MING YANG SMART ENERGY GROUP LIMITED
(GDR under the symbol: "MYSE")
(a joint stock company established under the laws of the People's Republic of China with limited liability)
2024 Third Quarterly Report
IMPORTANT NOTICE
The Board of Directors, the Supervisory Committee and the Directors, Supervisors and senior management of the Company warrant that the information contained herein is true, accurate and complete and that there are no false representations, misleading statements contained in or material omissions from this quarterly report, for which they jointly and severally accept legal responsibility.
The person in charge of the Company, the person in charge of accounting, and the head of the accounting firm (accounting chief) warrant that the financial information contained herein is true, accurate and complete.
Whether the third quarterly financial statements were audited:
□Yes √No
I. KEY FINANCIAL DATA
（I） Key Accounting Data and Financial Indicators
Unit: Yuan Currency: RMB
| Items | Reporting Period | Corresponding period last year | Increase/decrease for the Reporting Period form the corresponding period last year (%) | From the beginning of the year to the end of Reporting Period | Corresponding period last year | Increase/decrease for the period from the beginning of the year to the end of Reporting Period from the corresponding period last year (%) | ||
| Before adjustment | After adjustment | After adjustment | Before adjustment | After adjustment | After adjustment | |||
| Operating income | 8,440,559,256.23 | 10,398,611,805.11 | 10,470,383,005.50 | -19.39 | 20,236,621,066.72 | 20,957,817,340.32 | 21,111,588,962.51 | -4.14 |
| Net profit attributable to shareholders of the listed company | 147,854,295.34 | 573,680,529.77 | 581,478,243.05 | -74.57 | 808,510,813.26 | 1,227,801,867.37 | 1,235,965,477.55 | -34.58 |
| Net profit attributable to shareholders of the listed company after deducting extraordinary profit and loss | 123,009,929.24 | 538,222,032.16 | 546,019,745.44 | -77.47 | 678,843,890.82 | 1,075,426,041.29 | 1,083,589,651.47 | -37.35 |
| Net cash flows from operating activities | N/A | N/A | N/A | N/A | -4,637,441,458.49 | -2,319,208,958.69 | -2,331,524,820.47 | N/A |
| Basic earnings per share (RMB/share) | 0.07 | 0.26 | 0.26 | -73.08 | 0.36 | 0.55 | 0.55 | -34.55 |
| Diluted earnings per share (RMB/share) | 0.07 | 0.26 | 0.26 | -73.08 | 0.36 | 0.55 | 0.55 | -34.55 |
| Weighted average return on net assets (%) | 0.54 | 1.97 | 1.97 | decrease by 1.43 percentage points | 2.93 | 4.27 | 4.27 | decrease by 1.34 percentage points |
| | As at the end of the Reporting Period | As at the end of last year | Increase/decrease for the end of the Reporting Period from the end of the last year (%) | |||||
| Before adjustment | After adjustment | After adjustment | ||||||
| Total assets | 82,919,568,907.16 | 83,861,255,864.75 | 84,220,696,668.06 | -1.54 | ||||
| Owner's equity attributable to shareholders of the listed company | 27,032,719,310.81 | 27,422,713,697.82 | 27,559,515,987.93 | -1.91 | ||||
Note: The "Reporting Period" refers to the period of three months from the beginning of this quarter to the end of this quarter, which applies to the sections below.
Explanation on the reasons for retrospective adjustment or restatement
1. According to the Resolution on Acquisition of 100% Equity of Guangdong Mingyang Longyuan Power Electronics Co., Ltd. and Related Transactions approved by Ming Yang Smart Energy Group Limited (the "Company") at the fourth meeting of the third session of the Board of Directors on 12 January 2024, the Company acquired 100% equity interests in Guangdong Mingyang Longyuan Power Electronics Co., Ltd. ("Guangdong Mingyang Longyuan"), a wholly-owned subsidiary of Zhongshan Mingyang Electric Appliances Co., Ltd. The aforesaid transaction was completed on 16 January 2024, and in accordance with the 'Accounting Standard for Business Enterprises No. 33 - Consolidated Financial Statements' and related regulations, the Company consolidated Guangdong Mingyang Longyuan and its subsidiaries into its consolidated financial statements.
2. The acquisition of 100% equity interest in Guangdong Mingyang Longyuan by the Company constituted a business combination under the same control as the Company and Guangdong Mingyang Longyuan are both controlled by Mingyang New Energy Investment Holding Group Co., Ltd. and such control is non-temporary. According to the relevant provisions of the Accounting Standard for Business Enterprises No. 33 - Consolidated Financial Statements, the addition of a subsidiary as a result of the same-control business combination during the Reporting Period should be regarded as a consolidated reporting entity that has existed in the previous periods, and the Company is required to make retrospective adjustments to the financial statement data of the previous years. That is, the Company shall adjust the opening balance of the consolidated balance sheet when preparing the consolidated balance sheet; the items from the beginning of the current period to the end of the reporting period of Guangdong Mingyang Longyuan shall be included in the consolidated income statement and the cash flow statement when preparing the consolidated income statement and the cash flow statement; and at the same time, adjustments shall be made to the relevant items of the aforesaid financial statements for the comparative periods, and the consolidated reporting entity shall be deemed to have been in existence from the time when the ultimate controlling party started to exercise control.
（II） Extraordinary Profit and Loss Items and Amounts
√Applicable □Not applicable
Unit: Yuan Currency: RMB
| Extraordinary profit and loss items | Amount during the Period | Amount from the beginning of the year to the end of the Reporting Period | Description |
| Profit or loss on disposal of non-current assets (including the part offset with the provision for impairment of assets) | -337,758.19 | -1,733,240.08 | |
| Government grants (except for the grants which are closely related to the Company's normal business, are in compliance with the provisions of China and have the standard amount and continuing impact on the Company's profit or loss in accordance with the national standard) included in current profits and losses | 25,286,686.74 | 54,781,702.41 | |
| Profit or loss from changes in fair value arising from financial assets and financial liabilities held by non-financial enterprises, and profit or loss arising from disposal of financial assets and financial liabilities other than effective hedging business related to the Company's normal business operations | 18,547,356.91 | 114,919,131.24 |
|
| Capital occupation fee received from non-financial enterprises and included in current profit or loss | | | |
| Profit or loss from entrusted investment or asset management | | | |
| Profit or loss from entrusted loans | | | |
| Asset impairment provisions due to force majeure factors such as natural disasters | | | |
| Reversal of provision made for impairment of receivables that are individually tested for impairment | 562,126.34 | 30,114,596.07 |
|
| Gains when the investment cost of acquiring a subsidiary, an associate and a joint venture is less than the fair value of the identifiable net assets of the invested entity | | | |
| Net profit or loss of subsidiaries for the period from the beginning of the period to the date of combination arising from business combination under common control | | | |
| Gain or loss from exchange of non-monetary assets | | | |
| Gain or loss from debt restructuring | | | |
| One-off expenses arising from discontinued continuing activities of the company such as staff settlement expenses | | | |
| Impact on the current profit or loss by one-off adjustment according to laws and regulations related to tax and accounting | | | |
| Share payment expenses recognized due to cancelling and amending share option incentive scheme | | | |
| Profit or loss arising from the changes in fair value of staff salary payable in respect of shares payment in cash after the day of right exercise | | | |
| Profit or loss from changes in fair value of investment properties subsequently measured in the fair value mode | | | |
| Gains that exceed the fair value in transactions with unfair price | | | |
| Profit or loss arising from contingent events unrelated to the normal operations of the Company | | | |
| Custody fee income from entrusted operations | | | |
| Other non-operating income and expenses other than the above | -14,511,104.06 | -42,677,487.96 | |
| Other profit or loss items that meet the definition of extraordinary profit or loss | 0.00 | 102,143.99 | |
| Less: Amount of effects of income tax | 4,785,874.87 | 24,974,045.70 | |
| Amount of effects of minority interests (after tax) | -82,933.23 | 865,877.53 | |
| Total | 24,844,366.10 | 129,666,922.44 | |
Explanation on non-recurring gains and losses items defined by the Company according to unlisted cases of "Explanatory Announcement No. 1 for Companies Offering Securities to the Public - Non-operating Profit or Loss" with material amount and defining the non-recurring gains and losses items listed in the "Explanatory Announcement No. 1 for Companies Offering Securities to the Public - Non-operating Profit or Loss" as recurring gains or losses items.
□Applicable √ Not applicable
（III） Significant changes of key accounting items and financial indicators and the reasons for the changes
√Applicable □Not applicable
| Items | Change (%) | Main reasons for change |
| Net profit attributable to shareholders of the listed company _ from the beginning of the year to the end of the Reporting Period | -34.58 | Mainly due to the decrease of the price of wind turbines and the decrease of the delivery scale of offshore wind turbines |
| Net profit attributable to shareholders of the listed company after deducting extraordinary profit and loss _ from the beginning of the year to the end of the Reporting Period | -37.35 | Same as above |
| Basic earnings per share (RMB/share) _ from the beginning of the year to the end of the Reporting Period | -34.55 | Mainly due to the decrease of the net profit attributable to shareholders of the listed company during the period |
| Diluted earnings per share (RMB/share) _ from the beginning of the year to the end of the Reporting Period | -34.55 | Same as above |
| Net profit attributable to shareholders of the listed company _ for the Reporting Period | -74.57 | Mainly due to the decrease of the price of wind turbines and the decrease of the delivery scale of offshore wind turbines |
| Net profit attributable to shareholders of the listed company after deducting extraordinary profit and loss _ for the Reporting Period | -77.47 | Same as above |
| Basic earnings per share (RMB/share)_ for the Reporting Period | -73.08 | Mainly due to the decrease of the net profit attributable to shareholders of the listed company during the period |
| Diluted earnings per share (RMB/share) _ for the Reporting Period | -73.08 | Same as above |
II. INFORMATION ON SHAREHOLDER
（I） Total number of ordinary shareholders, total number of holders of preference shares with voting rights restored and shareholdings of the top ten shareholders
Unit: share
| Total number of ordinary shareholders as at the end of the Reporting Period | 139,842 | Total number of preference shareholders whose voting rights were restored as at the end of the Reporting Period (if any) | 0 | |||
| Shareholdings of the top ten shareholders (excluding shares lent through refinancing) | ||||||
| Name of shareholder | Nature of shareholder | Number of shares held | Percentage of shares held (%) | Number of shares held subject to restrictions on sale | Shares pledged, marked or frozen | |
| Status of shares | Number | |||||
| WISER TYSON INVESTMENT CORP LIMITED | Overseas legal person | 157,062,475 | 6.91 | - | Pledged | 121,700,475 |
| FIRST BASE INVESTMENTS LIMITED | Overseas legal person | 119,470,011 | 5.26 | - | Pledged | 95,000,000 |
| Mingyang New Energy Investment Holding Group Co., Ltd. | Domestic non-state-owned legal person | 113,591,612 | 5.00 | - | Pledged | 12,000,000 |
| Hong Kong Securities Clearing Company Limited | Others | 76,055,645 | 3.35 | - | Nil | - |
| Mingyang New Energy Investment Holding Group Co., Ltd.－special account for pledge of convertible corporate bonds non-publicly issued to professional investors in 2023 (first tranche) | Domestic non-state-owned legal person | 50,640,000 | 2.23 | - | Pledged | 50,640,000 |
| KEYCORP LIMITED | Overseas legal person | 44,683,336 | 1.97 | - | Pledged | 44,390,000 |
| Ningbo Boyun Tiancheng Venture Capital Partnership (Limited Partnership) | Domestic non-state-owned legal person | 36,647,003 | 1.61 | - | Nil | - |
| Mingyang New Energy Investment Holding Group Co., Ltd.－special account for pledge of convertible corporate bonds non-publicly issued to professional investors in 2024 (first tranche) | Domestic non-state-owned legal person | 35,820,000 | 1.58 | - | Pledged | 35,820,000 |
| China Pacific Life Insurance Co., Ltd － Dividend － Personal Dividend | Others | 34,046,207 | 1.50 | - | Nil | - |
| Bank of Communications Co., Ltd.- HSBC Jintrust Low-Carbon Pioneer Stock Securities Investment Fund | Others | 32,686,383 | 1.44 | - | Nil | - |
| Shareholdings of the top ten shareholders of shares not subject to lock-up (excluding shares lent through refinancing) | ||||||
| Name of shareholder | Number of unrestricted outstanding shares | Class and number of shares | ||||
| Class | Number | |||||
| WISER TYSON INVESTMENT CORP LIMITED | 157,062,475 | RMB ordinary share | 157,062,475 | |||
| FIRST BASE INVESTMENTS LIMITED | 119,470,011 | RMB ordinary share | 119,470,011 | |||
| Mingyang New Energy Investment Holding Group Co., Ltd. | 113,591,612 | RMB ordinary share | 113,591,612 | |||
| Hong Kong Securities Clearing Company Limited | 76,055,645 | RMB ordinary share | 76,055,645 | |||
| Mingyang New Energy Investment Holding Group Co., Ltd.－special account for pledge of convertible corporate bonds non-publicly issued to professional investors in 2023 (first tranche) | 50,640,000 | RMB ordinary share | 50,640,000 | |||
| KEYCORP LIMITED | 44,683,336 | RMB ordinary share | 44,683,336 | |||
| Ningbo Boyun Tiancheng Venture Capital Partnership (Limited Partnership) | 36,647,003 | RMB ordinary share | 36,647,003 | |||
| Mingyang New Energy Investment Holding Group Co., Ltd.－special account for pledge of convertible corporate bonds non-publicly issued to professional investors in 2024 (first tranche) | 35,820,000 | RMB ordinary share | 35,820,000 | |||
| China Pacific Life Insurance Co., Ltd － Dividend － Personal Dividend | 34,046,207 | RMB ordinary share | 34,046,207 | |||
| Bank of Communications Co., Ltd.- HSBC Jintrust Low-Carbon Pioneer Stock Securities Investment Fund | 32,686,383 | RMB ordinary share | 32,686,383 | |||
| Description of connected relationship or concerted action among the above shareholders | (1) Due to the non-public issuance of exchangeable corporate bonds by the controlling shareholder, Mingyang New Energy Investment Holding Group Co., Ltd., the shares were pledged to Shenwan Hongyuan Securities Co., Ltd. through the transfer and registration with China Securities Depository and Clearing Co., Ltd., and independently registered as shareholder accounts, "Mingyang New Energy Investment Holding Group Co., Ltd. - Special pledge account for non-public issuance of exchangeable corporate bonds (first tranche) to professional investors in 2023" and "Mingyang New Energy Investment Holding Group Co., Ltd. - Special pledge account for non-public issuance of exchangeable corporate bonds (first tranche) to professional investors in 2024". Mingyang New Energy Investment Holding Group Co., Ltd. holds a total of 200,051,612 shares of the Company.
(2) The above-mentioned shareholders, WISER TYSON INVESTMENT CORP LIMITED, FIRST BASE INVESTMENTS LIMITED, KEYCORP LIMITED and Mingyang New Energy Investment Holding Group Co., Ltd. (including "Mingyang New Energy Investment Holding Group Co., Ltd. - Special pledge account for non-public issuance of exchangeable corporate bonds (first tranche) to professional investors in 2023" and "Mingyang New Energy Investment Holding Group Co., Ltd. - Special pledge account for non-public issuance of exchangeable corporate bonds (first tranche) to professional investors in 2024"), Ningbo Boyun Tiancheng Venture Capital Partnership (Limited Partnership) is under the control of Zhang Chuanwei, Wu Ling and Zhang Rui, the de facto controllers of the Company, and therefore are related parties to each other. | |||||
| Description of the top ten shareholders and top ten shareholders not subject to trading moratorium involved in margin financing and securities lending business and refinancing business (if any) | N/A | |||||
Information of shares lent through refinancing business by holders with a shareholding of 5%, the top 10 shareholders and the top 10 circulating shareholders not subjected to selling restrictions
□Applicable √Not applicable
The top 10 shareholders and the top 10 circulating shareholders not subjected to selling restrictions have changed from the last period due to shares lent/returned through refinancing
□Applicable √Not applicable
Information of the special repurchase accounts among the top 10 shareholders：The Company's top 10 shareholders have special repurchase accounts. As of 30 June 2024, Ming Yang Smart Energy Group Co., Ltd.'s special repurchase securities account held a total of 121,119,984 shares of the Company, representing 5.33% of the Company's total share capital.
III. OTHER REMINDERS
Other important information that needs to be brought to the attention of investors regarding the Company's operations during the Reporting Period
□ Applicable √ Not applicable
IV. QUARTERLY FINANCIAL STATEMENTS
（I） Type of Audit Opinion
□ Applicable √ Not applicable
（II） Financial Statements
Consolidated Balance Sheet
As at 30 September 2024
Unit: Yuan Currency: RMB Audit status: Unaudited
| Item | 30 September 2024 | 31 December 2023 |
| Current assets: | ||
| Cash and cash balances | 11,181,753,936.10 | 13,044,171,641.42 |
| Settlement provisions | | |
| Loans to banks and other financial institutions | | |
| Financial assets held for trading | 1,184,766.87 | 1,252,856.92 |
| Derivative financial assets | | |
| Notes receivable | 3,449,246.50 | 11,863,236.98 |
| Accounts receivable | 15,598,478,580.93 | 14,059,012,735.52 |
| Financing receivables | 1,420,752,676.91 | 786,889,059.96 |
| Prepayments | 891,501,258.28 | 771,123,302.42 |
| Insurance premium receivables | | |
| Due from reinsurers | | |
| Reinsurance contract reserve receivables | | |
| Other receivables | 1,316,947,449.45 | 844,770,862.89 |
| Including: Interest receivable | | |
| Dividends receivable | 196,912,115.57 | 76,049,647.00 |
| Financial assets purchased under agreements to resell | | |
| Inventories | 10,971,268,909.51 | 9,737,620,576.88 |
| Including: Data resources | | |
| Contract assets | 936,172,150.88 | 809,011,938.98 |
| Assets held for sale | | |
| Non-current assets due within one year | 1,949,397,015.46 | 1,522,949,500.26 |
| Other current assets | 2,334,888,763.31 | 2,094,947,559.40 |
| Total current assets | 46,605,794,754.20 | 43,683,613,271.63 |
| Non-current assets: | ||
| Loans and advances | | |
| Debt investment | | |
| Other debt investments | | |
| Long-term receivables | 10,000,000.00 | |
| Long-term equity investment | 810,545,865.34 | 539,499,971.39 |
| Other equity instrument investments | 145,529,449.71 | 122,673,711.33 |
| Other non-current financial assets | 597,589,515.25 | 560,117,024.70 |
| Investment properties | | |
| Fixed assets | 13,994,656,800.33 | 13,430,638,520.55 |
| Construction in progress | 4,976,137,656.32 | 8,777,325,916.28 |
| Productive biological assets | | |
| Oil and gas assets | | |
| Right-of-use assets | 236,899,387.03 | 380,944,562.26 |
| Intangible assets | 2,173,581,740.11 | 2,065,781,989.72 |
| Including: Data resources | | |
| Development expenditures | 613,433,172.94 | 246,004,739.30 |
| Including: Data resources | | |
| Goodwill | 68,569,375.91 | 68,569,375.91 |
| Long-term deferred expenses | 120,220,219.69 | 116,250,957.21 |
| Deferred tax assets | 1,356,968,206.47 | 1,158,364,240.20 |
| Other non-current assets | 11,209,642,763.86 | 13,070,912,387.58 |
| Total non-current assets | 36,313,774,152.96 | 40,537,083,396.43 |
| Total assets | 82,919,568,907.16 | 84,220,696,668.06 |
| Current liabilities: | ||
| Short-term borrowings | 1,147,330,876.87 | 874,387,154.28 |
| Borrowing from the central bank | | |
| Deposits and balances from banks and other financial institutions | | |
| Financial liabilities held for trading | | |
| Derivative financial liabilities | | |
| Notes payable | 7,633,096,970.69 | 11,433,450,444.40 |
| Accounts payable | 12,083,973,270.20 | 11,204,382,361.81 |
| Receipts in advance | | |
| Contract liabilities | 8,459,859,015.93 | 7,648,864,116.90 |
| Financial assets sold under agreements to buy-back | | |
| Customer deposits and balances from banks and other financial institutions | | |
| Proceeds from trading of securities as broker | | |
| Securities underwriting brokerage deposits | | |
| Employee payroll payable | 288,733,848.48 | 355,666,980.47 |
| Taxes payable | 192,961,458.34 | 255,802,703.90 |
| Other payables | 2,208,569,078.02 | 2,755,885,529.82 |
| Including: Interest payable | | |
| Dividends payable | 2,200,000.00 | 2,200,000.00 |
| Fees and commission payable | | |
| Reinsurance accounts payable | | |
| Liabilities held for sale | | |
| Non-current liabilities due within one year | 2,954,468,123.49 | 2,589,772,135.66 |
| Other current liabilities | 734,220,755.63 | 647,180,270.55 |
| Total current liabilities | 35,703,213,397.65 | 37,765,391,697.79 |
| Non-current liabilities: | ||
| Insurance contract liabilities | | |
| Long-term borrowings | 12,307,582,355.04 | 11,480,062,600.75 |
| Bond payables | | |
| Including: Preference shares | | |
| Perpetual bonds | | |
| Lease liabilities | 106,845,227.34 | 280,595,145.69 |
| Long-term payables | 3,132,059,170.62 | 2,827,124,148.98 |
| Long-term employee payroll payable | | |
| Estimated liabilities | 1,750,358,810.38 | 1,732,196,128.44 |
| Deferred income | 396,777,103.45 | 416,103,638.29 |
| Deferred tax liabilities | 1,280,299,740.84 | 1,117,458,022.43 |
| Other non-current liabilities | | |
| Total non-current liabilities | 18,973,922,407.67 | 17,853,539,684.58 |
| Total liabilities | 54,677,135,805.32 | 55,618,931,382.37 |
| Owners' equity (or shareholders' equity): | ||
| Paid-in capital (or share capital) | 2,271,594,206.00 | 2,271,759,206.00 |
| Other equity instruments | | |
| Including: Preference shares | | |
| Perpetual bonds | | |
| Capital reserve | 17,181,257,127.50 | 17,108,858,418.25 |
| Less: Treasury stock | 1,355,565,084.01 | 560,642,480.21 |
| Other comprehensive income | 49,756,786.84 | 49,344,950.77 |
| Special reserve | 115,701,247.50 | 74,772,468.49 |
| Surplus reserve | 795,833,097.67 | 795,833,097.67 |
| General risk reserve | | |
| Retained earnings | 7,974,141,929.31 | 7,819,590,326.96 |
| Total equity (or shareholders' equity) attributable to owners of the parent | 27,032,719,310.81 | 27,559,515,987.93 |
| Minority interest | 1,209,713,791.03 | 1,042,249,297.76 |
| Total owners' equity (or shareholders' equity) | 28,242,433,101.84 | 28,601,765,285.69 |
| Total liabilities and owners' equity (or shareholders' equity) | 82,919,568,907.16 | 84,220,696,668.06 |
Person-in-charge of the Company: Zhang Chuanwei Person-in-charge of accounting: Liang Caifa Head of accountant firm: Zhang Feng
Consolidated Income Statement
January to September 2024
Unit: Yuan Currency: RMB Audit status: Unaudited
| Item | First three quarters of 2024 (January to September) | First three quarters of 2023 (January to September) |
| I. Total revenue | 20,236,621,066.72 | 21,111,588,962.51 |
| Including: Operating revenue | 20,236,621,066.72 | 21,111,588,962.51 |
| Interest income | | |
| Earned premiums | | |
| Fee and commission revenue | | |
| II. Total operating cost | 20,287,976,841.08 | 20,146,406,287.44 |
| Including: Operating cost | 17,159,951,826.30 | 17,756,813,914.03 |
| Interest expenses | | |
| Fee and commission expenses | | |
| Surrenders | | |
| Net payments for insurance claims | | |
| Net provision of insurance reserve | | |
| Policyholder dividends | | |
| Reinsurance expenses | | |
| Taxes and surcharges | 115,210,839.03 | 81,003,920.17 |
| Selling expenses | 1,459,413,760.09 | 891,002,915.83 |
| Administrative expenses | 777,466,152.02 | 659,481,024.49 |
| R&D expenses | 501,035,158.59 | 739,969,305.31 |
| Financial expenses | 274,899,105.05 | 18,135,207.61 |
| Including: Interest expense | 380,619,192.19 | 254,200,226.22 |
| Interest income | 157,615,492.35 | 167,341,919.64 |
| Add: Other income | 396,279,728.21 | 143,449,781.98 |
| Investment income ("-" means loss) | 745,546,200.86 | 503,468,265.78 |
| Including: Income from investments in associates and joint ventures | 18,339,365.53 | 16,120,651.71 |
| Income from derecognition of financial assets measured at amortised cost | | |
| Exchange gains ("-" means loss) | | |
| Net exposure hedging gains ("-" means loss) | | |
| Gains on changes in fair value ("-" means loss) | -29,205,477.94 | -52,582,935.39 |
| Credit impairment losses ("-" means loss) | -24,083,195.79 | -179,531,954.85 |
| Asset impairment losses ("-" means loss) | -52,061,122.36 | -14,799,262.99 |
| Gains from disposal of assets ("-" means loss) | 3,227,250.04 | 4,699,864.18 |
| III. Operating profit ("-" means loss) | 988,347,608.66 | 1,369,886,433.78 |
| Add: Non-operating income | 18,217,132.81 | 52,079,041.46 |
| Less: Non-operating expenses | 65,855,110.87 | 23,556,854.84 |
| IV. Total profits ("-" means total losses) | 940,709,630.60 | 1,398,408,620.40 |
| Less: Income tax expense | 76,345,567.40 | 125,770,161.21 |
| V. Net profit ("-" means net loss) | 864,364,063.20 | 1,272,638,459.19 |
| (I) Classification by operation continuity | ||
| 1. Net profit from continuing operations ("-" means net loss) | 864,364,063.20 | 1,272,638,459.19 |
| 2. Net profit from discontinuing operations ("-" means net loss) | | |
| (II) Classification by ownership | ||
| 1. Net profit attributable to owners of the parent ("-" means net loss) | 808,510,813.26 | 1,235,965,477.55 |
| 2. Minority profit or loss ("-" means net loss) | 55,853,249.94 | 36,672,981.64 |
| VI. Other comprehensive income net of tax | 567,005.45 | -664,368.28 |
| (I) Other comprehensive income attributable to owners of the parent, net of tax | 411,836.07 | -604,565.22 |
| 1. Other comprehensive income that cannot be reclassified into profit or loss | 3,929,302.09 | 2,994,527.03 |
| (1) Changes arising from the re-measurement of defined benefit plan | | |
| (2) Other comprehensive income that cannot be transferred to profit or loss under the equity method | | |
| (3) Changes in fair value of other equity instrument investments | 3,929,302.09 | 2,994,527.03 |
| (4) Change in fair value of the enterprise's own credit risk | | |
| 2. Other comprehensive income that will be reclassified into profit or loss | -3,517,466.02 | -3,599,092.25 |
| (1) Other comprehensive income that can be transferred to profit or loss under the equity method | | |
| (2) Changes in fair value of other debt investments | | |
| (3) Amount of financial assets reclassified into other comprehensive income | | |
| (4) Provision for credit impairment of other debt investments | | |
| (5) Cash flow hedging reserves | | |
| (6) Exchange differences on translation of foreign currency financial statements | -3,517,466.02 | -3,599,092.25 |
| (7) Others | | |
| (II) Other comprehensive income attributable to minority shareholders, net of tax | 155,169.38 | -59,803.06 |
| VII. Total comprehensive income | 864,931,068.65 | 1,271,974,090.91 |
| (I) Total comprehensive income attributable to owners of the parent | 808,922,649.33 | 1,235,360,912.33 |
| (II) Total comprehensive income attributable to minority interest | 56,008,419.32 | 36,613,178.58 |
| VIII. Earnings per share: | ||
| (I) Basic earnings per share (RMB/Share) | 0.36 | 0.55 |
| (II) Diluted earnings per share (RMB/Share) | 0.36 | 0.55 |
For business combinations under common control that occurred during the Reporting Period, the net profit realised by the combined party prior to the combination is RMB0, while the net profit realised by the combined party during the previous period is RMB7,612,293.45.
Person-in-charge of the Company: Zhang Chuanwei Person-in-charge of accounting: Liang Caifa Head of accountant firm: Zhang Feng
Consolidated Cash Flow Statement
January to September 2024
Unit: Yuan Currency: RMB Audit status: Unaudited
| Item | First three quarters of 2024 (January to September) | First three quarters of 2023 (January to September) |
| I. Cash flow from operating activities: | ||
| Cash received from sales of goods and rendering of services | 18,279,497,292.67 | 16,446,792,955.00 |
| Net increase in customer deposits and placements from banks and other financial institutions | | |
| Net increase in loans from the central bank | | |
| Net increase in funds borrowed from other financial institutions | | |
| Cash received from premiums under original insurance contracts | | |
| Net cash received from re-insurance business | | |
| Net increase in deposits and investment from the insured | | |
| Cash received from interest, fees and commission | | |
| Net increase in placements from banks and other financial institutions | | |
| Net increase in repurchase business funds | | |
| Net cash received from securities trading brokerage business | | |
| Tax refunds received | 147,606,004.42 | 152,351,047.06 |
| Other cash received in connection with operating activities | 590,714,265.84 | 943,837,027.25 |
| Sub-total of cash inflows from operating activities | 19,017,817,562.93 | 17,542,981,029.31 |
| Cash paid for purchase of goods and services | 19,672,906,412.78 | 16,307,081,478.36 |
| Net increase in loans and advances to customers | | |
| Net increase in deposits with central banks and other financial institutions | | |
| Cash paid for claims under original insurance contract | | |
| Net increase in placements with banks and other financial institutions | | |
| Cash paid for interest, fees and commission | | |
| Cash paid for policy dividend | | |
| Cash paid to and on behalf of employees | 1,805,036,191.97 | 1,539,472,063.78 |
| Tax payments | 867,356,961.36 | 787,144,987.73 |
| Other cash paid in connection with operating activities | 1,309,959,455.31 | 1,240,807,319.91 |
| Sub-total of cash outflows from operating activities | 23,655,259,021.42 | 19,874,505,849.78 |
| Net cash flow from operating activities | -4,637,441,458.49 | -2,331,524,820.47 |
| II. Cash flow from investing activities: | ||
| Cash received from disposal of investments | 1,694,614,972.28 | 829,717,827.60 |
| Cash received from investment income | 278,084,036.97 | 15,349,427.43 |
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 15,414,871.05 | 950,925.75 |
| Net cash received from disposal of subsidiaries and other business units | 1,324,164,409.77 | 606,958,905.78 |
| Other cash received in connection with investing activities | 141,239,746.84 | 100,537,042.01 |
| Sub-total of cash inflows from investing activities | 3,453,518,036.91 | 1,553,514,128.57 |
| Cash paid for acquisition of fixed assets, intangible assets and other long-term assets | 5,075,795,718.55 | 6,332,034,127.56 |
| Cash paid for investments | 391,179,335.04 | 300,582,115.33 |
| Net increase in pledged loans | | |
| Net cash paid for acquisition of subsidiaries and other business units | | |
| Other cash paid in connection with investing activities | | 33,728,000.00 |
| Sub-total of cash outflows from investing activities | 5,466,975,053.59 | 6,666,344,242.89 |
| Net cash flows from investing activities | -2,013,457,016.68 | -5,112,830,114.32 |
| III. Cash flow from financing activities: | ||
| Cash received from investments | 514,270,000.00 | 52,670,000.00 |
| Including: Cash receipts from investments in subsidiaries by minority shareholders | 514,270,000.00 | 52,670,000.00 |
| Cash received from borrowings | 8,365,239,997.38 | 7,651,829,761.53 |
| Other cash received in connection with financing activities | 2,285,676.90 | 688,222,801.39 |
| Sub-total of cash inflows from financing activities | 8,881,795,674.28 | 8,392,722,562.92 |
| Cash repayment of debts | 908,835,061.59 | 580,412,466.53 |
| Cash paid for distribution of dividends, profits or interest expenses | 1,050,221,330.79 | 806,456,299.69 |
| Including: Dividends and profits paid by subsidiaries to minority shareholders | | |
| Other cash paid in connection with financing activities | 1,555,499,369.32 | 381,795,295.11 |
| Sub-total of cash outflows from financing activities | 3,514,555,761.70 | 1,768,664,061.33 |
| Net cash flows from financing activities | 5,367,239,912.58 | 6,624,058,501.59 |
| IV. Effects of exchange rate changes on cash and cash equivalents | -15,395,666.00 | 104,204,680.75 |
| V. Net increase in cash and cash equivalents | -1,299,054,228.59 | -716,091,752.45 |
| Add: Opening balance of cash and cash equivalents | 12,070,683,635.67 | 10,580,570,401.02 |
| VI. Closing balance of cash and cash equivalents | 10,771,629,407.08 | 9,864,478,648.57 |
Person-in-charge of the Company: Zhang Chuanwei Person-in-charge of accounting: Liang Caifa Head of accountant firm: Zhang Feng
Balance sheet of the Parent
As at 30 September 2024
Unit: Yuan Currency: RMB Audit status: Unaudited
| Item | 30 September 2024 | 31 December 2023 |
| Current assets: | ||
| Cash and cash balances | 6,141,494,190.81 | 9,574,429,404.63 |
| Financial assets held for trading | 1,184,766.87 | 1,252,856.92 |
| Derivative financial assets | | |
| Notes receivable | | 6,043,383.55 |
| Accounts receivable | 13,722,080,921.45 | 13,244,311,250.39 |
| Financing receivables | 1,387,775,514.89 | 756,608,955.16 |
| Prepayments | 1,221,902,844.48 | 990,672,464.07 |
| Other receivables | 6,023,118,838.46 | 6,090,128,038.34 |
| Including: Interest receivable | | |
| Dividends receivable | 18,979,170.00 | 19,191,474.07 |
| Inventories | 5,724,051,971.74 | 6,432,398,056.24 |
| Including: Data resources | | |
| Contract assets | 515,712,284.80 | 536,765,372.39 |
| Assets held for sale | | |
| Non-current assets due within one year | 1,949,397,015.46 | 1,522,949,500.26 |
| Other current assets | 6,161,862,830.00 | 5,954,128,985.74 |
| Total current assets | 42,848,581,178.96 | 45,109,688,267.69 |
| Non-current assets: | ||
| Debt investment | | |
| Other debt investments | | |
| Long-term receivables | | |
| Long-term equity investment | 12,237,600,070.98 | 10,949,866,646.29 |
| Other equity instrument investments | 106,808,828.70 | 102,892,832.77 |
| Other non-current financial assets | 382,812,194.53 | 383,268,335.54 |
| Investment properties | | |
| Fixed assets | 687,293,969.76 | 561,781,133.51 |
| Construction in progress | 648,731,480.73 | 519,950,015.42 |
| Productive biological assets | | |
| Oil and gas assets | | |
| Right-of-use assets | 35,734,805.56 | 30,062,101.91 |
| Intangible assets | 906,513,791.45 | 960,040,549.93 |
| Including: Data resources | | |
| Development expenditures | 588,020,686.62 | 235,640,071.47 |
| Including: Data resources | | |
| Goodwill | | |
| Long-term deferred expenses | 7,661,035.70 | 9,963,481.59 |
| Deferred tax assets | 603,835,242.84 | 580,268,737.69 |
| Other non-current assets | 11,029,144,123.86 | 12,692,102,319.59 |
| Total non-current assets | 27,234,156,230.73 | 27,025,836,225.71 |
| Total assets | 70,082,737,409.69 | 72,135,524,493.40 |
| Current liabilities: | ||
| Short-term borrowings | 1,137,319,999.97 | 450,097,500.00 |
| Financial liabilities held for trading | | |
| Derivative financial liabilities | | |
| Notes payable | 7,406,120,357.34 | 11,089,605,154.39 |
| Accounts payable | 14,728,745,937.56 | 14,240,317,758.14 |
| Receipts in advance | | |
| Contract liabilities | 10,517,451,566.97 | 10,880,539,354.56 |
| Employee payroll payable | 119,755,887.88 | 141,469,986.95 |
| Taxes payable | 21,858,927.36 | 26,114,041.44 |
| Other payables | 4,619,697,602.18 | 4,403,909,552.31 |
| Including: Interest payable | | |
| Dividends payable | | |
| Liabilities held for sale | | |
| Non-current liabilities due within one year | 515,679,765.45 | 250,706,951.29 |
| Other current liabilities | 1,005,017,816.34 | 1,064,027,757.00 |
| Total current liabilities | 40,071,647,861.05 | 42,546,788,056.08 |
| Non-current liabilities: | ||
| Long-term borrowings | 1,195,627,190.82 | 766,372,244.51 |
| Bond payables | | |
| Including: Preference shares | | |
| Perpetual bonds | | |
| Lease liabilities | 27,338,333.35 | 16,362,737.35 |
| Long-term payables | 889,909,051.35 | 801,866,058.82 |
| Long-term employee payroll payable | | |
| Estimated liabilities | 1,711,991,649.62 | 1,691,631,079.84 |
| Deferred income | 141,123,089.88 | 143,662,032.90 |
| Deferred tax liabilities | 1,202,318,258.93 | 1,048,896,276.23 |
| Other non-current liabilities | | |
| Total non-current liabilities | 5,168,307,573.95 | 4,468,790,429.65 |
| Total liabilities | 45,239,955,435.00 | 47,015,578,485.73 |
| Owners' equity (or shareholders' equity): | ||
| Paid-in capital (or share capital) | 2,271,594,206.00 | 2,271,759,206.00 |
| Other equity instruments | | |
| Including: Preference shares | | |
| Perpetual bonds | | |
| Capital reserve | 17,121,884,192.78 | 17,115,177,744.69 |
| Less: Treasury stock | 1,355,565,084.01 | 560,642,480.21 |
| Other comprehensive income | 24,742,504.39 | 21,413,907.86 |
| Special reserve | | |
| Surplus reserve | 783,825,171.42 | 783,825,171.42 |
| Retained earnings | 5,996,300,984.11 | 5,488,412,457.91 |
| Total owners' equity (or shareholders' equity) | 24,842,781,974.69 | 25,119,946,007.67 |
| Total liabilities and owners' equity (or shareholders' equity) | 70,082,737,409.69 | 72,135,524,493.40 |
Person-in-charge of the Company: Zhang Chuanwei Person-in-charge of accounting: Liang Caifa Head of accountant firm: Zhang Feng
Income Statement of the Parent
January to September 2024
Unit: Yuan Currency: RMB Audit status: Unaudited
| Item | First three quarters of 2024 (January to September) | First three quarters of 2023 (January to September) |
| I. Operating revenue | 19,397,459,575.06 | 19,917,051,604.54 |
| Less: Operating cost | 16,982,583,967.32 | 18,123,093,208.69 |
| Taxes and surcharges | 48,981,094.08 | 27,447,459.99 |
| Selling expenses | 1,278,583,026.33 | 684,765,555.30 |
| Administrative expenses | 287,418,462.05 | 284,426,640.91 |
| R&D expenses | 154,048,820.91 | 387,816,012.67 |
| Financial expenses | 11,478,506.02 | -141,853,622.17 |
| Including: Interest expense | 105,100,707.54 | 85,341,043.10 |
| Interest income | 146,041,864.22 | 161,136,052.47 |
| Add: Other income | 291,655,009.94 | 89,969,411.74 |
| Investment income ("-" means loss) | 371,303,452.81 | 243,013,787.85 |
| Including: Income from investments in associates and joint ventures | 11,258,097.03 | 9,577,396.71 |
| Income from derecognition of financial assets measured at amortised cost | | - |
| Net exposure hedging gains ("-" means loss) | | |
| Gains on changes in fair value ("-" means loss) | -14,225,331.06 | -52,582,935.39 |
| Credit impairment losses ("-" means loss) | 75,641,888.25 | -156,893,602.88 |
| Asset impairment losses ("-" means loss) | -25,669,301.53 | -1,964,138.77 |
| Gains from disposal of assets ("-" means loss) | -1,515,443.05 | 3,497.95 |
| II. Operating profit ("-" means loss) | 1,331,555,973.71 | 672,902,369.65 |
| Add: Non-operating income | 2,515,862.27 | 47,544,842.67 |
| Less: Non-operating expenses | 42,917,477.02 | 43,982,636.77 |
| III. Total profits ("-" means total losses) | 1,291,154,358.96 | 676,464,575.55 |
| Less: Income tax expense | 129,306,621.85 | 78,961,280.40 |
| IV. Net profit ("-" means net loss) | 1,161,847,737.11 | 597,503,295.15 |
| (I) Net profit from continuing operations ("-" means net loss) | 1,161,847,737.11 | 597,503,295.15 |
| (II) Net profit from discontinuing operations ("-" means net loss) | | |
| V. Other comprehensive income, net of tax | 3,328,596.53 | 2,781,299.32 |
| (I) Other comprehensive income that cannot be reclassified into profit or loss | 3,328,596.53 | 2,781,299.32 |
| 1. Changes arising from the re-measurement of defined benefit plan | | |
| 2. Other comprehensive income that cannot be transferred to profit or loss under the equity method | | |
| 3. Changes in fair value of other equity instrument investments | 3,328,596.53 | 2,781,299.32 |
| 4. Change in fair value of the enterprise's own credit risk | | |
| (II) Other comprehensive income that will be reclassified into profit or loss | | - |
| 1. Other comprehensive income that can be transferred to profit or loss under the equity method | | |
| 2. Changes in fair value of other debt investments | | |
| 3. Amount of financial assets reclassified into other comprehensive income | | |
| 4. Provision for credit impairment of other debt investments | | |
| 5. Cash flow hedging reserves | | |
| 6. Exchange differences on translation of foreign currency financial statements | | |
| 7. Others | | |
| VI. Total comprehensive income | 1,165,176,333.64 | 600,284,594.47 |
| VII. Earnings per share: | ||
| (I) Basic earnings per share (RMB/Share) | | |
| (II) Diluted earnings per share (RMB/Share) | | |
Person-in-charge of the Company: Zhang Chuanwei Person-in-charge of accounting: Liang Caifa Head of accountant firm: Zhang Feng
Cash Flow Statement of the Parent
January to September 2024
Unit: Yuan Currency: RMB Audit status: Unaudited
| Item | First three quarters of 2024 (January to September) | First three quarters of 2023 (January to September) |
| I. Cash flow from operating activities: | ||
| Cash received from sales of goods and rendering of services | 18,420,997,026.65 | 18,120,657,406.83 |
| Tax refunds received | 33,249,152.51 | 93,531,394.20 |
| Other cash received in connection with operating activities | 1,844,031,294.43 | 1,869,671,322.94 |
| Sub-total of cash inflows from operating activities | 20,298,277,473.59 | 20,083,860,123.97 |
| Cash paid for purchase of goods and services | 21,013,169,152.07 | 17,046,617,932.20 |
| Cash paid to and on behalf of employees | 541,274,126.37 | 536,190,891.83 |
| Tax payments | 375,299,927.82 | 433,670,781.70 |
| Other cash paid in connection with operating activities | 1,020,136,218.79 | 1,251,910,222.37 |
| Sub-total of cash outflows from operating activities | 22,949,879,425.05 | 19,268,389,828.10 |
| Net cash flow from operating activities | -2,651,601,951.46 | 815,470,295.87 |
| II. Cash flow from investing activities: | ||
| Cash received from disposal of investments | 1,694,614,972.28 | 807,071,022.00 |
| Cash received from investment income | 360,003,244.99 | 14,843,558.38 |
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | | 7,500.00 |
| Net cash received from disposal of subsidiaries and other business units | | |
| Other cash received in connection with investing activities | 2,419,015,266.59 | 2,485,037,087.81 |
| Sub-total of cash inflows from investing activities | 4,473,633,483.86 | 3,306,959,168.19 |
| Cash paid for acquisition of fixed assets, intangible assets and other long-term assets | 823,419,397.27 | 710,874,436.41 |
| Cash paid for investments | 1,241,827,895.04 | 1,092,902,657.90 |
| Net cash paid for acquisition of subsidiaries and other business units | | |
| Other cash paid in connection with investing activities | 1,795,743,378.34 | 2,549,102,262.66 |
| Sub-total of cash outflows from investing activities | 3,860,990,670.65 | 4,352,879,356.97 |
| Net cash flows from investing activities | 612,642,813.21 | -1,045,920,188.78 |
| III. Cash flow from financing activities: | ||
| Cash received from investments | | |
| Cash received from borrowings | 1,613,454,946.31 | 179,185,355.18 |
| Cash received from issuance of bonds | | 260,321,377.03 |
| Other cash received in connection with financing activities | 1,613,454,946.31 | 439,506,732.21 |
| Sub-total of cash inflows from financing activities | 61,400,000.00 | 259,291,906.00 |
| Cash repayment of debts | 701,986,577.48 | 677,771,533.42 |
| Cash paid for distribution of dividends, profits or interest expenses | 1,677,960,167.30 | 256,459,847.50 |
| Sub-total of cash outflows from financing activities | 2,441,346,744.78 | 1,193,523,286.92 |
| Net cash flows from financing activities | -827,891,798.47 | -754,016,554.71 |
| IV. Effects of exchange rate changes on cash and cash equivalents | -13,714,652.80 | 103,576,498.21 |
| V. Net increase in cash and cash equivalents | -2,880,565,589.52 | -880,889,949.41 |
| Add: Opening balance of cash and cash equivalents | 8,826,106,622.07 | 8,455,177,493.26 |
| VI. Closing balance of cash and cash equivalents | 5,945,541,032.55 | 7,574,287,543.85 |
Person-in-charge of the Company: Zhang Chuanwei Person-in-charge of accounting: Liang Caifa Head of accountant firm: Zhang Feng
Adjustments to financial statements at the beginning of the year upon initial adoption of new accounting standards or interpretations of standards for the first time since 2024
□Applicable √Not applicable
Ming Yang Smart Energy Group Limited
30 October, 2024
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