[一季报]中顺洁柔(002511):2023年第一季度报告（英文版）
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时间：2023年04月19日 18:32:15 中财网 |
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原标题:中顺洁柔:2023年第一季度报告（英文版）
Stock Code: 002511 Stock Abbreviation: ZSJR Announcement No.: 2023-27 C&S Paper Co., Ltd.
First Quarter Report 2023
The Company and all members of the Board of Directors hereby guarantee the truthfulness, accuracy and completeness of the information disclosed, and there are no false and misleading statements or material omissions.
Important Notice:
1. The Board of Directors and the Board of Supervisors of the Company and its directors, supervisors and senior management warrant that the information contained in this quarterly report is
true, accurate and complete without any false and misleading statements or material omissions, and severally and jointly accept legal liability thereof.
2. The person in charge of the Company, the person in charge of accounting of the Company, and the person in charge of the accounting department of the Company have declared that they warrant the truthfulness, accuracy and completeness of the financial statements set out in this quarterly report.
3. Whether the First Quarter Report has been audited
□ Yes √ No
I. Main Financial Data
(I) Main accounting data and financial indicators
Whether the Company needs to perform retrospective adjustment or restatement of accounting data for previous years
□ Yes √ No
| | Current period | Same period of previous
year | Changes over same period of
previous year | | Operating income (RMB) | 2,060,542,849.81 | 1,884,339,300.88 | 9.35% | | Net profit attributable to shareholders of
the listed company (RMB) | 89,436,714.84 | 133,346,264.70 | -32.93% | | Net profit attributable to shareholders of
the listed company after deducting
non-recurring profit and loss (RMB) | 81,878,048.70 | 126,963,097.30 | -35.51% | | Net cash flow from operating activities
(RMB) | 189,136,132.94 | 247,480,435.23 | -23.58% | | Basic earnings per share (RMB/share) | 0.07 | 0.10 | -30.00% | | Diluted earnings per share (RMB/share) | 0.07 | 0.10 | -30.00% | | Weighted average return on net assets | 1.71% | 2.68% | -0.97% | | | End of current period | End of previous year | Changes over end of previous
year | | Total assets (RMB) | 8,633,703,315.60 | 8,335,107,691.71 | 3.58% | | Owner's equity attributable to shareholders
of the listed company (RMB) | 5,273,733,856.59 | 5,178,060,378.48 | 1.85% |
(II) Non-recurring items and amounts
√ Applicable □ Not applicable
Unit: RMB
| Item | Amount of current period | Description | | Profits/losses from the disposal of non-current asset (including the write-off that
accrued for impairment of assets) | -216,146.00 | | | Governmental grants reckoned into current profits/losses (not including grants
enjoyed in quota or ration according to national standards, which are closely relevant
to the company’s normal business) | 6,482,330.30 | | | Profits/losses from assets entrusted to others for investment or management | 27,707.09 | | | Except for effective hedging business related to the normal operation of the company,
fair value gains and losses from holding trading financial assets and trading financial
liabilities, as well as investment income from disposing of trading financial assets,
trading financial liabilities, and available for sale financial assets | 813,600.00 | | | Other non-operating income and expenses except for the aforementioned items | 2,381,391.59 | | | Less: Influence of income tax | 1,930,216.84 | | | Total | 7,558,666.14 | -- |
Details of other profit and loss items that meet the definition of non-recurring profit and loss: □ Applicable √ Not applicable
The Company has no other profit and loss items that meet the definition of non-recurring profit and loss.
Descriptions where the Company defines any non-recurring profit and loss items listed in the No. 1 Explanatory Announcement on
Information Disclosure of Companies Offering Securities to the Public—Non-recurring Profit and Loss as recurring profit and loss
items during the reporting period
□ Applicable √ Not applicable
The Company did not define any non-recurring profit and loss items listed in the No. 1 Explanatory Announcement on Information
Disclosure of Companies Offering Securities to the Public—Non-recurring Profit and Loss as recurring profit and loss items during
the reporting period.
(III) Changes of main accounting data and financial indicators and reasons √ Applicable □ Not applicable
1. Balance sheet items
Monetary funds: This item recorded an increase of RMB629,395,493.87 or 47.51% in the reporting period
compared with the end of 2022, mainly owing to the increase in borrowing during the reporting period.
Tradable financial assets: This item recorded an increase of RMB813,600.00 or 100.00% in the reporting period
compared with the end of 2022, mainly owing to the changes in the fair value of forward foreign exchange
settlements and sales of trading financial assets during the reporting period. Other current asset: This item recorded an increase of RMB165,858,475.80 or 49.52% in the reporting period
compared with the end of 2022, mainly owing to the increase of large deposit certificates during the reporting
period.
Goodwill: This item recorded an increase of RMB633,136.34 or 979.27% in the reporting period compared with
the end of 2022, mainly due to the acquisition of subsidiaries not under the common control during the reporting
period.
Other non-current assets: This item recorded an increase of RMB21,424,952.32 or 366.93% in the reporting
period compared with the end of 2022, mainly owing to the increase in prepayments in land payment during the
reporting period.
Short-term borrowings: This item recorded an increase of RMB581,434,704.87 or 95.66% in the reporting period
compared with the end of 2022, mainly owing to the increase in bank borrowing during the reporting period.
Contract liabilities: This item recorded a decrease of RMB45,606,699.49 or 47.22% in the reporting period
compared with the end of 2022, mainly owing to the decrease in prepayments from customers during the reporting
period.
Employee remuneration payable: This item recorded a decrease of RMB70,515,700.91 or 53.57% in the reporting
period compared with the end of 2022, mainly owing to the release of the year-end bonus payable for the previous
year during the reporting period.
Tax and fees payable: This item recorded an increase of RMB28,099,367.86 or 52.56% in the reporting period
compared with the end of 2022, mainly owing to the increase in VAT and income tax expense during the reporting
period.
Other current liabilities: This item recorded a decrease of RMB6,215,813.73 or 49.97% in the reporting period
compared with the end of 2022, mainly owing to the decrease in the tax pending changeover during the reporting
period.
Lease liabilities: This item recorded an increase of RMB1,595,148.66 or 198.43% in the reporting period
compared with the end of 2022, mainly owing to the increase in rented houses and buildings during the reporting
period.
2. Income statement items
Financial expenses: This item recorded a decrease of RMB1,594,818.16 or 108.30% in the reporting period
compared with the same period in 2022, mainly owing to the decrease in exchange losses and gains during the
reporting period.
Return on investment: This item recorded a decrease of RMB146,121.05 or 84.06% in the reporting period
compared with the same period in 2022, mainly owing to the decrease in returns on wealth management products
received during the reporting period.
Gains from changes in fair value: This item recorded an increase of RMB816,501.12 or 28144.34% in the
reporting period compared with the same period in 2022, mainly owing to the increase in forward settlement and
sales of foreign exchange during the reporting period.
Asset impairment losses: This item recorded an increase of RMB777,992.12 or 212.48% in the reporting period
compared with the same period in 2022, mainly owing to the decrease in provision for inventory depreciation
during the reporting period.
Return on disposal of assets: This item recorded a decrease of RMB78,973.53 or 339.92% in the reporting period
compared with the same period in 2022, owing to the decrease in disposal of fixed assets during the reporting
period.
Non-operating income: This item recorded an increase of RMB1,028,229.49 or 107.09% in the reporting period
compared with the same period in 2022, mainly owing to the increase in received penalty during the reporting
period.
Non-operating expense: This item recorded a decrease of RMB440,106.60 or 38.27% in the reporting period
compared with the same period in 2022, mainly owing to the decrease in donation during the reporting period.
Income tax expenses: This item recorded a decrease of RMB10,872,567.93 or 40.50% in the reporting period
compared with the same period in 2022, mainly owing to the decrease in total profit during the reporting period.
3. Cash flow statement items
Net cash flow from investing activities: This item recorded a decrease of RMB72,929,077.59 or 35.17% in the
reporting period compared with the same period in 2022, mainly owing to the increase in payment for principal of
wealth management products during the reporting period.
Net cash flow from financing activities: This item recorded an increase of RMB692,254,858.53 or 1980.55% in
the reporting period compared with the same period in 2022, mainly owing to the increase in cash received from
borrowings during the reporting period.
II. Shareholder Information
(I) Total number of ordinary shareholders, number of preferred shareholders whose voting rights were
resumed and shareholdings of top 10 shareholders
Unit: share
| Total number of ordinary shareholders
as at the end of the reporting period | 117,225 | Total number of preferred
shareholders whose voting
rights were resumed at the end
of the reporting period (if any) | 0 | | | | | Shareholdings of top 10 shareholders | | | | | | | | Name of
shareholder | Nature of
shareholder | Shareholding
percentage
(%) | Number of shares | Number of shares
subject to selling
restrictions | Pledged, marked or frozen | | | | | | | | Share status | Number | | Guangdong
Zhongshun Paper
Group Co., Ltd. | Domestic
non-state-owned
legal person | 28.22% | 377,195,570 | | | | | Chung Shun Co. | Foreign legal person | 19.94% | 266,504,789 | | | | | Hong Kong
Securities
Clearing Co., Ltd. | Foreign legal person | 4.23% | 56,516,558 | | | | | Ernest Partners
LLC — Client
funds | Foreign legal person | 0.92% | 12,259,500 | | | | | Yue Yong | Domestic natural
person | 0.81% | 10,765,241 | 8,348,93 | | | | Deng Yingzhong | Domestic natural | 0.51% | 6,752,811 | 5,064,608 | | | | | person | | | | | | | Guohua Life —
Xingyi
Traditional No.2 | Other | 0.47% | 6,224,600 | | | | | # Zhongshan
Xinda Investment
Management Co.,
Ltd. | Domestic
non-state-owned
legal person | 0.46% | 6,123,636 | | | | | ABC — CSI
Smallcap 500
ETF | Other | 0.35% | 4,683,889 | | | | | ICBC — CSI
Main Consumer
Staples ETF | Other | 0.29% | 3,899,518 | | | | | Shareholdings of top 10 shareholders not subject to selling restrictions | | | | | | | | Name of shareholder | Number of shares not subject to selling restrictions | Type of shares | | | | | | | | Type of shares | Number | | | | | Guangdong Zhongshun Paper Group
Co., Ltd. | 377,195,570 | RMB-denominate
d ordinary shares | 377,195,570 | | | | | Chung Shun Co. | 266,504,789 | RMB-denominate
d ordinary shares | 266,504,789 | | | | | Hong Kong Securities Clearing Co.,
Ltd. | 56,516,558 | RMB-denominate
d ordinary shares | 56,516,558 | | | | | Ernest Partners LLC — Client funds | 12,259,500 | RMB-denominate
d ordinary shares | 12,259,500 | | | | | Guohua Life — Xingyi Traditional No.2 | 6,224,600 | RMB-denominate
d ordinary shares | 6,224,600 | | | | | # Zhongshan Xinda Investment
Management Co., Ltd. | 6,123,636 | RMB-denominate
d ordinary shares | 6,123,636 | | | | | ABC — CSI Smallcap 500 ETF | 4,683,889 | RMB-denominate
d ordinary shares | 4,683,889 | | | | | ICBC — CSI Main Consumer Staples
ETF | 3,899,518 | RMB-denominate
d ordinary shares | 3,899,518 | | | | | #Chen Ruiqiang | 3,667,600 | RMB-denominate
d ordinary shares | 3,667,600 | | | | | Yuan Xuemei | 3,592,000 | RMB-denominate
d ordinary shares | 3,592,000 | | | | | Description on the related relationship
or parties acting-in-concert
arrangements among the above
shareholders | 1. Among the top ten shareholders mentioned above, Mr. Deng Yingzhong is among the
actual controllers of the Company; Guangdong Zhongshun Paper Group Co., Ltd. and
Chung Shun Co. are the enterprises controlled by actual controllers of the Company, i.e.
Mr. Deng Yingzhong, Deng Guanbiao and Deng Guanjie. That is, Guangdong Zhongshun
Paper Group Co., Ltd. and Chung Shun Co. are related parties. Mr. Yue Yong is an
incumbent senior manager of the Company.
2. Except for the above situation, it is unknown to the Company whether there is related
party relationship among other shareholders, or whether there is acting-in-concert among
other shareholders as stipulated in the Administrative Measures for the Disclosure of
Information on Changes in Shareholders' Shareholding of Listed Companies. | | | | | | | Description on the top 10 shareholders’
participation in margin trading and
securities lending business (if any) | 1. The Company’s shareholder Zhongshan Xinda Investment Management Co., Ltd. holds
6,120,602 shares through a client credit transaction guarantee securities account.
2. The Company’s shareholder Chen Ruiqiang holds 843,500 shares through a client credit
transaction guarantee securities account.
Note: There is a special repurchase account “C&S Paper Special Repurchase Securities
Account” among the top 10 shareholders. As of the end of the reporting period, this
repurchase account held 26,758,987 shares, with a shareholding ratio of 2%. Pursuant to
relevant regulations, it is not included in the list of top 10 shareholders. | | | | | |
(II) Total number of preferred shareholders and shareholdings of top 10 preferred shareholders □ Applicable √ Not applicable
III. Other Significant Matters
√ Applicable □ Not applicable
Implementation of the 2022 Stock Option and Restricted Stock Incentive Plan during the reporting period:
(1) On December 20, 2022, the Company convened the 18th meeting of the Fifth Board of Directors, the 13th
meeting of the Fifth Board of Supervisors, and the 2023 First Extraordinary General Meeting of Shareholders,
which deliberated and approved the Proposal on the 2022 Stock Option and Restricted Stock Incentive Plan (Draft)
and Its Summary. For details, please refer to the Company's relevant announcements on CNINFO. (2) On January 4, 2023, the Company's Board of Supervisors issued an explanation and the audit opinions on the
list of incentive recipients under the 2022 Stock Option and Restricted Stock Incentive Plan. At the same time, the
Company issued a self-inspection report on the buying and selling of corporate shares by insiders and incentive
recipients of the 2022 Stock Option and Restricted Stock Incentive Plan. (3) On January 31, 2023, the Company held the 19th meeting of the Fifth Board of Directors and the 14th meeting
of the Fifth Board of Supervisors, which reviewed and approved the Proposal on Granting Stock Options and
Restricted Shares to Incentive Recipients for the First Time. The Board believed that the granting conditions
stipulated in the incentive plan were fulfilled and thereby agreed to, with January 31, 2023 as the first-grant date,
grant a total of 15.665 million stock options to 686 incentive recipients who met the granting conditions with an
exercise price of RMB9.48 per share, and a total of 21.765 million restricted shares to 694 incentive recipients
who met the granting conditions with a grant price of RMB6.32 per share. (4) The registration procedures for the first-granted stock options under the 2022 Stock Option and Restricted
Stock Incentive Plan were completed on February 24, 2023, with a quantity of 15.48 million, number of recipients
654, stock option abbreviation C&S JLC3, and stock option code 037336. In addition, the registration procedures
for the first-granted restricted shares under the 2022 Stock Option and Restricted Stock Incentive Plan were
completed on March 6, 2023, with a quantity of 20.9615 million, number of recipients 617, and stock listing date
March 7, 2023.
IV. Quarterly Financial Statements
(I) Financial statements
1. Consolidated balance sheet
Prepared by: C&S Paper Co., Ltd.
March 31, 2023
Unit: RMB
| Item | Balance at the end of the period | Balance at the beginning of the period | | Current assets: | | | | Monetary funds | 1,954,183,035.36 | 1,324,787,541.49 | | Settlement reserve | | | | Lending to banks and other
financial institutions | | | | Tradable financial assets | 813,600.00 | | | Derivative financial assets | | | | Notes receivable | 9,820,991.37 | 11,371,092.80 | | Accounts receivable | 845,396,697.20 | 1,084,130,138.51 | | Accounts receivable financing | | | | Prepayments | 19,613,931.45 | 15,291,351.73 | | Premium receivable | | | | Reinsurance payables | | | | Reinsurance contract reserves
receivable | | | | Other receivables | 13,628,574.99 | 16,915,272.60 | | Including: Interest receivable | | | | Dividends receivable | | | | Financial assets held under resale
agreements | | | | Inventory | 1,691,070,655.54 | 1,911,630,723.55 | | Contract assets | | | | Assets held for sale | | | | Non-current assets due within one
year | | | | Other current assets | 500,817,829.71 | 334,959,353.91 | | Total current assets | 5,035,345,315.62 | 4,699,085,474.59 | | Non-current assets: | | | | Loans and advances to customers | | | | Investments in creditor’s rights | | | | Investments in other creditor’s
rights | | | | Long-term receivable | | | | Long-term equity investment | | | | Investment in other equity
instruments | | | | Other non-current financial assets | | | | Investment property | 31,342,376.49 | 31,701,597.54 | | Fixed assets | 2,924,742,472.38 | 3,013,559,312.97 | | Construction work in progress | 158,311,995.48 | 142,627,123.42 | | Productive biological assets | | | | Oil & gas assets | | | | Right-of-use assets | 8,812,888.05 | 9,758,283.42 | | Intangible assets | 224,604,541.62 | 214,243,938.48 | | Development expenses | | | | Goodwill | 697,790.49 | 64,654.15 | | Long-term deferred expenses | 9,611,286.29 | 11,771,615.74 | | Deferred income tax assets | 212,970,662.52 | 206,456,657.06 | | Other non-current assets | 27,263,986.66 | 5,839,034.34 | | Total non-current assets | 3,598,357,999.98 | 3,636,022,217.12 | | Total assets | 8,633,703,315.60 | 8,335,107,691.71 | | Current liabilities: | | | | Short-term borrowings | 1,189,233,927.49 | 607,799,222.62 | | Borrowings from PBC | | | | Placements from banks and other
financial institutions | | | | Tradable financial liabilities | | | | Derivative financial liabilities | | | | Notes payable | 315,999,721.07 | 340,335,111.30 | | Accounts payable | 710,310,494.43 | 948,550,430.61 | | Payments received in advance | | | | Contract liabilities | 50,975,245.45 | 96,581,944.94 | | Proceeds from financial assets sold
under repo | | | | Customer bank deposits and due to
banks and other financial institutions | | | | Funds from securities trading
agency | | | | Funds from securities underwriting
agency | | | | Employee remuneration payable | 61,125,746.74 | 131,641,447.65 | | Tax and fees payable | 81,557,334.21 | 53,457,966.35 | | Other payables | 789,456,180.28 | 807,423,814.13 | | Including: Interests payable | | | | Dividends payable | | | | Transaction fee and commission
receivable | | | | Reinsurance payable | | | | Liabilities held for sale | | | | Non-current liabilities due within
one year | 7,510,164.22 | 9,833,661.30 | | Other current liabilities | 6,224,333.82 | 12,440,147.55 | | Total current liabilities | 3,212,393,147.71 | 3,008,063,746.45 | | Non-current liabilities: | | | | Insurance contract reserves | | | | Long-term borrowings | | | | Bonds payable | | | | Including: Preference shares | | | | Perpetual bonds | | | | Lease liabilities | 2,399,027.96 | 803,879.30 | | Long-term payable | | | | Long-term employee remuneration
payable | | | | Provision | | | | Deferred income | 94,410,420.74 | 98,419,983.82 | | Deferred income tax liabilities | 42,821,394.21 | 47,131,368.70 | | Other non-current liabilities | | | | Total non-current liabilities | 139,630,842.91 | 146,355,231.82 | | Total liabilities | 3,352,023,990.62 | 3,154,418,978.27 | | Owner's equity: | | | | Share capital | 1,336,446,200.00 | 1,314,739,745.00 | | Other equity instruments | | | | Including: Preference shares | | | | Perpetual bonds | | | | Capital reserve | 1,075,194,986.26 | 958,187,997.99 | | Less: Treasury shares | 821,407,373.99 | 688,930,693.99 | | Other comprehensive income | | | | Special reserves | | | | Surplus reserves | 145,882,689.86 | 145,882,689.86 | | General reserves | | | | Retained earnings | 3,537,617,354.46 | 3,448,180,639.62 | | Total equity attributable to owners of
the parent company | 5,273,733,856.59 | 5,178,060,378.48 | | Equities of minority shareholders | 7,945,468.39 | 2,628,334.96 | | Total owner's equity | 5,281,679,324.98 | 5,180,688,713.44 | | Total liabilities and owners' equities | 8,633,703,315.60 | 8,335,107,691.71 |
Legal representative: Liu Peng Person in charge of accounting: Xu Xianjing Person in charge of accounting department: Dong Ye
2. Consolidated income statement
Unit: RMB
| Item | Incurred in the current period | Incurred in the prior period | | I. Total Operating Income | 2,060,542,849.81 | 1,884,339,300.88 | | Including: Operating income | 2,060,542,849.81 | 1,884,339,300.88 | | Interest income | | | | Gross earned premiums | | | | Service charge and
commission income | | | | II. Total Operating Cost | 1,969,968,752.82 | 1,738,812,664.25 | | Including: Operating costs | 1,494,682,167.06 | 1,266,000,074.36 | | Interest expenses | | | | Service charge and
commission expenses | | | | Surrender value | | | | Net compensation expenses | | | | Net appropriation of
insurance reserve | | | | Policy dividends expenses | | | | Reinsurance costs | | | | Tax and surcharges | 10,462,165.90 | 12,558,211.99 | | Selling expenses | 343,938,889.16 | 333,729,274.14 | | Administrative expenses | 72,119,884.69 | 79,277,066.68 | | R&D expenses | 51,833,013.86 | 48,720,586.77 | | Finance expenses | -3,067,367.85 | -1,472,549.69 | | Including: Interest fees | 10,537,717.07 | 178,781.10 | | Interest income | 5,717,475.64 | 2,754,875.87 | | Plus: Other income | 7,424,935.61 | 8,030,856.86 | | Return on investment ("-"
indicates loss) | 27,707.09 | 173,828.14 | | Including: Return on
investment in associates and joint
ventures | | | | Income from the
derecognition of financial assets
measured at amortized cost | | | | Exchange gains ("-" indicates
loss) | | | | Gains from net exposure
hedging ("-" indicates loss) | | | | Gains from changes in fair
value ("-" indicates loss) | 813,600.00 | -2,901.12 | | Credit impairment losses ("-"
indicates loss) | 6,209,595.17 | 6,918,082.21 | | Asset impairment losses ("-"
indicates loss) | -1,144,134.84 | -366,142.72 | | Return on disposal of assets
("-" indicates loss) | -55,740.67 | 23,232.86 | | III. Operating Profit ("-" indicates loss) | 103,850,059.35 | 160,303,592.86 | | Plus: Non-operating income | 1,988,401.70 | 960,172.21 | | Less: Non-operating expenditure | 710,020.75 | 1,150,127.35 | | IV. Total Profit ("-" indicates total loss) | 105,128,440.30 | 160,113,637.72 | | Less: Income tax expense | 15,974,592.03 | 26,847,159.96 | | V. Net Profit ("-" indicates net loss) | 89,153,848.27 | 133,266,477.76 | | i. Classified by operation continuity | | | | 1. Net profit from continued
operation ("-" indicates net loss) | 89,153,848.27 | 133,266,477.76 | | 2. Net profit from discontinued
operation ("-" indicates net loss) | | | | ii. Classified by attribution of
ownership | | | | 1. Net profit attributable to owners
of the parent company | 89,436,714.84 | 133,346,264.70 | | 2. Minority shareholders' profits and
losses | -282,866.57 | -79,786.94 | | VI. Net Amount of Other Comprehensive
Income after Tax | | | | Total other comprehensive after-tax net
income attributable to owners of the
parent company | | | | i. Other comprehensive income not
able to be reclassified into the profit or
loss | | | | 1. Changes of
re-measurement of the defined benefit
plan | | | | 2. Other comprehensive
income that cannot be transferred into the
profit or loss under equity method | | | | 3. Changes in fair value of
investment in other equity instruments | | | | 4. Changes in fair value of
credit risk of the enterprise | | | | 5. Others | | | | ii. Other comprehensive income
reclassified into the profit or loss | | | | 1. Other comprehensive
income to be transferred into the profit or
loss under equity method | | | | 2. Changes in fair value of
investment in other creditor's rights | | | | 3. Financial assets
reclassified into other comprehensive
income | | | | 4. Impairment provision for
credit of investment in other creditor's
rights | | | | 5. Reserve of cash flow
hedge | | | | 6. Converted difference in
foreign currency financial statements | | | | 7. Others | | | | Total other comprehensive after-tax net
income attributable to minority
shareholders | | | | VII. Total Comprehensive Income | 89,153,848.27 | 133,266,477.76 | | Total comprehensive income
attributable to owners of the parent
company | 89,436,714.84 | 133,346,264.70 | | Total comprehensive income
attributable to minority shareholders | -282,866.57 | -79,786.94 | | VIII. Earnings per Share: | | | | i. Basic earnings per share | 0.07 | 0.10 | | ii. Diluted earnings per share | 0.07 | 0.10 |
For business combinations of the current period under common control, the net profit realized by the combined party before the （未完）
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