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佛山照明(000541)公告正文

粤照明B:2017年第一季度报告全文(英文版)

公告日期:2017-04-28

Foshan Electrical and Lighting Co., Ltd.                First Quarter Report 2017




       FOSHAN ELECTRICAL AND LIGHTING CO., LTD.
                           FIRST QUARTER REPORT 2017




                                           April 2017




                                                                               1
Foshan Electrical and Lighting Co., Ltd.                                  First Quarter Report 2017




                                  Section I Important Statements

The board of directors (the “Board”), the supervisory board (the “Supervisory Board”), as
well as the directors, supervisors and senior executive officers of Foshan Electrical and
Lighting Co., Ltd. (the “Company”) hereby guarantee the factuality, accuracy and
completeness of the contents of this Report, and shall be jointly and severally liable for any
false representation, misleading statements or material omissions in this Report.
All directors attended the board meeting for the review of this Report.
He Yong, head of the Company, Liu Xingming, accounting head for this Report, and Tang
Qionglan, head of the accounting department (head of accounting), hereby guarantee that the
financial statements carried in this Report are factual, accurate and complete.




                                                                                                 2
Foshan Electrical and Lighting Co., Ltd.                                                     First Quarter Report 2017




          Section II Key Financial Results and Shareholders’ Profile

I Key financial results

Indicate by tick mark whether the Company retroactively restated any of its accounting data due to changes of
accounting policies or correction of accounting errors.
□ Yes √ No
                                           January-March 2017       January-March 2016               +/-%
Operating revenues (RMB)                         1,093,649,938.81           904,310,757.83                   20.94%

Net     profit     attributable to
                                                   119,874,574.94           107,776,865.30                   11.22%
shareholders of the Company (RMB)
Net     profit      attributable  to
shareholders of the Company before                 119,491,016.83           107,348,727.74                   11.31%
exceptional profit and loss (RMB)
Net cash flows from operating
                                                   -50,923,130.47           186,104,091.50                  -127.36%
activities (RMB)
Basic earnings per share
                                                          0.0942                   0.0847                    11.22%
(RMB/share)
Diluted earnings per share
                                                          0.0942                   0.0847                    11.22%
(RMB/share)
Weighted average return on equity
                                                           2.36%                    2.12%                     0.24%
(%)
                                             March 31, 2017         December 31, 2016                +/-%
Total assets (RMB)                               6,239,727,776.53         6,100,169,400.30                    2.29%

Net     assets     attributable to
                                                 5,188,960,827.09         4,990,466,577.12                    3.98%
shareholders of the Company (RMB)

Exceptional profit/loss

√ Applicable □ Not applicable

                                                                                                            Unit: RMB

                            Item                              January-March 2017                  Note
Profit/loss on disposal of non-current assets (including
                                                                          -749,629.80
offset asset impairment provisions)
Government subsidies charged to the profit/loss for this
Reporting Period (except for the government grants
closely related to the business of the Company and                         546,259.98
given at a fixed quota or amount in accordance with the
State’s uniform standards)


                                                                                                                       3
Foshan Electrical and Lighting Co., Ltd.                                                                         First Quarter Report 2017


Non-operating income and expense other than the above                                     639,662.92

Less: Corporate income tax                                                                     53,451.07

         Minority interests (after tax)                                                          -716.08

Total                                                                                      383,558.11                    --
Explanation of why the Company classified an item as exceptional profit/loss according to the definition in the
Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Exceptional Profit and Loss, or reclassified any exceptional profit/loss item given as an example in the
said explanatory announcement to recurrent profit/loss
□ Applicable √ Not applicable
No such cases in this Reporting Period.

II Total number of shareholders at the period-end and their shareholdings

1. Numbers of common shareholders and preference shareholders with resumed voting rights, as well as
shareholdings of top ten shareholders

                                                                                                                                 Unit: share

                                                                         Total number of preference
Total       number      of      common                                   shareholders    with      resumed
                                                                90,510                                                                   0
shareholders at the period-end                                           voting rights at the period-end
                                                                         (if any)

                                                          Top ten shareholders

                                                                                    Number of                Pledged or frozen shares
       Name of            Nature of      Shareholding      Total shares held
                                                                                 restricted shares
    shareholder          shareholder     percentage (%)    at the period-end                                 Status           Number
                                                                                        held

Hong Kong Wah
Shing       Holding Foreign
                                                 13.47%         171,360,391                          Pledged                    83,966,592
Company               corporation
Limited

Prosperity Lamps
                      Foreign
&       Components                               10.50%         133,577,143
                      corporation
Limited

Shenzhen Rising
Investment            State-owned
                                                  5.12%          65,178,305
Development           corporation
Co., Ltd.

Guangdong
Electronics
                      State-owned
Information                                       4.74%          60,357,728                          Pledged                    29,575,287
                      corporation
Industry      Group
Ltd.


                                                                                                                                             4
Foshan Electrical and Lighting Co., Ltd.                                                                         First Quarter Report 2017


Central      Huijin
Asset                 State-owned
                                                     2.42%         30,799,000
Management Co., corporation
Ltd.

Yunan
International
Trust Co.,
                      Other                          1.91%         24,308,990
Ltd.-Heshun No.
6 Assembled

Funds Trust Plan

Essence
International         Foreign
                                                     1.91%         24,266,429
Securities (Hong corporation
Kong) Co., Ltd.

DBS Vickers
                      Foreign
(Hong Kong) Ltd                                      1.86%         23,645,755
                      corporation
A/C Clients

Hong          Kong
Rising
                      Foreign
Investment                                           1.82%         23,165,684
                      corporation
Development
Co., Ltd.

                      Foreign
Zhuang Jianyi                                        0.85%         10,821,372             8,116,029
                      individual

                                                    Top ten non-restricted shareholders

                                                                                                                 Type of shares
          Name of shareholder              Number of non-restricted shares held at the period-end
                                                                                                              Type           Number

Hong Kong Wah Shing Holding                                                                           RMB       common
                                                                                     171,360,391                             171,360,391
Company Limited                                                                                       share

Prosperity Lamps & Components                                                                         RMB       common
                                                                                     133,577,143                             133,577,143
Limited                                                                                               share

Shenzhen        Rising        Investment                                                              RMB       common
                                                                                      65,178,305                                  65,178,305
Development Co., Ltd.                                                                                 share

Guangdong Electronics Information                                                                     RMB       common
                                                                                      60,357,728                                  60,357,728
Industry Group Ltd.                                                                                   share

Central Huijin Asset Management                                                                       RMB       common
                                                                                      30,799,000                                  30,799,000
Co., Ltd.                                                                                             share

Yunan International Trust Co.,                                                                        RMB       common
                                                                                      24,308,990                                  24,308,990
Ltd.-Heshun No. 6 Assembled Funds                                                                     share


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Foshan Electrical and Lighting Co., Ltd.                                                                       First Quarter Report 2017


Trust Plan

                                                                                                   Domestically
Essence      International     Securities
                                                                                       24,266,429 listed       foreign       24,266,429
(Hong Kong) Co., Ltd.
                                                                                                   share

                                                                                                   Domestically
DBS Vickers (Hong Kong) Ltd A/C
                                                                                       23,645,755 listed       foreign       23,645,755
Clients
                                                                                                   share

                                                                                                   Domestically
Hong       Kong   Rising      Investment
                                                                                       23,165,684 listed       foreign       23,165,684
Development Co., Ltd.
                                                                                                   share

                                                                                                   Domestically
China Merchants Securities (HK)
                                                                                       10,589,256 listed       foreign       10,589,256
Co., Limited
                                                                                                   share

                                            Among the top 10 shareholders, Hong Kong Wah Shing Holding Company Limited,
                                            Shenzhen Rising Investment Development Co., Ltd., Guangdong Electronics Information
                                            Industry Group Ltd. and Hong Kong Rising Investment Development Co., Ltd. are
Related or acting-in-concert parties
                                            acting-in-concert parties; and Prosperity Lamps & Components Limited and Zhuang Jianyi
among the shareholders above
                                            are acting-in-concert parties. Apart from that, it is unknown whether there is among the top
                                            10 shareholders any other related parties or acting-in-concert parties as defined in the
                                            Administrative Measures for the Acquisition of Listed Companies.

Top    ten     common        shareholders
conducting securities margin trading N/A
(if any)

Indicate by tick mark whether any of the top ten common shareholders or the top ten non-restricted common

shareholders of the Company conducted any promissory repo during this Reporting Period.

□ Yea √ No

No such cases in this Reporting Period.


2. Total number of preference shareholders and shareholdings of the top ten of them

□ Applicable √ Not applicable




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   Foshan Electrical and Lighting Co., Ltd.                                                    First Quarter Report 2017




                                          Section III Significant Events

   I Changes in the key financial results of this Reporting Period, as well as the reasons for such
   changes

   √ Applicable □ Not applicable
                                                                                                                Unit: RMB

                                 March 31,
                                                  December 31, 2016/
     Statement item          2017/January-March                         +/-%                   Reason for change
                                                  January-March 2016
                                   2017

Accounts receivable           811,126,367.75       595,257,954.00       36.26%    Increased operating revenues

                                                                                  Increased income receivable from undue
Interest receivable            6,726,391.09         4,612,406.80        45.83%
                                                                                  bank’s wealth management products

Other             accounts
                              16,077,582.68        11,977,660.58        34.23%    Increase in performance bonds paid
receivable

                                                                                  Year-end bonuses for last year were paid
Payroll payable               66,821,140.57        96,021,156.06       -30.41%
                                                                                  in the Current Period

                                                                                  In the fourth quarter of last year, the

                                                                                  income   from the sale         of Guoxuan

Taxes and fares payable       34,756,373.76        138,282,644.72      -74.87%    High-tech shares resulted in an increase in

                                                                                  the corporate income tax payable, which

                                                                                  was paid in the Current Period

Dividends payable                  0.00             6,287,923.09       -100.00%   Payout of dividends by subsidiaries

                                                                                  The charges for vehicle and vessel use and

                                                                                  so on were included in the taxes and

Taxes and surtaxes             9,755,058.67         4,841,999.66       101.47%    surtaxes from May 1, 2016 as per the

                                                                                  accounting     and      taxation   regulatory

                                                                                  document [2016] No. 22

                                                                                  Increase in transportation expenses and

Selling expenses              38,400,329.73        27,744,850.71        38.41%    other selling expenses due to increased

                                                                                  sales



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    Foshan Electrical and Lighting Co., Ltd.                                                   First Quarter Report 2017



Finance cost                -5,743,864.20       -3,553,912.01          -61.62%    Increased interest income

Asset impairment loss       22,650,361.26       11,137,926.24          103.36%    Inventory falling price provisions

                                                                                  Increased income from bank’s wealth
Investment income           2,646,308.80         -106,841.26           2576.86%
                                                                                  management

Minority shareholders’
                            1,930,823.27         -378,242.41           610.47%    Earnings of new subsidiaries
income

Other comprehensive                                                               Increased fair value of available-for-sale
                            78,619,675.02      -30,685,157.22          356.21%
income net of tax                                                                 financial assets

Total comprehensive                                                               Increased net profit and fair value of
                           200,425,073.23       76,713,465.67          161.26%
income                                                                            available-for-sale financial assets

Total comprehensive                                                               Increased total comprehensive income

income attributable to     198,494,249.96       77,091,708.08          157.48%

owners of the Company

                                                                                  Considerable       increase     in     material
Net cash flows from
                           -50,923,130.47      186,104,091.50          -127.36%   procurement and corporate income tax due
operating activities
                                                                                  to business growth

                                                                                  The Company has ceased its securities

                                                                                  investment     since    April        2016       and
Net cash flows from
                           -29,321,560.03      -124,290,416.89          76.41%    recovered the amount invested in bank’s
investing activities
                                                                                  wealth management products in the

                                                                                  Current Period

Net cash flows from
                            -5,660,290.78           0.00                    /     Payout of dividends by subsidiaries
financing activities



    II Progress of significant events and their influence and solutions

    √ Applicable □ Not applicable
               Summary of significant event                Disclosure date               Disclosure website
    On January 19, 2017, the Proposal on
    Transfer of Equity Interests of Qinghai                    01/20/2017               www.cninfo.com.cn
    Fozhao Lithium Energy Exploitation Co., Ltd.


                                                                                                                              8
Foshan Electrical and Lighting Co., Ltd.                                               First Quarter Report 2017


was considered and approved at the 12th
meeting of the 8th Board. As such, the Board
has agreed to transfer its 38% stake in
Qinghai Fozhao to a potential buyer for
RMB189.8176 million. The success of the
said transaction still depends on the potential
buyer’s    execution      results    of    its
decision-making and approval procedure.
Therefore, it is very uncertain whether this
transaction can be successfully concluded or
not.


III Overdue commitments of the Company’s actual controller, shareholders, related parties
and acquirer, as well as the Company and other commitment makers in this Reporting Period
or ongoing at the period-end

□ Applicable √ Not applicable
No such cases in this Reporting Period.

IV Operating result forecast for January-June 2017

Warning of a forecast deficit or considerable YoY change in the accumulative net profit made during the period
from the beginning of the year to the end of the next reporting period, as well as explanation of why:
□ Applicable √ Not applicable

V Securities investments

□ Applicable √ Not applicable
No such cases in the Reporting Period.

VI Investments in derivative financial instruments

□ Applicable √ Not applicable
No such cases in the Reporting Period.

VII Visits paid to the Company in the Reporting Period for purposes of research,
communication, interview, etc.

√ Applicable □ Not applicable
       Date of visit               Way of visit        Type of visitor          Main inquiry information
                                                                           See Easy IR-Investor Relations on
02/16/2017                     One-on-one meeting        Institution
                                                                                 www.cninfo.com.cn



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Foshan Electrical and Lighting Co., Ltd.                                First Quarter Report 2017


VIII Illegal provision of guarantees for external parties

□ Applicable √ Not applicable
No such cases in the Reporting Period.

IX Occupation of the Company’s funds by the controlling shareholder or its related parties
for non-operating purposes

□ Applicable √ Not applicable
No such cases in the Reporting Period.




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Foshan Electrical and Lighting Co., Ltd.                                                     First Quarter Report 2017




                                   Section IV Financial Statements

I Financial statements

1. Consolidated balance sheet

Prepared by Foshan Electrical and Lighting Co., Ltd.
                                                         March 31, 2017
                                                                                                             Unit: RMB

                  Item                                 Closing balance                   Opening balance

Current assets:

  Monetary funds                                                   1,393,827,082.88                  1,479,283,642.54

  Settlement reserve

  Interbank lendings

  Financial assets at fair value through
profit/loss

  Derivative financial assets

  Notes receivable                                                       48,473,852.00                 67,925,843.74

  Accounts receivable                                                811,126,367.75                   595,257,954.00

  Accounts paid in advance                                               35,777,618.94                 30,292,007.11

  Premiums receivable

  Reinsurance premiums receivable

  Receivable      reinsurance   contract
reserve

  Interest receivable                                                     6,726,391.09                     4,612,406.80

  Dividends receivable

  Other accounts receivable                                              16,077,582.68                 11,977,660.58

  Financial assets purchased under
agreements to resell

  Inventories                                                       676,437,700.82                    753,681,605.19

  Assets held for sale

  Non-current assets due within one
year

  Other current assets                                              432,782,210.54                    441,205,461.72

Total current assets                                               3,421,228,806.70                  3,384,236,581.68

Non-current assets:


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Foshan Electrical and Lighting Co., Ltd.                         First Quarter Report 2017


  Loans and advances to customers

  Available-for-sale financial assets         1,824,394,592.21           1,732,150,857.01

  Held-to-maturity investments

  Long-term accounts receivable

  Long-term equity investments                 208,317,481.49             210,394,932.69

  Investment property

  Fixed assets                                 446,158,295.04             446,006,929.66

  Construction in progress                      88,525,487.88              71,479,325.91

  Engineering materials

  Disposal of fixed assets

  Productive living assets

  Oil-gas assets

  Intangible assets                            159,251,490.70             160,330,395.13

  R&D expenses

  Goodwill

  Long-term deferred expenses                     6,096,713.09               6,897,119.78

  Deferred tax assets                           41,535,629.42              43,547,918.44

  Other non-current assets                      44,219,280.00              45,125,340.00

Total non-current assets                      2,818,498,969.83           2,715,932,818.62

Total assets                                  6,239,727,776.53           6,100,169,400.30

Current liabilities:

  Short-term borrowings

  Borrowings from the Central Bank

  Money        deposits    accepted     and
inter-bank deposits

  Interbank borrowings

  Financial liabilities at fair value
through profit/loss

  Derivative financial liabilities

  Notes payable

  Accounts payable                             624,304,073.74             552,255,512.33

  Accounts received in advance                  45,363,524.40              41,180,818.13

  Financial assets sold for repurchase

  Fees and commissions payable

  Payroll payable                               66,821,140.57              96,021,156.06



                                                                                       12
Foshan Electrical and Lighting Co., Ltd.                          First Quarter Report 2017


  Taxes payable                                  34,756,373.76             138,282,644.72

  Interest payable

  Dividends payable                                                           6,287,923.09

  Other accounts payable                         36,685,273.36              50,104,338.81

  Reinsurance premiums payable

  Insurance contract reserve

  Payables     for     acting   trading   of
securities
  Payables for acting underwriting of
securities

  Liabilities held for sale

  Non-current liabilities due within one
year

  Other current liabilities

Total current liabilities                       807,930,385.83             884,132,393.14

Non-current liabilities:

  Long-term borrowings

  Bonds payable

       Of which: Preference shares

                    Perpetual bonds

  Long-term accounts payable

  Long-term payroll payable

  Special payables

  Provisions

  Deferred income                                 11,911,018.51             10,449,768.49

  Deferred tax liabilities                      213,986,655.40             200,112,595.11

  Other non-current liabilities

Total non-current liabilities                   225,897,673.91             210,562,363.60

Total liabilities                              1,033,828,059.74           1,094,694,756.74

Owners’ equity:

  Share capital                                1,272,132,868.00           1,272,132,868.00

  Other equity instruments

       Of which: Preference shares

                    Perpetual bonds

  Capital reserve                               285,821,459.07             285,821,459.07




                                                                                        13
Foshan Electrical and Lighting Co., Ltd.                                                           First Quarter Report 2017


  Less: Treasury shares

  Other comprehensive income                                   1,212,591,047.27                             1,133,971,372.25

  Special reserve

  Surplus reserve                                               733,924,951.81                                733,924,951.81

  Provisions for general risks

  Retained earnings                                            1,684,490,500.94                             1,564,615,925.99

Equity attributable to owners of the
                                                               5,188,960,827.09                             4,990,466,577.12
Company

  Minority interests                                                 16,938,889.70                             15,008,066.44

Total owners’ equity                                          5,205,899,716.79                             5,005,474,643.56

Total liabilities and owners’ equity                          6,239,727,776.53                             6,100,169,400.30

Legal representative: He Yong                                          Accounting head for this Report: Liu Xingming

Head of the accounting department: Tang Qionglan

2. Balance sheet of the Company
                                                                                                                   Unit: RMB

                    Item                           Closing balance                             Opening balance

Current assets:

  Monetary funds                                               1,131,036,357.36                             1,235,417,964.88

  Financial assets at fair value through
profit/loss

  Derivative financial assets

  Notes receivable                                                   46,492,698.33                             66,222,840.44

  Accounts receivable                                           827,241,447.26                                611,855,496.90

  Accounts paid in advance                                           99,148,172.32                            117,217,953.23

  Interest receivable                                                 5,576,877.20                               3,590,629.01

  Dividends receivable                                                                                         14,671,820.57

  Other accounts receivable                                          73,969,687.47                             56,714,849.84

  Inventories                                                   626,573,651.25                                717,097,516.25

  Assets held for sale

  Non-current assets due within one
year

  Other current assets                                          372,266,177.91                                379,932,325.87

Total current assets                                           3,182,305,069.10                             3,202,721,396.99

Non-current assets:

  Available-for-sale financial assets                          1,824,394,592.21                             1,732,150,857.01



                                                                                                                           14
Foshan Electrical and Lighting Co., Ltd.                      First Quarter Report 2017


  Held-to-maturity investments

  Long-term accounts receivable

  Long-term equity investments              691,914,771.25             693,992,222.45

  Investment property

  Fixed assets                              371,222,819.47             375,075,102.44

  Construction in progress                   85,852,715.45              69,589,510.14

  Engineering materials

  Disposal of fixed assets

  Productive living assets

  Oil-gas assets

  Intangible assets                         115,826,159.16             117,017,633.92

  R&D expenses

  Goodwill

  Long-term deferred expenses                  6,096,713.09               6,897,119.78

  Deferred tax assets                        35,795,534.18              37,790,043.38

  Other non-current assets                   43,812,480.00              44,519,790.00

Total non-current assets                   3,174,915,784.81           3,077,032,279.12

Total assets                               6,357,220,853.91           6,279,753,676.11

Current liabilities:

  Short-term borrowings

  Financial liabilities at fair value
through profit/loss

  Derivative financial liabilities

  Notes payable

  Accounts payable                          762,976,559.10             701,814,818.26

  Accounts received in advance               43,977,440.53              38,406,798.91

  Payroll payable                            34,902,154.82              66,764,581.34

  Taxes payable                              23,848,519.90             121,939,572.62

  Interest payable

  Dividends payable

  Other accounts payable                    196,228,019.07             258,368,416.59

  Liabilities held for sale

  Non-current liabilities due within one
year

  Other current liabilities



                                                                                    15
Foshan Electrical and Lighting Co., Ltd.                                                        First Quarter Report 2017


Total current liabilities                                      1,061,932,693.42                          1,187,294,187.72

Non-current liabilities:

  Long-term borrowings

  Bonds payable

     Of which: Preference shares

                    Perpetual bonds

  Long-term payables

  Long-term payroll payable

  Special payables

  Provisions

  Deferred income                                                 11,484,768.34                              9,984,768.34

  Deferred tax liabilities                                       213,986,655.40                            200,112,595.11

  Other non-current liabilities

Total non-current liabilities                                    225,471,423.74                            210,097,363.45

Total liabilities                                              1,287,404,117.16                          1,397,391,551.17

Owners’ equity:

  Share capital                                                1,272,132,868.00                          1,272,132,868.00

  Other equity instruments

     Of which: Preference shares

                    Perpetual bonds

  Capital reserve                                                293,425,065.15                            293,425,065.15

  Less: Treasury shares

  Other comprehensive income                                   1,212,591,047.27                          1,133,971,372.25

  Special reserve

  Surplus reserve                                                733,924,951.81                            733,924,951.81

  Retained earnings                                            1,557,742,804.52                          1,448,907,867.73

Total owners’ equity                                          5,069,816,736.75                          4,882,362,124.94

Total liabilities and owners’ equity                          6,357,220,853.91                          6,279,753,676.11

Legal representative: He Yong                                       Accounting head for this Report: Liu Xingming

Head of the accounting department: Tang Qionglan

3. Consolidated income statement
                                                                                                                Unit: RMB

                      Item                         January-March 2017                     January-March 2016

1. Operating revenues                                          1,093,649,938.81                            904,310,757.83


                                                                                                                       16
Foshan Electrical and Lighting Co., Ltd.                       First Quarter Report 2017


Including: Sales income                     1,093,649,938.81            904,310,757.83

        Interest income

        Premium income

        Fee and commission income

2. Operating costs                           951,661,802.26             776,257,794.04

Including: Cost of sales                     830,819,079.30             681,520,513.44

        Interest expenses

        Fee and commission expenses

        Surrenders

        Net claims paid

        Net amount provided as insurance
contract reserve

        Expenditure on policy dividends

        Reinsurance premium

        Taxes and surtaxes                      9,755,058.67              4,841,999.66

       Selling expenses                       38,400,329.73              27,744,850.71

       Administrative expenses                55,780,837.50              54,566,416.00

       Finance costs                           -5,743,864.20              -3,553,912.01

       Asset impairment loss                  22,650,361.26              11,137,926.24

Add: Profit on fair value changes (“-”
means loss)

     Investment income (“-” means loss)       2,646,308.80               -106,841.26

     Including: Share of profit/loss of
                                                    2,939.30
associates and joint ventures

     Exchange gains (“-” means loss)

3. Operating profit (“-” means loss)       144,634,445.35             127,946,122.53

     Add: Non-operating income                  1,445,858.46              1,187,884.46

        Including: Profit on disposal of
                                                        0.00                 10,852.26
non-current assets

     Less: Non-operating expense                1,009,565.36              1,239,705.73

        Including: Loss on disposal of
                                                 749,629.80                  50,139.27
non-current assets

4. Total profit (“-” means loss)           145,070,738.45             127,894,301.26

     Less: Corporate income tax               23,265,340.24              20,495,678.37

5. Net profit (“-” means loss)             121,805,398.21             107,398,622.89

     Net profit attributable to owners of
                                             119,874,574.94             107,776,865.30
the Company


                                                                                     17
Foshan Electrical and Lighting Co., Ltd.                                  First Quarter Report 2017


       Minority interests’ income                         1,930,823.27               -378,242.41

6. Other comprehensive income net of tax                  78,619,675.02             -30,685,157.22

       Other comprehensive income net of
tax    attributable      to     owners      of     the    78,619,675.02             -30,685,157.22
Company
          6.1 Other comprehensive income
that     will   not     be      reclassified      into
profit/loss
            6.1.1 Changes in net liabilities
or assets with a defined benefit plan upon
re-measurement
            6.1.2        Share        of         other
comprehensive income of investees that
cannot be reclassified into profit/loss
under the equity method
          6.2 Other comprehensive income
to be subsequently reclassified into                      78,619,675.02             -30,685,157.22
profit/loss
            6.2.1        Share        of         other
comprehensive income of investees that
will be reclassified into profit/loss under
the equity method
            6.2.2 Profit/loss on fair value
changes of available-for-sale financial                   78,619,675.02             -30,685,157.22
assets
            6.2.3             Profit/loss          on
reclassifying                    held-to-maturity
investments           into      available-for-sale
financial assets
            6.2.4 Effective profit/loss on
cash flow hedges
            6.2.5       Currency       translation
differences

            6.2.6 Other

       Other comprehensive income net of
tax attributable to minority interests

7. Total comprehensive income                            200,425,073.23             76,713,465.67

       Attributable      to     owners      of     the
                                                         198,494,249.96             77,091,708.08
Company

       Attributable to minority interests                  1,930,823.27               -378,242.41

8. Earnings per share

       8.1 Basic earnings per share                             0.0942                     0.0847


                                                                                                18
Foshan Electrical and Lighting Co., Ltd.                                                            First Quarter Report 2017


        8.2 Diluted earnings per share                                      0.0942                                      0.0847

Where business mergers under the same control occurred in this Reporting Period, the net profit achieved by the merged parties

before the business mergers was RMB0.00, with the corresponding amount for the last period being RMB0.00.

Legal representative: He Yong                                           Accounting head for this Report: Liu Xingming

Head of the accounting department: Tang Qionglan

4. Income statement of the Company
                                                                                                                    Unit: RMB

                    Item                           January-March 2017                         January-March 2016

1. Operating revenues                                            1,065,186,916.21                              916,228,477.71

  Less: Operating costs                                            830,329,549.74                              715,477,230.48

        Taxes and surtaxes                                           6,876,291.73                                2,844,766.16

        Selling expenses                                            35,427,725.59                               27,528,676.46

        Administrative expenses                                     49,721,540.15                               44,685,990.61

        Finance costs                                               -4,394,600.15                               -2,174,344.12

        Asset impairment loss                                       21,943,712.75                               11,178,161.37

  Add: profit on fair value changes (“-”
means loss)
        Investment income (“-” means
                                                                     2,202,183.81                                  -106,841.26
loss)
        Including: Share of profit/loss of
                                                                          2,939.30
associates and joint ventures

2. Operating profit (“-” means loss)                             127,484,880.21                              116,581,155.49

  Add: Non-operating income                                          1,262,962.66                                1,041,340.99

        Including: Profit on disposal of
                                                                              0.00
non-current assets

  Less: Non-operating expense                                           706,740.75                                  71,261.90

        Including: Loss on disposal of
                                                                        448,822.74                                  32,003.23
non-current assets

3. Total profit (“-” means loss)                                 128,041,102.12                              117,551,234.58

  Less: Corporate income tax                                        19,206,165.33                               17,626,085.93

4. Net profit (“-” means loss)                                   108,834,936.79                               99,925,148.65

5. Other comprehensive income net of
                                                                    78,619,675.02                              -30,685,157.22
tax
  5.1 Other comprehensive income that
will not be reclassified into profit and
loss

        5.1.1 Changes in net liabilities or


                                                                                                                             19
Foshan Electrical and Lighting Co., Ltd.                                                                First Quarter Report 2017


assets with a defined benefit plan upon
re-measurement
       5.1.2       Share           of          other
comprehensive income of investees that
cannot be reclassified into profit/loss
under the equity method
     5.2 Other comprehensive income to
be     subsequently        reclassified         into                   78,619,675.02                               -30,685,157.22
profit/loss
       5.2.1       Share           of          other
comprehensive income of investees that
will be reclassified into profit/loss
under the equity method
       5.2.2 Profit/loss on fair value
changes of available-for-sale financial                                78,619,675.02                               -30,685,157.22
assets
       5.2.3 Profit/loss on reclassifying
held-to-maturity          investments           into
available-for-sale financial assets
       5.2.4 Effective profit/loss on cash
flow hedges
       5.2.5       Currency             translation
differences

       5.2.6 Other

6. Total comprehensive income                                         187,454,611.81                                69,239,991.43

7. Earnings per share

      7.1 Basic earnings per share

      7.2 Diluted earnings per share

Legal representative: He Yong                                               Accounting head for this Report: Liu Xingming

Head of the accounting department: Tang Qionglan

5. Consolidated cash flow statement
                                                                                                                        Unit: RMB

                     Item                              January-March 2017                         January-March 2016

1. Cash flows from operating activities:

     Cash      received     from        sale     of
                                                                     891,447,570.02                                751,648,546.04
commodities and rendering of service
     Net increase in money deposits from
customers and interbank placements
     Net increase in loans from the
Central Bank


                                                                                                                               20
Foshan Electrical and Lighting Co., Ltd.                           First Quarter Report 2017


  Net increase in funds borrowed from
other financial institutions
  Cash received from premium of
original insurance contracts
  Net cash received from reinsurance
business
  Net increase in deposits of policy
holders and investment fund
  Net increase in disposal of financial
assets at fair value through profit/loss
  Interest,     fees      and     commissions
received

  Net increase in interbank borrowings

  Net increase in funds in repurchase
business

  Tax refunds received                             24,106,127.07             34,432,771.16

  Cash received from other operating
                                                    5,770,626.16             10,956,963.96
activities
Subtotal of cash inflows from operating
                                                  921,324,323.25            797,038,281.16
activities

  Cash paid for goods and services                552,182,800.34            388,307,756.52

  Net increase in loans and advances
to customers
  Net increase in funds deposited in
the   Central       Bank        and   interbank
placements
  Cash paid for claims of original
insurance contracts

  Interest, fees and commissions paid

  Cash paid as policy dividends

  Cash paid to and for employees                  198,007,961.77            142,895,599.81

  Taxes paid                                      165,193,093.74             34,192,711.05

  Cash       paid   for    other      operating
                                                   56,863,597.87             45,538,122.28
activities
Subtotal of cash outflows due to
                                                  972,247,453.72            610,934,189.66
operating activities
Net    cash     flows      from       operating
                                                  -50,923,130.47            186,104,091.50
activities

2. Cash flows from investing activities:

  Cash received from retraction of
                                                    4,580,255.71                  7,005.00
investments



                                                                                         21
Foshan Electrical and Lighting Co., Ltd.                       First Quarter Report 2017


  Cash received as investment income           5,202,481.38                 341,953.73

  Net cash received from disposal of
fixed assets, intangible assets and other                                    54,000.00
long-term assets
  Net cash received from disposal of
subsidiaries or other business units
     Cash       received    from      other
investing activities
Subtotal of cash inflows from investing
                                               9,782,737.09                 402,958.73
activities
  Cash paid to acquire fixed assets,
intangible assets and other long-term         39,104,297.12              14,704,385.62
assets

  Cash paid for investment                                              109,988,990.00

  Net increase in pledged loans

  Net cash paid to acquire subsidiaries
and other business units
     Cash paid for other investing
activities
Subtotal of cash outflows due to
                                              39,104,297.12             124,693,375.62
investing activities

Net cash flows from investing activities      -29,321,560.03           -124,290,416.89

3. Cash flows from financing activities:

    Cash       received    from    capital
contributions
    Including: Cash received from
minority shareholder investments by
subsidiaries

    Cash received as borrowings

    Cash received from issuance of
bonds
    Cash received from other financing
activities
Subtotal of cash inflows from financing
activities

    Repayment of borrowings

    Cash paid for interest expenses and
                                               5,660,290.78
distribution of dividends or profit
     Including: dividends or profit paid
by subsidiaries to minority interests
    Cash paid for other financing
activities


                                                                                     22
Foshan Electrical and Lighting Co., Ltd.                                                             First Quarter Report 2017


Sub-total of cash outflows due to
                                                                    5,660,290.78
financing activities
Net    cash     flows      from    financing
                                                                   -5,660,290.78
activities
4. Effect of foreign exchange rate
                                                                        448,421.62                                2,339,324.91
changes on cash and cash equivalents
5. Net increase in cash and cash
                                                                  -85,456,559.66                                 64,152,999.52
equivalents
      Add: Opening balance of cash and
                                                                1,479,283,642.54                                935,241,205.20
cash equivalents
6. Closing balance of cash and cash
                                                                1,393,827,082.88                                999,394,204.72
equivalents

Legal representative: He Yong                                            Accounting head for this Report: Liu Xingming

Head of the accounting department: Tang Qionglan

6. Cash flow statement of the Company
                                                                                                                     Unit: RMB

                    Item                           January-March 2017                          January-March 2016

1. Cash flows from operating activities:

  Cash       received      from    sale   of
                                                                 862,744,439.39                                 746,819,116.75
commodities and rendering of service

  Tax refunds received                                            24,106,127.07                                  34,432,771.16

  Cash received from other operating
                                                                    3,825,641.43                                  8,309,282.13
activities
Subtotal of cash inflows from operating
                                                                 890,676,207.89                                 789,561,170.04
activities

  Cash paid for goods and services                               699,760,627.60                                 492,802,614.83

  Cash paid to and for employees                                 103,479,544.66                                  70,076,334.33

  Taxes paid                                                     132,294,837.84                                   9,335,332.53

  Cash       paid   for    other   operating
                                                                  50,830,424.51                                  43,078,475.07
activities
Subtotal of cash outflows due to
                                                                 986,365,434.61                                 615,292,756.76
operating activities
Net    cash     flows      from    operating
                                                                  -95,689,226.72                                174,268,413.28
activities

2. Cash flows from investing activities:

  Cash received from retraction of
                                                                    4,580,255.71                                         7,005.00
investments

  Cash received as investment income                              19,424,371.39                                     341,953.73

  Net cash received from disposal of
fixed assets, intangible assets and other


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Foshan Electrical and Lighting Co., Ltd.                          First Quarter Report 2017


long-term assets
  Net cash received from disposal of
subsidiaries or other business units
  Cash received from other investing
activities
Subtotal of cash inflows from investing
                                                 24,004,627.10                 348,958.73
activities
  Cash paid to acquire fixed assets,
intangible assets and other long-term            33,145,429.52              14,236,431.87
assets

  Cash paid for investment                                                 109,988,990.00

  Net cash paid to acquire subsidiaries
and other business units
  Cash       paid   for    other   investing
activities
Subtotal of cash outflows due to
                                                 33,145,429.52             124,225,421.87
investing activities

Net cash flows from investing activities          -9,140,802.42           -123,876,463.14

3. Cash flows from financing activities:

      Cash      received    from     capital
contributions

      Cash received as borrowings

      Cash received from issuance of
bonds
      Cash received from other financing
activities
Subtotal of cash inflows from financing
activities

      Repayment of borrowings

      Cash paid for interest expenses and
distribution of dividends or profit
      Cash paid for other financing
activities
Sub-total of cash outflows due to
financing activities
Net      cash    flows     from    financing
activities
4. Effect of foreign exchange rate
                                                    448,421.62               2,339,324.46
changes on cash and cash equivalents
5. Net increase in cash and cash
                                               -104,381,607.52              52,731,274.60
equivalents

       Add: Opening balance of cash and        1,235,417,964.88            633,291,177.30


                                                                                        24
Foshan Electrical and Lighting Co., Ltd.                                               First Quarter Report 2017


cash equivalents
6. Closing balance of cash and cash
                                                   1,131,036,357.36                             686,022,451.90
equivalents

Legal representative: He Yong                            Accounting head for this Report: Liu Xingming

Head of the accounting department: Tang Qionglan


II Auditor’s report

Is this Report audited?

□ Yes √ No

This Report is not audited.




                                                              The Board of Directors

                                                       Foshan Electrical and Lighting Co., Ltd.

                                                                      April 26, 2017




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