[中报]苏常柴Ｂ(200570):2023年半年度报告（英文版）
原标题:苏常柴Ｂ:2023年半年度报告（英文版） INTERIMREPORT2023 August2023 PartIImportantNotes,TableofContentsandDefinitions TheBoardofDirectors(orthe“Board”),theSupervisoryCommitteeaswellasthedirectors,supervisorsandseniormanagementofChangchaiCompany,Limited(hereinafterreferredtoas the “Company”) hereby guarantee the factuality, accuracy and completeness of thecontentsofthisReportanditssummary,andshallbejointlyandseverallyliableforanymisrepresentations,misleadingstatementsormaterialomissionstherein.XieGuozhong,theCompany’slegalrepresentativeandGeneralManager,andJiangHe,headoftheCompany’sfinancialdepartment(equivalenttofinancialmanager)herebyguaranteethattheFinancialStatementscarriedinthisReportarefactual,accurateandcomplete.AlltheCompany’sdirectorshaveattendedtheBoardmeetingforthereviewofthisReportanditssummary. Anyplansforthefutureorotherforward-lookingstatementsmentionedinthisReportanditssummaryshallNOTbeconsideredaspromisestoinvestors.Investorsandotherstakeholdersshallbesufficientlyawareoftheriskandshalldifferentiatebetweenplans/forecastsandpromises. TheCompanyhasdescribedindetailtherisksitmightfacein“XRisksFacingtheCompanyandCountermeasures”in“PartIIIManagementDiscussionandAnalysis”herein.TheCompanyhasnointerimdividendplan,eitherintheformofcashorstock.TableofContents PartIImportantNotes,TableofContentsandDefinitions...........................................................2 PartIICorporateInformationandKeyFinancialInformation...................................................6 PartIIIManagementDiscussionandAnalysis...............................................................................9 PartIVCorporateGovernance......................................................................................................36 PartVEnvironmentalandSocialResponsibility..........................................................................38 PartVISignificantEvents...............................................................................................................41 PartVIIShareChangesandShareholderInformation...............................................................47 PartVIIIPreferenceShares............................................................................................................53 PartIXBonds...................................................................................................................................54 PartXFinancialStatements...........................................................................................................55 DocumentsAvailableforReference (I)ThefinancialstatementssignedandsealedbytheCompany’slegalrepresentative,GeneralManagerandheadofthefinancialdepartment(accountantincharge). (II)TheoriginalsofalltheCompany’sdocumentsandannouncementswhichweredisclosedonthewebsitedesignatedbytheCSRCduringtheReportingPeriod. (III)TheInterimReportdisclosedinothersecuritiesmarkets. Theabove-mentioneddocumentsavailableforreferenceareallkeptintheSecretariatoftheBoardofDirectorsoftheCompany. ThisReporthasbeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail.Definitions
ICorporateInformation
1.ContactInformationoftheCompany Indicatebytickmarkwhetheranychangeoccurredtotheregisteredaddress,officeaddressandtheirzipcodes,websiteaddressandemailaddressoftheCompanyintheReportingPeriod.□Applicable√Notapplicable NochangeoccurredtothesaidinformationintheReportingPeriod,whichcanbefoundinthe2022AnnualReport. 2.MediaforInformationDisclosureandPlacewherethisReportisLodgedIndicatebytickmarkwhetheranychangeoccurredtotheinformationdisclosuremediaandtheplaceforlodgingtheCompany’speriodicreportsintheReportingPeriod. Thewebsiteandmedianameandwebsiteofthestockexchangewherethecompanydiscloseditssemi-annualreport.Thelocationofthecompany'ssemi-annualreportremainsunchangedduringthereportingperiod,asdetailedinthe2022annualreport. 3.OtherRelevantInformation IndicatebytickmarkwhetheranychangeoccurredtootherrelevantinformationintheReportingPeriod.□Applicable√Notapplicable IVKeyFinancialInformation Indicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.?Yes√No
1.NetProfitandEquityunderCASandIFRS □Applicable√Notapplicable NodifferencefortheReportingPeriod. 2.NetProfitandEquityunderCASandForeignAccountingStandards □Applicable√Notapplicable NodifferencefortheReportingPeriod. VIExceptionalGainsandLosses √Applicable□Notapplicable Unit:RMB
NosuchcasesfortheReportingPeriod. ExplanationofwhytheCompanyreclassifiesasrecurrentanexceptionalgain/lossitemlistedintheExplanatoryAnnouncement No. 1 on Information Disclosure for Companies Offering Their Securities to thePublic—ExceptionalGain/LossItems: □Applicable√Notapplicable NosuchcasesfortheReportingPeriod. PartIIIManagementDiscussionandAnalysis IPrincipalActivityoftheCompanyintheReportingPeriod 1.PrincipalOperationsoftheCompany WemainlyspecializeintheR&D,manufactureandsalesofdieselenginesunderthebrand"Changchai"andgasoline engines under the brand "Robin". Our products are mainly used in agricultural machinery, small engineeringmachinery,lightcommercialvehicles,generatorsetsandshipbornemachineryandotherfieldsclosely relatedtopeople'slivelihood. IntheReportingPeriod,therewerenomajorchangesintheCompany'scorebusinessandmainproducts.2.MainProductsoftheCompany Ourmainproductsaredividedintotwocategories:dieselenginesandgasolineengines.Thedetailsareasfollows:
(1)R&Dmodel marketdemandandforward-lookingtechnologies.Priortothenewproductsornewtechnologiesdevelopment,themarketingdepartmentfirstconductsmarketassessmentandcustomerresearch,andtheninitiatesaprojectaccordingtotheforecastedmarketdemand;thetechnologycenterconductsdevelopmentaccordingtotheprojectmaterials,andcollectsfeedbackinformationfromthemarketandcustomersinrealtimeduringthedevelopmentprocesstoensuretechnologyleadershipandproductsuitability. (2)Purchasingmodel Weadoptthe"purchase-to-order"purchasingmodel.TheERPsystemconvertsthesalesorders,thesalesplandevelopedbythesalesdepartmentandtheproductionplandrawnupbytheproductiondepartmentintothedemandofpartsneeded,andthepurchasingdepartmentorganizesthepurchaseaccordingtosuchdemand.Meanwhile, the purchasing department makes a plan to guide parts procurement according to the salesdepartment'ssalesplan,andprovideittothesupplier,andurgethesuppliertoprepareforthegoods.(3)Productionmodel Weadoptthe"make-to-order" production managementmodel.The sales departmentmakes sales plansfordifferentstagesaccordingtotheordersinhand,salesdatainpreviousyears,marketdemandjudgmentandfeedback of existing customers' purchasing intentions. The Company's production department makes the productionplanaccordingtothesalesordersdisplayedintheERPsystem,thesalesplanmadebythesalesdepartmentandthereserveinventorydemand,andorganizestheproductiontaskinstrictaccordancewiththeplan.Duringtheproductionprocess,thequalityassurancedepartmentarrangesregularinspectiontoensuretheproductquality. (4)Salemodel Weadoptthesalesmodelof"directselling+distribution",i.e.thedirectsellingmodelforthemainenginefactory, andthedistributionmodelfortheindividualcirculationmarketrepresentedbyfarmersandoverseasmarket.4.TheCompanyintheIndustry Weareamanufacturerofinternalcombustionenginesandfittingsingeneralequipmentmanufacturing.Accordingtotheclassificationoffuelused,internalcombustionenginesaremainlydividedintodieselenginesandgasolineengines.Ourdieselenginesandgasolineenginesaremainlyusedinnon-roadmobilemachineryfieldssuchasharvesters,tractors,plantprotectionmachinery,smallengineeringmachinery,andshipbornemachinery.(1)Developmentpatternandtrendoftheindustry areas,andfarmersissuedbythecentralgovernmentdemonstratedthegovernment’sintentiontoattachgreaterimportancetoagricultureandstrengthenagriculturaldevelopment.Inabidtodoso,thegovernmentwillstepupeffortstoenhanceagriculturalscienceandtechnologyandprovidemoreequipment,drivetotacklekeyproblemsofkeyandcoretechnologiesinagriculture,andmakeagriculturalmachinerymoreintelligentandautomated.Intermsofindustryconcerns,theupgradeandconversiontoproductsthatmeettheNationalEmissionStandardIVraisechallengestoenterprises.Attheendof2022,thecentralgovernmentappropriatedRMB211.5billionofagriculture-relatedtransferpaymentfundsfor2023inadvance,includingRMB14.5billionforsubsidiesofagriculturalmachineryprocurementandapplication.Thecentralgovernmentallocatedsubstantivefundsforsubsidiesandimplementedpoliciestostrengthenagricultureandbenefitfarmers,indicatingthatthestatewillcontinuetoattachgreatimportancetoagriculturalmechanization. In terms of industrial development, after a ten-year golden period of development, since 2016, the entire agriculturalmachineryindustryhasenteredaperiodofdeepadjustmentthathaslastedforyears.Althoughshort-term explosivegrowthwasseenin 2020,itwentdownagain, enteringaphaseofupdatingexistingmachineryfromthegrowthofnewmachineprocurement.TheswitchtotheNationalEmissionStandardIVforNon-roadVehicleshasposedchallengesforenterprises,inadditiontomultiplepressuresfromtheshrinkingofthedemandside,prematuremarketoverdraft,participationoftycoonsfromotherindustries,andtheimpactofnewenergymarketonthetraditionalmarket.Currently,multiplesegmentedscenariosstillrequireall-weatherandcontinuousinputandoutput,whichisanadvantageofdieselenginesthatcannotbesubstitutedinashorttime.Furthermore, new development opportunities have been brought about in the process of national strategic deploymentandaccelerationoftransformationandupgrade.Therefore,thetraditionalmarketofagriculturalmachinerystillhasabrilliantfuture. China'sdieselengineandgasolineengineindustriespresentapatternofmultiplecompetitions.Asthestateadopts increasinglystrictenvironmentalprotectionpolicyandtheemissionstandardscontinuetoupgrade,thecoretechnologyandkeypartsofinternalcombustionengineswillberapidlydevelopedandapplied,andtheresearch,development,promotingandapplicationofenvironmentallyfriendlyandefficientdieselenginesandgasolineengines will become the mainstream trend, which promotes the wide use of the fuel injection system,high-efficiencysuperchargerandhigh-efficiencyafter-treatment.Inthenewnormal,theinternalcombustionengine industry and agricultural machinery industry will improve the industry's capability of independent innovation,supportthewholemachinedevelopment,andorganizeandimplementgreenmanufacturingandintelligentmanufacturing,soastoimprovetheoverallstrengthoftheindustry.Themarketshareofdieselandgasolineenginesisgraduallyconcentratedinafewlarge-scaleenterpriseswithtechnicalandcapitalstrength.Thepresentdevelopmenttrendofinternalcombustionengineindustryisasfollows:(1)energysavingandemissionreduction;(2)intelligentmanufacturing;(3)lightweight.Medium-andlow-endinternalcombustionengineswithlowtechnicalcontentandlowaddedvaluewillbegraduallysqueezedoutofthemarket.Theupgrade of emission standards and the market's demand for high-end products will eliminate those small enterpriseswithlowlevelofresearchanddevelopmentorlesstechnologyreserves.(2)Industrysalesinthefirsthalfof2023 Amidamarketrecoveryfacilitatedbymultiplenationalpolicies,theupstreamanddownstreammarketsintheinternalcombustionengineindustryweresomewhatimproved.Despiteslightlyinsufficientmarketdemands,thesalesweregraduallygrowing.Ontheterminalside,theagriculturalmachineryandprojectmarketswerestillsevereinsales. FromJanuarytoJune2023,thetotalsalesofinternalcombustionengineswere21,592,400units,adeclineof0.20%yearonyear;theaccumulativepowerwas1,359,215,700kW,anincreaseof6.08%yearonyear.FromJanuarytoJune,2,678,700dieselenginesweresold,anincreaseof8.85%yearonyear.Specifically,476,900enginesforconstructionmachineryweresold,anincreaseof5.88%fromthesameperiodlastyear;862,100enginesforagriculturalmachineryweresold,anincreaseof32.04%fromlastyear;33,500enginesforshipbornemachineryweresold,anincreaseof62.62%fromlastyear;190,700enginesforgeneratorsetsweresold,anincreaseof22.79%fromlastyear.Inthefirsthalf,18,902,100gasolineinternalcombustionenginesweresold,down1.39%yearonyear. Intermsofthesegmentsoftheinternalcombustionenginemarketbypurpose,fromJanuarytoJune,thesalesofenginesforagriculturalmachinerywitnessedayear-on-yeardecline.Tobemorespecific,507,800enginesforconstructionmachineryweresold,up5.16%yearonyear;2,073,600enginesforagriculturalmachineryweresold,down14.13%yearonyear;33,500enginesforshipbornemachineryweresold,up62.62%yearonyear;767,300enginesforgeneratorsetsweresold,up19.85%yearonyear. (3)TheCompany'spositioninthemarket WemainlyspecializeintheR&D,manufactureandsalesofdieselenginesunderthebrand"Changchai"andgasolineenginesunderthebrand"Robin".Uptonow,wehavesuccessfullydevelopedanumberofadvancedcoretechnologieswithindependentintellectualpropertyrights.Intermsofdieselengine,accordingtothestatisticsof China InternalCombustion EngineIndustryAssociation (CICEIA), asthe largestsmall-andmedium-sizedsingle-cylinderdieselenginemanufacturerintheagriculturalmachineryindustryofChina,wehavemaintainedahighmarketshareofsingle-cylinderengines,andourmarketshareofsingle-cylinderdieselenginesofsomepowerrangeshasrankedfirstinChina.Formanyyears,intheprocessofachievingsteadyeconomicdevelopmentoftheenterprise,wedevelopedinasoundmannerandcultivatedthe"Changchai"brand,afamoussmalldieselenginebrandofChinawithindependentintellectualpropertyrights.5.KeyPerformanceDrivers (1)Nationalpolicydriver Inrecentyears,variousdepartmentsofthestatehaveintroducedaseriesofpreferentialpoliciestoencouragethedevelopmentofinternalcombustionengineindustry.Intermsofagriculturalmachinery,thecentralgovernmenthastakensolvingtheproblemsrelatingto"agriculture,ruralareasandfarmers"asthetoppriorityoftheworkofthePartyandthegovernment,andissuedaseriesofpoliciestobenefitfarmers,creatingagoodatmosphereforpromotingthedevelopmentofagricultureandeconomyandsocietyinruralareas;intermsofconstructionmachinery,thestrategyof"westerndevelopment",the"eightverticalandeighthorizontal"high-speedrailwaynetworkplanandthepolicyof"newruralconstruction"haveallcreatedagoodpolicyenvironmentfortheapplicationofinternalcombustionengineindownstreamconstructionmachinery.(2)IndustrialchainsynergyempowersthesustainabledevelopmentoftheCompanyWehavebuiltourowncastingmanufacturingandprocessingplantstomeettheuserequirementsofsomedieselengineparts.Intermsofproductionandquality,wehaveformedasignificantsynergywithitsowninternalcombustionengineassemblyteam.OurcastingmanufacturingteamandinternalcombustionengineassemblyteamworktogethertoformamutuallyreinforcingpositivefeedbacklooptoassisttheCompanyinintegratingtheinternalcombustionengineindustrychainandbuildingdifferentiatedindustrybarriers.Intermsofcollaborative production,thereductionofexternalpurchaseisofgreatsignificancefortheCompanytoreduceprocessflow,reduceintermediateloss,improveproductionefficiency,shortendeliverytimeandincreasepurchasingbargaining power.Intermsofqualitycoordination,theself-builtfoundrycanimproveourqualitycontrolofpartstoimprovetheyieldandreliabilityofinternalcombustionengines. (3)StableandefficientR&Dteam Wehaveexperiencedtechnicalmanagementteamandperfecttechnicalsupportteam.OurkeytechnicalpersonnelandR&DmanagementpersonnelhavebeenengagedininternalcombustionengineR&Ddesign,productionandmanufacturingforalongtime.Withprofoundprofessionalknowledgeandrichpracticalexperience,theycanmakestrongforward-lookingandscientificjudgmentinthemarketdirectionandtechnicalroute.Also,wehaveestablishedaneffectivetrainingmechanismtofostertalentedpersonsforthefollow-upR&D.(4)Well-knownbrandwithmanywell-knowncustomers TheCompany,formerlyknownasChangzhouDieselEngineFactory,isanationalindustrialenterprisewithahistoryofahundredyearsandoneoftheearliestprofessionalinternalcombustionenginemanufacturersinChina.Our diesel and gasoline engines, as power sources of agricultural machinery, construction machinery and commercialvehicles,showexcellentperformanceinpowerrange,reliability,powerperlitre,noisecontrolandemissionstandards,andhavebeenrecognizedbycustomers.Wemaintainedalong-termpartnershipwithmajorcustomers,withcumulativepartnershiptimeexceeding15years.ManymainengineplantcustomersoftheCompanyarewell-knownenterprisesintheagriculturalmachineryindustry,withtheirmarketsharesbeingattheforefrontofthemarket. 6.PerformanceoftheCompany’sPrincipalOperationsintheReportingPeriodInthefirsthalfof2023,themacroeconomywasstillrecoveringstably.AffectedbyfactorssuchastheswitchtotheNationalEmissionStandardIV,marketoverextension,andconservativepurchaseintentionsofusers,theagriculturalmachineryindustrywasconfrontedwithaseverechallengeandthusenteredadownturnforin-depthadjustments.ThistestedtheCompany’sbusiness.Inthiscontext,theCompanyadheredtoitsannualpolicyandgoals andseizedmarketopportunities.Additionally,itenhancedinternalmanagementandcomprehensivelypushedaheadwithalltasks.Asaresult,itsurmounteddifficultiesandachievedexcellentoperatingresults.During theReportingPeriod,theCompanysold365.3thousanddieselengines,gasolineenginesandgeneratorsets,including78.2thousandgasolineengines,generatingtotalsalesrevenueofRMB1.351billion,anincreaseof14.62%year-on-year. Intermsofproductdevelopmentandapplication,theCompanyenhancedthebatchapplicationandmarkettestingandtrackingofproductsthatmettheNationalEmissionStandardIVforNon-RoadEnginesandoptimizedtheproductperformanceonanongoingbasisincombinationwiththeusers’feedbackanddemands.Atthesametime,theCompanyadvancedthedevelopmentofproductsdesignedforitsexpansionintonewfields,diversifiedproductsindifferentpowerranges,andcarriedoutorderlyexperimentsforproductapplicationinthemarket.TheseeffortsearnedtwooftheCompany’sproducts,namely3M78andL24,atitleofHigh-techProductsofChangzhou.Additionally,twonewproducts,4G29and4G36V16,passedtheacceptanceinspectionfortheappraisalofJiangsuProvincefornewproductsandtechnologies. Intermsofmarketservices,theCompanyfurtheroptimizedthesalesnetworkandproductmixofsingle-cylinderenginesinthecirculationmarketandconsolidateditsmarketapplicationshareintheindustrialcluster.Moreover, allproductsintherequiredpowerrangesofthemainengineplantcustomerswereadjustedtofullymeettheNationalEmissionStandardIV,thushelpingtheCompanyconsolidatethemarketshareofitsadvantageousproductsandexpandtheapplicationofnewmodels.Meanwhile,effortswereredoubledtoimprovetheservicesthatmettheNationalEmissionStandardIVandoptimizetheserviceresources.TrainingontheproductsincompliancewiththeNationalEmissionStandardIVwasconductedonanongoingbasis,andpoliciesonservicesduringthebusyseasonwereadjusted.Doingsofurtherconsolidatedtheserviceresources.Furthermore,thankstotheincreasinglystableforeigntradeenvironment,foreigntradewitnessedasignificantincrementinthetraditional market. Intermsofqualitymanagement,theCompanystrictlycontrolledthequalityofproductsincompliancewiththeNationalEmissionStandardIVinordertocontinuouslyimprovetheirqualitystabilityandreliability.Tothisend, theCompanycarriedouttargetedqualityimprovementandenhancedthecontrolofthewholeprocess,hopingtoproduceincreasinglystableandsatisfactoryproducts. Intermsofinternalmanagement,safetyriskcontrolandhazardinspectionandremediationwereorganizedtopreventandmitigatemiscellaneoussafetyrisks,facilitatethecompletionofthesafeproductionactivityplan,and, moreimportantly,boosttheCompany’scapabilityofsafeproduction.Additionally,arangeofpublicityactivities inproductionandoperation,corporateculture,andbrandimagepublicitywasorganizedtocelebratethe110thanniversaryoftheCompanyandenhancethedevelopmentofcorporateculture.Thisdeliveredexcellentresults.DuringtheReportingPeriod,theChangzhouWuxingbranchcompany,togetherwithotherhouseswithinthescopeofexpropriationofthepassengertrainfactoryarea(phasesIandII)project,wasexpropriatedbythegovernment.Hence,theCompanysignedtheAgreementontheExpropriationofthePropertiesoftheWuxingBranchCompanyonState-ownedLandinChangzhouCityandtheCompensationwithChangzhouZhonglouDistrictHousingandUrban-RuralDevelopmentBureau,andreceivedthefirstcompensationpaymentofRMB70millionon28June2023. IICoreCompetitivenessAnalysis 1.AdvantagesinBrand Changchaiisanationalindustrialenterprisewithahistoryofoveronehundredyears.Itisoneoftheearliestprofessionalmanufacturersofinternalcombustionengines inChina.Thebrand"Changchai" is theearliestdomestic trademark of production goods known as China's well-known trademarks. The diesel engine of"Changchai"brandisChina'sbrand-nameproduct.TheenterprisehasbeencertifiedbyISO9001andIATF16949quality systems, ISO14001 environmental management system, IATF16949 automotive product qualitymanagementsystem,andaccessedtothenationalexport-freeenterprisequalification.Changchaiwashonorablyranked among“theTopOne HundredChineseEnterprises inEngineeringIndustry”and“ChinaPacesetterEnterpriseofIndustrialIndustry”forseveraltimes,andwasawardedthehonorarytitleof“State-levelEnterprise ofObservingContractsandKeepingPromise”,“China'sAgriculturalMachineryPartsandComponentsLeadingEnterprises”,“China'sAgriculturalMachineryAAACreditEnterprise”,“QualityManagementExcellenceAward ofJiangsuProvince”and“MayorQualityAwardofChangzhouCity”.TheCompanyhasbeenamongthe10users’mostsatisfiedleadingbrandsin“JingGeng”competitionformanyyears.DuringtheReportingPeriod,theCompanywasawardedhonorarytitlessuchasTop500MachineryIndustryInChina,andNationalDemonstrationEnterpriseofProductandServiceQualityIntegrity.Formanyyears,intheprocessofachievingsteadyeconomicdevelopmentoftheenterprise,wedevelopedinasoundmannerandcultivatedthe“Changchai”brand,afamoussmalldieselenginebrandofChinawithindependentintellectualpropertyrights.2.AdvantagesinTechnology TheCompanyhasastate-leveltechnologycenterandpost-doctoralresearchstation,andaresearchcenterofsmallandmedium-powerinternalcombustionengineengineeringandtechnologyinJiangsuProvince.Currently,itismainlyengagedinproductionofsmallandmedium-powersingle-cylinderandmulti-cylinderdieselengine.Ithasacompleteproductrange,awidepowerlevelcoverage,ahighreputationandintellectualpropertyrightsforitsmainproducts.DuringtheReportingPeriod,theCompanypassedtheperformancere-appraisalbyJiangsuProvincialEngineeringCentre;andtwomulti-cylinderdieselengines,4G36V16and4G29,passedthenewproductappraisal.Intheperiod,theCompanyfiledatotalofsixpatentapplications,allofwhichhavebeenacceptedbytheChinaNationalIntellectualPropertyAdministration,andweregranted13patents.Sofar,theCompanyhas163patents,including15inventionpatents. 3.AdvantagesinMarketing Changchaihasbuiltupasalesservicenetworkcoveringthewholecountry,with24salesservicecentersand693designatedmaintenancestations.Inaddition,inordertomeettheNationalEmissionStandardIVforNon-RoadVehiclesandprovidebetterafter-salesserviceforcustomers,aservicemonitoringplatformwithChangchaicharacteristicshasbeenputinplace.Withaperfectdieselsalesservicenetworksystem,theCompanyisabletoprovidehighquality,efficientandtimelyservicesforcustomers. IIICoreBusinessAnalysis Overview Seecontentsundertheheading“IPrincipalActivityoftheCompanyintheReportingPeriod”.Year-on-yearchangesinkeyfinancialdata: Unit:RMB
Breakdownofoperatingrevenue:
Operating division, product category or operating segment contributing over 10% of operating revenue or operatingprofit: √Applicable□Notapplicable Unit:RMB
□Applicable√Notapplicable IVAnalysisofNon-CoreBusinesses √Applicable□Notapplicable Unit:RMB
1.SignificantChangesinAssetComposition Unit:RMB
□Applicable√Notapplicable 3.AssetsandLiabilitiesatFairValue √Applicable□Notapplicable（未完）  |