August,2025
HAINANJINGLIANGHOLDINGSCO.,LTD.SEMI-ANNUALFINANCIALREPORT2025
ThisSummaryhasbeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail.
PartIFinancialReport
Independentauditor’smodifiedopinion:
□Applicable?Notapplicable
2025Semi-AnnualFinancialReportisnotauditedbyIndependentauditor.
PartIIFinancialStatement
Theunitoffinancialstatementsinthefinancialnotesis:Yuan
Editor:HainanJingliangHoldingsCo.,Ltd
| 1.ConsolidatedBalanceSheet | ||
| June30,2025 | ||
| Preparedby:HainanJingliangHoldingsCo.,Ltd. | MonetaryUnit:RMBYuan | |
| Items | 30June2025 | 31December2024 |
| CurrentAssets: | ||
| Monetarycapital | 1,761,322,716.40 | 1,417,025,694.30 |
| Transactionalfinancialassets | ||
| Derivativefinancialassets | 70,947,839.67 | |
| Notesreceivable | ||
| Accountsreceivable | 166,998,100.88 | 91,439,895.13 |
| Receivablesfinancing | ||
| Prepayment | 385,597,164.21 | 198,722,011.47 |
| Otherreceivables | 377,625,363.77 | 455,148,011.66 |
| Including:Interestreceivable | ||
| Dividendsreceivable | ||
| Inventory | 2,602,282,017.31 | 2,357,805,420.92 |
| Including:Dataresources | ||
| Contractassets | ||
| Held-for-saleassets | ||
| Non-currentassetsduewithinoneyear | 10,845,833.33 | 10,694,166.66 |
| Othercurrentassets | 339,292,532.90 | 161,383,945.34 |
| Totalcurrentassets | 5,643,963,728.80 | 4,763,166,985.15 |
| Non-currentassets: | ||
| Debtinvestment | ||
| Otherdebtinvestments | ||
| Long-termreceivables | ||
| Long-termequityinvestment | 271,077,521.12 | 267,505,468.02 |
| Otherequityinstrumentsinvestment | ||
| Othernon-currentfinancialassets | ||
| Investmentproperty | 17,285,142.37 | 18,277,387.65 |
| Fixedassets | 853,970,458.47 | 891,221,864.74 |
| Constructioninprocess | 47,829,490.36 | 50,058,378.98 |
| Productivebiologicalassets | ||
| Oil-and-gasassets | ||
| Right-of-useassets | 69,447,125.25 | 76,970,493.53 |
| Intangibleassets | 378,327,697.97 | 395,680,430.82 |
| Including:Dataresources | ||
| Developmentexpenditure | ||
| Including:Dataresources | ||
| Goodwill | 191,394,422.51 | 191,394,422.51 |
| Long-termdeferredexpenses | 19,367,221.32 | 17,403,238.18 |
| Deferredincometaxassets | 19,436,987.31 | 23,598,603.98 |
| Othernon-currentassets | 6,764,868.76 | 5,682,032.40 |
| Totalnon-currentassets | 1,874,900,935.44 | 1,937,792,320.81 |
| Totalassets | 7,518,864,664.24 | 6,700,959,305.96 |
| Currentliabilities: | ||
| Short-termborrowings | 1,160,727,102.08 | 1,311,609,177.78 |
| Transactionalfinancialliabilities | ||
| Derivativefinancialliabilities | 92,970,740.07 | 30,979,464.00 |
| Notespayable | 434,518,916.40 | |
| Accountspayable | 62,424,996.04 | 127,879,265.40 |
| Accountcollectedinadvance | 2,602,920.56 | 1,122,982.13 |
| Contractliabilities | 806,092,688.41 | 522,267,254.98 |
| Employeepayrollpayable | 14,674,424.56 | 27,703,136.66 |
| Taxespayable | 10,952,781.94 | 19,999,374.52 |
| Otherpayables | 69,076,471.51 | 58,529,914.31 |
| Including:Interestpayable | 20,000,000.00 | 20,000,000.00 |
| Dividendspayable | ||
| Held-for-saleliabilities | ||
| Non-currentliabilitiesduewithinoneyear | 319,587,654.23 | 543,665,629.94 |
| Othercurrentliabilities | 69,593,723.20 | 97,380,074.75 |
| Totalcurrentliabilities | 3,043,222,419.00 | 2,741,136,274.47 |
| Non-currentliabilities: | ||
| Long-termborrowings | 518,500,000.00 | |
| Bondspayable | 299,475,000.00 | 299,250,000.00 |
| Including:Preferredstock | ||
| Perpetualcapitalbonds | ||
| Leaseliabilities | 50,502,534.61 | 50,700,060.93 |
| Long-termpayables | ||
| Long-termpayabletoemployees | 5,627,134.00 | 5,627,134.00 |
| Estimatedliabilities | 5,146,800.00 | |
| Deferredincome | 55,789,624.52 | 56,731,497.62 |
| Deferredincometaxliabilities | 30,611,092.44 | 31,415,012.33 |
| Othernon-currentliabilities |
| Totalnon-currentliabilities | 960,505,385.57 | 448,870,504.88 | |
| Totalliabilities | 4,003,727,804.57 | 3,190,006,779.35 | |
| Owners'equity(orShareholders'equity): | |||
| Paid-incapital | 726,950,251.00 | 726,950,251.00 | |
| Otherequityinstruments | |||
| Including:Preferredstock | |||
| Perpetualcapitalbonds | |||
| Capitalreserves | 1,682,684,026.76 | 1,682,684,026.76 | |
| Less:treasurystock | |||
| Othercomprehensiveincome | 1,651,930.21 | 1,763,043.44 | |
| Specialreserves | |||
| Surplusreserves | 137,418,617.07 | 137,418,617.07 | |
| Undistributedprofit | 599,338,707.01 | 594,473,637.42 | |
| Owner'sEquity(orshareholder'sequity)AttributabletoShareholdersoftheParentCompany | 3,148,043,532.05 | 3,143,289,575.69 | |
| Minorityequity | 367,093,327.62 | 367,662,950.92 | |
| Totalowners'equity(orshareholders'equity) | 3,515,136,859.67 | 3,510,952,526.61 | |
| Totalliabilitiesandowners'equity(orshareholders'equity) | 7,518,864,664.24 | 6,700,959,305.96 | |
| LegalRepresentative:WangChunliChiefFinancialOfficer:GuanYingHeadofAccountingDepartment:CaoLing | |||
| 2.BalanceSheetofParentCompany | |||
| MonetaryUnit:RMBYuan | |||
| Items | 30June2025 | 31December2024 | |
| CurrentAssets: | |||
| Monetarycapital | 328,867,697.86 | 343,402,502.17 | |
| Transactionalfinancialassets | |||
| Derivativefinancialassets | |||
| Notesreceivable | |||
| Accountsreceivable | 436,992.00 | ||
| Receivablesfinancing | |||
| Prepayment | |||
| Otherreceivables | 930,000,000.00 | 948,000,000.00 | |
| Including:Interestreceivable | |||
| Dividendsreceivable | 18,000,000.00 | ||
| Inventory | |||
| Including:Dataresources | |||
| Contractassets | |||
| Held-for-saleassets | |||
| Non-currentassetsduewithinoneyear | |||
| Othercurrentassets | 609,629.64 | 342,287.50 |
| Totalcurrentassets | 1,259,914,319.50 | 1,291,744,789.67 |
| Non-currentassets: | ||
| Debtinvestment | ||
| Otherdebtinvestments | ||
| Long-termreceivables | ||
| Long-termequityinvestment | 2,442,399,283.19 | 2,340,799,283.19 |
| Otherequityinstrumentsinvestment | ||
| Othernon-currentfinancialassets | ||
| Investmentproperty | 4,689,187.79 | 4,858,318.61 |
| Fixedassets | 5,203,109.82 | 5,533,490.67 |
| Constructioninprocess | ||
| Productivebiologicalassets | ||
| Oil-and-gasassets | ||
| Right-of-useassets | ||
| Intangibleassets | ||
| Including:Dataresources | ||
| Developmentexpenditure | ||
| Including:Dataresources | ||
| Goodwill | ||
| Long-termdeferredexpenses | 341,820.49 | 393,093.55 |
| Deferredincometaxassets | ||
| Othernon-currentassets | 6,764,868.76 | 5,035,082.40 |
| Totalnon-currentassets | 2,459,398,270.05 | 2,356,619,268.42 |
| Totalassets | 3,719,312,589.55 | 3,648,364,058.09 |
| Currentliabilities: | ||
| Short-termborrowings | ||
| Transactionalfinancialliabilities | ||
| Derivativefinancialliabilities | ||
| Notespayable | ||
| Accountspayable | 15,383.17 | |
| Accountcollectedinadvance | ||
| Contractliabilities | ||
| Employeepayrollpayable | 203,522.32 | 151,075.75 |
| Taxespayable | 85,172.63 | 89,545.33 |
| Otherpayables | 21,273,886.67 | 21,267,504.53 |
| Including:Interestpayable | 20,000,000.00 | 20,000,000.00 | ||
| Dividendspayable | ||||
| Held-for-saleliabilities | ||||
| Non-currentliabilitiesduewithinoneyear | 7,200,000.00 | 2,880,000.00 | ||
| Othercurrentliabilities | ||||
| Totalcurrentliabilities | 28,762,581.62 | 24,403,508.78 | ||
| Non-currentliabilities: | ||||
| Long-termborrowings | ||||
| Bondspayable | 299,475,000.00 | 299,250,000.00 | ||
| Including:Preferredstock | ||||
| Perpetualcapitalbonds | ||||
| Leaseliabilities | ||||
| Long-termpayables | ||||
| Long-termpayabletoemployees | ||||
| Estimatedliabilities | ||||
| Deferredincome | ||||
| Deferredincometaxliabilities | ||||
| Othernon-currentliabilities | ||||
| Totalnon-currentliabilities | 299,475,000.00 | 299,250,000.00 | ||
| Totalliabilities | 328,237,581.62 | 323,653,508.78 | ||
| Owners'equity(orShareholders'equity): | ||||
| Paid-incapital | 726,950,251.00 | 726,950,251.00 | ||
| Otherequityinstruments | ||||
| Including:Preferredstock | ||||
| Perpetualcapitalbonds | ||||
| Capitalreserves | 2,386,924,900.84 | 2,386,924,900.84 | ||
| Less:treasurystock | ||||
| Othercomprehensiveincome | ||||
| Specialreserves | ||||
| Surplusreserves | 124,783,244.48 | 124,783,244.48 | ||
| Undistributedprofit | 152,416,611.61 | 86,052,152.99 | ||
| Totalowners'equity(orshareholders'equity) | 3,391,075,007.93 | 3,324,710,549.31 | ||
| Totalliabilitiesandowners'equity(orshareholders'equity) | 3,719,312,589.55 | 3,648,364,058.09 | ||
| 3.ConsolidatedIncomeStatement | ||||
| MonetaryUnit:RMBYuan | ||||
| Items | Amountforthecurrentperiod | Amountforthepriorperiod | ||
| I.Totaloperatingincome | 4,208,146,255.86 | 5,555,906,994.14 | ||
| Including:Operatingincome | 4,208,146,255.86 | 5,555,906,994.14 | ||
| II.Totaloperatingcost | 4,179,559,981.23 | 5,531,711,172.68 |
| Including:Operatingcost | 3,972,762,726.56 | 5,332,015,618.17 |
| Taxandsurcharges | 11,641,785.65 | 12,216,026.66 |
| Sellingexpenses | 65,707,454.27 | 71,736,656.94 |
| Administrationexpenses | 91,754,104.13 | 85,740,915.84 |
| Researchanddevelopmentexpenses | 9,201,480.97 | 10,402,383.93 |
| Financialexpenses | 28,492,429.65 | 19,599,571.14 |
| Including:interestexpenses | 31,665,713.92 | 28,948,644.46 |
| Interestincome | 5,319,761.53 | 8,925,122.62 |
| Add:Otherincome | 5,867,507.90 | 9,870,484.92 |
| Incomefrominvestment(Lossesshallbefilledinwith“-”) | 3,572,053.10 | 10,875,426.88 |
| Including:incomefrominvestmentonjointventureandcooperativeenterprise | 3,572,053.10 | 10,875,426.88 |
| incomefromderecognitionoffinancialassetsmeasuredatamortizedcost | ||
| Incomefromnetexposurehedging(Lossesshallbefilledinwith“-”) | ||
| Incomefromchangesinfairvalue(Lossesshallbefilledinwith“-”) | -10,955,589.95 | -9,906,096.90 |
| Creditimpairmentloss(Lossesshallbefilledinwith“-”) | 52.30 | 1,779.74 |
| Incomefromassetsimpairment(Lossesshallbefilledinwith“-”) | -37,303.33 | 130,887.98 |
| Incomefromassetdisposal(Lossesshallbefilledinwith“-”) | 16,255,830.49 | 23,411.62 |
| III.Operatingprofit(Lossesshallbefilledinwith“-”) | 43,288,825.14 | 35,191,715.70 |
| Add:non-operatingincome | 171,433.89 | 10,604,405.63 |
| Less:non-operatingexpenditure | 16,645,099.05 | 4,779,998.99 |
| IV.Totalprofit(Totallossesshallbefilledinwith“-”) | 26,815,159.98 | 41,016,122.34 |
| Less:incometaxexpense | 9,128,997.37 | 14,829,283.42 |
| V.Netprofit(Netlossshallbefilledinwith“-”) | 17,686,162.61 | 26,186,838.92 |
| (I)Classifiedbyoperationscontinuity | ||
| 1.Netprofitfromcontinuingoperations(Netlossshallbefilledinwith“-”) | 17,686,162.61 | 26,186,838.92 |
| 2.Netprofitfromdiscontinuingoperations(Netlossshallbefilledinwith“-”) | ||
| (II)Classifiedbyownershipattribution | ||
| 1、Netprofitattributabletoshareholdersoftheparentcompany(Netlossshallbefilledinwith“-”) | 17,950,174.11 | 24,058,518.07 |
| 2、Minorityinterestincome(Netlossshallbefilledinwith“-”) | -264,011.50 | 2,128,320.85 |
| VI.Netoftaxfromothercomprehensiveincome | -111,113.23 | 142,130.77 |
| One.Netoftaxfromothercomprehensiveincomeattributabletoshareholdersoftheparentcompany | -111,113.23 | 142,130.77 |
| 1.Othercomprehensiveincomethatcannotbereclassifiedintotheprofitandloss | ||
| （1）Remeasurechangesindefinedbenefitplans | ||
| （2）Othercomprehensiveincomethatcannotbetransferredtogainsandlossesundertheequitymethod |
| （3）Changesinfairvalueofotherequityinstrumentinvestments | ||||
| （4）Changesinthefairvalueofthecompany'sowncreditrisk | ||||
| （5）Others | ||||
| 2.Othercomprehensiveincomethatwillbereclassifiedintotheprofitandloss | -111,113.23 | 142,130.77 | ||
| （1）Othercomprehensiveincomethatcanbetransferredtogainsandlossesundertheequitymethod | ||||
| （2）Changesinfairvalueofotherdebtinvestments | ||||
| （3）Reclassificationoffinancialassetsincludedinothercomprehensiveincome | ||||
| （4）Provisionforcreditimpairmentofotherdebtinvestments | ||||
| （5）Cashflowhedgereserve | ||||
| （6）Balancearisingfromthetranslationofforeigncurrency | -111,113.23 | 142,130.77 | ||
| （7）Others | ||||
| Two.Netoftaxfromothercomprehensiveincomeattributabletominorityshareholder | ||||
| VII.Totalcomprehensiveincome | 17,575,049.38 | 26,328,969.69 | ||
| (I)Totalcomprehensiveincomeattributabletoshareholdersoftheparentcompany | 17,839,060.88 | 24,200,648.84 | ||
| (II)Totalcomprehensiveincomeattributabletominorityshareholder | -264,011.50 | 2,128,320.85 | ||
| VIII.Earningspershare: | ||||
| (I)Basicearningspershare | 0.02 | 0.03 | ||
| (II)Dilutedearningspershare | 0.02 | 0.03 | ||
| LegalRepresentative:WangChunliChiefFinancialOfficer:GuanYingHeadofAccountingDepartment:CaoLing | ||||
| 4.IncomeStatementofParentCompany | ||||
| MonetaryUnit:RMBYuan | ||||
| Items | Amountforthecurrentperiod | Amountforthepriorperiod | ||
| I.Totaloperatingincome | 561,810.67 | 2,047,313.31 | ||
| Less：Operatingcost | 169,130.82 | 170,581.26 | ||
| Taxandsurcharges | 299,047.92 | 204,491.36 | ||
| Sellingexpenses | ||||
| Administrationexpenses | 3,080,454.42 | 3,150,269.36 | ||
| Researchanddevelopmentexpenses | ||||
| Financialexpenses | 4,022,147.97 | -9,722,064.50 | ||
| Including:interestexpenses | 4,545,000.00 | 4,545,000.00 | ||
| Interestincome | 511,248.31 | 14,379,702.55 | ||
| Add:Otherincome | 66,345.27 | 619,000.43 | ||
| Incomefrominvestment(Lossesshallbefilledinwith“-”) | 86,434,733.13 | 28,021,459.50 | ||
| Including:incomefrominvestmentonjointventureandcooperativeenterprise | ||||
| Incomefromderecognitionoffinancialassetsmeasuredatamortizedcost | ||||
| Incomefromnetexposurehedging(Lossesshallbefilledinwith“-”) | ||
| Incomefromchangesinfairvalue(Lossesshallbefilledinwith“-”) | ||
| Creditimpairmentloss(Lossesshallbefilledinwith“-”) | ||
| Incomefromassetsimpairment(Lossesshallbefilledinwith“-”) | ||
| Incomefromassetdisposal(Lossesshallbefilledinwith“-”) | ||
| III.Operatingprofit(Lossesshallbefilledinwith“-”) | 79,492,107.94 | 36,884,495.76 |
| Add:non-operatingincome | 1,082,795.47 | |
| Less:non-operatingexpenditure | 42,544.80 | 63,737.22 |
| IV.Totalprofit(Totallossesshallbefilledinwith“-”) | 79,449,563.14 | 37,903,554.01 |
| Less:incometaxexpense | ||
| V.Netprofit(Netlossshallbefilledinwith“-”) | 79,449,563.14 | 37,903,554.01 |
| 1.Netprofitfromcontinuingoperations(Netlossshallbefilledinwith“-”) | 79,449,563.14 | 37,903,554.01 |
| 2.Netprofitfromdiscontinuingoperations(Netlossshallbefilledinwith“-”) | ||
| V.Netoftaxfromothercomprehensiveincome | ||
| 1.Othercomprehensiveincomethatcannotbereclassifiedintotheprofitandloss | ||
| （1）Remeasurechangesindefinedbenefitplans | ||
| （2）Othercomprehensiveincomethatcannotbetransferredtogainsandlossesundertheequitymethod | ||
| （3）Changesinfairvalueofotherequityinstrumentinvestments | ||
| （4）Changesinthefairvalueofthecompany'sowncreditrisk | ||
| （5）Others | ||
| 2.Othercomprehensiveincomethatwillbereclassifiedintotheprofitandloss | ||
| （1）Othercomprehensiveincomethatcanbetransferredtogainsandlossesundertheequitymethod | ||
| （2）Changesinfairvalueofotherdebtinvestments | ||
| （3）Reclassificationoffinancialassetsincludedinothercomprehensiveincome | ||
| （4）Provisionforcreditimpairmentofotherdebtinvestments | ||
| （5）Cashflowhedgereserve | ||
| （6）Balancearisingfromthetranslationofforeigncurrency | ||
| （7）Others | ||
| VII.Totalcomprehensiveincome | 79,449,563.14 | 37,903,554.01 |
| VIII.Earningspershare: | ||
| (I)Basicearningspershare | ||
| (II)Dilutedearningspershare |
| 5.ConsolidatedCashFlowStatement | ||
| MonetaryUnit:RMBYuan | ||
| Items | Amountforthecurrentperiod | Amountforthepriorperiod |
| I.CashFlowsfromOperatingActivities: | ||
| CashReceiptsfromSalesofGoodsorRenderingofServices | 5,146,353,207.59 | 6,226,529,356.93 |
| TaxRefundReceipts | 7,708,869.99 | 3,062,799.77 |
| OtherCashReceiptsConcerningOperatingActivities | 3,546,804,253.47 | 1,514,916,662.94 |
| SubtotalofCashInflowsfromOperatingActivities | 8,700,866,331.05 | 7,744,508,819.64 |
| CashPaidforPurchaseofGoodsandAcceptingServices | 4,697,505,265.22 | 6,051,673,881.18 |
| CashPaidtoandforEmployees | 154,554,722.43 | 164,888,216.07 |
| TaxesandFeesPaid | 63,767,878.30 | 58,944,562.42 |
| OtherCashPaidConcerningOperatingActivities | 3,562,602,172.03 | 1,690,067,582.06 |
| SubtotalofCashOutflowsfromOperatingActivities | 8,478,430,037.98 | 7,965,574,241.73 |
| NetCashFlowsfromOperatingActivities | 222,436,293.07 | -221,065,422.09 |
| II.CashFlowsfromInvestmentActivities: | ||
| CashReceiptsfromDisinvestment | ||
| CashReceiptsfromReturnsonInvestments | ||
| NetCashfromDisposalofFixedAssets,IntangibleAssetsandOtherLong-termAssets | 90,476.60 | |
| NetCashReceivedbyDisposalofSubsidiariesandOtherBusinessUnits | ||
| OtherCashReceiptsConcerningInvestmentActivities | ||
| SubtotalofCashInflowsfromInvestmentActivities | 90,476.60 | |
| CashPaidforPurchaseandConstructionofFixedAssets,IntangibleAssetsandOtherLong-termAssets | 22,300,701.06 | 19,760,482.96 |
| CashPaidforInvestments | ||
| NetCashPaidforobtainingSubsidiariesandOtherBusinessUnits | ||
| OtherCashPaidConcerningInvestmentActivities | 1,747,611.95 | |
| SubtotalofCashOutflowsfromInvestmentActivities | 22,300,701.06 | 21,508,094.91 |
| NetCashFlowsfromInvestmentActivities | -22,300,701.06 | -21,417,618.31 |
| III.CashFlowsfromFinancingActivities: | ||
| CashReceiptsfromAcceptingInvestment | 1,500,000.00 | |
| Including:CashReceivedbySubsidiariesAbsorbingtheInvestmentfromMinorityShareholders | 1,500,000.00 | |
| CashReceiptsfromBorrowings | 2,404,441,868.75 | 1,037,734,559.68 |
| OtherCashReceiptsConcerningFinancingActivities | ||
| SubtotalofCashInflowsfromFinancingActivities | 2,405,941,868.75 | 1,037,734,559.68 |
| CashPaidforRepaymentofDebts | 2,227,516,445.20 | 1,087,734,559.68 |
| CashPaidforDistributionofDividends,ProfitsorRepaymentofInterests | 38,307,499.25 | 70,758,033.33 | |
| Including:DividendsandProfitsPaidbySubsidiariestoMinorityShareholders | |||
| OtherCashPaidConcerningFinancingActivities | 679,200.00 | 13,486,733.94 | |
| SubtotalofCashOutflowsfromFinancingActivities | 2,266,503,144.45 | 1,171,979,326.95 | |
| NetCashFlowsfromFinancingActivities | 139,438,724.30 | -134,244,767.27 | |
| IV.ExchangeRateFluctuationConsequencesonCashandCashEquivalents | -5,154,893.89 | 6,088,920.99 | |
| V.NetIncreaseinCashandCashEquivalents | 334,419,422.42 | -370,638,886.68 | |
| Add:OpeningBalanceofCashandCashEquivalents | 1,395,519,746.77 | 1,540,639,079.95 | |
| VI.ClosingBalanceofCashandCashEquivalents | 1,729,939,169.19 | 1,170,000,193.27 | |
| 6.CashFlowStatementofParentCompany | |||
| MonetaryUnit:RMBYuan | |||
| Items | Amountforthecurrentperiod | Amountforthepriorperiod | |
| I.CashFlowsfromOperatingActivities: | |||
| CashReceiptsfromSalesofGoodsorRenderingofServices | |||
| TaxRefundReceipts | |||
| OtherCashReceiptsConcerningOperatingActivities | 838,662.89 | 3,428,267.67 | |
| SubtotalofCashInflowsfromOperatingActivities | 838,662.89 | 3,428,267.67 | |
| CashPaidforPurchaseofGoodsandAcceptingServices | 15,383.17 | 635.30 | |
| CashPaidtoandforEmployees | 606,099.83 | 972,050.75 | |
| TaxesandFeesPaid | 309,699.19 | 448,876.77 | |
| OtherCashPaidConcerningOperatingActivities | 2,334,725.33 | 2,218,764.01 | |
| SubtotalofCashOutflowsfromOperatingActivities | 3,265,907.52 | 3,640,326.83 | |
| NetCashFlowsfromOperatingActivities | -2,427,244.63 | -212,059.16 | |
| II.CashFlowsfromInvestmentActivities: | |||
| CashReceiptsfromDisinvestment | 324,858,000.00 | ||
| CashReceiptsfromReturnsonInvestments | 104,439,339.88 | 42,606,181.72 | |
| NetCashfromDisposalofFixedAssets,IntangibleAssetsandOtherLong-termAssets | 3,444.00 | ||
| NetCashReceivedbyDisposalofSubsidiariesandOtherBusinessUnits | |||
| OtherCashReceiptsConcerningInvestmentActivities | |||
| SubtotalofCashInflowsfromInvestmentActivities | 104,439,339.88 | 367,467,625.72 | |
| CashPaidforPurchaseandConstructionofFixedAssets,IntangibleAssetsandOtherLong-termAssets | 1,875,270.00 | 663,805.84 | |
| CashPaidforInvestments | 101,600,000.00 | ||
| NetCashPaidforobtainingSubsidiariesandOtherBusinessUnits | |||
| OtherCashPaidConcerningInvestmentActivities | ||||||||||||||
| SubtotalofCashOutflowsfromInvestmentActivities | 103,475,270.00 | 663,805.84 | ||||||||||||
| NetCashFlowsfromInvestmentActivities | 964,069.88 | 366,803,819.88 | ||||||||||||
| III.CashFlowsfromFinancingActivities: | ||||||||||||||
| CashReceiptsfromAcceptingInvestment | ||||||||||||||
| CashReceiptsfromBorrowings | ||||||||||||||
| OtherCashReceiptsConcerningFinancingActivities | ||||||||||||||
| SubtotalofCashInflowsfromFinancingActivities | ||||||||||||||
| CashPaidforRepaymentofDebts | ||||||||||||||
| CashPaidforDistributionofDividends,ProfitsorRepaymentofInterests | 13,071,629.56 | 51,613,472.80 | ||||||||||||
| OtherCashPaidConcerningFinancingActivities | ||||||||||||||
| SubtotalofCashOutflowsfromFinancingActivities | 13,071,629.56 | 51,613,472.80 | ||||||||||||
| NetCashFlowsfromFinancingActivities | -13,071,629.56 | -51,613,472.80 | ||||||||||||
| IV.ExchangeRateFluctuationConsequencesonCashandCashEquivalents | ||||||||||||||
| V.NetIncreaseinCashandCashEquivalents | -14,534,804.31 | 314,978,287.92 | ||||||||||||
| Add:OpeningBalanceofCashandCashEquivalents | 343,402,502.17 | 23,743,255.81 | ||||||||||||
| VI.ClosingBalanceofCashandCashEquivalents | 328,867,697.86 | 338,721,543.73 | ||||||||||||
| 7.ConsolidatedStatementofChangesinEquity | ||||||||||||||
| MonetaryUnit:RMBYuan | ||||||||||||||
| Items | CurrentAmount | |||||||||||||
| Shareholder'sEquityattributabletotheParentCompany | Minorityequity | Totalshareholders'equities | ||||||||||||
| Paid-incapital | Otherequityinstruments | Capitalreserve | Less:treasurystock | Othercomprehensiveincome | Specialreserve | Surplusreserve | Undistributedprofit | Subtotal | ||||||
| Preferredstock | Perpetualbond | Others | ||||||||||||
| I.Year-endbalanceoflastyear | 726,950,251.00 | 1,682,684,026.76 | 1,763,043.44 | 137,418,617.07 | 594,473,637.42 | 3,143,289,575.69 | 367,662,950.92 | 3,510,952,526.61 | ||||||
| Add:changesinaccountingpolicies | ||||||||||||||
| Correctionofpriorperioderrors | ||||||||||||||
| Mergerofenterprisesunderthesamecontrol | ||||||||||||||
| Other | ||||||||||||||
| II.Balanceatbeginningofcurrentyear | 726,950,251.00 | 1,682,684,026.76 | 1,763,043.44 | 137,418,617.07 | 594,473,637.42 | 3,143,289,575.69 | 367,662,950.92 | 3,510,952,526.61 | ||||||
| III.Increasesanddecreasesofcurrentperiod(Decreaseshallbefilledinwith“-”) | -111,113.23 | 4,865,069.59 | 4,753,956.36 | -569,623.30 | 4,184,333.06 | ||
| (I)Totalcomprehensiveincome | -111,113.23 | 17,950,174.11 | 17,839,060.88 | -264,011.50 | 17,575,049.38 | ||
| (II)Investmentofshareholdersandcapitalreduction | 1,500,000.00 | 1,500,000.00 | |||||
| 1.Commonequityinvestedbyshareholders | 1,500,000.00 | 1,500,000.00 | |||||
| 2.Capitalinvestedbyotherequityinstrumentsholders | |||||||
| 3.Theamountofsharesrecordedintotheshareholder'sequity | |||||||
| 4.Others | |||||||
| (III)Distributionofprofits | -13,085,104.52 | -13,085,104.52 | -1,805,611.80 | -14,890,716.32 | |||
| 1.Withdrawalofsurplusreserves | |||||||
| 2.Distributiontoshareholders | -13,085,104.52 | -13,085,104.52 | -1,805,611.80 | -14,890,716.32 | |||
| 3.Others | |||||||
| (IV)Innercarrying-overofshareholders'equities | |||||||
| 1.Capitalreserveconvertedintocapital(orcapitalstock) | |||||||
| 2.Surpluspublicaccumulationconvertedintocapital(orcapitalstock) | |||||||
| 3.Surpluspublicaccumulationlossremedy | |||||||
| 4.Changeindefinedbenefitplancarriedforwardtoretainedearnings | |||||||
| 5.Othercomprehensiveincome |
| carriedforwardtoretainedearnings | |||||||||||
| 6.Others | |||||||||||
| (V)Specialreserve | |||||||||||
| 1.Withdrawalforcurrentperiod | |||||||||||
| 2.Useforcurrentperiod | |||||||||||
| (VI)Others | |||||||||||
| IV.Closingbalanceofcurrentperiod | 726,950,251.00 | 1,682,684,026.76 | 1,651,930.21 | 137,418,617.07 | 599,338,707.01 | 3,148,043,532.05 | 367,093,327.62 | 3,515,136,859.67 |
AmountofLastPeriod
| Items | AmountofLastPeriod | ||||||||||||
| Shareholder'sEquityattributabletotheParentCompany | Minorityequity | Totalshareholders'equities | |||||||||||
| Paid-incapital | Otherequityinstruments | Capitalreserve | Less:treasurystock | Othercomprehensiveincome | Specialreserve | Surplusreserve | Undistributedprofit | Subtotal | |||||
| Preferredstock | Perpetualbond | Others | |||||||||||
| I.Year-endbalanceoflastyear | 726,950,251.00 | 1,681,808,108.07 | 1,369,980.92 | 129,819,690.00 | 627,555,511.45 | 3,167,503,541.44 | 407,827,757.60 | 3,575,331,299.04 | |||||
| Add:changesinaccountingpolicies | |||||||||||||
| Correctionofpriorperioderrors | |||||||||||||
| Mergerofenterprisesunderthesamecontrol | |||||||||||||
| Other | |||||||||||||
| II.Balanceatbeginningofcurrentyear | 726,950,251.00 | 1,681,808,108.07 | 1,369,980.92 | 129,819,690.00 | 627,555,511.45 | 3,167,503,541.44 | 407,827,757.60 | 3,575,331,299.04 | |||||
| III.Increasesanddecreasesofcurrentperiod(Decreaseshallbefilledinwith“-”) | 142,130.77 | -27,554,949.75 | -27,412,818.98 | 2,128,320.85 | -25,284,498.13 | ||||||||
| (I)Totalcomprehensiveincome | 142,130.77 | 24,058,518.07 | 24,200,648.84 | 2,128,320.85 | 26,328,969.69 | ||||||||
| (II)Investmentofshareholdersandcapitalreduction | |||||||||||||
| 1.Commonequityinvestedbyshareholders | |||||||||||||
| 2.Capitalinvestedbyotherequity | |||||||||||||
| instrumentsholders | |||||||||||
| 3.Theamountofsharesrecordedintotheshareholder'sequity | |||||||||||
| 4.Others | |||||||||||
| (III)Distributionofprofits | -51,613,467.82 | -51,613,467.82 | -51,613,467.82 | ||||||||
| 1.Withdrawalofsurplusreserves | |||||||||||
| 2.Distributiontoshareholders | -51,613,467.82 | -51,613,467.82 | -51,613,467.82 | ||||||||
| 3.Others | |||||||||||
| (IV)Innercarrying-overofshareholders'equities | |||||||||||
| 1.Capitalreserveconvertedintocapital(orcapitalstock) | |||||||||||
| 2.Surpluspublicaccumulationconvertedintocapital(orcapitalstock) | |||||||||||
| 3.Surpluspublicaccumulationlossremedy | |||||||||||
| 4.Changeindefinedbenefitplancarriedforwardtoretainedearnings | |||||||||||
| 5.Othercomprehensiveincomecarriedforwardtoretainedearnings | |||||||||||
| 6.Others | |||||||||||
| (V)Specialreserve | |||||||||||
| 1.Withdrawalforcurrentperiod | |||||||||||
| 2.Useforcurrentperiod | |||||||||||
| (VI)Others | |||||||||||
| IV.Closingbalanceofcurrentperiod | 726,950,251.00 | 1,681,808,108.07 | 1,512,111.69 | 129,819,690.00 | 600,000,561.70 | 3,140,090,722.46 | 409,956,078.45 | 3,550,046,800.91 |
| 8.StatementofChangesinEquityofParentCompany | ||||||||||||
| MonetaryUnit:RMBYuan | ||||||||||||
| Items | CurrentAmount | |||||||||||
| Paid-incapital | Otherequityinstruments | Capitalreserve | Less:treasurystock | Othercomprehensiveincome | Specialreserve | Surplusreserve | Undistributedprofit | Subtotal | ||||
| Preferredstock | Perpetualbond | Others | ||||||||||
| I.Year-endbalanceoflastyear | 726,950,251.00 | 2,386,924,900.84 | 124,783,244.48 | 86,052,152.99 | 3,324,710,549.31 | |||||||
| Add:changesinaccountingpolicies | ||||||||||||
| Correctionofpriorperioderrors | ||||||||||||
| Other | ||||||||||||
| II.Balanceatbeginningofcurrentyear | 726,950,251.00 | 2,386,924,900.84 | 124,783,244.48 | 86,052,152.99 | 3,324,710,549.31 | |||||||
| III.Increasesanddecreasesofcurrentperiod(Decreaseshallbefilledinwith“-”) | 66,364,458.62 | 66,364,458.62 | ||||||||||
| (I)Totalcomprehensiveincome | 79,449,563.14 | 79,449,563.14 | ||||||||||
| (II)Investmentofshareholdersandcapitalreduction | ||||||||||||
| 1.Commonequityinvestedbyshareholders | ||||||||||||
| 2.Capitalinvestedbyotherequityinstrumentsholders | ||||||||||||
| 3.Theamountofsharesrecordedintotheshareholder'sequity | ||||||||||||
| 4.Others | ||||||||||||
| (III)Distributionofprofits | -13,085,104.52 | -13,085,104.52 | ||||||||||
| 1.Withdrawalofsurplusreserves | ||||||||||||
| 2.Distributiontoshareholders | -13,085,104.52 | -13,085,104.52 | ||||||||||
| 3.Others | ||||||||||||
| (IV)Innercarrying-overofshareholders'equities | ||||||||||||
| 1.Capitalreserveconvertedintocapital(orcapitalstock) | ||||||||||||
| 2.Surpluspublicaccumulationconvertedintocapital(orcapitalstock) | ||||||||||||
| 3.Surpluspublicaccumulationloss | ||||||||||||
| remedy | |||||||
| 4.Changeindefinedbenefitplancarriedforwardtoretainedearnings | |||||||
| 5.Othercomprehensiveincomecarriedforwardtoretainedearnings | |||||||
| 6.Others | |||||||
| (V)Specialreserve | |||||||
| 1.Withdrawalforcurrentperiod | |||||||
| 2.Useforcurrentperiod | |||||||
| (VI)Others | |||||||
| IV.Closingbalanceofcurrentperiod | 726,950,251.00 | 2,386,924,900.84 | 124,783,244.48 | 152,416,611.61 | 3,391,075,007.93 |
AmountofLastPeriod
| Items | AmountofLastPeriod | ||||||||||
| Paid-incapital | Otherequityinstruments | Capitalreserve | Less:treasurystock | Othercomprehensiveincome | Specialreserve | Surplusreserve | Undistributedprofit | Subtotal | |||
| Preferredstock | Perpetualbond | Others | |||||||||
| I.Year-endbalanceoflastyear | 726,950,251.00 | 2,386,084,900.84 | 117,184,317.41 | 69,275,277.18 | 3,299,494,746.43 | ||||||
| Add:changesinaccountingpolicies | |||||||||||
| Correctionofpriorperioderrors | |||||||||||
| Other | |||||||||||
| II.Balanceatbeginningofcurrentyear | 726,950,251.00 | 2,386,084,900.84 | 117,184,317.41 | 69,275,277.18 | 3,299,494,746.43 | ||||||
| III.Increasesanddecreasesofcurrentperiod(Decreaseshallbefilledinwith“-”) | -13,709,913.81 | -13,709,913.81 | |||||||||
| (I)Totalcomprehensiveincome | 37,903,554.01 | 37,903,554.01 | |||||||||
| (II)Investmentofshareholdersandcapitalreduction | |||||||||||
| 1.Commonequityinvestedbyshareholders | |||||||||||
| 2.Capitalinvestedbyotherequityinstrumentsholders | |||||||||||
| 3.Theamountofsharesrecordedintotheshareholder'sequity | |||||||||||
| 4.Others | |||||||||||
| (III)Distributionofprofits | -51,613,467.82 | -51,613,467.82 | |||||
| 1.Withdrawalofsurplusreserves | |||||||
| 2.Distributiontoshareholders | -51,613,467.82 | -51,613,467.82 | |||||
| 3.Others | |||||||
| (IV)Innercarrying-overofshareholders'equities | |||||||
| 1.Capitalreserveconvertedintocapital(orcapitalstock) | |||||||
| 2.Surpluspublicaccumulationconvertedintocapital(orcapitalstock) | |||||||
| 3.Surpluspublicaccumulationlossremedy | |||||||
| 4.Changeindefinedbenefitplancarriedforwardtoretainedearnings | |||||||
| 5.Othercomprehensiveincomecarriedforwardtoretainedearnings | |||||||
| 6.Others | |||||||
| (V)Specialreserve | |||||||
| 1.Withdrawalforcurrentperiod | |||||||
| 2.Useforcurrentperiod | |||||||
| (VI)Others | |||||||
| IV.Closingbalanceofcurrentperiod | 726,950,251.00 | 2,386,084,900.84 | 117,184,317.41 | 55,565,363.37 | 3,285,784,832.62 |
HainanJingliangHoldingsCo.,Ltd.NotestotheSemi-Annualof2025FinancialStatements(Unlessotherwisestated,theamountunitisRMBYuan)
I.BasicInformationoftheCompany
1.Placeofincorporation,formoforganizationandheadofficeaddressHainanJingliangHoldingsCo.,Ltd.(hereinafterreferredtoas"theCompany"or"Company"or"JingliangHoldings")isestablishedinaccordancewiththeHainanProvincialPeople'sGovernmentGeneralOfficeQFBH(1992)No.1,approvedbyQY(1992)SGZNo.6DocumentofthePeople'sBankofHainanProvinceandre-registeredbyHainanPearlRiverEnterpriseCompanyonJanuary11,1992.TheCompanyissued81,880,000sharesintotaluponre-registration,ofwhich60,793,600shareswereconvertedfromthenetassetsoftheoriginalcompanyand21,086,400shareswerenewlyissued.AndthenameoftheCompanyisHainanPearlRiverEnterpriseCo.,Ltd.Thebusinesslicenseregistrationnumberofthejoint-stockcompanyis20128455-6,andtheholdingparentcompanyGuangzhouPearlRiverEnterpriseGroupholds36,393,600shares,accountingfor
44.45%.ApprovedbyZGB(1992)No.83DocumentofthePeople'sBankofChinainDecember1992,theadditional21,086,400shareswerelistedontheShenzhenStockExchangefortrading.Theindustryinvolvedisrealestate.OnMarch25,1993,inresponsetoQGBH(1993)No.028ofHainanProvincialLeadingGroupOfficeandSRYFZ(1993)No.099ofShenzhenSpecialEconomicZoneBranchofthePeople'sBankofChina,theCompanyincreaseditssharecapitalbyconvertingtheoriginalsharecapitalinto139,196,000shares(accordingtodistributionof10,deliveryof5andtransferof2),withthecontrollingshareholderGuangzhouPearlRiverEnterprisesGroupholding48,969,120sharesaccountingfor35.18%attheendof1993.
In1994,thesharecapitalwasincreasedby10to10,andthetotalsharecapitalwas278,392,000sharesaftertheincrease.Thecontrollingshareholder,GuangzhouPearlRiverEnterprisesGroup,holds97,938,240shares,accountingfor35.18%.In1995,theissuanceof50,000,000BShareswasapprovedbySZBF(1995)No.45andSZBF(1995)No.12.ThesharecapitaloftheCompanywasincreasedby10:1.5onthebasisofthesharecapitalaftertheadditionalBshareswereissued,andthesharecapitaloftheCompanyaftertheincreasewas377,650,800shares.Theholdingparentcompany,GuangzhouPearlRiverEnterprisesGroup,held112,628,976shares,accountingfor29.82%ofthetotal.
In1999,GuangzhouPearlRiverEnterprisesGrouptransferredall112,628,976sharestoBeijingWanfaRealEstateDevelopmentCo.,Ltd.AfterthetransferofshareswascompletedinJune1999,BeijingWanfaRealEstateDevelopmentCo.,Ltd.held112,628,976sharesoftheCompany,accountingfor29.82%ofthetotalsharesoftheCompany,andbecamethecontrollingshareholderoftheCompany.
OnJanuary10,2000,thenameoftheCompanywaschangedtoHainanPearlRiverHoldingCo.,Ltd.and
theBusinessLicenseforEnterpriseLegalPersonwasrenewedbyIndustrial&CommerceAdministrationBureauofHainanProvince.OnAugust17,2006,thereformplanofthesplitsharestructureoftheCompanywasimplemented.TheCompanytransferred49,094,604sharesofcapitalstocktoallshareholdersattheratioof10to1.3.Theoriginalnon-tradableshareholderstransferredtheincreasedsharestothetradableA-shareholders.BeijingWanfaRealEstateDevelopmentCo.,Ltd.reimbursedtheconsiderationsharesofthenon-tradableshareholderswhohavenotexpresslyexpressedtheiropinions.Theconvertedtotalsharecapitalwas426,745,404shares,andtheoriginalcontrollingshareholderBeijingWanfaRealEstateDevelopmentCo.,Ltd.held107,993,698shares,accountingfor
25.31%.Shareholdersofnon-tradablesharesrepaid3,289,780sharesinconsiderationofthesplitsharestructurein2007.Shareholdersofnon-tradablesharesrepaid1,196,000sharesinconsiderationofthesplitsharestructurein2009.
On2September2016,BeijingWanfaRealEstateDevelopmentCo.,Ltd.,theoriginalcontrollingshareholder,transferredallofits112,479,478sharestoBeijingGrainGroupCo.,Ltd.(hereinafterreferredtoas"BeijingGrainGroup").UponcompletionofthesharetransferinSeptember2016,BeijingGrainGroupCo.,Ltd.held112,479,478shares,accountingfor26.36%ofthetotalsharesoftheCompany.InNovember2016,basedontheconfidenceinthesubjectmatterofthematerialassetrestructuringandthefuturedevelopmentoftheCompany,BeijingGrainGroupCo.,Ltd.decidedtoincreaseitsshareholdingthroughcentralizedbiddinginthesecondarymarket.Aftertheincrease,itheld123,561,963sharesoftheCompany,accountingfor28.95%ofthetotalnumberofshares,andbecamethelargestshareholderoftheCompany.
TheCompanydeterminedJuly31,2017asthedeliverydateofmaterialassetsinaccordancewiththematerialassetsrestructuringplanandthedeliveryagreement.OnSeptember14,2017,approvedpursuanttotheresolutionoftheSecondExtraordinaryGeneralMeetingofShareholdersoftheCompanyonNovember18,2016andtheApprovalReplyoftheChinaSecuritiesRegulatoryCommissiondatedJuly28,2017OnApprovalofHainanPearlRiverHoldingCo.,Ltd.toPurchaseAssetsandRaiseSupportingFundsfromBeijingGrainGroupCo.,Ltd.(ZJXK(2017)No.1391):1)TheCompanypurchasedassetsfromtheoriginalshareholdersofBeijingGrainFoodCo.,Ltd.(hereinafterreferredtoasBeijingGrainFood)byissuing210,079,552sharesofthebalancebetweenthetransactionpriceoftheinjectedassetsandtheassetstobepurchased(thedifferencebetweenthetransactionpriceoftheinjectedassetsandtheassetstobepurchasedwasRMB1,699.5436millionyuan).TheparvalueintheissuancewasRMB1.00pershareandtheissuancepricewasRMB8.09pershare;2)TheCompanyhasissued48,965,408non-publicsharesoftheCompanytoBeijingGrainGroupforthepurposeofpurchasingthesupportingfundsraisedfromtheassetsoftheissuanceofshares.TheparvaluepershareoftheCompanywasRMB1.00andtheissuancepricewasRMB8.82pershare.TheshareholderBeijingGrainGroupconductedsubscriptioninmonetaryfunds.Uponcompletionoftheissue,theregisteredcapitalwasRMB685,790,364.00andthesharecapitalwasRMB685,790,364.00.BeijingGrainGroup,whichaccountedfor42.06%ofthetotalnumberofshares,becamethelargestshareholderoftheCompany.
OnNovember21,2019,withtheapprovalofBeijingShounongFoodGroupCo.,Ltd.(BeijingShounongFoodpublish[2019]No.212),ApprovalonthePlanofPurchasingAssetsbyCashandIssuingSharesofHainan
JingliangHoldingsCo.,Ltd,OnApril,2020,withtheapprovalofApprovalofHainanJingliangHoldingCo.,Ltd.IssuanceSharestoWangYuechengtoPurchaseAssetsbyChinaSecuritiesRegulatoryCommission[2020]No.610,thecompanyshallnotissuemorethan41,159,887newsharesinprivateofferingtoraisefundssupportingthepurchaseofassetsthroughtheissuedshares.TheCompanyanditssubsidiary,BeijingJingliangFoodCo.,Ltd.,purchasedthe25.1149%equitystakeofZhejiangLittlePrincebycashandissuanceofshares.AsofJune30,2025,thecompanyhasissued726,950,251.00shares,andthecompany'ssharecapitalis726,950,251.00yuan;UniformSocialCreditCode:914600002012845568;Registrationauthority:HainanMarketSupervisionAdministration;Companytype:LimitedCompany(Listed,State-controlled);Registeredaddress:F29,DihaoBuilding,PearlRiverSquare,BinhaiAvenue,HaikouCity;Legalrepresentative:WangChunli.
2.ThenatureoftheCompany'sbusinessanditsmainbusinessactivitiesTheCompanybelongstomanufacturing-agriculturalandsidelinefoodprocessingindustry.Itsmainbusinessactivitiesmainlyincludes:food,beverages,oilseedsandbyproducts,vegetableproteinsandtheirproducts,organicfertilizers,microbialfertilizers,productionandmarketingofagriculturalfertilizers;landconsolidation,soilremediation;agriculturalcomprehensiveplantingdevelopment,animalhusbandryandaquaculture,agriculturalequipmentproductionandmarketing;computernetworktechnology,investmentincommunicationprojects,researchanddevelopmentandapplicationofhigh-techproducts;investmentandconsultationofenvironmentalprotectionprojects;animation,graphicdesign;importandexporttradeingoodsandtechnology;rentalofownpremises.
TheCompanyanditssubsidiariesareprincipallyengagedintheprocessing,productionandsalesofoilandoilseeds,andprocessingandsalesoffoodstuffs.
3.Thenameoftheparentcompanyandtheultimateparentcompany.
TheparentcompanyofthecompanyisBeijingGrainGroupCo.,Ltd.,andtheultimateparentcompanyisBeijingCapitalAgribusinessFoodGroupCo.,Ltd.
4.TermofOperation
Indefinite.
5.Theapprovalinstitutionandtheapprovaldateofthefinancialstatements.
ThefinancialstatementshavebeenapprovedbytheBoardofDirectorsoftheCompanyinitsresolutiondatedAugust28,2025.
II.PreparationBasisforFinancialStatements
1.PreparationBasis
Basedontheassumptionofgoingconcernandaccordingtoactualtransactionevents,thefinancialstatementsarepreparedinaccordancewiththerelevantprovisionsofAccountingStandardforBusinessEnterprisesandthefollowingstatedSignificantAccountingPoliciesandEstimates.
2.Goingconcern
TheCompanyhasagoingconcerncapabilityfor12monthsfromtheendofthereportingperiodandnomaterialmattersaffectingthecompany'sgoingconcerncapabilitywerefound.Therefore,thefinancialstatementsarepresentedonagoingconcernbasisisreasonable.III.SignificantAccountingPoliciesandEstimatesTheCompanyanditssubsidiariesareengagedintheprocessing,productionandsalesofoilandoilseeds,andprocessingandsalesoffoodstuffs.Accordingtothecharacteristicsofactualproductionandoperationandtheprovisionsofrelevantaccountingstandardsforbusinessenterprises,theCompanyanditssubsidiarieshaveformulatedanumberofspecificaccountingpoliciesandaccountingestimatesfortransactionsandeventssuchasrevenuerecognition.Fordetails,pleaserefertothedescriptionsinNoteⅢ,27“Revenue”.
1.StatementofCompliancewithEnterpriseAccountingStandards
ThefinancialstatementspreparedbythecompanycomplywiththerequirementsoftheEnterpriseAccountingStandardsandfairlyandcompletelyreflectthecompany'sandconsolidatedfinancialpositionasofJune30,2025,aswellasthecompany'sandconsolidatedoperatingresults,changesinshareholders'equity,andcashflowsforthesix-monthperiodthenended.
Additionally,thesefinancialstatementsarepreparedwithreferencetothedisclosureandreportingrequirementsoutlinedintheChinaSecuritiesRegulatoryCommission’s"RegulationsonthePreparationofInformationDisclosureReportsforPubliclyIssuedSecuritiesNo.15-GeneralProvisionsonFinancialReports"(revisedin2023).
2.AccountingPeriod
TheaccountingperiodoftheCompanyisdividedintoanannualperiodandaninterimperiod.Theaccountinginterimperiodreferstothereportingperiodshorterthanafullaccountingyear.ThefiscalyearoftheCompanyadoptstheGregoriancalendaryear,thatis,fromJanuary1toDecember31ofeachyear.
3.BusinessCycle
ThenormalbusinesscycleistheperiodfromthetimetheCompanypurchasesassetsforprocessingtothetimewhencashorcashequivalentsarerealized.TheCompanyuses12monthsasabusinesscycleandusesitasaliquidityclassificationstandardforassetsandliabilities.
4.BookkeepingStandardCurrency
RMBisthecurrencyinthemaineconomicenvironmentinwhichtheCompanyanditsdomesticsubsidiariesoperate.TheCompanyanditsdomesticsubsidiariesuseRMBasthebookkeepingstandardcurrency.TheoffshoresubsidiariesoftheCompanydetermineUSDastheirbookkeepingstandardcurrencybasedonthecurrenciesinthemaineconomicenvironmentinwhichtheyoperate.ThecurrencyusedbytheCompanyinpreparingthesefinancialstatementsisRMB.
5.MaterialityStandardsDeterminationMethodandSelectionBasis
Thecompanyfollowsthematerialityprinciplewhenpreparinganddisclosingfinancialreports.Ifdisclosure
mattersinvolvethejudgmentofmaterialitystandards.themethodsofdeterminingmaterialitystandardsandselectionbasisaredisclosedasfollows:
| Disclosuremattersinvolvethejudgmentofmaterialitystandards | Methodsofdeterminingmaterialitystandardsandselectionbasis |
| Impairmenttestmadeonindividualaccountsreceivablewithsignificantamounts. | Impairmenttestmadeonindividualaccountsreceivablesaccountingover10%astotalprovisionforvarioustypesofbaddebtsreceivables,andamountsexceeding5millionyuan |
| Significantbaddebtreserveforaccountsreceivablerecoveredorreversed | Individualitemrecoveredorreversedaccountingover10%astotalamountsforvarioustypesofreceivablesandexceeding5millionyuan |
| Significantreceivablesactuallywrittenoff | Individualwrite-offamountaccountingforover10%astotalamountsofvarioustypesofbaddebtsreserveforreceivables,andamountsexceeding5millionyuan |
| Significantcontractualliabilitieswithagingoveroneyear | Individualcontractualliabilitieswithagingoveroneyearaccountingover10%oftotalamountofcontractualliabilities,andamountsexceeding10millionyuan |
| Significantprojectunderconstruction | Projectswithinvestmentsexceeding5millionyuan |
| Significantnon-whollyownedsubsidiaries | Non-whollyownedsubsidiarieswithindividualentityrevenueandnetprofitaccounting10%foritemsrelatedtotheCompany'sconsolidatedstatements |
| Significantassociatedenterpriseandjoint-venture. | Associatedenterpriseandjoint-venturewithnetprofitsharerecognizedinthecurrentperiodaccounting5%foritemsrelatedtotheCompany’sconsolidatedstatements |
6.TheAccountingTreatmentofBusinessCombinationundertheSameControlandDifferentControlBusinessCombinationreferstothetransactionoreventinwhichtwoormoreseparateenterprisesaremergedtoformonereportingentity.Businesscombinationcanbedividedintobusinesscombinationunderthesamecontrolandbusinesscombinationunderdifferentcontrol.
(1)BusinesscombinationunderthesamecontrolEnterprisesparticipatinginthecombinationareultimatelycontrolledbythesamepartyormultiplepartiesbeforeandafterthecombination,andthecontrolisnottemporary,soitisthebusinesscombinationunderthesamecontrol.Incaseofbusinesscombinationunderthesamecontrol,thepartythatobtainscontrolofotherenterprisesparticipatinginthecombinationonthecombinationdateshallbethecombinationparty,andtheotherenterprisesparticipatinginthecombinationshallbethemergedparty.Thecombinationdatereferstothedateonwhichthecombinationpartyactuallyacquirescontroloverthemergedparty.
Theassetsandliabilitiesacquiredbythecombinationpartyaremeasuredatthebookvalueofthemergedpartyatthedateofconsolidation,includinggoodwillthatwasformedduringacquisitionbyendcontroller.Ifthedifferencebetweenthebookvalueofthenetassetsacquiredbythemergingpartyandthebookvalueofthemergedconsideration(orthetotalparvalueoftheissuedshares)paidbythemergingparty,andthecapitalreserve(sharecapitalpremium)shallbeadjusted;Ifthecapitalreserve(equitypremium)isinsufficienttooffset,theretainedearningsshallbeadjusted.
Thedirectexpensesincurredbythemergingpartyforthepurposeofbusinesscombinationshallbeincludedintheprofitsandlossesofthecurrentperiodwhentheyareincurred.
(2)BusinesscombinationunderdifferentcontrolIftheenterprisesparticipatinginthemergerarenotultimatelycontrolledbythesamepartyormultiplepartiesbeforeandafterthemerger,theenterprisemergerisnotunderthesamecontrol.Incaseofbusinesscombinationunderdifferentcontrol,thepartythatobtainscontrolofotherenterprisesparticipatinginthecombinationonthedateofpurchaseshallbethePurchaser,andtheotherenterprisesparticipatinginthecombinationshallbethePurchasee.PurchasedatemeansthedateonwhichthePurchaseractuallyacquirescontrolofthePurchasee.Forbusinesscombinationunderdifferentcontrol,themergercostincludestheassets,liabilitiesandfairvalueofequitysecuritiesissuedbythePurchaserinordertoobtainthecontroloverthePurchaseeonthedateofpurchase,andtheintermediaryfeessuchasaudit,legalservice,appraisalandconsultationandothermanagementfeesfortheenterprisemergerareusedtorecordintotheprofitsandlossesofthecurrentperiodwhenincurred.ThetransactioncostsofequityordebtsecuritiesissuedbythePurchaserasamergerconsiderationareincludedintheinitialrecognitionamountoftheequityordebtsecurities.Contingentconsiderationinvolvedshallbeincludedintheconsolidationcostatitsfairvalueatthepurchasedate,andtheconsolidationgoodwillshallbeadjustedaccordinglyifneworfurtherevidenceoftheexistenceofcircumstancesatthepurchasedateappearswithin12monthsafterthepurchasedateandtheadjustmentorconsiderationisrequired.TheconsolidationcostincurredbythePurchaserandtheidentifiablenetassetsacquiredduringtheconsolidationaremeasuredatthefairvalueatthedateofpurchase.ThedifferencebetweenthemergercostsandthefairvaluesharesoftheidentifiablenetassetsofthePurchaseeatthepurchasedateobtainedinthemergerisrecognizedasgoodwill.IfthecombinedcostislessthanthefairvalueoftheidentifiablenetassetsofthePurchaseeinthemerger,first,thefairvalueoftheidentifiableassets,liabilitiesandcontingentliabilitiesofthePurchaseeandthemeasurementoftheconsolidationcostshallbere-checked.IftheconsolidationcostisstillsmallerthanthefairvalueshareoftheidentifiablenetassetsofthePurchasedobtainedintheconsolidationafterthere-check,thedifferenceshallberecordedintotheprofitsandlossesofthecurrentperiod.
WhenthePurchaseracquiresthedeductibletemporarydifferenceofthePurchasee,ifitfailstorecognizethedeferredincometaxassetsonthedateofpurchasebecauseitdoesnotmeettherecognitionconditionsforthedeferredincometax,andwithin12monthsofthedateofpurchase,neworfurtherinformationisobtainedindicatingthattherelevantcircumstancesatthepurchasedatealreadyexistandtheeconomicbenefitsfromthetemporarydifferencedeductiblebythepurchaseronthepurchasedateareexpectedtoberealized,therelevantdeferredincometaxassetsshallberecognized,andthegoodwillshallbereduced.Ifthegoodwillisnotsufficientlyoffset,thedifferenceshallberecognizedasthecurrentprofitorloss;Inadditiontotheabovecircumstances,thedeferredincometaxassetsrelatedtotheenterprisemergerarerecognizedandincludedinthecurrentprofitsandlosses.
Throughmulti-transactionandstep-by-stepbusinesscombinationunderdifferentcontrol,accordingtotheCircularoftheMinistryofFinanceonPrintingandIssuingtheInterpretationofAccountingStandardsforBusinessEnterprisesNo.5(CK(2012)No.19)andArticle51oftheAccountingStandardsforBusinessEnterprisesNo.33-ConsolidatedFinancialStatementsonthejudgmentcriteriaof"packagedeal"(see7(2)of
NoteⅢ),itisdeterminedwhetherthemultipletransactionsbelongtothe"packagedeal".Inthecaseofa"packagedeal",theaccountingtreatmentshallbeperformedwithreferencetothedescriptionintheprecedingparagraphsofthissectionandNoteⅢ,15"Long-termEquityInvestments";Ifthetransactionisnota"packagedeal",theaccountingtreatmentshallbedistinguishedbetweentheindividualfinancialstatementsandtheconsolidatedfinancialstatements:
Intheindividualfinancialstatements,thesumofthebookvalueoftheequityinvestmentheldbythePurchaserpriortothepurchasedateandthecostofthenewinvestmentatthepurchasedateshallbetakenastheinitialinvestmentcostoftheinvestment;WheretheequityofthePurchasedheldbeforethedateofpurchaseinvolvesothercomprehensiveincome,theotherconsolidatedincomeassociatedwiththeinvestmentisaccountedforonthesamebasisastheassetsorliabilitiesdirectlydisposedofbythePurchaser(i.e.,exceptforthecorrespondingshareinthechangecausedbytheacquisitionofthenetliabilityornetassetsofthedefinedbenefitplanremeasuredinaccordancewiththeequitymethod,therestistransferredtothecurrentinvestmentincome).
Intheconsolidatedfinancialstatements,theequityofthePurchasedheldpriortothedateofpurchaseisremeasuredaccordingtothefairvalueoftheequityatthedateofpurchase,andthedifferencebetweenthefairvalueandthecarryingvalueisincludedintheinvestmentincomeofthecurrentperiod;WheretheequityofthePurchaseeheldbeforethedateofpurchaseinvolvesothercomprehensiveincome,otherconsolidatedincomerelatedtheretoshallbeaccountedforonthesamebasisasthedirectdisposaloftherelevantassetsorliabilitiesbythePurchaser(i.e.,exceptforthecorrespondingshareinthechangecausedbytheacquisitionofthenetliabilityornetassetofthedefinedbenefitplanremeasuredinaccordancewiththeequitymethod,therestisconvertedintotheinvestmentincomeofthecurrentperiodtowhichtheacquisitiondatebelongs).
7.CriteriafortheJudgmentofControlandMethodsforthePreparationofConsolidatedFinancialStatements.
(1)CriteriafortheJudgmentofControl
Thescopeofconsolidationoftheconsolidatedfinancialstatementsisdeterminedonacontrolbasis.ControlmeansthattheCompanyhastheauthorityovertheInvestee,enjoysavariablereturnbyparticipatingintherelevantactivitiesoftheInvestee,andhastheabilitytouseitsauthorityovertheInvesteetoinfluencetheamountofsuchreturn.ThescopeofthemergerincludestheCompanyandallitssubsidiaries.SubsidiaryreferstothemainbodycontrolledbytheCompany.
TheCompanywillre-evaluatetheabovecontroldefinitionsoncetherelevantfactsandcircumstanceschange,whichresultsinthechangeoftherelevantelements.
(2)Preparationmethodofconsolidatedfinancialstatement
TheCompanybeginstoincorporatethenetassetsofthesubsidiaryandtheactualcontroloftheproductionandoperationdecisionsintothescopeofthemergerfromthedatewhenthesubsidiaryisacquired;Ceasetobeincludedinthescopeofthemergerasofthedateoflossofeffectivecontrol.Forthesubsidiariesdisposedof,theoperatingresultsandcashflowspriortothedateofdisposalhavebeenappropriatelyincludedintheconsolidated
incomestatementandconsolidatedcashflowstatement;Forsubsidiariesdisposedofinthecurrentperiod,theopeningamountoftheconsolidatedbalancesheetisnotadjusted.Theoperatingresultsandcashflowsofsubsidiariesincreasedbyconsolidationafterpurchasehavebeenproperlyincludedintheconsolidatedincomestatementandconsolidatedcashflowstatement,andtheopeningandcomparativeamountsintheconsolidatedfinancialstatementshavenotbeenadjustedforsubsidiariesthatarenotunderthesamecontrol.Theoperatingresultsandcashflowsofthesubsidiariesincreasedbyconsolidationunderthesamecontrolfromthebeginningoftheconsolidationperiodtotheconsolidationdatehavebeenappropriatelyincludedintheconsolidatedprofitstatementandconsolidatedcashflowstatement,andthecomparativeamountoftheconsolidatedfinancialstatementshasbeenadjustedatthesametime.Inthepreparationoftheconsolidatedfinancialstatements,iftheaccountingpoliciesoraccountingperiodsadoptedbythesubsidiariesareinconsistentwiththoseadoptedbytheCompany,necessaryadjustmentsshallbemadetothefinancialstatementsofthesubsidiariesinaccordancewiththeaccountingpoliciesandaccountingperiodsoftheCompany.Forsubsidiariesacquiredthroughbusinesscombinationunderdifferentcontrol,thefinancialstatementsshallbeadjustedonthebasisofthefairvalueofidentifiablenetassetsatthedateofpurchase.Allsignificanttransactionbalances,transactionsandunrealizedprofitswithintheCompanyareoffsetatthetimeofpreparationoftheconsolidatedfinancialstatements.Theshareholders'equityandtheportionofthenetprofitorlossofthesubsidiarythatisnotownedbytheCompanyforthecurrentperiodareseparatelypresentedasminorityshareholders'equityandminorityshareholders'profitorlossintheconsolidatedfinancialstatementsundershareholders'equityandnetprofit.Thesharesofminorityshareholders'equityinthenetprofitsandlossesofsubsidiariesforthecurrentperiodareshownas"minorityshareholders'profitsandlosses"underthenetprofititemintheconsolidatedincomestatement.Lossessharedbyminorityshareholdersinasubsidiaryexceedtheminorityshareholders'shareintheshareholders'equityofthesubsidiaryatthebeginningoftheperiod,andstilldecreasebyanumberofshareholders'equity.
Whenthecontroloftheoriginalsubsidiaryislostduetothedisposalofpartoftheequityinvestmentorotherreasons,theresidualequityshallberevaluedaccordingtoitsfairvalueatthedateoflossofcontrol.Thesumofconsiderationobtainedfromthedisposalofequityandthefairvalueoftheremainingequityminusthedifferencebetweenthesharesofthenetassetsoftheoriginalsubsidiarythatshallbecontinuouslycalculatedfromthepurchasedateaccordingtotheoriginalshareholdingproportionshallbeincludedintheinvestmentincomeofthecurrentperiodoflossofcontrol.Othercomprehensiveincomerelatedtotheequityinvestmentoftheoriginalsubsidiary,intheeventoflossofcontrol,theaccountingtreatmentisperformedonthesamebasisasthedirectdisposaloftherelevantassetsorliabilitiesbythePurchased(i.e.convertedtocurrentinvestmentincome,exceptforchangesresultingfromthere-measurementofthenetliabilitiesornetassetsoftheDefinedBenefitPlanintheoriginalsubsidiary).Thereafter,theresidualequityshallbesubsequentlymeasuredinaccordancewiththerelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.2-Long-termEquityInvestmentorAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments,as
detailedinNoteⅢ,15-Long-termEquityInvestmentorNoteⅢ,11-FinancialInstruments.IftheCompanydisposesoftheequityinvestmentinsubsidiariesstepbystepuntilitlosescontrolthroughmultipletransactions.Itisnecessarytodistinguishwhetherthetransactionsthatdisposeoftheequityinvestmentinsubsidiariesuntilitlosescontrolbelongtoapackagedealornot.Theterms,conditionsandeconomicimpactofthetransactionsforthedisposalofequityinvestmentsinsubsidiariesareinaccordancewithoneormoreofthefollowingcircumstancesandgenerallyindicatethatmultipletransactionsshouldbeaccountedforasapackagedeal:①Thesetransactionswereenteredintosimultaneouslyortakingintoaccounteachother'sinfluence;②Onlywhenthesetransactionsaretakentogethercanacompletebusinessresultbeachieved;③Theoccurrenceofonetransactiondependsontheoccurrenceofatleastoneothertransaction;④Itisnoteconomicaltoconsideratransactionalone,butitiseconomicaltoconsideritinconjunctionwithothertransactions.Fortransactionsthatarenotpartofthepackagedeal,eachtransactionshallbeaccountedforinaccordancewiththeprinciplesapplicabletothe"partialdisposaloflong-termequityinvestmentsinsubsidiarieswithoutlossofcontrol"(asdetailedin15ofNoteⅢ)andthe"lossofcontroloverexistingsubsidiariesasaresultofthedisposalofpartoftheequityinvestmentsorotherreasons"(asdetailedintheprecedingparagraph),asappropriate.Ifthetransactionsinvolvingthedisposalofequityinvestmentsinsubsidiariesuntilthelossofcontrolbelongtoapackagedeal,thetransactionsshallbeaccountedforasatransactioninvolvingthedisposalofsubsidiariesandthelossofcontrol;However,thedifferencebetweeneachdisposalpriceandtheshareofthesubsidiary'snetassetscorrespondingtothedisposalinvestmentpriortothelossofcontrolisrecognizedintheconsolidatedfinancialstatementsasotherconsolidatedgainsandtransferredtotheprofitorlossforthecurrentperiodoflossofcontrolintheeventoflossofcontrol.
8.ClassificationofJointVentureArrangementsandAccountingTreatmentofJointOperationAjointventurearrangementisanarrangementunderthejointcontroloftwoormoreparticipants.TheCompanydividesthejointventurearrangementintojointoperationandjointventureinaccordancewiththerightsandobligationsitenjoysinthejointventurearrangement.Ajointoperationisajointarrangementwherebythepartiesthathavejointcontrolofthearrangementhaverightstotheassets,andobligationsfortheliabilities,relatingtothearrangement.Ajointventureisatypeofjointarrangementwherebythepartiesthathavejointcontrolofthearrangementhaverightstothenetassetsofthejointventure.
TheCompany'sinvestmentinthejointventureisaccountedforusingtheequitymethod,andshallbetreatedinaccordancewiththeaccountingpolicydescribedinNoteⅢ,15"Long-termEquityInvestmentAccountedbytheEquityMethod".TheCompany,asajointventureparty,recognizestheassetsandliabilitiesheldandassumedbytheCompanyseparately,andrecognizestheassetsandliabilitiesjointlyheldandassumedbytheCompanyaccordingtothesharesoftheCompany;recognizestherevenuegeneratedfromthesaleoftheshareofjointoperatingoutputenjoyedbytheCompany;recognizesrevenuegeneratedfromthesaleofoutputfromjointoperationsonthebasisoftheCompany'sshare;confirmstheexpensesincurredbytheCompanyindividuallyandtheexpensesincurredbythejointoperationaccordingtothesharesoftheCompany.
WhentheCompanyinvestsorsellsassetsasajointventure(suchassetsdonotconstitutebusiness,thesamebelow),orpurchasesassetsfromthejointventure,theCompanyrecognizesonlytheportionoftheprofitsandlossesattributabletotheotherparticipantsinthejointventurethatarisesfromthetransactionpriortothesaleofsuchassetstoathirdparty.WheresuchassetsareimpairedinaccordancewiththeprovisionsofAccountingStandardsforBusinessEnterprisesNo.8-ImpairmentofAssets,theCompanyshallfullyrecognizesuchlossesinthecasewheretheassetsarecastorsoldbytheCompanytojointoperations;FortheassetspurchasedbytheCompanyfromthejointoperation,theCompanyrecognizesthelossesaccordingtothesharesitassumes.
9.DeterminingStandardsforCashandCashEquivalent
CashandcashequivalentsoftheCompanyincludecashonhand,depositsthatcanbereadilywithdrawnondemand.CashequivalentsareinvestmentsheldbytheCompanywithashortterm(usuallymaturingwithinthreemonthsfromthedateofpurchase),highliquidity,readilyconvertibletoknownamountsofcashandwhicharesubjecttoaninsignificantriskofchangesinvalue.
10.ForeignCurrencyBusinessandTranslationofForeignCurrencyStatements
(1)Translationmethodforforeigncurrencytransaction
Atthetimeofinitialconfirmation,theforeigncurrencytransactionsoccurringintheCompanyshallbeconvertedintothebookkeepingfunctionalcurrencyamountatthespotexchangerateonthetradingday,buttheforeigncurrencyexchangebusinessortransactionsinvolvingforeigncurrencyexchangeoccurringintheCompanyshallbeconvertedintothebookkeepingfunctionalcurrencyamountattheactualexchangerate.
(2)Translationmethodforforeigncurrencymonetaryitemsandforeigncurrencynon-monetaryitem
Onthebalancesheetdate,theforeigncurrencymonetaryitemsareconvertedatthespotexchangerateonthebalancesheetdate,andtheexchangedifferencearisingtherefromshallbe:①Theexchangedifferencearisingfromthespecialforeigncurrencyborrowingsrelatedtotheacquisitionandconstructionofassetseligibleforcapitalizationshallbehandledinaccordancewiththeprincipleofcapitalizationofborrowingcosts;②Theexchangedifferenceofthehedginginstrumentsusedforeffectivehedgingofthenetinvestmentinoverseasoperations(thedifferenceisincludedinothercomprehensiveincome,andisnotrecognizedascurrentprofitorlossuntilthenetinvestmentisdisposedof);③Exceptfortheamortizedcost,theexchangedifferencesarisingfromthechangesinthebookbalanceoftheavailable-for-salemonetaryitemsinforeigncurrenciesshallbeincludedintheothercomprehensiveincome,andshallbeincludedintheprofitsandlossesofthecurrentperiod.
Wherethepreparationoftheconsolidatedfinancialstatementsinvolvesoverseasoperations,ifthereareforeigncurrencymonetaryitemsconstitutingnetinvestmentinoverseasoperations,theexchangedifferencesarisingfromexchangeratechangesshallbeincludedinothercomprehensiveincome;Whendisposingofoverseasoperations,theprofitsandlossesshallbetransferredtothecurrentdisposalperiod.
Non-monetaryitemsinforeigncurrenciesmeasuredathistoricalcostshallstillbemeasuredatthebookkeepingamountinfunctionalcurrencytranslatedatthespotexchangerateonthetransactiondate.Fornon-monetaryitemsinforeigncurrenciesmeasuredatfairvalue,thespotexchangerateatthedateoffairvalue
determinationshallbeadoptedforconversion.Thedifferencebetweentheconvertedamountinfunctionalcurrencyandtheamountinoriginalfunctionalcurrencyshallbetreatedasthechangeinfairvalue(includingthechangeinexchangerate),andshallberecordedintotheprofitsandlossesofthecurrentperiodorrecognizedasothercomprehensiveincome.
(3)TranslationmethodforfinancialstatementsinforeigncurrenciesWherethepreparationoftheconsolidatedfinancialstatementsinvolvesoverseasoperations,ifthereareforeigncurrencymonetaryitemsconstitutingnetinvestmentinoverseasoperations,theexchangedifferencesarisingfromexchangeratechangesshallbeas"foreigncurrencyreportconversiondifference"andbeconfirmedasothercomprehensiveincome;Whendisposingofoverseasoperations,theprofitsandlossesshallbetransferredtothecurrentdisposalperiod.
TheforeigncurrencyfinancialstatementsofoverseasoperationsshallbeconvertedintoRMBstatementsinthefollowingways:theassetsandliabilitiesinthebalancesheetshallbeconvertedatthespotexchangerateonthebalancesheetdate;Exceptfor"undistributedprofits",otheritemsofshareholders'equityshallbeconvertedatthespotexchangerateatthetimeofoccurrence.Theincomeandexpenseitemsintheprofitstatementshallbeconvertedattheaverageexchangerateofthecurrentperiodonthedateoftransaction.Theundistributedprofitatthebeginningoftheperiodshallbetheundistributedprofitattheendoftheperiodconvertedfromthepreviousyear;Theundistributedprofitsattheendoftheyearshallbecalculatedandlistedaccordingtotheconvertedprofitsdistributionitems;Thedifferencebetweentheconvertedassetitemsandthetotalamountoftheliabilityitemsandshareholders'equityitemsshallberecognizedasothercomprehensiveincomeasthetranslationdifferenceintheforeigncurrencystatements.Incaseofdisposalofoverseasoperationsandlossofcontrol,thebalanceintranslationoftheforeigncurrencystatementsrelatedtotheoverseasoperationsasshownbelowintheshareholders'equityitemsinthebalancesheetshallbetransferredtotheprofitsandlossesofthedisposalperiodinwholeorinproportiontothedisposaloftheoverseasoperations.Cashflowsinforeigncurrenciesandcashflowsofoverseassubsidiariesshallbeconvertedattheaverageexchangerateofthecurrentperiodonthedateofoccurrenceofthecashflows.Theeffectofexchangeratechangesoncashshallbepresentedseparatelyinthestatementofcashflowsasareconcilingitem.
Openingamountsandprior-periodactualamountsshallbeshownonthebasisofamountstranslatedfromtheprior-periodfinancialstatements.
Whendisposingofalltheowner'sequityoftheCompany'soverseasoperationsorlosingthecontroloveroverseasoperationsduetothedisposalofpartoftheequityinvestmentorforotherreasons,ifthefollowingitemsofshareholders'equityinthebalancesheetareshownbelow,thebalanceintranslationoftheforeigncurrencystatementattributabletotheowner'sequityoftheparentcompanyrelatedtotheoverseasoperationshallbetransferredtotheprofitsandlossesofthecurrentdisposalperiod.
Intheeventthattheproportionofoverseasbusinessinterestsisreducedduetothedisposalofpartoftheequityinvestmentorforotherreasons,butthecontroloveroverseasbusinessoperationsisnotlost,thebalanceinthetranslationoftheforeigncurrencystatementsrelatedtothedisposalofpartofoverseasbusinessoperations
shallbeattributedtominorityshareholders'interestsandshallnotbetransferredtotheprofitsandlossesofthecurrentperiod.Whendisposingofpartoftheequityofanoverseasoperationasanassociatedenterpriseorajointventure,thebalanceofthetranslationoftheforeigncurrencystatementsrelatedtotheoverseasoperationshallbetransferredintotheprofitsandlossesofthecurrentdisposalperiodintheproportionoftheoverseasoperationdisposedof.
11.FinancialInstrumentsFinancialinstrumentsarethecontractsthatformthefinancialassetsofoneentity,andatthesametimeformthefinancialliabilitiesorequityinstrumentsofotherentities.
(1)Classification,confirmationandmeasurementoffinancialassetsAccordingtothebusinessmodeofmanagingfinancialassetsandthecontractualcashflowcharacteristicsoffinancialassets,theCompanydividesfinancialassetsinto:Financialassetsmeasuredatamortizedcost.Financialassetsmeasuredatfairvaluewithchangesincludedinothercomprehensiveincome.Financialassetsthataremeasuredatfairvalueandwhosemovementsareincludedinthecurrentprofitsandlosses.Financialassetsaremeasuredatfairvalueatinitialrecognition.Forfinancialassetsmeasuredatfairvalueandwhosechangesareincludedincurrentprofitsandlosses,relevanttransactioncostsaredirectlyincludedincurrentprofitsandlosses.Forothertypesoffinancialassets,relevanttransactioncostsareincludedintheinitialrecognitionamount.AccountsreceivableornotesreceivablearisingfromthesaleofproductsortheprovisionoflaborservicesthatdonotcontainortakeintoaccountsignificantfinancingcomponentsshallbeinitiallyrecognizedbytheCompanyinaccordancewiththeamountofconsiderationthattheCompanyisexpectedtobeentitledtoreceive.
①FinancialassetsmeasuredatamortizedcostTheGroupmeasuresfinancialassetsatfairvaluethroughothercomprehensiveincomeifbothofthefollowingconditionsaremet:thefinancialassetisheldwithinabusinessmodelwiththeobjectiveofbothholdingtocollectcontractualcashflowsandselling;thecontractualtermsofthefinancialassetgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.Interestincomeofsuchfinancialassetsisrecognizedbasedoneffectiveinterestmethod.TheCompanymeasuresthesefinancialassetsatfairvalueandtheirchangesareincludedinothercomprehensiveincome,butimpairmentlossorgain,exchangegainorlossandinterestincomecalculatedaccordingtotheeffectiveinterestratemethodareincludedintothecurrentprofitandloss.
②FinancialassetsmeasuredatfairvaluewithchangesincludedinothercomprehensiveincomeTheGroupmeasuresfinancialassetsatfairvaluethroughothercomprehensiveincomeifbothofthefollowingconditionsaremet:thefinancialassetisheldwithinabusinessmodelwiththeobjectiveofbothholdingtocollectcontractualcashflowsandselling;thecontractualtermsofthefinancialassetgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.Interestincomeofsuchfinancialassetsisrecognisedbasedoneffectiveinterestmethod.TheCompanymeasuresthese
financialassetsatfairvalueandtheirchangesareincludedinothercomprehensiveincome,butimpairmentlossorgain,exchangegainorlossandinterestincomecalculatedaccordingtotheeffectiveinterestratemethodareincludedintothecurrentprofitandloss.
Inaddition,theCompanydesignatessomenon-tradableequityinstrumentinvestmentsasfinancialassetsmeasuredatfairvaluewithchangesincludedinothercomprehensiveincome.TheCompanyshallrecordtherelevantdividendincomeofsuchfinancialassetsintothecurrentprofitsandlosses,andthechangeoffairvalueintoothercomprehensiveincome.Whenthefinancialassetisderecognized,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensiveincomewillbetransferredfromothercomprehensiveincometoretainedincomeandwillnotbeincludedincurrentprofitsandlosses.
③FairvaluethroughProfitandLossFinancialassets
TheCompanyclassifiestheabovefinancialassetsmeasuredatamortizedcostandfinancialassetsmeasuredatfairvaluewithchangesincludedinothercomprehensiveincomeintofinancialassetsmeasuredatfairvaluewithchangesincludedincurrentprofitsandlosses.Inaddition,duringinitialrecognition,inordertoeliminateorsignificantlyreduceaccountingmismatch,theCompanydesignatedpartoffinancialassetsasfinancialassetsmeasuredatfairvaluewithchangesincludedincurrentprofitandloss.Forsuchfinancialassets,theCompanyadoptsfairvalueforsubsequentmeasurement,andthechangesinfairvalueareincludedintothecurrentprofitandloss.
(2)Classification,recognitionandmeasurementoffinancialliabilities
Financialliabilitiesuponinitialrecognitionareclassifiedasfinancialliabilitieswhicharemeasuredatfairvalueandwhosechangesareincludedincurrentprofitsandlossesandotherfinancialliabilities.Forthefinancialliabilitiesmeasuredatfairvaluewiththechangesincludedintothecurrentprofitsandlosses,therelevanttransactioncostsaredirectlyincludedintothecurrentprofitsandlosses,andtherelevanttransactioncostsofotherfinancialliabilitiesareincludedintheinitialrecognitionamount.
①Financialliabilitiesatfairvaluethroughprofitorloss
Financialliabilitiesmeasuredatfairvaluewithchangesincludedincurrentprofitsandlosses,whichincludetransactionalfinancialliabilities(includingderivativesbelongingtofinancialliabilities)andfinancialliabilitiesdesignatedtobemeasuredatfairvaluewithchangesincludedincurrentprofitsandlossesatinitialrecognition.
Tradingfinancialliabilities(includingderivativesbelongingtofinancialliabilities)aresubsequentlymeasuredaccordingtotheirfairvalues.Exceptforthoserelatedtohedgeaccounting,changesinfairvaluesareincludedincurrentprofitsandlosses.
Financialliabilitiesdesignatedtobemeasuredatfairvaluewithchangesincludedincurrentprofitsandlosses.ChangesinthefairvalueofthisliabilitycausedbychangesintheCompany'sowncreditriskareincludedinothercomprehensiveincome.Whentheliabilityisderecognized,theaccumulatedchangeinfairvaluecausedbychangesinitsowncreditriskincludedinothercomprehensiveincomeistransferredtoretainedearnings.Changesinfairvalueareaccountedintocurrentprofitsandlosses.Iftheabove-mentionedtreatmentoftheimpact
ofchangesinthecreditriskofthesefinancialliabilitieswillcauseorexpandaccountingmismatchinprofitsandlosses,theCompanywillincludeallprofitsorlossesofthefinancialliabilities(includingtheimpactamountofchangesinthecreditriskoftheenterpriseitself)intothecurrentprofitsandlosses.
②OtherfinancialliabilitiesExceptforfinancialliabilitiesandfinancialguaranteecontractsformedbythetransferoffinancialassetsthatdonotmeettheconditionsforterminationofrecognitionorcontinuetobeinvolvedinthetransferredfinancialassets,otherfinancialliabilitiesareclassifiedasfinancialliabilitiesmeasuredatamortizedcostandsubsequentlymeasuredatamortizedcost.Gainsorlossesarisingfromterminationofrecognitionoramortizationareincludedincurrentprofitsandlosses.
(3)BasisofConfirmationandCalculationoffinancialinstrumentsFinancialassetsshallbederecognizediftheymeetoneofthefollowingconditions:①Theterminationofthecontractualrighttoreceivecashflowfromthefinancialasset.②Thefinancialassethasbeentransferred,andalmostallrisksandrewardsrelatedtotheownershipofthefinancialassethavebeentransferredtothetransferee.③Thefinancialassethasbeentransferred.Althoughtheenterprisehasneithertransferrednorretainedalmostallrisksandrewardsintheownershipofthefinancialasset,ithasgivenupitscontroloverthefinancialasset.
Iftheenterpriseneithertransfersnorretainsalmostalltherisksandrewardsoftheownershipofthefinancialassets,anddoesnotgiveupthecontroloverthefinancialassets,therelevantfinancialassetsshallberecognizedaccordingtotheextentofcontinuousinvolvementinthetransferredfinancialassets,andtherelevantliabilitiesshallberecognizedaccordingly.Thedegreeofcontinuousinvolvementinthetransferredfinancialassetsreferstotherisklevelfacedbytheenterpriseduetothechangeinthevalueofthefinancialassets.
Iftheoveralltransferoffinancialassetsmeetstheconditionsforterminationofrecognition,thedifferencebetweenthebookvalueofthetransferredfinancialassetsandthesumoftheconsiderationreceivedduetothetransferandtheaccumulatedamountofchangesinfairvalueoriginallyincludedinothercomprehensiveincomeshallbeincludedintothecurrentprofitsandlosses.
Ifthepartialtransferoffinancialassetsmeetstheconditionsforterminationofrecognition,thebookvalueofthetransferredfinancialassetsshallbeapportionedaccordingtoitsrelativefairvaluebetweenthederecognizedpartandthenon-derecognizedpart,andthedifferencebetweenthesumoftheconsiderationreceivedduetothetransferandtheaccumulatedchangeinfairvalueoriginallyincludedinothercomprehensiveincomethatshallbeapportionedtothederecognizedpartandtheallocatedaforesaidbookamountshallbeincludedintothecurrentprofitsandlosses.
ForfinancialassetssoldbytheCompanywithrecourse,orforendorsementandtransferofheldfinancialassets,itisnecessarytodeterminewhetheralmostallrisksandrewardsintheownershipofthefinancialassetshavebeentransferred.Ifalmostallrisksandrewardsintheownershipofthefinancialassethavebeentransferredtothetransferee,therecognitionofthefinancialassetshallbeterminated.Ifalmostallrisksandrewardsonthe
ownershipofafinancialassetareretained,therecognitionofthefinancialassetshallnotbeterminated.Ifalmostallrisksandrewardsrelatedtotheownershipoffinancialassetshavenotbeentransferredorretained,itshallcontinuetojudgewhethertheenterpriseretainscontrolovertheassetsandcarryoutaccountingtreatmentaccordingtotheprinciplesmentionedintheprecedingparagraphs.
(4)TerminationofrecognitionoffinancialliabilitiesIfthecurrentobligationofthefinancialliability(orpartthereof)hasbeenrelieved,theCompanyterminatestherecognitionofthefinancialliability(orpartthereof).TheCompany(theborrower)andthelendersignanagreementtoreplacetheoriginalfinancialliabilitiesbyassumingnewfinancialliabilities.Ifthecontracttermsofthenewfinancialliabilitiesandtheoriginalfinancialliabilitiesaresubstantiallydifferent,theoriginalfinancialliabilitiesshallbederecognizedandanewfinancialliabilityshallberecognizedatthesametime.IftheCompanymakesanysubstantialmodificationtothecontracttermsoftheoriginalfinancialliability(orpartthereof),theoriginalfinancialliabilityshallbederecognizedandanewfinancialliabilityshallberecognizedinaccordancewiththemodifiedterms.Iffinancialliabilities(orpartthereof)arederecognized,theCompanyshallincludethedifferencebetweenitsbookvalueandtheconsiderationpaid(includingtransferrednon-cashassetsorliabilitiesassumed)intothecurrentprofitsandlosses.
(5)OffsetoffinancialassetsandfinancialliabilitiesWhentheCompanyhasthelegalrighttooffsettherecognizedamountoffinancialassetsandfinancialliabilities,andsuchlegalrightiscurrentlyenforceable,andtheCompanyplanstosettlethefinancialassetsonanetbasisorrealizethefinancialassetsandsettlethefinancialliabilitiesatthesametime,thefinancialassetsandfinancialliabilitiesarelistedinthebalancesheetatanetamountaftermutualoffset.Inaddition,financialassetsandfinancialliabilitiesshallbelistedseparatelyinthebalancesheetandshallnotbeoffsetagainsteachother.
(6)ThefairvaluedeterminationmethodoffinancialassetsandfinancialliabilitiesFairvaluereferstothepricethatmarketparticipantscanreceivefromsellinganassetorpaytotransferaliabilityinanorderlytransactiononthemeasurementdate.Wherethereisanactivemarketforfinancialinstruments,theCompanyadoptsquotationsintheactivemarkettodeterminetheirfairvalues.Quotedpriceinactivemarketreferstothepriceeasilyobtainedfromexchanges,brokers,industryassociations,pricingserviceagencies,etc.onaregularbasis,andrepresentsthepriceofmarkettransactionsactuallyoccurredinfairtrading.Ifthereisnoactivemarketforfinancialinstruments,theCompanyusesevaluationtechniquestodeterminetheirfairvalues.Evaluationtechniquesincludereferencetopricesusedinrecentmarkettransactionsbypartiesfamiliarwiththesituationandwillingtotrade,referencetocurrentfairvaluesofotherfinancialinstrumentsthataresubstantiallythesame,discountingcashflowtechnique,optionpricingmodel,etc.Invaluation,theCompanyadoptsvaluationtechniquesthatareapplicableundercurrentcircumstancesandaresupportedbysufficientavailabledataandotherinformation,selectsinputvaluesthatareconsistentwiththecharacteristicsofassetsorliabilitiesconsideredbymarketparticipantsintransactionsrelatedtoassetsorliabilities,andgivesprioritytotheuseofrelevantobservableinputvaluesasmuchaspossible.Iftherelevantobservableinputvaluecannotbe
obtainedoritisnotimpracticabletoobtainit,thenon-inputvalueshallbeused.
(7)EquityinstrumentsEquityinstrumentsrefertocontractsthatcanproveownershipoftheCompany'sresidualequityinassetsafterdeductingallliabilities.Theissuance(includingrefinancing),repurchase,saleorcancellationofequityinstrumentsbytheCompanyaretreatedaschangesinequity,andtransactioncostsrelatedtoequitytransactionsaredeductedfromequity.TheCompanydoesnotrecognizechangesinthefairvalueofequityinstruments.Dividends(including"interest"generatedbyinstrumentsclassifiedasequityinstruments)distributedbytheCompany'sequityinstrumentsduringtheirexistenceshallbetreatedasprofitdistribution.
12.ImpairmentofFinancialAssetsThefinancialassetsoftheCompanythatneedtoconfirmtheimpairmentlossarefinancialassetsmeasuredatamortizedcostanddebtinstrumentinvestmentmeasuredatfairvaluewithchangesincludedinothercomprehensiveincome,mainlyincludingnotesreceivable,accountsreceivable,otherreceivables,debtinvestment,otherdebtinvestment,long-termreceivables,etc.Inaddition,forsomefinancialguaranteecontracts,impairmentreservesandcreditimpairmentlossesarealsoaccruedinaccordancewiththeaccountingpoliciesdescribedinthispart.
(1)RecognitionmethodofimpairmentprovisionOnthebasisofexpectedcreditlosses,theCompanysetsasideimpairmentreservesandrecognizescreditimpairmentlossesfortheaboveitemsaccordingtotheapplicableexpectedcreditlossmeasurementmethod(generalmethodorsimplifiedmethod).CreditlossreferstothedifferencebetweenallcontractualcashflowsreceivableaccordingtothecontractandallcashflowsexpectedtobecollectedbytheCompanydiscountedaccordingtotheoriginalactualinterestrate,i.e.thepresentvalueofallcashshortages.Amongthem,forthefinancialassetsthathavebeenpurchasedorincurredcreditimpairment,theCompanydiscountsthemaccordingtotheactualinterestrateadjustedbycredit.ThegeneralmethodofmeasuringexpectedcreditlossreferstotheCompany'sassessmentofwhetherthecreditriskoffinancialassetshasincreasedsignificantlysincetheinitialrecognitiononeachbalancesheetdate.Ifthecreditriskhasincreasedsignificantlysincetheinitialrecognition,theCompanywillmeasurethelossreservebyanamountequivalenttotheexpectedcreditlossduringtheentireperiod.Ifthecreditriskhasnotincreasedsignificantlysincetheinitialrecognition,theCompanywillmeasurethelossreserveaccordingtotheamountequivalenttotheexpectedcreditlossinthenext12months.Inassessingtheexpectedcreditloss,theCompanytakesintoaccountallreasonableandevidence-basedinformation,includingforward-lookinginformation.
Forfinancialinstrumentswithlowcreditriskonthebalancesheetdate,theCompanymeasuresthelossreservebasedontheexpectedcreditlossamountwithinthenext12monthsortheentiredurationaccordingtowhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition.
(2)Criteriaforjudgingwhethercreditriskhasincreasedsignificantlysinceinitialrecognition
Ifthedefaultprobabilityofacertainfinancialassetintheexpecteddurationdeterminedatthebalancesheetdateissignificantlyhigherthanthedefaultprobabilityintheexpecteddurationdeterminedatthetimeofinitialrecognition,itindicatesthatthecreditriskofthefinancialassetissignificantlyincreased.Exceptforspecialcircumstances,theCompanyusesthechangeofdefaultriskinthenext12monthsasareasonableestimateofthechangeofdefaultriskintheentiredurationtodeterminewhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition.Generally,iftheoverdueperiodismorethan90days,theCompanywillconsiderthatthecreditriskofthefinancialinstrumenthasincreasedsignificantly,unlessthereisconclusiveevidencethatthecreditriskofthefinancialinstrumenthasnotincreasedsignificantlysincetheinitialrecognition.TheCompanywillconsiderthefollowingfactorswhenevaluatingwhetherthecreditriskhasincreasedsignificantly
1)Whetherthereisanysignificantchangeintheactualorexpectedoperatingresultsofthedebtor;
2)Whetherthereisanysignificantadversechangeintheregulatory,economicortechnologicalenvironmentofthedebtor;
3)Whetherthereisanysignificantchangeinthevalueofthecollateralorthequalityoftheguaranteeorcreditenhancementprovidedbythethirdparty,whichareexpectedtoreducetheeconomicmotivationofthedebtor'srepaymentaccordingtothetimelimitstipulatedinthecontractoraffecttheprobabilityofdefault;
4)Whetherthereisanysignificantchangeintheexpectedperformanceandrepaymentbehaviorofthedebtor;
5)WhetherthereisanysignificantchangeintheCompany'screditmanagementmethodsforfinancialinstruments,etc.
Onthebalancesheetdate,iftheCompanyjudgesthatthefinancialinstrumenthasonlylowcreditrisk,theCompanyassumesthatthecreditriskofthefinancialinstrumenthasnotincreasedsignificantlysincetheinitialrecognition.Ifthedefaultriskofafinancialinstrumentislow,theborrower'sabilitytoperformitscontractualcashflowobligationsinashortperiodoftimeisstrong,andevenifthereareadversechangesintheeconomicsituationandoperatingenvironmentforalongperiodoftime,itmaynotnecessarilyreducetheborrower'sabilitytoperformitscontractualcashobligations,thenthefinancialinstrumentisconsideredtohavelowcreditrisk.
(3)Judgmentcriteriaforfinancialassetswithcreditimpairment:
Whenoneormoreeventshaveanadverseimpactontheexpectedfuturecashflowofafinancialasset,thefinancialassetbecomesafinancialassetwithcreditimpairment.Theevidenceofcreditimpairmentoffinancialassetsincludesthefollowingobservableinformation:
1)Theissuerordebtorhasmajorfinancialdifficulties;
2)Thedebtorviolatesthecontract,suchasdefaultoroverduepaymentofinterestorprincipal,etc.;
3)Thecreditorgivesconcessionsthatthedebtorwillnotmakeunderanyothercircumstancesdueto
economicorcontractualconsiderationsrelatedtothedebtor'sfinancialdifficulties;
4)Thedebtorislikelytogobankruptorundergootherfinancialrestructuring;
5)Theactivemarketofthefinancialassetsdisappearsduetothefinancialdifficultiesoftheissuerorthedebtor;
6)Purchaseorgenerateafinancialassetatasubstantialdiscount,whichreflectsthefactthatcreditlosseshaveoccurred.
Creditimpairmentoffinancialassetsmaybecausedbythecombinedactionofmultipleevents,butmaynotbecausedbyseparatelyidentifiableevents.
(4)Portfolioapproachtoevaluateexpectedcreditriskbasedonportfolio
TheCompanyevaluatescreditrisksforfinancialassetswithsignificantlydifferentcreditrisks,suchas:
Accountsreceivablewithrelatedparties.Receivablesindisputewiththeotherpartyorinvolvinglitigationorarbitration.Receivableswithobvioussignsthatthedebtorislikelytobeunabletoperformtherepaymentobligation.
Inadditiontothefinancialassetswithindividualcreditriskassessment,theCompanydividesthefinancialassetsintodifferentgroupsbasedonthecommonriskcharacteristics.ThecommoncreditriskcharacteristicsadoptedbytheCompanyinclude:Creditriskshallbeassessedonthebasisoftheagingportfolio,thereceivablesportfoliobetweenthefinalcontrollingpartyanditssubordinateunits,thepublicmaintenancefundandhousesellingfundportfoliodepositedinthehousingprovidentfundmanagementcenter,thedeposit/marginportfolio,andthepettycashledgerportfolioformedbytheemployeeloanoftheunit.
(5)Accountingtreatmentmethodforimpairmentoffinancialassets
Attheendoftheperiod,theCompanycalculatestheestimatedcreditlossesofvariousfinancialassets.Iftheestimatedcreditlossesaregreaterthanthebookamountofitscurrentimpairmentreserve,thedifferenceisrecognizedasimpairmentloss.Ifitislessthanthecarryingamountofthecurrentimpairmentreserve,thedifferenceisrecognizedasimpairmentgain.
(6)Methodsfordeterminingthecreditlossofvariousfinancialassets
①Notesreceivable
TheCompanymeasuresthelossreserveforbillsreceivableaccordingtotheexpectedcreditlossamountequivalenttotheentireduration.Basedonthecreditriskcharacteristicsofbillsreceivable,theyaredividedintodifferentportfolios:
| Item | Basisfordeterminingportfolio |
| Bankacceptancebills | Theacceptorisabankwithlesscreditrisk |
| Commercialacceptancebill | Accordingtotheacceptor'screditriskclassification,itshouldbethesameasthe"receivable"portfolioclassification. |
Asforthenotesreceivables’classifiedasportfolio,theCompanyreferredtothehistoricalcreditloss
experience,combinedwithcurrentsituationandforecastforthefutureeconomiccondition,calculatingtheexpectedcreditloss.Throughriskexposureatdefaultandlifetimeexpectedcreditloss.
②AccountsreceivableandotherreceivablesForreceivablesthatdonotcontainsignificantfinancingcomponents,theCompanymeasuresthelossreserveaccordingtotheexpectedcreditlossamountequivalenttotheentireduration.Forreceivablesthatcontainsignificantfinancingcomponents,theCompanymeasuresthelossreservebasedonwhetherthecreditriskhasincreasedsignificantlysincetheinitialrecognition,usingtheamountofexpectedcreditlosswithinthenext12monthsortheentireduration.Accordingtowhetherthecreditriskofotherreceivableshasincreasedsignificantlysincetheinitialrecognition,theCompanymeasuresimpairmentlosswithanamountequivalenttotheexpectedcreditlosswithinthenext12monthsortheentireduration.Inadditiontotheaccountsreceivableandotherreceivablesthatindividuallyassesscreditrisk,theyaredividedintodifferentportfoliosbasedontheircreditriskcharacteristics:
| Item | Basisfordeterminingportfolio |
| Portfolio1 | Creditportfolio |
Asforthereceivablesclassifiedasportfolio,theCompanyreferredtothehistoricalcreditlossexperience,combinedwithcurrentsituationandforecastforthefutureeconomiccondition,calculatingtheexpectedcreditloss.Throughcrossreferencetablebetweentheagingofreceivablesandlifetimeexpectedcreditloss.Theagingofreceivablesiscalculatedonthedateofrecognition.Theportfolioofotherreceivableisrecognizedasfollows:
| Item | Basisfordeterminingportfolio |
| Portfolio1 | Creditportfolio |
| Portfolio2 | Deposit/marginportfolio |
| Portfolio3 | TheportfolioofreservefundledgerformedbytheCompany'sstaffloan |
Asfortheotherreceivablesclassifiedasportfolio,theCompanyreferredtothehistoricalcreditlossexperience,combinedwithcurrentsituationandforecastforthefutureeconomiccondition,calculatingtheexpectedcreditloss.Throughriskexposureatdefaultandlifetimeexpectedcreditlossinthecoming12months.Fortheotherreceivablesclassifiedasaging,iscalculatedonthedateofrecognition.
13.Inventory
(1)Classificationofinventory
Inventoriesmainlyincluderawmaterials,workinprogress,finishedgoods,intransitmaterialsinventorygoods,reservetankerstoragecommissionedprocessing,andmanufacturingconsignment,etc..
(2)Valuationmethodforobtainingandissuinginventory
Inventoriesareinitiallymeasuredatcost.Inventorycostsincludepurchasecosts,processingcostsandotherexpenditures.Theactualcostofinventoriesupondeliveryiscalculatedusingtheweightedaveragemethod.
(3)Confirmationofnetrealizablevalueofinventoriesandmethodofaccrualoffallingpricereserve
NetRealizableValuereferstotheamountofestimatedsellingpriceofinventoriesminustheestimatedcosttillcompletion,estimatedexpensesforsellingactivityandrelatedtaxesandfeesindailyactivities.Whendeterminingthenetrealizablevalueofinventories,solidevidenceobtainedshallbethebasis,andthepurposeofholdingtheinventoriesandtheimpactofeventsafterthebalancesheetdateshallbeconsidered.
Onthebalancesheetdate,inventoriesshallbemeasuredatlowerofcostandnetrealizablevalue.Whenthenetrealizablevalueislowerthanthecost,theprovisionforinventorydevaluationshallbeaccrued.Theprovisionforinventorydevaluationshallbeaccruedbasedonthedifferencebetweenthecostofasingleinventoryitemanditsnetrealizablevalue.Theprovisionforinventorydevaluationofalargenumberofinventorieswithlowunitpricesshallbebasedonthetypeofinventory;forinventoriesrelatedtotheproductrangeproducedandsoldinsameregion,havingthesameorsimilarenduseorpurpose,anddifficulttobeseparatedfromotheritemsformeasurement,theirprovisionforinventorydevaluationcanbecombinedandaccrued.
Aftertheprovisionforinventorydevaluationisaccrued,ifthefactorscausethepreviouswritten-downinventoryvaluehavedisappeared,andthesituationresultsinthefactthatthenetrealizablevalueoftheinventorieshigherthanthebookvalue,theamountoftheprovisionforinventorydevaluationthathasbeenaccruedshallbereversedandincludedinthecurrentperiodprofitorloss.
(4)TheCompanyadoptsperpetualinventorysystemasitsinventorysystem.
(5)Amortizationmethodoflow-valueconsumablesandpackagingmaterials
Low-valueconsumablesareamortizedbyone-offamortizationmethodwhentheyarereceived;packagingmaterialsareamortizedbyone-offamortizationmethodwhentheyarereceived.
14.Non-currentassetsordisposalgroupsheldforsale
(1)RecognitionstandardsandaccountingmethodtreatmentforHeld-for-saleassetsanddisposalgroup
Anon-currentassetordisposalgroupisclassifiedasheldforsalewhenitscarryingamountwillberecoveredprincipallythroughasaletransactionratherthanthroughcontinuoususe.Thefollowingconditionsneedtobesimultaneouslymettobeclassifiedasheldforsale:anon-currentassetorto-be-disposedportfoliocanbesoldimmediatelyunderthecurrentconditionsbasedonthepracticeofsellingsuchassetorto-be-disposedportfolioinsimilartransactions;theCompanyhasalreadydecidedonthesaleplanandobtainedconfirmedpurchasecommitment;thesaleisscheduledtobecompletedwithinoneyear.Amongthem,aDisposalPortfolioreferstoagroupofassetsthatwillbedisposedofasawholethroughsaleorotherapproachesinatransaction,andtheliabilitiesdirectlyassociatedwiththeseassetstransferredalongwiththeassetsintransaction.IftheportfolioofassetsorgroupofportfoliosofassetsisallocatedgoodwillacquiredinbusinessmergerinaccordancewithAccountingStandardsforBusinessEnterprisesNo.8-AssetImpairment,theDisposalPortfolioshallincludethegoodwillallocatedtoit.
Intheeventthatthebookvalueofanon-currentassetorto-be-disposedportfoliothathasbeendesignatedasheld-for-salecategoryishigherthanthenetamountoffairvaluelesssalesexpenseswhenthenon-currentassetorto-be-disposedportfolioisinitiallymeasuredormeasuredonthebalancesheetdate,thebookvalueshallbetothenetamountoffairvalueminussalesexpenses,andthewritten-downamountshallberecognizedasassetimpairmentlossandincludedincurrentperiodprofitorloss.Theprovisionforimpairmentlossoftheheld-for-saleassetshallbeaccrued.ForaDisposalPortfolio,theconfirmedimpairmentlossshalldeductthebookvalueofthegoodwillintheDisposalPortfolio,thendeductthebookvalueofthenon-currentassetsdeterminedbythemeasurementonapro-ratabasisinaccordancewiththeapplicableAccountingStandardsforBusinessEnterprisesNo.42held-for-salenon-currentassets,DisposalPortfolioandTerminationofOperations(hereinafterreferredtoasthe“GuideforHeld-For-Sale”).Intheeventofanincreaseofthebookvalueoftheheld-for-saleDisposalPortfoliominussalesexpensesonthesubsequentthebalancesheetdate,theamountpreviouslywrittendownshallberecoveredandbereversedwithinthemountoftheassetimpairmentlossrecognizedinthenon-currentassetsmeasuredbythemeasurement“GuideforHeld-For-Sale”afterbeingclassifiedasheldforsaleasset,thereversalamountshallbeincludedinthecurrentperiodprofitorloss,andthebookvalueofallnon-currentassets(exceptforgoodwill)determinedbythemeasurementonapro-ratabasisinaccordancewiththeapplicable“GuideforHeld-For-Sale”shallbeincreasedonapro-ratabasis.Thebookvalueofthegoodwillthathasbeendeductedandtheimpairmentlossoftheassetsrecognizedbeforetheclassificationoftheheld-for-salenon-currentassetsinaccordancewiththeapplicable“GuideforHeld-For-Sale”shallnotbereversed.
Intermsoftheheld-for-salenon-currentassetsornon-currentassetsinDisposalPortfolio,thereisnoaccrualoramortizationfordepreciation,andtheinterestfromandotherexpensesfromtheliabilitiesinheld-for-saleDisposalPortfolioshallstillberecognized.
Whenanon-currentassetorDisposalPortfolionolongermeetstheconditionsforHeld-For-Salecategory,non-currentassetorDisposalPortfoliowillnolongerbeclassifiedasHeld-For-SalecategorybytheCompanyorthenon-currentassetwillberemovedfromtheHeld-For-SaleDisposalPortfolio,andbemeasuredbasedononeofthefollowingtwovalues,whicheverislower:(1)Thebookvaluebeforebeingclassifiedasheld-for-salecategoryadjustedbasedonthedepreciation,amortizationorimpairmentthatshouldhavebeconfirmedifitisnotclassifiedasheld-for-salecategory;(2)recoverableamount.
(2)StandardsforDeterminingandMethodsforthePresentationofDiscontinuedOperations.
Acomponentofanentitythateitherhasbeendisposedoforisclassifiedasheldforsaleand:
a)representsaseparatemajorlineofbusinessorgeographicalareaofoperations,
b)ispartofasinglecoordinatedplantodisposeofaseparatemajorlineofbusinessorgeographicalareaofoperationsor
c)isasubsidiaryacquiredexclusivelywithaviewtoresale.
NetprofitfromcontinuingoperationandNetprofitfromdiscontinuedOperationareaddedundertheItemNetProfitoftheProfitandLossStatement,asingleamountinthestatementofcomprehensiveincomecomprising
thetotalof:i)thepost-taxprofitorlossofcontinuingoperationanddiscontinuedoperations.ProfitandLossfromthediscontinuedoperationshalllistedasDiscontinuedOperationProfitandLoss,whichcomprisesoftheentirereportingperiod,notonlyrecognizedasthereportingperiodaftertheterminationoftheoperation.
15.Long-termequityinvestmentThelong-termequityinvestmentreferstointhispartreferstothelong-termequityinvestmentthattheCompanyhascontrol,jointcontrolorsignificantinfluenceontheinvestedentity.Thelong-termequityinvestmentoftheCompanythatdoesnothavecontrol,jointcontrolorsignificantimpactontheinvesteeshallbeaccountedasafinancialassetmeasuredatfairvaluewithitschangesincludedintothecurrentprofitsandlosses.Amongthem,ifitisnon-transactional,theCompanymaychoosetodesignateitasafinancialassetmeasuredatfairvalueanditschangesareincludedintheaccountingofothercomprehensiveincomeatthetimeofinitialrecognition.Fordetailsofitsaccountingpolicies,pleaserefertoNoteⅢ,11“FinancialInstruments".JointcontrolreferstothecontrolthattheCompanyshareswithotherparty/partiesforanarrangementinaccordancewithrelevantagreements,andrelevantactivitiesofthearrangementcanonlybedecidedbasedontheconsensusofallpartiessharingthecontrolrightsbeforemakingadecision.SignificantInfluencereferstopoweroftheCompanytoparticipateinthedecision-makingofthefinancialandoperatingpoliciesoftheinvestee,buttheCompanycannotcontrolorjointlycontrolthedevelopmentofthesepolicieswithotherparties.
(1)DeterminationofinvestmentcostForalong-termequityinvestmentobtainedfromacombinationofbusinessesunderthesamecontrol,theapportionedshareofthebookvalueinthefinalcontroller'sconsolidatedfinancialstatementsonthecombinationdateinaccordancewiththeshareholders'equityshallbetheinitialinvestmentcostofthelong-termequityinvestment.Thecapitalreserveshallbeadjustedsubjecttothedifferencebetweentheinitialinvestmentcostofthelong-termequityinvestmentandthecashpaid,thenon-cashassetstransferred,andthebookvalueofthedebtsassumed;ifthecapitalreserveisinsufficientforoffsetting,theretainedearningsshallbeadjusted.Wheretheequitysecuritiesareissuedasmergerconsideration,theapportionedshareofthebookvalueinthefinalcontroller'sconsolidatedfinancialstatementsonthecombinationdateinaccordancewiththeshareholders'equityshallbetheinitialinvestmentcostofthelong-termequityinvestment,andthetotalparvalueoftheissuedsharesistakenasthesharecapital.Thecapitalreserveshallbeadjustedsubjecttothedifferencebetweentheinitialinvestmentcostofthelong-termequityinvestmentandthetotalparvalueofthesharesissued;ifthecapitalreserveisinsufficientforoffsetting,theretainedearningsshallbeadjusted.Wheretheequityofcombinedpartiesunderthesamecontrolisobtainedthroughmultipletransactionsandabusinesscombinationunderthesamecontrolisformedfinally,itshallbetreateddifferentiallybasedonwhetheritisa“packagedeal”:ifitbelongstoa“packagedeal”,alltransactionswillbetreatedasatransactionthatobtainscontrol.Ifitisnota“packagedeal”,theapportionedshareofthebookvalueinthefinalcontroller'sconsolidatedfinancialstatementsonthecombinationdateinaccordancewiththeshareholders'equityshallbetheinitialinvestmentcostofthelong-termequityinvestment.Thecapitalreserveshallbeadjustedsubjecttothedifferencebetweentheinitialinvestmentcostofthelong-termequityinvestmentandthesumofthebookvalueoflong-termequityinvestmentbefore
combinationdateandthebookvalueofthenewconsiderationforthenewshareonthecombinationdate.Ifthecapitalreserveisinsufficientforoffsetting,theretainedearningsshallbeadjusted.Theequityinvestmentsthatareheldpriortothecombinationdateandarerecognizedwithequityrecognizedorasavailable-for-salefinancialassetasothercomprehensiveincomewillnotbegivenaccountingtreatmentforthemoment.
Foralong-termequityinvestmentobtainedfromacombinationofbusinessesnotunderthesamecontrol,theinitialinvestmentcostofthelong-termequityinvestmentshallbebasedonthecombinationcostonthepurchasedate.Thecombinationcostincludestheassetspaidbypurchaser,theliabilitiesincurredorassumed,andthesumofthefairvalueofissuedequitysecurities.Wheretheequityofcombinedpartiesnotunderthesamecontrolisobtainedthroughmultipletransactionsandabusinesscombinationunderthesamecontrolisformedfinally,itshallbetreateddifferentiallybasedonwhetheritisa“packagedeal”:ifitbelongstoa“packagedeal”,alltransactionswillbetreatedasatransactionthatobtainscontrol.Ifitisnota“packagedeal”,theinitialinvestmentcostofthelong-termequityinvestmentcalculatedbythecostmethodshallbecalculatedbasedonthesumofthebookvalueoftheequityinvestmentintheoriginalholderandthenewinvestmentcost.Theoriginalshareholdingthatmeasuredusingequitymethod,therelevantothercomprehensiveincomedoestemporarilynotconductaccountingtreatment.
Intermediaryexpensessuchasforauditing,legalservices,assessmentandotherrelatedexpensesincurredbyacombiningpartyorapurchaserforbusinesscombinationshallberecognizedincurrentperiodprofitorlosswhenincurred.
Theequityinvestmentsotherthanformedbybusinesscombinationshallbeinitiallymeasuredatcost.Thecostwillbedeterminedbasedonthefollowingamountaccordingtodifferentmethodsoftheacquisitionoflong-termequityinvestment:thepurchasepriceincashactuallypaidbytheCompany;thefairvalueoftheequitysecuritiesissuedbytheCompany,thevalueagreedinrelevantinvestmentcontractoragreement;thefairvalueororiginalbookvalueoftheassetsexchangedinnon-monetaryassetexchangetransaction;thefairvalueofthelong-termequityinvestmentitself.Anyexpenses,taxesandothernecessaryexpensesdirectlyrelatedtotheacquisitionoflong-termequityinvestmentsshallalsobeincludedinthecostofinvestment.Thecostoflong-termequityinvestmentfortheadditionalinvestmentthatcanexertsignificantinfluenceoninvesteeorimplementjointcontrolbutdoesnotconstitutecontrolshallbethesumofthefairvalueoftheoriginallyheldequityinvestmentrecognizedinaccordancewiththeAccountingStandardsforBusinessEnterprisesNo..22–RecognitionandMeasurementofFinancialInstrumentsandthecostfornewinvestment.
(2)Follow-upmeasurementandconfirmationmethodsforprofitandloss
TheEquityMethodshallbeusedtoaccountforlong-termequityinvestmentsthathavejointcontrolovertheinvestedentity(exceptforthoseconstitutingjointoperators)orhavesignificantimpactontheinvestedentity.Inaddition,thecompany'sfinancialstatementsusetheCostMethodtoaccountforlong-termequityinvestments,whichcancontrolthelong-termequityinvestmentoftheinvestee.
①Long-termequityinvestmentbasedonCostMethod
WhenaccountingwithCostMethod,long-termequityinvestmentispricedattheinitialinvestmentcost,and
thecostofthelong-termequityinvestmentisadjustedbyaddingorrecoveringtheinvestment.Exceptfortheactualpaymentatthetimeofobtaininginvestmentorthecashdividendsorprofitsincludedintheconsiderationbutnotyetissued,thecurrentinvestmentincomeshallberecognizedaccordingtothecashdividendsorprofitsdeclaredbytheinvestee.
②Long-termequityinvestmentaccountedforbyEquityMethodWhenaccountingwithEquityMethod,iftheinitialinvestmentcostofalong-termequityinvestmentisgreaterthanthefairvalueshareoftheidentifiablenetassetsoftheinvesteewheninvesting,andtheinitialinvestmentcostofthelong-termequityinvestmentshallnotbeadjusted;iftheinitialinvestmentcostislessthanthefairvalueshareoftheidentifiablenetassetsoftheinvesteewheninvesting,thedifferenceshallbeincludedinthecurrentprofitandloss,andthecostofthelong-termequityinvestmentshallbeadjustedWhenaccountingwithEquityMethod,theinvestmentincomeandothercomprehensiveincomearerecognizedseparatelyaccordingtothesharesofthenetprofitorlossandothercomprehensiveincomethatshouldbeenjoyedorshared,andthebookvalueofthelong-termequityinvestmentshouldbeadjustedatthesametime.Thebookvalueoflong-termequityinvestmentisreducedaccordinglybycalculatingthesharethatshouldbeenjoyedaccordingtotheprofitorcashdividenddeclaredbytheinvestee.Thebookvalueoflong-termequityinvestmentshallbeadjustedandincludedinthecapitalreserveforotherchangesintheowner'srightsandinterestsoftheinvestedentityotherthanthenetprofitandloss,othercomprehensiveincomeandprofitdistribution.Whenconfirmingtheshareofthenetprofitandlossoftheinvestee,thenetprofitoftheinvesteeshallbeadjustedandconfirmedonthebasisofthefairvalueoftheidentifiableassetsoftheinvesteeatthetimeofinvestment.IftheaccountingpoliciesandperiodsadoptedbytheinvestedentityareinconsistentwiththeCompany,thefinancialstatementsoftheinvestedentityshallbeadjustedinaccordancewiththeaccountingpoliciesandperiodsoftheCompany,andtheinvestmentincomeandothercomprehensiveincomeshallbeconfirmedaccordingly.ForthetransactionsbetweentheCompanyandtheassociatesandjointventures,theassetsinvestedorsolddonotconstituteabusiness,andtheunrealizedgainsandlossesfrominternaltransactionsareoffsetagainsttheportionoftheCompanythatisattributabletotheproportionoftheshares,onthisbasis.investmentprofitandlossshouldbeconfirmed.However,theunrealizedinternaltransactionlossesincurredbytheCompanyandtheinvesteearenotincludedintheimpairmentlossesofthetransferredassets.WheretheassetsinvestedbytheCompanyintoajointventureoranassociatesconstituteabusiness,iftheinvestorobtainslong-termequityinvestmentbutdoesnotcontrol,thefairvalueoftheinvestedbusinessshallbedeemedastheinitialinvestmentcostofthenewlong-termequityinvestment,andthedifferencebetweentheinitialinvestmentcostandthebookvalueoftheinvestedbusinessisfullyrecognizedinthecurrentprofitsandlosses.IftheassetssoldbytheCompanytoajointventureoranassociatethatconstituteabusiness,thedifferencebetweentheconsiderationvalueobtainedandthebookvalueofthebusinessshallbefullyrecognizedintheprofitsandlossesofthecurrentperiod.
Whenconfirmingthenetlossthatincurredbytheinvesteeshouldbeshared,thebookvalueofthelong-termequityinvestmentandotherlong-termequitythatsubstantiallyconstitutesthenetinvestmentoftheinvesteearereducedtozero.Inaddition,iftheCompanyhasanobligationtobearadditionallossestotheinvestee,the
estimatedliabilitiesshallberecognizedaccordingtotheestimatedobligationsandincludedinthecurrentinvestmentlosses.Iftheinvesteeachievesnetprofitinthefollowingperiod,theCompanyshallresumerecognizingtheshareofincomeaftermakingupfortheunrecognizedshareofloss.Forthelong-termequityinvestmentinthejointventuresandassociatesheldbytheCompanyforthefirsttimebeforetheimplementationofthenewaccountingstandards,ifthereisadebitbalanceofequityinvestmentsrelatedtotheinvestment,thecurrentprofitsandlossesshallbeaccountedforbythestraight-lineamortizationoftheoriginalremainingperiod.
(3)AcquisitionofMinorityEquityInthepreparationoftheconsolidatedfinancialstatements,ifthedifferencebetweenthelong-termequityinvestmentaddedbypurchasingminoritysharesandthenetassetssharethatshouldbecontinuouslycalculatedbythesubsidiarycompanyfromthepurchasedate(ortheconsolidationdate)iscalculatedaccordingtotheproportionofnewlyaddedshares,theretainedearningsshallbeadjusted;andifthecapitalreserveisinsufficienttooffset,theretainedearningsshallbeadjusted.
(4)Disposaloflong-termequityinvestmentIntheconsolidatedfinancialstatements,theparentcompanypartiallyofdisposesofthelong-termequityinvestmentofthesubsidiarywithoutlosingcontrol,thedifferenceofthecorrespondingnetassetsinthesubsidiarybetweenthedisposalpriceandthedisposalofthelong-termequityinvestmentisincludedintheshareholders'equity.itshallbetreatedinaccordancewiththerelevantaccountingpoliciesdescribedin“Notesonthepreparationofconsolidatedfinancialstatements”inNoteⅢ.7.Forthedisposaloflong-termequityinvestmentinothercases,thedifferencebetweenthebookvalueofthedisposedequityandtheactualacquisitionpriceshallbeincludedinthecurrentprofitsandlosses.Ifthelong-termequityinvestmentisaccountedforbyequitymethod,theremainingequityafterdisposalisstillaccountedforbyequitymethod,whendisposing,theothercomprehensiveincomewhichwereoriginallyincludedinshareholder'srightsandinterestsshallbeaccountedforonthesamebasisastheassetsorliabilitiesdirectlydisposedofbytheinvestee.Theowner'sequityrecognizedasaresultofchangesintheowner'sequityoftheinvesteeotherthannetprofitorloss,othercomprehensiveincomeandprofitdistribution,itshouldbecarriedforwardtothecurrentprofitandloss
Forthelong-termequityinvestmentaccountedbyCostMethod,theremainingequityisstillaccountedbyCostMethodafterdisposal,othercomprehensiveincomethatrecognizedbyequitymethodaccountingorfinancialinstrumentrecognitionandmeasurementcriteriaaccountingbeforeobtainingcontrolovertheinvesteeshallbeaccountedforonthesamebasisastheassetsorliabilitiesdirectlydisposedofbytheinvestee,andshallbesettledtothecurrentprofitandlossinproportion.Changesofthenetassetsofinvesteeintheowner'sequityotherthannetprofitorloss,othercomprehensiveincomeandprofitdistribution'sthatrecognizedbyequitymethodshallbesettledtothecurrentprofitandlossinproportion.
WheretheCompanylosescontrolovertheinvesteeduetodisposalofpartofitsequityinvestment,when
preparingindividualfinancialstatements,iftheremainingequityafterdisposalcanexercisejointcontrolorexertsignificantinfluenceontheinvestee,itshallbeaccountedforbyequitymethodinstead,andtheremainingequityshallbeadjustedbyaccountingbyequitymethodwhenitisdeemedtobeacquired.Iftheremainingequityafterdisposalcannotbejointlycontrolledorexertssignificantinfluenceontheinvestee,itshallbeaccountedforaccordingtotherelevantprovisionsofthefinancialinstrumentrecognitionandmeasurementcriteria,andthedifferencebetweenthefairvalueandthebookvalueonthedateoflossofcontrol.Itisincludedinthecurrentprofitandloss.BeforetheCompanyobtainscontrolovertheinvestee,othercomprehensiveincomerecognizedbyequitymethodaccountingorfinancialinstrumentrecognitionandmeasurementcriteriaisusedtodirectlydisposeoftherelevantassetswiththeinvestee,accountingtreatmentbasedonthesamebasisastheinvesteedirectlydisposesofrelatedassetsorliabilitieswhenthecontroloftheinvesteeislost,Accountingistreatedonthesamebasisastheliabilities.Changesintheowner'sequityotherthannetprofitorloss,othercomprehensiveincomeandprofitdistributionoftheinvestee'snetassetsrecognizedbytheequitymethodarecarriedforwardtothecurrentprofitorlosswhenthecontroloftheinvesteeislost.Amongthem,theremainingequityafterdisposalisaccountedforusingtheequitymethod.Wheretheremainingequityafterdisposalisaccountedforbyequitymethod,othercomprehensiveincomeandotherowner'sequityshouldbesettledbyproportion.Iftheremainingequityisaccountedforusingfinancialinstrumentrecognitionandmeasurementstandard,allofothercomprehensiveincomeandothershareholder’sequityshouldbesettled.
IftheCompanylosesitsjointcontrolorsignificantinfluenceontheinvesteeduetothedisposalofpartoftheequityinvestment,theremainingequityafterdisposalshallbeaccountedforaccordingtothefinancialinstrumentrecognitionandmeasurementcriteria,andthedifferencebetweenthefairvalueandthebookvalueonthedateoflossofjointcontrolorsignificantinfluenceisrecognizedinthecurrentprofitorloss.Theothercomprehensiveincomerecognizedintheoriginalequityinvestmentbytheequitymethodisaccountedforonthesamebasisastheinvestee'sdirectdisposalofrelatedassetsorliabilitieswhentheequitymethodisterminated,Owner'sequityrecognizedasaresultofchangesinotherowners'equityotherthannetprofitorloss,othercomprehensiveincomeandprofitdistributionoftheinvesteeshouldbetransferredtocurrentinvestmentincomewhenterminatingtheequitymethodTheCompanydisposesoftheequityinvestmentinthesubsidiariesstepbystepthroughmultipletransactionsuntilthelossofcontrol.Iftheabove-mentionedtransactionsarepartofapackagetransaction,thetransactionsaretreatedasatransactiondealingwiththeequityinvestmentofthesubsidiaryandlosingcontrol.Thedifferencebetweenthebookvalueofeachlong-termequityinvestmentcorrespondingtothedisposalpriceandthedisposaloftheequitybeforelossofcontrolisfirstrecognizedasothercomprehensiveincome,andwhenthecontrolislost,itistransferredtothecurrentprofitandlossoflossofcontrol.
16.InvestmentProperty
InvestmentPropertyreferstopropertyheldforthepurposeofearningrentorcapitalappreciation,orboth,includinglanduserightsthathavebeenleased,landuserightsthatareheldandpreparedfortransferafterappreciation,andbuildingsthathavebeenrented.Investmentpropertyisinitiallymeasuredatcost.Theexpensesrelatedtoinvestmentproperty,iftheeconomicbenefitsrelatedtothisassetarehighlyprobabletoflowintothe
companyandthecostcanbemeasuredreliably,thentheexpensewillaccountforasthecostofinvestmentproperty.Otherexpensesareaccountedforinprofitandlosswhenincurred.TheCompanyadoptsthecostmodeltoconductsubsequentmeasurementofinvestmentpropertyanddepreciationoramortizationaccordingtothepolicyconsistentwiththebuildingorlanduserights.Fordetailsoftheimpairmenttestmethodandimpairmentprovisionmethodofproperty,pleaserefertoNoteⅢ.23“Long-TermAssetImpairment”.
Whentheself-usepropertyorinventoryisconvertedintoinvestmentpropertyorinvestmentpropertyisconvertedintoself-useproperty,thebookvaluebeforeconversionisusedastherecordedvalueafterconversion.Whentheuseofinvestmentpropertyischangedtoself-use,theinvestmentpropertyisconvertedintofixedassetsorintangibleassetsfromthedateofchange.Whentheuseofself-usepropertychangestoearnrentorcapitalappreciation,thefixedassetsorintangibleassetsareconvertedintoinvestmentpropertyfromthedateofchange.Inthecaseofinvestmentpropertymeasuredbythecostmodelwhentheconversionoccurs,thebookvaluebeforeconversionisusedastheentryvalueafterconversion;ifitisconvertedintoinvestmentpropertymeasuredbythefairvaluemodel,thefairvalueoftheconversiondateisusedastheentryvalueafterconversion.
Whenaninvestmentrealestateisdisposedof,orpermanentlywithdrawnfromuseandisnotexpectedtoobtaineconomicbenefitsfromitsdisposal,theconfirmationoftheinvestmentrealestateshallbeterminated.Disposalincomefromthesale,transfer,retirementordamageofinvestmentpropertiesischargedtothecurrentprofitandlossafterdeductingitsbookvalueandrelatedtaxesandfees.
17.FixedAssets
(1)Confirmationconditionsforfixedassets
FixedAssetsrefertotangibleassetsheldforthepurposeofproducinggoods,providinglaborservices,rentingoroperatingmanagement,andhavingaservicelifeofmorethanonefiscalyear.FixedassetsarerecognizedonlywhentheeconomicbenefitsassociatedwiththemarelikelytoflowintotheCompanyandtheircostscanbereliablymeasured.Fixedassetsareinitiallymeasuredatcostandtakingintoaccounttheimpactofprojectedabandonmentcosts.
(2)Depreciationmethodsforvarioustypesoffixedassets
Fixedassetsaredepreciatedovertheirusefullivesusingthestraight-linemethodfromthemonthfollowingthescheduledavailability.Thedepreciationperiod,estimatednetresidualvaluerateandannualdepreciationrateofeachcategoryoffixedassetsareasfollows:
| Category | DepreciationMethod | Depreciationperiod(Year) | Netsalvagerate(%) | Annualdepreciationrate(%) |
| Buildings | straight-linedepreciation | 8-50 | 5 | 1.90—11.88 |
| Machineryequipment | straight-linedepreciation | 5-28 | 4、5 | 3.39—19.20 |
| Transportfacility | straight-linedepreciation | 5-10 | 4、5 | 9.50—19.20 |
| Electronicequipment | straight-linedepreciation | 3-10 | 4、5 | 9.50—32.00 |
| Officeequipment | straight-linedepreciation | 3-10 | 4、5 | 9.50—32.00 |
| Otherequipment | straight-linedepreciation | 5-28 | 4、5 | 3.39—19.20 |
Theestimatednetresidualvaluereferstotheexpectedstateaftertheestimatedusefullifeofthefixedassetshasexpiredandisattheendofitsusefullife.TheamountcurrentlyobtainedbytheCompanyfromthedisposaloftheassetsafterdeductingtheestimateddisposalexpenses.
(3)ImpairmenttestmethodandImpairmentprovisionmethodforfixedassets
FordetailsofImpairmenttestmethodandimpairmentprovisionmethodforfixedassets,pleaserefertoNoteⅢ.23“Long-TermAssetImpairment”.
(4)Recognitionbasisandvaluationmethodoffixedassetsacquiredbyfinancelease
Afinanceleaseisaleasethattransferssubstantiallyalltherisksandrewardsassociatedwithownershipofanasset,anditsownershipmayormaynotbetransferred.Ifitisreasonabletodeterminetheownershipoftheleasedassetattheexpirationoftheleaseterm,thedepreciationshallbecalculatedwithintheusefullifeoftheleasedasset;Ifitisnotreasonabletodeterminetheownershipoftheleasedassetattheexpirationoftheleaseterm,depreciationshallbecalculatedwithinarelativelyshortperiodoftheleasetermandtheservicelifeoftheleasedassets.
(5)Others
Thesubsequentexpensesrelatedtofixedassets,iftheeconomicbenefitsrelatedtothefixedassetsarelikelytoflowinandtheircostscanbereliablymeasured,areincludedinthecostoffixedassetsandthebookvalueofthereplacedpartshouldbeterminated.Thesubsequentexpendituresotherthanmentionedasabovearerecognizedinprofitorlossintheperiodinwhichtheyareincurred.
Thefixedassetisderecognizedwhenthefixedassetisindisposalorisnotexpectedtogenerateeconomicbenefitsbyusingordisposal.Thedifferencebetweenthedisposalincomefromthesale,transfer,retirementordamageofthefixedassetslessthecarryingamountandrelatedtaxesisrecognizedinprofitorlossforthecurrentperiod.
TheCompanyreviewstheusefullife,estimatednetresidualvalueanddepreciationmethodoffixedassetsatleastattheendoftheyear,andchangesasanaccountingestimateifchangesoccur.
18.Constructioninprogress
Thecostofconstructioninprogressisdeterminedbasedonactualprojectexpenditure,includingvariousprojectexpendituresincurredduringtheconstructionperiod,capitalizedborrowingcostsbeforetheprojectreachestheexpectedusablestatus,andotherrelatedexpenses.Constructioninprogressiscarriedforwardtofixedassetswhenitisreadyforitsintendeduse.
Fordetailsoftheimpairmenttestmethodandimpairmentprovisionmethodforconstructioninprogress,
pleaserefertoNoteⅢ.23“Long-TermAssetImpairment”.
19.BorrowingCostsBorrowingcostsincludeinterestonborrowings,amortizationofdiscountsorpremiums,ancillaryexpenses,andexchangedifferencesarisingfromforeigncurrencyborrowings.Borrowingcostsdirectlyattributabletotheacquisition,constructionorproductionofassetseligibleforcapitalization,capitalizationisbegunwhenassetexpenditureshaveoccurred,borrowingcostshaveoccurred,andtheacquisition,constructionorproductionactivitiesnecessarytobringtheassetstotheintendedusableorsaleablestatehavebegun.Andcapitalizationisstoppedwhentheassetsunderconstructionorproductionthatmeetthecapitalizationconditionsarereadyfortheirintendeduseorsaleablestatus.Theremainingborrowingcostsarerecognizedasanexpenseintheperiodinwhichtheyareincurred.
Theinterestexpensesactuallyincurredinthecurrentperiodofspecialborrowingsshallbecapitalizedaftersubtractingtheinterestincomefromtheunusedborrowingfundsdepositedintothebankortheinvestmentincomeobtainedfromthetemporaryinvestment.Forthegeneralborrowings,accordingtotheaccumulatedassetexpendituresexceedthespecialborrowings.Thecapitalizationamountisdeterminedbymultiplyingtheweightedaverageofwhichaccumulatedassetexpenditureexceedstheassetexpenditureofthespecialborrowingportionbythecapitalizationrateofthegeneralborrowingsused.Thecapitalizationrateisdeterminedbasedontheweightedaverageinterestrateofgeneralborrowings.Duringthecapitalizationperiod,theexchangedifferencesofforeigncurrencyspecialborrowingsareallcapitalized;theexchangedifferencesofforeigncurrencygeneralborrowingsareincludedinthecurrentprofitandloss.Assetseligibleforcapitalizationrefertoassetssuchasfixedassets,investmentpropertyandinventoriesthatrequireasubstantialperiodofacquisition,constructionorproductionactivitiestoachievetheintendeduseorsalestatus.Iftheassetseligibleforcapitalizationareinterruptedabnormallyduringtheacquisition,constructionorproductionprocessandtheinterruptionperiodlastsformorethan3months,thecapitalizationoftheborrowingcostsshallbesuspendeduntiltheacquisition,constructionorproductionoftheassetsresumes.
20.Right-of-useassets
Right-of-useassetsoftheGroupmainlyconsistofbuildings,powergenerationandtransmissionequipment,plant,machineryandequipment,motorvehicles,furnitureandfixturesandothers.
(1)Initialaccountings
Atthecommencementdateofthelease,theGrouprecognizestherighttousetheleasedassetsduringtheleasetermasaright-of-useasset,including:theinitialmeasurementamountoftheleaseliability;theamountofleasepaymentpaidonorbeforethebeginningoftheleaseterm,theamountofleaseincentivealreadyenjoyedshallbedeductedifthereisaleaseincentive;initialdirectexpensesincurredbythelessee;thecoststhatthelesseeisexpectedtoincurinordertodismantleandremovetheleasedasset,restoretheleasedassettothesiteorrestore
theleasedassettothestateagreeduponintheleaseterms.Theright-of-useassetsaredepreciatedonastraight-linebasissubsequentlybytheGroup.IftheGroupisreasonablycertainthattheownershipoftheunderlyingassetwillbetransferredtotheGroupattheendoftheleaseterm,theGroupdepreciatestheassetfromthecommencementdatetotheendoftheusefullifeoftheasset.Otherwise,theGroupdepreciatestheassetsfromthecommencementdatetotheearlieroftheendoftheusefullifeoftheassetortheendoftheleaseterm.ThecompanyrecognizesandmeasurestheabovecostsunderItem4inaccordancewiththeAccountingStandardsforEnterprisesNo.13–Contingencies.
(2)SubsequentaccountingTheCompanyaccursedtheright-of-useassetsaccordingtotheAccountingStandardsforEnterprisesNO.4-FixedAssets.Commencementfromthedateoflease,theCompanyshallaccruetheright-of-useassets.Generally,theright-of-useassetsareaccruedatthestartoftheleasedate,theexpensesofdepreciationaccruedshallincludeintorelevantassetcostorprofitandlossinthecurrentperiodbasedonthepurposeofright-of-useassets.Whilerecognizingthemethodofright-of-useassets,theCompanyshallmakedecisionsontheeconomicbenefitofforecastconsumptionmoderelatedtotheright-of-useassets,accruesthedeprecationbystraight-linemethod.WhentheCompanyrecognizethedepreciationperiodofright-of-useassets,maturityofleaseperiodcanbedeterminedinareasonableandwell-groundedmannerontheacquisitionoftheright-of-useassets,accursedthedeprecationinitsremainingservicelife.Iftheright-of-useleaseassetscouldnotbedeterminedreasonablywhiletheservicelifeismature,depreciationisappliedwiththeshortperiodoftimebetweentheleasetermandtheremainingusefullifeoftheleaseasset.
Ifthereareimpairedright-of-useassets,theCompanyshallaccruethesubsequentdeprecationbasedonthebookvalueofright-of-useassetsafterdeductingthelossofimpairment.TheCompanydeterminednottorecognizedtheright-of-useassetsandleaseliabilitiesontheshort-termlease(leasetermnotexceeding12months),andrecognizestherelevantleasepaymentduringtherespectiveleaseterminthecurrentprofitandlossorcostofassetsrelevantinstraightlinemethod.Impairmenttestmethodandtheprovisionmethodfordiminutioninvalueofright-of-useassetsaredetailedinNoteIII23“Long-TermAssetImpairment”.
21.IntangibleAssets
Intangibleassetsrefertoidentifiablenon-monetaryassetswithoutphysicalformownedorcontrolledbytheCompany.
Intangibleassetsareinitiallymeasuredatcost.ExpenditurerelatedtointangibleassetsisincludedinthecostofintangibleassetsiftherelevanteconomicbenefitsarelikelytoflowtotheCompanyanditscostscanbemeasuredreliably.However,theintangibleassetsacquiredthroughbusinesscombinationnotinvolvingenterprisesundercommoncontrolshouldbemeasuredatfairvalueseparatelyasintangibleassetswhentheirfairvaluescanbereliablymeasured.
Theacquiredlanduserightsareusuallyaccountedforasintangibleassets.Therelatedlanduserightsand
buildingconstructioncostsofself-developedandconstructedbuildingsareaccountedforasintangibleassetsandfixedassets,respectively.Inthecaseofpurchasedhousesandbuildings,therelevantpriceisdistributedbetweenthelanduserightsandthebuildings.Ifitisdifficulttoallocatethemreasonably,allofthemaretreatedasfixedassets.
(1)Basisfordeterminingtheservicelife,theestimatethereof,andamortizationmethodsandtheproceduresforreviewingtheirservicelifeWhenrecognizingtheservicelifeoftheintangibleassets,beingsourcedfromanycontractualrightorotherstatutoryrights,itsservicelifeshallnotexceedthelifeofcontractualrightsorotherstatutoryrights.Asfortheintangibleassetsnotspecifiedeitherunderthecontractorlegalregulations,thecompanycombinedvarioussituations,suchasemployingrelevantprofessionalpersonstoundergothejustificationormakecomparisonwiththesituationofthesameindustryandthehistoricalexperienceoftheCompany,determiningthefutureeconomicbenefitservicelifewhichisbroughtbytheintangibleassets.Iftheeffortsaremade,butcouldnotrecognizedreasonablythattheintangibleassetshallbringtheeconomicbenefitservicelifefortheCompany,thenshalltreatthisasuncertainservicelifeoftheintangibleasset.
Sincetheintangibleassetswithlimitedusefullifeareavailableforuse,theoriginalvalueminustheestimatednetresidualvalueandtheaccumulatedamountofimpairmentreserveshallbeamortizedbythestraight-linemethodduringtheirexpectedservicelife.Intangibleassetswithuncertainservicelifeshallnotbeamortized.
Amongthem,theusefullifeandamortizationmethodofintellectualpropertyareasfollows:
Attheendoftheperiod,theusefullifeandamortizationmethodsofintangibleassetswithlimitedusefullifearereviewed,andifanychangeoccurs,itistreatedasachangeofaccountingestimate.Inaddition,theusefullifeofintangibleassetswithuncertainservicelifeisalsoreviewed.Ifthereisevidencethattheperiodforwhichtheintangibleassetsbringeconomicbenefitstotheenterpriseisforeseeable,theusefullifeofintangibleassetsisestimatedandamortizedaccordingtotheamortizationpolicyofintangibleassetswithlimitedusefullife
(2)Researchanddevelopmentexpenditure
Thecompany'sexpenditureforinternalresearchanddevelopmentprojectisdividedintoresearchphaseexpenditureanddevelopmentphaseexpenditure.
Expendituresfortheresearchphaseshallberecognizedinprofitorlosswhenincurred.
Expendituresforthedevelopmentphasethatmeetthefollowingconditionsshallberecognizedasintangible
| Item | Amortizationperiod(year) | Amortizationmethod |
| Trademark | 20 | Straight-linemethod |
| Software | 3-10 | Straight-linemethod |
| Land-userights | 50 | Straight-linemethod |
assets,andexpendituresinthedevelopmentstagethatfailtomeetthefollowingconditionsareincludedincurrentprofitandloss:
a.Itistechnicallyfeasibletocompletetheintangibleassettoenableittobeusedorsold.b.Theintenttocompletetheintangibleassetanduseorsellit;c.Thewayinwhichintangibleassetsgenerateeconomicbenefits,includingtheabilitytoprovethattheproductsproducedfromtheintangibleassetshavingamarketortheintangibleassetshavingamarket,andtheintangibleassetswillbeusedinternally,whichcanproveitsusefulness;
d.sufficienttechnical,financialresourcesandotherresourcesforsupportingthedevelopmentoftheintangibleassetsandtheabilitytouseorselltheintangibleassets.e.Expenditureattributabletothedevelopmentphaseoftheintangibleassetcanbereliablymeasured.Ifitisimpossibletodistinguishtheexpendituresbetweenresearchphaseanddevelopmentphase,allresearchanddevelopmentexpendituresincurredwillbeincludedinthecurrentprofitandloss.
(3)ImpairmenttestmethodandImpairmentprovisionmethodforintangibleassets
Fordetailsoftheimpairmenttestmethodandimpairmentprovisionmethod,pleaserefertoNoteⅢ.23“Long-TermAssetImpairment”.
22.Long-termassetsimpairment
Forfixedassets,constructioninprogress,intangibleassetswithlimitedusefullife,investmentpropertymeasuredbycostmodel,andnon-currentnon-financialassetssuchaslong-termequityinvestmentsinsubsidiaries,jointventuresandassociates,theCompanydetermineswhetherthereisanyindicationofimpairmentonthebalancesheetdate.Ifthereisanyindicationofimpairment,therecoverableamountisestimatedandtheimpairmenttestiscarriedout.Goodwill,intangibleassetswithuncertainservicelifeandintangibleassetsthatnotyetreadyforusearetestedforimpairmentannually,regardlessofwhetherthereisanyindicationofimpairment.
Iftheresultoftheimpairmenttestindicatesthattherecoverableamountoftheassetislowerthanitsbookvalue,theimpairmentprovisionismadebasedonthedifferenceandisincludedintheimpairmentloss.Therecoverableamountisthehigherofthefairvalueoftheassetlessthedisposalexpenseandthepresentvalueoftheestimatedfuturecashflowoftheasset.Thefairvalueofassetsisdeterminedaccordingtothesaleagreementpriceinafairtransaction.Ifthereisnosalesagreementbutthereisanactivemarketfortheasset,thefairvalueisdeterminedaccordingtothebuyer'sbidfortheasset;ifthereisneithersalesagreementnoractivemarketforassets,thefairvalueofassetsshallbeestimatedbasedonthebestinformationavailable.Assetdisposalexpensesincludelegalfee,taxes,transportationexpensesanddirectexpensesincurredtomakeassetssaleable.Thepresentvalueoftheestimatedfuturecashflowofanassetisdeterminedbytheappropriatediscountratediscountingandtheestimatedfuturecashflowgeneratedbytheassetduringitscontinuoususeandfinaldisposal.Theassetimpairmentprovisioniscalculatedandconfirmedbasedonindividualassets.Ifitisdifficulttoestimatetherecoverableamountofanindividualasset,therecoverableamountoftheassetisdeterminedbytheassetgroup
whichtheassetbelongsto.Anassetgroupisthesmallestportfolioofassetsthatcangeneratecashinflowsindependently.Thebookvalueofthegoodwilllistedseparatelyinthefinancialstatementsisamortizedintoassetgroupsorportfoliosthatareexpectedtobenefitfromthesynergiesofbusinesscombinationswhenimpairmenttestsareconducted.Thetestresultsshowthattherecoverableamountoftheassetgrouporportfoliocontainingtheassessedgoodwillislowerthanitsbookvalue,thecorrespondingimpairmentlossesshouldbeconfirmed.Theamountofimpairmentlossisfirstdeductedfromthebookvalueofthegoodwillamortizedtotheassetgrouporportfolio,andthendeductedproportionallyfromthebookvalueofotherassetsaccordingtotheproportionofthebookvalueofassetsotherthangoodwillintheassetgrouporportfolio.Oncetheaboveassetimpairmentlossisconfirmed,itwillnotbereversedtothepartwherethevalueisrestoredinthefutureperiod.
23.Long-termDeferredExpensesThelong-termdeferredexpensesareallexpensesthathaveoccurredbutshallbebornebythereportingperiodandsubsequentperiodswithamortizationperiodofmorethanoneyear.Thecompany'slong-termdeferredexpensesmainlyincludeleaseoflanduserightandrenovationcostsoffactorybuilding.Long-termdeferredexpensesareamortizedonastraight-linebasisovertheestimatedbenefitperiod.Ifthelong-termamortizedexpenseitemcannotbenefitthecompanyinsubsequentaccountingperiods,theamortizedvalueoftheitemthathasnotyetbeenamortizedwillbetransferredtothecurrentprofitorloss.
24.EmployeeCompensationTheCompany'semployeecompensationmainlyincludesshort-termemployeeremuneration,Post-employmentBenefits,TerminationBenefitsandbenefitsforotherlong-termemployee.Amongthem:
Short-termemployees’remunerationmainlyincludeswages,bonuses,allowancesandsubsidies,employeewelfarefees,medicalinsurancepremiums,maternityinsurancepremiums,workinjuryinsurancepremiums,housingfund,laborunionfunds,employeeeducationfunds,andnon-monetarybenefits.TheCompanyrecognizestheactualshort-termemployee'sremunerationasaliabilityintheaccountingperiodinwhichemployeesprovideservicestotheCompanyandrecognizestheminprofitorlossorrelatedassetcosts.Non-monetarybenefitsaremeasuredatfairvalue.
Post-employmentBenefitsmainlyincludebasicretirementsecurity,unemploymentinsurance,andannuities.ThePost-employmentBenefitSchemeincludesaDefinedContributionPlanandaDefinedBenefitPlan.IfaDefinedContributionPlanisadopted,thecorrespondingamountofthedepositshallbeincludedintherelevantassetcostorcurrentprofitandlossasincurred.(1)TheDefinedContributionPlanisrecognizedasaliabilitybasedonafixedfeepaidtoanindependentfundandisincludedinthecurrentprofitandlossorrelatedassetcosts;
(2)TheDefinedBenefitPlanisaccountedforusingtheexpectedcumulativebenefitsunitmethodSpecifically,theCompanywillconvertthewelfareobligationarisingfromtheDefinedBenefitPlanintothefinalvalueofthedeparturetimeaccordingtotheformuladeterminedbytheexpectedcumulativebenefitsunitmethod;thenitisattributedtotheemployee'sin-serviceperiodandisincludedinthecurrentprofitandlossorrelatedassetcost.
Ifthelaborrelationshipwiththeemployeeisterminatedbeforetheemployee'slaborcontractexpires,oriftheemployeeisencouragedtoacceptthereductionvoluntarily,whencannotwithdrawingunilaterallythedismissalbenefitsprovidedbytheterminationofthelaborrelationshipplanorthereductionproposal,andwhenconfirmingthecostsassociatedwiththerestructuringinvolvingthepaymentofthedismissalbenefits,whicheverisearlier,theCompanywillrecognizetheemployeecompensationliabilitiesarisingfromthedismissalbenefits,andincludedinthecurrentprofitandloss.However,ifthedismissalbenefitsarenotexpectedtobefullypaidwithin12monthsaftertheendofannualreportingperiod,theyshallbetreatedinaccordancewithotherlong-termemployeecompensations.Theinternalretirementplanforemployeesshallbetreatedinthesamewayastheabove-mentioneddismissalbenefits.Thecompanywillpaytheinternalretiredstaffthesalaryandthesocialinsurancepremiumsfromtheemployee'slay-offtonormalretirement,andwillincludeinthecurrentprofitandloss(dismissalbenefits)whentheconditionsoftheestimatedliabilitiesaremet.Iftheotherlong-termemployeebenefitsprovidedbytheCompanytotheemployeesareinlinewiththeDefinedContributionPlan,theyshallbeaccountedforDefinedContributionPlan,andotherwiseaccountedfortheDefinedBenefitPlan.
25.EstimatedLiabilities
Whentheobligationsrelatedtothecontingenciesmeetthefollowingconditions,theyarerecognizedascontingentliabilities:(1)TheobligationisthepresentobligationassumedbytheCompany;(2)Theperformanceofthisobligationislikelytoresultintheoutflowofeconomicbenefits;(3)Theamountoftheobligationcanbereliablymeasured.
Onthebalancesheetdate,takingintoaccountfactorssuchasrisks,uncertaintiesandtimevalueofmoneyrelatedtocontingencies,theestimatedliabilitiesaremeasuredinaccordancewiththebestestimateoftheexpenditurerequiredtoperformtherelevantcurrentobligations.
Ifallorpartoftheexpensesrequiredtodischargetheestimatedliabilitiesareexpectedtobecompensatedbythethirdparty,thecompensationamountwillbeseparatelyrecognizedasanassetwhenitisbasicallydeterminedtobereceived,andtheconfirmedcompensationamountdoesnotexceedthebookvalueoftheestimatedliabilities.
(1)LossContract
Alosscontractisacontractinwhichthecostoffulfillingacontractualobligationwillinevitablyoccurmorethantheexpectedeconomicbenefit.Ifthecontracttobeexecutedbecomesalosscontract,andtheobligationarisingfromthelosscontractsatisfiestheconditionsfortherecognitionoftheabove-mentionedestimatedliabilities,theportionofthecontract'sestimatedlossthatexceedstherecognizedimpairmentloss(ifany)ofthecontractedassetisrecognizedastheestimatedliability.
(2)RestructuringObligations
Forrestructuringplansthataredetailed,formal,andhavebeenannouncedtothepublic,theamountofthe
estimatedliabilitiesisdeterminedbasedonthedirectexpensesrelatedtothereorganization,subjecttotherecognitionconditionsoftheaforementionedestimatedliabilities.Fortherestructuringobligationtothepartofbusinesssold,theobligationrelatedtothereorganizationisconfirmedonlywhenthecompanypromisestosellpartofthebusiness(thatis,whenthebindingsaleagreementissigned).
26.Share-basedPayments
(1)AccountingTreatmentofShare-basedPaymentsAshare-basedpaymentisatransactionthatgrantsanequityinstrumentorassumesaliabilitydeterminedbasedonanequityinstrumentinordertoobtainservicesfromemployeesorotherparties.Share-basedPaymentsincludeequity-settledsharepaymentandcash-settledsharepayment.①Equity-settledSharePaymentTheequity-settledsharepaymentinexchangefortheservicesfromemployeeismeasuredatthefairvalueofthegrantingofemployees'equityinstrumentsatthegrantdate.Ifthefairvalueisvestedinthecompletionofthewaitingperiodofserviceorthefulfillmentoftherequiredperformanceconditions,duringthewaitingperiod,theamountofthefairvalueiscalculatedbythestraight-linemethodintotherelevantcostsorexpensesbasedonthebestestimateofthenumberofvestingequityinstruments;OrIfthevestingrightisgrantedimmediatelyafterthegrant,thecalculationoftheamountofthefairvalueisincludedintherelevantcostorexpenseonthegrantdate,andthecapitalreserveisincreasedaccordingly.
Oneachbalancesheetdateduringthewaitingperiod,theCompanymakesthebestestimatebasedonthelatestinformationonthechangesinthenumberofemployeeswithvestingrightsandcorrectsthenumberofequityinstrumentsthatareexpectedtobevested.Theimpactoftheaboveestimatesshallbeincludedinthecurrentrelatedcostsorexpenses,andthecapitalreserveisadjustedaccordingly.Inthecaseofequity-settledshare-basedpaymentsinexchangeforotherparties'services,ifthefairvalueofotherparties'servicescanbereliablymeasured,thefairvalueofotherservicesshallbemeasuredatthefairvalueonthedateofacquisition;Ifthefairvalueoftheotherparty'sservicescannotbemeasuredreliably,thefairvalueshallbemeasuredatthefairvalueoftheequityinstrumentatthedatetheserviceisacquired,andisincludedintherelevantcostorexpense,whichincreasestheshareholders'equityaccordingly.
②Cash-settledSharePayment
Thecash-settledsharepaymentismeasuredatthefairvalueoftheliabilitiesdeterminedbytheCompanybasedonsharesorotherequityinstruments.Ifthevestingrightisavailableimmediatelyafterthegrant,therelevantcostsorexpensesshallbeincludedonthedateofgrant,andtheliabilitiesshallbeincreasedaccordingly;ifvestingrightisavailableaftertheserviceiscompletedwithinthewaitingperiodormettherequiredperformanceconditions,basedonthebestestimateofthevestingrightsoneachbalancesheetdateofthewaitingperiod,accordingtothefairvalueoftheliabilitiesassumedbythecompany,theservicesobtainedinthecurrentperiodareincludedinthecostorexpense,andtheliabilitiesareincreasedaccordingly.
Thefairvalueoftheliabilitiesshallbere-measuredoneachbalancesheetdateandsettlementdatebeforethe
settlementoftherelevantliabilities,andthechangesshallberecordedintheprofitandlossofthecurrentperiod.
(2)RelevantAccountingTreatmentofshare-basedpaymentplan’smodificationandterminationWhentheCompanymodifiestheshare-basedpaymentplan,ifthemodificationincreasesthefairvalueoftheequityinstrumentsgranted,theincreaseinthefairvalueoftheequityinstrumentsisrecognizedaccordingly.Theincreaseinthefairvalueofequityinstrumentsreferstothedifferencebetweenthefairvalueoftheequityinstrumentsbeforeandafterthemodification.Ifthemodificationreducesthetotalfairvalueoftheshare-basedpaymentoradoptsothermethodsthatarenotconducivetotheemployee,theserviceobtainedshallcontinuetobeaccountedfor,asifthechangehasneveroccurred,unlesstheCompanycancelssomeorallofequityinstruments.Duringthewaitingperiod,ifthegrantedequityinstrumentiscancelled,theCompanywillcancelthegrantedequityinstrumentasanacceleratedexercise,andtheamounttoberecognizedintheremainingwaitingperiodwillbeimmediatelyincludedinthecurrentprofitandloss,andthecapitalreservewillberecognized.Iftheemployeeorotherpartycanchoosetomeetthenon-vestingconditionsbutfailstomeetthewaitingperiod,theCompanywilltreatitasacancellationoftheequityinstrument.
(3)AccountingTreatmentofSharePaymentTransactionsbetweentheCompanyanditsShareholdersorActualControllersInrespectoftheshare-basedpaymenttransactionbetweenthecompanyandtheshareholdersoractualcontrollersofthecompany,Ifoneofthesettlemententerpriseandtheservicereceivingenterpriseisinthecompanyandtheotherisoutsidethecompany,itshallbeaccountedforintheconsolidatedfinancialstatementsofthecompanyaccordingtothefollowingprovisions:
①Ifthesettlemententerprisesettleswithitsownequityinstrument,theshare-basedpaymenttransactionshallbetreatedasequity-settledshare-basedpayment;otherwise,itshallbetreatedasacash-settledshare-basedpayment.
Ifthesettlemententerpriseisaninvestorofaservicedenterprise,itshallberecognizedasthelong-termequityinvestmentoftheservicedenterpriseaccordingtothefairvalueoftheequityinstrumentatthegrantdateorthefairvalueoftheliabilitytobeassumed,andthecapitalreserve(othercapitalreserve)orliabilitiesshallberecognized.
②Iftheservicedenterprisehasnosettlementobligationorgrantsitsownemployeestheequityinstruments,thesharepaymenttransactionshallbetreatedasequity-settledsharepayment;iftheservicedenterprisehassettlementobligationandgrantsitsemployeesotherthanitsownequityinstruments,thesharepaymenttransactionshallbetreatedasacash-settledsharepayment.
Fortheshare-basedpaymentincurredbetweencompanieswithinthegroup,iftheservicedenterpriseandsettlemententerprisearenotthesame,thenthepaymentshouldberecognizedandmeasuredintheirindividualfinancialstatements,theyshouldbeaccountedforusingtheaboveprinciples.
27.Revenue
Theterm“revenue”referstothegrossinflowofeconomicbenefitsarisinginthecourseoftheordinaryactivitiesofanenterprise,whichmayincreaseoftheshareholder'sequitiesandisirrelevanttothecapitaloftheshareholder.Whenthecompanysignsacontract,itevaluatesthecontract,identifiestheindividualperformanceobligationscontainedinthecontract,anddetermineswhethertheindividualperformanceobligationsareperformedwithinacertainperiodoftimeoratacertainpointoftime.Whenthecompanyhasfulfilledalltheperformanceobligationsinthecontract,therevenueshallberecognizedrespectivelyaccordingtothetransactionpriceapportionedtotheperformanceobligations.Acontractwithacustomergenerallyexplicitlystatesthegoodsorservicesthatanentitypromisestotransfertoacustomer.Thetransactionpriceistheamountofconsiderationtowhichanentityexpectstobeentitledinexchangefortransferringpromisedgoodsorservicestoacustomer,excludingamountscollectedonbehalfofthirdparties.
Generally,thecompanyrecognizestherevenuefromthesalesofgoodsbasedonthetransactionpriceapportionedtothesingleperformanceobligationwhenthecustomerobtainsthecontrolrightoftherelevantgoodsonthebasisofcomprehensivelyconsideringthefollowingfactors:thecompanyhastherighttoreceivepaymentinrespectofthegoodsorservicescurrently,thatis,thecustomerhastheobligationtopayforthegoodscurrently;thecompanyhastransferredthelegalownershipofthegoodstothecustomer,thatis,thecustomerhasthelegalownershipofthegoods;TheCompanyhastransferredthephysicalgoodsofthecommoditytotheCustomerortheCustomerhasobtainedthequalificationofphysicalgoodsrightofthecommodity.TheconsiderationobtainedbytheCompanyinrespectofthetransferofthecommodityislikelytoberecovered;Otherindicationsthatthecustomerhastakencontrolofthecommodity.
Fortheperformanceobligationsperformedinacertainperiodoftime,suchastheservicesprovided,thecompanyadoptstheinputmethodtodeterminetheappropriateperformanceprogress,andrecognizestherevenueaccordingtotheperformanceprogressinthatperiodoftime.Onthebalancesheetdate,thecompanyshallrecognizethecurrentincomeaccordingtothetotaltransactionpriceofthecontractmultipliedbytheprogressofperformanceminustheaccumulatedrecognizedincome.Ifoneofthefollowingconditionsissatisfied,itisregardedastheperformanceobligationperformedduringacertainperiodoftime:theCustomerobtainsandconsumestheeconomicbenefitsarisingfromtheperformanceoftheCompanyatthesametimeoftheperformanceoftheCompany;Customerscancontrolthegoodsunderconstructionduringtheperformanceofthecontract;TheproductsproducedbytheCompanyduringtheperformanceoftheContractareofirreplaceableuse,andtheCompanyshallbeentitledtoreceivepaymentfortheaccumulatedpartofthecompletedperformancesofarduringthewholetermoftheContract.Otherwise,theCompanyrecognizesrevenueatthepointwhentheCustomeracquirescontroloftherelevantgoodsorservices.
Wherethecontractcontainstwoormoreperformanceobligations,anentityshall,onthecommencementdateofthecontract,allocatethetransactionpricetoeachperformanceobligationidentifiedinthecontractonarelativestandalonesellingpricebasis.Exceptwhenanentityhasobservableevidencethattheentirediscountrelatestoonlyoneormore,butnotall,performanceobligationsinacontract,theentityshallallocateadiscountproportionatelytoallperformanceobligationsinthecontract.Stand-alonesellingpricereferstothepriceofthegoodsorservicessoldbytheCompanytothecustomerseparately.Ifthestand-alonesellingpricecannotbe
directlyobserved,theCompanyshalltakeintoaccountallrelevantinformationreasonablyavailableandestimatethestand-alonesellingpricebyobservableinputvaluestothemaximumextent.Asforthesaleswithqualityguarantee,exceptforitguaranteestheproductonsaleofservicemeetsthedesignatedstandardstothecustomer,providingasingleseparateservice,thisqualityguaranteedcomposesthesingleperformanceobligation.Otherwise,theCompanyshalltreattheaccountingmethodonqualityguaranteeobligationsinaccordancewiththeEnterpriseAccountingStandardsNo,13-Contingencies.Ifthecontractcomprisedofsignificantfinancingelements,theCompanyshallrecognizetheamountofpayablesincashtodeterminethetradingpricebasedontheassumptionthatthecustomerobtainstheproductsorservicecontrolrights.Thedifferencebetweenthepricestipulatedinthecontractoragreementanditscontractconsiderationshallbeamortizedwithintheperiodofthecontractoragreement.throughtherealinterestmethod.Asapracticalexpedient,anentityneednotadjustthepromisedamountofconsiderationfortheeffectsofasignificantfinancingcomponentiftheentityexpects,atcontractinception,thattheperiodbetweenwhentheentitytransfersapromisedgoodorservicetothecustomerandwhenthecustomerpaysforthatgoodorservicewillbeoneyearorless.TheCompanyjustifiesthetradingidentityisthemajorresponsiblepersonoronbehalfbasedonwhetherithasthecontrolrighttotheproductortheservicebeforetransferringtheproductsorservicetothecustomer.AsthemajorresponsiblepersonoftheCompany,shallrecognizestherevenuebasedonthetotalconsiderationoftheamountreceivedorreceivable.Otherwise,astheagentoftheCompany,shallrecognizestherevenuebasedontheexpectedrightofobtainingthecommissionorservicecharge,whichiscalculatedasthetotalconsiderationontheamountreceivedorreceivabledeductingthenetamountpayabletootherrelatedpartiesorrecognizesontheamountofcommissionorproportionetc.
TheCompanyreceivedtheamountofproductssalesorserviceinadvance,shallrecognizesitasliabilitiesinthefirst,thenaccountedasrevenueuponfulfillingrelevantperformanceobligations.TheCompanyhastransferredtheproductsorservicetoitsclientsandhasrightstoobtaintheconsiderations(andthisrightsisobligedtootherelementsofpassingtime)listedasthecontractualassets.Contractualassetsareaccruedthedevaluationprovisionbasedontheexpectedcreditloss.TheCompanyhastheunconditionalrights（onlydependsonthepassingoftime）toitscustomerforobtainingtheconsiderations,listedasitemreceivables.Theconsiderationofamountreceivedorreceivable,whichisobtainedtoitscustomer,shalltransferproductorserviceobligationtothem,listedascontractualliabilities.ThedetailedaccountingpoliciesrelatedtothemajoractivitiesofobtainingtherevenueoftheCompany
(1)Salesprocessing
Theproductionandprocessingsalescomprisemainlyofsalesofoilsandoilseeds,foodetc.TheCompanyrecognizedthesalesrevenuewhentheamountsreceivedoridentificationobtaineduponsales,whichhasbeensubmittedandsignedbythecustomer.
(2)TradingRevenue
IftheCompanyobtainedtheproductcontrolrightsfromthethirdpartyandtransferredtotheclient,assumedthesignificantobligationsunderthetransactionoftransferringtheproductstotheclient.i.e.inventoryrisk,andhasrightstodeterminethepriceoftheproductsoneself.TheidentityoftheCompanyunderthetransactionisthemajorresponsibleperson,recognizingthetradingrevenuebasedontheexpectedrightsforobtainingthetotalconsiderationstipulatedonthecontract.TheCompanymadecommitmenttoarrangeotherstoprovidespecificproducts,buthasnocontrolrightsonthisbeforeprovidingthespecificproductstoclients.TheidentityoftheCompanyunderthetransactionisagent,recognizingtherevenueonthecommissionobtainedorserviceamountforarrangingotherstoprovidethespecificproductstoclients.
28.ContractCosts
Contractcostcomprisescontractperformancecostandcontractacquisitioncost.
Thecostincurredbythecompanyfortheperformanceofthecontract,whichdoesnotfallwithinthescopeofotheraccountingstandardsforbusinessenterprisesotherthantheincomestandardandmeetsthefollowingconditionsatthesametime,isrecognizedasanassetasthecontractperformancecost:
(1)Thecostisdirectlyrelatedtoacurrentorexpectedcontract,includingdirectlabor,directmaterials,manufacturingexpenses(orsimilarexpenses),costsexplicitlybornebythecustomerandothercostsincurredsolelyasaresultofthecontract;
(2)Thecostincreasesthecompany'sresourcesforfulfillingitsperformanceobligationsinthefuture;
(3)Thecostisexpectedtoberecovered.
Theassetsarepresentedininventoryorothernon-currentassetsaccordingtowhethertheamortizationperiodhasexceededonenormaloperatingcycleatthetimeofitsinitialrecognition.
Iftheincrementalcostincurredbythecompanytoobtainthecontractisexpectedtoberecovered,itshallberecognizedasanassetasthecontractacquisitioncost.Incrementalcostreferstothecostthatwillnotoccurifthecompanydoesnotobtainthecontract.
Theassetsrelatedtothecontractcostmentionedaboveshallbeamortizedatthetimeofperformanceoftheobligationoraccordingtotheperformanceprogressonthesamebasisastheincomerecognitionofthecommodityorservicerelatedtotheassetandshallberecordedintothecurrentprofitandloss.
Ifthebookvalueoftheaboveassetsrelatedtothecontractcostishigherthanthedifferencebetweentheresidualconsiderationexpectedtobeobtainedbythecompanyduetothetransferofthegoodsrelatedtotheassetsandtheestimatedcosttobeincurredforthetransferoftherelevantgoods,theexcesspartshallbesetasideasanimpairmentprovisionandrecognizedasanimpairmentlossoftheasset.
29.Governmentgrants
Governmentgrantreferstothecompany'sacquisitionofmonetaryandnon-monetaryassetsfromthegovernmentfreeofcharge,excludingthecapitalinvestedbythegovernmentasaninvestorandenjoyingthecorrespondingowner'srightsandinterests.Governmentgrantsincludeassets-relatedgrantsandrevenue-related
grants.Thecompanydefinesthegovernmentgrantobtainedforthepurchaseandconstructionoflong-termassetsorfortheformationoflong-termassetsinotherwaysasthegovernmentgrantrelatedtoassets;theremaininggovernmentgrantisdefinedasthegovernmentgrantrelatedtoincome.Iftheobjectofgrantsisnotspecifiedingovernmentdocuments,thegrantsshallbedividedintoincome-relatedgovernmentgrantsandassets-relatedgovernmentgrantsinthefollowingways:(1)Ifthegovernmentdocumentclarifiesthespecificprojectforwhichthegrantistargeted,theproportionoftheexpenditureamountoftheassetstobeformedandtheamountoftheexpendituresincludedintheexpensesinthebudgetofthespecificprojectaredivided,andtheproportionofgrantdivisionneedstobereviewedoneachbalancesheetdayandchangedifnecessary.(2)Ingovernmentdocuments,ifthepurposeisexpressedonlyingeneraltermsandnospecificprojectisspecified,thegrantshallberegardedasagovernmentgrantrelatedtotheincome.Whereagovernmentgrantisamonetaryasset,itshallbemeasuredaccordingtotheamountreceivedorreceivable.Ifthegovernmentgrantsarenon-monetaryassets,theyshallbemeasuredatthefairvalue;ifthefairvaluecannotbeobtainedreliably,theyshallbemeasuredatthenominalamount.Governmentgrantsmeasuredinnominalamountsshallberecognizeddirectlyincurrentprofitsandlosses.TheCompanyusuallyconfirmsandmeasuresthegovernmentgrantaccordingtotheamountwhenitisactuallyreceived.However,ifthereisconclusiveevidenceattheendoftheperiodthattherelevantconditionsstipulatedinthefinancialsupportpolicycanbemetandthefinancialsupportfundsareexpectedtobereceived,itshallbemeasuredaccordingtotheamountreceivable.Governmentgrantsmeasuredinaccordancewiththeamountreceivableshallmeetthefollowingconditionsatthesametime:(1)Theamountofthesubventionreceivablehasbeenconfirmedbytheauthorizedgovernmentdepartments,orcanbereasonablycalculatedaccordingtotherelevantprovisionsoftheformallyissuedfinancialfundmanagementmeasures,andthereisnosignificantuncertaintyintheamountexpected;(2)Accordingtothe"RegulationsontheOpennessofGovernmentInformation"thatthelocalfinancialdepartmentofficiallyreleasedandinaccordancewiththeprovisionsofthe"RegulationsontheOpennessofGovernmentInformation,"thefinancialsupportprojectanditsfinancialfundmanagementmeasuresshouldbeinclusive(anyeligibleenterprisecanapplyforthem),ratherthanbeingspecificallytailoredtospecificcompanies;(3)Therelevantgrantapprovalhasclearlypromisedthepaymentperiod,andtheallocationofthepaymentisguaranteedbythecorrespondingbudget,soitcanbereasonablyensurethatitcanbereceivedwithintheprescribedtimelimit;(4)Otherrelevantconditions(ifany)tobemetinaccordancewiththespecificcircumstancesoftheCompanyandthegrants.
Governmentgrantsrelatedtoassetsarerecognizedasdeferredearningsandaredividedintocurrentprofitsandlossesinareasonableandsystematicwayduringtheservicelifeoftheassetsconcerned.Thegovernmentgrantsrelatedtorevenue,whichareusedtocompensatefortherelatedcostorlossinthesubsequentperiod,shallberecognizedasdeferredincome,andshallberecognizedinprofitorlossintheperiodinwhichtherelatedcostsorlossesarerecognized;ifitisusedtocompensatetherelatedcostsorlossesthathasoccurred,itshallbedirectlyrecognizedinthecurrentprofitandloss.
Itincludesgovernmentgrantsrelatedtobothassetsandincome,anddifferentpartsareseparatelyclassifiedforaccountingtreatment;ifitisdifficulttodistinguish,thewholeisclassifiedasgovernmentgrantsrelatedto
income.GovernmentgrantsrelatedtothedailyactivitiesoftheCompanyshallbeincludedinotherincomeorcostdeductionsaccordingtothenatureoftheeconomicbusiness;governmentsubsidiesunrelatedtodailyactivitiesshallbeincludedinthenon-operatingrevenuesandexpenses.Whentherecognizedgovernmentgrantsneedtobereturned,iftherearerelevantdeferredearningsbalances,thebookbalanceofrelateddeferredearningsshallbededucted,andtheexcesspartshallbeincludedinthecurrentprofitsandlossesorthebookvalueofassetsshallbeadjusted,otherwise,thebookvalueofassetsshallbedirectlyincludedinthecurrentprofitsandlosses.
Thecompanywillobtainpreferentialpolicyloansdiscountinaccordancewiththefinancewillbeallocatedtotheloanbankdiscountfundsandthefinancewillbedirectlyallocatedtothecompanydiscountfundsintwocases:
(1)Ifthefinancedepartmentallocatesthediscountinterestfundstothelendingbank,andthelendingbankprovidestheloantotheCompanyatthepolicypreferentialinterestrate,theCompanychoosestoconductaccountingtreatmentaccordingtothefollowingmethods:theloanamountactuallyreceivedshallbetakenastheentryvalueoftheloan,andtherelevantborrowingcostsshallbecalculatedinaccordancewiththeloanprincipalandthepolicypreferentialinterestrate.
(2)Ifthefinanceallocatesthediscountfundsdirectlytothecompany,thecompanywilloffsetthecorrespondingdiscountagainsttherelevantborrowingcosts.
30.DeferredTaxAssets/DeferredTaxLiabilities
(1)CurrentIncomeTax
Onthebalancesheetdate,thecurrentincometaxliabilities(orassets)formedinthecurrentandpreviousperiodsaremeasuredbytheexpectedamountofincometaxpayable(orreturned)inaccordancewiththeprovisionsoftheTaxLaw.Theamountoftaxableincomeonwhichcurrentincometaxexpensesarecalculatedisbasedonthecorrespondingadjustmentofpre-taxaccountingprofitsinthereportingperiodinaccordancewiththerelevanttaxlaws.
(2)DeferredTaxAssetsandDeferredTaxLiabilities
Thedifferencebetweenthebookvalueofcertainassetsandliabilitiesandtheirtaxbasis,andthetemporarydifferencebetweenthebookvalueofitemsthatarenotrecognizedasassetsandliabilitiesbutwhichcanbedeterminedastheirtaxbasisaccordingtothetaxlaw,areconfirmedbythebalancesheetliabilitymethod.
Taxabletemporarydifferenceswhichrelatedtotheinitialrecognitionofgoodwillandtheinitialrecognitionofanassetorliabilityarisingfromatransactionthatisneitherabusinesscombinationnoranaccountingprofitortaxableincome(ordeductibleloss),relevantdeferredincometaxliabilitiesshallnotberecognized.Inaddition,fortaxabletemporarydifferencesrelatedtoinvestmentsinsubsidiaries,associatesandjointventures,iftheCompanyisabletocontroltheturnaroundtimeoftemporarydifferences,andthetemporarydifferenceisunlikelytobereversedintheforeseeablefuture,therelateddeferredincometaxliabilitiesshallnotberecognized.Except
fortheaboveexceptions,theCompanyrecognizesallotherdeferredincometaxliabilitiesarisingfromtaxabletemporarydifferences.Taxabletemporarydifferenceswhichrelatedtotheinitialrecognitionofanassetorliabilityarisingfromatransactionthatisneitherabusinesscombinationnoranaccountingprofitortaxableincome(ordeductibleloss),relevantdeferredincometaxliabilitiesshallnotberecognized.Inaddition,fortaxabletemporarydifferencesrelatedtoinvestmentsinsubsidiaries,associatesandjointventures,ifthetemporarydifferenceisunlikelytobereversedintheforeseeablefuture,ortheamountoftaxableincomeusedtooffsetthetemporarydifferenceisunlikelytobeobtainedinthefuture,thedeferredincometaxassetsconcernedshallnotberecognized.Exceptfortheaboveexceptions,theCompanyrecognizesotherdeferredincometaxassetsthatcanoffsettemporarydifferences,subjecttotheamountoftaxableincomethatislikelytobeobtainedtooffsettemporarydifferences.Fordeductiblelossesandtaxcreditsthatcanbecarriedforwardinsubsequentyears,thecorrespondingdeferredincometaxassetsarerecognizedtotheextentthatitisprobablethatthefuturetaxableincomeshallbeusedtooffsetthedeductiblelossesandtaxcredits.
Onthebalancesheetdate,thedeferredincometaxassetsanddeferredincometaxliabilitiesshallbemeasuredattheapplicabletaxratesintheperiodinwhichtherelatedassetsarerecoveredortherelatedliabilitiesarerecoveredinaccordancewiththetaxlaws.Onthebalancesheetdate,thebookvalueofdeferredincometaxassetsisreviewed.andthebookvalueofdeferredincometaxassetsiswrittendownifitislikelythatsufficienttaxableincomewillnotbeavailabletooffsetthebenefitsofdeferredincometaxassetsinthefuture.Whenitispossibletoobtainsufficienttaxableincome,theamountwrittendownshallbereversed.
(3)Incometaxexpenses
Incometaxexpensesincludecurrentincometaxanddeferredincometax.
Inadditiontorecognizingthatthecurrentincometaxanddeferredincometaxrelatedtoothertransactionsandmattersdirectlyincludedinshareholder'srightsandinterestsshallberecognizedinothercomprehensiveincomeorshareholder'srightsandinterests,andthebookvalueofadjustedgoodwillfromdeferredincometaxresultingfromthemergerofenterprises,theothercurrentincometaxanddeferredincometaxexpensesorgainsshallberecognizedinprofitorlossforthecurrentperiod.
(4)OffsetofIncomeTax
Whenthecompanyhaslegalrightstosettleonanetbasis,andintendstosettleonanetbasisoracquireassetsandpayoffliabilitiesatthesametime,thecompany'scurrentincometaxassetsandcurrentincometaxliabilitiesshallbepresentedonanetbasisaftertheoffset.
Whenithasthelegalrighttosettlecurrentincometaxassetsandcurrentincometaxliabilitiesonanetbasis,anddeferredincometaxassetsanddeferredincometaxliabilitiesarerelatedtotheincometaxleviedbythesametaxadministrationdepartmentonthesametaxpayerortodifferenttaxpayers,butinthefuture,duringeachimportantperiodofdeferredincometaxassetsandliabilitiesbeingreversed,thetaxpayerinvolvedintendsto
settlethecurrentincometaxassetsandliabilitiesonanetbasis,oracquireassetsandpayoffliabilitiessimultaneously,thedeferredtheincometaxassetsanddeferredincometaxliabilitiesoftheCompanyshallbepresentedonanetbasisafteroffset.
31.LeaseOnthecommencementdateofacontract,anenterpriseshallassesswhetherthecontractisaleaseorincludesalease.Whereapartytoacontracttransferstherighttocontroltheuseofoneormoreidentifiedassetsforacertainperiodoftimeinreturnforconsideration,thecontractisaleaseorincludesalease.Todeterminewhethertherighttocontroltheuseofidentifiedassetswithinacertainperiodoftimeunderacontracthasbeentransferred,anenterpriseshallassesswhetheraclientinthecontracthastherighttousealmostalloftheeconomicbenefitsarisingfromtheuseoftheidentifiedassetsduringtheperiodofuse,andhastherighttodominatetheuseofidentifiedassetsduringthisperiodofuse.
Whereacontractconcurrentlycontainsmultipleseparateleases,thelesseeandlessorshallsplitthecontractandconductaccountingtreatmentrespectivelyforallseparateleases.Wherethefollowingconditionsareconcurrentlymet,useoftherightsofidentifiedassetsshallconstituteaseparateleaseinacontract:
①Alesseemayearnprofitsfromseparateuseoftheassetsorjointusewithotherresourcesreadilyavailable.
②Thereisnohighdependenceorhighcorrelationbetweentheassetsandotherassetsinthecontract.
Whereacontractconcurrentlyincludesbothleasedandnon-leasedparts,theCompany,asthelesseeandlessor,shallsplittheleasedandnon-leasedpartstoconductaccountingtreatment.
(1)TheCompanyrecordsoperatingleasebusinessasalessee.
Themaintypesofleasedassetsofthecompanyincludehousesandbuildings,transportationequipmentandlanduserightsetc.
1)Initialmeasurement
Atthebeginningoftheleaseperiod,theCompanyrecognizesitsrighttousetheleasedassetsduringtheleaseperiodasaright-of-useasset,recognitionofthepresentvalueofoutstandingleasepaymentsasleaseliabilities,exceptshort-termandlow-valueassetleases.Incalculatingthepresentvalueoftheleasepayment,theCompanyusestheinterestrateincludedintheleaseasthediscountrate.Wheretheinterestrateincludedintheleasecannotbedetermined,theCompanyusestheincrementalborrowingrateasthediscountrate
TheleaseperiodistheirrevocableperiodduringwhichtheCompanyisentitledtousetheleaseassets.WheretheCompanyhastheoptiontorenewthelease,thatis,therighttochoosetorenewtheleaseoftheasset,andreasonablydeterminesthattheoptionwillbeexercised.Theleaseperiodalsoincludestheperiodcoveredbytheleaserenewaloption.TheCompanyhastheoptiontoterminatethelease,thatis,therighttoterminatetheleaseoftheasset,providedthatitisreasonablydeterminedthattheoptionwillnotbeexercised,theleaseperiodincludestheperiodcoveredbytheoptiontoterminatethelease.Whereamaterialeventorchangewithinthe
controloftheCompanyoccursandaffectswhethertheCompanyreasonablydeterminesthattheappropriateoptionwillbeexercised...TheCompanywilldeterminetoexercisetheoptionofrenewingthelease,re-evaluationoftheoptiontopurchaseornottoexercisetheoptiontoterminatetheleaseonitsreasonability.
2)SubsequentmeasurementTheCompanyadoptsthestraight-linemethodtodepreciatetherighttouseassets.Whereitisreasonabletodeterminethattheleasedassetsaretobeowneduponexpiryoftheleaseterm,theCompanyshallcalculatetheleasedassetswithintheremainingusefullifeoftheleasedassets.Iftheownershipoftheleasedassetsuponexpiryoftheleasetermisunabletobereasonablydetermined,theCompanyshallaccruedepreciationwithinashortperiodoftimebetweentheleasetermandtheremainingusefullifeoftheleasedassets.TheinterestexpensesoftheleaseliabilitiesforeachperiodoftheleasetermatthediscountrateisrecognizedbytheCompanyandshallbeincludedintothecurrentprofitorloss.Variableleasepaymentsthatarenotincludedintheleaseholdliabilitymeasureareincludedinthecurrentprofitandlossatthetimeofactualincurrence.Aftercommencementoftheleaseperiod,whenthereisachangeintheamountofsubstantialfixedpaymentsandtheamountduetowhichtheguaranteebalanceisexpected,changesinindicesorratiosusedtodeterminerentalpayments,wheretheassessmentofpurchaseoptions,therenewaloptionorterminationoptionoractualexerciseoftheoptionchanges,theCompanyre-measurestheleaseliabilitiesaccordingtothepresentvalueofthechangeinleasepayments,andadjustthebookvalueoftherighttouseassetsaccordingly.Ifthebookvalueoftherighttouseassetshasbeenreducedtozero,buttheleaseliabilitystillneedstobefurtherreduced,theCompanywillrecordtheremainingamountinthecurrentprofitorloss.
3)LeasechangeLeasemodificationreferstothemodificationoftheleasescope,leaseconsiderationandleasetermbeyondthetermsoftheoriginalcontract,includingincreasingorterminatingtherighttouseoneormoreleasedassets,extendingorshorteningtheleasetermspecifiedinthecontract,etc.Iftheleasechangesandthefollowingconditionsaremet,theCompanywillaccountfortheleasechangeasaseparatelease:
①Theleasechangeexpandsthescopeoftheleasebyaddingtherighttouseoneormoreleasedassets;
②Theincreasedconsiderationisequivalenttotheseparatepricefortheextendedportionofthelease,adjustedforthecircumstancesofthecontract.
Iftheleasechangeisnotaccountedforasaseparatelease,ontheeffectivedateoftheleasechange,theCompanyredeterminestheleasetermanddiscountsthechangedleasepaymentatthereviseddiscountratetoremeasuretheleaseliability.Incalculatingthepresentvalueoftheleasepaymentafterthechange,theCompanyusestheinherentinterestrateoftheleaseduringtheremainingleasetermasthediscountrate;Iftheinherentinterestrateoftheleasefortheremainingleasetermcannotbedetermined,theCompany'sincrementalborrowingrateontheeffectivedateoftheleasechangeshallbeusedasthediscountrate.
TheCompanyaccountsfortheimpactoftheaboveadjustmentofleaseliabilitiesinthefollowingcases:
①Iftheleasechangeresultsinthereductionoftheleasescopeortheshorteningoftheleaseterm,theCompanyshallreducethebookvalueoftherightofuseassetstoreflectthepartialorcompleteterminationofthelease.TheCompanyrecognisesgainsorlossesrelatedtopartialorcompleteterminationoftheleaseinprofitorlossforthecurrentperiod.②Forotherleasechanges,thecompanyshalladjustthebookvalueoftherighttouseassetsaccordingly
4)Short-termleasesandleasesoflowvalueassetsTheCompanywillconsideraleaseforaperiodnotexceeding12monthsandexcludingapurchaseoptionasashort-termleaseonthecommencementdateoftheleaseterm;Aleasewithalowervaluewhenasingleleasedassetisanewassetisidentifiedasalow-valueassetlease.WheretheCompanysubleasesorintendstosubleaseleasedassets,theoriginalleaseisnotdeemedtobealow-valueassetlease.Therelevantassetcostorcurrentprofitorlossisrecognisedonastraight-linebasisduringeachperiodoftheleaseterm,andthecontingentrentisrecognisedincurrentprofitorlosswhenactuallyincurred
(2)ThecompanyrecordsoperatingleasebusinessasalessorTheleasecommencementdateessentiallytransfersalmostalltherisksandrewardsassociatedwiththeownershipoftheleasedassettofinanceleases,andallotherleasesareoperatingleases
1)OperatingleaseTherentalincomeofoperatingleaseshallberecognizedascurrentprofitandlossaccordingtothestraight-linemethodduringeachperiodoftheleaseperiod.Thelargerinitialdirectexpensesarecapitalizedwhenoccurring,andtheprofitsandlossesofthecurrentperiodshallberecordedinstagesonthesamebasisastherecognizedrentalincomeduringthewholeleaseperiod;thesmallerinitialdirectexpensesshallberecordedintheprofitsandlossesofthecurrentperiodwhenoccurring.Contingentrentalsshallbeincludedincurrentprofitsandlosseswhenactuallyoccurring.
2)FinanceleaseAtthebeginningdateoftheleaseterm,theCompanyrecognizesthefinancialleasepaymentreceivableforthefinancialleaseandterminatestherecognitionofthefinancialleaseassets.WhentheCompanymakestheinitialmeasurementofthefinancialleasereceivable,thenetleaseinvestmentistakenastherecordedvalueofthefinancialleasereceivable.Thenetleaseinvestmentisthesumoftheunsecuredbalanceandthepresentvalueoftheleaseproceedsnotyetreceivedatthecommencementdateoftheleaseterm,discountedattheintrinsicinterestrateofthelease.TheCompanycalculatesandrecognizesinterestincomeforeachperiodoftheleasetermbasedontheinherentinterestrateofthelease.
TheCompanypresentsfinancialleasereceivablesaslong-termreceivables,andfinancialleasereceivablesreceivedwithinoneyear(includingoneyear)fromthebalancesheetdatearepresentedasnon-currentassetsmaturingwithinoneyear.
32.Otherimportantaccountingpoliciesandaccountingestimates
(1)HedgeaccountingInordertoavoidsomerisks,theCompanyhedgessomefinancialinstrumentsashedginginstruments.Forthehedgesmeetingthespecifiedconditions,theCompanyadoptsthehedgeaccountingmethodfortreatment.ThehedgingoftheCompanyisfairvaluehedging.
Atthebeginningofhedging,theCompanyformallydesignateshedginginstrumentsandhedgeditems,andprepareswrittendocumentsonhedgingrelationshipandriskmanagementstrategyandriskmanagementobjectivesoftheCompanyengagedinhedging.Inaddition,theCompanywillcontinuouslyevaluatetheeffectivenessofhedgingatthebeginningandafterthehedging.
(2)Fairvaluehedging
Ifahedginginstrumentisdesignatedasafairvaluehedgeandmeetstheconditions,theprofitsorlossesarisingtherefromshallbeincludedintothecurrentprofitsandlosses.Ifthehedginginstrumenthedgesthenon-tradingequityinstrumentinvestment(oritscomponents)thatismeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome,thegainsandlossesgeneratedbythehedginginstrumentareincludedinothercomprehensiveincome.Theprofitorlossofthehedgeditemduetothehedgedriskexposureshallbeincludedintothecurrentprofitsandlosses,andthebookvalueofthehedgeditemshallbeadjustedatthesametime.Ifthehedgeditemismeasuredatfairvalue,thegainorlossofthehedgeditemduetothehedgedriskdoesnotneedtoadjustthebookvalueofthehedgeditem,andtherelevantgainsandlossesareincludedintothecurrentprofitsandlossesorothercomprehensiveincome.
WhentheCompanycancelsthedesignationofthehedgingrelationship,thehedginginstrumenthasexpiredorbeensold,thecontracthasbeenterminatedorexercised,ornolongermeetstheconditionsfortheapplicationofhedgeaccounting,theapplicationofhedgeaccountingshallbeterminated.
33.ChangesinSignificantAccountingPolicesandAccountingEstimates
TheCompanydidnothaveanysignificantchangesinaccountingpoliciesandaccountingestimatesduringthereportingperiod.
IV.Taxes
1.Majortypesoftaxesandtaxrates
| Types | TaxBasis | TaxRate |
| VAT | Thedifferencebetweentheincomefromthesaleofgoods,taxableservicesandtaxableservicescalculatedinaccordancewiththeprovisionsofthetaxlawistaxablevalue-addedtaxafterdeductingtheinputtaxallowedtobedeductedinthecurrentperiod. | 1%、3%、5%、6%、9%、10%、13% |
| UrbanMaintenanceConstructionTax | ItiscalculatedandleviedaccordingtotheactualVATpaid | 7%、5% |
| Educationalfeesurcharge | ItiscalculatedandleviedaccordingtotheactualVATpaid | 3% |
| LocalEducation | ItiscalculatedandleviedaccordingtotheactualVATpaid | 2% |
| Types | TaxBasis | TaxRate |
| Add-on | ||
| Corporateincometax | Accordingtothetaxableincome | 25%、20%、17%、15% |
| Propertytax | 70%oftheoriginalvalueofthepropertyisthetaxbasis,and30%isdeductedaccordingtotheoriginalvalueoftheproperty;Rentalincomeisusedasthetaxbasis | 12%、1.2% |
Iftherearetaxpayerswithdifferententerpriseincometaxrates,thedisclosureshallbeexplained:
| TaxPayers | IncomeTaxRate |
| HangzhouLin'anChunmanyuanAgriculturalDevelopmentCo.,Ltd.Jingliang(Beijing)Bakery&FoodsCo.,Ltd. | 20% |
| Jingliang(Singapore)InternationalTradeCo.,Ltd. | 17% |
| BeijingGuchuanBreadFoodCo.,Ltd. | 15% |
2.TaxIncentivesBeijingGuchuanBread&FoodCo.,Ltd.,athird-levelsubsidiaryoftheCompany,isahigh-techenterprise,whichenjoysthepreferentialtaxpolicyofpayingenterpriseincometaxatarateof15%inaccordancewiththerelevantprovisionsoftheLawofthePeople'sRepublicofChinaontheAdministrationofTaxCollectionandCollectionandtheDetailedRulesfortheImplementationoftheLawofthePeople'sRepublicofChinaontheAdministrationofTaxCollection,andthecertificatenumberofthehigh-techenterpriseisGR202411003833,whichisvaliduntilOctober29,2027.AccordingtoAnnouncementNo.43of2023oftheMinistryofFinanceandtheStateAdministrationofTaxationontheVATPlusDeductionPolicyforAdvancedManufacturingEnterprises,fromJanuary1,2023toDecember31,2027,advancedmanufacturingenterprisesareallowedtodeducttheVATpayablebyadding5%ofthedeductibleinputtaxinthecurrentperiod.
Thecompany'sthird-levelsubsidiary,Jingliang(Singapore)InternationalTradeCo.,Ltd.,istaxedaccordingtotheterritorialprinciple.BasedonSingapore'staxexemptionpolicy,thecompanyiseligibleforthefollowingtaxexemptions:
1.ThefirstSGD10,000oftaxableincomeisexemptedbySGD7,500.FortheportionoftaxableincomebetweenSGD10,001andSGD200,000,a95%exemptionisgranted.TheportionexceedingSGD200,000isnoteligibleforexemption.Thecompanywillpayincometaxata17%ratebasedonthetaxableincomeafterapplyingtheexemptions.
2.Forthe2025YearofAssessment(YA),alltaxablecompanies(regardlessofwhethertheyaretaxresidents)willreceivearebateequivalentto50%ofthecorporatetaxpayable,withatotalrebateamountofSGD40,000.
ZhejiangLittlePrinceFoodCo.,Ltd.,athird-levelsubsidiaryoftheCompany,HangzhouLin'anLittleAngelFoodCo.,Ltd.,LinqingLittlePrinceFoodCo.,Ltd.andLiaoningLittlePrinceFoodCo.,Ltd.,athird-levelsubsidiaryoftheCompany,inaccordancewiththerelevantprovisionsoftheNoticeoftheMinistryofFinanceandtheStateAdministrationofTaxationonIssuesConcerningthePreferentialPoliciesofEnterpriseIncomeTaxRelatedtotheEmploymentofDisabledPersons(CS(2009)No.70).Anadditionaldeductionof100%ofthe
wagespaidtothedisabledemployeecanbemadeinthecalculationoftaxableincome.
HangzhouLin'anLittleAngelFoodCo.,Ltd.,afourth-levelsubsidiaryoftheCompany,isawelfareenterprise,andhasbeenenjoyingthepreferentialpolicyofVATrefundintheNoticeonPromotingtheEmploymentofDisabledPersons(CS[2016]No.52)sinceMay2016.Thecompany'sfourth-levelsubsidiary,LiaoningLittlePrinceFoodCo.,Ltd.,issubjecttotheregulationsinArticle13oftheMinistryofFinanceandtheStateAdministrationofTaxation's"NoticeontheIssuanceofSupplementaryProvisionsonSeveralSpecificIssuesofLandUseTax"(89GuoShuiDiZiNo.140).Accordingtothisregulation,"publiclandssuchasmunicipalstreets,squares,andgreenbelts"areexemptfromlandusetax.Whencalculatingthelandusetax,theareausedforgreenspaceandroadscanbesubtractedfromthetotallandareatodeterminethetaxablearea.Thecompany'sfourth-levelsubsidiary,HangzhouLin'anLittleAngelFoodCo.,Ltd.,benefitsfromataxreductionaccordingtotheZhejiangProvincialLocalTaxationBureau'sAnnouncement(2014No.8).Forcompanieswheretheaveragenumberofdisabledemployeesinataxyearexceeds25%(including25%)ofthetotalnumberofon-dutyemployees,andtheactualnumberofdisabledemployeesexceeds10(including10),thecompanymay,uponapprovalfromthelocaltaxdepartment,enjoyareductioninurbanlandusetax.ThereductionisRMB2,000perpersonperyearbasedontheannualaveragenumberofdisabledemployees,withthemaximumreductionlimitedtothetotalamountofurbanlandusetaxpayablebythecompanyforthatyear.
AccordingtotheAnnouncementonPreferentialIncomeTaxPoliciesforSmallandMicroEnterprisesandIndividualIndustrialandCommercialHouseholds(AnnouncementNo.6of2023oftheStateAdministrationofTaxation),thecompany'ssecond-levelsubsidiaries,Jingliang(Beijing)Bakery&FoodsCo.,Ltd.andthecompany'sfourth-levelsubsidiary,HangzhouLin'anChunManyuanAgriculturalDevelopmentCo.,Ltd.meettheconditionsfortherecognitionofsmallandmicroenterprises,andthepreferentialpoliciesapplicablein2025areasfollows:"Forthepartoftheannualtaxableincomeofsmallandlow-profitenterprisesnotexceeding1millionyuan,thepartoftheannualtaxableincomeofsmallandlow-profitenterprisesshallbeincludedinthetaxableincomeatareducedrateof25%,andthetaxableincomeshallbeincludedat20%therateofcorporateincometax".
Thecompany'ssecond-levelsubsidiaries,Jingliang(Beijing)Bakery&FoodsCo.,Ltd.,Jingliang(Yangpu)GrainandOilIndustryCo.,Ltd.,andfourth-levelsubsidiaries,LinqingLittlePrinceFoodCo.,Ltd.andHangzhouLin'anChunManyuanAgriculturalDevelopmentCo.,Ltd.,aresubjecttothepoliciesissuedbytheMinistryofFinanceandtheStateTaxationAdministrationintheAnnouncementonFurtherSupportingtheDevelopmentofSmallandMicroEnterprisesandIndividualIndustrialandCommercialHouseholds(CaiShui[2023]No.12).Thecompanymeetsthecriteriaforrecognitionasasmallormicroenterpriseandwillapplythefollowingpreferentialpoliciesforthe2025fiscalyear:"Forsmall-scaleVATtaxpayers,smallandlow-profitenterprises,andindividualindustrialandcommercialhouseholds,thefollowingtaxeswillbeleviedathalfthenormalrate:resourcetax(excludingwaterresourcetax),urbanmaintenanceandconstructiontax,propertytax,urbanlandusetax,stampduty(excludingsecuritiestransactionstampduty),cultivatedlandoccupationtax,educationfeesurcharge,andlocaleducationsurcharge."
Thecompany'sthird-levelsubsidiary,BeijingTianweikangOilAdjustmentCenterCo.,Ltd.,issubjecttothepoliciesoutlinedinthedocument"AnnouncementonContinuingtheImplementationofCertainNationalCommodityReservesTaxPreferentialPolicies"(AnnouncementNo.48,2023)issuedbytheBeijingMunicipalFinanceBureauandtheStateTaxationAdministration.Accordingtothisdocument,commodityreservemanagementcompaniesandtheirdirectlyaffiliatedwarehousesareexemptfromstampdutyontheirbusinessaccountbooks.Theyarealsoexemptfromstampdutyonpurchaseandsalecontractssignedduringthecourseoftheircommodityreservebusiness.However,thestampdutyowedbyotherpartiestothecontractwillbecollectedaccordingtothelaw.Additionally,commodityreservemanagementcompaniesandtheirdirectlyaffiliatedwarehousesareexemptfrompropertytaxandurbanlandusetaxonrealestateandlandusedfortheircommodityreservebusiness.ThispolicyiseffectivefromJanuary1,2024,toDecember31,2027.
Thecompany'ssecond-levelsubsidiary,Jingliang(Caofeidian)AgriculturalDevelopmentCo.,Ltd.,anditsbranchinCaofeidianDistrict,TangshanCity,areexemptfromValue-AddedTax(VAT)onthefeedproductssoldbythebranch,pursuanttotheNoticeoftheMinistryofFinanceandtheStateAdministrationofTaxationonExemptingFeedProductsfromVAT(CaiShui[2001]No.121).
V.NotesonItemsinConsolidatedFinancialStatements
Note:The‘OpeningBalance’oftheperiodreferstoDecember31,2024andthe‘ClosingBalance’oftheperiodreferstoJune30,2025.ThepriorperiodreferstoJanuary1,2024toJune30,2024,andthecurrentperiodreferstoJanuary1,2025toJune30,2025.ThecurrencyunitisRMBYuan.
1.Monetaryfunds
| Items | ClosingBalance | OpeningBalance |
| Cashonhand | 21,328.70 | 10,717.74 |
| BankDeposits | 527,940,471.38 | 503,613,151.53 |
| OtherCurrencyFunds | 164,252,251.08 | 72,691,131.78 |
| DepositintheFinancialCompany | 1,069,108,665.24 | 840,710,693.25 |
| Total | 1,761,322,716.40 | 1,417,025,694.30 |
| Amongthem:thetotalamountofmoneydepositedabroad | 26,804,969.12 | 23,966,791.89 |
2.Derivativefinancialassets
| Items | ClosingBalance | OpeningBalance |
| Fairvaluechangesofhedginginstrument | 70,947,839.67 | |
| Total | 70,947,839.67 |
3.AccountsReceivable
(1)Disclosedaccordingtoaging
| Aging | ClosingBalance | OpeningBalance |
| Within1year | 166,998,100.88 | 91,439,947.43 |
| Aging | ClosingBalance | OpeningBalance |
| 1to2years | ||
| 2to3years | 752,867.27 | 752,867.27 |
| 3to4years | ||
| 4to5years | ||
| Morethan5years | 328,259.50 | 328,259.50 |
| Total | 168,079,227.65 | 92,521,074.20 |
(2)Presentaccordingtothemethodofprovisionforbaddebt
| Type(s) | ClosingBalance | ||||
| BookBalance | BadDebtProvision | BookValue | |||
| Amount | Ratio(%) | Amount | ProvisionRatio(%) | ||
| Separateprovisionforbaddebts | 328,259.50 | 0.20 | 328,259.50 | 100.00 | |
| Portfolioprovisionforbaddebts | 167,750,968.15 | 99.80 | 752,867.27 | 0.45 | 166,998,100.88 |
| Total | 168,079,227.65 | —— | 1,081,126.77 | —— | 166,998,100.88 |
(Continued)
| Type(s) | OpeningBalance | ||||
| BookBalance | BadDebtProvision | BookValue | |||
| Amount | Ratio(%) | Amount | ProvisionRatio(%) | ||
| Separateprovisionforbaddebts | 328,259.50 | 0.35 | 328,259.50 | 100.00 | |
| Portfolioprovisionforbaddebts | 92,192,814.70 | 99.65 | 752,919.57 | 0.82 | 91,439,895.13 |
| Total | 92,521,074.20 | —— | 1,081,179.07 | —— | 91,439,895.13 |
(3)detailsofbaddebtprovision
| Items | OpeningBalance | Theamountchangedfortheperiod | ClosingBalance | |||
| Addition | Withdrawalorreversal | Write-off | Otherchanges | |||
| Baddebtprovisiononindividualbasis | 328,259.50 | 328,259.50 | ||||
| Creditriskprofileportfolio | 752,919.57 | 52.30 | 752,867.27 | |||
| Total | 1,081,179.07 | 52.30 | 1,081,126.77 | |||
A.Separateprovisionforbaddebts
| Name | ClosingBalance | BadDebtProvision | ProvisionRatio(%) | Aging | ProvisionReason |
| Name | ClosingBalance | BadDebtProvision | ProvisionRatio(%) | Aging | ProvisionReason |
| FujianJingxinIndustrialGroupCo.,Ltd | 151,844.00 | 151,844.00 | 100.00 | Morethan5years | expectedunrecoverable |
| BeijingGuotaiPinganTianzhuCommercialDevelopmentCo.,Ltd. | 1,809.60 | 1,809.60 | 100.00 | Morethan5years | expectedunrecoverable |
| BeijingRongfaLidaGrainandOilTradeCo.,Ltd. | 163,143.00 | 163,143.00 | 100.00 | Morethan5years | expectedunrecoverable |
| BeijingGuotaiPinganDepartmentStoreCo.,Ltd | 10,862.90 | 10,862.90 | 100.00 | Morethan5years | expectedunrecoverable |
| BeijingShunyiLonghuaShoppingMall | 600.00 | 600.00 | 100.00 | Morethan5years | expectedunrecoverable |
| Total | 328,259.50 | 328,259.50 | —— | Morethan5years | —— |
B.PortfolioprovisionforbaddebtsPortfolioprovisionitemsareasfollows:
| Name | ClosingBalance | ||
| AccountsReceivable | BadDebtProvision | ProvisionRatio(%) | |
| CreditRiskPortfolio | 167,750,968.15 | 752,867.27 | 0.45 |
| Total | 167,750,968.15 | 752,867.27 | 0.45 |
（Continued）
| Name | OpeningBalance | ||
| AccountsReceivable | BadDebtProvision | ProvisionRatio(%) | |
| CreditRiskPortfolio | 92,192,814.70 | 752,919.57 | 0.82 |
| Total | 92,192,814.70 | 752,919.57 | 0.82 |
(4)AccountsreceivableoftheTop5balancescollectedbyDebtorsandContractualAssetsSituationsattheendoftheperiod
| NameofEntity | Accountsreceivable | ContractAssetsEndingBalance | ClosingBalanceofReceivablesandContractAssets | ProportionofEndingBalanceofReceivablesandContractAssets（%） | BadDebtProvision |
| SinograinOilsCorporation | 42,312,630.15 | 42,312,630.15 | 25.17 | ||
| BeijingGrainGroupCo.,Ltd. | 26,749,500.00 | 26,749,500.00 | 15.91 | ||
| HebeiLuanpingHuaduFoodCo.,Ltd | 25,360,644.09 | 25,360,644.09 | 15.09 | ||
| ZhejiangLvqinSupplyChainManagementCo.,Ltd | 7,449,931.30 | 7,449,931.30 | 4.43 | ||
| FeedBranchofBeijingSanyuanSeedIndustryTechnologyCo.,Ltd. | 6,997,646.04 | 6,997,646.04 | 4.16 |
| NameofEntity | Accountsreceivable | ContractAssetsEndingBalance | ClosingBalanceofReceivablesandContractAssets | ProportionofEndingBalanceofReceivablesandContractAssets（%） | BadDebtProvision |
| Total | 108,870,351.58 | 108,870,351.58 | 64.76 |
4.AdvancedPayments
(1)AdvancedPaymentsarepresentedbyage
| Aging | ClosingBalance | OpeningBalance | ||
| Amount | Ratio(%) | Amount | Ratio(%) | |
| Within1year | 385,542,320.97 | 99.99 | 198,688,387.53 | 99.98 |
| 1to2years | 54,843.24 | 0.01 | 33,623.94 | 0.02 |
| Total | 385,597,164.21 | 100.00 | 198,722,011.47 | 100.00 |
(2)AdvancedpaymentsoftheTop5ClosingBalancesbyprepaidobjects
| DebtorName | ClosingBalance | RatioofthetotalClosingBalanceofprepayments(%) | BadDebtProvision |
| JiangsuJianghaiGrease&OilGroupCo.Ltd. | 128,960,199.86 | 33.44 | |
| TianjinLingangCustomsofthePeople'sRepublicofChina | 68,687,115.64 | 17.81 | |
| HubeiNongfaGrainandOilTradingCo.,Ltd. | 47,845,257.62 | 12.41 | |
| LouisDreyfus(Tianjin)InternationalTradeLimitedCompany | 22,056,483.09 | 5.72 | |
| CargillGrainOilseeds(Dongguan)Ltd. | 13,573,252.20 | 3.52 | |
| Total | 281,122,308.41 | 72.91 |
5.OtherReceivables
| Item(s) | ClosingBalance | OpeningBalance |
| OtherReceivables | 377,625,363.77 | 455,148,011.66 |
| Total | 377,625,363.77 | 455,148,011.66 |
(1)OtherReceivablesA.Disclosedaccordingtoaging
| Aging | ClosingBalance | OpeningBalance |
| Within1Year | 376,379,304.44 | 433,032,730.72 |
| 1to2years | 483,489.55 | 20,961,921.58 |
| 2to3years | 186,600.00 | 435,859.37 |
| 3to4years | 370,240.00 | 86,000.00 |
| 4to5years | 12,500.00 |
| Aging | ClosingBalance | OpeningBalance |
| Morethan5years | 205,729.78 | 618,999.99 |
| Total | 377,625,363.77 | 455,148,011.66 |
B.Classificationofotherreceivablesbynatureoffunds
| NatureofFunds | BookBalanceatEndofPeriod | BookBalanceatBeginningofYear |
| Depositandguaranteeddeposit | 375,304,943.83 | 452,531,490.90 |
| Intercoursefundsofunits | 402,527.06 | 389,804.08 |
| Employeereceivables | 95,719.01 | 784,435.04 |
| Taxrefundreceivables | 1,822,173.87 | 1,370,551.74 |
| Others | 71,729.90 | |
| Total | 377,625,363.77 | 455,148,011.66 |
C.Detailsofbaddebtprovision
| Type(s) | OpeningBalance | ||||
| BookBalance | BadDebtProvision | BookValue | |||
| Amount | Ratio(%) | Amount | Expectedcreditlossrate(%) | ||
| Separateprovisionforbaddebts | |||||
| Portfolioprovisionforbaddebts | 377,625,363.77 | 100.00 | 377,625,363.77 | ||
| Total | 377,625,363.77 | —— | —— | 377,625,363.77 | |
(Continued)
| Type(s) | OpeningBalance | ||||
| BookBalance | BadDebtProvision | BookValue | |||
| Amount | Ratio(%) | Amount | Expectedcreditlossrate(%) | ||
| Separateprovisionforbaddebts | |||||
| Portfolioprovisionforbaddebts | 455,148,011.66 | 100.00 | 455,148,011.66 | ||
| Total | 455,148,011.66 | —— | —— | 455,148,011.66 | |
D.OtherreceivablesaccordingtoTopfiveofbalanceatendofperiodcollectedbydebtors
| NameofOrganization | NatureofFunds | BalanceatEndofPeriod | Aging | ProportioninoverallClosingBalanceofotherreceivables(%) | ClosingBalanceofbaddebtreserves |
| NameofOrganization | NatureofFunds | BalanceatEndofPeriod | Aging | ProportioninoverallClosingBalanceofotherreceivables(%) | ClosingBalanceofbaddebtreserves |
| ZhongtianFuturesCo.Ltd | GuaranteedDeposit | 121,081,699.30 | Within1year | 32.06 | |
| GalaxyFuturesCo.,Ltd. | GuaranteedDeposit | 100,400,503.00 | Within1year | 26.59 | |
| HaitongFuturesCo.,Ltd | GuaranteedDeposit | 74,161,224.00 | Within1year | 19.64 | |
| YonganFuturesCo.,Ltd. | GuaranteedDeposit | 18,555,886.00 | Within1year | 4.91 | |
| GuiyangNationalFoodTradingCenter | BiddingDeposit | 17,600,000.00 | Within1year | 4.66 | |
| Total | —— | 331,799,312.30 | —— | 87.86 |
6.Inventory
(1)InventoryCategory
| Items | ClosingBalance | ||
| BookBalance | InventoryFallingPriceReserves/Provisionforimpairmentofcontractperformancecost. | BookValue | |
| RawMaterials | 168,782,612.31 | 168,782,612.31 | |
| Self-madeSemi-finishedProducts&WorkinProgress | |||
| FinishedGoods | 1,753,129,958.50 | 14,147,168.76 | 1,738,982,789.74 |
| TurnoverMaterials | 5,095,931.92 | 5,095,931.92 | |
| GoodsinTransit | 689,420,683.34 | 689,420,683.34 | |
| Total | 2,616,429,186.07 | 14,147,168.76 | 2,602,282,017.31 |
（Continued）
| Items | OpeningBalance | ||
| BookBalance | InventoryFallingPriceReserves/Provisionforimpairmentofcontractperformancecost. | BookValue | |
| RawMaterials | 413,059,280.53 | 413,059,280.53 | |
| Self-madeSemi-finishedProducts&WorkinProgress | 25,015.91 | 25,015.91 | |
| FinishedGoods | 1,155,820,490.28 | 234,235.76 | 1,155,586,254.52 |
| TurnoverMaterials | 5,044,840.04 | 5,044,840.04 | |
| GoodsinTransit | 797,976,857.22 | 13,886,827.30 | 784,090,029.92 |
| Total | 2,371,926,483.98 | 14,121,063.06 | 2,357,805,420.92 |
(2)InventoryGoodslistedbymajorproducttype
| Items | ClosingBalance | ||
| BookBalance | FallingPriceReserves | BookValue | |
| Greaseandoils | 1,736,926,375.55 | 14,147,168.76 | 1,722,779,206.79 |
| Food | 16,203,582.95 | 16,203,582.95 | |
| Total | 1,753,129,958.50 | 14,147,168.76 | 1,738,982,789.74 |
(Continued)
| Items | OpeningBalance | ||
| BookBalance | FallingPriceReserves | BookValue | |
| Greaseandoils | 1,134,402,697.01 | 170,341.46 | 1,134,232,355.55 |
| Food | 21,417,793.27 | 63,894.30 | 21,353,898.97 |
| Total | 1,155,820,490.28 | 234,235.76 | 1,155,586,254.52 |
7.Non-currentassetsduewithinoneyear
| Items | ClosingBalance | OpeningBalance |
| One-yeartermdeposits | 10,845,833.33 | 10,694,166.66 |
| Intotal | 10,845,833.33 | 10,694,166.66 |
8.OtherCurrentAssets
| Items | ClosingBalance | OpeningBalance |
| PendingDeductVATInputTax | 70,153,118.32 | 75,132,953.17 |
| Pre-paidTaxesandFees | 32,248,142.01 | 6,584,449.99 |
| InputTaxtoBeCertified | 285,763.13 | |
| FairValueChangesofHedgedItems | 236,891,272.57 | 79,380,779.05 |
| Intotal | 339,292,532.90 | 161,383,945.34 |
9.Long-termEquityInvestment
(1)Long-TermEquityInvestmentClassification
| Item | BeginningBalance | CurrentIncrease | CurrentDecrease | Period-EndBalance |
| InvestmentinJointVentures | 133,970,264.23 | 2,993,269.80 | 136,963,534.03 | |
| InvestmentinAssociates | 133,535,203.79 | 578,783.30 | 134,113,987.09 | |
| Total | 267,505,468.02 | 3,572,053.10 | 271,077,521.12 |
(2)DetailsofJointVenturesandAssociates
| InvestedEntity | BalanceatBeginningofYear | IncreaseorDecreaseintheCurrentPeriod | ||||
| AdditionalInvestment | NegativeInvestment | ConfirmedProfitandLoss | Adjustmentofother | Otherchanges | ||
| onInvestmentunderEquityMethod | comprehensiveincome | inequity | |||
| 1.CooperativeEnterprise | 133,970,264.23 | 2,993,269.80 | |||
| BeijingCHIATAIFeedmillCo.,Limited | 133,970,264.23 | 2,993,269.80 | |||
| Sub-total | 133,970,264.23 | 2,993,269.80 | |||
| 2.JointVenture | 133,535,203.79 | 578,783.30 | |||
| ChinaGrainReserves(Tianjin)WarehouseLogisticsCo.,Ltd. | 127,268,642.81 | 587,301.93 | |||
| JingliangMissmeCateringManagement(Beijing)Co.,Ltd. | 6,266,560.98 | -8,518.63 | |||
| Sub-total | 133,535,203.79 | 578,783.30 | |||
| Total | 267,505,468.02 | 3,572,053.10 |
(Continued)
| Investedentity | IncreaseorDecreaseintheCurrentPeriod | BalanceatEndofPeriod | ClosingBalanceofImpairmentReserves | ||
| AnnouncetoDistributeCaseDividendsorProfits | AccrualofImpairmentReserves | Others | |||
| 1.CooperativeEnterprise | 136,963,534.03 | ||||
| BeijingCHIATAIFeedmillCo.,Limited | 136,963,534.03 | ||||
| Sub-total | 136,963,534.03 | ||||
| 2.JointVenture | 134,113,987.09 | ||||
| ChinaGrainReserves(Tianjin)WarehouseLogisticsCo.,Ltd. | 127,855,944.74 | ||||
| JingliangMissmeCateringManagement(Beijing)Co.,Ltd. | 6,258,042.35 | ||||
| Sub-total | 134,113,987.09 | ||||
| Total | 271,077,521.12 | ||||
10.InvestmentRealEstate
(1)InvestmentRealEstateAdoptingCostMeasurementModel
| Items | Buildings | LandUseRight | Total |
| One.OriginalBookValue |
| 1.BalanceatBeginningofYear | 62,845,234.00 | 576,510.00 | 63,421,744.00 |
| 2.IncreasedAmountsintheCurrentPeriod | |||
| —Inventory\FixedAssetsConstructioninprogresstransferredinto | |||
| 3.DecreasedAmountsintheCurrentPeriod | |||
| —BusinessCombinationDecrease | |||
| 4.BalanceatEndofPeriod | 62,845,234.00 | 576,510.00 | 63,421,744.00 |
| Two.AccumulatedImpairmentandAccumulatedAmortization | |||
| 1.BalanceatBeginningofYear | 34,336,525.00 | 220,034.65 | 34,556,559.65 |
| 2.IncreasedAmountsintheCurrentPeriod | 986,480.18 | 5,765.10 | 992,245.28 |
| —AccrualorAmortization | 986,480.18 | 5,765.10 | 992,245.28 |
| 3.DecreasedAmountsintheCurrentPeriod | |||
| 4.BalanceatEndofPeriod | 35,323,005.18 | 225,799.75 | 35,548,804.93 |
| Three.ImpairmentReserves | |||
| 1.BalanceatBeginningofYear | 10,587,796.70 | 10,587,796.70 | |
| 2.BalanceatEndofPeriod | 10,587,796.70 | 10,587,796.70 | |
| Four.BookValue | |||
| 1.BookValueatEndofPeriod | 16,934,432.12 | 350,710.25 | 17,285,142.37 |
| 2.BookValueatBeginningofYear | 17,920,912.30 | 356,475.35 | 18,277,387.65 |
11.FixedAssets
| Items | BalanceatEndofPeriod | BalanceatBeginningofPeriod |
| FixedAssets | 853,970,458.47 | 891,221,864.74 |
| Intotal | 853,970,458.47 | 891,221,864.74 |
(1)FixedAssetsSituation
| Items | Buildings | MachineryEquipment | TransportationEquipment | ElectronicEquipment | OfficeEquipment | OtherEquipment | Total |
| One.OriginalBookValue | |||||||
| 1.BalanceatBeginningofYear | 1,069,117,861.39 | 823,734,711.89 | 18,848,024.29 | 13,588,228.08 | 7,806,289.10 | 1,385,077.43 | 1,934,480,192.18 |
| 2.IncreasedAmountsintheCurrentPeriod | 1,012,772.76 | 12,562,402.56 | 175,297.81 | 217,703.66 | 13,968,176.79 | ||
| (1)Purchase | 2,532,899.28 | 175,297.81 | 217,703.66 | 2,925,900.75 | |||
| (2)Roll-inofProjectunderConstruction | 1,012,772.76 | 7,175,291.35 | 8,188,064.11 | ||||
| (3)Other | 2,854,211.93 | 2,854,211.93 | |||||
| 3.DecreasedAmountsintheCurrentPeriod | 2,854,211.93 | 291,983.59 | 9,290.62 | 2,600.00 | 3,158,086.14 | ||
| (1)DisposalorScrap | 291,983.59 | 9,290.62 | 2,600.00 | 303,874.21 |
| Items | Buildings | MachineryEquipment | TransportationEquipment | ElectronicEquipment | OfficeEquipment | OtherEquipment | Total |
| (2)Othertransferredout | 2,854,211.93 | 2,854,211.93 | |||||
| 4.BalanceatEndofPeriod | 1,067,276,422.22 | 836,005,130.86 | 18,848,024.29 | 13,754,235.27 | 8,021,392.76 | 1,385,077.43 | 1,945,290,282.83 |
| Two.AccumulatedImpairment | |||||||
| 1.BalanceatBeginningofYear | 478,795,195.04 | 528,503,752.48 | 11,706,669.69 | 9,786,529.31 | 4,928,269.96 | 419,597.21 | 1,034,140,013.69 |
| 2.IncreasedAmountsintheCurrentPeriod | 19,450,350.36 | 27,031,187.68 | 865,798.19 | 653,876.63 | 375,622.59 | 34,300.61 | 48,411,136.06 |
| (1)Accrual | 19,359,966.98 | 27,031,187.68 | 865,798.19 | 653,876.63 | 375,622.59 | 34,300.61 | 48,320,752.68 |
| (2)Other | 90,383.38 | 90,383.38 | |||||
| 3.DecreasedAmountsintheCurrentPeriod | 338,343.05 | 8,826.09 | 2,470.00 | 349,639.14 | |||
| (1)DisposalorScrap | 247,959.67 | 8,826.09 | 2,470.00 | 259,255.76 | |||
| (2)Othertransferredout | 90,383.38 | 90,383.38 | |||||
| 4.BalanceatEndofPeriod | 498,245,545.40 | 555,196,597.11 | 12,572,467.88 | 10,431,579.85 | 5,301,422.55 | 453,897.82 | 1,082,201,510.61 |
| Three.ImpairmentReserves | |||||||
| 1.BalanceatBeginningofYear | 9,047,959.13 | 70,354.62 | 9,118,313.75 | ||||
| 4.BalanceatEndofPeriod | 9,047,959.13 | 70,354.62 | 9,118,313.75 | ||||
| Four.BookValue | |||||||
| 1.BookValueatEndofPeriod | 559,982,917.69 | 280,738,179.13 | 6,275,556.41 | 3,322,655.42 | 2,719,970.21 | 931,179.61 | 853,970,458.47 |
| 2.BookValueatBeginningofYear | 581,274,707.22 | 295,160,604.79 | 7,141,354.60 | 3,801,698.77 | 2,878,019.14 | 965,480.22 | 891,221,864.74 |
12.ConstructioninProgress
| Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
| ConstructioninProgress | 47,829,490.36 | 50,058,378.98 |
| Total | 47,829,490.36 | 50,058,378.98 |
(1)SituationofProjectunderConstruction
| Items | ClosingBalance | OpeningBalance | ||||
| BookBalance | ImpairmentReserves | BookValue | BookBalance | ImpairmentReserves | BookValue | |
| ExpandingSoybeansandRumenSoybeanMealProject | 14,864,059.29 | 14,864,059.29 | 14,863,819.29 | 14,863,819.29 | ||
| JingliangHainanYangpuOilProcessingProject | 9,759,642.80 | 9,759,642.80 | 6,288,251.73 | 6,288,251.73 | ||
| CaofeidianFreeTradeZoneFeed | 7,858,573.81 | 7,858,573.81 | 7,858,573.81 | 7,858,573.81 | ||
| Items | ClosingBalance | OpeningBalance | ||||
| BookBalance | ImpairmentReserves | BookValue | BookBalance | ImpairmentReserves | BookValue | |
| ProcessingProject | ||||||
| SlopeStabilizationProjectatFactoryNo.3 | 8,101,830.83 | 8,101,830.83 | 6,996,706.06 | 6,996,706.06 | ||
| RiceProductWorkshopRelocationProject | 1,222,642.73 | 1,222,642.73 | 2,749,716.18 | 2,749,716.18 | ||
| FirstSnackFactoryFriedChipsLine6FlexAutomationProject | 2,866,434.87 | 2,866,434.87 | ||||
| SecondSnackFactoryBakedChipsRefiningSystemProject | 1,750,171.23 | 1,750,171.23 | ||||
| SnowCakeWorkshopCategoryExpansionInvestmentProject | 1,449,451.06 | 1,449,451.06 | 1,347,952.96 | 1,347,952.96 | ||
| SecondSnackFactoryEastSelectionBakedChipsExpansionProject | 1,166,784.33 | 1,166,784.33 | ||||
| Others | 4,573,289.84 | 4,573,289.84 | 4,169,968.52 | 4,169,968.52 | ||
| Total | 47,829,490.36 | - | 47,829,490.36 | 50,058,378.98 | - | 50,058,378.98 |
(2)ChangeConditionofImportantEngineeringProjectsunderConstructionintheCurrentPeriod
| ProjectName | BudgetAmount | BeginningBalance | IncreaseThisPeriod | TransfertoFixedAssets | Period-EndBalance |
| JingliangHainanYangpuOilProcessingProject | 661,324,100.00 | 6,288,251.73 | 3,471,391.07 | 9,759,642.80 | |
| CaofeidianFreeTradeZoneFeedProcessingProject | 7,184,400.00 | 7,858,573.81 | 7,858,573.81 | ||
| ExpandingSoybeansandRumenSoybeanMealProcessingProject | 49,429,300.00 | 14,863,819.29 | 240.00 | 14,864,059.29 |
| ProjectName | BudgetAmount | BeginningBalance | IncreaseThisPeriod | TransfertoFixedAssets | Period-EndBalance |
| SlopeStabilizationProjectatFactoryNo.3 | 17,107,500.00 | 6,996,706.06 | 1,105,124.77 | 8,101,830.83 | |
| Total | —— | 36,007,350.89 | 4,576,755.84 | 40,584,106.73 |
(Continued)
| ProjectName | ProportionofaccumulatedinputoftheprojectonBudgetedAmount（%） | ProgressoftheProject | AccumulatedAmountofInterestCapitalization | Including:InterestCapitalizationAmountoccurredinCurrentPeriod | InterestCapitalizationRateintheCurrentPeriod（%） | SourcesofCapital |
| JingliangHainanYangpuOilProcessingProject | 0.95 | 0.95% | RaisedCapitalandEquityFund | |||
| CaofeidianFreeTradeZoneFeedProcessingProject | 109.38 | 99.00% | EquityFund | |||
| ExpandingSoybeansandRumenSoybeanMealProcessingProject | 52.61 | 95.00% | EquityFund | |||
| SlopeStabilizationProjectatFactoryNo.3 | 47.35 | 90.00% | EquityFund | |||
| Total | —— | —— | —— | —— |
13.Right-of-useAssetDetails
| Items | Buildings | TransportationEquipment | LandUseRight | Intotal |
| One.OriginalBookValue | ||||
| 1.BalanceatBeginningofYear | 120,774,622.11 | 467,890.70 | 5,648,400.00 | 126,890,912.81 |
| 2.IncreasedAmountsintheCurrentPeriod | ||||
| (1)Lease | ||||
| 3.DecreasedAmountsintheCurrentPeriod | 2,384.49 | 2,384.49 | ||
| (1)Expirationoftheleaseorchangetheleaseterm | ||||
| (2)OtherTransferredOut | 2,384.49 | 2,384.49 | ||
| 4.BalanceatEndofPeriod | 120,772,237.62 | 467,890.70 | 5,648,400.00 | 126,888,528.32 |
| Two.AccumulatedDepreciation | ||||
| 1.BalanceatBeginningofYear | 48,674,411.99 | 116,327.29 | 1,129,680.00 | 49,920,419.28 |
| Items | Buildings | TransportationEquipment | LandUseRight | Intotal |
| 2.IncreasedAmountsintheCurrentPeriod | 7,441,551.38 | 22,948.41 | 56,484.00 | 7,520,983.79 |
| (1)Accrual | 7,441,551.38 | 22,948.41 | 56,484.00 | 7,520,983.79 |
| 3.DecreasedAmountsintheCurrentPeriod | ||||
| (1)Disposal | ||||
| (2)OtherTransferredOut | ||||
| 4.BalanceatEndofPeriod | 56,115,963.37 | 139,275.70 | 1,186,164.00 | 57,441,403.07 |
| Three.ImpairmentReserves | ||||
| Four.BookValue | ||||
| 1.BookValueatEndofPeriod | 64,656,274.25 | 328,615.00 | 4,462,236.00 | 69,447,125.25 |
| 2.BookValueatBeginningofYear | 72,100,210.12 | 351,563.41 | 4,518,720.00 | 76,970,493.53 |
14.IntangibleAssetsIntangibleAssetsSituation
| Items | Software | LandUseRight | TrademarkRight | Intotal |
| OneOriginalBookValue | ||||
| 1.BalanceatBeginningofYear | 5,388,151.29 | 415,718,033.78 | 154,841,200.00 | 575,947,385.07 |
| 2.IncreasedAmountsintheCurrentPeriod | 35,398.23 | |||
| (1)Purchase | 35,398.23 | |||
| 3.DecreasedAmountsintheCurrentPeriod | 28,735,200.00 | 28,735,200.00 | ||
| (1)Disposal | 28,735,200.00 | 28,735,200.00 | ||
| 4.BalanceatEndofPeriod | 5,423,549.52 | 415,718,033.78 | 126,106,000.00 | 547,247,583.30 |
| TwoAccumulatedAmortization | ||||
| 1.BalanceatBeginningofYear | 4,669,207.87 | 88,706,671.21 | 86,891,075.17 | 180,266,954.25 |
| 2.IncreasedAmountsintheCurrentPeriod | 128,735.51 | 4,542,322.70 | 3,737,231.75 | 8,408,289.96 |
| (1)Accrual | 128,735.51 | 4,542,322.70 | 3,737,231.75 | 8,408,289.96 |
| 3.DecreasedAmountsintheCurrentPeriod | 19,755,358.88 | 19,755,358.88 | ||
| (1)Disposal | 19,755,358.88 | 19,755,358.88 | ||
| 4.BalanceatEndofPeriod | 4,797,943.38 | 93,248,993.91 | 70,872,948.04 | 168,919,885.33 |
| ThreeImpairmentReserves | ||||
| FourBookValue | ||||
| 1.BookValueatEndofPeriod | 625,606.14 | 322,469,039.87 | 55,233,051.96 | 378,327,697.97 |
| Items | Software | LandUseRight | TrademarkRight | Intotal |
| 2.BookValueatBeginningofYear | 718,943.42 | 327,011,362.57 | 67,950,124.83 | 395,680,430.82 |
15.Goodwill
(1)OriginalBookValueofGoodwill
| NameofInvestedEntityorItemsFormingGoodwill | BalanceatBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | BalanceatEndofPeriod |
| FormedbyEnterpriseMerger | Disposal | |||
| AcquirestocksharesofZhejiangXiaowangziFoodCo.,Ltd. | 191,394,422.51 | 191,394,422.51 | ||
| Intotal | 191,394,422.51 | 191,394,422.51 |
(2)Relevantinformationaboutthegrouporgroupsofassetsthatincludegoodwill
| Name | CompositionandBasisofGroupofAssetsorGroupbelongs | OperationSegmentandBasisbelongs | WhetherconsistentwithPriorPeriod |
| AcquirestocksharesofZhejiangXiaowangziFoodCo.,Ltd. | GroupofAssetscomprisesofGoodwillrelatedassets，theflow-incashgeneratedshallbeindependentofthosebyothergroupassets. | Assetsmainlyusedfoodprocessing,belongtotheFoodSegment | Yes |
16.Long-termUnamortizedExpenses
| Items | BalanceatBeginningofYear | IncreasedAmountsintheCurrentPeriod | AmortizedAmountsintheCurrentPeriod | BalanceatEndofPeriod |
| Expenditureformaintenanceandrenovationofleasedassets | 17,403,238.18 | 2,854,290.42 | 890,307.28 | 19,367,221.32 |
| Total | 17,403,238.18 | 2,854,290.42 | 890,307.28 | 19,367,221.32 |
17.DeferredIncomeTaxAssets/DeferredIncomeTaxLiabilities
(1)DeferredIncomeTaxAssetsNotBeingOffset
| Items | BalanceatEndofPeriod | BalanceatBeginningofYear | ||
| DeductibleTemporaryDifference | DeferredIncomeTaxAssets | DeductibleTemporaryDifference | DeferredIncomeTaxAssets | |
| AssetImpairmentReserves | 14,237,642.53 | 3,559,410.63 | 14,200,339.20 | 3,550,084.80 |
| DeductibleLoss | 148,990,493.01 | 37,247,623.23 | 124,470,315.23 | 31,117,578.79 |
| Leaseliabilities | 74,807,837.14 | 18,701,959.29 | 74,957,822.23 | 18,739,455.57 |
| CreditimpairmentLoss | 1,081,126.77 | 270,281.69 | 1,081,179.07 | 270,294.77 |
| DeferredIncome | 14,203,242.12 | 3,550,810.53 | 14,203,242.12 | 3,550,810.53 |
| Items | BalanceatEndofPeriod | BalanceatBeginningofYear | ||
| DeductibleTemporaryDifference | DeferredIncomeTaxAssets | DeductibleTemporaryDifference | DeferredIncomeTaxAssets | |
| Wagespayable | 5,627,134.00 | 1,406,783.50 | 5,627,134.00 | 1,406,783.50 |
| ContractRebates | 823,272.82 | 205,818.21 | 823,272.82 | 205,818.21 |
| ExpectedLiabilities | 5,146,800.00 | 1,286,700.00 | ||
| Intotal | 259,770,748.39 | 64,942,687.08 | 240,510,104.67 | 60,127,526.17 |
(2)DetailsofDeferredIncomeTaxLiabilitiesNotBeingOffset
| Items | BalanceatEndofPeriod | BalanceatBeginningofYear | ||
| TaxableTemporaryDifference | DeferredIncomeTaxLiabilities | TaxableTemporaryDifference | DeferredIncomeTaxLiabilities | |
| ValuationofFinancialInstrumentsandDerivativeFinancialInstruments | 111,642,739.37 | 27,910,684.84 | 73,663,915.05 | 18,415,978.76 |
| Valuationandappreciationofassetsinmergerofenterprisesnotunderthesamecontrol | 120,504,071.40 | 30,126,017.85 | 125,660,049.32 | 31,415,012.33 |
| Userightassets | 72,320,358.08 | 18,080,089.52 | 72,451,773.67 | 18,112,943.43 |
| Total | 304,467,168.85 | 76,116,792.21 | 271,775,738.04 | 67,943,934.52 |
(3)DetailsofDeferredIncomeTaxLiabilitiesafterOffset
| Item | EndingBalance | BeginningBalance | ||
| DeferredTaxAssetsOffsettingAmount | NetDeferredTaxAssets(AfterOffsetting) | DeferredTaxAssetsOffsettingAmount | NetDeferredTaxAssets(AfterOffsetting) | |
| I.Deferredtaxassets | 45,505,699.77 | 19,436,987.31 | 36,528,922.19 | 23,598,603.98 |
| II.Deferredtaxliabilities | 45,505,699.77 | 30,611,092.44 | 36,528,922.19 | 31,415,012.33 |
(4)DetailsofDeferredIncomeTaxAssetsNotBeingConfirmed
| Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
| Deductibletemporarydifferences | 19,626,834.31 | 19,626,834.31 |
| Deductibleloss | 246,084,244.90 | 228,482,429.72 |
| Intotal | 265,711,079.21 | 248,109,264.03 |
(5)Deductiblelossondeferredincometaxassetsnotbeingconfirmedwillbedueatthefollowingyears
| Year | BalanceatEndofPeriod | BalanceatBeginningofYear |
| 2025 | 22,288,680.89 | 25,114,592.05 |
| 2026 | 37,690,527.65 | 37,690,527.65 |
| Year | BalanceatEndofPeriod | BalanceatBeginningofYear |
| 2027 | 58,679,866.78 | 58,679,866.78 |
| 2028 | 83,739,791.70 | 83,739,791.70 |
| 2029 | 43,685,377.88 | 23,257,651.54 |
| Total | 246,084,244.90 | 228,482,429.72 |
18.OtherNon-currentAssets
| Items | ClosingBalance | OpeningBalance | ||||
| Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionforimpairment | Bookvalue | |
| PrepaidLong-TermAssetPurchases | 6,764,868.76 | 6,764,868.76 | 5,682,032.40 | 5,682,032.40 | ||
| Total | 6,764,868.76 | 6,764,868.76 | 5,682,032.40 | 5,682,032.40 | ||
19.Assetitemswheretheownershiportherightofuseisrestricted
| Items | Ending-period | |||
| Bookbalance | Bookvalue | Type | RestrictionSituation | |
| MonetaryFunds | 31,383,547.21 | 31,383,547.21 | GuaranteeDeposit | GuaranteeDeposit |
| FixedAssets | 21,719,189.02 | 4,374,024.16 | LegalFreeze | LegalFreeze |
| InvestmentRealEstates | 19,594,735.46 | 4,689,187.79 | LegalFreeze | LegalFreeze |
| Intotal | 72,697,471.69 | 40,446,759.16 | / | / |
(Continued)
| Item | Beginning-period | |||
| Bookbalance | Bookvalue | Type | RestrictionSituation | |
| MonetaryFunds | 21,505,947.53 | 21,505,947.53 | GuaranteeDeposit | GuaranteeDeposit |
| FixedAssets | 21,719,189.02 | 4,580,904.04 | LegalFreeze | LegalFreeze |
| InvestmentRealEstates | 19,594,735.46 | 4,858,318.61 | LegalFreeze | LegalFreeze |
| Intotal | 62,819,872.01 | 30,945,170.18 | / | / |
20.Short-termBorrowingsClassificationofShort-termBorrowings
| Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
| Guaranteedloans | 211,452,315.10 | |
| Creditloans | 949,274,786.98 | 1,311,609,177.78 |
| Intotal | 1,160,727,102.08 | 1,311,609,177.78 |
21.DerivativeFinancialLiability
| Item | ClosingBalance | OpeningBalance |
| Changesinfairvalueofhedginginstruments | 92,970,740.07 | 30,979,464.00 |
| Total | 92,970,740.07 | 30,979,464.00 |
22.NotesPayable
| Type | ClosingBalance | OpeningBalance |
| BankAcceptance | 434,518,916.40 | |
| Total | 434,518,916.40 |
23.AccountsPayableBreakdownofAccountsPayable
| Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
| PayableforMaterials | 49,840,648.30 | 116,601,554.59 |
| PayableforEngineering | 975,393.98 | 1,765,477.00 |
| PayableforEquipment | 1,608,841.04 | 1,964,645.00 |
| ConsultingServiceFee | 440,831.78 | 496,573.78 |
| LeasingFee | 5,072,614.29 | 3,694,464.27 |
| StorageFee | 1,929,503.60 | 2,016,713.57 |
| Others | 2,557,163.05 | 1,339,837.19 |
| Intotal | 62,424,996.04 | 127,879,265.40 |
24.AdvancesfromCustomersBreakdownofAdvancesfromCustomers
| Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
| Advancecollectionofrent | 2,602,920.56 | 1,122,982.13 |
| Intotal | 2,602,920.56 | 1,122,982.13 |
25.ContractliabilitiesClassificationofcontractliabilities
| Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
| Loans | 806,082,787.42 | 522,256,930.34 |
| Services | 9,900.99 | 9,900.99 |
| Others | 423.65 | |
| Intotal | 806,092,688.41 | 522,267,254.98 |
26.WagesPayable
(1)WagesPayablePresented
| Items | BalanceatBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | BalanceatEndofPeriod |
| Short-termCompensation | 25,205,707.33 | 124,679,700.36 | 137,891,706.40 | 11,993,701.29 |
| After-serviceWelfare-SetupESPliabilities | 2,497,429.33 | 18,897,440.95 | 18,714,147.01 | 2,680,723.27 |
| DismissionWelfare | 94,136.27 | 94,136.27 | ||
| Intotal | 27,703,136.66 | 143,671,277.58 | 156,699,989.68 | 14,674,424.56 |
(2)Short-termCompensationPresented
| Items | BalanceatBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | BalanceatEndofPeriod |
| 1.Wage,Bonus,AllowanceandSubsidy | 21,026,120.00 | 98,609,303.18 | 111,998,248.54 | 7,637,174.64 |
| 2.WelfareExpenseofEmployee | 47,400.00 | 2,567,981.45 | 2,586,466.45 | 28,915.00 |
| 3.SocialInsuranceExpense | 1,101,651.76 | 10,301,298.87 | 10,277,973.20 | 1,124,977.43 |
| Amongthem:MedicalInsurancePremiums | 988,850.98 | 9,641,704.25 | 9,588,323.10 | 1,042,232.13 |
| BirthInsurancePremiums | 17,485.68 | 78,254.28 | 78,254.28 | 17,485.68 |
| IndustrialInjuryInsurancePremiums | 95,315.10 | 581,340.34 | 611,395.82 | 65,259.62 |
| 4.HousingProvidentFunds | 128,868.75 | 8,618,988.50 | 8,603,349.00 | 144,508.25 |
| 5.LaborUnionExpenseandPersonnelEducationFund | 2,677,378.31 | 1,975,140.21 | 2,034,248.68 | 2,618,269.84 |
| 6.OtherShort-termwages | 224,288.51 | 2,606,988.15 | 2,391,420.53 | 439,856.13 |
| Intotal | 25,205,707.33 | 124,679,700.36 | 137,891,706.40 | 11,993,701.29 |
(3)StatedDrawingsPlanPresented
| Items | BalanceatBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | BalanceatEndofPeriod |
| 1.BasicPensionInsurance | 2,394,170.46 | 16,219,572.19 | 16,070,093.49 | 2,543,649.16 |
| 2.UnemploymentInsuranceExpense | 56,466.82 | 513,505.55 | 510,699.60 | 59,272.77 |
| 3.EnterpriseAnnuityCharges | 46,792.05 | 2,164,363.21 | 2,133,353.92 | 77,801.34 |
| Total | 2,497,429.33 | 18,897,440.95 | 18,714,147.01 | 2,680,723.27 |
27.TaxesandFeesPayable
| Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
| VAT | 5,272,813.81 | 6,437,878.04 |
| CorporateIncomeTax | 3,104,128.76 | 2,742,466.65 |
| UrbanMaintenanceandConstructionTax | 330,361.36 | 361,760.50 |
| HousePropertyTax | 419,242.02 | 7,464,168.71 |
| LandUseTax | 413,381.03 | 996,814.98 |
| IndividualIncomeTax | 1,033,504.68 | 1,515,360.06 |
| EducationalSurtax(Includinglocaleducationalsurcharge） | 251,845.77 | 296,495.58 |
| OtherTaxes | 127,504.51 | 184,430.00 |
| Intotal | 10,952,781.94 | 19,999,374.52 |
28.OtherAccountsPayable
| Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
| InterestPayable | 20,000,000.00 | 20,000,000.00 |
| DividendsPayable | ||
| OtherAccountsPayable | 49,076,471.51 | 38,529,914.31 |
| Intotal | 69,076,471.51 | 58,529,914.31 |
(1)InterestPayable
| Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
| InterestPayable | 20,000,000.00 | 20,000,000.00 |
| Intotal | 20,000,000.00 | 20,000,000.00 |
(2)OtherAccountsPayableOtherAccountsPayablebyNatureofFundsPresented
| Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
| IntercourseFundsofRelatedParties | 217,182.80 | 3,669,472.80 |
| GuaranteedDepositandDeposit | 35,790,653.68 | 26,389,861.74 |
| IntercourseFundsbetweenUnits | 3,136,099.92 | 2,527,587.55 |
| PersonalIntercourseFunds | 613,937.82 | 651,768.84 |
| VariousInsurancesofEmployee | 3,015,874.60 | 1,892,167.70 |
| StorageCharge | 3,817,504.09 | 1,595,833.71 |
| Others | 2,485,218.60 | 1,803,221.97 |
| Intotal | 49,076,471.51 | 38,529,914.31 |
29.Non-currentLiabilitiesdueWithinOneYear
| Item | ClosingBalance | OpeningBalance |
| Long-termborrowingsdueWithinOneYear | 300,000,000.00 | 529,000,000.00 |
| LeaseLiabilitydueWithinOneYear | 12,387,654.23 | 11,512,646.62 |
| Long-termborrowingsInterestdueWithinOneYear | 272,983.32 | |
| BondInterestPayabledueWithinOneYear | 7,200,000.00 | 2,880,000.00 |
| Total | 319,587,654.23 | 543,665,629.94 |
30.OtherCurrentLiability
| Item | ClosingBalance | OpeningBalance |
| SalesTaxPayabletobeWrittenOff | 69,593,723.20 | 53,414,020.52 |
| HedgingItems | 43,966,054.23 | |
| Total | 69,593,723.20 | 97,380,074.75 |
31.Long-termborrowings
| Item | EndingBookValue | AmountDueWithinOneYear | EndingBalance |
| CreditLoans | 818,500,000.00 | 300,000,000.00 | 518,500,000.00 |
| Total | 818,500,000.00 | 300,000,000.00 | 518,500,000.00 |
（ContinuingTable）
| Item | BeginningBookValue | AmountDueWithinOneYear | BeginningBalance |
| CreditLoans | 529,000,000.00 | 529,000,000.00 | |
| Total | 529,000,000.00 | 529,000,000.00 |
32.BondsPayable
(1)Bondspayable
| Item | ClosingBalance | OpeningBalance |
| CorporateBond | 299,475,000.00 | 299,250,000.00 |
| Total | 299,475,000.00 | 299,250,000.00 |
(2)Bondpayablesituation(notincludingotherfinancialinstrumentsi.e.theFinancialLiabilitiespreferencesharesperpetuitiesetc)
| NameofBond | FaceValue | Couponrate（%） | IssueDate | BondTerm | IssuingAmount | OpeningBalance | AmountDueWithinOneYear |
| 23Jingliang01CorporateBond | 300,000,000.00 | 2.88 | 21Aug-22Aug,2023 | 3years | 300,000,000.00 | 302,130,000.00 | 2,880,000.00 |
| Total | ∕ | ∕ | ∕ | ∕ | 300,000,000.00 | 302,130,000.00 | 2,880,000.00 |
(Continued)
| NameofBond | Interestaccruedatfacevalue | AmortizationofPremiumsorDiscounts | RepaymentinthePeriod | EndingBalance | AmountDueWithinOneYear | Whetherindefault |
| 23Jingliang01CorporateBond | 4,320,000.00 | -225,000.00 | 306,675,000.00 | 7,200,000.00 | No | |
| Total | 4,320,000.00 | -225,000.00 | 306,675,000.00 | 7,200,000.00 | ∕ |
33.LeaseLiability
| Item | ClosingBalance | OpeningBalance |
| LeasePayment | 65,918,731.00 | 66,639,136.63 |
| Less:UnrecognizedFinancingCost | 3,028,542.16 | 4,426,429.08 |
| Reclassifiedasnon-currentliabilitiesduewithinOneyear | 12,387,654.23 | 11,512,646.62 |
| NetLeaseLiabilities | 50,502,534.61 | 50,700,060.93 |
34.Long-termWagePayableLong-termwagepayablepresented
| Items | BalanceatEndofPeriod | BalanceatBeginningofYear |
| OtherLong-termWelfare | 5,627,134.00 | 5,627,134.00 |
| Intotal | 5,627,134.00 | 5,627,134.00 |
35.Provisions
| Item | EndingBalance | BeginningBalance | ReasonforFormation |
| PendingLitigation | 5,146,800.00 | ||
| Total | 5,146,800.00 | —— |
36.DeferredIncome
| Items | BalanceatBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | BalanceatEndofPeriod | CauseofFormation |
| GovernmentSubsidy | 56,731,497.62 | 941,873.10 | 55,789,624.52 | ||
| Intotal | 56,731,497.62 | 941,873.10 | 55,789,624.52 |
Amongthem,itemsinvolvinggovernmentsubsidyareasfollows:
| ItemsReceivingSubsidy | BalanceatBeginningofYear | IncreaseintheCurrentPeriod | ChargetootherProfits | Amountrolledinnon-operatingincomeinthecurrentperiod. | RefundinthisPeriod | OtherChanges | BalanceatEndofPeriod | ReasonsonRefund | Assetrelated/incomerelated |
| TianjinBinhaiNewAreaIndustrialTransformationandParkConstructionFund | 1,175,744.81 | 125,090.46 | 1,050,654.35 | Assetsrelated | |||||
| "TianjinLingangIndustrialArea | 44,819,106.97 | 638,752.08 | 44,180,354.89 | Assetsrelated |
| ItemsReceivingSubsidy | BalanceatBeginningofYear | IncreaseintheCurrentPeriod | ChargetootherProfits | Amountrolledinnon-operatingincomeinthecurrentperiod. | RefundinthisPeriod | OtherChanges | BalanceatEndofPeriod | ReasonsonRefund | Assetrelated/incomerelated |
| ManagementCommittee"InfrastructureSubsidy | |||||||||
| BeijingGrainandMaterialsReservesBureau"OilTankExpansionandWinterizationProject"Subsidy | 2,050,254.79 | 111,111.12 | 1,939,143.67 | Assetsrelated | |||||
| EdibleOilGreenCleaningProductionEquipmentSubsidy | 55,999.64 | 28,000.02 | 27,999.62 | Assetsrelated | |||||
| GrainandOil"ModerateProcessing"KeyTechnologyResearchProjectFixedAssetFormation | 467,032.88 | 38,919.42 | 428,113.46 | Assetsrelated | |||||
| BeijingGrainandMaterialsReservesBureau2024GrainWarehouseFacilityRepairFund | 101,200.00 | 101,200.00 | Profitsrelated | ||||||
| InfrastructureInvestmentSpecialSubsidy | 8,062,158.53 | 8,062,158.53 | Assetsrelated | ||||||
| Intotal | 56,731,497.62 | 941,873.10 | 55,789,624.52 |
37.ShareCapital
| ShareholderName | BeginningBalance | ChangesThisPeriod(+,-) | EndingBalance | ||||
| IssuanceofNewShares | BonusShares | CapitalReserveConversiontoShares | Other | Subtotal | |||
| TotalShares | 726,950,251.00 | 726,950,251.00 | |||||
38.CapitalReserves
| Items | BalanceatBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | BalanceatEndofPeriod |
| CapitalPremium(StockPremium) | 1,435,204,343.74 | 1,435,204,343.74 | ||
| OtherCapitalReserves | 247,479,683.02 | 247,479,683.02 | ||
| Intotal | 1,682,684,026.76 | 1,682,684,026.76 |
39.OtherComprehensiveIncomes
| Item | BeginningBalance | CurrentPeriodAmount | |||
| TaxBeforePeriod | Less:AmountTransferredfromOtherComprehensiveIncometoProfitor | Less:AmountTransferredfromOtherComprehensiveIncometoRetained | Less:IncomeTaxExpenses | ||
| Item | BeginningBalance | CurrentPeriodAmount | |||
| Loss | Earnings | ||||
| 1.OtherComprehensiveIncomeNotReclassifiabletoProfitorLoss | |||||
| 2.OtherComprehensiveIncomeReclassifiabletoProfitorLoss | 1,763,043.44 | -111,113.23 | |||
| ForeignCurrencyTranslationDifferences | 1,763,043.44 | -111,113.23 | |||
| Totalothercomprehensiveincome | 1,763,043.44 | -111,113.23 | |||
（ContinuingTable）
| Item | CurrentPeriodAmount | EndingBalance | ||
| IncomeTaxEffectforthePeriod | After-TaxAmountAttributabletotheParentCompany | After-TaxAmountAttributabletoMinorityShareholders | ||
| I.OtherComprehensiveIncomethatwillnotbereclassifiedtoprofitorloss. | ||||
| II.OtherComprehensiveIncomethatwillbereclassifiedtoprofitorloss. | -111,113.23 | -111,113.23 | 1,651,930.21 | |
| ForeignCurrencyTranslationDifferences | -111,113.23 | -111,113.23 | 1,651,930.21 | |
| TotalOtherComprehensiveIncome | -111,113.23 | -111,113.23 | 1,651,930.21 | |
40.SurplusReserves
| Items | BalanceatBeginningofYear | IncreaseintheCurrentPeriod | DecreaseintheCurrentPeriod | BalanceatEndofPeriod |
| StatutorySurplusReserves | 99,783,789.14 | 99,783,789.14 | ||
| FreeSurplusReserves | 37,634,827.93 | 37,634,827.93 | ||
| Intotal | 137,418,617.07 | 137,418,617.07 |
41.UndistributedProfit
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| Adjustmentonundistributedprofitatendoflastyear | 594,473,637.42 | 627,555,511.45 |
| Adjustedundistributedprofitatbeginningofperiod | 594,473,637.42 | 627,555,511.45 |
| Add:Netprofitattributabletoparentcompanyinthecurrentperiod | 17,950,174.11 | 24,058,518.07 |
| Less:Withdrawalstatutorysurplusreserves | ||
| Commonstockdividendspayable | ||
| Less:Distributiontoshareholders | 13,085,104.52 | 51,613,467.82 |
| Undistributedprofitatendofperiod | 599,338,707.01 | 600,000,561.70 |
42.OperationRevenueandOperationCost
(1)OperationRevenueandOperationCost
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod | ||
| Revenue | Cost | Revenue | Cost | |
| MainBusiness | 4,199,224,826.21 | 3,963,118,743.02 | 5,543,192,577.80 | 5,317,117,982.23 |
| OtherBusiness | 8,921,429.65 | 9,643,983.54 | 12,714,416.34 | 14,897,635.94 |
| Intotal | 4,208,146,255.86 | 3,972,762,726.56 | 5,555,906,994.14 | 5,332,015,618.17 |
(2)Operationrevenueandoperationcostpresented
| ContractCategory | OperationRevenue | OperationCost |
| IndustryandBusiness-classified | ||
| Including:Oil | 3,843,536,965.56 | 3,679,708,093.93 |
| Food | 355,687,860.65 | 283,410,649.09 |
| Others | 8,921,429.65 | 9,643,983.54 |
| Region-classified | ||
| Including:NorthChina | 2,795,455,607.64 | 2,661,552,368.08 |
| EastChina | 650,080,028.59 | 578,718,663.60 |
| NortheastChina | 454,257,092.80 | 435,140,444.25 |
| SouthChina | 46,792,034.75 | 45,623,421.46 |
| CentralChina | 43,561,499.37 | 42,482,114.63 |
| Others | 217,999,992.71 | 209,245,714.54 |
| Timeforthetransferofcommoditiesclassified | ||
| Including:Revenuerecognitionatagiventime | 4,208,146,255.86 | 3,972,762,726.56 |
| Saleschannel-classified | ||
| Including:Direct | 1,630,580,105.59 | 1,534,471,218.67 |
| Distribution | 2,568,644,720.61 | 2,428,647,524.35 |
| ContractCategory | OperationRevenue | OperationCost |
| Others | 8,921,429.66 | 9,643,983.54 |
| Intotal | 4,208,146,255.86 | 3,972,762,726.56 |
(3)Performanceobligationsexplanation
| Item | Timeofperformanceobligations | Importantpaymentterms | Natureofthecommitmenttotransfercommoditiesbythecompany | Whethermainresponsibleperson | ExpectedrefundtothecustomerbytheCompany | QualityassurancecategoryprovidedbytheCompanyandrelevantobligations |
| Processing,salesandtradingofoilandoilseeds,aswellasfoodstuffs | Upondelivery | Mainlypaymentfirst | Mainlysalesofoilandoilseeds,snackfood | Yes | No | Statutoryguarantees |
Note:Companyanddistributorsadoptthepaymentfirstmethod,certaincreditlinesofferedbythecompanytopartialdistributorswithlong-termcooperationandgoodreputation.Forsettlement,partialdirectsalecustomersandsupermarketsshallbeproceededonagreedpaymenttermsinaccordancewiththecontract
(4)Amortizationonremainingperformanceobligationsexplanation
| Item | Amount |
Revenuecorrespondingtosignedcontractsthathavenotyetbeenfulfilledorcompletedbytheendofthisreportingperiod
| Revenuecorrespondingtosignedcontractsthathavenotyetbeenfulfilledorcompletedbytheendofthisreportingperiod | 881,866,319.81 |
—Expectedrevenuetoberecognizedinthesecondhalfof2025
| —Expectedrevenuetoberecognizedinthesecondhalfof2025 | 881,866,319.81 | |
43.TariffAndAnnex
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| UrbanMaintenanceandConstructionTax | 2,336,002.81 | 1,930,404.14 |
| HousePropertytax | 3,201,504.21 | 2,996,889.52 |
| LandUseTax | 1,095,143.03 | 1,110,300.54 |
| EducationalSurtax | 1,680,923.01 | 1,367,095.51 |
| VehicleandVesselUseTax | 15,630.64 | 18,756.16 |
| EnvironmentalProtectionFees | 24,137.85 | 54,450.43 |
| StampTax | 3,135,946.35 | 4,631,570.93 |
| OtherTaxesandFees | 152,497.75 | 106,559.43 |
| Intotal | 11,641,785.65 | 12,216,026.66 |
44.SalesExpenses
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| EmployeeCompensation | 28,326,451.00 | 30,377,531.25 |
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| WarehousingandStorageFees | 11,687,876.61 | 9,713,134.98 |
| DepreciationExpense | 8,459,887.59 | 8,454,450.87 |
| PromotionExpenses | 4,512,944.89 | 9,624,316.03 |
| MaterialConsumptionandLosses | 2,284,577.01 | 2,868,577.30 |
| TravelExpenses | 1,875,858.90 | 2,827,900.27 |
| LeaseExpenses | 2,635,934.24 | 1,460,132.81 |
| RepairExpenses | 29,374.44 | 281,101.68 |
| Utilities | 17,747.30 | 553,716.94 |
| VehicleExpenses | 274,057.31 | 420,329.68 |
| PackagingExpenses | 92,638.28 | 194,466.00 |
| InspectionandTestingExpenses | 109,553.15 | 80,186.87 |
| LoadingandUnloadingExpenses | 22,641.51 | 18,771.23 |
| OtherExpenses | 5,377,912.04 | 4,862,041.03 |
| Total | 65,707,454.27 | 71,736,656.94 |
45.AdministrativeExpenses
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| EmployeeCompensation | 52,072,974.98 | 50,395,828.76 |
| DepreciationExpense | 12,740,675.81 | 12,012,948.46 |
| AmortizationofIntangibleAssets | 2,184,420.65 | 3,946,432.50 |
| OfficeExpenses | 4,175,105.34 | 2,734,054.99 |
| LeaseExpenses | 4,405,913.08 | 1,635,076.96 |
| FeesforEngagingIntermediaries | 4,957,635.33 | 2,806,410.34 |
| RepairExpenses | 2,235,016.64 | 1,025,293.49 |
| SecurityandProtectionExpenses | 609,705.94 | 501,625.64 |
| TravelExpenses | 454,431.95 | 451,086.09 |
| InformationandNetworkExpenses | 1,012,558.42 | 521,959.67 |
| InsuranceExpenses | 467,997.59 | 611,737.08 |
| BusinessReceptionExpenses | 511,659.59 | 555,492.73 |
| EnvironmentalProtectionExpenses | 570,470.69 | 518,825.54 |
| AmortizationofPrepaidExpenses | 890,307.28 | 701,590.94 |
| VehicleExpenses | 765,613.82 | 914,805.66 |
| MaterialConsumption | 270,245.78 | 384,965.26 |
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| LaborProtectionExpenses | 39,875.97 | 155,649.15 |
| ConferenceExpenses | 32,219.30 | 57,119.80 |
| OtherExpenses | 3,357,275.97 | 5,810,012.78 |
| Intotal | 91,754,104.13 | 85,740,915.84 |
46.ResearchandDevelopmentExpenses
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| Salary | 4,682,957.00 | 6,050,611.00 |
| Materialfee | 3,455,845.79 | 3,159,584.65 |
| Depreciationandamortization | 339,179.02 | 574,493.03 |
| FuelandPowerFee | 485,965.91 | 221,731.83 |
| TransportationExpense | 21,855.24 | 33,717.43 |
| EquipmentCost | 1,238.94 | 14,946.90 |
| Others | 214,439.07 | 347,299.09 |
| Intotal | 9,201,480.97 | 10,402,383.93 |
47.FinancialExpenses
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| InterestExpenses | 31,665,713.92 | 28,960,078.11 |
| Less:InterestIncome | 5,319,761.53 | 8,925,122.62 |
| FeesandCharges | 2,467,784.21 | 965,850.29 |
| ExchangeLosses | -321,306.95 | -1,401,234.64 |
| Less:ExchangeGains | ||
| Other | ||
| Intotal | 28,492,429.65 | 19,599,571.14 |
48.OtherProfits
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| GovernmentSubsidy | 5,707,687.74 | 9,669,801.08 |
| ReturnofServiceChargesofWithholdingIndividualIncomeTax | 159,820.16 | 200,683.84 |
| Intotal | 5,867,507.90 | 9,870,484.92 |
49.InvestmentIncome
| InvestmentIncome | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| EquityMethodInvestmentIncome | 3,572,053.10 | 10,875,426.88 |
| Intotal | 3,572,053.10 | 10,875,426.88 |
50.ProfitsonChangesinFairValue
| Sourceofgeneratingincomewithchangesinfairvalue | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| TradingFinancialassets | -10,955,589.95 | -9,906,096.90 |
| Including:incomewithchangesinfairvaluegeneratedbyderivativefinancialinstruments | -10,955,589.95 | -9,906,096.90 |
| Intotal | -10,955,589.95 | -9,906,096.90 |
51.Creditimpairmentloss
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| Accountsreceivablebaddebtloss | 52.30 | |
| Otherreceivablesbaddebtloss | 1,779.74 | |
| Total | 52.30 | 1,779.74 |
52.LossfromAssetDevaluation
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| LossonInventoryPriceLoss&Impairmentlossoncontractperformancecosts | -37,303.33 | 130,887.98 |
| Intotal | -37,303.33 | 130,887.98 |
53.AssetsDisposalIncome
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod | AmountsChargedtoNon-recurringProfitandLoss |
| Gainsorlossesondisposaloffixedassets | 294.25 | 23,411.62 | 294.25 |
| Gainsorlossesondisposalofintangibleassets | 16,255,536.24 | 16,255,536.24 | |
| Intotal | 16,255,830.49 | 23,411.62 | 16,255,830.49 |
54.Non-operatingIncome
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod | AmountsChargedtoNon-recurringProfitandLoss |
| Non-currentassetsretirementgains | |||
| Fines,liquidateddamages,latefees,compensationincome | 80,377.36 | 9,309,450.43 | 80,377.36 |
| Payableamountsnotrequiredtobepaid | 11,181.77 | 1,190,843.15 | 11,181.77 |
| Others | 79,874.76 | 104,112.05 | 79,874.76 |
| Intotal | 171,433.89 | 10,604,405.63 | 171,433.89 |
55.Non-operatingExpenses
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod | AmountsChargedtoNon-recurringProfitandLoss |
| Totallossonscrapofnon-currentassets | 6,412.23 | 83,271.40 | 6,412.23 |
| CompensationExpenses | 16,599,412.28 | 4,288,497.08 | 16,599,412.28 |
| Others | 39,274.54 | 408,230.51 | 39,274.54 |
| Total | 16,645,099.05 | 4,779,998.99 | 16,645,099.05 |
56.IncomeTaxExpenses
(1)ListofIncomeTaxExpenses
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| CurrentIncomeTaxExpense | 4,482,306.11 | 5,016,214.94 |
| DeferredIncomeTaxAdjustment | 4,646,691.26 | 9,813,068.48 |
| Total | 9,128,997.37 | 14,829,283.42 |
(2)AccountingProfitandIncomeTaxExpenseAdjustmentProcess
| Items | AmountsintheCurrentPeriod |
| TotalProfit | 26,815,159.98 |
| IncomeTaxExpenseCalculatedatStatutory/ApplicableTaxRate | 6,703,790.00 |
| EffectofDifferentTaxRatesforSubsidiaries | -85,525.78 |
| EffectofAdjustmentstoPriorPeriodIncomeTax | |
| EffectofNon-TaxableIncome | -1,008,059.70 |
| EffectofNon-DeductibleCosts,Expenses,andLosses | 22,500.01 |
| EffectofUsingUnrecognizedDeferredTaxAssetsonDeductibleLossesfromPreviousPeriods | -706,477.79 |
| EffectofUnrecognizedDeferredTaxAssetsonDeductibleLossesintheCurrentPeriod | 5,106,931.59 |
| EffectofSmallEnterpriseTaxPreferences | -11,147.68 |
| EffectofNon-TaxableInvestmentIncome | -893,013.28 |
| IncomeTaxExpenses | 9,128,997.37 |
57.OthercomprehensiveincomeitemsandtheirincometaximpactandtransferredtoprofitandlossSeedetailsof‘AppendixVNotesonItemsinConsolidatedFinancialStatements39.OtherComprehensiveIncomes’.
58.Notestoitemsrelatedcashflowstatement
(1)Cashrelatedtooperatingactivities
A.Receivingothercashrelatedtooperationactivities
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| IntercourseFundsofRelatedParties | 267,833.80 | 7,215,785.96 |
| SecurityDeposit | 1,236,244,410.55 | 1,454,397,995.52 |
| IntercourseFundsofOtherUnits | 4,408,893.18 | 33,138,626.70 |
| InterestIncome | 5,224,074.75 | 9,529,738.72 |
| Non-operatingIncomeandotherincome | 595,339.94 | 8,976,653.99 |
| CollectionsforOthers | 2,288,086,889.51 | |
| Others | 11,976,811.74 | 1,657,862.05 |
| Total | 3,546,804,253.47 | 1,514,916,662.94 |
B.CashPaidforOtherOperatingActivities
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| ExpensePayments | 35,722,072.77 | 48,519,357.57 |
| OtherUnitTransactions | 9,552,731.60 | 24,250,423.69 |
| RelatedPartyTransactions | 3,084,529.27 | |
| PettyCash | 61,000.00 | 70,000.00 |
| DepositsandGuarantees | 1,148,043,679.45 | 1,606,538,492.96 |
| CollectionsforOthers | 2,288,086,889.51 | |
| Others | 78,051,269.43 | 10,689,307.84 |
| Total | 3,562,602,172.03 | 1,690,067,582.06 |
(2)CashrelatedtoinvestmentactivitiesOthercashpaymentrelatedtoinvestmentactivities
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| Transitionalgainsandlosses,etc.,returnedtoHebeiJiliangOilandFatCo.,Ltd. | 1,747,611.95 | |
| Intotal | 1,747,611.95 |
(3)CashrelatedtofinancingactivitiesA.Othercashpaidrelatedtofinancingactivities
| Items | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| Leasepaymentamount | 679,200.00 | 13,486,733.94 |
| Intotal | 679,200.00 | 13,486,733.94 |
B.VariousliabilitychangesituationFromFinancingActivities
| Item | BeginningBalance | IncreaseinCurrentPeriod | DecreaseinCurrentPeriod | EndingBalance |
| CashMovement | Non-cashMovement | CashMovement | Non-cashMovement | |||
| Short-termborrowing | 1,311,609,177.78 | 1,884,441,868.75 | 2,952,827.78 | 2,038,276,772.23 | 1,160,727,102.08 | |
| Long-termborrowing | 529,272,983.32 | 520,000,000.00 | 230,772,983.32 | 818,500,000.00 | ||
| BondPayable | 302,130,000.00 | 4,545,000.00 | 306,675,000.00 | |||
| LeaseLiability | 62,212,707.55 | 1,356,681.29 | 679,200.00 | 62,890,188.84 | ||
| DividendsPayable | 13,085,104.52 | 13,085,104.52 | ||||
| Total | 2,205,224,868.65 | 2,404,441,868.75 | 21,939,613.59 | 2,282,814,060.07 | 2,348,792,290.92 |
Note:amountpresentedaboveincludesthatofreclassificationtonon-currentliabilitiesdueinoneyear.
59.SupplementaryMaterialsofCashFlowsStatement
(1)SupplementaryMaterialsofCashFlowsStatement
| SupplementaryMaterials | AmountsintheCurrentPeriod | AmountsinthePriorPeriod |
| 1.Adjustingnetaccountingprofittooperatingcashflow | —— | —— |
| NetProfit | 17,686,162.61 | 26,186,838.92 |
| Add:AssetsImpairmentLoss | 37,303.33 | -130,887.98 |
| Creditimpairmentloss | -52.30 | -1,779.74 |
| FixedAssetsDepreciation,Oil-and-gasAssetsDepreciationandProductiveBiologicalAssetsDepreciation | 48,411,136.06 | 44,390,959.06 |
| Right-of-useassetsdepreciation | 7,520,983.79 | 10,243,162.76 |
| AmortizationofIntangibleAssets | 8,408,289.96 | 8,529,107.14 |
| AmortizationofLong-termDeferredExpenses | 890,307.28 | 701,590.94 |
| LossesonDisposalofFixedAssets,IntangibleAssetsandOtherLong-termAssets(Fillinprofitwithsymbol“－”) | -16,255,830.49 | -23,411.62 |
| LossesonRetirementofFixedAssets(Fillinprofitwithsymbol“－”) | 6,412.23 | |
| LossesonChangesinFairValue(Fillinprofitwithsymbol“－”) | 10,955,589.95 | 9,906,096.90 |
| FinancialExpenses(Fillinprofitwithsymbol“－”) | 26,345,952.39 | 19,144,560.53 |
| InvestmentLosses(Fillinprofitwithsymbol“－”) | -3,572,053.10 | -10,875,426.88 |
| DecreaseinDeferredIncomeTaxAssets(Fillinincreasewithsymbol“－”) | 4,161,616.67 | 3,346,527.87 |
| IncreaseinDeferredIncomeTaxReliabilities(Fillindecreasewithsymbol“－”) | -803,919.89 | 6,466,540.61 |
| DecreaseinInventory(Fillinincreasewithsymbol“－”) | -244,476,596.39 | -145,001,449.86 |
| DecreaseinItemsofOperatingReceivables(Fillinincreasewithsymbol“－”) | -307,836,531.87 | -344,857,880.05 |
| IncreaseinItemsofOperatingReceivables(Fillindecreasewithsymbol“－”) | 670,957,522.84 | 150,910,029.31 |
| NetCashFlowsfromOperatingActivities | 222,436,293.07 | -221,065,422.09 |
| 2.Majorinvestmentandfinancingactivitiesthatdonotinvolvecashpayments | —— | —— |
| 3.Netchangeconditionsincashandcashequivalents | —— | —— |
| Cashbalanceatendofperiod | 1,729,939,169.19 | 1,170,000,193.27 |
| Less:cashbalanceatbeginningofperiod | 1,395,519,746.77 | 1,540,639,079.95 |
| Cashandcashequivalentnetincrease | 344,419,422.42 | -370,638,886.68 |
(2)Compositionofcashandcashequivalents
| Items | BalanceatEndofPeriod | BalanceatBeginningofPeriod |
| One.Cash | 1,729,939,169.19 | 1,395,519,746.77 |
| Including:Cashonhand | 21,328.70 | 10,717.74 |
| Bankdepositavailableforpaymentatanytime | 1,565,665,589.41 | 1,325,403,161.84 |
| Othercurrencyfundsavailableforpaymentatanytime | 164,252,251.08 | 70,105,867.19 |
| Two.CashEquivalents | ||
| Three.BalanceofCashandCashEquivalentsatEndofPeriod | 1,729,939,169.19 | 1,395,519,746.77 |
60.MonetaryItemsofForeignCurrencyMonetaryItemsofForeignCurrency
| Items | BalanceofForeignCurrencyatEndofPeriod | ExchangeRateConvert | BalanceofConvertingtoRMBatEndofPeriod |
| Monetaryfund | —— | —— | 101,358,472.66 |
| Including:USDollars | 14,158,979.78 | 7.1586 | 101,358,472.66 |
| Short-termborrowings | —— | —— | 211,452,315.10 |
| Including:USDollars | 29,538,221.87 | 7.1586 | 211,452,315.10 |
61.Lease
(1)AsLesseeDuringthereportingperiod,theshort-termleaseexpensesthatwereaccountedforandtreatedaspartofthecurrentperiod'sprofitandlosswere3,918,266.10yuan.
(2)AsLessorOperatingleaseaslessor
| Item | Leaseholdincome | Including:Incomerelatedtovariableleasepaymentsnotincludedinleaseincome |
| Leaseholdincome | 1,144,149.18 | |
| Total | 1,144,149.18 |
VIResearchandDevelopmentExpenses
Disclosedbynatureofexpenses
| Item | Amountincurrentperiod | Amountinpriorperiod |
| Salary | 4,682,957.00 | 6,050,611.00 |
| Materialexpenses | 3,455,845.79 | 3,159,584.65 |
| DepreciationandAmortizationFee | 339,179.02 | 574,493.03 |
| Fuel&Powerexpenses | 485,965.91 | 221,731.83 |
| Travelexpenses | 21,855.24 | 33,717.43 |
| Equipmentcost | 1,238.94 | 14,946.90 |
| Others | 214,439.07 | 347,299.09 |
| Total | 9,201,480.97 | 10,402,383.93 |
| Including:R&Dexpenditure | 9,201,480.97 | 10,402,383.93 |
| CapitalizedR&Dexpenditure |
VIIChangeinConsolidationScope
Therewerenochangesinthescopeofconsolidationforthecompanyduringthereportingperiod.VIIIEquitiesinOtherEntities
1.EquitiesinSubsidiaries
(1)CompositionoftheCompany
| NameofSubsidiary | PrinciplePlaceofBusiness | RegisteredCapital（IntenthousandsYuan） | RegisteredPlace | NatureofBusiness | ShareholdingRatio(%) | ModeofAcquisition | |
| Direct | Indirect | ||||||
| Jingliang(Tianjin)GrainandOilIndustryCo.,Ltd. | Tianjin | 56,000.00 | Tianjin | AgriculturalProductandByProductProcessing | 70.00 | Mergerunderthesamecontrol | |
| BeijingJingliangOilandFatCo.,Ltd. | Beijing | 5,000.00 | Beijing | Grainandoiltrade | 100.00 | Mergerunderthesamecontrol | |
| BeijingGuchuanEdibleOilCo.,Ltd. | Beijing | 12,558.46 | Beijing | Grainandoiltrade | 100.00 | Mergerunderthesamecontrol | |
| BeijingEisen-LubaoOilCo.,Ltd. | Beijing | 5,050.00 | Beijing | AgriculturalProductandByProductProcessing | 100.00 | Mergerunderthesamecontrol | |
| BeijingTianweikangOilDistributionCenterCo.,Ltd. | Beijing | 500.00 | Beijing | Warehousing | 100.00 | Mergerunderthesamecontrol | |
| BeijingGuchuanBreadFoodCo.,Ltd. | Beijing | 5,550.00 | Beijing | FoodProcessing | 100.00 | Mergerunderthesamecontrol | |
| ZhejiangXiaoWangZiFoodCo.,Ltd. | Hangzhou | 5,156.00 | Hangzhou | FoodProcessing | 17.6794 | 77.2072 | Combinationnotundersame |
| NameofSubsidiary | PrinciplePlaceofBusiness | RegisteredCapital（IntenthousandsYuan） | RegisteredPlace | NatureofBusiness | ShareholdingRatio(%) | ModeofAcquisition | |
| Direct | Indirect | ||||||
| control | |||||||
| HangzhouLin'anXiaotianshiFoodCo.,Ltd. | Hangzhou | 4,900.00 | Hangzhou | FoodProcessing | 17.6794 | 77.2072 | Combinationnotundersamecontrol |
| LiaoningXiaoWangZiFoodCo.,Ltd. | Liaoning | 3,000.00 | Liaoning | FoodProcessing | 17.6794 | 77.2072 | Combinationnotundersamecontrol |
| LinqingXiaoWangZiFoodCo.,Ltd. | Linqing | 2,132.50 | Linqing | FoodProcessing | 17.6794 | 77.2072 | Combinationnotundersamecontrol |
| HangzhouLin'anChunmanyuanAgriculturalDevelopmentCo.,Ltd. | Hangzhou | 600.00 | Hangzhou | FoodProcessing | 17.6794 | 77.2072 | Combinationnotundersamecontrol |
| Jingliang(Singapore)InternationalTradeCo.,Ltd. | Singapore | 643.35 | Singapore | Graintrade | 100.00 | Investintheestablishment | |
| BeijingJingliangGubioilandgreaseco.LTD | Beijing | 5,000.00 | Beijing | Grainandoiltrade | 100.00 | Investintheestablishment | |
| BeijingJingliangFoodCo.,Ltd. | Beijing | 105,658.96 | Beijing | Investmentmanagement | 100.00 | Mergerunderthesamecontrol | |
| Jingliang(Caofeidian)AgriculturalDevelopmentCo.,Ltd. | Tangshan | 5,000.00 | Tangshan | Plantation | 51.00 | Investintheestablishment | |
| Jingliang(Yueyang)GrainandOilIndustryCo.,Ltd. | Hunan | 68,000.00 | Hunan | Agriculturalproducts | 65.00 | Investintheestablishment | |
| Jingliang(Beijing)Bakery&FoodsCo.,Ltd. | Beijing | 9,010.00 | Beijing | FoodProcessing | 100.00 | Investintheestablishment | |
| Jingliang(Yangpu)GrainandOilIndustryCo.,Ltd. | Hainan | 50,000.00 | Hainan | AgriculturalProductandByProductProcessing | 65.00 | Investintheestablishment | |
(2)Majornon-wholly-ownedsubsidiaries
| NameofSubsidiary | ShareholdingRatioofMinorityShareholders(%) | ProfitAndLossAttributabletoMinorityShareholdersfortheCurrentPeriod | DividendsDistributedtoMinorityShareholdersfortheCurrentPeriod | BalanceofMinorityShareholder'sEquityattheEndofthePeriod |
| Jingliang(Tianjin)GrainandOilIndustryCo.,Ltd. | 30.00% | -633,589.23 | 183,975,830.98 | |
| ZhejiangXiaoWangZiFoodCo.,Ltd. | 5.11% | 1,235,477.73 | 1,805,611.80 | 36,232,590.03 |
(3)Importantfinancialinformationonmajornon-wholly-ownedsubsidiaries
| NameofSubsidiary | ClosingBalance | |||||
| CurrentAssets | Non-currentAssets | TotalAssets | CurrentLiabilities | Non-currentLiabilities | TotalLiabilities | |
| NameofSubsidiary | ClosingBalance | |||||
| CurrentAssets | Non-currentAssets | TotalAssets | CurrentLiabilities | Non-currentLiabilities | TotalLiabilities | |
| Jingliang(Tianjin)GrainandOilIndustryCo.,Ltd. | 1,972,716,690.28 | 650,351,142.62 | 2,623,067,832.90 | 1,444,144,910.05 | 565,670,152.91 | 2,009,815,062.96 |
| ZhejiangXiaoWangZiFoodCo.,Ltd. | 500,787,953.71 | 293,851,178.60 | 794,639,132.31 | 60,739,974.73 | 13,689,292.53 | 74,429,267.26 |
(Continued)
| NameofSubsidiary | OpeningBalance | |||||
| CurrentAssets | Non-currentAssets | TotalAssets | CurrentLiabilities | Non-currentLiabilities | TotalLiabilities | |
| Jingliang(Tianjin)GrainandOilIndustryCo.,Ltd. | 1,860,100,669.62 | 685,396,396.29 | 2,545,497,065.91 | 1,882,087,225.29 | 48,045,106.57 | 1,930,132,331.86 |
| ZhejiangXiaoWangZiFoodCo.,Ltd. | 530,330,845.53 | 310,413,253.53 | 840,744,099.06 | 83,362,355.35 | 18,836,092.53 | 102,198,447.88 |
(Continued)
| NameofSubsidiary | Amountincurredinthecurrentperiod | |||
| OperatingIncome | NetProfit | TotalComprehensiveIncome | CashFlowfromOperatingActivities | |
| Jingliang(Tianjin)GrainandOilIndustryCo.,Ltd. | 2,283,354,202.27 | -2,111,964.11 | -2,111,964.11 | 475,342,154.37 |
| ZhejiangXiaoWangZiFoodCo.,Ltd. | 306,407,328.72 | 16,975,587.89 | 16,975,587.89 | 24,733,560.18 |
(Continued)
| NameofSubsidiary | Amountincurredinthepriorperiod | |||
| OperatingIncome | NetProfit | TotalComprehensiveIncome | CashFlowfromOperatingActivities | |
| Jingliang(Tianjin)GrainandOilIndustryCo.,Ltd. | 1,948,859,877.07 | 2,258,199.48 | 2,258,199.48 | -339,856,449.70 |
| ZhejiangXiaoWangZiFoodCo.,Ltd. | 377,946,737.77 | 38,335,253.17 | 38,335,253.17 | 12,319,557.86 |
2.EquityinJointVenturesorAssociates
(1)ImportantJointVenturesorAssociates
| NameofJointVentureor | PrinciplePlaceof | Registered | Natureof | ShareholdingRatio(%) | AccountingTreatmentMethods |
| Associates | Business | Place | Business | Direct | Indirect | forInvestmentinJointVenturesorAssociates |
| BeijingZhengdaFeedCo.,Ltd. | Beijing | Beijing | Manufacturer | 50.00 | Equitymethod | |
| SINOGRAIN(Tianjin)WarehousingLogisticsCo.,Ltd. | Tianjin | Tianjin | Transportationandwarehousing | 30.00 | Equitymethod |
(2)Importantfinancialinformationonmajorjointventures
| Item | ClosingBalance/CurrentAmount | OpeningBalance/LastTermAmount |
| BeijingZhengdaFeedCo.,Ltd. | BeijingZhengdaFeedCo.,Ltd. | |
| Currentassets | 346,466,757.49 | 327,856,522.69 |
| Including:cashandcashequivalents | 16,793,878.94 | 13,344,582.35 |
| Non-currentassets | 21,712,441.48 | 21,750,027.11 |
| Totalassets | 368,179,198.97 | 349,606,549.80 |
| Currentliabilities | 73,288,856.73 | 56,698,809.23 |
| Non-currentliabilities | 20,963,274.18 | 24,967,212.11 |
| Totalliabilities | 94,252,130.91 | 81,666,021.34 |
| Minorityshareholder'sequity | ||
| Shareholders'equityattributabletotheparentcompany | 273,927,068.06 | 267,940,528.46 |
| Shareofnetassetsbasedonshareholdingratio | 136,963,534.03 | 133,970,264.23 |
| Bookvalueofequityinvestmentinjointventures | 136,963,534.03 | 133,970,264.23 |
| Operatingincome | 145,099,050.03 | 141,505,276.76 |
| Financialcosts | -4,902,972.72 | -4,813,744.60 |
| Incometaxexpense | 1,811,357.87 | 1,414,888.95 |
| Netprofit | 5,434,073.60 | 3,976,901.01 |
| Dividendsreceivedfromjointventuresinthecurrentperiod |
(3)Importantfinancialinformationonmajorassociates
| Item | ClosingBalance/CurrentAmount | OpeningBalance/LastTermAmount |
| SINOGRAIN(Tianjin)WarehousingLogisticsCo.,Ltd. | SINOGRAIN(Tianjin)WarehousingLogisticsCo.,Ltd. | |
| Currentassets | 96,086,750.89 | 107,422,998.85 |
| Non-currentassets | 911,462,200.58 | 929,833,741.73 |
| Totalassets | 1,007,548,951.47 | 1,037,256,740.58 |
| Currentliabilities | 55,594,469.00 | 42,972,048.52 |
| Item | ClosingBalance/CurrentAmount | OpeningBalance/LastTermAmount |
| SINOGRAIN(Tianjin)WarehousingLogisticsCo.,Ltd. | SINOGRAIN(Tianjin)WarehousingLogisticsCo.,Ltd. | |
| Non-currentliabilities | 525,768,000.00 | 570,055,882.68 |
| Totalliabilities | 581,362,469.00 | 613,027,931.20 |
| Minorityshareholder'sequity | ||
| Shareholders'equityattributabletotheparentcompany | 426,186,482.47 | 424,228,809.38 |
| Shareofnetassetsbasedonshareholdingratio | 127,855,944.74 | 127,268,642.81 |
| Bookvalueofequityinvestmentinassociates | 127,855,944.74 | 127,268,642.81 |
| Fairvalueofequityinvestmentinassociateswithopenoffers | ||
| Operatingincome | 37,308,983.82 | 46,973,215.82 |
| Netprofit | 1,957,673.09 | 24,341,947.22 |
| Totalcomprehensiveincome | 1,957,673.09 | 24,341,947.22 |
| Dividendsreceivedfromassociatesinthecurrentperiod |
(4)Non-importantaggregatedfinancialinformationonassociates
| Item | ClosingBalance/CurrentAmount | OpeningBalance/LastTermAmount |
| Associatedenterprises： | ||
| TotalofInvestmentBookValue | 6,258,042.35 | 6,266,560.98 |
| --Netprofit | -17,747.14 | -44,751.10 |
| --Totalcomprehensiveincome | -17,747.14 | -44,751.10 |
IXGovernmentSubsidies
1.LiabilitiesRelatedtoGovernmentGrants
| FinancialStatementItem | BeginningBalance | NewGrantAmountforthePeriod | AmountRecordedinNon-operatingIncomeforthePeriod | TransferredtoOtherIncomeforthePeriod | OtherChangesforthePeriod | EndingBalance | Asset/IncomeRelated |
| DeferredRevenue | 56,731,497.62 | 941,873.10 | 55,789,624.52 | AssetRelated | |||
| Total | 56,731,497.62 | 941,873.10 | 55,789,624.52 | —— |
2.Governmentsubsidyincludedincurrentprofitorloss
| Item | CurrentAmount | LastTermAmount | ReportedItem |
| Item | CurrentAmount | LastTermAmount | ReportedItem |
| VATImmediateRefund | 4,285,505.70 | 4,245,468.93 | OtherIncome |
| InfrastructureSupportSubsidyforEnterprisesintheConstructionPhaseoftheTianjinLingangIndustrialZoneAdministrativeCommittee | 638,752.08 | 638,752.08 | OtherIncome |
| RelocationCompensation | 3,078,110.50 | OtherIncome | |
| Disability-RelatedSubsidies | 203,022.87 | 194,719.10 | OtherIncome |
| BeijingGrainandMaterialReserveBureau"OilTankExpansionandWinterizationRenovationProject"Subsidy | 125,090.46 | 274,970.45 | OtherIncome |
| Subsidyforjobstabilization/Universitystudentemploymentsubsidy/Socialsecuritysubsidy | 142,897.95 | 156,055.99 | OtherIncome |
| TianjinBinhaiNewAreaIndustrialTechnologyReformandParkConstructionFundsandScientificandTechnologicalExpenditures | 111,111.12 | 111,111.13 | OtherIncome |
| PersonalTaxHandlingFeeRefund | 159,820.16 | 200,683.84 | OtherIncome |
| IncentiveFundsforPromotingAcceleratedDevelopmentofFinancialIndustryinHainanProvince | 600,000.00 | OtherIncome | |
| BeijingEconomicDevelopmentZone"ShouShengGui"Reward | 300,000.00 | OtherIncome | |
| Others | 201,307.56 | 70,612.90 | OtherIncome |
| Intotal | 5,867,507.90 | 9,870,484.92 | OtherIncome |
XRisksRelatedtoFinancialInstruments
1.RisksRelatedtoFinancialInstrumentsTheCompany'sprincipalfinancialinstrumentsincludeequityinvestment,creditors'investment,borrowing,accountsreceivable,accountspayable,etc.TheprimarypurposeofthesefinancialinstrumentsistofinancetheoperationsoftheCompany.TheCompanyhasavarietyofotherfinancialassetsandliabilitiesdirectlyarisingfromitsoperations,suchasaccountsreceivableandaccountspayable.
ThemainriskscausedbytheCompany'sfinancialinstrumentsarecreditrisk,liquidityriskandmarketrisk.
(1)Classificationoffinancialinstruments
①BookvalueofvariousfinancialassetsonthebalancesheetdateA.June30,2025
| Financialassetitems | Financialassetsmeasuredatamortizedcost | Financialassetsmeasuredatfairvalueandthechangesrecordedincurrentprofitsandlosses | Financialassetsmeasuredatfairvalueandthechangesrecordedinothercomprehensiveincome | Total |
| Monetaryfunds | 1,761,322,716.40 | 1,761,322,716.40 |
| Financialassetitems | Financialassetsmeasuredatamortizedcost | Financialassetsmeasuredatfairvalueandthechangesrecordedincurrentprofitsandlosses | Financialassetsmeasuredatfairvalueandthechangesrecordedinothercomprehensiveincome | Total |
| Accountsreceivables | 166,998,100.88 | 166,998,100.88 | ||
| Otherreceivables | 377,625,363.77 | 377,625,363.77 | ||
| Non-CurrentAssetsDueWithinOneYear | 10,845,833.33 | 10,845,833.33 | ||
| Othercurrentassets | 236,891,272.57 | 236,891,272.57 |
B.December31,2024
| Financialassetitems | Financialassetsmeasuredatamortizedcost | Financialassetsmeasuredatfairvalueandthechangesrecordedincurrentprofitsandlosses | Financialassetsmeasuredatfairvalueandthechangesrecordedinothercomprehensiveincome | Total |
| Monetaryfunds | 1,417,025,694.30 | 1,417,025,694.30 | ||
| Derivativefinancialassets | 70,947,839.67 | 70,947,839.67 | ||
| Accountsreceivables | 91,439,895.13 | 91,439,895.13 | ||
| Accountsreceivablefinancing | ||||
| Otherreceivables | 455,148,011.66 | 455,148,011.66 | ||
| Investmentinotherequityinstruments | ||||
| Non-currentassetsduewithin1year | 10,694,166.66 | 10,694,166.66 | ||
| Othercurrentassets | 79,380,779.05 | 79,380,779.05 |
②BookvalueofvariousfinancialliabilitiesonthebalancesheetdateA.June30,2025
| Financialliabilityitems | Financialliabilitiesmeasuredatfairvalueandchangesincludedincurrentprofitsandlosses | Otherfinancialliability | Total |
| Short-termborrowings | 1,160,727,102.08 | 1,160,727,102.08 | |
| Derivativefinancialliabilities | 92,970,740.07 | 92,970,740.07 | |
| Accountspayable | 62,424,996.04 | 62,424,996.04 | |
| OtherPayables | 69,076,471.51 | 69,076,471.51 | |
| Long-termborrowings | 518,500,000.00 | 518,500,000.00 |
| Financialliabilityitems | Financialliabilitiesmeasuredatfairvalueandchangesincludedincurrentprofitsandlosses | Otherfinancialliability | Total |
| Notespayable | 299,475,000.00 | 299,475,000.00 | |
| Non-currentliabilityduewithinoneyear | 319,587,654.23 | 319,587,654.23 |
B.December31,2024
| Financialliabilityitems | Financialliabilitiesmeasuredatfairvalueandchangesincludedincurrentprofitsandlosses | Otherfinancialliability | Total |
| Short-termborrowings | 1,311,609,177.78 | 1,311,609,177.78 | |
| Derivativefinancialliabilities | 30,979,464.00 | 30,979,464.00 | |
| Accountspayable | 127,879,265.40 | 127,879,265.40 | |
| OtherPayables | 58,555,373.51 | 58,555,373.51 | |
| Long-termborrowings | |||
| Non-currentliabilityduewithinoneyear | 532,152,983.32 | 532,152,983.32 | |
| Othercurrentliabilities | 43,966,054.23 | 43,966,054.23 |
(2)CreditRiskOnJune30,2025,thelargestcreditriskexposurethatmaycausefinanciallosstotheCompanymainlycomesfromthelossonfinancialassetsoftheCompanyduetothefailureoftheotherpartytoperformitsobligations,including:
Bookvalueoffinancialassetsrecognizedintheconsolidatedbalancesheet;forafinancialinstrumentmeasuredatfairvalue,itsbookvaluereflectsitsriskexposureinsteadoftheirbiggestriskexposure,anditsbiggestriskexposuremayvarywiththechangeofitsfuturefairvalue.
Inordertoreducethecreditrisk,theCompanysetsrelevantpoliciestocontrolitsexposure,setscorrespondingcreditperiodsbasedoncustomer’sfinancialposition,possibilityofobtainingguaranteesfromthirdparties,creditrecordsandotherfactorssuchascurrentmarketconditionsandothercreditqualificationsforcustomerassessment,andimplementsothermonitoringprocedurestoensurethatnecessarymeasuresaretakentorecoveroverduecredits.Inaddition,theCompanyreviewsthecollectionofindividualaccountreceivablesoneachbalancesheetdateinordertomakesufficientprovisionforbaddebtsforcollectableamounts.Therefore,theCompany'smanagementbelievesthattheCompany'screditriskhasbeengreatlyreduced.
TheliquidityfundsoftheCompanyaredepositedinbanksandotherfinancialinstitutionswithhighcreditrating,sothecreditriskofliquidityfundsislow.
(3)LiquidityRisk
Whenmanagingliquidityrisk,theCompanykeepsandmonitorsadequatecashandcashequivalents
approvedbyitsmanagementinordertomeettheCompany'sbusinessneedsandreducetheinfluencesofcashflowfluctuations.TheCompany'smanagementmonitorstheuseofbankloansandensurestheperformanceofloanagreements.Maturityanalysisoffinancialliabilitiesintermsofundiscountedcontractualcashflows:
| Item | June30,2025 | |||
| WithinOneYear | OneToFiveYears | AboveFiveYears | Total | |
| Short-termborrowings | 1,160,727,102.08 | 1,160,727,102.08 | ||
| Derivativefinancialliability | 92,970,740.07 | 92,970,740.07 | ||
| Accountspayable | 59,132,464.77 | 3,292,531.27 | 62,424,996.04 | |
| OtherPayables | 69,076,471.51 | 69,076,471.51 | ||
| Long-termborrowings | 518,500,000.00 | 518,500,000.00 | ||
| Notes-payable | 299,475,000.00 | 299,475,000.00 | ||
| Non-currentliabilityduewithinoneyear | 319,587,654.23 | 319,587,654.23 | ||
(Continued)
| Item | December31,2024 | |||
| WithinOneYear | OneToFiveYears | AboveFiveYears | Total | |
| Short-termborrowings | 1,311,609,177.78 | 1,311,609,177.78 | ||
| Derivativefinancialliability | 30,979,464.00 | 30,979,464.00 | ||
| Accountspayable | 124,440,132.93 | 3,439,132.47 | 127,879,265.40 | |
| OtherPayables | 58,555,373.51 | 58,555,373.51 | ||
| Long-termborrowings | ||||
| Notespayable | 299,250,000.00 | 299,250,000.00 | ||
| Non-currentliabilityduewithinoneyear | 532,152,983.32 | 532,152,983.32 | ||
(4)MarketriskMarketriskreferstotheriskthatthefairvalueorfuturecashflowoffinancialinstrumentswillfluctuateduetothechangeofmarketprice.Marketriskmainlyincludesinterestraterisk,foreignexchangeriskandotherpricerisks,suchasequityinstrumentinvestmentpricerisk.A.InterestRateRiskTheCompany'sinterestrateriskmainlyarisesfrombankloans.ThefinancialliabilitiesatfloatinginterestratesbringtheCompanytheinterestrateriskoncashflow,whilethefinancialliabilitiesatfixedinterestratesbringtheCompanytheinterestrateriskonfairvalue.TheCompanydecidestherelativeproportionoffixedinterestratecontractsandfloatinginterestratecontractsaccordingtothecurrentmarketenvironment.
AsofJune30,2025,theCompany'sinterest-bearingliabilitiesunderfloatingratecontractsdenominatedinRMBamountedtoRMB549,500,000.00andthoseunderfixedratecontractsdenominatedinRMBamountedtoRMB1,736,402,102.08.B.ExchangeRateRiskTheCompany'sexposuretoforeignexchangerisksisprimarilyrelatedtotheCompany'soperatingactivities(whenrevenuesandexpendituresaresettledinforeigncurrenciesotherthantheCompany'saccountingstandardcurrency)anditsnetinvestmentsinitsoverseassubsidiaries.TheCompany'sexposuretoforeignexchangerisksismainlyrelatedtoUSdollars.ExceptthatsomeoftheCompany'ssubsidiariespurchaseandsellinUSdollars,othermajorbusinessactivitiesoftheCompanyarepricedandsettledinRMB.AsofJune30,2025,theCompany'sassetsandliabilitiesareinRMB,excepttheassetsorliabilitiesdescribedinthetablebelowareinUSdollars.TheforeignexchangerisksarisingfromtheassetsandliabilitiesofsuchforeigncurrencybalancesmayhaveanimpactontheCompany'soperatingresults.
| Items | ClosingBalance | OpeningBalance |
| Monetaryfunds | 101,358,472.66 | 87,168,294.60 |
| OtherReceivables | 16,141,102.93 | |
| Short-termborrowings | 211,452,315.10 |
Thecompanyadoptssensitivityanalysistechnologytoanalyzethepossibleimpactofreasonableandpossiblechangesofriskvariablesoncurrentprofitandlossorowner'sequity.Asanyriskvariablerarelychangesinisolation,andthecorrelationbetweenvariableswillhaveasignificanteffectonthefinalimpactamountofariskvariablechange,thefollowingcontentiscarriedoutundertheassumptionthatthechangeofeachvariableisindependent.
Ontheassumptionthatforeigncurrencyassetsandforeigncurrencyliabilitiesremainrelativelystableandothervariablesremainunchanged,theafter-taximpactofpossiblereasonablechangesinexchangerateoncurrentprofitsandlossesandrightsandinterestsisasfollows:
| Item | EndingForeignCurrencyBalance | ExchangeRate | EndingConvertedRMBBalance |
| CashandCashEquivalents | —— | —— | 101,358,472.66 |
| -USD | 14,158,979.78 | 7.1586 | 101,358,472.66 |
| Short-termborrowings | —— | —— | 211,452,315.10 |
| -USD | 29,538,221.87 | 7.1586 | 211,452,315.10 |
（Continued）
| Item | Priorperiod | ||
| [USdollar]ExchangerateIncrease/(decrease) | Grossprofit/netprofitincrease/(decrease) | Increase/(decrease)inshareholders'equity | |
| RMBDepreciationvsUSD | 5% | -5,504,692.12 | |
| Item | Priorperiod | ||
| [USdollar]ExchangerateIncrease/(decrease) | Grossprofit/netprofitincrease/(decrease) | Increase/(decrease)inshareholders'equity | |
| RMBAppreciationvsUSD | -5% | 5,504,692.12 | |
2.Hedging
(1)TheCompanyundertakeriskmanagementthroughhedgingoperation
| Item | Correspondingriskmanagementstrategyandtarget | Qualitativeandquantitativeinformationonhedgedrisk | Theeconomicrelationshipbetweenthehedgedproject&relevanthedgedinstruments | Expectedeffectiveachievementofriskmanagementobjectives | Effectsofriskexposurefromtherelevanthedgedactivities |
| OilandOilSeeds | Usingthehedgingfunctionoffuturesinstrumentstocarryouthedgingbusiness,effectivelyavoidtheriskofmarketpricefluctuations,inordertoachievestablemanagement | Qualitative:non-creditrisk,includingbasisrisk,substituterisk,supply-demandrisketc.Quantitative:marketpricefluctuationforthehedgedprojectandinstruments | ExpectedFairvalueorcashflowduetothehedgedriskofhedgedprojectandrelevanthedginginstrumentsmoveinoppositedirectionBytheChangeswiththesamebasevariableorsimilarbasevariablethatiseconomicallyrelevant | Thetargetofexpectedriskmanagementhasbeenbasicallyachieved | Effectivelyavoidriskexposure |
(2)Thecompanyconductseligiblehedgingbusinessandapplieshedgingaccounting
| Item | BookvaluerelatedtothehedgedItemandinstruments | HedgingAdjustmentsonbookvalueofhedgeditemwhichhasbeenrecognized,inwhichcomprisesofhedgeditemaccumulatedfairvalue | Hedgingvalidityandsourcesofhedginginvalidityaspect | Effectofhedgingaccountingonthecompany'sfinancialstatements |
| HedgingRiskType | ||||
| Commoditypricerisk-Othercurrentassets | 236,891,272.57 | 236,891,272.57 | Thecorrelationbetweenthehedgeditemsandhedginginstruments | 35,948,281.23 |
| Hedgecategory | ||||
| Fairvaluehedge-Derivativefinancialliabilities | 92,970,740.07 | Thecorrelationbetweenthehedgeditemsandhedginginstruments | 35,948,281.23 | |
XIDisclosureofFairValues
1.Fairvaluesofassetsandliabilitiesmeasuredatfairvalueattheendoftheperiod
| Item | FairValuesattheEndofthePeriod | |||
| FirstLevelFairValueMeasurement | SecondLevelFairValueMeasurement | ThirdLevelFairValueMeasurement | Total | |
| One.Continuousfairvaluemeasurement | ||||
| Ⅰ.Transactionalfinancialassets | ||||
| 1.Financialassetsthataremeasuredatfairvalueandwhosechangesareincludedinthecurrentprofitsandlosses | ||||
| (1)Investmentindebtinstruments | ||||
| (2)Investmentinequityinstruments | ||||
| (3)Derivativefinancialassets | ||||
| 2.Financialassetsdesignatedasfairvaluethroughprofitorloss | ||||
| (1)Investmentindebtinstruments | ||||
| (2)Investmentinequityinstruments | ||||
| Ⅱ.Otherdebtinvestment | ||||
| Ⅲ.Investmentinotherequityinstruments | ||||
| IV.InvestmentProperties | ||||
| V.BiologicalAssets | ||||
| Totalassetscontinuouslymeasuredatfairvalue | ||||
| Ⅵ.Transactionalfinancialliabilities | 92,970,740.07 | 92,970,740.07 | ||
| 1.Financialliabilitiesmeasuredatfairvaluewithchangesincludedincurrentprofitsandlosses | 92,970,740.07 | 92,970,740.07 | ||
| Including:transactionalbondsissued | ||||
| derivativefinancialliabilities | 92,970,740.07 | 92,970,740.07 | ||
| others | ||||
| 2.Financialliabilitiesdesignatedasfairvaluethroughprofitorloss | ||||
| Totalliabilitiescontinuouslymeasuredatfairvalue | 92,970,740.07 | 92,970,740.07 | ||
2.Basisfordeterminingmarketpricesofcontinuousandnon-continuousfirstlevelfairvaluemeasurementitemsTheCompany'sLevel1fairvaluemeasurementisbasedonthepubliccontractquotationsofthefuturesexchange.
XIIRelatedPartiesandRelatedPartyTransactions
1.ParentCompanyoftheCompany
| NameofParentCompany | RegisteredPlace | NatureofBusiness | RegisteredCapital(tenthousandYuan) | ProportionofSharesHeldbyParentCompanyintheCompany(%) | ProportionofVotingPowerHeldbyParentCompanyintheCompany(%) |
| BeijingGrainGroupCo.Ltd. | Beijing | InvestmentManagement | 90,000.00 | 39.68 | 39.68 |
Note:TheultimatecontrollingpartyisBeijingState-ownedCapitalOperationManagementCo.,Ltd.
2.SubsidiariesoftheCompanySee1.EquityinSubsidiariesunderSectionVIIIoftheNotesfordetails.
3.JointVenturesandAssociatesoftheCompanySee2.EquityinJointVenturesorAssociatesunderSectionVIIIoftheNotesfordetails.
4.OtherRelatedParties
| NameofOtherRelatedParty | RelationshipwiththeCompany |
| BeijingShounongFoodGroupCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingSanyuanFoodCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingAilafaFoodCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| ShanghaiSanyuanDairyCo.,Ltd | Controlledbytheultimatecontrollingparty |
| BeijingSanyuanMeiyuanFoodCo.,Ltd | Controlledbytheultimatecontrollingparty |
| BeijingSanyuanSeedIndustryTechnologyCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingShounongAnimalHusbandryDevelopmentCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| HebeiShounongModernAgriculturalTechnologyCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| HebeiLuanpingHuaduFoodCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingNanjiaoAgriculturalProductionandOperationManagementCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingTaiyuPropertyManagementCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingNanjiaoHeyiFarmCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingBaijiaYiFoodCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingChangyangFarmCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingCuihuAgriculturalTechnologyCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingBeijiaoFarmCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingNankouFarmCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingHeiliuAnimalHusbandryTechnologyCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| NameofOtherRelatedParty | RelationshipwiththeCompany |
| BeijingHeiliuAnimalHusbandryTechnologyCo.,Ltd.FoodCenter | Controlledbytheultimatecontrollingparty |
| BeijingShenghuaSiheAssetManagementCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingShuangtongHuiheAgriculturalTechnologyDevelopmentCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingHuanongMaterialsCompany | Controlledbytheultimatecontrollingparty |
| BeijingChanghuaPropertyServiceCenterCo.,Ltd | Controlledbytheultimatecontrollingparty |
| BeijingShounongXiangshanConferenceCenterCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingShounongXiangshanCommercialCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| ShanghaiShounongInvestmentHoldingCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingShounongCommercialChainCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingJingshenSeafoodSalesCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingXiNanJiaoFrozenFoodCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingCailanziGroupCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingFarmProduceCentralWholesaleMarketCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingShounongConsumptionAssistanceandDoubleInnovationCenterCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingShounongFoodGroupFinanceCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingShounongDevelopmentCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingJingliangTaiyuRealEstateCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingNanyuanVegetableOilPlantCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingShouchengShanshuiRealEstateCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingSidaokouAquaticProductsTradingMarketCo.,Ltd | Controlledbytheultimatecontrollingparty |
| BeijingWuhuanShuntongSupplyChainManagementCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingJingliangLogisticsCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingLanfengVegetableDistributionCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| ShandongFukuanBioengineeringCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingJingduJinguGrainPurchaseandSalesCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingTaoshanGrainStorageCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingLongqingXiaduMilitaryFoodSupplyCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingErshangMeatProductsGroupCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingErshangDahongmenWurouLianFoodCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| HebeiAnpingDahongmenFoodCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| KaifengDahongmenMeatProductsCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| NameofOtherRelatedParty | RelationshipwiththeCompany |
| BeijingYanqiYueshengzhaiHalalFoodCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| FengzhenDahongmenAgri-animalHusbandryCo.,Ltd | Controlledbytheultimatecontrollingparty |
| BeijingJingtangLiquorBusinessCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingHuaduLiquorMarketingCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingBeifangJingtangYangjiuSalesCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingJingtangDingshengTradingCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingErshangJinghuaTeaIndustryCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingERSHANGGroupCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingHaiyunxingAquaticProductCompany | Controlledbytheultimatecontrollingparty |
| BeijingFoodSupplyBureauNo.34SupplyDepartmentCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingWangZhiheFoodCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| WangZhihe(Fujian)FoodCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingLiubijuFoodCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingLiubijuHuairouFoodCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingBaiyuFoodCo.,Ltd | Controlledbytheultimatecontrollingparty |
| BeijingGrainGroupCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingJingliangGreenValleyTradingCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| TongliaoDacangGrainTradingCo.,Ltd | Controlledbytheultimatecontrollingparty |
| Huai'anJingliangLvguFoodCo.,Ltd | Controlledbytheultimatecontrollingparty |
| BeijingJingliangGurunTrade,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingGrainScienceResearchInstituteCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingShounongFoodEmergencyGuaranteeCenterCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingGuchuanRiceIndustryCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingGuchuanFoodCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingZhangxinGrainStorageCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingJingliangDongfangGrainandOilTradingCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingHaidianXijiaoGrainandOilSupplyStationCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingXingShishangTradingCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingJingliangE-CommerceCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingDiandaoOnlineSalesCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingXinderunHotelManagementCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| BeijingBeishuiYongxingAquaticProductsSalesCo.,Ltd. | Controlledbytheultimatecontrollingparty |
| NameofOtherRelatedParty | RelationshipwiththeCompany |
| BeijingSugarTobacco&WineGroupCo.,Ltd. | Controlledbytheultimatecontrollingparty |
5.Related-partyTransactions
(1)Related-partytransactionsforpurchasingandsellinggoodsandprovisionandacceptanceoflaborservicesPurchaseofgoodsoracceptanceoflaborservices
| RelatedParty | Related-partyTransaction | CurrentAmount | Amountoftransactionsapproved（intenthousandsYuan） | Whetherthetransactionlimitisexceeded | LastTermAmount |
| BeijingGuchuanFoodCo.,Ltd. | Purchaseofgoods | 5,739,146.19 | 1,800.00 | No | 7,564,498.25 |
| Otherrelatedentities | Purchaseofgoods | 58,750,971.78 | 1,200.00 | Yes | 9,794,747.08 |
| Otherrelatedentities | Acceptanceoflaborservices | 700.00 | No | 24,801.89 |
Saleofgoods/provisionoflaborservices
| RelatedParty | Related-partyTransaction | CurrentAmount | LastTermAmount |
| BeijingBaijiaYiFoodCo.,Ltd. | Saleofgoods | 741,385.30 | 956,697.25 |
| BeijingErshangMeatFoodGroupCo.,Ltd. | Saleofgoods | 321,977.01 | 38,348.62 |
| BeijingGuchuanRiceIndustryCo.,Ltd. | Saleofgoods | 3,546,374.75 | 573,980.75 |
| BeijingGuchuanFoodCo.,Ltd. | Saleofgoods | 162,957.15 | 105,363.45 |
| BeijingJingliangDongfangGrainandOilTradingCo.,Ltd. | Saleofgoods | 720,249.19 | 1,341,520.28 |
| BeijingLanfengVegetableDistributionCo.,Ltd. | Saleofgoods | 45,321.09 | 348,547.63 |
| BeijingLiubijuHuairouFoodCo.,Ltd. | Saleofgoods | 4,474,697.25 | 54,495.41 |
| BeijingFarmProduceCentralWholesaleMarketCo.,Ltd. | Saleofgoods | 574,128.44 | |
| BeijingSanyuanSeedIndustryTechnologyCo.,Ltd. | Saleofgoods | 23,025,573.84 | 26,911,055.50 |
| BeijingHaidianXijiaoGrainandOilSupplyStationCo.,Ltd. | Saleofgoods | 662,935.77 | 874,862.38 |
| BeijingJingduJinguGrainPurchaseandSalesCo.,Ltd. | Saleofgoods | 1,008,073.39 | |
| BeijingFoodSupplyBureauNo.34SupplyDepartmentCo.,Ltd. | Saleofgoods | 1,067,370.93 | 1,283,674.22 |
| BeijingZhangxinGrainStorageCo.,Ltd. | Saleofgoods | 638,444.95 | 804,587.15 |
| BeijingShounongDevelopmentCo.,Ltd. | Saleofgoods | 12,667.19 | 488,546.78 |
| BeijingShounongFoodGroupCo.,Ltd. | Saleofgoods | 187,682.30 | 55,236.91 |
| RelatedParty | Related-partyTransaction | CurrentAmount | LastTermAmount |
| BeijingShounongXiangshanCommercialCo.,Ltd. | Saleofgoods | 377,339.45 | 81,393.57 |
| BeijingShounongConsumptionAssistanceandDoubleInnovationCenterCo.,Ltd. | Saleofgoods | 5,644,660.53 | 4,945,882.56 |
| BeijingWangZhiheFoodCo.,Ltd. | Saleofgoods | 13,829,319.37 | |
| BeijingWuhuanShuntongSupplyChainManagementCo.,Ltd. | Saleofgoods | 1,686,159.79 | 1,081,550.08 |
| FengzhenDahongmenAgri-animalHusbandryCo.,Ltd | Saleofgoods | 243,453.21 | |
| HebeiAnpingDahongmenFoodCo.,Ltd. | Saleofgoods | 233,410.08 | |
| HebeiLuanpingHuaduFoodCo.,Ltd. | Saleofgoods | 42,834,513.38 | 22,679,467.01 |
| HebeiShounongModernAgriculturalTechnologyCo.,Ltd. | Saleofgoods | 7,038,976.91 | 9,595,145.59 |
| ShanghaiShounongInvestmentHoldingCo.,Ltd. | Saleofgoods | 10,188,510.75 | 221,340,202.14 |
| BeijingShounongAnimalHusbandryDevelopmentCo.,Ltd. | Saleofgoods | 3,439,590.99 | |
| Otherrelatedpartiesofthecompany | Saleofgoods | 744,094.58 | 1,109,614.83 |
| BeijingGuchuanFoodCo.,Ltd. | Provisionofservices | 55,691.22 | |
| BeijingShounongFoodGroupCo.,Ltd. | Provisionofservices | 1,745,187.40 | |
| ShanghaiShounongInvestmentHoldingCo.,Ltd. | Provisionofservices | 1,488,720.68 | 112,517.83 |
| Otherrelatedpartiesofthecompany | Provisionofservices | 10,511.42 | 19,163.48 |
Explanationofthepurchaseandsaleofgoods,provision,andreceiptofservices:Thetransactionpricesarebasedonthepriceschargedforthesameorsimilarbusinessactivitiesbetweenunrelatedparties.
(2)Related-partylease
IftheCompanyisthelessee
| NameofLessor | TypeofLeasedAsset | Rentalcostofsimplifiedtreatmentofshort-termleaseandlow-valueleaseasset | Variableleasepaymentnotincludedinthecalculationofleaseliabilities | ||
| LeaseExpenseRecognizedintheCurrentPeriod | LeaseExpenseRecognizedinthePriorPeriod | LeaseExpenseRecognizedintheCurrentPeriod | LeaseExpenseRecognizedinthePriorPeriod | ||
| BeijingGrainGroupCo.,Ltd | Houseleasing | 1,993,824.66 | 1,730,480.00 | ||
| BeijingMunicipalGrainResearchInstituteCo.,Ltd | Houseleasing | ||||
| BeijingShounongFoodEmergencySecurityCenterCo.,Ltd | Oiltank | 1,378,150.02 | 1,378,125.00 |
| BeijingNanyuanPlantOilFactory. | Houseleasing | 323,809.52 |
（Continued）
| NameofLessee | Paymentofrent | Interestexpenseonleaseliabilities | Increaseinright-of-useassets | |||
| LeaseExpenseRecognizedintheCurrentPeriod | LeaseExpenseRecognizedinthePriorPeriod | LeaseExpenseRecognizedintheCurrentPeriod | LeaseExpenseRecognizedinthePriorPeriod | LeaseExpenseRecognizedintheCurrentPeriod | LeaseExpenseRecognizedinthePriorPeriod | |
| BeijingGrainGroupCo.,Ltd | 2,643,794.11 | |||||
| BeijingMunicipalGrainResearchInstituteCo.,Ltd | 12,880,733.94 | 1,362,017.92 | 1,842,194.39 | |||
| BeijingShounongFoodEmergencySecurityCenterCo.,Ltd | ||||||
| BeijingNanyuanPlantOilFactory. | 323,809.52 | |||||
(3)Remunerationforkeymanagementstaff
| Item | CurrentAmount | LastTermAmount |
| RemunerationforKeyManagementStaff | 2,152,233.34 | 2,498,800.00 |
(4)OtherRelated-partyTransactions
| GuaranteedParty | Related-partyTransaction | CurrentAmount | LastTermAmount |
| BeijingGuchuanFoodCo.,Ltd | Brandroyaltyincome | 1,497,800.00 | |
| BeijingGrainGroupCo.,Ltd. | Trademarktransferincome | 25,235,377.36 | |
| BeijingShounongFoodGroupFinanceCo.,Ltd | Interestincome | 3,062,947.99 | 3,888,582.97 |
| BeijingShounongFoodGroupFinanceCo.,Ltd | Interestexpense | 1,416,388.89 |
6.RelatedpartyReceivablesandPayables
(1)Receivables
| Item | Related-party | ClosingBalance | OpeningBalance | ||
| BookBalance | ProvisionforBadDebts | BookBalance | ProvisionforBadDebts | ||
| Monetaryfunds | BeijingShounongFoodGroupFinanceCo.,Ltd | 1,069,108,665.24 | 840,710,693.25 | ||
| Receivables | BeijingBaiJiayiFoodCo.,Ltd | 254,250.00 | 160,250.00 | ||
| Receivables | BeijingDiandaoOnlineSalesCo.,Ltd. | 10,468.00 | |||
| Receivables | BeijingErshangMeatFoodGroupCo.,Ltd. | 6,950.00 | 17,075.00 | ||
| Receivables | BeijingGuchuanRiceIndustryCo.,Ltd. | 3,474,235.50 | |||
| Receivables | BeijingGuchuanFoodCo.,Ltd. | 2,450.00 | 24,012.00 | ||
| Receivables | BeijingJingliangDongfangGrainandOilTradingCo.,Ltd | 54,276.00 | 319,534.75 | ||
| Receivables | BeijingLanfengVegetableDistributionCo.,Ltd | 3,900.00 | 26,000.00 | ||
| Receivables | BeijingGrainGroupCo.,Ltd. | 26,749,500.00 | |||
| Receivables | BeijingSanyuanSeedIndustryTechnologyCo.,Ltd. | 6,997,646.04 | 6,108,044.61 | ||
| Receivables | BeijingZhangxinGrainReserveCo.,Ltd | 284,995.00 | 119,717.50 | ||
| Receivables | BeijingShouchengShanshuiRealEstateCo.,Ltd. | 8,700.00 | |||
| Receivables | BeijingShounongAnimalHusbandryDevelopmentCo.,Ltd. | 1,036,364.88 | 332,181.38 | ||
| Receivables | BeijingShounongDevelopmentCo.,Ltd. | 3,762.00 | |||
| Receivables | BeijingShounongXiangshanCommercialCo.,Ltd. | 292,500.00 | |||
| Receivables | BeijingShounongConsumptionandPovertyAlleviationDoubleCreationCenterCo.,Ltd | 1,837,690.00 | 371,250.00 | ||
| Receivables | BeijingTaiyuPropertyManagementCo.,Ltd. | 8,655.00 | |||
| Receivables | BeijingWuhuanShuntongSupplyChain | 284,486.00 | |||
| Item | Related-party | ClosingBalance | OpeningBalance | ||
| BookBalance | ProvisionforBadDebts | BookBalance | ProvisionforBadDebts | ||
| ManagementCo.,Ltd | |||||
| Receivables | HebeiAnpingDahongmenFoodCo.,Ltd. | 390,000.00 | 156,000.00 | ||
| Receivables | HebeiLuanpingHuaduFoodCo.,Ltd | 25,360,644.09 | 28,001,392.07 | ||
| Receivables | HebeiShounongModernAgricultureTechnologyCo.,Ltd | 1,751,725.66 | 1,945,602.36 | ||
| Prepayment | BeijingGrainScienceResearchInstituteCo.,Ltd. | 4,000,000.00 | |||
| Prepayment | ShanghaiShounongInvestmentHoldingCo.,Ltd | 7,900,826.44 | |||
(2)Payables
| Item | Related-party | ClosingBalance | OpeningBalance |
| Contractliability | BeijingDiandaoOnlineSalesCo.,Ltd. | 0.20 | |
| Contractliability | BeijingShouchengShanshuiRealEstateCo.,Ltd. | 12,170.00 | |
| Contractliability | BeijingShounongDevelopmentCo.,Ltd. | 26,770.00 | |
| Contractliability | ShanghaiShounongInvestmentHoldingCo.,Ltd. | 3,743,906.19 | |
| Otherpayables | BeijingERSHANGGroupCo.,Ltd. | 210.00 | |
| Otherpayables | BeijingJingliangE-CommerceCo.,Ltd. | 16,972.80 | 16,972.80 |
| Otherpayables | BeijingGrainGroupCo.,Ltd. | 200,000.00 | 3,652,500.00 |
| Payables | BeijingErshangDahongmenWurouLianFoodCo.,Ltd. | 898.00 | |
| Payables | BeijingGuchuanFoodCo.,Ltd. | 116,000.00 | 275,504.58 |
| Payables | BeijingShounongFoodEmergencyGuaranteeCenterCo.,Ltd. | 1,378,150.02 |
XIIISharebasedpayment
Thecompanydoesnothaveanyshare-basedpaymentsthatneedtobedisclosed.XIVCommitmentsandContingenciesAsoftheendofthisreportingperiod,thecompanyanditssubsidiarieshaveanapprovedguaranteequotaof
5.568billionyuan.Theactualguaranteesusedbythecompanyanditssubsidiariesamountto1.241billionyuan,
whichaccountsfor39.41%ofthecompany'snetassetsattributabletotheparentcompany.Alltheseguaranteesarebetweenthecompanyanditssubsidiaries.Thecompanyanditssubsidiariesdonotprovideguaranteesforentitiesoutsidetheconsolidatedfinancialstatements.XVEventsaftertheBalanceSheetDate
1.DistributionofProfitsAsofthedateofthisfinancialreport,thecompanyhasnoimportantnon-adjustmentmattersthatneedtobedisclosed.XVIOtherImportantMatters
1.AnnuityPlanPensionPlanOverview:Thecompaniesunderthegroup,includingBeijingJingliangFoodCo.,Ltd.,Jingliang(Tianjin)GrainandOilIndustryCo.,Ltd.,BeijingGuchuanOilCo.,Ltd.,BeijingAisenGreenbaoOilCo.,Ltd.,BeijingJingliangOilsCo.,Ltd.,BeijingGuchuanBreadandFoodCo.,Ltd.,andBeijingTianweikangOilAdjustmentCenterCo.,Ltd.,participateinthepensionplanofBeijingShounongFoodGroupCo.,Ltd.Eachcompanyhasestablisheditsownimplementationrulesforthepensionplan.Thepensionplanisnamed"PingAnJinxiuLifeCorporatePensionPlan."ThetrusteeandaccountmanagerarebothPingAnPensionInsuranceCo.,Ltd.,andthecustodianisCITICBankCo.,Ltd.
2.InformationofDivision
(1)BasisofdeterminationandaccountingpoliciesforreportingofdivisionsTheCompany'sbusinessesconsistoffoodprocessing,oilandgreaseandsoonaccordingtoitsinternalorganizationalstructure,managementrequirementsandinternalreportingsystem.TheCompany'smanagementregularlyevaluatestheoperatingresultsofthesedivisionstodeterminetheallocationofresourcestothemandevaluatetheirperformance.Theinformationreportedbydivisionsshouldbedisclosedaccordingtotheaccountingpoliciesandmeasurementstandardsadoptedbysuchdivisionswhentheyarereportingtothemanagement.Thesemeasurementbasesshouldbeconsistentwiththeaccountingandmeasurementbasesforpreparationoffinancialstatements.
(2)Reportingofthefinancialinformationofdivisions
| Item | FoodProcessing | Oil&Grease | OffsetAmongDivisions | Total |
| OperatingIncome | 352,231,080.19 | 3,857,638,830.99 | 1,723,655.32 | 4,208,146,255.86 |
| OperatingCosts | 279,386,736.11 | 3,695,099,645.77 | 1,723,655.32 | 3,972,762,726.56 |
| TotalAssets | 962,644,032.38 | 6,880,957,861.50 | 324,737,229.64 | 7,518,864,664.24 |
| TotalLiabilities | 76,448,680.28 | 4,252,016,353.93 | 324,737,229.64 | 4,003,727,804.57 |
XVIINotestoMainFinancialStatementItemsofParentCompany
1.AccountsReceivable
(1)Disclosedaccordingtoaging
| Aging | ClosingBalance | OpeningBalance |
| Within1Year | 436,992.00 | |
| Total | 436,992.00 |
(2)Presentaccordingtothemethodofprovisionforbaddebt
| Type(s) | ClosingBalance | ||||
| BookBalance | BadDebtProvision | BookValue | |||
| Amount | Ratio(%) | Amount | ProvisionRatio(%) | ||
| Separateprovisionforbaddebts | |||||
| Portfolioprovisionforbaddebts | 436,992.00 | 100.00 | 436,992.00 | ||
| Total | 436,992.00 | —— | —— | 436,992.00 | |
(Continued)
| Type(s) | OpeningBalance | ||||
| BookBalance | BadDebtProvision | BookValue | |||
| Amount | Ratio(%) | Amount | ProvisionRatio(%) | ||
| Separateprovisionforbaddebts | |||||
| Portfolioprovisionforbaddebts | |||||
| Total | |||||
(3)AccountsreceivableoftheTop5balancescollectedbyDebtorsandContractualAssetsSituationsattheendoftheperiod
| NameofEntity | Accountsreceivable | ContractAssetsEndingBalance | EndingBalanceofReceivablesandContractAssets | ProportionofEndingBalanceofReceivablesandContractAssets（%） | BadDebtProvision |
| HainanZhujiangRealEstateHotelManagementCo.,Ltd. | 436,992.00 | 436,992.00 | 100.00 | ||
| Total | 436,992.00 | 436,992.00 | 100.00 |
2.OtherReceivables
| Item | ClosingBalance | OpeningBalance |
| Dividendsreceivable | 18,000,000.00 | |
| Otherreceivables | 930,000,000.00 | 930,000,000.00 |
| Total | 930,000,000.00 | 948,000,000.00 |
(1)OtherReceivablesA.Disclosedaccordingtoaging
| Aging | ClosingBalance | OpeningBalance |
| Within1Year | 930,000,000.00 | 930,000,000.00 |
| Total | 930,000,000.00 | 930,000,000.00 |
B.Classificationofotherreceivablesbynatureoffunds
| NatureofFunds | BookBalanceatEndofPeriod | BookBalanceatBeginningofYear |
| IntercourseFundsofEntities | 930,000,000.00 | 930,000,000.00 |
| Total | 930,000,000.00 | 930,000,000.00 |
C.Detailsofbaddebtprovision
| Type(s) | ClosingBalance | ||||
| BookBalance | BadDebtProvision | BookValue | |||
| Amount | Ratio(%) | Amount | Expectedcreditlossrate(%) | ||
| Separateprovisionforbaddebts | |||||
| Portfolioprovisionforbaddebts | 930,000,000.00 | 100.00 | 930,000,000.00 | ||
| Total | 930,000,000.00 | —— | —— | 930,000,000.00 | |
(Continued)
| Type(s) | OpeningBalance | ||||
| BookBalance | BadDebtProvision | BookValue | |||
| Amount | Ratio(%) | Amount | Expectedcreditlossrate(%) | ||
| Separateprovisionforbaddebts | |||||
| Portfolioprovisionforbaddebts | 930,000,000.00 | 100.00 | 930,000,000.00 | ||
| Total | 930,000,000.00 | —— | —— | 930,000,000.00 | |
D.Otherreceivablesaccordingtotopfiveofbalanceatendofperiodcollectedbydebtors
| NameofOrganization | BalanceatEndofPeriod | ProportioninoverallClosingBalanceofotherreceivables(%)%） | NatureofFunds | Aging | ClosingBalanceofbaddebtreserves |
| BeijingJingliangFoodCo.,Ltd. | 930,000,000.00 | 100.00 | Relatedpartyborrowing | Within1year | |
| Total | 930,000,000.00 | 100.00 | —— | —— |
3.Long-termEquityInvestment
(1)ThesituationofLong-termEquityInvestments
1)Long-termEquityInvestmentClassification
| Item | BeginningBalance | CurrentPeriodIncrease | CurrentPeriodDecrease | EndingBalance |
| Investmentinsubsidiaries | 2,340,799,283.19 | 101,600,000.00 | 2,442,399,283.19 | |
| Total | 2,340,799,283.19 | 101,600,000.00 | 2,442,399,283.19 |
2)Investmentinsubsidiaries
| InvestedEntity | OpeningBalance | CurrentIncrease | CurrentDecrease | ClosingBalance | CurrentProvisionforImpairment | ClosingBalanceofProvisionforImpairment |
| BeijingJingliangFoodCo.,Ltd. | 2,051,781,964.05 | 2,051,781,964.05 | ||||
| ZhejianglittleprinceFoodCo.,Ltd | 249,017,319.14 | 249,017,319.14 | ||||
| Jingliang(Yangpu)GrainandOilIndustryCo.,Ltd. | 6,500,000.00 | 19,500,000.00 | 26,000,000.00 | |||
| Jingliang(Caofeidian)AgriculturalDevelopmentCo.,Ltd. | 25,500,000.00 | 25,500,000.00 | ||||
| Jingliang(Beijing)Bakery&FoodsCo.,Ltd. | 8,000,000.00 | 82,100,000.00 | 90,100,000.00 | |||
| Total | 2,340,799,283.19 | 101,600,000.00 | 2,442,399,283.19 |
4.OperatingIncomeandOperatingCostsDetailsofoperatingincomeandoperatingcosts
| Item | CurrentAmount | LastTermAmount |
| Income | Cost | Income | Cost | |
| Otherbusinesses | 561,810.67 | 169,130.82 | 2,047,313.31 | 170,581.26 |
| Total | 561,810.67 | 169,130.82 | 2,047,313.31 | 170,581.26 |
5.Incomefrominvestment
| Sourcesofinvestmentincome | CurrentAmount | LastTermAmount |
| Longtermequityinvestmentincomecalculatedbycostmethod | 86,434,733.13 | 191,582.04 |
| Investmentincomefromdisposaloflong-termequityinvestments | 27,829,877.46 | |
| Total | 86,434,733.13 | 28,021,459.50 |
XVIIISupplementaryInformation
1.Detailsofnon-recurringprofitandlossinthereportingperiod
| Detailsofnon-recurringprofitandloss | Amount | Note |
| Non-currentassetdisposalgainsandlosses,includingthereversalofassetimpairmentprovisions | 16,249,418.26 | |
| Governmentsubsidiesrecognizedinthecurrentperiodbutnotcloselyrelatedtonormalbusinessoperations,andthosethathaveacontinuousimpactonthecompany'sprofitandloss | 655,472.94 | |
| Fairvaluechangesoffinancialassetsandliabilitiesheldbynon-financialenterprises,aswellasgainsandlossesfromthedisposaloffinancialassetsandliabilities,excludingeffectivehedgingactivitiesrelatedtothecompany'snormalbusinessoperations | ||
| Occupationfeesforfundscollectedfromnon-financialenterprises | ||
| Profitorlossonentrustingotherstoinvestormanageassets | ||
| Profitorlossfromexternalentrustedloans | ||
| Lossofassetsduetoforcemajeure,suchasnaturaldisasters | ||
| Reversalofimpairmentchargesforreceivablesthataretestedseparatelyforimpairment | ||
| Theinvestmentcostofthesubsidiary,associateandjointventureislessthantheincomegeneratedbythefairvalueoftheinvestee'sidentifiablenetassetswhentheinvestmentisobtained |
Netprofitorlossfortheperiodfromthebeginningoftheperiodtothedateofconsolidationofsubsidiariesarisingfromabusinesscombinationunderthesamecontrol
| Gainsorlossesontheexchangeofnon-monetaryassets |
| Debtrestructuringgainsandlosses |
| One-timeexpensesincurredbytheenterpriseduetothecessationofrelevantbusinessactivities,suchasexpensesfortheplacementofemployees,etc |
| One-timeimpactonprofitorlossforthecurrentperiodduetoadjustmentstolawsandregulationssuchastaxationandaccounting |
| Share-basedpaymentexpensesrecognizedatonetimeduetocancellationormodificationoftheequityincentiveplan |
| Forcash-settledshare-basedpayments,gainsorlossesarisingfromchangesinthe |
| Detailsofnon-recurringprofitandloss | Amount | Note |
| fairvalueofemployeeremunerationpayableafterthevestingdate | ||
| Gainsandlossesarisingfromchangesinthefairvalueofinvestmentrealestatethataresubsequentlymeasuredusingthefairvaluemodel | ||
| Proceedsfromtransactionswherethepriceofthetransactionisclearlyunfair | ||
| Profitorlossarisingfromcontingenciesunrelatedtothenormaloperationofthecompany | ||
| Custodyfeeincomeobtainedfromentrustedoperations | ||
| Othernon-operatingincomeandexpensesotherthanthoselistedabove | -16,467,252.93 | |
| Otherprofitorlossitemsthatmeetthedefinitionofnon-recurringprofitorloss | ||
| Less:Incometaximpact | 103,044.78 | |
| ImpactofMinorityInterest(After-Tax) | -869,033.42 | |
| Total | 1,203,626.91 |
2.ReturnonequityandearningspershareSituationonreturnonequityandearningspershare
| ReportPeriodProfit | WeightedAverageReturnonEquity（%） | EarningsPerShare | |
| BasicEPS | DilutedEPS | ||
| Netprofitattributabletoordinaryshareholdersofthecompany | 0.57 | 0.02 | 0.02 |
| Deductingnon-recurringgainsandlosses,netprofitattributabletoordinaryshareholdersofthecompany | 0.53 | 0.02 | 0.02 |
HainanJingliangHoldingsCo.,Ltd.
28August2025