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深华发A(000020)公告正文

深华发B:2019年第一季度报告全文(英文版)

公告日期 2019-04-30
股票简称:深华发A 股票代码:000020
          First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.




Shenzhen Zhongheng Huafa Co., Ltd.

     First Quarterly Report 2019




               April 2019




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                                First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.




                          Section I. Important Notes

Board of Directors and the Supervisory Committee of Shenzhen Zhongheng
Huafa Co., Ltd (hereinafter referred to as the Company) and its directors,
supervisors and senior executives should guarantee the reality, accuracy and
completion of the quarterly report, there are no any fictitious statements,
misleading statements or important omissions carried in this report, and shall
take legal responsibilities, individual and/or joint.
All Directors are attended the Board Meeting for Quarterly Report deliberation.
Li Zhongqiu, person in charge of the Company, Yang Bin, person in charger of
accounting works and Wu Ai’jie, person in charger of accounting organ
(accounting officer) hereby confirm that the Financial Statement of this
Quarterly Report is authentic, accurate and complete.




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                                                   First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.




                           Section II. Basic situation of the Company

I. Main accounting data and financial indexes

Whether it has retroactive adjustment or re-statement on previous accounting data
□Yes   √ No

                                                                               At the same period of last    Changes of this period over
                                                     Current period
                                                                                         year                  same period of last year

Operating income (RMB)                                    143,921,648.63                  171,620,013.62                        -16.14%

Net profit attributable to shareholders of
                                                              258,233.98                        307,367.89                      -15.99%
the listed company (RMB)

Net profit attributable to shareholders of
the listed company after deducting                            196,868.38                          5,469.74                     3,499.23%
non-recurring gains and losses (RMB)

Net cash flow arising from operating
                                                           19,403,902.99                        337,819.42                     5,643.87%
activities (RMB)

Basic earnings per share (RMB/Share)                                  0.0009                        0.0011                      -18.18%

Diluted earnings per share (RMB/Share)                                0.0009                        0.0011                      -18.18%

Weighted average ROE                                                  0.08%                         0.10%                         -0.02%

                                                                                                             Changes of this period-end
                                              At the end of the reporting
                                                                                At the end of last year      over same period-end of last
                                                        period
                                                                                                                        year

Total assets (RMB)                                        579,621,386.06                  617,090,153.46                          -6.07%

Net assets attributable to shareholder of
                                                          324,226,234.72                  323,968,000.74                          0.08%
listed company (RMB)

Items and amount of non-recurring gains and losses
√ Applicable □ Not applicable
                                                                                                                                  In RMB

                                                                       Amount from year-begin to
                                  Item                                                                               Note
                                                                                period-end

Gains/losses from the disposal of non-current asset (including the
                                                                                             -3,018.00
write-off that accrued for impairment of assets)

Governmental subsidy reckoned into current gains/losses (not
including the subsidy enjoyed in quota or ration according to
                                                                                             6,000.00
national standards, which are closely relevant to enterprise’s
business)

Gain or loss on the investment or management of assets                                    30,941.58



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                                                    First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.


Other non-operating income and expenditure except for the
                                                                                               37,200.00
aforementioned items

Less: impact on income tax                                                                      9,757.18

Total                                                                                          61,365.60                   --

Concerning the extraordinary profit (gain)/loss defined by Q&A Announcement No.1 on Information Disclosure for Companies
Offering Their Securities to the Public --- Extraordinary Profit/loss, and the items defined as recurring profit (gain)/loss according to
the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their
Securities to the Public --- Extraordinary Profit/loss, explain reasons
□ Applicable √ Not applicable
In reporting period, the Company has no particular about items defined as recurring profit (gain)/loss according to the lists of
extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to
the Public --- Extraordinary Profit/loss


II. Total number of shareholders at the end of this report period and top ten shareholders

1. Total number of common shareholders at the end of this report period and top ten common shareholders

                                                                                                                                    In shares


                                                                          Total preference shareholders
Total common stock shareholders in                                        with voting rights recovered at
                                                                 24,818                                                                    0
reporting period-end                                                      end of reporting period (if
                                                                          applicable)

                                                           Top ten shareholders

                                                                                    Amount of             Number of share pledged/frozen
  Shareholder’s        Nature of          Proportion of    Amount of shares
                                                                                  restricted shares
        name           shareholder          shares held           held                                    State of share        Amount
                                                                                        held

Wuhan              Domestic                                                                             Pledged                 116,100,000
Zhongheng          non-state-owned                41.69%         118,044,194                        0
                                                                                                        Frozen                  116,489,894
Group              legal person

SEG (HONG                                                                                               Pledged                            0
                   Overseas legal
KONG) CO.,                                          5.85%         16,569,560                        0
                   person                                                                               Frozen                             0
LTD.

GOOD HOPE                                                                                               Pledged                            0
CORNER             Overseas legal
                                                    4.49%         12,700,000                        0
INVESTMENTS person                                                                                      Frozen                             0
LTD

Changjiang                                                                                              Pledged                            0
Securities
                   Overseas legal
Brokerage                                           1.89%           5,355,249                       0
                   person                                                                               Frozen                             0
(Hongkong) Co.,
Ltd.


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                                           First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.


Guoyuan                                                                                     Pledged                              0
Securities       Overseas legal
                                           1.37%           3,870,117                    0
Brokerage (Hong person                                                                      Frozen                               0
Kong) Limited

LI SHERYN        Overseas legal                                                             Pledged                              0
                                           0.39%           1,092,000                    0
ZHAN MING        person                                                                     Frozen                               0

                 Domestic nature                                                            Pledged                              0
Li Senzhuang                               0.36%           1,022,260                    0
                 person                                                                     Frozen                               0

                 Domestic nature                                                            Pledged                              0
Han Yaming                                 0.31%            864,200                     0
                 person                                                                     Frozen                               0

                 Domestic nature                                                            Pledged                              0
Zhong Jiachao                              0.30%            857,994                     0
                 person                                                                     Frozen                               0

                 Overseas nature                                                            Pledged                              0
BINGHU LIU                                 0.30%            840,313                     0
                 person                                                                     Frozen                               0

                                   Top ten shareholders with unrestricted shares held

                                                                                                        Type of shares
        Shareholder’s name               Amount of unrestricted shares held
                                                                                                     Type           Amount

                                                                                            RMB common
Wuhan Zhongheng Group                                                      118,044,194                              118,044,194
                                                                                            share

                                                                                            Domestically
SEG (HONG KONG) CO., LTD.                                                   16,569,560 listed foreign                    16,569,560
                                                                                            shares

                                                                                            Domestically
GOOD HOPE CORNER
                                                                            12,700,000 listed foreign                    12,700,000
INVESTMENTS LTD
                                                                                            shares

                                                                                            Domestically
Changjiang Securities Brokerage
                                                                               5,355,249 listed foreign                   5,355,249
(Hongkong) Co., Ltd.
                                                                                            shares

                                                                                            Domestically
Guoyuan Securities Brokerage
                                                                               3,870,117 listed foreign                   3,870,117
(Hong Kong) Limited
                                                                                            shares

                                                                                            Domestically
LI SHERYN ZHAN MING                                                            1,092,000 listed foreign                   1,092,000
                                                                                            shares

                                                                                            Domestically
Li Senzhuang                                                                   1,022,260 listed foreign                   1,022,260
                                                                                            shares

Han Yaming                                                                      864,200 Domestically                       864,200



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                                                 First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.


                                                                                               listed foreign
                                                                                               shares

                                                                                               RMB common
# Zhong Jiachao                                                                      857,994                                857,994
                                                                                               share

                                                                                               Domestically
BINGHU LIU                                                                           840,313 listed foreign                 840,313
                                                                                               shares

                                     Among the top ten shareholders, Wuhan Zhongheng New Science & Technology Industrial
                                     Group Co., Ltd. neither bears associated relationship with other shareholders, nor belongs to
Explanation on associated            the consistent actor that are prescribed in Measures for the Administration of Disclosure of
relationship among the aforesaid     Shareholder Equity Changes of Listed Companies. The Company neither knew whether there
shareholders                         exists associated relationship among the other tradable shareholders, nor they belong to
                                     consistent actors that are prescribed in Measures for the Administration of Disclosure of
                                     Shareholder Equity Changes of Listed Companies.

Explanation on top 10 common         Among the top ten shareholder, Zhong Jiachao holds 857,994 shares of the Company,
shareholders involving margin        including 369,000 shares holding through credit account, a 43 percent takes in total shares of
business (if applicable)             the company holding
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-back agreement

dealing in reporting period

□ Yes √ No

The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company have no buy-back

agreement dealing in reporting period.



2. Total shareholders with preferred stock held and shares held by top ten shareholders with preferred
stock held

□ Applicable √ Not applicable




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                                                     First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.




                                         Section III. Significant Events

I. Particulars about material changes in items of main accounting statement and financial
index and explanations of reasons

√Applicable □Not applicable

          Item                      2019-3-31                    2018-1-1           Y-o-y changes               Reasons of changes

Account paid in                                                                                     Part of account paid in advance for
advance                                11,506,518.47                31,348,429.54         -63.29%   material at end of last year

                                                                                                    Amount contact between the enterprises
Other receivables                       7,731,577.17                 5,777,179.08          33.83%   increased

Account received in                                                                                 Account of goods are received in advance
advance                                   246,190.47                   159,528.60          54.32%   from small customers

          Item                  Jan.-March of 2019          Jan.-March of 2018      Y-o-y changes               Reasons of changes


Taxes and surcharges                      628,766.00                 1,117,886.20         -43.75%   Sales declined, than the taxes decreased

Income from                                                                                         Bank financial purchased in the period
investment                                 30,941.58                   110,910.67         -72.10%   declined

                                                                                                    Received government grants at same
Non-operation income                       44,300.00                   512,000.00         -91.35%   period last year

Non-operation                                                                                       Loss of assets disposal arising at same
expenditure                                 4,118.80                   267,736.37         -98.46%   period last year


Income tax expenses                        84,349.95                   158,156.45         -46.67%   Sales declined, than the taxes decreased

          Item                  Jan.-March of 2019          Jan.-March of 2018      Y-o-y changes               Reasons of changes

Taxes paid                              2,076,195.55                 7,128,845.32         -70.88%   Sales declined, than the taxes decreased

Cash received from                                                                                  Bank financial purchased in the period
investment income                          30,941.58                   110,910.67         -72.10%   declined

Net cash received from
disposal of fixed,
intangible and other
long-term assets                                      -                412,682.00        -100.00%   Production equipment renew last period

Cash paid for
purchasing fixed,
intangible and other                                                                                Purchased new production equipment for
long-term assets                        1,991,100.36                 3,851,816.62         -48.31%   new workshop last period

Cash received from                     39,255,469.21               131,532,341.95         -70.16%   Short-term loans declined in the period


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loans

Cash paid for settling                                                                                  Short-term loans repayment declined in
debts                                51,413,400.63                131,560,722.31            -60.92%     the period

Influence on cash and
cash equivalents due to
fluctuation in exchange
rate                                      65,528.58                   -200,355.12           132.71%     Impact of exchange rate fluctuations


II. Analysis and explanation of significant events and their influence and solutions

√ Applicable □Not applicable
(I) The Company signed Asset Exchange Contract with Wuhan Zhongheng Group on 29 April 2009 (details were referred to in the
announcement dated 30 April 2009), and pursuant to the contract, since part of the assets of the Company (namely two parcel of
industrial lands located at Huafa road, Gongming town, Guangming new district, Shenzhen (the property certificate No. were SFDZ
No.7226760 and SFDZ No.7226763, No. of parcels were A627-005 andA627-007, and the aggregate area was 48,200 sq.m) were the
lands listed in the first batch of plan for 2010 Shenzhen urbanization unit planning preparation plan. For promotion of such
urbanization project and joint cooperation, the Company has not completed the transfer procedures in respect of the aforesaid land.


The Company convoked the first extraordinary meeting of the Board in 2015 on February 16, 2015 and the first extraordinary general
meeting of the Board in 2015 on March 4, 2015, which considered and approved the “Motion on promoting and implementing the
urban renewal project for the renewal units of Huafa area at Gongming street, Guangming new district, Shenzhen”, specified that the
Company and Wuhan Zhongheng Group shall obtain the corresponding compensatory consideration for removal from the
respectively owned project plots and the respectively contributed and constructed above-ground buildings before the land
development, it is estimated that the compensatory consideration obtained by the Company accounts for 50.5% of the total
consideration and Wuhan Zhongheng Group accounts for 49.5% by calculation.


The sixth extraordinary meeting of the board of directors in 2015 and the third extraordinary general meeting held on September 11,
2015 have considered and adopted the “Proposal on the project promotion and implementation of urban renewal and the progress of
related transactions of ‘the updated units at Huafa Area, Gong Ming Street, Guangming New District, Shenzhen’”, the company has
signed the “Agreement on the cooperation of urban renewal project of the updated units at Huafa Area, Gong Ming Street,
Guangming New District, Shenzhen”, “Contract for the cooperative venture of reconstruction project for Huafa Industrial Park, Gong
Ming Street, Guangming New District” and “Agreement on housing acquisition and removal compensation and resettlement” with
Wuhan Zhongheng New Technology Industry Group Co., Ltd. (hereinafter referred to as “Wuhan Zhongheng Group”), Shenzhen
Vanke Real Estate Co., Ltd. (hereinafter referred to as “Shenzhen Vanke”), and Shenzhen Vanke Guangming Real Estate
Development Co., Ltd. (hereinafter referred to as “Vanke Guangming”).


On 12 September 2016, the Company received a “Notice of Arbitration No.: SHEN DP20160334” from SCIA, Shenzhen Vanke
applied for arbitration in respect of “Agreement on the cooperation of urban renewal project of the updated units at Huafa Area,
Gong Ming Street, Guangming New District, Shenzhen” against the Company and Wuhan Zhongheng Group. The arbitration court
holds hearings on 12 November 2016 and 13 May 2017. Shenzhen Court of International Arbitration (SCIA) has given a ruling in
August 2017. In February 2018, the company filed an application for repeal of arbitration to the Shenzhen Intermediate People’s
Court, the Shenzhen Intermediate People’s Court made a judgment on August 16, 2018 to reject the company’s claims. On August 29,
2018, the court accepted the compulsory execution application of Shenzhen Vanke, at present, the controlling shareholders are
actively communicating with the relevant parties for the solution. Progress of the case found more in the Notices released on Juchao

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                                                     First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.


website (www.cninfo.com.cn) dated 14 Sept. 2016, 1 Nov. 2016, 16 Nov. 2016, on 18 Feb. 2017, 24 March 2017, 25 April 2017, 1
July 2017, 18 August 2017, 9 Feb. 2018, 25 Aug. 2018 and 7 Sept. 2018 respectively.


(ii) On 31 December 2015, the 88,750,047 shares held by Wuhan Zhongheng Group, are pledge to China Merchants Securities
Assets Co., Ltd. with due date of 31 December 2016. Wuhan Zhongheng Group deferred the repurchase business day to 30 June 2017.
on 1 Feb. 2016, Wuhan Zhongheng Group pledge the 27,349,953 shares held to China Merchants Securities Assets Co., Ltd. with
due date of 31 December 2016. The above mentioned shares are deferred for repurchase of stock pledge by Wuhan Zhongheng
Group; pledge expired on 31 December 2017. The trading day for repurchase put off to the date when pledge actually removed. Till
end of this period released, controlling shareholder still not removed the pledge and the Company has apply by letter, relevant Notice
of Presentment on Stock Pledge from Controlling Shareholder was released. Found more in notice released on Juchao website
(www.cninfo.com.cn) date 2 Feb. 2018.


(iii) Our controlling shareholder Wuhan Zhongheng Group holds 116,489,894 shares of the Company, accounting for 41.14% of total
share capital. The above shares were judicially sealed on 27 September 2016, shares freeze from 27 September 2016 to 13 September
2021; and on 14 December 2018, shares are waiting freeze by Shenzhen Intermediate’s Court with period of 36 months in freeze.
Details are set out in the announcement published at Juchao information website (www.cninfo.com.cn) on 27 October 2016 and 11
Jan. 2019.


(iv) On March 21, 2014, Huafa Property and Shenzhen Jifang Investment Co., Ltd. (hereinafter referred to as "Jifang Investment")
signed the "Shenzhen Housing Leasing Contract" and the "Supplemental Agreement on Leasing Contract", which were canceled on
February 5, 2016. As Jifang Investment occupied the site, and defaulted rent, management fee and water and electricity bills in the
long term, in order to safeguard the legitimate rights and interests, Huafa Property submitted a request for arbitration to Shenzhen
Arbitration Commission on March 8, 2016, and received the (2016) SZCZ No. 346 ruling paper from Shenzhen Arbitration
Commission in November 2016 which ruled Huafa Property won the lawsuit. See details on the notice published at
www.cninfo.com.cn by the company on November 8, 2016. The site occupied by Jifang was collected in May 2018.


(v) Commitments of Major shareholder to Increase Shareholding
On November 20, and November 28, 2017, the controlling shareholders respectively made commitments to increase the shareholding
of 2.83 million shares of the company’s B Shares and no less than 2.8 million shares of the company’s A Shares, with a commitment
period of 6 months. After that, controlling shareholders apply for two deferrals. As of the disclosure date of this report, it’s still in the
commitment fulfillment period, and the commitment has not been fulfilled.


(vi) Director and deputy chairman of the Company Mr. Zhang Guangliu resigned his job as director, deputy chairman and member of
the committee of the Board of the Company for job mobility. Nominated by second largest shareholder SEG (HK) Co., Ltd, Mr. Gao
Jianbo was elected as the director of 9th BOD of the Company with office same as the session of BOD.

       Summary of important issues                            Disclosure date                        Interim report disclosure index

Implementation progress of shares buy-back
□ Applicable    √ Not applicable

Implementation progress of the reduction of repurchases shares by centralized bidding
□ Applicable √ Not applicable




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III. Commitments completed in Period and those without completed till end of the Period
from actual controller, shareholders, related parties, purchaser and companies

√Applicable     □ Not applicable

                                     Type of                                               Commitment Commitment
Commitments         Promise                             Content of commitments                                   Implementation
                                commitments                                                   date       term

                                               The enterprise and its subsidiaries will
                                               not participate directly or indirectly in
                                               operation of the business with
                                                                                                        Implement
                                               competitive of Shen Huafa and its
                  Wuhan                                                                                 since 12 April
                                               controlling subsidiary concerned, and                                     In normal
                  Zhongheng                                                                2007-03-29   2007
                                               not to damage the interest of the Shen                                    implementing
                  Group                                                                                 throughout
                                               Huafa and its controlling subsidiary by
                                                                                                        the year
                                               making use of the potential
                                               controlling-ship of the Shen Huafa
                                               either

                                               The enterprise and its subordinate
                                               enterprise shall avoid a related
                                               transaction as far as possible with Shen
                                               Huafa and its controlling subsidiary, as
                                               for the related dealings occurred
                                               inevitable or have reasonable cause, the
Commitments
                                               enterprise promise to follow the
for share                                                                                               Implement
                                               principle of fair-ness, justice and
reform            Wuhan                                                                                 since 12 April
                                               open-ness, signed the agreement in line                                   In normal
                  Zhongheng                                                                2007-03-29   2007
                                               with the laws, perform legal program,                                     implementing
                  Group                                                                                 throughout
                                               fulfill information disclosure obligation
                                                                                                        the year
                                               and relevant approval procedures
                                               according to the relevant laws,
                                               regulations and “Listing Rules” of the
                                               Shenzhen Stock Exchange, guarantee
                                               not to damage the legal interest of Shen
                                               Huafa and its shareholders through
                                               related transactions

                                               After acquisition and assets
                                                                                                        Implement
                                               restructuring, guarantee to have an
                  Wuhan                                                                                 since 12 April
                                               independent staff, owns independent                                       In normal
                  Zhongheng                                                                2007-03-29   2007
                                               and completed assets, and independent                                     implementing
                  Group                                                                                 throughout
                                               in aspect of business, financial and
                                                                                                        the year
                                               institution from Shen Huafa

Commitments
in report of
acquisition or


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equity change

Commitments
in assets
reorganization

Commitments
make in initial
public offering
or re-financing

Equity
incentive
commitment
                              Regarding the lawsuit with Shenzhen
                              Vanke: 1. If the arbitration judges
                              Shenzhen Vanke to win, the arbitration
                              losses caused by the contract disputes                  Implemented
                  Wuhan
                              shall be undertaken by Wuhan                            since 20          In normal
                  Zhongheng                                              2016-12-20
                              Zhongheng Group in full; 2. The                         December          implementing
                  Group
                              contingent losses and risks arising from                2016
                              the termination of relevant contracts
                              shall be undertaken by Wuhan
                              Zhongheng Group in advance.

                                                                                                        Ended as the
                                                                                                        reporting
                                                                                                        period, the

Other                         Promise to increasing shares of holding                                   promises
             Wuhan                                                                    In 6 months
commitments                   as 2.83 million shares of B-stock of the                                  during
for medium   Zhongheng                                                   2017-11-20   since the date
and small                     Company in 6 months since the letter                                      performance
             Group                                                                    of notification
shareholders                  delivery                                                                  period has not
                                                                                                        been
                                                                                                        implemented
                                                                                                        yet

                                                                                                        Ended as the
                                                                                                        reporting
                                                                                                        period, the
                                                                                                        promises
                  Wuhan       Promise to increasing shares of holding                 n 6 months
                                                                                                        during
                  Zhongheng   as 2.8 million shares of A-stock at least 2017-11-28    since the date
                                                                                                        performance
                  Group       in 6 months since the letter delivery                   of notification
                                                                                                        period   and
                                                                                                        part of the
                                                                                                        commitment
                                                                                                        implemented

Completed on Yes


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time (Y/N)

If the
commitments
is not fulfilled
on time, shall
                    Not applicable
explain the
specify reason
and the next
work plan


IV. Predict of the business performance from January to June 2019

Warnings and reasons of the predict that the cumulative net profit from the begin of the year to the end of next report period may be
loss or have great changes comparing with the same period of last year
□Applicable          √Not applicable


V. Securities Investment

□ Applicable      √ Not applicable

No security investment in the Period.


VI. Derivative investment

□ Applicable      √ Not applicable

No derivative investment in the Period.

VII. Registration form for receiving research, communication and interview in the report
period
√Applicable       □ Not applicable

               Date                         Method                 Type of investors          Basic situation index of investigation

2019-01-03                         Telephone communication    Individual                    N/A


VIII. Guarantee outside against the regulation

□Applicable √Not applicable
The Company has no external security against the rules in the Period.


IX. Non-operational fund occupation from controlling shareholders and its related party

□ Applicable √ Not applicable
There are no controlling shareholders' and its related party's non-business capital occupying of the listed company.



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                                         Section IV. Financial Statement

I. Financial statement

1. Consolidate balance sheet

Prepared by Shenzhen Zhongheng Huafa Co., Ltd.
                                                        2019-03-31
                                                                                                                   In RMB

                     Items                              2019-3-31                              2018-12-31

 Current assets:

      Monetary fund                                                 36,204,765.03                           34,108,330.27

      Settlement provisions

      Capital lent

      Transactional financial assets

      Financial assets measured by fair
 value and with variation reckoned into
 current gains/losses

      Derivative financial assets

      Note receivable and account
                                                                 155,349,020.71                         185,983,351.22
 receivable

          Including: Notes receivable                               27,134,521.33                           69,185,516.71

                   Accounts receivable                           128,214,499.38                          116,797,834.51

      Account paid in advance                                        11,506,518.47                          31,348,429.54

      Insurance receivable

      Reinsurance receivables

      Contract reserve of reinsurance
 receivable

      Other account receivable                                        7,731,577.17                           5,777,179.08

          Including: Interest receivable

                   Dividends receivable

      Buying back the sale of financial
 assets

      Inventories                                                   70,786,993.64                           62,973,909.38

      Contractual assets



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      Assets held for sale

      Non-current assets maturing within
 one year

      Other current assets                                         42,314.10                              59,370.18

 Total current assets                                         281,621,189.12                         320,250,569.67

 Non-current assets:

      Loans and payments on behalf

      Debt investment

      Available-for-sale financial assets

      Other debt investment

      Held-to-maturity investments

      Long-term receivables

      Long-term equity investments

      Investment in other equity
 instrument

      Other non-current financial assets

      Investment real estate                                   50,249,240.29                           50,681,322.86

      Fixed assets                                            186,259,240.27                         188,083,873.38

      Construction in progress                                  6,875,558.57                            5,727,760.23

      Productive biological assets

      Oil and natural gas assets

      Right-of-use assets

       Intangible assets                                       44,427,614.19                           41,815,689.74

      Research and development costs

      Goodwill

      Long-term deferred expenses                                 484,033.03                             542,116.99

      Deferred income tax assets                                6,829,856.59                            6,829,856.59

      Other non-current assets                                  2,874,654.00                            3,158,964.00

 Total non-current assets                                     298,000,196.94                         296,839,583.79

 Total assets                                                 579,621,386.06                         617,090,153.46

 Current liabilities

      Short-term borrowings                                   136,622,458.00                         161,568,657.88

      Loan from central bank

      Capital borrowed

      Transactional financial liability


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      Financial liability measured by fair
 value and with variation reckoned into
 current gains/losses

      Derivative financial liability

      Notes payable & account payable                            72,847,888.26                           88,617,663.09

      Accounts received in advance                                  246,190.47                             159,528.60

      Selling financial asset of repurchase

      Absorbing deposit and interbank
 deposits

      Agent buying and selling securities

      Acting underwriting securities

      Wage payable                                                2,735,590.88                            4,700,208.36

      Taxes payable                                               9,489,303.40                           11,232,819.87

      Other accounts payable                                     33,389,309.33                           26,778,863.92

         Including: Interest payable                                163,673.05                             439,558.70

                 Dividend payable

      Handling fees and commissions
 payable

      Reinsurance payable

      Contractual liability

      Liability held for sale

      Non-current liabilities due within
 one year

      Other current liabilities

 Total current liabilities                                      255,330,740.34                         293,057,741.72

 Non-current liabilities:

      Insurance contract reserve

      Long-term loans

      Bonds payable

         Including: preferred stock

                 Perpetual capital
 securities

      Lease liability

      Long-term account payable

      Long term employee compensation
 payable


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      Accrued liabilities                                                     64,411.00                               64,411.00

      Deferred income

      Deferred income tax liabilities

      Other non-current liabilities

 Total non-current liabilities                                                64,411.00                               64,411.00

 Total liabilities                                                     255,395,151.34                         293,122,152.72

 Owners’ equity:

      Share capital                                                    283,161,227.00                         283,161,227.00

      Other equity instrument

         Including: preferred stock

                   Perpetual capital
 securities

      Capital public reserve                                           146,587,271.50                         146,587,271.50

      Less: Inventory shares

      Other comprehensive income

      Special reserve

      Surplus reserve                                                     77,391,593.25                           77,391,593.25

      Provision of general risk

      Retained profit                                                  -182,913,857.03                        -183,172,091.01

 Total owner’s equity attributable to
                                                                       324,226,234.72                         323,968,000.74
 parent Company

      Minority interests

 Total owner’s equity                                                 324,226,234.72                         323,968,000.74

 Total liabilities and owner’s equity                                 579,621,386.06                         617,090,153.46


Legal Representative: Li Zhongqiu


Person in charge of accounting works: Yang Bin


Person in charge of accounting institute: Wu Aijie


2. Balance Sheet of Parent Company

                                                                                                                         In RMB

                     Items                                    2019-3-31                              2018-12-31

 Current assets:

      Monetary fund                                                        5,239,905.52                           25,181,764.87


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      Transactional financial assets

      Financial assets measured by fair
 value and with variation reckoned into
 current gains/losses

      Derivative financial assets

      Note receivable and account
 receivable

        Including: Notes receivable

                Accounts receivable

      Account paid in advance                                     353,050.00

      Other account receivable                                105,431,467.95                           99,922,143.84

        Including: Interest receivable

                Dividends receivable

      Inventories                                                  14,806.50                              14,806.50

      Contractual assets

      Assets held for sale

      Non-current assets maturing within
 one year

      Other current assets

 Total current assets                                         111,039,229.97                          125,118,715.21

 Non-current assets:

      Debt investment

      Available-for-sale financial assets

      Other debt investment

      Held-to-maturity investments

      Long-term receivables

      Long-term equity investments                            186,608,900.00                         186,608,900.00

      Investment in other equity
 instrument

      Other non-current financial assets

      Investment real estate                                   26,072,603.04                           27,583,299.22

      Fixed assets                                             98,945,724.53                           99,678,839.27

      Construction in progress                                                                           654,356.00

      Productive biological assets

      Oil and natural gas assets



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      Right-of-use assets

       Intangible assets                                         4,662,418.53                            4,843,600.68

      Research and development costs

      Goodwill

      Long-term deferred expenses                                                                         141,666.55

      Deferred income tax assets                                 7,506,905.90                            7,519,546.71

      Other non-current assets

 Total non-current assets                                      323,796,552.00                         327,030,208.43

 Total assets                                                  434,835,781.97                         452,148,923.64

 Current liabilities

      Short-term borrowings                                    100,000,000.00                         120,000,000.00

      Transactional financial liability

      Financial liability measured by fair
 value and with variation reckoned into
 current gains/losses

      Derivative financial liability

      Notes payable & account payable                            9,740,367.33                           10,745,840.16

      Accounts received in advance                                 133,844.50                              67,210.00

      Contractual liability

      Wage payable                                                 820,979.02                            1,039,196.20

      Taxes payable                                              7,260,647.12                            9,305,468.70

      Other accounts payable                                    21,424,953.87                           14,339,551.78

         Including: Interest payable

                 Dividend payable

      Liability held for sale

      Non-current liabilities due within
 one year

      Other current liabilities

 Total current liabilities                                     139,380,791.84                         155,497,266.84

 Non-current liabilities:

      Long-term loans

      Bonds payable

         Including: preferred stock

                 Perpetual capital
 securities



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      Lease liability

      Long-term account payable

      Long term employee compensation
 payable

      Accrued liabilities                                             64,411.00                               64,411.00

      Deferred income

      Deferred income tax liabilities

      Other non-current liabilities

 Total non-current liabilities                                        64,411.00                               64,411.00

 Total liabilities                                               139,445,202.84                         155,561,677.84

 Owners’ equity:

      Share capital                                              283,161,227.00                         283,161,227.00

      Other equity instrument

          Including: preferred stock

                 Perpetual capital
 securities

      Capital public reserve                                     146,587,271.50                         146,587,271.50

      Less: Inventory shares

      Other comprehensive income

      Special reserve

      Surplus reserve                                             77,391,593.25                           77,391,593.25

      Retained profit                                            -211,749,512.62                        -210,552,845.95

 Total owner’s equity                                           295,390,579.13                         296,587,245.80

 Total liabilities and owner’s equity                           434,835,781.97                         452,148,923.64


3. Consolidated Profit Statement

                                                                                                                 In RMB

                         Items                            Current Period                        Last Period

 I. Total operating income                                          143,921,648.63                      171,620,013.62

      Including: Operating income                                   143,921,648.63                      171,620,013.62

               Interest income

               Insurance gained

               Handling fees and commissions
 income

 II. Total operating cost                                           143,650,187.48                      171,509,663.58


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                                                       First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.


       Including: Operating cost                                            123,972,772.66                      152,728,695.85

                 Interest expense

                 Handling fees and commissions
 expenses

                 Cash surrender value

                 Net amount of expense of
 compensation

                 Net amount of withdrawal of
 insurance contract reserve

                 Bonus expense of guarantee slip

                 Reinsurance expense

                 Taxes and surcharge                                            628,766.00                         1,117,886.20

                 Sales expenses                                               3,231,596.06                         3,844,118.14

                 Administration expenses                                     11,971,872.78                         9,464,851.87

                 R&D expenses

                 Financial expenses                                           3,845,179.98                         4,354,111.52

                   Including: interest expenses                               2,793,872.51                         3,116,070.83

                           Interest income                                       95,661.57                          205,102.82

                 Losses of devaluation of asset

                 Loss of credit impairment

       Add: other income

               Investment income (Loss is listed
                                                                                 30,941.58                          110,910.67
 with “-”)

               Including: Investment income on
 affiliated Company and joint venture

               Exchange income (Loss is listed
 with “-”)

               Net exposure hedging income (Loss
 is listed with “-”)

               Changing income of fair value(Loss
 is listed with “-”)

               Income on disposal of assets (Loss is
 listed with “-”)

 III. Operating profit (Loss is listed with “-”)                              302,402.73                          221,260.71

       Add: Non-operating income                                                 44,300.00                          512,000.00

       Less: Non-operating expense                                                4,118.80                          267,736.37



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                                                      First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.


 IV. Total Profit (Loss is listed with “-”)                                  342,583.93                          465,524.34

       Less: Income tax                                                         84,349.95                          158,156.45

 V. Net profit (Net loss is listed with “-”)                                 258,233.98                          307,367.89

     (i) Classify by business continuity

       1.continuous operating net profit (net loss
                                                                               258,233.98                          307,367.89
 listed with ‘-”)

       2.termination of net profit (net loss listed
 with ‘-”)

     (ii) Classify by ownership

       1.Net profit attributable to owner’s of
                                                                               258,233.98                          307,367.89
 parent company

       2.Minority shareholders’ gains and losses

 VI. Net after-tax of other comprehensive
 income

     Net after-tax of other comprehensive
 income attributable to owners of parent
 company

       (I) Other comprehensive income items
 which will not be reclassified subsequently to
 profit of loss

                1.Changes of the defined benefit
 plans that re-measured

                2.Other comprehensive income
 under equity method that cannot be transfer to
 gain/loss

                3.Change of fair value of
 investment in other equity instrument

                4.Fair value change of enterprise's
 credit risk

                5. Other

        (II) Other comprehensive income items
 which will be reclassified subsequently to
 profit or loss

                1.Other comprehensive income
 under equity method that can transfer to
 gain/loss

                2.Change of fair value of other
 debt investment



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                                                     First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.


              3.gain/loss of fair value changes
 for available-for-sale financial assets

              4.Amount of financial assets
 re-classify to other comprehensive income

              5.Gain/loss of held-to-maturity
 investments that re-classify to
 available-for-sale financial asset

              6.Credit impairment provision for
 other debt investment

              7.Cash flow hedging reserve

              8.Translation differences arising
 on translation of foreign currency financial
 statements

              9.Other

     Net after-tax of other comprehensive
 income attributable to minority shareholders

 VII. Total comprehensive income                                                258,233.98                            307,367.89

         Total comprehensive income
                                                                                258,233.98                            307,367.89
 attributable to owners of parent Company

       Total comprehensive income attributable
 to minority shareholders

 VIII. Earnings per share:

        (i) Basic earnings per share                                                0.0009                                 0.0011

       (ii) Diluted earnings per share                                              0.0009                                 0.0011

Enterprise combine under the same control in the Period, the combined party realized net profit of 0 Yuan before combination, and
realized 0 Yuan at last period for combined party


Legal Representative: Li Zhongqiu


Person in charge of accounting works: Yang Bin


Person in charge of accounting institute: Wu Aijie


4. Profit Statement of Parent Company

                                                                                                                            In RMB

                  Items                                   Current Period                              Last Period

 I. Operating income                                                       8,410,710.54                             9,695,927.93

       Less: Operating cost                                                1,229,845.47                             1,069,611.54



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                                                First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.


               Taxes and surcharge                                   235,479.42                              608,353.57

               Sales expenses

               Administration expenses                             4,650,071.72                             5,038,857.70

               R&D expenses

               Financial expenses                                  2,191,390.21                             2,469,805.69

                     Including: interest
                                                                   2,174,999.98                             2,479,875.02
 expenses

                              Interest income                          6,534.22                               16,259.97

               Losses of devaluation of
 asset

               Loss of credit impairment

          Add: other income

               Investment income (Loss is
 listed with “-”)

               Including: Investment
 income on affiliated Company and
 joint venture

               Net exposure hedging
 income (Loss is listed with “-”)

               Changing income of fair
 value(Loss is listed with “-”)

               Income on disposal of
 assets (Loss is listed with “-”)

 II. Operating profit (Loss is listed
                                                                     103,923.72                              509,299.43
 with “-”)

          Add: Non-operating income                                   37,300.00

          Less: Non-operating expense

 III. Total Profit (Loss is listed with
                                                                     141,223.72                              509,299.43
 “-”)

          Less: Income tax                                            35,305.93                              127,324.86

 IV. Net profit (Net loss is listed with
                                                                     105,917.79                              381,974.57
 “-”)

          (i)continuous operating net
                                                                     105,917.79                              381,974.57
          profit (net loss listed with ‘-”)

          (ii) termination of net profit (net
 loss listed with ‘-”)

 V. Net after-tax of other



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                                          First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.


 comprehensive income

        (I) Other comprehensive income
 items which will not be reclassified
 subsequently to profit of loss

              1.Changes of the defined
 benefit plans that re-measured

              2.Other comprehensive
 income under equity method that
 cannot be transfer to gain/loss

              3.Change of fair value of
 investment in other equity instrument

              4.Fair value change of
 enterprise's credit risk

              5. Other

         (II) Other comprehensive
 income items which will be
 reclassified subsequently to profit or
 loss

              1.Other comprehensive
 income under equity method that can
 transfer to gain/loss

              2.Change of fair value of
 other debt investment

              3.gain/loss of fair value
 changes for available-for-sale
 financial assets

              4.Amount of financial
 assets re-classify to other
 comprehensive income

              5.Gain/loss of
 held-to-maturity investments that
 re-classify to available-for-sale
 financial asset

              6.Credit impairment
 provision for other debt investment

              7.Cash flow hedging
 reserve

              8.Translation differences
 arising on translation of foreign
 currency financial statements


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                                        First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.


                9.Other

 VI. Total comprehensive income                              105,917.79                                 381,974.57

 VII. Earnings per share:

        (i) Basic earnings per share                             0.0004                                     0.0013

      (ii) Diluted earnings per share                            0.0004                                     0.0013


5. Consolidated Cash Flow Statement

                                                                                                             In RMB

                    Items                   Current Period                             Last Period

 I. Cash flows arising from operating
 activities:

      Cash received from selling
 commodities and providing labor                        131,395,643.63                               129,571,099.86
 services

      Net increase of customer
 deposit and interbank deposit

        Net increase of loan from
 central bank

      Net increase of capital
 borrowed from other financial
 institution

      Cash received from original
 insurance contract fee

      Net cash received from
 reinsurance business

      Net increase of insured savings
 and investment

      Net increase of amount from
 disposal financial assets that
 measured by fair value and with
 variation reckoned into current
 gains/losses

      Cash received from interest,
 commission charge and commission

      Net increase of capital
 borrowed

      Net increase of returned
 business capital


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                                         First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.


      Net cash received by agents in
 sale and purchase of securities

      Write-back of tax received

      Other cash received concerning
                                                           1,243,646.01                              1,231,864.14
 operating activities

 Subtotal of cash inflow arising from
                                                         132,639,289.64                           130,802,964.00
 operating activities

      Cash paid for purchasing
 commodities and receiving labor                          85,022,628.29                             96,423,780.37
 service

      Net increase of customer loans
 and advances

      Net increase of deposits in
 central bank and interbank

      Cash paid for original insurance
 contract compensation

      Net increase of financial assets
 held for transaction purposes

      Net increase of capital lent

      Cash paid for interest,
 commission charge and commission

        Cash paid for bonus of
 guarantee slip

      Cash paid to/for staff and
                                                          16,234,429.46                             18,269,550.80
 workers

      Taxes paid                                           2,076,195.55                              7,128,845.32

      Other cash paid concerning
                                                           9,902,133.35                              8,642,968.09
 operating activities

 Subtotal of cash outflow arising from
                                                         113,235,386.65                           130,465,144.58
 operating activities

 Net cash flows arising from
                                                          19,403,902.99                               337,819.42
 operating activities

 II. Cash flows arising from investing
 activities:

      Cash received from recovering
 investment

      Cash received from investment
                                                              30,941.58                               110,910.67
 income



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                                          First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.


      Net cash received from disposal
 of fixed, intangible and other                                                                        412,682.00
 long-term assets

      Net cash received from disposal
 of subsidiaries and other units

      Other cash received concerning
                                                           46,000,000.00                             42,000,000.00
 investing activities

 Subtotal of cash inflow from
                                                           46,030,941.58                             42,523,592.67
 investing activities

      Cash paid for purchasing fixed,
                                                            1,991,100.36                              3,851,816.62
 intangible and other long-term assets

      Cash paid for investment

      Net increase of mortgaged loans

      Net cash received from
 subsidiaries and other units obtained

      Other cash paid concerning
                                                           46,000,000.00                             42,000,000.00
 investing activities

 Subtotal of cash outflow from
                                                           47,991,100.36                             45,851,816.62
 investing activities

 Net cash flows arising from investing
                                                           -1,960,158.78                             -3,328,223.95
 activities

 III. Cash flows arising from
 financing activities

      Cash received from absorbing
 investment

         Including: Cash received from
 absorbing minority shareholders’
 investment by subsidiaries

      Cash received from loans                             39,255,469.21                           131,532,341.95

      Cash received from issuing
 bonds

      Other cash received concerning
 financing activities

 Subtotal of cash inflow from
                                                           39,255,469.21                           131,532,341.95
 financing activities

      Cash paid for settling debts                         51,413,400.63                           131,560,722.31

      Cash paid for dividend and
                                                            3,134,606.87                              2,860,474.39
 profit distributing or interest paying



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                                        First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.


      Including: Dividend and profit
 of minority shareholder paid by
 subsidiaries

      Other cash paid concerning
 financing activities

 Subtotal of cash outflow from
                                                         54,548,007.50                               134,421,196.70
 financing activities

 Net cash flows arising from
                                                        -15,292,538.29                                -2,888,854.75
 financing activities

 IV. Influence on cash and cash
 equivalents due to fluctuation in                             65,528.58                                -200,355.12
 exchange rate

 V. Net increase of cash and cash
                                                             2,216,734.50                             -6,079,614.40
 equivalents

      Add: Balance of cash and cash
                                                         27,961,209.60                                81,474,974.30
 equivalents at the period -begin

 VI. Balance of cash and cash
                                                         30,177,944.10                                75,395,359.90
 equivalents at the period -end


6. Cash Flow Statement of Parent Company

                                                                                                             In RMB

                   Items                    Current Period                             Last Period

 I. Cash flows arising from operating
 activities:

      Cash received from selling
 commodities and providing labor                             8,916,021.40                              5,470,760.50
 services

      Write-back of tax received

      Other cash received concerning
                                                             2,102,534.22                            100,278,749.63
 operating activities

 Subtotal of cash inflow arising from
                                                         11,018,555.62                               105,749,510.13
 operating activities

      Cash paid for purchasing
 commodities and receiving labor
 service

      Cash paid to/for staff and
                                                              841,317.45                                899,173.60
 workers

      Taxes paid                                              458,295.30                               1,637,395.79



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                                         First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.


      Other cash paid concerning
                                                          15,538,788.71                            110,421,369.31
 operating activities

 Subtotal of cash outflow arising from
                                                          16,838,401.46                            112,957,938.70
 operating activities

 Net cash flows arising from
                                                          -5,819,845.84                             -7,208,428.57
 operating activities

 II. Cash flows arising from investing
 activities:

      Cash received from recovering
 investment

      Cash received from investment
 income

      Net cash received from disposal
 of fixed, intangible and other
 long-term assets

      Net cash received from disposal
 of subsidiaries and other units

      Other cash received concerning
 investing activities

 Subtotal of cash inflow from
 investing activities

      Cash paid for purchasing fixed,
                                                                                                     1,036,800.00
 intangible and other long-term assets

      Cash paid for investment

      Net cash received from
 subsidiaries and other units obtained

      Other cash paid concerning
 investing activities

 Subtotal of cash outflow from
                                                                                                     1,036,800.00
 investing activities

 Net cash flows arising from investing
                                                                                                    -1,036,800.00
 activities

 III. Cash flows arising from
 financing activities

      Cash received from absorbing
 investment

      Cash received from loans                                                                    100,000,000.00

      Cash received from issuing



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                                                  First Quarterly Report 2019 (Full-Text) Shenzhen Zhongheng Huafa Co., Ltd.


 bonds

      Other cash received concerning
 financing activities

 Subtotal of cash inflow from
                                                                                                           100,000,000.00
 financing activities

      Cash paid for settling debts                                                                         100,199,862.50

      Cash paid for dividend and
                                                                    2,174,999.98                              2,315,212.52
 profit distributing or interest paying

      Other cash paid concerning
 financing activities

 Subtotal of cash outflow from
                                                                    2,174,999.98                           102,515,075.02
 financing activities

 Net cash flows arising from
                                                                   -2,174,999.98                             -2,515,075.02
 financing activities

 IV. Influence on cash and cash
 equivalents due to fluctuation in                                        -23.63                                   -166.89
 exchange rate

 V. Net increase of cash and cash
                                                                   -7,994,869.45                            -10,760,470.48
 equivalents

      Add: Balance of cash and cash
                                                                   12,024,179.58                             25,181,764.87
 equivalents at the period -begin

 VI. Balance of cash and cash
                                                                    4,029,310.13                             14,421,294.39
 equivalents at the period -end


II. Explanation on financial statement adjustment

1. Financial statement adjustment at the beginning of the first year when implementation of new financial
instrument rules, new revenue rules and new leasing rules

□Applicable   √Not applicable


2. Retrospective adjustment of the comparative data for initial implementation of new financial instrument
rules and new leasing rules

□Applicable   √Not applicable


III. Audit report

Whether the 1st quarterly report has been audited or not
□Yes √ No
1Q report of the Company is unaudited.


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