BBMG : THIRD QUARTERLY REPORT FOR 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.

北 京 金 隅 集 團 股 份 有 限 公 司

BBMG Corporation*

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

(Stock Code: 2009)

THIRD QUARTERLY REPORT FOR 2019

This announcement is made in accordance with Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the provisions about inside information (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The board of directors (the "Board") of BBMG Corporation* 北 京 金 隅 集 團 股 份 有 限 公 司 (the "Company") is pleased to announce the unaudited results of the Company and its subsidiaries (collectively, the "Group") for the nine months ended 30 September 2019 (the "Reporting Period") and three months ended 30 September 2019 (the "Period").

During the Reporting Period, the Group recorded operating revenue of approximately RMB67,363.8 million, net profit of approximately RMB5,314.0 million, with total net profit attributable to owners of the parent company amounting to approximately RMB3,716.2 million and basic earnings per share of RMB0.35.

All financial information set out in this quarterly report is unaudited and prepared in accordance with China Accounting Standards for Business Enterprises.

The contents of this report are consistent with the announcement published on the Shanghai Stock Exchange. This announcement is published simultaneously domestically and overseas.

- 1 -

1. IMPORTANT NOTICE

1. The Board, the supervisory board, the directors, the supervisors and the senior management of the Company guarantee that the contents of this quarterly report are true, accurate and complete and that there are no false representations, misleading statements or material omissions in this quarterly report, for which they shall assume joint and several liabilities.
2. All directors attended the Board meeting for reviewing this quarterly report.
3. Jiang Deyi, the Chairman of the Company, Chen Guogao, the chief accountant and Zhu Yan, the head of the accounting department (Accounting Supervisor), guarantee that the financial statements contained in this quarterly report are true, accurate and complete.
4. The financial statements contained in the third quarterly report of the Company have not been audited.

1. MAIN FINANCIAL DATA OF THE COMPANY AND CHANGES IN SHAREHOLDERS

1. Major financial data

Unit and Currency: RMB

			Change (as compared
	End of the	As at the end of the	with the end of the
	Reporting Period	previous year	previous year) (%)
Total assets	278,950,271,357.39	268,276,091,699.13	3.98
Net assets attributable to the	60,584,667,129.34	57,665,471,499.88	5.06
shareholders of the listed company
	From the beginning	From the beginning of
	of the Reporting	the previous year to the
	Period to the end of	end of the reporting
	the Reporting	period of the previous	Year-on-year change (%)
	Period (January to	year
	September)	(January to September)
Net cash flows from operating	4,229,689,326.95	-4,831,019,803.56	187.55
activities
	From the beginning	From the beginning of
	of the Reporting	the previous year to the
	Period to the end of	end of the reporting	Year-on-year change (%)
	the Reporting	period of the previous
		year
	- 2 -

	Period (January to	(January to September)
	September)
Operating revenue	67,363,848,512.88	56,064,386,250.71	20.15
Net profit attributable to equity holders	3,716,227,625.61	3,103,194,348.13	19.75
of the listed company
Net profit attributable to the	3,123,063,182.39	2,800,395,004.90	11.52
shareholders of the listed company
after deducting non- recurring profit
and loss
Weighted average return on net assets	6.27	5.87	Increase by 0.40
(%)			percentage point
Basic earnings per share (RMB/share)	0.35	0.29	20.69
Diluted earnings per share	0.35	0.29	20.69
(RMB/share)

Non-recurring profit and loss items and amounts "√ Applicable" "□ Not applicable"

Unit and Currency: RMB

		Amount from the	Expl
	Amount for the	beginning of the	anat
	Reporting Period	ion
	Period
Items	to the end of the
(July to
	Reporting Period
	September)
	(January to
		September)
Profit or loss on disposal of non-current assets	-10,301,081.32	-21,989,676.59
Tax rebate or tax concessions with unauthorised approval or without official
approval documents or on an occasional basis
Government grants recognised through profit or loss for the period	64,554,228.79	83,226,106.47
(excluding those closely related to the Company's normal business
operations, which comply with national policies and can be enjoyed
continuously based on a fixed amount or quantity)
Capital occupancy fee from non-financial enterprises recognized through	44,923,201.39	373,183,187.85
profit or loss for the period
Gain arising from investment costs for acquisition of subsidiaries, associates		9,248,144.36
and joint ventures being less than the fair value of the share of the identifiable
net assets of the investee entitled at the time of acquisition
Profit or loss from exchange of non- monetary assets
Gains or losses from discretionary investment or asset management
Provision for impairment of assets due to force majeure such as natural
disaster
Profit or loss from debt restructuring	-383,147,259.37	-372,045,427.63
Corporate restructuring expenses, such as expenses on employee placement,
integration costs, etc.
- 3 -

Profit or loss arising from the excess of the unfair consideration over the fair
value of a transaction
Net profit or loss for the period of subsidiaries formed by business
combination under common control from the beginning of the period to the
date of combination
Profit or loss from contingencies irrelevant to the normal operations of the
Company
Profit or loss from change in fair value of held-for-trading financial assets	-4,074,071.10	11,956,606.75
and held-for-trading financial liabilities, and investment gains from disposal
of held-for-trading financial assets, held-for-trading financial liabilities and
Write back of the provision for impairment of receivables that are		87,623,789.11
individually tested for impairment
Gains or losses from external entrusted loans
Profit or loss from changes in fair value of investment properties using the	-724,378.53	437,976,002.84
fair value model for subsequent measurement
Effects on profit or loss for the period of one-off adjustment to profit or loss
for the period in accordance with laws and regulations on taxation and
accounting, etc.
Entrustment fees income from entrusted operations
Other non-operating income and expenses other than the foregoing items	27,861,047.72	42,490,326.67
Other profit and loss items falling within the meaning of nonrecurring profit
and loss
Investment gains from disposal of subsidiaries, associates and joint ventures	4,969,915.45	13,498,877.02
Effect of minority interests (after tax)	204,530,742.39	94,288,490.58
Effect of income tax	19,111,732.10	-166,291,984.21
Total	-32,295,922.48	593,164,443.22

2. Total number of shareholders, shareholding of the top ten shareholders and the top ten shareholders of tradable shares (or not subject to lock-up restrictions) as at the end of the Reporting Period

Unit: Share

Total number of shareholders						164,884
	Particulars of the top 10 shareholders
Name of shareholder	End of the	Shareho		Number of	Pledged or frozen	Nature of
(in full)	Reporting	lding		trade restricted	Status of	Number of	sharehold
	Period	(%)		Shares held	Shares	Shares	er
	Number of
	shares held
Beijing State-owned							State-
						owned
Capital Operation and	4,797,357,572	44.93	0	Nil	0
legal
Management Center
						person
			- 4 -

HKSCC Nominees

2,338,764,870

21.90

0

Nil

0

Unknown

Limited

China National

State-

owned

Materials Company

459,940,000

4.31

0

Nil

0

legal

Limited

person

China Securities

Finance Corporation

320,798,573

3.00

0

Nil

0

Unknown

Limited

Hong Kong Securities

Clearing Company

98,998,797

0.93

0

Nil

0

Unknown

Limited

Domestic

Winfirst Investment

non-state-

Group Company

75,140,000

0.70

0

Pledged

75,140,000

owned

Limited

legal

person

Central Huijin Asset

66,564,000

0.62

0

Nil

0

Unknown

Management Ltd.

Guangfa Securities

Company Limited

Customer Credit

52,789,225

0.49

0

Nil

0

Unknown

Transaction Guarantee

Securities Account

CITIC Securities

Company Limited

Customer Credit

45,656,950

0.43

0

Nil

0

Unknown

Transaction Guarantee

Securities Account

Beijing Jingguofa

Equity Investment

43,115,900

0.40

0

Nil

0

Unknown

Fund (Limited

Partnership)

Shareholding of top ten shareholders of shares not subject to lock-up restrictions

Name of shareholder

Number of tradable shares

Type and number of shares

held not subject to lock-up

Number

restrictions

Type

Beijing State-owned Capital

RMB-

4,608,678,328

denominated

4,608,678,328

Operation and Management Center

ordinary shares

HKSC Nominees Limited

2,338,764,870

Foreign shares

2,338,764,870

listed overseas

- 5 -

China National Materials Company		RMB-
459,940,000	denominated	459,940,000
Limited
	ordinary shares
China Securities Finance		RMB-
320,798,573	denominated	320,798,573
Corporation Limited
	ordinary shares
Hong Kong Securities Clearing		RMB-
98,998,797	denominated	98,998,797
Company Limited
	ordinary shares
Winfirst Investment Group		RMB-
75,140,000	denominated	75,140,000
Company Limited
	ordinary shares
Central Huijin Asset Management		RMB-
66,564,000	denominated	66,564,000
Ltd.
	ordinary shares
Guangfa Securities Company		RMB-
Limited Customer Credit
52,789,225	denominated	52,789,225
Transaction Guarantee Securities
	ordinary shares
Account
CITIC Securities Company Limited		RMB-
Customer Credit Transaction	45,656,950	denominated	45,656,950
Guarantee Securities Account		ordinary shares
Beijing Jingguofa Equity Investment		RMB-
43,115,900	denominated	43,115,900
Fund (Limited Partnership)
	ordinary shares
Explanations on the related party	Beijing State-owned Capital Operation and Management Center and Beijing
relationship or parties acting in
Jingguofa Equity Investment Fund (Limited Partnership) are parties acting in
concert among the abovementioned
concert.
shareholders
Explanations on the preferential
shareholders with resumed voting	Nil
rights and number of shares held

3. Total number of preferred shareholders, shareholding of the top ten preferred shareholders and the top ten preferred shareholders not subject to lock-up restrictions as at the end of the Reporting Period

"□ Applicable" "√ Not applicable"

III. SIGNIFICANT EVENTS

1. Significant changes in major financial statement items and financial indicators of the Company and the reasons thereof

"√ Applicable" "□ Not applicable"

- 6 -

Held-for-trading financial	Increased by 98.1% as compared with that at the beginning of the Reporting
Period, mainly attributable to the acquisition of monetary fund by the Company
assets
during the Reporting Period.
	Decrease by 37.6% as compared with that at the beginning of the Reporting
Bills receivable	Period, mainly attributable to the decrease in bills received by the Company
	during the Reporting Period and the improvement of the quality of the bills.
	Increased by 100% as compared with that at the beginning of the Reporting
Contract assets	Period, mainly attributable to the significant increase in the projects for
	construction contract commenced by the Company during the Reporting Period.
Assets classified as held-	Decrease by 100% as compared with that at the beginning of the Reporting
Period, mainly attributable to the disposal of subsidiaries by the Company during
for-sale
the Reporting Period.
	Increased by 100% as compared with that at the beginning of the Reporting
Debt investment	Period, mainly attributable to the purchase of wealth management products by
	the Company during the Reporting Period.
Long-term equity	Increased by 31.3% as compared with that at the beginning of the Reporting
Period, mainly attributable to the additional investments in associates by the
investments
Company during the Reporting Period.
Other non-current financial	Decrease by 98.1% as compared with that at the beginning of the Reporting
Period, mainly attributable to the disposal of wealth management products by
assets
the Company during the Reporting Period.
	Increased by 31.9% as compared with that at the beginning of the Reporting
Investment properties	Period, mainly attributable to the addition of investment properties by the
	Company during the Reporting Period.
	Decrease by 32% as compared with that at the beginning of the Reporting Period,
Other non-current assets	mainly attributable to the classification into current assets by the Company
	during the Reporting Period.
	Decreased by 34.1% as compared with that at the beginning of the Reporting
Payroll payable	Period, mainly attributable to the payment of annual performance incentives of
	last year by the Company during the Reporting Period.
	Decreased by 37.1% as compared with that at the beginning of the Reporting
Taxes payable	Period, mainly attributable to the income tax paid by the Company during the
	Reporting Period.
	- 7 -

Liabilities classified as	Decrease by 100% as compared with that at the beginning of the Reporting
Period, mainly attributable to the disposal of subsidiaries by the Company during
held for sale
the Reporting Period.
Short-term financing	Decrease by 67.7% as compared with that at the beginning of the Reporting
Period, mainly attributable to the repayment of short-term financing bonds by
bonds payable
the Company during the Reporting Period.
	Increased by 42.2% as compared with that at the beginning of the Reporting
Long-term loans	Period, mainly attributable to the increase in long-term borrowings by the
	Company during the Reporting Period.
	Decrease by 95.4% as compared with that at the beginning of the Reporting
Long-term payables	Period, mainly attributable to the adjustments made by the Company in
accordance with the new accounting standard on lease during the Reporting
	Period.
	Decrease by 41.8% as compared with that at the beginning of the Reporting
Provisions	Period, mainly attributable to the classification into other current liabilities by
	the Company during the Reporting Period.
Other non-current	Decrease by 97.8% as compared with that at the beginning of the Reporting
Period, mainly attributable to the classification into other current liabilities by
liabilities
the Company during the Reporting Period.
	Increased by 83.9% as compared with that at the beginning of the Reporting
Specific reserve	Period, mainly attributable to the increase in production safety costs by the
	Company during the Reporting Period.
	Increased by 40.3% as compared with that of the corresponding period of the
Business tax and	previous year, mainly attributable to the increase in the revenue of the cement
surcharges	business and property development business of the Company during the
	Reporting Period.
	Increased by 43.5% as compared with that of the corresponding period of the
Research and development	previous year, mainly attributable to the year-on-year increase in research and
expenses	development expenses of the cement companies of the Company during the
	Reporting Period.
Gains from changes in fair	Increased by 72.3% as compared with that of corresponding period of the
previous year, mainly attributable to the significant increase in the fair value of
value
investment properties of the Company during the Reporting Period.
	- 8 -

Assets impairment losses

Credit impairment losses

Gains on disposal of assets

Non-operatingincome

Non-operatingexpenses

Net cash flows from operating activities

Net cash flows arising from investing activities

Net cash flows arising from financing activities

Increased by 37.2% as compared with that of the corresponding period of the previous year, mainly attributable to the provision for impairment on inventory by the Company during the Reporting Period.

Decreased by 359.1% as compared with that of the corresponding period of the previous year, mainly attributable to the year-on-year increase in the provision for bad debts by the Company during the Reporting Period.

Decreased by 91.5% as compared with that of the corresponding period of the previous year, mainly attributable to the receipt of demolition compensation by the Company during the corresponding period of the previous year.

Increased by 51.3% as compared with that of the corresponding period of the previous year, mainly attributable to other government grants and subsidies received by the Company during the Reporting Period.

Increased by approximately 130.1% as compared with that of the corresponding period of the previous year, mainly attributable to the increase in loss from debt restructuring of the Company during the Reporting Period.

Increased by 187.6% as compared with that of the corresponding period of the previous year, mainly attributable to the year-on-year decrease in the land reserves acquisition by the Company during the Reporting Period.

Increased by 45.4% as compared with that of the corresponding period of the previous year, mainly attributable to the acquisition of Tianjin Building Materials Group and other companies by the Company during corresponding period of the previous year.

Decreased by 106.6% as compared with that of the corresponding period of the previous year, mainly attributable to the year-on-year decrease in the additional borrowings of the Company during the Reporting Period.

2. Analysis and explanation on the development of significant events, and impacts and solutions thereof

"□ Applicable" "√ Not applicable"

3. Undertakings that has not been duly fulfilled during the Reporting Period

"□ Applicable" "√ Not applicable"

- 9 -

4. Warnings and explanations of forecasted loss or significant changes to the accumulated net profits from the beginning of the year to the end of the next reporting period or as compared with the corresponding period of the previous year

"□ Applicable" "√ Not applicable"

By order of the Board

BBMG Corporation*

Jiang Deyi

Chairman

Beijing, the PRC, 29 October 2019

As at the date of this announcement, the executive directors of the Company are Jiang Deyi, Wu Dong and Zheng Baojin; the non-executive directors of the Company are Guo Yanming and Xue Chunlei; and the independent non-executive directors of the Company are Wang Guangjin, Tian Lihui, Tang Jun and Ngai Wai Fung.

• English translation denotes for identification purposes only

- 10 -

APPENDIX

IV.

1. Financial Statements

Consolidated Balance Sheet

30 September 2019

Prepared by: BBMG Corporation

Unit and Currency: RMB, Unaudited

Items		30 September 2019		31 December 2018
Current Assets:
Cash and bank balances		18,934,335,353.08		17,903,847,144.72
Settlement reserves
Loans to banks or other financial
institutions
Held-for-trading financial assets		2,049,721,579.30		1,034,558,112.73
Financial assets at fair value through
profit or loss
Derivative financial assets
Bills receivable and accounts receivable		7,001,558,939.80		11,225,781,814.50
Accounts receivable		8,777,751,699.22		7,440,085,450.85
Receivables financing
Prepayments		2,275,353,292.75		2,008,371,750.64
Premiums receivable		0.00		0.00
Reinsurance accounts receivable		0.00		0.00
Reinsurance contract reserve receivable		0.00		0.00
Other receivables		12,538,067,688.67		9,941,619,578.19
Including: Interests receivable		5,043,432.74		1,301,741.00
Dividends receivable		1,000,000.00		53,071,936.52
Purchase and sell-back of financial
assets
Inventories		119,724,080,776.93		114,912,793,681.36
Contract assets		168,692,793.09		0.00
Assets classified as held for sale		0.00		109,534,153.31
Non-current assets due within one year
Other current assets		4,754,159,253.90		3,710,725,422.82
Total current assets		173,579,666,488.27		169,157,938,225.06

- 11 -

Non-current assets:
Loans and advances
Debt investment	210,724,991.78
Available-for-sale financial assets
Other debt investment
Held-to-maturity investments
Long-term receivables	957,047,203.81	802,351,921.55
Long-term equity investments	3,987,579,012.27	3,036,757,009.85
Investment in other equity instruments	360,072,740.12	396,187,115.71
Other non-current financial assets	4,000,000.00	214,980,000.00
Investment properties	28,140,211,182.70	21,327,245,245.17
Fixed assets	43,240,342,028.77	44,692,772,001.56
Construction in progress	2,435,879,076.09	2,929,675,428.99
Capitalized biological assets
Oil and gas assets
Right-of-use assets	947,650,730.15
Intangible assets	16,255,138,886.09	16,691,754,296.12
Development expenses
Goodwill	2,741,468,983.05	2,740,287,649.80
Long-term prepaid expenses	1,432,206,991.34	1,242,705,854.17
Deferred income tax assets	3,578,314,114.16	3,454,590,218.09
Other non-current assets	1,079,968,928.79	1,588,846,733.06
Total non-current assets	105,370,604,869.12	99,118,153,474.07
Total assets	278,950,271,357.39	268,276,091,699.13
Current liabilities:
Short-term loans	35,413,417,198.00	39,880,392,209.57
Borrowings from central bank
Loans from banks and other financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Bills payable	2,689,303,035.63	2,080,749,336.98
Accounts payable	16,659,614,598.36	18,357,615,866.65
Receipts in advance	288,674,687.24	317,903,204.75
Contract liabilities	26,444,353,872.92	23,715,168,353.77
Financial assets sold for repurchase
Deposits from customers and inter-bank
deposits
Amount paid for agency securities
trading
Amount paid for agency securities
underwriting
	- 12 -

Payroll payable	259,366,766.70	393,840,303.30
Taxes payable	1,590,782,250.98	2,527,195,602.24
Other payables	9,313,958,284.66	8,352,595,483.33
Including: Interests payable	1,022,279,146.53	1,006,889,605.80
Dividends payable	752,400,000.00	492,510,444.74
Short-term financing bonds payable	2,100,000,000.00	6,500,000,000.00
Fees and commissions payable
Reinsurance accounts payable
Liabilities classified as held for sale	0.00	40,291,356.83
Non-current liabilities due within one	17,243,319,750.71	18,543,864,543.14
year
Other current liabilities	9,596,982,491.99	8,492,714,136.95
Total current liabilities	121,599,772,937.19	129,202,330,397.51
Non-current liabilities:
Insurance contract reserve
Long-term loans	43,384,993,181.56	30,506,054,265.70
Bonds payable	22,493,935,000.00	20,231,089,289.70
Including: Preferred
Perpetual
Lease liabilities	853,147,717.17
Long-term payables	14,608,876.97	315,856,652.08
Long-term payroll payable	666,282,402.18	674,179,502.11
Provisions	353,088,115.28	606,650,918.54
Deferred income	877,571,718.12	888,404,866.72
Deferred income tax liabilities	5,944,448,240.62	5,960,849,194.26
Other non-current liabilities	15,000,000.00	676,174,065.29
Total non-current liabilities	74,603,075,251.90	59,859,258,754.40
Total liabilities	196,202,848,189.09	189,061,589,151.91

- 13 -

Owners' equity (or shareholders'
equity)
Paid-up capital (or share capital)	10,677,771,134.00	10,677,771,134.00
Other equity instruments	14,962,000,000.00	14,962,000,000.00
Including: Preferred
Perpetual	14,962,000,000.00	14,962,000,000.00
Capital reserve	5,680,970,400.75	5,273,970,842.54
Less: Treasury shares
Other comprehensive income	214,994,223.85	206,951,321.03
Specific reserve	37,010,918.31	20,124,124.94
Surplus reserve	1,537,434,040.24	1,537,434,040.24
General risk provision	340,792,201.29	340,792,201.29
Retained earnings	27,133,694,210.90	24,646,427,835.84
Total equity attributable to owners of	60,584,667,129.34	57,665,471,499.88
the parent company
Minority interests	22,162,756,038.96	21,549,031,047.34
Total owners' equity (or	82,747,423,168.30	79,214,502,547.22
shareholders' equity)
Total liabilities and owners'	278,950,271,357.39	268,276,091,699.13
equity (or shareholders' equity)

Legal Representative: Jiang Deyi Chief Accountant: Chen Guogao Head of the Accounting Department: Zhu Yan

- 14 -

Balance Sheet of the Parent Company

30 September 2019

Prepared by: BBMG Corporation

Unit and Currency: RMB, Unaudited

Items	Balance at the end of the	Balance at the beginning
Reporting Period	of the Reporting Period
Current Assets:
Cash and bank balances	6,589,757,628.25	6,490,366,382.70
Held-for-trading financial assets
Financial assets at fair value through
profit or loss
Derivative financial assets
Bills receivable
Accounts receivable	57,454.00
Receivables financing
Prepayments	20,272,540.40	13,098,540.40
Other receivables	74,164,596,007.82	66,901,797,608.27
Including: Interests receivable	3,051,289,114.77	2,685,808,925.09
Dividends receivable	2,558,140,639.69	255,727,024.99
Inventories
Contract assets
Assets classified as held for sale
Non-current assets due within one year
Other current assets	2,321,214.75	2,241,084.31

Total current assets	80,777,004,845.22	73,407,503,615.68
Non-current assets:
Debt investment
Other debt investment
Long-term receivables
Long-term equity investments	44,605,367,232.94	46,569,735,251.07
Investment in other equity instruments	200,000.00	200,000.00
Other non-current financial assets
Investment properties	11,782,278,382.50	10,487,725,592.87
Fixed assets	1,110,847,915.46	1,162,385,959.60
Construction in progress
Capitalized biological assets
Oil and gas assets
Intangible assets	375,008,443.24	368,789,672.92
Development expenses
Goodwill
Long-term prepaid expenses
Deferred income tax assets	275,225,433.66	266,341,821.16
	- 15 -

Other non-current assets
Total non-current assets	58,148,927,407.80	58,855,178,297.62
Total assets	138,925,932,253.02	132,262,681,913.30
Current liabilities:
Short-term loans	26,806,300,000.00	24,931,850,000.00
Held-for-trading financial liabilities
Financial liabilities at fair value through
profit or loss
Derivative financial liabilities
Bills payable
Accounts payable	8,534,173.57	7,262,384.48
Receipts in advance	147,422,566.01	143,686,136.43
Contract liabilities
Payroll payable	85,430.15	14,420,033.15
Taxes payable	78,617,811.40	82,674,779.38
Other payables	3,570,512,180.15	4,398,166,645.39
Including: Interests payable	686,400,105.88	870,259,849.55
Dividends payable	732,313,280.51	252,473,041.69
Liabilities classified as held for sale
Short-term financing bonds payable		6,500,000,000.00
Non-current liabilities due within one	14,139,200,000.00	8,769,671,412.11
year
Other current liabilities
Total current liabilities	44,750,672,161.28	44,847,731,390.94
Non-current liabilities:
Long-term loans	23,147,577,000.00	19,767,370,000.00
Bonds payable	23,423,529,748.59	18,518,190,202.83
Including: Preferred
Perpetual
Long-term payables
Long-term payroll payable	365,218,292.46	363,676,960.00
Provisions
Deferred income
Deferred income tax liabilities	2,163,750,358.84	2,162,277,161.43
Other non-current liabilities
Total non-current liabilities	49,100,075,399.89	40,811,514,324.26
Total liabilities	93,850,747,561.17	85,659,245,715.20

- 16 -

Owners' equity (or shareholders' equity)
Paid-up capital (or share capital)	10,677,771,134.00	10,677,771,134.00
Other equity instruments	14,962,000,000.00	14,962,000,000.00
Including: Preferred
Perpetual	14,962,000,000.00	14,962,000,000.00
Capital reserve	1,538,871,512.62	6,674,854,902.82
Less: Treasury shares
Other comprehensive income	64,844,712.79	64,844,712.79
Specific reserve
Surplus reserve	1,537,434,040.24	1,537,434,040.24
Retained earnings	16,294,263,292.20	12,686,531,408.25
Total owners' equity (or	45,075,184,691.85	46,603,436,198.10
shareholders' equity)
Total liabilities and owners'	138,925,932,253.02	132,262,681,913.30
equity (or shareholders' equity)

Legal Representative: Jiang Deyi Chief Accountant: Chen Guogao Head of the Accounting Department: Zhu Yan

- 17 -

Consolidated Income Statement

January to September 2019

Prepared by: BBMG Corporation

Unit and Currency: RMB, Unaudited

			Amount for the	Amount for the
		Amount for the	period from the	period from the
		beginning of the	beginning of the
	Amount for the	corresponding
	Reporting Period	previous year to the
	Period	period for the
Items	to the end of the	end of the
(July to	previous year
	Reporting Period	corresponding period
	September)	(July to
	(January to	of the previous year
		September)
		September)	(January to
				September)
I. Total operating revenue	22,752,759,882.22	20,698,992,994.73	67,363,848,512.88	56,064,386,250.71
Including: Operating	22,752,759,882.22	20,698,992,994.73	67,363,848,512.88	56,064,386,250.71
revenue
Interest income
Premiums earned
Fees and
commissions income
II. Total operating costs	20,739,229,791.52	18,975,588,840.19	60,968,099,944.22	51,248,521,184.35
Including: Operating costs	16,805,733,486.54	14,901,909,035.21	49,038,815,155.34	40,436,680,615.43
Interest expenses
Fees and
commissions expenses
Surrenders
Net compensation
expenses
Net insurance
contract reserves
Insurance policy
dividend expenses
Reinsurance
expenses
Business tax and	573,555,185.74	692,194,630.79	2,450,326,102.43	1,745,903,031.94
surcharges
Selling expenses	860,224,368.37	818,761,719.91	2,250,696,012.08	1,982,427,063.09
Administrative	1,704,101,636.43	1,643,546,976.09	4,897,610,990.56	4,737,137,065.22
expenses
Research and	79,761,778.02	76,394,704.19	200,376,642.69	139,644,966.64
development expenses
Finance costs	715,853,336.42	842,781,774.00	2,130,275,041.12	2,206,728,442.03
		- 18 -

Including: Interest	865,182,661.51	799,360,522.25	2,574,657,316.03	2,093,034,821.47
expenses
Interest	135,294,315.97	73,872,666.50	580,442,999.71	193,427,194.66
income
Add: Other gains	218,262,115.29	304,790,198.58	557,406,361.43	602,537,140.12
Investment gains	138,786,054.36	239,207,911.13	393,575,333.48	471,665,643.42
("-" indicating loss)
Including: Share of	115,201,161.09	196,619,160.79	316,973,928.56	335,627,297.53
profits of associates and
joint ventures
Derecognition of
gains on financial assets
measured at amortised cost
Foreign exchange
gains ("-" indicating loss)
Net exposure
hedging gains ("-"
indicating loss)
Gains from changes	-17,836,804.72	7,231,928.22	483,135,664.91	280,355,707.06
in fair value ("-" indicating
loss)
Impairment loss of	39,209,078.76	-306,041,746.10	-109,226,687.65	42,163,666.19
credit ("-" indicating loss)
Impairment loss of	-134,062,089.26	-1,312,749.66	-201,053,450.89	-320,175,329.31
assets ("-" indicating loss)
Gains on disposal of	258,811.35	14,569,280.18	2,838,726.61	33,400,481.97
assets ("-" indicating loss)
III. Operating profit ("-"	2,258,147,256.48	1,981,848,976.89	7,522,424,516.55	5,925,812,375.81
indicating loss)
Add: Non-operating	103,969,430.01	60,223,945.38	224,818,302.18	148,605,570.07
income
Less: Non-operating	457,374,232.52	142,163,277.53	577,862,336.27	251,108,282.77
expenses
IV. Total profit ("-"	1,904,742,453.97	1,899,909,644.74	7,169,380,482.46	5,823,309,663.11
indicating total loss)
Less: Income tax	555,728,021.09	487,726,506.72	1,855,393,327.20	1,483,383,294.48
expenses
V. Net profit ("-"	1,349,014,432.88	1,412,183,138.02	5,313,987,155.26	4,339,926,368.63
indicating net loss)
(1) Classification
according to continuing
operations
		- 19 -

1. Net profits from	1,349,014,432.88	1,412,183,138.02	5,313,987,155.26	4,339,926,368.63
continuing operations ("-"
indicating net loss)
2. Net profits from
discontinued operations ("-"
indicating net loss)
(2) Classification
according to attributable
interests
1. Net profit	670,653,617.39	692,988,232.07	3,716,227,625.61	3,103,194,348.13
attributable to the owners of
the parent company
2. Profits or loss for	678,360,815.49	719,194,905.95	1,597,759,529.65	1,236,732,020.50
minority interests
VI. Other comprehensive	20,824,928.67	84,708,281.65	16,547,682.74	-65,537,087.47
income (net of tax)
Other comprehensive	9,126,426.95	-1,526,452.08	8,042,902.82	-45,914,386.08
income (net of tax)
attributable to owners of the
parent company
(1) Other	-3,316,046.03	-2,307,451.25	-4,569,395.63	-42,839,037.70
comprehensive income that
will not be reclassified into
profit or loss subsequently
1. Changes arising	0.00	0.00	-5,000.00	-18,855,736.00
from re-measurement of net
liabilities or net assets of
defined benefit plans
2. Share of other
comprehensive income (that
will not be reclassified to
profit or loss) accounted for
using equity method
3. Changes in fair	-3,316,046.03	-2,307,451.25	-4,564,395.63	-23,983,301.70
value of investment in other
equity instruments
4. Changes in fair
value of corporate credit
risk
(2) Other	12,442,472.98	780,999.17	12,612,298.45	-3,075,348.38
comprehensive income that
will be reclassified to profit
or loss subsequently
		- 20 -

	1. Share of other	-261,333.60	0.00	138,456.06	-685,072.50
comprehensive income (that
will be reclassified to profit
or loss subsequently)
accounted for using equity
method
	2. Changes in fair
value of other debt
investment
	3. Profits or loss for
changes in fair value of
available-for-sale financial
assets
	4. Financial assets
reclassified to other
comprehensive income
	5. Held-to-maturity
investments	reclassified as
profit or loss for available-
for-sale financial assets
	6. Credit impairment
provision of other debt
investment
	7. Cash flow hedging
reserve (valid portion of the
gains or losses arising from
cash	flow	hedges
instrument)
	8.		Exchange	12,703,806.58	780,999.17	12,473,842.39	-2,390,275.88
differences	on	foreign
currency translation
	9. Others		0.00	0.00	0.00	0.00
Other comprehensive	11,698,501.72	86,234,733.73	8,504,779.92	-19,622,701.39
income (net of tax)
attributable to minority
interests
VII. Total comprehensive	1,369,839,361.55	1,496,891,419.67	5,330,534,838.00	4,274,389,281.16
income
Total comprehensive	679,780,044.34	691,461,779.99	3,724,270,528.43	3,057,279,962.05
income attributable to the
owners of the parent
company
					- 21 -

Total comprehensive	690,059,317.21	805,429,639.68	1,606,264,309.57	1,217,109,319.11
income attributable to
minority interests
VIII. Earnings per share:
(1) Basic earnings per	0.06	0.06	0.35	0.29
share (RMB/share)
(2) Diluted earnings per	0.06	0.06	0.35	0.29
share (RMB/share)

For business combinations under common control occurred during this period, the net profit of the party being acquired realised before combination is RMB0, that of the previous period was RMB0.

Legal Representative: Jiang Deyi Chief Accountant: Chen Guogao Head of the Accounting Department: Zhu Yan

- 22 -

Income Statement of the Parent Company

January to September 2019

Prepared by: BBMG Corporation
			Unit and Currency: RMB, Unaudited
			Amount for the	Amount for the
			period from the	period from the
		Amount for the	beginning of	beginning of the
	Amount for the	corresponding	the Reporting	previous year to
Items	Period	period for the	Period to the	the end of the
(July to	previous year	end of the	corresponding
	September)	(July to	Reporting	period of the
		September)	Period	previous year
			(January to	(January to
			September)	September)
I. Total operating	265,411,342.38	237,431,151.81	785,883,321.00	749,222,576.57
revenue
Less:	18,153,245.16	25,388,397.76	58,931,850.86	61,880,316.08
Operating costs
Business	34,305,615.84	31,267,470.86	106,258,095.60	100,040,235.96
tax and
surcharges
Selling	0.00	14,301,147.30	20,575,656.07	37,464,938.70
expenses
Administr	58,567,132.11	96,478,507.51	128,049,107.09	160,222,031.46
ative expenses
Research	0.00	0.00	0.00	0.00
and development
expenses
Finance	294,053,288.62	295,061,243.44	656,140,366.54	715,012,583.32
costs
Including:	1,108,433,421.02	1,097,452,861.55	3,268,999,246.56	2,659,422,825.10
Interest
expenses
Interest income	840,237,197.15	834,308,288.40	2,719,615,420.37	2,021,752,899.91
Add: Other	0.00	1,612,766.23	0.00	2,330,000.00
gains
Investmen	2,640,917,685.41	13,805,647.91	4,941,516,404.40	1,362,581,507.86
t gains ("-"
indicating loss)
Including:	6,840,296.78	35,805,647.91	24,355,905.86	37,930,170.69
Share of profits
of associates and
joint ventures

- 23 -

Derecogni
tion of gains on
financial assets
measured at
amortised cost
Net
exposure hedging
gains ("-"
indicating loss)
Gains	0.00	0.00	50,872,789.63	184,600,983.44
from changes in
fair value ("-"
indicating loss)
Impairme	0.00	-8,673,796.65	0.00	-3,062,480.78
nt loss of credit
("-" indicating
loss)
Impairme	0.00	0.00	0.00	0.00
nt loss of assets
("-" indicating
loss)
Gains on	0.00	0.00	0.00	0.00
disposal of assets
("-" indicating
loss)
II. Operating	2,501,249,746.06	-218,320,997.57	4,808,317,438.87	1,221,052,481.57
profit ("-"
indicating loss)
Add: Non-	13,636,635.21	2,433,291.17	18,817,200.86	20,742,635.69
operating income
Less: Non-	20,007,145.98	0.00	20,007,145.98	1,701.07
operating
expenses
III. Total profit	2,494,879,235.29	-215,887,706.40	4,807,127,493.75	1,241,793,416.19
("-" indicating
total loss)
Less:	-3,306,866.30	0.00	12,718,197.41	29,580,247.93
Income tax
expenses
IV. Net profit ("-"	2,498,186,101.59	-215,887,706.40	4,794,409,296.34	1,212,213,168.26
indicating net
loss)
(1) Net profits	2,498,186,101.59	-215,887,706.40	4,794,409,296.34	1,212,213,168.26
from continuing
		- 24 -

operations ("-"
indicating net
loss)
(2) Net profits
from discontinued
operations ("-"
indicating net
loss)
V. Other	0.00	0.00	0.00	-17,776,102.00
comprehensive
income (net of
tax)
(1) Other	0.00	0.00	0.00	-17,776,102.00
comprehensive
income that will
not be
reclassified into
profit or loss
subsequently
1. Changes	0.00	0.00	0.00	-17,776,102.00
arising from re-
measurement of
net liabilities or
net assets of
defined benefit
plans
2. Share of	0.00	0.00	0.00	0.00
other
comprehensive
income (that will
not be reclassified
to profit or loss)
accounted for
using equity
method
3. Changes in
fair value of
investment in
other equity
instruments
4. Changes in
fair value of
corporate credit
risk

- 25 -

(2) Other	0.00	0.00	0.00	0.00
comprehensive
income that will
be reclassified to
profit or loss
subsequently
1. Share of	0.00	0.00	0.00	0.00
other
comprehensive
income (that will
be reclassified to
profit or loss
subsequently)
accounted for
using equity
method
2. Changes
in fair value of
other debt
investment
3. Profits or
loss for changes
in fair value of
available-for-sale
financial assets
4. Financial
assets reclassified
to other
comprehensive
income
5. Held-to-
maturity
investments
reclassified as
profit or loss for
available-for-sale
financial assets
6. Credit
impairment
provision of other
debt investment
7. Cash flow
hedging reserve
(valid portion of

- 26 -

the gains or losses arising from cash flow hedges instrument)

1. Exchange
   differences on foreign currency translation
2. Others

VI. Total	2,498,186,101.59	-215,887,706.40	4,794,409,296.34	1,194,437,066.26
comprehensive
income
VII. Earnings per
share:

1. Basic
   earnings per share (RMB/share)
2. Diluted
   earnings per share (RMB/share)

Legal Representative: Jiang Deyi Chief Accountant: Chen Guogao Head of the Accounting Department: Zhu Yan

- 27 -

Consolidated Statement of Cash Flows

January to September 2019

Prepared by: BBMG Corporation

Unit and Currency: RMB, Unaudited

Items	Amount for the period	Amount for the period
	from the beginning of	from the beginning of
	the Reporting Period to	the previous year to the
	the end of the Reporting	end of the
	Period	corresponding period of
	(January to September)	the previous year
		(January to September)
I. Cash flows from operating activities:
Cash received from sale of goods and	60,330,094,605.92	57,506,311,943.22
rendering of services
Net increase in deposits from customers
and inter- bank deposits
Net increase in borrowings from central
bank
Net decrease in deposits in central bank		256,103,652.88
Net increase in loans from other
financial institutions
Cash received as premiums of original
insurance contracts
Net cash received from reinsurance
business
Net increase in policy holder deposits
and investment
Cash received from interests, fees and
commissions
Net increase in loans from banks and
other financial institutions
Net increase in capital from repurchase
business
Net cash received for agency securities
trading
Refund of taxes and levies	430,515,028.18	413,543,687.46
Cash received from other operating	4,285,510,007.61	2,144,039,546.87
activities
Subtotal of cash inflows from	65,046,119,641.71	60,319,998,830.43
operating activities
Cash paid for purchasing goods and	43,418,628,909.35	46,125,497,997.22
receiving services
	- 28 -

Net increase in customers' loans and
advances
Net increase in deposits in central bank	248,532,257.98
and inter- bank deposits
Cash paid for compensation payout
under original insurance contracts
Net increase in Loans to banks or other
financial institutions
Cash paid for interests, fees and
commissions
Cash paid for policy dividends
Cash paid to and for the benefit of	4,527,773,427.52	4,144,728,289.32
employees
Taxes and levies paid	7,592,857,064.42	6,211,271,979.22
Cash paid for other operating activities	5,028,638,655.49	8,669,520,368.23
Subtotal of cash outflows from	60,816,430,314.76	65,151,018,633.99
operating activities
Net cash flows from operating	4,229,689,326.95	-4,831,019,803.56
activities
II. Cash flows from investing activities:
Cash received from redemption of	236,597,428.74	27,000,000.00
investments
Cash received from return on	413,266,634.43	281,267,557.19
investments
Net cash received from disposal of	65,506,232.08	114,300,497.74
fixed assets, intangible assets and other
long-term assets
Net cash received from disposal of	703,628,908.97
subsidiaries and other business entities
Cash received from other investing	2,670,267,041.76	7,111,278,650.00
activities
Subtotal of cash inflows from	4,089,266,245.98	7,533,846,704.93
investing activities
Cash paid for acquisition of fixed	6,640,190,633.21	3,062,256,978.63
assets, intangible assets and other long-
term assets
Cash paid for investments	100,820,000.00	1,293,968,421.40
Net increase in pledged loans
Net cash paid for acquisition of	54,453,538.56	4,391,590,822.00
subsidiaries and other business entities
Cash paid for other investing activities	2,814,526,006.19	8,892,558,130.00
Subtotal of cash outflows from	9,609,990,177.96	17,640,374,352.03
investing activities
	- 29 -

Net cash flows arising from	-5,520,723,931.98	-10,106,527,647.10
investing activities
III. Cash flows from financing
activities:
Cash received from capital	23,754,000.00	900,853,542.47
contributions
Including: Cash received by	23,754,000.00	900,853,542.47
subsidiaries from investments of minority
interests
Cash received from borrowings	40,369,814,400.00	49,694,275,854.32
Cash received from issuance of bonds	10,269,000,000.00	21,500,000,000.00
Cash received from other financing	35,000,000.00	0.00
activities
Subtotal of cash inflows from	50,697,568,400.00	72,095,129,396.79
financing activities
Cash paid for debts settlement	37,918,716,467.73	38,217,519,192.59
Cash paid for the distribution of	5,333,008,763.58	4,890,749,710.15
dividends, profits or interest payments
Including: Dividends and profits paid	200,035,558.58	9,490,509.40
by subsidiaries to minority interests
Cash paid for bonds settlement	7,932,370,000.00	13,570,000,000.00
Cash paid for other financing activities	484,564,382.84	796,399,894.84
Subtotal of cash outflows from	51,668,659,614.15	57,474,668,797.58
financing activities
Net cash flows arising from	-971,091,214.15	14,620,460,599.21
financing activities
IV. Effects of exchange rate fluctuations	1,879,070.09	-1,693,917.24
on cash and cash equivalents
V. Net increase in cash and cash	-2,260,246,749.09	-318,780,768.69
equivalents
Add: Opening balance of cash and cash	13,520,047,307.82	12,914,086,803.47
equivalents
VI. Closing balance of cash and cash	11,259,800,558.73	12,595,306,034.78
equivalents

Legal Representative: Jiang Deyi Chief Accountant: Chen Guogao Head of the Accounting Department: Zhu Yan

- 30 -

Statement of Cash Flows of the Parent Company

January to September 2019

Prepared by: BBMG Corporation

Unit and Currency: RMB, Unaudited

Items	Amount for the period	Amount for the period
	from the beginning of	from the beginning of
	the Reporting Period to	the previous year to the
	the end of the Reporting	end of the
	Period	corresponding period of
	(January to September)	the previous year
		(January to September)
I. Cash flows from operating activities:
Cash received from sale of goods and	886,959,988.44	855,109,876.22
rendering of services
Refund of taxes and levies	387,520.06	0.00
Cash received from other operating	40,469,058,615.46	46,898,038,355.62
activities
Subtotal of cash inflows from	41,356,406,123.96	47,753,148,231.84
operating activities
Cash paid for purchasing goods and	10,803,683.93	14,654,375.12
receiving services
Cash paid to and for the benefit of	45,550,682.41	43,949,410.67
employees
Taxes and levies paid	202,611,998.81	144,266,131.11
Cash paid for other operating activities	36,315,003,286.11	59,486,609,702.97
Subtotal of cash outflows from	36,573,969,651.26	59,689,479,619.87
operating activities
Net cash flows from operating	4,782,436,472.70	-11,936,331,388.03
activities
II. Cash flows from investing activities:
Cash received from redemption of	7,343,071.04	0.00
investments
Cash received from return on	1,282,647,274.33	2,490,016,944.16
investments
Net cash received from disposal of	650.00	0.00
fixed assets, intangible assets and other
long-term assets
Net cash received from disposal of	1,577,668,300.00	0.00
subsidiaries and other business entities
Cash received from other investing	0.00	0.00
activities
Subtotal of cash inflows from	2,867,659,295.37	2,490,016,944.16
investing activities
	- 31 -

Cash paid for acquisition of fixed	1,193,739.00	2,956,392.14
assets, intangible assets and other long-
term assets
Cash paid for investments	4,452,032,303.91	5,259,661,609.40
Net cash paid for acquisition of	230,377,538.20	0.00
subsidiaries and other business entities
Cash paid for other investing activities	5,342,364,186.00	935,440,712.00
Subtotal of cash outflows from	10,025,967,767.11	6,198,058,713.54
investing activities
Net cash flows arising from	-7,158,308,471.74	-3,708,041,769.38
investing activities
III. Cash flows from financing
activities:
Cash received from capital	0.00	0.00
contributions
Cash received from borrowings	34,240,500,000.00	47,661,550,000.00
Cash received from issuance of bonds	2,000,000,000.00
Cash received from other financing	0.00	5,886.87
activities
Subtotal of cash inflows from	36,240,500,000.00	47,661,555,886.87
financing activities
Cash paid for debts settlement	30,216,108,000.00	29,677,550,000.00
Cash paid for the distribution of	3,546,960,578.34	3,127,891,114.24
dividends, profits or interest payments
Cash paid for other financing activities	160.00	480.00
Subtotal of cash outflows from	33,763,068,738.34	32,805,441,594.24
financing activities
Net cash flows arising from	2,477,431,261.66	14,856,114,292.63
financing activities
IV. Effects of exchange rate fluctuations	-2,168,017.07	-5,078,550.08
on cash and cash equivalents
V. Net increase in cash and cash	99,391,245.55	-793,337,414.86
equivalents
Add: Opening balance of cash and cash	6,440,358,384.99	6,209,927,405.16
equivalents
VI. Closing balance of cash and cash	6,539,749,630.54	5,416,589,990.30
equivalents

Legal Representative: Jiang Deyi Chief Accountant: Chen Guogao Head of the Accounting Department: Zhu Yan

- 32 -

2. Adjustment to relevant items in the financial statements at the beginning of the year in which the new accounting standards on financial instrument, revenue standard and lease are initially implemented

"√ Applicable""□ Not applicable"

Consolidated Balance Sheet

		Unit and Currency: RMB
Items	31 December 2018	1 January 2019	Adjustment
Current Assets:
Cash and bank balances	18,774,468,260.66	18,774,468,260.66
Settlement reserves
Loans to banks or other
financial institutions
Held-for-trading financial	1,034,558,112.73	1,034,558,112.73
assets
Financial assets at fair value
through profit or loss
Derivative financial assets
Bills receivable	11,225,781,814.50	11,225,781,814.50
Accounts receivable	7,440,085,450.85	7,440,085,450.85
Receivables financing
Prepayments	2,008,371,750.64	2,008,371,750.64
Premiums receivable
Reinsurance accounts
receivable
Reinsurance contract reserve
receivable
Other receivables	9,941,619,578.19	9,941,619,578.19
Including: Interests	1,301,741.00	1,301,741.00
receivable
Dividends	53,071,936.52	53,071,936.52
receivable
Purchase and sell-back of
financial assets
Inventories	114,912,793,681.36	114,912,793,681.36
Contract assets
Assets classified as held-for-	109,534,153.31	109,534,153.31
sale
Non-current assets due within
one year
Other current assets	3,710,725,422.82	3,710,725,422.82
Total current assets	169,157,938,225.06	169,157,938,225.06
Non-current assets:
Loans and advances
	- 33 -

Debt investment
Available-for-sale financial
assets
Other debt investment
Held-to-maturity investments
Long-term receivables	802,351,921.55	802,351,921.55
Long-term equity investments	3,036,757,009.85	3,036,757,009.85
Investment in other equity	396,187,115.71	396,187,115.71
instruments
Other non-current financial	214,980,000.00	214,980,000.00
assets
Investment properties	21,327,245,245.17	21,327,245,245.17
Fixed assets	44,692,772,001.56	44,667,521,680.58	-25,250,320.98
Construction in progress	2,929,675,428.99	2,929,675,428.99
Capitalized biological assets
Oil and gas assets
Right-of-use assets		1,054,491,464.75	1,054,491,464.75
Intangible assets	16,691,754,296.12	16,691,754,296.12
Development expenses
Goodwill	2,740,287,649.80	2,740,287,649.80
Long-term prepaid expenses	1,242,705,854.17	1,242,705,854.17
Deferred income tax assets	3,454,590,218.09	3,454,590,218.09
Other non-current assets	1,588,846,733.06	1,588,846,733.06
Total non-current assets	99,118,153,474.07	100,147,394,617.84	1,029,241,143.77
Total assets	268,276,091,699.13	269,305,332,842.90	1,029,241,143.77
Current liabilities:
Short-term loans	39,880,392,209.57	39,880,392,209.57
Borrowings from central
bank
Loans from banks and other
financial institutions
Held-for-trading financial
liabilities
Financial liabilities at fair		-
value through profit or loss
Derivative financial liabilities	-	-
Bills payable	2,080,749,336.98	2,080,749,336.98
Accounts payable	18,357,615,866.65	18,357,615,866.65
Receipts in advance	317,903,204.75	317,903,204.75
Contract liabilities	23,715,168,353.77	23,715,168,353.77
Financial assets sold for	-	-
repurchase
	- 34 -

Deposits from customers and	-	-
inter-bank deposits
Amount paid for agency	-	-
securities trading
Amount paid for agency
securities underwriting
Payroll payable	393,840,303.30	393,840,303.30
Taxes payable	2,527,195,602.24	2,527,195,602.24
Other payables	8,352,595,483.33	8,352,595,483.33
Including: Interests payable	1,006,889,605.80	1,006,889,605.80
Dividends payable	492,510,444.74	492,510,444.74
Short-term financing bonds	6,500,000,000.00	6,500,000,000.00
payable
Fees and commissions
payable
Reinsurance accounts payable
Liabilities classified as held	40,291,356.83	40,291,356.83
for sale
Non-current liabilities due	18,543,864,543.14	18,541,426,105.02	-2,438,438.12
within one year
Other current liabilities	8,492,714,136.95	8,492,714,136.95
Total current liabilities	129,202,330,397.51	129,199,891,959.39	-2,438,438.12
Non-current liabilities:
Insurance contract reserve
payable
Long-term loans	30,506,054,265.70	30,506,054,265.70
Bonds payable	20,231,089,289.70	20,231,089,289.70
Including: Preferred
Perpetual
Lease liabilities		1,146,303,871.03	1,146,303,871.03
Long-term payables	315,856,652.08	302,387,775.11	-13,468,876.97
Long-term payroll payable	674,179,502.11	674,179,502.11
Provisions	606,650,918.54	606,650,918.54
Deferred income	888,404,866.72	888,404,866.72
Deferred income tax	5,960,849,194.26	5,960,849,194.26
liabilities
Other non-current liabilities	676,174,065.29	676,174,065.29
Total non-current	59,859,258,754.40	60,992,093,748.46	1,132,834,994.06
liabilities
Total liabilities	189,061,589,151.91	190,191,985,707.85	1,130,396,555.94
Owners' equity (or shareholders' equity):
Paid-up capital (or share	10,677,771,134.00	10,677,771,134.00
capital)
	- 35 -

Other equity instruments	14,962,000,000.00	14,962,000,000.00
Including: Preferred
Perpetual	14,962,000,000.00	14,962,000,000.00
Capital reserve	5,273,970,842.54	5,273,970,842.54
Less: Treasury shares
Other comprehensive income	206,951,321.03	206,951,321.03
Specific reserve	20,124,124.94	20,124,124.94
Surplus reserve	1,537,434,040.24	1,537,434,040.24
General risk provision	340,792,201.29	340,792,201.29
Retained earnings	24,646,427,835.84	24,616,723,371.77	-29,704,464.07
Total owners' equity (or	57,665,471,499.88	57,635,767,035.81	-29,704,464.07
shareholders' equity)
attributable to the parent
company
Minority interests	21,549,031,047.34	21,477,580,099.24	-71,450,948.10
Total owners' equity (or	79,214,502,547.22	79,113,347,135.05	-101,155,412.17
shareholders' equity)
Total liabilities and	268,276,091,699.13	269,305,332,842.90	1,029,241,143.77
owners' equity (or
shareholders' equity)

Explanation of adjustments to the items:

"√ Applicable" "□ Not applicable"

Please refer to 4.3 for details.

Balance Sheet of the Parent Company

		Unit and Currency: RMB
Items	31 December 2018	1 January 2019	Adjustment
Current Assets:
Cash and bank balances	6,490,366,382.70	6,490,366,382.70
Held-for-trading financial
assets
Financial assets at fair value
through profit or loss
Derivative financial assets
Bills receivable
Accounts receivable
Receivables financing
Prepayments	13,098,540.40	13,098,540.40
Other receivables	66,901,797,608.27	66,901,797,608.27
Including: Interests	2,685,808,925.09	2,685,808,925.09
receivable
	- 36 -

Dividends	255,727,024.99	255,727,024.99
receivable
Inventories
Contract assets
Assets classified as held-for-
sale
Non-current assets due
within one year
Other current assets	2,241,084.31	2,241,084.31
Total current assets	73,407,503,615.68	73,407,503,615.68
Non-current assets:
Debt investment
Available-for-sale financial
assets
Other debt investment
Held-to-maturity investments
Long-term receivables
Long-term equity	46,569,735,251.07	46,569,735,251.07
investments
Investment in other equity	200,000.00	200,000.00
instruments
Other non-current financial
assets
Investment properties	10,487,725,592.87	10,487,725,592.87
Fixed assets	1,162,385,959.60	1,162,385,959.60
Construction in progress
Capitalized biological assets
Oil and gas assets
Right-of-use assets
Intangible assets	368,789,672.92	368,789,672.92
Development expenses
Goodwill
Long-term prepaid expenses
Deferred income tax assets	266,341,821.16	266,341,821.16
Other non-current assets
Total non-current assets	58,855,178,297.62	58,855,178,297.62
Total assets	132,262,681,913.30	132,262,681,913.30
Current liabilities:
Short-term loans	24,931,850,000.00	24,931,850,000.00
Held-for-trading financial
liabilities
Financial liabilities at fair
value through profit or loss
	- 37 -

Derivative financial
liabilities
Bills payable
Accounts payable	7,262,384.48	7,262,384.48
Receipts in advance	143,686,136.43	143,686,136.43
Contract liabilities
Payroll payable	14,420,033.15	14,420,033.15
Taxes payable	82,674,779.38	82,674,779.38
Other payables	4,398,166,645.39	4,398,166,645.39
Including: Interests payable	870,259,849.55	870,259,849.55
Dividends payable	252,473,041.69	252,473,041.69
Liabilities classified as held
for sale
Short-term financing bonds	6,500,000,000.00	6,500,000,000.00
payable
Non-current liabilities due	8,769,671,412.11	8,769,671,412.11
within one year
Other current liabilities
Total current liabilities	44,847,731,390.94	44,847,731,390.94
Non-current liabilities:
Long-term loans	19,767,370,000.00	19,767,370,000.00
Bonds payable	18,518,190,202.83	18,518,190,202.83
Including: Preferred
Perpetual
Lease liabilities
Long-term payables
Long-term payroll payable	363,676,960.00	363,676,960.00
Provisions
Deferred income
Deferred income tax	2,162,277,161.43	2,162,277,161.43
liabilities
Other non-current liabilities
Total non-current	40,811,514,324.26	40,811,514,324.26
liabilities
Total liabilities	85,659,245,715.20	85,659,245,715.20
Owners' equity (or shareholders' equity):
Paid-up capital (or share	10,677,771,134.00	10,677,771,134.00
capital)
Other equity instruments	14,962,000,000.00	14,962,000,000.00
Including: Preferred
Perpetual	14,962,000,000.00	14,962,000,000.00
Capital reserve	6,674,854,902.82	6,674,854,902.82
Less: Treasury shares
	- 38 -

Other comprehensive income	64,844,712.79	64,844,712.79
Specific reserve
Surplus reserve	1,537,434,040.24	1,537,434,040.24
Retained earnings	12,686,531,408.25	12,686,531,408.25
Total owners' equity (or	46,603,436,198.10	46,603,436,198.10
shareholders' equity)
Total liabilities and	132,262,681,913.30	132,262,681,913.30
owners' equity (or
shareholders' equity)

Explanation of adjustments to the items:

"□ Applicable" "√ Not applicable"

3. Retrospective adjustments to comparative figures for the previous period due to the initial implementation of the new accounting standards on financial instrument standard

and lease

"√ Applicable" "□ Not applicable"

I. Details of the change of accounting policies

In 7 December 2018, the Ministry of Finance amended and issued the Accounting Standards for Business Enterprises No. 21 - Leases (《企業會計準則第21號－租賃》) and required s companies that are listed both domestically and overseas, and companies that are listed overseas and adopt the International Financial Reporting Standards or the Accounting Standards for Business Enterprises for the preparation of financial statements to adopt the new lease standard from 1 January 2019. As an A+H Share enterprise, the Company implemented the Accounting Standards for Business Enterprises No. 21 - Leases on 1 January 2019.

The New Lease Standard introduces significant changes in requirements on the leasee's identification, initial recognition, subsequent measurement, presentation and disclosure of leases and other areas. The New Lease Standard cancels the lessee's classification of finance lease and operating lease, and requires the lessee to separately recognize the right-of-use assets and lease liabilities for all asset leases taking into

- 39 -

consideration the discount of future lease payments and other factors; in subsequent measurement, the corresponding assets are depreciated and the interest expenses for the corresponding liabilities are calculated using the effective interest rate method; for short- term leases and low-value asset leases, it is allowed to elect not to recognize the right-of- use assets and lease liabilities. For the accounting treatment of leased assets, there is no substantial change in the new lease standard.

II. The impact of change of accounting policies on the figures of the Group's financial statements at the beginning of the period

The Company has a leasing business, and the implementation of the new standard will increase the Company's right-of-use assets and lease liabilities. For lease liabilities, the interest expenses are provided for using the effective interest rate method. Depreciation expenses are provided for right-of-use assets. The total expenses of the same lease contract will be characterized by "a gradual decline from a high level at the beginning (i.e. the total expenses will be high at the beginning of the lease term but will gradually decline year-by- year)", but the total expenses for the lease term are equal to those under the original lease standards. The finance leases under the original lease standard are accounted for in accordance with the new lease standard. The accounting method did not change. The accounting item is reclassified from "fixed assets" to "right-of-use assets" and from "long- term liabilities due within one year" and "long-term payables" to "lease liabilities".

Such changes in accounting policies will increase the total assets and total liabilities of the Company, but will not have a material impact on the Company's net profit.

4. Audit Report

"□ Applicable" "√ Not applicable"

- 40 -