromreinsurancebusiness | ||
| Netincreaseindepositsandinvestmentsfrompolicyholders | ||
| Cashreceivedfrominterests,handlingchargesandcommissions | ||
| Netincreaseinloansfrombanksandotherfinancialinstitutions | ||
| Netcapitalincreaseinrepurchasebusiness | ||
| Netcashreceivedfromvicariouslytradedsecurities | ||
| Refundsoftaxesandsurcharges | 765,302.02 | 1,361,806.68 |
| Cashfromotheroperatingactivities | 20,316,713.59 | 22,763,002.95 |
| Sub-totalofcashinflowsfromoperatingactivities | 1,939,600,682.01 | 2,267,068,669.91 |
| Cashpaidforpurchaseofgoodsoracceptingservices | 1,117,286,716.61 | 1,493,308,339.25 |
| Netincreaseinloansandadvancestocustomers | ||
| Netincreaseindepositswithcentralbankandwithbanksandotherfinancialinstitutions |
| Cashpaidfororiginalinsurancecontractclaims | ||
| Netincreaseinloanstobanksandotherfinancialinstitutions | ||
| Cashpaidforinterests,handlingchargesandcommissions | ||
| Cashpaidforpolicydividends | ||
| Cashpaidtoandonbehalfofemployees | 295,806,175.23 | 336,053,098.67 |
| Cashpaidfortaxesandsurcharges | 123,135,450.22 | 115,761,812.75 |
| Cashpaidforotheroperatingactivities | 151,881,532.88 | 185,414,622.72 |
| Sub-totalofcashoutflowsfromoperatingactivities | 1,688,109,874.94 | 2,130,537,873.39 |
| Netcashflowsfromoperatingactivities | 251,490,807.07 | 136,530,796.52 |
| II.Cashflowsfrominvestingactivities: | ||
| Cashreceivedfromdisposalofinvestments | ||
| Cashreceivedfrominvestmentincome | 297,627.16 | 196,270.19 |
| Netcashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets | 134,782.34 | 4,813,262.87 |
| Netcashfromdisposalofsubsidiariesandotherbusinessunits | ||
| Cashreceivedfromotherinvestingactivities | 104,282,319.06 | 120,049,969.61 |
| Subtotalofcashinflowsfrominvestingactivities | 104,714,728.56 | 125,059,502.67 |
| Cashpaidtoacquireandconstructfixedassets,intangibleassetsandotherlong-termassets | 33,910,801.03 | 43,613,301.74 |
| Cashpaidforinvestments | ||
| Netincreaseinpledgeloans | ||
| Netcashpaidtoacquiresubsidiariesandotherbusinessunits | ||
| Cashpaidforotherinvestingactivities | 111,168,651.92 | 165,092,806.07 |
| Sub-totalofcashoutflowsfrominvestingactivities | 145,079,452.95 | 208,706,107.81 |
| Netcashflowsfromtheinvestingactivities | -40,364,724.39 | -83,646,605.14 |
| III.Cashflowsfromfinancingactivities: | ||
| Cashreceivedfrominvestors | ||
| Including:cashreceivedbysubsidiariesfrominvestmentsofminorityshareholders | ||
| Cashreceivedfromborrowings | 140,000,000.00 | 320,000,000.00 |
| Cashreceivedfromotherfinancingactivities | ||
| Subtotalofcashinflowsfromfinancingactivities | 140,000,000.00 | 320,000,000.00 |
| Cashpaidfordebtrepayments | 120,000,000.00 | 250,000,000.00 |
| Cashpaidfordistributionofdividendsandprofitsorpaymentofinterests | 165,355,261.79 | 164,868,413.68 |
| Including:dividendsandprofitpaidtominorityshareholdersbysubsidiaries | ||
| Cashpaidforotherfinancingactivities | 45,795,435.69 | 58,254,091.98 |
| Sub-totalofcashoutflowsfromfinancingactivities | 331,150,697.48 | 473,122,505.66 |
| Netcashflowsfromfinancingactivities | -191,150,697.48 | -153,122,505.66 |
| IV.Effectoffluctuationinexchangerateoncashandcashequivalents | 377,371.28 | -34,830.30 |
| V.Netincreaseincashandcashequivalents | 20,352,756.48 | -100,273,144.58 |
| Plus:beginningbalanceofcashandcashequivalents | 518,954,177.49 | 504,629,153.71 |
| VI.Endingbalanceofcashandcashequivalents | 539,306,933.97 | 404,356,009.13 |
LegalRepresentative:ZhangXuhuaCFO:SongYaomingFinancialManager:JiangHaiming
6.CashFlowStatementofParentCompany
Unit:yuan
| Item | Semi-annual2025 | Semi-annual2024 |
| I.Cashflowsfromoperatingactivities: | ||
| Cashreceivedfromsaleofgoodsandrenderingofservices | 79,872,428.27 | 92,269,424.38 |
| Refundsoftaxesandsurcharges | ||
| Cashfromotheroperatingactivities | 1,750,398,006.10 | 1,967,128,778.52 |
| Sub-totalofcashinflowsfromoperatingactivities | 1,830,270,434.37 | 2,059,398,202.90 |
| Cashpaidforpurchaseofgoodsoracceptingservices | 9,263,532.80 | 9,782,620.00 |
| Cashpaidtoandonbehalfofemployees | 40,073,696.79 | 44,398,658.47 |
| Cashpaidfortaxesandsurcharges | 5,903,973.37 | 12,856,580.23 |
| Cashpaidforotheroperatingactivities | 1,585,917,118.90 | 1,899,095,301.14 |
| Sub-totalofcashoutflowsfromoperatingactivities | 1,641,158,321.86 | 1,966,133,159.84 |
| Netcashflowsfromoperatingactivities | 189,112,112.51 | 93,265,043.06 |
| II.Cashflowsfrominvestingactivities: | ||
| Cashreceivedfromdisposalofinvestments | ||
| Cashreceivedfrominvestmentincome | ||
| Netcashreceivedfromdisposalof | 4,741,325.47 |
| fixedassets,intangibleassetsandotherlong-termassets | ||
| Netcashfromdisposalofsubsidiariesandotherbusinessunits | ||
| Cashreceivedfromotherinvestingactivities | ||
| Subtotalofcashinflowsfrominvestingactivities | 4,741,325.47 | |
| Cashpaidtoacquireandconstructfixedassets,intangibleassetsandotherlong-termassets | 5,249,498.62 | 1,946,698.06 |
| Cashpaidforinvestments | ||
| Netcashpaidtoacquiresubsidiariesandotherbusinessunits | ||
| Cashpaidforotherinvestingactivities | ||
| Sub-totalofcashoutflowsfrominvestingactivities | 5,249,498.62 | 1,946,698.06 |
| Netcashflowsfromtheinvestingactivities | -5,249,498.62 | 2,794,627.41 |
| III.Cashflowsfromfinancingactivities: | ||
| Cashreceivedfrominvestors | ||
| Cashreceivedfromborrowings | 140,000,000.00 | 320,000,000.00 |
| Cashreceivedfromotherfinancingactivities | ||
| Subtotalofcashinflowsfromfinancingactivities | 140,000,000.00 | 320,000,000.00 |
| Cashpaidfordebtrepayments | 120,000,000.00 | 250,000,000.00 |
| Cashpaidfordistributionofdividendsandprofitsorpaymentofinterests | 165,355,261.79 | 164,868,413.68 |
| Cashpaidforotherfinancingactivities | 79,409.91 | |
| Sub-totalofcashoutflowsfromfinancingactivities | 285,355,261.79 | 414,947,823.59 |
| Netcashflowsfromfinancingactivities | -145,355,261.79 | -94,947,823.59 |
| IV.Effectoffluctuationinexchangerateoncashandcashequivalents | -14,118.87 | 10,273.00 |
| V.Netincreaseincashandcashequivalents | 38,493,233.23 | 1,122,119.88 |
| Plus:beginningbalanceofcashandcashequivalents | 390,160,466.41 | 308,230,255.35 |
| VI.Endingbalanceofcashandcashequivalents | 428,653,699.64 | 309,352,375.23 |
LegalRepresentative:ZhangXuhuaCFO:SongYaomingFinancialManager:JiangHaiming
7.ConsolidatedStatementofChangesinOwner’sEquityAmountofthecurrentperiod
Unit:yuan
| Item | Semi-annual2025 | ||
| Equityattributabletoownersoftheparentcompany | Min | Tot | |
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:treasurystock | Othercomprehensiveincome | Specialreserve | Surplusreserve | Generalriskreserves | Undistributedprofit | Others | Sub-total | orityequity | alowners’equity | |||
| Preferredshares | Perpetualbond | Others | |||||||||||||
| I.Closingbalanceofthepreviousyear | 405,764,007.00 | 936,339,503.60 | 12,815,556.81 | 15,686,794.62 | 4,340,162.76 | 275,010,401.50 | 1,767,517,887.94 | 3,391,843,200.61 | 3,391,843,200.61 | ||||||
| Plus:changesinaccountingpolicies | |||||||||||||||
| Correctionofaccountingerrorsinpriorperiods | |||||||||||||||
| Others | |||||||||||||||
| II.Balanceasatthebeginningofthisyear | 405,764,007.00 | 936,339,503.60 | 12,815,556.81 | 15,686,794.62 | 4,340,162.76 | 275,010,401.50 | 1,767,517,887.94 | 3,391,843,200.61 | 3,391,843,200.61 | ||||||
| 3.Changesinincrease/decreaseinthecurrentperiod("-"fordecrease) | -730,251.66 | -12,815,556.81 | 9,592,491.09 | -51,210.69 | -79,860,102.77 | -58,233,517.22 | -58,233,517.22 | ||||||||
| (I)Totalcomprehensiveincome | 9,592,491.09 | 82,445,500.03 | 92,037,991.12 | 92,037,991.12 | |||||||||||
| (II)Capitalcontributedorreducedbyowners | -730,251.66 | -12,815,556.81 | 12,085,305.15 | 12,085,305.15 | |||||||||||
| 1.Commonstockcontributedbyowners | |||||||||||||||
| 2.Capitalinvestedbytheholdersofotherequityinstruments | |||||||||
| 3.Amountsofshare-basedpaymentsrecognizedinowner’sequity | -730,251.66 | -12,815,556.81 | 12,085,305.15 | 12,085,305.15 | |||||
| 4.Others | |||||||||
| (III)Profitdistribution | -162,305,602.80 | -162,305,602.80 | -162,305,602.80 | ||||||
| 1.Withdrawalofsurplusreserves | |||||||||
| 2.Withdrawalofgeneralriskreserves | |||||||||
| 3.Profitdistributedtoowners(orshareholders) | -162,305,602.80 | -162,305,602.80 | -162,305,602.80 | ||||||
| 4.Others | |||||||||
| (IV)Internalcarry-forwardofowners'equity | |||||||||
| 1.Conversionofcapitalreservesintopaid-incapital(orsharecapital) | |||||||||
| 2.Conversionofsurplusreservesintopaid-in |
| capital(orsharecapital) | |||||||||||||
| 3.Surplusreservesoffsettinglosses | |||||||||||||
| 4.Forwardingofretainedgainsfromchangesinremeasurementofdefinedbenefitplans | |||||||||||||
| 5.Transferofothercomprehensiveincomeintoretainedearnings | |||||||||||||
| 6.Others | |||||||||||||
| (V)Specialreserves | -51,210.69 | -51,210.69 | -51,210.69 | ||||||||||
| 1.Withdrawalinthisperiod | 223,177.64 | 223,177.64 | 223,177.64 | ||||||||||
| 2.Amountusedinthisperiod | -274,388.33 | -274,388.33 | -274,388.33 | ||||||||||
| (VI)Others | |||||||||||||
| IV.Balanceasattheendofthisperiod | 405,764,007.00 | 935,609,251.94 | 25,279,285.71 | 4,288,952.07 | 275,010,401.50 | 1,687,657,785.17 | 3,333,609,683.39 | 3,333,609,683.39 |
Amountinthepreviousyear
Unit:yuan
| Item | Semi-annual2024 | ||||||||||||||
| Equityattributabletoownersoftheparentcompany | Minorityequity | Totalowners’equi | |||||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserv | Less:treasury | Othercompre | Specialreserv | Surplusreserv | Generalriskres | Undistributed | Others | Sub-total | |||||
| Preferre | Perpet | Oth | |||||||||||||
| dshares | ualbond | ers | es | stock | hensiveincome | e | e | erves | profit | ty | |||||
| I.Closingbalanceofthepreviousyear | 415,219,970.00 | 990,159,033.17 | 78,645,532.23 | 19,325,335.93 | 3,223,158.06 | 275,010,401.50 | 1,709,513,385.76 | 3,333,805,752.19 | 3,333,805,752.19 | ||||||
| Plus:changesinaccountingpolicies | |||||||||||||||
| Correctionofaccountingerrorsinpriorperiods | |||||||||||||||
| Others | |||||||||||||||
| II.Balanceasatthebeginningofthisyear | 415,219,970.00 | 990,159,033.17 | 78,645,532.23 | 19,325,335.93 | 3,223,158.06 | 275,010,401.50 | 1,709,513,385.76 | 3,333,805,752.19 | 3,333,805,752.19 | ||||||
| 3.Changesinincrease/decreaseinthecurrentperiod("-"fordecrease) | -9,355,763.00 | -54,078,839.21 | -65,199,717.42 | -5,577,527.76 | 541,857.36 | -15,207,200.47 | -18,477,755.66 | -18,477,755.66 | |||||||
| (I)Totalcomprehensiveincome | -5,577,527.76 | 147,138,482.34 | 141,560,954.58 | 141,560,954.58 | |||||||||||
| (II)Capitalcontributedorreducedbyowners | -9,355,763.00 | -54,078,839.21 | -65,199,717.42 | 1,765,115.21 | 1,765,115.21 | ||||||||||
| 1.Commonstockcontributedbyowners | -9,355,763.00 | -54,984,906.42 | -64,340,669.42 | ||||||||||||
| 2.Capitalinvestedbytheholders |
| ofotherequityinstruments | |||||||||
| 3.Amountsofshare-basedpaymentsrecognizedinowner’sequity | 906,067.21 | -859,048.00 | 1,765,115.21 | 1,765,115.21 | |||||
| 4.Others | |||||||||
| (III)Profitdistribution | -162,345,682.81 | -162,345,682.81 | -162,345,682.81 | ||||||
| 1.Withdrawalofsurplusreserves | |||||||||
| 2.Withdrawalofgeneralriskreserves | |||||||||
| 3.Profitdistributedtoowners(orshareholders) | -162,345,682.81 | -162,345,682.81 | -162,345,682.81 | ||||||
| 4.Others | |||||||||
| (IV)Internalcarry-forwardofowners'equity | |||||||||
| 1.Conversionofcapitalreservesintopaid-incapital(orsharecapital) | |||||||||
| 2.Conversionofsurplusreservesintopaid-incapital(orsharecapital) |
| 3.Surplusreservesoffsettinglosses | |||||||||||||
| 4.Forwardingofretainedgainsfromchangesinremeasurementofdefinedbenefitplans | |||||||||||||
| 5.Transferofothercomprehensiveincomeintoretainedearnings | |||||||||||||
| 6.Others | |||||||||||||
| (V)Specialreserves | 541,857.36 | 541,857.36 | 541,857.36 | ||||||||||
| 1.Withdrawalinthisperiod | 760,556.40 | 760,556.40 | 760,556.40 | ||||||||||
| 2.Amountusedinthisperiod | -218,699.04 | -218,699.04 | -218,699.04 | ||||||||||
| (VI)Others | |||||||||||||
| IV.Balanceasattheendofthisperiod | 405,864,207.00 | 936,080,193.96 | 13,445,814.81 | 13,747,808.17 | 3,765,015.42 | 275,010,401.50 | 1,694,306,185.29 | 3,315,327,996.53 | 3,315,327,996.53 |
LegalRepresentative:ZhangXuhuaCFO:SongYaomingFinancialManager:JiangHaiming
8.VariationofequityattributabletoownersoftheparentcompanyAmountofthecurrentperiod
Unit:yuan
| Item | Semi-annual2025 | |||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:treasurystock | Othercomprehensive | Specialreserve | Surplusreserve | Undistributedprofit | Others | Totalowners’equity | |
Prefe
| Prefe | Perpe | Other |
| rredshares | tualbond | s | income | |||||||||
| I.Closingbalanceofthepreviousyear | 405,764,007.00 | 939,217,999.41 | 12,815,556.81 | 275,010,401.50 | 1,206,072,217.14 | 2,813,249,068.24 | ||||||
| Plus:changesinaccountingpolicies | ||||||||||||
| Correctionofaccountingerrorsinpriorperiods | ||||||||||||
| Others | ||||||||||||
| II.Balanceasatthebeginningofthisyear | 405,764,007.00 | 939,217,999.41 | 12,815,556.81 | 275,010,401.50 | 1,206,072,217.14 | 2,813,249,068.24 | ||||||
| 3.Changesinincrease/decreaseinthecurrentperiod("-"fordecrease) | -218,285.77 | -12,815,556.81 | -159,930,476.25 | -147,333,205.21 | ||||||||
| (I)Totalcomprehensiveincome | 2,375,126.55 | 2,375,126.55 | ||||||||||
| (II)Capitalcontributedorreducedbyowners | -218,285.77 | -12,815,556.81 | 12,597,271.04 | |||||||||
| 1.Commonstockcontributedbyowners | ||||||||||||
| 2.Capitalinvestedbytheholdersofotherequityinstruments | ||||||||||||
| 3.Amountsofshare-basedpaymentsrecognizedinowner’s | -218,285.77 | -12,815,556.81 | 12,597,271.04 |
| equity | ||||
| 4.Others | ||||
| (III)Profitdistribution | -162,305,602.80 | -162,305,602.80 | ||
| 1.Withdrawalofsurplusreserves | ||||
| 2.Profitdistributedtoowners(orshareholders) | -162,305,602.80 | -162,305,602.80 | ||
| 3.Others | ||||
| (IV)Internalcarry-forwardofowners'equity | ||||
| 1.Conversionofcapitalreservesintopaid-incapital(orsharecapital) | ||||
| 2.Conversionofsurplusreservesintopaid-incapital(orsharecapital) | ||||
| 3.Surplusreservesoffsettinglosses | ||||
| 4.Forwardingofretainedgainsfromchangesinremeasurementofdefinedbenefitplans | ||||
| 5.Transferofother |
| comprehensiveincomeintoretainedearnings | ||||||||
| 6.Others | ||||||||
| (V)Specialreserves | ||||||||
| 1.Withdrawalinthisperiod | ||||||||
| 2.Amountusedinthisperiod | ||||||||
| (VI)Others | ||||||||
| IV.Balanceasattheendofthisperiod | 405,764,007.00 | 938,999,713.64 | 275,010,401.50 | 1,046,141,740.89 | 2,665,915,863.03 |
Amountinthepreviousyear
Unit:yuan
| Item | Semi-annual2024 | |||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:treasurystock | Othercomprehensiveincome | Specialreserve | Surplusreserve | Undistributedprofit | Others | Totalowners’equity | |||
| Preferredshares | Perpetualbond | Others | ||||||||||
| I.Closingbalanceofthepreviousyear | 415,219,970.00 | 993,037,528.98 | 78,645,532.23 | 275,010,401.50 | 1,063,629,483.35 | 2,668,251,851.60 | ||||||
| Plus:changesinaccountingpolicies | ||||||||||||
| Correctionofaccountingerrorsinpriorperiods | ||||||||||||
| Others | ||||||||||||
| II.Balanceasatthebeginningofthisyear | 415,219,970.00 | 993,037,528.98 | 78,645,532.23 | 275,010,401.50 | 1,063,629,483.35 | 2,668,251,851.60 | ||||||
| 3.Changesin | -9,355 | -54,07 | -65,19 | -148,4 | -146,6 | |||||||
| increase/decreaseinthecurrentperiod("-"fordecrease) | ,763.00 | 8,839.21 | 9,717.42 | 10,983.16 | 45,867.95 | |||
| (I)Totalcomprehensiveincome | 13,934,699.65 | 13,934,699.65 | ||||||
| (II)Capitalcontributedorreducedbyowners | -9,355,763.00 | -54,078,839.21 | -65,199,717.42 | 1,765,115.21 | ||||
| 1.Commonstockcontributedbyowners | -9,355,763.00 | -54,984,906.42 | -64,340,669.42 | |||||
| 2.Capitalinvestedbytheholdersofotherequityinstruments | ||||||||
| 3.Amountsofshare-basedpaymentsrecognizedinowner’sequity | 906,067.21 | -859,048.00 | 1,765,115.21 | |||||
| 4.Others | ||||||||
| (III)Profitdistribution | -162,345,682.81 | -162,345,682.81 | ||||||
| 1.Withdrawalofsurplusreserves | ||||||||
| 2.Profitdistributedtoowners(orshareholders) | -162,345,682.81 | -162,345,682.81 | ||||||
| 3.Others | ||||||||
| (IV)Internalcarry-forwardofowners'equity | ||||||||
| 1.Conversionofcapital |
| reservesintopaid-incapital(orsharecapital) | |||||||||
| 2.Conversionofsurplusreservesintopaid-incapital(orsharecapital) | |||||||||
| 3.Surplusreservesoffsettinglosses | |||||||||
| 4.Forwardingofretainedgainsfromchangesinremeasurementofdefinedbenefitplans | |||||||||
| 5.Transferofothercomprehensiveincomeintoretainedearnings | |||||||||
| 6.Others | |||||||||
| (V)Specialreserves | |||||||||
| 1.Withdrawalinthisperiod | |||||||||
| 2.Amountusedinthisperiod | |||||||||
| (VI)Others | |||||||||
| IV.Balanceasattheendofthisperiod | 405,864,207.00 | 938,958,689.77 | 13,445,814.81 | 275,010,401.50 | 915,218,500.19 | 2,521,605,983.65 |
LegalRepresentative:ZhangXuhuaCFO:SongYaomingFinancialManager:JiangHaiming
III.Companyprofile
1.Company'sregisteredlocation,organizationalform,andheadquartersaddressFIYTAPrecisionTechnologyCo.,Ltd.(hereinafterreferredtoasthe"Company")wasrestructuredandestablishedby"ShenzhenFIYTATimingIndustryCompany"onDecember25,1992withtheapprovaloftheSFBF[1992]No.1259DocumentoftheGeneralOfficeofthePeople'sGovernmentofShenzhenMunicipalitybyShenzhenIndustryandTradeCenterofChinaAviationTechnologyImport&Export(laterrenamedas"ChinaAviationTechnologyShenzhenCo.,Ltd.")astheinitiator.ThecompanywaslistedontheShenzhenStockExchangeonJune3,1993,andnowholdsabusinesslicensewithaunifiedsocialcreditcodeof91440300192189783K.Afterthedistributionofbonusshares,placementofnewshares,capitalstockconversionandfurtherissueofnewsharesovertheyears,asofJune30,2025,thecompanyhasissuedatotalof405,764,007shares,witharegisteredcapitalofRMB405,764,007.TheregisteredaddressisFIYTATechnologyBuilding,GaoxinSouth1stRoad,NanshanDistrict,ShenzhenCity,GuangdongProvince.TheheadquarteraddressisFIYTATechnologyBuilding,GaoxinSouth1stRoad,NanshanDistrict,ShenzhenCity,GuangdongProvince.TheparentcompanyisShentianTechnologyHoldings(Shenzhen)Co.,Ltd.,andtheultimatecontrollingpartyisAviationIndustryCorporationofChina,LTD.
2.BusinessnatureandmainoperatingactivitiesofthecompanyThebusinessnatureandmainoperatingactivitiesoftheCompanyanditssubsidiariesinclude:salesofclocksandwatches;Manufacturingofclocks,watchesandtimekeepinginstruments;Salesofclocks,watchesandtimekeepinginstruments;Jewelrywholesale;Jewelryretail;Manufacturingofwearablesmartdevices;Salesofwearablesmartdevices;Leasingofnon-residentialrealestate;Professionaldesignservices;Salesofhouseholdappliances;Satellitemobilecommunicationterminalsales(exceptforprojectsthatmustbeapprovedinaccordancewiththelaw,businessactivitiesshallbecarriedoutindependentlyinaccordancewiththelawonthestrengthofthebusinesslicense),etc.
3.ScopeoftheconsolidatedfinancialstatementsThereare12subsidiariesincludedinthescopeofconsolidationinthecurrentperiod.SeeNote10,Equityinotherentities,fordetails.Thereisnochangeintheentitiesincludedinthescopeoftheconsolidatedfinancialstatementsforthecurrentperiodcomparedtothepreviousperiod.
4.ApprovalontheissuanceofthefinancialstatementsThesefinancialstatementswereapprovedforissuancebytheresolutionoftheCompany'sBoardofDirectorsonAug.22,2025.
IV.Basisofpreparationforfinancialstatements
1.BasisofpreparationTheCompanypreparesitsfinancialstatementsonagoingconcernbasis,recognizingandmeasuringtransactionsandeventsbasedontheiractualoccurrenceinaccordancewiththerequirementsoftheAccountingStandardsforBusinessEnterprises,theirapplicationguidelines,andinterpretativenotes.Inaddition,theCompanydisclosesrelevantfinancialinformationincompliancewiththeCSRC'sInformationDisclosureandPreparationRulesforCompaniesPubliclyOfferingSecuritiesNo.15–GeneralProvisionsonFinancialReports(Revisedin2023).
2.GoingconcernTheCompanyhasassesseditsgoingconcernabilityforthe12monthsfromtheendofthereportingperiodandfoundnoeventsthatwouldaffectsuchability.Therefore,itisreasonablefortheCompanytoprepareitsfinancialstatementsonagoingconcernbasis.V.Significantaccountingpoliciesandaccountingestimates
Tipsofspecificaccountingpoliciesandaccountingestimates:
1.TheCompanydeterminesspecificaccountingpoliciesandaccountingestimatesaccordingtothecharacteristicsofproductionandoperation,mainlyreflectedinthemethodofexpectedcreditlossofreceivables(NotesV.12,NotesV.13,NotesV.15),thevaluationmethodofinventories(NotesV.17),thedepreciationofinvestmentproperties,fixedassetsandintangibleassets(NotesV.23,NotesV.24,NotesV.29),income(NotesV.37),etc.
2.TheCompanycontinuouslyevaluatestheimportantaccountingestimatesandkeyassumptionsadoptedbasedonhistoricalexperienceandotherfactors,includingreasonableexpectationsoffutureevents.Thefollowingsignificantaccountingestimatesandkeyassumptions,ifsubjecttosubstantialchanges,mayhaveasignificantimpactonthecarryingamountsofassetsandliabilitiesinfutureaccountingperiods:
(1)Provisionforbaddebtsofaccountsreceivableandotherreceivablesismadeaccordingtotheaccountingstandards.Theprovisionforimpairmentofaccountsreceivableandotherreceivablesshouldbeestimatedbydescribingtheexpectedcreditlossesofaccountsreceivableandothersreceivablejudgedbythemanagement.IfanyeventsorchangesincircumstancesindicatethattheCompanymaynotbeabletorecovertherelevantbalances,itisnecessarytouseestimatestoaccrueprovisionsforaccountsreceivableandotherreceivables.Iftheexpectedfigureisdifferentfromtheoriginalestimate,thedifferencewillaffectthebookvalueofaccountsreceivableandotherreceivables,aswellastheimpairmentprovisionduringthechangeinestimate.
(2)Estimationofinventoryimpairment.Itshalldescribethattheinventoriesaremeasuredatthelowerofcostandnetrealizablevalueonthebalancesheetdate,andthecalculationofnetrealizablevaluerequirestheuseofassumptionsandestimates.Ifmanagementrevisestheestimatedsellingpricesandthecostsandexpensestobeincurreduponcompletion,itwillaffecttheestimatednetrealizablevalueofinventories.Thisdifferencewillimpacttheprovisionforinventorywrite-downs.
(3)Estimationofimpairmentoflong-termassets.Itshouldbedescribedthatwhenthemanagementjudgeswhetherthereisimpairmentoflong-termassets,itmainlyevaluatesandanalyzesfromthefollowingaspects:(1)whethertheeventsthataffecttheimpairmentofassetshaveoccurred;(2)Whetherthepresentvalueofthecashflowsexpectedtobeobtainedduetothecontinuoususeordisposaloftheassetsislowerthanthebookvalueoftheassets;And(3)whethertheimportantassumptionsusedinthepresentvalueofexpectedfuturecashflowsareappropriate.
Iftheassumptionsusedbythecompanytodetermineimpairment,suchasprofitability,discountrate,andgrowthrateassumptionsinthepresentvaluemethodoffuturecashflows,change,thismaysignificantlyimpactthepresentvalueusedinimpairmenttestingandresultintheimpairmentofthecompany'slong-termassets.
(4)Depreciationandamortization.TheCompany'sestimatesoftheestimatedusefullifeandestimatednetresidualvalueoftheinvestmentproperties,fixedassetsandintangibleassetsarebasedontheactualusefullifeandnetresidualvalueoftheassetswithsimilarnatureandfunctionsinthepast.Duringtheuseoftheassets,theeconomicenvironment,technologicalenvironmentandotherenvironmentsinwhichtheassetsarelocatedmayhaveagreaterimpactontheusefullifeandestimatednetresidualvalueoftheassets.Ifthereisanydifferencebetweentheestimatedusefullifeandnetresidualvalueoftheassetsandtheoriginalestimates,themanagementwillmakeappropriateadjustments.
(5)DeferredtaxassetsDeferredtaxassetsshouldberecognizedforallunusedtaxlossestotheextentthatitisprobablethattherewillbesufficienttaxableprofitstooffsetthelosses.Thisrequiresthemanagementtousealotofjudgmenttoestimatethetimeandamountoffuturetaxableprofits,combinedwithtaxplanningstrategies,todeterminetheamountofdeferredtaxassetsthatshouldberecognized.
(6)Incometax.Itshouldbedescribedinnormalbusinessactivities,thereareuncertaintiesinthefinaltaxtreatmentofmanytransactionsandmatters.Significantjudgmentsneedtobemadewhenaccruingincometax.Ifthereisadifferencebetweenthefinalrecognizedoutcomeforthesetaxesandtheinitialreceivedamount,itwillhaveanimpactontheabove-mentionedtaxesinthefinalrecognitionperiod.
1.StatementofCompliancewithAccountingStandardforBusinessEnterprises
ThefinancialstatementpreparedbytheCompanymeetstherequirementsofaccountingstandardsforenterprises,andauthenticallyandcompletelyreflectsfinancialstatus,businessperformance,cashflowandotherrelativeinformationontheCompanyduringthereportingperiod.
2.Accountingperiod
TheaccountingyearofCOOECisfromJanuary1toDecember31incalendaryear.
3.Operatingcycle
Thecompany'snormaloperatingcycleisoneyear.
4.Functionalcurrency
TheCompanyanditsdomesticsubsidiariesuseRMBasitsfunctionalcurrency.FIYTA(HONGKONG)LIMITED,anoverseassubsidiaryoftheCompany,determinesHKDasitsfunctionalcurrencyaccordingtothecurrencyinthemaineconomicenvironmentinwhichitoperates.MontresChourietSA,asubsidiaryofFIYTA(HONGKONG)LIMITED,determinesSwissfrancasitsfunctionalcurrencybasedonthecurrencyinthemaineconomyenvironmentinwhichitoperates,whichisconvertedintoRMBwhenpreparingthefinancialstatements.ThecurrencyadoptedbytheCompanyforthepreparationofthefinancialstatementsisRMB.
5.Determinationmethodandselectionbasisofmaterialitycriteria
| Item | Importancecriteria |
| Accountsreceivablewithsignificantamountreversedfromprovisionforbaddebtsorrecoveredinthecurrentperiod | SingleendingbalanceofmorethanRMB1,000,000 |
| Significantotherpayablewithanagingofoveroneyear | SingleendingbalanceofmorethanRMB1,000,000 |
6.Accountingtreatmentmethodsofbusinessmergerunderthecommoncontrolandnotunderthecommoncontrol
(1)BusinesscombinationundercommoncontrolTheassetsandliabilitiesacquiredbytheCompanyinabusinesscombinationaremeasuredatthebookvalueofthecombinedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyasofthecombinationdate.
ForanydifferencesinaccountingpoliciesadoptedbythecombinedpartyandtheCompanypriortothebusinesscombination,theaccountingpoliciesareunifiedbasedonthematerialityprinciple,i.e.,thebookvaluesofthecombinedparty’sassetsandliabilitiesareadjustedinaccordancewiththeCompany’saccountingpolicies.IfthereisadifferencebetweenthebookvalueofnetassetsacquiredbytheCompanyinthebusinesscombinationandthebookvalueoftheconsiderationpaid,thedifferenceisfirstadjustedagainstcapitalsurplus(capitalpremiumorsharepremium).Ifthebalanceofcapitalsurplus(capitalpremiumorsharepremium)isinsufficienttocoverthedifference,theremainingamountischargedagainstsurplusreserveandundistributedprofitinsequence.
(2)BusinesscombinationnotundercommoncontrolTheidentifiableassetsandliabilitiesoftheacquireeacquiredbytheCompanyinabusinesscombinationaremeasuredattheirfairvaluesasoftheacquisitiondate.ForanydifferencesinaccountingpoliciesadoptedbytheacquireeandtheCompanypriortothebusinesscombination,theaccountingpoliciesareunifiedbasedonthematerialityprinciple,i.e.,thebookvaluesoftheacquiree’sassetsandliabilitiesareadjustedinaccordancewiththeCompany’saccountingpolicies.IfthecombinationcostoftheCompanyattheacquisitiondateexceedsthefairvalueoftheidentifiableassetsandliabilitiesoftheacquireeacquiredinthebusinesscombination,thedifferenceisrecognizedasgoodwill;Ifthecombinedcostislessthanthefairvaluesoftheidentifiableassetsandliabilitiesoftheacquireeacquiredinthebusinesscombination,theCompanyfirstreassessesthecombinedcostandthefairvaluesoftheidentifiableassetsandliabilitiesoftheacquireeacquiredinthebusinesscombination.Afterreassessment,ifthecombinedcostisstilllessthanthefairvaluesoftheidentifiableassetsandliabilitiesoftheacquireeacquired,thedifferenceisrecognizedasprofitorlossforthecurrentperiodofthecombination.
(3)TreatmentoftransactioncostsinbusinesscombinationsIntermediaryexpensessuchasaudit,legalservices,evaluationandconsultationandotherrelatedmanagementexpensesincurredforbusinesscombinationarerecognizedinthecurrentprofitandlossuponoccurrence.Transactionexpensesonequityordebtsecuritiesissuedasthecombinationconsiderationwillbeincludedintheinitiallyrecognizedamountofequityordebtsecurities.
7.Controlcriteriaandpreparationmethodofconsolidatedfinancialstatements
(1)JudgmentcriteriaforcontrolanddeterminationofconsolidationscopeControlmeansthepowerownedovertheinvesteebytheCompanywhichenjoysthevariablereturnthroughparticipatinginactivitiesrelatedtotheinvestee,andhastheabilitytoaffectthereturnbyusingthepowerovertheinvestee.Thedefinitionofcontrolincludesthreebasicelements:first,theinvestorhaspowerovertheinvestee;second,theinvestorisexposed,orhasrights,tovariablereturnsfromitsinvolvementwiththeinvestee;third,theinvestorhastheabilitytouseitspowerovertheinvesteetoaffecttheamountofitsreturns.WhentheCompany’sinvestmentinaninvesteemeetstheabovethreeelements,itindicatesthattheCompanycancontroltheinvestee.Theconsolidationscopeoftheconsolidatedfinancialstatementsisdeterminedonthebasisofcontrol,whichincludesnotonlysubsidiariesidentifiedbasedonvotingrights(orsimilarvotingrights)aloneorincombinationwithotherarrangements,butalsostructuredentitiesdeterminedbasedononeormorecontractualarrangements.AsubsidiaryreferstoanentitycontrolledbytheCompany(includingenterprises,separablepartsofaninvestedentity,andstructuredentitiescontrolledbytheenterprise,etc.).Astructuredentityreferstoanentitydesignedsuchthatvotingrightsorsimilarrightsarenotthedeterminingfactorwhenidentifyingitscontrollingparty(Note:sometimesalsoreferredtoasaspecialpurposeentity).
(2)MethodofpreparingconsolidatedfinancialstatementsTheCompanypreparesconsolidatedfinancialstatementsbasedonthefinancialstatementsofitselfanditssubsidiariesandotherrelevantinformation.
Inpreparingconsolidatedfinancialstatements,theCompanyregardsthewholeenterprisegroupasanaccountingentity,andreflectstheoverallfinancialposition,operatingresultsandcashflowoftheenterprisegroupaccordingtotherecognition,measurementandpresentationrequirementsofrelevantaccountingstandardsforbusinessenterprisesandunifiedaccountingpoliciesandaccountingperiod.
①Consolidateassets,liabilities,owner'sequity,income,expenses,andcashflowsoftheparentcompanyandsubsidiaries.
②Offsettheparentcompany'slong-termequityinvestmentinsubsidiariesagainsttheshareofowner'sequityenjoyedbytheparentcompanyinsubsidiaries.
③Theinfluenceofinternaltransactionsbetweentheparentcompanyanditssubsidiariesandbetweensubsidiariesshallbeoffset.Wheninternaltradingindicatesthatrelatedassetsareimpaired,theyshallbefullyrecognized.
④Adjustspecialtransactionmattersfromtheperspectiveofthecorporategroup.
(3)Specialconsiderationsinconsolidationelimination
①Thelong-termequityinvestmentheldbyasubsidiaryintheCompanyshallbetreatedastheCompany’streasurystock,recognizedasadeductionfromowner'sequity,andpresentedundertheitem"Less:Treasurystock"intheowner'sequitysectionoftheconsolidatedbalancesheet.
Forlong-termequityinvestmentsheldbetweensubsidiaries,themethodforeliminatingtheCompany’sequityinvestmentinsubsidiariesshallbeappliedbyanalogy,i.e.,offsettingsuchlong-termequityinvestmentsagainstthecorrespondingshareofthesubsidiary’sowner'sequity.
②Sincetheitems"Specialreserve"and"Generalriskreserve"neitherbelongtopaid-incapital(orsharecapital)orcapitalsurplus,noraretheythesameasretainedearningsorundistributedprofit,afteroffsettingthelong-termequityinvestmentagainstthesubsidiary’sowner'sequity,theyshallbereinstatedaccordingtotheshareattributabletotheparentcompany’sowners.
③Iftemporarydifferencesarisebetweenthebookvaluesofassetsandliabilitiesintheconsolidatedbalancesheetandtheirtaxbasesintherespectivetaxentitiesduetotheeliminationofunrealizedinternaltransactionprofitsandlosses,deferredtaxassetsordeferredtaxliabilitiesshallberecognizedintheconsolidatedbalancesheet,withacorrespondingadjustmenttoincometaxexpenseintheconsolidatedincomestatement,exceptfordeferredtaxesrelatedtotransactionsoreventsdirectlyrecognizedinowner'sequityandbusinesscombinations.
④UnrealizedinternaltransactionprofitsandlossesarisingfromthesaleofassetsbytheCompanytoitssubsidiariesshallbefullyoffsetagainst"Netprofitattributabletoownersoftheparentcompany".UnrealizedinternaltransactionprofitsandlossesarisingfromthesaleofassetsbyasubsidiarytotheCompanyshallbeallocatedandoffsetbetween"Netprofitattributabletoownersoftheparentcompany"and"Minorityinterests"inproportiontotheCompany’sownershippercentageinthatsubsidiary.Unrealizedinternaltransactionprofitsandlossesarisingfromthesaleofassetsbetweensubsidiariesshallbeallocatedandoffsetbetween"Netprofitattributabletoownersoftheparentcompany"and"Minorityinterests"inproportiontotheCompany’sownershippercentageinthesellingsubsidiary.
⑤Iftheshareofthecurrentlossesattributabletotheminorityshareholdersofasubsidiaryexceedstheshareoftheowners’equityattributabletominorityshareholdersofthesubsidiaryatthebeginningoftheperiod,thebalanceshallstillbeoffsetagainsttheminorityequity.
8.Classificationofjointventurearrangementsandaccountingtreatmentofjointoperations
Ajointarrangementisanarrangementcontrolledjointlybytwoormorepartiesinvolved.JointventurearrangementsoftheCompanyareclassifiedintojointoperationandjointventure.
(1)Jointoperation
Jointoperationreferstothosejointventurearrangementsunderwhichthecompanyisentitledtorelevantassetsandberesponsibleforrelevantliabilities.TheCompanyrecognizesthefollowingitemsrelatedtotheshareofinterestsinjointoperation,andcarriesoutaccountingtreatmentinaccordancewiththerelevantaccountingstandardsforbusinessenterprises:
①Recognizetheassetsheldindividually,andtheassetsheldjointlybasedontheirshares;
②Recognizetheliabilitiesassumedindividually,andtheliabilitiesundertakenjointlybasedontheirshares;
③Recognizetheincomegeneratedfromthesaleofitsshareofjointoperationoutput;
④Recognizetheincomegeneratedfromthesaleofoutputinthejointoperationbasedontheirshares;
⑤Recognizetheexpensesincurredindividuallyandtheexpensesincurredinjointoperationbasedontheirshares.
(2)Jointventure
Jointventurereferstothearrangementwherethecompanyhasrightstothenetassetsofthearrangement.
Thecompanyaccountsforinvestmentsinjointventuresaccordingtotheequitymethodofaccountingforlong-termequityinvestments.
9.Recognitioncriteriaforcashandcashequivalents
Cashreferstoacompany'scashonhandanddepositsavailableforimmediatepayment.Cashequivalentreferstotheshort-term(duewithinthreemonthsuponthepurchasedate)investmentwithstrongliquiditythatiseasilyconvertibletoknownamountsofcashandsubjecttolowvaluechangerisk.
10.Foreigncurrencytransactionsandconversionofforeigncurrencyfinancialstatements
(1)Determinationmethodofconversionrateforforeigncurrencytransactions
Attheinitialrecognitionofforeigncurrencytransactions,theCompanyconvertsthemintothefunctionalcurrencyusingthespotexchangerateonthetransactiondateoranexchangeratethatisdeterminedthroughasystematicandreasonablemethodandapproximatesthespotexchangerateonthetransactiondate(hereinafterreferredtoastheapproximateexchangerate).
(2)Conversionmethodforforeigncurrencymonetaryitemsonthebalancesheetdate
Onthebalancesheetdate,foreigncurrencymonetaryitemsareconvertedusingthespotexchangerateonthebalancesheetdate.Exchangedifferencesarisingfromthedifferencebetweenthespotexchangerateonthebalancesheetdateandthespotexchangerateatinitialrecognitionoronthepreviousbalancesheetdateareincludedinthecurrentprofitorloss.Forforeigncurrencynon-monetaryitemsmeasuredathistoricalcost,theyarestillconvertedusingthespotexchangerateonthetransactiondate;forforeigncurrencynon-monetaryitemsmeasuredatfairvalue,theyareconvertedusingthespotexchangerateonthedatewhenthefairvalueisdetermined.Thedifferencebetweentheconvertedfunctionalcurrencyamountandtheoriginalfunctionalcurrencyamountisrecognizedinthecurrentprofitorloss.
(3)Translationmethodofforeigncurrencyfinancialstatements
Beforeconvertingthefinancialstatementsofoverseasoperations,theaccountingperiodsandpoliciesoftheoverseasoperationsareadjustedtobeconsistentwiththoseoftheCompany.Then,financialstatementsintherelevantcurrency(acurrencyotherthanthefunctionalcurrency)arepreparedbasedontheadjustedaccountingpoliciesandperiods,andthefinancialstatementsofoverseasoperationsareconvertedinaccordancewiththefollowingmethods:
①Assetsandliabilitiesitemsinthebalancesheetareconvertedusingthespotexchangerateonthebalancesheetdate.Forowner'sequityitems,exceptforthe"Undistributedprofit"item,otheritemsareconvertedusingthespotexchangerateonthedateofoccurrence.
②Incomeandexpenseitemsintheincomestatementareconvertedusingthespotexchangerateonthetransactiondateoranapproximateexchangerate.
③Foreigncurrencycashflowsandcashflowsofoverseassubsidiariesareconvertedusingthespotexchangerateonthecashflowoccurrencedateortheapproximateexchangerate.Theimpactofexchangeratechangesoncashshallbepresentedasareconciliationitemseparatelyinthecashflowstatement.
④Theforeigncurrencyfinancialstatementconversiondifferencesarisingarepresentedseparatelyas"Othercomprehensiveincome"undertheowner'sequityitemsintheconsolidatedbalancesheetwhenpreparingconsolidatedfinancialstatements.
Whenanoverseasoperationisdisposedofandcontrolislost,theforeigncurrencystatementconversiondifferencesrelatedtotheoverseasoperation,whicharepresentedundertheowner'sequityitemsinthebalancesheet,aretransferredinfullorinproportiontothedisposaloftheoverseasoperationtotheprofitorlossofthecurrentperiodofdisposal.
11.Financialinstruments
Financialinstrumentsrefertocontractsthatformafinancialassetofonepartyandafinancialliabilityorequityinstrumentofanotherparty.
(1)Recognitionandderecognitionoffinancialinstruments
TherelevantfinancialassetorfinancialliabilityisrecognizedwhentheCompanybecomesapartytoafinancialinstrumentcontract.
Afinancialassetisderecognizedifitmeetsoneofthefollowingconditions:
①Thecontractualrighttoreceivecashflowsfromthefinancialassethasexpired;
②Thefinancialassethasbeentransferredandmeetsthederecognitionconditionsforthetransferoffinancialassets.
Afinancialliability(orpartofit)isde-recognizedwhenthepresentobligationisterminated.IftheCompany(debtor)entersintoanagreementwiththecreditortoreplaceanoriginalfinancialliabilitywithanewfinancialliabilityandthetermsofthenewliabilityaresubstantiallydifferentfromtheoriginalone,theoriginalfinancialliabilityisde-recognizedandthenewfinancialliabilityisrecognizedatthesametime.Ifthecompanymakesasubstantialmodificationtothecontractualtermsofanoriginalfinancialliability(orpartofit),theoriginalfinancialliabilityshouldbederecognized,andanewfinancialliabilityshouldberecognizedaccordingtothemodifiedterms.
Thefinancialassetspurchasedandsoldinregularwayshallbesubjecttoaccountingrecognitionandderecognitiononthetradingdate.Regularwaytobuyandsellfinancialassetsreferstothedeliveryoffinancialassetsaccordingtothetimescheduledeterminedbyregulationsormarketpracticesasstipulatedinthecontractterms.Atradingdayreferstothedateonwhichthecompanycommitstobuyingorsellingfinancialassets.
(2)Classificationandmeasurementoffinancialassets
Basedonthebusinessmodelofmanagingfinancialassetsandthecontractualcashflowcharacteristicsoffinancialassets,theCompanyclassifiesuponinitialrecognitionfinancialassetsintofinancialassetsmeasuredatamortizedcost,financialassetsmeasuredatfairvaluethroughcurrentprofitorloss,andfinancialassetsmeasuredatfairvaluethroughothercomprehensiveincome.UnlesstheCompanychangesitsbusinessmodelformanagingfinancialassets,inwhichcaseallaffectedfinancialassetsarereclassifiedonthefirstdayofthefirstreportingperiodfollowingthechangeinbusinessmodel,financialassetsshallnotbereclassifiedafterinitialrecognition.
Financialassetsaremeasuredatfairvalueatinitialrecognition.Forfinancialassetsmeasuredatfairvaluewithchangesrecognizedinprofitorloss,relatedtransactioncostsaredirectlyrecognizedinprofitorloss.Forothercategoriesoffinancialassets,relatedtransactioncostsareincludedintheirinitialrecognitionamount.Notesreceivableandaccountsreceivablearisingfromthesaleofgoodsorprovisionofservices,whichdonotincludeorconsidersignificantfinancingcomponents,areinitiallymeasuredatthetransactionpricedefinedbytherevenuestandard.
Subsequentmeasurementoffinancialassetsdependsontheirclassification:
①Financialassetsmeasuredatamortizedcost
Financialassetsareclassifiedasmeasuredatamortizedcostiftheymeetthefollowingconditions:thebusinessmodeloftheCompanymanagingthefinancialassetsisaimedatcollectingcontractualcashflows;Thecontractualtermsofthefinancialassetstipulatethatthecashflowsgeneratedonaspecificdateconsistsolelyofpaymentsofprincipalandinterestbasedontheoutstandingprincipalamount.Forsuchfinancialassets,subsequentmeasurementisatamortizedcostusingtheeffectiveinterestmethod.Gainsorlossesfromderecognition,amortizationusingtheeffectiveinterestmethod,orimpairmentareincludedinthecurrentprofitorloss.
②Financialassetsmeasuredatfairvaluewithchangesrecognizedinothercomprehensiveincome
Financialassetsareclassifiedasmeasuredatfairvaluethroughothercomprehensiveincomeiftheymeetthefollowingconditions:thebusinessmodelformanagingthefinancialassetsisbothtocollectcontractualcashflowsandtosellthefinancialassets;Thecontractualtermsofthefinancialassetstipulatethatthecashflowsgeneratedonaspecificdateconsistsolelyofpaymentsofprincipalandinterestbasedontheoutstandingprincipalamount.Forsuchfinancialassets,subsequentmeasurementisatfairvalue.Exceptforimpairmentlossesorgainsandexchangegainsorlossesrecognizedincurrentprofitorloss,changesinthefairvalueofsuchfinancialassetsarerecognizedasothercomprehensiveincomeuntilderecognition,atwhichpointcumulativegainsorlossesaretransferredtocurrentprofitorloss.However,interestincomefromthefinancialassetcalculatedusingtheeffectiveinterestmethodisincludedinthecurrentprofitorloss.
Thecompanyirrevocablychoosestodesignatesomenon-tradingequityinstrumentinvestmentsasfinancialassetsmeasuredatfairvaluewithchangesincludedinothercomprehensiveincome,onlyincludingrelateddividendincomeinthecurrentprofitorloss.Fairvaluechangesarerecognizedasothercomprehensiveincomeuntilthefinancialassetisderecognized,atwhichpointcumulativegainsorlossesaretransferredtoretainedearnings.
③Financialassetsmeasuredatfairvaluethroughcurrentprofitorloss
Financialassetsexcepttheabovefinancialassetsmeasuredatamortizedcostandfinancialassetsmeasuredatfairvaluethroughothercomprehensiveincomeareclassifiedasfinancialassetsmeasuredatfairvaluethroughcurrentprofitorloss.Thefinancialassetsaresubsequentlymeasuredatfairvalue.Allchangesinfairvalueshallbeincludedincurrentprofitorloss.
(3)Classificationandmeasurementoffinancialliabilities
Thecompanyclassifiesfinancialliabilitiesasfinancialliabilitiesmeasuredatfairvaluewithchangesincludedincurrentprofitorloss,loancommitmentswithbelow-marketinterestrates,financialguaranteecontractliabilities,andfinancialliabilitiesmeasuredatamortizedcost.
Subsequentmeasurementoffinancialliabilitiesdependsontheirclassification:
①Financialliabilitiesmeasuredatfairvaluewithchangesrecognizedinprofitorlossfortheperiod
Thiscategoryincludestradingfinancialliabilities(includingderivativesthatarefinancialliabilities)andthosedesignatedasmeasuredatfairvaluethroughprofitorloss.Afterinitialrecognition,suchfinancialliabilitiesaresubsequentlymeasuredatfairvalue,withgainsorlosses(includinginterestexpenses)includedinthecurrentprofitorloss,exceptforthoserelatedtohedgeaccounting.Forfinancialliabilitiesdesignatedasmeasuredatfairvaluewithchangesincludedincurrentprofitorloss,changesinfairvalueofthefinancialliabilitiesduetothechangesinthe
company'sowncreditriskareincludedinothercomprehensiveincome.Whenthefinancialliabilitiesarederecognized,thecumulativegainsandlossespreviouslyincludedinothercomprehensiveincomeshouldbetransferredoutofothercomprehensiveincomeandintoretainedearnings.
②LoancommitmentsandfinancialguaranteecontractliabilitiesAloancommitmentisacommitmentbythecompanytoprovidealoantoacustomerunderestablishedcontractualtermsduringthecommitmentperiod.Loancommitmentsareprovidedforimpairmentlossesinaccordancewiththeexpectedcreditlossmodel.
Afinancialguaranteecontractreferstoanagreementthatrequiresthecompanytocompensatethecontractholderforaspecificamountifaparticulardebtorfailstorepaythedebtontheduedateaccordingtotheoriginalormodifiedtermsofthedebtinstrument.Financialguaranteecontractliabilitiesaresubsequentlymeasuredatthehigherofthelossallowanceamountdeterminedaccordingtotheimpairmentprinciplesoffinancialinstrumentsandthebalanceoftheinitialrecognitionamountminusthecumulativeamortizationamountdeterminedaccordingtotherevenuerecognitionprinciples.
③Financialliabilitiesmeasuredatamortizedcost
Afterinitialrecognition,otherfinancialliabilitiesaremeasuredatamortizedcostusingtheeffectiveinterestmethod.
Exceptinspecialcircumstances,financialliabilitiesandequityinstrumentsaredistinguishedaccordingtothefollowingprinciples:
①Ifthecompanycannotunconditionallyavoidfulfillingacontractualobligationbydeliveringcashorotherfinancialassets,theobligationmeetsthedefinitionofafinancialliability.Somefinancialinstruments,althoughnotexplicitlycontainingtermsandconditionsthatobligatethedeliveryofcashorotherfinancialassets,mayindirectlygiverisetocontractualobligationsthroughothertermsandconditions.
②Ifafinancialinstrumentmustorcanbesettledusingthecompany'sownequityinstruments,itisnecessarytoconsiderwhetherthecompany'sownequityinstrumentsusedforsettlementaresubstitutesforcashorotherfinancialassets,ortoallowtheholderoftheinstrumenttoenjoyresidualequityintheissuer'sassetsafterdeductingallliabilities.Ifitistheformer,theinstrumentisafinancialliabilityoftheissuer.Ifitisthelatter,theinstrumentisanequityinstrumentoftheissuer.Insomecases,afinancialinstrumentcontractstipulatesthatthecompanymustorcansettlethefinancialinstrumentusingitsownequityinstruments,wheretheamountofthecontractualrightorobligationequalsthenumberofitsownequityinstrumentstobeacquiredordeliveredmultipliedbytheirfairvalueatsettlement.Regardlessofwhethertheamountofthecontractualrightorobligationisfixedorvariescompletelyorpartiallybasedonvariablesotherthanthemarketpriceofthecompany'sownequityinstruments(suchasinterestrates,thepriceofacommodity,orthepriceofafinancialinstrument),thecontractisclassifiedasafinancialliability.
(4)Derivativefinancialinstrumentsandembeddedderivatives
Derivativefinancialinstrumentsareinitiallymeasuredatfairvalueonthedatewhenthederivativetransactioncontractisenteredintoandsubsequentlymeasuredatfairvalue.Derivativefinancialinstrumentswithapositivefairvaluearerecognizedasassets,andthosewithanegativefairvaluearerecognizedasliabilities.
Exceptfortheportionofcashflowhedgesthatiseffectiveandincludedinothercomprehensiveincomeandtransferredtocurrentprofitorlosswhenthehedgeditemaffectsprofitorloss,gainsorlossesarisingfromchangesinthefairvalueofderivativesaredirectlyincludedincurrentprofitorloss.
Forhybridinstrumentscontainingembeddedderivatives,suchasthosewherethemaincontractisafinancialasset,thehybridinstrumentasawholeissubjecttotherelevantprovisionsfortheclassificationoffinancialassets.Ifthemastercontractisnotafinancialasset,andthehybridinstrumentisnotaccountedforatfairvaluewithchangesrecognizedincurrentprofitorloss,theembeddedderivativeinstrumentsarenotcloselyrelatedtothemastercontractintermsofeconomiccharacteristicsandrisks,andtheindependentinstrumentthathasthesameconditionsasthe
embeddedderivativeinstrumentsmeetsthedefinitionofderivativeinstruments,theembeddedderivativeinstrumentsshallbesplitfromthehybridinstrumentsandtreatedasseparatederivativefinancialinstruments.Ifthefairvalueoftheembeddedderivativeinstrumentcannotbemeasuredseparatelyontheacquisitiondateorsubsequentbalancesheetdates,thewholehybridinstrumentisdesignatedasafinancialassetorfinancialliabilityatfairvaluethroughcurrentprofitorloss.
(5)ImpairmentoffinancialinstrumentsThecompanyrecognizeslossprovisionsbasedonexpectedcreditlossesforfinancialassetsmeasuredatamortizedcost,debtinvestmentsmeasuredatfairvaluewithchangesincludedinothercomprehensiveincome,contractassets,leasereceivables,loancommitments,andfinancialguaranteecontracts.MeasurementofexpectedcreditlossesExpectedcreditlossreferstotheweightedaverageofcreditlossesonfinancialinstruments,weightedbytheriskofdefault.CreditlossreferstothedifferencebetweenallcontractualcashflowsreceivableunderthecontractandallcashflowsexpectedtobereceivedbytheCompany,discountedattheoriginaleffectiveinterestrate,i.e.,thepresentvalueofthetotalcashshortfall.Forfinancialassetsacquiredororiginatedthathaveexperiencedcreditimpairment,theyshallbediscountedusingtheeffectiveinterestrateadjustedforcredit.
Lifetimeexpectedcreditlossreferstotheexpectedcreditlossresultingfromallpossibledefaulteventsthatmayoccurthroughouttheentireestimatedlifeofafinancialinstrument.
12-monthexpectedcreditlossreferstotheexpectedcreditlossresultingfromdefaulteventsonafinancialinstrumentthatmayoccurwithin12monthsafterthebalancesheetdate(orwithintheestimatedlifeofthefinancialinstrumentifitsestimatedlifeislessthan12months),anditisapartofthelifetimeexpectedcreditloss.
Oneachbalancesheetdate,thecompanymeasuresexpectedcreditlossesforfinancialinstrumentsatdifferentstagesseparately.AfinancialinstrumentisinStageIifitscreditriskhasnotincreasedsignificantlysinceinitialrecognition.Forsuchinstruments,theCompanymeasuresthelossallowancebasedonthe12-monthexpectedcreditlosses.AfinancialinstrumentisinStageIIifitscreditriskhasincreasedsignificantlysinceinitialrecognitionbutnocreditimpairmenthasoccurred.Forsuchinstruments,theCompanymeasuresthelossallowancebasedonthelifetimeexpectedcreditlossesoftheinstrument.AfinancialinstrumentisinStageIIIifithasbecomecredit-impairedsinceinitialrecognition.Forsuchinstruments,theCompanymeasuresthelossallowancebasedonthelifetimeexpectedcreditlossesoftheinstrument.
Forfinancialinstrumentswithlowcreditriskatthebalancesheetdate,theCompanyassumesthattheircreditriskhasnotincreasedsignificantlysinceinitialrecognition,andmeasuresthelossallowancebasedonthe12-monthexpectedcreditlosses.
ForfinancialinstrumentsinStageI,StageII,andthosewithlowcreditrisk,theCompanycalculatesinterestincomebasedontheircarryingamounts(beforedeductingimpairmentallowances)andtheeffectiveinterestrate.ForfinancialinstrumentsinStageIII,theCompanycalculatesinterestincomebasedontheiramortizedcost(carryingamountslessaccumulatedimpairmentallowances)andtheeffectiveinterestrate.
(6)Transferoffinancialassets
Transferoffinancialassetsreferstothefollowingtwosituations:
A.Transferthecontractualrighttoreceivecashflowsfromthefinancialassettoanotherparty;
B.Transferthefinancialassetinwholeorinparttoanotherparty,butretainthecontractualrighttoreceivecashflowsfromthefinancialassetandassumethecontractualobligationtopaythereceivedcashflowstooneormorerecipients.
①Derecognitionoftransferredfinancialassets
Ifsubstantiallyallrisksandrewardsofownershipofafinancialassethavebeentransferredtothetransferee,orifneithertransferrednorretained,butcontroloverthefinancialassetisrelinquished,thefinancialassetisderecognized.Indeterminingwhethercontroloverthetransferredfinancialassethasbeenrelinquished,considerthetransferee'sactualabilitytosellthefinancialasset.Ifthetransfereecanunilaterallysellthetransferredfinancialassettoanunrelatedthirdpartywithoutadditionalconditionsforrestrictionsonsuchsales,thecompanyhasrelinquishedcontroloverthefinancialasset.Whendeterminingwhetherthetransferofafinancialassetmeetstheconditionsforderecognition,thecompanyfocusesonthesubstanceofthetransfer.Iftheentiretransferoffinancialassetsatisfiesthecriteriaforde-recognition,thedifferencebetweentheamountsofthefollowingtwoitemsshallbeincludedinthecurrentprofitorloss:
A.Thebookvalueofthefinancialassettransferred;
B.Theconsiderationreceivedfromthetransfer,plustheamountinthecumulativechangeinfairvalueoriginallyincludedinothercomprehensiveincomeforthederecognizedportion(involvingtransferredfinancialassetsclassifiedasmeasuredatfairvaluewithchangesincludedinothercomprehensiveincomeaccordingtoArticle18oftheAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments).
Iffinancialassetsarepartiallytransferred,whichmeetsthede-recognitioncondition,thebookvalueoftheentirefinancialassettransferredisallocatedbetweenthede-recognizedpartandthenotde-recognizedpart(inthiscase,theretainedservicingassetisconsideredpartofthecontinuingrecognizedfinancialasset)basedontheirrelativefairvaluesonthetransferdate.Thedifferencebetweenthefollowingtwoamountsisrecognizedinthecurrentprofitorloss:
A.Thebookvalueofthede-recognizedpartonthede-recognitiondate;
B.Theconsiderationforthederecognizedportion,plustheamountinthecumulativechangeinfairvalueoriginallyincludedinothercomprehensiveincomeforthederecognizedportion(involvingtransferredfinancialassetsclassifiedasmeasuredatfairvaluewithchangesincludedinothercomprehensiveincomeaccordingtoArticle18oftheAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments).
②Continuinginvolvementinthetransferredfinancialassets
Iftheenterprisehasneithertransferrednorretainedsubstantiallyalltherisksandrewardsofownershipandhasnotrelinquishedcontroloverthefinancialasset,itshallcontinuetorecognizethefinancialassettotheextentofitscontinuinginvolvement,andacorrespondingliabilityisrecognized.
Theterm"continuousinvolvementinthetransferredfinancialasset"referstotheextenttowhichtheenterprisebearstherisksorrewardsofchangesinthevalueofthetransferredfinancialasset.
③Continuingrecognitionofthetransferredfinancialassets
Ifsubstantiallyallrisksandrewardsofownershipofthetransferredfinancialassetareretained,continuetorecognizetheentiretransferredfinancialassetandrecognizetheconsiderationreceivedasafinancialliability.
Thefinancialassetandtherecognizedrelatedfinancialliabilityshallnotbeoffsetagainsteachother.Insubsequentaccountingperiods,theenterpriseshouldcontinuetorecognizeincome(orgains)generatedbythefinancialassetandexpenses(orlosses)generatedbythefinancialliability.
(7)Offsettingoffinancialassetsandfinancialliabilities
Financialassetsandfinancialliabilitiesshallbepresentedseparatelyinthebalancesheetwithoutoffsettingeachother.However,ifthefollowingconditionsaremet,theyarepresentedintheBalanceSheetasanetamountafteroffsetting:
TheCompanyhasalegallyenforceablerighttooffsettherecognizedamounts,andthisrightiscurrentlyenforceable;
TheCompanyintendstosettleonanetbasis,ortorealizethefinancialassetandsettlethefinancialliabilitysimultaneously.Forfinancialassettransfersthatdonotmeetthederecognitionconditions,thetransferorshallnotoffsetthetransferredfinancialassetsandrelatedliabilities.
12.Notesreceivable
Thebasisfordeterminingthecombinationfornotesreceivableisasfollows:
Notesreceivableportfolio1:commercialacceptancebills
Notesreceivableportfolio2:bankacceptancebills
Fornotesreceivableclassifiedasaportfolio,thecompanycalculatesexpectedcreditlossesbyreferencinghistoricalcreditlossexperience,combinedwithcurrentconditions,andforecastsoffutureeconomicconditions,throughdefaultriskexposureandlifetimeexpectedcreditlossrate.
13.Accountsreceivable
Thebasisfordeterminingthecombinationforaccountsreceivableisasfollows:
Accountsreceivableportfolio1:receivablesfromcustomers
Foraccountsreceivableclassifiedasaportfolio,thecompanypreparesacomparisontableofaccountsreceivableagingandlifetimeexpectedcreditlossratestocalculateexpectedcreditlosses,byreferencinghistoricalcreditlossexperience,andcombinedwithcurrentconditions,andforecastsoffutureeconomicconditions.
14.Receivablesfinancing
Notapplicable
15.Otherreceivables
Otherreceivablesportfolio1:receivablesformarginsanddeposits
Otherreceivablesportfolio2:receivablesforemployeereserve
Otherreceivablesportfolio3:receivablesforotheritems
Forotherreceivablesclassifiedasaportfolio,thecompanycalculatesexpectedcreditlossesbyreferencinghistoricalcreditlossexperience,combinedwithcurrentconditions,andforecastsoffutureeconomicconditions,throughdefaultriskexposureand12-monthorlifetimeexpectedcreditlossrate.
16.Contractassets
TheCOOECpresentscontractassetsorcontractliabilitiesinthebalancesheetbasedontherelationshipbetweenitsperformanceoffulfillmentobligationsandcustomerpayments.IftheCompanyhastransferredtherighttoreceiveconsiderationforgoodstransferredorservicesprovidedtocustomersandtherightdependsonfactorsotherthanthepassageoftime,itispresentedasacontractasset.TheCOOEC'sobligationtotransfergoodsorprovideservicestocustomersforconsiderationreceivableforgoodsreceivedispresentedascontractliabilities.
TheCompany'sdeterminationmethodandaccountingtreatmentmethodofexpectedcreditlossofcontractualassetsaredetailedintheNotesV.11.
Contractassetsandcontractliabilitiesarepresentedseparatelyonthebalancesheet.Contractassetsandcontractliabilitiesunderthesamecontractarepresentednet.Ifthenetamountisadebitbalance,itshouldbepresentedunder'Contractassets'or'Othernon-currentassets'dependingonitsliquidity;ifthenetamountisacreditbalance,itshouldbepresentedunder'Contractliabilities'or'Othernon-currentliabilities'dependingonitsliquidity.Contractassetsandcontractliabilitiesunderdifferentcontractscannotbeoffsetagainsteachother.
17.Inventories
(1)Classificationofinventory
Inventoryreferstothefinishedproductsorgoodsheldforsale,productsinproduction,andmaterialsandsuppliesconsumedduringtheproductionprocessorserviceprovisionthattheCompanyholdsinitsdailyactivities,includingrawmaterials,productsinproduction,andfinishedproducts(commoditystocks).
(2)Measurementmethodofdispatchedinventories
RawmaterialsandinventoryitemsoftheCompanyareissuedusingtheweightedaveragemethodforvaluation,exceptforbrandedwatchinventoryitems,whicharevaluedusingthespecificidentificationmethod.
(3)Inventorysystem
Thecompanyusesaperpetualinventorysystem,andconductsatleastoneinventorycountperyear,withgainsandlossesincludedintheprofitorlossforthecurrentyear.
(4)Recognitionstandardandcalculationmethodofprovisionforinventorydepreciationreserve
Onthebalancesheetdate,inventoryismeasuredatthelowerofcostandnetrealizablevalue.Ifinventorycostexceedsnetrealizablevalue,aprovisionforinventoryimpairmentismadeandincludedinthecurrentprofitorloss.
Whendeterminingthenetrealizablevalueofinventory,reliableevidenceisused,consideringthepurposeofholdinginventoryandtheimpactofeventsafterthebalancesheetdate.
①Innormaloperationprocess,forinventorieshelddirectlyforsale,includingfinishedgoods,commoditiesandheld-for-salematerials,theirnetrealizablevaluesaredeterminedattheestimatedsellingpricesminustheestimatedsellingexpensesandrelevanttaxesandsurcharges.Forinventoriesheldforexecutionofsalescontractsorservicecontracts,thecontractpriceisusedasthemeasurementbasisfortheirnetrealizablevalue.Ifthequantityofinventoriesheldexceedsthequantityorderedinthesalescontract,thenetrealizablevalueoftheexcessinventoriesismeasuredbasedonthegeneralsalesprice.Formaterialsheldforsale,etc.,themarketpriceisusedasthemeasurementbasisfortheirnetrealizablevalue.
②Innormalproductionandoperationprocess,formaterialinventoriesthatneedfurtherprocessing,theirnetrealizablevaluesaredeterminedattheestimatedsellingpricesoffinishedgoodsminusestimatedcoststocompletion,estimatedsellingexpensesandrelevanttaxesandsurcharges.Ifthenetrealizablevalueofthefinishedproductsproducedusingthematerialsishigherthantheircost,suchmaterialsaremeasuredatcost.Ifadeclineinthepriceofthematerialsindicatesthatthenetrealizablevalueofthefinishedproductsislowerthantheircost,suchmaterialsaremeasuredattheirnetrealizablevalue,andaprovisionforinventorywrite-downisrecognizedforthedifference.
③Thecompanygenerallymakesprovisionsforinventorywrite-downsonanindividualinventoryitembasis.Forinventorieswithlargequantitiesandlowunitprices,provisionsaremadebyinventorycategory.
④Atthebalancesheetdate,ifthefactorsthatledtotheinventorywrite-downhavedisappeared,theamountofthewrite-downisreversedandincludedinthecurrentprofitandlosswithintheamountofinventoryimpairmentprovisionoriginallyrecognized.
18.Assetsheldforsale
Notapplicable
19.DebtinvestmentNotapplicable
20.OtherdebtinvestmentNotapplicable
21.Long-termreceivablesNotapplicable
22.Long-termequityinvestmentsTheCompany'slong-termequityinvestmentsincludeequityinvestmentsintheinvestedentitiesoverwhichithascontrol,significantinfluence,orjointventures.WheretheCompanyisabletohavesignificantinfluencesonaninvestee,theinvesteeisitsassociate.
(1)DeterminationbasisofjointcontrolorsignificantinfluencesontheinvesteeCommoncontrolreferstothecontrolsharedoveranarrangementinaccordancewiththerelevantstipulations,andthedecision-makingofrelatedactivitiesofthearrangementshouldnotbemadebeforethepartysharingthecontrolrightagreesthesame.Indeterminingwhetherjointcontrolexists,thefirststepistojudgewhetherallpartiesoragroupofpartiescollectivelycontrolthearrangement.Ifallpartiesoragroupofpartiesmustactunanimouslytodecideontherelevantactivitiesofanarrangement,itisconsideredthatallpartiesorthegroupofpartiescollectivelycontrolthearrangement.Thesecondstepistojudgewhetherdecisionsontherelevantactivitiesofthearrangementmustbemadewiththeunanimousconsentofthesepartiesthatcollectivelycontrolthearrangement.Iftherearetwoormoregroupsofpartiesthatcancollectivelycontrolanarrangement,itdoesnotconstitutejointcontrol.Protectiverightsheldarenotconsideredwhendeterminingwhetherjointcontrolexists.
Significantinfluencereferstothepowertoparticipateindecision-makingoverthefinancialandoperatingpoliciesoftheinvestee,withouthavingcontrolorjointcontrolovertheformulationofthosepolicies.Indeterminingwhethertheinvestorcanexertsignificantinfluenceovertheinvestee,considerationisgiventothevotingsharesdirectlyorindirectlyheldbytheinvestorintheinvestee,aswellastheimpactofcurrentlyexercisablepotentialvotingrightsheldbytheinvestorandotherparties,assumingsuchrightsareconvertedintoequityintheinvestee.Thisincludestheimpactofcurrentlyconvertiblewarrants,shareoptions,andconvertiblecorporatebondsissuedbytheinvestee.
WhentheCompanydirectlyorindirectlyholds,throughitssubsidiaries,20%ormore(inclusive)butlessthan50%ofthevotingsharesofaninvestee,itisgenerallyconsideredtohavesignificantinfluenceovertheinvestee,unlessthereisclearevidencethatitcannotparticipateintheproductionandoperationdecision-makingoftheinvesteeundersuchcircumstances,inwhichcasesignificantinfluenceisnotformed.
(2)Determinationofinitialinvestmentcosts
Theinvestmentcostoflong-termequityinvestmentsformedthroughbusinesscombinationsisdeterminedasfollows:
A.Inbusinesscombinationsundercommoncontrol,wherethecombiningpartyusesthecashpayment,transferofnon-cashassets,orassumptionofdebtsastheconsiderationforthecombination,theinitialinvestmentcostofthelong-termequityinvestmentshallbedeterminedonthecombinationdateastheshareofthebookvalueoftheowner'sequityofthecombinedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingparty.Capitalreserves
shallbeadjustedaccordingtothedifferencebetweentheinitialinvestmentcostoflong-termequityinvestmentandthebookvalueofcashpaid,non-cashassetstransferredanddebtsassumed;Ifthecapitalreserveisinsufficienttocoverthedifference,theretainedearningsshallbeadjusted;B.Inbusinesscombinationsundercommoncontrol,wherethecombiningpartyusestheissuanceofequitysecuritiesastheconsiderationforthecombination,theinitialinvestmentcostofthelong-termequityinvestmentshallbedeterminedonthecombinationdateastheshareofthebookvalueoftheowner'sequityofthecombinedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingparty.Thetotalparvalueoftheissuedsharesisrecognizedassharecapital.Thedifferencebetweentheinitialinvestmentcostofthelong-termequityinvestmentandthetotalparvalueoftheissuedsharesisadjustedtocapitalreserve;Ifthecapitalreserveisinsufficienttocoverthedifference,theretainedearningsshallbeadjusted;C.Inbusinesscombinationsnotundercommoncontrol,thecombinationcostismeasuredbasedonthefairvalueoftheassetspaid,liabilitiesincurredorassumed,andequitysecuritiesissuedtoobtaincontrolovertheacquireeontheacquisitiondateanddeterminedastheinitialinvestmentcostofthelong-termequityinvestment.Intermediaryexpensessuchasaudit,legalservices,evaluationandconsultationandotherrelatedmanagementexpensesincurredbythecombiningpartyforbusinesscombinationarerecognizedinthecurrentprofitandlossuponoccurrence.
Apartfromlong-termequityinvestmentsformedthroughbusinesscombinations,theinvestmentcostofotherlong-termequityinvestmentsisdeterminedasfollows:
A.Long-termequityinvestmentsacquiredbypayingcasharemeasuredattheactualacquisitionpriceastheinvestmentcost.Initialinvestmentcostincludesdirectlyrelatedexpenses,taxes,andothernecessaryexpendituresincurredinacquiringthelong-termequityinvestment;
B.Long-termequityinvestmentsacquiredbyissuingequitysecuritiesaremeasuredatthefairvalueoftheissuedsecuritiesastheinitialinvestmentcost;
C.Forlong-termequityinvestmentsobtainedthroughtheexchangeofnon-monetaryassets,iftheexchangehascommercialsubstanceandthefairvalueoftheassetreceivedortheassetgivenupcanbereliablymeasured,theinitialinvestmentcostisbasedonthefairvalueoftheassetgivenupandrelatedtaxes.Thedifferencebetweenthefairvalueandthebookvalueoftheassetgivenupisincludedinthecurrentprofitorloss.Iftheexchangeofnon-monetaryassetsdoesnotmeetbothconditions,theinitialinvestmentcostisbasedonthebookvalueoftheassetgivenupandrelatedtaxes.
D.Forlong-termequityinvestmentsobtainedthroughdebtrestructuring,thebookvalueisdeterminedbasedonthefairvalueofthecreditor'srightswaivedandothercostssuchastaxesdirectlyattributabletotheasset.Thedifferencebetweenthefairvalueandthebookvalueofthewaivedcreditor'srightsisincludedinthecurrentprofitorloss.
(3)Subsequentmeasurementsandrecognitionofprofitorloss
Long-termequityinvestmentswherethecompanycanimplementcontrolovertheinvesteeareaccountedforusingthecostmethod.Long-termequityinvestmentsinitsassociatesandjointventuresarecalculatedundertheequitymethod.
①Costmethod
Forlong-termequityinvestmentsaccountedforusingthecostmethod,thecostofthelong-termequityinvestmentsshallbeadjustedwhenadditionalinvestmentsaremadeorinvestmentsarewithdrawn.Cashdividendsorprofitsdeclaredbytheinvesteearerecognizedascurrentinvestmentincome.
②Equitymethod
Undertheequitymethodofaccountingforlong-termequityinvestments,thegeneralaccountingtreatmentsareasfollows:
Ifthecostofalong-termequityinvestmentoftheCompanyisgreaterthanthefairvalueshareoftheidentifiablenetassetsoftheinvesteeatthetimeofinvestment,theinitialinvestmentcostisnotadjusted;iftheinitialinvestmentcostislessthantheshareofthefairvalueofidentifiablenetassetsoftheinvesteeatthetimeofinvestment,thedifferenceisrecognizedinthecurrentprofitandloss,andthecostofthelong-termequityinvestmentisadjustedaccordingly.TheCompanyshallrecognizetheinvestmentincomeandothercomprehensiveincomeatthesharesofnetprofitorlossandothercomprehensiveincomerealizedbytheinvesteewhichtheCompanyshallenjoyorbearandadjustthebookvalueoflong-termequityinvestmentsatthesametime;TheCompanyshallcalculatethesharesaccordingtoprofitsorcashdividendsdeclaredbytheinvesteeandcorrespondinglyreducethebookvalueoflong-termequityinvestments;Forchangesintheinvestee'sequityotherthannetprofitsorlosses,othercomprehensiveincome,andprofitdistribution,thebookvalueoflong-termequityinvestmentshallbeadjustedandincludedintheowner'sequity.Whenrecognizingtheshareofnetprofitorlossoftheinvesteethatshouldbeenjoyed,thenetprofitoftheinvesteeshallberecognizedafteradjustmentonthebasisofthefairvalueoftheidentifiablenetassetsoftheinvesteewhentheinvestmentisobtained.IftheaccountingpoliciesandaccountingperiodadoptedbytheinvesteeareinconsistentwiththoseoftheCompany,thefinancialstatementsoftheinvesteeshallbeadjustedinaccordancewiththeaccountingpoliciesandaccountingperiodsoftheCompany,andtheinvestmentincomeandothercomprehensiveincomeshallberecognizedaccordingly.UnrealizedprofitsandlossesofinternaltransactionsbetweentheCompanyanditsassociatesandjointventuresshallbeoffsetbytheportionthatbelongstotheCompanyaccordingtothedueproportion,andtheinvestmentprofitsandlossesshallberecognizedonthisbasis.WheretheunrealizedinternaltransactionlossesbetweentheCompanyandtheinvesteefallintothescopeofassetsimpairmentloss,thefullamountofsuchlossesshouldberecognized.
Ifadditionalinvestmentsorotherreasonsenablesignificantinfluenceorjointcontrolovertheinvesteewithoutconstitutingcontrol,theinitialinvestmentcostforequitymethodaccountingisthesumofthefairvalueoftheoriginalequityinvestmentandtheadditionalinvestmentcost.Forequityinvestmentspreviouslyheldclassifiedasotherequityinstrumentinvestments,thedifferencebetweentheirfairvalueandbookvalue,aswellastheaccumulatedgainsorlossespreviouslyincludedinothercomprehensiveincome,shouldbetransferredfromothercomprehensiveincometoretainedearningsintheperiodwhentheyareaccountedforusingtheequitymethod.
Ifthejointcontrolorsignificantinfluenceovertheinvesteeislostduetothedisposalofpartoftheequityinvestments,theremainingequityinvestmentsafterthedisposalshallbemeasuredatfairvalue,andthedifferencebetweenthefairvalueandthebookvalueonthedateoflosingjointcontrolorsignificantinfluenceshallberecognizedincurrentprofitorloss.Fororiginalequityinvestmentsthatrecognizedothercomprehensiveincomeundertheequitymethod,othercomprehensiveincomeshallbesubjecttoaccountingtreatmentonthesamebasisasiftheinvesteehaddirectlydisposedoftherelatedassetsorliabilitiesnotundertheequitymethod.
(4)Impairmenttestmethodanddrawingmethodofimpairmentprovision
Forinvestmentsinsubsidiaries,associates,andjointventures,themethodforassetimpairmentprovisionisdetailedinNoteV,30.
23.Investmentproperties
MeasurementmodelofinvestmentpropertyMeasuredundercostmethodDepreciationandamortizationmethods
(1)Classificationofinvestmentproperty
Investmentpropertyreferstopropertyheldtoearnrentorforcapitalappreciation,orboth.Itmainlyincludes:
①Leasedlanduserights.
②Landuserightheldfortransferuponappreciation.
③Leasedbuildings.
(2)MeasurementmodelofinvestmentpropertyThecompanyusesthecostmodelforsubsequentmeasurementofinvestmentproperty.Forassetimpairmentprovisionmethods,seeNoteV,30.TheCompanycalculatesdepreciationoramortizationofinvestmentpropertiesusingthestraight-linemethodafterdeductingaccumulatedimpairmentandnetresidualvaluefromtheircost.Thedepreciationperiodandannualdepreciationratearedeterminedbasedonthecategoriesofinvestmentproperties,theirestimatedeconomicusefullife,andtheestimatednetresidualvaluerate,asfollows:
| Type | Depreciationlife(year) | Residualvaluerate(%) | Annualdepreciationrate(%) |
| Housesandbuildings | 20-35 | 5.00 | 2.71-4.85 |
24.Fixedassets
(1)RecognitionconditionsAfixedassetshallberecognizedatitsactualcostatthetimeofacquisitionwhenitsimultaneouslymeetsthefollowingconditions:
①Itisprobablethattheeconomicbenefitsassociatedwiththefixedassetwillflowintotheenterprise.
②Thecostofthefixedassetcanbemeasuredreliably.Subsequentexpendituresincurredonfixedassetsthatmeettherecognitioncriteriaforfixedassetsareincludedinthecostoffixedassets;Thosethatdonotmeettherecognitioncriteriaforfixedassetsareincludedinthecurrentprofitsandlosseswhenincurred.Forfixedassetswithimpairmentprovisionsalreadyrecognized,theaccumulatedimpairmentprovisionsshallbedeductedwhencalculatingdepreciation.
Attheendofeachyear,thecompanyreviewstheusefullife,estimatednetresidualvalue,anddepreciationmethodoffixedassets.Ifthereisadifferencebetweentheestimatedusefullifeandtheoriginalestimate,theusefullifeoffixedassetsisadjusted.
(2)Depreciationmethod
| Type | Depreciationmethod | Depreciationperiod | Residualvaluerate | Annualdepreciationrate |
| Buildingsandconstructions | Straight-linemethod | 20-35 | 5% | 2.71%-4.85% |
| Machineryequipment | Straight-linemethod | 10 | 5%-10% | 9%-9.5% |
| Electronicequipment | Straight-linemethod | 5 | 5% | 19% |
| Transportationfacilities | Straight-linemethod | 5 | 5% | 19% |
| Otherequipment | Straight-linemethod | 5 | 5% | 19% |
25.Constructioninprogress
(1)Constructioninprogressisaccountedforbyclassificationofapprovedprojects.
(2)StandardandtimingfortransferringofconstructioninprogresstofixedassetsThetotalexpensesincurredbeforetheconstructioninprogressassetisreadyforitsintendedusearerecordedastheentryvalueofthefixedasset.Thisincludesconstructioncosts,originalpriceofmachineryandequipment,other
necessaryexpensesincurredtobringconstructioninprogresstoitsintendedusablestate,andborrowingcostsincurredfromspecificborrowingsfortheprojectandgeneralborrowingsoccupiedbytheprojectbeforetheassetreachesitsintendedusablestate.Thecompanytransfersconstructioninprogresstofixedassetswhentheinstallationorconstructioniscompletedanditreachesitsintendedusablestate.Fixedassetsconstructedthathavereachedtheintendedusablestatebutforwhichcompletionsettlementhasnotyetbeenfinalizedshallbetransferredtofixedassetsattheestimatedvaluebasedontheprojectbudget,cost,oractualprojectexpenses,etc.,startingfromthedatewhentheyattaintheintendedusablestate.DepreciationonsuchfixedassetsshallbeaccruedinaccordancewiththeCompany'sfixedassetdepreciationpolicy.Uponcompletionofthefinalsettlement,theoriginalprovisionalestimatedvalueshallbeadjustedtotheactualcost;however,thedepreciationamountalreadyaccruedshallnotbeadjusted.
26.Borrowingcosts
(1)Recognitionprincipleofcapitalizationofborrowingcostsandcapitalizationperiod
Borrowingcostsincurredbythecompanythatcanbedirectlyattributedtotheacquisition,construction,orproductionofanasseteligibleforcapitalizationarecapitalizedandrecordedintotherelatedassetcostswhenthefollowingconditionsaremet:
①Theassetdisbursementhasalreadyincurred;
②Theborrowingcostshavealreadyincurred;
③Purchase,constructionormanufacturingactivitiesthatarenecessarytopreparetheassetsfortheirintendeduseareinprogress.
Otherborrowinginterest,discountorpremium,andexchangedifferencesareincludedintheprofitorlossoftheperiodinwhichtheyoccur.
Iftheacquisitionandconstructionorproductionactivitiesofassetseligibleforcapitalizationareabnormallyinterruptedandsuchconditionlastsformorethanthreemonths,thecapitalizationofborrowingcostsshouldbesuspended.
Capitalizationofborrowingcostsshouldbeceasedwhentheacquiredandconstructedorproducedassetseligibleforcapitalizationhavereachedtheirintendeduseorsalecondition;Subsequentborrowingcostsarerecognizedasexpensesintheperiodtheyoccur.
(2)Calculationmethodofcapitalizationrateandcapitalizationamountofborrowingcosts
Asforspecialborrowingsborrowedforacquiringandconstructingorproducingassetseligibleforcapitalization,interestcostsofspecialborrowingactuallyincurredinthisperiodlesstheinterestincomeoftheborrowingsunusedanddepositedinbankorreturnontemporaryinvestmentshallberecognizedasthecapitalizationamountofinterestcostsofspecialborrowing.
Ifageneralborrowingisusedfortheacquisition,constructionorproductionofanassetthatqualifiesforcapitalization,theamountofinterestonthegeneralborrowingtobecapitalizedshallbedeterminedbymultiplyingtheweightedaverageofthecumulativeassetexpendituresinexcessofspecificborrowingsbythecapitalizationrateofthegeneralborrowingused.Thecapitalizationrateisdeterminedviathecalculationattheweightedaverageinterestrateofgeneralborrowings.
27.BiologicalassetsNotapplicable
28.OilandgasassetsNotapplicable
29.Intangibleassets
(1)Servicelifeanditsdeterminationbasis,estimation,amortizationmethodorreviewprocedure
1)MeasurementRecordedatactualcostatacquisition.
2)Usefullifeandamortizationofintangibleassets
①Estimateoftheusefullivesoftheintangibleassetswithdefiniteusefullives:
| Item | Estimatedservicelife | Basis |
| Landuserights | 50years | Legalrightsofuse |
| Softwaresystem | 5years | Determinetheusefullifeofanassetbasedontheperioditcangenerateeconomicbenefitsforthecompany |
| Trademarkuseright | 5-10years | Determinetheusefullifeofanassetbasedontheperioditcangenerateeconomicbenefitsforthecompany |
Attheendofeachyear,thecompanyreviewstheusefullifeandamortizationmethodofintangibleassetswithlimitedusefullife.Uponreview,therewerenochangesintheestimatedusefullifeandamortizationmethodofintangibleassetsattheendofthecurrentperiod.
②IntangibleassetsforwhichthereisnoforeseeablelimittotheperiodoverwhichtheyareexpectedtogenerateeconomicbenefitsfortheCompanyareclassifiedasindefiniteusefullifeintangibleassets.Forintangibleassetswithindefiniteusefullife,thecompanyreviewstheirusefullifeattheendofeachyear.Iftheusefullifeisstillindefiniteafterreview,animpairmenttestisconductedonthebalancesheetdate.
③Amortizationofintangibleassets
Forintangibleassetswithlimitedusefullife,thecompanydeterminestheirusefullifeatacquisitionandamortizesthemsystematicallyusingthestraight-linemethodovertheirusefullife.Theamortizationamountisincludedinthecurrentprofitorlossaccordingtothebenefitingitems.Thespecificamortizationamountisthecostminustheestimatedresidualvalue.Forintangibleassetswithimpairmentprovisionsalreadyrecognized,theaccumulatedamountofimpairmentprovisionsforintangibleassetsthathavebeenaccruedshallalsobededucted.Forintangibleassetswithalimitedusefullife,theirresidualvalueisregardedaszero,exceptinthefollowingcases:thereisathirdpartythatundertakestopurchasetheintangibleassetattheendofitsusefullife;ortheestimatedresidualvalueinformationcanbeobtainedfromanactivemarket,anditishighlyprobablethatsuchamarketwillexistattheendoftheintangibleasset'susefullife.
Intangibleassetswithindefiniteusefullifearenotamortized.Attheendofeachyear,theusefullifeofintangibleassetswithanindefiniteusefullifeisreviewed.Ifthereisevidenceindicatingthattheusefullifeoftheintangibleassetislimited,itsusefullifeisestimatedanditissystematicallyandreasonablyamortizedovertheexpectedusefullife.
(2)CollectionscopeofR&Dexpensesandrelatedaccountingtreatmentmethods
1)CollectionscopeofR&Dexpenditure
ThecompanycollectsexpensesdirectlyrelatedtoR&DactivitiesasR&Dexpenditure,includingsalariesofR&Dpersonnel,directinputcosts,depreciationandlong-termdeferredexpenses,designfees,equipmentdebuggingfees,intangibleassetamortizationexpenses,outsourcedR&Dfees,andotherexpenses.
2)Specificstandardsforclassifyingtheresearchstageanddevelopmentstageoftheinternalresearchanddevelopmentprojects
①Thecompanyconsidersdataandrelatedpreparationactivitiesforfurtherdevelopmentastheresearchphase.Expensesintheresearchphaseofintangibleassetsarerecognizedinthecurrentprofitorlosswhenincurred.
②Developmentactivitiesconductedaftercompletingtheresearchphaseareconsideredasthedevelopmentphase.
3)Specificcriteriaforqualifyingexpenditureforcapitalizationonthedevelopmentstage
Expendituresduringthedevelopmentphasecanberecognizedasintangibleassetsonlywhenthefollowingconditionsaremet:
A.Completesuchintangibleassettomakeitusableorsalablewithtechnicalfeasibility;
B.Intentionofcompletingsuchintangibleassetforuseorsale;
C.Thewaysinwhichintangibleassetsgenerateeconomicbenefitsincludebeingabletodemonstratethatproductsproducedusingtheintangibleassetshaveamarket,orthattheintangibleassetsthemselveshaveamarket.Iftheintangibleassetsareintendedforinternaluse,theirutilitymustbeproven;
D.Thereissufficientsupportfromtechnical,financialresourcesandotherresources,tocompletedevelopmentofsuchintangibleassets,andtheabilityofusingorsellingsuchintangibleassets;
E.Theexpendituresattributabletodevelopmentstageofsuchintangibleassetsshallbemeasuredreliably.
30.Long-termassetsimpairment
Theimpairmentoflong-termequityinvestmentsinsubsidiaries,associates,andjointventures,investmentpropertiesmeasuredusingthecostmodelforsubsequentmeasurement,fixedassets,constructioninprogress,right-of-useassets,andintangibleassetsisdeterminedusingthefollowingmethod:
Onthebalancesheetdate,thecompanyassesseswhetherthereareanyindicationsthatanassetmaybeimpaired.Ifthereareindicationsofimpairment,thecompanyestimatestherecoverableamountoftheassetandperformsimpairmenttesting.Forgoodwillarisingfromabusinesscombination,intangibleassetswithindefiniteusefullivesandintangibleassetsthathavenotyetreachedausablestate,impairmenttestsareperformedeachyear,regardlessofwhetherthereisanindicationofimpairment.
Therecoverableamountisdeterminedatthehigherofthenetofthefairvaluelessdisposalcostsandthepresentvalueoftheexpectedfuturecashflows.Thecompanyestimatestherecoverableamountbasedonindividualassets;Ifitisdifficulttoestimatetherecoverableamountofanindividualasset,therecoverableamountoftheassetgrouptowhichtheassetbelongsisdetermined.Anassetgroupisidentifiedbasedonwhethertheprimarycashinflowsgeneratedbythegroupareindependentofthecashinflowsfromotherassetsorassetgroups.
Whentherecoverableamountofanassetorassetgroupislowerthanitscarryingamount,thecompanywritesdownthecarryingamounttotherecoverableamount.Theamountofthewrite-downisrecognizedincurrentprofitorloss,withacorrespondingimpairmentprovisionrecognized.
Forimpairmenttesting,ifthereisanyindicationofimpairmentinanassetgrouporcombinationofassetgroupsrelatedtogoodwill,theimpairmenttestisfirstperformedontheassetgrouporcombinationofassetgroupsexcludinggoodwilltocalculatetherecoverableamountandrecognizethecorrespondingimpairmentloss.Then,theimpairmenttestisperformedontheassetgrouporcombinationofassetgroupsincludinggoodwill.Therecoverableamountiscomparedwiththecarryingamount.Iftherecoverableamountislowerthanthecarryingamount,theimpairmentlossofgoodwillisrecognized.
Oncerecognized,impairmentlossesforassetswillnotbereversedinsubsequentaccountingperiods.
31.Long-termdeferredexpenses
Long-termdeferredexpensesaccountfortheexpenseswhichhavebeenalreadyincurredbytheCompanybutwillbeborneinthisperiodandinthefuturewithanamortizationperiodofover1year.
Thecompany'slong-termdeferredexpensesareamortizedevenlyoverthebenefitperiod.Theamortizationperiodsforvariousexpensesareasfollows:
| Item | Amortizationperiod |
| Counterproductionfee | 2-3years |
| Renovationcosts | 3-5years |
| Others | 2-3years |
32.Contractliabilities
TheCOOECpresentscontractassetsorcontractliabilitiesinthebalancesheetbasedontherelationshipbetweenitsperformanceoffulfillmentobligationsandcustomerpayments.IftheCompanyhastransferredtherighttoreceiveconsiderationforgoodstransferredorservicesprovidedtocustomersandtherightdependsonfactorsotherthanthepassageoftime,itispresentedasacontractasset.TheCOOEC'sobligationtotransfergoodsorprovideservicestocustomersforconsiderationreceivableforgoodsreceivedispresentedascontractliabilities.
TheCompany'sdeterminationmethodandaccountingtreatmentmethodofexpectedcreditlossofcontractualassetsaredetailedintheNotesV.11.
Contractassetsandcontractliabilitiesarepresentedseparatelyonthebalancesheet.Contractassetsandcontractliabilitiesunderthesamecontractarepresentednet.Ifthenetamountisadebitbalance,itshouldbepresentedunder'Contractassets'or'Othernon-currentassets'dependingonitsliquidity;ifthenetamountisacreditbalance,itshouldbepresentedunder'Contractliabilities'or'Othernon-currentliabilities'dependingonitsliquidity.Contractassetsandcontractliabilitiesunderdifferentcontractscannotbeoffsetagainsteachother.
33.Employeecompensation
(1)Accountingtreatmentofshort-termcompensation
Employeecompensationreferstovariousformsofremunerationorcompensationprovidedbythecompanyforservicesrenderedbyemployeesorfortheterminationofemployment.Theemployeecompensationmainlyincludesshort-termcompensation,post-employmentbenefits,terminationbenefitsandotherlong-termemployeebenefits.BenefitsprovidedbytheCompanytothespouse,children,dependents,dependentsofdeceasedemployeeandotherbeneficiariesarealsoincludedinemployeecompensation.
Basedonliquidity,employeecompensationisseparatelylistedunder'Employeecompensationpayable'and'Long-termemployeecompensationpayable'inthebalancesheet.
1)Accountingtreatmentofshort-termcompensation
①Basicemployeecompensation(wages,bonuses,allowances,subsidies)
Duringtheaccountingperiodwhenemployeesprovideservices,theCompanyrecognizestheactualshort-termcompensationsasliabilities,andincludesincurrentprofitsandlosses,unlessotheraccountingstandardsrequireorallowsuchcompensationstobeincludedinthecostofassets.
②Employeewelfareexpenses
Employeewelfareexpensesincurredbythecompanyarerecognizedinthecurrentprofitorlossorrelatedassetcostswhenincurredbasedontheactualamountincurred.Ifemployeewelfareexpensesarenon-monetarybenefits,theyaremeasuredatfairvalue.
③Medicalinsurancepremium,work-relatedinjuryinsurancepremium,maternityinsurancepremium,othersocialinsurancepremiums,housingprovidentfunds,laborunionfees,andemployeeeducationexpenses
Themedicalinsurancepremium,work-relatedinjuryinsurancepremium,maternityinsurancepremium,othersocialinsurancepremiums,andhousingprovidentfundspaidbythecompanyforemployees,andthelaborunionfeesandemployeeeducationexpensesaccruedaccordingtoregulationsshallbecalculatedaccordingtothestipulatedcontributionbaseandproportiontodeterminetheamountofcorrespondingsalaryduringtheaccountingperiodofemployeesprovidingservicestothecompany,andthecorrespondingliabilitiesshallberecognized,andincludedinthecurrentprofitorlossorrelatedassetcosts.
④Short-termcompensatedabsences
Thecompanyrecognizesemployeecompensationrelatedtoaccumulatedpaidabsenceswhenemployeesrenderservicesthatincreasetheirfutureentitlementtosuchabsences,andmeasuressuchcompensationbasedontheexpectedadditionalpaymentarisingfromtheaccumulatedunexercisedrights.Thecompanyrecognizesemployeecompensationrelatedtonon-accumulatedpaidabsencesintheaccountingperiodwhentheemployeesactuallytaketheabsences.
⑤Short-termprofitsharingplan
Thecompanyrecognizestherelevantemployeecompensationpayablewhentheprofit-sharingplanmeetsthefollowingconditionssimultaneously:
A.Theenterprisehasapresentlegalorconstructiveobligationtopayemployeecompensationasaresultofpastevents;
B.Theamountoftheobligationforemployeecompensationpayablearisingfromtheprofit-sharingplancanbereliablyestimated.
(2)Accountingtreatmentofpost-employmentbenefits
①Definedcontributionplan
Duringtheaccountingperiodinwhichemployeesprovideservices,thecompanyrecognizesthecontributionspayableunderdefinedcontributionplansasaliabilityandincludestheminthecurrentprofitsandlossesorthecostofrelatedassets.
Accordingtothedefinedcontributionplan,ifitisexpectedthatthefullamountpayablewillnotbepaidwithintwelvemonthsaftertheendoftheannualreportingperiodinwhichemployeesproviderelatedservices,thecompanymeasurestheemployeecompensationpayableatthediscountedamountofthefullamountpayable,referringtothecorrespondingdiscountratedeterminedbythemarketyieldofgovernmentbondsorhigh-qualitycorporatebondsinactivemarketsthatmatchthetermandcurrencyoftheobligationunderthedefinedcontributionplanasofthebalancesheetdate.
②Definedbenefitplans
A.Determinethepresentvalueofthedefinedbenefitplanobligationandthecurrentservicecost
Inaccordancewiththeprojectedunitcreditmethod,theobligationsarisingfromdefinedbenefitplansaremeasuredandtheperiodstowhichsuchobligationsrelatearedeterminedbymakingunbiasedandconsistentactuarialassumptionsregardingrelevantdemographicandfinancialvariables.Thecompanydiscountstheobligationsarisingfromdefinedbenefitplansusingthecorrespondingdiscountrate(determinedbasedonthemarketyieldsofgovernmentbondsorhigh-qualitycorporatebondsinanactivemarketthatmatchthetermandcurrencyofthedefinedbenefitplanobligationsasofthebalancesheetdate)todeterminethepresentvalueofdefinedbenefitplanobligationsandthecurrentservicecost.
B.Recognizenetliabilityornetassetofdefinedbenefitplans
Ifthereareassetsinthedefinedbenefitplan,theCompanyrecognizesthedeficitorsurplusformedbythedifferencebetweenthepresentvalueunderdefinedbenefitplanandthefairvalueofassetsunderdefinedbenefitplanasanetliabilityornetassetofthedefinedbenefitplan.
Forasurplusofdefinedbenefitplans,COOECshouldmeasurethenetassetofsuchdefinedbenefitplansatthelowerofthesurplusofsuchdefinedbenefitplansandtheassetthereof.
C.DeterminetheamounttobeincludedinassetcostorcurrentprofitorlossServicecost,includingcurrentservicecost,pastservicecost,andsettlementgainsorlosses.Exceptforcurrentservicecostrequiredorallowedbyotheraccountingstandardstobeincludedinassetcost,otherservicecostsareincludedincurrentprofitorloss.Netinterestsonnetliabilityornetassetofdefinedbenefitplans,includinginterestincomeonplanassets,interestexpenseondefinedbenefitplanobligations,andinterestontheeffectofassetceiling,areincludedincurrentprofitorloss.D.DeterminetheamounttobeincludedinothercomprehensiveincomeChangesarisingfromthere-measurementofnetliabilitiesornetassetsofdefinedbenefitplan,including:
(a)Actuarialgainsorlosses,whichareincreasesordecreasesinthepreviouslymeasuredpresentvalueofdefinedbenefitplanobligationsduetoactuarialassumptionsandexperienceadjustments;(b)Returnonplanassets,excludingamountsincludedinnetinterestonnetliabilityornetassetofdefinedbenefitplans;
(c)Changesintheeffectofassetceiling,excludingamountsincludedinnetinterestonnetliabilityornetassetofdefinedbenefitplans.
Thechangesarisingfromtheremeasurementofnetliabilitiesornetassetsofdefinedbenefitplansaredirectlyincludedinothercomprehensiveincomeandcannotbereversedtoprofitorlossinsubsequentaccountingperiods,butthecompanycantransfertheseamountsrecognizedinothercomprehensiveincomewithinequity.
(3)Accountingtreatmentofdismissalbenefits
WheretheCompanyprovidesterminationbenefitsforemployees,theCompanyshallrecognizetheemployeecompensationliabilitiesarisingfromterminationbenefitsattheearlierofthefollowingtwodatesandincludethemincurrentprofitsandlosses:
①Thedatewhenthecompanycannotunilaterallywithdrawtheterminationbenefitsprovidedduetothelaborrelationshipterminationplanortheredundancyoffer;
②Thedatewhenthecompanyrecognizesthecostsorexpensesrelatedtorestructuringofterminationbenefitspayment.
Ifterminationbenefitsarenotexpectedtobefullypaidwithintwelvemonthsaftertheendoftheannualreportingperiod,theterminationbenefitamountisdiscountedusingtheappropriatediscountrate(determinedbasedonthemarketyieldofgovernmentbondsorhigh-qualitycorporatebondsinactivemarketsthatmatchthetermandcurrencyofthedefinedbenefitplanobligationsasofthebalancesheetdate)andtheemployeecompensationpayableismeasuredatthediscountedamount.
(4)Accountingtreatmentofotherlong-termemployee'swelfare
①Meetingtheconditionsofadefinedcontributionplan
Forotherlong-termemployeebenefitsprovidedbythecompanytoemployeesthatmeettheconditionsofadefinedcontributionplan,theemployeecompensationpayableismeasuredasthediscountedamountofthetotalamounttobecontributed.
②Meetingtheconditionsofadefinedbenefitplan
Attheendofthereportingperiod,theCompanyrecognizesemployeecompensationcostsarisingfromotherlong-termemployeebenefitsasthefollowingcomponents:
A.Servicecost;
B.Netinterestonnetliabilitiesorassetsforotherlong-termemployeebenefits;
C.Changesresultingfromtheremeasurementofnetliabilitiesorassetsforotherlong-termemployeebenefits.
Tosimplifytherelatedaccountingtreatment,thetotalnetamountoftheaboveitemsisrecognizedinthecurrentprofitorlossorthecostofrelatedassets.
34.Estimatedliabilities
(1)RecognitioncriteriaforestimatedliabilitiesIncasethatanobligationconnectedtocontingenciesmeetsallofthefollowconditions,theCompanyrecognizestheobligationasaprovision:
①TheobligationisapresentobligationoftheCompany;
②ThefulfillmentoftheobligationislikelytoresultinanoutflowofeconomicbenefitsfromtheCompany;
③Theamountoftheobligationcanbemeasuredreliably.
(2)MeasurementofestimatedliabilitiesEstimatedliabilitiesareinitiallymeasuredatthebestestimateoftheexpendituresrequiredtosettlethepresentobligation,takingintoaccountrisks,uncertainties,thetimevalueofmoney,andotherfactorsrelatedtothecontingencies.Thecarryingamountoftheestimatedliabilitiesisreviewedateachbalancesheetdate.Ifthereisconclusiveevidencethatthecarryingamountdoesnotreflectthecurrentbestestimate,thecarryingamountisadjustedtothecurrentbestestimate.
35.Share-basedpayment
(1)Typesofshare-basedpaymentsTheshare-basedpaymentsoftheCompanyincludecash-settledshare-basedpaymentsandequity-settledshare-basedpayments.
(2)Determinationmethodforthefairvalueofequityinstruments
①Forsharesgrantedtoemployees,theirfairvalueismeasuredbasedonthemarketpriceofthecompany'sshares,withadjustmentsmadetoreflectthetermsandconditionsonwhichthesharesaregranted(excludingvestingconditionsotherthanmarketconditions).②Forstockoptionsgrantedtoemployees,theirmarketpriceisdifficulttoobtaininmanycases.Iftherearenotradedoptionswithsimilartermsandconditions,thecompanyselectsanappropriateoptionpricingmodeltoestimatethefairvalueofthegrantedoptions.
(3)Basisforthebestestimateofvestingequityinstruments
Ateachbalancesheetdatewithinthevestingperiod,thecompanyshallmakeitsbestestimatebasedonsubsequentinformationsuchaschangesinthenumberofemployeeseligibleforvesting,whichhavebeennewlyobtained,andrevisetheestimatednumberofequityinstrumentsexpectedtovest,soastodeterminethebestestimateoftheequityinstrumentsthatwillvest.
(4)Accountingtreatmentfortheimplementationofshare-basedpaymentplan
Cash-settledshare-basedpayment
①Ifimmediatelyexercisableupongrant,thecash-settledshare-basedpaymentsarerecognizedinrelatedcostsorexpensesatthefairvalueoftheliabilitiesassumedbytheCompanyatthegrantdate,withacorrespondingincreaseinliabilities.Oneachbalancesheetdateandoneachaccountdatepriortothesettlement,thefairvaluesoftheliabilitiesshallbere-measuredandthechangesincludedintheprofitorloss.
②Forcash-settledshare-basedpaymentthatbecomesexercisableonlyafterthecompletionofservicesduringthevestingperiodortheachievementofspecifiedperformanceconditions,oneachbalancesheetdatewithinthevestingperiod,theservicesreceivedinthecurrentperiodshallberecognizedascostsorexpensesandcorrespondingliabilitiesbasedonthebestestimateoftheexercisablesituationandatthefairvalueoftheliabilitiesassumedbytheCompany.
Equity-settledshare-basedpayment
①Equity-settledshare-basedpaymentsforemployeeservicesthatareexercisableimmediatelyupongrantarerecognizedinrelatedcostsorexpensesatthefairvalueoftheequityinstrumentsonthegrantdate,increasingcapitalreservesaccordingly.
②Forequity-settledshare-basedpaymentsexchangedforemployeeservicesthatcanonlybeexercisedafterthecompletionofthevestingperiodoruponmeetingspecifiedperformanceconditions,ateachbalancesheetdateduringthevestingperiod,thecompanyshouldaccountforthefairvalueoftheequityinstrumentsgrantedonthegrantdate,basedonthebestestimateofthenumberofequityinstrumentsexpectedtovest,byincludingthecostoftheservicesreceivedfortheperiodinthecostsorexpensesandcapitalreserves.
(5)Accountingtreatmentforthemodificationofshare-basedpaymentplan
Whenthecompanymodifiesashare-basedpaymentplan,ifthemodificationincreasesthefairvalueofthegrantedequityinstruments,theincreaseinservicesobtainedisrecognizedcorrespondinglyaccordingtotheincreaseinfairvalueoftheequityinstruments;Ifthenumberofgrantedequityinstrumentsincreasesduetomodification,thefairvalueoftheincreasedequityinstrumentsisrecognizedasadditionalservicecosts.Theincreaseinfairvalueofequityinstrumentsreferstothedifferenceinfairvalueoftheequityinstrumentsonthemodificationdatebeforeandafterthemodification.Ifamodificationreducesthetotalfairvalueoftheshare-basedpaymentoraltersthetermsandconditionsoftheshare-basedpaymentplaninotherwaysthatareunfavorabletoemployees,theaccountingtreatmentfortheservicesreceivedshallcontinueasifthemodificationhadneveroccurred,unlessthecompanycancelssomeorallofthegrantedequityinstruments.
(6)Accountingtreatmentfortheterminationofshare-basedpaymentplan
Ifthegrantedequityinstrumentsarecanceledorsettledduringthevestingperiod(excludingcancellationsduetofailuretomeetvestingconditions),thecompany:
①Treatsthecancellationorsettlementasanaccelerationofvesting,andimmediatelyrecognizestheamountthatwouldotherwisehavebeenrecognizedovertheremainingvestingperiod;
②Accountsforallpaymentsmadetoemployeesuponcancellationorsettlementasarepurchaseofequity.Theportionoftherepurchasepaymentexceedingthefairvalueoftheequityinstrumentattherepurchasedateisrecognizedasanexpenseinthecurrentperiod.
Ifthecompanyrepurchasesequityinstrumentsthathavealreadyvestedwithitsemployees,itreducestheenterprise'sowner'sequity;Theportionoftherepurchasepaymentexceedingthefairvalueoftheequityinstrumentattherepurchasedateisrecognizedinthecurrentprofitorloss.
36.Otherfinancialinstrumentslikepreferredsharesandperpetualbonds
Notapplicable
37.Revenue
(1)Accountingpoliciesadoptedforrevenuerecognitionandmeasurementdisclosedbybusinesstype
(1)Generalprinciples
RevenuerepresentsthetotalinflowofeconomicbenefitsarisingfromtheordinaryactivitiesoftheCompany,whichresultsinanincreaseinshareholders'equityandisunrelatedtocontributionsfromshareholders.
TheCompanyrecognizesrevenuewhenitsperformanceobligationsasstipulatedinthecontractarefulfilled,thatis,whenthecustomerobtainedcontroloftherelatedgoods.Controlovertherelevantgoodsistransferredwhenthecustomercandirecttheuseofandobtainsubstantiallyalltheremainingbenefitsfromthegoodsorservices.
Wherethecontractcontainstwoormoreperformanceobligations,theCompanywill,onthecontractstartdate,allocatethetransactionpricetoeachindividualperformanceobligationintheproportionoftheindividualsellingprice
ofthegoodsorservicesforwhicheachindividualperformanceobligationiscommitted,andmeasurerevenuebasedonthetransactionpriceallocatedtoeachindividualperformanceobligation.ThetransactionpriceistheconsiderationtowhichtheCompanyexpectstobeentitledasaresultofthetransferofgoodsorprovisionofservicestothecustomer,excludingamountscollectedonbehalfofthirdparties.Whendeterminingthetransactionpriceofacontract,ifvariableconsiderationexists,thecompanydeterminesthebestestimateofthevariableconsiderationusingeithertheexpectedvalueorthemostlikelyamount,andincludesinthetransactionpriceanamountthatdoesnotexceedtheportionforwhichitishighlyprobablethatasignificantreversalinthecumulativerevenuerecognizedwillnotoccurwhentheuncertaintyassociatedisresolved.Ifacontractcontainsasignificantfinancingcomponent,thecompanydeterminesthetransactionpricebasedontheamountthatthecustomerwouldpayincashifpaymentweremadeatthetimethecustomerobtainscontrolofthegoods.Thedifferencebetweenthistransactionpriceandthecontractconsiderationisamortizedoverthecontractperiodusingtheeffectiveinterestmethod.Forcontractswheretheintervalbetweenthetransferofcontrolandthecustomer'spaymentisoneyearorless,thecompanydoesnotconsiderthefinancingcomponent.Aperformanceobligationissatisfiedovertimeifoneofthefollowingconditionsismet;otherwise,itissatisfiedatapointintime:
①ThecustomerobtainsandconsumestheeconomicbenefitsbroughtbytheCompany'sperformancewhiletheCompanyisperformingthecontract;
②ThecustomercancontrolthegoodsinprogressduringtheCompany'sperformance;
③ThegoodsproducedduringtheCompany'sperformancehavenoalternativeuse,andtheCompanyhastherighttopaymentforperformancecompletedtodatethroughoutthecontractperiod.
Forperformanceobligationswithinacertainperiod,thecompanyrecognizedrevenueinaccordancewiththeperformanceprogressduringthatperiodoftime,exceptwheretheperformanceprogresscannotbereasonablyrecognized.Thecompanydeterminestheprogressofperformanceinprovidingservicesusingtheinputmethod(oroutputmethod).Wheretheprogressofperformancecannotbereasonablydetermined,ifthecostsincurredbytheCompanyareexpectedtobecompensated,revenueshallberecognizedaccordingtotheamountofcostsincurreduntiltheprogressofperformancecanbereasonablydetermined.
Forperformanceobligationsperformedatacertainpointintime,thecompanyrecognizedrevenuewhenthecustomeracquiredthecontrolovertherelevantgoods.Whendeterminingwhetherthecustomerhasacquiredcontroloverthegoodsorservices,thecompanywillconsiderthefollowingindications:
①Thecompanyhasacurrentcollectionrightinrespectofthegoodsorservices,thatis,thecustomerhasacurrentpaymentobligationinrespectofthegoods;
②Thecompanyhastransferredthelegalownershipofthegoodstothecustomer,thatis,thecustomerhasthelegalownershipofthegoods;
③Thecompanyhastransferredthephysicalpossessionofthegoodstothecustomer,thatis,thecustomerhasphysicallytakenpossessionofthegoods;
④Thecompanyhastransferredthemainrisksandrewardsoftheownershipofthegoodstothecustomer,thatis,thecustomerhasacceptedthemainrisksandrewardsoftheownershipofthegoods;
⑤Thecustomerhasacceptedthegoods.
Salesreturnterms
Forsaleswithreturnterms,thecompanyrecognizesrevenuebasedontheconsiderationtowhichitisentitledfortransferringgoodstothecustomerwhenthecustomerobtainscontroloftherelevantgoods,andrecognizesestimatedliabilitiesfortheamountexpectedtoberefundedduetosalesreturns;Meanwhile,thecompanyrecognizesanasset(i.e.,assetforrecoverablereturnedgoods)measuredatthecarryingamountoftheexpectedreturnedgoodsatthetimeoftransfer,lesstheestimatedcoststorecoverthegoods(includingimpairmentofreturnedgoods).The
costofgoodssoldisrecognizedasthenetamountafterdeductingtheaforementionedassetcostfromthecarryingamountofthetransferredgoodsatthetimeoftransfer.Ateachbalancesheetdate,thecompanyreassessestheexpectedfuturesalesreturnsandremeasurestheaforementionedassetsandliabilities.
QualityassuranceobligationsAccordingtocontracttermsandlegalprovisions,thecompanyprovidesqualityassuranceforsoldgoodsandconstructedprojects.Forwarranty-typequalityassurancesthatensurethesoldgoodsmeetestablishedstandards,theCompanyaccountsfortheminaccordancewithAccountingStandardforBusinessEnterprisesNo.13–Contingencies.Forservice-typequalityassurancesthatprovideaseparateservicebeyondensuringthesoldgoodsmeetestablishedstandards,theCompanytreatsthemasadistinctperformanceobligation.Aportionofthetransactionpriceisallocatedtotheservice-typequalityassuranceinproportiontotherelativestandalonesellingpricesofthegoodsandtheservice-typequalityassurance,andrevenueisrecognizedwhenthecustomerobtainscontroloftheservice.Whenevaluatingwhetherqualityassuranceprovidesaseparateservicebeyondensuringthatthesoldgoodsmeetestablishedstandards,thecompanyconsidersfactorssuchaswhetherthequalityassuranceisalegalrequirement,thewarrantyperiod,andthenatureofthecompany'scommitmenttoperformtasks.PrincipalandagentWhetherthecompanyistheprincipalresponsiblepersonoragentinatransactionisdeterminedbywhetherthecompanyhascontroloverthegoodsorservicesbeforethetransfertothecustomer.Ifthecompanyisabletocontrolthegoodsorservicesbeforethetransferofthegoodsorservicestothecustomer,thecompanyisthemainresponsibleperson,andtherevenueisrecognizedonthebasisofthetotalconsiderationreceivedorreceivable.Otherwise,thecompanyactsasanagentandrecognizesrevenuebasedontheexpectedcommissionorfeethatitisentitledtoreceive,whichisdeterminedasthenetamountofthetotalconsiderationreceivedorreceivableminustheamountpayabletootherrelevantparties,orinaccordancewithapre-determinedcommissionamountorpercentage.
CustomerconsiderationpayableIfacontractincludescustomerconsiderationpayable,unlesstheconsiderationisforobtainingotherclearlydistinguishablegoodsorservicesforthecustomer,thecompanydeductsthepayableconsiderationfromthetransactionpriceandreducescurrentrevenueatthelaterofrecognizingrelatedrevenueorpaying(orcommittingtopay)customerconsideration.
UnexercisedcontractualrightsbycustomersWhenthecompanyreceivesadvancepaymentsfromcustomersforgoodsorservices,itfirstrecognizestheamountasaliability,whichisthenconvertedtorevenueuponfulfillmentofrelatedperformanceobligations.Iftheadvancepaymentreceivedbythecompanyisnon-refundableandthecustomermaywaiveallorpartoftheircontractualrights,thecompanyexpectstobeentitledtotheamountrelatedtothewaivedrights,suchamountisrecognizedasrevenueproportionallybasedonthepatternofthecustomerexercisingtheirrights;Otherwise,thecompanyonlyconvertstherelatedbalanceoftheabove-mentionedliabilitytorevenuewhenthelikelihoodofthecustomerrequestingfulfillmentofremainingperformanceobligationsisextremelylow.
ContractmodificationWhenthereisamodificationoftheconstructioncontractbetweenthecompanyandthecustomer:
①Ifthemodificationaddsdistinctconstructionservicesandcontractprice,andthenewcontractpricereflectsthestandalonesellingpriceofthenewconstructionservices,thecompanyaccountsforthemodificationasaseparatecontract;
②Ifthemodificationdoesnotfallundertheabovesituation①,andtheconstructionservicestransferredandnottransferredcanbeclearlydistinguishedonthemodificationdate,thecompanytreatsitasaterminationoftheoriginalcontract,whilemergingtheunfulfilledpartoftheoriginalcontractwiththemodifiedpartintoanewcontractforaccountingpurposes;
③Ifthemodificationdoesnotfallundertheabovesituation①,andtheconstructionservicestransferredandnottransferredcannotbeclearlydistinguishedonthemodificationdate,thecompanytreatsthemodifiedpartaspartoftheoriginalcontractforaccountingpurposes,adjustingthecurrentrevenueonthemodificationdatefortheimpactonpreviouslyrecognizedrevenue.Differentrevenuerecognitionandmeasurementmethodsinvolvedindifferentbusinessmodelsadoptedbythesametypeofbusiness
(2)Specificmethods
Thespecificmethodsofrevenuerecognitionofthecompanyareasfollows:
Watchsalesbusiness
TheCompany'swatchsalesbusinessisaperformanceobligationperformedatacertainpointintime.
A.Onlinesales
Revenueisrecognizedwhentheproductsaredelivered,signedforbythecustomer,andpaymenthasbeenreceivedbytheplatform.
B.Offlinesales
Revenueisrecognizedwhentheproductisdeliveredtothecustomerandacceptedbythecustomer,thepricehasbeenreceivedortherighttoreceivethepaymenthasbeenobtained,andtherelevanteconomicbenefitsarelikelytoflowin.
C.Commissionedsales
Underthecommissionedsalesmodel,theCompanyrecognizesrevenuewhenitreceivesthesaleslistfromthecommissionedsellerandconfirmsthatthecontroloverthegoodshasbeentransferredtothepurchaser.
D.Consignment-in
Undertheconsignment-inmodel,whentheCompanydeliverstheexternalconsignmentproductstothecustomerandconfirmsthatthecontrolofthegoodshasbeentransferredtothebuyer,therevenueisrecognizedbynetmethod.
Precisionmanufacturingbusiness
TheCompany'sprecisionmanufacturingandsalesbusinessfulfillstheperformanceobligationsatapointintime.Domesticsalesrevenueisrecognizedwhenthecompanydeliverstheproducttothecontractuallyagreeddeliverylocation,theproductsareacceptedbythecustomer,paymenthasbeenreceivedortherighttoreceivepaymenthasbeenobtained,andtherelatedeconomicbenefitsarelikelytoflowin.Exportsalesrevenueisrecognizedwhenthecompanyhasdeclaredtheproductsforexportaccordingtothecontract,obtainedtheBillofLading,receivedthepaymentorobtainedtherighttoreceivepayment,andtherelatedeconomicbenefitsarelikelytoflowin.
Propertyleasingbusiness
Fordetailsofspecificaccountingpolicies,pleaserefertoNoteV.41AccountingtreatmentoftheCompanyasalessor.
38.Contractcosts
Contractcostsincludecontractperformancecostsandcontractacquisitioncosts.
CostsincurredbytheCompanyfortheperformanceofacontractarerecognizedascontractperformancecostsandrecordedasanassetwhenthefollowingconditionsaremet:
①Thecostsaredirectlyrelatedtoacurrentorexpectedcontract,includingdirectlabor,directmaterials,manufacturingoverhead(orsimilarcosts),costsexplicitlybornebythecustomer,andothercostsincurredsolelyduetothecontract.
②WheresuchcostincreasestheresourcesoftheCompanyforfulfillingitsperformanceobligationsinthefuture.
③Wheresuchcostisexpectedtoberecovered.IftheincrementalcostincurredbyCOOECforobtainingthecontractisexpectedtoberecovered,thecontractacquisitioncostisrecognizedasanasset.
Assetsrelatedtothecontractcostsareamortizedonthesamebasisastherecognitionoftherevenueofthegoodsorservicesrelatedtotheasset;however,iftheamortizationperiodofthecontractacquisitioncostsislessthanoneyear,theCompanywillincludesuchcostsinthecurrentprofitorlosswhenincurred.Ifthecarryingamountoftheassetrelatedtocontractcostsexceedsthedifferencebetweenthefollowingtwoitems,theCompanywillmakeanimpairmentprovisionfortheexcessandrecognizeitasanassetimpairmentloss,furtherconsideringwhethertoaccrueestimatedliabilitiesrelatedtolosscontracts:
①Wheretheremainingconsiderationisexpectedtobeobtainedbythetransferofgoodsorservicesrelatedtotheasset;
②Wherethecostsareestimatedtooccurforthetransferoftherelevantgoodsorservices.
Ifasubsequentreversaloftheaforementionedassetimpairmentprovisionoccurs,thecarryingamountoftheassetafterreversalshallnotexceedthecarryingamountoftheassetonthereversaldateassumingnoimpairmentprovisionhadbeenrecognized.
Contractperformancecostsrecognizedasassetsareamortizedoveraperiodnotexceedingoneyearoronenormaloperatingcycleattheinitialrecognitionandpresentedunder"Inventory".Iftheamortizationperiodattheinitialrecognitionexceedsoneyearoronenormaloperatingcycle,theyarepresentedunder"Othernon-currentassets".
Contractacquisitioncostsrecognizedasassets,withanamortizationperiodofnomorethanoneyearoronenormaloperatingcycleattheinitialrecognition,arepresentedunder"Othercurrentassets".Iftheamortizationperiodattheinitialrecognitionexceedsoneyearoronenormaloperatingcycle,theyarepresentedunder"Othernon-currentassets".
39.Governmentsubsidies
(1)Recognitionofgovernmentsubsidies
Governmentgrantscannotberecognizedunlesstheysimultaneouslysatisfythefollowingconditions:
①Thecompanyisabletomeettheconditionsattachedtothegovernmentgrants;
②Thecompanyisabletoreceivethegovernmentgrants.
(2)Measurementofgovernmentgrants
Governmentgrantsintheformofmonetaryassetsaremeasuredattheamountreceivedorreceivable.Non-monetarygovernmentgrantsaremeasuredatfairvalue;Iffairvaluecannotbereliablydetermined,theyaremeasuredatthenominalamountofRMB1.
(3)Accountingtreatmentofgovernmentgrants
①Governmentgrantsrelatedtoassets
Governmentgrantsobtainedbythecompanyfortheacquisition,constructionorformationoflong-termassetsaredividedasasset-relatedgovernmentgrants.Asset-relatedgovernmentgrantsrecognizedasdeferredincomearesystematicallyrecognizedinprofitsandlossesovertheusefullifeoftherelevantassetusingareasonableandsystematicmethod.Governmentgrantsmeasuredatanominalamountaredirectlyincludedinthecurrentprofitsandlosses.Whenassetsaresold,transferred,scrapped,ordamagedbeforetheendoftheirusefullife,theremainingbalanceofrelateddeferredincomeistransferredtotheprofitorlossofthecurrentperiodforassetdisposal.
②Governmentgrantsrelatedtoincome
Governmentgrantsotherthanthoserelatedtoassetsareclassifiedasincome-relatedgovernmentgrants.Income-relatedgovernmentgrantsareaccountedforasfollows,dependingonthecircumstances:
Thoseintendedtocompensatethecompanyforfuturecostsandexpensesorlossesarerecognizedasdeferredincomeandareincludedintheprofitorlossoftheperiodwhentherelatedcostsorlossesarerecognized;Thoseintendedtocompensatethecompanyforalreadyincurredcostsandexpensesorlossesaredirectlyincludedinthecurrentprofitorloss.
Forgovernmentgrantsthatincludebothasset-relatedandincome-relatedparts,thedifferentpartsareaccountedforseparately;Ifthosepartsareindistinguishable,theyareclassifiedasincome-relatedgovernmentgrantsinentirety.
Governmentgrantsrelatedtothecompany'sroutineactivitiesarerecognizedasotherincome,inaccordancewiththesubstanceofthebusinesstransaction.GovernmentgrantsnotrelatedtotheCompany'sroutineactivitiesarerecognizedasnon-operatingincomeandexpenses.
③Interestsubsidiesonpolicy-basedpreferentialloans
Whenthefinancedepartmentappropriatesthediscountedinteresttotheloanbank,thentheloanbankprovidestheloansatthepolicy-basedpreferentialinterestratetotheCompany,theloanamountactuallyreceivedistakenasthebook-entryvalue,andrelevantloanexpensesarecalculatedbasedontheprincipaloftheloanandthepolicy-basedpreferentialinterestrate.
WherethefinancedepartmentdirectlyappropriatesthediscountfundstotheCompany,theCompanywillusethecorrespondinginterestdiscounttooffsetrelatedborrowingcosts.
④Governmentgrantsreturn
Whenpreviouslyrecognizedgovernmentgrantsneedtobereturned,iftheywereinitiallydeductedfromthecarryingamountofrelatedassets,theassetcarryingamountshallbeadjusted;Ifthereisabalanceofrelateddeferredincome,thebalanceofdeferredincomeisreduced,andtheexcessisincludedinthecurrentprofitsandlosses;Forothersituations,theyarerecognizeddirectlyinthecurrentprofitorloss.
40.Deferredtaxassetsanddeferredtaxliabilities
Thecompanytypicallyusesthebalancesheetliabilitymethodtorecognizeandmeasuretheimpactoftaxabletemporarydifferencesordeductibletemporarydifferencesonincometaxasdeferredtaxliabilitiesordeferredtaxassets,basedonthetemporarydifferencesbetweenthecarryingamountandtaxbaseofassetsandliabilitiesonthebalancesheetdate.Thecompanydoesnotdiscountdeferredtaxassetsanddeferredtaxliabilities.
(1)Recognitionofdeferredtaxassets
Theimpactofdeductibletemporarydifferences,deductiblelosses,andtaxcreditsthatcanbecarriedforwardtofutureyearsonincometaxiscalculatedatthetaxrateexpectedtoapplyduringthereversalperiodandrecognizedasdeferredtaxassets,limitedtotheextentthatthecompanyislikelytogeneratefuturetaxableincometooffsetthedeductibletemporarydifferences,deductiblelosses,andtaxcredits.
Fordeductibletemporarydifferencesarisingfromtheinitialrecognitionofassetsorliabilitiesintransactionsoreventswiththefollowingcharacteristics,theirimpactonincometaxisnotrecognizedasdeferredtaxassets:
A.Thetransactionisnotabusinesscombination;
B.Thetransactionaffectsneithertheaccountingprofitnorthetaxableincome(ordeductibleloss).
Fordeductibletemporarydifferencesrelatedtoinvestmentsmadebythecompanyinsubsidiaries,associates,andjointventures,theirimpactonincometaxisrecognizedasdeferredtaxassets(only)ifthefollowingtwoconditionsaremet:
A.Thetemporarydifferencesarelikelytoreverseintheforeseeablefuture;
B.Itislikelythatfuturetaxableincomewillbeavailabletooffsetthedeductibletemporarydifferences;
Onthebalancesheetdate,ifthereisconclusiveevidencethatsufficienttaxableincomeislikelytobegeneratedinfutureperiodstooffsetdeductibletemporarydifferences,previouslyunrecognizeddeferredtaxassetsarerecognized.
Onthebalancesheetdate,theCompanyreviewsthebookvalueofdeferredtaxassets.Ifitisunlikelytoobtainsufficienttaxableincometaxestooffsetthebenefitofthedeferredtaxassets,thebookvalueofthedeferredtaxassetsshallbewrittendown.Whenitislikelytoearnsufficienttaxableincome,thewrite-downamountshouldbereversed.
(2)Recognitionofdeferredtaxliabilities
Foralltaxabletemporarydifferencesofthecompany,theirimpactonincometaxismeasuredattheincometaxrateexpectedtoapplyintheperiodofreversal,andisrecognizedasdeferredtaxliabilities,exceptinthefollowingcases:
①Theimpactoftaxabletemporarydifferencesarisingfromthefollowingtransactionsoreventsonincometaxisnotrecognizedasdeferredtaxliabilities:
A.Theinitialrecognitionofgoodwill;
B.Initialrecognitionofassetsorliabilitiesintransactionswiththefollowingcharacteristics:Thetransactionisnotabusinesscombinationanddoesnotaffectaccountingprofitortaxableincomeordeductiblelossatthetimeofoccurrence.
②Theimpactoftaxabletemporarydifferencesrelatedtoinvestmentsmadebythecompanyinsubsidiaries,jointventures,andassociatesonincometaxisgenerallyrecognizedasdeferredtaxliabilities,exceptwhenbothofthefollowingconditionsaremet:
A.Thecompanycancontrolthetimingofthereversalofthetemporarydifference;
B.Thetemporarydifferenceisunlikelytoreverseintheforeseeablefuture.
(3)Recognitionofdeferredtaxliabilitiesorassetsrelatedtospecifictransactionsorevents
①Deferredtaxliabilitiesorassetsrelatedtobusinesscombinations
Fortaxabletemporarydifferencesordeductibletemporarydifferencesarisingfrombusinesscombinationsnotundercommoncontrol,whilerecognizingdeferredtaxliabilitiesorassets,therelevantdeferredtaxexpenses(orincome)shallgenerallyadjustthegoodwillrecognizedinthebusinesscombination.
②Itemsdirectlyincludedinowner'sequity
Currentincometaxanddeferredincometaxrelatedtotransactionsoreventsdirectlyincludedinowner'sequityareincludedinowner'sequity.Transactionsoreventswheretheimpactoftemporarydifferencesonincometaxisrecognizedinowner'sequityinclude:othercomprehensiveincomearisingfromchangesinthefairvalueofotherdebtinvestments,etc.;adjustmentstoopeningretainedearningsthroughretrospectiveapplicationofaccountingpolicychangesorretrospectiverestatementofdifferencesfrompriorperiod(material)accountingerrorcorrections;andinitialrecognitionofhybridfinancialinstrumentscontainingbothliabilityandequitycomponents,wheretheyarerecognizedinowner'sequity,etc.
③Losseseligibleforoffsetandtaxcredits
A.Losseseligibleforoffsetandtaxcreditsarisingfromthecompany'sownoperations
Deductiblelossesrefertolossescalculatedanddeterminedaccordingtotaxlawsthatareallowedtooffsetagainsttaxableincomeinfutureyears.Unutilizedlosses(deductiblelosses)andtaxcreditsthatcanbecarriedforwardtofutureyearsaccordingtotaxlawsaretreatedasdeductibletemporarydifferences.Whenitishighlyprobablethatsufficienttaxableincomewillbeobtainedinfutureperiodswherelosseseligibleforoffsetortaxcreditscanbeutilized,deferredtaxassetsarerecognizedtotheextentoftheprobabletaxableincome,whilereducingtheincometaxexpenseinthecurrentincomestatement.
B.Unutilizedlossesofthemergedentitythatcanbeoffsetduetobusinesscombinations
Inabusinesscombination,ifthecompanyacquiresdeductibletemporarydifferencesoftheacquireethatdonotmeettheconditionsforrecognizingdeferredtaxassetsontheacquisitiondate,theyarenotrecognized.Within12monthsaftertheacquisitiondate,ifneworfurtherinformationindicatesthattherelevantcircumstancesontheacquisitiondatealreadyexistedandtheeconomicbenefitsfromtheacquiree'sdeductibletemporarydifferencesontheacquisitiondateareexpectedtoberealized,therelateddeferredtaxassetsarerecognized,whilereducinggoodwill.Ifgoodwillisinsufficienttooffset,thedifferenceisrecognizedascurrentprofitorloss;Exceptfortheabovesituations,deferredtaxassetsrelatedtobusinesscombinationsarerecognizedinthecurrentprofitorloss.
④Temporarydifferencesarisingfromconsolidationelimination
Whenthecompanypreparestheconsolidatedfinancialstatements,iftemporarydifferencesarisebetweenthebookvaluesofassetsandliabilitiesintheconsolidatedbalancesheetandtheirtaxbasesintherespectivetaxentitiesduetotheeliminationofunrealizedinternaltransactionprofitsandlosses,deferredtaxassetsordeferredtaxliabilitiesshallberecognizedintheconsolidatedbalancesheet,withacorrespondingadjustmenttoincometaxexpenseintheconsolidatedincomestatement,exceptfordeferredtaxesrelatedtotransactionsoreventsdirectlyrecognizedinowner'sequityandbusinesscombinations.
⑤Equity-settledshare-basedpayment
Iftaxlawsallowpre-taxdeductionsforexpensesrelatedtoshare-basedpayments,duringtheperiodwhencostsandexpensesarerecognizedaccordingtoaccountingstandards,thecompanyestimatestheamountdeductiblebeforetaxbasedoninformationobtainedattheendoftheaccountingperiodtodetermineitstaxbaseandresultingtemporarydifferences.Deferredtaxisrecognizediftherecognitionconditionsaremet.Iftheestimatedamountdeductiblebeforetaxinfutureperiodsexceedsthecostsandexpensesrelatedtoshare-basedpaymentsrecognizedaccordingtoaccountingstandards,thetaximpactoftheexcessshouldbedirectlyrecognizedinowner'sequity.
(4)Basisforpresentationofdeferredtaxassetsanddeferredtaxliabilitiesasnetamount
DeferredtaxassetsandliabilitiesarepresentedbytheCompanyasanetamountwhenthefollowingconditionsaremetsimultaneously:
①TheCompanyhasthelegalrighttosettlethecurrenttaxassetsandcurrenttaxliabilitieswithnetamount;
②Deferredtaxassetsanddeferredtaxliabilitiesarerelatedtotheincometaxwhichareimposedonthesametaxpayerbythesametaxcollectionauthorityorondifferenttaxpayers,but,ineachimportantfutureperiodinconnectionwiththereverseofdeferredtaxassetsanddeferredtaxliabilities,theinvolvedtaxpayerintendstobalancetaxassetsandliabilitiesforthisperiodwithnetsettlementatthetimeofobtainingassetsanddischargingliabilities,deferredtaxassetsanddeferredtaxliabilitiesshallbepresentedbasedonthenetamountafteroffset.
41.Leasing
(1)Accountingtreatmentmethodofleasingasalessee
1)AccountingtreatmentmethodforthecompanyasalesseeOntheleasecommencementdate,thecompanyclassifiesleaseswithatermofnomorethan12monthsandwithoutpurchaseoptionsasshort-termleases;Leasesthatareoflowvalueareclassifiedaslow-valueassetleaseswhentheindividualleasedassetisnew.IftheCompanysubletsoranticipatessublettingtheleasedassets,theoriginalleaseisnotrecognizedasalow-valueassetlease.
Forallshort-termleasesandlow-valueassetleases,thecompanyrecognizesleasepaymentsinthecostofrelatedassetsorcurrentprofitorlossonastraight-linebasisovertheleaseterm.
Exceptfortheshort-termleasesandlow-valueassetleasessubjecttosimplifiedtreatmentmentionedabove,thecompanyrecognizesright-of-useassetsandleaseliabilitiesontheleasecommencementdate.
①Right-of-useassets
Aright-of-useassetreferstothelessee'srighttousetheleasedassetduringtheleaseterm.
Atthecommencementdateofthelease,theright-of-useassetisinitiallymeasuredatcost.Thecostincludes:
?Theinitialmeasurementamountoftheleaseliability;?Theleasepaymentmadeonorbeforetheleasecommencementdate,ortherelevantamountafterdeductingtheleaseincentivealreadyenjoyedifany;·Initialdirectcostsincurredbythelessee;·Costsexpectedtobeincurredbythelesseefordismantlingandremovingleasedassets,restoringthesitewheretheleasedassetsarelocated,orrestoringtheleasedassetstothestateagreeduponintheleaseterms.Thecompanyrecognizesandmeasuresthesecostsaccordingtotherecognitioncriteriaandmeasurementmethodsforestimatedliabilities,asdetailedinNoteV,34.Theaforementionedcosts,ifincurredforproducinginventory,willbeincludedininventorycosts.Depreciationoftheright-of-useassetsiscalculatedusingthestraight-linemethodovertheusefullife.Forleasedassetswhereownershipisreasonablycertaintobeobtainedattheendoftheleaseterm,thedepreciationrateisdeterminedbasedonthecategoryoftheright-of-useassetsandtheestimatednetresidualvaluerateovertheexpectedremainingusefullifeoftheleasedassets;Forleasedassetswhereownershipisnotreasonablycertaintobeobtainedattheendoftheleaseterm,thedepreciationrateisdeterminedbasedonthecategoryoftheright-of-useassetsovertheshorteroftheleasetermortheremainingusefullifeoftheleasedassets.
②LeaseliabilitiesLeaseliabilitiesshallbeinitiallymeasuredatthepresentvalueoftheleasepaymentsnotyetpaidatthecommencementdateofthelease.Leasepaymentsincludethefollowingfiveitems:
Fixedpaymentandsubstantialfixedpayment,andtherelevantamountafterdeductingtheleaseincentiveifany;Variableleasepaymentsdependingonindexorratio;Exercisepriceofthepurchasedoption,providedthatthelesseereasonablydeterminesthattheoptionwillbeexercised;Theamounttobepaidfortheexerciseoftheleaseterminationoptions,providedthattheleasetermreflectsthatthelesseewillexercisetheoptionstoterminatethelease;Paymentsexpectedtobemadebasedontheguaranteedresidualvalueprovidedbythelessee.Whencalculatingthepresentvalueofleasepayments,theinterestrateimplicitinleaseisusedasthediscountrate.Iftheinterestrateimplicitinleasecannotbedetermined,thecompany'sincrementalborrowingrateisusedasthediscountrate.Thedifferencebetweenleasepaymentsandtheirpresentvalueistreatedasunrecognizedfinancingexpenses,recognizedasinterestexpensesatthediscountratefordeterminingthepresentvalueofleasepaymentsduringeachperiodoftheleaseterm,andincludedinthecurrentprofitorloss.Variableleasepaymentsthatarenotincludedintheleaseliabilitiesareincludedincurrentprofitorlosswhenincurred.
Afterthecommencementdateofthelease,iftherearechangesinthesubstantiallyfixedpayments,expectedamountspayableunderresidualvalueguarantees,indicesorratesusedtodetermineleasepayments,ortheassessmentoractualexerciseofoptionstopurchase,renew,orterminatethelease,thecompanyremeasurestheleaseliabilityusingthepresentvalueoftherevisedleasepaymentsandcorrespondinglyadjuststhecarryingamountoftheright-of-useasset.
2)Accountingtreatmentofleasemodifications
①Leasemodificationasaseparatelease
Ifthereisaleasemodification,anditmeetsthefollowingconditions,thecompanywilltreatitasaseparatelease:
A.Theleasemodificationexpandstheleasescopebyaddingtherighttouseoneormoreleasedassets;B.Theincreasedconsiderationisequivalenttotheindividualpriceoftheexpandedpartadjustedaccordingtothecontract.
②Leasemodificationnotasaseparatelease
A.Thecompanyasthelessee
Ontheeffectivedateoftheleasemodification,thecompanyre-determinestheleasetermanddiscountsthemodifiedleasepaymentsusingthereviseddiscountratetore-measuretheleaseliability.Whencalculatingthepresentvalueofmodifiedleasepayments,theinterestrateimplicitinleaseoftheremainingleasetermisusedasthediscountrate;Iftheinterestrateimplicitinleaseoftheremainingleasetermcannotbedetermined,theincrementalborrowingrateontheeffectivedateoftheleasemodificationisusedasthediscountrate.
Fortheimpactoftheaboveleaseliabilityadjustments,accountingtreatmentisdistinguishedasfollows:
·Ifaleasechangeresultsinareductioninthescopeoftheleaseorashorteningoftheleaseterm,thebookvalueoftheright-of-useassetisreducedandthegainorlossrelatedtothepartialorcompleteterminationoftheleaseisrecognizedincurrentprofitorloss;
·Otherleasemodifications,adjustingthecarryingamountoftheright-of-useassetaccordingly.
3)Saleandleaseback
ThecompanyevaluatesanddetermineswhethertheassettransferinasaleandleasebacktransactionisasaleaccordingtoNoteV,37.
Thecompanyastheseller(lessee)
Iftheassettransferinasaleandleasebacktransactiondoesnotqualifyasasale,thecompanycontinuestorecognizethetransferredassetandrecognizesafinancialliabilityequaltothetransferincome,accountingforthisfinancialliabilityaccordingtoNoteV,11.Forassettransfersthatqualifyassales,thecompanymeasurestheright-of-useassetformedbythesale-and-leasebackbasedontheportionoftheoriginalasset'scarryingamountrelatedtotheright-to-useobtainedfromtheleaseback,andrecognizesanygainorlossrelatedtotherightstransferredtothelessor.
(2)Accountingtreatmentmethodofleasingasalessor
1)Accountingtreatmentmethodforthecompanyasalessor
Attheleasecommencementdate,thecompanyclassifiesleasesthatsubstantiallytransferallrisksandrewardsrelatedtoownershipoftheleasedassetasfinanceleases;othersareoperatingleases.
①Operatinglease
Duringeachperiodoftheleaseterm,thecompanyrecognizesleasereceiptsasrentalincomeonastraight-linebasis,capitalizesinitialdirectcosts,andallocatesthemonthesamebasisasrentalincomerecognition,recognizingtheminprofitorlossfortheperiod.VariableleasepaymentsobtainedbytheCompanyrelatedtooperatingleasesthatarenotincludedinleasereceiptsarerecognizedinthecurrentprofitorlosswhentheyoccur.
②FinanceLease
Attheleasecommencementdate,thecompanyrecognizesfinanceleasereceivablesatthenetinvestmentinthelease(thesumoftheunguaranteedresidualvalueandthepresentvalueoftheleasereceiptsnotyetreceivedattheleasecommencementdate,discountedattheinterestrateimplicitinlease)andderecognizesthefinanceleaseasset.Duringeachperiodoftheleaseterm,thecompanycalculatesandrecognizesinterestincomeusingtheinterestrateimplicitinlease.
ThevariableleasepaymentsobtainedbytheCompanythatarenotincludedinthemeasurementofnetleaseinvestmentareincludedinthecurrentprofitandlosswhentheyactuallyoccur.
2)Accountingtreatmentofleasemodifications
①Leasemodificationasaseparatelease
Ifaleasechangesandmeetsallthefollowingconditions,theCompanywillaccountfortheleasechangeasaseparatelease:
A.Theleasechangeexpandsthescopeoftheleasebyaddingoneormorerightstousetheleasedassets;B.Theincreasedconsiderationisequivalenttotheindividualpriceoftheexpandedpartadjustedaccordingtothecontract.
②LeasemodificationnotasaseparateleaseB.TheCompanyasthelessorIfachangeinanoperatingleaseoccurs,theCompanyaccountsforitasanewleasefromtheeffectivedateofthechange,andtheamountofleasereceiptsreceivedinadvanceorreceivableinconnectionwiththeleasepriortothechangeisconsideredastheamountreceivedunderthenewlease.Ifachangeinafinanceleaseisnotaccountedforasaseparatelease,thecompanywillhandlethechangedleaseunderthefollowingcircumstances:Iftheleasechangetakeseffectontheleasecommencementdateandtheleaseisclassifiedasanoperatinglease,thecompanywillaccountforitasanewleasefromtheeffectivedateoftheleasechange,andusethenetinvestmentintheleasebeforetheeffectivedateoftheleasechangeasthecarryingamountoftheleasedasset;Iftheleasechangebecomeseffectiveontheleasecommencementdateandtheleaseisclassifiedasafinancelease,theCompanyaccountsfortheleaseinaccordancewiththeregulationsonmodificationorrenegotiationofcontracts.
3)SaleandleasebackThecompanyasthebuyer(lessor)Iftheassettransferinasaleandleasebacktransactiondoesnotqualifyasasale,thecompanydoesnotrecognizethetransferredassetbutrecognizesafinancialassetequaltothetransferincomeandaccountsforthisfinancialassetaccordingtoNoteV,11.Iftheassettransferqualifiesasasale,thecompanyaccountsfortheassetpurchaseaccordingtootherapplicableenterpriseaccountingstandardsandaccountsfortheassetlease.
42.Othersignificantaccountingpoliciesandaccountingestimates
Notapplicable
43.Changesinsignificantaccountingpoliciesandestimates
(1)ChangesinsignificantaccountingpoliciesNotapplicable
(2)ChangesinsignificantaccountingestimatesNotapplicable
(3)Adjustmentofitemsrelatedtothefinancialstatementsatthebeginningoftheyearwhenthenewaccountingstandardsareimplementedforthefirsttimesince2025Notapplicable
44.OthersNotapplicable
VI.Taxation
1.Maintaxesandtaxrates
| Taxtype | Taxbasis | Taxrate |
| Valueaddedtax(VAT) | Taxableincome | Calculateoutputtaxat5%,6%,9%,13%ofsalesandpayafterdeductinginputtaxasperregulations |
| Consumptiontax | Taxablepriceofhigh-endwatchsalesincomeandsalesquantity | 20% |
| Urbanmaintenanceandconstructiontax | Turnovertaxpayable | 5%,7% |
| Enterpriseincometax | Taxableincome | Seethetablebelowfordetails |
| Propertytaxes | Taxbasis:70%or80%oftheoriginalvalueofthehouseproperty | 1.2%,12% |
Notestodisclosureofenterpriseswithdifferententerpriseincometaxrates
| Nameoftaxpayer | Incometaxrate |
| FIYTAPrecisionTechnologyCo.,Ltd. | 25% |
| ShenzhenHarmonyWorldWatchCentreCo.,Ltd.(①) | 25% |
| FIYTASalesCo.,Ltd.(①) | 25% |
| ShenzhenFIYTAPrecisionTechnologyCo.,Ltd.(②) | 15% |
| ShenzhenFIYTASTDCo.,Ltd.(②) | 15% |
| ShenzhenHarmonyWorldWatchCentreCo.,Ltd.(⑤) | 20% |
| ShenzhenXunhangPrecisionTechnologyCo.,Ltd. | 25% |
| EmileChourietHorologe(Shenzhen)Co.,Ltd. | 25% |
| LiaoningHengdaruiCommerceandTradeCo.,Ltd. | 25% |
| Temporal(Shenzhen)Co.,Ltd. | 25% |
| ShenzhenHarmonyE-commerceCo.,Ltd.(⑤) | 20% |
| FIYTA(HONGKONG)LIMITED(③) | 16.5% |
| MontresChourietSA(④) | 30% |
Note①:Accordingtotherelevantprovisionsofthe"InterimMeasuresfortheAdministrationofEnterpriseIncomeTaxCollectionforEnterpriseswithTrans-regionalOperationsandConsolidatedTaxPayments"issuedbytheStateAdministrationofTaxation,theheadquartersanditssubordinatebranchesofsuchcompaniesimplementaconsolidatedtaxpaymentmethodforenterpriseincometax.Thismethodinvolves"unifiedcalculation,hierarchicalmanagement,localprepayment,consolidatedsettlement,andfiscaltransferofaccounts."50%oftheprepaymentissharedamongbranches,and50%issharedbytheheadoffice;Note②:Thesecompaniesenjoythe"taxratereductionandexemptionforhigh-techenterprisesthatneedkeysupportfromthestate";Note③:theCompany'sregisteredlocationisHongKong,andthelocalprofitstaxinHongKongisapplicable,andtheapplicabletaxrateforthisyearis16.50%;Note④:theCompanyisregisteredinSwitzerland.Accordingtotheapplicabletaxrateinregistrationlocation,thecomprehensivetaxrateforthisyearis30%;Notes⑤:thesecompaniesaresmalllow-profitenterprisesandaresubjecttoenterpriseincometaxatarateof20%.
2.TaxpreferenceAccordingtotheprovisionsoftheEnterpriseIncomeTaxLawofthePeople'sRepublicofChina,high-techenterprisesthatneedkeysupportfromthestateshallbesubjecttoenterpriseincometaxatareducedrateof15%.Thesubsidiaryofthecompany,ShenzhenFIYTAPrecisionTechnologyCo.,Ltd.,wasrecognizedasahigh-tech
enterprisein2024,withcertificatenumberGR202444200965,validforthreeyears,andenjoysa15%enterpriseincometaxrateduringthevalidityperiod.Thesubsidiaryofthecompany,ShenzhenFIYTATechnologyDevelopmentCo.,Ltd.,wasrecognizedasahigh-techenterprisein2022,withcertificatenumberGR202244204678,validforthreeyears,andenjoysa15%enterpriseincometaxrateduringthevalidityperiod.
Accordingtothe"AnnouncementonPreferentialIncomeTaxPoliciesforSmallandMicroEnterprisesandIndividualBusinesses"(CS[2023]No.6)issuedbytheMinistryofFinanceandtheStateAdministrationofTaxation,smallandmicro-profitenterprisesincludeonly25%oftheirtaxableincomeandpayenterpriseincometaxatarateof20%.
Accordingtothe"NoticeonExtendingtheLossCarryForwardPeriodforHigh-TechEnterprisesandTechnology-BasedSmallandMedium-SizedEnterprises"(CS[2018]No.76)issuedbytheMinistryofFinanceandtheStateAdministrationofTaxation,startingfromJanuary1,2018,lossesincurredinthefivefiscalyearspriortoobtaininghigh-techenterprisequalificationthathavenotyetbeenoffsetareallowedtobecarriedforwardtosubsequentyearsforoffsetting,withthemaximumcarryforwardperiodextendedfrom5yearsto10years.
Accordingtothe"AnnouncementonFurtherImprovingthePolicyofPre-taxAdditionalDeductionofR&DExpenses"(CS[2023]No.7)issuedbytheMinistryofFinanceandtheStateAdministrationofTaxation,startingfromJanuary1,2023,enterprises'actualR&DexpensesincurredinconductingR&Dactivities,whicharenotconvertedintointangibleassetsandareincludedinthecurrentprofitandloss,canbeadditionallydeductedat100%oftheactualamountincurredontopoftheactualdeductionasperregulations;Whereintangibleassetsareformed,theyshallbeamortizedbeforetaxat200%ofthecostofintangibleassetsasofJanuary1,2023.
Since2019,HongKongimplementedatwo-tieredprofitstaxregime,wherebytheprofitstaxrateforthefirstHKD2,000,000ofprofitsearnedbyHongKongcompaniesisreducedto8.25%,andtheremainingprofitsaretaxedatthestandardrateof16.5%.
3.OthersNotapplicableVII.Notestoconsolidatedfinancialstatementsitems
1.Monetaryfunds
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Cashonhand | 13,115.08 | 76,344.01 |
| Bankdeposit | 19,791,498.38 | 18,205,968.96 |
| Othermonetaryfunds | 4,008,217.17 | 2,055,640.10 |
| Depositinfinancecompanies | 515,494,103.34 | 498,616,224.42 |
| Total | 539,306,933.97 | 518,954,177.49 |
| Including:totalamountdepositedabroad | 499,487.91 | 6,150,258.49 |
4.OtherexplanationsNote1:ThedepositsinfinancecompaniesweremainlythedepositsinAVICFinanceCo.,Ltd.Note2:AsofJune30,2025,thecompanyhadnopledged,frozen,orpotentiallyrecoverablefunds.Detailsofthefundsplacedoverseaswithrestrictionsonrepatriationareasfollows:
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Fundsplacedoverseaswithrestrictionsonfundrepatriation | 499,487.91 | 6,150,258.49 |
2.Tradingfinancialassets
Notapplicable
3.DerivativefinancialassetsNotapplicable
4.Notesreceivable
(1)Classifiedpresentationofnotesreceivable
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Bankacceptancenote | 989,123.16 | 9,184,912.30 |
| Commercialacceptancenote | 12,901,833.63 | 20,426,688.30 |
| Total | 13,890,956.79 | 29,611,600.60 |
(2).Disclosureunderthemethodsofprovisionforbaddebtsbycategory
Unit:yuan
| Type | Balanceattheendoftheperiod | Beginningbalance | ||||||||
| Bookbalance | Provisionforbaddebts | Bookvalue | Bookbalance | Provisionforbaddebts | Bookvalue | |||||
| Amount | Ratio | Amount | Drawingpercentages | Amount | Ratio | Amount | Drawingpercentages | |||
| Including: | ||||||||||
| Notesreceivablewithprovisionforbaddebtsbycombination | 14,289,982.57 | 100.00% | 399,025.78 | 2.79% | 13,890,956.79 | 30,686,689.46 | 100.00% | 1,075,088.86 | 3.50% | 29,611,600.60 |
| Including: | ||||||||||
| Commercialacceptancedraft | 13,300,859.41 | 93.08% | 399,025.78 | 3.00% | 12,901,833.63 | 21,501,777.16 | 70.07% | 1,075,088.86 | 5.00% | 20,426,688.30 |
| combination | ||||||||||
| Bankacceptancebillcombination | 989,123.16 | 6.92% | 989,123.16 | 9,184,912.30 | 29.93% | 9,184,912.30 | ||||
| Total | 14,289,982.57 | 100.00% | 399,025.78 | 2.79% | 13,890,956.79 | 30,686,689.46 | 100.00% | 1,075,088.86 | 3.50% | 29,611,600.60 |
Nameofprovisionwithprovisionforbaddebtsbycombination:commercialacceptancebillcombination
Unit:yuan
| Name | Balanceattheendoftheperiod | ||
| Bookbalance | Provisionforbaddebts | Drawingpercentages | |
| Commercialacceptancedraftcombination | 13,300,859.41 | 399,025.78 | 3.00% |
| Total | 13,300,859.41 | 399,025.78 | |
Descriptionofthebasisfordeterminingthecombination:receivablesofthesameaginghavesimilarcreditriskcharacteristics.Nameofprovisionwithprovisionforbaddebtsbycombination:bankacceptancebillcombination
Unit:yuan
| Name | Balanceattheendoftheperiod | ||
| Bookbalance | Provisionforbaddebts | Drawingpercentages | |
| Bankacceptancebillcombination | 989,123.16 | ||
| Total | 989,123.16 | ||
Descriptionofthebasisfordeterminingthecombination:Thedrawerhasahighcreditrating,andhasnobilldefaultinhistory,sotheriskofcreditlossisextremelylow,andalsohasastrongabilitytofulfilltheobligationtopaythecashflowofthecontractinashortperiodoftime.Iftheprovisionforbaddebtsofnotesreceivableismadeaccordingtothegeneralexpectedcreditlossmodel:
Notapplicable
(3)Statusofbaddebtprovision,recovery,orreversalfortheperiod
Provisionforbaddebtsinthecurrentperiod:
Unit:yuan
| Type | Beginningbalance | Changeinthisperiod | Balanceattheendoftheperiod | |||
| Provision | Recoveryorreversal | Write-off | Others | |||
| Notesreceivablewithprovisionforbaddebtsbyindividual | ||||||
| Notesreceivablewithprovisionforbaddebtsby | ||||||
| combination | |||||
| Including:commercialacceptancebillcombination | 1,075,088.86 | 676,063.08 | 399,025.78 | ||
| Bankacceptancebillcombination | |||||
| Total | 1,075,088.86 | 676,063.08 | 399,025.78 |
Significantamountsofbaddebtrecoveryorreversalinthecurrentperiod:
Notapplicable
(4)NotesreceivablepledgedbytheCompanyattheendoftheperiodNotapplicable
(5)Receivablesnotesordiscountedatperiod-endnotyetdueontheCompany'sbalancesheetdate
Unit:yuan
| Item | Terminationconfirmationamountatperiod-end | Unconfirmedamountatperiod-end |
| Bankacceptancenote | 6,490,722.31 | 0.00 |
| Total | 6,490,722.31 | 0.00 |
(6).Situationofnotesreceivableactuallywrittenoffinthecurrentperiod
Notapplicable
5.Accountsreceivable
1.Disclosurebyaging
Unit:yuan
| Aging | Bookbalanceasattheendoftheyear | Bookbalanceasatthebeginningoftheyear |
| Within1year(including1year) | 300,381,958.80 | 271,349,349.06 |
| 1-2years | 7,545,096.05 | 764,175.79 |
| 2-3years | 841,064.19 | 1,410,843.36 |
| Over3years | 18,893,207.66 | 20,138,406.23 |
| 3-4years | 1,183,000.38 | 2,958,803.32 |
| 4-5years | 1,434,207.12 | 17,179,602.91 |
| Over5years | 16,276,000.16 | |
| Total | 327,661,326.70 | 293,662,774.44 |
(2).Disclosureunderthemethodsofprovisionforbaddebtsbycategory
Unit:yuan
| Type | Balanceattheendoftheperiod | Beginningbalance | ||||||||
| Bookbalance | Provisionforbaddebts | Bookvalue | Bookbalance | Provisionforbaddebts | Bookvalue | |||||
| Amount | Ratio | Amount | Drawingpercentages | Amount | Ratio | Amount | Drawingpercentages | |||
| Accountsreceivablewithprovisionforbaddebtsbyindividual | 22,527,523.01 | 6.88% | 21,482,673.17 | 95.36% | 1,044,849.84 | 25,816,016.35 | 8.79% | 24,222,124.31 | 93.83% | 1,593,892.04 |
| Including: | ||||||||||
| Accountsreceivablewithprovisionforbaddebtsbycombination | 305,133,803.69 | 93.12% | 10,626,481.20 | 3.48% | 294,507,322.49 | 267,846,758.09 | 91.21% | 9,287,815.70 | 3.47% | 258,558,942.39 |
| Including: | ||||||||||
| Combinationofreceivablesfromcustomers | 305,133,803.69 | 93.12% | 10,626,481.20 | 3.48% | 294,507,322.49 | 267,846,758.09 | 91.21% | 9,287,815.70 | 3.47% | 258,558,942.39 |
| Total | 327,661,326.70 | 100.00% | 32,109,154.37 | 9.80% | 295,552,172.33 | 293,662,774.44 | 100.00% | 33,509,940.01 | 11.41% | 260,152,834.43 |
Categorynameofprovisionforbaddebtsbyindividual:accountsreceivablefromcustomers
Unit:yuan
| Name | Beginningbalance | Balanceattheendoftheperiod | ||||
| Bookbalance | Provisionforbaddebts | Bookbalance | Provisionforbaddebts | Drawingpercentages | Reasonforprovision | |
| Receivablesfrom | 25,816,016.35 | 24,222,124.31 | 22,527,523.01 | 21,482,673.17 | 95.36% | Existenceofdisputes,poor |
| customers | operationofcustomers,etc. | |||||
| Total | 25,816,016.35 | 24,222,124.31 | 22,527,523.01 | 21,482,673.17 |
Categorynameofprovisionforbaddebtsbycombination:combinationofaccountsreceivablefromcustomers
Unit:yuan
| Name | Balanceattheendoftheperiod | ||
| Bookbalance | Provisionforbaddebts | Drawingpercentages | |
| Combinationofreceivablesfromcustomers | 305,133,803.69 | 10,626,481.20 | 3.48% |
| Total | 305,133,803.69 | 10,626,481.20 | |
Descriptionofthebasisfordeterminingthecombination:receivablesofthesameaginghavesimilarcreditriskcharacteristics.Iftheprovisionforbaddebtsofaccountsreceivableismadeaccordingtothegeneralexpectedcreditlossmodel:
Notapplicable
(3)Statusofbaddebtprovision,recovery,orreversalfortheperiod
Provisionforbaddebtsinthecurrentperiod:
Unit:yuan
| Type | Beginningbalance | Changeinthisperiod | Balanceattheendoftheperiod | |||
| Provision | Recoveryorreversal | Write-off | Others | |||
| Accountsreceivablewithprovisionforexpectedcreditlossesbyindividual | 24,222,124.31 | 2,739,451.14 | 21,482,673.17 | |||
| Accountsreceivablewithprovisionforexpectedcreditlossesbycombination | 9,287,815.70 | 1,462,497.53 | 123,832.03 | 10,626,481.20 | ||
| Total | 33,509,940.01 | 1,462,497.53 | 2,863,283.17 | 32,109,154.37 | ||
Significantamountsofbaddebtrecoveryorreversalinthecurrentperiod:
Notapplicable
(4).SituationofaccountsreceivableactuallywrittenoffinthecurrentperiodNotapplicable
(5)Accountsreceivableandcontractualassetscollectedfromthedebtorswhichrankthefirstfiveattheendofperiod
Unit:yuan
| Entityname | Endingbalanceofaccountsreceivable | Endingbalanceofcontractassets | Endingbalancesofaccountsreceivableandcontractassets | Proportioninthetotalendingbalanceofaccountsreceivableandcontractualassets | Endingbalanceofprovisionforbaddebtsofaccountsreceivableandprovisionforimpairmentofcontractualassets |
| Summaryofaccountsreceivablewhichranksthefirstfiveattheendofperiod | 71,318,011.88 | 71,318,011.88 | 21.77% | 3,565,900.59 | |
| Total | 71,318,011.88 | 71,318,011.88 | 21.77% | 3,565,900.59 |
6.Contractassets
Notapplicable
7.ReceivablesfinancingNotapplicable
8.Otherreceivables
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Otherreceivables | 56,382,345.03 | 56,982,351.27 |
| Total | 56,382,345.03 | 56,982,351.27 |
(1)Interestreceivable
1)ClassificationofinterestreceivableNotapplicable
2)ImportantoverdueinterestNotapplicable
3).DisclosureunderthemethodsofprovisionforbaddebtsbycategoryNotapplicable
4).Statusofbaddebtprovision,recovery,orreversalfortheperiodNotapplicable
5)SituationofinterestreceivableactuallywrittenoffinthecurrentperiodNotapplicable
(2)Dividendsreceivable
1)ClassificationofdividendsreceivableNotapplicable
2)Importantdividendsreceivablewithagingover1yearNotapplicable
3).DisclosureunderthemethodsofprovisionforbaddebtsbycategoryNotapplicable
4).Statusofbaddebtprovision,recovery,orreversalfortheperiodNotapplicable
5)SituationofdividendsreceivableactuallywrittenoffinthecurrentperiodNotapplicable
(3)Otherreceivables
1)Classificationofotherreceivablesbynature
Unit:yuan
| Natureofpayment | Bookbalanceasattheendoftheyear | Bookbalanceasatthebeginningoftheyear |
| Employeereserve | 3,060,132.82 | 1,282,327.49 |
| Marginanddeposits | 52,144,234.33 | 52,384,967.00 |
| Others | 5,371,617.85 | 7,654,517.91 |
| Total | 60,575,985.00 | 61,321,812.40 |
2)Disclosurebyaging
Unit:yuan
| Aging | Bookbalanceasattheendoftheyear | Bookbalanceasatthebeginningoftheyear |
| Within1year(including1year) | 58,460,481.17 | 59,521,049.33 |
| 1-2years | 703,757.40 | 302,069.34 |
| 2-3years | 411,274.63 | 219,738.83 |
| Over3years | 1,000,471.80 | 1,278,954.90 |
| 3-4years | 68,631.90 | 119,250.00 |
| 4-5years | 350,764.90 | 1,159,704.90 |
| Over5years | 581,075.00 | 0.00 |
| Total | 60,575,985.00 | 61,321,812.40 |
3).Disclosureunderthemethodsofprovisionforbaddebtsbycategory
Unit:yuan
| Type | Balanceattheendoftheperiod | Beginningbalance | ||||||||
| Bookbalance | Provisionforbaddebts | Bookvalue | Bookbalance | Provisionforbaddebts | Bookvalue | |||||
| Amount | Ratio | Amount | Drawingpercentages | Amount | Ratio | Amount | Drawingpercentages | |||
| Provisionforbaddebtsaccruedonanindividualbasis | 1,399,596.83 | 2.31% | 1,399,596.83 | 100.00% | 1,534,987.77 | 2.50% | 1,467,292.30 | 95.59% | 67,695.47 | |
| Including: | ||||||||||
| Provisionforbaddebtsmadebyportfolio | 59,176,388.17 | 97.69% | 2,794,043.14 | 4.72% | 56,382,345.03 | 59,786,824.63 | 97.50% | 2,872,168.83 | 4.80% | 56,914,655.80 |
| Including: | ||||||||||
| Combinationofmarginanddepositreceivables | 51,444,078.98 | 84.92% | 2,592,042.70 | 5.04% | 48,852,036.28 | 51,515,791.06 | 84.01% | 2,629,814.29 | 5.10% | 48,885,976.77 |
| Combinationofemployeereservereceivable | 3,060,132.82 | 5.05% | 3,060,132.82 | 1,282,327.49 | 2.09% | 1,282,327.49 | ||||
| Combinationofotherfinancings | 4,672,176.37 | 7.71% | 202,000.44 | 4.32% | 4,470,175.93 | 6,988,706.08 | 11.40% | 242,354.54 | 3.47% | 6,746,351.54 |
| Total | 60,575,985.00 | 100.00% | 4,193,639.97 | 6.92% | 56,382,345.03 | 61,321,812.40 | 100.00% | 4,339,461.13 | 7.08% | 56,982,351.27 |
Numberofcategorieswithprovisionforbaddebtsbyindividual:1
Categorynameofprovisionforbaddebtsbyindividual:otheraccountsreceivable
Unit:yuan
| Name | Beginningbalance | Balanceattheendoftheperiod | ||||
| Bookbalance | Provisionforbaddebts | Bookbalance | Provisionforbaddebts | Drawingpercentages | Reasonforprovision | |
| Otherreceivables | 1,534,987.77 | 1,467,292.30 | 1,399,596.83 | 1,399,596.83 | 100.00% | Thereisadispute |
| Total | 1,534,987.77 | 1,467,292.30 | 1,399,596.83 | 1,399,596.83 | ||
Numberofcategorieswithprovisionforbaddebtsbycombination:3Categorynameofprovisionforbaddebtsbycombination:combinationofmarginanddepositreceivable
Unit:yuan
| Name | Balanceattheendoftheperiod | ||
| Bookbalance | Provisionforbaddebts | Drawingpercentages | |
| Combinationofmarginanddepositreceivable | 51,444,078.98 | 2,592,042.70 | 5.04% |
| Total | 51,444,078.98 | 2,592,042.70 | |
Descriptionofthebasisfordeterminingthecombination:paymentsofthesamenaturehavesimilarcreditriskcharacteristics.Categorynameofprovisionforbaddebtsbycombination:combinationofemployeereservereceivable
Unit:yuan
| Name | Balanceattheendoftheperiod | ||
| Bookbalance | Provisionforbaddebts | Drawingpercentages | |
| Combinationofemployeereservereceivable | 3,060,132.82 | 0.00% | |
| Total | 3,060,132.82 | ||
Descriptionofthebasisfordeterminingthecombination:paymentsofthesamenaturehavesimilarcreditriskcharacteristics.Categorynameofprovisionforbaddebtsbycombination:otheraccountsreceivable
Unit:yuan
| Name | Balanceattheendoftheperiod | ||
| Bookbalance | Provisionforbaddebts | Drawingpercentages | |
| Combinationofotherfinancings | 4,672,176.37 | 202,000.44 | 4.32% |
| Total | 4,672,176.37 | 202,000.44 | |
Descriptionofthebasisfordeterminingthecombination:paymentsofthesamenaturehavesimilarcreditriskcharacteristics.Provisionforbaddebtsmadeaccordingtothegeneralexpectedcreditlossmodel:
Unit:yuan
| Provisionforbaddebts | PhaseI | PhaseII | PhaseIII | Total |
| Expectedcreditlossesoverthenext12months | Expectedcreditlossthroughouttheduration(nocreditimpairment) | Expectedcreditlossthroughouttheduration(creditimpairmenthasoccurred) | ||
| BalanceasofJan.1,2025 | 2,872,168.83 | 1,467,292.30 | 4,339,461.13 | |
| BalanceasofJanuary1,2025in |
| thecurrentperiod | ||||
| -TransfertophaseII | ||||
| -TransfertophaseIII | ||||
| -ReversaltophaseII | ||||
| -ReversaltophaseI | ||||
| Provisioninthisperiod | -78,125.69 | -78,125.69 | ||
| Reversalinthisperiod | 67,695.47 | 67,695.47 | ||
| Charge-offinthisperiod | ||||
| Write-offinthisperiod | ||||
| Otherchanges | ||||
| BalanceasofJune30,2025 | 2,794,043.14 | 1,399,596.83 | 4,193,639.97 |
ThebasisforthedivisionofeachstageandtheratioofprovisionsforbaddebtsThephaseIisthebaddebtprovisionforotherreceivableswithinoneyear.ThephaseIIisthebaddebtprovisionforotherreceivablesoveroneyearthathavenotbeenindividuallyassessed.ThephaseIIIisthebaddebtprovisionforindividuallyassessedaccountsreceivable.ChangesinbookbalancewithsignificantamountoflossprovisioninthecurrentperiodNotapplicable
4).Statusofbaddebtprovision,recovery,orreversalfortheperiodProvisionforbaddebtsinthecurrentperiod:
Unit:yuan
| Type | Beginningbalance | Changeinthisperiod | Balanceattheendoftheperiod | |||
| Provision | Recoveryorreversal | Resaleorwrite-off | Others | |||
| Provisionforbaddebtsaccruedonanindividualbasis | 1,467,292.30 | 67,695.47 | 1,399,596.83 | |||
| Provisionforbaddebtsmadebyportfolio | 2,872,168.83 | 7,811.34 | 85,937.03 | 2,794,043.14 | ||
| Total | 4,339,461.13 | 7,811.34 | 153,632.50 | 4,193,639.97 | ||
Reversalorrecoveryofsignificantamountofprovisionforbaddebtsinthecurrentperiod:
Notapplicable
5)SituationofotheraccountsreceivableactuallywrittenoffinthecurrentperiodNotapplicable
6).Otherreceivablescollectedfromthedebtorswhichrankthefirstfiveattheendofperiod
Unit:yuan
| Entityname | Natureofamount | Balanceattheendoftheperiod | Aging | Proportioninthetotalendingbalanceofotherreceivables | Endingbalanceofprovisionforbaddebts |
| Summaryofotheraccountsreceivablewhichrankthefirstfiveattheendofperiod | Marginandsecuritydeposit | 7,067,684.50 | Within1year | 11.67% | 353,384.23 |
| Total | 7,067,684.50 | 11.67% | 353,384.23 |
7)Presentedinotherreceivablesduetocentralizedmanagementoffunds
Notapplicable
9.Prepayments
(1)Prepaymentsarepresentedbyaging
Unit:yuan
| Aging | Balanceattheendoftheperiod | Beginningbalance | ||
| Amount | Ratio | Amount | Ratio | |
| Within1year | 24,636,188.41 | 100.00% | 3,858,053.60 | 100.00% |
| 1-2years | 0.00 | 0.00% | 0.00 | 0.00% |
| Total | 24,636,188.41 | 3,858,053.60 | ||
Reasonsfornottimelysettlementofprepaymentswithagingover1yearandsignificantamount:
Notapplicable
(2).Topfiveofadvancestosuppliersintermsoftheendingbalancepresentedbyadvancereceivers
ThetotalamountofthetopfiveprepaymentsbyclosingbalancecollectedfromdebtorsinthecurrentperiodisRMB20,938,242.27,accountingfor84.99%ofthetotalclosingbalanceofprepayments.
10.Inventories
WhethertheCompanyneedstocomplywiththedisclosurerequirementsoftherealestateindustryNo
(1)Classificationofinventory
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance | ||||
| Bookbalance | Provisionforimpairmentof | Bookvalue | Bookbalance | Provisionforimpairmentof | Bookvalue | |
| inventoryorcontractperformancecosts | inventoryorcontractperformancecosts | |||||
| Rawmaterial | 122,973,588.42 | 2,063,620.17 | 120,909,968.25 | 114,983,902.68 | 2,082,708.59 | 112,901,194.09 |
| Workinprogress | 4,775,222.06 | 0.00 | 4,775,222.06 | 8,125,895.42 | 0.00 | 8,125,895.42 |
| Merchandiseinventory | 1,788,574,578.14 | 69,525,714.99 | 1,719,048,863.15 | 1,934,763,585.61 | 71,303,705.38 | 1,863,459,880.23 |
| Total | 1,916,323,388.62 | 71,589,335.16 | 1,844,734,053.46 | 2,057,873,383.71 | 73,386,413.97 | 1,984,486,969.74 |
(2)Dataresourcesrecognizedasinventory
Notapplicable
(3)Provisionforimpairmentofinventoryorcontractperformancecosts
Unit:yuan
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Balanceattheendoftheperiod | ||
| Provision | Others | Reversalorwrite-off | Others | |||
| Rawmaterial | 2,082,708.59 | -19,088.42 | 2,063,620.17 | |||
| Merchandiseinventory | 71,303,705.38 | -1,761,478.97 | 16,511.42 | 69,525,714.99 | ||
| Total | 73,386,413.97 | -1,780,567.39 | 16,511.42 | 71,589,335.16 | ||
ProvisionforinventorydepreciationbycombinationNotapplicable
(4)NotestotheendingbalanceofinventoriesincludingthecapitalizationamountofborrowingcostsNotapplicable
(5)NotestotheamortizationamountofcontractperformancecostsinthecurrentperiodNotapplicable
11.Assetsheldforsale
Notapplicable
12.Non-currentassetsduewithinoneyear
Notapplicable
13.Othercurrentassets
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| ReclassificationofVATdebitbalance | 39,188,347.43 | 45,766,634.09 |
| Certificateofdeposit | 36,112,276.78 | 29,408,855.46 |
| Prepaidtaxes | 4,643,004.35 | 4,402,072.04 |
| Others | 14,562,992.18 | 18,430,363.63 |
| Total | 94,506,620.74 | 98,007,925.22 |
14.Debtinvestments
Notapplicable
15.OtherdebtinvestmentsNotapplicable
16.InvestmentinotherequityinstrumentsNotapplicable
17.Long-termreceivables
(1)Long-termreceivablesNotapplicable
(2).DisclosureunderthemethodsofprovisionforbaddebtsbycategoryNotapplicable
(3)Statusofbaddebtprovision,recovery,orreversalfortheperiodNotapplicable
(4).Situationoflong-termreceivablesactuallywrittenoffinthecurrentperiodNotapplicable
18.Long-termequityinvestments
Unit:yuan
| Investee | Beginningbalance(book | Beginningbalanceofprovisi | Increase/decreaseinthisperiod | Endingbalance(book | Balanceofprovisionforimpair | |||||||
| Additionalinvestment | Reducedinvestment | Investmentincomeor | Othercomprehensive | Otherchangesinequity | Cashdividendsorprofits | Provisionforimpairment | Others | |||||
| value) | onforimpairment | lossrecognizedunderequitymethod | incomeadjustments | declaredtobedistributed | accrued | value) | mentasattheendoftheperiod | ||||
| 1.Jointventures | |||||||||||
| 2.Associatedenterprise | |||||||||||
| ShanghaiWatchIndustryCo.,Ltd. | 50,907,036.84 | 494,545.14 | 51,401,581.98 | ||||||||
| Sub-total | 50,907,036.84 | 494,545.14 | 51,401,581.98 | ||||||||
| Total | 50,907,036.84 | 494,545.14 | 51,401,581.98 | ||||||||
19.Othernon-currentfinancialassets
Notapplicable
20.Investmentproperties
(1)Investmentpropertymeasuredatcost
Unit:yuan
| Item | Housesandbuildings | Landuserights | (XVIII)Constructioninprogress | Total |
| I.Totaloriginalbookvalue | ||||
| 1.Beginningbalance | 544,545,292.87 | 544,545,292.87 | ||
| 2.Increaseinthisperiod | ||||
| (1)Outsourcing | ||||
| (2)Transfersfrominventories\fixedassets\constructioninprogress | ||||
| (3)Increasefrombusinesscombinations | ||||
| 3.Decreasein |
| thisperiod | |||
| (1)Disposal | |||
| (2)Othertransfersout | |||
| (3)Transfertofixedassets | |||
| 4.Endingbalance | 544,545,292.87 | 544,545,292.87 | |
| II.Accumulateddepreciationandamortization | |||
| 1.Beginningbalance | 243,542,928.46 | 243,542,928.46 | |
| 2.Increaseinthisperiod | 6,828,575.64 | 6,828,575.64 | |
| (1)Provisionoramortization | 6,828,575.64 | 6,828,575.64 | |
| 3.Decreaseinthisperiod | |||
| (1)Disposal | |||
| (2)Othertransfersout | |||
| (3)Transfertofixedassets | |||
| 4.Endingbalance | 250,371,504.10 | 250,371,504.10 | |
| III.Provisionforimpairment | |||
| 1.Beginningbalance | |||
| 2.Increaseinthisperiod | |||
| (1)Provision | |||
| 3.Decreaseinthisperiod | |||
| (1)Disposal | |||
| (2)Othertransfersout | |||
| 4.Endingbalance | |||
| IV.Bookvalue | |||
| 1.Bookvalueasattheendoftheperiod | 294,173,788.77 | 294,173,788.77 | |
| 2.Bookvalueasatthebeginningoftheperiod | 301,002,364.41 | 301,002,364.41 |
TherecoverableamountisdeterminedbythenetamountofthefairvaluelessthedisposalexpensesNotapplicableTherecoverableamountisdeterminedatthepresentvalueoftheexpectedfuturecashflowsNotapplicableReasonsforthedifferencebetweentheaforementionedinformationandtheinformationusedintheimpairmenttestofpreviousyearsorexternalinformationNotapplicableReasonsforthedifferencebetweentheinformationusedinthecompany'simpairmenttestinpreviousyearsandtheactualsituationinthecurrentyearNotapplicableOtherexplanations:
Notapplicable
(2)InvestmentpropertymeasuredatfairvalueNotapplicable
(3)ConverttoinvestmentpropertyandmeasureatfairvalueNotapplicable
(4)InvestmentpropertywithoutcertificateoftitleNotapplicable
21.Fixedassets
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| (XVII)Fixedassets | 368,564,629.53 | 377,568,144.41 |
| Liquidationoffixedassets | 0.00 | 0.00 |
| Total | 368,564,629.53 | 377,568,144.41 |
(1).Statusoffixedassets
Unit:yuan
| Item | Buildingsandconstructions | Machineryequipment | Transportationfacilities | Electronicequipment | Otherequipment | Total |
| I.Totaloriginalbookvalue: | ||||||
| 1.Beginningbalance | 515,518,210.64 | 131,660,591.28 | 12,031,744.02 | 51,743,615.12 | 43,815,743.01 | 754,769,904.07 |
| 2.Increaseinthisperiod | 5,514,245.14 | 3,825,624.50 | 6,095.44 | 1,916,863.53 | 523,924.87 | 11,786,753.48 |
| (1)Purchase | 66,867.32 | 1,138,890.89 | 6,095.44 | 1,830,806.40 | 276,328.94 | 3,318,988.98 |
| (2)Transfer |
| fromconstructioninprogress | ||||||
| (3)Increasefrombusinesscombinations | ||||||
| (4).Exchangedifferencesarisingfromforeigncurrencytransactions | 5,447,377.82 | 2,686,733.61 | 86,057.13 | 247,595.93 | 8,467,764.50 | |
| 3.Decreaseinthisperiod | 2,439,312.87 | 388,408.33 | 532,247.31 | 3,359,968.51 | ||
| (1)Disposalorscrapping | 2,439,312.87 | 388,408.33 | 532,247.31 | 3,359,968.51 | ||
| (2).Exchangedifferencesarisingfromforeigncurrencytransactions | ||||||
| 4.Endingbalance | 521,032,455.78 | 135,486,215.78 | 9,598,526.59 | 53,272,070.32 | 43,807,420.57 | 763,196,689.04 |
| II.Accumulateddepreciation | ||||||
| 1.Beginningbalance | 195,960,430.03 | 90,553,556.06 | 11,195,032.63 | 40,399,800.29 | 39,092,940.65 | 377,201,759.66 |
| 2.Increaseinthisperiod | 11,669,166.07 | 6,224,393.32 | 94,097.19 | 1,697,560.00 | 779,455.87 | 20,464,672.45 |
| (1)Provision | 7,637,459.51 | 3,630,014.18 | 94,097.19 | 1,617,743.19 | 531,993.33 | 13,511,307.40 |
| (2)Reversalofinvestmentproperty | ||||||
| (3).Exchangedifferencesarisingfromforeigncurrencytransactions | 4,031,706.56 | 2,594,379.14 | 79,816.81 | 247,462.54 | 6,953,365.05 | |
| 3.Decreaseinthisperiod | 2,311,382.45 | 311,889.19 | 411,100.96 | 3,034,372.60 | ||
| (1)Disposalorscrapping | 2,311,382.45 | 311,889.19 | 411,100.96 | 3,034,372.60 | ||
| (2).Exchangedifferencesarisingfromforeigncurrencytransactions | ||||||
| 4.Endingbalance | 207,629,596.10 | 96,777,949.38 | 8,977,747.37 | 41,785,471.10 | 39,461,295.56 | 394,632,059.51 |
| III.Provisionforimpairment | ||||||
| 1.Beginningbalance | ||||||
| 2.Increaseinthisperiod | ||||||
| (1)Provision | ||||||
| 3.Decreaseinthisperiod | ||||||
| (1)Disposalorscrapping | ||||||
| 4.Endingbalance | ||||||
| IV.Bookvalue | ||||||
| 1.Bookvalueasattheendoftheperiod | 313,402,859.68 | 38,708,266.40 | 620,779.22 | 11,486,599.22 | 4,346,125.01 | 368,564,629.53 |
| 2.Bookvalueasatthebeginningoftheperiod | 319,557,780.61 | 41,107,035.22 | 836,711.39 | 11,343,814.83 | 4,722,802.36 | 377,568,144.41 |
(2)Temporarilyidlefixedassets
Notapplicable
(3)FixedassetsleasedoutthroughoperatingleasesNotapplicable
(4)Fixedassetswithoutcertificatesoftitle
Unit:yuan
| Item | Bookvalue | Reasonforfailuretoproperlyhandlethecertificatesoftitle |
| Buildingsandconstructions | 166,558.86 | Defectsinpropertyrights |
(5)Impairmenttestoffixedassets
Notapplicable
(6)LiquidationoffixedassetsNotapplicable
22.ConstructioninprogressNotapplicable
23.Productivebiologicalassets
(1)ProductivebiologicalassetsmeasuredatcostNotapplicable
(2)ImpairmenttestofproductivebiologicalassetsmeasuredatcostNotapplicable
(3)ProductivebiologicalassetsmeasuredatfairvalueNotapplicable
24.OilandgasassetsNotapplicable
25.Right-of-useassets
(1)Right-of-useassetssituation
Unit:yuan
| Item | Housesandbuildings | Total |
| I.Totaloriginalbookvalue | ||
| 1.Beginningbalance | 216,731,879.49 | 216,731,879.49 |
| 2.Increaseinthisperiod | 37,277,373.47 | 37,277,373.47 |
| (1)Lease | 37,277,373.47 | 37,277,373.47 |
| (2).Exchangedifferencesarisingfromforeigncurrencytransactions | ||
| 3.Decreaseinthisperiod | 52,340,357.61 | 52,340,357.61 |
| (1)Theleaseexpires | 52,340,357.61 | 52,340,357.61 |
| 4.Endingbalance | 201,668,895.35 | 201,668,895.35 |
| II.Accumulateddepreciation | ||
| 1.Beginningbalance | 118,293,903.08 | 118,293,903.08 |
| 2.Increaseinthisperiod | 49,457,474.41 | 49,457,474.41 |
| (1)Provision | 49,457,474.41 | 49,457,474.41 |
| (2).Exchangedifferencesarisingfromforeigncurrencytransactions | ||
| 3.Decreaseinthisperiod | 48,807,159.56 | 48,807,159.56 |
| (1)Disposal | ||
| (2)Theleaseexpires | 48,807,159.56 | 48,807,159.56 |
| 4.Endingbalance | 118,944,217.93 | 118,944,217.93 |
| III.Provisionforimpairment | ||
| 1.Beginningbalance | ||
| 2.Increaseinthisperiod |
| (1)Provision | ||
| 3.Decreaseinthisperiod | ||
| (1)Disposal | ||
| 4.Endingbalance | ||
| IV.Bookvalue | ||
| 1.Bookvalueasattheendoftheperiod | 82,724,677.42 | 82,724,677.42 |
| 2.Bookvalueasatthebeginningoftheperiod | 98,437,976.41 | 98,437,976.41 |
(2)Impairmenttestofright-of-useassets
Notapplicable
26.Intangibleassets
(1)Intangibleassets
Unit:yuan
| Item | Landuserights | Patentright | Non-patentedtechnology | Softwaresystem | Trademarkuseright | Total |
| I.Totaloriginalbookvalue | ||||||
| 1.Beginningbalance | 34,933,822.40 | 38,764,216.56 | 16,605,353.16 | 90,303,392.12 | ||
| 2.Increaseinthisperiod | 692,372.40 | 0.48 | 692,372.88 | |||
| (1)Purchase | 661,646.60 | 661,646.60 | ||||
| (2)Internalresearchanddevelopment | ||||||
| (3)Increasefrombusinesscombinations | ||||||
| (4).Exchangedifferencesarisingfromforeigncurrencytransactions | 30,725.80 | 0.48 | 30,726.28 | |||
| 3.Decreaseinthisperiod | ||||||
| (1)Disposal | ||||||
| 4.Endingbalance | 34,933,822.40 | 39,456,588.96 | 16,605,353.64 | 90,995,765.00 | ||
| II.Accumulatedaccumulation |
| 1.Beginningbalance | 17,983,028.58 | 30,442,053.39 | 10,310,382.99 | 58,735,464.96 | |
| 2.Increaseinthisperiod | 366,776.65 | 1,063,585.52 | 10,816.11 | 1,441,178.28 | |
| (1)Provision | 366,776.65 | 1,063,585.52 | 10,816.11 | 1,441,178.28 | |
| 3.Decreaseinthisperiod | |||||
| (1)Disposal | |||||
| 4.Endingbalance | 18,349,805.23 | 31,505,638.91 | 10,321,199.10 | 60,176,643.24 | |
| III.Provisionforimpairment | |||||
| 1.Beginningbalance | |||||
| 2.Increaseinthisperiod | |||||
| (1)Provision | |||||
| 3.Decreaseinthisperiod | |||||
| (1)Disposal | |||||
| 4.Endingbalance | |||||
| IV.Bookvalue | |||||
| 1.Bookvalueasattheendoftheperiod | 16,584,017.17 | 7,950,950.05 | 6,284,154.54 | 30,819,121.76 | |
| 2.Bookvalueasatthebeginningoftheperiod | 16,950,793.82 | 8,322,163.17 | 6,294,970.17 | 31,567,927.16 |
TheproportionofintangibleassetsformedbytheCompany'sinternalresearchanddevelopmentattheendofthecurrentperiodtothebalanceofintangibleassetsis0.00%
(2)Dataresourcesrecognizedasintangibleassets
Notapplicable
(3)LanduserightwithoutcertificateoftitleNotapplicable
(4)ImpairmenttestofintangibleassetsNotapplicable
27.Goodwill
(1)OriginalbookvalueofgoodwillNotapplicable
(2)ProvisionforimpairmentofgoodwillNotapplicable
(3)InformationontheassetgrouporcombinationofassetgroupswherethegoodwillislocatedNotapplicable
(4)SpecificdeterminationmethodofrecoverableamountNotapplicable
(5)CompletionofperformancecommitmentsandcorrespondingimpairmentofgoodwillNotapplicable
28.Long-termdeferredexpenses
Unit:yuan
| Item | Beginningbalance | Increaseinthisperiod | Amountamortizedinthisperiod | Otherdecreases | Balanceattheendoftheperiod |
| Counterproductionfee | 24,352,436.13 | 5,256,347.67 | 12,877,120.88 | 16,731,662.92 | |
| Renovationcosts | 83,140,826.23 | 16,799,168.58 | 22,686,922.63 | 77,253,072.18 | |
| Others | 2,712,060.93 | 1,871,219.96 | 1,231,279.29 | 3,352,001.60 | |
| Total | 110,205,323.29 | 23,926,736.21 | 36,795,322.80 | 97,336,736.70 |
29.Deferredtaxassets/deferredtaxliabilities
(1)Deferredincometaxassetswithoutoffset
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance | ||
| Deductibletemporarydifferences | Deferredtaxassets | Deductibletemporarydifferences | Deferredtaxassets | |
| Provisionforassetimpairment | 106,470,945.35 | 24,611,309.99 | 108,844,748.49 | 25,235,985.22 |
| Unrealizedprofitsfrominternaltransactions | 53,348,258.24 | 13,027,061.27 | 65,606,873.01 | 16,083,716.18 |
| Deductibleloss | 179,761,339.63 | 38,998,163.64 | 150,789,689.25 | 35,315,775.40 |
| Equityincentive | 7,958,442.71 | 1,839,229.47 | ||
| Leaseliability | 116,734,106.36 | 29,183,526.60 | 98,553,370.15 | 24,638,342.52 |
| Others | 8,564,008.59 | 2,113,179.68 | 11,064,124.31 | 2,766,031.08 |
| Total | 464,878,658.17 | 107,933,241.18 | 442,817,247.92 | 105,879,079.87 |
(2)Deferredincometaxliabilitieswithoutoffset
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance | ||
| Taxabletemporarydifferences | Deferredtaxliabilities | Taxabletemporarydifferences | Deferredtaxliabilities | |
| One-timepre-taxdeductionoffixedassets | 25,760,688.68 | 3,864,103.30 | 27,444,135.67 | 4,116,620.35 |
| (XIX)Right-of-useassets | 115,263,799.19 | 28,815,949.79 | 98,388,890.53 | 24,597,222.63 |
| Total | 141,024,487.87 | 32,680,053.09 | 125,833,026.20 | 28,713,842.98 |
(3)Deferredtaxassetsorliabilitiespresentedbynetamountafteroffset
Unit:yuan
| Item | Deductionamountofdeferredtaxassetsandliabilitiesattheendoftheperiod | Endingbalanceofdeferredtaxassetsorliabilitiesafterwrite-off | Deductionamountofdeferredtaxassetsandliabilitiesfromthebeginningoftheperiod | Initialbalanceofdeferredtaxassetsorliabilitiesafterwrite-off |
| Deferredtaxassets | 30,545,929.19 | 77,387,311.98 | 23,723,301.56 | 82,155,778.31 |
| Deferredtaxliabilities | 30,545,929.19 | 2,134,123.90 | 23,723,301.56 | 4,990,541.42 |
(4)Detailsofunrecognizeddeferredtaxassets
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Provisionforassetimpairment | 1,395,023.21 | 3,466,155.48 |
| Deductibleloss | 23,590,796.58 | 42,305,096.05 |
| Total | 24,985,819.79 | 45,771,251.53 |
(5)Thedeductiblelossesoftheunrecognizeddeferredtaxassetswillbecomedueinthefollowingyears:
Unit:yuan
| Year | Endingamount | Beginningamount | Remark |
| 2025 | 18,449,678.50 | ||
| 2026 | 23,590,796.58 | 23,855,417.55 | |
| Total | 23,590,796.58 | 42,305,096.05 |
30.Othernon-currentassets
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance | ||||
| Bookbalance | Provisionsforimpairment | Bookvalue | Bookbalance | Provisionsforimpairment | Bookvalue | |
| Prepaymentforlong-termassets | 7,269,265.12 | 7,269,265.12 | 3,792,253.84 | 3,792,253.84 | ||
| Total | 7,269,265.12 | 7,269,265.12 | 3,792,253.84 | 3,792,253.84 | ||
31.Assetswithrestrictedownershiporusagerights
Notapplicable
32.Short-termloans
(1)Classificationofshort-termdebts
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Fiduciaryloans | 140,000,000.00 | 120,000,000.00 |
| Billdiscounting | 3,957,187.86 | |
| Unexpiredinterestpayable | 84,055.54 | 130,566.65 |
| Total | 140,084,055.54 | 124,087,754.51 |
(2)Overdueandoutstandingshort-termdebts
Notapplicable
33.TradingfinancialliabilitiesNotapplicable
34.DerivativefinancialliabilitiesNotapplicable
35.NotespayableNotapplicable
36.Accountspayable
(1)Presentationofaccountspayable
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Payableforgoods | 93,881,004.69 | 114,881,141.96 |
| Payableforproject | 651,779.61 | 651,779.61 |
| Total | 94,532,784.30 | 115,532,921.57 |
(2).Significantpayableagingover1yearoroverdueNotapplicable
37.Otherpayables
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Dividendspayable | 0.00 | 2,785,293.14 |
| (XXXI)Otherpayables | 89,287,084.19 | 101,853,190.67 |
| Total | 89,287,084.19 | 104,638,483.81 |
(1)Interestpayable
Notapplicable
(2)Dividendspayable
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Ordinarysharedividends | 0.00 | 2,785,293.14 |
| Total | 0.00 | 2,785,293.14 |
Otherexplanations,includingsignificantdividendspayablethathaveremainedunpaidformorethanoneyear,shalldisclosethereasonsfornon-payment:Notapplicable
(3)Otherpayables
1).Otherpayablelistedbynature
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Depositsandmargin | 30,500,994.96 | 31,563,500.48 |
| Decorationfee | 1,396,312.49 | 3,978,759.28 |
| Restrictedstockrepurchaseobligations | 12,815,556.81 | |
| Accruedexpensesandothers | 57,389,776.74 | 53,495,374.10 |
| Total | 89,287,084.19 | 101,853,190.67 |
2)Othersignificantpayablewithagingover1yearoroverdueNotapplicable
38.Advancereceipts
(1)Presentationofadvancesreceived
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Advancerent | 7,813,681.37 | 11,783,796.49 |
| Total | 7,813,681.37 | 11,783,796.49 |
(2)Significantadvancereceivablewithagingover1yearoroverdue
Notapplicable
39.Contractliabilities
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Paymentforgoods | 15,914,217.86 | 12,605,722.95 |
| Total | 15,914,217.86 | 12,605,722.95 |
Importantcontractliabilitieswithanagingofover1yearNotapplicable
(2)AmountandreasonsforsignificantchangesinbookvalueduringthereportingperiodNotapplicable
40.Employeecompensation
(1).Employeecompensationbreakdown
Unit:yuan
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Balanceattheendoftheperiod |
| I.Short-termcompensation | 79,250,553.06 | 236,812,550.02 | 260,152,723.98 | 55,910,379.10 |
| II.Post-employmentbenefits-definedcontributionplans | 7,969,370.66 | 23,452,907.52 | 25,662,144.28 | 5,760,133.90 |
| III.Dismissalwelfare | 5,040,229.42 | 3,779,913.64 | 8,533,248.16 | 286,894.90 |
| Total | 92,260,153.14 | 264,045,371.18 | 294,348,116.42 | 61,957,407.90 |
(2).Short-termcompensationbreakdown
Unit:yuan
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Balanceattheendoftheperiod |
| 1.Wages,bonus,allowanceand | 78,062,428.74 | 210,491,489.07 | 233,599,166.82 | 54,954,750.99 |
| subsidy | ||||
| 2.Staffwelfare | 74,715.46 | 4,522,176.40 | 4,588,829.98 | 8,061.88 |
| 3.Socialinsurancepremium | 240,049.63 | 9,786,620.56 | 9,766,890.99 | 259,779.20 |
| Including:medicalinsurancepremiums | 239,971.31 | 8,797,419.67 | 8,778,481.40 | 258,909.58 |
| Work-relatedinjuryinsurancepremiums | 78.32 | 587,928.12 | 587,136.82 | 869.62 |
| Maternityinsurancepremiums | ||||
| Housingprovidentfunds | 7,289.00 | 8,888,573.00 | 8,877,741.40 | 18,120.60 |
| 5.LaborUnionfeeandstaffeducationexpenses | 866,070.23 | 3,123,690.99 | 3,320,094.79 | 669,666.43 |
| Total | 79,250,553.06 | 236,812,550.02 | 260,152,723.98 | 55,910,379.10 |
(3).Definedcontributionplanbreakdown
Unit:yuan
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Balanceattheendoftheperiod |
| 1.Basicendowmentinsurancepremiums | 240,419.91 | 21,321,463.27 | 21,406,745.62 | 155,137.56 |
| 2.Unemploymentinsurancepremiums | 384.04 | 831,816.65 | 830,411.45 | 1,789.24 |
| 3.Enterpriseannuitypayment | 7,728,566.71 | 1,299,627.60 | 3,424,987.21 | 5,603,207.10 |
| Total | 7,969,370.66 | 23,452,907.52 | 25,662,144.28 | 5,760,133.90 |
41.Taxespayable
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Valueaddedtax(VAT) | 29,238,621.52 | 33,699,458.80 |
| Enterpriseincometax | 12,359,718.96 | 11,535,771.24 |
| Individualincometax | 938,722.58 | 994,923.84 |
| Urbanmaintenanceandconstructiontax | 334,519.41 | 1,359,840.26 |
| Educationsurcharge | 238,310.74 | 972,536.24 |
| Others | 3,620,441.55 | 1,252,620.97 |
| Total | 46,730,334.76 | 49,815,151.35 |
42.Liabilitiesheldforsale
Notapplicable
43.Non-currentliabilitiesduewithinoneyear
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Leaseliabilitymaturingwithinoneyear | 57,399,333.79 | 63,538,231.06 |
| Total | 57,399,333.79 | 63,538,231.06 |
44.Othercurrentliabilities
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Outputtaxtobetransferred | 2,429,897.06 | 1,529,468.07 |
| Total | 2,429,897.06 | 1,529,468.07 |
45.Long-termloans
Notapplicable
46.Bondspayable
(1)Bondspayable
Notapplicable
(2)Increase/decreaseinbondspayable(excludingpreferredstock,perpetualbondsandotherfinancialinstrumentsdividedintofinancialliabilities)Notapplicable
(3)NotestoconvertiblecorporatebondsNotapplicable
(4)DescriptionofotherfinancialinstrumentsdividedintofinancialliabilitiesNotapplicable
47.Leaseliabilities
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Buildingsandconstructions | 86,297,142.38 | 101,263,377.23 |
| Unrecognizedfinancingcharges | -2,104,028.66 | -2,659,854.13 |
| Leaseliabilitymaturingwithinoneyear | -57,399,333.79 | -63,538,231.06 |
| Total | 26,793,779.93 | 35,065,292.04 |
Otherexplanations:
Notapplicable
48.Long-termpayable
Notapplicable
(1)Long-termpayablelistedbynatureNotapplicable
(2)SpecialpayableNotapplicable
49.Long-termemployeecompensationpayable
(1)Tableoflong-termemployeecompensationpayableNotapplicable
(2)ChangesindefinedbenefitplansNotapplicable
50.EstimatedliabilitiesNotapplicable
51.DeferredincomeNotapplicable
52.Othernon-currentliabilitiesNotapplicable
53.Capitalstock
Unit:yuan
| Beginningbalance | Increase/decreaseinthischange(+,-) | Balanceattheendoftheperiod | |||||
| IPO | Sharedonation | Capitalconversionofprovidentfunds | Others | Sub-total | |||
| Totalshares | 405,764,007.00 | 405,764,007.00 | |||||
54.Otherequityinstruments
(1)Basicinformationofpreferredstock,perpetualbondsandotherfinancialinstrumentsissuedattheendoftheperiodNotapplicable
(2)Tableofchangesinpreferredstock,perpetualbondsandotherfinancialinstrumentsissuedattheendoftheperiodNotapplicable
55.Capitalreserve
Unit:yuan
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Balanceattheendoftheperiod |
| Capitalpremium(sharepremium) | 912,742,221.49 | 8,861,512.48 | 921,603,733.97 | |
| Othercapitalreserves | 23,597,282.11 | 9,591,764.14 | 14,005,517.97 | |
| Total | 936,339,503.60 | 8,861,512.48 | 9,591,764.14 | 935,609,251.94 |
Othernotes,includingthechangesinthecurrentperiodandthereasonsforthechanges:
1.Pursuanttothe"ProposalontheSatisfactionofRestrictionReleaseConditionsfortheThirdRestrictionReleasePeriodofthe2018A-ShareRestrictedStockIncentivePlan(PhaseII)"reviewedandapprovedbytheCompany'sBoardofDirectorsandShareholders'Meeting,duringthecurrentyear,2,047,420A-sharesofrestrictedstockthatmeettherestrictionreleaseconditionswereprocessedforrestrictionrelease.ThecapitalreserveofRMB8,861,512.48correspondingtotherestrictedstockoftheaboveincentiverecipientswastransferredfrom"othercapitalsurplus"to"sharepremium".
2.Thedifferencebetweentheamountofpre-taxdeductionforincometaxinthecurrentyearandtheamountofrelevantcostsandexpensesrecognizedduringthevestingperiod,whicharisesfromthediscrepancybetweenthefairvalueofrestrictedstockatthetimeofunlockingandthegrantpriceatthetimeofgrant,resultsinanimpactonincometax.Accordingly,"othercapitalsurplus"isreducedbyRMB730,251.66.
56.Treasurystock
Unit:yuan
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Balanceattheendoftheperiod |
| Restrictedshare-basedpayment | 12,815,556.81 | 12,815,556.81 | 0.00 | |
| Total | 12,815,556.81 | 12,815,556.81 | 0.00 |
Othernotes,includingthechangesinthecurrentperiodandthereasonsforthechanges:
1.AsstatedinNote55,1ofNoteVII,fortherestrictedsharesthatmeettheunlockingconditionsanddonotrequirerepurchase,thecorrespondingrepurchaseobligationisderecognized,therebyreducing"restrictedshare-basedpayment"byRMB12,815,556.81.
57.Othercomprehensiveincome
Unit:yuan
| Item | Beginningbalance | Amountinthecurrentperiod | Balanceattheendoftheperiod | |||||
| Amountbeforeincometaxinthecurrentperiod | Less:theamountincludedinothercomprehensiveincomeinpriorperiodandtransferredtocurrentprofitorloss | Less:retainedincomeincludedinothercomprehensiveincomeinpriorperiodsandtransferredtocurrentprofitorloss | Less:incometaxexpenses | Attributabletoparentcompanyaftertax | Attributabletominorityshareholdersaftertax | |||
| I.Othercomprehensiveincomethatcannotbereclassifiedintoprofitorloss | ||||||||
| Including:changesinre-measurementofthedefinedbenefitplan | ||||||||
| Othercomprehensiveincomethatcannotbetransferredtoprofitorlossundertheequitymethod | ||||||||
| Changesinfairvalueofotherequity | ||||||||
| instrumentinvestments | ||||||
| Changesinfairvalueofthecompany'screditrisk | ||||||
| II.Othercomprehensiveincometobereclassifiedintoprofitorlosslater | 15,686,794.62 | 9,592,491.09 | 9,592,491.09 | 25,279,285.71 | ||
| Including:othercomprehensiveincomethatcanbecarriedforwardtoprofitandlossundertheequitymethod | ||||||
| Changesinfairvalueofotherdebtinvestments | ||||||
| Amountoffinancialassetsreclassifiedintoothercomprehensiveincomes | ||||||
| Provisionforcreditimpairmentofotherdebtinvestments | ||||||
| Cash | 15,686,79 | 9,592,491. | 9,592,491. | 25,279,28 |
| flowhedgereserves | 4.62 | 09 | 09 | 5.71 | ||
| Totalofothercomprehensiveincome | 15,686,794.62 | 9,592,491.09 | 9,592,491.09 | 25,279,285.71 |
58.Specialreserves
Unit:yuan
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Balanceattheendoftheperiod |
| Worksafetyexpenses | 4,340,162.76 | 223,177.64 | 274,388.33 | 4,288,952.07 |
| Total | 4,340,162.76 | 223,177.64 | 274,388.33 | 4,288,952.07 |
59.Surplusreserve
Unit:yuan
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Balanceattheendoftheperiod |
| Statutorysurplusreserve | 213,025,507.50 | 213,025,507.50 | ||
| Discretionarysurplusreserve | 61,984,894.00 | 61,984,894.00 | ||
| Total | 275,010,401.50 | 275,010,401.50 |
60.Undistributedprofits
Unit:yuan
| Item | Currentperiod | Previousperiod |
| Retainedearningsasattheendofthepreviousperiodbeforetheadjustment | 1,767,517,887.94 | 1,709,513,385.76 |
| Totaladjustedundistributedprofitatthebeginningoftheperiod(increase+,decrease-) | 0.00 | 0.00 |
| Undistributedprofitsatthebeginningoftheperiodafteradjustment | 1,767,517,887.94 | 1,709,513,385.76 |
| Plus:Netprofitattributabletoownersoftheparentcompanyinthisperiod | 82,445,500.03 | 220,350,184.99 |
| Commonstockdividendspayable | 162,305,602.80 | 162,345,682.81 |
| Undistributedprofitsasattheendoftheperiod | 1,687,657,785.17 | 1,767,517,887.94 |
Detailsofundistributedprofitatthebeginningoftheperiodafteradjustment
1)DuetotheretrospectiveadjustmentoftheAccountingStandardsforBusinessEnterprisesanditsrelevantnew
provisions,theretainedprofitatthebeginningoftheperiodwasaffectedbyRMB0.00.
2)Duetothechangeinaccountingpolicies,theretainedprofitatthebeginningoftheperiodwasaffectedbyRMB0.00.
3)Duetothecorrectionofmajoraccountingerrors,theretainedprofitatthebeginningoftheperiodwasaffectedbyRMB0.00.
4)Duetothechangeinthescopeofconsolidationcausedbythesamecontrol,theretainedprofitatthebeginningoftheperiodwasaffectedbyRMB0.00.
5)ThetotalimpactofotheradjustmentsontheretainedprofitatthebeginningoftheperiodwasRMB0.00.
61.Operatingincomeandoperatingcosts
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod | ||
| Revenue | Cost | Revenue | Cost | |
| Primarybusiness | 1,777,911,239.83 | 1,149,101,334.42 | 2,070,514,213.15 | 1,304,312,255.31 |
| Otherbusiness | 6,220,697.40 | 707,277.15 | 5,883,698.17 | 170,200.24 |
| Total | 1,784,131,937.23 | 1,149,808,611.57 | 2,076,397,911.32 | 1,304,482,455.55 |
Breakdownofoperatingincomeandoperatingcost:
Unit:yuan
| Contractclassification | Divisional1 | Total | ||
| Operatingrevenue | Operatingcosts | Operatingrevenue | Operatingcosts | |
| Businesstype | ||||
| Including: | ||||
| Fullservicebusinessofluxurywatches | 1,344,501,516.85 | 980,624,417.20 | 1,344,501,516.85 | 980,624,417.20 |
| Watchbrandbusiness | 315,109,112.17 | 97,070,191.43 | 315,109,112.17 | 97,070,191.43 |
| Precisiontechnologybusiness | 60,465,539.30 | 54,745,355.92 | 60,465,539.30 | 54,745,355.92 |
| Leasingbusiness | 57,835,071.51 | 16,661,369.87 | 57,835,071.51 | 16,661,369.87 |
| Others | 6,220,697.40 | 707,277.15 | 6,220,697.40 | 707,277.15 |
| Classifiedbybusinessarea | ||||
| Including: | ||||
| SouthChina | 806,381,444.29 | 506,821,115.78 | 806,381,444.29 | 506,821,115.78 |
| NorthwestChina | 248,784,340.56 | 159,847,879.10 | 248,784,340.56 | 159,847,879.10 |
| NorthChina | 51,669,800.71 | 29,754,508.68 | 51,669,800.71 | 29,754,508.68 |
| EastChina | 228,872,072.10 | 153,763,476.61 | 228,872,072.10 | 153,763,476.61 |
| NortheastChina | 162,388,661.36 | 113,628,484.29 | 162,388,661.36 | 113,628,484.29 |
| SouthwestChina | 286,035,618.21 | 185,993,147.11 | 286,035,618.21 | 185,993,147.11 |
| Total | 1,784,131,937.23 | 1,149,808,611.57 | 1,784,131,937.23 | 1,149,808,611.57 |
Informationrelatedtoperformanceobligations:
SeeNoteV.37fordetails.Informationrelatedtothetransactionpriceallocatedtotheremainingperformanceobligations:
Attheendofthereportingperiod,therevenuecorrespondingtotheperformanceobligationsthathavebeensignedbutnotperformedornotcompletedisRMB0.00.Informationaboutvariableconsiderationinthecontract:
Notapplicable
MajorcontractchangeormajortransactionpriceadjustmentofparentcompanyNotapplicable
62.Taxesandsurcharges
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Consumptiontax | 1,206,242.82 | 913,936.41 |
| Urbanmaintenanceandconstructiontax | 5,065,292.07 | 3,480,924.40 |
| Educationsurcharge | 3,560,819.76 | 2,468,662.07 |
| Propertytaxes | 3,761,835.26 | 3,689,322.24 |
| Landusetaxes | 193,107.20 | 203,766.80 |
| Vehicleandvesseltax | 1,020.00 | 1,020.00 |
| Stamptax | 1,137,269.96 | 1,095,430.07 |
| Others | 587,613.97 | 407,395.56 |
| Total | 15,513,201.04 | 12,260,457.55 |
63.Administrativeexpenses
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Employeesalary | 70,190,119.12 | 66,869,323.72 |
| Depreciationandamortization | 10,093,537.37 | 10,112,949.88 |
| Travelingexpenses | 697,547.75 | 1,603,647.72 |
| Officecosts | 1,218,376.72 | 1,670,705.64 |
| Intermediaryemploymentfee | 1,543,816.43 | 1,961,271.79 |
| Waterandelectricity,propertyandrentalfees | 1,554,287.31 | 1,784,853.95 |
| Businessentertainmentexpenses | 229,638.66 | 456,485.67 |
| Automobileandtransportationexpenses | 431,178.16 | 598,205.06 |
| Communicationcharges | 106,156.57 | 173,259.63 |
| Others | 3,906,851.92 | 3,983,229.48 |
| Total | 89,971,510.01 | 89,213,932.54 |
64.Sellingexpenses
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Employeesalary | 151,438,933.03 | 181,510,506.64 |
| Shoppingmallsandrentalexpenses | 64,976,038.21 | 72,573,677.88 |
| Advertising,exhibitionandmarketingexpenses | 66,944,607.21 | 73,779,075.70 |
| Depreciationandamortization | 85,895,948.64 | 91,305,090.93 |
| Packingexpenses | 3,354,092.79 | 4,665,459.60 |
| Waterandelectricityandpropertymanagementfees | 10,758,091.61 | 11,430,327.96 |
| Transportationexpenses | 2,155,504.25 | 2,742,617.08 |
| Officecosts | 2,092,204.90 | 2,697,327.59 |
| Travelingexpenses | 1,727,206.33 | 3,648,244.84 |
| Businessentertainmentexpenses | 882,474.30 | 2,008,292.89 |
| Others | 2,582,931.38 | 3,424,381.29 |
| Total | 392,808,032.65 | 449,785,002.40 |
65.Researchanddevelopmentexpenses
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Employeesalary | 25,193,556.07 | 19,756,648.13 |
| Sampleandmaterialcosts | 427,397.19 | 1,603,990.91 |
| Depreciationandamortization | 2,484,373.63 | 2,382,614.08 |
| Technicalcooperationfee | 1,292,546.07 | 1,469,929.58 |
| Others | 3,689,998.37 | 2,312,815.63 |
| Total | 33,087,871.33 | 27,525,998.33 |
66.Financialexpenses
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Interestexpenditures | 2,390,395.42 | 5,169,603.47 |
| Less:Capitalizedinterest | ||
| Less:interestincome | 1,870,950.85 | 2,185,535.51 |
| Profitorlossonexchange | -560,384.92 | 944,148.29 |
| Handlingfeesandothers | 5,681,020.64 | 5,694,581.34 |
| Total | 5,640,080.29 | 9,622,797.59 |
4.OtherexplanationsNotapplicable
67.Otherincome
Unit:yuan
| Sourcesofotherincome | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Governmentgrants | 1,509,835.03 | 1,414,439.38 |
| Individualincometaxwithholdingservicefee | 565,713.33 | 511,868.05 |
| Additionaldeductionofinputtax | 871,341.32 | 1,177,577.07 |
| Total | 2,946,889.68 | 3,103,884.50 |
68.Netexposurehedgingincome
Notapplicable
69.GainsfromchangesinfairvalueNotapplicable
70.Investmentincome
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Long-termequityinvestmentincomecalculatedundertheequitymethod | 494,545.14 | 89,872.06 |
| Interestfromfixeddeposits | 247,499.84 | 223,962.11 |
| Total | 742,044.98 | 313,834.17 |
71.Creditimpairmentlosses
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Lossesfrombaddebtsinnotesreceivable | 676,063.08 | 99,659.19 |
| Lossesfrombaddebtsofaccountsreceivable | 1,433,272.16 | 2,486,626.83 |
| Baddebtlossofotherreceivables | 118,839.22 | 138,392.41 |
| Total | 2,228,174.46 | 2,724,678.43 |
72.Assetimpairmentlosses
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| 1.Inventorydepreciationlossandcontractperformancecostimpairmentloss | 1,780,567.39 | 28,336.82 |
| 2.Lossesfromimpairmentoflong-termequityinvestments | ||
| 3.Lossesfromimpairmentofinvestmentproperties | ||
| 4.Lossesfromimpairmentoffixedassets | ||
| 5.Lossesfromimpairmentofprojectmaterials | ||
| 6.Lossesfromimpairmentofconstructioninprogress | ||
| 7.Lossesfromimpairmentofproductivebiologicalassets | ||
| 8.Lossesfromimpairmentofoilandgasassets | ||
| 9.Lossesfromimpairmentofintangibleassets | ||
| 10.Lossesfromimpairmentofgoodwill | ||
| 11.Lossesfromimpairmentofcontractassets | ||
| 12.Others |
| Total | 1,780,567.39 | 28,336.82 |
73.Incomefromassetdisposals
Unit:yuan
| Sourceofincomefromassetsdisposal | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Gainsorlossesfromdisposaloffixedassets | -136,999.29 | 2,871,991.80 |
| Gainsorlossesondisposalofright-of-useassets | -287,408.03 | 34,218.87 |
| Total | -424,407.32 | 2,906,210.67 |
74.Non-operatingincome
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod | Amountincludedinthecurrentnon-recurringprofitorloss |
| Payablesnotrequiredtobepaid | 208,509.16 | 250,659.03 | 208,509.16 |
| Compensationincome | 913,547.80 | 1,083,368.57 | 913,547.80 |
| Others | 82,150.96 | 44,111.25 | 82,150.96 |
| Total | 1,204,207.92 | 1,378,138.85 | 1,204,207.92 |
75.Non-operatingexpenditure
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod | Amountincludedinthecurrentnon-recurringprofitorloss |
| Lossesfromnon-monetaryassetexchange | |||
| Donationsmade | 243,626.35 | ||
| Finesandoverduefines | 139,702.96 | 1,348.47 | 139,702.96 |
| Liquidateddamages | 1,045.00 | 4,075.11 | 1,045.00 |
| Others | 78,693.73 | 29,783.42 | 78,693.73 |
| Total | 219,441.69 | 278,833.35 | 219,441.69 |
76.Incometaxexpense
(1)Tableofincometaxexpense
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Incometaxexpensesforthecurrentperiod | 21,933,368.58 | 41,957,212.02 |
| Deferredtaxexpenses | 1,181,797.15 | 4,587,823.09 |
| Total | 23,115,165.73 | 46,545,035.11 |
(2)Accountingprofitandincometaxexpenseadjustmentprocess
Unit:yuan
| Item | Amountinthecurrentperiod |
| Totalprofits | 105,560,665.76 |
| Incometaxexpensescalculatedatthestatutory/applicabletaxrate | 26,390,166.44 |
| Influenceofdifferenttaxratesapplicabletosubsidiaries | 1,632,457.77 |
| Influenceofadjustmentstotheincometaxfortheprioryears | -1,215,613.43 |
| Influenceofnon-taxableincome | -123,636.29 |
| Influenceofnondeductiblecosts,expensesandlosses | -117,653.47 |
| Additionaldeductionofresearchanddevelopmentexpenses | -3,371,169.00 |
| (LVIII)Incometaxexpenses | 23,115,165.73 |
77.Othercomprehensiveincome
SeeNoteVII.57fordetails.
78.Cashflowstatementitems
(1)CashrelatedtooperatingactivitiesCashreceivedfromotheroperatingactivities
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Marginandsecuritydeposit | 4,721,865.96 | 3,891,700.17 |
| Governmentgrants | 1,698,194.84 | 1,685,999.41 |
| Commoditypromotionexpenses | 2,732,719.87 | 3,815,826.53 |
| Interestincome | 1,913,911.99 | 2,197,067.47 |
| Pettycash | 843,906.32 | 1,656,985.54 |
| Others | 8,406,114.61 | 9,515,423.83 |
| Total | 20,316,713.59 | 22,763,002.95 |
Cashpaidforotheroperatingactivities
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Marginandsecuritydeposit | 5,929,267.55 | 4,378,182.27 |
| Periodexpensesandothers | 145,952,265.33 | 181,036,440.45 |
| Total | 151,881,532.88 | 185,414,622.72 |
(2)Cashrelatedtoinvestingactivities
Cashreceivedfromotherinvestingactivities
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Recoveryoffixeddeposits | 104,282,319.06 | 120,049,969.61 |
| Total | 104,282,319.06 | 120,049,969.61 |
CashreceivedfromsignificantinvestingactivitiesNotapplicableCashpaidforotherinvestingactivities
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Purchaseoffixeddeposits | 111,168,651.92 | 165,092,806.07 |
| Total | 111,168,651.92 | 165,092,806.07 |
CashpaidforimportantinvestingactivitiesNotapplicable
(3)CashrelatedtofinancingactivitiesCashreceivedfromotherfinancingactivitiesNotapplicableCashpaidforotherfinancingactivities
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Leasecashoutflow | 45,795,435.69 | 58,174,682.07 |
| Paymentforsharerepurchase | 79,409.91 | |
| Total | 45,795,435.69 | 58,254,091.98 |
Notesofcashpaidforotherfinancingactivities:
NotapplicableChangesinvariousliabilitiesarisingfromfinancingactivities
Unit:yuan
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Balanceattheendoftheperiod | ||
| Cashchanges | Non-cashchanges | Cashchanges | Non-cashchanges | |||
| (XXV)Short-termborrowings | 124,087,754.51 | 140,000,000.00 | 776,908.34 | 120,823,419.45 | 3,957,187.86 | 140,084,055.54 |
| Dividendspayable | 2,785,293.14 | 161,746,549.20 | 164,531,842.34 | |||
| Non-currentliabilitiesmaturingwithinoneyear | 63,538,231.06 | 39,656,538.42 | 45,795,435.69 | 57,399,333.79 | ||
| Leaseliability | 35,065,292.04 | 31,385,026.31 | 39,656,538.42 | 26,793,779.93 | ||
| Total | 225,476,570.75 | 140,000,000.00 | 233,565,022.27 | 331,150,697.48 | 43,613,726.28 | 224,277,169.26 |
(4)Notestonetpresentationofcashflows
Notapplicable
(5)Majoractivitiesandfinancialimpactsthatdonotinvolvecurrentcashreceiptsandpaymentsbutaffectthefinancialpositionoftheenterpriseormayaffectthecashflowsoftheenterpriseinthefuture
Notapplicable
79.Supplementaryinformationtothecashflowstatement
(1)Supplementaryinformationtothecashflowstatement
Unit:yuan
| Supplementaryinformation | Amountofthecurrentperiod | Priorperiod |
| 1.Netprofitadjustedtocashflowsfromoperatingactivities: | ||
| Netprofit | 82,445,500.03 | 147,138,482.34 |
| Plus:provisionforassetsimpairment | -4,008,741.85 | -2,753,015.25 |
| Depreciationoffixedassets,depletionofoilandgasassets,depreciationofproductivebiologicalassets | 20,339,883.04 | 21,248,775.43 |
| Depreciationofright-of-useasset | 49,457,474.41 | 52,808,948.49 |
| Amortizationofintangibleassets | 1,441,178.28 | 1,821,341.36 |
| Amortizationoflong-termdeferredexpenses | 36,795,322.80 | 37,505,025.77 |
| Lossesfromdisposaloffixedassets,intangibleassetsandotherlong-termassets("-"forgains) | 424,407.32 | -2,906,210.67 |
| Lossesonwrite-offoffixedassets("-"forgains) | ||
| Lossesfromchangesinfairvalue("-"forgains) | ||
| Financialexpenses("-"forgains) | 1,830,010.50 | 6,113,751.76 |
| Investmentslosses("-"forgains) | -742,044.98 | -313,834.17 |
| Decreasesindeferredtaxassets(“-”forincreases) | 4,768,466.33 | 4,333,902.49 |
| Increaseindeferredtaxliabilities("-"fordecreases) | -2,856,417.52 | 253,920.60 |
| Decreasesininventories("-"forincreases) | 141,549,995.09 | -25,957,816.56 |
| Decreasesinoperating | -38,310,215.86 | -29,498,881.56 |
| receivables(“-”forincreases) | ||
| Increasesinoperatingpayables(“-”fordecreases) | -41,644,010.52 | -73,263,593.51 |
| Others | ||
| Netcashflowsfromoperatingactivities | 251,490,807.07 | 136,530,796.52 |
| 2.Significantinvestingandfinancingactivitiesnotinvolvingincashreceiptsandpayments: | ||
| Transferofdebtsintocapital | ||
| Convertiblecorporatebondsmaturingwithin1year | ||
| Fixedassetsleasedfromfinancing | ||
| 3.Netchangeincashandcashequivalents: | ||
| Endingbalanceofcash | 539,306,933.97 | 404,356,009.13 |
| Less:beginningbalanceofcash | 518,954,177.49 | 504,629,153.71 |
| Plus:endingbalanceofcashequivalents | ||
| Less:beginningbalanceofcashequivalents | ||
| Netincreaseofcashandcashequivalents | 20,352,756.48 | -100,273,144.58 |
(2)Netcashpaidforacquisitionofsubsidiariesinthecurrentperiod
Notapplicable
(3)NetcashreceivedfromdisposalofsubsidiariesinthecurrentperiodNotapplicable
(4).Compositionofcashandcashequivalents
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| I.Cash | 539,306,933.97 | 518,954,177.49 |
| Including:cashonhand | 13,115.08 | 76,344.01 |
| Unrestrictedbankdeposits | 535,285,601.72 | 516,822,193.38 |
| Otherunrestrictedmonetaryfunds | 4,008,217.17 | 2,055,640.10 |
| II.Cashequivalents | ||
| Including:Bondinvestmentmaturingwithinthreemonths | ||
| III.Endingbalanceofcashandcashequivalents | 539,306,933.97 | 518,954,177.49 |
| Including:cashandcashequivalents | 499,487.91 | 6,150,258.49 |
(5)Thesituationwherethescopeofuseislimitedbutstillbelongstothepresentationofcashandcashequivalents
Unit:yuan
withrestricteduserightbyparentcompanyorsubsidiariesoftheGroup
Item
| Item | Amountofthecurrentperiod | Priorperiod | Reasonsforremainingcashandcashequivalents |
| Bankdeposit | 499,487.91 | 1,951,883.15 | Theaccountfundsofthecompany'ssubsidiaryFIYTA(HONGKONG)LIMITEDandsub-subsidiaryMontresChourietSAaredepositedabroadandfundrepatriationisrestricted,withoutaffectingdailyuse. |
(6)Cashnotbelongingtocashandcashequivalents
Notapplicable
(7)DescriptionofothermajoractivitiesNotapplicable
80.NotestoitemsofthestatementofchangesinOwners'equityNotapplicable
81.Foreigncurrencymonetaryitems
(1)Foreigncurrencymonetaryitems
Unit:yuan
| Item | Endingbalanceofforeigncurrency | Exchangerateofconversion | BalanceconvertedintoRMBattheendoftheperiod |
| (VI)Monetaryfunds | 10,003,762.73 | ||
| Including:USD | 364,284.83 | 7.1586 | 2,607,769.38 |
| EUR | 229,840.48 | 8.4024 | 1,931,211.65 |
| HKD | 5,354,566.43 | 0.91195 | 4,883,096.86 |
| CHF | 64,832.63 | 8.9721 | 581,684.84 |
| Accountsreceivable | 5,516,572.06 | ||
| Including:USD | 610,075.33 | 7.1586 | 4,367,285.26 |
| EUR | 8.4024 | ||
| HKD | 970,883.25 | 0.91195 | 885,396.98 |
| CHF | 29,412.27 | 8.9721 | 263,889.83 |
| (XXXIV)Long-termborrowings | |||
| Including:USD | |||
| EUR | |||
| HKD | |||
| (XXVII)Accountspayable | 64,055.68 | ||
| Including:HKD | 51,113.37 | 0.91195 | 46,612.84 |
| CHF | 1,944.12 | 8.9721 | 17,442.84 |
| Otherreceivables | 218,416.12 | ||
| Including:HKD | 82,090.60 | 0.91195 | 74,862.52 |
| CHF | 16,000.00 | 8.9721 | 143,553.60 |
| (XXXI)Otherpayables | 840,533.85 | ||
| Including:USD | 4,933.82 | 7.1586 | 35,319.24 |
| HKD | 444,875.90 | 0.91195 | 405,704.58 |
| CHF | 44,528.04 | 8.9721 | 399,510.03 |
(2)Descriptionofoverseasoperatingentities,includingforimportantoverseasoperatingentities,themainoverseasbusinessplace,functionalcurrencyandselectionbasisshallbedisclosed,andthereasonsforchangesinfunctionalcurrencyshallalsobedisclosed.
Forthemainoperatinglocationandfunctionalcurrencyofimportantoverseasoperatingentities,seeNoteV,4.
82.Leasing
(1)TheCompanyasthelessee
VariableleasepaymentsnotincludedinthemeasurementofleaseliabilitiesCurrentprofitorlossandcashflowrelatedtoleasing
| Item | Amountfor2025half-year |
| Short-termleaseexpensesrecognizedincurrentprofitorlossusingsimplifiedtreatment | 628,219.39 |
| Low-valueassetleaseexpensesrecognizedincurrentprofitorlossusingsimplifiedtreatment(excludingshort-termleases) | |
| Interestexpenseonleaseliability | 1,562,847.08 |
| Variableleasepaymentsincludedincurrentprofitorlossbutnotincludedinthemeasurementofleaseliabilities | 36,664,817.82 |
| Revenuefromsublettingright-of-useassets | |
| Totalcashoutflowsrelatedtoleases | 81,765,658.22 |
| Relatedprofitorlossfromsaleandleasebacktransactions |
Inthefirsthalfof2025,thevariableleasepaymentsincludedincurrentprofitorlossbutnotincludedinthemeasurementofleaseliabilitiesamountedtoRMB36,664,817.82.Simplifiedtreatmentofshort-termleasesorleasingfeesforlow-valueassetsNotapplicableCircumstancesinvolvingsaleandleasebacktransactionsNotapplicable
(2)TheCompanyasthelessor
Operatingleaseaslessor
Unit:yuan
| Item | Leaseincome | Including:incomerelatedtovariableleasepaymentsnotincludedintheleasereceipts |
| Leaseincome | 57,835,071.51 | 0.00 |
| Total | 57,835,071.51 | 0.00 |
FinancingleaseasalessorNotapplicableUndiscountedleasereceiptsforeachofthenextfiveyearsNotapplicableReconciliationtableofundiscountedleasereceiptsandnetleaseinvestmentNotapplicable
(3)Recognizeprofitorlossonfinanceleasesalesasamanufacturerordistributor
Notapplicable
83.Dataresources
Notapplicable
84.OthersNotapplicable
8.R&Dexpenditure
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Employeesalary | 25,193,556.07 | 19,756,648.13 |
| Sampleandmaterialcosts | 427,397.19 | 1,603,990.91 |
| Depreciationandamortization | 2,484,373.63 | 2,382,614.08 |
| Technicalcooperationfee | 1,292,546.07 | 1,469,929.58 |
| Others | 3,689,998.37 | 2,312,815.63 |
| Total | 33,087,871.33 | 27,525,998.33 |
| Including:ExpensedR&Dexpenditures | 33,087,871.33 | 27,525,998.33 |
| CapitalizedR&Dexpenditures | 0.00 | 0.00 |
1.R&Dprojectseligibleforcapitalization
Notapplicable
2.ImportantoutsourcingprojectsunderresearchNotapplicable
9.Changesinthescopeofconsolidation
1.Businesscombinationnotundercommoncontrol
(1)BusinesscombinationnotundercommoncontroloccurredinthecurrentperiodNotapplicable
(2)CombinationcostsandgoodwillNotapplicable
(3)IdentifiableassetsandliabilitiesoftheacquireeontheacquisitiondateNotapplicable
(4)Gainsorlossesarisingfromthere-measurementofequityheldbeforetheacquisitiondateatfairvalueWhetherthereisatransactionthatachievesthebusinesscombinationstepbystepthroughmultipletransactionsandobtainsthecontrolduringthereportingperiodNo
（5）RelevantexplanationsfortheinabilitytoreasonablydeterminetheacquisitionconsiderationorthefairvalueofidentifiableassetsandliabilitiesoftheacquireeattheacquisitiondateortheendofthereportingperiodofcombinationNotapplicable
（6）4.OtherexplanationsNotapplicable
2.Businesscombinationundercommoncontrol
(1)BusinesscombinationundercommoncontroloccurredinthecurrentperiodNotapplicable
(2)CombinationcostNotapplicable
(3)Bookvalueofthecombinedparty'sassetsandliabilitiesonthecombinationdateNotapplicable
3.Reverseacquisition
Notapplicable
4.DisposalofsubsidiariesWhethertherewereanytransactionsoreventsduringtheperiodinwhichcontroloverthesubsidiaryislostNoWhethertherearemultipletransactionsandstep-by-stepdisposaloftheinvestmentinasubsidiaryleadingthelossofthecontrolrightoverthesubsidiaryinthecurrentperiodNo
5.ChangesinthescopeofconsolidationforotherreasonsNotapplicable
6、OthersNotapplicable
10.Equityinterestsinotherentities
1.Equityinsubsidiaries
(1)Compositionoftheenterprisegroup
Unit:yuan
| Nameofsubsidiaries | Registeredcapital | Mainpremise | Registrationplace | Businessnature | Shareholdingratio | Methodofacquisition | |
| Direct | Indirect | ||||||
| ShenzhenHarmonyWorldWatchCentreCo.,Ltd. | 600,000,000.00 | Shenzhen | Shenzhen | Commerce | 100.00% | Establishmentorinvestment | |
| FIYTASalesCo.,Ltd. | 450,000,000.00 | Shenzhen | Shenzhen | Commerce | 100.00% | Establishmentorinvestment | |
| ShenzhenFIYTAPrecisionTechnologyCo.,Ltd. | 180,000,000.00 | Shenzhen | Shenzhen | Manufacturing | 99.44% | 0.56% | Establishmentorinvestment |
| ShenzhenFIYTASTDCo.,Ltd. | 50,000,000.00 | Shenzhen | Shenzhen | Manufacturing | 100.00% | Establishmentorinvestment | |
| HarmonyWorldWatchCentre | 10,000,000.00 | Sanya | Sanya | Commerce | 100.00% | Establishmentor | |
| (Hainan)Co.,Ltd. | investment | ||||||
| ShenzhenXunhangPrecisionTechnologyCo.,Ltd. | 10,000,000.00 | Shenzhen | Shenzhen | Manufacturing | 100.00% | Establishmentorinvestment | |
| EmileChourietHorologe(Shenzhen)Co.,Ltd. | 41,355,200.00 | Shenzhen | Shenzhen | Commerce | 100.00% | Establishmentorinvestment | |
| LiaoningHengdaruiCommerceandTradeCo.,Ltd. | 51,000,000.00 | Shenyang | Shenyang | Commerce | 100.00% | Businesscombinationundercommoncontrol | |
| Temporal(Shenzhen)Co.,Ltd. | 5,000,000.00 | Shenzhen | Shenzhen | Commerce | 100.00% | Establishmentorinvestment | |
| ShenzhenHarmonyE-commerceCo.,Ltd. | 10,000,000.00 | Shenzhen | Shenzhen | Commerce | 100.00% | Establishmentorinvestment | |
| FIYTA(HONGKONG)LIMITED | 137,737,520.00 | HongKong | HongKong | Commerce | 100.00% | Establishmentorinvestment | |
| MontresChourietSA | 97,958,426.10 | Switzerland | Switzerland | Manufacturing | 0.00% | 100.00% | Businesscombinationnotundercommoncontrol |
Descriptionoftheshareholdingratiointhesubsidiarythatisdifferentfromthevotingrightsratio:
NotapplicableBasisforholdinghalforlessofthevotingrightsbutstillcontrollingtheinvestee,andholdingmorethanhalfofthevotingrightsbutnotcontrollingtheinvestee:
NotapplicableForimportantstructuredentitiesincludedinthescopeofconsolidation,basisforcontrol:
NotapplicableBasisfordeterminingwhetherthecompanyisanagentoraprincipal:
NotapplicableOtherexplanations:
Notapplicable
(2)Significantnon-wholly-ownedsubsidiariesNotapplicable
(3)Mainfinancialinformationofsignificantnon-wholly-ownedsubsidiariesNotapplicable
(4)MajorrestrictionsontheuseoftheassetsoftheenterprisegroupandthesettlementofthedebtsoftheenterprisegroupNotapplicable
(5)FinancialsupportorothersupportprovidedtostructuredentitiesincludedinthescopeofconsolidatedfinancialstatementsNotapplicable
2.TransactionsofchangesintheshareofOwners'equityinsubsidiariesandstillcontrolthesubsidiaries
(1)DescriptionofchangesintheshareofOwners'equityinsubsidiariesNotapplicable
(2)ImpactofthetransactiononminorityequityandequityattributabletoshareholdersNotapplicable
3.Equityinjointventuresorassociates
(1)Importantjointventuresorassociatedenterprises
| Nameofjointventureorassociatedenterprise | Mainpremise | Registrationplace | Businessnature | Shareholdingratio | Accountingtreatmentofinvestmentsinjointventuresorassociatedenterprise | |
| Direct | Indirect | |||||
| ShanghaiWatchIndustryCo.,Ltd. | Shanghai | Shanghai | Commerce | 25.00% | Equitymethod | |
Descriptionofthedifferentshareholdingscalesofjointventuresorassociatedenterprisesfromthevotingscale:
NotapplicableBasisforholdinglessthan20%ofvotingrightsbuthavingsignificantinfluence,orholding20%ormoreofvotingrightsbutnothavingsignificantinfluence:
Notapplicable
(2)MainfinancialinformationofimportantjointventuresNotapplicable
(3)Mainfinancialinformationofimportantassociatedenterprise
Unit:yuan
| Endingbalance/amountincurredinthecurrentperiod | Beginningbalance/amountincurredinthepreviousperiod |
Currentassets
| Currentassets | 215,022,502.18 | 209,477,074.16 |
| Non-currentassets | 12,801,786.37 | 15,193,917.74 |
| Totalassets | 227,824,288.55 | 224,670,991.90 |
| Currentliabilities | 107,900,056.71 | 106,724,940.61 |
| Non-currentliabilities | ||
| Totalliabilities | 107,900,056.71 | 106,724,940.61 |
Minorityequity
| Minorityequity | ||
| Equityattributabletoshareholdersoftheparentcompany | 119,924,231.84 | 117,946,051.29 |
| Shareofnetassetscalculatedbyshareholdingscale | 29,981,057.96 | 29,486,512.82 |
| Adjustmentmatters | 21,420,524.02 | 21,420,524.02 |
| -Goodwill | 21,420,524.02 | 21,420,524.02 |
| -Unrealizedprofitsfrominternaltransactions | ||
| -Others | ||
| Bookvalueofequityinvestmentinassociatedenterprise | 51,401,581.98 | 50,907,036.84 |
| Fairvalueofequityinvestmentsinassociatedenterprisesatpubliclyquotedprices | ||
| Operatingrevenue | 53,414,261.52 | 58,283,918.10 |
| Netprofit | 1,978,180.55 | 359,488.26 |
| Netprofitsfromdiscontinuedoperations | ||
| (LVIX)Othercomprehensiveincome | ||
| Totalcomprehensiveincome | 1,978,180.55 | 359,488.26 |
| Dividendsreceivedfromassociatedenterpriseinthecurrentyear |
(4)Summaryfinancialinformationofinsignificantjointventuresandassociatedenterprise
Notapplicable
(5)ExplanationonsignificantrestrictionsontheabilityofjointventuresorassociatedenterprisestotransferfundstotheCompanyNotapplicable
(6)ExcesslossesincurredbyjointventuresorassociatedenterpriseNotapplicable
(7)UnrecognizedcommitmentsrelatedtoinvestmentinjointventuresNotapplicable
(8)ContingentliabilitiesrelatedtoinvestmentsinjointventuresorassociatedenterpriseNotapplicable
4.Importantjointoperation
Notapplicable
5.EquityinstructuredentitiesnotincludedinthescopeofconsolidatedfinancialstatementsNotapplicable
6.OthersNotapplicable
11.Governmentsubsidies
1.GovernmentsubsidiesrecognizedasreceivableattheendofthereportingperiodNotapplicable
2.Liabilityitemsinvolvinggovernmentsubsidies
Notapplicable
3.Governmentsubsidiesincludedinthecurrentperiod'sprofitandloss
Unit:yuan
| Accountingitem | Amountinthecurrentperiod | Amountinthepreviousperiod |
| (L)Otherincome | 1,509,835.03 | 1,414,439.38 |
12.Risksrelatedtofinancialinstruments
1.VariousrisksarisingfromfinancialinstrumentsThecompany'sfinancialinstrument-relatedrisksarisefromvariousfinancialassetsandliabilitiesrecognizedduringoperations,includingcreditrisk,liquidityrisk,andmarketrisk.Theobjectivesandpoliciesformanagingvariousfinancialinstrument-relatedrisksareestablishedbythecompany'sManagement.TheOperationalManagementisresponsiblefordailyriskmanagementthroughfunctionaldepartments(Forexample,thecompany'screditmanagementdepartmentreviewseachcreditsaletransaction).TheCompany'sInternalAuditDepartmentconductsdailysupervisionoftheexecutionofriskmanagementpoliciesandproceduresandreportsfindingstotheauditcommitteeinatimelymanner.
Theoverallobjectiveofthecompany'sriskmanagementistodevelopriskmanagementpoliciesthatminimizefinancialinstrument-relatedriskswithoutundulyaffectingthecompany'scompetitivenessandresilience.
1.Creditrisk
Creditriskistheriskthatfinanciallossisincurredbyonepartytoafinancialinstrumentduetotheotherparty'sfailuretofulfillitsobligations.Thecompany'screditriskmainlyarisesfromcash,notesreceivable,accountsreceivable,andreceivablesfinancing.Thecreditriskofthesefinancialassetsstemsfromcounterpartydefault,withthemaximumexposureequaltothecarryingamountoftheseinstruments.
Thecompany'scashismainlydepositedincommercialbanksandotherfinancialinstitutions,whichareconsideredtohavehighcreditworthinessandassetstatus,posinglowcreditrisk.
Fornotesreceivable,accountsreceivable,receivablesfinancing,otherreceivables,etc.,theCompanyhassetrelevantpoliciestocontrolcreditriskexposure.TheCOOEC,basedonthecustomers'financialpositions,thepossibilityofobtainingguaranteesfromthethirdparty,creditrecordsandotherfactorssuchasthecurrentmarketconditions,evaluatedthecreditqualificationsofcustomersandsetcreditterm.TheCOOECwouldmonitorthecustomers'creditrecordsperiodically;asforthecustomerswithbadcreditrecords,theCOOECwouldadoptthemethodsincludingrequestingapaymentinwritingorshorteningorcancelingcredittermsoastokeeptheCOOEC'soverallcreditriskswithincontrollablescope.
(1)Judgmentcriteriaforsignificantincreaseofcreditrisk
Thecompanyassesseswhetherthecreditriskofrelevantfinancialinstrumentshassignificantlyincreasedsinceinitialrecognitionateachbalancesheetdate.Indeterminingwhethertherehasbeenasignificantincreaseincreditrisksinceinitialrecognition,thecompanyconsidersreasonableandsupportableinformationthatcanbeobtainedwithoutunduecostoreffort,includingqualitativeandquantitativeanalysisbasedonthecompany'shistoricaldata,externalcreditriskratings,andforward-lookinginformation.Thecompanybasesonindividualfinancialinstrumentsorgroupsoffinancialinstrumentswithsimilarcreditriskcharacteristicstodeterminechangesintheriskofdefaultovertheexpectedlifebycomparingtheriskofdefaultatthebalancesheetdatewiththeriskatinitialrecognition.Thecompanyconsidersthecreditriskoffinancialinstrumentstohavesignificantlyincreasedwhenoneormoreofthefollowingquantitativeorqualitativecriteriaaremet:Quantitativecriteriamainlyrefertotheincreaseintheprobabilityofdefaultovertheremainingtermatthereportingdatecomparedtoinitialrecognitionbyacertainpercentage;Qualitativecriteriaincludesignificantadversechangesinthemajordebtor'soperationsorfinancialcondition,thelistofearly-warningcustomers,etc.
(2)DefinitionofassetswithcreditimpairmentTodeterminewhethercreditimpairmenthasoccurred,thecompanyusescriteriaconsistentwithinternalcreditriskmanagementobjectivesforrelevantfinancialinstruments,consideringbothquantitativeandqualitativeindicators.
Whenassessingwhetheradebtorhasexperiencedcreditimpairment,thecompanyprimarilyconsidersthefollowingfactors:significantfinancialdifficultiesoftheissuerordebtor;Thedebtorhasbreachedthecontract,suchasdefaultingoninterestorprincipalpaymentsorbeingoverdue;Thecreditor,foreconomicorcontractualconsiderationsrelatedtothedebtor'sfinancialdifficulties,grantsconcessionstothedebtorthatwouldnotbemadeunderanyothercircumstances;Itislikelythatthedebtorwillgobankruptorundergootherfinancialrestructuring;Thedisappearanceofanactivemarketforthefinancialassetsduetotheissuer'sorthedebtor'sfinancialdifficulties;Acquiringororiginatingfinancialassetsatasignificantdiscount,whichreflectstheoccurrenceofcreditlosses.Creditimpairmentoffinancialassetsmayresultfromthecombinedeffectofmultipleeventsandmaynotnecessarilybecausedbyindividuallyidentifiableevents.
(3)Parametersformeasurementofexpectedcreditlosses
Basedonwhetherthereisasignificantincreaseincreditriskandwhethercreditimpairmenthasoccurred,thecompanymeasuresimpairmentprovisionsfordifferentassetsusing12-monthorlifetimeexpectedcreditlosses.Key
parametersformeasuringexpectedcreditlossesincludeprobabilityofdefault,lossgivendefault,andexposureatdefault.Thecompanyusesquantitativeanalysisofhistoricalstatisticaldata(suchascounterpartyratings,guaranteemethods,andtypesofcollateralandpledge,repaymentmethods,etc.)andforward-lookinginformationtoestablishmodelsforprobabilityofdefault,lossgivendefault,andexposureatdefault.Relevantdefinitionsareasfollows:
Probabilityofdefaultreferstothelikelihoodthatthedebtorwillbeunabletofulfillitspaymentobligationswithinthenext12monthsorovertheentireremainingduration.Lossgivendefaultreferstothecompany'sexpecteddegreeoflossonexposuretodefaultrisk.Lossgivendefaultvariesbasedonthetypeofcounterparty,methodandpriorityofrecourse,anddifferentcollateral.Lossgivendefaultisthepercentageofexposurelossatthetimeofdefault,calculatedbasedonthenext12monthsortheentireduration;Exposureatdefaultreferstotheamountthatshouldberepaidtothecompanyintheeventofdefaultwithinthenext12monthsorovertheentireremainingduration.Forward-lookinginformationisinvolvedinassessingsignificantincreasesincreditriskandcalculatingexpectedcreditlosses.Thecompanyanalyzeshistoricaldatatoidentifykeyeconomicindicatorsaffectingcreditriskandexpectedcreditlossesforeachbusinesstype.Themaximumcreditriskexposurethecompanyfacesisthecarryingamountofeachfinancialassetonthebalancesheet.TheCompanyhasnotprovidedanyotherguaranteesthatmayexposetheCompanytocreditrisks.Accountsreceivablefromthetopfivecustomersaccountfor21.77%ofthecompany'stotalaccountsreceivable(comparisonperiod:21.01%).
2.Liquidityrisk
Liquidityriskreferstoariskthatanenterprisesuffersfundsshortageinperformingtheobligationsofsettlementincashorotherfinancialassets.Thecompanyisresponsibleforcoordinatingthecashmanagementofallitssubsidiaries,includingshort-terminvestmentofcashsurplusesandraisingloanstomeetexpectedcashneeds.Thecompany'spolicyistoregularlymonitorshort-termandlong-termworkingcapitalneeds,aswellascompliancewiththeprovisionsofloanagreements,soastoensurethemaintenanceofsufficientcashreservesandmarketablesecuritiesthatcanbeconvertedintocashatanytime.AsofJune30,2025,thematuritydatesofthecompany'sfinancialliabilitiesareasfollows:
Unit:RMB'0,000
| Item | June30,2025 | |||
| Within1year | 1-2years | 2-3years | Over3years | |
| (XXV)Short-termborrowings | 14,008.41 | |||
| (XXVII)Accountspayable | 9,453.28 | |||
| (XXXI)Otherpayables | 8,928.71 | |||
| Non-currentliabilitiesmaturingwithinoneyear | 5,739.93 | |||
| Leaseliability | 2,131.33 | 535.56 | 12.49 | |
| Total | 38,130.33 | 2,131.33 | 535.56 | 12.49 |
3.Marketrisk
(1)Foreignexchangerisk
ExceptthatthesubsidiaryestablishedinHongKongholdsassetswithHKDasthesettlementcurrencyandthesub-subsidiaryestablishedinSwitzerlandholdsassetswithCHFasthesettlementcurrency,othermainbusinessactivitiesoftheCompanyaremainlysettledwithRMB.However,theCompany'srecognizedforeigncurrencyassetsand
liabilitiesandfutureforeigncurrencytransactions(foreigncurrencyassets,liabilitiesandforeigncurrencytransactionsaremainlydenominatedwithHKDandCHF)stillhaveexchangeraterisks.
①ForeigncurrencyfinancialassetsandliabilitiesofthecompanyattheendoftheperiodarelistedinNoteVII,81ForeignCurrencyMonetaryItems.Thecompanycloselymonitorstheimpactofexchangeratefluctuationsonitsexchangeraterisk.Thecompanycurrentlytakesnomeasurestohedgeexchangeraterisk.However,theManagementisresponsibleformonitoringexchangerateriskandwillconsiderhedgingsignificantexchangerateriskwhennecessary.
②Sensitivityanalysis
AsofJune30,2025,withotherriskvariablesunchanged,iftheRMBappreciatesordepreciatesby5%againstforeigncurrenciesonthatday,thecompany'snetprofitfortheyearwillincreaseordecreasebyRMB741,700(comparisonperiod:approximatelyRMB617,700).
(2)Interestraterisk
Thecompany'sinterestrateriskmainlyarisesfromlong-termbankloans,bondspayable,andotherlong-terminterest-bearingdebts.FinancialliabilitieswithfloatinginterestratesexposetheCompanytocashflowinterestraterisk,andfinancialliabilitieswithfixedinterestrateexposetheCompanytofairvalueinterestraterisk.TheCompanydeterminestherelativescaleoffixed-rateandfloating-ratecontractsaccordingtothemarketenvironmentatthattime.
TheFinancialDepartmentattheCompany'sheadquarterscontinuouslymonitorstheGroup'sinterestratelevels.Anincreaseininterestrateswillraisethecostofnewinterest-bearingdebtandtheinterestexpensesonthecompany'sexistingfloating-ratedebt,significantlyadverselyaffectingthecompany'sfinancialperformance.Managementwillmaketimelyadjustmentsbasedonthelatestmarketconditions.
AsofJune30,2025,thecompanyhadnolong-terminterest-bearingdebts.
2.Hedging
(1)ThecompanycarriesouthedgingbusinessforriskmanagementNotapplicable
(2)ThecompanycarriesouteligiblehedgebusinessandapplieshedgeaccountingNotapplicable
(3)Thecompanycarriesouthedgingbusinessforriskmanagement,andisexpectedtoachievetheriskmanagementobjectivesbuthasnotappliedhedgeaccountingNotapplicable
3.Financialassets
(1)ClassificationoftransfermethodsNotapplicable
(2)FinancialassetsderecognizedduetotransferNotapplicable
(3)AssetstransferfinancialassetsthatcontinuetobeinvolvedNotapplicable
13.Disclosureoffairvalue
1.EndingfairvalueofassetsandliabilitiesmeasuredatfairvalueNotapplicable
2.Basisfordeterminingthemarketpriceofitemsmeasuredatfairvalueofthefirstlevelonacontinuousandnon-continuousbasis
Notapplicable
3.Qualitativeandquantitativeinformationonvaluationtechniquesandimportantparametersadoptedforcontinuousandnon-continuousLevel2fairvaluemeasurementitemsNotapplicable
4.Qualitativeandquantitativevaluationtechniquesandimportantparametersofsustainableandnon-sustainableitemsmeasuredonthebasisoffairvalueoflevel3
Notapplicable
5.Theinformationofadjustmentbetweenthebeginningandtheendofthebookvalueandanalysisonthesensitivityoftheunobservableparametersofsustainableandnon-sustainableitemsmeasuredonthebasisoffairvalueoftierthreeNotapplicable
6.Continuousmeasurementitemsbyfairvalue,reasonforconversionamongalllevelsinthecurrentperiodandpoliciesfordeterminingthetimeofconversion
Notapplicable
7.ChangeofvaluationtechniqueinthecurrentperiodandreasonforchangeNotapplicable
8.ConditionoffairvalueoffinancialassetsandfinancialliabilitiesnotmeasuredatfairvalueNotapplicable
9.Others
Notapplicable
14.Relatedpartiesandrelatedtransactions
1.Parentcompanyinformation
| Parentcompanyname | Registrationplace | Businessnature | Registeredcapital | ShareholdingscaleoftheparentcompanyintheCompany | VotingrightsscaleoftheparentcompanyintheCompany |
| ShentianTechnologyHoldings(Shenzhen)Co.,Ltd. | Shenzhen | Commercialservices | RMB1,166,162,000.00 | 40.17% | 40.17% |
ParentcompanyShentianTechnologyHoldings(Shenzhen)Co.,Ltd.isa100.00%indirectlyownedsubsidiaryofAviationIndustryCorporationofChina,LTD.TheultimatecontrolleroftheenterpriseisAviationIndustryCorporationofChina,LTD.
2.SubsidiariesoftheCompanySeeNoteX.Equityinotherentities:1fordetailsaboutsubsidiariesoftheCompany.
3.JointventuresandassociatesoftheCompany
TheCompany'ssignificantjointventuresorassociatesaredetailedintheNoteX.Equityinotherentities:3.
4.Otherrelatedparties
| Otherrelatedparties | RelationshipbetweenotherrelatedpartieswiththeCOOEC |
| AviationIndustryCorporationofChina,LTD.anditssubsidiaries(hereinafterreferredtoas"AVICanditssubsidiaries") | Controlledbythesameparty |
| ChinaMerchantsPropertyOperation&ServiceCo.,Ltd.anditssubsidiaries(hereinafterreferredtoas"CMPOanditssubsidiaries") | Associatedenterpriseoftheultimatecontrollingparty |
| ShanghaiWatchIndustryCo.,Ltd.(hereinafterreferredtoas"ShanghaiWatchIndustry") | AssociatedenterpriseoftheCompany |
| Companydirectorsandseniormanagement(hereinafterreferredtoas"keymanagementpersonnel") | Keymanagementpersonnel |
5.Relatedpartytransactions
(1)Relatedtransactionsforthepurchaseandsaleofcommodities,theprovisionandreceiptofservicesPurchaseofgoods/receiptofservices
Unit:yuan
| Relatedparty | Related-partytransactions | Amountinthecurrentperiod | Approvedtransactionlimit | Whetherthetransactionlimit | Amountinthepreviousperiod |
| isexceeded | |||||
| AVICanditssubsidiaries | Shoppingmallexpensesandcommoditypurchase | 6,239,244.80 | 65,000,000.00 | No | 9,310,081.83 |
| CMPOanditssubsidiaries | Mallfeesandpropertymanagementfees | 5,394,613.24 | No | 5,757,698.71 | |
| Total | 11,633,858.04 | 15,067,780.54 |
Salesofgoods/renderingofservices
Unit:yuan
| Relatedparty | Related-partytransactions | Amountinthecurrentperiod | Amountinthepreviousperiod |
| AVICanditssubsidiaries | Salesofproductsandrenderingofservices | 19,627,421.48 | 25,273,499.68 |
| CMPOanditssubsidiaries | Productsalesandpropertymanagementfees | 1,410,539.78 | 1,552,942.31 |
| ShanghaiWatchIndustry | Salesofproductsandrenderingofservices | 2,018,837.18 | |
| Total | 23,056,798.44 | 26,826,441.99 |
(2)Associatedtrusteeship/contractingandcommissionedmanagement/outsourcingsituation
Notapplicable
(3)Relatedleasing
TheCOOECactedasthelessor:
Unit:yuan
| Lessee | Typeofleasedasset | Leaseincomerecognizedinthisperiod | Leaseincomerecognizedinpreviousperiod |
| CMPOanditssubsidiaries | House | 25,024.53 | 924,190.75 |
| AVICanditssubsidiaries | House | 281,999.98 | 1,025,500.43 |
| Total | 307,024.51 | 1,949,691.18 |
TheCOOECactedaslessee:
Unit:yuan
| Lessor | Typeofleasedasset | Rentalcostsforshort-termleasesandlow-valueassetleasesforsimplifiedprocessing(ifapplicable) | Variableleasepaymentsnotincludedinthemeasurementofleaseliabilities(ifapplicable) | Paidrents | Interestexpenseonleaseliabilitiesassumed | Increaseinright-of-useassets | |||||
| Amountinthecurrentperiod | Amountinthepreviousperiod | Amountinthecurrentperiod | Amountinthepreviousperiod | Amountinthecurrentperiod | Amountinthepreviousperiod | Amountinthecurrentperiod | Amountinthepreviousperiod | Amountinthecurrentperiod | Amountinthepreviousperiod | ||
| CMPO | House | 18,422 | 455.75 | 182,80 | 265,23 | 2,662. | 7,739. | 0.00 | - | ||
| anditssubsidiaries | .90 | 6.26 | 7.02 | 55 | 60 | 66,765.72 | ||||
| AVICanditssubsidiaries | House | 78,102.84 | 1,463.37 | -75,092.94 | ||||||
| Total | 18,422.90 | 455.75 | 182,806.26 | 343,339.86 | 2,662.55 | 9,202.97 | 0.00 | -141,858.66 |
(4)Relatedguarantees
Notapplicable
(5)LoansfromandtorelatedpartiesNotapplicable
(6)AssetstransferanddebtrestructuringofrelatedpartiesNotapplicable
(7)RemunerationofkeymanagementpersonnelNotapplicable
(8)OtherrelatedpartytransactionsAsattheendofthecurrentyear,thebalanceofdepositsplacedbytheCompanyinAVICFinanceCompanyamountedtoRMB515,494,103.34,ofwhichthedepositinterestreceivedinthecurrentyearamountedtoRMB528,809.72.
6.Receivablesfromandpayabletorelatedparties
(1)Receivableitems
Unit:yuan
| Project | Relatedparty | Balanceattheendoftheperiod | Beginningbalance | ||
| Bookbalance | Provisionforbaddebts | Bookbalance | Provisionforbaddebts | ||
| Bankdeposit | AVICFinance | 515,494,103.34 | 498,616,224.42 | ||
| Notesreceivable | AVICanditssubsidiaries | 508,273.49 | |||
| Accountsreceivable | AVICanditssubsidiaries | 2,847,374.43 | 299,121.84 | 2,894,425.51 | 281,416.75 |
| Accountsreceivable | CMPOanditssubsidiaries | 229,665.76 | 11,483.29 | ||
| Accounts | ShanghaiWatch | 779,600.00 | 31,184.00 | ||
| receivable | Industry | ||||
| Otherreceivables | AVICanditssubsidiaries | 847,287.00 | 42,364.35 | 924,947.00 | 47,070.35 |
| Otherreceivables | CMPOanditssubsidiaries | 77,990.00 | 3,899.50 | 56,000.00 | 2,800.00 |
(2)Payableitems
Unit:yuan
| Project | Relatedparty | Bookbalanceasattheendoftheyear | Bookbalanceasatthebeginningoftheyear |
| (XXXI)Otherpayables | AVICanditssubsidiaries | 96,200.00 | 358,280.00 |
| (XXXI)Otherpayables | CMPOanditssubsidiaries | 1,771,163.40 | 1,066,456.79 |
| Prepayments | AVICanditssubsidiaries | 7,500.00 |
7.Commitmentsofrelatedparties
Notapplicable
8.OthersNotapplicable
15.Share-basedpayment
1.Overallsituationofshare-basedpaymentNotapplicable
2.Equity-settledshare-basedpaymentNotapplicable
3.Cash-settledshare-basedpaymentNotapplicable
4.Share-basedpaymentexpensesinthecurrentperiodNotapplicable
5、5.Modificationandterminationofshare-basedpaymentNotapplicable
6、OthersNotapplicable
16.Commitmentsandcontingencies
1.ImportantcommitmentsAsofthebalancesheetdate,thesignificantexternalcommitmentsandimpactsoftheCompanyaretheleasecontractsthattheCompanyhassignedandisintheprocessofperformingorpreparingtoperform,andthefinancialimpactsthereof,whicharedetailedinNoteVII,47LeaseliabilitiesandNoteVII,82Lease.Exceptfortheabovecommitments,asofJune30,2025,thecompanyhasnoothersignificantcommitmentsrequiringdisclosure.
2.Contingencies
(1).SignificantcontingenciesexistingontheBalanceSheetDate
Notapplicable
(2)Ifthecompanyhasnoimportantcontingenciesrequiredtobedisclosed,itshallalsobeexplainedTherewerenosignificantcontingenciesrequiredtobedisclosed.
3.Others
Notapplicable
17.Eventsafterthebalancesheetdate
1.Importantnon-adjustingmattersNotapplicable
2.Profitdistribution
Notapplicable
3.Salesreturns
Notapplicable
4.NotestoothereventsaftertheBalanceSheetDateNotapplicable
18.Othersignificantevents
1.Correctionofaccountingpreviouserrors
(1)RetrospectiverestatementmethodNotapplicable
(2)Futureapplicablelaw
Notapplicable
2.Debtrestructuring
Notapplicable
3.Assetsreplacement
(1)Exchangeofnon-monetaryassetsNotapplicable
(2)ReplacementofotherassetsNotapplicable
4.AnnuityplanNotapplicable
5.DiscontinuedoperationNotapplicable
6.Segmentinformation
(1)DeterminationbasisandaccountingpoliciesforreportsegmentsTheCompanydeterminestheoperatingsegmentsbasedontheinternalorganizationalstructure,managementrequirementsandinternalreportingsystem.TheCompany'soperatingsegmentreferstothecomponentthatmeetsthefollowingconditionsatthesametime:
(1)Thecomponentcangenerateincomeandexpensesindailyactivities;
(2)Themanagementisabletoregularlyevaluatetheoperatingresultsofthecomponentinordertodeterminetheallocationofresourcestothemandevaluatetheirperformance;
(3)Thefinancialposition,operatingresults,cashflowsandotherrelevantaccountinginformationofthecomponentcanbeobtained.
TheCompanydeterminesreportsegmentsonthebasisofoperatingsegments,andtheoperatingsegmentsthatmeetoneofthefollowingconditionsarerecognizedasreportsegments:
(1)Thesegmentrevenueoftheoperatingsegmentaccountsfor10%ormoreofthetotalrevenueofallsegments;
(2)Theabsoluteamountofthesegment'sprofit(loss)accountsfor10%ormoreofthegreaterofthetotalprofitofallprofitablesegmentsorthetotallossofallloss-makingsegments.
TheCompanyoperatesasinglelineofbusiness,primarilytheproductionandsaleofwatches.Managementviewsandmanagesthisbusinessasawholeandevaluatesitsoperatingresultsaccordingly.Therefore,thisfinancialstatementdoesnotreportsegmentinformation.
(2)FinancialinformationofreportsegmentsNotapplicable
(3)Ifthecompanyhasnoreportsegments,orcannotdisclosethetotalassetsandtotalliabilitiesofeachreportsegment,itshallexplainthereasonsNotapplicable
(4)OthernotesNotapplicable
7.Otherimportanttransactionsandeventsthataffectthedecision-makingofinvestorsNotapplicable
8.Others
Notapplicable
19.NotestothemajoritemsoftheParentCompany'sFinancialStatements
1.Accountsreceivable
1.Disclosurebyaging
Unit:yuan
| Aging | Bookbalanceasattheendoftheyear | Bookbalanceasatthebeginningoftheyear |
| Within1year(including1year) | 6,501,883.90 | 6,238,972.29 |
| 1-2years | 4,753,570.97 | 238,812.42 |
| 2-3years | 319.04 | |
| Over3years | 319.04 | |
| 3-4years | 319.04 | |
| Total | 11,255,773.91 | 6,478,103.75 |
(2).Disclosureunderthemethodsofprovisionforbaddebtsbycategory
Unit:yuan
| Type | Balanceattheendoftheperiod | Beginningbalance | ||||||||
| Bookbalance | Provisionforbaddebts | Bookvalue | Bookbalance | Provisionforbaddebts | Bookvalue | |||||
| Amount | Ratio | Amount | Drawingpercentages | Amount | Ratio | Amount | Drawingpercentages | |||
| Accountsreceivablewithprovisionforbaddebtsbyindividual | 1,630,556.66 | 14.49% | 1,630,556.66 | 100.00% | 0.00 | 1,631,798.66 | 25.19% | 1,631,798.66 | 100.00% | 0.00 |
| Including: | ||||||||||
| Accountsreceivablewithprovisionforbaddebtsbycombination | 9,625,217.25 | 85.51% | 677,531.75 | 7.69% | 8,947,685.50 | 4,846,305.09 | 74.81% | 214,314.71 | 4.42% | 4,631,990.38 |
| Including: | ||||||||||
| Combinationofreceivablesfromcustomers | 8,812,633.50 | 78.29% | 677,531.75 | 7.69% | 8,135,101.75 | 4,041,736.34 | 62.39% | 214,314.71 | 5.30% | 3,827,421.63 |
| Combinationofrelatedpartieswithinthescopeofconsolidation | 812,583.75 | 7.22% | 0.00% | 812,583.75 | 804,568.75 | 12.42% | 804,568.75 | |||
| Total | 11,255,773.91 | 100.00% | 2,308,088.41 | 20.51% | 8,947,685.50 | 6,478,103.75 | 100.00% | 1,846,113.37 | 28.50% | 4,631,990.38 |
Categorynameofprovisionforbaddebtsbyindividual:accountsreceivablefromcustomers
Unit:yuan
| Name | Beginningbalance | Balanceattheendoftheperiod | ||||
| Bookbalance | Provisionforbaddebts | Bookbalance | Provisionforbaddebts | Drawingpercentages | Reasonforprovision | |
| Receivablesfromcustomers | 1,631,798.66 | 1,631,798.66 | 1,630,556.66 | 1,630,556.66 | 100.00% | Pooroperationofcustomers |
| Total | 1,631,798.66 | 1,631,798.66 | 1,630,556.66 | 1,630,556.66 | ||
Categorynameofprovisionforbaddebtsbycombination:combinationofaccountsreceivablefromcustomers
Unit:yuan
| Name | Balanceattheendoftheperiod | ||
| Bookbalance | Provisionforbaddebts | Drawingpercentages | |
| Combinationofreceivablesfromcustomers | 8,812,633.50 | 677,531.75 | 7.69% |
| Total | 8,812,633.50 | 677,531.75 | |
Descriptionofthebasisfordeterminingthecombination:receivablesofthesameaginghavesimilarcreditriskcharacteristics.Nameofprovisionforbaddebtsbycombination:combinationofrelatedpartieswithinthescopeofconsolidation
Unit:yuan
| Name | Balanceattheendoftheperiod | ||
| Bookbalance | Provisionforbaddebts | Drawingpercentages | |
| Combinationofrelatedpartieswithinthescopeofconsolidation | 812,583.75 | ||
| Total | 812,583.75 | ||
Descriptionofthebasisfordeterminingthecombination:receivablesofthesameaginghavesimilarcreditriskcharacteristics.Iftheprovisionforbaddebtsofaccountsreceivableismadeaccordingtothegeneralexpectedcreditlossmodel:
Notapplicable
(3)Statusofbaddebtprovision,recovery,orreversalfortheperiod
Provisionforbaddebtsinthecurrentperiod:
Unit:yuan
| Type | Beginningbalance | Changeinthisperiod | Balanceattheendoftheperiod | |||
| Provision | Recoveryorreversal | Write-off | Others | |||
| Accountsreceivablewithprovisionforexpectedcreditlossesbyindividual | 1,631,798.66 | 1,242.00 | 1,630,556.66 | |||
| Accountsreceivable | 214,314.71 | 559,713.02 | 96,495.98 | 677,531.75 | ||
| withprovisionforexpectedcreditlossesbycombination | |||||
| Total | 1,846,113.37 | 559,713.02 | 97,737.98 | 2,308,088.41 |
(4).Situationofaccountsreceivableactuallywrittenoffinthecurrentperiod
Notapplicable
(5)Accountsreceivableandcontractualassetscollectedfromthedebtorswhichrankthefirstfiveattheendofperiod
Unit:yuan
| Entityname | Endingbalanceofaccountsreceivable | Endingbalanceofcontractassets | Endingbalancesofaccountsreceivableandcontractassets | Proportioninthetotalendingbalanceofaccountsreceivableandcontractualassets | Endingbalanceofprovisionforbaddebtsofaccountsreceivableandprovisionforimpairmentofcontractualassets |
| Summaryofaccountsreceivablewhichranksthefirstfiveattheendofperiod | 7,996,400.90 | 7,996,400.90 | 71.04% | 1,667,674.90 | |
| Total | 7,996,400.90 | 7,996,400.90 | 71.04% | 1,667,674.90 |
2.Otherreceivables
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance |
| Otherreceivables | 519,456,909.65 | 659,565,868.48 |
| Total | 519,456,909.65 | 659,565,868.48 |
(1)Interestreceivable
1)ClassificationofinterestreceivableNotapplicable
2)ImportantoverdueinterestNotapplicable
3).DisclosureunderthemethodsofprovisionforbaddebtsbycategoryNotapplicable
4).Statusofbaddebtprovision,recovery,orreversalfortheperiodNotapplicable
5)SituationofinterestreceivableactuallywrittenoffinthecurrentperiodNotapplicable
(2)Dividendsreceivable
1)ClassificationofdividendsreceivableNotapplicable
2)Importantdividendsreceivablewithagingover1yearNotapplicable
3).DisclosureunderthemethodsofprovisionforbaddebtsbycategoryNotapplicable
4).Statusofbaddebtprovision,recovery,orreversalfortheperiodNotapplicable
5)SituationofdividendsreceivableactuallywrittenoffinthecurrentperiodNotapplicable
(3)Otherreceivables
1)Classificationofotherreceivablesbynature
Unit:yuan
| Natureofpayment | Bookbalanceasattheendoftheyear | Bookbalanceasatthebeginningoftheyear |
| Paymentsofrelatedpartieswithinthescopeofconsolidation | 518,993,447.05 | 658,724,812.91 |
| Marginanddeposits | 129,081.90 | 119,550.00 |
| Others | 391,289.13 | 778,125.19 |
| Total | 519,513,818.08 | 659,622,488.10 |
2)Disclosurebyaging
Unit:yuan
| Aging | Bookbalanceasattheendoftheyear | Bookbalanceasatthebeginningoftheyear |
| Within1year(including1year) | 519,335,919.55 | 659,558,728.69 |
| 1-2years | 115,260.00 | 14,177.51 |
| 2-3years | 13,056.63 | 9,531.90 |
| Over3years | 49,581.90 | 40,050.00 |
| 3-4years | 9,531.90 | |
| 4-5years | 40,050.00 | |
| Over5years | 40,050.00 | |
| Total | 519,513,818.08 | 659,622,488.10 |
3).Disclosureunderthemethodsofprovisionforbaddebtsbycategory
Unit:yuan
| Type | Balanceattheendoftheperiod | Beginningbalance | ||||||||
| Bookbalance | Provisionforbaddebts | Bookvalue | Bookbalance | Provisionforbaddebts | Bookvalue | |||||
| Amount | Ratio | Amount | Drawingpercentages | Amount | Ratio | Amount | Drawingpercentages | |||
| Accountsreceivablewithprovisionforbaddebtsbyindividual | ||||||||||
| Including: | ||||||||||
| Provisionforbaddebtsmadebyportfolio | 519,513,818.08 | 100.00% | 56,908.43 | 0.01% | 519,456,909.65 | 659,622,488.10 | 100.00% | 56,619.62 | 0.01% | 659,565,868.48 |
| Including: | ||||||||||
| Combinationofmarginanddeposit | 129,081.90 | 0.02% | 53,556.90 | 41.49% | 75,525.00 | 119,550.00 | 0.02% | 44,025.00 | 36.83% | 75,525.00 |
| receivables | ||||||||||
| Combinationofreceivablesofrelatedpartieswithinthescopeofconsolidation | 518,993,447.05 | 99.90% | 0.00 | 0.00% | 518,993,447.05 | 658,724,812.91 | 99.86% | 0.00 | 0.00% | 659,443,468.69 |
| Combinationofotherfinancings | 391,289.13 | 0.08% | 3,351.53 | 0.86% | 387,937.60 | 778,125.19 | 0.12% | 12,594.62 | 1.62% | 765,530.57 |
| Total | 519,513,818.08 | 100.00% | 56,908.43 | 0.01% | 519,456,909.65 | 659,622,488.10 | 100.00% | 56,619.62 | 0.01% | 659,565,868.48 |
Categorynameofprovisionforbaddebtsbycombination:combinationofmarginanddepositreceivable
Unit:yuan
| Name | Balanceattheendoftheperiod | ||
| Bookbalance | Provisionforbaddebts | Drawingpercentages | |
| Combinationofmarginanddepositreceivable | 129,081.90 | 53,556.90 | 41.49% |
| Total | 129,081.90 | 53,556.90 | |
Descriptionofthebasisfordeterminingthecombination:paymentsofthesamenaturehavesimilarcreditriskcharacteristics.Nameofprovisionforbaddebtsbycombination:combinationofaccountsreceivablerelatedpartieswithinthescopeofconsolidation
Unit:yuan
| Name | Balanceattheendoftheperiod | ||
| Bookbalance | Provisionforbaddebts | Drawingpercentages | |
| Combinationofreceivablesofrelatedpartieswithinthescopeofconsolidation | 518,993,447.05 | ||
| Total | 518,993,447.05 | ||
Descriptionofthebasisfordeterminingthecombination:paymentsofthesamenaturehavesimilarcreditriskcharacteristics.Categorynameofprovisionforbaddebtsbycombination:otheraccountsreceivable
Unit:yuan
| Name | Balanceattheendoftheperiod | ||
| Bookbalance | Provisionforbaddebts | Drawingpercentages | |
| Combinationofotherfinancings | 391,289.13 | 3,351.53 | 0.86% |
| Total | 391,289.13 | 3,351.53 | |
Descriptionofthebasisfordeterminingthecombination:paymentsofthesamenaturehavesimilarcreditriskcharacteristics.Provisionforbaddebtsmadeaccordingtothegeneralexpectedcreditlossmodel:
Unit:yuan
| Provisionforbaddebts | PhaseI | PhaseII | PhaseIII | Total |
| Expectedcreditlossesoverthenext12months | Expectedcreditlossthroughouttheduration(nocreditimpairment) | Expectedcreditlossthroughouttheduration(creditimpairmenthasoccurred) | ||
| BalanceasofJan.1,2025 | 56,619.62 | 56,619.62 | ||
| BalanceasofJanuary1,2025inthecurrentperiod | ||||
| -TransfertophaseII | ||||
| -TransfertophaseIII | ||||
| -ReversaltophaseII | ||||
| -ReversaltophaseI | ||||
| Provisioninthisperiod | 288.81 | 288.81 | ||
| BalanceasofJune30,2025 | 56,908.43 | 56,908.43 |
ThebasisforthedivisionofeachstageandtheratioofprovisionsforbaddebtsThephaseIisthebaddebtprovisionforotherreceivableswithinoneyear.ThephaseIIisthebaddebtprovisionforaccountsreceivableoveroneyearthathavenotbeenindividuallyassessed.ThephaseIIIisthebaddebtprovisionforindividuallyassessedaccountsreceivable.ChangesinbookbalancewithsignificantamountoflossprovisioninthecurrentperiodNotapplicable
4).Statusofbaddebtprovision,recovery,orreversalfortheperiodProvisionforbaddebtsinthecurrentperiod:
Unit:yuan
| Type | Beginningbalance | Changeinthisperiod | Balanceattheendoftheperiod | |||
| Provision | Recoveryorreversal | Resaleorwrite-off | Others | |||
| Provisionforbaddebtsmadebyportfolio | 56,619.62 | 288.81 | 56,908.43 | |||
| Total | 56,619.62 | 288.81 | 56,908.43 | |||
5)SituationofotheraccountsreceivableactuallywrittenoffinthecurrentperiodNotapplicable
6).Otherreceivablescollectedfromthedebtorswhichrankthefirstfiveattheendofperiod
Unit:yuan
| Entityname | Natureofamount | Balanceattheendoftheperiod | Aging | Proportioninthetotalendingbalanceofotherreceivables | Endingbalanceofprovisionforbaddebts |
| Summaryofotheraccountsreceivablewhichrankthefirstfiveattheendofperiod | Receivablesofrelatedpartieswithinthescopeofconsolidation | 518,993,447.05 | Within1year | 99.90% | 0.00 |
| Total | 518,993,447.05 | 99.90% | 0.00 |
7)PresentedinotherreceivablesduetocentralizedmanagementoffundsNotapplicable
3.Long-termequityinvestments
Unit:yuan
| Item | Balanceattheendoftheperiod | Beginningbalance | ||||
| Bookbalance | Provisionsforimpairment | Bookvalue | Bookbalance | Provisionsforimpairment | Bookvalue | |
| Investmentinsubsidiaries | 1,592,543,885.91 | 1,592,543,885.91 | 1,592,543,885.91 | 1,592,543,885.91 | ||
| Investmentsinassociatesandjointventures | 51,401,581.98 | 51,401,581.98 | 50,907,036.84 | 50,907,036.84 | ||
| Total | 1,643,945,467.89 | 1,643,945,467.89 | 1,643,450,922.75 | 1,643,450,922.75 | ||
(1)Investmentinsubsidiaries
Unit:yuan
| Investee | Beginningbalance(bookvalue) | Beginningbalanceofprovisionforimpairment | Increase/decreaseinthisperiod | Endingbalance(bookvalue) | Balanceofprovisionforimpairmentasattheendoftheperiod | |||
| Additionalinvestment | Reducedinvestment | Provisionforimpairmentaccrued | Others | |||||
| ShenzhenHarmonyWorldWatchCentreCo.,Ltd. | 609,891,973.62 | 609,891,973.62 | ||||||
| ShenzhenHarmonyE- | 11,684,484.39 | 11,684,484.39 | ||||||
| commerceCo.,Ltd. | |||
| ShenzhenFIYTAPrecisionTechnologyCo.,Ltd. | 182,290,834.31 | 182,290,834.31 | |
| ShenzhenFIYTASTDCo.,Ltd. | 51,160,141.67 | 51,160,141.67 | |
| FIYTA(HONGKONG)LIMITED | 137,737,520.00 | 137,737,520.00 | |
| Temporal(Shenzhen)Co.,Ltd. | 5,000,000.00 | 5,000,000.00 | |
| FIYTASalesCo.,Ltd. | 457,297,183.13 | 457,297,183.13 | |
| LiaoningHengdaruiCommerceandTradeCo.,Ltd. | 36,867,843.96 | 36,867,843.96 | |
| EmileChourietHorologe(Shenzhen)Co.,Ltd. | 80,613,904.83 | 80,613,904.83 | |
| HarmonyWorldWatchCentre(Hainan)Co.,Ltd. | 10,000,000.00 | 10,000,000.00 | |
| ShenzhenXunhangPrecisionTechnologyCo.,Ltd. | 10,000,000.00 | 10,000,000.00 | |
| Total | 1,592,543,885.91 | 1,592,543,885.91 |
(2).Investmentsinassociatesandjointventures
Unit:yuan
| Investmentunit | Beginningbalance(book | Beginningbalanceofprovis | Increase/decreaseinthisperiod | Endingbalance(book | Balanceofprovisionforimpair | |||||||
| Additionalinve | Reducedinvestment | Investmentincomeor | Othercomprehensive | Otherchangesinequity | Cashdividendsorprofits | Provisionforimpairment | Others | |||||
| value) | ionforimpairment | stment | lossrecognizedunderequitymethod | incomeadjustments | declaredtobedistributed | accrued | value) | mentasattheendoftheperiod | ||||
| 1.Jointventures | ||||||||||||
| 2.Associatedenterprise | ||||||||||||
| ShanghaiWatchIndustryCo.,Ltd. | 50,907,036.84 | 494,545.14 | 51,401,581.98 | |||||||||
| Sub-total | 50,907,036.84 | 494,545.14 | 51,401,581.98 | |||||||||
| Total | 50,907,036.84 | 494,545.14 | 51,401,581.98 | |||||||||
(3)Othernotes
Notapplicable
4.Operatingincomeandoperatingcosts
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod | ||
| Revenue | Cost | Revenue | Cost | |
| Primarybusiness | 79,218,866.11 | 25,511,651.20 | 93,442,375.61 | 28,763,610.04 |
| Otherbusiness | 2,255,957.31 | 2,209,518.25 | ||
| Total | 81,474,823.42 | 25,511,651.20 | 95,651,893.86 | 28,763,610.04 |
5.Investmentincome
Unit:yuan
| Item | Amountinthecurrentperiod | Amountinthepreviousperiod |
| Long-termequityinvestmentincomecalculatedundertheequitymethod | 494,545.14 | 89,872.06 |
| Total | 494,545.14 | 89,872.06 |
6.Others
Notapplicable
20.Additionalinformation
1.Breakdownofcurrentnon-recurringprofitandloss
Unit:yuan
| Item | Amount | Notes |
| Lossesfromdisposalofnon-currentassets | -424,407.32 | |
| Governmentgrantsrecognizedincurrentprofitandloss(excludingthosecloselyrelatedtotheCompany'snormaloperations,incompliancewithnationalpolicies,entitledinaccordancewithsetstandards,andhavingasustainedimpactontheCompany'sprofitandloss) | 1,509,835.03 | |
| Profitorlossonfairvaluechangesarisingfromtheholdingoffinancialassetsandfinancialliabilitiesbynon-financialenterprisesandtheprofitorlossarisingfromthedisposaloffinancialassetsandliabilities,exceptforeffectivehedgingoperationsassociatedwithCOOEC'snormaloperations | 247,499.84 | |
| Reversalofreceivablestestedforimpairmentseparately,provisionforimpairment | 2,807,146.61 | |
| Non-operatingrevenueandexpensesotherthantheabove-mentioneditems | 984,766.23 | |
| Less:incometaxeffects | 1,056,602.55 | |
| Total | 4,068,237.84 | -- |
Specificcircumstancesofotheritemsthatmeetthedefinitionofnon-recurringgainsandlosses:
NotapplicableDescriptionofthedefinitionofnon-recurringprofitandlossitemslistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic-Non-recurringProfitorLossasrecurringprofitandlossitemsNotapplicable
2.ReturnonequityandEarningspershare
| Profitinthereportingperiod | Returnonweightedaveragenetassets | Earningspershare | |
| Basicearningspershare(yuan/share) | Dilutedearningspershare(yuan/share) | ||
| NetprofitattributabletoordinaryshareholdersoftheCOOEC | 2.41% | 0.2034 | 0.2034 |
| NetprofitsattributabletoordinaryshareholdersoftheCOOECafterdeductingnon-recurringprofitorloss | 2.29% | 0.1933 | 0.1933 |
3.Differencesinaccountingdataunderdomesticandoverseasaccountingstandards
(1).DifferencesinnetprofitandnetassetsinthefinancialreportsdisclosedinaccordancewithinternationalaccountingstandardsandChineseaccountingstandards
Notapplicable
(2).DifferencesinnetprofitandnetassetsinthefinancialreportsdisclosedinaccordancewithoverseasaccountingstandardsandChineseaccountingstandardsNotapplicable
(3)Explanationofthereasonsforthedifferencesinaccountingdataunderdomesticandoverseasaccountingstandards.Ifthedatahasbeenauditedbyanoverseasauditinstitutionfordifferenceadjustment,thenameoftheoverseasinstitutionshallbeindicated
4.OthersNotapplicable
Section9Otherdatasubmission
I.OthermajorsocialsecurityissuesWhetherthelistedcompanyanditssubsidiarieshaveothermajorsocialsecurityissuesNoWhethertherewereadministrativepenaltiesduringthereportingperiodNo
II.Registrationformforreception,survey,communication,interviewandotheractivitiesduringthereportingperiod
| Receptiontime | Receptionplace | Receptionmode | Objecttype | Receptionobject | Maincontentsdiscussedandinformationprovided | Indexofbasicinformationofthesurvey |
| March27,2025 | https://eseb.cn/1mA8hfz6A4o | Onlinecommunicationonthenetworkplatform | Others | InvestorswhoparticipatedintheCompany's2024OnlinePerformanceBriefingonline | Companyoperationanddevelopmentplanning,etc. | https://irm.cninfo.com.cn/ircs/search?keyword=000026 |
| March28,2025 | ConferenceroomofFIYTATechnologyBuilding | Fieldsurvey | agencies | ShenzhenQianhaiJuntongTianxiaAssetManagementCo.,Ltd.,CaixinSecuritiesCo.,Ltd.,ShenzhenYunzhongChuangrongInvestmentCo.,Ltd.,ChinaGalaxySecuritiesCo.,Ltd.,ShenzhenQianhaiYujinInvestmentManagementCo.,Ltd.,ShenzhenMinfengPrivateSecuritiesInvestmentFundManagementCo.,Ltd.,BeijingFangyuanJindingInvestmentManagementCo.,Ltd.,AsiaPacificHuijinFundManagement(Shenzhen)Co.,Ltd.,JingchengCapital | Companyoperationanddevelopmentplanning,etc. | https://irm.cninfo.com.cn/ircs/search?keyword=000026 |
| April3,2025 | ConferenceroomofFIYTATechnologyBuilding | Fieldsurvey | agencies | ShenzhenQianhaiHengjiangUnionInvestmentManagementCo.,Ltd.,FortuneFactorial(HongKong)FundLimited,ShenzhenChuanghuaInvestmentConsultingCo.,Ltd.,ShenzhenQuadrelInvestmentConsultingLtd.,GuangdongListedCompaniesAssociation,ShenzhenDexun | Companyoperationanddevelopmentplanning,etc. | https://irm.cninfo.com.cn/ircs/search?keyword=000026 |
| SecuritiesConsultingCo.,Ltd.,HunanAiyingSecuritiesInvestmentConsultingCo.,Ltd.,ShenzhenDeshengFinancialHoldingGroupCo.,Ltd.,FarEastHorizonLtd.,FullgoalFundManagementCo.,Ltd. | ||||||
| June6,2025 | Telephoneandwebconference | Telephonecommunication | agencies | BoseraFundManagementCo.,Ltd.,BeijingZhishunInvestmentManagementCo.,Ltd.,DajiaAssetManagementCo.,Ltd.,GuangdongZhengyuanPrivateFundManagementCo.,Ltd.,ChinaLifeAMPAssetManagementCo.,Ltd.,GuotaiHaitongSecuritiesCo.,Ltd.,HFTInvestmentManagementCo.,Ltd.,HetaiLifeInsuranceCo.,Ltd.,HengyueFundManagementCo.,Ltd.,HotlandInnovationAssetManagementCo.,Ltd.,HSBCJintrustFundManagementCo.,Ltd.,CCBPrincipalAssetManagementCo.,Ltd.,ChinaSouthernAssetManagementCo.,Ltd.,LionFundManagementCo.,Ltd.,PenghuaFundManagementCo.,Ltd.,PingAnFundManagementCo.,Ltd.,PingAnWealthManagementCo.,Ltd.,UBPInvestmentManagement(Shanghai)Limited,ShanghaiHaoxiangAssetManagementCo.,Ltd.,ShanghaiChaosInvestment(Group)Co.,Ltd.,ShanghaiMingyuAssetManagementCo.,Ltd.,ShanghaiPanwenInvestmentManagementCo.,Ltd.,ShanghaiWisdomshireAssetManagementCo.,Ltd.,ShanghaiRuishengPrivateEquityFundManagementCenter(LimitedPartnership),ShanghaiTulingAssetManagement | Companyoperation,developmentplanning,proposedacquisitionprojects,etc. | https://irm.cninfo.com.cn/ircs/search?keyword=000026 |
| Co.,Ltd.,ShanghaiChongyangInvestmentManagementCo.,Ltd.,SAICQizhen(Shanghai)AssetManagementCo.,Ltd.,ShenwanHongyuanSecuritiesAssetManagementCo.,Ltd.,ShenzhenJointfullCapitalManagementCo.,Ltd.,PacificAssetManagementCo.,Ltd.,TaishanProperty&CasualtyInsuranceCo.,Ltd.,TongtaiFundManagementCo.,Ltd.,TibetYinfanInvestmentManagementCo.,Ltd.,XinjiangQianhaiAllianceFundManagementCo.,Ltd.,AEGON-IndustrialFundManagementCo.,Ltd.,XunyuanAssetManagement(Shanghai)Co.,Ltd.,YinhuaFundManagementCo.,Ltd.,ChinaInternationalCapitalCorporationLtd.,ZhongOuAssetManagementCo.,Ltd.,ZhuhaiHengqinWanfangPrivateFundManagementPartnership(LimitedPartnership),FidelityInvestments,KITMC | ||||||
| Jun.13,2025 | Telephoneandwebconference | Telephonecommunication | agencies | GuotaiHaitongSecuritiesCo.,Ltd.,ShenwanHongyuanSecuritiesCo.,Ltd.,PerseveranceAssetManagementCo.,Ltd.,QianhaiAllianceFundManagementCo.,Ltd.,SouthwestSecuritiesCo.,Ltd.,PingAnFundManagementCo.,Ltd.,HotlandInnovationAssetManagementCo.,Ltd.,ChinaFortuneSecuritiesCo.,Ltd.,WesternSecuritiesCo.,Ltd.,BaoyingFundManagementCo.,Ltd.,ShanghaiRuishengInvestmentManagementCo.,Ltd.,ShanghaiHaoxiangAssetManagementCo.,Ltd.,LionFundManagementCo.,Ltd.,Northeast | Companyoperation,developmentplanning,proposedacquisitionprojects,etc. | https://irm.cninfo.com.cn/ircs/search?keyword=000026 |
III.Fundstransactionsbetweenlistedcompanyandcontrollingshareholdersandotherrelatedparties
Unit:RMB'0,000
SecuritiesCo.,Ltd.,CITICPrudentialFundManagementCo.,Ltd.,QimingWeichuangVentureCapitalManagement(Shanghai)Co.,Ltd.,PingAnSecuritiesCo.,Ltd.,ChinaUniversalAssetManagementCo.,Ltd.,ShanghaiSilverLeafInvestmentCo.,Ltd.,ZhejiangWeixingAssetManagementCo.,Ltd.,PingAnAssetManagementCo.,Ltd.Nameofcounterparty
| Nameofcounterparty | Natureoftransaction | Beginningbalance | Amountoccurredduringreportingperiod | Amountrepaidduringreportingperiod | Balanceattheendoftheperiod | Interestincome | Interestexpenditures |
| AVICanditssubsidiaries | Operationaltransactions | 432.76 | 2,248.64 | 2,311.93 | 369.47 | ||
| CMPOanditssubsidiaries | Operationaltransactions | 5.60 | 162.12 | 136.95 | 30.77 | ||
| ShanghaiWatchIndustryCo.,Ltd. | Operationaltransactions | 239.43 | 161.47 | 77.96 | |||
| ShenzhenHarmonyWorldWatchCentreCo.,Ltd. | Non-operationaltransactions | 52,655.22 | 108,099.40 | 119,920.18 | 40,834.44 | 114.55 | |
| LiaoningHengdaruiCommerceandTradeCo.,Ltd. | Non-operationaltransactions | 6,854.85 | 114.79 | 293.15 | 6,676.49 | ||
| Temporal(Shenzhen)Co.,Ltd. | Non-operationaltransactions | 4,193.37 | 2,333.44 | 2,733.94 | 3,792.87 | ||
| ShenzhenFIYTAPrecisionTechnologyCo.,Ltd. | Non-operationaltransactions | 1,046.31 | 13,920.57 | 14,966.88 | |||
| ShenzhenXunhangPrecision | Non-operationaltransactions | 822.73 | 1,949.24 | 2,476.43 | 295.54 |
| TechnologyCo.,Ltd. | |||||||
| ShenzhenFIYTASTDCo.,Ltd. | Non-operationaltransactions | 300.00 | 127.35 | 127.35 | 300.00 | ||
| EmileChourietHorologe(Shenzhen)Co.,Ltd. | Non-operationaltransactions | 3,355.69 | 3,355.69 | ||||
| ShenzhenHarmonyE-commerceCo.,Ltd. | Non-operationaltransactions | 9.85 | 9.85 | ||||
| HarmonyWorldWatchCentre(Hainan)Co.,Ltd. | Non-operationaltransactions | 238.00 | 238.00 | ||||
| FIYTASalesCo.,Ltd. | Non-operationaltransactions | 26,460.45 | 26,460.45 | ||||
| Total | -- | 66,310.84 | 159,258.97 | 173,192.27 | 52,377.54 | 114.55 | |
| Relevantdecision-makingprocedures | Thecompany's2024AnnualShareholders'Meetingreviewedandapprovedthe"ProposalontheEstimationofDailyRelatedPartyTransactionsfor2025".Theabove-mentionedoperationalfundtransactionswithrelatedpartiesarewithinthescopeoftheannualrelatedpartytransactionestimation. | ||||||
| Fundsecuritymeasures | Theaforementionedrelatedpartieshavegoodintegrityandcanfulfillthecontractasagreed. | ||||||
FIYTAPrecisionTechnologyCo.,Ltd.
BoardofDirectors
August23,2025