China Railway : RESULTS ANNOUNCEMENT FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2019

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.

中 國 中 鐵 股 份 有 限 公 司

CHINA RAILWAY GROUP LIMITED

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

(Stock Code: 390)

RESULTS ANNOUNCEMENT

FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2019

The Board of Directors of China Railway Group Limited (the "Company") announces the unaudited results (the "Third Quarterly Results") of the Company and its subsidiaries for the third quarter ended 30 September 2019 (the "Reporting Period"), which have been prepared in accordance with the Accounting Standards for Business Enterprises of the PRC. This announcement is made in accordance with Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

1 IMPORTANT NOTICE

1. The Board of Directors and the Supervisory Committee of the Company and its directors, supervisors and senior management warrant that there are no false presentations or misleading statements contained in, or material omissions from, this report, and severally and jointly accept legal responsibility for the authenticity, accuracy and completeness of the information contained in this quarterly report.
2. All the directors of the Company attended the Board meeting and have reviewed the quarterly report.
3. Mr. ZHANG Zongyan, person in charge of the Company, Mr. YANG Liang, person in charge of accounting affairs and Mr. HE Wen, person in charge of the accounting department (head of accounting), hereby warrant the authenticity, accuracy and completeness of the financial information contained in this quarterly report.
4. The third quarterly report of the Company has not been audited.

1

2 COMPANY INFORMATION 2.1 Main Financial Data

			Unit: '000 Currency: RMB
				Change
	At the end of			compared
	the Reporting	At the end of	with previous
	Period	the previous year	year
		Before	After
		adjustments	adjustments	(%)
Total assets	1,029,148,420	942,676,101	942,676,101	9.17
Net assets attributable
to equity holders of
the Company	210,621,220	191,782,332	191,782,332	9.82
	From the
	beginning
	of the year
	to the end
	of the			Change
	Reporting	From the beginning of the	compared
	Period	previous year to the end of	with the same
	(January to	the previous reporting period	period of
	September)	(January to September)	previous year
		Before	After
		adjustments	adjustments	(%)
Net cash generated
from operating
activities	-40,916,475	-32,679,917	-32,679,917	N/A

2

	From the
	beginning of
	the year to
	the end of the			Change
	Reporting	From the beginning of the	compared
	Period	previous year to the end of	with the same
	(January to	the previous reporting period	period of
	September)	(January to September)	previous year
		Before	After
		adjustments	adjustments	(%)
Revenue	570,180,531	493,425,418	493,425,418	15.56
Net profit attributable
to the equity holders
of the Company	15,477,531	13,044,817	13,044,817	18.65
Net profit attributable
to equity holders
of the Company
excluding non-
recurring gains
and losses	14,763,477	12,204,884	12,204,884	20.96
				decreased by
				0.13
Weighted average net				percentage
assets yield (%)	8.43	8.56	8.56	point
Basic earnings per
share (RMB/share)	0.613	0.562	0.562	9.07
Diluted earnings per
share (RMB/share)	0.613	0.562	0.562	9.07

3

Non-recurring profit and loss items and amount:
	Unit: '000 Currency: RMB
			From the
			beginning of
			the year to
			the end of the
	Reporting	Reporting
	Period	Period
	(July to	(January to
Item	September)	September)
Gains or losses from the disposal of non-current assets	-6,849	101,261
Government grant as included in profit and loss of
current period, other than those closely relating to
business of company and subject to a fixed amount
or norm under the national policy	1,614	191,455
Interest income received from non-financial enterprises
as included in profit and loss of current period	45,512	408,481
Debt restructuring gains or losses	4,476	13,860
Gains or losses on changes in fair value arising from
held-for-trading financial assets, derivative financial
assets, held-for-trading financial liabilities and
derivative financial liabilities (excluding the valid
hedging business relating to the Company's business),
as well as investment gains derivative financial
assets, from disposal of held-for-trading financial
assets, held-for-trading financial liabilities, derivative
financial liabilities and other debt investments	-44,440	96,036
Reversal of impairment of trade receivables and
contract assets under individual impairment testing	-3,163	15,864
Other non-operating income and expenses	154,626	163,411
Impact of minority interests (after tax)	5,221	-8,145
Impact of income tax	-17,142	-268,169
Total	139,855		714,054

4

2.2 Number of Shareholders, Particulars of Shareholding of Top Ten Shareholders and Top Ten Holders of Tradable Shares (or Without Selling Restrictions) as at the End of the Reporting Period

					Unit: Share
Total number of shareholders					628,567
Shareholdings of top ten shareholders
	Number of
	shares held
	as at the		Number	Status of pledged/
	end of the		of shares	frozen shares	Nature
	Reporting	Shareholding	with selling	Status of	Number of	of the
Name of shareholder (full name)	Period	percentage	restrictions	shares	shares	shareholder
		(%)
China Railway Engineering
Group Company
Limited ("CREC") (Note 2)	11,598,764,390	47.21	0	None	0	State-owned
HKSCC Nominees Limited
(Note 3)	4,009,017,399	16.32	0	None	0	Other
China Securities Finance
Corporation Limited	683,615,678	2.78	0	None	0	Other
Guoxin Investment Company						State-owned
Limited	424,904,009	1.73	0	None	0	legal entity
China Reform Holdings						State-owned
Corporation Ltd.	387,050,131	1.58	387,050,131	None	0	legal entity
China Great Wall Asset						State-owned
Management Co., Ltd.	372,192,507	1.51	372,192,507	None	0	legal entity
Central Huijin Asset						State-owned
Management Ltd.	235,455,300	0.96	0	None	0	legal entity
China Structural Reform Fund						State-owned
Co., Ltd.	223,296,399	0.91	223,296,399	None	0	legal entity
China Orient Asset Management						State-owned
Co., Ltd.	223,271,744	0.91	223,271,744	None	0	legal entity
Ping An Bank Co., Ltd. -
China Securities 800 Trading
Open-ended Index Securities
Investment Fund	185,805,200	0.76	0	None	0	Other

5

Particulars of shareholding of the top ten shareholders without selling restrictions

	Total number
	of tradable
	shares held
	without selling
	restrictions as
	at the end of
	the Reporting	Type and quantity of shares
Name of shareholder	Period	Type of shares	Quantity
CREC (Note 2)	11,434,370,390	RMB-dominated	11,434,370,390
		ordinary shares
	164,394,000	Overseas listed	164,394,000
		foreign shares
HKSCC Nominees Limited (Note 3)	4,009,017,399	Overseas listed	4,009,017,399
		foreign shares
China Securities Finance	683,615,678	RMB-dominated	683,615,678
Corporation Limited		ordinary shares
Guoxin Investment Company Limited	424,904,009	RMB-dominated	424,904,009
		ordinary shares
Central Huijin Asset Management Ltd.	235,455,300	RMB-dominated	235,455,300
		ordinary shares
Ping An Bank Co., Ltd.	185,805,200	RMB-dominated	185,805,200
- China Securities 800		ordinary shares
Trading Open-ended Index
Securities Investment Fund
Beijing Chengtong Financial Control	162,780,809	RMB-dominated	162,780,809
Investment Co., Ltd.		ordinary shares
Hong Kong Securities Clearing	152,573,659	RMB-dominated	152,573,659
Company Limited		ordinary shares
Boshi Fund	131,135,600	RMB-dominated	131,135,600
- Agricultural Bank of China		ordinary shares
- Boshi China Securities
Financial Asset Management Plan
Yifangda Fund	131,135,600	RMB-dominated	131,135,600
- Agricultural Bank of China		ordinary shares
- Yifangda China Securities
Financial Asset Management Plan

6

	Total number
	of tradable
	shares held
	without selling
	restrictions as
	at the end of
	the Reporting	Type and quantity of shares
Name of shareholder	Period	Type of shares	Quantity
Dacheng Fund	131,135,600	RMB-dominated	131,135,600
- Agricultural Bank of China		ordinary shares

• Dacheng China Securities Financial Asset Management Plan

Jiashi Fund	131,135,600 RMB-dominated	131,135,600
- Agricultural Bank of China	ordinary shares

• Jiashi China Securities Financial Asset Management Plan

Guangfa Fund	131,135,600 RMB-dominated	131,135,600
- Agricultural Bank of China	ordinary shares

• Guangfa China Securities Financial Asset Management Plan

Central European Fund	131,135,600 RMB-dominated	131,135,600
- Agricultural Bank of China	ordinary shares

• Central European China Securities Financial Asset Management Plan

Huaxia Fund	131,135,600 RMB-dominated	131,135,600
- Agricultural Bank of China	ordinary shares

• Huaxia China Securities Financial Asset Management Plan

Yinhua Fund	131,135,600	RMB-dominated	131,135,600
- Agricultural Bank of China		ordinary shares
- Yinhua China Securities
Financial Asset Management Plan (Note 3)
Southern Fund	131,135,600	RMB-dominated	131,135,600
- Agricultural Bank of China		ordinary shares
- Southern China Securities
Financial Asset Management Plan
ICBC Credit Suisse Fund	119,642,589	RMB-dominated	119,642,589
- Agricultural Bank of China		ordinary shares
- ICBC Credit Suisse China Securities
Financial Asset Management Plan

7

	Total number
	of tradable
	shares held
	without selling
	restrictions as
	at the end of
	the Reporting	Type and quantity of shares
Name of shareholder	Period	Type of shares	Quantity

Statement on the related relations and concerted actions between the shareholders above

CREC, the controlling shareholder, does not have connected relations or perform concerted actions with the above other shareholders. Since Guoxin Investment Company Limited is a wholly-owned subsidiary of China Reform Holdings Corporation, Ltd., Guoxin Investment Company Limited has connected relations and performs concerted actions with China Reform Holdings Corporation, Ltd..

Statement on holders of preference	None
shares with voting rights resumed
and respective number of shares

Note 1: As approved by the China Securities Regulatory Commission on 21 May 2019 (Zheng Jian Xu Ke [2019] No. 913), the Company non-publicly issued 1,726,627,740 RMB-dominated ordinary shares for the acquisition of assets. On 19 September 2019, the Company completed the formalities for registration of new shares in respect of acquisition of assets by issuance of shares, and obtained the Change of Securities Registration Certificate issued by Shanghai Branch of China Securities Depository and Clearing Corporation Limited. The total share capital of the Company became 24,570,929,283 shares, including 20,363,539,283 RMB-dominated ordinary shares, accounting for 82.88% of the total share capital of the Company, and 4,207,390,000 overseas listed foreign shares, accounting for 17.12% of the total share capital of the Company.

Note 2: 11,598,764,390 shares of the Company held by CREC include 11,434,370,390 A shares and 164,394,000 H shares of the Company.

Note 3: H shares held by HKSCC Nominees Limited are held on behalf of its various clients, and the number has deducted the number of H shares held by CREC.

Note 4: Ping An UOB Fund - Ping An Bank - China Universal Capital Management Co., Ltd. currently holds 92,833,643 A shares of the Company, accounting for 0.36% of the total share capital of the Company.

Note 5: The numbers shown in the table are based on the register of member of the Company as at 30 September 2019.

2.3 Number of Holders of Preference Shares, Particulars of Shareholding of Top Ten Holders of Preference Shares and Top Ten Holders of Preference Shares Without Selling Restrictions as at the End of the Reporting Period

Not Applicable

8

3 BUSINESS OPERATIONS OF THE COMPANY

1. Macro-economicSituation
   In the first three quarters of 2019, confronted with the complex situation of significant increase in domestic and overseas risks and challenges, the country conscientiously implemented the "six stabilities" policies and measures, and actively responded to various risks and challenges of the domestic and international economy. As a result, the overall domestic economy remained stable, with the industrial structure continuously optimizing and upgrading. According to the data released by the National Bureau of Statistics, in the first three quarters of 2019, the country's GDP totalled RMB69,779.8 billion, representing a year-on-year increase of 6.2% at comparable prices. The country's fixed-asset investment (excluding rural households) was RMB46,120.4 billion, representing a year-on-year increase of 5.4%, of which the infrastructure investment increased by 4.5%. The country's property development investment was RMB9,800.8 billion, representing a year-on-year increase of 10.5%.
2. Overall Operation of the Company
   During the Reporting Period, the Company actively adapted itself to the changes in the international and domestic macro-economic environment and policies, deepened the reform and opening up, made every effort to grasp market opportunities, promoted the high-quality development of enterprises and achieved good results. In the first three quarters, the business scale of the Company grew steadily, further boosting its profitability. The value of the new contracts was RMB1,089.68 billion, representing a year-on-year increase of 14.5%; value of contract backlog was RMB3,104.57 billion, representing an increase of 7.0% compared with the end of last year. The Company achieved a total operating revenue of RMB571.871 billion, representing a year-on-year increase of 15.35%; the Company's net profit attributable to shareholders of the Company was RMB15.478 billion, representing a year-on-year increase of 18.65%; the Company's overall gross profit margin was 9.99%, representing a year-on-year decrease of 0.19 percentage point; and the Company's basic earnings per share was RMB0.613, representing a year-on-year increase of 9.07%.
   In terms of business segments, the operating revenue of the infrastructure construction segment was RMB496.434 billion, representing a year-on-year increase of 17.75%; the gross profit margin of the infrastructure construction segment was 7.53%, representing a year-on-year decrease of 0.02 percentage point. The operating revenue of the survey, design and consulting services segment was RMB11.258 billion, representing a year-on-year increase of 7.44%; the gross profit margin of the survey, design and consulting services segment was 27.08%, representing a year-on-year decrease of 0.41 percentage point. The operating revenue of the engineering equipment and component manufacturing segment was RMB12.782 billion, representing a year-on-year increase of 6.95%; the gross profit margin of engineering equipment and component manufacturing segment was 24.09%, representing a year-on-year increase of 0.13 percentage point. The operating revenue of the property development segment was RMB20.635 billion, representing a year-on-year increase of 13.16%; the gross profit margin of the property development segment was 30.62%, representing a year-on-year increase of 4.41 percentage points.

9

3.3 Major Operating Information of the Company

3.3.1 Value of New Contracts by Business Segment

		July to September 2019	Aggregate amount for the current year
								Increase/
								decrease over
		Number of	Value of	Number of	Value of	same period
Business segments	new projects	new contracts	new projects	new contracts	last year
			(RMB'00,000,000)		(RMB'00,000,000)	(%)
Infrastructure construction(Note 1)	786	3,102.9		2,495	9,081.9	17.9
Including	Railway	109	481.4		449	1,490.0	11.0
	Highway	50	322.1	169	1,216.4	-13.5
	Municipal works
	and others	627	2,299.4	1,877	6,375.5	28.8
	Among which:
	Urban rail transit	59	282.1	246	1,358.2	-3.6
Survey, design and consulting services		53.0		174.0	-6.5
Engineering equipment and
component manufacturing		110.8		271.6	1.7
Property development(Note 2)		175.9			420.7	15.5
Other businesses		440.8			948.6	-4.7
Total			3,883.4			10,896.8	14.5

Note 1: The aforementioned aggregate value of new contracts of infrastructure construction business for the year includes an amount of RMB151.28 billion for newly signed infrastructure investment projects, representing a year-on-year increase of 51.2%.

Note 2: The value of new contracts for property development represents the value of the property sales contracts signed by the Company.

10

3.3.2 Value of Contract Backlog by Business Segment

As at the end of the Reporting Period, the Company's contract backlog amounted to RMB3,104.57 billion, representing an increase of 7.0% as compared with that as at the end of last year, among which RMB2,904.28 billion was from infrastructure construction sector, which represents an increase of 8.1% as compared with that as at the end of last year; RMB47.74 billion was from survey, design and consulting services sector, which represents an increase of 15.5% as compared with that as at the end of last year; RMB45.42 billion was from engineering equipment and component manufacturing sector, which represents an increase of 13.3% as compared with that as at the end of last year; and RMB107.12 billion was from other businesses sector, which represents a decrease of 20.1% as compared with that as at the end of last year.

4 SIGNIFICANT EVENTS

4.1 Major Changes to Main Financial Statements Items and Financial Indicators of the Company and the Reasons Thereof.

	At the end of	At the end of
	the Reporting	the previous
Item	Period	year	Change	Explanation of the Change
	(RMB'000)	(RMB'000)	(%)
Cash and cash	110,711,101	134,476,377	-17.67	Necessary materials reserve
equivalents				and timely payment to the
				suppliers	in compliance
				with the	contracts were
				made, to ensure the orderly
				progress of the construction
				and production in the case
				of insufficient payment
				of the project owners; the
				land reserve increased to
				a certain extent; and the
				equity investment in terms
				o f i n v e s t m e n t p r o j e c t s
				increased.
Trade receivables	118,211,467	105,909,473	11.62	Payment period of project
				owners later than the billing
				period.

11

	At the end of	At the end of
	the Reporting	the previous
Item	Period	year	Change	Explanation of the Change
	(RMB'000)	(RMB'000)	(%)
Inventories	214,659,324	165,241,259	29.91	The inventory	of real estate
				projects	has	increased to
				a certain extent; in order
				to ensure	the construction
				progress	of	infrastructure
				projects	and tackle with
				increase in the price of
				raw materials, the raw
				material reserves have been
				increased.
Short-term	95,316,966	72,707,919	31.10	T o s u p p l e m e n t l i q u i d i t y
borrowings				funding needs.

4.2 Progress of Significant Events and Analysis on Its Impact and Solutions Progress on market-driven debt-to-equityswap during the Reporting Period:

The fourteenth meeting of the fourth session of the Board of Directors of the Company and the 2018 first extraordinary general meeting considered and approved the plan on acquisition of assets by way of issuance of shares by the Company, the review of which was suspended on 2 February 2019 pursuant to the Notice Regarding Suspension of the Review of Relevant to the Application for Administrative Permission of the CSRC (No. 182019) and resumed on 24 April 2019 pursuant to the Notice Regarding Resumption of the Review Relevant to the Application for Administrative Permission of the CSRC. The Company obtained on 29 May 2019 the Approval of the Acquisition of Assets by Issuance of Shares of China Railway Group Limited to China Reform Holdings Corporation Limited and Other Entities from the CSRC. The Company adjusted the issue price and number of shares to be issued for acquisition of assets based on the implementation of the 2018 annual dividends distribution plan (the issue price was adjusted to RMB6.75 per share and the number of shares to be issued was adjusted to 1,726,627,740 shares), completed the formalities for registration of changes with the industrial and commercial authorities in connection with the transfer of the target assets on 11 September 2019 and the formalities for registration of new shares in respect of acquisition of assets by issuance of shares on 19 September 2019 respectively, and obtained the Change of Securities Registration Certificate issued by Shanghai Branch of China Securities Depository and Clearing Corporation Limited. The Company's acquisition of assets by way of issuance of shares has completed. For details, please refer to relevant announcements disclosed by the Company on the Shanghai Stock Exchange, the China Securities Journal, the Shanghai Securities News, the Securities Daily and the Securities Times.

12

1. Undertakings that have not been Fulfilled during the Reporting Period Not Applicable
2. Warnings and Explanations on Loss Forecast or Significant Changes Compared with the Corresponding Period of Last Year in Net Profit from the Beginning of the Year to the End of the Next Reporting Period
   Not Applicable

1. APPENDIX - FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH THE ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES OF THE PRC
   Financial statements prepared in accordance with the Accounting Standards for Business Enterprises of the PRC are set out in the appendix to this announcement.
2. PUBLICATION OF THE THIRD QUARTERLY RESULTS ANNOUNCEMENT
   This announcement is simultaneously available on the website of The Stock Exchange of Hong Kong Limited at www.hkexnews.hk and the website of the Company at www.crec.cn. The third quarterly report of 2019 prepared in accordance with the Accounting Standards for Business Enterprises of the PRC will also be available on the website of the Shanghai Stock Exchange at www.sse.com.cn and the website of the Company at www.crec.cn.

By order of the Board

China Railway Group Limited

ZHANG Zongyan

Chairman

30 October 2019

As at the date of this announcement, the executive directors of the Company are ZHANG Zongyan (Chairman), CHEN Yun and ZHANG Xian; the independent non-executive directors are GUO Peizhang, WEN Baoman, ZHENG Qingzhi and CHUNG Shui Ming Timpson; and the non-executive director is MA Zonglin.

13

APPENDIX

1. FINANCIAL STATEMENTS
   Consolidated Balance Sheet 30 September 2019

Prepared by China Railway Group Limited

(All amounts expressed in RMB thousand, unaudited)

	30 September	31 December
Item	2019	2018
Current assets:
Cash and cash equivalents	110,711,101	134,476,377
Trading financial assets	3,620,039	4,294,866
Derivative financial assets	77	650
Bills receivables	4,182,679	3,225,751
Trade receivables	118,211,467	105,909,473
Accounts receivables financing	140,921	354,892
Advances to suppliers	30,279,974	41,612,959
Other receivables	32,912,442	30,242,198
Inventories	214,659,324	165,241,259
Contract assets	119,866,546	109,245,613
Non-current assets due within one year	23,077,711	21,549,614
Other current assets	40,803,997	35,527,983
Total current assets	698,466,278	651,681,635
Non-current assets:
Debt investments	17,147,803	12,474,286
Long-term receivables	12,586,258	11,953,550
Long-term equity investments	47,272,776	35,432,741
Other equity instrument investments	8,234,455	5,792,060
Other non-current financial assets	9,816,890	7,366,277
Investment properties	10,345,756	10,607,174
Fixed assets	58,853,795	55,873,637
Construction in progress	6,813,379	8,434,697
Right-of-use assets	2,514,181
Intangible assets	67,499,987	60,233,008
Goodwill	1,010,479	898,705
Long-term deferred expenses	1,046,563	1,091,985
Deferred income tax assets	7,455,042	6,866,394
Other non-current assets	80,084,778	73,969,952
Total non-current assets	330,682,142	290,994,466
Total assets	1,029,148,420	942,676,101

14

Consolidated Balance Sheet (Continued)
	30 September	31 December
Item	2019	2018
Current liabilities:
Short-term borrowings	95,316,966	72,707,919
Trading financial liabilities	87,362	69,340
Derivative financial liabilities		1,622
Bills payables	63,985,787	58,548,739
Trade payables	273,550,336	285,252,004
Advances from customers	268,555	282,735
Contract liabilities	97,613,437	91,999,246
Deposit taking and deposits from peers	219,790	823,468
Accrued payroll	3,343,536	3,608,830
Taxes payables	11,114,621	9,838,365
Other payables	65,253,929	56,602,737
Non-current liabilities due within one year	27,691,761	26,203,493
Other current liabilities	19,027,985	16,522,113
Total current liabilities	657,474,065	622,460,611
Non-current liabilities:
Long-term borrowings	78,009,313	56,031,383
Bonds payables	41,841,746	27,994,935
Including: Preference shares
Perpetual notes
Lease liabilities	1,219,189
Long-term payables	10,053,644	7,686,698
Long-term accrued payroll	2,912,038	3,029,137
Accrued liabilities	1,480,871	1,001,566
Deferred income	942,448	991,316
Deferred income tax liabilities	1,144,401	1,162,707
Other non-current liabilities	239,800	173,720
Total non-current liabilities	137,843,450	98,071,462
Total liabilities	795,317,515	720,532,073

15

Consolidated Balance Sheet (Continued)
	30 September	31 December
Item	2019	2018
Equity:
Share capital	24,570,929	22,844,302
Other equity instruments	28,928,097	31,930,947
Including: Preference shares
Perpetual notes	28,928,097	31,930,947
Capital reserve	55,218,483	46,370,629
Less: Treasury stock
Other comprehensive income	-262,974	-322,990
Specific reserve
Surplus reserve	8,377,863	8,377,863
General risk reserve	2,529,644	2,519,101
Accumulated profits	91,259,178	80,062,480
Equity attributable to equity holders of the Company	210,621,220	191,782,332
Minority interests	23,209,685	30,361,696
Total equity	233,830,905	222,144,028
Total liabilities and equity	1,029,148,420	942,676,101

Legal representative of the Company: ZHANG Zongyan

Person in charge of accounting affairs: YANG Liang

Person in charge of the accounting department: HE Wen

16

Company Balance Sheet

30 September 2019

Prepared by China Railway Group Limited

(All amounts expressed in RMB thousand, unaudited)

	30 September	31 December
Item	2019	2018
Current assets:
Cash and cash equivalents	21,407,029	45,423,076
Trading financial assets	56,403	59,468
Derivative financial assets	77	186
Bills receivables
Trade receivables	8,951,692	10,999,210
Accounts receivables financing
Advances to suppliers	5,080,002	4,269,685
Other receivables	11,179,528	5,807,809
Inventories	19,553	5,807
Contract assets	3,120,612	1,801,711
Held-for-sale assets
Non-current assets due within one year	2,984,818	3,752,947
Other current assets	70,729,419	71,029,609
Total current assets	123,529,133	143,149,508
Non-current assets:
Debt investments	900,000	1,652,414
Long-term receivables	1,177,460	934,955
Long-term equity investments	197,995,004	172,822,030
Other equity instrument investments	1,776,960	1,747,930
Other non-current financial assets	517,850	692,850
Investment properties	125,903	128,648
Fixed assets	259,043	281,192
Construction in progress	42,690	37,192
Right-of-use assets	13,042	0
Intangible assets	576,559	571,902
Long-term deferred expenses	71,577	84,070
Deferred income tax assets	370,260	371,888
Other non-current assets	7,293,014	6,968,809
Total non-current assets	211,119,362	186,293,880
Total assets	334,648,495	329,443,388

17

Company Balance Sheet (Continued)
	30 September	31 December
Item	2019	2018
Current liabilities:
Short-term borrowings	19,090,000	22,600,000
Trade payables	18,838,390	17,361,092
Advances from customers
Contract liabilities	8,569,961	8,974,244
Accrued payroll	6,235	12,789
Taxes payables	598,216	214,602
Other payables	62,243,292	88,559,551
Non-current liabilities due within one year	7,616,394	5,635,779
Other current liabilities	1,681,679	805,187
Total current liabilities	118,644,167	144,163,244
Non-current liabilities:
Long-term borrowings	150,104	10,858
Bonds payables	31,236,669	17,750,813
Including: Preference shares	0	0
Perpetual notes	0	0
Lease liabilities	8,060	0
Long-term payables	4,260,383	3,573,474
Long-term accrued payroll	10,967	13,910
Accrued liabilities
Deferred income	11,001	4,105
Deferred income tax liabilities		0
Other non-current liabilities
Total non-current liabilities	35,677,184	21,353,160
Total liabilities	154,321,351	165,516,404
Equity:
Share capital	24,570,929	22,844,302
Other equity instruments	28,928,097	31,930,947
Including: Preference shares	0	0
Perpetual notes	28,928,097	31,930,947
Capital reserve	60,881,652	51,736,226
Less: Treasury stock	0	0
Other comprehensive income	-200,626	-197,899
Surplus reserve	7,706,483	7,706,483
Accumulated profits	58,440,609	49,906,925
Total equity	180,327,144	163,926,984
Total liabilities and equity	334,648,495	329,443,388

Legal representative of the Company: ZHANG Zongyan

Person in charge of accounting affairs: YANG Liang

Person in charge of the accounting department: HE Wen

18

Consolidated Income Statement

January - September 2019

Prepared by China Railway Group Limited

		(All amounts expressed in RMB thousand, unaudited)
		Third	Third	First three	First three
		quarter	quarter	quarters	quarters
		of 2019	of 2018	of 2019	of 2018
		(July-	(July-	(January-	(January-
Item		September)	September)	September)	September)
1.	Total operating revenue	209,984,143	179,664,592	571,870,720	495,768,108
	Including: Revenue	209,359,534	178,927,691	570,180,531	493,425,418
	Interest income	238,172	203,622	754,062	704,556
	Insurance premium received
	Handling fees and
	commission
	revenue	386,437	533,279	936,127	1,638,134
2.	Total operating costs	203,377,012	174,068,349	551,145,865	477,137,492
	Including: Cost of sales	188,966,675	161,945,737	514,253,412	445,035,946
	Interest expenses	257,746	94,163	494,579	280,303
	Tax and surcharges	1,252,490	1,176,397	3,408,168	3,182,475
	Selling expenses	1,073,861	723,316	2,910,560	2,226,531
	Administrative
	expenses	5,758,201	5,415,011	15,850,382	15,062,755
	Research and
	development
	expenditures	4,924,385	3,552,942	10,469,990	7,869,460
	Finance expenses	1,143,654	1,160,783	3,758,774	3,480,022
	Including:
	Interest expenses	2,068,080	1,901,165	4,717,339	4,341,888
	Interest revenue	452,234	441,443	1,137,472	1,040,216
	Add: Other income	46,853	-18,379	373,625	240,573
	Investment income
	(loss is marked with "-")	503,217	315,357	1,089,098	1,601,607
	Including: Investment
	income on associates
	and joint ventures	586,334	501,661	1,384,921	1,265,623
	Gain on derecognition of
	financial assets carried
	at amortized costs	-145,695	-2,100	-1,119,761	-408,905
	Gain on changes in fair value
	(loss is marked with "-")	-50,060	23,384	62,921	75,144
	Impairment on credit losses
	(loss is marked with "-")	-295,121	-875,237	-1,516,607	-3,080,912
	Impairment losses on assets
	(loss is marked with "-")	3,107	33,868	-3,986	50,302
	Gain on disposal of assets
	(loss is marked with "-")	42,635	-5,843	107,972	19,971

19

Consolidated Income Statement (Continued)
		Third	Third	First three	First three
		quarter	quarter	quarters	quarters
		of 2019	of 2018	of 2019	of 2018
		(July-	(July-	(January-	(January-
Item		September)	September)	September)	September)
3.	Profit from operations
	(loss is marked with "-")	6,857,762	5,069,393	20,837,878	17,537,301
	Add: Non-operating income	157,388	279,256	554,558	475,825
	Less: Non-operating expenses	79,416	307,589	443,031	552,556
4.	Profit before tax
	(loss is marked with "-")	6,935,734	5,041,060	20,949,405	17,460,570
	Less: Income tax expense	1,476,995	1,254,312	4,227,782	4,261,370
5.	Net profit
	(net loss is marked with "-")	5,458,739	3,786,748	16,721,623	13,199,200

1. By operation continuity
2. 1. Net profit from continuing operation (net

loss is marked with "-")

5,458,739

3,786,748

16,721,623

13,199,200

1. 1. Net profit from discontinued operation (net loss is marked with "-")
2. By ownership
3. 1. Net profit attributable to owners of the Company

(net loss is marked with
"-")	4,963,840	3,492,416	15,477,531	13,044,817
(ii) Minority interests (net
loss is marked with "-")	494,899	294,332	1,244,092	154,383

6. Other comprehensive income,

net of tax	-271,501	-377,289	-239,744	-586,121
Other comprehensive income,
net of tax attributable to
owners of the Company	-66,046	-433,741	-58,976	-585,794

1. Other comprehensive income which will not be reclassified

to profit or loss

-55,607

126,113

-71,089

-64,084

1. Changes in remeasurement of defined

benefit obligations

9

16,989

-659

-64,084

1. Other comprehensive income which cannot be reclassified to profit or loss under the equity method

20

Consolidated Income Statement (Continued)
	Third	Third	First three	First three
	quarter	quarter	quarters	quarters
	of 2019	of 2018	of 2019	of 2018
	(July-	(July-	(January-	(January-
Item	September)	September)	September)	September)

1. Changes in fair value of other equity instrument

investments

-55,616

109,124

-70,430

0

1. 1. Changes in fair value of corporate credit risks
2. Other comprehensive income which will be reclassified to

profit or loss

-10,439

-559,854

12,113

-521,710

1. Other comprehensive income which can be reclassified to profit or loss under the equity

method

-8,909

-729,384

38

-705,700

1. Cash flow hedge reserve (Effective portion of profit or loss on cash flow

hedge)

110

0

110

0

1. Differences on translation of financial statements prepared in foreign

	currencies	-4,834	169,880	11,965	183,493
	(iv) Others	3,194	-350	0	497
	Other comprehensive income,
	net of tax attributable to
	minority interests	-205,455	56,452	-180,768	-327
7.	Total comprehensive income	5,187,238	3,409,459	16,481,879	12,613,079
	Total comprehensive income
	attributable to owners of
	the Company	4,897,794	3,058,675	15,418,555	12,459,023
	Total comprehensive income
	attributable to minority interests	289,444	350,784	1,063,324	154,056
8.	Earnings per share:
	(1) Basic earnings per share
	(RMB/share)	0.214	0.168	0.613	0.562
	(2) Diluted earnings per share
	(RMB/share)	0.214	0.168	0.613	0.562

For business combination under common control during the Reporting Period, the net profit realized by the acquiree before combination was RMB Nil and the net profit realized by the acquiree for the reporting period of previous year was RMB Nil.

Legal representative of the Company: ZHANG Zongyan

Person in charge of accounting affairs: YANG Liang

Person in charge of the accounting department: HE Wen

21

Company Income Statement

January - September 2019

Prepared by China Railway Group Limited

		(All amounts expressed in RMB thousand, unaudited)
		Third	Third	First three	First three
		quarter	quarter	quarters	quarters
		of 2019	of 2018	of 2019	of 2018
		(July-	(July-	(January-	(January-
Item		September)	September)	September)	September)
1.	Revenue	14,123,537	9,550,567	36,511,062	27,102,192
	Less: Cost of sales	13,022,373	8,931,857	34,099,787	25,434,326
	Tax and surcharges	8,569	6,348	56,848	59,897
	Selling expenses
	Administrative expenses	137,344	151,546	330,563	310,910
	Research and development
	expenditures	6,894	973	8,766	5,132
	Finance expenses	768,431	517,465	1,982,980	1,250,478
	Including: Interest expenses	664,505	468,610	1,964,165	1,629,818
	Interest revenue	36,142	35,436	144,972	237,123
	Add: Other income	31	0	31	0
	Investment income
	(loss is marked with "-")	11,442,014	10,001,285	13,713,562	12,583,627
	Including: Investment income
	on associates and joint
	ventures	0	39,354	111,031	150,719
	Gain on derecognition of
	financial assets carried
	at amortized costs	-32,365	0	-323,904	-301,871
	Gain on net open hedging
	position (loss is marked
	with "-")
	Gain on changes in fair value
	(loss is marked with "-")	-5,211	0	-3,065	-3,678
	Impairment on credit losses
	(loss is marked with "-")	-191,845	16	-20,139	-45,922
	Impairment losses on assets
	(loss is marked with "-")	0	0	0	0
	Gain on disposal of assets
	(loss is marked with "-")
2.	Profit from operations
	(loss is marked with "-")	11,424,915	9,943,679	13,722,507	12,575,476
	Add: Non-operating income	12,611	591	14,035	732
	Less: Non-operating expenses	0	39,649	16,040	39,699
3.	Profit before tax
	(loss is marked with "-")	11,437,526	9,904,621	13,720,502	12,536,509
	Less: Income tax expense	224,361	126,915	649,522	359,718

22

Company Income Statement (Continued)
	Third	Third	First three	First three
	quarter	quarter	quarters	quarters
	of 2019	of 2018	of 2019	of 2018
	(July-	(July-	(January-	(January-
Item	September)	September)	September)	September)

4. Net profit

	(net loss is marked with "-")	11,213,165	9,777,706	13,070,980	12,176,791
	(1) Net profit from continuing
		operation (net loss is marked
		with "-")	11,213,165	9,777,706	13,070,980	12,176,791
	(2) Net profit from discontinued
		operation (net loss is marked
		with "-")	0	0	0	0
5.	Other comprehensive income,
	net of tax	-21,012	-103,153	-2,727	-109,606
	(1)	Other comprehensive income
		which will not be reclassified
		to profit or loss	0	449	21,773	81
		(i)	Changes in
			remeasurement of defined
			benefit obligations	0	491	0	123
		(ii)	Other comprehensive
			income which cannot
			be reclassified to profit
			or loss under the equity
			method	0	-42	0	-42
		(iii)	Changes in fair value of
			other equity instrument
			investments	0	0	21,773	0
		(iv)	Changes in fair value of
			corporate credit risks	0	0	0	0
	(2)	Other comprehensive income
		which will be reclassified to
		profit or loss	-21,012	-103,602	-24,500	-109,687
		(i)	Other comprehensive
			income which can be
			reclassified to profit or
			loss under the equity
			method	0	42	2	0
		(ii)	Differences on translation
			of financial statements
			prepared in foreign
			currencies	-21,012	-103,644	-24,502	-109,687
		(iii)	Others

23

Company Income Statement (Continued)
		Third	Third	First three	First three
		quarter	quarter	quarters	quarters
		of 2019	of 2018	of 2019	of 2018
		(July-	(July-	(January-	(January-
Item		September)	September)	September)	September)
6.	Total comprehensive income	11,192,152	9,674,553	13,068,252	12,067,185

7. Earnings per share:

(1)	Basic earnings per share
	(RMB/share)	N/A	N/A	N/A	N/A
(2)	Diluted earnings per share
	(RMB/share)	N/A	N/A	N/A	N/A

Legal representative of the Company: ZHANG Zongyan

Person in charge of accounting affairs: YANG Liang

Person in charge of the accounting department: HE Wen

24

Consolidated Cash Flow Statement

January - September 2019

Prepared by China Railway Group Limited

	(All amounts expressed in RMB thousand, unaudited)
	First three	First three
	quarters	quarters
	of 2019	of 2018
	(January-	(January-
Item	September)	September)

1. Cash flow from operating activities:

Cash received from sales of goods and services

	rendered	617,841,257	558,145,851
	Net increase in deposits taking and deposits from peers		950,122
	Net increase in borrowings from central banks	956,724	1,081,605
	Net decrease in loans and advances from customers	844,532	1,397,476
	Cash received from interests, handling fees and
	commission	2,449,938	2,342,690
	Receipt of tax refund	331,952	109,761
	Cash received relating to other operating activities	8,542,366	5,357,940
	Sub-total of cash inflows from operating activities	630,966,769	569,385,445
	Cash paid for purchase of goods and services received	579,894,183	526,505,329
	Net decrease in deposits from customers	603,678
	Cash paid for interests, handling fees and commission	494,579	280,303
	Cash paid to and on behalf of employees	44,093,744	39,534,588
	Tax payments	17,150,211	13,262,151
	Cash paid relating to other operating activities	29,646,849	22,482,991
	Sub-total of cash outflows from operating activities	671,883,244	602,065,362
	Net cash flow from operating activities	-40,916,475	-32,679,917
2.	Cash flow from investing activities:
	Cash received from disposal of investments	6,972,203	12,949,856
	Cash received from return on investments	1,263,065	2,110,375
	Net cash receipts from disposal of fixed assets,
	intangible assets and other long-term assets	647,832	523,083
	Net cash receipts from disposal of subsidiaries and
	other operating units		164,771
	Cash received relating to other investing activities	3,305,169	3,648,140
	Sub-total of cash inflows from investing activities	12,188,269	19,396,225
	Cash paid for acquisition of fixed assets, intangible
	assets and other long-term assets	9,258,527	8,785,499
	Cash paid for acquisition of investments	29,648,323	25,371,795
	Net increase in pledged loans
	Net cash paid for acquisition of subsidiaries and
	other operating units		4,706,616
	Cash paid relating to other investing activities		962,379
	Sub-total of cash outflows from investing activities	38,906,850	39,826,289
	Net cash flow from investing activities	-26,718,581	-20,430,064

25

Consolidated Cash Flow Statement (Continued)
		First three	First three
		quarters	quarters
		of 2019	of 2018
		(January-	(January-
Item		September)	September)
3.	Cash flow from financing activities:
	Cash received from investors	1,920,299	13,487,719
	Including: Cash received by subsidiaries for investment
	by minority shareholders	1,920,299	13,487,719
	Cash received from borrowings	106,078,735	84,710,805
	Cash received relating to other financing activities	16,493,921	0
	Sub-total of cash inflows from financing activities	124,492,955	98,198,524
	Cash paid for repayment of borrowings	61,332,549	66,830,535
	Cash paid for dividends, profit distribution or interest
	payment	9,617,567	8,826,038
	Including: Dividends and profits paid to minority
	shareholders by subsidiaries	240,255	236,397
	Cash paid relating to other financing activities	4,409,435	1,082,270
	Sub-total of cash outflows from financing activities	75,359,551	76,738,843
	Net cash flow from financing activities	49,133,404	21,459,681

4. Effect of foreign exchange rate changes on cash and

	cash equivalents	235,752	159,322
5.	Net increase in cash and cash equivalents	-18,265,900	-31,490,978
	Add: Balances of cash and cash equivalents at
	the beginning of the period	117,767,642	116,688,297

6. Balances of cash and cash equivalents at the end

of the period

99,501,742

85,197,319

Legal representative of the Company: ZHANG Zongyan

Person in charge of accounting affairs: YANG Liang

Person in charge of the accounting department: HE Wen

26

Company Cash Flow Statement

January - September 2019

Prepared by China Railway Group Limited

	(All amounts expressed in RMB thousand, unaudited)
		First three	First three
		quarters	quarters
		of 2019	of 2018
		(January-	(January-
Item		September)	September)
1.	Cash flow from operating activities:
	Cash received from sales of goods and services rendered	38,572,605	26,328,570
	Receipt of tax refund	0	0
	Cash received relating to other operating activities	3,474	6,439,893
	Sub-total of cash inflows from operating activities	38,576,079	32,768,463
	Cash paid for purchase of goods and services received	33,618,777	34,172,943
	Cash paid to and on behalf of employees	464,770	295,240
	Tax payments	958,857	1,155,354
	Cash paid relating to other operating activities	13,805,837	3,672,942
	Sub-total of cash outflows from operating activities	48,848,241	39,296,479
	Net cash flow from operating activities	-10,272,162	-6,528,016

2. Cash flow from investing activities:

	Cash received from disposal of investments	11,439,416	10,097,308
	Cash received from return on investments	13,046,927	7,512,202
	Net cash received from disposal of fixed assets,
	intangible assets and other long-term assets	0	72
	Cash received relating to other investing activities	0	9,000,000
	Sub-total of cash inflows from investing activities	24,486,343	26,609,582
	Cash paid for acquisition of fixed assets, intangible
	assets and other long-term assets	12,430	17,019
	Cash paid for acquisition of investments	18,844,246	16,433,723
	Net cash paid for acquisition of subsidiaries or other
	operating units
	Cash paid relating to other investing activities	0	10,000,000
	Sub-total of cash outflows from investing activities	18,856,676	26,450,742
	Net cash flow from investing activities	5,629,667	158,840
3.	Cash flow from financing activities:
	Cash received from investors		0
	Cash received from borrowings	37,264,379	16,189,678
	Cash received relating to other financing activities	0	0
	Sub-total of cash inflows from financing activities	37,264,379	16,189,678
	Cash paid for repayment of borrowings	25,054,000	3,913,420
	Cash paid for dividends, profit distribution or interest
	payment	4,880,764	4,475,156
	Cash paid relating to other financing activities	26,843,817	23,945,158
	Sub-total of cash outflows from financing activities	56,778,581	32,333,734
	Net cash flow from financing activities	-19,514,202	-16,144,056

27

Company Cash Flow Statement (Continued)
	First three	First three
	quarters	quarters
	of 2019	of 2018
	(January-	(January-
Item	September)	September)

4. Effect of foreign exchange rate changes on cash and

	cash equivalents	140,202	178,544
5.	Net increase in cash and cash equivalents	-24,016,495	-22,334,688
	Add: Balances of cash and cash equivalents at the
	beginning of the period	45,423,524	41,710,206

6. Balance of cash and cash equivalents at the end of

the period

21,407,029

19,375,518

Legal representative of the Company: ZHANG Zongyan

Person in charge of accounting affairs: YANG Liang

Person in charge of the accounting department: HE Wen

28

1. EFFECT OF FIRST ADOPTION OF NEW FINANCIAL INSTRUMENT STANDARD, NEW REVENUE STANDARD AND NEW LEASES STANDARD ON THE OPENING BALANCE OF FINANCIAL STATEMENTS IN THE YEAR OF FIRST ADOPTION
   Consolidated Balance Sheet

	(All amounts expressed in RMB thousand)
	31 December	1 January
Item	2018	2019	Adjustments
Current assets:
Cash and cash equivalents	134,476,377	134,476,377
Trading financial assets	4,294,866	4,294,866
Derivative financial assets	650	650
Bills receivables	3,225,751	3,225,751
Trade receivables	105,909,473	105,909,473
Accounts receivables financing	354,892	354,892
Advances to suppliers	41,612,959	41,471,870	-141,089
Other receivables	30,242,198	30,242,198
Inventories	165,241,259	165,241,259
Contract assets	109,245,613	109,245,613
Non-current assets due within one year	21,549,614	21,549,614
Other current assets	35,527,983	35,527,983
Total current assets	651,681,635	651,540,546	-141,089
Non-current assets:
Debt investments	12,474,286	12,474,286
Long-term receivables	11,953,550	11,953,550
Long-term equity investments	35,432,741	35,432,741
Other equity instrument investments	5,792,060	5,792,060
Other non-current financial assets	7,366,277	7,366,277
Investment properties	10,607,174	10,607,174
Fixed assets	55,873,637	55,593,351	-280,286
Construction in progress	8,434,697	8,434,697
Right-of-use assets		2,661,791	2,661,791
Intangible assets	60,233,008	60,233,008
Development expenditures
Goodwill	898,705	898,705
Long-term deferred expenses	1,091,985	1,091,985
Deferred income tax assets	6,866,394	6,866,394
Other non-current assets	73,969,952	73,969,952
Total non-current assets	290,994,466	293,375,971	2,381,505
Total assets	942,676,101	944,916,517	2,240,416

29

Consolidated Balance Sheet (Continued)
	31 December	1 January
Item	2018	2019	Adjustments
Current liabilities:
Short-term borrowings	72,707,919	72,707,919
Trading financial liabilities	69,340	69,340
Derivative financial liabilities	1,622	1,622
Bills payables	58,548,739	58,548,739
Trade payables	285,252,004	285,252,004
Advances from customers	282,735	282,735
Contract liabilities	91,999,246	91,999,246
Deposits taking and deposits from peers	823,468	823,468
Accrued payroll	3,608,830	3,608,830
Taxes payables	9,838,365	9,838,365
Other payables	56,602,737	56,602,737
Non-current liabilities due within one year	26,203,493	27,403,240	1,199,747
Other current liabilities	16,522,113	16,522,113
Total current liabilities	622,460,611	623,660,358	1,199,747
Non-current liabilities:
Long-term borrowings	56,031,383	56,031,383
Bonds payables	27,994,935	27,994,935
Including: Preference shares
Perpetual notes
Lease liabilities		1,200,393	1,200,393
Long-term payables	7,686,698	7,526,974	-159,724
Long-term accrued payroll	3,029,137	3,029,137
Accrued liabilities	1,001,566	1,001,566
Deferred income	991,316	991,316
Deferred income tax liabilities	1,162,707	1,162,707
Other non-current liabilities	173,720	173,720
Total non-current liabilities	98,071,462	99,112,131	1,040,669
Total liabilities	720,532,073	722,772,489	2,240,416
Equity:
Share capital	22,844,302	22,844,302
Other equity instruments	31,930,947	31,930,947
Including: Preference shares
Perpetual notes	31,930,947	31,930,947
Capital reserve	46,370,629	46,370,629
Less: Treasury stock
Other comprehensive income	-322,990	-322,990
Specific reserve
Surplus reserve	8,377,863	8,377,863
General risk reserve	2,519,101	2,519,101
Accumulated profits	80,062,480	80,062,480
Equity attributable to equity holders of
the Company	191,782,332	191,782,332
Minority interests	30,361,696	30,361,696
Total equity	222,144,028	222,144,028
Total liabilities and equity	942,676,101	944,916,517	2,240,416

30

Company Balance Sheet
	(All amounts expressed in RMB thousand)
	31 December	1 January
Item	2018	2019	Adjustments
Current assets:
Cash and cash equivalents	45,423,076	45,423,076
Trading financial assets	59,468	59,468
Derivative financial assets	186	186
Bills receivables	0	0
Trade receivables	10,999,210	10,999,210
Accounts receivables financing	0	0
Advances to suppliers	4,269,685	4,265,825	-3,860
Other receivables	5,807,809	5,807,809
Including: Interests receivables	0	0
Dividends receivables	1,774,221	1,774,221
Inventories	5,807	5,807
Contract assets	1,801,711	1,801,711
Assets held for sale
Non-current assets due within one year	3,752,947	3,752,947
Other current assets	71,029,609	71,029,609
Total current assets	143,149,508	143,145,648	-3,860
Non-current assets:
Debt investments	1,652,414	1,652,414
Available-for-sale financial assets
Other debt investments
Held-to-maturity investments
Long-term receivables	934,955	934,955
Long-term equity investments	172,822,030	172,822,030
Other equity instrument investments	1,747,930	1,747,930
Other non-current financial assets	692,850	692,850
Investment properties	128,648	128,648
Fixed assets	281,192	281,192
Construction in progress	37,192	37,192
Productive biological assets
Oil and gas assets
Right-of-use assets	0	9,561	9,561
Intangible assets	571,902	571,902
Development expenditures
Goodwill
Long-term deferred expenses	84,070	84,070
Deferred income tax assets	371,888	371,888
Other non-current assets	6,968,809	6,968,809
Total non-current assets	186,293,880	186,303,441	9,561
Total assets	329,443,388	329,449,089	5,701

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Company Balance Sheet (Continued)
	31 December	1 January
Item	2018	2019	Adjustments
Current liabilities:
Short-term borrowings	22,600,000	22,600,000
Trading financial liabilities
Financial assets measured at fair value and
its changes recognised in profit and loss of
current period
Derivative financial liabilities
Bills payables
Trade payables	17,361,092	17,361,092
Advances from customers
Contract liabilities	8,974,244	8,974,244
Accrued payroll	12,789	12,789
Taxes payables	214,602	214,602
Other payables	88,559,551	88,559,551
Including: Interests payables	0	0
Dividends payables	363,167	363,167
Held-for-sale liabilities
Non-current liabilities due within one year	5,635,779	5,639,575	3,796
Other current liabilities	805,187	805,187
Total current liabilities	144,163,244	144,167,040	3,796
Non-current liabilities:
Long-term borrowings	10,858	10,858
Bonds payables	17,750,813	17,750,813
Including: Preference shares	0	0
Perpetual notes	0	0
Lease liabilities	0	1,905	1,905
Long-term payables	3,573,474	3,573,474
Long-term accrued payroll	13,910	13,910
Accrued liabilities
Deferred income	4,105	4,105
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities	21,353,160	21,355,065	1,905
Total liabilities	165,516,404	165,522,105	5,701
Equity:
Share capital	22,844,302	22,844,302
Other equity instruments	31,930,947	31,930,947
Including: Preference shares	0	0
Perpetual notes	31,930,947	31,930,947
Capital reserve	51,736,226	51,736,226
Less: Treasury stock	0	0
Other comprehensive income	-197,899	-197,899
Specific reserve
Surplus reserve	7,706,483	7,706,483
Accumulated profits	49,906,925	49,906,925
Total equity	163,926,984	163,926,984
Total liabilities and equity	329,443,388	329,449,089	5,701

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III E X P L A N A T I O N O N C O M P A R A T I V E F I G U R E S R E G A R D I N G T H E RETROSPECTIVE ADJUSTMENTS ON FIRST ADOPTION OF NEW FINANCIAL INSTRUMENT STANDARD AND NEW LEASES STANDARD

Not applicable

IV AUDIT REPORT

Not applicable

33