[一季报]TCL科技(000100):2024年一季度报告（英文版）
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时间：2024年05月24日 21:41:18 中财网 |
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原标题: TCL科技:2024年一季度报告（英文版）
Stock Code: 000100 Stock Abbr.: TCL TECH. Announcement No.: 2024-018
TCL科技集团股份有限公司
TCL Technology Group Corporation
First Quarter 2024 Report
April 28, 2024
Content
Section I Important Notices and Definitions ................................................................................... 3
Section II Key Financial Information .............................................................................................. 5
Section III Management Discussion and Analysis .......................................................................... 8
Section IV Shareholder Information .............................................................................................. 11
Section V Other Significant Events ................................................................................................ 13
Section VI Quarterly Financial Statements ................................................................................... 14
Section I Important Notices and Definitions
The Board of Directors (or the "Board"), the Supervisory Committee, directors, supervisors and senior management of TCL Technology Group Corporation (hereinafter referred to as the "Company") hereby guarantee that this quarterly report is factual, accurate and complete, and shall be jointly and
severally liable for any misrepresentations, misleading statements, or material omissions therein. Mr. Li Dongsheng, the Chairman of the Board, Ms. Li Jian, the person-in-charge of financial affairs (Chief Financial Officer), and Ms. Jing Chunmei, the person-in-charge of the financial department, hereby guarantee that the financial statements carried in this Report are factual, accurate
and complete.
All the Company's directors attended the Board meeting for the review of this Report. The future plans, development strategies or other forward-looking statements mentioned in this Report shall NOT be considered as promises of the Company to investors. Therefore, investors are kindly reminded to pay attention to possible investment risks. This Report has not been audited. This Report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail.
Definitions
| | Refers to | Definition | | Company, the Company, the Group | Refers to | TCL Technology Group Corporation | | The "Reporting Period", "current period" | Refers to | The period from January 1, 2024 to March 31, 2024. | | TCL CSOT | Refers to | TCL China Star Optoelectronics Technology Co., Ltd. | | TZE | Refers to | TCL Zhonghuan Renewable Energy Technology Co., Ltd., a majority-
owned subsidiary of the Company listed on the Shenzhen Stock Exchange
(stock code: 002129.SZ) | | t9 | Refers to | The generation 8.6 (or G8.6) new oxide production line at Guangzhou
CSOT | | G12 | Refers to | 12-inch ultra-large DW-cut solar monocrystalline silicon square wafer,
size: 44,096mm2, diagonal line: 295mm, side length: 210mm, with its size
80.5% larger than the conventional M2 | | RMB | Refers to | Renminbi |
Section II Key Financial Information
(I) Key accounting data and financial indicators
Indicate whether there is any retrospectively adjusted or restated datum in the table below ? Yes □ No
Reason for retrospective adjustment or restatement
□Change of accounting policies □Correction of accounting errors □Business combination under common control
?Others
| | Q1 2024 | Q1 2023 | | Change (%) | | | | Before adjustment | After adjustment | After adjustment | | Revenue (RMB) | 39,908,458,083 | 39,443,242,439 | 39,443,242,439 | 1.18% | | Net profit attributable to the
company's shareholders (RMB) | 239,970,389 | -548,999,154 | -548,999,154 | 143.71% | | Net profits attributable to the
company's shareholders after
non-recurring gains and losses
(RMB) | 70,716,493 | -729,931,586 | -729,931,586 | 109.69% | | Net cash generated from
operating activities (RMB) | 6,596,505,932 | 4,495,356,538 | 4,495,356,538 | 46.74% | | Basic earnings per share
(RMB/share) | 0.0129 | -0.0326 | -0.0297 | 143.43% | | Diluted earnings per share
(RMB/share) | 0.0128 | -0.0322 | -0.0292 | 143.84% | | Weighted average return on
equity (%) | 0.45% | -1.09% | -1.09% | Increase by 1.54 percentage
points YoY | | | March 31, 2024 | December 31, 2023 | | Change (%) | | | | Before adjustment | After adjustment | After adjustment | | Total assets (RMB) | 391,746,725,368 | 382,859,086,727 | 382,859,086,727 | 2.32% | | Owner's equity attributable to
the company's shareholders
(RMB) | 53,682,079,210 | 52,921,867,086 | 52,921,867,086 | 1.44% |
Note 1: The Company converted its capital reserve into share capital in May 2023, at a rate of 1 share for every 10 shares to all
shareholders. The Company recalculated the basic earnings per share and diluted earnings per share for the first quarter of 2023 in
accordance with accounting standards and other regulations. Note 2: According to the relevant provisions of the Explanatory Announcement on Information Disclosure by Companies Offering
Securities to the Public No. 1 - Non-Recurring Profits and Losses (2023 Revision), any public subsidies that are closely related to the
Company's daily operations, comply with national policies, are granted based on determined standards, and have a continuous impact
on the Company's profits or losses, should be included into recurring profits or losses. Public grants presented as non-recurring profits
or losses in the first quarter of 2023 comprise of the public grants related to assets amounting to RMB75.12 million, which should be
classified as recurring profits or losses in accordance with the relevant provisions of the 2023 Explanatory Announcement No. 1. The
change did not have any material impact on the Company's financial position and operation results. (II) Non-recurring profit and loss items and amounts
? Applicable □ Not applicable
Unit: RMB
| Item | Amount in the
reporting period | | Gains and losses on disposal of non-current assets (inclusive of impairment allowance write-offs) | 64,227,059 | | Public subsidies charged to current profits and loss (except for public subsidies which are closely related
to the Company's daily operations, comply with national policies, are granted based on determined
standards, and have a continuous impact on the Company's profits or losses) | 249,918,328 | | Gains and losses on change in fair value of financial assets and financial liabilities held by the non-financial
companies, other than those valid hedging activities related to the normal operating business, as well as
gains and losses from the disposal of financial assets and financial liabilities | -1,977,888 | | Reversal of provision for impairment of receivables that have been individually tested for impairment | 26,500,000 | | Non-operating income and expenses other than the above | 61,038,599 | | Less: Corporate income tax | 49,297,817 | | Non-controlling interests (net of tax) | 181,154,385 | | Total | 169,253,896 |
Details of other profit and loss items that meet the definition of non-recurring profits and losses
□ Applicable ?Not Applicable
The Company has no other profit and loss items that meet the definition of non-recurring profits and losses.
Notes on non-recurring profit and loss items that which is listed in the Explanatory Announcement No. 1 on Information Disclosure
for Companies Offering Their Securities to the Public—Non-Recurring Gain/Loss shall be used to define Recurring Gain/Loss items
□ Applicable ?Not Applicable
The Company does not have any non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on Information
Disclosure for Companies Offering Their Securities to the Public—Non-Recurring Gain/Loss that are defined as recurring profit and
loss items.
(III) Changes of key accounting data and financial indicators and reasons therefor ? Applicable □ Not applicable
Unit: RMB
| Balance Sheet items | Ending balance | Beginning balance | Increase / decrease
ratio (%) | Reason for change | | Receivables financing | 1,943,020,838 | 954,409,558 | 103.6 | Mainly due to an increase
of bank acceptance notes | | Income Statement Item | Current balance | Prior balance | Increase / decrease
ratio (%) | Reason for change | | Asset impairment losses (losses
are indicated by "-") | -702,391,301 | -338,223,994 | 107.7 | Due to an increase in
falling price of inventory
accrual in line with the
market | | Cash Flow Statement items | Current balance | Prior balance | Increase / decrease
ratio (%) | Reason for change |
| Net cash generated from
operating activities | 6,596,505,932 | 4,495,356,538 | 46.7 | Mainly due to an increase
in cash from sale of
commodities and
rendering of services |
Section III Management Discussion and Analysis
Beginning this year, global geopolitical risks have increased, leading to an intensive restructuring of industrial and supply chains. Developed economies worldwide have maintained tight monetary policy, and the global economy faces increasing uncertainties. In response to these challenges, the Company has focused on the development of displays and new energy photovoltaics, and enhanced the resilience of its business and optimized its competitive edge in pursuit of high-quality sustainable development. During the Reporting Period, TCL TECH. achieved a revenue of RMB39.908 billion, which is a year-on-year increase of 1.18%; a net profit of RMB240 million attributable to the shareholders of listed companies, which is an increase of RMB789 million year-on-year; and a net operating cash flow of RMB6.597 billion. Driven by supply-side optimization, the display industry has returned to an orderly development stage with reasonable commercial returns, and the supply-demand relationship remains stable and healthy. Despite the seasonal off-season in Q1 2024, the price of mainstream products grew steadily.
The Company actively optimized its business strategies and improved its operation structure, which resulted in a remarkable improvement in year-on-year performance. With the acceleration of the energy transition, latent capacity was unleashed centrally from the investment peak period, leading
to a phased imbalance between supply and demand in the industry and a decline in industry chain profitability. The Company's new energy photovoltaic business strengthened its operational resilience
to cope with challenges, but its performance declined year-on-year due to product price reduction.
Display business
During Q1 2024, the end-user demand for displays was still that of a traditional "off-season". However, driven by favorable supply-side fundamentals and an on-demand production strategy, the industry's supply-demand dynamics and inventory levels remained healthy. Restocking demand after the Chinese New Year pushed up the prices of large-sized panels, while the prices of small- and medium-sized panels remained relatively stable, with some products experiencing structured price hikes.
By virtue of the gradual recovery of profitability in key products and the Company's edge in operational excellence, the display business surged in profitability year-on-year. During the Reporting Period, the display business achieved an operating revenue of RMB23.376 billion, with a year-on-year increase of 54.58%, and a net profit of RMB539 million, with a year-on-year increase of RMB3.337 billion.
In the large-sized products segment, TCL CSOT, on the basis of on-demand production, was well-poised to lead the upgrade of large-sized TV panels, impelling the healthy and sound development of the industry. During the Reporting Period, the Company's overall utilization rate remained relatively low. However, in March, restocking demand drove a significant rebound in utilization rates. The Company maintained its leadership position in the large-sized panels segment
and ranked within the top two globally in terms of its TV panel market share. In the medium-sized products segment, the T9 production line ramped up as scheduled and continuously bolstered the Company's market share in IT products. The Company remained No. 3 in the display market, among which, e-sports displays ranked No. 1 in terms of market share globally. In the small-sized display
segment, the Company's flexible OLED products maintained a high demand. During the Reporting Period, the Company ascended to No. 3 globally in terms of shipments of flexible OLED mobile phone panels, while also further optimizing its product and customer structure, which resulted in continuous improvements in operating performance.
Looking forward to the remainder of the year, global display terminal sales are expected to remain stable. The size growth trend of large-sized products will drive the robust growth of display
areas. At the same time, catalyzed by innovation in AI hardware and other factors, the display industry
is expecting structural growth. The improving supply-side structure will push the industry to pivot
back on reasonable commercial returns, and the display industry's cyclical fluctuation will gradually
weaken. As the global leader in large-sized display panels, TCL CSOT will continuously drive the healthy and stable development of the industry, while enhancing both corporate profitability and value.
New energy photovoltaics and other silicon materials business In Q1 2024, global demand for new PV installed capacity continued to grow rapidly, but the trend of localized PV manufacturing and anti-globalization trade remains unchanged as countries seek energy self-sufficiency and control. As domestic photovoltaic capacity is released across all segments of industry chain, intensified competition further impacts product price reductions, putting
pressure on industry profitability. However, rapid iteration of new technologies, such as N-type, is
further restructuring the industry's capacity, and laggard capacity will be ruled out in a faster sense.
During the Reporting Period, TZE achieved a revenue of RMB9.933 billion, a year-on-year decrease of 43.62%, and a net profit of negative RMB951 million, due to falling prices for major products across the industry chain.
In response to external environmental challenges, TZE has further improved its quality and efficiency through technological innovation, process improvement and management enhancement. It has promoted the optimization of operating indicators, e.g., utilization of silicon materials, furnace
costs and number of output wafers per kilogram, and cemented the Company's competitive advantage. The Company further consolidated its technological and market leadership in G12 large silicon wafers
and N-type products. The proportion of shipments of N-type and large-sized (210 series) products accounted for 88%, among which the external sales market share of N-type 210 exceeded 90%, maintaining its leading position. The Company is continuously promoting the transformation to Industry 4.0, enabling factories for silicon wafers, batteries and components to achieve international
leading quality in terms of digitization and intelligentization.
Looking to the future, with the continuous optimization of supply-side structure and the stable growth of demand area, the display industry is expected to improve its prosperity, and the operating
return of the Company's display business will further improve. The photovoltaic industry is currently
at the bottom of the cycle, and downstream demand continues its rapid growth. The long-term positive
outlook for the industry remains unchanged. The Company's new energy photovoltaic business will strengthen its operational resilience, allowing it to smoothly navigate industry cycles with a competitive edge. By upholding the spirit of "Venturing Midstream and Striving to Win", the Company will firmly grasp the opportunities brought by transformations in the technology manufacturing industry and global energy structure, and continue to implement the business strategies
of "improving operational quality and efficiency, enhancing strengths to shore up weaknesses, innovation-driven development as well as accelerating global expansion" in order to achieve sustainable, high-quality development and take on a leading role in the global market. Section IV Shareholder Information
(I) Table of the total number of ordinary shareholders and the number of preferred shareholders with resumed voting rights as well as the shareholdings of the top 10 shareholders Unit: Share
| Total number of ordinary shareholders by the end
of the reporting period | 578,652 | Total number of preferred shareholders with resumed voting
rights by the end of the reporting period | 0 | | | | | Shareholdings of top 10 shareholders of ordinary shares
(excluding the lending of shares under refinancing) | | | | | | | | Name of shareholder | Nature of
shareholder | Shareholding
percentage (%) | Number of
shares held | Number of
restricted
shares held | Shares in pledge, marked or frozen | | | | | | | | Status | Number | | Li Dongsheng | Domestic
individual/Do
mestic
general legal
entity | 6.73 | 1,264,053,189 | 672,868,840 | | | | Ningbo Jiutian Liancheng
Equity Investment Partnership
(Limited Partnership) | | | | | | | | | | | | | Pledge | 293,668,015 | | Huizhou Investment Holding
Co., Ltd. | Public legal
entity | 4.35 | 817,453,824 | | | | | Hong Kong Securities Clearing
Company Ltd. | Foreign legal
entity | 4.05 | 761,222,897 | | | | | Wuhan Optics Valley Industrial
Investment Co., Ltd. | Public legal
entity | 2.64 | 495,390,330 | | Pledge | 246,780,000 | | China Securities Finance
Corporation Limited | Domestic
general legal
entity | 2.19 | 410,554,710 | | | | | Perseverance Asset
Management Partnership
(Limited Partnership) - Gaoyi
Xiaofeng No. 2 Zhixin Fund | Fund, wealth
management
product, etc. | 1.19 | 223,736,600 | | | | | Industrial and Commercial
Bank of China - Huatai-
Pinebridge CSI 300 ETF | Fund, wealth
management
product, etc. | 1.08 | 202,917,730 | | | | | Bank of China Limited -
Huatai-Pinebridge CSI
Photovoltaic Industry ETF | Fund, wealth
management
product, etc. | 1.03 | 192,656,860 | | | | | CITIC Securities Co., Ltd. | Financial
Institution | 0.98 | 184,127,136 | | | | | Shareholdings of top 10 non-restricted ordinary shareholders | | | | | | | | Name of shareholder | Number of non-restricted ordinary shares held at the
end of reporting period | Share type and quantity | | | | | | | | Type | Quanity | | | | | Huizhou Investment Holding Co., Ltd. | 817,453,824 | RMB-
denominated
ordinary shares | 817,453,824 | | | | | Hong Kong Securities Clearing Company Ltd. | 761,222,897 | RMB-
denominated
ordinary shares | 761,222,897 | | | | | Li Dongsheng | 591,184,349 | RMB-
denominated
ordinary shares | 591,184,349 | | | | | Ningbo Jiutian Liancheng Equity Investment
Partnership (Limited Partnership) | | | | | | | | Wuhan Optics Valley Industrial Investment Co.,
Ltd. | 495,390,330 | RMB-
denominated
ordinary shares | 495,390,330 | | | | | China Securities Finance Corporation Limited | 410,554,710 | RMB-
denominated
ordinary shares | 410,554,710 | | | | | Perseverance Asset Management Partnership
(Limited Partnership) - Gaoyi Xiaofeng No. 2
Zhixin Fund | 223,736,600 | RMB-
denominated
ordinary shares | 223,736,600 | | | | | Industrial and Commercial Bank of China -
Huatai-Pinebridge CSI 300 ETF | 202,917,730 | RMB-
denominated
ordinary shares | 202,917,730 | | | | | Bank of China Limited - Huatai-Pinebridge CSI
Photovoltaic Industry ETF | 192,656,860 | RMB-
denominated
ordinary shares | 192,656,860 | | | |
| CITIC Securities Co., Ltd. | 184,127,136 | RMB-
denominated
ordinary shares | 184,127,136 | | Note on the above shareholders' associations or
concerted actions | Among the top 10 shareholders, Mr. Li Dongsheng and Ningbo Jiutian Liancheng Equity
Investment Partnership (Limited Partnership) became persons acting in concert by signing the
Agreement on Concerted Action. Mr. Li Dongsheng holds 897,158,453 shares and Ningbo
Jiutian Liancheng Equity Investment Partnership (Limited Partnership) holds 366,894,736
shares, representing 1,264,053,189 shares in total and becoming the largest shareholder of the
Company. | | | | Explanation on the top 10 ordinary shareholders
participating in securities margin trading | At the end of the Reporting Period, Wuhan Optics Valley Industrial Investment Co., Ltd.,
among the shareholders above, held certain shares in the Company through a credit security
account. | | |
5% or greater shareholders, top 10 shareholders and top 10 unrestricted shareholders participating in the lending of shares under the
refinancing business
?Applicable □ Not applicable
Unit: Share
| 5% or greater shareholders, top 10 shareholders and top 10 unrestricted shareholders participating in the lending of shares under
the refinancing business
Shares lent under
Shares in the ordinary Shares lent under
refinancing at the Shares in the ordinary
account and credit account refinancing at the end of
beginning of the period account and credit account
at the beginning of the the period that have not
that have not been at the end of the period
Name of
period been returned
returned
shareholder
(full name)
Proportion Proportion Proportion
Proportion
Total Total to total Total to total Total to total
to total
number number share number share number share
share capital
capital capital capital | | | | | | | | | | | | | | | | | | | | | | | | Shares lent under
refinancing at the end of
the period that have not
been returned | | | | | | | Total
number | Proportion
to total
share capital | Total
number | Proportion
to total
share
capital | Total
number | Proportion
to total
share
capital | Total
number | Proportion
to total
share
capital | | Industrial
and
Commercial
Bank of
China -
Huatai-
Pinebridge
CSI 300
ETF | 140,037,730 | 0.75% | 136,900 | 0.001% | 202,917,730 | 1.08% | 0 | 0% | | Bank of
China
Limited -
Huatai-
Pinebridge
CSI
Photovoltaic
Industry
ETF | 204,079,760 | 1.09% | 1,602,800 | 0.01% | 192,656,860 | 1.03% | 418,800 | 0.002% |
Change in the top 10 shareholders and top 10 unrestricted shareholders due to the lending of shares under the refinancing business
compared with the previous period
□ Applicable ?Not Applicable
(II) Total number of preferred shareholders and shareholdings of the top 10 preferred shareholders
□ Applicable ?Not Applicab
Section V Other Significant Events
? Applicable □ Not applicable
1. Derivative investment for hedging purposes during the reporting period Unit: RMB'0,000
| Type of contract | Beginning amount | | Ending amount | | Gain/loss
status in
the
Reportin
g Period | Ending contractual
amount as % of the
Company's ending net
asset | | | | Contractua Transactio
l amount n limit | Contractua Transactio
l amount n limit | | | | | | | | | | | | | Contractua
l amount | Transactio
n limit | | 1. Forward forex
contracts | 3,039,040 | 114,095 | 3,440,748 | 131,003 | 9,269 | 23.67% | 0.90% | | 2. Interest rate swaps | 40,686 | 12,231 | 340,100 | 10,203 | | | | | | | | | | | 2.34% | 0.07% | | Total | 3,446,726 | 126,326 | 3,780,848 | 141,206 | 9,269 | 26.01% | 0.97% | | Accounting policies and specific accounting
principles for hedging business during the Reporting
Period and a description of whether there have been
significant changes from those of the previous
reporting period | No significant change. | | | | | | | | Description of actual profits and losses during the
Reporting Period | During the Reporting Period, profit from changes in the fair value of
hedged items amounted to RMB55.19 million; losses from the delivery of
due forward exchange contracts amounted to negative RMB7.31 million;
and profit from the valuation of outstanding forward exchange contracts
amounted to RMB44.81 million. | | | | | | | | Description of the hedging effect | During the Reporting Period, the Company's main foreign exchange risk
exposures included foreign currency asset and liability exposures arising
from business activities such as outbound sales, raw materials
procurement, and financing. The uncertain risks arising from the exchange
rate fluctuations were effectively hedged by derivative contracts with the
same purchase amounts and terms in the opposite direction. | | | | | | | | Approval date of the Board of Directors and the
General Meeting for Derivative investment for
hedging purposes during the Reporting Period | The proposal was approved by the 29th meeting of the 7th Session of the
Board of Directors held on March 30, 2023, and the 2022 Annual
General Meeting held on April 21, 2023. | | | | | | |
2. Other Significant Events During the Reporting Period
| Title of announcement | Date of disclosure | Website for disclosure | | Announcement on the Certain Quota Allocation Adjustment among
Expected Continuing Related-Party Transactions for 2023 | January 27, 2024 | http:/ www.cninfo.com.cn | | Announcement on Public Offering of Sci-Tech Innovation Corporate
Bonds (Digital Economy) (Phase 1) for Professional Investors in 2024 | January 29, 2024 | |
Section VI Quarterly Financial Statements
(I) Financial statements
1. Consolidated Balance Sheet
Prepared by: TCL Technology Group Corporation
| Item | Ending balance | Balance at the beginning of the
period | | Current assets: | | | | Monetary assets | 24,944,029,733 | 21,924,270,872 | | Settlement reserves | | | | Funds on loan | | | | Held-for-trading financial assets | 24,227,149,499 | 23,184,116,975 | | Derivative financial assets | 110,218,202 | 108,007,603 | | Notes receivable | 369,068,163 | 615,391,820 | | Accounts receivable | 23,886,721,056 | 22,003,651,259 | | Receivables financing | 1,943,020,838 | 954,409,558 | | Prepayments | 3,376,980,570 | 2,946,288,443 | | Premiums receivable | | | | Reinsurance accounts receivable | | | | Reinsurance contract provisions receivable | | | | Other receivables | 4,704,724,701 | 5,706,855,391 | | Of which: Interests receivable | - | - | | Dividends receivable | 1,381,297,611 | 1,381,489,936 | | Financial assets purchased under sale-back agreement | - | - | | Inventories | 19,304,750,766 | 18,481,754,865 | | Including: Data resources | | | | Contract assets | 350,323,417 | 343,907,118 | | Held-for-sale assets | - | 162,415,745 | | Non-current assets due within one year | 593,040,352 | 580,694,984 | | Other current assets | 7,330,962,553 | 5,286,533,753 | | Total current assets | 111,140,989,850 | 102,298,298,386 | | Non-current assets: | | | | Loans and advances to customers | - | - | | Debt investments | 113,675,101 | 122,348,768 | | Other debt investments | - | - | | Long-term receivables | 713,436,215 | 720,281,051 | | Long-term equity investments | 25,385,336,134 | 25,431,271,193 | | Investments in other equity instruments | 383,375,780 | 386,648,418 | | Other non-current financial assets | 3,465,290,957 | 2,971,566,228 | | Investment property | 893,614,356 | 911,679,154 | | Fixed assets | 172,335,934,669 | 176,422,620,794 | | Construction in progress | 19,433,344,116 | 17,000,052,457 | | Productive biological assets | | | | Oil and gas assets | | | | Right-of-use assets | 6,264,937,218 | 6,386,446,373 | | Intangible assets | 18,387,779,542 | 18,419,544,291 | | Including: Data resources | | |
| Development costs | 2,506,826,415 | 2,541,492,504 | | Including: Data resources | | | | Goodwill | 10,527,004,047 | 10,516,741,724 | | Long-term deferred expenses | 3,294,567,956 | 3,402,689,489 | | Deferred income tax assets | 2,636,794,377 | 2,246,221,719 | | Other non-current assets | 14,263,818,635 | 13,081,184,178 | | Total non-current assets | 280,605,735,518 | 280,560,788,341 | | Total assets | 391,746,725,368 | 382,859,086,727 | | Current liabilities: | | | | Short-term borrowings | 10,685,553,579 | 8,473,582,304 | | Borrowings from the Central Bank | 1,193,509,342 | 995,009,514 | | Borrowed funds | - | - | | Held-for-trading financial liabilities | 328,127,731 | 251,451,420 | | Derivative financial liabilities | 43,275,218 | 58,590,840 | | Notes payable | 6,755,509,159 | 5,610,802,064 | | Accounts payable | 29,328,388,152 | 29,402,493,015 | | Advances from customers | 677,665 | 677,665 | | Contract liabilities | 1,882,128,359 | 1,899,468,140 | | Financial assets sold under repurchase agreements | - | - | | Customer deposits and deposits from other banks and
financial institutions | 475,445,310 | 270,928,810 | | Funds for brokering securities transaction | | | | Funds for brokering securities underwriting | | | | Employee salaries payable | 2,988,086,266 | 3,034,496,680 | | Taxes and levies payable | 1,041,097,792 | 861,342,467 | | Other payables | 21,983,250,582 | 22,171,403,238 | | Of which: Interests payable | - | - | | Dividends payable | 54,250,777 | 54,250,777 | | Service charges and commissions payable | | | | Reinsurance accounts payable | | | | Held-for-sale liabilities | - | - | | Non-current liabilities due within one year | 25,789,723,337 | 24,631,658,876 | | Other current liabilities | 1,596,875,014 | 1,563,244,949 | | Total current liabilities | 104,091,647,506 | 99,225,149,982 | | Non-current liabilities: | | | | Insurance contract provisions | | | | Long-term borrowings | 121,600,706,725 | 117,662,208,623 | | Bonds payable | 8,618,969,988 | 9,113,847,771 | | Of which: Preferred shares | | | | Perpetual bonds | | | | Lease liabilities | 5,734,875,694 | 5,737,287,693 | | Long-term payables | 2,640,183,515 | 2,739,444,094 | | Long-term employee compensation payable | 29,570,539 | 29,645,007 | | Estimated liabilities | 121,583,401 | 117,394,992 | | Deferred income | 2,117,319,016 | 1,540,647,642 | | Deferred income tax liabilities | 1,446,582,227 | 1,427,487,042 | | Other non-current liabilities | | | | Total non-current liabilities | 142,309,791,105 | 138,367,962,864 | | Total liabilities | 246,401,438,611 | 237,593,112,846 | | Owner's equity (or shareholders' equity) | | | | Share capital | 18,779,080,767 | 18,779,080,767 |
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