深南电B:2020年第一季度报告全文(英文版)

                                                        深圳南山热电股份有限公司 2020 年第一季度报告全文




证券代码:000037、200037             证券简称:深南电 A、深南电 B                     公告编号:2020-027




                           Shenzhen Nanshan Power Co., Ltd.
                            The First Quarterly Report 2020
                                            2020-027




                                        April 2020




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                                              深圳南山热电股份有限公司 2020 年第一季度报告全文




                          Section I. Important Notes


Board of Directors and the Supervisory Committee of Shenzhen Nanshan Power

Co., Ltd. (hereinafter referred to as the Company) and its directors, supervisors

and senior executives should guarantee the reality, accuracy and completion of

the quarterly report, there are no any fictitious statements, misleading

statements or important omissions carried in this report, and shall take legal

responsibilities, individual and/or joint.

Li Xinwei, person in charge of the Company, Director GM Chen Yuhui, person

in charge of accounting works and CFO Dai Xiji as well as Wang Yi (act for the

financial management dept.), person in charge of accounting organ (accounting

officer) hereby confirm that the Financial Report of this Quarterly Report is

authentic, accurate and complete.

All Directors are attended the Board Meeting for Quarterly Report deliberation.

Concerning the forward-looking statements with future planning involved in the

Semi-Report, they do not constitute a substantial commitment for investors.

Investors are advised to exercise caution of investment risks.
The report has been prepared in both Chinese and English, for any
discrepancies, the Chinese version shall prevail. Please read the full report
seriously.




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                                                                       深圳南山热电股份有限公司 2020 年第一季度报告全文



                                               Interpretation


                   Items                     Refers to                                  Contents

Company, the Company, Shen Nan Dian          Refers to Shenzhen Nanshan Power Co., Ltd.

                                                         Shenzhen Capital Holdings Co., Ltd. (Before the name change
Shenzhen Capital Holdings                    Refers to
                                                         Shenzhen Capital Co., Ltd.)

Shenzhen Gas                                 Refers to Shenzhen Gas Group Co., Ltd.

Shen Nan Dian Dongguan Company               Refers to Shen Nan Dian (Dongguan) Weimei Electric Power Co., Ltd

                                                         Except the special description of the monetary unit, rest of the
RMB, in 10 thousand Yuan, 100 Million Yuan   Refers to
                                                         monetary unit is RMB Yuan, ten thousand Yuan, the 100 Million Yuan

Reporting period                             Refers to 1 Jan. 2020 to 31 Mar. 2020




3
                                                                                深圳南山热电股份有限公司 2020 年第一季度报告全文




                            Section II. Basic situation of the Company

I. Main accounting data and financial indexes

Whether it has retroactive adjustment or re-statement on previous accounting data
□ Yes   √No

                                                                                                                  Changes of this period over
                                                     Current Period              Same period of last year
                                                                                                                    same period of last year
Operating income (RMB)                                     228,717,033.81                   152,975,230.74                              49.51%
Net profit attributable to shareholders of
                                                               -14,023,020.62               -28,373,168.62                           -50.58%
the listed company (RMB)
Net profit attributable to shareholders of
the listed company after deducting                             -19,987,886.90               -28,916,498.43                           -30.88%
non-recurring gains and losses (RMB)
Net cash flow arising from operating
                                                               22,023,624.41                  -4,897,654.96                         -549.68%
activities (RMB)

Basic earnings per share (RMB/Share)                                    -0.02                             -0.05                      -60.00%
Diluted earnings per share (RMB/Share)                                  -0.02                             -0.05                      -60.00%

Weighted average ROE                                                  -1.00%                         -1.47%                          -31.97%

                                                                                                                  Changes of this period-end
                                               At the end of the reporting
                                                                                  At the end of last year         over same period-end of last
                                                         period
                                                                                                                             year
Total assets (RMB)                                       3,224,956,518.57                 3,219,261,720.55                              0.18%
Net assets attributable to shareholder of
                                                         1,988,749,787.62                 2,002,772,808.24                              -0.70%
listed company (RMB)

Items of non-recurring gains and losses
√ Applicable    □ Not applicable
                                                                                                                                        In RMB
                                                                        Amount from year-begin to
                                Item                                                                                      Note
                                                                                 period-end

                                                                                                          Receiving unemployment
Gains/losses from the disposal of non-current asset (including the                                        insurance premiums and
                                                                                         6,010,607.03
write-off that accrued for impairment of assets)                                                          apportioning government
                                                                                                          subsidies related to assets

Other non-operating income and expenditure except for the
                                                                                              -6,641.26
aforementioned items

Less: impact on income tax                                                                  34,035.39

         Impact on minority shareholders’ equity (post-tax)                                  5,064.10


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                                                                              深圳南山热电股份有限公司 2020 年第一季度报告全文


Total                                                                                    5,964,866.28                  --

Concerning the extraordinary profit (gain)/loss defined by Q&A Announcement No.1 on Information Disclosure for Companies
Offering Their Securities to the Public --- Extraordinary Profit/loss, and the items defined as recurring profit (gain)/loss according to
the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their
Securities to the Public --- Extraordinary Profit/loss, explain reasons
□ Applicable √ Not applicable
In reporting period, the Company has no particular about items defined as recurring profit (gain)/loss according to the lists of
extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to
the Public --- Extraordinary Profit/loss


II. Total number of shareholders at the end of this report period and top ten shareholders

1. Total common and preferred stockholders with voting rights recover and the top ten share-holding

                                                                                                                               In Share

                                                            Total preferred stockholders with
Total common shareholders at the
                                                   24,627 voting rights recover at the end of                                            0
end of report period
                                                            report period (if applicable)

                                                           Top ten share-holding

                                                                                    Amount of           Number of share pledged/frozen
    Shareholder’s       Nature of         Proportion of    Amount of shares
                                                                                   lock-up shares
        name            shareholder         shares held            held                             State of share          Amount
                                                                                       held

HONG KONG
NAM HOI              Overseas legal
                                                  15.28%           92,123,248
(INTERNATION person
AL) LTD.

Shenzhen
Guangju              State-owned legal
                                                  12.22%           73,666,824
Industrial Co.,      person
Ltd.

SHENZHEN
ENERGY               State-owned legal
                                                  10.80%           65,106,130
(GROUP) CO.,         person
LTD.

Gaohua-HSBC
-GOLDMAN,           Overseas legal
                                                    2.13%          12,839,723
SACHS &              person
CO.LLC

BOCI
                     Overseas legal
SECURITIES                                          1.67%          10,036,082
                     person
LIMITED


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                                                                         深圳南山热电股份有限公司 2020 年第一季度报告全文


                   Domestic nature
Liu Fang                                        1.57%           9,452,088
                   person

China Merchants
                   State-owned legal
Securities H.K.                                 1.34%           8,062,828
                   person
Co., Ltd.

                   Domestic nature
Zeng Ying                                       1.25%           7,559,600
                   person

Meiyi Investment Domestic non
                                                0.86%           5,207,800
Property Co., Ltd. state legal person

LI SHERYN          Foreign nature
                                                0.82%           4,916,090
ZHAN MING          person

                                        Top ten shareholders with unrestricted shares held

                                                                                                            Type of shares
        Shareholder’s name                    Amount of unrestricted shares held
                                                                                                         Type           Amount

                                                                                                Domestically
HONG KONG NAM HOI
                                                                                 92,123,248 listed foreign                   92,123,248
(INTERNATIONAL) LTD.
                                                                                                shares

Shenzhen Guangju Industrial Co.,                                                                RMB common
                                                                                 73,666,824                                  73,666,824
Ltd.                                                                                            shares

SHENZHEN ENERGY (GROUP)                                                                         RMB common
                                                                                 65,106,130                                  65,106,130
CO., LTD.                                                                                       shares

Gaohua-HSBC-GOLDMAN,                                                                          RMB common
                                                                                 12,839,723                                  12,839,723
SACHS & CO.LLC                                                                                  shares

                                                                                                Domestically
BOCI SECURITIES LIMITED                                                          10,036,082 listed foreign                   10,036,082
                                                                                                shares

                                                                                                RMB common
                                                                                                                              6,391,288
                                                                                                shares
Liu Fang                                                                            9,452,088 Domestically
                                                                                                listed foreign                3,060,800
                                                                                                shares

                                                                                                Domestically
China Merchants Securities H.K.
                                                                                    8,062,828 listed foreign                  8,062,828
Co., Ltd.
                                                                                                shares

                                                                                                Domestically
Zeng Ying                                                                           7,559,600 listed foreign                  7,559,600
                                                                                                shares

                                                                                                RMB common
Meiyi Investment Property Co., Ltd.                                                 5,207,800                                 5,207,800
                                                                                                shares


6
                                                                          深圳南山热电股份有限公司 2020 年第一季度报告全文


                                                                                               Domestically
LI SHERYN ZHAN MING                                                                 4,916,090 listed foreign          4,916,090
                                                                                               shares

                                     1. 100% equity of HONG KONG NAM HOI (INTERNATIONAL) LIMITED was held by
Explanation on associated
                                     SHENZHEN ENERGY (GROUP) CO., LTD
relationship among the aforesaid
                                     2. Among other social public shareholders, the Company did not know whether there were
shareholders
                                     associated relationships or belonging to consistent actors.

Explanation on top 10 shareholders
                                     1. Among the top ten shareholders, Ms. Liu Fang holds 3,891,588 shares through credit
involving margin business (if
                                     transaction guarantee securities account;
applicable)

Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-back agreement
dealing in reporting period
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company have no buy-back
agreement dealing in reporting period.


2. Total shareholders with preferred stock held and shares held by top ten shareholders with preferred
stock held

□ Applicable √ Not applicable




7
                                                                              深圳南山热电股份有限公司 2020 年第一季度报告全文




                                         Section III. Significant Events

I. Particulars about material changes in items of main financial data and financial index and
explanations of reasons

√Applicable   □Not applicable

1. Monetary fund has 886.2501 million Yuan at end of the period, an increase of 14.62% over that of period beginning, the main
reason is to withdraw bank wealth management;
2. Other account receivable has 37.366 million Yuan at end of the period, an increase of 15.61% over that of period beginning,
mainly because current account increased;
3. Accounts payable has 14.2566 million yuan at end of the period, a decrease of 28.25% over that of period beginning, mainly
because account payable for nature gas decreased;
4. Taxes payable has 15.0158 million Yuan at end of the period, a decrease of 31.02% over that of period beginning, mainly because
that the value-added tax unpaid reduced in the period;
5. Operation revenue has 228.717 million Yuan in the period, an increase of 49.51% from a year earlier, mainly because sales of
electricity revenue increased for the increase of power generation;
6. Operation cost has 222.4788 million Yuan in the period, an increase of 39.83% from a year earlier, mainly because cost of power
generation increased for the increase of power generation;
7. Tax and surcharge has 2.0493 million Yuan in the period, an increase of 47.69% from a year earlier, mainly because the surcharge
for VAT increased;
8. Other income has 6.6668 million Yuan in the period, an increase of 357.59% from a year earlier, the main reason is the increase in
government subsidies;
9. Income from assets disposal has 0 Yuan in the period, a decrease of 100% from a year earlier, mainly because that there is no fixed
assets disposal gains and losses during the period;
10. Non-operation revenue has 1,400 Yuan in the period, a decrease of 98.66% from a year earlier, mainly because income from
disposal of waste materials decreased;
11. Non-operation expenditure has 10,000 Yuan in the period, a decrease of 60.30% from a year earlier, mainly because loss from
fixed assets discharge declined in the period;
12. Income tax expense has 154,100 Yuan in the period, a decrease of 84.18% from a year earlier, mainly because that the taxable
income in this period decreased compared with the same period of last year;
13. Net cash flow arising from operation activity has 22.0236 million Yuan in the period, an increase of 549.68% from a year earlier
in net in-flow, mainly because electricity revenue increased in the period;
14. Net cash flow arising from investment activity has 66.044 million Yuan in the period, an increase of 549.41% from a year earlier
in net in-flow, mainly because the amount of financial products recovery from the bank increased;
15. Net cash flow arising from financing activity has 26.5932 million Yuan in the period, an increase of 123.13% from a year earlier
in net in-flow, mainly because that the net financing amount increased year-on-year.


II. Analysis and explanation of significant events and their influence and solutions

√Applicable     □Not applicable
1. Matters related to the transfer of 70% equity of Shen Nan Dian Dongguan Company by agreement. The “Proposal on 70% Equity
                                                                      8
                                                                          深圳南山热电股份有限公司 2020 年第一季度报告全文


of Shen Nan Dian (Dongguan) Weimei Electric Power Co., Ltd Transfer by Agreement”(hereinafter, the Proposal) was deliberated
and approved by 11th extraordinary Meeting of 8th BOD and 11th extraordinary Meeting of 8th BOS held on 5 March 2020. On 23
March 2020, the above mentioned Proposal was deliberated and approved by First Extraordinary Shareholders’ General Meeting of
2020, and agreed to transfer 70% equity of Shen Nan Dian Dongguang Company, directly and indirectly held by the Company to
Shenzhen Gas by Agreement with consideration of 104.98 million yuan in total (including 87.5 million yuan equity agreement price
and 17.48 million yuan interim gains/losses). (found more in the Notice on 70% Equity of Shen Nan Dian (Dongguan) Weimei
Electric Power Co., Ltd Transfer by Agreement [Notice No.: 2020-006] and Resolution of First Extraordinary Shareholders’ General
Meeting of 2020 [Notice No.: 2020-019] released on China Securities Journal, Securities Times, Hong Kong Commercial Daily and
Juchao Website.)
2. Investment for the Yuanzhi Credit Suisse New Generation IT Equity Investment Fund. The “Proposal on Investment for the
Yuanzhi Credit Suisse New Generation IT Equity Investment Fund and Related Party Transactions”(hereinafter, the Proposal) was
deliberated and approved by 11th extraordinary Meeting of 8th BOD and 11th extraordinary Meeting of 8th BOS held on 5 March 2020.
On 23 March 2020, the above mentioned Proposal was deliberated and approved by First Extraordinary Shareholders’ General
Meeting of 2020, and agreed to investment 200 million yuan with own fund for the Yuanzhi Credit Suisse New Generation IT Equity
Investment Fund. (found more in the Notice on Investment for the Yuanzhi Credit Suisse New Generation IT Equity Investment
Fund and Related Party Transactions [Notice No.: 2020-007] and Resolution of First Extraordinary Shareholders’ General Meeting
of 2020 [Notice No.: 2020-019] released on China Securities Journal, Securities Times, Hong Kong Commercial Daily and Juchao
Website.)


Except for the above mentioned, relevant matters of T102-0011 and T102-0155 lands have no significant matters or progress to be
disclosed during the reporting period; the projects as Guangdong Aid to Xingjiang participated in 2013, the benefit fund of the
technical improvement, collection work for funds refundable, has no progress or change during the reporting period.


Implementation progress of shares buy-back
□ Applicable    √ Not applicable
Implementation progress of the reduction of repurchases shares by centralized bidding
□ Applicable √ Not applicable


III. Commitments completed in Period and those without completed till end of the Period
from actual controller, shareholders, related parties, purchaser and companies

□ Applicable    √ Not applicable
The Company has no commitments completed in Period and those without completed till end of the Period from actual controller,
shareholders, related parties, purchaser and companies.


IV. Securities Investment

□ Applicable   √ Not applicable

No security investment in Period.


V. Trust financing

√Applicable    □Not applicable
                                                                                                               In 10 thousand Yuan

                                                                 9
                                                                              深圳南山热电股份有限公司 2020 年第一季度报告全文


          Type                      Capital sources       Amount occurred           Outstanding balance             Overdue amount

Bank financial products Own funds                                          8,600                         1,800                          0

Total                                                                      8,600                         1,800                          0


Details of the single major amount, or high-risk trust investment with low security, poor fluidity and non-guaranteed

□Applicable     √Not applicable

Entrust financial expected to be unable to recover the principal or impairment might be occurred

□ Applicable     √ Not applicable


VI. Derivative investment

□ Applicable    √ Not applicable

No derivative investment in the Period.


VII. Registration form for receiving research, communication and interview in the report
period

√ Applicable    □Not applicable
               Time                           Way                        Type                 Basic situation index of investigation

                                                                                            Search the register of shareholders,
Jan.-Mar. 2020                  Field research               Individual (8)                 attending      the   shareholders’   general
                                                                                            meeting,

                                                                                            Query the number of shareholders,
                                                                                            inquire about the situation of Shen Nan
                                                                                            Dian         Dongguan      Company,        the
                                                                                            company's resumption of production
Jan.-Mar. 2020                  Written inquiries            Individual (13)
                                                                                            during the epidemic, and the land-related
                                                                                            situation of the company's three power
                                                                                            plants, etc., and the company will reply
                                                                                            in writing.

                                                                                            Continuing operation of the Company,
                                                                                            the situation of the Shen Nan Dian
                                                                                            Dongguan Company, the company's
                                                                                            resumption of production during the
Jan.-Mar. 2020                  Telephone communication      Individual (Dozens of times)
                                                                                            epidemic, and the land related conditions
                                                                                            of     the    Nanshan     Power       Factory,
                                                                                            responded in accordance with the law
                                                                                            and regulations.




                                                                  10
                                                                            深圳南山热电股份有限公司 2020 年第一季度报告全文


VIII. External security against the rules

□ Applicable   √ Not applicable
The Company has no external security against the rules in the Period.


IX. Controlling shareholders' and its related party's non-business capital occupying of the
listed company

□ Applicable   √ Not applicable
There are no controlling shareholders' and its related party's non-business capital occupying of the listed company.




                                                                  11
                                                                   深圳南山热电股份有限公司 2020 年第一季度报告全文




                                         Section IV. Financial Statement

I. Financial statement

1. Consolidate balance sheet

Prepared by Shenzhen Nanshan Power Co., Ltd
                                                     2020-03-31
                                                                                                              In RMB

                      Items                         2020-3-31                             2019-12-31

Current assets:

       Monetary fund                                            886,250,132.52                         773,209,854.84

       Settlement provisions

       Capital lent

       Trading financial assets

       Derivative financial assets

       Note receivable                                            2,700,000.00

       Account receivable                                       163,210,321.60                         178,150,580.32

       Receivable financing

       Accounts paid in advance                                  65,606,208.63                          70,005,681.50

       Insurance receivable

       Reinsurance receivables

       Contract reserve of reinsurance
receivable

       Other account receivable                                  37,366,016.30                          32,321,826.94

          Including: Interest receivable

                  Dividend receivable

       Buying back the sale of financial
assets

       Inventories                                              124,922,320.23                         124,686,443.61

         Contractual assets

       Assets held for sale

       Non-current asset due within one
year

       Other current assets                                     375,018,312.19                         445,236,731.33


                                                         12
                                                    深圳南山热电股份有限公司 2020 年第一季度报告全文


Total current assets                           1,655,073,311.47                     1,623,611,118.54

Non-current assets:

     Loans and payments on behalf

     Debt investment

     Other debt investment

     Long-term account receivable

     Long-term equity investment                 14,818,668.82                         14,619,203.03

     Investment in other equity
                                                 60,615,000.00                         60,615,000.00
instrument

     Other non-current financial assets

     Investment real estate                       2,352,292.60                          2,401,327.00

     Fixed assets                              1,355,983,973.02                     1,381,675,872.68

     Construction in progress                    66,754,831.97                         66,474,630.23

     Productive biological asset

     Oil and gas asset

      Right-of-use assets

     Intangible assets                           43,159,023.75                         43,602,166.44

     Expense on Research and
Development

     Goodwill

     Long-term expenses to be
                                                   1,111,185.47                         1,174,171.16
apportioned

     Deferred income tax asset                    2,206,049.69                          2,206,049.69

     Other non-current asset                     22,882,181.78                         22,882,181.78

Total non-current asset                        1,569,883,207.10                     1,595,650,602.01

Total assets                                   3,224,956,518.57                     3,219,261,720.55

Current liabilities:

     Short-term loans                           917,179,132.20                        881,075,378.48

     Loan from central bank

     Capital borrowed

     Trading financial liability

     Derivative financial liability

Note payable

Account payable                                  14,256,605.45                         19,871,102.41

     Accounts received in advance


                                          13
                                                    深圳南山热电股份有限公司 2020 年第一季度报告全文


      Contractual liability

     Selling financial asset of
repurchase

     Absorbing deposit and interbank
deposit

Security trading of agency

     Security sales of agency

     Wage payable                                55,830,559.18                         55,208,432.53

     Taxes payable                               15,015,797.94                         21,769,273.77

     Other account payable                       42,475,162.47                         43,691,472.06

          Including: Interest payable

                     Dividend payable

     Commission charge and
commission payable

     Reinsurance payable

     Liability held for sale

     Non-current liabilities due within
one year

     Other current liabilities

Total current liabilities                      1,044,757,257.24                     1,021,615,659.25

Non-current liabilities:

Insurance contract reserve

     Long-term loans

     Bonds payable

          Including: Preferred stock

                     Perpetual capital
securities

      Lease liability

     Long-term account payable

     Long-term wages payable

     Accrual liability                           26,646,056.28                         26,646,056.28

     Deferred income                            106,930,173.82                        108,507,683.52

     Deferred income tax liabilities

     Other non-current liabilities

Total non-current liabilities                   133,576,230.10                        135,153,739.80



                                          14
                                                                        深圳南山热电股份有限公司 2020 年第一季度报告全文


Total liabilities                                                  1,178,333,487.34                     1,156,769,399.05

Owner’s equity:

     Share capital                                                  602,762,596.00                          602,762,596.00

     Other equity instrument

        Including: Preferred stock

                     Perpetual capital
securities

     Capital public reserve                                         362,770,922.10                          362,770,922.10

     Less: Inventory shares

     Other comprehensive income                                       -2,500,000.00                          -2,500,000.00

     Reasonable reserve

     Surplus public reserve                                         332,908,397.60                          332,908,397.60

     Provision of general risk

     Retained profit                                                692,807,871.92                          706,830,892.54

Total owner’ s equity attributable to
                                                                   1,988,749,787.62                     2,002,772,808.24
parent company

     Minority interests                                              57,873,243.61                           59,719,513.26

Total owner’ s equity                                             2,046,623,031.23                     2,062,492,321.50

Total liabilities and owner’ s equity                             3,224,956,518.57                     3,219,261,720.55


Legal Representative: President Li Xinwei


Person in charge of accounting works: Director GM Chen Yuhui, CFO Dai Xiji


Person in charge of accounting institute: Deputy Manager Wang Yi


2. Balance Sheet of Parent Company

                                                                                                                   In RMB

                    Item                                2020-3-31                              2019-12-31

Current assets:

     Monetary funds                                                 743,152,541.67                          632,948,706.11

     Trading financial assets

     Derivative financial assets

     Note receivable

     Account receivable                                              28,916,560.38                           31,824,693.69

     Receivable financing


                                                              15
                                                      深圳南山热电股份有限公司 2020 年第一季度报告全文


     Accounts paid in advance                      45,547,095.13                         46,152,700.57

     Other account receivable                     863,485,742.80                        873,861,071.55

        Including: Interest receivable

                      Dividend receivable

     Inventories                                  101,389,192.99                        101,728,367.43

     Contractual assets

     Assets held for sale

     Non-current assets maturing within
one year

     Other current assets                         368,141,051.13                        438,613,774.49

Total current assets                             2,150,632,184.10                     2,125,129,313.84

Non-current assets:

     Debt investment

     Other debt investment

     Long-term receivables

     Long-term equity investments                 303,341,165.00                        303,341,165.00

     Investment in other equity
                                                   60,615,000.00                         60,615,000.00
instrument

     Other non-current financial assets

     Investment real estate

     Fixed assets                                 317,748,563.18                        321,395,526.04

     Construction in progress                       2,058,829.97                          1,949,450.23

     Productive biological assets

     Oil and natural gas assets

     Right-of-use assets

      Intangible assets                               277,968.76                           404,104.06

     Research and development costs

     Goodwill

     Long-term deferred expenses                      750,404.51                           790,841.39

     Deferred income tax assets

     Other non-current assets

Total non-current assets                          684,791,931.42                        688,496,086.72

Total assets                                     2,835,424,115.52                     2,813,625,400.56

Current liabilities

     Short-term borrowings                        616,743,088.75                        580,640,114.59


                                            16
                                                  深圳南山热电股份有限公司 2020 年第一季度报告全文


     Trading financial liability

     Derivative financial liability

     Notes payable

     Account payable                              913,859.08                           864,016.74

     Accounts received in advance

     Contractual liability

     Wage payable                               35,072,774.94                        33,840,544.53

     Taxes payable                                301,177.71                           718,630.17

     Other accounts payable                    193,641,103.60                       203,332,331.14

        Including: Interest payable

                Dividend payable

     Liability held for sale

     Non-current liabilities due within
one year

     Other current liabilities

Total current liabilities                      846,672,004.08                       819,395,637.17

Non-current liabilities:

     Long-term loans

     Bonds payable

        Including: preferred stock

                Perpetual capital
securities

     Lease liability

     Long-term account payable

Long term employee compensation
payable

     Accrued liabilities

     Deferred income                            57,397,377.38                        58,261,356.20

     Deferred income tax liabilities

     Other non-current liabilities

Total non-current liabilities                   57,397,377.38                        58,261,356.20

Total liabilities                              904,069,381.46                       877,656,993.37

Owners’ equity:

     Share capital                             602,762,596.00                       602,762,596.00

     Other equity instrument


                                          17
                                                           深圳南山热电股份有限公司 2020 年第一季度报告全文


       Including: preferred stock

               Perpetual capital
securities

     Capital public reserve                          289,963,039.70                             289,963,039.70

     Less: Inventory shares

     Other comprehensive income

Special reserve

     Surplus reserve                                 332,908,397.60                             332,908,397.60

     Retained profit                                 705,720,700.76                             710,334,373.89

Total owner’s equity                               1,931,354,734.06                        1,935,968,407.19

Total liabilities and owner’s equity               2,835,424,115.52                        2,813,625,400.56


3. Consolidated Profit Statement

                                                                                                       In RMB

                   Item                 Current period                            Last period

I. Total operating income                            228,717,033.81                             152,975,230.74

     Including: Operating income                     228,717,033.81                             152,975,230.74

             Interest income

             Insurance gained

             Commission charge and
commission income

II. Total operating cost                             251,289,929.79                             187,113,939.80

     Including: Operating cost                       222,478,803.66                             159,111,562.68

             Interest expense

             Commission charge and
commission expense

Cash surrender value

Net amount of expense of compensation

Net amount of withdrawal of insurance
contract reserve

Bonus expense of guarantee slip

             Reinsurance expense

             Tax and extras                               2,049,312.50                            1,387,607.12

             Sales expense                                1,070,938.90                            1,053,802.16

             Administrative expense                      21,190,048.99                           20,641,767.60


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                                                          深圳南山热电股份有限公司 2020 年第一季度报告全文


                R&D expense

                Financial expense                       4,500,825.74                          4,919,200.24

                     Including: Interest
                                                       10,225,384.24                         12,647,043.44
expenses

                                Interest income         -5,956,731.84                        -7,889,780.98

         Add: other income                              6,666,794.07                          1,456,931.10

              Investment income (Loss is
                                                          199,465.79                           -431,753.10
listed with “-”)

              Including: Investment income
on affiliated company and joint venture

                     The termination of income
recognition for financial assets measured
by amortized cost(Loss is listed with “-”)

              Exchange income (Loss is
listed with “-”)

              Net exposure hedging income
(Loss is listed with “-”)

              Income from change of fair
value (Loss is listed with “-”)

              Loss of credit impairment
(Loss is listed with “-”)

              Losses of devaluation of asset
(Loss is listed with “-”)

              Income from assets disposal
                                                                                               -402,738.25
(Loss is listed with “-”)

III. Operating profit (Loss is listed with
                                                       -15,706,636.12                       -33,516,269.31
“-”)

         Add: Non-operating income                          1,401.84                           104,485.70

         Less: Non-operating expense                       10,000.00                            25,188.07

IV. Total profit (Loss is listed with “-”)           -15,715,234.28                       -33,436,971.68

         Less: Income tax expense                         154,055.99                           973,552.89

V. Net profit (Net loss is listed with “-”)          -15,869,290.27                       -34,410,524.57

   (i) Classify by business continuity

         1.continuous operating net profit
(net loss listed with ‘-”)

         2.termination of net profit (net loss
listed with ‘-”)



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                                                     深圳南山热电股份有限公司 2020 年第一季度报告全文


  (ii) Classify by ownership

     1.Net profit attributable to owner’s
                                                  -14,023,020.62                       -28,373,168.62
of parent company

     2.Minority shareholders’ gains and
                                                   -1,846,269.65                        -6,037,355.95
losses

VI. Net after-tax of other comprehensive
income

  Net after-tax of other comprehensive
income attributable to owners of parent
company

     (I) Other comprehensive income
items which will not be reclassified
subsequently to profit of loss

              1.Changes of the defined
benefit plans that re-measured

              2.Other comprehensive
income under equity method that cannot
be transfer to gain/loss

              3.Change of fair value of
investment in other equity instrument

              4.Fair value change of
enterprise's credit risk

              5. Other

         (ii) Other comprehensive income
items which will be reclassified
subsequently to profit or loss

              1.Other comprehensive
income under equity method that can
transfer to gain/loss

              2.Change of fair value of
other debt investment

              3.Amount of financial assets
re-classify to other comprehensive
income

              4.Credit impairment
provision for other debt investment

              5.Cash flow hedging reserve




                                             20
                                                                          深圳南山热电股份有限公司 2020 年第一季度报告全文


             6.Translation differences
arising on translation of foreign currency
financial statements

             7.Other

  Net after-tax of other comprehensive
income attributable to minority
shareholders

VII. Total comprehensive income                                        -15,869,290.27                          -34,410,524.57

       Total comprehensive income
                                                                       -14,023,020.62                          -28,373,168.62
attributable to owners of parent Company

     Total comprehensive income
                                                                        -1,846,269.65                           -6,037,355.95
attributable to minority shareholders

VIII. Earnings per share:

      (i) Basic earnings per share                                              -0.02                                   -0.05

     (ii) Diluted earnings per share                                            -0.02                                   -0.05


Legal Representative: President Li Xinwei


Person in charge of accounting works: Director GM Chen Yuhui, CFO Dai Xiji


Person in charge of accounting institute: Deputy Manager Wang Yi


4. Profit Statement of Parent Company

                                                                                                                      In RMB

                  Item                                Current period                             Last period

I. Operating income                                                    39,576,718.44                           51,953,247.12

     Less: Operating cost                                              47,086,536.01                           59,371,196.61

           Taxes and surcharge                                             25,249.45                              548,340.11

           Sales expenses

           Administration expenses                                      9,977,388.80                           11,917,938.97

           R&D expenses

           Financial expenses                                           -7,701,706.54                           -7,572,589.42

               Including: interest
                                                                        6,759,039.78                           11,511,308.35
expenses

                       Interest income                                 -14,542,892.69                          -19,015,116.03

     Add: other income                                                  5,197,076.15                              368,626.17




                                                              21
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              Investment income (Loss is
listed with “-”)

              Including: Investment income
on affiliated Company and joint venture

                   The termination of
income recognition for financial assets
measured by amortized cost (Loss is
listed with “-”)

              Net exposure hedging income
(Loss is listed with “-”)

              Changing income of fair
value (Loss is listed with “-”)

              Loss of credit impairment
(Loss is listed with “-”)

              Losses of devaluation of asset
(Loss is listed with “-”)

              Income on disposal of assets
                                                                                           -231,373.37
(Loss is listed with “-”)

II. Operating profit (Loss is listed with
                                                     -4,613,673.13                       -12,174,386.35
“-”)

         Add: Non-operating income

         Less: Non-operating expense

III. Total Profit (Loss is listed with “-”)        -4,613,673.13                       -12,174,386.35

         Less: Income tax

IV. Net profit (Net loss is listed with
                                                     -4,613,673.13                       -12,174,386.35
“-”)

(i)continuous operating net profit (net
loss listed with ‘-”)

         (ii) termination of net profit (net
loss listed with ‘-”)

V. Net after-tax of other comprehensive
income

         (I) Other comprehensive income
items which will not be reclassified
subsequently to profit of loss

                 1.Changes of the defined
benefit plans that re-measured




                                                22
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              2.Other comprehensive
income under equity method that cannot
be transfer to gain/loss

              3.Change of fair value of
investment in other equity instrument

              4.Fair value change of
enterprise's credit risk

              5. Other

       (II) Other comprehensive income
items which will be reclassified
subsequently to profit or loss

              1.Other comprehensive
income under equity method that can
transfer to gain/loss

              2.Change of fair value of
other debt investment

              3.Amount of financial
assets re-classify to other
comprehensive income

              4.Credit impairment
provision for other debt investment

              5.Cash flow hedging
reserve

              6.Translation differences
arising on translation of foreign
currency financial statements

              7.Other

VI. Total comprehensive income                             -4,613,673.13                          -12,174,386.35

VII. Earnings per share:

       (i) Basic earnings per share

     (ii) Diluted earnings per share


5. Consolidated Cash Flow Statement

                                                                                                         In RMB

                   Item                   Current period                            Last period

I. Cash flows arising from operating
activities:




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       Cash received from selling
commodities and providing labor                   269,328,078.58                       186,351,276.89
services

       Net increase of customer deposit
and interbank deposit

        Net increase of loan from central
bank

       Net increase of capital borrowed
from other financial institution

       Cash received from original
insurance contract fee

       Net cash received from reinsurance
business

       Net increase of insured savings
and investment

       Cash received from interest,
commission charge and commission

       Net increase of capital borrowed

       Net increase of returned business
capital

       Net cash received by agents in sale
and purchase of securities

       Write-back of tax received                    171,207.01

       Other cash received concerning
                                                   13,182,662.61                        22,895,402.99
operating activities

Subtotal of cash inflow arising from
                                                  282,681,948.20                       209,246,679.88
operating activities

       Cash paid for purchasing
commodities and receiving labor                   191,188,380.26                       154,761,126.02
service

       Net increase of customer loans and
advances

       Net increase of deposits in central
bank and interbank

       Cash paid for original insurance
contract compensation

       Net increase of capital lent




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       Cash paid for interest, commission
charge and commission

         Cash paid for bonus of guarantee
slip

       Cash paid to/for staff and workers         34,694,210.48                        38,267,116.27

       Taxes paid                                 21,136,774.95                         9,429,950.97

       Other cash paid concerning
                                                  13,638,958.10                        11,686,141.58
operating activities

Subtotal of cash outflow arising from
                                                 260,658,323.79                       214,144,334.84
operating activities

Net cash flows arising from operating
                                                  22,023,624.41                        -4,897,654.96
activities

II. Cash flows arising from investing
activities:

       Cash received from recovering
                                                 178,000,000.00
investment

       Cash received from investment
                                                    191,275.06
income

       Net cash received from disposal of
fixed, intangible and other long-term                                                   1,989,560.00
assets

       Net cash received from disposal of
subsidiaries and other units

       Other cash received concerning
investing activities

Subtotal of cash inflow from investing
                                                 178,191,275.06                         1,989,560.00
activities

       Cash paid for purchasing fixed,
                                                   2,147,254.56                        16,685,177.41
intangible and other long-term assets

       Cash paid for investment                  110,000,000.00

       Net increase of mortgaged loans

       Net cash received from
subsidiaries and other units obtained

       Other cash paid concerning
investing activities

Subtotal of cash outflow from investing
                                                 112,147,254.56                        16,685,177.41
activities




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                                                   深圳南山热电股份有限公司 2020 年第一季度报告全文


Net cash flows arising from investing
                                                 66,044,020.50                       -14,695,617.41
activities

III. Cash flows arising from financing
activities

     Cash received from absorbing
investment

      Including: Cash received from
absorbing minority shareholders’
investment by subsidiaries

     Cash received from loans                    86,000,000.00                       230,000,000.00

     Other cash received concerning
                                                                                       2,133,338.86
financing activities

Subtotal of cash inflow from financing
                                                 86,000,000.00                       232,133,338.86
activities

     Cash paid for settling debts                50,000,000.00                       334,000,000.00

     Cash paid for dividend and profit
                                                  9,406,836.84                        13,093,959.02
distributing or interest paying

     Including: Dividend and profit of
minority shareholder paid by
subsidiaries

     Other cash paid concerning
financing activities

Subtotal of cash outflow from financing
                                                 59,406,836.84                       347,093,959.02
activities

Net cash flows arising from financing
                                                 26,593,163.16                      -114,960,620.16
activities

IV. Influence on cash and cash
equivalents due to fluctuation in                    99,323.49                          -131,875.21
exchange rate

V. Net increase of cash and cash
                                                114,760,131.56                      -134,685,767.74
equivalents

     Add: Balance of cash and cash
                                                771,490,000.96                       914,956,611.70
equivalents at the period -begin

VI. Balance of cash and cash
                                                886,250,132.52                       780,270,843.96
equivalents at the period -end


6. Cash Flow Statement of Parent Company

                                                                                            In RMB



                                           26
                                                             深圳南山热电股份有限公司 2020 年第一季度报告全文


                   Item                   Current period                            Last period

I. Cash flows arising from operating
activities:

     Cash received from selling
commodities and providing labor                            52,945,277.26                           80,902,171.49
services

     Write-back of tax received                              171,207.01

     Other cash received concerning
                                                           42,047,324.58                           38,366,707.44
operating activities

Subtotal of cash inflow arising from
                                                           95,163,808.85                          119,268,878.93
operating activities

     Cash paid for purchasing
commodities and receiving labor                            40,043,331.88                           72,960,767.27
service

     Cash paid to/for staff and workers                    19,841,265.42                           22,272,693.24

     Taxes paid                                               91,230.61                             6,293,432.39

     Other cash paid concerning
                                                           23,284,108.41                          107,367,157.23
operating activities

Subtotal of cash outflow arising from
                                                           83,259,936.32                          208,894,050.13
operating activities

Net cash flows arising from operating
                                                           11,903,872.53                          -89,625,171.20
activities

II. Cash flows arising from investing
activities:

     Cash received from recovering
                                                       178,000,000.00
investment

     Cash received from investment
                                                             191,275.06
income

     Net cash received from disposal of
fixed, intangible and other long-term                                                               1,794,800.00
assets

     Net cash received from disposal of
subsidiaries and other units

     Other cash received concerning
investing activities

Subtotal of cash inflow from investing
                                                       178,191,275.06                               1,794,800.00
activities




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                                                  深圳南山热电股份有限公司 2020 年第一季度报告全文


     Cash paid for purchasing fixed,
                                                    74,212.00                        11,886,483.79
intangible and other long-term assets

     Cash paid for investment                  110,000,000.00

     Net cash received from
subsidiaries and other units obtained

     Other cash paid concerning
investing activities

Subtotal of cash outflow from investing
                                               110,074,212.00                        11,886,483.79
activities

Net cash flows arising from investing
                                                68,117,063.06                       -10,091,683.79
activities

III. Cash flows arising from financing
activities

     Cash received from absorbing
investment

     Cash received from loans                   86,000,000.00                       230,000,000.00

     Other cash received concerning
financing activities

Subtotal of cash inflow from financing
                                                86,000,000.00                       230,000,000.00
activities

     Cash paid for settling debts               50,000,000.00                       230,000,000.00

     Cash paid for dividend and profit
                                                 5,817,822.93                        11,040,179.19
distributing or interest paying

     Other cash paid concerning
financing activities

Subtotal of cash outflow from financing
                                                55,817,822.93                       241,040,179.19
activities

Net cash flows arising from financing
                                                30,182,177.07                       -11,040,179.19
activities

IV. Influence on cash and cash
equivalents due to fluctuation in                     722.90                               -876.21
exchange rate

V. Net increase of cash and cash
                                               110,203,835.56                      -110,757,910.39
equivalents

     Add: Balance of cash and cash
                                               632,948,706.11                       766,041,463.01
equivalents at the period -begin

VI. Balance of cash and cash
                                               743,152,541.67                       655,283,552.62
equivalents at the period -end



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II. Explanation on financial statement adjustment

1. Financial statement adjustment at the beginning of the first year when implementation of new revenue
rules and new leasing rules from 2020

√Applicable      □Not applicable
Consolidated balance sheet
                                                                                                          In RMB

               Item                  2019-12-31                  2020-01-01               Adjustment amount

Current assets:

        Monetary funds                    773,209,854.84               773,209,854.84

        Account receivable                178,150,580.32               178,150,580.32

        Accounts paid in
                                           70,005,681.50                70,005,681.50
advance

        Other account
                                           32,321,826.94                32,321,826.94
receivable

        Inventories                       124,686,443.61               124,686,443.61

        Other current assets              445,236,731.33               445,236,731.33

Total current assets                     1,623,611,118.54            1,623,611,118.54

Non-current assets:

        Long-term equity
                                           14,619,203.03                14,619,203.03
investment

        Investment in other
                                           60,615,000.00                60,615,000.00
equity instrument

        Investment real estate               2,401,327.00                2,401,327.00

        Fixed assets                     1,381,675,872.68            1,381,675,872.68

        Construction in progress           66,474,630.23                66,474,630.23

        Intangible assets                  43,602,166.44                43,602,166.44

        Long-term expenses to
                                             1,174,171.16                1,174,171.16
be apportioned

        Deferred income tax
                                             2,206,049.69                2,206,049.69
asset

        Other non-current asset            22,882,181.78                22,882,181.78

Total non-current asset                  1,595,650,602.01            1,595,650,602.01

Total assets                             3,219,261,720.55            3,219,261,720.55

Current liabilities:

        Short-term loans                  881,075,378.48               881,075,378.48



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     Account payable                    19,871,102.41                19,871,102.41

     Wage payable                       55,208,432.53                55,208,432.53

     Taxes payable                      21,769,273.77                21,769,273.77

     Other account payable              43,691,472.06                43,691,472.06

Total current liabilities             1,021,615,659.25            1,021,615,659.25

Non-current liabilities:

     Accrual liability                  26,646,056.28                26,646,056.28

     Deferred income                   108,507,683.52               108,507,683.52

Total non-current liabilities          135,153,739.80               135,153,739.80

Total liabilities                     1,156,769,399.05            1,156,769,399.05

Owner’s equity:

     Share capital                     602,762,596.00               602,762,596.00

     Capital public reserve            362,770,922.10               362,770,922.10

     Other comprehensive
                                         -2,500,000.00               -2,500,000.00
income

     Surplus public reserve            332,908,397.60               332,908,397.60

     Retained profit                   706,830,892.54               706,830,892.54

Total owner’ s equity
attributable to parent                2,002,772,808.24            2,002,772,808.24
company

     Minority interests                 59,719,513.26                59,719,513.26

Total owner’ s equity                2,062,492,321.50            2,062,492,321.50

Total liabilities and owner’ s
                                      3,219,261,720.55            3,219,261,720.55
equity

Note of adjustment: nil
Balance sheet of parent company
                                                                                                       In RMB

              Item                2019-12-31                  2020-01-01               Adjustment amount

Current assets:

     Monetary funds                    632,948,706.11               632,948,706.11

     Account receivable                 31,824,693.69                31,824,693.69

     Accounts paid in
                                        46,152,700.57                46,152,700.57
advance

     Other account
                                       873,861,071.55               873,861,071.55
receivable

     Inventories                       101,728,367.43               101,728,367.43


                                                         30
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     Other current assets          438,613,774.49               438,613,774.49

Total current assets              2,125,129,313.84            2,125,129,313.84

Non-current assets:

     Long-term equity
                                   303,341,165.00               303,341,165.00
investment

     Investment in other
                                    60,615,000.00                60,615,000.00
equity instrument

     Fixed assets                  321,395,526.04               321,395,526.04

     Construction in progress        1,949,450.23                 1,949,450.23

     Intangible assets                 404,104.06                  404,104.06

     Long-term expenses to
                                       790,841.39                  790,841.39
be apportioned

Total non-current asset            688,496,086.72               688,496,086.72

Total assets                      2,813,625,400.56            2,813,625,400.56

Current liabilities:

     Short-term loans              580,640,114.59               580,640,114.59

     Account payable                   864,016.74                  864,016.74

     Wage payable                   33,840,544.53                33,840,544.53

     Taxes payable                     718,630.17                  718,630.17

     Other account payable         203,332,331.14               203,332,331.14

Total current liabilities          819,395,637.17               819,395,637.17

Non-current liabilities:

     Deferred income                58,261,356.20                58,261,356.20

Total non-current liabilities       58,261,356.20                58,261,356.20

Total liabilities                  877,656,993.37               877,656,993.37

Owner’s equity:

     Share capital                 602,762,596.00               602,762,596.00

     Capital public reserve        289,963,039.70               289,963,039.70

     Surplus public reserve        332,908,397.60               332,908,397.60

     Retained profit               710,334,373.89               710,334,373.89

Total owner’ s equity            1,935,968,407.19            1,935,968,407.19

Total liabilities and owner’ s
                                  2,813,625,400.56            2,813,625,400.56
equity

Note of adjustment: nil




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                                                                深圳南山热电股份有限公司 2020 年第一季度报告全文


2. Retrospective adjustment of the comparative data for initial implementation of new revenue rules and
new leasing rules from 2020

□Applicable   √Not applicable


III. Audit report

Whether the 1st quarterly report has been audited or not
□Yes √ No
1Q report of the Company is unaudited.




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