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    600660   CNE000000230

FUYAO GLASS INDUSTRY GROUP CO., LTD.

(600660)
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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Fuyao Glass Industry : 2021 FIRST QUARTERLY REPORT

04/15/2021 | 05:15am EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(A joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 3606)

2021 FIRST QUARTERLY REPORT

This announcement is made pursuant to Rules 13.09 and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Hong Kong Listing Rules") and Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Set out below is the 2021 first quarterly report (the "Report") of Fuyao Glass Industry Group Co., Ltd. (the "Company") and its subsidiaries for the three months ended March 31, 2021 (the "Reporting Period"). The Report contained herein is prepared in accordance with the PRC Accounting Standards for Business Enterprises and has not been audited. The Report is prepared in both Chinese and English languages. In the event of any inconsistency between these two versions, the Chinese version shall prevail.

By order of the Board

Fuyao Glass Industry Group Co., Ltd.

Cho Tak Wong

Chairman

Fuzhou, Fujian, the PRC, April 16, 2021

As at the date of this announcement, the board of directors of the Company comprises Mr. Cho Tak Wong, Mr. Tso Fai, Mr. Ye Shu and Mr. Chen Xiangming, as executive directors; Mr. Wu Shinong and Ms. Zhu Dezhen, as non-executive directors; Ms. Cheung Kit Man Alison, Mr. Liu Jing and Mr. Qu Wenzhou, as independent non-executive directors.

- 1 -

  1. IMPORTANT NOTICE
    1. The board of directors, board of supervisors, directors, supervisors and senior management members of the Company warrant the truthfulness, accuracy and completeness of the contents stated in the quarterly report and that there are no false presentations, misleading statements or material omissions thereof and shall assume joint and several legal liabilities.
    2. All the directors of the Company have attended the Board meeting held for the purpose of considering this quarterly report.
    3. Cho Tak Wong, person-in-charge of the Company, Chen Xiangming, the principal-in-charge of accounting, and Qiu Yongnian, head of the Accounting Department (person-in-charge of accounting), warrant the truthfulness, accuracy and completeness of the financial statements set out in this quarterly report.
    4. The 2021 first quarterly report of the Company has not been audited.
  1. BASIC INFORMATION OF THE COMPANY 2.1 Major financial data

Unit: Yuan

Currency: RMB

Increase/decrease

at the end of this

Reporting Period

As at the

As at

as compared with

end of this

the end of

the end of

Reporting Period

previous year

previous year

(%)

Total assets

39,922,816,663

38,423,625,184

3.90

Net assets attributable to

shareholders of the listed

company

22,528,004,468

21,594,517,508

4.32

- 2 -

From the

Increase/

From the

beginning of

decrease as

beginning of

previous year to

compared with

2021 to the end

the end of the

the corresponding

of the Reporting

reporting period

period of

Period

of previous year

previous year

(%)

Net cash flows from operating

activities

1,757,993,567

870,222,855

102.02

From the

Increase/

From the

beginning of

decrease as

beginning of

previous year to

compared with

2021 to the end

the end of the

the corresponding

of the Reporting

reporting period

period of

Period

of previous year

previous year

(%)

Operating revenue

5,705,966,779

4,170,497,650

36.82

Net profit attributable to

shareholders of the listed

company

855,254,275

459,956,420

85.94

Net profit attributable to

shareholders of the listed

company, net of non-

recurring gains or losses

812,965,270

380,185,709

113.83

Return rate on weighted

Increased by 1.75

average net assets (%)

3.88

2.13

percentage points

Basic earnings per share

(Yuan/share)

0.34

0.18

88.89

Diluted earnings per share

(Yuan/share)

0.34

0.18

88.89

During the Reporting Period, the Company realized operating revenue of RMB5,705.9668 million, representing an increase of 36.82% as compared with the corresponding period last year; realized total profit of RMB1,035.2824 million, representing an increase of 67.82% as compared with the corresponding period last year. Eliminating the below non- comparable factors - gains or losses from foreign exchange, the total profit during the Reporting Period increased by 102.79% year on year:

  1. During the Reporting Period, the Company realized foreign exchange losses of RMB70.3238 million in contrast to the foreign exchange gains of RMB71.6847 million in the corresponding period last year, representing a decrease of RMB142.0085 million in the total profit during the Reporting Period as compared with the corresponding period last year.

- 3 -

Non-recurring profit and loss items and amounts

Unit: Yuan Currency: RMB

Amount for

the current

Items

period Explanation

Profit and loss from disposal of non-current assets

-5,662,922

Government subsidies recorded under current profit and

loss (except for those closely related to the normal

business operation of the Company, in compliance

with requirements of the national policies and granted

continuously in a fixed amount or fixed quantity under the

requirements of the State policies)

36,258,893

Capital occupancy fee from non-financial enterprises recorded

under current profit and loss

8,035,849

Apart from hedging instruments relating to the normal

operations of the Company, profit or loss from change in

fair value of held-for-trading financial assets, derivative

financial assets, held-for-trading financial liabilities and

derivative financial liabilities, and investment income from

disposal of held-for-trading financial assets, derivative

financial assets, held-for-trading financial liabilities,

derivative financial liabilities and other debt investments

-520,088

Other non-operating income and expenses other than the

above items

11,761,505

Effect of minority interests (after tax)

-99,919

Effect of income tax

-7,484,313

Total

42,289,005

- 4 -

2.2 Total number of shareholders, the shareholdings of the top ten shareholders and top ten shareholders with tradable shares (or shareholders not subject to selling restrictions) as at the end of the Reporting Period

As at March 31, 2021, the total number of shareholders of the Company was 184,360, of which, 184,315 were holders of A shares and 45 were registered holders of H shares.

Unit: Shares

Total number of shareholders

184,360

Shareholding of top ten shareholders

Number of

Name of

Shareholding

shares held

Pledge or moratorium

shareholders

at the end of

with selling

Status of

Nature of

(Full name)

period

Percentage

restrictions

shares

Number

shareholder

(%)

HKSCC NOMINEES LIMITED (Note)

491,747,159

19.60

Unknown

Unknown

Sanyi Development Limited

390,578,816

15.57

Nil

Overseas legal

entity

Heren Charitable Foundation

215,089,084

8.57

Nil

Domestic non-

state-owned legal

entity

Hong Kong Securities Clearing

180,056,918

7.18

Unknown

Unknown

Company Limited

Bai Yongli

34,653,315

1.38

Unknown

Unknown

Fujian Yaohua Industrial Village

34,277,742

1.37

Pledged

24,000,000

Domestic non-

Development Co., Ltd.

state-owned legal

entity

Agricultural Bank of China Limited

33,259,677

1.33

Unknown

Unknown

- E Fund Consumer Industry

Equity Securities Investment

Fund (易方達消費行業股票

型證券投資基金)

China Securities Finance

28,095,485

1.12

Unknown

Unknown

Corporation Limited

Central Huijin Asset Management

24,598,300

0.98

Unknown

Unknown

Limited (中央匯金資產管理

有限責任公司)

Li Haiqing

21,922,159

0.87

Unknown

Unknown

- 5 -

Shareholdings of the top ten shareholders not subject to selling restrictions

Number of

Types and number of shares

tradable shares

not subject to

selling

Name of shareholders

restrictions

Types

Number

HKSCC NOMINEES LIMITED (Note)

491,747,159

Overseas listed foreign

491,747,159

shares

Sanyi Development Limited

390,578,816

Ordinary shares

390,578,816

denominated in RMB

Heren Charitable Foundation

215,089,084

Ordinary shares

215,089,084

denominated in RMB

Hong Kong Securities Clearing Company

180,056,918

Ordinary shares

180,056,918

Limited

denominated in RMB

Bai Yongli

34,653,315

Ordinary shares

34,653,315

denominated in RMB

Fujian Yaohua Industrial Village Development

34,277,742

Ordinary shares

34,277,742

Co., Ltd.

denominated in RMB

Agricultural Bank of China Limited - E

33,259,677

Ordinary shares

33,259,677

Fund Consumer Industry Equity Securities

denominated in RMB

Investment Fund ( 易方達消費行業股票型

證券投資基金)

China Securities Finance Corporation Limited

28,095,485

Ordinary shares

28,095,485

Central Huijin Asset Management Limited

denominated in RMB

24,598,300

Ordinary shares

24,598,300

( 中央匯金資產管理有限責任公司)

denominated in RMB

Li Haiqing

21,922,159

Ordinary shares

21,922,159

denominated in RMB

Explanations on the connected relationship or parties acting in concert among the above shareholders

The de facto controllers of Sanyi Development Limited and Fujian Yaohua Industrial Village Development Co., Ltd. are members of the same family. Among the remaining eight shareholders not subject to selling restrictions, it is uncertain whether there is any connected relationship among them and whether such shareholders are parties acting in concert which fall within the meaning under the "Measures for the Administration of Information Disclosure of Change of Shareholdings Held by Shareholders of Listed Companies".

Note: HKSCC NOMINEES LIMITED ( 香 港 中 央 結 算( 代 理 人) 有 限 公 司). Investors deposit the H shares held by themselves into the Central Clearing and Settlement System under the Hong Kong Stock Exchange and count them by the aggregate number of the shares registered under the name of HKSCC NOMINEES LIMITED ( 香 港 中 央 結 算( 代 理 人) 有 限 公 司), a wholly-owned subsidiary member body of the Hong Kong Stock Exchange.

- 6 -

  1. SIGNIFICANT EVENTS
    3.1 Particulars and reasons of material changes in major accounting items and financial indicators of the Company
    3.1.1 Particulars and reasons of material changes in major balance sheet items of the Company as at the end of the Reporting Period

Unit: Yuan

Currency: RMB

Balance as

Balance as

Percentage of

at the end

at the beginning

Increase/

increase/

Items

of the period

of the year

decrease

decrease

Other current assets

138,319,556

252,804,600

-114,485,044

-45.29

Derivative financial liabilities

10,536,398

795,244

9,741,154

1,224.93

Staff salaries and welfare

payables

338,030,488

489,357,281

-151,326,793

-30.92

Other current liabilities

0

303,131,507

-303,131,507

-100.00

  1. Decrease in other current assets was mainly due to a decrease in value-added tax retained as at the end of the period.
  2. Increase in derivative financial liabilities was mainly due to an increase in sale of new foreign exchange call options and certain unsettled currency swap contracts estimated as unrealized loss as a result of foreign exchange rate fluctuations during the Reporting Period.
  3. Decrease in staff salaries and welfare payables was mainly due to the payment of the annual bonus provided for in the previous year during the Reporting Period.
  4. Decrease in other current liabilities was due to the repayment of the principal and interest of ultra-short-term financing bills due during the Reporting Period.

- 7 -

3.1.2 Analysis on the reasons for significant changes in major items of the income statement of the Company during the Reporting Period

Unit: Yuan Currency: RMB

Amount

Amount for

for the

corresponding

Percentage

the current

period

Increase/

of increase/

Items

period

last year

decrease

decrease

Operating revenue

5,705,966,779

4,170,497,650

1,535,469,129

36.82

Selling and distribution

416,077,341

expenses

313,487,604

102,589,737

32.73

Research and development

235,831,188

expenses

150,859,577

84,971,611

56.32

Financial expenses

116,401,754

-58,939,457

175,341,211

297.49

Other income

36,258,893

78,529,255

-42,270,362

-53.83

Investment income

-556,542

17,219,138

-17,775,680

-103.23

Gains arising from changes

-520,088

in fair value

-11,301,098

10,781,010

95.40

Non-operating income

51,748,109

4,272,905

47,475,204

1,111.08

Non-operating expenses

46,421,300

1,831,485

44,589,815

2,434.63

Note: For above items of "investment income" and "gains arising from changes in fair value", losses are represented by "-".

  1. Increase in operating revenue was mainly due to the recovery of the automobile market and the increase of effort in marketing by the Company.
  2. Increase in selling and distribution expenses was mainly due to increases in the corresponding freight fee and packaging expenses, etc. as a result of an increase in operating revenue.
  3. Increase in research and development expenses was mainly due to the technological upgrade and an increase in the added value of products of the Company as a result of further improvement of research and development project management and continuous innovation in research and development of the Company.
  4. Increase in financial expenses was mainly due to foreign exchange losses of RMB70 million as a result of foreign exchange rate fluctuations during the Reporting Period as compared with foreign exchange gains of RMB72 million for the corresponding period last year.
  5. Decrease in other income was mainly due to a decrease in government subsidies received during the Reporting Period.
  6. Decrease in investment income was mainly due to the gains from the interest of principal-guaranteed structured deposits received for the corresponding period last year.

- 8 -

  1. Decrease in losses arising from changes in fair value was mainly due to the unsettled forward foreign exchange settlement contracts estimated as unrealized loss as a result of foreign exchange rate fluctuations for the corresponding period last year.
  2. Increase in non-operating income was mainly due to the receipt of insurance indemnity by Guangzhou Fuyao Glass Co., Ltd., a subsidiary of the Company, in connection with the flooding last year.
  3. Increase in non-operating expenses was mainly due to the losses arising from the clean-up activities conducted by Guangzhou Fuyao Glass Co., Ltd., a subsidiary of the Company, after the flooding last year.

3.1.3 Analysis on the reasons for substantial changes in major cash flow items of the Company

Unit: Yuan Currency: RMB

Amount for the

Amount for the

corresponding

Percentage

period

Increase/

of increase/

Items

current period

last year

decrease

decrease

Refund of taxes and surcharges

75,505,324

44,720,076

30,785,248

68.84

Cash received relating to other

99,642,174

operating activities

173,451,200

-73,809,026

-42.55

Payments of taxes and

450,180,924

surcharges

312,403,384

137,777,540

44.10

Cash received relating to other

0

investment activities

878,634,241

-878,634,241

-100.00

Cash paid for acquisition of

fixed assets, intangible

assets and other long-term

511,060,208

assets

286,512,908

224,547,300

78.37

Cash paid for investment

11,320,755

0

11,320,755

100

Cash paid relating to other

0

investing activities

1,450,000,000

-1,450,000,000

-100.00

Cash received from borrowing

3,032,268,502

receipt

4,575,627,244

-1,543,358,742

-33.73

Cash received relating to other

0

financing activities

2,100,000,000

-2,100,000,000

-100.00

Cash paid for debt repayment

2,362,234,524

3,552,340,143

-1,190,105,619

-33.50

  1. Increase in refund of taxes and surcharges was mainly due to an increase in value-added tax rebate on exports received during the Reporting Period.
  2. Decrease in cash received relating to other operating activities was mainly due to a decrease in government subsidies received during the Reporting Period.

- 9 -

  1. Increase in payments of taxes and surcharges was mainly due to increases in income tax and value-added tax paid during the Reporting Period.
  2. Decrease in cash received relating to other investing activities was mainly due to the recovery of due principal and interest of the principal-guaranteed structured deposits in the corresponding period last year.
  3. Increase in cash paid for acquisition of fixed assets, intangible assets and other long-term assets was mainly due to an increase in capital expenditures during the Reporting Period.
  4. Cash paid for investment represented the relevant expenses for the
    purchase of equity in China Intelligent and Connected Vehicles (Beijing) Research Institute Co., Ltd. ( 國 汽( 北 京) 智 能 網 聯 汽 車 研 究 院 有 限 公 司).
  5. Decrease in cash paid relating to other investing activities was mainly due to an increase in the principal-guaranteed structured deposits in the corresponding last year.
  6. Decrease in cash received from borrowing receipt was mainly due to a decrease in external borrowings as a result of a year-on-year increase in net operating cash flow during the Reporting Period.
  7. Decrease in cash received relating to other financing activities was due to the issuance of four tranches of ultra-short-term financing bills in an aggregated amount of RMB1.5 billion and the issuance of one tranche of medium-term bills in an amount of RMB600 million in the corresponding period last year.
  8. Decrease in cash paid for debt repayment was mainly due to a decrease in the borrowings due for repayment during the Reporting Period.

3.2 Note and analysis on the progress of significant events and their impact and solution

In order to broaden the investor base of H shares and optimize the capital structure of the Company, on January 8, 2021, the Board of Directors resolved that according to the provisions of the Articles of Association, the Company proposed to issue and place not more than 101,126,240 additional H shares to qualified investors, and the issuance will be made under the specific mandate. The Company convened the 2021 second extraordinary general meeting, the 2021 first A share class meeting and the 2021 first H share class meeting on February 26, 2021. The resolution relating to the issuance has been approved at the extraordinary general meeting and the class meetings.

- 10 -

On March 9, 2021, the Company received the CSRC Acceptance Notice of the Application for Administrative Permission ( 中 國 證 監 會 行 政 許 可 申 請 受 理 通 知 單 》) (Acceptance No.: 210503) issued by the China Securities Regulatory Commission (the "CSRC"). The CSRC has reviewed the application materials for the issuance and listing of additional overseas listed foreign shares (H shares) on the Main Board of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") (the "Issuance of H Shares") submitted by the Company and considered that the application materials were complete and decided to accept the application for administrative permission.

The Issuance of H Shares of the Company is still subject to the review and/ or approval(s) from the CSRC, the Hong Kong Stock Exchange and other relevant government authorities and regulatory authorities, and there are uncertainties for such matter. The Company will continue to press ahead with the issuance.

3.3 Undertakings that have fallen due but not yet completed during the Reporting Period

Fulfill in

a timely

Has

and strict

Background of

Type of

Undertaking

Time and term of

performance

manner or

undertakings

undertakings

party

Content of undertakings

undertakings

period or not

not

Other undertakings

Dividend

Fuyao Glass

For details, please refer to the Dividend

Publishing date

Yes

Yes

distribution

Industry

Distribution Plan of Fuyao Glass

of undertakings:

Group Co.,

Industry Group Co., Ltd. for the

May 12, 2018

Ltd.

Shareholders for the Upcoming Three

Performance

Years (2018-2020) dated May 12, 2018

period of

as published on the Shanghai Securities

undertakings:

News, the China Securities Journal

between January

and the Securities Time, the website of

1, 2018 and

the SSE (http://www.sse.com.cn) and

December 31,

the website of the Hong Kong Stock

2020

Exchange (http://www.hkexnews.hk).

3.4 Warning and explanation on reasons for the accumulated net loss expected to be recorded from the beginning of the year to the end of the next reporting period or the material change as compared to the corresponding period last year

Not Applicable

- 11 -

IV. APPENDIX

4.1 Financial statements

Consolidated Balance Sheet

March 31, 2021

Prepared by: Fuyao Glass Industry Group Co., Ltd.

Unit: Yuan Currency: RMB Audit Type: Unaudited

March 31,

December 31,

Items

2021

2020

Current assets:

Cash at bank and on hand

10,645,629,487

8,809,985,853

Settlement provisions

Placements with financial institutions

Held-for-trading financial assets

302,876,712

300,287,671

Derivative financial assets

Notes receivable

16,972,473

19,430,381

Accounts receivable

3,778,573,220

3,734,495,117

Accounts receivable financing

1,124,419,108

1,301,612,117

Advances to suppliers

188,030,916

173,525,313

Premiums receivable

Reinsurance receivable

Deposits receivable from reinsurance

treaty

Other receivables

517,996,672

526,506,578

Including: Interest receivable

Dividends receivable

Financial assets purchased for resale

Inventories

3,260,401,002

3,280,989,599

Contract assets

Held-for-sale assets

Non-current assets due within one year

160,000,000

160,000,000

Other current assets

138,319,556

252,804,600

Total current assets

20,133,219,146

18,559,637,229

- 12 -

March 31,

December 31,

Items

2021

2020

Non-current assets:

Loans and advances granted

Debt investments

Other debt investments

Long-term receivables

209,663,579

206,748,905

Long-term equity investments

69,320,755

58,000,000

Other investments in equity instruments

Other non-current financial assets

Investment properties

Fixed assets

14,044,700,381

14,260,438,910

Construction in progress

2,564,305,851

2,354,298,463

Bearer biological assets

Oil and gas assets

Right-of-use assets

559,868,900

607,068,550

Intangible assets

1,255,545,336

1,270,843,245

Development costs

Goodwill

154,940,513

154,940,513

Long-term prepaid expenses

422,192,801

431,039,005

Deferred income tax assets

509,059,401

520,610,364

Other non-current assets

Total non-current assets

19,789,597,517

19,863,987,955

Total assets

39,922,816,663

38,423,625,184

- 13 -

March 31,

December 31,

Items

2021

2020

Current liabilities:

Short-term borrowings

6,782,968,074

6,165,804,499

Borrowings from the central bank

Borrowings from interbank

Held-for-trading financial liabilities

Derivative financial liabilities

10,536,398

795,244

Notes payable

1,404,258,231

1,166,210,433

Accounts payable

1,248,101,490

1,299,794,957

Advances from customers

Contract liabilities

753,765,381

756,282,114

Amount from sale of repurchased

financial assets

Customer and interbank deposits

Customer deposits for trading in

securities

Amounts due to issuer for securities

underwriting

Staff salaries and welfare payables

338,030,488

489,357,281

Taxes payable

269,214,562

302,321,505

Other payables

1,363,483,534

1,376,997,551

Including: Interest payable

Dividends payable

Handling fees and commissions

payable

Reinsurance accounts payable

Held-for-sale liabilities

Non-current liabilities due within one

year

242,446,900

270,557,753

Other current liabilities

303,131,507

Total current liabilities

12,412,805,058

12,131,252,844

- 14 -

March 31,

December 31,

Items

2021

2020

Non-current liabilities:

Provisions for insurance contracts

Long-term borrowings

2,323,000,000

1,985,000,000

Debentures payables

1,198,614,110

1,198,784,928

Including: Preference shares

Perpetual bonds

Lease liabilities

474,498,356

510,511,192

Long-term payables

76,531,800

75,694,702

Long-term staff salaries and welfare

payables

Accrued liabilities

Deferred income

718,075,392

735,789,390

Deferred income tax liabilities

195,982,664

195,684,830

Other non-current liabilities

Total non-current liabilities

4,986,702,322

4,701,465,042

Total liabilities

17,399,507,380

16,832,717,886

- 15 -

March 31,

December 31,

Items

2021

2020

Owners' equity

(or shareholders' equity):

Paid-in capital (or share capital)

2,508,617,532

2,508,617,532

Other equity instruments

Including: Preference shares

Perpetual bonds

Capital surplus

6,222,912,435

6,222,912,435

Less: Inventory shares

Other comprehensive income

-295,747,647

-373,980,332

Special reserve

Surplus reserve

2,931,419,311

2,931,419,311

General risk reserve

Undistributed profits

11,160,802,837

10,305,548,562

Total equity attributable to equity

holders (or shareholders) of

the Company

22,528,004,468

21,594,517,508

Minority interests

-4,695,185

-3,610,210

Total owners' equity (or shareholders'

equity)

22,523,309,283

21,590,907,298

Total liabilities and owners' equity (or

shareholders' equity)

39,922,816,663

38,423,625,184

Person-in-charge of the

Principal-in-charge of

Head of the Accounting

Company:

accounting:

Department:

Cho Tak Wong

Chen Xiangming

Qiu Yongnian

- 16 -

Balance Sheet of the Company

March 31, 2021

Prepared by: Fuyao Glass Industry Group Co., Ltd.

Unit: Yuan Currency: RMB Audit Type: Unaudited

March 31,

December 31,

Items

2021

2020

Current assets:

Cash at bank and on hand

8,096,259,809

7,338,352,816

Held-for-trading financial assets

302,876,712

300,287,671

Derivative financial assets

Notes receivable

Accounts receivable

969,990,591

860,806,887

Accounts receivable financing

1,008,133,397

1,161,324,269

Advances to suppliers

58,910,385

46,785,143

Other receivables

16,447,005,657

12,866,009,059

Including: Interest receivable

Dividends receivable

2,383,696,630

58,209,899

Inventories

332,393,683

340,644,631

Contract assets

Held-for-sale assets

Non-current assets due within one year

160,000,000

160,000,000

Other current assets

17,392,780

32,444,191

Total current assets

27,392,963,014

23,106,654,667

- 17 -

March 31,

December 31,

Items

2021

2020

Non-current assets:

Debt investments

Other debt investments

Long-term receivables

4,094,577,030

4,130,914,190

Long-term equity investments

8,008,646,446

7,907,883,208

Other investments in equity instruments

69,320,755

58,000,000

Other non-current financial assets

Investment properties

Fixed assets

574,369,896

585,760,917

Construction in progress

154,946,333

109,689,788

Bearer biological assets

Oil and gas assets

Right-of-use assets

22,699,813

29,895,883

Intangible assets

71,460,804

76,862,605

Development costs

Goodwill

48,490,007

48,490,007

Long-term prepaid expenses

31,669,289

31,212,442

Deferred income tax assets

34,829,896

34,063,674

Other non-current assets

Total non-current assets

13,111,010,269

13,012,772,714

Total assets

40,503,973,283

36,119,427,381

- 18 -

March 31,

December 31,

Items

2021

2020

Current liabilities:

Short-term borrowings

3,148,910,673

2,152,671,389

Held-for-trading financial liabilities

Derivative financial liabilities

10,536,398

795,244

Notes payable

1,426,761,546

1,360,505,067

Accounts payable

192,016,082

167,418,163

Advances from customers

Contract liabilities

39,282,823

38,139,980

Staff salaries and welfare payables

43,112,851

90,230,941

Taxes payable

-15,380,902

3,194,937

Other payables

11,238,098,736

10,261,274,757

Including: Interest payable

Dividends payable

Held-for-sale liabilities

Non-current liabilities due within one

year

176,434,381

207,071,517

Other current liabilities

303,131,507

Total current liabilities

16,259,772,588

14,584,433,502

Non-current liabilities:

Long-term borrowings

2,323,000,000

1,985,000,000

Debentures payables

1,198,614,110

1,198,784,928

Including: Preference shares

Perpetual bonds

Lease liabilities

967,141

2,181,451

Long-term payables

Long-term staff salaries and welfare

payables

Accrued liabilities

Deferred income

11,913,872

12,478,009

Deferred income tax liabilities

134,245,458

133,939,237

Other non-current liabilities

Total non-current liabilities

3,668,740,581

3,332,383,625

Total liabilities

19,928,513,169

17,916,817,127

- 19 -

March 31,

December 31,

Items

2021

2020

Total owners' equity

(or shareholders' equity):

Paid-in capital (or share capital)

2,508,617,532

2,508,617,532

Other equity instruments

Including: Preference shares

Perpetual bonds

Capital surplus

6,202,552,740

6,202,552,740

Less: inventory shares

Other comprehensive income

Special reserve

Surplus reserve

2,931,419,311

2,931,419,311

Undistributed profits

8,932,870,531

6,560,020,671

Total owners' equity (or shareholders'

equity)

20,575,460,114

18,202,610,254

Total liabilities and owners' equity (or

shareholders' equity)

40,503,973,283

36,119,427,381

Person-in-charge of the

Principal-in-charge of

Head of the Accounting

Company:

accounting:

Department:

Cho Tak Wong

Chen Xiangming

Qiu Yongnian

- 20 -

Consolidated Income Statement

January to March 2021

Prepared by: Fuyao Glass Industry Group Co., Ltd.

Unit: Yuan Currency: RMB Audit Type: Unaudited

First quarter

First quarter

Items

of 2021

of 2020

I.

Total operating revenue

5,705,966,779

4,170,497,650

Including: Operating revenue

5,705,966,779

4,170,497,650

Interest income

Premiums earned

Income from handling fees and

commissions

II. Total cost of operation

4,712,350,834

3,636,862,455

Including: Cost of operation

3,389,517,637

2,733,899,288

Interest expenses

Handling fees and commissions

expenses

Surrender payment

Net expenditure for

compensation payment

Net provisions for insurance

contracts

Expenditure for insurance

policy dividend

Reinsurance cost

Taxes and surcharges

48,089,581

40,036,037

Selling and distribution

expenses

416,077,341

313,487,604

General and administrative

expenses

506,433,333

457,519,406

Research and development

expenses

235,831,188

150,859,577

Financial expenses

116,401,754

-58,939,457

Including: Interest expenses

67,819,146

77,958,823

Interest income

22,760,736

68,016,541

- 21 -

First quarter

First quarter

Items

of 2021

of 2020

Add: Other income

36,258,893

78,529,255

Investment income (losses are

represented by"-")

-556,542

17,219,138

Including: Share in profit of

associates and

joint ventures

2,914,674

897,595

Gain on

derecognition of

financial assets

measured at

amortised cost

Gains from foreign

exchange (losses

are represented by

"-")

Gains from net

exposure to

hedging (losses

are represented

by"-")

Gains arising from

changes in fair

value (losses are

represented by

"-")

-520,088

-11,301,098

Impairment loss

of credit (loss

represented by

"-")

187,389

-24,202

Asset impairment

losses (loss

represented by

"-")

198,185

-2,962,754

Gains from disposal

of assets (losses

are represented by

"-")

771,774

-643,231

III. Operating profit (losses are represented

by "-")

1,029,955,556

614,452,303

Add: Non-operating income

51,748,109

4,272,905

Less: Non-operating expenses

46,421,300

1,831,485

- 22 -

First quarter

First quarter

Items

of 2021

of 2020

IV. Total Profit (total losses are represented

by "-")

1,035,282,365

616,893,723

Less: Income tax expenses

181,113,065

157,602,184

  1. Net Profit (net losses are represented by

"-")

854,169,300

459,291,539

(I) Classified on a going concern basis

1.

Net profit from continuing

operations (net losses are

represented by "-")

854,169,300

459,291,539

    1. Net profit from discontinued operations (net losses are represented by "-")
  1. Classified according to ownership
    1. Net profit attributable to shareholders of the Company (net

losses are represented by "-")

855,254,275

459,956,420

2. Minority interests (net losses are

represented by "-")

-1,084,975

-664,881

VI. Net amount of other comprehensive

income after tax

78,232,685

39,662,419

  1. Net amount of other comprehensive income after tax attributable to the

equity holders of the Company

78,232,685

39,662,419

1. Other comprehensive income which will not be reclassified to gain or loss

  1. Changes in re-measurement of defined benefit plans
  2. Other comprehensive income which will not be reclassified into profit and loss under the equity method
  3. Changes in fair value of

other equity instruments investment

  1. Changes in fair value of the company's own credit risk

- 23 -

First quarter

First quarter

Items

of 2021

of 2020

2. Other comprehensive income which

will be reclassified to gain or loss

78,232,685

39,662,419

(1)

Other comprehensive income

which will be reclassified

into profit and loss under

equity method

(2)

Changes in fair value of other

debt investments

(3)

The amount of financial

assets reclassified into other

comprehensive income

(4)

Credit impairment provisions

for other debt investment

(5)

Reserves for cash flows hedges

(6)

Difference arising from

translation of foreign

financial statements

78,232,685

39,662,419

    1. Others
  1. Net amount of other comprehensive income after tax attributable to minority interest

VII. Total comprehensive income

932,401,985

498,953,958

  1. Total comprehensive income attributable to the equity holders of

the Company

933,486,960

499,618,839

(II)

Total comprehensive income

attributable to minority shareholders

-1,084,975

-664,881

VIII. Earnings per share:

(I)

Basic earnings per share (RMB/share)

0.34

0.18

(II)

Diluted earnings per share (RMB/share)

0.34

0.18

For the business merger under common control during the period, the net profit recorded by the merged party before the merger is RMB0, and the net profit recorded by the merged party in the previous period is RMB0.

Person-in-charge of the

Principal-in-charge of

Head of the Accounting

Company:

accounting:

Department:

Cho Tak Wong

Chen Xiangming

Qiu Yongnian

- 24 -

Income Statement of the Company

January to March 2021

Prepared by: Fuyao Glass Industry Group Co., Ltd.

Unit: Yuan Currency: RMB Audit Type: Unaudited

First quarter

First quarter

Items

of 2021

of 2020

I. Operating revenue

1,211,229,339

926,759,527

Less: Cost of operation

1,028,909,909

787,768,712

Taxes and surcharges

3,528,482

3,794,784

Selling and distribution

expenses

84,200,641

62,984,888

General and administrative

expenses

90,345,379

75,457,706

Research and development

expenses

19,053,462

9,439,656

Financial expenses

-60,930,145

-175,218,861

Including: Interest expenses

43,397,384

47,798,853

Interest incomes

38,661,240

75,184,606

Add: Other income

2,760,054

16,919,423

Investment income (losses are

represented by"-")

2,324,075,435

11,555,424

Including: Share in profit of

associates and joint

ventures

1,508,238

643,325

Gain on

derecognition of

financial assets

measured at

amortised cost

Gains from net

exposure to

hedging (losses are

represented by"-")

Gains arising from

changes in fair

value (losses are

represented by

"-")

-520,088

-12,932,912

Credit impairment

loss (loss

represented by "-")

- 25 -

First quarter

First quarter

Items

of 2021

of 2020

Asset impairment

losses (loss

represented by "-")

-2,090,831

Gains from disposal

of assets (losses

are represented by

"-")

II. Operating profit (losses are

represented by "-")

2,372,437,012

175,983,746

Add: Non-operating income

739,618

2,185,409

Less: Non-operating expenses

786,771

230,118

III. Total Profit (total losses are

represented by "-")

2,372,389,859

177,939,037

Less: Income tax expenses

-460,001

48,529,612

IV. Net Profit (net losses are

represented by "-")

2,372,849,860

129,409,425

(I)

Net profit from continuing

operations (net losses are

represented by "-")

2,372,849,860

129,409,425

    1. Net profit from discontinued operations (net losses are represented by "-")
  1. Net amount of other comprehensive income after tax
    1. Other comprehensive income which will not be reclassified to gain or loss
      1. Changes in re-measurement of defined benefit plans
      2. Other comprehensive income which will not be reclassified into profit and loss under the equity method
      3. Changes in fair value of

other equity instruments investment

4. Changes in fair value of the company's own credit risk

- 26 -

First quarter

First quarter

Items

of 2021

of 2020

  1. Other comprehensive income which will be reclassified to gain or loss
    1. Other comprehensive income
      which will be reclassified into profit and loss under equity method
    2. Changes in fair value of other debt investments
    3. The amount of financial assets reclassified into other comprehensive income
    4. Credit impairment provisions for other debt investment
    5. Reserves for cash flows hedges
    6. Difference arising from translation of foreign financial statements
    7. Others

VI. Total comprehensive income

2,372,849,860

129,409,425

VII. Earnings per share:

(1)

Basic earnings per share

(RMB/share)

Not applicable

Not applicable

(2)

Diluted earnings per share (RMB/

share)

Not applicable

Not applicable

Person-in-charge of the

Principal-in-charge of

Head of the Accounting

Company:

accounting:

Department:

Cho Tak Wong

Chen Xiangming

Qiu Yongnian

- 27 -

Consolidated Cash Flow Statement

January to March 2021

Prepared by: Fuyao Glass Industry Group Co., Ltd.

Unit: Yuan Currency: RMB Audit Type: Unaudited

First quarter

First quarter of

Items

of 2021

2020

I. Cash flows from operating activities:

Cash received from sale of goods or

rendering of labor services

6,195,699,596

5,170,575,736

Net increase in customer and interbank

deposits

Net increase in borrowing from the

central bank

Net increase in intra-bank borrowing

from other financial institutions

Cash received from premiums under

original insurance contract

Net cash received from reinsurance

business

Net increase in deposits of policy holders

and investment

Cash received from interest, handling

fees and commissions

Net increase in borrowings from

interbank

Net increase in cash received from

repurchase business

Net cash received from agency securities

trading

Refund of taxes and surcharges

75,505,324

44,720,076

Cash received relating to other operating

activities

99,642,174

173,451,200

Sub-total of cash inflows from

operating activities

6,370,847,094

5,388,747,012

- 28 -

First quarter

First quarter of

Items

of 2021

2020

Cash paid for goods and labor services

2,867,971,713

3,008,018,194

Net increase in customer loans and

advance

Net increase in deposits in the central

bank and interbank deposits

Cash paid for compensation payments

under original insurance contract

Net increase in placements with financial

institutions

Cash paid for interest, handling fees and

commissions

Cash paid for insurance policy dividend

Cash paid to and on behalf of employees

1,240,549,762

1,142,227,905

Payments of taxes and surcharges

450,180,924

312,403,384

Cash paid relating to other operating

activities

54,151,128

55,874,674

Sub-total of cash outflows from

operating activities

4,612,853,527

4,518,524,157

Net cash flows from operating

activities

1,757,993,567

870,222,855

II. Cash flows from investing activities:

Cash received from disposal of

investments

Cash received from returns on

investments

Net cash received from disposal of fixed

assets, intangible assets and other

long-term assets

28,049,280

22,850,299

Net cash received from disposal of

subsidiaries and other business units

Cash received relating to other investing

activities

878,634,241

Sub-total of cash inflows from

investing activities

28,049,280

901,484,540

- 29 -

First quarter

First quarter of

Items

of 2021

2020

Cash paid for acquisition of fixed assets,

intangible assets and other long-term

assets

511,060,208

286,512,908

Cash paid for investment

11,320,755

Net increase in secured loans

Net cash paid to acquire subsidiaries and

other business units

Cash paid relating to other investing

activities

1,450,000,000

Sub-total of cash outflows from

investing activities

522,380,963

1,736,512,908

Net cash flows from investing

activities

-494,331,683

-835,028,368

III. Cash flows from financing activities:

Cash received from capital contributions

Including: Cash received from capital

contributions by minority

shareholders of

subsidiaries

Cash received from borrowings

3,032,268,502

4,575,627,244

Cash received relating to other financing

activities

2,100,000,000

Sub-total of cash inflows from

financing activities

3,032,268,502

6,675,627,244

Cash repayments of borrowings

2,362,234,524

3,552,340,143

Cash payments for interest expenses and

distribution of dividends or profits

85,120,461

92,443,947

Including: Cash payments for dividends

or profit to minority

shareholders of subsidiaries

Cash payment relating to other financing

activities

43,261,673

37,512,629

Sub-total of cash outflows from

financing activities

2,490,616,658

3,682,296,719

Net cash flows from financing

activities

541,651,844

2,993,330,525

- 30 -

First quarter

First quarter of

Items

of 2021

2020

IV. Effect of fluctuations in exchange rates

on cash and cash equivalents

30,184,761

107,323,600

V. Net increase in cash and cash

equivalents

1,835,498,489

3,135,848,612

Add: Cash and cash equivalents balance

at the beginning of the period

8,807,952,233

8,352,668,535

VI. Cash and cash equivalents balance at

the end of the period

10,643,450,72211,488,517,147

Person-in-charge of the

Principal-in-charge of

Head of the Accounting

Company:

accounting:

Department:

Cho Tak Wong

Chen Xiangming

Qiu Yongnian

- 31 -

Cash Flow Statement of the Company

January to March 2021

Prepared by: Fuyao Glass Industry Group Co., Ltd.

Unit: Yuan Currency: RMB Audit Type: Unaudited

First quarter

First quarter

Items

of 2021

of 2020

I. Cash flows from operating

activities:

Cash received from sale of goods or

rendering of labor services

1,380,987,130

762,017,405

Refund of taxes and surcharges

49,624,603

35,582,919

Cash received relating to other

operating activities

1,018,420,754

1,756,797,285

Sub-total of cash inflows from

operating activities

2,449,032,487

2,554,397,609

Cash paid for goods and labor

services

1,126,429,378

897,886,892

Cash paid to and on behalf of

employees

142,412,646

135,785,018

Payments of taxes and surcharges

2,561,981

6,073,057

Cash paid relating to other operating

activities

1,231,118,782

196,613,416

Sub-total of cash outflows from

operating activities

2,502,522,787

1,236,358,383

Net cash flows from operating

activities

-53,490,300

1,318,039,226

- 32 -

First quarter

First quarter

Items

of 2021

of 2020

II. Cash flows from investing

activities:

Cash received from disposal of

investments

Cash received from returns on

investments

Net cash received from disposal of

fixed assets, intangible assets and

other long-term assets

970,336

24,303

Net cash received from disposal of

subsidiaries and other business

units

Cash received relating to other

investing activities

878,648,208

Sub-total of cash inflows from

investing activities

970,336

878,672,511

Cash paid for acquisition of fixed

assets, intangible assets and other

60,303,078

long-term assets

21,737,649

Cash paid for investment

110,575,755

520,430,400

Net cash paid to acquire subsidiaries

and other business units

Cash paid relating to other investing

activities

1,450,000,000

Sub-total of cash outflows from

investing activities

170,878,833

1,992,168,049

Net cash flows from investing

activities

-169,908,497

-1,113,495,538

- 33 -

First quarter

First quarter

Items

of 2021

of 2020

III. Cash flows from financing

activities:

Cash received from capital

contributions

2,314,998,200

Cash received from borrowings

2,996,543,904

Cash received relating to other

financing activities

2,100,000,000

Sub-total of cash inflows from

financing activities

2,314,998,200

5,096,543,904

Cash repayments of borrowings

1,269,544,729

2,182,209,521

Cash payments for interest expenses

and distribution of dividends or

59,994,111

profits

45,691,835

Cash payment relating to other

29,818,179

financing activities

29,000,560

Sub-total of cash outflows from

financing activities

1,359,357,019

2,256,901,916

Net cash flows from financing

activities

955,641,181

2,839,641,988

IV. Effect of fluctuations in exchange

rates on cash and cash equivalents

25,664,609

57,731,407

V. Net increase in cash and cash

equivalents

757,906,993

3,101,917,083

Add: Cash and cash equivalents

balance at the beginning of

the period

7,338,352,816

6,258,632,627

VI. Cash and cash equivalents balance

at the end of the period

8,096,259,809

9,360,549,710

Person-in-charge of the

Principal-in-charge of

Head of the Accounting

Company:

accounting:

Department:

Cho Tak Wong

Chen Xiangming

Qiu Yongnian

- 34 -

  1. Adjustments made to relevant items in the financial statements as at the beginning of the year upon initial adoption of the new lease standards since 2021
    Not applicable
  2. Retroactive adjustments to comparative data of previous period by first adoption of new lease standards since 2021
    Not applicable
  3. Auditor's reports

Not applicable

- 35 -

Disclaimer

Fuyao Glass Industry Group Co. Ltd. published this content on 15 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 April 2021 09:14:06 UTC.


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Financials
Sales 2021 24 309 M 3 760 M 3 760 M
Net income 2021 4 090 M 633 M 633 M
Net cash 2021 2 325 M 360 M 360 M
P/E ratio 2021 28,4x
Yield 2021 2,10%
Capitalization 111 B 17 207 M 17 208 M
EV / Sales 2021 4,48x
EV / Sales 2022 3,87x
Nbr of Employees 25 759
Free-Float 71,9%
Chart FUYAO GLASS INDUSTRY GROUP CO., LTD.
Duration : Period :
Fuyao Glass Industry Group Co., Ltd. Technical Analysis Chart | 600660 | CNE000000230 | MarketScreener
Technical analysis trends FUYAO GLASS INDUSTRY GROUP CO., LTD.
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 44,58 CNY
Average target price 58,20 CNY
Spread / Average Target 30,5%
EPS Revisions
Managers and Directors
Shu Ye Executive Director & General Manager
Xiang Ming Chen Chief Financial Officer & Director
Zhao Hua Bai Chairman-Supervisory Board
De Wang Cao Chairman
Jie Wen Zhang Independent Director
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