[三季报]TCL科技(000100):2024年第三季度报告(英文版)

时间:2024年11月08日 18:45:43 中财网

原标题:TCL科技:2024年第三季度报告(英文版)

Stock Code: 000100 Stock Abbr.: TCL TECH. Announcement No.: 2024-080 TCL科技集团股份有限公司 TCL Technology Group Corporation



Third Quarter 2024 Report

October 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 .............................................................................................. 12
Section V Other Significant Events ................................................................................................ 15
Section VI Quarterly Financial Statements ................................................................................... 16


Section I Important Notices and Definitions
The Board of Directors (or the "Board"), the Supervisory Committee as well as the 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 person-in-charge of the Company, 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 in this Report are factual, accurate, and complete. All of the Company’s directors attended the Board meeting for the review of this Third Quarter 2024 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 toDefinition
The “Company”, the “Group”, “TCL”, “TCL TECH.”, or “we”Refers toTCL Technology Group Corporation
Reporting PeriodRefers toThe period from January 1, 2024 to September 30, 2024.
Q3 2024Refers toThe period from July 1, 2024 to September 30, 2024.
TCL CSOTRefers toTCL China Star Optoelectronics Technology Co., Ltd.
TZERefers toTCL Zhonghuan Renewable Energy Technology Co., Ltd., a majority- owned subsidiary of the Company listed on the Shenzhen Stock Exchange (stock code: 002129.SZ)
GWRefers toGigawatt, power unit for solar cells, 1GW = 1,000 megawatts
RMBRefers toRenminbi


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

 Q3 2024ChangeFrom the beginning of the year to the end of the Reporting PeriodChange
Operating revenue (RMB)42,804,760,985-10.75%123,028,497,947-7.57%
Net profits attributable to the company’s shareholders (RMB)530,108,230-58.29%1,525,319,763-5.34%
Net profits attributable to the company’s shareholders after non- recurring gains and losses (RMB)169,910,967-84.66%728,668,02843.58%
Net cash generated from operating activities (RMB)22,000,714,53636.28%
Basic earnings per share (RMB/share)0.0286-58.31%0.0821-5.63%
Diluted earnings per share (RMB/share)0.0282-58.35%0.0812-5.36%
Weighted average return on equity (%)1.00%Decrease by 1.46 percentage points2.87%Decrease by 0.25 percentage points
 September 30, 2024December 31, 2023Change 
Total assets (RMB)393,795,228,854382,859,086,7272.86% 
Owner's equity attributable to the company's shareholders (RMB)53,014,857,86152,921,867,0860.18% 
(II) Non-recurring profit and loss items and amount
?Applicable □ Not applicable

ItemAmount in the Reporting periodAmount from the beginning of the year to the end of the Reporting Period
Gains and losses on disposal of non-current assets (inclusive of impairment allowance write-offs)107,746,900156,185,954
Public grants charged to current profits and loss (except for public grants 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)384,161,1621,356,764,489
The profits or losses generated from changes in fair value arising from financial assets and financial liabilities held by non-financial enterprises and the profits or losses from the disposal of such financial6,825,6073,515,257
assets and financial liabilities, except for the effective hedging business related to the company’s normal business operations  
Reversal of provision for impairment of receivables that have been individually tested for impairment 30,500,000
Non-operating income and expenses other than the above465,516,476724,147,192
Less: Amount affected by income tax140,851,280297,070,538
Amount affected by equity of minority shareholders (net of tax)463,201,6021,177,390,619
Total360,197,263796,651,735
Note: According to the relevant provisions of the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering
Their Securities to the Public—Non-Recurring Gain/Loss (Revised in 2023), public grants closely related to the Company’s normal
business operations, in compliance with national policies, received according to determined criteria, and with a continuous impact on
the Company’s profits and losses shall be presented as recurring profits and losses. Public grants presented as non-recurring profits or
losses in the third quarter of 2023 comprise the public grants related to assets amounting to RMB 287.77 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. 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 are 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

Balance Sheet itemsEnding balanceBeginning balanceIncrease / decrease ratio (%)Reason for change
Construction in progress26,689,963,78517,000,052,45757.0Primarily due to the increase in investment of the display production line
Short-term borrowings11,346,551,3038,473,582,30433.9Primarily due to the optimization of the debt and cost structure
Notes payable7,920,031,3535,610,802,06441.2Primarily due to the increase in loans paid by notes
Income Statement ItemCurrent balancePrior balanceIncrease / decrease ratio (%)Reason for change
Asset impairment losses (losses are indicated by "-")-3,540,212,533-2,432,074,53645.6Due to an increase in falling price of inventory accrual in line with the market
Cash Flow Statement itemsCurrent balancePrior balanceIncrease / decrease ratio (%)Reason for change
Net cash generated from operating activities22,000,714,53616,144,013,01336.3Mainly due to an increase in cash from sale of commodities and rendering of services

Section III Management Discussion and Analysis

Since this year, we witnessed increasing complexity and volatility in world politics, with escalating geopolitical tensions, and continuously restructuring international trade relations, while the
global economy exacerbated the uncertainty with repeat measures to counter inflation seen worldwide.
In response to these challenges, the Company 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. In the first three quarters, the Company reported an
operating revenue of RMB 123.028 billion, and the net profit attributable to shareholders of the listed
company of RMB 1.525 billion.
During the Reporting Period, the display industry experienced a period of supply-end stability, characterized by growing demand for larger-sized products. This healthy supply-demand dynamic contributed to improved year-on-year profitability, particularly for mainstay products like television
panels. During the Reporting Period, the Company's display business took a proactive stance in optimizing both business strategies and structure, with an operating revenue of RMB 76.956 billion,
up by 25.74% year-on-year; a net profit of RMB 4.443 billion, representing a year-on-year increase of RBM6.067 billion. Despite the ongoing growth of global demand for photovoltaic installations, the overall industry faced operating challenges due to a concentrated release of capacity, which has
resulted in a widening supply-demand gap and a significant decline in product prices compared to the
previous year. TZE maintained positive operating cash flow and a relentless focus on cost efficiency,
while accelerating organizational changes to address industry challenges. TZE generated RMB 22.582 billion of operating revenue in the first three quarters, and resulted in TCL Technology's net
profits attributable to the parent company decreased by RMB 1.813 billion. Display Business
Despite the global economic slowdown and subdued consumer demand, which dampened demand for large-sized panels in the first three quarters of 2024, the industry's competitive landscape
improved, and the on-demand production trend laid a solid foundation for the healthy development of the industry. Seasonal fluctuations in downstream inventory demand led to a moderate increase in
TV panel prices in the first half of the year, followed by a dip in the third quarter and the price has
in small and medium-sized panel products were driven by innovations in hardware products and the need for replacements.
By leveraging its strengths in terms of scale and efficiency, TCL CSOT consistently optimized its business and product mix with favorable price increases for key products compared to the same period from last year, and significantly boosted operating performance year on year. During the Reporting Period, the display business achieved an operating revenue of RMB 76.956 billion, with a year-on-year increase of 25.74%, and a net profit of RMB 4.443 billion, with a year-on-year increase of RMB 6.067 billion; and net cash flows from operating activities of RMB 19.838 billion.
In the large-sized products segment, TCL CSOT, on the basis of on-demand production, was well-poised to lead the upgraded and high-end large-sized TV panels, impelling the healthy and sound
development of the industry. During the Reporting Period, the Company solidified its position as the
world's second-largest TV panel supplier, leading the global market in both 65-inch and 75-inch segments. The share of 65-inch and larger products in total TV panel shipment area reached 55%, while the Company vigorously develop large commercial displays such as interactive whiteboards and splicing screens. In the mid-size segment, the Company significantly increased its market shares
in IT and vehicle-mounted products with the product development of t9 production line as scheduled and customer acquisition efforts. At present, the Company is the world's second largest monitor supplier, and holds the top spot in the global gaming monitor market. Furthermore, the Company has successfully secured partnerships with several leading international laptop manufacturers and achieved SoP. In the small-size segment, the Company is focused on capturing an incremental share of the mid-to-high-end consumer electronics market. During the Reporting Period, the Company cemented its position as the world's second largest supplier of LTPS smartphone panels to brand customers. Meanwhile, shipments of flexible OLED mobile phone panels experienced steady growth, with an increased proportion of high-end products.
During the Reporting Period, the Company's Board of Directors approved the strategic acquisition of an 80% stake in LG Display (China) Co., Ltd. and a 100% stake in LG Display (Guangzhou) Co., Ltd. by TCL CSOT. This move is expected to enhance the Company's technology portfolio in display production lines, strengthen partnerships with global customers, and drive Looking at the longer term, 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. 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. TCL CSOT will continue to develop healthily and stably, while enhancing both corporate profitability and value.
New energy photovoltaics and other silicon materials business Since 2024, the installed capacity of global PV at the user end has been on an upward trajectory. However, the supply-demand imbalance and intensified competition in the photovoltaic industry have led to a sustained decline in product prices, eroding profitability and pushing industry players into
negative cash margins. At the end of August, a trend had been shown featuring a stable price throughout the supply chain, and the industry is poised to bottom out with continued consolidation and elimination of outdated capacity. During the Reporting Period, TZE achieved an operating revenue of RMB 22.582 billion, a year-on-year decrease of 53.6%, net profits negative RMB 6.478 million, and net cash flows from operating activities of RMB 2.562 billion due to falling prices for
major products across the industry chain as well as substantial setbacks in both financial performance
and stock prices of Maxeon, with its controlling interests held by TZE. To navigate the tough industry environment, the Company focused on extreme cost efficiency, built a robust Industry 4.0 foundation, and executed a global strategy, with the aim to promote a sustainable industry ecosystem characterized by healthy competition. By leveraging technological innovation and lean manufacturing, the Company established a competitive edge with ongoing efforts to optimize silicon material utilization, reduce furnace costs, increase wafer output per kilogram, and
proactively address cyclical swings in the market during the Reporting Period, which drove the industry’s transition to N-type and larger-sized products. At the end of the Reporting Period, the
company’s N-type products monthly output per unit was approximately 505kg higher than the industry runner-up. Additionally, the company’s wafer yield per kilogram surpassed that of the second best in the industry by approximately 1 piece. During the Reporting Period, the Company’s monocrystalline silicon production capacity for photovoltaic segment rose to 190GW. Shipments of photovoltaic materials amounted to approximately 94.86GW, reflecting an 11.4% year-on-year upgrading Industry 4.0 manufacturing processes, the Company established flexible and synergistic partnerships with its supply chain. The high traceability of our products enhanced customer loyalty
and global competitiveness. In collaboration with RELC fully owned by Saudi Arabia’s Public Investment Fund (PIF), and Vision Industries, the Company built the world’s largest overseas crystal
wafer plant to bolster its global competitiveness.
Amid cyclical bottom in the industry, the Company actively pushed ahead with its organizational restructuring, business changes, and management optimization to bolster its competitive position. Looking ahead, the supply-side adjustments have positioned the industry for high-quality growth, but
the global photovoltaic industry is expected to keep intense competition in the near term. In response
to operational challenges, TZE took rational measures by adjusting its production and sales structure,
ensured positive cash flow, and strove for the highest level of cost efficiency, so as to strengthen its
competitiveness. The global renewable energy market presents ample growth opportunities, yet the distribution of production capacity worldwide remains uneven. The Company’s management team believes that the principle of "survival of the fittest” within the photovoltaic industry would contribute
to a more optimized long-term industry landscape, enhance profitability, and has confidence that it
can leverage the industry bottom so as to build a lasting competitive advantage.
Looking at the future, the display industry is expected to experience further consolidation under the Matthew effect as large-scale manufacturers continue to cement their dominant positions. In the
meanwhile, the emerging trends such as. the growing demand for larger displays and AI applications will drive new growth opportunities, ultimately enhancing industry profitability. The photovoltaic industry is still poised for significant growth globally. The Company's new energy photovoltaic business will strengthen its operational resilience and competitive edge to navigate through industry
cycles. 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 the 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 Period596,865Total number of preferred shareholders with resumed voting rights by the end of the Reporting Period (if any)0   
Shareholdings of top 10 shareholders of ordinary shares (excluding the lending of shares under refinancing)      
Name of shareholderNature of shareholderShareholding percentage (%)Number of shares heldNumber of restricted shares heldShares in pledge, marked or frozen 
     StatusNumber
Li DongshengDomestic individual/Domestic general legal entity6.74%1,265,347,805673,839,802  
Ningbo Jiutian Liancheng Equity Investment Partnership (Limited Partnership)      
     Pledge by Jiutian Liancheng293,668,015
Hong Kong Securities Clearing Company Ltd.Foreign legal entity3.81%715,658,083   
Huizhou Investment Holding Co., Ltd.Public legal entity2.85%535,767,694   
Wuhan Optics Valley Industrial Investment Co., Ltd.Public legal entity2.41%452,866,342 In pledge226,430,000
China Securities Finance Corporation LimitedDomestic general legal entity2.19%410,554,710   
Industrial and Commercial Bank of China - Huatai- Pinebridge CSI 300 ETFFund, wealth management product, etc.1.92%359,767,630   
China Construction Bank - Efund - CSI 300 Initiated ETFFund, wealth management product, etc.1.27%238,696,515   
Perseverance Asset Management Partnership (Limited Partnership) - Gaoyi Xiaofeng No. 2 Zhixin FundFund, wealth management product, etc.1.18%222,000,000   
Bank of China Limited - Huatai-Pinebridge CSI Photovoltaic Industry ETFFund, wealth management product, etc.0.94%176,087,160   
Shareholdings of top 10 non-restricted shareholders (excluding the lending of shares under refinancing and locked-up shares held by senior management)      
Name of shareholderNumber of non-restricted ordinary shares held at the end of Reporting PeriodShare type and quantity    
  TypeQuantity   
Hong Kong Securities Clearing Company Ltd.715,658,083RMB- denominated ordinary shares715,658,083   
Li Dongsheng591,508,003RMB- denominated ordinary shares591,508,003   
Ningbo Jiutian Liancheng Equity Investment Partnership (Limited Partnership)      
Huizhou Investment Holding Co., Ltd.535,767,694RMB- denominated535,767,694   

  ordinary shares 
Wuhan Optics Valley Industrial Investment Co., Ltd.452,866,342RMB- denominated ordinary shares452,866,342
China Securities Finance Corporation Limited410,554,710RMB- denominated ordinary shares410,554,710
Industrial and Commercial Bank of China - Huatai- Pinebridge CSI 300 ETF359,767,630RMB- denominated ordinary shares359,767,630
China Construction Bank - Efund - CSI 300 ETF Initiated238,696,515RMB- denominated ordinary shares238,696,515
Perseverance Asset Management Partnership (Limited Partnership) - Gaoyi Xiaofeng No. 2 Zhixin Fund222,000,000RMB- denominated ordinary shares222,000,000
Bank of China Limited - Huatai-Pinebridge CSI Photovoltaic Industry ETF176,087,160RMB- denominated ordinary shares176,087,160
Note on the above shareholders’ associations or concerted actionsAmong 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 898,453,069 shares and Ningbo Jiutian Liancheng Equity Investment Partnership (Limited Partnership) holds 366,894,736 shares, representing 1,265,347,805 shares in total and becoming the largest shareholder of the Company.  
Explanation on the top 10 ordinary shareholders participating in securities margin trading (if any)At the end of the Reporting Period, Wuhan Optics Valley Industrial Investment Co., Ltd., among the shareholders above, held certain shares of the Company through a credit security account.  
Participation of shareholders holding more than 5%, top 10 shareholders, and top 10 non-restricted shareholders in the lending of shares
under the refinancing business
?Applicable □ Not applicable
Unit: share

Participation of shareholders holding more than 5%, top 10 shareholders, and top 10 non-restricted shareholders in the lending of shares under the refinancing business        
Name of shareholder (full name)Shares in the ordinary account and credit account at the beginning of the period Shares lent under refinancing at the beginning of the period that have not been returned Shares in the ordinary account and credit account at the end of the period Shares lent under refinancing at the end of the period that have not been returned 
 Total numberProportion to total share capitalTotal numberProportion to total share capitalTotal numberProporti on to total share capitalTotal numberProportion to total share capital
Industrial and Commercial Bank of China - Huatai- Pinebridge CSI 300 ETF140,037,7300.75%136,9000.001%359,767,6301.92%00%
China Construction Bank - Efund - CSI 300 Initiated ETF52,602,2150.28%125,9000.0007%238,696,5151.27%00%
Bank of China Limited - Huatai- Pinebridge CSI Photovoltaic Industry ETF204,079,7601.09%1,602,8000.01%176,087,1600.94%00%
Change in top 10 shareholders and top 10 non-restricted shareholders due to securities lending/returning under refinancing as compared
to the previous period
□Applicable ? Not applicable
(II) Total number of preferred shareholders and shareholdings of the top 10 preferred shareholders □Applicable ? Not applicable

Section V Other Significant Events
1. Derivative investments for hedging purposes made during the Reporting Period Unit: RMB'0,000

Type of contractBeginning amount Ending amount Gain/loss in the Reporting PeriodEnding contractual amount as % of the Company's ending net assets 
 Contractual Transaction amount limitContractual Transaction amount limit     
      Contractual amountTransaction limit
1. Forward forex contracts3,039,040114,0955,512,867213,98733,83240.35%1.57%
2. Interest rate swaps407,68612,231308,8389,265   
      2.26%0.07%
Total3,446,726126,3265,821,705223,25233,83242.61%1.63%
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 PeriodNo significant change.      
Description of actual profits and losses during the Reporting PeriodDuring the Reporting Period, loss from changes in the fair value of hedged items amounted to RMB 60.7 million; profit from the delivery of due forward exchange contracts amounted to RMB 246.06 million, and profit from the valuation of outstanding forward exchange contracts amounted to RMB 152.96 million.      
Description of the hedging effectDuring the Reporting Period, the Company’s main foreign exchange risk exposures included exposures of assets and liabilities denominated in foreign currencies arising from business such as outbound sales, raw material procurement, and financing. The uncertain risks arising from the exchange rate fluctuations were effectively hedged by using derivative contracts with the same purchase amounts and maturities in opposite directions.      

2. Other significant events during the Reporting Period
□Applicable ? Not applicable


Section VI Quarterly Financial Statements
(I) Financial statements
1. Consolidated Balance Sheet
Prepared by: TCL Technology Group Corporation


ItemEnding balanceBeginning balance
Current assets:  
Monetary assets24,816,231,02221,924,270,872
Settlement reserves  
Funds on loan7,007,400 
Held-for-trading financial assets30,071,225,56623,184,116,975
Derivative financial assets147,012,726108,007,603
Notes receivable199,819,395615,391,820
Accounts receivable23,482,521,85322,003,651,259
Receivables financing1,174,912,739954,409,558
Prepayments2,686,308,3602,946,288,443
Premiums receivable  
Reinsurance accounts receivable  
Reinsurance contract provisions receivable  
Other receivables4,661,994,7645,706,855,391
Of which: Interests receivable  
Dividends receivable681,036,0321,381,489,936
Financial assets purchased under sale-back agreement  
Inventories21,356,758,94518,481,754,865
Including: Data resources  
Contract assets384,804,675343,907,118
Held-for-sale assets 162,415,745
Non-current assets due within one year103,308,277580,694,984
Other current assets6,745,841,3325,286,533,753
Total current assets115,837,747,054102,298,298,386
Non-current assets:  
Loans and advances to customers  
Debt investments141,110,158122,348,768
Other debt investments  
Long-term receivables693,836,138720,281,051
Long-term equity investments24,500,474,91025,431,271,193
Investments in other equity instruments384,264,002386,648,418
Other non-current financial assets2,499,076,8212,971,566,228
Investment property831,742,422911,679,154
Fixed assets164,949,332,826176,422,620,794
Construction in progress26,689,963,78517,000,052,457
Productive biological assets  
Oil and gas assets  
Right-of-use assets6,137,866,9126,386,446,373
Intangible assets18,223,415,58018,419,544,291
Including: Data resources  
Development costs2,246,733,6562,541,492,504
Including: Data resources  
Goodwill12,139,929,72510,516,741,724
Long-term deferred expenses2,352,710,3343,402,689,489
Deferred income tax assets2,677,836,8912,246,221,719
Other non-current assets13,489,187,64013,081,184,178
Total non-current assets277,957,481,800280,560,788,341
Total assets393,795,228,854382,859,086,727
Current liabilities:  
Short-term borrowings11,346,551,3038,473,582,304
Borrowings from the Central Bank707,127,866995,009,514
Borrowed funds  
Held-for-trading financial liabilities230,652,182251,451,420
Derivative financial liabilities88,414,71358,590,840
Notes payable7,920,031,3535,610,802,064
Accounts payable29,432,486,75629,402,493,015
Advances from customers5,245,666677,665
Contract liabilities2,346,445,6081,899,468,140
Financial assets sold under repurchase agreements  
Customer deposits and deposits from other banks and financial institutions846,202,751270,928,810
Funds for brokering securities transaction  
Funds for brokering securities underwriting  
Employee salaries payable3,506,429,2293,034,496,680
Taxes and levies payable1,322,279,166861,342,467
Other payables21,820,572,98022,171,403,238
Of which: Interests payable  
Dividends payable13,131,34754,250,777
Service charges and commissions payable  
Reinsurance accounts payable  
Held-for-sale liabilities  
Non-current liabilities due within one year33,145,072,45024,631,658,876
Other current liabilities1,524,549,5441,563,244,949
Total current liabilities114,242,061,56799,225,149,982
Non-current liabilities:  
Insurance contract provisions  
Long-term borrowings124,141,297,002117,662,208,623
Bonds payable6,487,354,7639,113,847,771
Of which: Preferred shares  
Perpetual bonds  
Lease liabilities5,783,414,1405,737,287,693
Long-term payables2,187,797,6552,739,444,094
Long-term employee compensation payable23,369,51029,645,007
Estimated liabilities384,235,897117,394,992
Deferred income2,263,408,0731,540,647,642
Deferred income tax liabilities1,652,554,8751,427,487,042
Other non-current liabilities16,775,944 
Total non-current liabilities142,940,207,859138,367,962,864
Total liabilities257,182,269,426237,593,112,846
Owner's equity:  
Share capital18,779,080,76718,779,080,767
Other equity instruments  
Of which: Preferred shares  
Perpetual bonds  
Capital reserves10,469,171,86310,752,055,217
Less: Treasury share919,321,5081,094,943,423
Other comprehensive income-779,275,992-945,797,878
Specific reserves15,953,61511,342,949
Surplus reserves3,874,005,5793,874,005,579
General risk reserve8,933,5158,933,515
Retained earnings21,566,310,02221,537,190,360
Total equity attributable to the owners of the parent company53,014,857,86152,921,867,086
Non-controlling interests83,598,101,56792,344,106,795
Total owner's equity136,612,959,428145,265,973,881
Total liabilities and owner's equity393,795,228,854382,859,086,727
Legal representative: Person in charge of financial affairs: Person-in-charge of the financial department: (未完)
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