[年报]京粮B:2020年年度报告（英文版）
原标题:京粮B:2020年年度报告（英文版） HAINANJINGLIANGHOLDINGSCO.,LTD. ANNUALREPORT2020March27,2021 HainanJingliangHoldingsCo.,Ltd.AnnualReport20201HAINANJINGLIANGHOLDINGSCO.,LTD. ANNUALREPORT2020PartIImportantNotesThisSummaryisbasedonthefulltextoftheAnnualReportofHainanJingliangHoldingsCo.,Ltd.(togetherwithitsconsolidatedsubsidiaries,the“Company”,exceptwherethecontextotherwiserequires).InorderforafullunderstandingoftheCompany’soperatingresults,financialpositionandfuturedevelopmentplans,investorsshouldcarefullyreadtheaforesaidfulltext,whichhasbeendisclosedtogetherwiththisSummaryonthemediadesignatedbytheChinaSecuritiesRegulatoryCommission(the“CSRC”). DirectorQingmeiPingcuodidn’tattendtheBoardMeetinginpersonduetoabusinesstrip,andauthorizeddirectorGuanYingtoattendandvoteonherbehalf.OtherdirectorsattendedtheBoardMeetingforreviewingofthisReportanditssummary. Independentauditor’smodifiedopinion: □Applicable√NotapplicableBoard-approvedfinalcashand/orstockdividendplanforordinaryshareholdersfortheReportingPeriod: □Applicable√NotapplicableTheCompanyhasnofinaldividendplan,eitherintheformofcashorstock. Board-approvedfinalcashand/orstockdividendplanforpreferredshareholdersfortheReportingPeriod: □Applicable√NotapplicableThisSummaryhasbeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail. PartIIKeyCorporateInformation1.StockProfileStocknameJLKG,JL-BStockcode000505,200505StockexchangeforstocklistingShenzhenStockExchangeContactinformationBoardSecretarySecuritiesRepresentativ NameGuanYingGaoDeqiuAddress15/F,JingLiangBuilding,NO.16EastThirdRingMiddleRoad,ChaoyangDistrict,Beijing15/F,JingLiangBuilding,NO.16EastThirdRingMiddleRoad,ChaoyangDistrict,Beijing 1HAINANJINGLIANGHOLDINGSCO.,LTD. ANNUALREPORT2020PartIImportantNotesThisSummaryisbasedonthefulltextoftheAnnualReportofHainanJingliangHoldingsCo.,Ltd.(togetherwithitsconsolidatedsubsidiaries,the“Company”,exceptwherethecontextotherwiserequires).InorderforafullunderstandingoftheCompany’soperatingresults,financialpositionandfuturedevelopmentplans,investorsshouldcarefullyreadtheaforesaidfulltext,whichhasbeendisclosedtogetherwiththisSummaryonthemediadesignatedbytheChinaSecuritiesRegulatoryCommission(the“CSRC”). DirectorQingmeiPingcuodidn’tattendtheBoardMeetinginpersonduetoabusinesstrip,andauthorizeddirectorGuanYingtoattendandvoteonherbehalf.OtherdirectorsattendedtheBoardMeetingforreviewingofthisReportanditssummary. Independentauditor’smodifiedopinion: □Applicable√NotapplicableBoard-approvedfinalcashand/orstockdividendplanforordinaryshareholdersfortheReportingPeriod: □Applicable√NotapplicableTheCompanyhasnofinaldividendplan,eitherintheformofcashorstock. Board-approvedfinalcashand/orstockdividendplanforpreferredshareholdersfortheReportingPeriod: □Applicable√NotapplicableThisSummaryhasbeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail. PartIIKeyCorporateInformation1.StockProfileStocknameJLKG,JL-BStockcode000505,200505StockexchangeforstocklistingShenzhenStockExchangeContactinformationBoardSecretarySecuritiesRepresentativ NameGuanYingGaoDeqiuAddress15/F,JingLiangBuilding,NO.16EastThirdRingMiddleRoad,ChaoyangDistrict,Beijing15/F,JingLiangBuilding,NO.16EastThirdRingMiddleRoad,ChaoyangDistrict,Beijing HainanJingliangHoldingsCo.,Ltd. AnnualReport2020 Fax 010-51672010 010-51672010 Tel. 010-51672130 010-51672029 address [email protected] [email protected] 2. Principal Activities orProducts in the Reporting Period The Company is principally engaged in oils and oilseeds processing and trading, as well as food production. It runs its oils and oilseeds processing and trading business primarily in Beijing City, Tianjin City and Hebei Province under the brands of “Gu Chuan”, “Lv Bao”, “Gu Bi” and “Huo Niao”, with the main products being soybean oil, rapeseed oil, sunflower seed oil and sesame oil and paste, among others. As for its food production business, it primarily develops, produces and markets snack food and bread under the brands of “Little Prince”, “MS Dong”, “Jianqiang De Tudou” and “Gu Chuan”, among others, with the main products being potato chips, cakes and pastries and bread. The snack food business covers all provinces and municipalities in China, while the bread business focuses on the Beijing-Tianjin-Hebei region. In this regard, the Company is one of the major suppliers for KFC in North China. 3. KeyFinancial Information (1) Key Financial Information ofthe Past ThreeYears Indicate bytick mark whether thereis anyretrospectively restated datumin the table below. □ Yes √ No Unit:RMB 2020 2019 2020-over-2019 change (%) 2018 Operating revenue 8,741,749,912.11 7,440,286,465.54 17.49% 7,409,124,303.41 Net profit attributable to the listed company’s shareholders 184,846,956.70 133,341,925.75 38.63% 167,956,581.15 Net profit attributable to the listed company’s shareholders before exceptional items 164,037,737.59 104,483,092.09 57.00% 127,425,177.20 Net cash generated from/used in operating activities -246,540,910.08 297,366,794.05 -182.91% 850,167,551.24 Basic earnings per share (RMB/share) 0.26 0.19 36.84% 0.24 Diluted earnings per share (RMB/share) 0.26 0.19 36.84% 0.24 Weighted average return on equity (%) 7.17% 5.70% 1.47% 7.69% 31 December 2020 31 December 2019 Change of 31 December 2020 over 31 December 2019 (%) 31 December 2018 Total assets 5,695,504,493.73 5,231,266,600.19 8.87% 4,917,148,996.28 Equity attributable to the listed company’s shareholders 2,710,571,543.53 2,406,039,283.87 12.66% 2,272,469,925.43 2 HainanJingliangHoldingsCo.,Ltd. AnnualReport2020 (2) Key Financial Information by Quarter Unit:RMB Q1 Q2 Q3 Q4 Operating revenue 1,719,261,111.71 2,031,511,955.92 1,928,342,701.75 3,062,634,142.73 Net profit attributable to the listed company’s shareholders 27,655,045.32 46,107,849.87 40,894,930.95 70,189,130.56 Net profit attributable to the listed company’s shareholders before exceptional items 23,730,342.72 44,264,847.23 32,040,014.29 64,002,533.35 Net cash generated from/used in operating activities 328,948,834.32 -141,853,013.56 -273,955,632.37 -159,681,098.47 Indicate by tick mark whether any of the quarterly financial data in the table above or their summations differs materially from what have beendisclosed inthe Company’s quarterly or interim reports. □ Yes √ No 4. ShareCapital and Shareholder Information at the Period-End (1) Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as Holdings of Top 10 Shareholders Unit:share Number of ordinary shareholders at the period-end 71,627 Number of ordinary shareholders at the month-end prior to the disclosure of this Report 68,899 Number of preferred shareholders with resumed voting rights at the period-end 0 Number of preferred shareholders with resumed voting rights at the month-end prior to the disclosure of this Report 0 Top 10 shareholders Name of shareholder Nature of shareholder Shareholdi ng percentage Total shares held at the period-end Restricted shares held Shares in pledge or frozen Status Share s BEIJING GRAIN GROUP CO., LTD. State-owned legal person 39.68% 288,439,561 164,877,598 BEIJING STATE-OWNED CAPITALOPERATION AND MANAGEMENT CENTER State-owned legal person 6.67% 48,510,460 WANGYUECHENG Domestic natural person 5.66% 41,159,887 41,159,887 LI SHERYN ZHAN MING Foreign natural person 1.23% 8,939,300 GOLD BUFFALO RUNYING (TIANJIN) EQUITY INVESTMENT FUND MANAGEMENT CO., LTD.—GOLD BUFFALO RUNYING Other 0.51% 3,684,503 3 HainanJingliangHoldingsCo.,Ltd. AnnualReport2020 (TIANJIN) EQUITY INVESTMENT FUND (L.P.) MEI JIANYING Domestic natural person 0.36% 2,604,203 ZHANG XIAOXIA Domestic natural person 0.27% 1,949,250 WANG XIAOXING Domestic natural person 0.24% 1,748,400 TAN WENQIONG Domestic natural person 0.20% 1,419,700 ORIENT SECURITIES（HONG KONG）LIMITED Foreign legal person 0.19% 1,354,500 Related or acting-in-concert parties among the shareholders above ① Beijing State-Owned Capital Operation and Management Center owns 100% of Beijing Grain Group Co., Ltd., and Beijing Grain Group Co., Ltd. is the controlling shareholder of the Company (a 39.68% holding). ② Wang Yuecheng is a Deputy General Manager of the Company. Apart from that, the Company does not know whether there are any other related parties or acting-in-concert parties among the top 10 shareholders. Shareholders involved in securities margin trading (if any) Shareholder Wang Xiaoxing holds 1,748,400 shares in the Company through his account of collateral securities for margin trading in Soochow Securities Co., Ltd. (2) Number of Preferred Shareholders and Shareholdings of Top 10of Them □ Applicable √Not applicable No preferred shareholdersin the Reporting Period. (3) Ownership and Control Relations between the Actual Controller and the Company The State-OwnedAssets Supervision and Administration Commission ofthe People’s Government ofBeijing Municipality 100% BeijingState-Owned Capital Operation andManagement Center 100% Beijing Capital Agribusiness Group Co., Ltd. 100% Beijing Grain Group Co.,Ltd. 39.68% HainanJingliang Holdings Co., Ltd. 4 HainanJingliangHoldingsCo.,Ltd.AnnualReport202055.CorporateBondsDoestheCompanyhaveanycorporatebondspubliclyofferedonthestockexchange,whichwereoutstandingbeforethedateofthisReport’sapprovalorwereduebutcouldnotberedeemedinfull? No. PartIIIOperatingPerformanceDiscussionandAnalysis1.BusinessOverviewoftheReportingPeriod(1)OverallPerformanceTheyear2020sawsudden,perplexingandtremendouschangesinmacroeconomicconditions.FacingtheimpactoftheCovid-19pandemic,theChina-UnitedSates(US)tradewar,theeconomicslowdownandothernegativefactors,wewithstoodthepressureandrespondedswiftly.Westrengthenedoperationandmanagementwhilemakingunremittingeffortsinpandemiccontrolandprevention.Asapubliccompany,weexploredandanalyzednewmeanstoincreaseourprofitabilitywhilestrengtheningtheinternalcontrolandregulatorycomplianceasthefoundatinofoperationalstabilityandlong-termdevelopment.Finally,wefinishedtheyearwithsteadygrowthinoperatingperformance.Fortheyearunderreview,theCompanyrecordedoperatingrevenueofRMB8.742billion, up17.49%yearonyear;agrossprofitofRMB285million,up9.87%yearonyear;anetprofitattributabletothelistedcompany’sshareholdersofRMB185million,up38.63%yearonyear;andearningspershareofRMB0.26, up36.84%yearonyear.Assuch,theobjectivesfortheyearweresuccessfullyaccomplished. (II)MajorResultsAchieved1.TheOilsandOilseedsDivision:StabledevelopmentinapositivedirectionTheOilsandOilseedsDivisioneffectivelyresistedtheimpactoftheChina-UStradewarandtheCovid-19pandemicbyleveragingtheadvantagesoftheoilsandoilseedsindustrychain.TheDivisionrecordedatotalprofitofRMB136millionduringtheReportingPeriod.Adheringtotheoperationmodeof"Hedging+BasisTrading+ InventoryRotation"andleveragingitsexperienceincopingwiththeChina-UStradewar,JingliangTianjinmadescience-basedanalysesandjudgmentsandplannedpreemptively,finallysecuringastableoperatingprofit.Theannualoutputofsoybeanoilhitanewrecordhigh,exceedingthetargetsetfortheyear.Adoptingahedgingmode, JingliangOilsandOilseedsstrengthenedtheresearchanddevelopmentofnewproductcategoriesandimplementedmorerigorousmarketanalysis,focusingoncategorieswithstabledemandandsmallimpactfromthepandemic,suchasdomesticsoybean,sunflowerseedoilandnon-geneticallymodifiedrapeseedoil.Theannualsalesofoilsandoilseedshitanewrecordhigh.ThroughthetrusteeshipofHongjingyuan,GuchuanEdibleOilinnovatedthemodeofBeijing-InnerMongoliaindustryassistance,asthetrusteeshipisawin-wincooperationbetweentwocompaniesofcomplementaryadvantagesandthenewmodeisexpectedtoproduceagreaterpovertyalleviationeffect.Inaddition,bydevelopingtheGroup'stradeunionbenefitsplatform,theDivisionmadeall-outeffortstopromotethesalesofallcategoriesofproductsandimplementonlinepromotions.Tianweikang 55.CorporateBondsDoestheCompanyhaveanycorporatebondspubliclyofferedonthestockexchange,whichwereoutstandingbeforethedateofthisReport’sapprovalorwereduebutcouldnotberedeemedinfull? No. PartIIIOperatingPerformanceDiscussionandAnalysis1.BusinessOverviewoftheReportingPeriod(1)OverallPerformanceTheyear2020sawsudden,perplexingandtremendouschangesinmacroeconomicconditions.FacingtheimpactoftheCovid-19pandemic,theChina-UnitedSates(US)tradewar,theeconomicslowdownandothernegativefactors,wewithstoodthepressureandrespondedswiftly.Westrengthenedoperationandmanagementwhilemakingunremittingeffortsinpandemiccontrolandprevention.Asapubliccompany,weexploredandanalyzednewmeanstoincreaseourprofitabilitywhilestrengtheningtheinternalcontrolandregulatorycomplianceasthefoundatinofoperationalstabilityandlong-termdevelopment.Finally,wefinishedtheyearwithsteadygrowthinoperatingperformance.Fortheyearunderreview,theCompanyrecordedoperatingrevenueofRMB8.742billion, up17.49%yearonyear;agrossprofitofRMB285million,up9.87%yearonyear;anetprofitattributabletothelistedcompany’sshareholdersofRMB185million,up38.63%yearonyear;andearningspershareofRMB0.26, up36.84%yearonyear.Assuch,theobjectivesfortheyearweresuccessfullyaccomplished. (II)MajorResultsAchieved1.TheOilsandOilseedsDivision:StabledevelopmentinapositivedirectionTheOilsandOilseedsDivisioneffectivelyresistedtheimpactoftheChina-UStradewarandtheCovid-19pandemicbyleveragingtheadvantagesoftheoilsandoilseedsindustrychain.TheDivisionrecordedatotalprofitofRMB136millionduringtheReportingPeriod.Adheringtotheoperationmodeof"Hedging+BasisTrading+ InventoryRotation"andleveragingitsexperienceincopingwiththeChina-UStradewar,JingliangTianjinmadescience-basedanalysesandjudgmentsandplannedpreemptively,finallysecuringastableoperatingprofit.Theannualoutputofsoybeanoilhitanewrecordhigh,exceedingthetargetsetfortheyear.Adoptingahedgingmode, JingliangOilsandOilseedsstrengthenedtheresearchanddevelopmentofnewproductcategoriesandimplementedmorerigorousmarketanalysis,focusingoncategorieswithstabledemandandsmallimpactfromthepandemic,suchasdomesticsoybean,sunflowerseedoilandnon-geneticallymodifiedrapeseedoil.Theannualsalesofoilsandoilseedshitanewrecordhigh.ThroughthetrusteeshipofHongjingyuan,GuchuanEdibleOilinnovatedthemodeofBeijing-InnerMongoliaindustryassistance,asthetrusteeshipisawin-wincooperationbetweentwocompaniesofcomplementaryadvantagesandthenewmodeisexpectedtoproduceagreaterpovertyalleviationeffect.Inaddition,bydevelopingtheGroup'stradeunionbenefitsplatform,theDivisionmadeall-outeffortstopromotethesalesofallcategoriesofproductsandimplementonlinepromotions.Tianweikang HainanJingliangHoldingsCo.,Ltd.AnnualReport20206continuedtodevelopitswarehousingservicesplatform,strengthenedthemanagementofedibleoilreserves, improvedthelevelofwarehousingservices,improvedtheinventoryrotationefficiencyandimplementedemergencystockallocationtasks. 2.TheFoodsDivision:StablegrowthDuetothepandemic-inducedsluggishmarketdemand,theFoodsDivisionrecordedatotalprofitofRMB174millionintheReportingPeriod.ZhejiangXiaowangziactivelyworkedtodevelopnewproductsandexplorenewchannels.The4DCornRoll,anewproduct,hasbeenlaunchedonthetopthreeplatforms,namely,Be&Cheery, LyfenandThreeSquirrels.Thesalesvolumehasgrownsignificantly.Withthe"in-storespecial-shapedislandbooth"strategyimplementedinYonghui,RT-Mart,Walmartandotherhypermarkets,theaveragesalesperstorehasgrownsignificantly.Thankstothegrowingsalesofnewproductsandstablesalesofoldproducts,agoodmomentumhasbeenmaintained.Takingadvantageofthestabilizingdomesticsituationofthepandemic,GuchuanBreadincreasedsalesatKFCandGreenTeastores,increasingtheproportionofsalesatGreenTeastoresanddistributorsandfurtheroptimizingthecustomer/channelstructure. 3.StableexpansionthroughacquisitionandtrusteeshipFollowingtheplanof"implementabatch","improveabatch"and"expandabatch",acquisitionandrestructuringwereimplementedinalayer-by-layer,step-by-stepapproach.DuringtheReportingPeriod,wesuccessfullyacquiredtheremainingequitiesofZhejiangXiaowangzi.Throughthisproject,wegainedexperienceandlaidafoundationforfutureacquisitionandrestructuringprojects.WeimprovedthemanagementofthetwocompaniesundertheCompany'strusteeship,HongjingyuanandShanghaiSunlon,byprovidingstandardizedguidanceandprofessionalmanagement,improvingtheircorporategovernancestructuresandstreamliningtheiroperationprocesses.Thepresettargetsforthetrusteeshipshavebeenachieved. 4.SolidandeffectiveeffortsinpandemiccontrolandpreventionWeactivelyrespondedtotheseverechallengesposedbytheCovid-19pandemic,implementingtargetedcontrolandpreventiveactionsinawell-plannedmanner.Promptlyrespondingtothecallsfromgovernmentauthorities, weestablishedapandemiccontrolandpreventionleadershipteamandapandemiccontrolandpreventioninspectionteam,establishedapandemiccontrolandpreventionsystemandimplementedvariouspandemiccontrolandpreventionmeasuresinastrictlydisciplinedanthoroughlyplannedmanner.WeactivelyworkedtousethefinancialsupportpoliciesforpandemicrelieftoreducetheCompany'scostofcapital. 5.ContinuousimprovementinmanagementlevelFirst,withtheimplementationofanonlineofficeplatform,thepowerofexecutionhasbeenimproved,betterensuringtheimplementationoftheCompany'spoliciesandplans.Second,apersonneldevelopmentsystemhasbeenestablishedandimproved,whichhasservedtopromotemulti-directionalcommunicationandupper-lowerinteraction.TheJingliangHoldingsForumwascreatedasameanstoimprovetheoverallqualityoftheCompany'smiddleandseniormanagers,promotetheirmarket-consciousnessandsharetheirmanagementexperience.Third,piloteffortsweremadetodriveregulatorycompliance.Weinvestigatedourheadquartersandsubsidiariesforregulatorycompliancebatchbybatch,reviewedtheregulatorycompliancepolicies,liabilitiesand 6continuedtodevelopitswarehousingservicesplatform,strengthenedthemanagementofedibleoilreserves, improvedthelevelofwarehousingservices,improvedtheinventoryrotationefficiencyandimplementedemergencystockallocationtasks. 2.TheFoodsDivision:StablegrowthDuetothepandemic-inducedsluggishmarketdemand,theFoodsDivisionrecordedatotalprofitofRMB174millionintheReportingPeriod.ZhejiangXiaowangziactivelyworkedtodevelopnewproductsandexplorenewchannels.The4DCornRoll,anewproduct,hasbeenlaunchedonthetopthreeplatforms,namely,Be&Cheery, LyfenandThreeSquirrels.Thesalesvolumehasgrownsignificantly.Withthe"in-storespecial-shapedislandbooth"strategyimplementedinYonghui,RT-Mart,Walmartandotherhypermarkets,theaveragesalesperstorehasgrownsignificantly.Thankstothegrowingsalesofnewproductsandstablesalesofoldproducts,agoodmomentumhasbeenmaintained.Takingadvantageofthestabilizingdomesticsituationofthepandemic,GuchuanBreadincreasedsalesatKFCandGreenTeastores,increasingtheproportionofsalesatGreenTeastoresanddistributorsandfurtheroptimizingthecustomer/channelstructure. 3.StableexpansionthroughacquisitionandtrusteeshipFollowingtheplanof"implementabatch","improveabatch"and"expandabatch",acquisitionandrestructuringwereimplementedinalayer-by-layer,step-by-stepapproach.DuringtheReportingPeriod,wesuccessfullyacquiredtheremainingequitiesofZhejiangXiaowangzi.Throughthisproject,wegainedexperienceandlaidafoundationforfutureacquisitionandrestructuringprojects.WeimprovedthemanagementofthetwocompaniesundertheCompany'strusteeship,HongjingyuanandShanghaiSunlon,byprovidingstandardizedguidanceandprofessionalmanagement,improvingtheircorporategovernancestructuresandstreamliningtheiroperationprocesses.Thepresettargetsforthetrusteeshipshavebeenachieved. 4.SolidandeffectiveeffortsinpandemiccontrolandpreventionWeactivelyrespondedtotheseverechallengesposedbytheCovid-19pandemic,implementingtargetedcontrolandpreventiveactionsinawell-plannedmanner.Promptlyrespondingtothecallsfromgovernmentauthorities, weestablishedapandemiccontrolandpreventionleadershipteamandapandemiccontrolandpreventioninspectionteam,establishedapandemiccontrolandpreventionsystemandimplementedvariouspandemiccontrolandpreventionmeasuresinastrictlydisciplinedanthoroughlyplannedmanner.WeactivelyworkedtousethefinancialsupportpoliciesforpandemicrelieftoreducetheCompany'scostofcapital. 5.ContinuousimprovementinmanagementlevelFirst,withtheimplementationofanonlineofficeplatform,thepowerofexecutionhasbeenimproved,betterensuringtheimplementationoftheCompany'spoliciesandplans.Second,apersonneldevelopmentsystemhasbeenestablishedandimproved,whichhasservedtopromotemulti-directionalcommunicationandupper-lowerinteraction.TheJingliangHoldingsForumwascreatedasameanstoimprovetheoverallqualityoftheCompany'smiddleandseniormanagers,promotetheirmarket-consciousnessandsharetheirmanagementexperience.Third,piloteffortsweremadetodriveregulatorycompliance.Weinvestigatedourheadquartersandsubsidiariesforregulatorycompliancebatchbybatch,reviewedtheregulatorycompliancepolicies,liabilitiesand HainanJingliangHoldingsCo.,Ltd.AnnualReport20207risksofourmajorbusinessesandupdatedthechecklistofregulatorycompliancerisksassociatedwithourequityinvestments,therebylayingasolidfoundationforregulatorycomplianceandimprovingtheregulatorycompliancemanagementlevel. 2.SignificantChangetoPrincipalActivitiesintheReportingPeriod □Yes√No3.ProductCategoryContributingover10%ofPrincipalBusinessRevenueorProfit√Applicable□NotapplicableUnit:RMBProductcategoryOperatingrevenueOperatingprofitGrossprofitmarginYoYchangeinoperatingrevenue(%) YoYchangeinoperatingprofit(%) YoYchangeingrossprofitmargin(%) Oilsandoilseeds7,799,378,959.10136,231,943.724.64%20.90%52.85%0.15% Foodprocessing898,193,522.11174,173,301.8529.46%-4.52%-6.77%-2.18% 4.BusinessSeasonalitythatCallsforSpecialAttention □Yes√No5.SignificantYoYChangesinOperatingRevenue,CostofSalesandNetProfitAttributabletotheListedCompany’sOrdinaryShareholdersorTheirCompositions√Applicable□NotapplicableNetprofitattributabletothelistedcompany’sordinaryshareholdersincreasedyearonyearprimarilydrivenbyagreaterprocessinvolumeasaresultofrecoveryinmarketdemand,theincreaseinbothrevenueandprofitduetoarisingprofitfromtheoilspressingbusiness,aswellastheacquisitionofnon-controllinginterests,inthecurrentperiod. 6.Delisting □Applicable√Notapplicable7.MattersRelatedtoFinancialReporting(1)YoYChangestoAccountingPolicies,AccountingEstimatesorMeasurementMethods√Applicable□NotapplicableOn5July2017,theMinistryofFinance(MOF)issuedtheNoticeonRevisingandImplementingtheAccounting 7risksofourmajorbusinessesandupdatedthechecklistofregulatorycompliancerisksassociatedwithourequityinvestments,therebylayingasolidfoundationforregulatorycomplianceandimprovingtheregulatorycompliancemanagementlevel. 2.SignificantChangetoPrincipalActivitiesintheReportingPeriod □Yes√No3.ProductCategoryContributingover10%ofPrincipalBusinessRevenueorProfit√Applicable□NotapplicableUnit:RMBProductcategoryOperatingrevenueOperatingprofitGrossprofitmarginYoYchangeinoperatingrevenue(%) YoYchangeinoperatingprofit(%) YoYchangeingrossprofitmargin(%) Oilsandoilseeds7,799,378,959.10136,231,943.724.64%20.90%52.85%0.15% Foodprocessing898,193,522.11174,173,301.8529.46%-4.52%-6.77%-2.18% 4.BusinessSeasonalitythatCallsforSpecialAttention □Yes√No5.SignificantYoYChangesinOperatingRevenue,CostofSalesandNetProfitAttributabletotheListedCompany’sOrdinaryShareholdersorTheirCompositions√Applicable□NotapplicableNetprofitattributabletothelistedcompany’sordinaryshareholdersincreasedyearonyearprimarilydrivenbyagreaterprocessinvolumeasaresultofrecoveryinmarketdemand,theincreaseinbothrevenueandprofitduetoarisingprofitfromtheoilspressingbusiness,aswellastheacquisitionofnon-controllinginterests,inthecurrentperiod. 6.Delisting □Applicable√Notapplicable7.MattersRelatedtoFinancialReporting(1)YoYChangestoAccountingPolicies,AccountingEstimatesorMeasurementMethods√Applicable□NotapplicableOn5July2017,theMinistryofFinance(MOF)issuedtheNoticeonRevisingandImplementingtheAccounting HainanJingliangHoldingsCo.,Ltd.AnnualReport20208StandardsNo.14:Revenues(Caikuai[2017]No.22).AccordingtotherevisedversionoftheaccountingstandardsandtherequirementslaiddowninthenoticeoftheMOF,theCompanystartedimplementingthenewrevenueaccountingstandardson1January2020.Accordingtorequirementsforthetransitionfromtheoldtothenewaccountingstandards,theCompanystartedimplementingthenewstandardson1January2020butonlyadjustedthedescriptionandamountofrelevantitemsoftheyear-beginningfinancialstatements,madenoadjustmentstocomparablewithin-periodinformationandmadenoretrospectiveadjustmentstothefinancialstatementsoftheCompany'spreviousfiscalyears. (2)RetrospectiveRestatementsduetoCorrectionofMaterialAccountingErrorsintheReportingPeriod □Applicable√NotapplicableNosuchcases. (3)YoYChangestotheScopeofConsolidatedFinancialStatements □Applicable√NotapplicableNosuchcases. HainanJingliangHoldingsCo.,Ltd. 27March2021 8StandardsNo.14:Revenues(Caikuai[2017]No.22).AccordingtotherevisedversionoftheaccountingstandardsandtherequirementslaiddowninthenoticeoftheMOF,theCompanystartedimplementingthenewrevenueaccountingstandardson1January2020.Accordingtorequirementsforthetransitionfromtheoldtothenewaccountingstandards,theCompanystartedimplementingthenewstandardson1January2020butonlyadjustedthedescriptionandamountofrelevantitemsoftheyear-beginningfinancialstatements,madenoadjustmentstocomparablewithin-periodinformationandmadenoretrospectiveadjustmentstothefinancialstatementsoftheCompany'spreviousfiscalyears. (2)RetrospectiveRestatementsduetoCorrectionofMaterialAccountingErrorsintheReportingPeriod □Applicable√NotapplicableNosuchcases. (3)YoYChangestotheScopeofConsolidatedFinancialStatements □Applicable√NotapplicableNosuchcases. HainanJingliangHoldingsCo.,Ltd. 27March2021 HainanJingliangHoldingsCo.,Ltd.AnnualReport20201Auditor’sReportBakerTillyChina[2021]No.16171AllShareholdersofHainanJingliangHoldingsCo.,Ltd.: I.AuditOpinionWehaveauditedthefinancialstatementsofHainanJingliangHoldingsCo.,Ltd.(hereinafterreferredtoasthe"JingliangHoldings"),whichcomprisetheconsolidatedbalancesheetandbalancesheetofparentcompanyasatDecember31,2020,consolidatedincomestatementandincomestatementofparentcompany,consolidatedstatementcashflowstatementandcashflowstatementofparentcompany,consolidatedstatementofchangesinshareholders’equityandstatementofchangesinshareholders’equityofparentcompanyandnotestorelevantfnancialstatementsin2020. Inouropinion,theattachedfinancialstatementsarepreparedinaccordancewithAccountingStandardsforBusinessEnterprisesandAccountingSystemforBusinesEnterprisesinallmajoraspects,andfairlyreflecttheJingliangHoldings’sconsolidatedandparentcompany'sfinancialpositionasatDecember31,2020,aswellastheconsolidatedandparentcompany'soperationresultsandcashflowsin2020. II.BasisofFormingAuditOpinionsWeconductedtheauditworkinaccordancewiththeregulationsofAuditingStandardsforChineseCertifiedPublicAccuntant."ResponsibilityofCertifiedPublicAccountantforAuditingFinancialStatements",thepartoftheauditreportfurtherelaboratedourresponsibilitiesunderthesestandards.InaccordancewiththecodeofprofessionalethicsfortheChineseCertifiedPublicAccountants,weareindependentofJingliangHoldingsandperformotherresponsibilitiesinthefieldofprofessionalethics.Webelievedthattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinions. III.KeyAuditMattersWeconsideredthatkeyauditmattersarethemostimportantitemstoauditthecurrentfinancialstatementsaccordingtoourprofessonaljudgment.Thesemattersshallbedealtwithinthecontextofanauditandopinionofthefinancialstatementsasawholeandwedonotcommentonthesemattersinisoation.Weidentifiedthefollowingitemsaskeyaudititemstobecommunicatedintheauditreport. (I)Revenueconfirmation1.ItemsDescriptionIn2020,asstatedinthe"NoteVI,(36)"ofthefinancialstatementsofJingliangHoldings,theoperatingincomein 1Auditor’sReportBakerTillyChina[2021]No.16171AllShareholdersofHainanJingliangHoldingsCo.,Ltd.: I.AuditOpinionWehaveauditedthefinancialstatementsofHainanJingliangHoldingsCo.,Ltd.(hereinafterreferredtoasthe"JingliangHoldings"),whichcomprisetheconsolidatedbalancesheetandbalancesheetofparentcompanyasatDecember31,2020,consolidatedincomestatementandincomestatementofparentcompany,consolidatedstatementcashflowstatementandcashflowstatementofparentcompany,consolidatedstatementofchangesinshareholders’equityandstatementofchangesinshareholders’equityofparentcompanyandnotestorelevantfnancialstatementsin2020. Inouropinion,theattachedfinancialstatementsarepreparedinaccordancewithAccountingStandardsforBusinessEnterprisesandAccountingSystemforBusinesEnterprisesinallmajoraspects,andfairlyreflecttheJingliangHoldings’sconsolidatedandparentcompany'sfinancialpositionasatDecember31,2020,aswellastheconsolidatedandparentcompany'soperationresultsandcashflowsin2020. II.BasisofFormingAuditOpinionsWeconductedtheauditworkinaccordancewiththeregulationsofAuditingStandardsforChineseCertifiedPublicAccuntant."ResponsibilityofCertifiedPublicAccountantforAuditingFinancialStatements",thepartoftheauditreportfurtherelaboratedourresponsibilitiesunderthesestandards.InaccordancewiththecodeofprofessionalethicsfortheChineseCertifiedPublicAccountants,weareindependentofJingliangHoldingsandperformotherresponsibilitiesinthefieldofprofessionalethics.Webelievedthattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinions. III.KeyAuditMattersWeconsideredthatkeyauditmattersarethemostimportantitemstoauditthecurrentfinancialstatementsaccordingtoourprofessonaljudgment.Thesemattersshallbedealtwithinthecontextofanauditandopinionofthefinancialstatementsasawholeandwedonotcommentonthesemattersinisoation.Weidentifiedthefollowingitemsaskeyaudititemstobecommunicatedintheauditreport. (I)Revenueconfirmation1.ItemsDescriptionIn2020,asstatedinthe"NoteVI,(36)"ofthefinancialstatementsofJingliangHoldings,theoperatingincomein HainanJingliangHoldingsCo.,Ltd.AnnualReport20202theconsolidatedincomestatementofJingliangholdingsisRMB8,741,749,912.11,whichismainlygeneratedfromoiltrade,foodproduction,processingandsales.TheoccurrenceandintegrityofoperatingrevenuehaveasignificantimpactontheoperatingresultsofJingliangHoldings.Therefore,wedeterminetheoccurrenceandintegrityofoperatingrevenueaskeyauditmatters. 2.AuditResponseThemainauditproceduresweperformedareasfollows: (1)UnderstandingandtestingthewholeprocessandrelevantsystemofsalesandcollectioncycleofJingliangHoldings,andconductingcontrollingtestonsalesandcollectioncycleandevaluatingtheeffectivenessofitsdesignandoperation; (2)CheckingwhethertheaccountingpoliciesandspecificmethodsofrevenueconfirmationofJingliangHoldingsandrevenueconfirmationtimingconfomtotherequirementsoftheaccountingstandardsforbusinessenterprises; (3)Carryingouttheanalysisprocedurefortheoperatingincome,analyzingtherationalityofthechangeofthegrossprofitrateofJingliangHoldings,comparingwiththesimilarindicatorsinthepreviousperiod,andidentifyingandinvestigatingthecausesofabnormalfluctuations. (4)Takesamplingmethodtocheckthecontracts,invoices,deliveryordersandotheroriginaldocumentsrelatedtorevenueconfirmationofJingliangHoldings; (5)Checkingtherelevantcontracts,invoices,issueorderandotherrevenuerecognitiondocumentsfortheoperatingincomerecognizedbeforeandafterthebalancesheetdateofJingliangHolding,executingthecut-offtestprocedure,andevaluatingwhetherthesalesincomeofJingliangHoldingsisrecordedintheappropriateaccountingperiod; (6)Performingconfirmationproceduresforaccountsreceivableandconductingsubstitutiontestsonunrespondedsamples. (II)GoodwillImpairmentProvision1.ItemsDescriptionAsatDecember31,2020,asstatedin"NoteVI.16"ofconsolidatedfinancialstatementofJingliangHoldings,thegoodwillamountintheconsolidatedbalancesheetofthecompanyisRMB191,394,422.51,whichwasgeneratedfromacquiringZhejiangLittlePrinceFoodCo.,Ltd.(hereinafterreferredtoasthe“ZhejiangLittlePrince”)in2015.Themanagementconductedimpairmenttestonthementionedgoodwillaccordingtotheaccountingpolicyof"NoteIII,(20)"ofthefinancialstatementsofJingliangHoldings,determinedtherecoverableamountoftheassetgroupcontainingthegoodwillbasedonthepredictionofpresentvalueoftheexpectedfuturecashflownthebasisofthecontinuousoperation,andconsideredthatprovisionforimpairmentofgoodwillisnotrequired. 2theconsolidatedincomestatementofJingliangholdingsisRMB8,741,749,912.11,whichismainlygeneratedfromoiltrade,foodproduction,processingandsales.TheoccurrenceandintegrityofoperatingrevenuehaveasignificantimpactontheoperatingresultsofJingliangHoldings.Therefore,wedeterminetheoccurrenceandintegrityofoperatingrevenueaskeyauditmatters. 2.AuditResponseThemainauditproceduresweperformedareasfollows: (1)UnderstandingandtestingthewholeprocessandrelevantsystemofsalesandcollectioncycleofJingliangHoldings,andconductingcontrollingtestonsalesandcollectioncycleandevaluatingtheeffectivenessofitsdesignandoperation; (2)CheckingwhethertheaccountingpoliciesandspecificmethodsofrevenueconfirmationofJingliangHoldingsandrevenueconfirmationtimingconfomtotherequirementsoftheaccountingstandardsforbusinessenterprises; (3)Carryingouttheanalysisprocedurefortheoperatingincome,analyzingtherationalityofthechangeofthegrossprofitrateofJingliangHoldings,comparingwiththesimilarindicatorsinthepreviousperiod,andidentifyingandinvestigatingthecausesofabnormalfluctuations. (4)Takesamplingmethodtocheckthecontracts,invoices,deliveryordersandotheroriginaldocumentsrelatedtorevenueconfirmationofJingliangHoldings; (5)Checkingtherelevantcontracts,invoices,issueorderandotherrevenuerecognitiondocumentsfortheoperatingincomerecognizedbeforeandafterthebalancesheetdateofJingliangHolding,executingthecut-offtestprocedure,andevaluatingwhetherthesalesincomeofJingliangHoldingsisrecordedintheappropriateaccountingperiod; (6)Performingconfirmationproceduresforaccountsreceivableandconductingsubstitutiontestsonunrespondedsamples. (II)GoodwillImpairmentProvision1.ItemsDescriptionAsatDecember31,2020,asstatedin"NoteVI.16"ofconsolidatedfinancialstatementofJingliangHoldings,thegoodwillamountintheconsolidatedbalancesheetofthecompanyisRMB191,394,422.51,whichwasgeneratedfromacquiringZhejiangLittlePrinceFoodCo.,Ltd.(hereinafterreferredtoasthe“ZhejiangLittlePrince”)in2015.Themanagementconductedimpairmenttestonthementionedgoodwillaccordingtotheaccountingpolicyof"NoteIII,(20)"ofthefinancialstatementsofJingliangHoldings,determinedtherecoverableamountoftheassetgroupcontainingthegoodwillbasedonthepredictionofpresentvalueoftheexpectedfuturecashflownthebasisofthecontinuousoperation,andconsideredthatprovisionforimpairmentofgoodwillisnotrequired. HainanJingliangHoldingsCo.,Ltd.AnnualReport20203Thekeyparametersusedintheimpairmenttestofgoodwillincludedexpectedrevenuegrowthrate,pre-taxoperatingprofitrate,anddiscountrateetc.,whichmayinvolvesignificantaccountingestimationandjudgment. Themanagementfacetheriskofpreferencewhenselectingassumptionsandestimations.Therefore,wedeterminedtheimpairmentprovisionofgoodwillasakeyauditmatter. 2.AuditResponseThemainauditproceduresweperformedareasfollows: (1)Understandingandevaluatingthedesignofinternalcontrolrelatedtothegoodwillimpairmenttestandeffectivenessofkeycontrolexecution,whichincludestheadoptedkeyassumptionsandparametersandtherelevantinternalcontrol; (2)Evaluatingtheappropriatenessofthegoodwillimpairmenttestmethodadoptedbythemanagement.Weevaluatetherationalityofthemainassessmentassumptionsandthekeyparametersusedinthegoodwillimpairmenttest,suchastheexpectedincome,growthrate,pre-taxoperatingprofitrate,anddiscountratethroughanalyingofthemaineconomicindicatorsofpastyears,interviewingwiththemanagement,consideringthemarketdevelopment,andcomparingtheindustryormarketdata. (3)Testingtheaccuracyofthecalculationprocessofgoodwillimpairmenttest; (4)Evaluatingtheaccuracyofthepredictionoftherealizedannualdata.Forexample,comparingtheexpectedfuturecashflowofthepreviousyearoracquisitiontimewiththeactualbusinessperformanceinthecurrentyearandconsidernganymanagementbiasthatexistintheprocessofgoodwillimpairmenttestthatconductedbymanagement. (5)Forthegoodwillimpairmenttestreportpreparedbythethird-partyexpertsemployedbytheauditedunit,inadditiontotheauditprocedures(1)to(4)above,theauditteamalsoevaluatesthecompetency,professionalqualityandobjectivityofthethird-partyexpertsandrecordstheevaluationresultsintheauditdraft,whichincludesobtainingtheprofessionalqualificationofthethird-partyexperts,suchashavingthesecuritiesperiodWehaveevaluatedtheaccuracyoftheforecastdatafortheyearofrealization,suchasbusinesslicenseofanappraisalinstitutionwithsecuritiesandfuturesqualificationandthequalificationcertificateoftheassetappraser,etc. IV.OtherInformationThemanagementofJingliangHoldings(hereinafterreferredtoasmanagement)wasresponsibleforotherinformation,whichincludesinformationcoveredinJingliangHoldings2020annualreport,butnotthefinancialstatementsandourauditreport. Ourauditopinionsonthefinancialstatementsdidn’tcoverotherinformation,andwedonotpublishanyformofassuranceconclusionofotherinformation. 3Thekeyparametersusedintheimpairmenttestofgoodwillincludedexpectedrevenuegrowthrate,pre-taxoperatingprofitrate,anddiscountrateetc.,whichmayinvolvesignificantaccountingestimationandjudgment. Themanagementfacetheriskofpreferencewhenselectingassumptionsandestimations.Therefore,wedeterminedtheimpairmentprovisionofgoodwillasakeyauditmatter. 2.AuditResponseThemainauditproceduresweperformedareasfollows: (1)Understandingandevaluatingthedesignofinternalcontrolrelatedtothegoodwillimpairmenttestandeffectivenessofkeycontrolexecution,whichincludestheadoptedkeyassumptionsandparametersandtherelevantinternalcontrol; (2)Evaluatingtheappropriatenessofthegoodwillimpairmenttestmethodadoptedbythemanagement.Weevaluatetherationalityofthemainassessmentassumptionsandthekeyparametersusedinthegoodwillimpairmenttest,suchastheexpectedincome,growthrate,pre-taxoperatingprofitrate,anddiscountratethroughanalyingofthemaineconomicindicatorsofpastyears,interviewingwiththemanagement,consideringthemarketdevelopment,andcomparingtheindustryormarketdata. (3)Testingtheaccuracyofthecalculationprocessofgoodwillimpairmenttest; (4)Evaluatingtheaccuracyofthepredictionoftherealizedannualdata.Forexample,comparingtheexpectedfuturecashflowofthepreviousyearoracquisitiontimewiththeactualbusinessperformanceinthecurrentyearandconsidernganymanagementbiasthatexistintheprocessofgoodwillimpairmenttestthatconductedbymanagement. (5)Forthegoodwillimpairmenttestreportpreparedbythethird-partyexpertsemployedbytheauditedunit,inadditiontotheauditprocedures(1)to(4)above,theauditteamalsoevaluatesthecompetency,professionalqualityandobjectivityofthethird-partyexpertsandrecordstheevaluationresultsintheauditdraft,whichincludesobtainingtheprofessionalqualificationofthethird-partyexperts,suchashavingthesecuritiesperiodWehaveevaluatedtheaccuracyoftheforecastdatafortheyearofrealization,suchasbusinesslicenseofanappraisalinstitutionwithsecuritiesandfuturesqualificationandthequalificationcertificateoftheassetappraser,etc. IV.OtherInformationThemanagementofJingliangHoldings(hereinafterreferredtoasmanagement)wasresponsibleforotherinformation,whichincludesinformationcoveredinJingliangHoldings2020annualreport,butnotthefinancialstatementsandourauditreport. Ourauditopinionsonthefinancialstatementsdidn’tcoverotherinformation,andwedonotpublishanyformofassuranceconclusionofotherinformation. HainanJingliangHoldingsCo.,Ltd.AnnualReport20204Incombinationwithourauditofthefinancialstatements,ourresponsibilityistoreadotherinformationandconsideranymaterialinconsistenciesormaterialmisstatementappearsbetweenotherinformatonandthefinancialstatementsorthesituationwelearnedintheauditprocessBasedontheworkwehaveperformed,weareexpectedtoreportthefactofrecognizedmaterialmisstatementinotherinformation.Inthisrespect,wedonothaveanymatterstoreport. V.ResponsibilitiesofManagementandGovernanceforFinancialStatementsThemanagementisresponsibleforpreparingtheconsolidatedfinancialsttementsinaccordancewiththeAccountingStandardsforBusinessEnterprisestoachievefairreflectionandtodesign,implementandmaintainnecessaryinternalcontrolstoensurethattheconsolidatedfinancialstatementsarefreefrommaterialmisstatementduetoraudorerror. Whenpreparingthefinancialstatements,managementisresponsibleforassessingthesustainableoperationcapabilityofJingliangHoldings,disclosingmattersrelatedtothesustainableoperation(ifapplicable),andapplyingthecontinuingoperationassumption,unlessmanagementplanstoliquidatetheJingliangHoldings, terminateoperations,orhavenootherrealisticoptions. ThegovernanceisresponsibleforsupervisingthefinancialreportingprocessofJingliangHoldings. VI.TheResponsibilityofCertifiedPublicAccountantsforAuditingFinancialStatementsOurgoalistoobtainreasonableassuranceonnomaterialmissatementduetofraudorerrorinthewholefinancialstatementsandtoissueanauditreportcontainingauditopinions.Reasonableassurancewasahighlevelofassurance,butitdoesnotguaranteethatthematerialmisstatementinauditprocessinaccordancewiththeauditstandardscanalwaysbefound. Misstatementsmayresultfromfraudorerrorandaregenerallyconsideredtobematerialiftheindividualoraggregatedmisstatementsarereasonablexpectedtoaffecttheeconomicdecisionsmadebyusersofthefinancialstatementsonthebasisoftheconsolidatedfinancialstatements. Intheprocessofperformingtheauditinaccordancewiththeauditstandards,weexerciseprofessionaljudgmentandmaintainprofessionalskepticism.Meanwhile,wealsoimplementthefollowingwork: (1)Identifyingandassessingtheriskofmaterialmisstatementintheconsolidatedfinancialstatementsduetofraudorerror,designingandimplementingauditprocedurestoaddresstheserisks,andobtainingsufficientandappropriateauditevidencesasthebasisforissuingauditopinions.Sincefraudmayinvolvecollusion,forgery, willfulomission,misrepresentationoroverridinginternalcontrol,theriskoffailingtorecognizeamaterialmisstatementresultingfromfraudishigherthantheriskoffailingtorecognizeamaterialmisstatementrsultingfromerror. 4Incombinationwithourauditofthefinancialstatements,ourresponsibilityistoreadotherinformationandconsideranymaterialinconsistenciesormaterialmisstatementappearsbetweenotherinformatonandthefinancialstatementsorthesituationwelearnedintheauditprocessBasedontheworkwehaveperformed,weareexpectedtoreportthefactofrecognizedmaterialmisstatementinotherinformation.Inthisrespect,wedonothaveanymatterstoreport. V.ResponsibilitiesofManagementandGovernanceforFinancialStatementsThemanagementisresponsibleforpreparingtheconsolidatedfinancialsttementsinaccordancewiththeAccountingStandardsforBusinessEnterprisestoachievefairreflectionandtodesign,implementandmaintainnecessaryinternalcontrolstoensurethattheconsolidatedfinancialstatementsarefreefrommaterialmisstatementduetoraudorerror.（未完）  |