WEIFUHIGH-TECHNOLOGYGROUPCO.,LTD.
Semi-AnnualFinancialReprot2025
(Unaudited)
August2025
I.Auditreport
Whetherthesemiannualreportisaudited
□Yes?NoTheCompany'ssemi-annualfinancialreporthasnotbeenaudited
II.FinancialstatementStatementinFinancialNotesarecarriedinRMB/CNY
1.ConsolidatedBalanceSheet
PreparedbyWeifuHigh-TechnologyGroupCo.,Ltd.
June30,2025
InRMB
| Item | Endingbalance | Beginningbalance |
| Currentassets: | ||
| Monetaryfunds | 2,468,434,379.47 | 2,246,600,451.52 |
| Settlementprovisions | ||
| Capitallent | ||
| Tradablefinancialassets | 1,025,044,671.12 | 1,429,682,635.57 |
| Derivativefinancialassets | ||
| Notesreceivable | 78,478,875.89 | 99,914,699.81 |
| Accountsreceivable | 3,532,771,507.20 | 3,737,653,893.03 |
| Receivablefinancing | 2,013,389,318.37 | 1,713,187,182.25 |
| Accountspaidinadvance | 89,759,609.11 | 93,283,466.49 |
| Insurancereceivable | ||
| Reinsurancereceivables | ||
| Contractreserveofreinsurancereceivable | ||
| Otheraccountsreceivable | 1,494,709,285.16 | 930,529,007.57 |
| Including:Interestreceivable | ||
| Dividendreceivable | 563,855,362.06 | 5,357,758.49 |
| Buyingbackthesaleoffinancialassets | ||
| Inventories | 2,088,325,602.36 | 2,308,920,401.14 |
| Including:dataresource | ||
| Contractassets | ||
| Assetsheldforsale | ||
| Non-currentassetduewithinoneyear | 336,318,630.13 | 559,070,575.38 |
| Othercurrentassets | 181,263,674.41 | 188,988,459.46 |
| Totalcurrentassets | 13,308,495,553.22 | 13,307,830,772.22 |
| Non-currentassets: | ||
| Loansandpaymentsonbehalf | ||
| Creditors'investment | ||
| Othercreditors'investment |
| Long-termaccountsreceivable | ||
| Long-termequityinvestment | 7,002,758,309.98 | 7,035,098,878.59 |
| Investmentinotherequityinstrument | 677,790,690.00 | 677,790,690.00 |
| Othernon-currentfinancialassets | 689,856,655.22 | 697,471,349.81 |
| Investmentrealestate | 53,426,749.43 | 44,960,930.39 |
| Fixedassets | 4,361,424,985.91 | 4,461,619,375.21 |
| Constructioninprogress | 521,265,457.98 | 380,321,816.50 |
| Productivebiologicalassets | ||
| Oilandgasassets | ||
| Right-of-useassets | 107,224,877.20 | 67,765,442.37 |
| Intangibleassets | 485,738,058.61 | 480,540,808.88 |
| Including:Dataresources | ||
| Developmentexpenditure | ||
| Including:Dataresources | ||
| Goodwill | 36,208,871.56 | 32,605,318.22 |
| Long-termexpensestobeapportioned | 21,305,543.20 | 22,202,465.04 |
| Deferredincometaxassets | 292,185,225.31 | 303,420,166.65 |
| Othernon-currentassets | 835,144,508.91 | 893,272,397.34 |
| Totalnon-currentassets | 15,084,329,933.31 | 15,097,069,639.00 |
| Totalassets | 28,392,825,486.53 | 28,404,900,411.22 |
| Currentliabilities: | ||
| Short-termloans | 628,135,100.76 | 393,120,147.95 |
| Loanfromcentralbank | ||
| Capitalborrowed | ||
| Tradablefinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notepayable | 2,229,593,501.21 | 2,014,217,247.05 |
| Accountspayable | 3,614,130,008.70 | 3,899,945,192.28 |
| Accountsreceivedinadvance | 491,544.03 | 2,652,511.04 |
| Contractliabilities | 106,520,784.44 | 56,148,545.13 |
| Sellingfinancialassetofrepurchase | ||
| Absorbingdepositandinterbankdeposit | ||
| Securitytradingofagency | ||
| Securitysalesofagency | ||
| Wagepayable | 291,609,104.06 | 405,278,048.92 |
| Taxespayable | 56,657,934.54 | 51,710,218.41 |
| Otheraccountspayable | 68,287,577.76 | 44,547,794.12 |
| Including:Interestpayable | ||
| Dividendpayable |
| Handlefeeandcommissionpayable | ||
| Reinsurancepayable | ||
| Liabilitiesheldforsale | ||
| Non-currentliabilitiesduewithinoneyear | 129,760,712.69 | 220,703,888.53 |
| Othercurrentliabilities | 250,771,633.35 | 285,386,237.68 |
| Totalcurrentliabilities | 7,375,957,901.54 | 7,373,709,831.11 |
| Non-currentliabilities: | ||
| Insurancecontractreserve | ||
| Long-termloans | 90,000,000.00 | 100,000,000.00 |
| Bondspayable | ||
| Including:Preferredstock | ||
| Perpetualcapitalsecurities | ||
| Leaseliabilities | 76,852,608.86 | 47,316,516.48 |
| Long-termaccountspayable | 27,005,082.11 | 27,005,082.11 |
| Long-termwagespayable | 42,952,557.52 | 46,118,861.68 |
| Accrualliability | 130,105,086.23 | 121,869,551.76 |
| Deferredincome | 139,948,493.23 | 151,419,335.74 |
| Deferredincometaxliabilities | 25,158,384.10 | 24,870,008.46 |
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 532,022,212.05 | 518,599,356.23 |
| Totalliabilities | 7,907,980,113.59 | 7,892,309,187.34 |
| Owner’sequity: | ||
| Sharecapital | 971,986,293.00 | 996,986,293.00 |
| Otherequityinstrument | ||
| Including:Preferredstock | ||
| Perpetualcapitalsecurities | ||
| Capitalpublicreserve | 2,820,395,511.35 | 3,263,649,101.44 |
| Less:Inventoryshares | 100,005,328.00 | 469,722,092.24 |
| Othercomprehensiveincome | 147,164,765.42 | 10,132,405.39 |
| Reasonablereserve | 8,289,080.04 | 6,257,090.28 |
| Surpluspublicreserve | 510,100,496.00 | 510,100,496.00 |
| Provisionofgeneralrisk | ||
| Retainedprofit | 15,352,521,697.82 | 15,523,124,882.77 |
| Totalowner’sequityattributabletoparentcompany | 19,710,452,515.63 | 19,840,528,176.64 |
| Minorityinterests | 774,392,857.31 | 672,063,047.24 |
| Totalowner’sequity | 20,484,845,372.94 | 20,512,591,223.88 |
| Totalliabilitiesandowner’sequity | 28,392,825,486.53 | 28,404,900,411.22 |
LegalRepresentative:YinZhenyuanPersoninchargeofaccountingworks:FengZhimingPersoninchargeofaccountinginstitute:WuJunfei
2.Balancesheetofparentcompany
InRMB
| Item | Endingbalance | Beginningbalance |
| Currentassets: | ||
| Monetaryfunds | 621,349,036.47 | 466,892,236.52 |
| Tradablefinancialassets | 621,770,512.92 | 878,496,571.74 |
| Derivativefinancialassets | ||
| Notesreceivable | 17,829,938.87 | 18,662,983.17 |
| Accountsreceivable | 1,395,626,191.96 | 1,489,935,690.05 |
| Receivablefinancing | 307,236,301.66 | 346,215,286.06 |
| Accountspaidinadvance | 58,987,354.97 | 51,792,719.25 |
| Otheraccountsreceivable | 1,766,666,095.98 | 1,429,367,035.46 |
| Including:Interestreceivable | 1,279,404.99 | 6,702,396.94 |
| Dividendreceivable | 510,296,644.26 | 5,357,758.49 |
| Inventories | 486,195,284.85 | 523,443,471.86 |
| Including:Dataresources | ||
| Contractassets | ||
| Assetsheldforsale | ||
| Non-currentassetsmaturingwithinoneyear | 109,122,465.75 | 222,906,739.73 |
| Othercurrentassets | 494,036.38 | 236,029.38 |
| Totalcurrentassets | 5,385,277,219.81 | 5,427,948,763.22 |
| Non-currentassets: | ||
| Creditors'investment | ||
| Othercreditors'investment | ||
| Long-termreceivables | ||
| Long-termequityinvestments | 9,661,238,374.94 | 9,379,389,807.57 |
| Investmentinotherequityinstrument | 601,850,690.00 | 601,850,690.00 |
| Othernon-currentfinancialassets | 689,856,655.22 | 697,471,349.81 |
| Investmentrealestate | 32,757,201.47 | 33,322,617.00 |
| Fixedassets | 2,706,446,821.10 | 2,767,316,409.85 |
| Constructioninprogress | 147,000,657.38 | 43,260,711.62 |
| Productivebiologicalassets | ||
| Oilandnaturalgasassets | ||
| Right-of-useassets | 3,393,511.54 | 4,320,822.79 |
| Intangibleassets | 245,734,676.85 | 251,051,539.24 |
| Including:Dataresources | ||
| Developmentexpenditure | ||
| Including:Dataresources | ||
| Goodwill | ||
| Long-termdeferredexpenses | 964,274.11 | 910,555.82 |
| Deferredincometaxassets | 141,814,225.62 | 131,997,984.30 |
| Othernon-currentassets | 554,224,013.59 | 538,364,812.82 |
| Totalnon-currentassets | 14,785,281,101.82 | 14,449,257,300.82 |
| Totalassets | 20,170,558,321.63 | 19,877,206,064.04 |
| Currentliabilities: | ||
| Short-termborrowings | 220,000,000.00 | |
| Tradablefinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notespayable | 378,939,027.49 | 344,127,173.09 |
| Accountspayable | 1,079,755,407.90 | 1,127,464,058.49 |
| Accountsreceivedinadvance | ||
| Contractliabilities | 15,934,600.05 | 12,478,649.93 |
| Wagepayable | 147,664,116.13 | 215,266,682.43 |
| Taxespayable | 20,979,842.64 | 9,470,631.10 |
| Otheraccountspayable | 913,251,443.20 | 670,207,729.91 |
| Including:Interestpayable | 1,836,385.73 | 2,509,683.34 |
| Dividendpayable | ||
| Liabilitiesheldforsale | ||
| Non-currentliabilitiesduewithinoneyear | 101,474,322.08 | 201,358,028.22 |
| Othercurrentliabilities | 27,134,370.80 | 20,837,034.26 |
| Totalcurrentliabilities | 2,905,133,130.29 | 2,601,209,987.43 |
| Non-currentliabilities: | ||
| Long-termloans | 90,000,000.00 | 100,000,000.00 |
| Bondspayable | ||
| Including:Preferredstock | ||
| Perpetualcapitalsecurities | ||
| Leaseliabilities | 2,087,426.75 | 2,703,583.48 |
| Long-termaccountspayable | ||
| Longtermemployeecompensationpayable | 15,212,070.31 | 15,212,070.31 |
| Accruedliabilities | 24,576,305.30 | 22,565,446.22 |
| Deferredincome | 114,104,833.80 | 130,406,464.59 |
| Deferredincometaxliabilities | ||
| Othernon-currentliabilities | ||
| Totalnon-currentliabilities | 245,980,636.16 | 270,887,564.60 |
| Totalliabilities | 3,151,113,766.45 | 2,872,097,552.03 |
| Owners’equity: | ||
| Sharecapital | 971,986,293.00 | 996,986,293.00 |
| Otherequityinstrument | ||
| Including:Preferredstock | ||
| Perpetualcapitalsecurities | ||
| Capitalpublicreserve | 2,950,386,132.40 | 3,394,923,686.54 |
| Less:Inventoryshares | 100,005,328.00 | 469,722,092.24 |
| Othercomprehensiveincome | ||
| Specialreserve | ||
| Surplusreserve | 510,100,496.00 | 510,100,496.00 |
| Retainedprofit | 12,686,976,961.78 | 12,572,820,128.71 |
| Totalowner’sequity | 17,019,444,555.18 | 17,005,108,512.01 |
| Totalliabilitiesandowner’s | 20,170,558,321.63 | 19,877,206,064.04 |
3.Consolidatedprofitstatement
InRMB
equity
Item
| Item | 2025semi-annual | 2024semi-annual |
| I.Totaloperatingincome | 5,760,418,633.11 | 5,694,233,552.72 |
| Including:Operatingincome | 5,760,418,633.11 | 5,694,233,552.72 |
| Interestincome | ||
| Insurancegained | ||
| handlefeeandcommissionincome | ||
| II.Totaloperatingcost | 5,577,970,476.35 | 5,403,425,728.45 |
| Including:Operatingcost | 4,765,222,793.27 | 4,656,360,224.06 |
| Interestexpense | ||
| Handlefeeandcommissionexpense | ||
| Cashsurrendervalue | ||
| Netamountofexpenseofcompensation | ||
| Netamountofwithdrawalofinsurancecontractreserve | ||
| Bonusexpenseofguaranteeslip | ||
| Reinsuranceexpense | ||
| Taxesandsurcharge | 31,826,032.69 | 28,260,194.79 |
| Salesexpense | 83,998,662.78 | 77,420,526.32 |
| Administrativeexpense | 381,273,882.00 | 330,939,659.31 |
| R&Dexpense | 350,722,149.70 | 302,233,285.34 |
| Financialexpense | -35,073,044.09 | 8,211,838.63 |
| Including:Interestexpenses | 9,045,918.64 | 13,772,229.94 |
| Interestincome | 26,681,031.13 | 18,112,595.69 |
| Add:Otherincome | 76,133,278.27 | 130,886,049.11 |
| Investmentincome(Lossislistedwith“-”) | 545,945,486.83 | 769,668,621.04 |
| Including:Investmentincomeonaffiliatedcompanyandjointventure | 537,786,063.13 | 734,287,171.95 |
| Theterminationofincomerecognitionforfinancialassetsmeasuredbyamortizedcost | ||
| Exchangeincome(Lossislistedwith“-”) | ||
| Netexposurehedgingincome(Lossislistedwith“-”) | ||
| Incomefromchangeoffairvalue(Lossislistedwith“-”) | 27,874,369.01 | -105,956,110.61 |
| Lossofcreditimpairment(Lossislistedwith“-”) | -1,953,886.07 | 3,490,635.46 |
| Lossesofdevaluationofasset(Lossislistedwith“-”) | -72,319,585.77 | -66,803,279.10 |
| Incomefromassetsdisposal(Lossislistedwith“-”) | -2,041,543.96 | 5,859,201.49 |
| III.Operatingprofit(Lossislistedwith“-”) | 756,086,275.07 | 1,027,952,941.66 |
| Add:Non-operatingincome | 2,594,469.11 | 700,418.67 |
| Less:Non-operatingexpense | 3,344,708.84 | 3,361,815.35 |
| IV.Totalprofit(Lossislistedwith“-”) | 755,336,035.34 | 1,025,291,544.98 |
| Less:Incometaxexpense | 42,189,606.93 | 23,703,720.56 |
| V.Netprofit(Netlossislistedwith“-”) | 713,146,428.41 | 1,001,587,824.42 |
| (i)Classifybybusinesscontinuity | ||
| 1.Continuousoperatingnetprofit(netlosslistedwith‘-”) | 713,146,428.41 | 1,001,587,824.42 |
| 2.Terminationofnetprofit(netlosslistedwith‘-”) | ||
| (ii)Classifybyownership |
| 1.Netprofitattributabletoownersofparentcompany | 701,870,308.75 | 954,341,269.90 |
| 2.Minorityshareholders’gains/losses | 11,276,119.66 | 47,246,554.52 |
| VI.Netafter-taxofothercomprehensiveincome | 137,032,360.03 | -21,869,656.76 |
| Netafter-taxofothercomprehensiveincomeattributabletoownersofparentcompany | 137,032,360.03 | -21,869,656.76 |
| (I)Othercomprehensiveincomeitemswhichwillnotbereclassifiedsubsequentlytoprofitofloss | 451,530.88 | |
| 1.Changesofthedefinedbenefitplansre-measured | 451,530.88 | |
| 2.Othercomprehensiveincomeunderequitymethodthatcannotbetransferedrtogains/losses | ||
| 3.Changeoffairvalueofinvestmentinotherequityinstrument | ||
| 4.Fairvaluechangeofenterprise'screditrisk | ||
| 5.Other | ||
| (ii)Othercomprehensiveincomeitemswhichwillbereclassifiedsubsequentlytogains/losses | 137,032,360.03 | -22,321,187.64 |
| 1.Othercomprehensiveincomeunderequitymethodthatcantransferedrtogains/losses | ||
| 2.Changeoffairvalueofothercreditors'investment | ||
| 3.Amountoffinancialassetsre-classifytoothercomprehensiveincome | ||
| 4.Creditimpairmentprovisionforothercreditors'investment | ||
| 5.Cashflowhedgingreserve | ||
| 6.Translationdifferencesarisingontranslationofforeigncurrencyfinancialstatements | 137,032,360.03 | -22,321,187.64 |
| 7.Other | ||
| Netafter-taxofothercomprehensiveincomeattributabletominorityshareholders | ||
| VII.Totalcomprehensiveincome | 850,178,788.44 | 979,718,167.66 |
| TotalcomprehensiveincomeattributabletoownersofparentCompany | 838,902,668.78 | 932,471,613.14 |
| Totalcomprehensiveincomeattributabletominorityshareholders | 11,276,119.66 | 47,246,554.52 |
| VIII.Earningspershare: | ||
| (i)Basicearningspershare | 0.72 | 0.98 |
| (ii)Dilutedearningspershare | 0.72 | 0.98 |
Legalrepresentative:YinZhenyuanPersoninchargeofaccountingworks:FengZhimingPersoninchargeofaccountinginstitute:WuJunfei
4.Profitstatementofparentcompany
InRMB
| Item | 2025semi-annual | 2024semi-annual |
| I.Operatingincome | 1,820,777,791.61 | 1,647,889,326.24 |
| Less:Operatingcost | 1,554,249,540.67 | 1,325,851,166.72 |
| Taxesandsurcharge | 14,109,546.73 | 10,090,110.47 |
| Salesexpenses | 8,866,486.16 | 7,706,819.28 |
| Administrationexpenses | 173,457,220.14 | 161,566,130.87 |
| R&Dexpenses | 104,316,954.06 | 119,109,060.22 |
| Financialexpenses | -15,451,453.61 | 4,824,902.69 |
| Including:Interestexpenses | 9,462,599.47 | 9,277,216.36 |
| Interestincome | 13,414,496.93 | 12,050,589.75 |
| Add:Otherincome | 27,495,662.20 | 62,105,684.03 |
| Investmentincome(Lossislistedwith“-”) | 969,874,460.06 | 638,461,133.94 |
| Including:InvestmentincomeonaffiliatedCompanyandjointventure | 488,623,036.82 | 603,770,972.68 |
| Theterminationofincomerecognitionforfinancialassetsmeasuredbyamortizedcost(Lossislistedwith“-”) | ||
| Netexposurehedgingincome(Lossislistedwith“-”) | ||
| Changingincomeoffairvalue(Lossislistedwith“-”) | 25,814,893.27 | -105,971,233.90 |
| Lossofcreditimpairment(Lossislistedwith“-”) | 1,440,706.85 | 2,009,138.93 |
| Lossesofdevaluationofasset(Lossislistedwith“-”) | -30,098,319.74 | -35,029,533.34 |
| Incomeondisposalofassets(Lossislistedwith“-”) | -227,341.34 | 1,029,050.22 |
| II.Operatingprofit(Lossislistedwith“-”) | 975,529,558.76 | 581,345,375.87 |
| Add:Non-operatingincome | 1,579,331.86 | 437,637.73 |
| Less:Non-operatingexpense | 294,805.16 | 330,008.10 |
| III.TotalProfit(Lossislistedwith“-”) | 976,814,085.46 | 581,453,005.50 |
| Less:Incometax | -9,816,241.31 | -35,313,458.70 |
| IV.Netprofit(Netlossislistedwith“-”) | 986,630,326.77 | 616,766,464.20 |
| (i)Continuousoperatingnetprofit(netlosslistedwith‘-”) | 986,630,326.77 | 616,766,464.20 |
| (ii)Terminationofnetprofit(netlosslistedwith‘-”) | ||
| V.Netafter-taxofothercomprehensiveincome | ||
| (i)Othercomprehensiveincomeitemswhichwillnotbereclassifiedsubsequentlytogains/losses | ||
| 1.Changesofthedefinedbenefitplansre-measured | ||
| 2.Othercomprehensiveincomeunderequitymethodthatcannotbetransferredtogains/losses | ||
| 3.Changeoffairvalueofinvestmentinotherequityinstrument | ||
| 4.Fairvaluechangeofenterprise'screditrisk | ||
| 5.Other | ||
| (ii)Othercomprehensiveincomeitemswhichwillbereclassifiedsubsequentlytogains/losses | ||
| 1.Othercomprehensiveincomeunderequitymethodthatcantransferredtogains/losses | ||
| 2.Changeoffairvalueofothercreditors'investment | ||
| 3.Amountoffinancialassetsre-classifytoothercomprehensiveincome | ||
| 4.Creditimpairmentprovisionforothercreditors'investment | ||
| 5.Cashflowhedgingreserve | ||
| 6.Translationdifferencesarisingontranslationofforeigncurrencyfinancialstatements | ||
| 7.Other | ||
| VI.Totalcomprehensiveincome | 986,630,326.77 | 616,766,464.20 |
| VII.Earningspershare: | ||
| (i)Basicearningspershare | ||
| (ii)Dilutedearningspershare |
5.Consolidatedcashflowstatement
InRMB
| Item | 2025semi-annual | 2024semi-annual |
| I.Cashflowsarisingfromoperatingactivities: | ||
| Cashreceivedfromsellingcommoditiesandprovidinglaborservices | 6,910,136,894.62 | 6,823,095,167.50 |
| Netincreaseofcustomerdepositandinterbankdeposit | ||
| Netincreaseofloanfromcentralbank |
| Netincreaseofcapitalborrowedfromotherfinancialinstitution | ||
| Cashreceivedfromoriginalinsurancecontractfee | ||
| Netcashreceivedfromreinsurancebusiness | ||
| Netincreaseofinsuredsavingsandinvestment | ||
| Cashreceivedfrominterest,handlefeeandcommission | ||
| Netincreaseofcapitalborrowed | ||
| Netincreaseofreturnedbusinesscapital | ||
| Netcashreceivedbyagentsinsaleandpurchaseofsecurities | ||
| Write-backoftaxreceived | 13,710,287.85 | 67,238,993.27 |
| Othercashreceivedconcerningoperatingactivities | 25,132,854.67 | 54,420,149.24 |
| Subtotalofcashinflowarisingfromoperatingactivities | 6,948,980,037.14 | 6,944,754,310.01 |
| Cashpaidforpurchasingcommoditiesandreceivinglaborservice | 5,030,455,349.07 | 4,721,822,344.53 |
| Netincreaseofcustomerloansandadvances | ||
| Netincreaseofdepositsincentralbankandinterbank | ||
| Cashpaidfororiginalinsurancecontractcompensation | ||
| Netincreaseofcapitallent | ||
| Cashpaidforinterest,handlefeeandcommission | ||
| Cashpaidforbonusofguaranteeslip | ||
| Cashpaidto/forstaffandworkers | 960,705,389.63 | 876,817,470.16 |
| Taxespaid | 150,801,692.40 | 125,654,220.31 |
| Othercashpaidconcerningoperatingactivities | 314,143,327.30 | 332,567,957.64 |
| Subtotalofcashoutflowarisingfromoperatingactivities | 6,456,105,758.40 | 6,056,861,992.64 |
| Netcashflowsarisingfromoperatingactivities | 492,874,278.74 | 887,892,317.37 |
| II.Cashflowsarisingfrominvestingactivities: | ||
| Cashreceivedfromrecoveringinvestment | 2,550,074,734.38 | 2,269,199,889.99 |
| Cashreceivedfrominvestmentincome | 118,028,357.68 | 91,204,017.80 |
| Netcashreceivedfromdisposaloffixed,intangibleandotherlong-termassets | 11,942,123.55 | 13,423,502.19 |
| Netcashreceivedfromdisposalofsubsidiariesandotherunits | ||
| Othercashreceivedconcerninginvestingactivities | ||
| Subtotalofcashinflowfrominvestingactivities | 2,680,045,215.61 | 2,373,827,409.98 |
| Cashpaidforpurchasingfixed,intangibleandotherlong-termassets | 413,517,083.30 | 509,948,929.69 |
| Cashpaidforinvestment | 1,546,539,331.14 | 1,688,939,156.51 |
| Netincreaseofmortgagedloans | ||
| Netcashreceivedfromsubsidiariesandotherunitsobtained | ||
| Othercashpaidconcerninginvestingactivities | ||
| Subtotalofcashoutflowfrominvestingactivities | 1,960,056,414.44 | 2,198,888,086.20 |
| Netcashflowsarisingfrominvestingactivities | 719,988,801.17 | 174,939,323.78 |
| III.Cashflowsarisingfromfinancingactivities: | ||
| Cashreceivedfromabsorbinginvestment | 90,514,148.08 | 9,000,000.00 |
| Including:Cashreceivedfromabsorbingminorityshareholders’investmentbysubsidiaries | 90,514,148.08 | 9,000,000.00 |
| Cashreceivedfromloans | 543,409,434.14 | 211,155,360.59 |
| Othercashreceivedconcerningfinancingactivities | ||
| Subtotalofcashinflowfromfinancingactivities | 633,923,582.22 | 220,155,360.59 |
| Cashpaidforsettlingdebts | 431,700,433.57 | 730,405,067.04 |
| Cashpaidfordividendandprofitdistributingorinterestpaying | 879,948,893.33 | 655,405,251.11 |
| Including:Dividendandprofitofminorityshareholderpaidbysubsidiaries | ||
| Othercashpaidconcerningfinancingactivities | 123,057,290.17 | 72,903,193.84 |
| Subtotalofcashoutflowfromfinancingactivities | 1,434,706,617.07 | 1,458,713,511.99 |
| Netcashflowsarisingfromfinancingactivities | -800,783,034.85 | -1,238,558,151.40 |
| IV.Influenceoncashandcashequivalentsduetofluctuationinexchangerate | 36,778,208.52 | -11,959,144.77 |
| V.Netincreaseofcashandcashequivalents | 448,858,253.58 | -187,685,655.02 |
| Add:Balanceofcashandcashequivalentsattheperiod-begin | 1,756,944,672.22 | 2,061,986,694.41 |
| VI.Balanceofcashandcashequivalentsattheperiod-end | 2,205,802,925.80 | 1,874,301,039.39 |
6.Cashflowstatementofparentcompany
InRMB
| Item | 2025semi-annual | 2024semi-annual |
| I.Cashflowsarisingfromoperatingactivities: | ||
| Cashreceivedfromsellingcommoditiesandprovidinglaborservices | 2,298,097,029.77 | 1,836,580,357.79 |
| Write-backoftaxreceived | ||
| Othercashreceivedconcerningoperatingactivities | 7,894,895.93 | 35,060,914.24 |
| Subtotalofcashinflowarisingfromoperatingactivities | 2,305,991,925.70 | 1,871,641,272.03 |
| Cashpaidforpurchasingcommoditiesandreceivinglaborservice | 1,573,028,828.39 | 1,478,289,500.53 |
| Cashpaidto/forstaffandworkers | 375,031,690.96 | 376,267,474.70 |
| Taxespaid | 33,654,293.69 | 10,258,978.32 |
| Othercashpaidconcerningoperatingactivities | 93,520,007.41 | 86,820,283.60 |
| Subtotalofcashoutflowarisingfromoperatingactivities | 2,075,234,820.45 | 1,951,636,237.15 |
| Netcashflowsarisingfromoperatingactivities | 230,757,105.25 | -79,994,965.12 |
| II.Cashflowsarisingfrominvestingactivities: | ||
| Cashreceivedfromrecoveringinvestment | 593,074,734.38 | 1,500,199,889.99 |
| Cashreceivedfrominvestmentincome | 492,180,593.60 | 38,644,329.54 |
| Netcashreceivedfromdisposaloffixed,intangibleandotherlong-termassets | 744,933.24 | 3,150,219.06 |
| Netcashreceivedfromdisposalofsubsidiariesandotherunits | ||
| Othercashreceivedconcerninginvestingactivities | 195,976,116.67 | 101,382,422.25 |
| Subtotalofcashinflowfrominvestingactivities | 1,281,976,377.89 | 1,643,376,860.84 |
| Cashpaidforpurchasingfixed,intangibleandotherlong-termassets | 218,857,584.71 | 287,840,839.26 |
| Cashpaidforinvestment | 508,102,019.20 | 720,639,156.51 |
| Netcashreceivedfromsubsidiariesandotherunitsobtained | ||
| Othercashpaidconcerninginvestingactivities | 24,040,000.00 | 175,051,991.34 |
| Subtotalofcashoutflowfrominvestingactivities | 750,999,603.91 | 1,183,531,987.11 |
| Netcashflowsarisingfrominvestingactivities | 530,976,773.98 | 459,844,873.73 |
| III.Cashflowsarisingfromfinancingactivities: | ||
| Cashreceivedfromabsorbinginvestment | ||
| Cashreceivedfromloans | 310,000,000.00 | |
| Othercashreceivedconcerningfinancingactivities | 719,967,055.55 | 775,000,000.00 |
| Subtotalofcashinflowfromfinancingactivities | 1,029,967,055.55 | 775,000,000.00 |
| Cashpaidforsettlingdebts | 199,800,000.00 | 504,600,000.00 |
| Cashpaidfordividendandprofitdistributingorinterestpaying | 882,538,702.56 | 651,602,564.76 |
| Othercashpaidconcerningfinancingactivities | 598,859,506.76 | 222,437,210.84 |
| Subtotalofcashoutflowfromfinancingactivities | 1,681,198,209.32 | 1,378,639,775.60 |
| Netcashflowsarisingfromfinancingactivities | -651,231,153.77 | -603,639,775.60 |
| IV.Influenceoncashandcashequivalentsduetofluctuationinexchangerate | 5,418,447.73 | -3,365,554.33 |
| V.Netincreaseofcashandcashequivalents | 115,921,173.19 | -227,155,421.32 |
| Add:Beginningbalanceofcashandcashequivalents | 466,194,368.01 | 713,516,740.43 |
| VI.Endingbalanceofcashandcashequivalents | 582,115,541.20 | 486,361,319.11 |
7.Consolidatedstatementofchangeinowners’equity
Currentperiod
InRMB
| Item | 2025semi-annual | ||||||||||||||
| Owners’equityattributabletotheparentCompany | Minorityinterests | Totalowners’equity | |||||||||||||
| Sharecapital | Otherequityinstrument | Capitalreserve | Less:Inventoryshares | Othercomprehensiveincome | Reasonablereserve | Surplusreserve | Provisionofgeneralrisk | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Perpetualcapitalsecurities | Other | |||||||||||||
| I.Balanceattheendofthelastyear | 996,986,293.00 | 3,263,649,101.44 | 469,722,092.24 | 10,132,405.39 | 6,257,090.28 | 510,100,496.00 | 15,523,124,882.77 | 19,840,528,176.64 | 672,063,047.24 | 20,512,591,223.88 | |||||
| Add:Changesofaccountingpolicy | |||||||||||||||
| Errorcorrectionofthelastperiod | |||||||||||||||
| Other | |||||||||||||||
| II.Balanceatthebeginningofthisyear | 996,986,293.00 | 3,263,649,101.44 | 469,722,092.24 | 10,132,405.39 | 6,257,090.28 | 510,100,496.00 | 15,523,124,882.77 | 19,840,528,176.64 | 672,063,047.24 | 20,512,591,223.88 | |||||
| III.Increase/Decreaseinreportperiod(Decreaseislistedwith“-”) | -25,000,000.00 | -443,253,590.09 | -369,716,764.24 | 137,032,360.03 | 2,031,989.76 | -170,603,184.95 | -130,075,661.01 | 102,329,810.07 | -27,745,850.94 | ||||||
| (i)Totalcomprehensiveincome | 137,032,360.03 | 701,870,308.75 | 838,902,668.78 | 11,276,119.66 | 850,178,788.44 | ||||||||||
| (ii)Owners’devotedanddecreasedcapital | -25,000,000.00 | -444,726,001.26 | -369,716,764.24 | -100,009,237.02 | 90,514,148.08 | -9,495,088.94 | |||||||||
| 1.Commonsharesinvestedbyshareholders | 90,514,148.08 | 90,514,148.08 | |||||||||||||
| 2.Capitalinvestedbyholdersofotherequityinstruments | |||||||||||||||
| 3.Amountreckoned | |||||||||||||||
| intoownersequitywithshare-basedpayment | ||||||||||||
| 4.Other | -25,000,000.00 | -444,726,001.26 | -369,716,764.24 | -100,009,237.02 | -100,009,237.02 | |||||||
| (III)Profitdistribution | -872,473,493.70 | -872,473,493.70 | -872,473,493.70 | |||||||||
| 1.Withdrawalofsurplusreserves | ||||||||||||
| 2.Withdrawalofgeneralriskprovisions | ||||||||||||
| 3.Distributionforowners(orshareholders) | -872,473,493.70 | -872,473,493.70 | -872,473,493.70 | |||||||||
| 4.Other | ||||||||||||
| (IV)Carryingforwardinternalowners’equity | ||||||||||||
| 1.Capitalreservesconvertedtocapital(sharecapital) | ||||||||||||
| 2.Surplusreservesconvertedtocapital(sharecapital) | ||||||||||||
| 3.Remedyinglosswithsurplusreserve | ||||||||||||
| 4．Carry-overretainedearningsfromthedefinedbenefitplans | ||||||||||||
| 5．Carry-overretainedearningsfromothercomprehensiveincome | ||||||||||||
| 6.Other | ||||||||||||
| (V)Reasonablereserve | 2,031,989.76 | 2,031,989.76 | 225,919.75 | 2,257,909.51 | ||||||||
| 1.Withdrawalinreportperiod | 15,315,886.41 | 15,315,886.41 | 1,796,670.76 | 17,112,557.17 | ||||||||
| 2.Usageinreport | 13,283 | 13,283,8 | 1,570,751. | 14,854,64 |
| period | ,896.65 | 96.65 | 01 | 7.66 | |||||||||
| (VI)Others | 1,472,411.17 | 1,472,411.17 | 313,622.58 | 1,786,033.75 | |||||||||
| IV.Balanceattheendofthereportperiod | 971,986,293.00 | 2,820,395,511.35 | 100,005,328.00 | 147,164,765.42 | 8,289,080.04 | 510,100,496.00 | 15,352,521,697.82 | 19,710,452,515.63 | 774,392,857.31 | 20,484,845,372.94 |
Lastperiod
InRMB
| Item | 2024semi-annual | ||||||||||||||
| Owners’equityattributabletotheparentCompany | Minorityinterests | Totalowners’equity | |||||||||||||
| Sharecapital | Otherequityinstrument | Capitalreserve | Less:Inventoryshares | Othercomprehensiveincome | Reasonablereserve | Surplusreserve | Provisionofgeneralrisk | Retainedprofit | Other | Subtotal | |||||
| Preferredstock | Perpetualcapitalsecurities | Other | |||||||||||||
| I.Balanceattheendofthelastyear | 1,002,162,793.00 | 3,308,170,140.96 | 533,289,512.24 | 54,156,915.97 | 3,641,439.97 | 510,100,496.00 | 15,054,950,398.12 | 19,399,892,671.78 | 778,330,089.26 | 20,178,222,761.04 | |||||
| Add:Changesofaccountingpolicy | |||||||||||||||
| Errorcorrectionofthelastperiod | |||||||||||||||
| Other | |||||||||||||||
| II.Balanceatthebeginningofthisyear | 1,002,162,793.00 | 3,308,170,140.96 | 533,289,512.24 | 54,156,915.97 | 3,641,439.97 | 510,100,496.00 | 15,054,950,398.12 | 19,399,892,671.78 | 778,330,089.26 | 20,178,222,761.04 | |||||
| III.Increase/Decreaseinreportperiod(Decreaseislistedwith“-”) | -5,176,500.00 | -57,803,297.69 | -63,567,420.00 | -21,869,656.76 | 2,249,826.00 | -17,645,023.10 | -36,677,231.55 | 56,493,875.50 | 19,816,643.95 | ||||||
| (i)Totalcomprehensiveincome | -21,869,656.76 | 954,341,269.90 | 932,471,613.14 | 47,246,554.52 | 979,718,167.66 | ||||||||||
| (ii)Owners’devotedanddecreasedcapital | -5,176,500.00 | -58,390,920.00 | -63,567,420.00 | 9,000,000.00 | 9,000,000.00 | ||||||||||
| 1.Commonsharesinvestedbyshareholders | 9,000,000.00 | 9,000,000.00 | |||||||||||||
| 2.Capitalinvestedbyholdersofotherequityinstruments | |||||||||||||||
| 3.Amountreckonedintoownersequitywithshare-basedpayment | |||||||||||||||
| 4.Other | - | - | - | ||||||||||||
| 5,176,500.00 | 58,390,920.00 | 63,567,420.00 | |||||||||||
| (III)Profitdistribution | -971,986,293.00 | -971,986,293.00 | -971,986,293.00 | ||||||||||
| 1.Withdrawalofsurplusreserves | |||||||||||||
| 2.Withdrawalofgeneralriskprovisions | |||||||||||||
| 3.Distributionforowners(orshareholders) | -971,986,293.00 | -971,986,293.00 | -971,986,293.00 | ||||||||||
| 4.Other | |||||||||||||
| (IV)Carryingforwardinternalowners’equity | |||||||||||||
| 1.Capitalreservesconvertedtocapital(sharecapital) | |||||||||||||
| 2.Surplusreservesconvertedtocapital(sharecapital) | |||||||||||||
| 3.Remedyinglosswithsurplusreserve | |||||||||||||
| 4．Carry-overretainedearningsfromthedefinedbenefitplans | |||||||||||||
| 5．Carry-overretainedearningsfromothercomprehensiveincome | |||||||||||||
| 6.Other | |||||||||||||
| (V)Reasonablereserve | 2,249,826.00 | 2,249,826.00 | 190,612.60 | 2,440,438.60 | |||||||||
| 1.Withdrawalinreportperiod | 14,355,523.67 | 14,355,523.67 | 1,693,142.61 | 16,048,666.28 | |||||||||
| 2.Usageinreportperiod | 12,105,697.67 | 12,105,697.67 | 1,502,530.01 | 13,608,227.68 | |||||||||
| (VI)Others | 587,622.31 | 587,622.31 | 56,708.38 | 644,330.69 | |||||||||
| IV.Balanceattheendofthereportperiod | 996,986,293.00 | 3,250,366,843.27 | 469,722,092.24 | 32,287,259.21 | 5,891,265.97 | 510,100,496.00 | 15,037,305,375.02 | 19,363,215,440.23 | 834,823,964.76 | 20,198,039,404.99 |
8.Statementofchangesinowners’equity(parentcompany)
Currentperiod
InRMB
| Item | 2025semi-annual | |||||||||
| Sharecapital | Otherequityinstrument | Capitalreserve | Less:Inventory | Othercomprehe | Reasonable | Surplusreserve | Retainedprofit | Other | Totalowners’equity | |
| Preferredstock | Perpetualcapitalsecurities | Other | shares | nsiveincome | reserve | |||||||
| I.Balanceattheendofthelastyear | 996,986,293.00 | 3,394,923,686.54 | 469,722,092.24 | 510,100,496.00 | 12,572,820,128.71 | 17,005,108,512.01 | ||||||
| Add:Changesofaccountingpolicy | ||||||||||||
| Errorcorrectionofthelastperiod | ||||||||||||
| Other | ||||||||||||
| II.Balanceatthebeginningofthisyear | 996,986,293.00 | 3,394,923,686.54 | 469,722,092.24 | 510,100,496.00 | 12,572,820,128.71 | 17,005,108,512.01 | ||||||
| III.Increase/Decreaseinreportperiod(Decreaseislistedwith“-”) | -25,000,000.00 | -444,537,554.14 | -369,716,764.24 | 114,156,833.07 | 14,336,043.17 | |||||||
| (i)Totalcomprehensiveincome | 986,630,326.77 | 986,630,326.77 | ||||||||||
| (ii)Owners’devotedanddecreasedcapital | -25,000,000.00 | -444,726,001.26 | -369,716,764.24 | -100,009,237.02 | ||||||||
| 1.Commonsharesinvestedbyshareholders | ||||||||||||
| 2.Capitalinvestedbyholdersofotherequityinstruments | ||||||||||||
| 3.Amountreckonedintoownersequitywithshare-basedpayment | ||||||||||||
| 4.Other | -25,000,000.00 | -444,726,001.26 | -369,716,764.24 | -100,009,237.02 | ||||||||
| (III)Profitdistribution | -872,473,493.70 | -872,473,493.70 | ||||||||||
| 1.Withdrawalofsurplusreserves | ||||||||||||
| 2.Distributionforowners(orshareholders) | -872,473,493.70 | -872,473,493.70 | ||||||||||
| 3.Other | ||||||||||||
| (IV)Carryingforwardinternalowners’equity | ||||||||||||
| 1.Capitalreservesconvertedtocapital(sharecapital) | ||||||||||||
| 2.Surplusreservesconvertedtocapital(sharecapital) | ||||||||||||
| 3.Remedyinglosswithsurplusreserve | ||||||||||||
| 4．Carry-overretainedearningsfromthedefinedbenefitplans | ||||||||||||
| 5．Carry-overretained |
| earningsfromothercomprehensiveincome | ||||||||||
| 6.Other | ||||||||||
| (V)Reasonablereserve | ||||||||||
| 1.Withdrawalinreportperiod | 3,003,687.87 | 3,003,687.87 | ||||||||
| 2.Usageinreportperiod | 3,003,687.87 | 3,003,687.87 | ||||||||
| (VI)Others | 188,447.12 | 188,447.12 | ||||||||
| IV.Balanceattheendofthereportperiod | 971,986,293.00 | 2,950,386,132.40 | 100,005,328.00 | 510,100,496.00 | 12,686,976,961.78 | 17,019,444,555.18 |
Lastperiod
InRMB
| Item | 2024semi-annual | |||||||||||
| Sharecapital | Otherequityinstrument | Capitalreserve | Less:Inventoryshares | Othercomprehensiveincome | Reasonablereserve | Surplusreserve | Retainedprofit | Other | Totalowners’equity | |||
| Preferredstock | Perpetualcapitalsecurities | Other | ||||||||||
| I.Balanceattheendofthelastyear | 1,002,162,793.00 | 3,412,506,010.91 | 533,289,512.24 | 510,100,496.00 | 12,253,874,983.95 | 16,645,354,771.62 | ||||||
| Add:Changesofaccountingpolicy | ||||||||||||
| Errorcorrectionofthelastperiod | ||||||||||||
| Other | ||||||||||||
| II.Balanceatthebeginningofthisyear | 1,002,162,793.00 | 3,412,506,010.91 | 533,289,512.24 | 510,100,496.00 | 12,253,874,983.95 | 16,645,354,771.62 | ||||||
| III.Increase/Decreaseinreportperiod(Decreaseislistedwith“-”) | -5,176,500.00 | -58,839,236.80 | -63,567,420.00 | -355,219,828.80 | -355,668,145.60 | |||||||
| (i)Totalcomprehensiveincome | 616,766,464.20 | 616,766,464.20 | ||||||||||
| (ii)Owners’devotedanddecreasedcapital | -5,176,500.00 | -58,390,920.00 | -63,567,420.00 | |||||||||
| 1.Commonsharesinvestedbyshareholders | ||||||||||||
| 2.Capitalinvestedbyholdersofotherequityinstruments | ||||||||||||
| 3.Amountreckonedintoownersequitywithshare-basedpayment | ||||||||||||
| 4.Other | -5,176,500.00 | -58,390,920.00 | -63,567,420.00 | |||||||||
| (III)Profitdistribution | -971,986,293.00 | -971,986,293.00 | ||||||||||
| 1.Withdrawalofsurplusreserves | ||||||||||||
| 2.Distribution | - | - | ||||||||||
| forowners(orshareholders) | 971,986,293.00 | 971,986,293.00 | ||||||||
| 3.Other | ||||||||||
| (IV)Carryingforwardinternalowners’equity | ||||||||||
| 1.Capitalreservesconvertedtocapital(sharecapital) | ||||||||||
| 2.Surplusreservesconvertedtocapital(sharecapital) | ||||||||||
| 3.Remedyinglosswithsurplusreserve | ||||||||||
| 4．Carry-overretainedearningsfromthedefinedbenefitplans | ||||||||||
| 5．Carry-overretainedearningsfromothercomprehensiveincome | ||||||||||
| 6.Other | ||||||||||
| (V)Reasonablereserve | ||||||||||
| 1.Withdrawalinreportperiod | 3,089,003.81 | 3,089,003.81 | ||||||||
| 2.Usageinreportperiod | 3,089,003.81 | 3,089,003.81 | ||||||||
| (VI)Others | -448,316.80 | -448,316.80 | ||||||||
| IV.Balanceattheendofthereportperiod | 996,986,293.00 | 3,353,666,774.11 | 469,722,092.24 | 510,100,496.00 | 11,898,655,155.15 | 16,289,686,626.02 |
III.BasicinformationoftheCompany
1.HistoricaloriginoftheCompanyBytheapprovalofSTGS(1992)No.130issuedbyJiangsuEconomicRestructuringCommittee,WeifuHigh-TechnologyGroupCo.,Ltd.(hereinafterreferredto“theCompany”or“Company”)wasestablishedasacompanyoflimitedliabilitywithfundsraisedfromtargetedsources,andregisteredatWuxiAdministrationforIndustry&CommerceinOctober1992.TheoriginalsharecapitaloftheCompanytotaled115.4355millionyuan,includingstate-ownedsharecapitalamountingto92.4355millionyuan,publiccorporatesharecapitalamountingto8.00millionyuanandinneremployeesharecapitalamountingto15.00millionyuan.Betweenyearof1994and1995,theCompanywasrestructuredandbecameaholdingsubsidiaryofWuxiWeifuGroupCo.,Ltd(hereinafterreferredtoas“WeifuGroup”).BytheapprovalofJiangsuERCandShenzhenSecuritiesAdministrationOfficeinAugust1995,theCompanyissued68millionspecialordinaryshares(B-share)withvalueof1.00yuanforeach,andthetotalvalueofthosesharesamountedto68millionyuan.Aftertheissuance,theCompany’stotalsharecapitalincreasedto183.4355millionyuan.BytheapprovalofCSRCinJune1998,theCompanyissued120millionRMBordinaryshares(A-share)atShenzhenStockExchangethroughon-linepricingandissuing.Aftertheissuance,thetotalsharecapitaloftheCompanyamountedto303.4355millionyuan.Inthemiddleof1999,deliberatedandapprovedbytheBoardandShareholders’GeneralMeeting,theCompanyimplementedtheplanofgranting3bonussharesforeach10shares.Afterthat,thetotalsharecapitaloftheCompanyamountedto394.46615millionyuan,ofwhichstate-ownedsharesamountedto120.16615millionyuan,publiccorporateshares10.4millionyuan,foreign-fundedshares(B-share)88.40millionyuan,RMBordinaryshares(A-share)156millionyuanandinneremployeeshares19.5millionyuan.Intheyear2000,bytheapprovaloftheCSRCandbaseduponthetotalsharecapitalof303.4355millionsharesaftertheissuanceofA-shareinJune1998,theCompanyallotted3sharesforeach10shares,withapriceof10yuanforeachallottedshare.Actually41.9millionshareswasallotted,andthetotalsharecapitalaftertheallotmentincreasedto436.36615millionyuan,ofwhichstate-ownedcorporatesharesamountedto121.56615millionyuan,publiccorporateshares10.4millionyuan,foreign-fundedshares(B-share)
88.4millionyuanandRMBordinaryshares(A-share)216millionyuan.InApril2005,theBoardofDirectorsoftheCompanyexaminedandapproved2004ProfitPre-distributionPlan,andexaminedandapprovedby2004Shareholders’GeneralMeeting,theCompanydistributed3sharesforeach10sharestothewholeshareholderstotalingto130,909,845sharesin2005.AccordingtotheShareMergerReformSchemeoftheCompanydeliberatedandapprovedbyrelatedshareholders’meetingofShareMergerReformandSGZF[2006]No.61ReplyonQuestionsaboutState-ownedEquityManagementinShareMergerReformofWeifuHigh-TechnologyCo.,Ltd.issuedbytheState-ownedAssetsSupervision&AdministrationCommissionofJiangsuProvince,8non-circulatingshareholders,includingWeifuGroup,arrangedpricingwithgranting1.7sharesforeach10sharestocirculatingA-shareshareholders(totallygranted47,736,000shares),soastorealizetheoriginallynon-circulatingsharescanbetradedonmarketwhencertainconditionsweresatisfying,theschemewasimplementedonApril5,2006.OnMay27,2009,WeifuGroupsatisfiedtheconsiderationarrangementbydispatching0.5sharesforeach10sharesbasedonthenumberofcirculatingAshareaspriortoShareMergerReform,accordingtotheaforesaidShareMergerReform,withanaggregateof14,039,979sharesdispatched.Subsequenttoimplementationofdispatchofconsiderationshares,WeifuGroupthenheld100,021,999sharesoftheCompany,representing17.63%ofthetotalsharecapitaloftheCompany.Pursuanttothedocument(XGZQ(2009)No.46)aboutApprovalforMergerofWuxiWeifuGroupCo.,Ltd.byWuxiIndustryDevelopmentGroupCo.,Ltd.issuedbytheState-ownedAssetsSupervisionandAdministrationCommissionofWuxiCityGovernment,WuxiIndustryDevelopmentGroupCo.,Ltd.(hereinafterreferredtoasWuxiIndustryGroup)acquiredWeifuGroup.Afterthemerger,WeifuGroupwasthenrevoked,anditsassetsandcredits&debtsweretransferredtobeunderthenameofWuxiIndustryGroup.Accordingly,WuxiIndustryGrouphasbecamethefirstlargestshareholderoftheCompanysincethen.Inaccordancewiththeresolutionsofshareholders'meetingandprovisionsofamendedconstitution,andapprovedby[2012]No.109documentofChinaSecuritiesRegulatoryCommission,inFebruary2012,theCompanyissuedRMBordinaryshares(A-share)of
112,858,000sharestoWuxiIndustryGroupsandoverseasstrategicinvestorsprivately,RobertBoschCo.,Ltd.(ROBERTBOSCHGMBH)(hereinafterreferredtoasRobertBoschCompany),facevaluewas1.00yuanpershare,addedregisteredcapitalof112,858,000yuan,andtheregisteredcapitalafterchangewas680,133,995yuan.WuxiIndustryGroupisthefirstmajorityshareholderoftheCompany,andRobertBoschCompanyisthesecondmajorityshareholderoftheCompany.InMarch2013,theprofitdistributionpre-planforyearof2012wasdeliberatedandapprovedbytheBoard,andalsowasapprovedbytheAnnualGeneralMeeting2012oftheCompanyinMay2013.Onbasisoftotalsharecapital680,133,995shares,distributed5-shareforevery10sharesheldbywholeshareholders,340,066,997sharesintotalaredistributed.TotalsharecapitaloftheCompanyamountedto1,020,200,992yuanuptoDecember31,2013.Deliberatedandapprovedbythecompany’sfirstextraordinarygeneralmeetingin2015,thecompanyhasrepurchased11,250,422sharesofAsharesfromAugust26,2015toSeptember8,2015,andfinishedthecancellationproceduresforaboverepurchasesharesinChinaSecuritiesDepositoryandClearingCorporationLimitedShenzhenBranchonSeptember16,2015;afterthecancellationofrepurchaseshares,thecompany’spaid-upcapital(sharecapital)becomes1,008,950,570yuanafterthechange.Deliberatedandapprovedbythe5
thmeetingof10
thsessionoftheBODforyearof2021,the291,000restrictedshareswerebuy-backandcanceledbytheCompanyinitiallygrantedunderthe2020RestrictedShareIncentivePlan.Thecancellationoftheabove-mentionedbuy-backsharesarecompletedattheShenzhenBranchofCSDConDecember20,2021;thepaid-incapital(equity)oftheCompanywas1,008,659,570.00yuanafterthechange.Afterdeliberationandapprovedbythe8
thmeetingof10
thsessionoftheBODforyearof2022,the56,277restrictedshareswereboughtbackandcanceledbytheCompanyinitiallygrantedunderthe2020RestrictedShareIncentivePlan.Thecancellationoftheabove-mentionedbuy-backshareswerecompletedattheShenzhenBranchofCSDConJuly8,2022;thepaid-incapital(equity)oftheCompanywas1,008,603,293.00yuanafterthechange.Afterdeliberationandapprovalbythethe14
th,16thand20thmeetingsofthe10
thsessionoftheBODoftheCompanyfortheyearof2023,the430,000,5,593,500and417,000restrictedshareswereboughtbackandcanceledbytheCompanyinitiallygrantedunderunderthe2020RestrictedShareIncentivePlan.Thecancellationoftheabove-mentionedbuy-backshareswerecompletedattheShenzhenBranchofCSDConFebruary16,2023,June16,2023andDecember18,2023;thepaid-incapital(equity)oftheCompanywas1,002,162,793yuanafterchanged.OnApril16,2025andMay9,2025,thecompanyheldthe6thmeetingofthe11thsessionoftheBoardofDirectorsandthe2024AnnualGeneralMeetingofShareholdersrespectively,andreviewedandapprovedtheProposalonChangingthePurposeofRepurchasedSharesandCancelingThem.Itwasagreedtochangethepurposeof25millionA-sharesinthespecialsecuritiesaccountforsharerepurchase,from“fortheimplementationofemployeestockownershipplansorequityincentiveplans”to“forcancellationandreductionofregisteredcapital”.AsofJune26,2025,thecompanyhascompletedthecancellationproceduresfortheabove-mentioned25millionrepurchasedsharesattheShenzhenBranchofChinaSecuritiesDepositoryandClearingCorporationLimited.
2.Registeredplace,organizationstructureandheadofficeoftheCompany
RegisteredplaceandheadofficeoftheCompany:No.5HuashanRoad,XinwuDistrict,WuxiUnifiedsocialcreditcode:91320200250456967NTheCompanysetsupShareholders’GeneralMeeting,theBoardofDirectors(BOD)andtheBoardofSupervisors(BOS).TheCompanysetsupAdministrationDepartment,TechnologyCentre,organization&personneldepartment,OfficeoftheBoard,compliancedepartment,ITdepartment,Strategy&newbusinessDepartment,marketdevelopmentdepartment,Party-massesDepartment,FinanceDepartment,PurchaseDepartment,ManufacturingQualityDepartment,MS(MechanicalSystem)division,AC(AutomotiveComponents)divisionandDS(DieselSystem)division,etc.andsubsidiariessuchasWuxiWeifuLIDACatalyticConverterCo.,Ltd,NanjingWFJNCo.,Ltd,IRDFuelCellsA/S,BoritNV,VHIO.
3.BusinessnatureandmajoroperationactivitiesoftheCompany
Operationscopeofparentcompany:Technicaldevelopmentandconsultingservicesinthemachineryindustry;manufacturingofinternalcombustionenginefuelsystemproducts,fuelsystemtestinginstrumentsandequipment,automotiveelectroniccomponents,automotiveelectricalcomponents,non-standardequipment,non-standardcuttingtools,andexhaustgaspost-treatmentsystems;salesofgeneralmachinery,hardware,electricalappliances,chemicalproductsandrawmaterials(excludinghazardouschemicals),automotiveparts,andmotorvehicles(excludingpassengervehicleswithlessthannineseats);maintenanceofinternalcombustionengines;leasingofself-ownedproperties;importandexportofvariousgoodsandtechnologiesonaself-operatedandagencybasis(excludinggoodsandtechnologiesrestrictedorprohibitedfromimportandexportbythestate).Engineeringandtechnicalresearchandexperimentaldevelopment;researchanddevelopmentofenergyrecoverysystems;manufacturingofautomotivepartsandaccessories;manufacturingofgeneralequipment(excludingspecialequipmentmanufacturing)(projectsthatrequireapprovalinaccordancewithlawscanonlybecarriedoutafterbeingapprovedbyrelevantdepartments).Licensedprojects:Manufacturingofspecialequipment;installation,renovationandrepairofspecialequipment(projectsthatrequireapprovalinaccordancewithlawscanonlybecarriedoutafterbeingapprovedbyrelevantdepartments,andthespecificbusinessprojectsshallbesubjecttotheapprovalresults);Generalprojects:Investmentactivitieswithself-ownedfunds;softwaredevelopment;softwaresales;softwareoutsourcingservices;moldmanufacturing;moldsales;manufacturingofmachinetoolfunctionalcomponentsandaccessories;salesofmachinetoolfunctionalcomponentsandaccessories;manufacturingofdrawing,computingandmeasuringinstruments;salesofdrawing,computingandmeasuringinstruments;salesofindustrialrobots;installationandmaintenanceofindustrialrobots;manufacturingofintelligentbasicmanufacturingequipment;salesofintelligentbasicmanufacturingequipment;manufacturingofindustrialautomaticcontrolsystemdevices;salesofindustrialautomaticcontrolsystemdevices;manufacturingofmaterialhandlingequipment;salesofmaterialhandlingequipment;manufacturingofgasandliquidseparationandpurificationequipment;salesofgasandliquidseparationandpurificationequipment;technicalservices,technicaldevelopment,technicalconsultation,technicalexchanges,technologytransfer,technologypromotion;researchanddevelopmentofnewenergytechnologies;importandexportofgoods;importandexportoftechnologies;manufacturingofordinaryvalvesandcocks(excludingspecialequipmentmanufacturing);researchanddevelopmentofvalvesandcocks;salesofvalvesandcocks(exceptforprojectsthatrequireapprovalinaccordancewithlaws,independentbusinessactivitiesshallbecarriedoutinaccordancewithlawswithabusinesslicense).Themainsubsidiariesarerespectivelyengagedintheproductionandsalesofinternalcombustionengineparts,automotiveparts,mufflers,purifiers,fuelcellparts,etc.
4.Authorizedreportingpartiesandreportingdatesforthefinancialreport
FinancialreportoftheCompanywasapprovedbytheBoardofDirectorsforreportingdatedAugust22,2025.
5.Inthenotestothesefinancialstatements,unlessotherwisespecified,thefollowingcompanynamesare
abbreviatedasfollows:
| Nameofsubsidiary | Shortnameofsubsidiary |
| NanjingWFJNCo.,Ltd. | WFJN |
| WuxiWeifuLidaCatalyticConverterCo.,Ltd. | WFLD |
| WuxiWeifuNanshanFuelInjectionEquipmentCo.,Ltd. | WFMA |
| WuxiWeifuChang’anCo.,Ltd. | WFCA |
| WuxiWeifuInternationalTradeCo.,Ltd. | WFTR |
| WuxiWeifuSchmitterPowertrainComponentsCo.,Ltd. | WFSC |
| NingboWFTTTurbochargingTechnologyCo.,Ltd. | WFTT |
| WuxiWFAMPrecisionMachineryCo.,Ltd. | WFAM |
| Nameofsubsidiary | Shortnameofsubsidiary |
| WuxiWeifuLIDACatalyticConverter(Wuhan)Co.,Ltd. | WFLD(Wuhan) |
| WeifuLida(Chongqing)AutomotiveComponentsCo.,Ltd. | WFLD(Chongqing) |
| NanchangWeifuLIDAAutomotiveComponentsCo.,Ltd. | WFLD(Nanchang) |
| WuxiWeifuAutosmartSeatingSystemCo.,Ltd. | WFAS |
| WeifuLianhuaAutomotiveComponents(Fuzhou)Co.,Ltd. | WFLH |
| WuxiWeifuE-driveTechnologiesCo.,Ltd. | WFDT |
| WuxiWeifuQinglongPowerTechnologyCo.,Ltd. | WFQL |
| VHITAutomotiveSystems(Wuxi)Co.Ltd | VHCN |
| WEIFUSmartSensing(Wuxi)TechnologyCo.,Ltd. | WFSS |
| WeifuETHydrogenEnergyTechnology(Wuxi)Co.,Ltd. | WFET |
| WeifuHoldingApS | SPV |
| IRDFuelCellsA/S | IRD |
| IRDFUELCELLSLLC | IRDAmerica |
| BoritNV | Borit |
| BoritInc. | BoritAmerica |
| VHITS.p.A.SocietàUnipersonale | VHIO |
IV.Basisofpreparationoffinancialstatements
1．PreparationbaseThefinancialstatementsarestatedincompliancewithAccountingStandardforBusinessEnterprises–BasicNormsissuedbytheMinistryofFinance,thespecificaccountingrules,theApplicationInstrumentsofAccountingStandardsandinterpretationonAccountingstandardsandotherrelevantregulations(togetheras“AccountingStandardsforBusinessEnterprise”),aswellastheCompilationRulesforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15–GeneralProvisionofFinancialReport(Revisedin2023)issuedbyCSRCinrespectoftheactualtransactionsandproceedings,onabasisofongoingoperation.InlinewithrelevantregulationsofAccountingStandardsofBusinessEnterprise,accountingoftheCompanyisonAccruedbasis.Exceptforcertainfinancialinstruments,thefinancialstatementmeasuredonhistoricalcost.Assetshaveimpairmentbeenfound;correspondingdepreciationreservesshallAccruedaccordingtorelevantrules.
2．Goingconcern
TheCompanycomprehensivelyassessedtheavailableinformation,andtherearenoobviousfactorsthatimpactsustainableoperationabilityoftheCompanywithin12monthssinceendofthereportperiod.V.Majoraccountingpoliciesandestimation
Specificaccountingpoliciesandestimationattention:
Basedontheactualproductionandoperationcharacteristics,thecompanyandeachofitssubsidiarieshaveformulatedanumberofspecificaccountingpoliciesandaccountingestimatesforvarioustransactionsandeventsinaccordancewiththeprovisionsofrelevantaccountingstandardsforenterprises.Thedetaileddescriptionsareasfollows.
1．Statementonobservationofaccountingstandardforbusinessenterprises
Thefinancialstatementspreparedbythecompanycomplywiththerequirementsofaccountingstandardsforenterprises,truthfullyandcompletelyreflectingthecompany'sfinancialposition,operatingresults,cashflowsandotherrelevantinformationofinreportperiod.2．Accountingperiods
TheaccountingperiodsoftheCompanyaredividedintoannualperiodsandinterimperiods.Aninterimaccountingperiodreferstoareportperiodthatisshorterthanafullaccountingyear.TheCompany'saccountingyearadoptsthecalendaryear,thatis,fromJanuary1sttoDecember31stofeachyear.3．OperatingcycleTheCompanytakes12monthsasanoperatingcycleandusesitasthecriterionforclassifyingtheliquidityofassetsandliabilities.4．FunctionalcurrencyThecurrencyusedbytheCompanyinpreparingthesefinancialstatementsistheRenminbi.TheoverseassubsidiariesoftheCompanydeterminetheirfunctionalcurrenciesbasedonthecurrenciesinthemaineconomicenvironmentwheretheyoperate,suchastheEuro,DanishKrone,USDollar,etc.5．Methodfordeterminingimportancecriteriaandselectioncriteria
?Applicable□Notapplicable
| Item | Importancecriteria |
| Importantprepaymentswithanagingofover1year | Prepaymentwithagingover1yearaccountingformorethan10%ofthetotalprepaidamountandwithanamountgreaterthan15millionyuan |
| Importantconstructioninprogress | Thebudgetforasingleprojectisgreaterthan80millionyuan |
| Importantaccountspayablewithanagingofover1year | Accountspayablewithagingover1yearaccountingformorethan10%ofthetotalaccountspayableandwithanamountgreaterthan80millionyuan |
| Otherimportantpayableswithagingofover1year | Otherpayableswithagingover1yearaccountingformorethan10%ofthetotalotherpayablesandanamountgreaterthan15millionyuan |
| Importantcontractliabilitieswithagingofover1year | Contractliabilitieswithagingover1yearaccountformorethan10%ofthetotalcontractliabilitiesandtheamountgreaterthan15millionyuan |
| Importantnon-wholly-ownedsubsidiaries | Thenetassetsofsubsidiariesaccountformorethan5%ofthenetassetsintheconsolidatedfinancialstatements,orthenetprofitofsubsidiariesaccountsformorethan10%ofthenetprofitintheconsolidatedfinancialstatements |
| Importantjointventuresorassociates | Thebookvalueoflong-termequityinvestmentsinaninvestedentityaccountsformorethan5%ofthenetassetsintheconsolidatedfinancialstatementsandtheamountexceeds1billionyuan,ortheinvestmentgains/lossesundertheequitymethodaccountformorethan10%ofthenetprofitsintheconsolidatedfinancialstatementsofthecompanyandtheamountexceeds100millionyuan |
6．Accountingtreatmentmethodsforbusinesscombinationsunderthesamecontrolandundernon-SamecontrolBusinesscombinationreferstoatransactionoreventthatcombinestwoormoreseparateenterprisestoformasinglereportingentity.Businesscombinationsareclassifiedintobusinesscombinationsunderthesamecontrolandbusinesscombinationsundernon-samecontrol.
（1）BusinesscombinationsunderthesamecontrolAbusinesscombinationunderthesamecontroloccurswhentheenterprisesinvolvedinthecombinationareultimatelycontrolledbythesamepartyorthesamegroupofpartiesbothbeforeandafterthecombination,andsuchcontrolisnottemporary.Inabusinesscombinationunderthesamecontrol,thepartythatobtainscontrolovertheotherenterpriseinvolvedinthecombinationonthecombinationdateisthecombiningparty,andtheotherenterpriseinvolvedinthecombinationarethecombinedparties.Thecombinationdatereferstothedateonwhichthecombiningpartyactuallyobtainscontroloverthecombinedparty.
Theassetsandliabilitiesobtainedbythecompanyinabusinesscombinationaremeasuredattheircarryingamountsintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyonthecombinationdate,includingthegoodwillformedwhentheultimatecontrollingpartyacquiredthecombinedparty.Ifthereisadifferencebetweenthecarryingamountofthenetassetsobtainedandthecarryingamountofthecombinationconsiderationpaid(orthetotalparvalueoftheissuedshares),itshallbeadjustedagainstthesharepremiumincapitalreserve.Ifthesharepremiumincapitalreserveisinsufficienttocoverthedifference,theretainedearningsshallbeadjusted.Alldirectexpensesincurredbythecombiningpartyforthebusinesscombinationshallberecognizedascurrentprofitsandlosseswhenincurred.
（2）BusinesscombinationsundernotthesamecontrolAbusinesscombinationundernon-samecontroloccurswhentheenterprisesinvolvedinthecombinationarenotultimatelycontrolledbythesamepartyorthesamegroupofpartiesbothbeforeandafterthecombination.Inabusinesscombinationundernon-samecontrol,thepartythatobtainscontrolovertheotherenterprisesinvolvedinthecombinationontheacquisitiondateistheacquirer,andtheotherenterpriseinvolvedinthecombinationaretheacquirees.Theacquisitiondatereferstothedateonwhichtheacquireractuallyobtainscontrolovertheacquiree.Forabusinesscombinationundernon-samecontrol,thecombinationcostincludesthefairvaluesoftheassetstransferred,theliabilitiesincurredorassumed,andtheequitysecuritiesissuedbytheacquirerontheacquisitiondateinordertoobtaincontrolovertheacquiree.Theintermediaryexpensessuchasaudit,legalservices,andvaluationconsultation,aswellasotheradministrativeexpensesincurredforthebusinesscombinationshallberecognizedascurrentprofitsandlosseswhenincurred.Thetransactioncostsrelatedtotheequitysecuritiesordebtsecuritiesissuedbytheacquirerasconsiderationforthecombinationshallbeincludedintheinitialrecognitionamountoftheequitysecuritiesordebtsecurities.Thecontingentconsiderationinvolvedshallbeincludedinthecombinationcostatitsfairvalueontheacquisitiondate.Ifneworfurtherevidenceofthecircumstancesexistingontheacquisitiondateemergeswithin12monthsaftertheacquisitiondate,whichrequiresadjustmentofthecontingentconsideration,thegoodwillofthecombinationshallbeadjustedaccordingly.Thecombinationcostincurredbytheacquirerandtheidentifiablenetassetsobtainedinthecombinationshallbemeasuredattheirfairvaluesontheacquisitiondate.Ifthecombinationcostisgreaterthantheacquirer'sshareofthefairvalueoftheidentifiablenetassetsoftheacquireeontheacquisitiondate,thedifferenceshallberecognizedasgoodwill.Ifthecombinationcostislessthantheacquirer'sshareofthefairvalueoftheidentifiablenetassetsoftheacquiree,thefairvaluesoftheidentifiableassets,liabilities,andcontingentliabilitiesoftheacquireeobtained,aswellasthemeasurementofthecombinationcost,shallfirstberechecked.If,aftertherecheck,thecombinationcostisstilllessthantheacquirer'sshareofthefairvalueoftheidentifiablenetassetsoftheacquiree,thedifferenceshallberecognizedascurrentprofitsandlosses.Iftheacquirerobtainsthedeductibletemporarydifferencesoftheacquireebutdoesnotrecognizethemasdeferredincometaxassetsontheacquisitiondatebecausetherecognitionconditionsfordeferredincometaxassetsarenotmet,andwithin12monthsaftertheacquisitiondate,neworfurtherinformationindicatesthattherelevantcircumstancesontheacquisitiondatealreadyexistedanditisexpectedthattheeconomicbenefitsbroughtbythedeductibletemporarydifferencesoftheacquireeontheacquisitiondatecanberealized,therelevantdeferredincometaxassetsshallberecognized,andatthesametime,thegoodwillshallbereduced.Ifthegoodwillisinsufficienttocoverthereduction,theremainingdifferenceshallberecognizedascurrentprofitsandlosses.Exceptfortheabovecircumstances,therecognitionofdeferredincometaxassetsrelatedtothebusinesscombinationshallbeincludedincurrentprofitsandlosses.Forabusinesscombinationundernon-samecontrolachievedinmultipletransactionsinstages,ifitispartofa“packageoftransactions”,theaccountingtreatmentshallbecarriedoutwithreferencetothedescriptionsintheprecedingparagraphsofthissectionandNoteIII.14Long-TermEquityInvestmentsthesefinancialstatements.Ifitisnotpartofa“packageoftransactions”,relevantaccountingtreatmentsshallbecarriedoutseparatelyfortheindividualfinancialstatementsandtheconsolidatedfinancialstatements:
Intheindividualfinancialstatements,theinitialinvestmentcostoftheinvestmentshallbethesumofthecarryingamountoftheequityinvestmentintheacquireeheldbeforetheacquisitiondateandtheadditionalinvestmentcostontheacquisitiondate.Iftheequityoftheacquireeheldbeforetheacquisitiondateinvolvesothercomprehensiveincome,whendisposingoftheinvestment,the
relevantothercomprehensiveincomeshallbeaccountedforonthesamebasisasthatusedbytheacquireewhendirectlydisposingoftherelevantassetsorliabilities(i.e.,exceptforthecorrespondingshareofthechangesinthenetliabilitiesornetassetsofthedefinedbenefitplanremeasuredbytheacquireeaccountedforundertheequitymethod,therestshallbetransferredtothecurrentinvestmentincome).Intheconsolidatedfinancialstatements,fortheequityoftheacquireeheldbeforetheacquisitiondate,itshallbere-measuredatitsfairvalueontheacquisitiondate,andthedifferencebetweenthefairvalueanditscarryingamountshallbeincludedinthecurrentinvestmentincome.Iftheequityoftheacquireeheldbeforetheacquisitiondateinvolvesothercomprehensiveincome,therelevantothercomprehensiveincomeshallbeaccountedforonthesamebasisasthatusedbytheacquireewhendirectlydisposingoftherelevantassetsorliabilities(i.e.,exceptforthecorrespondingshareofthechangesinthenetliabilitiesornetassetsofthedefinedbenefitplanremeasuredbytheacquireeaccountedforundertheequitymethod,therestshallbetransferredtotheinvestmentincomeofthecurrentperiodtowhichtheacquisitiondatebelongs).
7．Criteriaforjudgingcontrolandpreparationmethodforconsolidatedfinancialstatements
(1)CriteriaforjudgingcontrolTheconsolidationscopeoftheconsolidatedfinancialstatementsisdeterminedonthebasisofcontrol.Controlmeansthatthecompanyhasthepowerovertheinvestee,enjoysvariablereturnsbyparticipatingintherelevantactivitiesoftheinvestee,andhastheabilitytouseitspowerovertheinvesteetoinfluencetheamountofthosereturns.Generally,itincludestheinvestedentitiesinwhichtheparentcompanyholdsmorethanhalfofthevotingrights,andtheinvestedentitiesinwhichthecompanyholdslessthanhalfofthevotingrightsbut,throughagreementswithotherinvestorsoftheinvestedentity,holdsmorethanhalfofthevotingrights;accordingtothearticlesofassociationoragreements,ithastherighttodeterminethefinancialandoperationaldecisionsoftheinvestedentity;ithastherighttoappointandremovethemajorityofthemembersoftheboardofdirectorsoftheinvestedentity;anditholdsthemajorityofthevotingrightsontheboardofdirectorsoftheinvestedentity.
(2)MethodsforpreparingconsolidatedfinancialstatementsThecompanybeginstoincludeasubsidiaryintheconsolidationscopefromthedatewhenitobtainstheactualcontroloverthesubsidiary'snetassetsandproductionandoperationdecisions,andstopsincludingitintheconsolidationscopefromthedatewhenitlosestheactualcontrol.Foradisposedsubsidiary,theoperatingresultsandcashflowsbeforethedisposaldatehavebeenappropriatelyincludedintheconsolidatedincomestatementandtheconsolidatedcashflowstatement;forasubsidiarydisposedofinthecurrentperiod,thebeginningfiguresoftheconsolidatedbalancesheetwillnotbeadjusted.Forasubsidiaryaddedthroughabusinesscombinationundernon-samecontrol,itsoperatingresultsandcashflowsaftertheacquisitiondatehavebeenappropriatelyincludedintheconsolidatedincomestatementandtheconsolidatedcashflowstatement,andthebeginningfiguresandcomparativefiguresoftheconsolidatedfinancialstatementswillnotbeadjusted.Forasubsidiaryaddedthroughabusinesscombinationunderthesamecontrol,itsoperatingresultsandcashflowsfromthebeginningofthecurrentconsolidationperiodtothecombinationdatehavebeenappropriatelyincludedintheconsolidatedincomestatementandtheconsolidatedcashflowstatement,andthecomparativefiguresoftheconsolidatedfinancialstatementswillbeadjustedatthesametime.Whenpreparingtheconsolidatedfinancialstatements,iftheaccountingpoliciesoraccountingperiodsadoptedbyasubsidiaryareinconsistentwiththoseofthecompany,necessaryadjustmentswillbemadetothesubsidiary'sfinancialstatementsinaccordancewiththecompany'saccountingpoliciesandaccountingperiods.Forasubsidiaryobtainedthroughabusinesscombinationundernon-samecontrol,itsfinancialstatementswillbeadjustedbasedonthefairvalueoftheidentifiablenetassetsattheacquisitiondate.Allsignificantintercompanybalances,transactions,andunrealizedprofitswithinthecompanywillbeeliminatedwhenpreparingtheconsolidatedfinancialstatements.Theportionofthesubsidiary'sshareholders'equityandcurrentnetprofitandlossthatdoesnotbelongtothecompanywillbeseparatelypresentedastheminorityshareholders'equityandtheminorityshareholders'profitandlossundertheshareholders'equityandnetprofititemsintheconsolidatedfinancialstatements.Theshareofthesubsidiary'scurrentnetprofitandlossattributabletotheminorityshareholderswillbepresentedastheitem"MinorityShareholders'ProfitandLoss"underthenetprofititemintheconsolidatedincomestatement.Ifthelossesofthesubsidiarybornebytheminorityshareholdersexceedtheshareoftheminorityshareholdersinthesubsidiary'sbeginningshareholders'equity,theminorityshareholders'equitywillstillbereduced.Whenthe
controloverasubsidiaryisceasedduetodisposalofaportionofaninterestinasubsidiary,thefairvalueoftheremainingequityisre-measuredonthedatewhenthecontrolceased.Thedifferencebetweenthesumoftheconsiderationreceivedfromdisposalofequityandthefairvalueoftheremainingequity,lessthenetassetsattributabletothecompanysincetheacquisitiondate,isrecognizedastheinvestmentincomefromthelossofcontrol.Othercomprehensiveincomerelatingtooriginalequityinvestmentinsubsidiariesshallbetreatedonthesamebasisasiftherelevantassetsorliabilitiesweredisposedofbythepurchaserdirectlywhenthecontrolislost,namelybetransferredtocurrentinvestmentincomeotherthantherelevantpartofthemovementarisingfromre-measuringnetliabilitiesornetassetsunderdefinedbenefitschemebytheoriginalsubsidiary.SubsequentmeasurementoftheremainingequitysshallbeinaccordancewithrelevantaccountingstandardssuchasAccountingStandardsforbusinessEnterprises2–Long-termEquityInvestmentsorAccountingStandardsforbusinessEnterprises22–FinancialInstrumentsRecognitionandMeasurement.RefertoNoteV.18Long-termEquityinvestmentorNoteV.11FinancialInstrumentThecompanyshalldeterminewhetherlossofcontrolarisingfromdisposalinaseriesoftransactionsshouldberegardedaspackagedeal.Whentheeconomiceffectsandtermsandconditionsofthedisposaltransactionsmeetoneormoreofthefollowingsituations,thetransactionsshallnormallybeaccountedforaspackagedeal:①Thetransactionsareenteredintoafterconsideringthemutualconsequencesofeachindividualtransaction;②Thetransactionsneedtobeconsideredasawholeinordertoachieveadealincommercialsense;③Theoccurrenceofanindividualtransactiondependsontheoccurrenceofoneormoreindividualtransactionsintheseries;④Theresultofanindividualtransactionisnoteconomical,butitwouldbeeconomicalaftertakingintoaccountofothertransactionsintheseries.Whenthetransactionsarenotregardedaspackagedeal,theindividualtransactionsshallbeaccountedas“disposalofaportionofaninterestinasubsidiarywhichdoesnotleadtolossofcontrol”and“disposalofaportionofaninterestinasubsidiarywhichledtolossofcontrol”.Whenthetransactionsareregardedaspackagedeal,thetransactionsshallbeaccountedasasingledisposaltransaction;however,thedifferencebetweentheconsiderationreceivedfromdisposalandtheshareofnetassetsdisposedineachindividualtransactionsbeforelossofcontrolshallberecognizedasothercomprehensiveincome,andreclassifiedasprofitorlossarisingfromthelossofcontrolwhencontrolislost.
8．Classificationofjointarrangementsandaccountingtreatmentmethodsforjointoperations
Ajointarrangementreferstoanarrangementjointlycontrolledbytwoormoreparticipatingparties.Basedontherightsenjoyedandobligationsassumedbythecompanyinthejointarrangement,thejointarrangementisclassifiedintojointoperationsandjointventures.Ajointoperationisajointarrangementinwhichthecompanyenjoystherelevantassetsofthearrangementandassumestherelevantliabilitiesofthearrangement.Ajointventureisajointarrangementinwhichthecompanyhasrightsonlytothenetassetsofthearrangement.ThecompanyaccountsforitsinvestmentinajointventureusingtheequitymethodanddealswithitinaccordancewiththeaccountingpoliciesdescribedinNoteV.18(2)②"Long-TermEquityInvestmentsAccountedforbytheEquityMethod"ofthesenotes.Asapartytoajointoperation,thecompanyrecognizestheassetsheldsolelybythecompany,theliabilitiesbornesolelybythecompany,andalsorecognizes,accordingtoitsshare,thejointlyheldassetsandjointlyborneliabilities;recognizestherevenuegeneratedfromthesaleofthecompany'sshareoftheoutputofthejointoperation;recognizes,accordingtoitsshare,therevenuegeneratedbythejointoperationfromthesaleoftheoutput;recognizestheexpensesincurredsolelybythecompany,andalsorecognizes,accordingtoitsshare,theexpensesincurredbythejointoperation.Whenthecompany,asapartytoajointoperation,contributesorsellsassets(suchassetsdonotconstituteabusiness,thesamebelow)tothejointoperation,orpurchasesassetsfromthejointoperation,beforesuchassetsaresoldtoathirdparty,thecompanyonlyrecognizestheportionoftheprofitorlossarisingfromthetransactionthatisattributabletotheotherparticipatingpartiesofthejointoperation.IftheassetsincurassetimpairmentlossesinaccordancewiththeprovisionsofAccountingStandardsforEnterprisesNo.8-AssetImpairmentandotherrelevantregulations,inthecaseofthecompanycontributingorsellingassetstothejointoperation,thecompanyfullyrecognizestheloss;inthecaseofthecompanypurchasingassetsfromthejointoperation,thecompanyrecognizesthelossaccordingtoitsassumedshare.
9．Recognitionstandardsforcashandcashequivalents
Cashreferstostockcash,savingsavailableforpaidatanytime;cashandcashequivalentreferstothecashheldbytheCompanywithshortterms(expiredwithin3monthssincepurchased),andliquidandeasytotransferasknownamountandinvestmentwithminorvariationinrisks.10．Foreigncurrencybusinessandtranslationofforeigncurrencyfinancialstatements
(1)TranslationmethodforforeigncurrencytransactionsWhenaforeigncurrencytransactionoccursinthecompany,itisinitiallyrecognizedandtranslatedintotheamountinthefunctionalcurrencyatthespotexchangerateonthetransactiondate.However,forforeigncurrencyexchangetransactionsortransactionsinvolvingforeigncurrencyexchangeconductedbythecompany,theyaretranslatedintotheamountinthefunctionalcurrencyattheactualexchangerateapplied.
(2)Translationmethodsforforeigncurrencymonetaryitemsandforeigncurrencynon-monetaryitemsOnthebalancesheetdate,foreigncurrencymonetaryitemsaretranslatedatthespotexchangerateonthebalancesheetdate.Theresultingexchangedifferenceswillbebookedintocurrentprofitsandlosses,exceptforthefollowings:①theexchangedifferencesarisingfromforeigncurrencyspecialloansrelatedtotheacquisitionandconstructionofassetsqualifiedforcapitalization,whichareaccountedforinaccordancewiththeprinciplesofcapitalizingborrowingcosts;②theexchangedifferencesofhedginginstrumentsforeffectivehedgingofnetinvestmentsinoverseasoperations(suchdifferencesarebookedintoothercomprehensiveincomeandwillonlyberecognizedascurrentprofitsandlosseswhenthenetinvestmentisdisposedof);③foravailable-for-saleforeigncurrencymonetaryitems,theexchangedifferencesarisingfromchangesinothercarryingamountsotherthantheamortizedcostareincludedinothercomprehensiveincome.Whenpreparingconsolidatedfinancialstatementsinvolvingoverseasoperations,ifthereareforeigncurrencymonetaryitemsthatsubstantiallyconstituteanetinvestmentinoverseasoperations,theexchangedifferencesarisingfromexchangeratefluctuationsareincludedinothercomprehensiveincome;whentheoverseasoperationisdisposedof,theyaretransferredtotheprofitorlossofthecurrentperiodofdisposal.Forforeigncurrencynon-monetaryitemsmeasuredathistoricalcost,theyarestillmeasuredattheamountinthefunctionalcurrencytranslatedatthespotexchangerateonthedateofthetransaction.Forforeigncurrencynon-monetaryitemsmeasuredatfairvalue,theyaretranslatedatthespotexchangerateonthedatewhenthefairvalueisdetermined.Thedifferencebetweenthetranslatedamountinthefunctionalcurrencyandtheoriginalamountinthefunctionalcurrencyistreatedaschangesinfairvalue(includingexchangeratechanges)andisincludedincurrentprofitsandlossesorrecognizedasothercomprehensiveincome.
(3)TranslationmethodforforeigncurrencyfinancialstatementsWhenpreparingconsolidatedfinancialstatementsinvolvingoverseasoperations,ifthereareforeigncurrencymonetaryitemsthatsubstantiallyconstituteanetinvestmentinoverseasoperations,theexchangedifferencesarisingfromexchangeratefluctuationsarerecognizedasothercomprehensiveincomeas"translationdifferencesofforeigncurrencyfinancialstatements";whentheoverseasoperationisdisposedof,theyarebookedintotheprofitorlossofthecurrentperiodofdisposal.TheforeigncurrencyfinancialstatementsofoverseasoperationsaretranslatedintoRMBfinancialstatementsaccordingtothefollowingmethods:Theassetsandliabilitiesitemsinthebalancesheetaretranslatedatthespotexchangerateonthebalancesheetdate;foritemsintheshareholders'equitycategory,exceptforthe"undistributedprofits"item,otheritemsaretranslatedatthespotexchangerateatthetimeofoccurrence.Therevenueandexpenseitemsintheincomestatementaretranslatedatthespotexchangerateonthedateofthetransaction.Theundistributedprofitsattheendofthepreviousyeararetheundistributedprofitsattheendofthepreviousyearaftertranslationinthepreviousyear;theundistributedprofitsattheendoftheperiodarecalculatedandpresentedaccordingtoeachitemofthetranslatedprofitdistribution;thedifferencebetweenthetotalofthetranslatedassetitemsandthetotaloftheliabilityitemsandshareholders'equityitemsisrecognizedasothercomprehensiveincomeasthetranslationdifferencesofforeigncurrencyfinancialstatements.Whendisposingofanoverseasoperationandlosingcontrol,allorinproportiontothedisposaloftheoverseasoperation,thetranslationdifferencesofforeigncurrencyfinancialstatementsrelatedtotheoverseasoperationandshownundertheshareholders'equityitemsinthebalancesheetaretransferredtotheprofitorlossofthecurrentperiodofdisposal.
Theforeigncurrencycashflowsandthecashflowsofoverseassubsidiariesarecalculatedatthespotexchangerateonthedatewhenthecashflowsoccur.Theimpactofexchangeratechangesoncashispresentedseparatelyasareconciliationiteminthecashflowstatement.Balanceattheendofthepreviousyearandtheactualamountofthepreviousyeararepresentedaccordingtotheamountsaftertranslationofthepreviousyear'sfinancialstatements.Whendisposingofalltheowners'equityofthecompany'soverseasoperationorlosingcontroloftheoverseasoperationduetothedisposalofpartoftheequityinvestmentorotherreasons,allthetranslationdifferencesofforeigncurrencyfinancialstatementsrelatedtotheoverseasoperationandattributabletotheowners'equityoftheparentcompanyshownundertheshareholders'equityitemsinthebalancesheetaretransferredtotheprofitorlossofthecurrentperiodofdisposal.Whentheproportionofequitysinanoverseasoperationheldisreducedduetothedisposalofpartoftheequityinvestmentorotherreasonsbutcontrolovertheoverseasoperationisnotlost,thetranslationdifferencesofforeigncurrencyfinancialstatementsrelatedtothedisposedpartoftheoverseasoperationareattributabletotheminorityshareholders'equityandarenottransferredtothecurrentprofitsandlosses.Whendisposingofpartoftheequityofanoverseasoperationthatisanassociatedenterpriseorajointventure,thetranslationdifferencesofforeigncurrencyfinancialstatementsrelatedtotheoverseasoperationaretransferredtotheprofitorlossofthecurrentperiodofdisposalinproportiontothedisposaloftheoverseasoperation.
11．Financialinstruments
AfinancialassetorfinancialliabilityisrecognizedwhentheCompanybecomesapartytoafinancialinstrumentcontract.
(1)Classification,recognitionandmeasurementoffinancialassetsBasedonthebusinessmodelformanagingthefinancialassetsandthecontractualcashflowcharacteristicsofthefinancialassets,theCompanyclassifiesfinancialassetsintofinancialassetsmeasuredatamortizedcost,financialassetsmeasuredatfairvaluethroughothercomprehensiveincomeandfinancialassetsmeasuredatfairvaluethroughprofitorloss.Financialassetsaremeasuredatfairvalueuponinitialrecognition.Forfinancialassetsmeasuredatfairvaluethroughprofitorloss,therelevanttransactioncostsaredirectlyrecognizedincurrentgains/losses;forothercategoriesoffinancialassets,therelevanttransactioncostsareincludedintheinitialrecognitionamount.Foraccountsreceivableornotesreceivablearisingfromthesaleofproductsortheprovisionofservicesthatdonotcontainordonotconsiderasignificantfinancingcomponent,theCompanyusestheamountofconsiderationitexpectstobeentitledtoreceiveastheinitialrecognitionamount.①FinancialassetsmeasuredatamortizedcostTheCompany'sbusinessmodelformanagingfinancialassetsmeasuredatamortizedcostistocollectcontractualcashflows,andthecontractualcashflowcharacteristicsofsuchfinancialassetsareconsistentwithbasiclendingarrangements,thatis,thecashflowsgeneratedonspecificdatesareonlypaymentsofprincipalandinterestbasedontheoutstandingprincipalamount.Forsuchfinancialassets,theCompanyusestheeffectiveinterestratemethodandmeasuresthemsubsequentlyatamortizedcost.Thegainsorlossesarisingfromamortizationorimpairmentarerecognizedincurrentgains/losses.②FinancialassetsmeasuredatfairvaluethroughothercomprehensiveincomeTheCompany'sbusinessmodelformanagingsuchfinancialassetsisbothtocollectcontractualcashflowsandtosell,andthecontractualcashflowcharacteristicsofsuchfinancialassetsareconsistentwithbasiclendingarrangements.TheCompanymeasuressuchfinancialassetsatfairvalueandrecognizesthechangesinfairvalueinothercomprehensiveincome,butimpairmentlossesorgains,exchangedifferencesandinterestincomecalculatedusingtheeffectiveinterestratemethodarerecognizedincurrentgains/losses.Inaddition,theCompanydesignatessomenon-tradableequityinstrumentinvestmentsasfinancialassetsmeasuredatfairvaluethroughothercomprehensiveincome.TheCompanyrecognizestherelevantdividendincomefromsuchfinancialassetsincurrentgains/losses,andrecognizesthechangesinfairvalueinothercomprehensiveincome.Whensuchfinancialassetsarederecognized,thecumulativegainsorlossespreviouslyrecognizedinothercomprehensiveincomewillbetransferredfromothercomprehensiveincometoretainedearningsandwillnotberecognizedincurrentgains/losses.
③Financialassetsmeasuredatfairvaluethroughprofitorloss
TheCompanyclassifiesfinancialassetsotherthanthosemeasuredatamortizedcostandthosemeasuredatfairvaluethroughothercomprehensiveincomeasfinancialassetsmeasuredatfairvaluethroughprofitorloss.Inaddition,uponinitialrecognition,inordertoeliminateorsignificantlyreduceaccountingmismatches,theCompanydesignatessomefinancialassetsasfinancialassetsmeasuredatfairvaluethroughprofitorloss.Forsuchfinancialassets,theCompanymeasuresthemsubsequentlyatfairvalue,andthechangesinfairvaluearerecognizedincurrentgains/losses.
(2)Classification,recognitionandmeasurementoffinancialliabilitiesFinancialliabilitiesareclassifieduponinitialrecognitionasfinancialliabilitiesmeasuredatfairvaluethroughprofitorlossandotherfinancialliabilities.Forfinancialliabilitiesmeasuredatfairvaluethroughprofitorloss,therelevanttransactioncostsaredirectlyrecognizedincurrentgains/losses,andtherelevanttransactioncostsofotherfinancialliabilitiesareincludedintheirinitialrecognitionamount.①FinancialliabilitiesmeasuredatfairvaluethroughprofitorlossFinancialliabilitiesmeasuredatfairvaluethroughprofitorlossincludetradingfinancialliabilities(includingderivativeinstrumentsthatarefinancialliabilities)andfinancialliabilitiesdesignateduponinitialrecognitionasmeasuredatfairvaluethroughprofitorloss.Tradingfinancialliabilities(includingderivativeinstrumentsthatarefinancialliabilities)aremeasuredsubsequentlyatfairvalue.Exceptforthoserelatedtohedgeaccounting,thechangesinfairvaluearerecognizedincurrentgains/losses.Forfinancialliabilitiesdesignatedasmeasuredatfairvaluethroughprofitorloss,thechangesinfairvaluecausedbythechangesintheCompany'sowncreditriskarerecognizedinothercomprehensiveincome,andwhentheliabilityisderecognized,thecumulativechangesinfairvaluecausedbythechangesinitsowncreditriskthathavebeenrecognizedinothercomprehensiveincomearetransferredtoretainedearnings.Theremainingchangesinfairvaluearerecognizedincurrentgains/losses.Ifaccountingfortheimpactofthechangesintheowncreditriskofsuchfinancialliabilitiesintheabovemannerwouldresultinorexacerbateaccountingmismatchesinprofitorloss,theCompanywillrecognizeallthegainsorlosses(includingtheimpactamountofthechangesintheenterprise'sowncreditrisk)ofsuchfinancialliabilitiesincurrentgains/losses.②OtherfinancialliabilitiesOtherfinancialliabilities,exceptforfinancialliabilitiesarisingfromfinancialassettransfersthatdonotmeetthederecognitioncriteriaorfromcontinuedinvolvementinthetransferredfinancialassetsandfinancialguaranteecontracts,areclassifiedasfinancialliabilitiesmeasuredatamortizedcost,andaremeasuredsubsequentlyatamortizedcost.Thegainsorlossesarisingfromderecognitionoramortizationarerecognizedincurrentgains/losses.
(3)RecognitioncriteriaandmeasurementmethodsforfinancialassettransfersAfinancialassetisderecognizedifoneofthefollowingconditionsismet:①Thecontractualrighttoreceivethecashflowsofthefinancialassetexpires;②Thefinancialassethasbeentransferredandsubstantiallyalltherisksandrewardsofownershipofthefinancialassethavebeentransferredtothetransferee;③Thefinancialassethasbeentransferred,andalthoughtheenterprisehasneithertransferrednorretainedsubstantiallyalltherisksandrewardsofownershipofthefinancialasset,ithasrelinquishedcontrolofthefinancialasset.Iftheenterprisehasneithertransferrednorretainedsubstantiallyalltherisksandrewardsofownershipofthefinancialassetandhasnotrelinquishedcontrolofthefinancialasset,itshallrecognizetherelevantfinancialassetstotheextentofitscontinuinginvolvementinthetransferredfinancialassetandrecognizetherelevantliabilitiesaccordingly.Theextentofcontinuinginvolvementinthetransferredfinancialassetreferstothelevelofrisktowhichtheenterpriseisexposedduetochangesinthevalueofthefinancialasset.Whenthetransferofafinancialassetinitsentiretymeetsthederecognitioncriteria,thedifferencebetweenthecarryingamountofthetransferredfinancialasset,theconsiderationreceivedasaresultofthetransfer,andthecumulativeamountofchangesinfairvalueoriginallyrecognizedinothercomprehensiveincomeisrecognizedincurrentgains/losses.Whenapartialtransferofafinancialassetmeetsthederecognitioncriteria,thecarryingamountofthetransferredfinancialassetisallocatedbetweenthederecognizedandnon-derecognizedpartsbasedontheirrelativefairvalues,andthedifferencebetweentheconsiderationreceivedasaresultofthetransfer,thecumulativeamountofchangesinfairvalueoriginallyrecognizedinother
comprehensiveincomethatshouldbeallocatedtothederecognizedpart,andtheallocatedcarryingamountisrecognizedincurrentgains/losses.WhentheCompanysellsafinancialassetwithrecourseorendorsesandtransfersaheldfinancialasset,itneedstodeterminewhethersubstantiallyalltherisksandrewardsofownershipofthefinancialassethavebeentransferred.Ifsubstantiallyalltherisksandrewardsofownershipofthefinancialassethavebeentransferredtothetransferee,thefinancialassetisderecognized;ifsubstantiallyalltherisksandrewardsofownershipofthefinancialassethavebeenretained,thefinancialassetisnotderecognized;ifneithersubstantiallyalltherisksandrewardsofownershipofthefinancialassethavebeentransferrednorretained,theenterprisewillcontinuetodeterminewhetheritretainscontrolovertheassetandconductaccountingtreatmentinaccordancewiththeprinciplesdescribedintheprecedingparagraphs.
(4)DerecognitionoffinancialliabilitiesWhenthecurrentobligationofafinancialliability(orapartthereof)hasbeendischarged,theCompanyderecognizesthefinancialliability(orthepartofthefinancialliability).WhentheCompany(theborrower)entersintoanagreementwiththelendertoreplacetheoriginalfinancialliabilitybyassuminganewfinancialliability,andthecontractualtermsofthenewfinancialliabilityaresubstantiallydifferentfromthoseoftheoriginalfinancialliability,theoriginalfinancialliabilityisderecognizedandanewfinancialliabilityisrecognizedatthesametime.WhentheCompanymakesasubstantialmodificationtothecontractualtermsoftheoriginalfinancialliability(orapartthereof),theoriginalfinancialliabilityisderecognizedandanewfinancialliabilityisrecognizedinaccordancewiththemodifiedtermsatthesametime.Whenafinancialliability(orapartthereof)isderecognized,theCompanyrecognizesthedifferencebetweenitscarryingamountandtheconsiderationpaid(includingthetransferrednon-cashassetsortheassumedliabilities)incurrentgains/losses.
(5)Balance-outbetweenthefinancialassetsandliabilitiesAsthecompanyhasthelegalrighttobalanceoutthefinancialliabilitiesbythenetorliquidationofthefinancialassets,thebalance-outsumbetweenthefinancialassetsandliabilitiesislistedinthebalancesheet.Inaddition,thefinancialassetsandliabilitiesarelistedinthebalancesheetwithoutbeingbalancedout.
(6)FairvaluedeterminationmethodforfinancialassetsandfinancialliabilitiesFairvaluereferstothepricethatmarketparticipantscanreceivefromsellinganassetorpaytotransferaliabilityinanorderlytransactionthatoccursonthemeasurementdate.Ifthereisanactivemarketforfinancialinstruments,thecompanydeterminestheirfairvalueusingquotesfromtheactivemarket.Thequotationinanactivemarketreferstothepricethatiseasilyobtainedregularlyfromexchanges,brokers,industryassociations,pricingserviceagencies,etc.,andrepresentstheactualmarkettransactionpricethatoccursinfairtrade.Ifthereisnoactivemarketforfinancialinstruments,thecompanyusesvaluationtechniquestodeterminetheirfairvalue.Valuationtechniquesincludereferencingpricesusedinrecentmarkettransactionsbypartiesfamiliarwiththesituationandwillingtotrade,referencingthecurrentfairvalueofotherfinancialinstrumentsthataresubstantiallythesame,discountedcashflowmethod,andoptionpricingmodels.Atthetimeofvaluation,thecompanyadoptsvaluationtechniquesthatareapplicableinthecurrentsituationandsupportedbysufficientavailabledataandotherinformation,selectsinputvaluesthatareconsistentwiththeassetorliabilitycharacteristicsconsideredbymarketparticipantsintransactionsrelatedtotheassetorliability,andprioritizestheuseofrelevantobservableinputvaluesasmuchaspossible.Insituationswhereobservableinputvaluescannotbeobtainedorarenotfeasibletoobtain,usenoninputvalues.ImpairmentoffinancialassetsThefinancialassetsthatthecompanyneedstorecognizeimpairmentlossesarefinancialassetsmeasuredatamortizedcostanddebtinstrumentinvestmentsmeasuredatfairvaluewithchangesinfairvaluerecognizedinothercomprehensiveincome,mainlyincludingnotesreceivable,accountsreceivable,contractassets,otherreceivables,creditors'investments,othercreditors'investments,long-termreceivables,etc.Inaddition,forsomefinancialguaranteecontracts,impairmentprovisionandcreditimpairmentlossesarealsorecognizedinaccordancewiththeaccountingpoliciesdescribedinthissection.
(1)RecognitionmethodforimpairmentprovisionBasedonexpectedcreditloss,thecompanyhasmadeimpairmentprovisionandrecognizedcreditimpairmentlossesfortheabove-mentioneditemswiththeapplicableexpectedcreditlossmeasurementmethods(generalorsimplifiedmethods).
Creditlossreferstothedifferencebetweenallcontractcashflowsreceivablediscountedattheoriginaleffectiveinterestrateandallexpectedcashflowsreceivedbythecompany,thatistosay,thepresentvalueofallcashshortfall.Amongthem,forfinancialassetsthathavebeenpurchasedorgeneratedandhaveexperiencedcreditimpairment,theCompanywilldiscountthemattheactualinterestrateadjustedforcreditofthefinancialasset.ThegeneralmethodformeasuringexpectedcreditlossreferstotheassessmentofwhetherthecreditriskoffinancialassetshassignificantlyincreasedsinceinitialrecognitionbytheCompanyoneachbalancesheetdate.Ifthecreditriskhassignificantlyincreasedsinceinitialrecognition,theCompanymeasurestheimpairmentprovisionbasedonanamountequivalenttotheexpectedcreditlossovertheentireperiodofexistence;Ifthecreditriskdoesnotsignificantlyincreaseafterinitialrecognition,thecompanymeasurestheimpairmentprovisionbasedonanamountequivalenttotheexpectedcreditlosswithinthenext12months.Whenevaluatingexpectedcreditloss,thecompanyconsidersallreasonableandevidence-basedinformation,includingforward-lookinginformation.Forfinancialinstrumentswithlowcreditriskonthebalancesheetdate,theCompanyassumesthattheircreditriskhasnotsignificantlyincreasedsinceinitialrecognition,andchoosestomeasuretheimpairmentprovisionbasedontheexpectedcreditlossinthenext12months/doesnotchooseasimplifiedtreatmentmethod,andmeasurestheimpairmentprovisionbasedonwhethertheircreditriskhassignificantlyincreasedsinceinitialrecognition,usingtheexpectedcreditlossamountinthenext12monthsortheentiredurationasthebasis.
(2)CriteriafordeterminingwhethercreditriskhassignificantlyincreasedsinceinitialrecognitionIfthedefaultprobabilityofafinancialassetduringtheexpecteddurationdeterminedonthebalancesheetdateissignificantlyhigherthanthedefaultprobabilityduringtheexpecteddurationdeterminedatinitialrecognition,itindicatesasignificantincreaseincreditriskofthefinancialasset.Exceptinspecialcircumstances,thecompanyusesthechangesindefaultriskthatwilloccurwithinthenext12monthsasareasonableestimateofthechangesindefaultriskthatwilloccurthroughouttheentireexistenceperiodtodeterminewhethercreditriskhassignificantlyincreasedsinceinitialrecognition.Usually,iftheoverdueperiodexceeds30days,thecompanyconsidersthatthecreditriskofthefinancialinstrumenthassignificantlyincreased,unlessthereisconclusiveevidencetoprovethatthecreditriskofthefinancialinstrumenthasnotsignificantlyincreasedsinceinitialrecognition.Whenevaluatingwhethercreditriskhassignificantlyincreased,thecompanywillconsiderthefollowingfactors:
Whethertherehasbeenasignificantchangeintheactualorexpectedoperatingresultsofthedebtor;Whethertherehavebeensignificantadversechangesintheregulatory,economic,ortechnologicalenvironmentinwhichthedebtorislocated;Whethertherehavebeensignificantchangesinthevalueofthecollateralusedascollateralfordebtorthequalityoftheguaranteeorcreditenhancementprovidedbyathirdparty,whichisexpectedtoreducethedebtor'seconomicmotivationtorepaywithinthecontractuallystipulatedperiodoraffecttheprobabilityofdefault;Whethertherehavebeensignificantchangesinthedebtor'sexpectedperformanceandrepaymentbehavior;Hastherebeenanychangeinthecompany'screditmanagementmethodsforfinancialinstruments.Onthebalancesheetdate,iftheCompanydeterminesthatafinancialinstrumenthasonlylowcreditrisk,theCompanyassumesthatthecreditriskofthefinancialinstrumenthasnotsignificantlyincreasedsinceinitialrecognition.Ifthedefaultriskofafinancialinstrumentislow,theborrowerhasastrongabilitytofulfillitscontractualcashflowobligationsintheshortterm,andevenifthereareadversechangesintheeconomicsituationandoperatingenvironmentoveralongerperiodoftime,itmaynotnecessarilyreducetheborrower'sabilitytofulfillitscontractualcashobligations,thenthefinancialinstrumentisconsideredtohavelowcreditrisk.
(3)Portfolio-basedapproachforevaluatingexpectedcreditriskThecompanyevaluatesthecreditriskoffinancialassetswithsignificantlydifferentcreditrisks,suchasaccountsreceivablefromrelatedparties,accountsreceivablethatareindisputewiththeotherpartyorinvolvelitigationorarbitration,thereareclearindicationsthatthedebtormaynotbeabletofulfilltheirrepaymentobligations,suchasaccountsreceivable.Inadditiontofinancialassetsassessedforcreditriskindividually,thecompanydividesfinancialassetsintodifferentgroupsbasedoncommonriskcharacteristics.Thecommoncreditriskcharacteristicsadoptedbythecompanyincludefinancialinstrumenttype,credit
riskrating,agingportfolio,overdueagingportfolio,contractsettlementperiod,debtor'sindustry,etc.Creditriskisevaluatedbasedonportfolio.
(4)AccountingtreatmentmethodsforimpairmentoffinancialassetsAttheendoftheperiod,theCompanycalculatestheestimatedcreditlossesofvariousfinancialassets.Iftheestimatedcreditlossisgreaterthanthecarryingamountofitscurrentimpairmentprovision,thedifferenceisrecognizedasanimpairmentloss;Ifitislessthanthecarryingamountofthecurrentimpairmentprovision,thedifferenceisrecognizedasanimpairmentgain.MethodsfordeterminingcreditlossesoffinancialassetsExceptforseparatelyevaluatingcreditriskaccountsreceivable,thecompanydividesaccountsreceivableintodifferentportfoliosbasedoncommonriskcharacteristicsandevaluatescreditriskonthebasisoftheportfolio.Thespecificbasisfordeterminingdifferentportfoliosandmethodsformeasuringexpectedcreditlossareasfollows:
| Item | Basisfordeterminingtheportfolio | Specificmethodsformeasuringexpectedcreditloss |
| Accountsreceivablefinancing-bankacceptancebillportfolio | Bankacceptancebill | Foraccountsreceivablewithinsixmonths,thecompanydoesnotprovideforexpectedcreditloss;Inaddition,thecompanybelievesthatthecreditriskofthebankacceptancebillsitholdsisrelativelylowandwillnotcausesignificantlossesduetobankdefaults.Therefore,theexpectedcreditlossshallnotbemeasuredforthecorrespondingreceivablesfinancingbankacceptanceportfolio. |
| Accountsreceivable-commercialacceptancebillportfolio | Commercialacceptancebill | Foraccountsreceivablewithinsixmonths,thecompanydoesnotprovideforexpectedcreditloss;Inaddition,thecreditriskofthecommercialacceptancebillsheldbythecompanyisrelativelylow,asthesebillsaremainlyissuedbyreputableautomobilemanufacturers.Basedonhistoricalexperience,therehavebeennosignificantdefaults.Therefore,thecompanydoesn’tmeasureexpectedcreditlossfortheportfolioofaccountsreceivableandcommercialacceptancebills |
| AccountsReceivable-CustomerPortfolio | Accountsreceivableotherthanaccountsreceivablefrominternalrelatedpartiesandthoseforwhichcreditimpairmentlosseshavebeenindividuallyprovisioned | Measureexpectedcreditlossbasedonaging |
| Otherreceivables-accountsreceivableotherportfolio | Otherreceivablesexceptforaccountsreceivablefrominternalrelatedpartiesandaccountsforwhichcreditimpairmentlosseshavebeenindividuallyprovisioned | Basedonhistoricalcreditlossexperience,combinedwithcurrentconditionsandpredictionsoffutureeconomicconditions,theexpectedcreditlossiscalculatedbydefaultriskexposureandtheexpectedcreditlossrateforthenext12monthsortheentireduration. |
Foraccountsreceivablethataremeasuredforexpectedcreditlossbasedontheiraging,theiragingiscalculatedcontinuouslyfromtheinitialrecognitiondateofthedebt.Thecorrespondingprovisionratioforexpectedcreditlossatdifferentagingstagesisasfollows:
| Aging | Provisionratio(%) |
| Within6months | -- |
| 6months-1year | 10.00 |
| 1-2years | 20.00 |
| 2-3years | 40.00 |
| Overthreeyears | 100.00 |
12．Notesreceivable
Notesreceivable1:bankacceptanceNotesreceivable2:tradeacceptanceTheCompanycalculatesexpectedcreditlossbyreferringtohistoricalcreditlossexperience,takingintoaccountcurrentconditionsandforecastsofthefutureeconomicsituation.
13．Accountsreceivable
Accountsreceivable1:receivablefromclientsAccountsreceivable2:receivablefrominternalrelatedpartyTheCompanycalculatesexpectedcreditlossbyreferringtohistoricalcreditlossexperience,takingintoaccountcurrentconditionsandforecastsofthefutureeconomicsituation.14．ReceivablefinancingThenotereceivableandaccountsreceivablewhicharemeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincomeareclassifiedasreceivablesfinancingwithinoneyear(inclusive)fromthedateofacquisition.RefertomorerelevantaccountingpoliciesinNoteV.11FinancialInstrument.15．Otheraccountsreceivable
DeterminationmethodofexpectedcreditlossandaccountingtreatmentOtheraccountsreceivable1:receivablefrominternalrelatedpartyOtheraccountsreceivable2:receivablefromothersTheCompanycalculatesexpectedcreditlossbyreferringtohistoricalcreditlossexperience,takingintoaccountcurrentconditionsandforecastsofthefutureeconomicsituation.16．Contractassets
Recognitionmethodsandcriteriaforcontractassets:Contractassetsrefertotherightofthecompanytoreceiveconsiderationinreturnforhavingtransferredgoodsorprovidedservicestocustomers,andthisrightdependsonfactorsotherthanthepassageoftime.Thecompany'sunconditionalrighttoreceiveconsiderationfromcustomers(i.e.,dependingsolelyonthepassageoftime)isseparatelypresentedasaccountsreceivable.Determinationmethodforexpectedcreditlossoncontractassets:Themethodfordeterminingexpectedcreditlossoncontractassetsisconsistentwiththatforexpectedcreditlossonaccountsreceivable.Accountingtreatmentmethodforexpectedcreditlossoncontractassets:Whencontractassetsareimpaired,thecompanydebitsthe"AssetImpairmentLoss"accountandcreditsthe"ContractAssetImpairmentReserve"accountfortheamounttobewrittendown;whenreversingthealreadyaccruedassetimpairmentprovision,theoppositeaccountingentryismade.
17．Inventory（
）ClassificationofinventoryInventorymainlyincludesrawmaterials,productinprocess,finishedproducts,contractperformancecosts,etc.
（2）ThepricingmethodforoutboundinventoryValuationshallbebasedontheweightedaveragemethodforoutboundinventory;（
）Theperpetualinventorysystemisapplied.（
）AmortizationmethodforlowvalueconsumablesandpackagingmaterialsLowvalueconsumablesareamortizedwithone-timeamortizationmethoduponreceipt;Packagingmaterialsareamortizedwithone-timeamortizationmethoduponreceipt.
（5）RecognitioncriteriaandprovisionmethodforimpairmentprovisionforinventoryThenetrealizablevalueofinventoryreferstotheestimatedsellingpriceofinventoryindailyactivities,minustheestimatedcoststobeincurreduntilcompletion,estimatedsalesexpenses,andrelatedtaxes.Whendeterminingthenetrealizablevalueofinventory,itisbasedonconclusiveevidenceobtained,whileconsideringthepurposeofholdinginventoryandtheimpactofeventsafterthebalancesheetdate.Onthebalancesheetdate,inventoryismeasuredatthelowerofcostornetrealizablevalue.Whenitsnetrealizablevalueislowerthanitscost,theprovisionforinventoryimpairmentiswithdrawn.Theprovisionforinventoryimpairmentisusuallywithdrawnbasedonthedifferencebetweenthecostofasingleinventoryitemanditsnetrealizablevalue.Forinventorywithalargequantityandlowunitprice,theprovisionforinventoryimpairmentshallbewithdrawnaccordingtotheinventorycategory;Forinventory
relatedtoproductlinesproducedandsoldinthesameregion,withthesameorsimilarenduseorpurpose,anddifficulttomeasureseparatelyfromotheritems,theprovisionforinventoryimpairmentcanbemadethroughconsolidation.Aftertheprovisionforinventoryimpairmenthasbeenmade,iftheinfluencingfactorsthatpreviouslyreducedthevalueofinventoryhavedisappeared,resultinginthenetrealizablevalueofinventoryhigherthanitsbookvalue,itshallbereversedwithintheoriginalprovisionforinventoryimpairment,andthereversedamountshallbeincludedinthecurrentgains/losses.
18．Assetsheldforsale（
）Non-currentassetsheldforsaleanddisposalgroupIftheCompanymainlyrecoversthebookvalueofanon-currentassetthroughsale(includingexchangeofnon-monetaryassetswithcommercialsubstance,thesamebelow)ratherthancontinuingtouseitordisposingofit,itwillbeclassifiedasheldforsale.Thespecificcriteriaaretomeetthefollowingconditionssimultaneously:anon-currentassetordisposalgroupcanbeimmediatelysoldunderthecurrentcircumstances,inaccordancewiththecustomarypracticeofsellingsuchassetsordisposalgroupsinsimilartransactions;Thecompanyhasmadearesolutionregardingthesaleplanandobtainedaconfirmedpurchasecommitment;Thesaleisexpectedtobecompletedwithinoneyear.Amongthem,thedisposalgroupreferstoagroupofassetsthataredisposedofasawholethroughsaleorothermeansinatransaction,aswellastheliabilitiesdirectlyrelatedtotheseassetstransferredinthetransaction.IftheassetgrouportheportfolioofassetgroupstowhichthedisposalgroupbelongshasbeenallocatedthegoodwillacquiredinthebusinesscombinationinaccordancewiththeAccountingStandardsforEnterprisesNo.8-ImpairmentofAssets,thedisposalgroupshallincludethegoodwillallocatedtothedisposalgroup.WhentheCompanyinitiallymeasuresorre-measuresnon-currentassetsheldforsaleanddisposalgroupsonthebalancesheetdate,iftheircarryingvalueishigherthanthenetamountoffairvalueminussellingexpenses,thecarryingvalueshallbereducedtothenetamountoffairvalueminussellingexpenses,andthereducedamountshallberecognizedasassetimpairmentlossandincludedinthecurrentgains/losses.Atthesametime,theimpairmentprovisionforheldforsaleassetsshallbemade.Forthedisposalgroup,therecognizedimpairmentlossofassetsisfirstoffsetagainstthecarryingamountofgoodwillinthedisposalgroup,andthenproportionallyoffsetagainstthecarryingamountofvariousnon-currentassetswithinthedisposalgroupthataresubjecttothemeasurementprovisionsoftheAccountingStandardsforEnterprisesNo.42-Non-currentAssetsHeldforSale,DisposalGroups,andDiscontinuedOperations(hereinafterreferredtoasthe“StandardsofAssetsHeldforSale”).Ifthenetamountafterdeductingthesellingexpensesfromthefairvalueofthedisposalgroupheldforsaleonthesubsequentbalancesheetdateincreases,thepreviouslywrittendownamountshouldberestoredandreversedwithintheassetimpairmentlossamountrecognizedfornon-currentassetsmeasuredundertheStandardsofAssetsHeldforSaleafterbeingclassifiedasholdingforsale.Thereversedamountshouldbeincludedinthecurrentgains/losses,andthebookvalueofeachnon-currentassetmeasuredundertheStandardsofAssetsHeldforSaleinthedisposalgroup,exceptforgoodwill,shouldbeincreasedproportionallybasedontheproportionofitsbookvalue;Thebookvalueofgoodwillthathasbeenoffset,aswellastheimpairmentlossesrecognizedfornon-currentassetsundertheholdingforsalestandardbeforebeingclassifiedasheldforsale,shallnotbereversed.Thenon-currentassetsheldforsaleordisposedofindisposalgroupsarenotsubjecttodepreciationoramortization,andinterestandotherexpensesonliabilitiesheldforsaleindisposalgroupscontinuetoberecognized.Incasenon-currentassetsordisposalgroupsnolongermeetthecriteriaforbeingclassifiedasheldforsale,theCompanywillnolongercontinuetoclassifythemasassetsheldforsaleorremovenon-currentassetsfromthedisposalgroup,andmeasurethemintermsofthelowerofthefollowingtwo:(1)thebookvalueofsuchassetsbeforebeingclassifiedasassetsheldforsale,adjustedfordepreciation,amortization,impairment,etc.thatwouldhavebeenrecognizedifnotclassifiedassetsheldforsale;(2)Recoverableamount.
（2）RecognitioncriteriaandreportingmethodsforterminationofoperationsTerminationofoperationreferstoacomponentthatmeetsoneofthefollowingconditions,canbedistinguishedseparately,andhasbeendisposedoforclassifiedasheldforsale:1)thecomponentrepresentsanindependentmainbusinessoranindependentmainoperatingregion;2)Thiscomponentispartofarelatedplantodisposeofanindependentmajorbusinessoraseparatemajoroperatingarea;3)Thiscomponentisasubsidiaryacquiredspecificallyforresale.
Thecompanyreportstherelevantgains/lossesarisingfromterminationofoperationintheincomestatementanddisclosestheimpactofterminationinthenotes.
19．LongtermequityinvestmentThelong-termequityinvestmentreferredtointhissectionreferstothelong-termequityinvestmentinwhichthecompanyhascontrol,jointcontrol,orsignificantinfluenceovertheinvestedentity.Thelong-termequityinvestmentsthattheCompanydoesnothavecontrol,jointcontrol,orsignificantinfluenceovertheinvesteeareaccountedforasfinancialassetsmeasuredatfairvaluewithchangesrecognizedincurrentgains/losses.Iftheyarenontrading,theCompanymaydesignatethemasfinancialassetsmeasuredatfairvaluewithchangesrecognizedinothercomprehensiveincomeatinitialrecognition.TheaccountingpolicyisdetailedinNoteV.11FinancialInstruments.Jointcontrolreferstothesharedcontrolofacertainarrangementbythecompanyinaccordancewithrelevantagreements,andtherelatedactivitiesofthearrangementmustbeunanimouslyagreeduponbythepartiessharingcontrolrightsbeforemakingdecisions.Significantimpactreferstothepowerofthecompanytoparticipateindecision-makingonthefinancialandoperationalpoliciesoftheinvestedentity,butthecompanyfailstocontrolorjointlycontroltheformulationofthesepolicieswithotherparties.
（1）RecognitionofinvestmentcostForalong-termequityinvestmentacquiredthroughabusinesscombinationinvolvingenterprisesundercommoncontrol,theinitialinvestmentcostofthelong-termequityinvestmentshallbetheabsorbingparty’sshareofthecarryingamountoftheowner’sequityundertheconsolidatedfinancialstatementsoftheultimatecontrollingpartyonthedateofcombination.Thedifferencebetweentheinitialcostofthelong-termequityinvestmentandthecashpaid,non-cashassetstransferredaswellasthebookvalueofthedebtsbornebytheabsorbingpartyshalloffsetagainstthecapitalreserve.Ifthecapitalreserveisinsufficienttooffset,theretainedearningsshallbeadjusted.Iftheconsiderationofthemergerissatisfiedbyissueofequitysecurities,theinitialinvestmentcostofthelong-termequityinvestmentshallbetheabsorbingparty’sshareofthecarryingamountoftheowner’sequityundertheconsolidatedfinancialstatementsoftheultimatecontrollingpartyonthedateofcombination.Withthetotalfacevalueofthesharesissuedassharecapital,thedifferencebetweentheinitialcostofthelong-termequityinvestmentandtotalfacevalueofthesharesissuedshallbeusedtooffsetagainstthecapitalreserve.Ifthecapitalreserveisinsufficienttooffset,theretainedearningsshallbeadjusted.Forbusinesscombinationresultinginanenterpriseundercommoncontrolbyacquiringequityoftheabsorbingpartyundercommoncontrolthroughastage-upapproachwithseveraltransactions,thesetransactionswillbejudgedwhethertheyshallbetreatedas“packagedeal”.Iftheybelongto“packagedeal”,thesetransactionswillbeaccountedforatransactioninobtainingcontrol.Iftheyarenotbelongingto“packagedeal”,theinitialinvestmentcostofthelong-termequityinvestmentshallbetheabsorbingparty’sshareofthecarryingamountoftheowner’sequityundertheconsolidatedfinancialstatementsoftheultimatecontrollingpartyonthedateofcombination.Thedifferencebetweentheinitialcostofthelong-termequityinvestmentandtheaggregateofthecarryingamountofthelong-termequityinvestmentbeforemergingandthecarryingamounttheadditionalconsiderationpaidforfurthershareacquisitiononthedateofcombinationshalloffsetagainstthecapitalreserve.Ifthecapitalreserveisinsufficienttooffset,theretainedearningsshallbeadjusted.Othercomprehensiveincomerecognizedasaresultofthepreviouslyheldequityinvestmentaccountedforusingequitymethodonthedateofcombinationorrecognizedforavailable-for-salefinancialassetswillnotbeaccountedfor.Forbusinesscombinationresultedinanenterprisenotundercommoncontrolbyacquiringequityoftheacquireundercommoncontrolthroughastage-upapproachwithseveraltransactions,thesetransactionswillbejudgedwhethertheyshallbetreatas“packagedeal”.Iftheybelongto“packagedeal”,thesetransactionswillbeaccountedforatransactioninobtainingcontrol.Iftheyarenotbelongingto“packagedeal”,theinitialinvestmentcostofthelong-termequityinvestmentaccountedforusingcostmethodshallbetheaggregateofthecarryingamountofequityinvestmentpreviouslyheldbytheacquireandtheadditionalinvestmentcost.Forpreviouslyheldequityaccountedforusingequitymethod,relevantothercomprehensiveincomewillnotbeaccountedfor.Theintermediaryfeessuchasaudit,legalservices,evaluationconsulting,andotherrelatedmanagementexpensesincurredbythemergingorpurchasingpartyfortheenterprisemergershallbeincludedinthecurrentgains/lossesatthetimeofoccurrence.Exceptforlong-termequityinvestmentsformedbycorporatemergers,otherequityinvestmentsareinitiallymeasuredatcost,which
isdeterminedonthebasisoftheactualcashpurchasepricepaidbythecompany,thefairvalueofequitysecuritiesissuedbythecompany,thevalueagreeduponininvestmentcontractsoragreements,thefairvalueororiginalbookvalueofassetsexchangedinnon-monetaryassetexchangetransactions,andthefairvalueofthelong-termequityinvestmentitself,dependingonthemethodofacquisition.Theexpenses,taxes,andothernecessaryexpendituresdirectlyrelatedtoobtaininglong-termequityinvestmentsarealsobookedintoinvestmentcost.Forlong-termequityinvestmentsthatcanhaveasignificantimpactontheinvesteeorexercisejointcontrolbutdonotconstitutecontrolduetoadditionalinvestments,thecostoflong-termequityinvestmentsisthesumofthefairvalueoftheoriginalheldequityinvestmentdeterminedinaccordancewiththeAccountingStandardsforEnterprisesNo.22-RecognitionandMeasurementofFinancialInstrumentsandthecostofadditionalinvestments.
（2）Subsequentmeasurementandrecognitionmethodsofgains/lossesLongtermequityinvestmentsthathavejointcontrol(excludingjointoperators)orsignificantinfluenceovertheinvestedentityshallbemeasuredwiththeequitymethod.Besides,inthecompany'sfinancialstatements,long-termequityinvestmentsthatcanexercisecontrolovertheinvesteeismeasuredwithcostmethod.
①LongtermequityinvestmentsmeasuredwithcostmethodWhenmeasuredwithcostmethod,long-termequityinvestmentsarevaluedattheirinitialinvestmentcosts,andthecostoflong-termequityinvestmentshallbeadjustedincaseofadditionalorrecoveredinvestments.Currentinvestmentincomeisrecognizedbasedonthecashdividendsorprofitsdeclaredbutnotyetdistributedbytheinvestee,exceptfortheactualpaymentmadeatthetimeofinvestmentorthecashdividendsorprofitsincludedintheconsideration.
②LongtermequityinvestmentsmeasuredwithequitymethodWhenmeasuredwithequitymethod,wheretheinitialinvestmentcostofalong-termequityinvestmentexceedstheinvestor’sinterestinthefairvalueoftheinvestedparty’sidentifiablenetassetsattheacquisitiondate,noadjustmentshallbemadetotheinitialinvestmentcost.Wheretheinitialinvestmentcostislessthantheinvestor’sinterestinthefairvalueoftheinvestedparty’sidentifiablenetassetsattheacquisitiondate,thedifferenceshallbechargedtocurrentgains/losses,andthecostofthelong-termequityinvestmentshallbeadjustedaccordingly.Whenmeasuredwiththeequitymethod,investmentincomeandothercomprehensiveincomeshallberecognizedonthebasisoftheGroup’sshareofthenetgains/lossesandothercomprehensiveincomemadebytheinvestedparty,respectively.Meanwhile,thecarryingamountoflong-termequityinvestmentshallbeadjusted.Thecarryingamountoflong-termequityinvestmentshallbereducedintermsoftheGroup’sshareofprofitorcashdividenddistributedbytheinvestedparty.Inrespectofchangesinshareholders’equityotherthannetgains/losses,othercomprehensiveincomeandprofitdistributionofinvestedparty,thecarryingvalueoflong-termequityinvestmentshallbeadjustedandincludedinthecapitalreserves.Shareintheinvestedparty’snetgains/lossesshallberecognizedafterthenetprofitoftheinvesteeisadjustedonthebasisofthefairvaluesoftheinvestedparty’sindividualseparatelyidentifiableassetsatthetimeofacquisition.Intheeventofin-conformitybetweentheaccountingpoliciesandaccountingperiodsoftheinvestedpartyandtheCompany,thefinancialstatementsoftheinvestedpartyshallbeadjustedinconformitywiththeaccountingpoliciesandaccountingperiodsoftheCompany.Investmentincomeandothercomprehensiveincomeshallberecognizedaccordingly.InrespectofthetransactionsbetweentheGroupanditsassociatesandjointventuresinwhichtheassetsdisposedoforsoldarenotclassifiedasoperation,theshareofunrealizedgains/lossesarisingfrominter-grouptransactionsshallbeoffsetbytheportionattributabletotheCompany.Investmentgainshallberecognizedaccordingly.However,anyunrealizedlossarisingfrominter-grouptransactionsbetweentheGroupandaninvestedpartywillnotbeoffsettotheextentthatthelossisimpairmentlossofthetransferredassets.IntheeventthattheGroupdisposedofanassetclassifiedasoperationtoitsjointventuresorassociates,whichresultedinacquisitionoflong-termequityinvestmentbytheinvestorwithoutobtainingcontrol,theinitialinvestmentcostofadditionallong-termequityinvestmentshallbethefairvalueofdisposedoperation.Thedifferencebetweeninitialinvestmentcostandthecarryingvalueofdisposedoperationwillbefullybookedintocurrentgains/losses.IntheeventthattheGroupsoldanassetclassifiedasoperationtoitsassociatesorjointventures,thedifferencebetweenthecarryingvalueofconsiderationreceivedandoperationshallbefullybookedintocurrentgains/losses.IntheeventthattheCompanyacquiredanassetwhichformedanoperationfromitsassociatesorjointventures,relevanttransactionshallbeaccountedforinaccordancewith
“AccountingStandardsforBusinessEnterprisesNo.20“Businesscombination”.Gains/lossesrelatedtothetransactionshallbemeasuredinfull.TheGroup’sshareinthenetlossesoftheinvestedpartyshallberecognizedtotheextentthatthecarryingamountofthelong-termequityinvestmenttogetherwithanylong-termintereststhatinsubstanceformpartoftheinvestor’snetinvestmentintheinvestedpartyarereducedtozero.IftheGrouphastoassumeadditionalobligations,theexpectedliabilitiesshallberecognizedintermsoftheestimatedobligationassumedandbebookedintotheinvestmentlossfortheperiod.Wheretheinvestedpartymakesprofitsinsubsequentperiods,theprofitsattributedtothecompanyshallbefirstlyusedtomakeupunrecognizedlosses.③AcquisitionofminorityinterestAtthetimeofpreparingconsolidatedfinancialstatements,thedifferencebetweentheincreaseinthelong-termequityinvestmentraisingfromthepurchaseofminorityinterestandthenetassetsattributabletothesubsidiarywhicharemeasuredcontinuouslysincethepurchasedate(orcombinationdate)intermsoftheproportionofnewlyacquiredsharesshallbeusedtoadjustthecapitalsurplus,orretainedearningsincasecapitalsurplusisinsufficient.
④Disposaloflong-termequityinvestmentsInconsolidatedfinancialstatements,incasetheparentcompanydisposespartoflong-termequityinvestmentsinasubsidiarywithoutlossofcontrol,thedifferencebetweendisposalpriceandthenetassetofthesubsidiaryrelatedtothedisposalofthelong-termequityinvestmentsshallbebookedintotheowners’equity.Ifdisposalofaportionofthelong-termequityinvestmentsinasubsidiarybytheparentcompanyresultsinthelossofitscontrolonthesubsidiary,therelevantaccountingpoliciesdescribedinNote3.7(2).“Preparationmethodofconsolidatedfinancialstatements”shallprevail.Ondisposalofalong-termequityinvestmentotherwise,thedifferencebetweenthecarryingamountoftheinvestmentandtheactualconsiderationpaidisrecognizedthroughcurrentgains/losses.Inrespectofthelong-termequityinvestmentmeasuredwithequitymethod,incasetheremainingequityafterdisposalisalsomeasuredwithequitymethod,othercomprehensiveincomepreviouslyunderowners’equityshallbeaccountedforinaccordancewiththesameaccountingtreatmentfordirectdisposalofrelevantassetorliabilitybyinvestedpartyonproratabasisatthetimeofdisposal.Theowners’equityrecognizedduetochangesinotherowners’equity(excludingnetgains/losses,othercomprehensiveincomeandprofitdistributionofinvestedparty)shallbetransferredtocurrentgains/lossesonproratabasis.Inrespectoflong-termequityinvestmentmeasuredwithcostmethod,incasetheremainingequityisalsomeasuredwithequitymethodafterdisposal,othercomprehensiveincomerecognizedandmeasuredwithequitymethodorrecognitionandmeasurementprinciplebeforecontrolovertheinvestedpartyshallbeaccountedforintermsofthesameaccountingtreatmentfordirectdisposalofrelevantassetorliabilitybyinvestedpartyonproratabasisatthetimeofdisposalandshallbetransferredtocurrentgains/lossesonproratabasis;amongthenetassetsofinvestedpartyunitrecognizedwithequitymethod(excludingnetgains/losses,othercomprehensiveincomeandprofitdistributionofinvestedparty)shallbetransferredtocurrentgains/lossesonproratabasis.Intheeventoflossofcontroloverinvestedpartyduetopartialdisposalofequityinvestmentbythegroup,atthetimeofpreparingseparatefinancialstatements,theremainingequity,whichcanapplycommoncontrolorimposesignificantinfluenceovertheinvestedpartyafterdisposal,shallbemeasuredwithequitymethod.Suchremainingequityshallbetreatedasbeingmeasuredwithequitymethodsinceitisobtainedandadjustmentshallbemadeaccordingly.Theremainingequity,whichcannotapplycommoncontrolorimposesignificantinfluenceovertheinvestedpartyafterdisposal,shallbeaccountedforinaccordancewiththerecognitionandmeasurementprinciplesforfinancialinstruments.Thedifferencebetweenitsfairvalueandcarryingamountasatthedateoflosingcontrolshallbebookedintocurrentgains/losses.Inrespectofothercomprehensiveincomerecognizedwithequitymethodortherecognitionandmeasurementprinciplesoffinancialinstrumentsbeforethecompanyobtainscontrolovertheinvestedparty,itshallbeaccountedforinaccordancewiththesameaccountingtreatmentfordirectdisposalofrelevantassetorliabilitybyinvestedpartyatthetimewhenthecontroloverinvestedpartyislost.Changesinotherowners’equitythannetgains/losses,othercomprehensiveincomeandprofitdistribution)undernetassetofinvestedpartyrecognizedwithequitymethodshallbetransferredtocurrentgains/lossesatthetimewhenthecontroloverinvestedpartyislost.Ofwhich,fortheremainingequityafterdisposalmeasuredwithequitymethod,othercomprehensiveincomeandotherowners’equityshallbecarriedforwardonproratabasis,andfortheremainingequityafterdisposalmeasuredwiththerecognitionandmeasurementprinciplesoffinancialinstruments,other
comprehensiveincomeandotherowners’equityshallbefullytransferred.IntheeventoflossofcommoncontrolorsignificantinfluenceoverinvestedpartyduetopartialdisposalofequityinvestmentbytheGroup,theremainingequityafterdisposalshallbeaccountedforusingtherecognitionandmeasurementstandardoffinancialinstruments.Thedifferencebetweenitsfairvalueandcarryingamountasatthedateoflosingcommoncontrolorsignificantinfluenceshallbeincludedincurrentgains/losses.Inrespectofothercomprehensiveincomerecognizedunderpreviousequityinvestmentusingequitymethod,itshallbeaccountedforinaccordancewiththesameaccountingtreatmentfordirectdisposalofrelevantassetorliabilitybyinvestedpartyatthetimewhenequitymethodwasceasedtobeused.Movementofotherowners’equity(excludingnetprofitorloss,othercomprehensiveincomeandprofitdistributionundernetassetofinvestedpartyaccountedforandrecognizedusingequitymethod)shallbetransferredtocurrentgains/lossesatthetimewhenequitymethodwasceasedtobeused.TheGroupdisposesitsequityinvestmentinsubsidiarybyastage-upapproachwithseveraltransactionsuntilthecontroloverthesubsidiaryislost.Ifthesaidtransactionsbelongto“packagedeal”,eachtransactionshallbeaccountedforasasingletransactionofdisposingequityinvestmentofsubsidiaryandlossofcontrol.Thedifferencebetweenthedisposalconsiderationforeachtransactionandthecarryingamountofthecorrespondinglong-termequityinvestmentofdisposedequitybeforelossofcontrolshallinitiallyrecognizedasothercomprehensiveincome,andsubsequentlytransferredtoprofitorlossarisingfromlossofcontrolforthecurrentperioduponlossofcontrol.
20．InvestmentpropertiesMeasurementmodelofinvestmentpropertiesMeasuredwithcostmethodDepreciationoramortizationmethodInvestmentpropertiesrefertopropertiesheldforthepurposeofearningrentalincomeorcapitalappreciation,orboth.Theyincludeleasedlanduserights,landuserightsheldforthepurposeofappreciationandsubsequenttransfer,leasedbuildings,etc.Investmentpropertiesareinitiallymeasuredatcost.Subsequentexpendituresrelatedtoinvestmentpropertiesareincludedinthecostofinvestmentpropertiesifitishighlyprobablethattheeconomicbenefitsrelatedtotheassetwillflowintotheenterpriseandthecostcanbemeasuredreliably.Othersubsequentexpendituresarerecognizedincurrentgains/losseswhentheyoccur.Thecompanymeasuressubsequentinvestmentpropertieswiththecostmodelanddepreciatesoramortizestheminaccordancewiththesamepoliciesasthoseforbuildingsorlanduserights.Fortheimpairmenttestmethodsandthemethodsforprovisionofimpairmentlossesofinvestmentproperties,pleaserefertoNoteV.24ImpairmentofLong-termAssets.Whenowner-occupiedpropertiesorinventoriesareconvertedintoinvestmentproperties,orinvestmentpropertiesareconvertedintoowner-occupiedproperties,thecarryingvaluebeforetheconversionisusedasthecarryingvalueaftertheconversion.Whenthepurposeofaninvestmentpropertychangestoowner-occupation,asofthedateofthechange,theinvestmentpropertyisconvertedintofixedassetsorintangibleassets.Whenthepurposeofanowner-occupiedpropertychangestoearningrentalincomeorcapitalappreciation,asofthedateofthechange,thefixedassetsorintangibleassetsareconvertedintoinvestmentproperties.Uponconversion,iftheinvestmentpropertyismeasuredwiththecostmodelafterconversion,thecarryingvaluebeforetheconversionisusedasthecarryingvalueaftertheconversion;iftheinvestmentpropertyismeasuredwiththefairvaluemodelafterconversion,thefairvalueontheconversiondateisusedasthecarryingvalueaftertheconversion.Whenaninvestmentpropertyisdisposedof,orispermanentlywithdrawnfromuseanditisexpectedthatnoeconomicbenefitscanbeobtainedfromitsdisposal,theinvestmentpropertyshallbederecognized.Thedisposalproceedsfromthesale,transfer,scrappingordamageofaninvestmentproperty,afterdeductingitscarryingvalueandrelevanttaxesandfees,arerecognizedincurrentgains/losses.21．Fixedassets
（
）RecognitioncriteriaFixedassetsrefertotangibleassetsheldfortheproductionofgoods,provisionofservices,leasing,orbusinessmanagement,withausefullifeexceedingoneaccountingyear.Fixedassetarerecognizedonlywhenitisprobablethattheeconomicbenefitsassociated
withitwillflowtotheCompanyanditscostcanbemeasuredreliably.Fixedassetsareinitiallymeasuredatcost,takingintoaccounttheexpectedimpactofdecommissioningcosts.
（2）Depreciationmethod
| Category | Depreciationmethod | Yearsofdepreciation | Scrapvaluerate | Yearlydepreciationrate |
| Permanentownershipland | Straight-linedepreciation | Indefinite | Nodepreciation | |
| Houseandbuilding | Straight-linedepreciation | 20~35 | 5% | 2.71%~4.75% |
| Machineryequipment | Straight-linedepreciation | 10 | 5% | 9.50% |
| Transportationequipment | Straight-linedepreciation | 4~5 | 5% | 19.00%~23.75% |
| Electronicandotherequipment | Straight-linedepreciation | 3～10 | 5% | 9.50%～31.67% |
TheexpectedresidualvaluereferstotheamountthattheCompanyiscurrentlyexpectedtoobtainfromthedisposalofthefixedassetafterdeductingtheexpecteddisposalexpenses,assumingthatthefixedassethasreachedtheendofitsexpectedusefullifeandisintheexpectedstateatthattime.（
）ImpairmenttestmethodsandmethodsforprovisionofimpairmentlossesoffixedassetsFortheimpairmenttestmethodsandmethodsforprovisionofimpairmentlossesoffixedassets,pleaserefertoNoteV.24“ImpairmentofLong-termAssets”.（
）OtherexplanationsSubsequentexpendituresrelatedtofixedassetsarebookedintothecostofthefixedassetsifitishighlyprobablethattheeconomicbenefitsrelatedtothefixedassetswillflowintotheCompanyandtheircostscanbemeasuredreliably,andthecarryingvalueofthereplacedpartshallbederecognized.Subsequentexpendituresotherthantheabovearerecognizedincurrentgains/losseswhentheyoccur.Afixedassetshallbederecognizedwhenitisinastateofdisposalorwhenitisexpectedthatnoeconomicbenefitscanbegeneratedthroughitsuseordisposal.Thedifferencebetweenthedisposalproceedsfromthesale,transfer,scrappingordamageofafixedassetanditscarryingvalueandrelevanttaxesandfeesshallberecognizedincurrentgains/losses.TheCompanyreviewstheusefullife,expectedresidualvalueanddepreciationmethodoffixedassetsatleastattheendofeachyear.Ifanychangesoccur,theywillbeaccountedforaschangesinaccountingestimates.22．Constructioninprogress
TheCompany'sconstructioninprogressisdividedintotwotypes,builtbythecompanyorbythecontracting-outmethod.Whentheconstructioninprogressiscompletedandreachestheintendedusablestate,itistransferredtofixedassets.Thecriteriafordeterminingtheintendedusablestateshallmeetoneofthefollowingsituations:Thephysicalconstruction(includinginstallation)ofthefixedassethasbeencompletelyfinishedorsubstantiallycompleted;Ithasundergonetrialproductionortrialoperation,andtheresultsindicatethattheassetcanoperatenormallyorcanstablyproducequalifiedproducts,orthetrialoperationresultsshowthatitcanoperateorconductbusinessnormally;Theexpenditureontheconstructedfixedassetisverysmallorhardlyoccursanymore;Theconstructedfixedassethasmetthedesignorcontractualrequirements,orisbasicallyinlinewiththedesignorcontractualrequirements.Whentheconstructioninprogressreachestheintendedusablestate,itistransferredtofixedassetsattheactualprojectcost.Forthosethathavereachedtheintendedusablestatebutforwhichthefinalaccountsoftheprojecthavenotbeensettled,theyarefirsttransferredtofixedassetsattheestimatedvalue,andafterthefinalaccountsoftheprojectaresettled,theoriginalestimatedvalueisadjustedaccordingtotheactualcost,buttheoriginallyaccrueddepreciationwillnotbeadjusted.Fortheimpairmenttestmethodsandmethodsforprovisionofimpairmentlossesofconstructioninprogress,pleaserefertoNoteV.24“ImpairmentofLong-termAssets”.23．Borrowingcosts
Borrowingcostsincludeborrowinginterest,amortizationofdiscountsorpremiums,auxiliaryexpenses,andexchangedifferencesarisingfromforeigncurrencyborrowings,etc.Borrowingcoststhatcanbedirectlyattributedtotheacquisition,construction,orproductionofassetsthatmeetthecapitalizationcriteriashallcommencetobecapitalizedwhentheassetexpenditureshavebeenmade,theborrowingcostshaveoccurred,andthenecessaryacquisition,construction,orproductionactivitiestobringtheassettotheintendedusableorsellablestatehavestarted;thecapitalizationshallceasewhenthequalifyingassetunderconstructionorproductionreachestheintendedusableorsellablestate.Theremainingborrowingcostsarerecognizedasexpensesintheperiodinwhichtheyoccur.Forspecificborrowings,theamountofinterestexpenseactuallyincurredduringthecurrentperiod,afterdeductingtheinterestincomeobtainedfromdepositingtheunutilizedborrowingfundsinthebankortheinvestmentincomeobtainedfromtemporaryinvestments,shallbecapitalized;Thecapitalizedamountofgeneralborrowingsshallbedeterminedbymultiplyingtheweightedaverageoftheassetexpendituresexceedingthespecificborrowingsbythecapitalizationrateofthegeneralborrowingsused.Thecapitalizationrateisdeterminedonthebasisofweightedaverageinterestrateofthegeneralborrowings.Duringthecapitalizationperiod,theexchangedifferencesofspecificforeigncurrencyborrowingsshallbecapitalizedinfull;Theexchangedifferencesofgeneralforeigncurrencyborrowingsshallbebookedintocurrentgains/losses.Assetsthatmeetthecapitalizationcriteriarefertofixedassets,investmentproperties,inventories,andotherassetsthatrequireasubstantialperiodofacquisition,construction,orproductionactivitiestoreachtheintendedusableorsellablestate.Ifanabnormalinterruptionoccursduringtheacquisition,construction,orproductionofanassetthatmeetsthecapitalizationcriteriaandtheinterruptionperiodcontinuesformorethan3months,thecapitalizationofborrowingcostsshallbesuspendeduntiltheacquisition,construction,orproductionactivitiesoftheassetresume.Assetsthatmeetthecapitalizationcriteriarefertofixedassets,investmentproperties,inventories,andotherassetsthatrequireasubstantialperiodofacquisition,construction,orproductionactivitiestoreachtheintendedusableorsellablestate.
24．Intangibleassets
（1）Usefullifeanditsdeterminationbasis,estimationsituation,amortizationmethodorreviewprocedureIntangibleassetsrefertoidentifiablenon-monetaryassetswithoutphysicalsubstancethatareownedorcontrolledbytheCompany.Intangibleassetsareinitiallymeasuredatcost.ExpendituresrelatedtointangibleassetsareincludedinthecostofintangibleassetsifitishighlyprobablethattherelevanteconomicbenefitswillflowintotheCompanyandthecostcanbemeasuredreliably.Expendituresforitemsotherthantheabovearerecognizedincurrentgains/losseswhentheyoccur.Theacquiredlanduserightsareusuallyaccountedforasintangibleassets.Whenconstructingfactoriesandotherbuildingsthroughself-development,theexpendituresfortherelevantlanduserightsandtheconstructioncostsofthebuildingsareaccountedforasintangibleassetsandfixedassetsrespectively.Inthecaseofexternallypurchasedhousesandbuildings,therelevantpurchasepriceisallocatedbetweenthelanduserightsandthebuildings.Ifitisdifficulttomakeareasonableallocation,itshallallbetreatedasfixedassets.Forintangibleassetswithafiniteusefullife,theoriginalvalueminustheexpectedresidualvalueandthecumulativeamountoftheprovisionforimpairmentlossesalreadyaccruedshallbeamortizedonastraight-linebasisandevenlyoveritsexpectedusefullifestartingfromthetimetheyareavailableforuse.Intangibleassetswithanindefiniteusefullifearenotamortized.Attheendoftheperiod,theusefullifeandamortizationmethodofintangibleassetswithafiniteusefullifeshallbereviewed.Changes,ifany,willbeaccountedforaschangesinaccountingestimates.Inaddition,theusefullifeofintangibleassetswithanindefiniteusefullifeisalsoreviewed.Ifthereisevidenceindicatingthattheperiodduringwhichtheintangibleassetbringseconomicbenefitstotheenterpriseisforeseeable,itsusefullifeshallbeestimatedandsuchintangibleassetsshallbeamortizedinaccordancewiththeamortizationpolicyforintangibleassetswithafiniteusefullife.
（2）ScopeofaccumulationofR&Dexpendituresandrelevantaccountingtreatmentmethods
TheexpendituresoftheCompany'sinternalresearchanddevelopmentprojectsaredividedintoexpendituresintheresearchstageandexpendituresinthedevelopmentstage.Expendituresintheresearchstagearebookedintocurrentgains/losseswhentheyoccur.TheCompany'sresearchanddevelopmentexpendituresincludesmaterialsusedinresearchanddevelopment,laborandservicecosts,amortizationofresearchanddevelopmentequipment,amortizationofotherintangibleassetsandfixedassetsusedinthedevelopmentprocess,andexpensessuchaswaterandelectricityfees.ThespecificcriteriafortheCompanytodividetheexpendituresofinternalresearchanddevelopmentprojectsintothoseintheresearchstageandthoseinthedevelopmentstageareasfollows:
Theresearchstagereferstothestageoforiginalandplannedinvestigationsandresearchactivitiescarriedouttoacquireandunderstandnewscientificortechnicalknowledge;thedevelopmentstageimpliesthestageofactivitiesinwhichresearchresultsorotherknowledgeareappliedtoacertainplanordesignbeforecommercialproductionoruse,inordertoproduceneworsubstantiallyimprovedmaterials,devices,products,etc.Expendituresinthedevelopmentstagethatmeetthefollowingconditionssimultaneouslyarerecognizedasintangibleassets,andexpendituresinthedevelopmentstagethatdonotmeetthefollowingconditionsarerecognizedincurrentgains/losses:
①Itistechnicallyfeasibletocompletetheintangibleassetsothatitcanbeusedorsold;②Thereisanintentiontocompletetheintangibleassetanduseorsellit;
③Thewayinwhichtheintangibleassetgenerateseconomicbenefits,includingbeingabletoprovethatthereisamarketforproductsproducedwithsuchintangibleassetorthatthereisamarketfortheintangibleassetitself.Iftheintangibleassetwillbeusedinternally,itcanbeprovedtobeuseful;④Therearesufficienttechnical,financialandotherresourcestosupportthecompletionofthedevelopmentoftheintangibleasset,andcapableofusingorsellingtheintangibleasset;⑤Expendituresattributabletothedevelopmentstageoftheintangibleassetcanbemeasuredreliably.ThespecificconditionsforcapitalizingtheexpendituresinthedevelopmentstageoftheCompany:
Ifitisimpossibletodistinguishbetweenexpendituresintheresearchstageandexpendituresinthedevelopmentstage,alltheresearchanddevelopmentexpendituresincurredwillberecognizedincurrentgains/losses.（
）ImpairmenttestmethodsandmethodsforprovisionofimpairmentlossesofintangibleassetsFortheimpairmenttestmethodsandmethodsforprovisionofimpairmentlossesofintangibleassets,pleaserefertoNoteV.24ImpairmentofLong-termAssets.25．Impairmentoflong-termassets
TheCompanywilljudgeifthereareanysingsofimpairmentasatthebalancesheetdateinrespectofnon-currentnon-financialassetssuchasfixedassets,constructioninprogress,intangibleassetswithafiniteusefullife,investmentpropertiesmeasuredatcost,andlong-termequityinvestmentsinsubsidiaries,jointcontrolledentitiesandassociates.Ifthereisanyevidenceindicatingthatanassetmaybeimpaired,recoverableamountshallbeestimatedforimpairmenttest.Goodwill,intangibleassetswithanindefiniteusefullifeandintangibleassetsbeyondworkingconditionswillbetestedforimpairmentannually,regardlessofwhetherthereisanyindicationofimpairment.Iftheimpairmenttestresultshowsthattherecoverableamountofanassetislessthanitscarryingamount,theimpairmentprovisionwillbemadeintermsofthedifferenceandrecognizedasanimpairmentloss.Therecoverableamountofanassetisthehigherofitsfairvaluelesscostsofdisposalandthepresentvalueofthefuturecashflowsexpectedtobederivedfromtheasset.Anasset’sfairvalueisthepriceinasaleagreementinanarm’slengthtransaction.Ifthereisnosaleagreementbuttheassetistradedinanactivemarket,fairvalueshallbedeterminedonthebasisofthebidprice.Ifthereisneithersaleagreementnoractivemarketforanasset,fairvalueshallbeestimatedonthebasisofthebestavailableinformation.Costsofdisposalareexpensesattributabletodisposalof
theasset,includinglegalfee,relevanttaxandsurcharges,transportationfeeanddirectexpensesincurredtopreparetheassetforitsintendedsale.Thepresentvalueofthefuturecashflowsexpectedtobederivedfromtheassetoverthecourseofcontinueduseandfinaldisposalisdeterminedastheamountdiscountedatanappropriatelyselecteddiscountrate.Provisionsforassetsimpairmentshallbemadeandrecognizedfortheindividualasset.Ifitisnotpossibletoestimatetherecoverableamountoftheindividualasset,therecoverableamountoftheassetgrouptowhichtheassetbelongsshallbedefined.Theassetgroupisthesmallestgroupofassetscapableofgeneratingcashflowsindependently.Forthepurposeofimpairmenttest,thecarryingamountofgoodwillpresentedseparatelyinthefinancialstatementsshallbeallocatedtotheassetgroupsorassetgroupportfoliobenefitingfromsynergyofbusinesscombination.Iftherecoverableamountislessthanthecarryingamount,theimpairmentlossshallberecognized.Theamountofimpairmentlossshallfirstreducethecarryingamountofanygoodwillallocatedtotheassetgrouporassetgroupsportfolio,andthenreducethecarryingamountofotherassetsgoodwillwithintheassetgrouporassetgroupportfolioonthebasisofthecarryingamountofeachasset.Animpairmentlossrecognizedontheaforesaidassetsshallnotbereversedinasubsequentperiodinrespectofthepartwhosevaluecanberecovered.26．Long-termdeferredexpenses
long-termdeferredexpensesrefertovariousexpensesthathavebeenincurredbutaretobeamortizedoveraperiodofmorethanoneyearandarebornebythecurrentreportperiodandsubsequentperiods.Thelong-termdeferredexpensesofthecompanymainlyincludedecorationandrenovationcosts.Thelong-termdeferredexpensesareamortizedwiththestraight-linemethodovertheexpectedbeneficialperiod.27．ContractliabilitiesContractliabilitiesrefertotheobligationsofthecompanytotransfergoodstocustomersinexchangeforconsiderationreceivedorreceivablefromcustomers.Ifthecustomerhaspaidthecontractconsiderationorthecompanyhasobtainedtheunconditionalrighttoreceivepaymentbeforethecompanytransfersthegoodstothecustomer,thecompanywillrecordthereceivedorreceivableamountascontractliabilityattheearlieroftheactualpaymentdatebythecustomerandtheduepaymentdate.Contractassetsandcontractliabilitiesunderthesamecontractarepresentedonanetbasis,andcontractassetsandcontractliabilitiesunderdifferentcontractsarenotoffset.
28．Employeecompensation
（
）Accountingtreatmentforshort-termcompensationDuringtheaccountingperiodwhenthestaffprovidesservicetotheCompany,theshort-termremunerationactualoccurredshallberecognizedasliabilityandbereckonedintocurrentgains/losses.DuringtheaccountingperiodwhenstaffprovidesservicetotheCompany,theactualshort-termcompensationoccurredshallberecognizedasliabilitiesandbereckonedintocurrentgains/losses,exceptforthoseinlinewithaccountingstandardsorbeingallowedtobereckonedintocapitalcosts;thewelfareoccurredshallbereckonedintocurrentgains/lossesorrelevantassescostsatthetimeofactualoccurrence.Theemployeecompensationshallberecognizedasliabilitiesandbereckonedintocurrentgains/lossesorrelevantassetscostsatthetimeofactualoccurrence.Theemployeebenefitsthatbelongtonon-monetarybenefitsaremeasuredatfairvalue;thesocialinsurancesincludingthemedicalinsurance,work-injuryinsuranceandmaternityinsuranceandthehousingfundthattheenterprisepaysfortheemployeesaswellasthelaborunionexpenditureandemployeeeducationfundswithdrawnbyrelevantprovisionsshouldbecalculatedanddeterminedasthecorrespondingcompensationamountanddeterminedthecorrespondingliabilitiesinaccordancewiththespecifiedwithdrawingbasisandproportion,andbereckonedinthecurrentprofitsandlossesorrelevantassetcostsintheaccountingperiodthattheemployeesprovideservices.
（2）Accountingtreatmentforpost-employmentbenefit
Thepost-employmentbenefitincludesthedefinedcontributionplansanddefinedbenefitplans.Post-employmentbenefitsplanreferstotheagreementaboutthepost-employmentbenefitsbetweentheenterpriseandemployees,ortheregulationsormeasurestheenterpriseestablishedforprovidingpost-employmentbenefitstoemployees.Thedefinedcontributionplanreferstothepost-employmentbenefitsplanthattheenterprisedoesn’tundertaketheobligationofpaymentafterdepositingthefixedchargestotheindependentfund;thedefinedbenefitplansrefertopost-employmentbenefitsplansexceptthedefinedcontributionplan.
（3）AccountingtreatmentforretirementbenefitsIncasetheCompanyterminatestheemploymentrelationshipwithemployeesbeforetheendoftheemploymentcontractsorprovidescompensationasanoffertoencourageemployeestoacceptvoluntaryredundancy,theCompanyshallrecognizeemployeecompensationliabilitiesarisingfromcompensationforstaffdismissalandincludedincurrentgains/losses,whentheCompanycannotrevokeunilaterallycompensationfordismissalduetothecancellationoflaborrelationshipplansandemployeeredundantproposals;andtheCompanyrecognizecostandexpensesrelatedtopaymentofcompensationfordismissalandrestructuring,whicheverisearlier.Theearlyretirementplanshallbeaccountedforinaccordancewiththeaccountingprinciplesforcompensationforterminationofemployment.Thesalariesorwagesandthesocialcontributionstobepaidfortheemployeeswhoretirebeforeschedulefromthedateonwhichtheemployeesstoprenderingservicestothescheduledretirementdate,shallberecognized(ascompensationforterminationofemployment)inthecurrentprofitsandlossesbytheGroupiftherecognitionprinciplesforprovisionsaresatisfied.
（4）Accountingtreatmentforotherlong-termemployeebenefitsExceptforthecompulsoryinsurance,theCompanyprovidesthesupplementaryretirementbenefitstotheemployeessatisfyingcertainconditions,thesupplementaryretirementbenefitsbelongtothedefinedbenefitplans,andthedefinedbenefitliabilityconfirmedonthebalancesheetisthevaluebysubtractingthefairvalueofplanassetsfromthepresentvalueofdefinedbenefitobligation.Thedefinedbenefitobligationisannuallycalculatedwiththeexpectedaccumulatedwelfareunitmethodbytheindependentactuaryonthebasisoftreasurybondratewithsimilarobligationtermandcurrency.Theservicechargesrelatedtothesupplementaryretirementbenefits(includingtheservicecostsofthecurrentperiod,thepreviousservicecosts,andthesettlementgainsorlosses)andthenetinterestarereckonedinthecurrentprofitsandlossesorotherassetcosts,thechangesgeneratedbyrecalculatingthenetliabilitiesofdefinedbenefitplansornetassetsshouldbereckonedinotherconsolidatedincome.
29．Anticipatedliabilities
Whentheobligationsarisingfromcontingenteventssuchasprovidingexternalguarantees,litigationmatters,productqualitywarranties,andlosscontractsbecomethepresentobligationsofthecompany,anditishighlyprobablethatthefulfillmentoftheseobligationswillleadtoanoutflowofeconomicbenefitsfromthecompany,andtheamountoftheseobligationscanbereliablymeasured,thecompanywillrecognizetheseobligationsasanticipatedliabilities.Thecompanyinitiallymeasurestheanticipatedliabilitiesbasedonthebestestimateoftheexpendituresrequiredtofulfilltherelevantpresentobligations,andreviewsthecarryingamountoftheanticipatedliabilitiesonthebalancesheetdate.Ifallorpartoftheexpendituresrequiredtosettleanticipatedliabilitiesareexpectedtobecompensatedbyathirdparty,thecompensationamountwillberecognizedasassetseparatelywhenitisbasicallycertainthatthecompensationcanbereceived,andtherecognizedcompensationamountwillnotexceedthecarryingamountoftheanticipatedliabilities.
30．Share-basedpayments
（
）Accountingtreatmentmethodsforshare-basedpaymentsShare-basedpaymentsaretransactionsinwhichequityinstrumentsaregrantedorliabilitiesdeterminedonthebasisofequityinstrumentsareassumedinordertoobtainservicesprovidedbyemployeesorotherparties.Share-basedpaymentsareclassifiedintoshare-basedpaymentssettledwithequityinstrumentsandshare-basedpaymentssettledincash.
Share-basedpaymentssettledwithequityinstruments
Forshare-basedpaymentssettledbyequityinstrumentsinexchangeforservicesprovidedbyemployees,theyaremeasuredatthefairvalueoftheequityinstrumentsgrantedtoemployeesonthegrantdate.Inthecasewherethefairvalueamountcanonlybeexercisedafterthecompletionoftheservicesduringthevestingperiodortheachievementofthespecifiedperformanceconditions,basedonthebestestimateofthenumberofexercisableequityinstrumentsduringthevestingperiod,itiscalculatedonastraight-linebasisandincludedintherelevantcostsorexpenses.Whentheequityinstrumentscanbeexercisedimmediatelyafterthegrant,theyareincludedintherelevantcostsorexpensesonthegrantdate,andthecapitalreserveiscorrespondinglyincreased.Oneachbalancesheetdateduringthevestingperiod,theCompanymakesthebestestimatebasedonthelatestsubsequentinformationsuchaschangesinthenumberofemployeeswhoareexpectedtobeeligibletoexercisetherights,andrevisestheestimatednumberofexercisableequityinstruments.Theimpactoftheaboveestimatesisincludedintherelevantcostsorexpensesofthecurrentperiod,andthecapitalreserveisadjustedaccordingly.Forshare-basedpaymentssettledbyequityinstrumentsinexchangeforservicesprovidedbyotherparties,ifthefairvalueoftheservicesprovidedbyotherpartiescanbereliablymeasured,itismeasuredatthefairvalueoftheservicesprovidedbyotherpartiesonthedateofacquisition.Ifthefairvalueoftheservicesprovidedbyotherpartiescannotbereliablymeasured,butthefairvalueoftheequityinstrumentscanbereliablymeasured,itismeasuredatthefairvalueoftheequityinstrumentsonthedateofacquisitionoftheservices,includedintherelevantcostsorexpenses,andtheshareholders'equityiscorrespondinglyincreased.②Cash-settledshare-basedpaymentandequityinstrumentsCash-settledshare-basedpaymentsaremeasuredatthefairvalueoftheliabilitiescalculatedanddeterminedonthebasisofsharesorotherequityinstrumentsundertakenbytheCompany.Ifit’svestedimmediatelyafterthegrant,thefairvalueoftheliabilitiesassumedonthedateofthegrantisincludedinthecostorexpense,andtheliabilityisincreasedaccordingly.Iftheservicewithinthewaitingperiodiscompletedorthespecifiedperformanceconditionsaremet,theserviceobtainedinthecurrentperiodshallbeincludedintherelevantcostsorexpensesbasedonthebestestimateofthevestingsituationwithinthewaitingperiodandthefairvalueoftheliabilitiesassumedtoincreasethecorrespondingliabilities.Oneachbalancesheetdateandsettlementdatebeforethesettlementoftherelevantliabilities,thefairvalueoftheliabilitiesisremeasured,andthechangesareincludedinthecurrentgains/losses.（
）Relevantaccountingtreatmentformodificationandterminationofshare-basedpaymentplansWhentheCompanymodifiesashare-basedpaymentplan,ifthemodificationincreasesthefairvalueoftheequityinstrumentsgranted,theCompanyrecognizestheincreaseintheservicesreceivedaccordinglybasedontheincreaseinthefairvalueoftheequityinstruments.Theincreaseinthefairvalueoftheequityinstrumentsreferstothedifferencebetweenthefairvaluesoftheequityinstrumentsbeforeandafterthemodificationonthemodificationdate.Ifthemodificationreducesthetotalfairvalueoftheshare-basedpaymentoradoptsothermethodsunfavorabletoemployees,theCompanywillstillcontinuetoaccountfortheservicesreceivedasifthechangehadneveroccurred,unlesstheCompanycancelssomeorallofthegrantedequityinstruments.Duringthewaitingperiod,ifthegrantedequityinstrumentsarecancelled,theCompanywilltreatthecancellationofthegrantedequityinstrumentsasanaccelerationofvesting,immediatelyrecognizetheamountthatshouldberecognizedintheremainingwaitingperiodinthecurrentgains/losses,andatthesametimerecognizethecapitalreserve.Ifemployeesorotherpartiesareabletochoosetomeetthenon-vestingconditionsbutfailtodosoduringthewaitingperiod,theCompanywilltreatitasthecancellationofthegrantedequityinstruments.
（3）Accountingtreatmentforshare-basedpaymenttransactionsinvolvingthecompanyanditsshareholdersorcontrollingshareholdersForshare-basedpaymenttransactionsinvolvingtheCompanyanditsshareholdersorcontrollingshareholders,ifoneofthesettlemententerprisesandtheservice-receivingenterpriseiswithintheCompany'sconsolidationscopeandtheotherisoutsidetheCompany'sconsolidationscope,thefollowingaccountingtreatmentwillbecarriedoutintheCompany'sconsolidatedfinancialstatements:
①Ifthesettlemententerprisesettleswithitsownequityinstruments,theshare-basedpaymenttransactionwillbetreatedasanequity-settledshare-basedpayment;otherwise,itwillbetreatedasacash-settledshare-basedpayment.
Ifthesettlemententerpriseisaninvestoroftheservice-receivingenterprise,itwillrecognizethelong-termequityinvestmentintheservice-receivingenterprisebasedonthefairvalueoftheequityinstrumentsonthegrantdateorthefairvalueoftheliabilitytobeassumed,andatthesametimerecognizethecapitalreserve(othercapitalreserve)orliability.
②Iftheservice-receivingenterprisehasnosettlementobligationortheequityinstrumentsgrantedtoitsemployeesareitsownequityinstruments,theshare-basedpaymenttransactionwillbetreatedasanequity-settledshare-basedpayment;iftheservice-receivingenterprisehasasettlementobligationandtheequityinstrumentsgrantedtoitsemployeesarenotitsownequityinstruments,theshare-basedpaymenttransactionwillbetreatedasacash-settledshare-basedpayment.Forshare-basedpaymenttransactionsamongenterpriseswithintheCompany'sconsolidationscope,iftheservice-receivingenterpriseandthesettlemententerprisearenotthesameenterprise,therecognitionandmeasurementoftheshare-basedpaymenttransactionintheindividualfinancialstatementsoftheservice-receivingenterpriseandthesettlemententerprisewillbehandledbyreferringtotheaboveprinciples.31．Otherfinancialinstrumentssuchaspreferredstocksandperpetualbonds
(1)DistinctionbetweenperpetualbondsandpreferredstocksFinancialinstrumentsissuedbythecompany,suchasperpetualbondsandpreferredstocks,thatmeetthefollowingconditionsareconsideredequityinstruments:
①Thisfinancialinstrumentdoesnotincludecontractualobligationstodelivercashorotherfinancialassetstootherparties,ortoexchangefinancialassetsorfinancialliabilitieswithotherpartiesunderpotentialadverseconditions;
②Incasethefinancialinstrumentneedstobesettledorcanbesettledusingtheenterprise'sownequityinstrumentsinthefuture,ifthefinancialinstrumentisanon-derivativeinstrument,itdoesnotincludethecontractualobligationtodeliveravariablequantityofitsownequityinstrumentsforsettlement;Ifitisaderivativeinstrument,thecompanycanonlysettlethefinancialinstrumentbyexchangingafixedamountofitsownequityinstrumentsforafixedamountofcashorotherfinancialassets.Exceptforfinancialinstrumentsthatcanbeclassifiedasequityinstrumentsaccordingtotheaboveconditions,otherfinancialinstrumentsissuedbytheCompanyshouldbeclassifiedasfinancialliabilities.Ifthefinancialinstrumentsissuedbythecompanyarecompositefinancialinstruments,theyshallberecognizedasaliabilitybasedonthefairvalueoftheliabilitycomponent,andtheamountreceivedafterdeductingthefairvalueoftheliabilitycomponentisrecognizedas“otherequityinstruments”.Thetransactioncostsincurredintheissuanceofcompositefinancialinstrumentsshallbeallocatedbetweentheliabilitycomponentandtheequitycomponentinproportiontotheirrespectiveproportionsofthetotalissuanceprice.
(2)AccountingtreatmentmethodsforperpetualbondsandpreferredstocksFinancialinstrumentssuchasperpetualbondsandpreferredstocksclassifiedasfinancialliabilities,includingtheirrelatedinterest,dividends,gainsorlosses,aswellasgainsorlossesarisingfromredemptionorrefinancing,arebookedintocurrentgains/losses,exceptforborrowingcoststhatmeetcapitalizationcriteria(seeNoteV.22"BorrowingCosts").Whenfinancialinstrumentssuchasperpetualbondsandpreferredstocksclassifiedasequityinstrumentsareissued(includingrefinancing),repurchased,sold,orcancelled,theCompanytreatsthemaschangesinequityanddeductsrelatedtransactioncostsfromequity.Thecompanytreatsthedistributionofequityinstrumentholdersasprofitdistribution.Thecompanydoesnotrecognizechangesinfairvalueofequityinstruments.
32．RevenueDiscloseaccountingpoliciesusedforrevenuerecognitionandmeasurementbasedonbusinesstypeWhenthecontractsignedbetweenthecompanyandthecustomermeetsthefollowingconditionssimultaneously,revenueisrecognizedwhenthecustomerobtainscontroloftherelevantgoods:thepartiestothecontracthaveapprovethecontractandpromisetofulfilltheirrespectiveobligations;Thecontractspecifiestherightsandobligationsofallpartiesinvolvedinthetransferofgoodsorprovisionofservices;Thecontracthasclearpaymenttermsrelatedtothetransferredgoods;Thecontracthascommercial
substance,thatis,theperformanceofthecontractwillchangetherisk,timedistributionoramountofthecompany'sfuturecashflows;Theconsiderationthatthecompanyisentitledtoreceivefromtransferringgoodstocustomersislikelytoberecovered.Onthecommencementdateofthecontract,thecompanyidentifieseachindividualperformanceobligationinthecontractanddistributesthetransactionpricetoeachindividualperformanceobligationbasedontherelativeproportionoftheindividualsellingpriceofthepromisedgoodsforeachindividualperformanceobligation.Whendeterminingthetransactionprice,factorssuchasvariableconsideration,significantfinancingcomponentsinthecontract,non-cashconsideration,andpayablecustomerconsiderationshallbetakenintoaccount.Foreachindividualperformanceobligationinthecontract,ifoneofthefollowingconditionsismet,thecompanywillrecognizethetransactionpriceallocatedtothatindividualperformanceobligationasrevenueduringtherelevantperformanceperiodaccordingtotheperformanceprogress:thecustomerobtainsandconsumestheeconomicbenefitsbroughtbythecompany'sperformanceatthesametimeasthecompany'sperformance;Customersareabletocontrolthegoodsunderconstructionduringtheperformanceprocessofthecompany;Thegoodsproducedbythecompanyduringtheperformanceprocesshaveirreplaceableuses,andthecompanyhastherighttocollectpaymentsforthecompletedperformanceportionthroughouttheentirecontractperiod.Theperformanceprogressisdeterminedusingtheinputmethodbasedonthenatureofthetransferredgoods.Whentheperformanceprogresscannotbereasonablydetermined,ifthecostsalreadyincurredbythecompanyareexpectedtobecompensated,revenueisrecognizedonthebasisoftheamountofcostsalreadyincurreduntiltheperformanceprogresscanbereasonablydetermined.Ifanyoftheaboveconditionsisnotmet,thecompanywillrecognizethetransactionpriceallocatedtothesingleperformanceobligationasrevenuewhenthecustomerobtainscontroloftherelevantgoods.Whendeterminingwhetherthecustomerhasobtainedcontroloftheproduct,thecompanyconsidersthefollowingindications:theenterprisehastherighttoreceivepaymentfortheproductatpresent,thatis,thecustomerhasacurrentpaymentobligationfortheproduct;Theenterprisehastransferredthelegalownershipoftheproducttothecustomer,thatis,thecustomeralreadyownsthelegalownershipoftheproduct;Theenterprisehastransferredthephysicalitemtothecustomer,meaningthatthecustomerhasalreadyphysicallyoccupiedtheitem;Theenterprisehastransferredthemainrisksandrewardsofownershipoftheproducttothecustomer,thatis,thecustomerhasobtainedthemainrisksandrewardsofownershipoftheproduct;Thecustomerhasacceptedtheproduct;Othersignsindicatingthatthecustomerhasgainedcontroloftheproduct.Thetimepointforrecognizingdomesticsalesrevenueofthecompanyisasfollows:thecompanydeliversgoodsaccordingtothesalescontractororderagreement.Onthereconciliationdateagreedwiththebuyer,thegoodsreceivedandinspectedbythebuyerduringtheperiodfromthepreviousreconciliationdatetothisreconciliationdateareverifiedwiththebuyer.Afterverificationbybothparties,theriskandrewardaretransferredtothebuyer.Thecompanyissuesaninvoicetothebuyerbasedontheconfirmedvariety,quantity,andamount,andconfirmstherealizationofsalesrevenueonthereconciliationdate.Therecognitiontimepointforthecompany'sforeignsalesrevenue:Afterthecustomsreviewiscompleted,thecompanyconfirmstherealizationofsalesrevenuebasedontheexportdatestatedonthecustomsdeclarationform.ThesituationwheresimilarbusinessesadoptdifferentbusinessmodelsinvolvingdifferentrevenuerecognitionandmeasurementmethodsNil33．Contractcosts
Contractcostsaredividedintocontractperformancecostsandcontractacquisitioncosts.Thecostsincurredbythecompanyfortheperformanceofacontractthatsimultaneouslymeetthefollowingconditionsarerecognizedasacontractperformancecostasset:
（1）Thecostisdirectlyrelatedtoacurrentorexpectedcontract,includingdirectlabor,directmaterials,manufacturingexpenses(orsimilarexpenses),costsexplicitlybornebythecustomer,andothercostsincurredsolelyduetothecontract;（
）Thecostincreasestheresourcesthattheenterprisewilluseinthefuturetofulfillitsperformanceobligations;（
）Thecostisexpectedtoberecoverable.
Theincrementalcostsincurredbythecompanyforobtainingacontractthatareexpectedtoberecoverablearerecognizedascontractacquisitioncostasset;however,iftheamortizationperiodoftheassetdoesnotexceedoneyear,itcanberecognizedincurrentgains/losseswhenitoccurs.Assetsrelatedtocontractcostsareamortizedonthesamebasisastherecognitionofrevenuefromtherelatedgoodsorservices.Ifthecarryingvalueofanassetrelatedtocontractcostsishigherthanthedifferencebetweenthefollowingtwoitems,thecompanywillmakeanimpairmentprovisionfortheexcessamountandrecognizeitasanassetimpairmentloss:
（1）Theremainingconsiderationexpectedtobeobtainedfromthetransferofthegoodsorservicesrelatedtotheasset;
（2）Theestimatedcoststobeincurredforthetransferoftherelatedgoodsorservices.Iftheaboveassetimpairmentprovisionissubsequentlyreversed,thecarryingvalueoftheassetafterthereversalshallnotexceedthecarryingvalueoftheassetonthereversaldateassumingnoimpairmentprovisionismade.34．Governmentgrants
Governmentgrantsrefertomonetaryandnon-monetaryassetsobtainedbytheCompanyfromthegovernmentfreeofcharge,excludingthecapitalinvestedbythegovernmentasaninvestorwithcorrespondingownershiprights.Governmentgrantsareclassifiedintoasset-relatedgovernmentgrantsandincome-relatedgovernmentgrants.TheCompanydefinesgovernmentgrantsobtainedfortheconstructionorotherformationoflong-termassetsasasset-relatedgovernmentgrants;theremaininggovernmentgrantsaredefinedasincome-relatedgovernmentgrants.Ifthegranteeisnotclearlyspecifiedinthegovernmentdocument,thefollowingmethodsareusedtoclassifythegrantsintoincome-relatedgovernmentgrantsorasset-relatedgovernmentgrants:(1)Ifthespecificprojecttowhichthegrantrelatesisspecifiedinthegovernmentdocument,suchgrantshallbedividedintermsoftherelativeproportionoftheexpenditureamountthatwillformassetsandtheexpenditureamountthatwillbeincludedinexpensesinthebudgetofthespecificproject.Thisdivisionproportionwillbereviewedoneachbalancesheetdateandchangedifnecessary;(2)Ifthegovernmentdocumentonlymakesageneraldescriptionoftheuseanddoesnotspecifyaspecificproject,itwillberegardedasincome-relatedgovernmentgrant.Monetarygovernmentgrantsaremeasuredattheamountreceivedorreceivable.Non-monetarygovernmentgrantsaremeasuredatfairvalue;ifthefairvaluecannotbereliablyobtained,thegovernmentgrantsshallbemeasuredatnominalvalue.Governmentgrantsmeasuredatnominalvaluearedirectlyrecognizedinthecurrentgains/losses.TheCompanyusuallyrecognizesandmeasuresgovernmentgrantsattheactualamountreceivedwhentheyareactuallyreceived.However,forthosewherethereisconclusiveevidenceattheendoftheperiodindicatingthattherelevantconditionsspecifiedinthefiscalsupportpolicyaremetandthefiscalsupportfundsareexpectedtobereceived,theyaremeasuredatthereceivableamount.Governmentgrantsmeasuredatthereceivableamountshallmeetthefollowingconditionssimultaneously:(1)Theamountofthereceivablegranthasbeenconfirmedbytherelevantgovernmentdepartmentinwriting,orcanbereasonablyestimatedaccordingtotherelevantprovisionsoftheofficiallyissuedfiscalfundmanagementmeasures,andthereisnosignificantuncertaintyintheestimatedamount;(2)ItisbasedontheofficiallyreleasedfiscalsupportprojectsandtheirfiscalfundmanagementmeasuresbythelocalfiscaldepartmentandactivelydisclosedinaccordancewiththeprovisionsoftheRegulationsontheDisclosureofGovernmentInformation,andthemanagementmeasuresshallbeuniversal(anyqualifiedenterprisecanapply),ratherthanspecificallyformulatedforspecificenterprises;(3)Therelevantgrantapprovaldocumenthasclearlypromisedthedisbursementperiod,andthedisbursementofthefundsisguaranteedbythecorrespondingfiscalbudget,soitcanbereasonablyensuredthatthefundscanbereceivedwithinthespecifiedperiod;(4)AccordingtothespecificcircumstancesoftheCompanyandthegrantmatter,otherrelevantconditions(ifany)shallbemet.Governmentgrantsrelatedtoassetsarerecognizedasdeferredincomeandamortizedintothecurrentgains/lossesinareasonableandsystematicwayovertheusefullifeoftherelevantassets.Governmentgrantsrelatedtoincome,iftheyareusedtocompensateforrelevantcosts,expensesorlossesinthefuture,arerecognizedasdeferredincomeandincludedinthecurrentgains/lossesintheperiodwhentherelevantcosts,expensesorlossesarerecognized;iftheyareusedtocompensateforrelevantcosts,expensesorlossesthathavealreadyoccurred,theyaredirectlyincludedinthecurrentgains/losses.
Governmentgrantsthatcontainbothpartsrelatedtoassetsandpartsrelatedtoincomeareaccountedforseparatelyaccordingtodifferentparts;ifitisdifficulttodistinguish,theyareclassifiedasawholeasincome-relatedgovernmentgrants.GovernmentgrantsrelatedtotheCompany'sdailyactivitiesareincludedinotherincomeordeductedfromrelevantcostsandexpensesaccordingtotheessenceofeconomictransactions;governmentgrantsnotrelatedtodailyactivitiesareincludedinnon-operatingincomeandexpenses.Incaseitisrequiredtoreturntherecognizedgovernmentgrantsifthereisabalanceofrelevantdeferredincome,thebookbalanceoftherelevantdeferredincomeshallbewrittenoff,andtheexcesspartisadjustedtothecurrentgains/lossesandthebookvalueofassets;inothercases,itisdirectlybookedintocurrentgains/losses.35．Deferredincometaxassets/Deferredincometaxliabilities
Basedonthedifferencebetweenthecarryingvalueofassetsandliabilitiesandtheirtaxbases(foritemsthatarenotrecognizedasassetsandliabilitiesbutforwhichthetaxbasecanbedeterminedaccordingtotaxlawprovisions,thedifferencebetweenthetaxbaseandthebookamount),deferredincometaxassetsordeferredincometaxliabilitiesarecalculatedandrecognizedintermsoftheapplicabletaxrateduringtheperiodwhentheassetisexpectedtoberecoveredortheliabilityisexpectedtobesettled.Therecognitionofdeferredincometaxassetsislimitedtotheamountoftaxableincomethatislikelytobeavailabletooffsetthedeductibletemporarydifferences.Atthebalancesheetdate,ifthereisconclusiveevidenceindicatingthatsufficienttaxableincomeislikelytobeobtainedinfutureperiodstooffsetthedeductibletemporarydifferences,thedeferredincometaxassetsthatwerenotrecognizedinpreviousaccountingperiodsarerecognized.Thecarryingvalueofdeferredincometaxassetswillbereviewedatthebalancesheetdate.Ifitislikelythatsufficienttaxableincomewillnotbeavailableinfutureperiodstooffsetthebenefitsofthedeferredincometaxassets,thecarryingvalueofthedeferredincometaxassetsshallbewrittendown.Whenitislikelythatsufficienttaxableincomewillbeobtained,thewritten-downamountisreversed.Thecurrentincometaxanddeferredincometaxofthecompanyarebookedinthecurrentgains/lossesasincometaxexpensesorgains,exceptfortheincometaxarisingfrombusinesscombinations,transactionsoreventsdirectlyrecognizedinowners'equity.WhentheCompanyhasthelegalrighttosettleonanetbasisandintendstosettleonanetbasisortoacquireassetsandsettleliabilitiessimultaneously,thecurrentincometaxassetsandcurrentincometaxliabilitiesoftheCompanyarepresentedatthenetamountafteroffset.
36．Leasing
(1)AccountingtreatmentmethodofleasingasalesseeThecompanyasthelesseeThemaincategoryofleasedassetsofthecompanyisbuildings.Onthecommencementdateoftheleaseterm,theCompanyrecognizesrightofuseassetsandleaseliabilitiesforleasesotherthanshort-termleasesandlowvalueassetleases,andseparatelyrecognizesdepreciationandinterestexpensesduringtheleaseterm.Thecompanyadoptsthestraight-linemethodduringeachperiodoftheleasetermtorecordtheleasepaymentsforshort-termleasesandlowvalueassetleasesascurrentexpenses.（
）RightofuseassetsTherightofuseassetreferstothelessee’srighttousetheleasedassetduringtheleaseterm.Onthecommencementdateoftheleaseterm.Therightofuseassetsisinitiallymeasuredatcost.Thecostincludes:①theinitialmeasurementamountoftheleaseliability;②Ifthereisleaseincentivefortheleasepaymentmadeonorbeforethestartdateoftheleaseterm,therelevantamountoftheleaseincentivealreadyenjoyedshallbededucted;③Theinitialdirectexpensesincurredbythelessee;④Thelesseeisexpectedtoincurthecostofdismantlingandremovingtheleasedasset,restoringtheleasedasset'slocation,orrestoringtheleasedassettothestatespecifiedintheleaseterms.
Thedepreciationofthecompany'srightofuseassetsisclassifiedandprovisionedwiththestraight-linemethod.Forthosewhocanreasonablydeterminethatownershipoftheleasedassetwillbeacquiredupontheexpirationoftheleaseterm,depreciationshallbeaccruedovertheexpectedremainingusefullifeoftheleasedasset;Forthosewhoseownershipoftheleasedassetcannotbereasonablydetermineduponexpirationoftheleaseterm,depreciationshallbeaccruedduringtheshorteroftheleasetermortheremainingusefullifeoftheleasedasset.ThecompanydetermineswhethertherightofuseassetshavebeenimpairedandperformsaccountingtreatmentinaccordancewiththerelevantprovisionsofEnterpriseAccountingStandardNo.8-AssetImpairment.
）LeaseliabilitiesLeaseliabilitiesareinitiallymeasuredatthepresentvalueofleasepaymentsthathavenotyetbeenpaidontheleasetermcommencementdate.Theleasepaymentamountincludes:①fixedpaymentamount(includingsubstantialfixedpaymentamount),andifthereisaleaseincentive,therelevantamountoftheleaseincentiveshallbededucted;②Variableleasepaymentsbasedonindicesorratios;③Theestimatedamounttobepaidbasedontheresidualvalueoftheguaranteeprovidedbythelessee;④Theexercisepriceforpurchasingtheoption,providedthatthelesseereasonablydeterminesthattheoptionwillbeexercised;⑤Thepaymentrequiredtoexercisetheoptiontoterminatethelease,providedthattheleasetermreflectsthatthelesseewillexercisetheoptiontoterminatethelease;Thecompanyadoptstheimplicitinterestrateofleasingasthediscountrate;Iftheimplicitinterestrateoftheleasecannotbereasonablydetermined,theincrementalborrowingrateofthecompanyshallbeappliedasthediscountrate.Thecompanycalculatestheinterestexpensesofleaseliabilitiesduringeachperiodoftheleasetermbasedonafixedperiodicinterestrateandincludestheminfinancialexpenses.Thecyclicalinterestratereferstothediscountrateorreviseddiscountrateadoptedbythecompany.Variableleasepaymentsthatarenotincludedinthemeasurementoftheleaseliabilityarerecognizedinthecurrentperiod'sgains/losseswhentheyactuallyoccur.Whentherearechangesintheevaluationresultsoftheoptiontorenew,terminateorpurchasethelease,thepresentvalueoftheleaseliabilityshallberemeasuredbasedonthechangedleasepaymentamountandthereviseddiscountrate,andthebookvalueoftherightofuseassetshallbeadjustedaccordingly.Whentherearechangesintheactualleasepaymentamount,theexpectedpayableamountoftheguaranteeresidualvalue,orthevariableleasepaymentamountdependingontheindexorratio,theleaseliabilityshallberemeasuredbasedonthepresentvaluecalculatedbythechangedleasepaymentamountandtheoriginaldiscountrate,andthebookvalueoftherightofuseassetshallbeadjustedaccordingly.
）ShorttermleasingandlowvalueassetleasingForshort-termleases(leaseswithaleasetermofnomorethan12monthsontheleasecommencementdate)andleasesoflowvalueassets(withavaluelessthan2000yuan),theCompanyadoptsasimplifiedapproachbynotrecognizingrightofuseassetsandleaseliabilities.Instead,theleasepaymentsarerecordedintherelevantassetcostsorcurrentgains/losseswithstraight-linemethodorothersystematicandreasonablemethodsduringeachperiodoftheleaseterm.
(2)AccountingtreatmentmethodofleasingasalessorThecompanyasthelessor?OperatingleaseThecompanyusesthestraight-linemethodtorecognizetheleasereceiptsfromoperatingleasesasrentalincomeforeachperiodduringtheleaseterm.Variableleasepaymentsrelatedtooperatingleasesthatarenotincludedinleasereceiptsarerecognizedinthecurrentperiod'sgains/losseswhentheyactuallyoccur.?FinancialleasingOnthecommencementdateoftheleaseterm,theCompanyrecognizesthereceivablefinancingleasepaymentsandterminatestherecognitionoffinancingleaseassets.Thefinancingleasepaymentsreceivableareinitiallymeasuredbasedonthenetleaseinvestment(thesumofunsecuredresidualvalueandthepresentvalueofleasereceiptsnotyetreceivedontheleasecommencementdatediscountedattheleaseimplicitinterestrate),andinterestincomeisrecognizedduringtheleasetermbasedonafixedperiodic
interestrate.Thevariableleasepaymentsobtainedbythecompanythatarenotincludedinthenetmeasurementofleaseinvestmentsarerecognizedinthecurrentgains/losseswhentheyactuallyoccur.37．OtherimportantaccountingpoliciesandestimatesIntheprocessofapplyingaccountingpolicies,duetotheinherentuncertaintyofoperatingactivities,thecompanyneedstomakejudgments,estimates,andassumptionsaboutthebookvalueoffinancialstatementitemsthatcannotbeaccuratelymeasured.Thesejudgments,estimates,andassumptionsarebasedonthepasthistoricalexperienceofthecompany'smanagementandhavebeenmadetakingintoaccountotherrelevantfactors.Thesejudgments,estimates,andassumptionswillaffectthereportedamountsofincome,expenses,assets,andliabilities,aswellasthedisclosureofcontingentliabilitiesonthebalancesheetdate.However,theactualresultsresultingfromtheuncertaintyoftheseestimatesmaydifferfromthecurrentestimatesofthecompany'smanagement,leadingtosignificantadjustmentstothecarryingamountsoffutureaffectedassetsorliabilities.Thecompanyconductsregularreviewsoftheaforementionedjudgments,estimates,andassumptionsonagoingconcernbasis.Ifchangesinaccountingestimatesonlyaffectthecurrentperiodofthechange,theirimpactisrecognizedinthecurrentperiodofthechange;Ifitaffectsboththecurrentandfutureperiodsofthechange,itsimpactshallberecognizedinboththecurrentandfutureperiodsofthechange.Onthebalancesheetdate,theCompanyneedstomakejudgments,estimates,andassumptionsabouttheamountsoffinancialstatementitemsinthefollowingimportantareas:
(1)AccrualofbaddebtsreserveThecompanyusestheexpectedcreditlossmodeltoevaluatetheimpairmentoffinancialinstruments.Applyingtheexpectedcreditlossmodelrequiresmakingsignificantjudgmentsandestimates,takingintoaccountallreasonableandevidence-basedinformation,includingforward-lookinginformation.Whenmakingsuchjudgmentsandestimates,theCompanyinferstheexpectedchangesinthedebtor'screditriskbasedonhistoricalrepaymentdatacombinedwitheconomicpolicies,macroeconomicindicators,industryrisks,andotherfactors.
(2)ImpairmentprovisionforinventoryAccordingtoinventoryaccountingpolicy,thecompanymeasureinventoryatthelowerofcostandnetrealizablevalue,andmakeimpairmentprovisionforinventoryforthosewithcostshigherthannetrealizablevalue,aswellasforobsoleteandunsoldinventory.Theimpairmentofinventorytonetrealizablevalueisbasedonevaluatingthesellabilityandnetrealizablevalueofinventory.Toidentifyinventoryimpairment,managementshallmakejudgmentsandestimatesbasedonobtainingconclusiveevidenceandconsideringfactorssuchasthepurposeofholdinginventoryandtheimpactofeventsafterthebalancesheetdate.Thedifferencebetweentheactualresultandtheoriginalestimatewillaffectthebookvalueofinventoryandtheprovisionorreversalofimpairmentprovisionforinventorysduringtheperiodwhentheestimateischanged.
(3)Impairmentprovisionfornon-financialandnon-currentassetsOnthebalancesheetdate,thecompanyassesseswhethertherearesignsofpotentialimpairmentofnon-currentassetsotherthanfinancialassets.Forintangibleassetswithuncertainusefullives,inadditiontoannualimpairmenttests,impairmenttestsarealsoconductedwhentherearesignsofimpairment.Whenthereareindicationsthatthecarryingamountofnon-currentassetsotherthanfinancialassetscannotberecovered,impairmenttestshallbeconducted.Whenthebookvalueofanassetorassetgroupishigherthantherecoverableamount,whichisthehigherofthenetamountoffairvalueminusdisposalexpensesandthepresentvalueofexpectedfuturecashflows,itindicatesimpairment.Thenetamountafterdeductingdisposalexpensesfromfairvalueisdeterminedbyreferringtothesalesagreementpriceorobservablemarketpriceofsimilarassetsinfairtransactions,andsubtractingtheincrementalcostsdirectlyattributabletothedisposaloftheasset.Whenestimatingthepresentvalueoffuturecashflows,significantjudgmentsneedtobemaderegardingtheproduction,saleprice,relatedoperatingcosts,anddiscountrateusedincalculatingthepresentvalueoftheasset(orassetgroup).Whenestimatingtherecoverableamount,thecompanywilluseallavailablerelevantinformation,includingforecastsofproduction,sellingprices,andrelatedoperatingcostsbasedonreasonableandsupportableassumptions.
Thecompanytestsatleastonceayearwhetherthereisanyimpairmentofgoodwill.Thisrequiresestimatingthepresentvalueoffuturecashflowsfromassetgroupsorportfolioofassetgroupsthathavebeenallocatedgoodwill.Whenestimatingthepresentvalueoffuturecashflows,thecompanyneedstoestimatethecashflowsgeneratedbyfutureassetgroupsorportfolioofassetgroups,andselectanappropriatediscountratetodeterminethepresentvalueoffuturecashflows.
(4)DepreciationandamortizationThecompany,afterconsideringtheresidualvaluesofinvestmentrealestate,fixedassetsandintangibleassets,calculatesandaccruesdepreciationandamortizationusingthestraight-linemethodovertheirusefullives.Thecompanyregularlyreviewstheservicelifetodeterminetheamountofdepreciationandamortizationexpensestobeincludedineachreportperiod.Theservicelifeisdeterminedbythecompanybasedonpastexperiencewithsimilarassetsandexpectedtechnologicalupdates.Iftherearesignificantchangesinpreviousestimates,adjustmentswillbemadetodepreciationandamortizationexpensesinfutureperiods.
(5)FairvalueoffinancialinstrumentsForfinancialinstrumentsforwhichthereisnoactivetradingmarkettoprovidequotes,valuationtechniquesneedtobeadoptedtodeterminetheirfairvalues.Valuationtechniquesneedtobeusedtodeterminefairvalueforfinancialinstrumentsthatcannotbequotedinmarketswithnoactivetrading,forexample,thelatesttradinginformationinthemarket,discountedcashflowmethod,andoptionpricingmodels.Thecompanyhasestablishedasetofworkflowtoensurethatqualifiedpersonnelareresponsibleforthecalculation,verification,andreviewoffairvalue.Thevaluationmodelusedbythecompanyincorporatesmarketinformationasmuchaspossibleandminimizestheuseofuniqueinformationofthecompany.Itshouldbepointedoutthatsomeoftheinformationusedinthevaluationmodelneedstobeestimatedbythemanagement(suchasdiscountrateandtargetexchangeratevolatility).Thecompanyregularlyreviewstheaboveestimatesandassumptionsandmakesadjustmentsasnecessary.
(6)IncometaxInthenormalbusinessoperationsofthecompany,thereisacertaindegreeofuncertaintyinthefinaltaxtreatmentandcalculationofsometransactions.Whethersomeitemscanbedeductedbeforetaxrequirestheapprovalofthetaxauthoritiesincharge.Ifthereisadifferencebetweenthefinaldeterminationresultofthesetaxmattersandtheinitiallyestimatedamount,suchdifferencewillhaveanimpactonthecurrentincometaxanddeferredincometaxintheperiodofthefinaldetermination.38．Changesofimportantaccountingpoliciesandestimation
(1)Changesofimportantaccountingpolicies
?Applicable?Notapplicable
(2)Changesinimportantaccountingestimations
□Applicable?Notapplicable
(3)Relatedentriesofthefinancialstatementsatthebeginningofthefirstyearofimplementingthenewaccountingstandardssince2025
□Applicable?Notapplicable
39．Others
Nil
VI.Taxation
1.Majortaxesandtaxrates
| Tax | Basis | Taxrate |
| VAT | Theoutputtaxiscalculatedbasedonthetaxableincome,andVATiscalculatedbasedonthedifferenceafterdeductingtheinputtaxavailablefordeductionforthecurrentperiod | 25%(IRD，Denmark),22%(VHIO，Italy),21%(Borit，Belgium),13%,9%,6%,Collectionrate5% |
| Citymaintaining&constructiontax | Turnovertaxpayable | 7%,5% |
| Corporationincometax | Taxableincome | 15%,20%,21%,22%,25%,24%+regionaltax3.9% |
| Educationalsurtax | Turnovertaxpayable | 5% |
Disclosereasonsfordifferenttaxpayingbody
| Taxpayingbody | Incometaxrate |
| Thecompany,WFJN,WFLD,WFTT,WFMA,WFAM,WFSC,WFLD(Chongqing),WFAS | 15% |
| WFLD(Wuhan) | 20% |
| IRDAmerica,BoritAmerica | 21% |
| IRD(Denmark) | 22% |
| WFCA,WFTR,WFDT,WFQL,VHCN,WFLD(Nanchang),Borit(Belgium),WFSS,WFLH,WFET | 25% |
| VHIO(Italy) | 24%+regionaltax3.9% |
2.Taxincentives
TheCompany,WFJN,WFLD,WFTT,WFMA,WFAM,WFSCandWFASarerecognizedashigh-techenterprisesandenjoyapreferentialincometaxrateof15%intheyearof2025.AccordingtotheContinuationoftheEnterpriseIncomeTaxPoliciesforWesternDevelopment(No.23,2020)issuedtogetherbyMinistryofFinance,SATandNDRC,fromJanuary1,2011toDecember31,2030,theenterpriseslocatedinthewestregionandmainlyengagedintheindustrialprojectsstipulatedintheCatalogueofEncouragementIndustriesinWesternChina,andwhosemainbusinessincomeaccountingformorethan60%ofthetotalincomeoftheenterpriseinthecurrentyearcanpaythecorporateincometaxatthetaxrateof15%.Intheyearof2025,WFLD(Chongqing)paiditscorporateincometaxatthetaxrateof15%.In2025,WFLD(Wuhan)andWFLD(Nanchang)werequalifiedsmallandlow-profitenterprises.AccordingtotheAnnouncementonFurtherSupportingtheDevelopmentofSmallandMicroEnterprisesandIndividualBusinessesRelatedtoTaxPolicies(AnnouncementNo.12oftheMinistryofFinanceandtheStateAdministrationofTaxationin2023),thetaxableincomeofsmallandmicroprofitenterpriseswillbecalculatedatareducedrateof25%,andtheenterpriseincometaxpolicywillbepaidatataxrateof20%,whichwillbeextendeduntilDecember31,2027.
3.Other
Nil
VII.Notestomajoritemsinconsolidatedfinancialstatements
1.Monetaryfunds
InRMB
| Item | Endingbalance | Openingbalance |
| Cashonhand | 5,161.51 | 5,360.59 |
| Cashinbank | 2,316,718,414.98 | 2,217,667,887.48 |
| Othermonetaryfunds | 151,710,802.98 | 28,927,203.45 |
| Total | 2,468,434,379.47 | 2,246,600,451.52 |
| Including:totalamountoffundsdepositedoverseas | 184,250,833.18 | 153,019,429.47 |
OtherexplanationTheendingbalanceofothermonetaryfundincludesRMB142,735,966.40depositedinthebankacceptancedeposit,cashdepositforMastercardRMB225,875.75andguaranteedepositRMB8,470,394.37,andperformancebondRMB278,566.46.
2.Tradablefinancialasset
InRMB
| Item | Endingbalance | Openingbalance |
| Financialassetsmeasuredatfairvalueandwhosechangesareincludedincurrentprofitsandlosses | 1,025,044,671.12 | 1,429,682,635.57 |
| Including: | ||
| SNAT | 10,501,800.00 | |
| HanmaTechnology | 1,110,489.45 | |
| Otherdebtandequityinstrumentinvestments | 1,023,934,181.67 | 1,419,180,835.57 |
| Including： | ||
| Total | 1,025,044,671.12 | 1,429,682,635.57 |
OtherexplanationNil
3.Notesreceivable
(1)Classificationofnotesreceivable
InRMB
| Item | Endingbalance | Openingbalance |
| Tradeacceptancebill | 78,478,875.89 | 99,914,699.81 |
| Total | 78,478,875.89 | 99,914,699.81 |
(2)Accruedbaddebtsreserve
InRMB
| Category | Endingbalance | Openingbalance | ||||||||
| Bookbalance | Baddebtsreserve | Bookvalue | Bookvalue | Baddebtsreserve | Bookvalue | |||||
| Amount | Ratio | Amount | Accruedratio | Amount | Ratio | Amount | Accruedratio | |||
| Including: | ||||||||||
| Notesreceivablewithbaddebtsreserveaccruedonportfolio | 78,478,875.89 | 100.00% | 78,478,875.89 | 99,914,699.81 | 100.00% | 99,914,699.81 | ||||
| Including: | ||||||||||
| Portfolio1:bankacceptancebill | ||||||||||
| Portfolio2:commerceacceptancebill | 78,478,875.89 | 100.00% | 78,478,875.89 | 99,914,699.81 | 100.00% | 99,914,699.81 | ||||
| Total | 78,478,875.89 | 100.00% | 78,478,875.89 | 99,914,699.81 | 100.00% | 99,914,699.81 | ||||
Thebaddebtsreserveofnotereceivableismadeinaccordancewiththegeneralmodelofexpectedcreditloss:
□Applicable?Notapplicable
(3)Baddebtsreserveaccrued,recoveredorreversed
Baddebtsreserveinthecurrentperiod:
□Applicable?NotapplicableMajoramountofbaddebtsreserverecoveredorreversed:
□Applicable?Notapplicable
(4)NotesreceivablealreadypledgedbytheCompanyattheendoftheperiod
□Applicable?Notapplicable
(5)NotesendorsementordiscountandundueonbalancesheetdateNil
(6)NotesreceivablechargedoffintheperiodNil
4.Accountsreceivable
(1)Byaging
InRMB
| Aging | Endingbookbalance | Openingbookbalance |
| Withinoneyear(Oneyearincluded) | 3,525,896,574.17 | 3,729,236,009.53 |
| Including:within6months | 3,431,309,231.78 | 3,641,532,161.27 |
| 6monthstooneyear | 94,587,342.39 | 87,703,848.26 |
| 1-2years | 13,752,428.90 | 15,814,370.53 |
| 2-3years | 14,621,350.76 | 12,232,320.70 |
| Over3years | 20,589,602.23 | 21,845,527.28 |
| 3-4years | 2,304,781.39 | 20,693,138.00 |
| 4-5years | 16,946,231.69 | 663,355.37 |
| >5years | 1,338,589.15 | 489,033.91 |
| Total | 3,574,859,956.06 | 3,779,128,228.04 |
(2)Disclosurebyclassificationbasedontheaccrualmethodofbaddebtsreserve
InRMB
| Category | Endingbalance | Openingbalance | ||||||||
| Bookbalance | Baddebtsreserve | Bookvalue | Bookbalance | Baddebtsreserve | Bookvalue | |||||
| Amount | Ratio | Amount | Accruedratio | Amount | Ratio | Amount | Accruedratio | |||
| Accountsreceivablewithbaddebtsreserveaccruedon | 17,272,964.58 | 0.48% | 17,272,964.58 | 100.00% | 17,072,318.27 | 0.45% | 17,072,318.27 | 100.00% | ||
| singlebasis | ||||||||||
| Including: | ||||||||||
| Accountsreceivablewithbaddebtsreserveaccruedonportfolio | 3,557,586,991.48 | 99.52% | 24,815,484.28 | 0.70% | 3,532,771,507.20 | 3,762,055,909.77 | 99.55% | 24,402,016.74 | 0.65% | 3,737,653,893.03 |
| Including: | ||||||||||
| Total | 3,574,859,956.06 | 100.00% | 42,088,448.86 | 1.18% | 3,532,771,507.20 | 3,779,128,228.04 | 100.00% | 41,474,335.01 | 2.08% | 3,737,653,893.03 |
Baddebtsreserveaccruedonsinglebasis:17,272,964.58yuan
InRMB
| Name | Openingbalance | Endingbalance | ||||
| Bookbalance | Baddebtsreserve | Bookbalance | Baddebtsreserve | Accruedratio | Accruedcauses | |
| LinyiZotyeAutomobileComponentsManufacturingCo.,Ltd. | 6,193,466.77 | 6,193,466.77 | 6,193,466.77 | 6,193,466.77 | 100.00% | Havedifficultyincollection |
| BrillianceAutomotiveGroupHoldingsCo.,Ltd. | 2,693,280.39 | 2,693,280.39 | 2,693,280.39 | 2,693,280.39 | 100.00% | Havedifficultyincollection |
| DongfengChaoyangDieselCo.,Ltd. | 1,823,262.64 | 1,823,262.64 | 1,823,262.64 | 1,823,262.64 | 100.00% | Havedifficultyincollection |
| TianjinLevolEngineCo.,Ltd. | 1,018,054.89 | 1,018,054.89 | 1,018,054.89 | 1,018,054.89 | 100.00% | Havedifficultyincollection |
| SAICHONGYANAutomotiveCo.,Ltd | 2,297,240.06 | 2,297,240.06 | 2,232,300.18 | 2,232,300.18 | 100.00% | Havedifficultyincollection |
| Others | 3,047,013.52 | 3,047,013.52 | 3,312,599.71 | 3,312,599.71 | 100.00% | Havedifficultyincollection |
| Total | 17,072,318.27 | 17,072,318.27 | 17,272,964.58 | 17,272,964.58 | ||
Baddebtsreserveaccruedonportfolio:24,815,484.28yuan
InRMB
| Name | Endingbalance | ||
| Bookbalance | Baddebtsreserve | Accruedratio | |
| Within6months | 3,431,309,231.78 | ||
| 6monthstooneyear | 92,000,268.80 | 9,200,026.90 | 10.00% |
| 1-2years | 13,420,964.08 | 2,684,192.76 | 20.00% |
| 2-3years | 13,208,770.38 | 5,283,508.19 | 40.00% |
| Over3years | 7,647,756.44 | 7,647,756.43 | 100.00% |
| Total | 3,557,586,991.48 | 24,815,484.28 | |
ExplanationondeterminingthebasisofportfolioNilBaddebtsreserveaccruedongeneralmodelofexpectedcreditloss:
□Applicable?Notapplicable
(3)Baddebtsreserveaccrued,recoveredorreversed
Baddebtsreserveaccruedintheperiod:
InRMB
| Category | Openingbalance | Amountchangedintheperiod | Endingbalance | |||
| Accrued | Recoveredorreversed | Chargedoff | Other | |||
| Accruedonportfolio | 17,072,318.27 | 0.81 | 64,939.88 | 73,649.01 | 339,234.39 | 17,272,964.58 |
| Accruedonsinglebasis | 24,402,016.74 | 3,652,868.28 | 2,845,494.14 | 449,573.19 | 55,666.59 | 24,815,484.28 |
| Total | 41,474,335.01 | 3,652,869.09 | 2,910,434.02 | 523,222.20 | 394,900.98 | 42,088,448.86 |
Majoramountofbaddebtsreserverecoveredorreversed:Nil
(4)AccountsreceivablechargedoffinthePeriod
InRMB
| Item | Amountchargedoff |
| Accountsreceivablechargedoff | 523,222.20 |
Majoraccountsreceivablechargedoff:Nil
(5)Topfiveaccountsreceivableandcontractassetsatendingbalancebydebtors
InRMB
| Name | Endingbalanceofaccountsreceivable | Endingbalanceofcontractassets | Endingbalanceofaccountsreceivableandcontractassets | Ratiointotalendingbalanceofaccountsreceivableandcontractassets | Endingbalanceofbaddebtsreserveandimpairmentprovisionforcontractassets |
| RBCD | 640,873,405.61 | 640,873,405.61 | 17.93% | 2,870,670.80 | |
| RobertBoschCompany | 539,280,433.47 | 539,280,433.47 | 15.09% | 686,626.54 | |
| Client1 | 174,648,788.56 | 174,648,788.56 | 4.89% | 81,358.23 | |
| Client2 | 127,671,916.02 | 127,671,916.02 | 3.57% | 21,314.69 | |
| Client3 | 121,145,315.24 | 121,145,315.24 | 3.39% | 1,540,644.53 | |
| Total | 1,603,619,858.90 | 1,603,619,858.90 | 44.87% | 5,200,614.79 |
5.Receivablefinancing
(1)Bycategory
InRMB
| Item | Endingbalance | Openingbalance |
| Billreceivable-bankacceptancebill | 2,013,389,318.37 | 1,713,187,182.25 |
| Total | 2,013,389,318.37 | 1,713,187,182.25 |
(2)Disclosurebyclassificationbasedontheaccrualmethodofbaddebtsreserve
BasisfordivisionofeachstageandaccrualratioofbaddebreserveNilExplanationofsignificantchangesinthefinancingbookbalanceofaccountsreceivablewithchangesinimpairmentprovisioninthecurrentperiod:
Nil
(3)Baddebtprovisionaccrued,recoveredorreversedOtherexplanation:Nil
(4)ReceivablefinancingpledgedbytheCompanyatperiod-end
| Item | Amountpledgeatperiod-end |
| Bankacceptancebill | 704,783,096.16 |
| Total | 704,783,096.16 |
(5)Receivablefinancingendorsedordiscountedbutundueonbalancesheetdate
InRMB
| Item | Amountderecognizedatperiod-end | Amountnotderecognizedatperiod-end |
| Bankacceptancebill | 687,798,025.07 | |
| Total | 687,798,025.07 |
(6)Receivablefinancingchargedoffincurrentperiod
Nil
(7)Increase/decreaseofreceivablefinancingandchangesinfairvalueofreceivablefinancingincurrent
periodNil
(8)OtherexplanationNil
6.Otheraccountsreceivable
InRMB
| Item | Endingbalance | Openingbalance |
| Dividendsreceivable | 563,855,362.06 | 5,357,758.49 |
| Otheraccountsreceivable | 930,853,923.10 | 925,171,249.08 |
| Total | 1,494,709,285.16 | 930,529,007.57 |
(1)Interestreceivable
1)CategoryofinterestreceivableNil
2)SignificantoverdueinterestNil
3)Disclosurebyclassificationbasedontheaccrualmethodofbaddebtsreserve
□Applicable?Notapplicable
4)Baddebtsreserveaccrued,recoveredorreversedNil
5)InterestreceivablechargedoffincurrentperiodNil
(2)Dividendsreceivable
1)Bycategory
InRMB
| Item(orinvestedenterprise) | Endingbalance | Openingbalance |
| WFEC | 44,100,000.00 | |
| RBCD | 214,397,603.57 | |
| ZhonglianElectronics | 300,000,000.00 | |
| WFPM | 5,357,758.49 | 5,357,758.49 |
| Total | 563,855,362.06 | 5,357,758.49 |
2)Majordividendsreceivablewithagingoveroneyear
Nil
3)Disclosurebyclassificationbasedontheaccrualmethodofbaddebtsreserve
□Applicable?Notapplicable
4)Baddebtsreserveaccrued,recoveredorreversedincurrentperiod
Nil
5)DividendsreceivablechargedoffincurrentperiodNil
(3)Otheraccountsreceivable
1)Bynature
InRMB
| Nature | Endingbookbalance | Openingbookbalance |
| Intercoursefundsfromunits | 10,932,284.97 | 7,013,631.68 |
| Cashdeposit | 12,825,237.33 | 10,540,482.23 |
| Staffloansandpettycash | 1,280,804.20 | 384,928.19 |
| Socialsecurityandprovidentfundpaid | 12,712,511.97 | 13,024,199.29 |
| WFTR“platformtrade”businessportfolio | 2,542,263,370.70 | 2,542,263,370.70 |
| Other | 2,438,410.04 | 1,830,741.58 |
| Total | 2,582,452,619.21 | 2,575,057,353.67 |
2)Byaging
InRMB
| Aging | Endingbookbalance | Openingbookbalance |
| Withinoneyear(Oneyearincluded) | 31,364,675.67 | 25,570,895.82 |
| Within6months | 26,012,854.37 | 21,502,060.65 |
| 6monthstooneyear | 5,351,821.30 | 4,068,835.17 |
| 1-2years | 1,380,961.72 | 353,994.58 |
| 2-3years | 2,004,002,515.72 | 2,544,811,701.19 |
| Over3years | 545,704,466.10 | 4,320,762.08 |
| 3-4years | 543,020,136.32 | 2,607,265.87 |
| 4-5years | 2,645,402.98 | 1,697,670.00 |
| Over5years | 38,926.80 | 15,826.21 |
| Total | 2,582,452,619.21 | 2,575,057,353.67 |
3)Accruedbaddebtsreserve
?Applicable□NotapplicableBaddebtsreserveaccruedonthegeneralmodelofexpectedcreditloss:
InRMB
| Baddebtsreserve | PhaseI | PhaseII | PhaseIII | Total |
| Expectedcreditlossovernext12months | Expectedcreditlossfortheentireduration(withoutcreditimpairmentoccurred) | Expectedcreditlossfortheentireduration(withcreditimpairmentoccurred) | ||
| BalanceonJan.1,2025 | 5,786,049.86 | 1,644,100,054.73 | 1,649,886,104.59 | |
| BalanceonJan.1,2025intheperiod | ||||
| Currentaccrued | 1,473,178.21 | 1,473,178.21 | ||
| Currentreversal | 11,250.00 | 11,250.00 | ||
| Currentcharged-off | 3,261.39 | 3,261.39 | ||
| Otherchanges | 253,924.70 | 253,924.70 | ||
| BalanceonJune.30,2025 | 7,498,641.38 | 1,644,100,054.73 | 1,651,598,696.11 |
Changesinbookbalanceofbaddebtsreservewhoseamounthasmajorchangesintheperiod
□Applicable?Notapplicable
4)Baddebtsreserveaccrued,recoveredorreversedBaddebtsreserveaccruedintheperiod:
InRMB
| Category | Openingbalance | Changeincurrentperiod | Endingbalance | |||
| Accrued | Recoveredorreversed | Charged-off | Other | |||
| Baddebtsreserve | 1,649,886,104.59 | 1,473,178.21 | 11,250.00 | 3,261.39 | 253,924.70 | 1,651,598,696.11 |
| Total | 1,649,886,104.59 | 1,473,178.21 | 11,250.00 | 3,261.39 | 253,924.70 | 1,651,598,696.11 |
5)Otheraccountschargedoffduringthereportperiod
InRMB
| Item | Charged-off |
| Otheraccountschargedoff | 3,261.39 |
Majorotheraccountsreceivablechargedoff:Nil
6)Top5otheraccountsreceivableatendingbalancebydebtors
InRMB
| Enterprise | Nature | Endingbalance | Aging | Ratiointotalendingbalanceofotheraccountsreceivable | Endingbalanceofbaddebtsreserve |
| WFTR“platformtrade”businessportfolio | See“Otherexplanations” | 2,542,263,370.70 | 2-4years | 98.44% | 1,644,068,327.93 |
| RobertBoschCompany | Prepaidfreight(onbehalfofothers) | 3,800,000.00 | Within1year | 0.15% | 225,599.82 |
| WuxiChinaResourcesGasCo.,Ltd. | Depositmargin | 1,353,500.00 | Over3years | 0.05% | 1,353,500.00 |
| BYD | Depositmargin | 1,300,000.00 | Within1year | 0.05% | 130,000.00 |
| WuxiChinaResourcesGasCo.LTD | Depositmargin | 1,045,373.12 | 1-3years | 0.04% | 523,949.19 |
| Total | 2,549,762,243.82 | 98.74% | 1,646,301,376.94 |
7)Listedasotherreceivablesduetocentralizedfundmanagement
Nil.
7.Accountpaidinadvance
(1)Byaging
InRMB
| Aging | Endingbalance | Openingbalance | ||
| Amount | Ratio | Amount | Ratio | |
| Withinoneyear | 68,827,613.97 | 76.69% | 87,178,436.38 | 93.46% |
| 1-2years | 17,473,672.87 | 19.47% | 2,329,391.28 | 2.50% |
| 2-3years | 1,383,146.81 | 1.54% | 3,468,224.73 | 3.72% |
| Over3years | 2,075,175.46 | 2.31% | 307,414.10 | 0.33% |
| Total | 89,759,609.11 | 93,283,466.49 | ||
Explanationonreasonswhyprepaymentswithanagingofover1yearandsignificantamountswerenotsettledinatimelymannerNil
(2)Top5accountspaidinadvanceatendingbalancebyprepaymentobject
InRMB
| Name | Endingbalance | Proportionintotalendingbalanceofaccountspaidinadvance(%) |
| AidaEngineeringTechnologyCo.,Ltd. | 7,749,368.18 | 8.63 |
| StateGridJiangsuElectricPowerCo.,Ltd,WuxiBranch | 5,772,000.00 | 6.43 |
| Name | Endingbalance | Proportionintotalendingbalanceofaccountspaidinadvance(%) |
| CITICTaifuSteelTradingCo.,Ltd | 5,731,660.75 | 6.39 |
| DayeSpecialSteelCo.,Ltd. | 4,726,342.92 | 5.27 |
| XiangyangKanghaoElectromechanicalEngineeringCo.,Ltd. | 4,215,300.00 | 4.70 |
| Total | 28,194,671.85 | 31.42 |
8.Inventory
DoestheCompanyneedtocomplywithdisclosurerequirementsintherealestateindustry?No
(1)Categoryofinventory
InRMB
| Item | Endingbalance | Openingbalance | ||||
| Bookbalance | Impairmentprovisionforinventoryorimpairmentprovisionforcontractperformancecosts | Bookvalue | Bookbalance | Impairmentprovisionforinventoryorimpairmentprovisionforcontractperformancecosts | Bookvalue | |
| Stockmaterials | 563,563,554.94 | 98,880,475.60 | 464,683,079.34 | 558,770,000.24 | 100,525,696.37 | 458,244,303.87 |
| Goodsinprocess | 540,046,075.15 | 30,078,738.23 | 509,967,336.92 | 555,451,953.02 | 28,344,427.22 | 527,107,525.80 |
| Finishedgoods | 1,238,553,937.17 | 124,878,751.07 | 1,113,675,186.10 | 1,468,970,529.18 | 145,401,957.71 | 1,323,568,571.47 |
| Total | 2,342,163,567.26 | 253,837,964.90 | 2,088,325,602.36 | 2,583,192,482.44 | 274,272,081.30 | 2,308,920,401.14 |
(2)Dataresourcerecognizedasinventory
Nil
(3)Impairmentprovisionforinventoryandimpairmentprovisionforcontractperformancecosts
InRMB
| Item | Openingbalance | Currentincrease | Currentdecrease | Endingbalance | ||
| Accrued | Other | Reversedorwrittenoff | Other | |||
| Stockmaterials | 100,525,696.37 | 12,577,826.70 | 1,578,287.71 | 15,801,335.18 | 98,880,475.60 | |
| Goodsinprocess | 28,344,427.22 | 4,474,518.12 | 1,368,807.73 | 4,109,014.84 | 30,078,738.23 | |
| Finishedgoods | 145,401,957.71 | 55,267,240.95 | 678,742.22 | 76,469,189.81 | 124,878,751.07 | |
| Total | 274,272,081.30 | 72,319,585.77 | 3,625,837.66 | 96,379,539.83 | 253,837,964.90 | |
①Thenetrealizablevalueofinventoryreferstotheamountobtainedbydeductingtheestimatedcoststobeincurreduntilcompletion,estimatedsellingexpenses,andrelevanttaxesandfeesfromtheestimatedsellingpriceoftheinventoryintheordinarycourseofbusiness.
②Accrualbasisofimpairmentprovisionforinventory:
| Item | Accrualbasisofimpairmentprovisionforinventory | Specificbasisfordeterminingnetrealizablevalue |
| Stockmaterials | Formaterialsusedinproducingfinishedgoodsforsale,theirnetrealizablevalueislowerthantheircarryingvalue. |
Itisdeterminedonthebasisoftheamountobtainedbydeductingtheestimatedcoststobeincurreduntilcompletion,estimatedsellingexpenses,andrelevanttaxesandfeesfromtheestimatedsellingpriceofthefinishedgoodsproduced.
| Goodsinprocess | Forgoodsinprocessusedinproducingfinishedgoodsforsale,itsnetrealizablevalueislowerthanitscarryingvalue. |
Itisdeterminedonthebasisoftheamountobtainedbydeductingtheestimatedcoststobeincurreduntilcompletion,estimatedsellingexpenses,andrelevanttaxesandfeesfromtheestimatedsellingpriceofthefinishedgoodsproduced.
| Finishedgoods | Itsnetrealizablevalueislowerthanitscarryingvalue. | Itisdeterminedonthebasisoftheamountobtainedbydeductingvarioustaxesandfeestobeborneinthesalesprocessfromtheestimatedsellingprice. |
③Reasonforcarryingforwardimpairmentprovisionforinventory:
| Item | Reasonforreversingimpairmentprovisionforinventory |
| Stockmaterials | Usedinproductioninthecurrentperiod,andthefinishedgoodsproducedhavebeensold. |
| Goodsinprocess | Afterthegoodsinprocesswascompletedinthecurrentperiod,thecorrespondingfinishedgoodsweresoldinthecurrentperiod. |
| Finishedgoods | Havebeensoldinreportperiod |
(4)Explanationoncapitalizationofborrowingcostsinendingbalanceofinventory
Nil
(5)ExplanationonthecurrentamortizationamountofcontractperformancecostNil
(6)Othercreditinvestmentmaturingwithinoneyear
9.Non-currentassetsmaturingwithinoneyear
InRMB
| Item | Endingbalance | Openingbalance |
| Othernon-currentfinancialassetsmaturingwithinoneyear | 50,000,000.00 | |
| Othernon-currentassetsmaturingwithinoneyear | 336,318,630.13 | 509,070,575.38 |
| Total | 336,318,630.13 | 559,070,575.38 |
(1)Creditinvestmentmaturingwithinoneyear
□Applicable?Notapplicable
(2)Othercreditinvestmentmaturingwithinoneyear
□Applicable?Notapplicable
10.Othercurrentassets
InRMB
| Item | Endingbalance | Openingbalance |
| Receivableexporttaxrebates | 4,388,529.84 | 5,356,094.47 |
| VATrefundreceivable | 3,951,173.80 | 7,165,454.75 |
| PrepaidtaxesandVATretained | 151,295,887.73 | 146,820,302.41 |
| Inputtaxtobedeductedandcertification | 4,824,143.76 | 17,548,216.30 |
| Other | 16,803,939.28 | 12,098,391.53 |
| Total | 181,263,674.41 | 188,988,459.46 |
11.Otherequityinstrumentinvestment
InRMB
| Item | Beginningbalance | Gainsrecognizedinothercomprehensiveincomeforthecurrentperiod | Lossesrecognizedinothercomprehensiveincomeforthecurrentperiod | Accumulatedgainsrecognizedinothercomprehensiveincomeattheendofthisperiod | Accumulatedlossesrecognizedinothercomprehensiveincomeattheendofthisperiod | Dividendsincomerecognizedinthisperiod | Endingbalance | Reasonsfordesignatingfairvaluemeasurementwithchangesrecognizedinothercomprehensiveincome |
| WuxiXichanMicrochipSemi-Conductor | 592,742,690.00 | 592,742,690.00 | Non-tradableequityinstrumentinvestment | |||||
| Other | 85,048,000.00 | 85,048,000.00 | Non-tradableequityinstrumentinvestment | |||||
| Total | 677,790,690.00 | 677,790,690.00 |
Whetherthereisotherequityinstrumentinvestmentderecognizedincurrentperiodornot:NilSub-itemdisclosureofnon-tradableequityinstrumentinvestmentsinthecurrentperiod
InRMB
| Item | Dividendsincomerecognized | Accumulatedincome | Accumulatedloss | Amountofothercomprehensiveincomecarriedforwardtoretainedearnings | Reasonsfordesignatingfairvaluemeasurementwithchangesrecognizedinothercomprehensiveincome | Reasonsforothercomprehensiveincomecarriedforwardtoretainedearnings |
| WuxiXichangMicrochipSemi-Conductor | Non-tradableequityinstrumentinvestment | NA | ||||
| Other | Non-tradableequityinstrumentinvestment | NA |
12.Long-termequityinvestment
InRMB
| Investedentity | Openingbalance(bookvalue) | Openingbalanceofimpairmentprovision | Currentchanges(+/-) | Endingbalance(bookvalue) | Endingbalanceofimpairmentprovision | |||||||
| Investmentincrease | Investmentdecrease | Investmentgains/lossesrecognizedunderequity | Othercomprehensiveincomeadjustment | Otherequitychange | Cashdividendsorprofitannouncedtoissued | Impairmentprovisionaccrued | Other | |||||
| I.Jointventure | ||||||||||||
| II.Associatedenterprise | ||||||||||||
| WFEC | 1,010,047,290.27 | 84,758,436.79 | 957,540.55 | 117,600,000.00 | 978,163,267.61 | |||||||
| RBCD | 3,413,961,630.25 | 259,107,706.91 | 214,397,603.57 | 3,458,671,733.59 | ||||||||
| ZhonglianElectronics | 1,871,790,817.25 | 266,675,548.99 | 300,000,000.00 | 1,838,466,366.24 | ||||||||
| WFPM | 44,310,168.33 | -237,699.37 | 188,447.12 | 44,260,916.08 | ||||||||
| ChangchunXuyang | 8,472,997.94 | -111,978.44 | 8,361,019.50 | |||||||||
| AutoLink | 210,866,149.89 | -6,758,663.21 | 204,107,486.68 | |||||||||
| LezhuoBowei | 132,760,771.59 | -18,361,528.41 | 114,399,243.18 | |||||||||
| WuXiZhuoWei | 37,919,312.88 | -2,117,223.85 | 35,802,089.03 | |||||||||
| VoithHySTechGmbH | 304,969,740.19 | 28,413,281.14 | -47,387,167.96 | 34,530,334.70 | 320,526,188.07 | |||||||
| Subtotal | 7,035,098,878.59 | 28,413,281.14 | 535,567,431.45 | 1,145,987.67 | 631,997,603.57 | 34,530,334.70 | 7,002,758,309.98 | |||||
| Total | 7,035,098,878.59 | 28,413,281.14 | 535,567,431.45 | 1,145,987.67 | 631,997,603.57 | 34,530,334.70 | 7,002,758,309.98 | |||||
Therecoverableamountisdeterminedonthebasisofthenetamountafterdeductingdisposalexpensesfromfairvalue
□Applicable?NotapplicableTherecoverableamountisdeterminedonthebasisofthepresentvalueofexpectedfuturecashflows
□Applicable?NotapplicableReasonsforsignificantdiscrepanciesbetweentheaforementionedinformationandtheinformationorexternalinformationusedinpreviousyears'impairmenttestNilReasonsforsignificantdiscrepanciesbetweentheinformationusedinthecompany'spreviousannualimpairmenttestsandtheactualsituationofthecurrentyearNilOtherexplanation:
Nil
13.Othernon-currentfinancialassets
InRMB
| Item | Endingbalance | Openingbalance |
| Financialassetsclassifiedasthosemeasuredatfairvaluewithchangesrecognizedincurrentprofitsandlosses | 689,856,655.22 | 747,471,349.81 |
| Investmentsinotherdebtinstrumentsandequityinstrumentsheldformorethanoneyear | 689,856,655.22 | 747,471,349.81 |
| Minus:othernon-currentfinancialassetsmaturingwithinoneyear | 50,000,000.00 | |
| Total | 689,856,655.22 | 697,471,349.81 |
14.Investmentrealestate
(1)Investmentrealestatemeasuredatcost?Applicable□Notapplicable
InRMB
| Item | HouseandBuilding | Landuseright | Constructioninprogress | Total |
| I.Originalbookvalue | ||||
| 1.Openingbalance | 95,327,686.03 | 95,327,686.03 | ||
| 2.Currentincreased | 23,689,544.68 | 23,689,544.68 | ||
| (1)Outsourcing | ||||
| (2)Inventory\fixedassets\constructioninprocesstransfer-in | 23,689,544.68 | 23,689,544.68 | ||
| (3)Increasedbycombination | ||||
| 3.Currentdecreased | 16,771,498.79 | 16,771,498.79 | ||
| (1)Disposal | 16,771,498.79 | 16,771,498.79 | ||
| (2)Othertransfer-out | ||||
| 4.Endingbalance | 102,245,731.92 | 102,245,731.92 | ||
| II.Accumulateddepreciationandaccumulatedamortization | ||||
| 1.Openingbalance | 50,366,755.64 | 50,366,755.64 | ||
| 2.Currentincreased | 1,319,696.19 | 1,319,696.19 | ||
| (1)Accruedoramortization | 1,319,696.19 | 1,319,696.19 | ||
| 3.Currentdecreased | 2,867,469.34 | 2,867,469.34 |
| (1)Disposal | 2,867,469.34 | 2,867,469.34 | |
| (2)Othertransfer-out | |||
| 4.Endingbalance | 48,818,982.49 | 48,818,982.49 | |
| III.Impairmentprovision | |||
| 1.Openingbalance | |||
| 2.Currentincreased | |||
| (1)Accrued | |||
| 3.Currentdecreased | |||
| (1)Disposal | |||
| (2)Othertransfer-out | |||
| 4.Endingbalance | |||
| IV.Bookvalue | |||
| 1.Endingbookvalue | 53,426,749.43 | 53,426,749.43 | |
| 2.Openingbookvalue | 44,960,930.39 | 44,960,930.39 |
Therecoverableamountisdeterminedonthebasisofthenetamountafterdeductingdisposalexpensesfromfairvalue
□Applicable?NotapplicableTherecoverableamountisdeterminedonthebasisofthepresentvalueofexpectedfuturecashflows
□Applicable?NotapplicableReasonsforsignificantdiscrepanciesbetweentheaforementionedinformationandtheinformationorexternalinformationusedinpreviousyears'impairmenttestNilReasonsforsignificantdiscrepanciesbetweentheinformationusedinthecompany'spreviousannualimpairmenttestsandtheactualsituationofthecurrentyearNilOtherexplanation:
Nil
(2)Investmentrealestatemeasuredatfairvalue
□Applicable?Notapplicable
(3)Convertedintoinvestmentrealestatemeasuredatfairvalue
Nil
(4)Investmentrealestatewithoutpropertycertificationheld
InRMB
| Item | Bookvalue | Reasonfornotobtainingthepropertyrightscertificate |
| WFJN’sproperty | 52,182.36 | Stillinprocessofrelevantpropertyprocedures |
15.Fixedassets
InRMB
| Item | Endingbalance | Openingbalance |
| Fixedassets | 4,361,424,985.91 | 4,461,619,375.21 |
| Total | 4,361,424,985.91 | 4,461,619,375.21 |
(1)Fixedassets
InRMB
| Item | HouseandBuilding | Machineryequipment | Transportationequipment | Electronicandotherequipment | Land | Total |
| I.Originalbookvalue: | ||||||
| 1.Openingbalance | 2,476,447,467.18 | 5,407,734,912.76 | 46,817,358.94 | 1,391,716,721.51 | 30,905,579.87 | 9,353,622,040.26 |
| 2.Currentincreased | 12,021,548.95 | 85,336,042.03 | 58,387,872.07 | 53,150,019.05 | 208,895,482.10 | |
| (1)Purchase | 1,224,527.34 | 11,796,481.57 | 180,760.98 | 256,686.72 | 13,458,456.61 | |
| (2)Constructioninprogresstransfer-in | 10,797,021.61 | 73,539,560.46 | 58,207,111.09 | 52,893,332.33 | 195,437,025.49 | |
| (3)Increasedbycombination | ||||||
| 3.Currentdecreased | 10,739,569.22 | 28,150,185.38 | 9,890,674.14 | 20,903,369.49 | 69,683,798.23 | |
| (1)Disposalorscrapping | 10,739,569.22 | 28,150,185.38 | 9,890,674.14 | 20,903,369.49 | 69,683,798.23 | |
| 4.Conversionofforeigncurrencyfinancialstatement | 15,302,286.43 | 60,949,602.16 | 13,676.49 | 45,535,364.27 | 3,600,464.19 | 125,401,393.54 |
| 5.Endingbalance | 2,493,031,733.34 | 5,525,870,371.57 | 95,328,233.36 | 1,469,498,735.34 | 34,506,044.06 | 9,618,235,117.67 |
| II.Accumulateddepreciation | ||||||
| 1.Openingbalance | 668,529,085.04 | 3,063,285,657.41 | 24,275,580.49 | 933,555,520.11 | 4,689,645,843.05 | |
| 2.Currentincreased | 50,120,436.90 | 146,134,512.99 | 1,756,429.16 | 118,867,321.91 | 316,878,700.96 | |
| (1)Accrued | 50,120,436.90 | 146,134,512.99 | 1,756,429.16 | 118,867,321.91 | 316,878,700.96 | |
| 3.Currentdecreased | 988,461.95 | 23,115,451.02 | 240,245.60 | 18,790,955.83 | 43,135,114.40 | |
| (1)Disposalorscrapping | 988,461.95 | 23,115,451.02 | 240,245.60 | 18,790,955.83 | 43,135,114.40 | |
| 4.Conversionofforeigncurrencyfinancialstatement | 7,573,540.83 | 37,124,029.22 | 4,726.35 | 34,192,246.43 | 78,894,542.83 | |
| 5.Endingbalance | 725,234,600.82 | 3,223,428,748.60 | 25,796,490.40 | 1,067,824,132.62 | 5,042,283,972.44 | |
| III.Impairmentprovision | ||||||
| 1.Openingbalance | 14,287,345.82 | 148,936,967.61 | 73,319.90 | 23,694,157.00 | 15,365,031.67 | 202,356,822.00 |
| 2.Currentincreased | ||||||
| (1)Accrued | ||||||
| 3.Currentdecreased | 5.18 | 230.80 | 235.98 | |||
| (1)Disposalorscrapping | 5.18 | 230.80 | 235.98 | |||
| 4.Conversionofforeigncurrencyfinancialstatement | 1,664,459.22 | 7,322,004.91 | 1,393,100.81 | 1,790,008.36 | 12,169,573.30 | |
| 5.Endingbalance | 15,951,805.04 | 156,258,967.34 | 73,319.90 | 25,087,027.01 | 17,155,040.03 | 214,526,159.32 |
| IV.Bookvalue | ||||||
| 1.Endingbookvalue | 1,751,845,327.48 | 2,146,182,655.63 | 69,458,423.06 | 376,587,575.71 | 17,351,004.03 | 4,361,424,985.91 |
| 2.Openingbookvalue | 1,793,631,036.32 | 2,195,512,287.74 | 22,468,458.55 | 434,467,044.40 | 15,540,548.20 | 4,461,619,375.21 |
(2)Temporarilyidlefixedassets
InRMB
| Item | Originalbookvalue | Accumulateddepreciation | Impairmentprovision | Bookvalue | Note |
| Machineryequipment | 7,506,764.39 | 2,761,450.54 | 1,395,192.59 | 3,350,121.26 | |
| Total | 7,506,764.39 | 2,761,450.54 | 1,395,192.59 | 3,350,121.26 |
(3)Fixedassetsacquiredbyoperatinglease
InRMB
| Item | Endingbookvalue |
| Housingandbuilding | 15,179,760.71 |
| Total | 15,179,760.71 |
(4)Fixedassetswithoutpropertycertificationheld
InRMB
| Item | Bookvalue | Reasonsforwithoutthepropertycertification |
| R&DBuildinginNo.6,HuashanRoad,WuxiCity | 368,387,958.31 | Stillinprocessofrelevantpropertyprocedures |
| 106MachiningWorkshopPlant | 55,425,916.01 | Stillinprocessofrelevantpropertyprocedures |
| WFCA-Factoryandofficebuildings | 24,902,269.67 | Stillinprocessofrelevantpropertyprocedures |
| WFJN-Factoryandofficebuildings | 153,807.73 | Stillinprocessofrelevantpropertyprocedures |
(5)Impairmenttestoffixedassets
□Applicable?Notapplicable
(6)Disposaloffixedassets
Otherexplanation:Nil
16.Constructioninprogress
InRMB
| Item | Endingbalance | Openingbalance |
| Constructioninprogress | 521,265,457.98 | 380,321,816.50 |
| Total | 521,265,457.98 | 380,321,816.50 |
(1)Constructioninprogress
InRMB
| Item | Endingbalance | Openingbalance | ||||
| Bookbalance | Impairmentprovision | Bookvalue | Bookbalance | Impairmentprovision | Bookvalue | |
| RenovationofXinanBranch,No.1workshopofthecompany | 56,191,851.60 | 56,191,851.60 | 4,456,868.76 | 4,456,868.76 | ||
| Lot103phaseVI | 21,286,510.70 | 21,286,510.70 | 222,994.13 | 222,994.13 | ||
| Productionlineandequipmentunderinstallationanddebugging | 410,745,022.65 | 184,615.38 | 410,560,407.27 | 353,665,522.78 | 184,615.38 | 353,480,907.40 |
| Sporadicconstructionandinstallationprojects | 13,412,924.56 | 13,412,924.56 | 4,793,935.12 | 4,793,935.12 | ||
| Softwareandsystemunderinstallationanddebugging | 19,813,763.85 | 19,813,763.85 | 17,367,111.09 | 17,367,111.09 | ||
| Total | 521,450,073.36 | 184,615.38 | 521,265,457.98 | 380,506,431.88 | 184,615.38 | 380,321,816.50 |
(2)Changesofmajorconstructioninprogress
InRMB
| Item | Budget | Openingbalance | Currentincreased | Fixedassetstransfer-ininthePeriod | OtherdecreasedinthePeriod | Endingbalance | Proportionofprojectinvestmentinbudget | Progress | Accumulatedamountofinterestcapitalization | Including:interestcapitalizedamountoftheyear | Interestcapitalizationrateoftheyear | Sourceoffunds |
| RenovationofXinanBranch,No.1workshopofthecompany | 41,245.40 | 4,456,868.76 | 52,612,770.46 | 877,787.62 | 56,191,851.60 | 95.00% | Themainpartoftheprojecthasbeencompletedandputintouse,whiletheauxiliaryminorworksarestillunderinstallationandacceptance. | Ownedfunds | ||||
| Lot103phaseVI | 6,309.48 | 222,994.13 | 21,063,516.57 | 21,286,510.70 | 98.00% | Themainpartoftheprojecthasbeencompletedandputintouse,whiletheauxiliaryminorworksarestillunderinstallationandacceptance. | Ownedfunds | |||||
| Total | 47,554.88 | 4,679,862.89 | 73,676,287.03 | 877,787.62 | 77,478,362.30 |
(3)Impairmentprovisionofconstructioninprogress
InRMB
| Item | Openingbalance | Currentincrease | Currentdecrease | Endingbalance | Reasonforwithdrawal |
| Equipmentinstallation | 184,615.38 | 184,615.38 | |||
| Total | 184,615.38 | 184,615.38 | -- |
(4)Impairmenttestofconstructioninprogress
□Applicable?Notapplicable
(5)EngineeringmaterialOtherexplanation:Nil
17.Right-of-useassets
(1)Right-of-useassets
InRMB
| Item | Building | Mechanicalequipment | Total |
| I.Originalbookvalue: | |||
| 1.Openingbalance | 83,289,566.04 | 27,897,838.84 | 111,187,404.88 |
| 2.Currentincreased | 49,738,076.88 | 2,415,607.10 | 52,153,683.98 |
| (1)Increasedlease | 49,738,076.88 | 2,415,607.10 | 52,153,683.98 |
| 3.Currentdecreased | 5,974,891.33 | 45,217.39 | 6,020,108.72 |
| (1)Disposal | 5,974,891.33 | 45,217.39 | 6,020,108.72 |
| 4.Conversionofforeigncurrencyfinancialstatement | 5,307,049.66 | 2,517,671.63 | 7,824,721.29 |
| 5.Endingbalance | 132,359,801.25 | 32,785,900.18 | 165,145,701.43 |
| II.Accumulateddepreciation | |||
| 1.Openingbalance | 29,728,433.95 | 13,693,528.56 | 43,421,962.51 |
| 2.Currentincreased | 13,821,672.65 | 4,100,287.58 | 17,921,960.23 |
| (1)Accrued | 13,821,672.65 | 4,100,287.58 | 17,921,960.23 |
| 3.Currentdecreased | 5,974,891.33 | 45,217.39 | 6,020,108.72 |
| (1)Disposal | 5,974,891.33 | 45,217.39 | 6,020,108.72 |
| 4.Conversionofforeigncurrencyfinancialstatement | 1,042,034.07 | 1,554,976.14 | 2,597,010.21 |
| 5.Endingbalance | 38,617,249.34 | 19,303,574.89 | 57,920,824.23 |
| III.Impairmentprovision | |||
| 1.Openingbalance | |||
| 2.Currentincreased | |||
| (1)Accrued | |||
| 3.Currentdecreased | |||
| (1)Disposal | |||
| 4.Endingbalance | |||
| IV.Bookvalue | |||
| 1.Endingbookvalue | 93,742,551.91 | 13,482,325.29 | 107,224,877.20 |
| 2.Openingbookvalue | 53,561,132.09 | 14,204,310.28 | 67,765,442.37 |
(2)Impairmenttestofright-of-useassets
□Applicable?Notapplicable
18.Intangibleassets
(1)Intangibleassets
InRMB
| Item | Landuseright | Patent | Non-patenttechnology | Computersoftware | Trademarkandtrademarklicense | Patentandnon-patenttechnology | Total |
| I.Originalbookvalue | |||||||
| 1.Openingbalance | 419,255,805.42 | 241,802,977.88 | 41,597,126.47 | 255,390,917.74 | 958,046,827.51 | ||
| 2.Currentincreased | 10,125,548.11 | 15,522,934.72 | 25,648,482.83 | ||||
| (1)Purchase | 114,700.36 | 114,700.36 | |||||
| (2)InternalR&D | |||||||
| (3)Increasedbycombination | |||||||
| (4)Transferfromconstructioninprogress | 10,125,548.11 | 15,408,234.36 | 25,533,782.47 | ||||
| 3.Currentdecreased | 356,345.81 | 3,539,793.05 | 3,896,138.86 |
| (1)Disposalorscrapping | 356,345.81 | 3,539,793.05 | 3,896,138.86 | |||
| 4.Conversionofforeigncurrencyfinancialstatement | 2,189,189.04 | 25,683,024.49 | 27,872,213.53 | |||
| 5.Endingbalance | 429,381,353.53 | 259,158,755.83 | 41,597,126.47 | 277,534,149.18 | 1,007,671,385.01 | |
| II.Accumulatedamortization | ||||||
| 1.Openingbalance | 121,758,999.21 | 201,217,109.86 | 9,709,000.00 | 127,725,716.90 | 460,410,825.97 | |
| 2.Currentincreased | 4,558,529.56 | 16,002,494.08 | 11,683,364.11 | 32,244,387.75 | ||
| (1)Accrued | 4,558,529.56 | 16,002,494.08 | 11,683,364.11 | 32,244,387.75 | ||
| 3.Currentdecreased | 27,468.55 | 3,539,793.05 | 3,567,261.60 | |||
| (1)Disposal | 27,468.55 | 3,539,793.05 | 3,567,261.60 | |||
| 4.Conversionofforeigncurrencyfinancialstatement | 1,743,308.45 | 13,954,647.59 | 15,697,956.04 | |||
| 5.Endingbalance | 126,317,528.77 | 218,935,443.84 | 9,709,000.00 | 149,823,935.55 | 504,785,908.16 | |
| III.Impairmentprovision | ||||||
| 1.Openingbalance | 448,292.66 | 16,646,900.00 | 17,095,192.66 | |||
| 2.Currentincreased | ||||||
| (1)Accrued | ||||||
| 3.Currentdecreased | ||||||
| (1)Disposal | ||||||
| 4.Conversionofforeigncurrencyfinancialstatement | 52,225.58 | 52,225.58 | ||||
| 5.Endingbalance | 500,518.24 | 16,646,900.00 | 17,147,418.24 | |||
| IV.Bookvalue | ||||||
| 1.Endingbookvalue | 303,063,824.76 | 39,722,793.75 | 15,241,226.47 | 127,710,213.63 | 485,738,058.61 | |
| 2.Openingbookvalue | 297,496,806.21 | 40,137,575.36 | 15,241,226.47 | 127,665,200.84 | 480,540,808.88 |
TheproportionofintangibleassetsformedthroughinternalR&Dofthecompanytothebalanceofintangibleassetsattheendofthisperiod:Nil
(2)Dataresourcerecognizedasintangibleassets
Nil
(3)LanduserightwithoutpropertycertificationheldNil
(4)Impairmenttestofintangibleassets
□Applicable?Notapplicable
19.Goodwill
(1)Originalbookvalueofgoodwill
InRMB
| Nameofinvestedentitiesormattersforminggoodwill | Openingbalance | Currentincreased | Currentdecreased | Endingbalance | ||
| Formedbybusinesscombination | Translationofforeigncurrencystatements | Disposal | ||||
| MergedwithWFTT | 1,784,086.79 | 1,784,086.79 | ||||
| MergedwithBorit | 238,284,918.92 | 27,859,769.87 | 266,144,688.79 | |||
| Total | 240,069,005.71 | 27,859,769.87 | 267,928,775.58 | |||
(2)Impairmentprovisionforgoodwill
InRMB
| Nameofinvestedentitiesormattersforminggoodwill | Openingbalance | Currentincreased | Currentdecreased | Endingbalance | ||
| Accrued | Translationofforeigncurrencystatements | Disposal | ||||
| MergedwithWFTT | ||||||
| MergedwithBorit | 207,463,687.49 | 24,256,216.53 | 231,719,904.02 | |||
| Total | 207,463,687.49 | 24,256,216.53 | 231,719,904.02 | |||
(3)Relatedinformationofassetgrouporassetgroupportfolioofgoodwill
| Name | Componentandbasisforassetgrouporassetgroupportfolio | Operationbranchandbasis | Isconsistentwithpreviousyear(Y/N)? |
| WFTT | LongtermassetsrelatedtothemergerofWFTT’sgoodwill;Themanagementmadeitclearthatthisassetgroupwillbeusedandoperatedindependentlyofotherassets,andwillgeneratecashinflowsindependently | Automotiveintakesystemproductdivision;Categoryofassetgroupoutputproducts | Y |
| Borit | LongtermassetsrelatedtothemergerofBorit’sgoodwill;Themanagementmadeitclearthatthisassetgroupwillbeusedandoperatedindependentlyofotherassets,andwillgeneratecashinflowsindependently | Otherautomotivepartsdivisions;Categoryofassetgroupoutputproducts | Y |
Changesinassetgrouporassetgroupportfolio:NilOtherexplanation:Nil
(4)Specificmethodofdeterminingrecoverableamount
Forassetgroupswithindicatorsofimpairment,theCompanyestimatestherecoverableamountofsuchassetgroupsasthehigherofthenetamountoftheirfairvaluelessdisposalcostsandthepresentvalueoftheestimatedfuturenetcashflows;forassetgroupswithoutindicatorsofimpairment,theCompanydeterminestherecoverableamountofsuchassetgroupsbasedonthepresentvalueoftheestimatedfuturenetcashflowsoftheassetgroups.Therecoverableamountisdeterminedonthebasisofthenetamountafterdeductingdisposalexpensesfromthefairvalue.
□Applicable?NotapplicableTherecoverableamountisdeterminedonthebasisofthepresentvalueofexpectedfuturecashflows
□Applicable?NotapplicableReasonsforsignificantdiscrepanciesbetweentheaforementionedinformationandtheinformationorexternalinformationusedinpreviousyears’impairmenttestNilReasonsforsignificantdiscrepanciesbetweentheinformationusedinthecompany'spreviousannualimpairmenttestsandtheactualsituationofthecurrentyearNil
(5)Completionofperformancecommitmentsandcorrespondingimpairmentofgoodwill
Whengoodwillisformed,thereisaperformancecommitmentandthereportperiodorthepreviousperiodiswithintheperformancecommitmentperiod
□Applicable?Notapplicable
20.Long-termdeferredexpense
InRMB
| Item | Openingbalance | Currentincrease | AmortizedinthePeriod | Otherdecrease | Endingbalance |
| Decorationexpense,etc. | 22,202,465.04 | 790,846.19 | 3,595,375.61 | 1,907,607.58 | 21,305,543.20 |
| Total | 22,202,465.04 | 790,846.19 | 3,595,375.61 | 1,907,607.58 | 21,305,543.20 |
21.Deferredincometaxassets/Deferredincometaxliabilities
(1)Deferredincometaxassetsnotoffset
InRMB
| Item | Endingbalance | Openingbalance | ||
| Deductibletemporarydifference | Deferredincometaxassets | Deductibletemporarydifference | Deferredincometaxassets | |
| Unrealizedprofitfrominsidertransactions | 32,650,431.76 | 10,020,415.75 | 65,395,598.24 | 13,015,777.61 |
| Deductibleloss | 1,148,983,488.69 | 172,347,523.31 | 1,168,677,565.93 | 175,301,634.90 |
| Baddebtsreserve | 43,051,507.07 | 6,692,939.78 | 41,797,429.02 | 6,435,174.40 |
| Impairmentprovisionforinventory | 212,610,348.39 | 32,605,856.84 | 236,847,793.55 | 36,125,249.29 |
| Impairmentprovisionoffixedassets | 96,998,029.14 | 17,014,412.95 | 96,998,034.32 | 17,014,413.73 |
| Impairmentprovisionofconstructioninprogress | 184,615.38 | 27,692.31 | 184,615.38 | 27,692.31 |
| Impairmentprovisionofintangibleassets | 16,646,900.00 | 2,497,035.00 | 16,646,900.00 | 2,497,035.00 |
| Deferredincome | 136,165,893.16 | 20,568,052.29 | 149,757,581.67 | 22,633,752.36 |
| Payablesalary,accruedexpensesetc. | 967,361,002.72 | 150,317,966.76 | 917,718,552.00 | 145,328,224.99 |
| Depreciationassets,amortizationdifference | 21,220,988.09 | 3,229,279.74 | 23,208,041.96 | 3,527,337.81 |
| Impairmentprovisionofothernon-currentassets | 146,615,749.63 | 21,992,362.44 | 146,615,749.63 | 21,992,362.44 |
| Leaseliabilities | 65,402,271.90 | 15,246,833.57 | 61,461,573.00 | 14,237,201.65 |
| Changesinfairvalue | 30,550,763.25 | 4,582,614.49 | ||
| Total | 2,887,891,225.93 | 452,560,370.74 | 2,955,860,197.95 | 462,718,470.98 |
(2)Deferredincometaxliabilitiesnotoffset
InRMB
| Item | Endingbalance | Openingbalance | ||
| Taxabletemporarydifferences | Deferredincometaxliabilities | Taxabletemporarydifferences | Deferredincometaxliabilities | |
| ThedifferencebetweenthefairvalueandtaxationbasisofWFTTassetsinamergernotunderthesamecontrol | 9,022,855.15 | 1,353,428.25 | 9,256,736.95 | 1,388,510.52 |
| ThedifferencebetweenthefairvalueandtaxationbasisofIRDassetsinamergernotunderthesamecontrol | 41,744,492.70 | 9,183,788.39 | 42,249,682.78 | 9,294,930.21 |
| ThedifferencebetweenthefairvalueandtaxationbasisofBoritassetsinamergernotunderthesamecontrol | 15,551,733.23 | 3,887,933.24 | 15,512,362.69 | 3,878,090.60 |
| ThedifferencebetweenthefairvalueandtaxationbasisofVHbusinessinamergernotunderthesamecontrol | 43,979,639.07 | 10,554,842.37 | 42,200,640.32 | 10,128,153.65 |
| Changeinfairvalueoftransactionfinancialasset | 9,712,551.25 | 1,538,142.08 | 823,158.14 | 123,473.72 |
| Accelerateddepreciationoffixedassets | 864,150,136.52 | 134,929,411.31 | 844,054,613.82 | 131,777,556.75 |
| Right-of-useassets | 65,256,488.51 | 15,120,953.28 | 62,433,477.96 | 13,999,594.04 |
| Others | 59,766,870.74 | 8,965,030.61 | 83,354,236.41 | 13,578,003.30 |
| Total | 1,109,184,767.17 | 185,533,529.53 | 1,099,884,909.07 | 184,168,312.79 |
(3)Deferredincometaxassetsanddeferredincometaxliabilitieslistedafteroff-set
InRMB
| Item | Trade-offbetweenthedeferredincometaxassetsandliabilities | Endingbalanceofdeferredincometaxassetsorliabilitiesafteroff-set | Trade-offbetweenthedeferredincometaxassetsandliabilitiesatperiod-begin | Openingbalanceofdeferredincometaxassetsorliabilitiesafteroff-set |
| Deferredincometaxassets | 160,480,342.59 | 292,185,225.31 | 159,298,304.33 | 303,420,166.65 |
| Deferredincometaxliabilities | 160,480,342.59 | 25,158,384.10 | 159,298,304.33 | 24,870,008.46 |
(4)Detailsofunrecognizeddeferredincometaxassets
InRMB
| Item | Endingbalance | Openingbalance |
| Baddebtsreserve | 1,650,635,637.90 | 1,649,563,010.58 |
| Impairmentprovisionforinventory | 41,227,616.51 | 37,424,287.75 |
| Lossfromsubsidiary | 980,425,414.18 | 923,958,282.87 |
| Impairmentprovisionoflong-termequityinvestment | 8,223,048.38 | 8,223,048.38 |
| Impairmentprovisionoffixedassets | 117,528,130.18 | 105,358,787.68 |
| Impairmentprovisionofintangibleassets | 500,518.24 | 448,292.66 |
| Otherequityinstrumentinvestment | 13,600,000.00 | 13,600,000.00 |
| Wagespayable,withholdingexpense,etc. | 49,304,003.51 | |
| Total | 2,812,140,365.39 | 2,787,879,713.43 |
(5)Thedeductiblelossesofunrecognizeddeferredincometaxassetswillexpireinfollowingyears
InRMB
| Maturityyear | Endingamount | Openingamount | Note |
| 2025 | 7,635,552.89 | ||
| 2026 | 35,549,747.87 | 46,267,496.16 | |
| 2027 | 54,654,198.37 | 90,932,850.34 | |
| 2028 | 78,468,430.44 | 104,023,377.77 | |
| 2029 | 100,167,878.24 | 119,116,583.00 | |
| 2030andthefollowingyears | 75,877,616.48 | ||
| Noexpirationdate | 635,707,542.78 | 555,982,422.71 | |
| Total | 980,425,414.18 | 923,958,282.87 |
22.Othernon-currentassets
InRMB
| Item | Endingbalance | Openingbalance | ||||
| Bookbalance | Impairmentprovision | Bookvalue | Bookbalance | Impairmentprovision | Bookvalue | |
| Contractacquisitioncost | 4,508,573.62 | 4,508,573.62 | 4,330,621.43 | 4,330,621.43 | ||
| Engineeringequipmentpaidinadvance | 238,522,332.55 | 238,522,332.55 | 186,322,984.79 | 186,322,984.79 | ||
| Largedepositcertificateswithamaturityofmorethanoneyear | 592,113,602.74 | 592,113,602.74 | 689,071,260.28 | 689,071,260.28 | ||
| Financialproducts | 146,615,749.63 | 146,615,749.63 | 160,163,280.47 | 146,615,749.63 | 13,547,530.84 | |
| Total | 981,760,258.54 | 146,615,749.63 | 835,144,508.91 | 1,039,888,146.97 | 146,615,749.63 | 893,272,397.34 |
23.Assetswithrestrictedownershiporuseright
InRMB
| Item | Ending | Opening | ||||||
| Bookbalance | Bookvalue | Restrictiontype | Restrictionreason | Bookbalance | Bookvalue | Restrictiontype | Restrictionreason | |
| Monetaryfunds | 142,735,966.40 | 142,735,966.40 | Cashdeposit | Notespaidforbankacceptance | 20,363,281.63 | 20,363,281.63 | Cashdeposit | Notespaidforbankacceptance |
| Billreceivable | 43,071,798.39 | 43,071,798.39 | Pledge | Notespledgeforbankacceptance | ||||
| Monetaryfunds | 8,470,394.37 | 8,470,394.37 | Cashdeposit | IRDperformancebond | 7,583,721.64 | 7,583,721.64 | Cashdeposit | IRDperformancebond |
| Monetaryfunds | 278,566.46 | 278,566.46 | Cashdeposit | Letterofguaranteedeposit | 719,003.22 | 719,003.22 | Cashdeposit | Letterofguaranteedeposit |
| Monetaryfunds | 225,875.75 | 225,875.75 | Cashdeposit | CashdepositforMastercard | 202,231.29 | 202,231.29 | Cashdeposit | CashdepositforMastercard |
| Monetaryfunds | 4,000.00 | 4,000.00 | Cashdeposit | ETCfreezing | ||||
| Receivablesfinancing | 704,783,096.16 | 704,783,096.16 | Pledge | Notespledgeforbankacceptance | 556,575,612.27 | 556,575,612.27 | Pledge | Notespledgeforbankacceptance |
| Total | 856,493,899.14 | 856,493,899.14 | 628,519,648.44 | 628,519,648.44 | ||||
24.Short-termborrowings
(1)Categoryofshort-termborrowings
InRMB
| Item | Endingbalance | Openingbalance |
| Creditloan | 627,673,659.47 | 392,800,433.57 |
| Accruedinterest | 461,441.29 | 319,714.38 |
| Total | 628,135,100.76 | 393,120,147.95 |
Explanationonshort-termborrowings:Nil
(2)Overdueandunpaidshort-termloans
Otherexplanation:Nil
25.Notepayable
InRMB
| Category | Endingbalance | Openingbalance |
| Bankacceptancebill | 2,229,593,501.21 | 2,014,217,247.05 |
| Total | 2,229,593,501.21 | 2,014,217,247.05 |
Attheendofthecurrentperiod,thetotalamountofmaturedbutunpaidnotespayableis0.00yuan.
26.Accountspayable
(1)Accountspayable
InRMB
| Item | Endingbalance | Openingbalance |
| Operatingfundspayableforlabororgoods | 3,478,083,715.81 | 3,661,507,490.23 |
| Accountspayableforengineeringequipment | 136,046,292.89 | 238,437,702.05 |
| Total | 3,614,130,008.70 | 3,899,945,192.28 |
(2)Importantaccountspayablewithagingover1yearoroverdue
Otherexplanation:Nil
27.Otheraccountspayable
InRMB
| Item | Endingbalance | Openingbalance |
| Otheraccountspayable | 68,287,577.76 | 44,547,794.12 |
| Total | 68,287,577.76 | 44,547,794.12 |
(1)Interestpayable
Nil
(2)DividendspayableNil
(3)Otheraccountspayable
1)Bynature
InRMB
| Item | Endingbalance | Openingbalance |
| Depositandmargin | 37,417,497.89 | 13,909,942.25 |
| Socialinsuranceandreservesfundswithholding | 1,741,601.11 | 1,301,468.22 |
| Intercoursefundsofentities | 25,512,145.98 | 23,526,000.00 |
| Other | 3,616,332.78 | 5,810,383.65 |
| Total | 68,287,577.76 | 44,547,794.12 |
2)Importantotherpayableswithagingover1yearoroverdue
InRMB
| Item | Endingbalance | Reasonsfornotrepayingorcarry-over |
| NingboJiangbeiHigh-techIndustrialParkDevelopmentandConstructionCo.,Ltd | 19,026,000.00 | Notyetmeetingtheconditionsforcarry-over |
| Total | 19,026,000.00 |
28.Accountsreceivedinadvance
(1)Accountsreceivedinadvance
InRMB
| Item | Endingbalance | Openingbalance |
| Rentreceivedinadvance | 491,544.03 | 2,652,511.04 |
| Total | 491,544.03 | 2,652,511.04 |
(2)Significantaccountsreceivableinadvancewithagingover1yearoroverdue
Otherexplanation:Nil
29.Contractliabilities
InRMB
| Item | Endingbalance | Openingbalance |
| Advancepaymentforgoods | 106,520,784.44 | 56,148,545.13 |
| Total | 106,520,784.44 | 56,148,545.13 |
30.Wagepayable
(1)Wagepayable
InRMB
| Item | Openingbalance | Currentincreased | Currentdecreased | Endingbalance |
| I.Short-termcompensation | 286,170,405.86 | 727,814,454.00 | 825,164,230.70 | 188,820,629.16 |
| II.Post-employmentwelfare-definedcontributionplans | 28,540,420.13 | 109,348,642.27 | 111,620,472.25 | 26,268,590.15 |
| III.Dismissedwelfare | 1,023,380.23 | 1,176,014.13 | 1,565,908.99 | 633,485.37 |
| IV.Incentivefundspaidwithinoneyear | 67,660,000.00 | 11,882,539.72 | 55,777,460.28 | |
| V.Othershort-termwelfare-Housingsubsidies,employeebenefitsandwelfarefunds | 21,883,842.70 | 1,774,903.60 | 20,108,939.10 | |
| Total | 405,278,048.92 | 838,339,110.40 | 952,008,055.26 | 291,609,104.06 |
Explanationofseverancebenefits:Severancebenefitsrefertotheemployeecompensationpayablearisingfromtheinternalearlyretirementplanimplementedbythecompany.Theamountexpectedtobepaidinthefollowingyearispresentedunderthisaccountitem.
(2)Short-termcompensation
InRMB
| Item | Openingbalance | Currentincreased | Currentdecreased | Endingbalance |
| 1.Wages,bonuses,allowancesandsubsidies | 270,773,275.35 | 588,520,936.84 | 685,386,664.11 | 173,907,548.08 |
| 2.Welfareforworkersandstaff | 39,536,850.69 | 39,065,296.63 | 471,554.06 | |
| 3.Socialinsurance | 312,450.03 | 37,269,497.29 | 37,158,374.88 | 423,572.44 |
| Including:Medicalinsurance | 231,732.98 | 29,976,846.46 | 29,955,428.77 | 253,150.67 |
| Workinjuryinsurance | 71,875.47 | 4,143,641.89 | 4,149,838.51 | 65,678.85 |
| Maternityinsurance | 8,841.58 | 3,149,008.94 | 3,053,107.60 | 104,742.92 |
| 4.Housingaccumulationfund | 778,913.00 | 44,548,861.66 | 44,420,974.66 | 906,800.00 |
| 5.Laborunionexpenditureandpersonneleducationexpense | 9,551,179.06 | 9,516,916.77 | 9,318,976.03 | 9,749,119.80 |
| 6.Othershort-termcompensation-socialsecurity | 4,754,588.42 | 8,421,390.75 | 9,813,944.39 | 3,362,034.78 |
| Total | 286,170,405.86 | 727,814,454.00 | 825,164,230.70 | 188,820,629.16 |
(3)Definecontributionplans
InRMB
| Item | Openingbalance | Currentincreased | Currentdecreased | Endingbalance |
| 1.Basicendowmentpremium | 8,666,008.76 | 91,053,617.00 | 93,892,104.38 | 5,827,521.38 |
| 2.Unemploymentinsurance | 20,356.56 | 2,574,494.07 | 2,543,067.99 | 51,782.64 |
| 3.Enterpriseannuity | 19,854,054.81 | 15,720,531.20 | 15,185,299.88 | 20,389,286.13 |
| Total | 28,540,420.13 | 109,348,642.27 | 111,620,472.25 | 26,268,590.15 |
Otherexplanation:
Post-employmentwelfare-definedcontributionplans:
TheCompanyparticipatesinthepensioninsuranceandunemploymentinsuranceplansestablishedbygovernmentauthoritiesbylaws,acertainpercentageofthesocialsecurityfeeregulatedbythegovernmentwillpaybytheCompanymonthlyfortheplans.Otherthantheaforesaidmonthlycontribution,theCompanytakesnofurtherpaymentobligation.Thecorrespondingexpendituresshallberecognizedinthecurrentperiod'sprofitorlossorthecostofrelevantassetswhenincurred.Fordetailsoftheenterpriseannuityplan,pleaserefertoNoteXVIII.4"AnnuityPlan".
31.Taxpayable
InRMB
| Item | Endingbalance | Openingbalance |
| Value-addedtax | 23,680,370.78 | 17,962,320.77 |
| Corporationincometax | 16,205,148.92 | 15,110,401.06 |
| Individualincometax | 3,687,823.96 | 6,198,892.34 |
| Citymaintaining&constructiontax | 1,651,718.54 | 1,103,941.58 |
| Educationalsurtax | 1,183,359.40 | 798,036.26 |
| Propertytax | 6,493,108.57 | 6,355,132.42 |
| Landusetax | 1,347,498.21 | 1,556,476.60 |
| Stamptax | 2,172,567.73 | 2,469,983.52 |
| Others | 236,338.43 | 155,033.86 |
| Total | 56,657,934.54 | 51,710,218.41 |
32.Non-currentliabilitiesduewithinoneyear
InRMB
| Item | Endingbalance | Openingbalance |
| Long-termborrowingsduewithinoneyear | 100,210,680.56 | 200,010,680.56 |
| Leasepaymentsduewithinoneyear | 29,550,032.13 | 20,693,207.97 |
| Total | 129,760,712.69 | 220,703,888.53 |
33.Othercurrentliabilities
InRMB
| Item | Endingbalance | Openingbalance |
| Rebatepayable | 242,680,986.60 | 282,435,925.87 |
| Pendingsalestax | 8,090,646.75 | 2,950,311.81 |
| Total | 250,771,633.35 | 285,386,237.68 |
Changesinshort-termbondspayable:Nil
34.Long-termborrowings
(1)Bycategory
InRMB
| Item | Endingbalance | Openingbalance |
| Creditloan | 190,210,680.56 | 300,010,680.56 |
| Minus:long-termborrowingsmaturingwithinoneyear | 100,210,680.56 | 200,010,680.56 |
| Total | 90,000,000.00 | 100,000,000.00 |
35.Leaseliabilities
InRMB
| Item | Endingbalance | Openingbalance |
| Leasepayments | 114,180,680.20 | 73,534,246.81 |
| Financingexpensenotrecognized | 7,778,039.21 | 5,524,522.36 |
| Minus:leaseliabilitiesmaturingwithinoneyear | 29,550,032.13 | 20,693,207.97 |
| Total | 76,852,608.86 | 47,316,516.48 |
36.Long-termaccountspayable
InRMB
| Item | Endingbalance | Openingbalance |
| Long-termaccountspayable | 8,740,000.00 | 8,740,000.00 |
| Specialaccountspayable | 18,265,082.11 | 18,265,082.11 |
| Total | 27,005,082.11 | 27,005,082.11 |
(1)Bynature
InRMB
| Item | Endingbalance | Openingbalance |
| Hi-techBranchofNanjingFinanceBureau(note①)Financialsupportfunds(2008) | 960,000.00 | 960,000.00 |
| Hi-techBranchofNanjingFinanceBureau(note②)Financialsupportfunds(2011) | 5,040,000.00 | 5,040,000.00 |
| Hi-techBranchofNanjingFinanceBureau(note③)Financialsupportfunds(2013) | 2,740,000.00 | 2,740,000.00 |
| Total | 8,740,000.00 | 8,740,000.00 |
Otherexplanation:
Note①:ToencourageWFJNtoenterNanjingHigh-techTechnologyIndustryDevelopmentZone,financialsupportingcapitalisallottedbyHigh-techbranchofFinanceBureauofNanjingforsupportinguse,thetermisfromDecember27,2010toDecember27,2025.Providedthattheoperationperiodinthezoneislessthan15years,financialsupportingcapitalwillbereimbursed.Note②:ToencourageWFJNtoenterNanjingHigh-techTechnologyIndustryDevelopmentZone,financialsupportingcapitalisallottedbyHigh-techbranchofFinanceBureauofNanjingforsupportinguse,thetermisfromDecember28,2011toDecember28,2026.Providedthattheoperationperiodinthezoneislessthan15years,financialsupportingcapitalwillbereimbursed.Note③:ToencourageWFJNtoenterNanjingHigh-techTechnologyIndustryDevelopmentZone,financialsupportingcapitalisallottedbyHigh-techbranchofFinanceBureauofNanjingforsupportinguse,thetermisfromDecember18,2013toDecember18,2028.Providedthattheoperationperiodinthezoneislessthan15years,financialsupportingcapitalwillbereimbursed.
(2)Specialaccountspayable
InRMB
| Item | Openingbalance | Currentincreased | Currentdecreased | Endingbalance | Causeofformation |
| RemovalcompensationofsubsidiaryWFJN | 18,265,082.11 | 18,265,082.11 | Refertotheexplanation | ||
| Total | 18,265,082.11 | 18,265,082.11 |
Otherexplanation:
InlinewithregulationofthehouseacquisitiondecisionofPeople’sgovernmentofXuanwuDistrict,NanjingCity,NingXuanFuZhengZi(2012)No.001,partofthelandsandpropertyofWFJNneedsexpropriationinordertocarryoutthecomprehensivelyimprovementofMingGreatWall.Accordingtothehouseexpropriationandcompensationagreementinstate-ownedlandssignedbetweenWFJNandHouseExpropriationManagementOfficeofXuanwuDistrict,NanjingCity,19,706,700.00yuanintotalwerecompensated,includingoperationlossesfromlessee1,441,600.00yuanintotal.Theabovecompensationwasreceivedinlastperiodandismakingupforthelossesfromlessee,andtheabovelandsandpropertyhavenotbeencollecteduptoJune30,2025.
37.Long-termwagespayable
(1)Long-termwagespayable
InRMB
| Item | Endingbalance | Openingbalance |
| I.Post-employmentbenefits-Definedbenefitplannetliabilities | 20,903,411.37 | 19,879,635.58 |
| II.Dismisswelfare | 6,837,075.84 | 11,027,155.79 |
| III.Otherlong-termwelfare | 15,212,070.31 | 15,212,070.31 |
| Total | 42,952,557.52 | 46,118,861.68 |
(2)Changesindefinedbenefitplan
Presentvalueofdefinedbenefitplan
InRMB
| Item | Currentperiod | Lastperiod |
| I.Openingbalance | 19,879,635.58 | 21,238,891.62 |
| II.Costofdefinedbenefitplanbookedintocurrentprofitandloss | 620,384.67 | 325,440.87 |
| 1.Currentservicecost | 620,384.67 | 325,440.87 |
| III.Costofdefinedbenefitplanbookedintoothercomprehensiveincome | -451,530.88 | |
| 1.Actuarialgains(lossesarerepresentedby“-”) | -451,530.88 | |
| IV.Otherchanges | 403,391.12 | -970,341.44 |
| 1.Welfarepaid | -1,840,954.97 | -438,808.45 |
| 2.Translationdifferenceofforeigncurrencystatements | 2,244,346.09 | -531,532.99 |
| V.Endingbalance | 20,903,411.37 | 20,142,460.17 |
Otherexplanation:
AccordingtorelevantregulationsinItaly,theTrattamentodiFineRapporto(TFR)systemisestablished.VHIOshallcalculateandofferseverancetoemployeesinaccordancewithemployees’employmentperiodandtaxablebasesalarywhentheyleaveoraredismissed.Theplanpredictsfuturecashoutflowsattheinflationrateanddeterminesitspresentvalueatthediscountrate.Theabove-mentionedbenefitplanposesactuarialriskstoVHIO,mainlyincludinginterestrateriskandinflationrisk.Thedecreaseininterestrateswillleadtoanincreaseinthepresentvalueofthedefinedbenefitplanobligations.Inaddition,thepresentvalueofbenefitplanobligationsisrelatedtothefuturepaymentstandardsoftheplan,whicharedeterminedonthebasisofinflationrates.Therefore,anincreaseininflationratewillalsoleadtoanincreaseinplannedliabilities.
38.Anticipatedliability
InRMB
| Item | Endingbalance | Openingbalance | Formationcause |
| Pendingdisputeandlitigation | 567,714.68 | 508,477.63 | |
| Productqualityassurance | 129,215,558.74 | 121,072,840.23 | |
| Environmentalprotectioncommitment | 321,812.81 | 288,233.90 | |
| Total | 130,105,086.23 | 121,869,551.76 |
Otherexplanations,includingimportantassumptionsandestimationexplanationsrelatedtosignificantprovisions:Nil
39.Deferredincome
InRMB
| Item | Openingbalance | Currentincreased | Currentdecreased | Endingbalance | Causeofformation |
| Governmentgrant | 151,419,335.74 | 12,430,090.50 | 24,402,761.17 | 501,828.16 | 139,948,493.23 |
| Total | 151,419,335.74 | 12,430,090.50 | 24,402,761.17 | 501,828.16 | 139,948,493.23 |
Otherexplanation:
Itemwithgovernmentgrantsinvolved:
InRMB
| Itemsofliabilities | Openingbalance | NewgrantsinthePeriod | Amountreckonedintootherincomeintheperiod | Translationofforeigncurrencystatements | Endingbalance | Assetsrelated/Incomerelated |
AppropriationforR&Dabilityofdistributivehigh-pressurecommonrailsystemfordieselengineuseandproductionlinetechnologicaltransformationproject
| 3,973,394.44 | 390,825.69 | 3,582,568.75 | Asset/Incomerelated | |||
| R&Dandindustrializationofthehigh-pressurevariablepumpofthecommonrailsystemofdieselengineforautomobile | 688,639.41 | 342,637.95 | 346,001.46 | Assetrelated | ||
| Fundofindustryupgrade(2014) | 33,722,041.39 | 6,298,651.31 | 27,423,390.08 | Assetrelated | ||
| New-builtassetscompensationaftertheremovalofparentcompany | 26,199,457.92 | 8,204,471.17 | 17,994,986.75 | Assetrelated |
40.Share
InRMB
| Openingbalance | Changeduringtheyear(+/-) | Endingbalance | |||||
| Newsharesissued | Bonusshare | Sharestransferredfromcapitalreserve | Other | Subtotal | |||
| Totalshares | 996,986,293.00 | -25,000,000.00 | -25,000,000.00 | 971,986,293.00 | |||
41.Capitalreserve
InRMB
| Item | Openingbalance | Currentincrease | Currentdecrease | Endingbalance |
| Capitalpremium(Sharecapitalpremium) | 3,158,553,526.22 | 444,722,092.24 | 2,713,831,433.98 | |
| Othercapitalreserve | 105,095,575.22 | 1,472,411.17 | 3,909.02 | 106,564,077.37 |
| Total | 3,263,649,101.44 | 1,472,411.17 | 444,726,001.26 | 2,820,395,511.35 |
Otherexplanation,includingchangesintheperiodandreasonsforchanges;
(1)Sharecapitalpremiumdecreasedby444,722,092.24yuaninthePeriod,asthecompanycanceled25,000,000written-offtreasuryshares,whichresultedinadecreaseinsharepremium.
(2)Theincreaseof1,472,411.17yuaninothercapitalreservesinthecurrentperiodisduetochangesinotherequityofjointventures,whichthecompanyenjoysinproportiontoitsshareholding;Thedecreaseof3,909.02yuaninothercapitalreservesinthecurrentperiodwasthehandlingfeeforbuybackingshares.
42.Treasurystock
InRMB
| Item | Openingbalance | Currentincrease | Currentdecrease | Endingbalance |
| Stockrepurchases | 469,722,092.24 | 100,005,328.00 | 469,722,092.24 | 100,005,328.00 |
Fundofindustryupgrade(2016)
| Fundofindustryupgrade(2016) | 40,000,000.00 | 40,000,000.00 | Assetrelated | |||
| GuidingcapitalforthetechnicalreformfromStateHi-TechTechnicalCommission | 1,354,537.03 | 609,075.87 | 745,461.16 | Incomerelated | ||
| Implementationofthevariablecross-sectionturbochargerfordieselengine | 1,624,110.44 | 472,494.70 | 1,151,615.74 | Assetrelated | ||
| Municipaltechnologicalreformfundallocationin2020 | 2,295,544.70 | 302,658.40 | 1,992,886.30 | Assetrelated | ||
| Strategiccooperationagreementfundingforkeyenterpriseofsmartmanufacturinginhigh-techzone | 1,708,305.34 | 187,259.45 | 1,521,045.89 | Assetrelated | ||
| R&Dandindustrializationprojectofhigh-performanceprotonexchangemembranefuelcellmembraneelectrodeforvehicles | 6,296,840.52 | 1,003,042.03 | 5,293,798.49 | Assetrelated | ||
| 2023Wuxiindustrialtransformationandupgradingfund | 8,114,753.86 | 505,115.26 | 7,609,638.60 | Assetrelated | ||
| Technicalrenovationandcapacityoptimizationprojectforannualproductionof150,000setsofturbochargers | 1,472,238.25 | 101,940.57 | 1,370,297.68 | Assetrelated | ||
| ProjectontheApplicationofHighDurabilityDynamicSealDevelopmentMachine | 1,530,000.00 | 1,530,000.00 | Assetrelated | |||
| EquipmentInvestmentProjectinthePilotScaleStageofHydrogenFuelCellComponentsin2022 | 582,043.36 | 69,090.41 | 512,952.95 | Assetrelated | ||
| Other | 21,857,429.08 | 12,430,090.50 | 5,915,498.36 | 501,828.16 | 28,873,849.38 | Assetrelated |
| Total | 151,419,335.74 | 12,430,090.50 | 24,402,761.17 | 501,828.16 | 139,948,493.23 |
| Repurchaseobligationofrestrictedstockincentiveplan | ||||
| Total | 469,722,092.24 | 100,005,328.00 | 469,722,092.24 | 100,005,328.00 |
Otherexplanations,includingchangesinthecurrentperiodandexplanationsofthereasonsforthechanges:
Decreasedby469,722,092.24yuaninthePeriod,asthecompanycancelled25,000,000.00written-offtreasuryshares.
43.Othercomprehensiveincome
InRMB
| Item | Openingbalance | Currentperiod | Endingbalance | |||||
| Accountbeforeincometaxintheyear | Less:writteninothercomprehensiveincomeinpreviousperiodandcarriedforwardtocurrentgains/losses | Less:writteninothercomprehensiveincomeinpreviousperiodandcarriedforwardtoretainedearningsincurrentperiod | Less:incometaxexpense | Attributabletoparentcompanyaftertax | Attributabletominorityshareholdersaftertax | |||
| I.Othercomprehensiveincomethatcannotbereclassifiedtogains/losses | -1,437,353.97 | -1,437,353.97 | ||||||
| Including:Remeasurechangesindefinedbenefitplans | -1,453,362.77 | -1,453,362.77 | ||||||
| Othercomprehensiveincomethatcannotbetransferredtogains/lossesunderequitymethod | 16,008.80 | 16,008.80 | ||||||
| II.Othercomprehensiveincomeitemswhichwillbereclassifiedsubsequentlytogains/losses | 11,569,759.36 | 137,032,360.03 | 137,032,360.03 | 148,602,119.39 | ||||
| Conversiondifferenceofforeigncurrencyfinancialstatement | 11,569,759.36 | 137,032,360.03 | 137,032,360.03 | 148,602,119.39 | ||||
| Totalothercomprehensiveincome | 10,132,405.39 | 137,032,360.03 | 137,032,360.03 | 147,164,765.42 | ||||
Otherexplanations,includingtheconversionoftheeffectiveportionofcashflowhedginggainsandlossesintoadjustmentstotheinitialrecognitionamountofthehedgeditem:Nil.
44.Reasonablereserve
InRMB
| Item | Openingbalance | Currentincrease | Currentdecrease | Endingbalance |
| Worksafetyexpense | 6,257,090.28 | 15,315,886.41 | 13,283,896.65 | 8,289,080.04 |
| Total | 6,257,090.28 | 15,315,886.41 | 13,283,896.65 | 8,289,080.04 |
Otherexplanation,includingchangesandreasonsforchanges:
(1)Explanationonthewithdrawingofspecialreserves(worksafetyexpense):AccordingtotheAdministrativeMeasuresontheWithdrawingandUseofEnterpriseSafetyProductionExpenses(CZ[2022]No.136)jointlyissuedbytheMinistryofFinanceandtheStateAdministrationofWorkSafety,inthecurrentperiod,theCompanyadoptedexcessretreatmethodforquarterlywithdrawalbytakingtheactualoperatingincomeofthepreviousperiodasthewithdrawingbasis.
(2)Amongtheaboveworksafetyexpense,includingtheworksafetyexpenseaccruedbytheCompanyinlinewithregulationsandthepartsattributedtoshareholdersoftheCompanyinworksafetyexpenseaccruedbysubsidiaryinlinewithregulations.
45.Surplusreserve
InRMB
| Item | Openingbalance | Currentincreased | Currentdecreased | Endingbalance |
| Statutorysurplusreserves | 510,100,496.00 | 510,100,496.00 | |
| Total | 510,100,496.00 | 510,100,496.00 |
Otherexplanation,includingchangesandreasonsforchanges:
PursuittotheCompanyLawandArticleofAssociation,theCompanywithdrawsstatutorysurplusreserveon10%ofthenetprofit.Nomoreamountsshallbewithdrawaliftheaccumulatedstatutorysurplusreservetakesover50%oftheregisteredcapital.
46.Retainedprofit
InRMB
| Item | Currentperiod | Lastperiod |
| Retainedprofitsattheendoflastyearbeforeadjustment | 15,523,124,882.77 | 15,054,950,398.12 |
| Retainedprofitsatthebeginningoftheyearafteradjustment | 15,523,124,882.77 | 15,054,950,398.12 |
| Add:netprofitsattributabletoownersofpatentcompanyofthisperiod | 701,870,308.75 | 1,659,533,740.63 |
| Less:Withdrawemployeerewardsandwelfarefunds | 5,535,978.52 | |
| Cashdividendspayable | 872,473,493.70 | 1,185,823,277.46 |
| Retainedprofitatperiod-end | 15,352,521,697.82 | 15,523,124,882.77 |
Detailsaboutadjustingtheretainedprofitsatthebeginningoftheperiod:
1)TheretroactiveadjustmentstoAccountingStandardsforBusinessEnterprisesanditsrelevantnewregulationsaffecttheretainedprofitsatthebeginningoftheperiodamountingto0yuan.
2)Thechangesinaccountingpoliciesaffecttheretainedprofitsatthebeginningoftheperiodamountingto0yuan.
3)Themajoraccountingerrorcorrectionaffectstheretainedprofitsatthebeginningoftheperiodamountingto0yuan
4)Mergescopechangescausedbythesamecontrolaffecttheretainedprofitsatthebeginningoftheperiodamountingto0yuan.
5)Otheradjustmentsaffecttheretainedprofitsatthebeginningoftheperiodamountingto0yuan
47.Operatingincomeandcost
InRMB
| Item | Currentperiod | Lastperiod | ||
| Income | Cost | Income | Cost | |
| Mainoperating | 5,664,265,047.26 | 4,727,893,633.72 | 5,602,366,875.45 | 4,625,977,661.64 |
| Otherbusiness | 96,153,585.85 | 37,329,159.55 | 91,866,677.27 | 30,382,562.42 |
| Total | 5,760,418,633.11 | 4,765,222,793.27 | 5,694,233,552.72 | 4,656,360,224.06 |
Breakdowninformationofoperatingincomeandoperatingcost:
InRMB
| Typeofcontract | Energyconservationandemissionreduction:Segmentofautomotivefuelinjectionsystemproducts | Energyconservationandemissionreduction:Segmentofautomotiveafter-treatmentsystemproducts | Energyconservationandemissionreduction:Segmentofintakesystemproducts | Segmentofgreenhydrogenproducts | Intelligentelectricproducts | Total | ||||||
| Operatingincome | Operatingcost | Operatingincome | Operatingcost | Operatingincome | Operatingcost | Operatingincome | Operatingcost | Operatingincome | Operatingcost | Operatingincome | Operatingcost | |
| Businesstype | ||||||||||||
| Including: | ||||||||||||
| Primarybusiness | ||||||||||||
| Including:recognizeatacertainpointintime | 2,313,650,577.35 | 1,836,530,419.01 | 1,844,896,152.37 | 1,601,070,878.09 | 433,871,615.55 | 344,043,018.19 | 1,030,691,340.94 | 906,135,804.38 | 41,155,361.05 | 40,113,514.05 | 5,664,265,047.26 | 4,727,893,633.72 |
| Recognizedwithinacertain | ||||||||||||
| periodoftime | ||||||||||||
| Otherbusiness | ||||||||||||
| Including:recognizeatacertainpointintime | 58,470,580.74 | 22,229,440.12 | 14,845,988.00 | 6,170,486.15 | 4,469,988.93 | 283,673.49 | 7,039,232.77 | 2,922,977.34 | 84,825,790.44 | 31,606,577.10 | ||
| Recognizedwithinacertainperiodoftime | ||||||||||||
| Leaseincome | 9,603,005.34 | 5,025,338.53 | 1,014,123.91 | 571,060.06 | 710,666.16 | 126,183.86 | 11,327,795.41 | 5,722,582.45 | ||||
| Total | 2,381,724,163.43 | 1,863,785,197.66 | 1,860,756,264.28 | 1,607,812,424.30 | 439,052,270.64 | 344,452,875.54 | 1,037,730,573.71 | 909,058,781.72 | 41,155,361.05 | 40,113,514.05 | 5,760,418,633.11 | 4,765,222,793.27 |
48.Operatingtaxandextra
InRMB
| Item | Currentperiod | LastPeriod |
| Citymaintaining&constructiontax | 7,020,427.71 | 5,794,135.28 |
| Educationalsurtax | 5,025,514.39 | 4,148,769.09 |
| Propertytax | 12,450,878.16 | 10,803,395.41 |
| Landusetax | 2,664,542.78 | 2,892,897.92 |
| Vehicleusetax | 9,789.10 | 3,536.00 |
| Stampduty | 4,264,416.03 | 4,000,044.56 |
| Othertaxes | 390,464.52 | 617,416.53 |
| Total | 31,826,032.69 | 28,260,194.79 |
49.Administrationexpenses
InRMB
| Item | Currentperiod | Lastperiod |
| Salaryandwagerelatedexpense | 204,152,165.94 | 184,784,922.02 |
| Depreciationchargerandlong-termassetsamortization | 71,505,562.18 | 59,381,681.77 |
| Consumptionofofficematerialsandbusinesstravelcharge | 13,749,617.83 | 10,158,382.36 |
| Other | 91,866,536.05 | 76,614,673.16 |
| Total | 381,273,882.00 | 330,939,659.31 |
50.Salesexpenses
InRMB
| Item | Currentperiod | LastPeriod |
| Salaryandwagerelatedexpense | 44,704,795.75 | 41,075,635.21 |
| Consumptionofofficematerialsandbusinesstravelcharge | 5,640,944.50 | 5,532,210.03 |
| Warehousecharge | 2,221,697.97 | 10,002,106.13 |
| Businessentertainmentfee | 3,830,951.97 | 5,635,855.05 |
| Other | 27,600,272.59 | 15,174,719.90 |
| Total | 83,998,662.78 | 77,420,526.32 |
51.R&Dexpenditure
InRMB
| Item | Currentperiod | Lastperiod |
| Technologydevelopmentexpenditure | 350,722,149.70 | 302,233,285.34 |
| Total | 350,722,149.70 | 302,233,285.34 |
52.Financialexpenses
InRMB
| Item | Currentperiod | Lastperiod |
| Interestexpenses | 9,045,918.64 | 13,772,229.94 |
| Interestincome | 26,681,031.13 | 18,112,595.69 |
| Gains/lossesfromexchange | -19,703,453.00 | 10,342,985.06 |
| Handlingcharges | 2,265,521.40 | 2,209,219.32 |
| Total | -35,073,044.09 | 8,211,838.63 |
53.Otherincome
InRMB
| Sourcesofincomegenerated | Currentperiod | Lastperiod |
| Governmentgrantswithroutineoperationactivityconcerned | 33,077,846.97 | 40,309,960.72 |
| VATinstantrefund | 42,098,842.88 | 83,247,274.78 |
| Taxcreditforoverseassubsidiaries | 277,977.10 | 6,583,950.25 |
| Refundofindividualincometaxhandlingfee | 678,611.32 | 744,863.36 |
| Total | 76,133,278.27 | 130,886,049.11 |
Amongthem,thedetailsofgovernmentsubsidiesareasfollows:
| Subsidyprojects | Currentperiod | Lastperiod | Relatedtoasset/income |
| Annualproductionof300,000fourcylinderenginesuperchargertechnologyrenovationproject | 6,771.94 | Relatedtoasset | |
| Depreciation/amortizationcompensationfornewlybuiltassetaftertherelocationoftheparentCompany | 8,204,471.17 | 8,771,401.60 | Relatedtoasset |
| Technicaltransformationofcatalyticreductionsystemforcommercialvehicleswithanannualoutputof180,000units | 57,777.78 | 60,222.22 | Relatedtoasset |
| Researchandindustrializationprojectofhigh-pressurevariablepumpforcommonrailsystemofautomotivedieselengine | 342,637.95 | 499,317.53 | Relatedtoasset |
| Intelligentmanufacturingdemonstrationprojectfunds | 35,999.56 | 89,925.24 | Relatedtoasset |
| ResearchInstituteofMotorVehicleExhaustAftertreatmentTechnology | 22,026.39 | Relatedtoasset | |
| Implementationplanforvariablecross-sectionturbochargersindieselengines | 472,494.70 | 540,821.30 | Relatedtoasset |
| Subsidyfortheannualproductionof200,000gasolineengineturbochargerstechnologyrenovationproject | 137,039.64 | 137,881.94 | Relatedtoasset |
| Annualproductionof150,000gasolineengineturbochargers | 103,967.86 | 103,967.92 | Relatedtoasset |
| TechnicalTransformationGuidanceFundoftheNationalHightechManagementCommittee | 609,075.87 | 609,075.97 | Relatedtoasset |
| Industrialupgradingfund | 6,298,651.31 | 8,540,272.85 | Relatedtoincome |
| R&Dcapabilityandproductionlinetechnologytransformationprojectofdistributedhigh-pressurecommonrailsystemfordieselengines | 390,825.69 | 390,825.70 | Relatedtoasset |
| Fundingformunicipalleveltechnologicalrenovationprojectsin2020 | 302,658.40 | 307,827.42 | Relatedtoasset |
| Thesecondbatchofprovincialspecialfundsforindustrialandinformationindustrytransformationin2019 | 58,959.60 | 211,422.34 | Relatedtoasset |
| Subsidiesforstabilizingandexpandingpositions | 375,067.19 | 13,500.00 | Relatedtoincome |
| TechnicalRenovationandCapacityOptimizationProjectforAnnualProductionof150,000Turbochargers | 101,940.57 | 101,940.53 | Relatedtoasset |
| Subsidyprojects | Currentperiod | Lastperiod | Relatedtoasset/income |
| Thethirdbatchofprovincialspecialfundsforindustrialandinformationindustrytransformationandupgradingin2021 | 1,003,042.03 | 513,223.58 | Relatedtoasset |
| 2023WuxiIndustrialTransformationandUpgradingFund(SecondBatch)SupportProjectIntelligentConstructionProject | 505,115.26 | 443,246.59 | Relatedtoasset |
| 3R | 697,092.82 | Relatedtoincome | |
| Anione | 50,521.95 | Relatedtoincome | |
| Provincialspecialized,refined,uniqueandnewsmallandmedium-sizedenterprises | 150,000.00 | Relatedtoincome | |
| Ningbo(Jiangbei)HightechIndustrialPark | 840,000.00 | Relatedtoincome | |
| Industrialupgradingsubsidy | 11,433,123.80 | Relatedtoincome | |
| Subsidiesforhigh-techenterprises | 100,000.00 | Relatedtoincome | |
| Fundsforindustrialtransformationandupgrading | 2,230,000.04 | Relatedtoincome | |
| The2024MunicipalIndustrialTransformationandUpgrading(IntelligentizationConstructionProject) | 1,990,000.00 | Relatedtoasset | |
| 2021AnnualQualityBrandStandardSubsidyFund | 1,710,000.00 | Relatedtoincome | |
| Subsidiesfortalentpolicies | 1,150,000.00 | Relatedtoincome | |
| Innovationsubsidiesintheequitymarket | 400,000.00 | Relatedtoincome | |
| Thesixthbatchofthenewenergyvehiclespecialproject | 500,000.00 | Relatedtoincome | |
| RewardforIndustrialEnterprisestoMaintainSteadyGrowth | 110,000.00 | Relatedtoincome | |
| Other | 5,888,122.35 | 5,775,551.09 | Relatedtoasset/income |
| Total | 33,077,846.97 | 40,309,960.72 |
54.Incomefromchangeoffairvalue
InRMB
| Sources | Currentperiod | Lastperiod |
| Changesinthefairvalueoftradablefinancialassets | 27,874,369.01 | -105,956,110.61 |
| Total | 27,874,369.01 | -105,956,110.61 |
55.Investmentincome
InRMB
| Item | Currentperiod | Lastperiod |
| Incomeoflong-termequityinvestmentmeasuredwithequitymethod | 537,786,063.13 | 734,287,171.95 |
| Investmentincomefromholdingoftradablefinancialassets | 8,904,917.47 | 37,864,494.00 |
| Investmentincomefromdisposaloftradablefinancialassets | 957,401.23 | |
| Incomefromdebtrestructuring | -90,729.00 | -284,132.56 |
| Gains/lossesrecognizedwhenfinancingofaccountsreceivableisterminatedfordiscounting | -1,612,166.00 | -2,198,912.35 |
| Total | 545,945,486.83 | 769,668,621.04 |
56.Creditimpairmentloss
InRMB
| Item | Currentperiod | Lastperiod |
| Baddebtlossofaccountsreceivable | -491,957.86 | -865,695.62 |
| Baddebtlossofotheraccountsreceivable | -1,461,928.21 | 4,356,331.08 |
| Total | -1,953,886.07 | 3,490,635.46 |
57.Assetimpairmentloss
InRMB
| Item | Currentperiod | Lastperiod |
| 1.Lossofinventoryfallingpriceandlossofcontractperformancecostimpairment | -72,319,585.77 | -66,803,279.10 |
| Total | -72,319,585.77 | -66,803,279.10 |
58.Incomefromassetsdisposal
InRMB
| Sources | Currentperiod | Lastperiod |
| Incomefromdisposalofnon-currentassets | 636,603.52 | 7,727,515.15 |
| Lossesfromdisposalofnon-currentassets | -2,678,147.48 | -1,868,313.66 |
| Total | -2,041,543.96 | 5,859,201.49 |
59.Non-operatingincome
InRMB
| Item | Currentperiod | Lastperiod | Amountreckonedintocurrentnon-recurringgains/losses |
| Payablesthatdonotneedtobepaid | 988,957.32 | 429,031.67 | 988,957.32 |
| Liquidateddamagesandcompensationincome | 1,590,079.15 | 71,807.84 | 1,590,079.15 |
| Other | 15,432.64 | 199,579.16 | 15,432.64 |
| Total | 2,594,469.11 | 700,418.67 | 2,594,469.11 |
60.Non-operatingexpense
InRMB
| Item | Currentperiod | Lastperiod | Amountreckonedintocurrentnon-recurringgains/losses |
| Donation | 200,000.00 | 213,500.00 | 200,000.00 |
| Non-currentassetsdisposallosses | 3,120,421.81 | 385,558.12 | 3,120,421.81 |
| Including:lossonscrappingoffixedassets | 3,120,421.81 | 385,558.12 | 3,120,421.81 |
| Penaltyandbreachofcontractcompensationexpenses | 23,172.01 | 2,748,402.93 | 23,172.01 |
| Other | 1,115.02 | 14,354.30 | 1,115.02 |
| Total | 3,344,708.84 | 3,361,815.35 | 3,344,708.84 |
61.Incometaxexpense
(1)Incometaxexpense
InRMB
| Item | Currentperiod | Lastperiod |
| Payabletaxincurrentperiod | 33,995,641.69 | 34,807,415.48 |
| Deferredincometaxexpense | 8,193,965.24 | -11,103,694.92 |
| Total | 42,189,606.93 | 23,703,720.56 |
(2)Adjustmentonaccountingprofitandincometaxexpenses
InRMB
| Item | Currentperiod |
| Totalprofit | 755,336,035.34 |
| Incometaxmeasuredatstatutory/applicabletaxrate | 113,300,405.30 |
| Impactbydifferenttaxrateappliedbysubsidies | -1,693,819.95 |
| Impactfromadjustingthepreviousincometax | -1,151,535.65 |
| Impactbynon-taxablerevenue | -77,416,680.91 |
| Impactoncost,expensesandlossesunabletobededucted | 499,222.35 |
| Impactbythedeductiblelossesoftheun-recognizedpreviousdeferredincometax | -15,739,440.56 |
| Thedeductibletemporarydifferencesordeductiblelossesoftheun-recognizeddeferredincometaxassetsinthePeriod | 27,109,715.25 |
| Impactonadditionaldeduction | -3,247,057.18 |
| Other | 528,798.28 |
| Incometaxexpense | 42,189,606.93 |
62.Othercomprehensiveincome
SeeNotesVII,43“Othercomprehensiveincome”.
63.Itemsofcashflowstatement
(1)CashreceivedinrelationtooperationactivitiesOthercashreceivedinrelatedtooperationactivities
InRMB
| Item | Currentperiod | Lastperiod |
| Interestincome | 8,107,660.40 | 18,112,595.69 |
| Governmentgrants | 12,054,487.84 | 19,534,548.13 |
| Other | 4,970,706.43 | 16,773,005.42 |
| Total | 25,132,854.67 | 54,420,149.24 |
Explanationonothercashreceivedinrelationtooperationactivities:NilOthercashpaidinrelationtooperationactivities
InRMB
| Item | Currentperiod | Lastperiod |
| Cashcost | 309,302,243.69 | 320,543,557.21 |
| Other | 4,841,083.61 | 12,024,400.43 |
| Total | 314,143,327.30 | 332,567,957.64 |
Explanationonothercashpaidinrelationtooperationactivities:Nil
(2)Cashinrelatedtoinvestmentactivities
Nil
(3)Cashinrelatedtofinancingactivities
Othercashpaidinrelatedtofinancingactivities
InRMB
| Item | Currentperiod | Lastperiod |
| Leasepayments | 23,042,522.75 | 9,325,420.84 |
| Sharesrepurchaseforrestrictedstockincentiveplanunlocked | 63,567,420.00 | |
| RepurchaseofAshares | 100,005,328.00 | |
| Other | 9,439.42 | 10,353.00 |
| Total | 123,057,290.17 | 72,903,193.84 |
Explanationonothercashpaidinrelationtofinancingactivities:NilChangesinliabilitiesarisingfromfinancingactivities?Applicable?Notapplicable
(4)ExplanationoncashflowlistedatnetamountNil
(5)SignificantactivitiesandfinancialimpactsthatdonotinvolvecurrentcashinflowsandoutflowsbutaffectthefinancialconditionofthecompanyormayaffectthecashflowofthecompanyinthefutureNil
64.Supplementaryinformationtostatementofcashflow
(1)Supplementaryinformationtostatementofcashflow
InRMB
| Supplementaryinformation | Currentperiod | LastPeriod |
| 1.Netprofitadjustedtocashflowofoperationactivities: | ||
| Netprofit | 713,146,428.41 | 1,001,587,824.42 |
| Add:Assetsimpairmentprovision | 74,273,471.84 | 63,312,643.64 |
| Depreciationoffixedassets,consumptionofoilassetsanddepreciationofproductivebiologyassets | 318,198,397.15 | 282,824,515.77 |
| Depreciationofright-of-useassets | 17,921,960.23 | 8,189,471.05 |
| Amortizationofintangibleassets | 32,244,387.75 | 36,545,321.55 |
| Amortizationoflong-termdeferredexpenses | 3,595,375.61 | 4,236,889.73 |
| Lossesfromdisposaloffixedassets,intangibleassetsandotherlong-termassets(gainsshallbefilledinwiththesignof“-”) | 2,041,543.96 | -5,859,201.49 |
| Lossesonscrappingoffixedassets(gainsshallbefilledinwiththesignof“-”) | 3,120,421.81 | 385,321.29 |
| Gains/lossesfromchangesinfairvalue(gainsshallbefilledinwiththesignof“-”) | -27,874,369.01 | 105,956,110.61 |
| Financialexpenses(gainsshallbefilledinwiththesignof“-”) | -25,308,408.52 | 10,831,104.48 |
| Investmentlosses(gainsshallbefilledinwiththesignof“-”) | -544,242,591.83 | -771,867,533.39 |
| Decreaseofdeferredincometaxasset(increaseshallbefilledinwiththesignof“-”) | 10,158,100.24 | -15,433,648.34 |
| Increaseofdeferredincometaxliability(decreaseshallbefilledinwiththesignof“-”) | 1,365,216.74 | 4,329,953.42 |
| Decreaseofinventory(increaseshallbefilledinwiththesignof“-”) | 226,450,506.94 | 110,740,083.45 |
| Decreaseofoperatingreceivableaccounts(increaseshallbefilledinwiththesignof“-”) | -422,168,504.08 | -46,728,537.49 |
| Increaseofoperatingpayableaccounts(decreaseshallbefilledinwiththesignof“-”) | 107,694,431.99 | 95,327,334.27 |
| Other | 2,257,909.51 | 3,514,664.40 |
| Netcashflowsarisingfromoperatingactivities | 492,874,278.74 | 887,892,317.37 |
| 2.Majorinvestmentsandfinancingactivitiesthatdonotinvolvecashreceiptsandpayments | ||
| Debt-to-capital | ||
| Convertiblebondsmaturingwithinoneyear | ||
| Financingtoleasefixedassets | ||
| 3.Netchangeofcashandcashequivalents: | ||
| Balanceofcashatperiodend | 2,205,802,925.80 | 1,874,301,039.39 |
| Less:Balanceofcashequivalentatyear-begin | 1,756,944,672.22 | 2,061,986,694.41 |
| Add:Balanceatyear-endofcashequivalents | ||
| Less:Balanceatyear-beginofcashequivalents |
| Netincreaseofcashandcashequivalents | 448,858,253.58 | -187,685,655.02 |
(2)Netcashpaymentfortheacquisitionofsubsidiariesintheperiod
Nil
(3)Netcashreceivedfromthedisposalofsubsidiaries
Nil
(4)Componentsofcashandcashequivalent
InRMB
| Item | Endingbalance | Openingbalance |
| I.Cash | 2,205,802,925.80 | 1,756,944,672.22 |
| Including:Cashonhand | 5,161.51 | 5,360.59 |
| Bankdepositavailableforpaymentatanytime | 2,205,797,764.29 | 1,756,884,345.96 |
| Othermonetaryfundsavailableforpaymentatanytime | 54,965.67 | |
| II.Balanceofcashandcashequivalentsattheperiod-end | 2,205,802,925.80 | 1,756,944,672.22 |
(5)Itemswhoseapplicationscopeisrestrictedbutarestilllistedascashandcashequivalents
Nil
(6)Monetaryitemsnotbelongingtocashandcashequivalents
| Item | Currentperiod | Lastperiod | Reasonsfornotbelongingtocashandcashequivalents |
| Bankdeposit-principaloftimedepositswithamaturityofmorethanthreemonths | 110,000,000.00 | 460,000,000.00 | Donotmeetthedefinitionofcashandcashequivalents. |
| Bankdeposit-accruedinterestontimebankdepositswithamaturityofmorethanthreemonths | 920,650.69 | 783,541.52 | Donotmeetthedefinitionofcashandcashequivalents. |
| Othermonetaryfunds-marginpaidforbankacceptancebill | 142,735,966.40 | 20,363,281.63 | Donotmeetthedefinitionofcashandcashequivalents. |
| Othermonetaryfunds-IRDperformancebond | 8,470,394.37 | 7,583,721.64 | Donotmeetthedefinitionofcashandcashequivalents. |
| Othermonetaryfunds-Mastercardmargin | 225,875.75 | 202,231.29 | Donotmeetthedefinitionofcashandcashequivalents. |
| Othermonetaryfunds-Guaranteelettermargin | 278,566.46 | 719,003.22 | Donotmeetthedefinitionofcashandcashequivalents. |
| Othermonetaryfunds-ETCfreeze | 4,000.00 | Donotmeetthedefinitionofcashandcashequivalents. | |
| Total | 262,631,453.67 | 489,655,779.30 |
(7)Notestoothersignificantactivities
Nil
65.Notestochangesinentriesofowners’equityExplaintheitemsandamountatperiod-endadjustedfor“Other”atendofthelastyear:Nil
66.Itemofforeigncurrency
(1)Itemofforeigncurrency
InRMB
| Item | Endingbalanceofforeigncurrency | Rateofconversion | EndingRMBbalanceconverted |
| Monetaryfunds | |||
| Including:USD | 24,898,489.10 | 7.1586 | 178,238,334.31 |
| EUR | 24,863,114.11 | 8.4024 | 208,910,008.02 |
| HKD | 7,038,125.85 | 0.91195 | 6,418,418.87 |
| JPY | 16,498,003.00 | 0.049594 | 818,201.97 |
| DKK | 97,140,927.46 | 1.1263 | 109,409,826.59 |
| Accountsreceivable | |||
| Including:USD | 2,697,452.11 | 7.1586 | 19,309,980.68 |
| EUR | 30,082,464.69 | 8.4024 | 252,764,901.31 |
| HKD | |||
| DKK | 24,236,367.20 | 1.1263 | 27,297,420.38 |
| Long-termborrowings | |||
| Including:USD | |||
| EUR | |||
| HKD | |||
| Otheraccountsreceivable | |||
| Including:EUR | 454,612.94 | 8.4024 | 3,819,839.77 |
| DKK | 8,246,202.64 | 1.1263 | 9,287,698.03 |
| Short-termborrowings | |||
| EUR | 3,001,854.83 | 8.4024 | 25,222,785.02 |
| Accountspayable | |||
| Including:USD | 686,323.79 | 7.1586 | 4,913,117.48 |
| EUR | 23,709,748.03 | 8.4024 | 199,218,786.85 |
| JPY | 55,008,998.00 | 0.049594 | 2,728,116.24 |
| DKK | 31,593,316.38 | 1.1263 | 35,583,552.24 |
| CHF | 95,156.24 | 8.9721 | 853,751.30 |
| Otheraccountspayable | |||
| Including:EUR | 5,403.28 | 8.4024 | 45,400.52 |
| USD | 1,087.90 | 7.1586 | 7,787.84 |
| DKK | 895,565.40 | 1.1263 | 1,008,675.31 |
| Non-currentliabilitiesduewithinoneyear | |||
| Including:USD | 142,410.22 | 7.1586 | 1,019,457.80 |
| EUR | 766,847.71 | 8.4024 | 6,443,361.20 |
| DKK | 2,608,084.13 | 1.1263 | 2,937,485.16 |
| Leasingliabilities | |||
| Including:USD | |||
| EUR | 2,627,660.73 | 8.4024 | 22,078,656.52 |
| DKK | 17,473,839.18 | 1.1263 | 19,680,785.07 |
Otherexplanation:
(2)Explanationonoverseasoperatingentities.Forimportantoverseasoperatingentities,itisnecessary
todisclosetheirmainoverseasbusinesslocations,thefunctionalcurrencyusedforaccountingandthebasisfortheselection.Intheeventthattherearechangesinthefunctionalcurrencyusedforaccounting,thereasonsforsuchchangesshouldalsobedisclosed.?Applicable□NotapplicableIRD,asubsidiaryoftheCompany,wasestablishedinDenmarkin1996.The66%equityofIRDwereacquiredbytheCompanyincashinApril2019.InOctober2020,thecompanyacquiredtheremaining34.00%equityofIRDincash,thustheCompanyholds100%equityofIRD.IRDisdenominatedinDanishKrone,andIRDismainlyengagedinR&D,productionandsalesoffuelcellcomponents.Borit,asubsidiaryofthecompany,wasestablishedinBelgiumin2010.TheCompanyacquired100%equityofBoritincashinNovember2020.BoritisdenominatedinEuroandengagedinR&D,productionandsalesoffuelcellcomponents.VHIO,asubsidiaryofthecompany,wasestablishedinItalyin2000.TheCompanyacquired100.00%equityofVHIOincashinOctober2022.ThecompanyisdenominatedinEuroandengagedinR&D,production,andsalesofvacuumandhydraulicpumps.
67.Lease
(1)Thecompanyasthelessee?Applicable?NotapplicableVariableleasepaymentsnotincludedinthemeasurementofleaseliabilities?Applicable□NotapplicableVariableleasepaymentsnotincludedinthemeasurementofleaseliabilitiesarerecognizedincurrentgains/lossesatthetimeofoccurrence.WhentheCompany'sassessmentresultsofrenewaloptions,terminationoptionsorpurchaseoptionschange,theleaseliabilityisremeasuredatthepresentvalueoftherevisedleasepaymentsandthereviseddiscountrate,andthecarryingamountoftheright-of-useassetisadjustedaccordingly.Incasetherearechangesinthesubstantialleasepayments,theexpectedamountpayablefortheguaranteedresidualvalue,orthevariableleasepaymentsdependentontheindexorrate,theleaseliabilityisremeasuredatthepresentvalueoftherevisedleasepaymentsandtheoriginaldiscountrate,andthecarryingamountoftheright-of-useassetisadjustedaccordingly.Leasingcostsofsimplifiedhandlingofshort-termleasingorleasingcostsforlowvalueassets?Applicable□NotapplicableForshort-termleases(theleasetermnotexceeding12monthsatthecommencementdate)andleasesoflow-valueassets(assetswithvalueoflessthan2,000yuan),theCompanyadoptsasimplifiedtreatmentmethod,notrecognizingright-of-useassetsandleaseliabilities.Instead,theleasepaymentsarerecognizedintherelevantassetcostsorcurrentprofitsandlossesonastraight-linebasisorothersystematicallyreasonablemethodsovereachperiodwithintheleaseterm.SituationinvolvingsaleandleasebacktransactionsNil
(2)Thecompanyasthelessor
Operatingleasewiththecompanyasthelessor?Applicable□Notapplicable
InRMB
| Item | Rentalincome | Including:incomerelatedtovariableleasepaymentsnotincludedinrentalincome |
| Rentalofhousesandequipment | 13,391,341.58 |
| Total | 13,391,341.58 |
Financingleasewiththecompanyasthelessor
□Applicable?NotapplicableAnnualun-discountedrentalincomeforthenextfiveyears
□Applicable?NotapplicableAdjustmenttableforun-discountedrentalincomeandnetleaseinvestments:Nil
(3)Recognizegains/lossesarisingfromfinancingleasesalewiththecompanyasproducerordealer
□Applicable?Notapplicable
68.DataresourceNil
69.Others
Nil
VIII.R&Dexpenditure
InRMB
| Item | Currentperiod | Lastperiod |
| Employeecompensation | 153,794,341.30 | 136,777,851.37 |
| Directinvestment | 105,732,400.86 | 78,083,296.26 |
| Depreciationandamortization | 50,983,948.92 | 52,746,394.50 |
| Other | 40,211,458.62 | 34,625,743.21 |
| Total | 350,722,149.70 | 302,233,285.34 |
| Including:expensedR&Dexpenditure | 350,722,149.70 | 302,233,285.34 |
1.R&Ditemsthatmeetcapitalizationconditions
Nil
2.Importantoutsourcedprojectsunderresearch
Nil
IX.Changesinconsolidationscope
1.Enterprisecombinationnotunderthesamecontrol
(1)Enterprisecombinesnotunderthesamecontroloccurredintheperiod
Nil
(2)Consolidationcostandgoodwill
Nil
(3)BookvalueofidentifiableassetsandliabilitiesofthemergedpartyonthemergerdateNil
(4)Gainsorlossesarisingfromtheremeasurementofequityheldbeforetheacquisitiondateatfairvalue
WhetheritisabusinesscombinationrealizedbytwoormoretransactionsofexchangeandatransactionofobtainedcontrolrightsinthePeriodornot?
□Yes?No
(5)ExplanationontheinabilitytoreasonablydeterminethemergerconsiderationorthefairvalueofidentifiableassetsandliabilitiesoftheacquiredpartyonthepurchasedateorattheendofthemergerperiodNil
(6)Otherexplanation
Nil
2.Enterprisecombinationunderthesamecontrol
(1)Enterprisecombinationunderthesamecontrolthatoccurredinthecurrentperiod
Nil
(2)Consolidationcost
Nil
(3)BookvalueofassetsandliabilitiesofthemergedpartyonmergerdateNil
3.ReversepurchaseBasicinformationofthetransaction,basisforthetransactionconstitutingreverseacquisition,whethertheassetsandliabilitiesretainedbythelistedcompanyconstituteabusinessandthebasisthereof,determinationofthecombinationcost,amountofequityadjustmentwhenhandledinaccordancewithequitytransactionsanditscalculation.
4.Disposalofsubsidiaries
Whethertherearetransactionsoreventsinvolvingthelossofcontroloversubsidiariesinthecurrentperiodornot?
□Yes?NoWhetherthereisaasituationwheretheinvestmentinasubsidiaryisdisposedofstepbystepthroughmultipletransactionsandcontrolislostinthecurrentperiodornot?
□Yes?No
5.Changesinthescopeofconsolidationduetootherreasons
Explanationofchangesinthescopeofconsolidationcausedbyotherreasons(suchastheestablishmentofnewsubsidiaries,liquidationofsubsidiaries,etc.)andtheirrelatedsituations:
Investmentandestablishment:WeifuETHydrogenEnergyTechnology(Wuxi)Co.,Ltd.
6.OthersNilX.Equityinotherentities
1.Equityinsubsidiary
(1)Constituteofenterprisegroup
Intenthousand
| Subsidiary | Registeredcapital | Mainoperationplace | Registeredplace | Businessnature | Shareholdingratio | Acquiredway | |
| Directly | Indirectly | ||||||
| WFJN | 34,628.68 | Nanjing | Nanjing | Sparepartsofinternal-combustionengine | 80.00% | Enterprisecombinesunderthesamecontrol | |
| WFLD | 50,259.63 | Wuxi | Wuxi | Automobileexhaustpurifier,muffler | 100.00% | Enterprisecombinesunderthesamecontrol | |
| WFMA | 16,500 | Wuxi | Wuxi | Sparepartsofinternal-combustionengine | 100.00% | Investment | |
| WFCA | 21,000 | Wuxi | Wuxi | Sparepartsofinternal-combustionengine | 100.00% | Investment | |
| WFTR | 3,000 | Wuxi | Wuxi | Trading | 100.00% | Enterprisecombinesunderthesamecontrol | |
| WFSC | 7,600 | Wuxi | Wuxi | Sparepartsofinternal-combustionengine | 66.00% | Investment | |
| WFTT | 11,136 | Ningbo | Ningbo | Sparepartsofinternal-combustionengine | 98.83% | 1.17% | Enterprisecombinesnotunderthesamecontrol |
| WFAM | USD3,310 | Wuxi | Wuxi | Sparepartsofinternal-combustionengine | 51.00% | Enterprisecombinesnotunderthesamecontrol | |
| WFLD(Wuhan) | 300 | Wuhan | Wuhan | Automobileexhaustpurifier,muffler | 60.00% | Investment | |
| WFLD(Chongqing) | 5,000 | Chongqing | Chongqing | Automobileexhaustpurifier,muffler | 100.00% | Investment | |
| WFLD(Nanchang) | 3,000 | Nanchang | Nanchang | Automobileexhaustpurifier,muffler | 100.00% | Investment | |
| WFAS | 16,500 | Wuxi | Wuxi | Smartcarequipment | 66.00% | Investment | |
| WFLH | 2,000 | Fuzhou | Fuzhou | Smartcarequipment | 40.00% | Investment | |
| WFDT | USD2,000 | Wuxi | Wuxi | HubMotor | 80.00% | Enterprisecombinesnotunderthesamecontrol | |
| WFQL | 50,000 | Wuxi | Wuxi | Fuelcellcomponents | 45.00% | 30.00% | Investment |
| VHCN | 13,400 | Wuxi | Wuxi | Vacuumandhydraulicpump | 100.00% | Enterprisecombinesnotunderthesamecontrol | |
| WFSS | 35,000 | Wuxi | Wuxi | Smartcarequipment | 61.43% | Investment | |
| WFET | EUR1213.6 | Wuxi | Wuxi | Hydrogenstorageequipment | 51.00% | Investment | |
| SPV | DKK13,867.50 | Denmark | Denmark | Investment | 100.00% | Investment | |
| IRD | DKK12,732 | Denmark | Denmark | Fuelcellcomponents | 100.00% | Enterprisecombinesnotunderthesamecontrol | |
| IRDAmerica | USD1,543 | America | America | Fuelcellcomponents | 100.00% | Enterprisecombinesnotunderthesamecontrol | |
| Borit | EUR2,183 | Belgium | Belgium | Fuelcellcomponents | 100.00% | Enterprisecombinesnotunderthesamecontrol | |
| BoritAmerica | USD5 | America | America | Fuelcellcomponents | 100.00% | Enterprisecombinesnotunderthesamecontrol | |
| VHIO | EUR500 | Italy | Italy | Vacuumandhydraulicpump | 100.00% | Enterprisecombinesnotunderthesamecontrol |
Explanationonshareholdingratioinsubsidiarydifferentfromratioofvotingright:
TheCompany’swholly-ownedsubsidiary,WFAS,jointlyestablishedWFLHwithNingboMiheTechnologyCo.,Ltd.andQihengchengAutomotiveTechnology(Shanghai)Co.,Ltd.TheregisteredcapitalofWFLHatitsestablishmentwasRMB20million,withWFAScontributingRMB8million,holdinga40%stake;NingboMiheTechnologyCo.,Ltd.contributingRMB6million,holdinga30%stake;andQihengchengAutomotiveTechnology(Shanghai)Co.,Ltd.contributingRMB6million,holdinga30%stake.AccordingtothearticlesofassociationofWFLHandtherelevantinvestmentagreements,WFASisabletoexercisecontroloverWFLH.Basisforholdinghalforlessofthevotingrightsbutstillcontrollingtheinvestee,andholdingmorethanhalfofthevotingrightsbutnotcontrollingtheinvestee:NilBasisforinclusioninthescopeofconsolidationofsignificantstructuredentities,control:NilBasisfordeterminingwhetheracompanyisanagentoraprincipal:NilOtherexplanation:
InFebruary2025,theCompany,togetherwithVoithHySTechGmbH,jointlyinvestedtoestablishWeifuETHydrogenEnergyTechnology(Wuxi)Co.,Ltd.,whoseregisteredcapitalatthetimeofestablishmentisEUR1,2136,000.00.TheCompanysubscribedforacapitalcontributionofEUR6,189,360.00,with51.00%shareholding;VoithHySTechGmbHsubscribedforacapitalcontributionofEUR5,946,640.00,with49.00%shareholding.SinceFebruary2025,theCompanyhasincludeditinthescopeofconsolidationoftheconsolidatedfinancialstatements.
(2)Importantnon-wholly-ownedsubsidiary
InRMB
| Subsidiary | Shareholdingratioofminority | Gains/lossesattributabletominorityinthePeriod | DividendannouncedtodistributeforminorityinthePeriod | Endingequityofminority |
| WFJN | 20.00% | 6,121,692.08 | 238,396,667.41 |
Explanationonholdingratiodifferentfromthevotingrightratioforminorityshareholders:NilOtherexplanation:Nil
(3)Mainfinancialinformationoftheimportantnon-wholly-ownedsubsidiary
InRMB
| Subsidiary | Endingbalance | Openingbalance | ||||||||||
| Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | |
| WFJN | 1,077,576,716.95 | 467,293,376.06 | 1,544,870,093.01 | 303,481,848.74 | 46,908,025.17 | 350,389,873.91 | 943,823,610.32 | 574,847,189.45 | 1,518,670,799.77 | 309,127,770.07 | 45,928,252.37 | 355,056,022.44 |
InRMB
| Subsidiary | Currentperiod | Lastperiod | ||||||
| OperationIncome | Netprofit | Totalcomprehensiveincome | Cashflowfromoperationactivity | OperationIncome | Netprofit | Totalcomprehensiveincome | Cashflowfromoperationactivity | |
| WFJN | 312,060,940.15 | 30,608,460.40 | 30,608,460.40 | 20,864,345.07 | 641,568,618.84 | 121,876,628.75 | 121,876,628.75 | 103,197,928.04 |
Otherexplanation:Nil
(4)Significantrestrictionsontheuseofenterprisegroupassetsandpayoffdebtsofenterprisegroup
Nil
(5)Financialsupportorothersupportprovidedtostructuredentitiesincludedinthescopeof
consolidatedfinancialstatementsNil
2.Transactionswheretheshareofowners’equityinsubsidiarieschangeswhilethecompanystill
maintainscontroloverthesubsidiary
(1)Descriptionofsituationwheretheshareofowners’equityinsubsidiarieschanges
Nil
(2)Impactofthetransactionontheminorityshareholders'equityandtheowners'equityattributableto
theparentcompanyOtherexplanation:Nil
3.Equityinjointventureandassociatedenterprises
(1)Importantjointventureandassociatedenterprises
| Jointventureorassociatedenterprise | Mainoperationplace | Registeredplace | Businessnature | Shareholdingratio | Accountingtreatmentoninvestmentforjointventureandassociatedenterprises | |
| Directly | Indirect | |||||
| WFEC | Wuxi | Wuxi | Catalyst | 49.00% | Equitymethod | |
| RBCD | Wuxi | Wuxi | Internal-combustionengineaccessories | 32.50% | 1.50% | Equitymethod |
| ZhonglianElectronics | Shanghai | Shanghai | Internal-combustionengineaccessories | 20.00% | Equitymethod | |
Shareholdingratiodifferentfromthevotingrightratio:NilBasisforholdinglessthan20%ofthevotingrightsbuthavingsignificantinfluence,orholding20%ormoreofthevotingrightsbutnothavingsignificantinfluence:Nil
(2)Mainfinancialinformationofimportantjointventures
Otherexplanation:Nil
(3)Mainfinancialinformationofimportantassociatedenterprises
InRMB
| Endingbalance/Currentperiod | Openingbalance/LastPeriod | |||||
| WFEC | RBCD | ZhonglianElectronics | WFEC | RBCD | ZhonglianElectronics | |
| Currentassets | 2,798,360,659.76 | 12,718,907,625.75 | 1,641,080,582.70 | 3,041,695,695.74 | 12,910,623,291.25 | 119,577,141.22 |
| Non-currentassets | 409,615,350.79 | 3,381,936,920.63 | 9,053,837,750.71 | 472,221,845.21 | 3,547,389,964.65 | 9,254,084,391.23 |
| Totalassets | 3,207,976,010.55 | 16,100,844,546.38 | 10,694,918,333.41 | 3,513,917,540.95 | 16,458,013,255.90 | 9,373,661,532.45 |
| Currentliabilities | 1,033,285,141.76 | 6,693,333,424.86 | 1,502,550,218.70 | 1,270,209,456.66 | 7,011,624,627.65 | 14,640,927.97 |
| Non-currentliabilities | 178,439,302.24 | 7,072,613.32 | 182,387,083.75 | 169,080,572.93 | 7,102,848.04 | |
| Totalliabilities | 1,211,724,444.00 | 6,693,333,424.86 | 1,509,622,832.02 | 1,452,596,540.41 | 7,180,705,200.58 | 21,743,776.01 |
| Netassets | 1,996,251,566.55 | 9,407,511,121.52 | 9,185,295,501.39 | 2,061,321,000.54 | 9,277,308,055.32 | 9,351,917,756.44 |
| Minorityinterests | ||||||
| Equityattributabletoshareholdersoftheparent | 1,996,251,566.55 | 9,407,511,121.52 | 9,185,295,501.39 | 2,061,321,000.54 | 9,277,308,055.32 | 9,351,917,756.44 |
| company | ||||||
| Shareofnetassetscalculatedbasedontheshareholdingratio | 978,163,267.61 | 3,198,553,781.32 | 1,837,059,100.28 | 1,010,047,290.27 | 3,154,284,738.81 | 1,870,383,551.29 |
| Adjustmentmatters | ||||||
| --Goodwill | 267,788,761.35 | 1,407,265.96 | 267,788,761.35 | 1,407,265.96 | ||
| --Unrealizedprofitofinternaltrading | -7,670,808.80 | -8,111,869.63 | ||||
| --Other | -0.28 | -0.28 | ||||
| Bookvalueofequityinvestmentinassociatedenterprise | 978,163,267.61 | 3,458,671,733.59 | 1,838,466,366.24 | 1,010,047,290.27 | 3,413,961,630.25 | 1,871,790,817.25 |
| Fairvalueofequityinvestmentforassociatedenterprisewithconsiderationpublicly | ||||||
| Operationincome | 1,601,080,995.29 | 4,370,812,361.63 | 13,252,075.68 | 1,846,803,762.77 | 5,271,654,599.19 | 17,135,271.43 |
| Netprofit | 172,976,401.62 | 760,784,253.17 | 1,333,377,744.95 | 221,785,840.51 | 1,100,633,775.00 | 1,254,847,847.50 |
| Netprofitfromdiscontinuedoperations | ||||||
| Othercomprehensiveincome | ||||||
| Totalcomprehensiveincome | 172,976,401.62 | 760,784,253.17 | 1,333,377,744.95 | 221,785,840.51 | 1,100,633,775.00 | 1,254,847,847.50 |
| Dividendsreceivedfromassociatedenterpriseintheyear | 117,600,000.00 | 49,000,000.00 |
OtherexplanationAdjustmentitemforother“-0.28”:thedifferentialtail;
(4)Summaryoffinancialinformationofinsignificantjointventuresandassociatedenterprises
InRMB
| Endingbalance/Currentperiod | Openingbalance/Lastperiod | |
| Jointventure: | ||
| Amountbasedonshareholdingratio | ||
| Associatedenterprise: | ||
| Totalbookvalueofinvestment | 727,456,942.54 | 351,004,139.17 |
| Amountbasedonshareholdingratio | ||
| --Netprofit | -74,974,261.24 | -1,393,571.96 |
| --Totalcomprehensiveincome | -74,974,261.24 | -1,393,571.96 |
(5)MajorlimitationoncapitaltransferabilitytotheCompanyfromjointventureorassociated
enterpriseNil
(6)Excesslossoccurredinjointventureorassociatedenterprise
Nil
(7)Unconfirmedcommitmentwithjointventureinvestmentconcerned
Nil
(8)Contingentliabilitywithjointventureorassociatedenterpriseinvestmentconcerned
Nil
4.Majorjointoperation
Nil
5.StructuredbodyexcludinginconsolidatedfinancialstatementRelevantexplanationsforstructuredentitiesnotincludedinthescopeoftheconsolidatedfinancialstatements:Nil
6.Other
NilXI.Governmentgrant
7.Governmentgrantrecognizedatreportendingintermsofamountreceivable
□Applicable?NotapplicableReasonsfornotreceivingtheexpectedamountofgovernmentgrantsattheexpectedtimepoint
□Applicable?Notapplicable
8.Liabilitiesinvolvedwithgovernmentgrant
?Applicable□Notapplicable
InRMB
| Entities | Openingbalance | Currentincreaseingovernmentgrant | Amountbookedintonon-businessincomeincurrentperiod | Amountcarriedforwardtootherincome | Otherchangesincurrentperiod | Endingbalance | Asset/incomerelated |
| Deferredincome | 73,326,831.65 | 1,990,000.00 | 13,643,605.65 | 61,673,226.00 | Assetrelated | ||
| Deferredincome | 2,708,708.63 | 25,000.00 | 2,683,708.63 | Asset/incomerelated | |||
| Deferredincome | 75,383,795.46 | 10,440,090.50 | 10,734,155.52 | 501,828.16 | 75,591,558.60 | Incomerelated | |
| Total | 151,419,335.74 | 12,430,090.50 | 24,402,761.17 | 501,828.16 | 139,948,493.23 |
9.Governmentgrantbookedintocurrentgains/losses
?Applicable□Notapplicable
InRMB
| Accountingtitle | Currentperiod | Lastperiod |
| Otherrevenue | 33,077,846.97 | 40,309,960.72 |
| Total | 33,077,846.97 | 40,309,960.72 |
XII.Riskrelatedtofinancialinstruments
1.RisksfromfinancialinstrumentsMainfinancialinstrumentoftheCompanyincludingmonetaryfunds,structureddeposits,accountsreceivable,equityinstrumentinvestment,financialproducts,loans,andaccountpayableetc.,moredetailsofthefinancialinstrumentcanbefoundinrelevantitemsofNoteVII.Risksconcernedwiththeabove-mentionedfinancialinstrument,andtheriskmanagementpolicytakesforlowertherisksareasfollow:
Aimsofengagingintheriskmanagementistoachieveequilibriumbetweentheriskandbenefit,lowertheadverseimpactonperformanceoftheCompanytominimumstandards,andmaximizedthebenefitforshareholdersandotherinvestors.Baseontheriskmanagementtargets,thebasictacticsoftheriskmanagementistorecognizedandanalyzedthevaryrisksthattheCompanycounted,establishedanappropriateriskexposurebaselineandcaringriskmanagement,supervisethevaryriskstimelyandreliably
inordertocontroltheriskinalimitedrange.Inbusinessprocess,theriskswithfinancialinstrumentconcernedhappeninfrontoftheCompanymainlyincludingcreditexposure,marketriskandliquidityrisk.BODoftheCompanytakesfullchargeoftheriskmanagementtargetandpolicy-making,andtakesultimateresponsibilityforthetargetofriskmanagementandpolicy.Compliancedepartmentandfinancialcontroldepartmentmanagerandmonitorthoseriskexposurestoensuringtherisksarecontrolinalimitedrange.CreditRiskCreditriskreferstotheriskthatonepartyofafinancialinstrumentfailstoperformitsobligations,andresultinginthefinanciallossofotherparty.Thecompany'screditriskmainlycomesfrommonetaryfunds,structureddeposits,notereceivable,accountsreceivable,otheraccountsreceivable.Themanagementhasestablishedanappropriatecreditpolicyandcontinuouslymonitorstheexposuretothesecreditrisks.ThemonetaryfundsandstructureddepositsheldbytheCompanyaremainlydepositedinfinancialinstitutionssuchascommercialbanks,themanagementbelievesthatthesecommercialbankshavehighercreditandassetstatus,andhavelowercreditrisks.TheCompanyadoptsquotapoliciestoavoidcreditriskstoanyfinancialinstitutions.Foraccountsreceivable,otherreceivablesandbillsreceivable,theCompanysetsrelevantpoliciestocontrolthecreditriskexposure.Topreventtherisks,thecompanyhasformulatedanewcustomercreditevaluationsystemandanexistingcustomercreditsalesbalanceanalysissystem.Thenewcustomercreditevaluationsystemaimsatnewcustomers,thecompanywillinvestigateacustomer’sbackgroundaccordingtotheestablishedprocesstodeterminewhethertogivethecustomeracreditlineandthecreditlinesizeandcreditperiod.Accordingly,thecompanyhassetacreditlimitandacreditperiodforeachcustomer,whichisthemaximumamountthatdoesnotrequireadditionalapproval.Theanalysissystemforcreditsalesbalanceofexistingcustomersmeansthatafterreceivingapurchaseorderfromanexistingcustomer,thecompanywillchecktheorderamountandthebalanceoftheaccountsowedbythecustomersofar,ifthetotalofthetwoexceedsthecreditlimitofthecustomer,thecompanycanonlyselltothecustomeronthepremiseofadditionalapproval,otherwisethecustomermustberequiredtopaythecorrespondingamountinadvance.Inaddition,forthecreditsalesthathaveoccurred,thecompanyanalyzesandauditsthemonthlystatementsforriskwarningofaccountsreceivabletoensurethatthecompany’soverallcreditriskiswithinacontrollablerange.ThemaximumcreditriskexposureoftheCompanyisthecarryingamountofeachfinancialassetonthebalancesheet.MarketriskMarketriskofthefinancialinstrumentreferstothefairvalueoffinancialinstrumentorfuturecashflowduetofluctuationsinthemarketpricechangesandproduce,mainlyincludestheIRR,FXriskandotherpricerisk.
1)InterestrateriskIRRreferstothefluctuaterisksonCompany’sfinancialstatusandcashflowarisingfromrateschangesinmarket.IRRoftheCompanymainlyrelatedwiththebankloans.InordertolowerthefluctuateofIRR,theCompany,inlinewiththeanticipativechangeorientation,choosefloatingrateorfixedrate,thatistherateinfutureperiodwillgoesupprospectively,thenchoosefixedrate;iftherateinfutureperiodwilldeclineprospectively,thenchoosethefloatingrate.Inordertominorthebadimpactfromdifferencebetweentheexpectationandrealcondition,loansforliquidfundsoftheCompanyarechoosetheshort-termperiod,andagreedthetermsofprepaymentinparticular.
2)ForeignexchangeriskFXrisksrefertothelossesarisingfromexchangeratemovement.TheFXrisksustainbytheCompanymainlyrelatedwiththeUSD,EUR,SF,JPY,HKD,DKKexceptfortheUSD,EUR,SF,JPY,HKDandDKKcarriedoutfortheequipmentpurchasingofparentcompanyandWFAS,materialpurchasingofparentcompany,technicalserviceandtrademarkusagecostsofparentcompany,theimportandexportofWFTR,operationofIRD,operationofBorit,andoperationofVHIOandothermainbusinessoftheCompanyarepricingandsettlewithRMB(yuan).Astheforeignfinancialassetsandliabilitiestakesminorratiointotalassets,theCompanyhassmallFXriskofthefinancialinstrument,consideredbymanagementoftheCompany.AsofJune30,2025,exceptforthefollowassetsorliabilitieslistedwithforeigncurrency,assetsandliabilitiesoftheCompanyarecarriedwithRMB.
①ForeigncurrencyassetsoftheCompanytillendofJune30,2025:
| Item | Endingforeigncurrencybalance | Convertrate | EndingRMBbalanceconverted | Ratioinassets(%) |
| Monetaryfunds | ||||
| Including:USD | 24,898,489.10 | 7.1586 | 178,238,334.31 | 0.63 |
| EUR | 24,863,114.11 | 8.4024 | 208,910,008.02 | 0.74 |
| HKD | 7,038,125.85 | 0.91195 | 6,418,418.87 | 0.02 |
| JPY | 16,498,003.00 | 0.049594 | 818,201.97 | - |
| DKK | 97,140,927.46 | 1.1263 | 109,409,826.59 | 0.39 |
| Accountsreceivable | ||||
| Including:USD | 2,697,452.11 | 7.1586 | 19,309,980.68 | 0.07 |
| EUR | 30,082,464.69 | 8.4024 | 252,764,901.31 | 0.89 |
| DKK | 24,236,367.20 | 1.1263 | 27,297,420.38 | 0.10 |
| Otheraccountsreceivable | ||||
| Including:EUR | 454,612.94 | 8.4024 | 3,819,839.77 | 0.01 |
| DKK | 8,246,202.64 | 1.1263 | 9,287,698.03 | 0.03 |
| Totalratioinassets | 2.88 |
②ForeigncurrencyliabilityoftheCompanytillendofJune30,2025:
| Item | Endingforeigncurrencybalance | Convertrate | EndingRMBbalanceconverted | Ratioinassets(%) |
| Accountspayable | ||||
| Including:USD | 686,323.79 | 7.1586 | 4,913,117.48 | 0.06 |
| EUR | 23,709,748.03 | 8.4024 | 199,218,786.85 | 2.52 |
| JPY | 55,008,998.00 | 0.0496 | 2,728,116.24 | 0.03 |
| DKK | 31,593,316.38 | 1.1263 | 35,583,552.24 | 0.45 |
| CHF | 95,156.24 | 8.9721 | 853,751.30 | 0.01 |
| Otheraccountspayable | ||||
| Including:EUR | 1,087.90 | 7.1586 | 7,787.84 | |
| DKK | ||||
| Non-currentliabilitiesduewithinoneyear | ||||
| Including:USD | 142,410.22 | 7.1586 | 1,019,457.80 | 0.01 |
| EUR | 766,847.71 | 8.4024 | 6,443,361.20 | 0.08 |
| DKK | 2,608,084.13 | 1.1263 | 2,937,485.16 | 0.04 |
| Leasingliabilities | ||||
| IncludingUSD | ||||
| EUR | 2,627,660.73 | 8.4024 | 22,078,656.52 | 0.28 |
| DKK | 17,473,839.18 | 1.1263 | 19,680,785.07 | 0.25 |
| Totalratioinliabilities | 3.73 |
③OtherpricingriskTheequityinstrumentinvestmentheldbytheCompanywithclassificationastradablefinancialassetsandothernon-currentfinancialassetsaremeasuredonfairvalueofthebalancesheetdate.Thefluctuationofexpectedpricefortheseinvestmentswillaffectthegains/lossesfromchangesinfairvaluefortheCompany.Furthermore,onthepremiseofdeliberatedandapprovedin8
th
meetingof10
th
sessionoftheBOD,theCompanyexerciseentrustfinancingwiththeself-ownedidlecapital;therefore,theCompanyhastherisksofcollectingnoprincipalduetoentrustfinancialproductsdefault.Aimsatsuchrisk,theCompanyformulatedtheManagementMechanismofCapitalFinancing,andwell-defined
theauthoritytoentrustfinancialmanagement,auditprocess,reportingsystem,Choiceoftrustee,dailymonitoringandverificationandinvestigationofresponsibility,etc.Inordertolowertheadverseimpactfromunpredictablefactors,theCompanychooseshort-termandmediumperiodforinvestmentandinvestmentproduct’stermisupto5yearsinprinciple;Thevarietyofinvestmentincludesbankfinancialproducts,trustplansoftrustcompanies,assetmanagementplansofassetmanagementcompanies,variousproductsissuedbysecuritiescompanies,fundcompaniesandinsurancecompanies,etc.LiquidityriskLiquidityriskreferstothecapitalshortageriskoccurredduringtheclearingobligationimplementedbytheenterpriseinwayofcashpaidorotherfinancialassets.TheCompanyaimsatguaranteetheCompanyhasrichcapitaltopaytheduedebts,therefore,afinancialcontroldepartmentisestablishedforcollectivelycontrollingsuchrisks.Ontheonehand,thefinancialcontroldepartmentmonitoringthecashbalance,themarketablesecuritieswhichcanbeconvertedintocashatanytimeandtherollingforecastoncashflowinfuture12months,ensuringtheCompany,onconditionofreasonableprediction,owesrichcapitaltopaidthedebts;ontheotherhand,buildingafavorablerelationshipwiththebanks,rationallydesignthelineofcredit,creditproductsandcreditterms,guaranteeasufficientlimitforbankcreditsinordertosatisfyvaryshort-termfinancingrequirements.
2.Hedge
(1)Riskmanagementforhedgebusiness
□Applicable?Notapplicable
(2)Thecompanyconductseligiblehedgingbusinessandapplieshedgingaccounting
Otherexplanation:Nil
(3)Thecompanyconductshedgingbusinessforriskmanagementpurposesandexpectstoachievetheriskmanagementobjectives,buthasnotappliedhedgingaccounting.
□Applicable?Notapplicable
3.Financialassets
(1)Bytransfermanner?Applicable□Notapplicable
InRMB
| Transfermethod | Natureoftransferredfinancialassets | Amountoftransferredfinancialasset | Derecognizedornot | Judgmentbasisforderecognition |
| Billendorsement | Bankacceptancebillsinaccountsreceivablefinancingthathavenotyetmatured | 332,387,308.38 | Derecognized | Almostallofitsrisksandrewardshavebeentransferred |
| Billdiscounting | Bankacceptancebillsinaccountsreceivablefinancingthathavenotyetmatured | 355,410,716.69 | Derecognized | Almostallofitsrisksandrewardshavebeentransferred |
| Total | 687,798,025.07 |
(2)Financialassetsderecognizedduetoassignment
?Applicable□Notapplicable
InRMB
| Item | Methodsoftransferringfinancialassets | Amountofderecognizedfinancialassets | Gains/lossesrelatedtode-recognition |
| Accountsreceivablefinancing | Billendorsement | 332,387,308.38 | |
| Accountsreceivablefinancing | Billdiscounting | 355,410,716.69 | -1,612,166.00 |
| Total | 687,798,025.07 | -1,612,166.00 |
(3)Financialassetswhichareassignedandinvolvedcontinuously
?Applicable□NotapplicableOtherexplanation:NilXIII.Disclosureoffairvalue
1.Endingfairvalueoftheassetsandliabilitiesmeasuredatfairvalue
InRMB
| Item | Endingfairvalue | |||
| Firstlevel | Secondlevel | Thirdlevel | Total | |
| I.Sustainingmeasuredatfairvalue | -- | -- | -- | -- |
| (I)Tradablefinancialassets | 1,110,489.45 | 1,023,934,181.67 | 1,025,044,671.12 | |
| 1.Financialassetsmeasuredatfairvalueandwhosechangesareincludedincurrentprofitsandlosses | 1,110,489.45 | 1,023,934,181.67 | 1,025,044,671.12 | |
| (1)Investmentinequityinstrument | 1,110,489.45 | 1,110,489.45 | ||
| (2)Investmentinotherliabilityinstrumentsandequityinstrument | 1,023,934,181.67 | 1,023,934,181.67 | ||
| (II)Othernon-currentfinancialassets | 689,856,655.22 | 689,856,655.22 | ||
| 1.Financialassetsdesignatedtobemeasuredatfairvalueandwhosechangesareincludedincurrentprofitsandlosses | 689,856,655.22 | 689,856,655.22 | ||
| (1)Investmentinequityinstrument | 689,856,655.22 | 689,856,655.22 | ||
| (III)Receivablefinancing | 2,013,389,318.37 | 2,013,389,318.37 | ||
| 1.Financialassetsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome | 2,013,389,318.37 | 2,013,389,318.37 | ||
| (IV)Otherequityinstrumentinvestment | 677,790,690.00 | 677,790,690.00 | ||
| 1.Financialassetsmeasuredatfairvalueandwhosechangesareincludedincurrentgains/losses | 677,790,690.00 | 677,790,690.00 | ||
| Totalassetssustainingmeasuredatfairvalue | 1,110,489.45 | 4,404,970,845.26 | 4,406,081,334.71 | |
| II.non-persistentmeasureoffairvalue | -- | -- | -- | -- |
2.Recognizedbasisforthemarketpricesustainingandnon-persistentmeasuredatfairvalueonfirst
levelOnJune30,2025,thetradablefinancialassets,equityinstrumentinvestmentsheldbytheCompany,HanmaTechnology(Stockcode:600375).ThefairvalueattheendoftheperiodisdeterminedattheclosingpriceasofJune30,2025.
3.Thequalitativeandquantitativeinformationforthevaluationtechniqueandcriticalparameterthat
sustainingandnon-persistentmeasuredatfairvalueonsecondlevel
Nil
4.Thequalitativeandquantitativeinformationforthevaluationtechniqueandcriticalparameterthat
sustainingandnon-persistentmeasuredatfairvalueonthirdlevel
(1)FinancingofreceivableForthisportionoffinancialassets,thecompanyusesthediscountedcashflowvaluationtechniquetodeterminetheirfairvalue.Amongthem,theimportantunobservableinputvaluesmainlyincludethediscountrate,thematurityperiodofthecontractualcash
flows,etc.Forthecashflowswithacontractualmaturityperiodwithin12months(inclusive),nodiscountingiscarriedout,andthecostistakenastheirfairvalue.
(2)InvestmentsinotherequityinstrumentsForthisportionoffinancialassets,duetothelackofmarketliquidity,thecompanyusesthereplacementcostmethodtodeterminetheirfairvalue.Amongthem,theimportantunobservableinputvaluesmainlyincludethefinancialdataoftheinvestedcompany,etc.
(3)InvestmentsinotherdebtinstrumentsandequityinstrumentsForthisportionoffinancialassets,thecompanyusesthevaluationtechniqueofdiscountedcashflowstodeterminethem.Amongthem,theimportantunobservableinputvaluesmainlyincludetheexpectedannualizedrateofreturn,theriskcoefficient,etc.
5.Continuousthird-levelfairvaluemeasurementitems,adjustmentinformationbetweentheopeningandclosingbookvalueandsensitivityanalysisofunobservableparametersNil
6.Continuousfairvaluemeasurementitems,ifthereisaconversionbetweenvariouslevelsinthecurrentperiod,thereasonsfortheconversionandthepolicyfordeterminingthetimingoftheconversionNil
7.Changesinvaluationtechnologyduringthecurrentperiodandreasonsforthechanges
Nil
8.Thefairvalueoffinancialassetsandfinancialliabilitiesnotmeasuredatfairvalue
Nil
9.Other
NilXIV.Relatedpartyandrelatedpartytransactions
1.Parentcompanyofthecompany
| Parentcompany | Registrationplace | Businessnature | Registeredcapital | shareholdingratioontheenterpriseforparentcompany | Votingrightratioontheenterprise |
| WuxiIndustryGroup | Wuxi | Operationofstate-ownedassets | 6,008,531,000.00 | 21.93% | 21.93% |
ExplanationonparentcompanyofthecompanyAsofJune30,2025,WuxiIndustryGroupholds21.93%equityofthecompany.WuxiIndustryGroupisanenterprisecontrolledbytheState-ownedAssetsManagementCommitteeofWuxiMunicipalPeople’sGovernment.Itsbusinessscopeincludesforeigninvestmentbyusingitsownassets,houseleasingservices,self-operatingandactingasanagentfortheimportandexportbusinessofvariouscommoditiesandtechnologies(Exceptforgoodsandtechnologiesthatarerestrictedbythestateorprohibitedforimportandexport),domestictrade(excludingnationalrestrictedandprohibiteditems).(Projectsthataresubjecttoapprovalinaccordancewithlawscanbeoperatedonlyafterbeingapprovedbyrelevantdepartments).UltimatecontrolleroftheCompanyistheState-ownedAssetsSupervision&AdministrationCommissionofWuxiMunicipalityofJiangsuProvince.Otherexplanation:Nil
2.SubsidiaryoftheCompany
FormoredetailsoftheCompany’ssubsidiaries,pleaserefertoNoteX.1(1)“Componentofenterprisegroup”.
3.JointventureandassociatedenterpriseFormoredetails,pleaserefertoNoteV.3.EquityinJointVentureandAssociatedEnterprises.OtherjointventureorassociatedenterpriseswhichhaverelatedtransactionwiththeCompanyinthecurrentperiodorpreviousperiods:Nil
4.Otherrelatedparty
| Otherrelatedparty | RelationshipwiththeCompany |
| RobertBoschCompany | SecondlargestshareholderoftheCompany |
| GuokaiMetals | Enterprisecontrolledbytheparentcompany |
| UrbanPublicDistribution | Enterprisecontrolledbytheparentcompany |
| FAILCONTECH | Enterprisecontrolledbytheparentcompany |
| JiangsuHuilianAluminumIndustryCo.,Ltd.(hereinafterreferredtoas“HuilianAluminumIndustry”) | Enterprisecontrolledbytheparentcompany |
| WuxiIoTInnovationCenterCo.,Ltd.(hereinafterreferredtoas“WuxiIoT”) | Enterprisecontrolledbytheparentcompany |
| JiangsuWuxiNationalGrainReserveDepotCo.,Ltd.(hereinafterreferredtoas“WuxiGrainDepot”) | Enterprisecontrolledbytheparentcompany |
| WuxiSecurityServiceCo.,Ltd.(hereinafterreferredtoas“WuxiSecurity”) | Enterprisecontrolledbytheparentcompany |
| WuxiZhongcuiFoodCo.,Ltd.(hereinafterreferredtoas“ZhongcuiFood”) | Enterprisecontrolledbytheparentcompany |
| EleventhDesignandResearchInstituteofInformationIndustryElectronicScienceandTechnologyEngineeringCo.,Ltd.(hereinafterreferredtoasthe“EleventhInstituteofScienceandTechnology”) | EnterpriseindirectlycontrolledbyparentcompanyoftheCompany,theCompany’srelatednaturalpersonservesasdirector |
| WuxiJunhaiXichanInvestmentManagementCo.,Ltd.(hereinafterreferredtoas"JunhaiXichan") | EnterpriseindirectlycontrolledbyparentcompanyoftheCompany,theCompany’srelatednaturalpersonservesasdirector |
| Keymanagement | Directors,supervisors,andseniorexecutivesofthecompany |
5.Relatedtransaction
(1)Goodspurchasing,laborserviceprovidingandreceiving
Goodspurchasing/laborservicereceiving
InRMB
| Relatedparty | Contentofrelatedtransaction | Currentperiod | Approvedtransactionlimit | Whethermorethanthetransactionlimit(Y/N) | LastPeriod |
| WFPM | Goodsandlabor | 8,667,024.62 | 30,000,000.00 | N | 18,856,716.80 |
| RBCD | Goodsandlabor | 121,775,133.27 | 252,000,000.00 | N | 121,126,592.18 |
| WFEC | Goodsandlabor | 98,795,531.83 | 968,000,000.00 | N | 150,641,937.84 |
| Bosch | Goodsandlabor | 116,055,402.96 | 281,000,000.00 | N | 111,047,597.86 |
| FAILCONTECH | Goodsandlabor | 89,960.17 | Y | 14,500.00 | |
| EleventhInstituteofScienceandTechnology | Goods | 0.00 | N | 28,301.89 | |
| WuxiIoT | Goodsandlabor | 0.00 | N | 20,660.38 |
Goodssold/laborserviceproviding
InRMB
| Relatedparty | Contentofrelatedtransaction | Currentperiod | LastPeriod |
| WFPM | Goodsandlabor | 697,100.72 | 387,979.10 |
| RBCD | Goodsandlabor | 613,584,470.39 | 660,179,963.62 |
| WFEC | Goodsandlabor | 358,670.32 | 247,567.53 |
| Bosch | Goodsandlabor | 1,049,548,207.99 | 994,815,431.08 |
| ChangchunXuyang | Goodsandlabor | 9,557,770.46 | 506,713.80 |
| WuxiZhuowei | Goodsandlabor | 4,994,665.10 | 5,155,881.45 |
| GrainReserves | Goodsandlabor | 3,967.02 | 0.00 |
Descriptionofrelatedtransactionsinthepurchaseandsaleofgoods,provisionandacceptanceoflaborservicesNil
(2)Relatedtrusteeshipmanagement/contract&entrustmanagement/outsourcing
Nil
(3)RelatedleaseThecompanyaslessor:
InRMB
| Lessee | Assetstype | LeaseincomerecognizedinthePeriod | LeaseincomerecognizedatlastPeriod |
| WFEC | Workshop | 1,004,452.20 | 1,003,317.02 |
| RBCD | Parkinglot | 265,200.00 | 234,000.00 |
| LezhuoBowei | Workshopandequipment | 1,600,014.00 | 1,548,658.50 |
| JunhaiXichan | Workshop | 9,174.32 | 0.00 |
ExplanationonrelatedleaseWFLDenteredintoahouseleasingcontractwithWFEC.TheplantlocatingatNo.9LinjiangRoad,WuxiXinwuDistrict,owedbyWFLD,wasrentedouttoWFEC.WFLDrecognizedthattherentalincomeintheperiodfromJan.1,2025toJune30,2025was1,004,452.20yuan.WFJNsignedahouseleasingcontractwithLezhuoBowei.LezhuoBoweileasedaportionofWFJN’splantlocatedatNo.12LiuzhouNorthRoad,PukouDistrict,NanjingCity.TheleasetermisfromJanuary1,2025toDecember31,2025.WFJNhasconfirmedtherentalincomeof1,463,214.00yuanfortheperiodfromJanuary1,2025toJune30,2025;LezhuoBoweialsorentedsomeequipmentfromWFJN,andWFJNconfirmedequipmentrentalincomeof136,800.00yuanintheperiodfromJanuary1,2025toJune30,2025.WFHTandJunhaiXichansignedahouseleasecontract,reachingthefollowingagreementonJunhaiXichan'srentaloftheofficeandmeetingroomonthefirstflooroftheannexbuildingoftheR&DbuildinglocatedatNo.17,ChangjiangRoad,Wuxi:TherentalincomefortheperiodfromJanuary1,2025toJune30,2025is9,174.32yuan.Thecompanyaslessee:
InRMB
| Lesseor | Assetstype | Simplifiedrentalfeesforshort-termleasesandlowvalueassetleases(ifapplicable) | Variableleasepaymentsnotincludedinthemeasurementofleaseliabilities(ifapplicable) | Rentpaid | Interestexpenseonleaseliabilitiesassumed | Increasedright-of-useasset | |||||
| Currentperiod | Lastperiod | Currentperiod | Lastperiod | Currentperiod | Lastperiod | Currentperiod | Lastperiod | Currentperiod | Lastperiod | ||
| WuxiAutoLinkIntelligentManufacturingCo.,Ltd. | Housingandequipment | 2,698,200.00 | 0.00 | ||||||||
Explanationonrelatedleasing:
WFSSsignedaleasecontractwithWuxiAutoLinkIntelligentManufacturingCo.,Ltd.ThelatterleasedasawholepackageitspropertylocatedatNo.8HuayunRoad,WuxiCity(includingworkshops,parkinglotsandsupportingofficefurniture,facilities,equipment,etc.)toWFSS.TheleasetermisfromJune1,2024,toMay31,2026.Basedonthis,WFSSrecognizedthepropertyleaseexpensesofRMB2,698,200.00fortheperiodfromJanuarytoJune2025.
(4)Connectedguarantee
Nil
(5)Relatedparty’sborrowed/lendingfundsNil
(6)Relatedparty’sassetstransferanddebtrestructuringNil
(7)Remunerationofkeymanagement
InRMB
| Item | Currentperiod | Lastperiod |
| Remunerationofkeymanager | 1,980,000.00 | 1,950,000.00 |
(8)Otherrelatedtransactions
| Relatedparty | Contentsofitem | Currentperiod | Lastperiod |
| WFPM | Purchaseoffixedassets | 4,075.81 | 3,000.00 |
| RobertBoschCompany | Technologyroyaltiespaidetc. | -- | 2,430,001.29 |
| RobertBoschCompany | Purchaseoffixedassets | 396,460.18 | -- |
| RobertBoschCompany | Providingoftechnicalservices,etc. | 3,539.82 | -- |
| WFEC | Payablefortechnicalservices | -- | 258,396.23 |
| WFEC | Providingoftechnologyservice,etc. | 769,622.64 | 244,150.94 |
| WFEC | Utilitiespayable | 260,287.4 | 106,859.84 |
| WFEC | Saleoffixedassets | 1,483,185.84 | |
| LezhuoBowei | Utilitiesreceivable | 995,901.03 | 888,799.56 |
| AutoLink | Utilitiespayable | 85,129.73 | -- |
| WuxiIndustryGroup | Providingoftechnologyservice,etc. | -- | 374,764.15 |
| EleventhInstituteofScienceandTechnology | Purchaseoffixedassets | 100,471.70 | -- |
| ZhongcuiFood | Purchasecafeteriaingredients | 2,017,973.30 | -- |
| UrbanpublicdeliveryHolding | Purchasecafeteriaingredients | 1,491,928.78 | 1,086,549.83 |
6.Receivable/payableitemsofrelatedparties
(1)Receivableitem
InRMB
| Item | Relatedparty | Endingbalance | Openingbalance | ||
| Bookbalance | Baddebtsreserve | Bookbalance | Baddebtsreserve | ||
| Accountsreceivable | WFPM | 246,700.75 | 4,805.16 | 253,087.10 | |
| Accountsreceivable | RBCD | 640,873,405.61 | 2,870,670.80 | 807,220,878.29 | 3,096,153.84 |
| Accountsreceivable | RobertBoschCompany | 552,506,295.11 | 867,665.22 | 638,685,114.08 | 1,347,705.10 |
| Accountsreceivable | LezhuoBowei | 5,712,044.31 | 5,234,363.76 | 0.03 | |
| Accountsreceivable | WFEC | 2,495,330.24 | 2,599,809.56 | ||
| Accountsreceivable | ChangchunXuyang | 13,735,475.15 | 9,644,850.41 | ||
| Accountsreceivable | WuxiGrainDepot | 7,409.48 | 242,500.00 | ||
| Otheraccountsreceivable | RobertBoschCompany | 3,632,005.25 | 225,599.82 | 2,885,068.34 | 225,599.82 |
| Otheraccountsreceivable | AutoLink | 449,700.00 | 449,700.00 | ||
| Dividendsreceivable | WFPM | 5,357,758.49 | 5,357,758.49 | ||
| Prepayments | RobertBoschCompany | 2,560,854.64 | 10,933,876.91 | ||
| Prepayments | AutoLink | 207,404.87 | |||
| Othernon-currentassets | RobertBoschCompany | 7,513,200.00 | |||
| Othernon-currentassets | WuxiIndustryGroup | 5,452,800.00 | 5,452,800.00 | ||
| Total | 1,233,237,183.90 | 3,968,741.00 | 1,496,473,006.94 | 4,669,458.79 |
(2)Payableitem
InRMB
| Item | Relatedparty | Endingbookbalance | Openingbookbalance |
| Accountspayable | WFPM | 6,722,446.17 | 7,803,153.23 |
| Accountspayable | WFEC | 50,258,720.88 | 581,475,733.94 |
| Accountspayable | RBCD | 60,231,544.03 | 67,673,428.74 |
| Accountspayable | RobertBoschCompany | 10,425,972.31 | 28,113,764.28 |
| Accountspayable | AutoLink | 1,478,079.00 | |
| Accountspayable | EleventhInstituteofScienceandTechnology | 46,000.00 | |
| Othercurrentliabilities | RBCD | 0.05 | 0.05 |
| Othercurrentliabilities | WFEC | 9,859.30 | |
| Othercurrentliabilities | WFPM | 26,394.04 | 26,394.04 |
| Otheraccountspayable | WFPM | 29,000.00 | 29,000.00 |
| Unearnedrevenue | RobertBoschCompany | 41,380.29 | |
| Contractliabilities | WFPM | 203,031.12 | |
| Contractliabilities | RBCD | 0.36 | 0.36 |
| Contractliabilities | RobertBoschCompany | 1,241,256.42 | 325,299.33 |
| Contractliabilities | WFEC | 75,840.73 | |
| Contractliabilities | WFPM | 203,031.12 | |
| Rentliability | WuxiAutoLinkIntelligentManufacturingCo.,Ltd. | 3,959,404.89 | 2,228,404.32 |
| Total | 133,097,770.27 | 689,529,368.73 |
7.Undertakingsofrelatedparty
Nil
8.Other
Nil
XV.Share-basedpayment
1.Overallsituationofshare-basedpayment?Applicable?Notapplicable
2.Share-basedpaymentsettledbyequity?Applicable?Notapplicable
3.Share-basedpaymentsettledbycash
□Applicable?Notapplicable
4.Currentshare-basedpaymentexpenses
?Applicable?Notapplicable
5.Modificationandterminationofshare-basedpaymentNil
6.OtherNilXVI.Undertakingsorcontingency
1.ImportantundertakingsImportantcommitmentsexistingasofthebalancesheetdateNil
2.Contingency
(1)MajorcontingencyonbalancesheetdateContingentliabilitiesarisingfromprovidingdebtguaranteesforotherentitiesandtheirfinancialimpactGuaranteesforsubsidiaries:asofJune30,2025,theCompanyhasprovidedguaranteesforalldebtsincurredbyitssubsidiary,VHWX,andShenzhenBYDSupplyChainManagementCo.,Ltd.duetoperformanceobligations,withtheguaranteedamountbeing
10.00millionyuan.AsofJune30,2025,theCompanyhasprovidedguaranteelimitof562.73millionyuantoitsgrandchildcompany,VHIO.Thescopeoftheguaranteeincludesbutisnotlimitedtofinancing-relatedguaranteesarisingfromtheapplicationforfinancingbusiness(includingloans,bankacceptancebills,foreignexchangederivativetransactions,lettersofcredit,lettersofguarantee,etc.)andperformance-relatedguaranteesarisingfromdailyoperations.OthercontingentliabilitiesandtheirfinancialimpactThecompanyhasnoothersignificantcontingentmattersthatneedtobedisclosed.
(2)ExplainreasonsfortheimportantcontingencyunnecessarytodisclosedbytheCompanyTheCompanyhasnoimportantcontingencythatneedtodisclosed
3.OtherNil
XVII.Eventsafterthebalancesheetdate
1.Importantnon-adjustingeventsNil
2.Profitdistribution
| Cashdividendsforevery10sharesproposedtobedistributed(yuan) | 1 |
| Sharebonusforevery10sharesproposedtobedistributed(shares) | 0 |
| Transferofcapitalreserveintosharecapital(per10shares)proposed | 0 |
| Cashdividendsforevery10sharesdeclaredtobedistributed(yuan) | 1 |
| Sharebonusforevery10sharesdeclaredtobedistributed(shares) | 0 |
| Transferofcapitalreserveintosharecapital(per10shares)approved | 0 |
| Profitdistributionplan | Basedonthelatesttotalsharecapitalofthecompany(966,785,693shares),acashdividendofRMB1.00(includingtax)willbedistributedforevery10shares,withoutbonussharesorcapitalreserveconversionintosharecapital.Thetotalplannedcashdividendforthisroundis96,678,569.30yuan(includingtax).Ifthereisachangeinthetotalsharecapitalofthecompanybeforetheimplementationofthedistributionplan,thecompanywilldistributeaccordingtotheprincipleofunchangeddistributionratioandadjustedtotaldistributionamount.Theabove-mentioneddistributionplancomplieswiththeprovisionsofthecompany'sarticlesofassociationandthereviewprocedures,andfullyprotectsthelegitimaterightsandinterestsofsmallandmedium-sizedinvestors. |
3.ReturnofsalesNil
4.Othereventsafterbalancesheetdate
Nil
XVIII.Otherimportantevents
1.Previousaccountingerrorscorrection
(1)Retrospectiverestatement
Nil
(2)ProspectiveapplicationNil
2.DebtrestructuringNil
3.Assetreplacement
(1)Non-monetaryassetreplacement
Nil
(2)OtherassetreplacementNil
4.PensionplanTheEnterpriseAnnuityPlanunderthenameofWFHThasdeliberatedandapprovedby8
th
meetingof7
thsessionoftheBOD:inordertomobilizetheinitiativeandcreativityoftheemployees,establishedatalentlong-termincentivemechanism,enhancethecohesiveforceandcompetitivenessinenterprise,theCompanycarriedouttheabovementionedannuityplansincethedateofreplyofplansreportingreceivedfromlaborsecurityadministrationdepartment.Annuityplansare:theannuityfundarepaidbytheenterpriseandemployeestogether;theenterprise’scontributionshallnotexceed8%ofthegrosssalaryoftheemployeesoftheenterpriseperyear,thecombinedcontributionoftheenterpriseandtheindividualemployeeshallnotexceed12%ofthetotalsalaryoftheemployeesoftheenterprise.InaccordancewiththeState’sannuitypolicy,theCompanywilladjusttheeconomicbenefitsinduetime,inprincipleofrespondingtotheeconomicstrengthoftheenterprise,theamountpaidbytheenterpriseatcurrentperiodcontrolinthe8%ofthetotalsalaryoflastyear,themaximumannualallocationtoemployeesshallnotexceedfivetimestheaverageallocationtoemployeesandtheexcessshallnotbecountedtowardstheallocation.Theindividualcontributionislimitedto1%ofone’stotalsalaryforthepreviousyear.SpecificpayingratiolatershallbeadjustedcorrespondinglyinlinewiththeoperationconditionoftheCompany.InDecember2012,theCompanyreceivedtheReplyonannuityplansreportingunderthenameofWFHTfromthelaborsecurityadministrationdepartment,andlater,theCompanyenteredintotheEntrustedManagementContractoftheAnnuityPlanofWFHTwithPICC.
5.Terminationofoperation
Notapplicable
6.Segment
(1)Recognitionbasisandaccountingpolicyforreportablesegment
Determinetheoperatingsegmentsinlinewiththeinternalorganizationstructure,managementrequirementandinternalreportingsystem.OperatingsegmentoftheCompanyshallsatisfythefollowingconditionsatthesametime:
①Thecomponentisabletogeneraterevenuesandexpensesinroutineactivities;
②ManagementoftheCompanyisabletoassesstheoperationresultsregularly,anddetermineresourcesallocationandperformanceevaluationforthecomponent;③TheCompanycanobtainrelevantaccountinginformationsuchasthefinancialposition,operatingresultsandcashflowsofthiscomponentthroughanalysis.Iftwoormoreoperatingsegmentshavesimilareconomiccharacteristicsandmeetcertainconditions,theycanbemergedintooneoperatingsegment.Inconsiderationoftheprincipleofimportance,thecompanydeterminesthereportingsegmentsonthebasisofoperatingsegments.Thereportingsegmentofthecompanyisabusinessunitthatprovidesdifferentproductsorservicesoroperatesindifferentregions.Duetotheneedfordifferenttechnologiesandmarketstrategiesinvariousbusinessesorregions,thecompanyindependently
managestheproductionandoperationactivitiesofeachreportingsegment,evaluatestheiroperatingresultsindividually,anddecidestoallocateresourcestothemandevaluatetheirperformance.Thecompanymainlyproducesproductsofautomotiveinternalcombustionenginefuelsystems,fuelcellcomponents,automotiveparts,mufflers,purifiers,vacuumandhydraulicpumps,etc.Anditdeterminesthereportingsegmentsonthebasisofproductsorservicecontents.However,duetothemixedoperationofrelatedbusinesses,thetotalassets,totalliabilities,andperiodexpenseshavenotbeenallocated.
(2)Financialinformationforreportablesegment
InRMB
| Item | Energyconservationandemissionreduction:Segmentofautomotivefuelinjectionsystemproducts | Energyconservationandemissionreduction:Segmentofautomotiveafter-treatmentsystemproducts | Energyconservationandemissionreduction:Segmentofautomotiveintakesystemproducts | SegmentofIntelligentelectricproducts | Segmentofgreenhydrogenproducts | Offsettingbetweensegments | Total |
| Revenue | 2,381,724,163.43 | 1,860,756,264.28 | 439,052,270.64 | 1,037,730,573.71 | 41,155,361.05 | 5,760,418,633.11 | |
| Cost | 1,863,785,197.66 | 1,607,812,424.30 | 344,452,875.54 | 909,058,781.72 | 40,113,514.05 | 4,765,222,793.27 |
(3)Thecompanyshallstatethereasonsifithasnoreportablesegmentsorisunabletodisclosethetotal
assetsandliabilitiesofeachreportablesegment.Thecompanymainlyproducesproductsofautomotiveinternalcombustionenginefuelsystems,fuelcellcomponents,automotiveparts,mufflers,purifiers,vacuumandhydraulicpumps,etc.Anditdeterminesthereportingsegmentsonthebasisofproductsorservicecontents.However,duetothemixedoperationofrelatedbusinesses,thetotalassets,totalliabilities,andperiodexpenseshavenotbeenallocated.
(4)OtherexplanationsNil
7.Majortransactionandeventsinfluencinginvestor’sdecisionNil
8.OtherNilXIX.Principalnotesoffinancialstatementsofparentcompany
1.Accountsreceivable
(1)Byaccountage
InRMB
| Aging | Endingbookbalance | Beginningbookbalance |
| Withinoneyear(inclusive) | 1,390,634,941.06 | 1,482,006,067.41 |
| Including:withinsixmonths | 1,380,821,175.95 | 1,460,455,344.98 |
| Sixmonthstooneyear | 9,813,765.11 | 21,550,722.43 |
| 1-2years | 4,746,680.94 | 6,409,424.43 |
| 2-3years | 4,931,500.72 | 8,408,261.89 |
| Overthreeyears | 1,271,157.56 | 1,242,046.26 |
| 3-4years | 659,157.04 | 546,653.26 |
| 4-5years | 531,522.85 | 583,255.45 |
| Over5years | 80,477.67 | 112,137.55 |
| Total | 1,401,584,280.28 | 1,498,065,799.99 |
(2)Disclosurebyclassificationbasedontheaccrualmethodofbaddebtsreserve
InRMB
| Category | Endingbalance | Openingbalance | ||||||||
| Bookbalance | Baddebtsreserve | Bookvalue | Bookbalance | Baddebtsreserve | Bookvalue | |||||
| Amount | Ratio | Amount | Accrualratio | Amount | Ratio | Amount | Accrualratio | |||
| Accountsreceivablewithbaddebtsreserveaccruedonsinglebasis | 1,374,631.66 | 0.10% | 1,374,631.66 | 100.00% | 1,439,571.54 | 0.10% | 1,439,571.54 | 100.00% | ||
| Including: | ||||||||||
| Accountsreceivablewithbaddebtsreserveaccruedonportfolio | 1,400,209,648.62 | 99.90% | 4,583,456.66 | 0.33% | 1,395,626,191.96 | 1,496,626,228.45 | 99.91% | 6,690,538.40 | 0.45% | 1,489,935,690.05 |
| Including: | ||||||||||
| Receivablesfromcustomers | 1,198,225,167.36 | 85.49% | 4,583,456.66 | 0.38% | 1,193,641,710.70 | 1,331,265,647.15 | 88.87% | 6,690,538.40 | 0.50% | 1,324,575,108.75 |
| Receivablesfrominternalrelatedparties | 201,984,481.26 | 14.42% | 201,984,481.26 | 165,360,581.30 | 11.04% | 165,360,581.30 | ||||
| Total | 1,401,584,280.28 | 100.00% | 5,958,088.32 | 0.43% | 1,395,626,191.96 | 1,498,065,799.99 | 100.00% | 8,130,109.94 | 0.54% | 1,489,935,690.05 |
Baddebtsreserveaccruedonsinglebasis:
InRMB
| Name | Beginningbalance | Endingbalance | ||||
| Bookbalance | Baddebtsreserve | Bookbalance | Baddebtsreserve | Accrualratio | Accruedcauses | |
| SAICHONGYANAutomotiveCo.,Ltd | 935,626.30 | 935,626.30 | 870,686.42 | 870,686.42 | 100.00% | Havedifficultyincollection |
| TianjinLeiwoEngineCo.,Ltd. | 503,945.24 | 503,945.24 | 503,945.24 | 503,945.24 | 100.00% | Havedifficultyincollection |
| Total | 1,439,571.54 | 1,439,571.54 | 1,374,631.66 | 1,374,631.66 | ||
Baddebtsreserveaccruedonportfolio:
InRMB
| Name | Endingbalance | ||
| Bookbalance | Baddebtsreserve | Accrualratio | |
| Within6months | 1,178,836,694.69 | ||
| 6monthstooneyear | 8,943,078.69 | 894,307.87 | 10.00% |
| 1-2years | 4,746,680.94 | 949,336.18 | 20.00% |
| 2-3years | 4,931,500.72 | 1,972,600.29 | 40.00% |
| Over3years | 767,212.32 | 767,212.32 | 100.00% |
| Total | 1,198,225,167.36 | 4,583,456.66 | |
Explanationondeterminingthebasisofthisportfolio:
Intheportfolio,accountsreceivablefrominternalrelatedparties:
| Nameofrelatedparty | Amount | Ratioofbaddebtsreserve(%) |
| WFTR | 101,538,714.88 | |
| WFSC | 40,701,961.92 | |
| VHWX | 27,260,252.82 |
| WFSS | 24,188,215.69 |
| WFLD | 3,820,430.64 |
| WFAM | 2,846,945.66 |
| WFQL | 1,603,782.88 |
| WFET | 19,341.08 |
| WFAS | 4,835.69 |
| Total | 201,984,481.26 |
Baddebtsreservesaccruedongeneralmodelofexpectedcreditloss:
□Applicable?Notapplicable
(3)Baddebtsreserveaccrued,recoveredorreversed
Baddebtsreserveaccruedintheperiod:
InRMB
| Category | Openingbalance | Amountchangedintheperiod | Endingbalance | |||
| Accrued | Recoveredorreversed | Written-off | Other | |||
| Accruedonsinglebasis | 1,439,571.54 | 64,939.88 | 1,374,631.66 | |||
| Accruedonportfolio | 6,690,538.40 | 1,972,342.36 | 134,739.38 | 4,583,456.66 | ||
| Total | 8,130,109.94 | 0.00 | 2,037,282.24 | 134,739.38 | 0.00 | 5,958,088.32 |
Importantbaddebtsreserverecoveredorreversedintheperiod：Nil
(4)AccountsreceivablewrittenoffinthePeriod
InRMB
| Item | Write-offamount |
| Actualwritten-offaccountsreceivable | 134,739.38 |
(5)Top5receivablesandcontractassetsatendingbalancebydebtor
InRMB
| Name | Endingbalanceofaccountsreceivable | Endingbalanceofcontractassets | Endingbalanceofaccountsreceivableandcontractassets | Ratiointotalendingbalanceofaccountsreceivableandcontractassets | Endingbalanceofbaddebtsreserveandimpairmentprovisionofcontractassets |
| RBCD | 640,871,936.61 | 640,871,936.61 | 45.72% | 2,870,670.80 | |
| RobertBoschCompany | 193,493,767.27 | 193,493,767.27 | 13.81% | 452,865.50 | |
| Client2 | 114,583,033.92 | 114,583,033.92 | 8.18% | 250.00 | |
| WFTR | 101,538,714.88 | 101,538,714.88 | 7.24% | ||
| Client4 | 63,701,626.15 | 63,701,626.15 | 4.54% | ||
| Total | 1,114,189,078.83 | 1,114,189,078.83 | 79.49% | 3,323,786.30 |
2.Otheraccountsreceivable
InRMB
| Item | Endingbalance | Openingbalance |
| Interestreceivable | 1,279,404.99 | 6,702,396.94 |
| Dividendsreceivable | 510,296,644.26 | 5,357,758.49 |
| Otheraccountsreceivable | 1,255,090,046.73 | 1,417,306,880.03 |
| Total | 1,766,666,095.98 | 1,429,367,035.46 |
(1)Interestreceivable
1)Categoryofinterestreceivable
InRMB
| Item | Endingbalance | Openingbalance |
| Interestreceivableofsubsidiaries | 1,279,404.99 | 6,702,396.94 |
| Total | 1,279,404.99 | 6,702,396.94 |
2)Significantoverdueinterest
Otherexplanation:Nil
3)Accruedbaddebtsreserve
□Applicable?Notapplicable
4)Baddebtsreserveaccrued,recoveredorreversed
Nil
5)Interestreceivablechargedoffduringthereportperiod
Nil
(2)Dividendsreceivable
1)Categoryofdividendsreceivable
InRMB
| Investee | Endingbalance | Openingbalance |
| ZhonglianElectronics | 300,000,000.00 | |
| RBCD | 204,938,885.77 | |
| WFPM | 5,357,758.49 | 5,357,758.49 |
| Total | 510,296,644.26 | 5,357,758.49 |
2)Importantdividendsreceivablewithagingoveroneyear
Nil
3)Accruedbaddebtsreserve
□Applicable?Notapplicable
4)Baddebtsreserveaccrued,recoveredorreversed
Nil
5)Dividendsreceivablechargedoffduringthereportperiod
(3)Otheraccountsreceivable
1)Bynature
InRMB
| Nature | Endingbookbalance | Openingbookbalance |
| Staffloansandpettycash | 528,104.67 | 330,080.00 |
| Balanceofrelatedpartyintheconsolidationscope | 2,885,583,741.12 | 3,051,023,208.99 |
| Margin | 3,018,966.99 | 3,097,870.78 |
| Socialsecurityandprovidentfundpaid | 6,137,410.85 | 6,199,417.67 |
| Other | 6,813,617.11 | 3,051,521.21 |
| Total | 2,902,081,840.74 | 3,063,702,098.65 |
2)Byaging
InRMB
| Aging | Endingbookbalance | Beginningbookbalance |
| Withinoneyear(Oneyearincluded) | 146,839,052.63 | 216,098,598.61 |
| Including:within6months | 146,839,052.63 | 38,421,387.82 |
| 6monthstooneyear | 177,677,210.79 | |
| 1-2years | 23,838,960.57 | 279,688,422.50 |
| 2-3years | 933,729,008.92 | 2,566,161,181.33 |
| Over3years | 1,797,674,818.62 | 1,753,896.21 |
| 3-4years | 1,797,417,538.62 | 50,000.00 |
| 4-5years | 250,080.00 | 1,688,070.00 |
| Overfiveyears | 7,200.00 | 15,826.21 |
| Total | 2,902,081,840.74 | 3,063,702,098.65 |
3)Disclosurebyclassificationbasedontheaccrualmethodofbaddebtsreserve
Provisionforbaddebtsreservebasedonthegeneralmodelofexpectedcreditloss:
InRMB
| Baddebtsreserve | PhaseI | PhaseII | PhaseIII | Total |
| Expectedcreditlossovernext12months | Expectedcreditlossfortheentireduration(withoutcreditimpairmentoccurred) | Expectedcreditlossfortheentireduration(withcreditimpairmentoccurred) | ||
| BalanceofJan.1,2025 | 2,326,890.69 | 1,644,068,327.93 | 1,646,395,218.62 | |
| BalanceofJan.1,2025intheperiod | ||||
| Currentaccrual | 607,825.39 | 607,825.39 | ||
| Currentreversal | 11,250.00 | 11,250.00 | ||
| BalanceonJune30,2025 | 2,934,716.08 | 1,644,068,327.93 | 1,646,991,794.01 |
Changeofbookbalanceoflossprovisionwithamounthasmajorchangesintheperiod
□Applicable?Notapplicable
4)Baddebtsreserveaccrued,recoveredorreversed
Baddebtsreserveaccruedintheperiod:
InRMB
| Category | Openingbalance | Amountchangedintheperiod | Endingbalance | |||
| Accrued | Recoveredorreversed | Written-off | Other | |||
| Baddebtsreserve | 1,646,395,218.62 | 607,825.39 | 11,250.00 | 1,646,991,794.01 | ||
| Total | 1,646,395,218.62 | 607,825.39 | 11,250.00 | 1,646,991,794.01 | ||
Includingtheimportantbaddebtsreserverecoveredorreversedintheperiod
5)OtherreceivableschargedoffduringthereportperiodNil
6)Top5otherreceivablesatendingbalancebydebtor
InRMB
| Name | Nature | Endingbalance | Aging | Ratiointotalendingbalanceofotherreceivables | Endingbalanceofbaddebtsreserve |
| WFTR | Balanceofrelatedpartyintheconsolidationscope | 2,728,260,000.00 | 2-4years | 94.01% | 1,644,068,327.93 |
| WFCA | Balanceofrelatedpartyintheconsolidationscope | 133,610,000.00 | Within1year | 4.60% | |
| IRDFuelCellsA/S | Balanceofrelatedpartyintheconsolidationscope | 23,713,741.12 | 1-2years | 0.82% | |
| WuxiXingzhouEnergyDevelopmentCo.,Ltd. | Securitydeposit | 1,045,373.12 | 1-4years | 0.04% | 523,949.19 |
| WuxiYoulianThermalPowerCo.,Ltd. | Securitydeposit | 750,000.00 | 3-4years | 0.03% | 750,000.00 |
| Total | 2,887,379,114.24 | 99.50% | 1,645,342,277.12 |
7)Thosebookedintootheraccountsreceivableduetocentralizedfundmanagement
Otherexplanation:Nil
3.Long-termequityinvestments
InRMB
| Item | Endingbalance | Openingbalance | ||||
| Bookbalance | Impairmentprovision | Bookvalue | Bookbalance | Impairmentprovision | Bookvalue | |
| Investmentinsubsidiary | 4,144,257,102.63 | 4,144,257,102.63 | 3,846,281,133.43 | 3,846,281,133.43 | ||
| Investmentinassociatedenterprisesandjointventure | 5,516,981,272.31 | 5,516,981,272.31 | 5,533,108,674.14 | 5,533,108,674.14 | ||
| Total | 9,661,238,374.94 | 9,661,238,374.94 | 9,379,389,807.57 | 9,379,389,807.57 | ||
(1)Investmentinsubsidiaries
InRMB
| Investee | Openingbalance(bookvalue) | Openingbalanceofimpairmentprovision | Changesincurrentperiod | Endingbalance(bookvalue) | Endingbalanceofimpairmentprovision | |||
| AdditionalInvestment | NegativeInvestment | Impairmentprovisionaccrued | Other | |||||
| WFJN | 185,704,551.82 | 185,704,551.82 | ||||||
| WFLD | 658,974,151.79 | 658,974,151.79 | ||||||
| WFMA | 170,989,402.39 | 170,989,402.39 | ||||||
| WFCA | 222,662,029.98 | 222,662,029.98 | ||||||
| WFTR | 33,726,511.51 | 33,726,511.51 | ||||||
| WFSC | 51,116,685.47 | 51,116,685.47 | ||||||
| WFTT | 238,063,380.00 | 238,063,380.00 | ||||||
| WFAM | 82,454,467.99 | 82,454,467.99 | ||||||
| WFDT | 54,012,820.23 | 54,012,820.23 | |||
| SPV | 1,564,188,899.46 | 273,914,271.20 | 1,838,103,170.66 | ||
| WFLD(Chongqing) | 191,160.00 | 191,160.00 | |||
| WFAS | 631,890.00 | 631,890.00 | |||
| WFQL | 225,000,000.00 | 225,000,000.00 | |||
| VHWX | 143,559,879.99 | 143,559,879.99 | |||
| WFSS | 215,005,302.80 | 215,005,302.80 | |||
| WFET | 24,061,698.00 | 24,061,698.00 | |||
| Total | 3,846,281,133.43 | 297,975,969.20 | 4,144,257,102.63 |
(2)Investmentinassociatedenterprisesandjointventure
InRMB
| Investee | Openingbalance(bookvalue) | Openingbalanceofimpairmentprovision | Currentchanges(+/-) | Endingbalance(bookvalue) | Endingbalanceofprovisionimpairment | |||||||
| Additionalinvestment | Capitalreduction | Investmentgain/lossrecognizedunderequity | Othercomprehensiveincomeadjustment | Otherequitychange | Cashdividendorprofitannouncedtoissued | Impairmentprovisionaccrued | Other | |||||
| I.Jointventure | ||||||||||||
| II.Associatedenterprise | ||||||||||||
| RBCD | 3,273,396,963.14 | 247,296,494.53 | 204,938,885.77 | 3,315,754,571.90 | ||||||||
| ZhonglianElectronics | 1,871,790,817.25 | 266,675,548.99 | 300,000,000.00 | 1,838,466,366.24 | ||||||||
| WFPM | 44,293,972.27 | -228,815.08 | 188,447.12 | 44,253,604.31 | ||||||||
| AutoLink | 210,866,149.89 | -6,758,663.21 | 204,107,486.68 | |||||||||
| LezhuoBowei | 132,760,771.59 | -18,361,528.41 | 114,399,243.18 | |||||||||
| Subtotal | 5,533,108,674.14 | 0.00 | 488,623,036.82 | 188,447.12 | 504,938,885.77 | 5,516,981,272.31 | ||||||
| Total | 5,533,108,674.14 | 488,623,036.82 | 188,447.12 | 504,938,885.77 | 5,516,981,272.31 | |||||||
Therecoverableamountisdeterminedonthebasisofthenetamountafterdeductingdisposalexpensesfromfairvalue
□Applicable?NotapplicableTherecoverableamountisdeterminedonthebasisofthepresentvalueofexpectedfuturecashflows
□Applicable?NotapplicableReasonsforsignificantinconsistenciesbetweentheaforementionedinformationandtheinformationusedinimpairmenttestsofprioryearsorexternalinformationNilReasonsforsignificantinconsistenciesbetweentheinformationusedinthecompany’simpairmenttestsofprioryearsandtheactualsituationofthecurrentyearNil
(3)Otherexplanations
Nil
4.Operatingincomeandcost
InRMB
| Item | Currentperiod | Lastperiod | ||
| Income | Cost | Income | Cost | |
| Mainbusiness | 1,671,101,977.89 | 1,426,898,652.14 | 1,571,269,780.01 | 1,272,653,914.93 |
| Otherbusiness | 149,675,813.72 | 127,350,888.53 | 76,619,546.23 | 53,197,251.79 |
| Total | 1,820,777,791.61 | 1,554,249,540.67 | 1,647,889,326.24 | 1,325,851,166.72 |
5.Investmentincome
InRMB
| Item | Currentperiod | Lastperiod |
| Investmentincomeoftradablefinancialassetsduringholdingperiod | 4,729,903.52 | 34,771,161.26 |
| Investmentincomeinsubsidiaries | 475,645,907.12 | |
| Investmentincomeinjointventuresandassociatedenterprises | 488,623,036.82 | 603,770,972.68 |
| Revenuefromdebtrestructuring | -81,788.63 | -81,000.00 |
| Investmentincomefromdisposingoftradablefinancialassets | 957,401.23 | |
| Total | 969,874,460.06 | 638,461,133.94 |
6.Others
NilXX.SupplementaryInformation
1.Currentnon-recurringgains/losses?Applicable□Notapplicable
InRMB
| Item | Amount | Note |
| Gains/lossesfromthedisposalofnon-currentassets | -5,161,965.77 | |
| Governmentalgrantsreckonedintocurrentgains/losses(exceptforthosewithnormaloperationbusinessconcerned,andconformtothenationalpolicies®ulationsandarecontinuouslyenjoyedatafixedorquantitativebasisaccordingtocertainstandards) | 19,434,241.32 | |
| ExceptfortheeffectivehedgingoperationsrelatedtonormalbusinessoperationoftheCompany,thegains/lossesfromchangesinfairvaluefromholdingthetradablefinancialassetsandtradingfinancialliabilities,andtheinvestmentearningsobtainedfromdisposingthetradablefinancialasset,tradingfinancialliabilityandfinancialassetsavailableforsale | 28,831,770.24 | |
| Gains/lossesofassetsdelegationonothers’investmentormanagement | 8,904,917.47 | |
| Reversalofimpairmentprovisionforreceivablesseparatelytestedforimpairmenttransferback | 315,417.09 | |
| Gains/lossesofdebtrestructuring | -110,699.11 | |
| Othernon-operatingincomeandexpenditureexceptfortheaforementioneditems | 3,396,476.85 | |
| Less:Impactonincometax | 7,648,195.82 | |
| Impactonminorityshareholders’equity(Aftertax) | 1,434,107.96 | |
| Total | 46,527,854.31 | -- |
Specificinformationonotheritemsofgains/lossesthatqualifiedthedefinitionofnon-recurringgains/losses
□Applicable?NotapplicableTheCompanydoesnothaveothergains/lossesthatqualifiedthedefinitionofnon-recurringgains/lossesInformationonthedefinitionofnon-recurringgains/lossesthatarelistedintheQ&AAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic---Extraordinary(non-recurring)Gain)/Lossastherecurringgains/losses
□Applicable?Notapplicable
2.ROEandearningspershare
| Profitsduringreportperiod | WeightedaverageROE | Earningspershare | |
| Basicearningspershare(RMB/Share) | Dilutedearningspershare(RMB/Share) | ||
| NetprofitsattributabletocommonstockstockholdersoftheCompany | 3.49% | 0.72 | 0.72 |
| NetprofitsattributabletocommonstockstockholdersoftheCompanyafterdeductingnon-recurringgains/losses | 3.26% | 0.67 | 0.67 |
3.DifferenceoftheaccountingdataunderaccountingrulesinandoutofChina
(1)Differenceofthenetprofitandnetassetsdisclosedinfinancialreport,underbothIAS(InternationalAccountingStandards)andChineseGAAP(GenerallyAcceptedAccountingPrinciples)
□Applicable?Notapplicable
(2)Differenceofthenetprofitandnetassetsdisclosedinfinancialreport,underbothforeign
accountingrulesandChineseGAAP(GenerallyAcceptedAccountingPrinciples)
□Applicable?Notapplicable
(3)ExplanationondatadifferencesundertheaccountingstandardsinandoutofChina;asforthedifferencesadjustmentauditedbyforeignauditinginstitute,listednameoftheinstituteNil
4.Other
Nil