Guangzhou Automobile : OVERSEAS REGULATORY ANNOUNCEMENT 2019 THIRD QUARTERLY REPORT

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.

GUANGZHOU AUTOMOBILE GROUP CO., LTD.

廣州汽車集團股份有限公司

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

(Stock Code: 2238)

OVERSEAS REGULATORY ANNOUNCEMENT

2019 THIRD QUARTERLY REPORT

This third quarterly report is published by Guangzhou Automobile Group Co., Ltd. (the "Company") pursuant to Rules 13.09 and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The third quarterly result of the Company and its subsidiaries (the "Group") contained in this report was prepared under the China Accounting Standards for Business Enterprises and was unaudited. The original text of this report is in Chinese.

1. IMPORTANT NOTICE

1. The board of directors, the supervisory committee and the directors, supervisors and senior management of the Company warrant the truthfulness, accuracy and completeness of the contents contained herein, that there are no false representations or misleading statements contained in or material omissions from this quarterly report, and they jointly and severally accept responsibility.
2. All directors of the Company attended the board meeting approving this quarterly report.
3. ZENG Qinghong, the person in charge of the Company and FENG Xingya, the general manager of the Company, WANG Dan, the person in charge of accounting function and ZHENG Chao, the manager of the accounting department (Accounting Chief), warrant the truthfulness, accuracy and completeness of the financial statements contained in this quarterly report.
4. The third quarterly report of the Company was unaudited.

1

2. BASIC INFORMATION OF THE COMPANY

2.1 Major financial data

		Unit: Yuan  Currency: RMB
			Increase/decrease
			as at the end of the
			reporting period
	As at the end of		as compared with
	the reporting	As at the end of	the end of last year
	period	last year	(%)
Total assets	125,664,669,717	132,119,734,666	-4.89
Net assets attributable to
shareholders of the Company	79,513,247,019	76,549,828,708	3.87
	From the	From the
	beginning of the	beginning of last
	year to the end	year to the end of
	of the reporting	the last reporting	Increase/decrease
	period	period	as compared with
	(January to	(January to	the same period
	September)	September)	last year (%)
Net cash flow from operating activities	-9,110,650,386	-5,218,387,988	-74.59
	From the	From the
	beginning of the	beginning of last
	year to the end	year to the end of
	of the reporting	the last reporting	Increase/decrease
	period	period	as compared with
	(January to	(January to	the same period
	September)	September)	last year (%)
Revenue from operations	42,683,890,443	52,822,420,495	-19.19
Net profit attributable to
shareholders of the Company	6,335,022,626	9,860,334,991	-35.75
Net profit attributable to shareholders
of the Company after deduction of
non-recurring profit or loss	4,360,834,040	9,220,177,234	-52.70
Return on net assets (weighted			Decrease by 5.54
average) (%)	7.95	13.49	percentage points
Basic earnings per share (Yuan/share)	0.62	0.97	-36.08
Diluted earnings per share (Yuan/share)	0.62	0.95	-34.74

2

Non-recurring profit and loss items and amounts
	Unit: Yuan		Currency: RMB
				Amount from
				the beginning
				of the year to
	Amount for		the end of the
	the period	reporting period
	(July to		(January to
Item	September)		September)
Gains/losses on disposal of non-current assets	2,142,845		33,747,305
Government grants recognised in profit or loss for the
current period (except for those closely related to
the Company's normal business and in compliance
with national policies and regulations and conferred
continuously based on standard amounts and
quantities)	272,837,940	2,033,532,207
Gain and loss from changes in fair value arising
from holding of trading financial assets, derivative
financial assets, trading financial liabilities,
derivative financial liabilities, as well as investment
gain realised from disposal of trading financial
assets, derivative financial assets, trading financial
liabilities, derivative financial liabilities and other
debt investments apart from the effective hedging
business relating to the normal operating business of
the Company	12,747,401	5,284,901
Gain or loss from external entrusted loans	3,520,727	8,600,091
Other non-operating income and expense save as stated
above	17,016,108	33,570,505
Impact on minority interests (after tax)	-1,145,712	-2,356,872
Impact on income tax	14,982,189	-138,189,551
Total	322,101,498		1,974,188,586

3

2.2 Table of total number of shareholders and particulars of shareholdings of the top ten shareholders and the top ten circulating shareholders (or holders of tradable shares not subject to trading moratorium) as at the end of the reporting period

							Unit: share
Total number of shareholders (account) (Note 1)					33,927
		Shareholdings of the top ten shareholders
				Number of
		Number of shares		shares subject	Under pledge or lock-up
		held at the end of	Percentage	to trading	Status of		Nature of
Name of shareholder (full name)	the period	(%)	moratorium	shares	Number	shareholder
Guangzhou Automobile Industry	5,499,140,069	53.71	0	Nil		State-owned
Group Co., Ltd. (Note 2)						legal person
HKSCC NOMINEES LIMITED	3,095,289,167	30.23	0	Unknown		Foreign legal
	(Note 3)						person
Guangzhou Huiyin Tianyue Equity	421,898,543	4.12	421,898,543	Pledged	210,949,271	State-owned
	Investment Fund Management						legal person
	Co., Ltd.
Guangzhou State-owned Assets	210,949,272	2.06	210,949,272	Nil		State-owned
Development Holdings Co., Ltd.						legal person
Guangzhou Finance Holdings Assets	210,949,271	2.06	210,949,271	Nil		Other

• Management Co., Ltd.-
• GFHAM Wealth Management Select
• No.3 Private Investment Fund

Shanghai Puxing Energy Limited	105,985,997	1.04	0	Nil	Domestic
						non-state-
						owned legal
						person
Guangzhou Light Industry & Trade	105,474,635	1.03	105,474,635	Nil	State-owned
Group Co., Ltd.						legal person
Suiyong Holdings Co., Ltd.	105,474,635	1.03	105,474,635	Pledged 105,474,635	State-owned
						legal person
Huaxin Trust Co., Ltd.-	102,391,628	1.00	0	Nil	Other
Huaxin Trust • Yingtai No.66
Assembled Funds Trust Plan
Huaxin Trust Co., Ltd.-	75,791,647	0.74	0	Nil	Other
Huaxin Trust • Yingtai No.31
Assembled Funds Trust Plan

4

Particulars of shareholdings of the top ten holders of tradable shares not subject to trading moratorium

	Number of tradable
	shares not subject to	Class of shares and number
Name of shareholder (full name)	trading moratorium	Class of share	Number
Guangzhou Automobile Industry Group Co., Ltd.	5,499,140,069	A and H shares	5,499,140,069
HKSCC NOMINEES LIMITED	3,095,289,167	H shares	3,095,289,167
Shanghai Puxing Energy Limited	105,985,997	RMB ordinary shares	105,985,997
Huaxin Trust Co., Ltd.-Huaxin Trust • Yingtai No.66
Assembled Funds Trust Plan	102,391,628	RMB ordinary shares	102,391,628
Huaxin Trust Co., Ltd.-Huaxin Trust • Yingtai No.31
Assembled Funds Trust Plan	75,791,647	RMB ordinary shares	75,791,647
Ningbo Mei Shan Baoshuigang Area Jincheng Shazhou
Equity Investment Co., Ltd.	41,852,306	RMB ordinary shares	41,852,306
China National Machinery Industry Corporation	35,230,166	RMB ordinary shares	35,230,166
Hong Kong Securities Clearing Company Limited (Note 4)	29,431,076	RMB ordinary shares	29,431,076
Industrial and Commercial Bank of China Limited - E Fund
Management Value Growing Combined Securities
Investment Fund	14,315,887	RMB ordinary shares	14,315,887
National Social Security Fund 107 Combination	12,214,251	RMB ordinary shares	12,214,251
Related-party relationship or concerted party	Guangzhou Automobile Industry Group Co., Ltd, the largest shareholder of the
relationship among the above shareholders	Company, is not related to any of the above shareholders, nor it is a party acting
	in concert with any of them, and it is not known to the Company whether other
	shareholders are related to each other or whether they are parties acting in concert.

Note 1: Total number of shareholders as at the end of the reporting period was 33,927, among which there are 33,668 holders of A shares and 259 holders of H shares.

Note 2: Guangzhou Automobile Industry Group Co., Ltd. held 5,206,932,069 A shares of the Company, representing approximately 72.94% of the A share capital of the Company. At the same time, it held 292,208,000 H shares of the Company through Southbound Transaction and its wholly-owned subsidiary in Hong Kong, Guangzhou Auto Group (Hong Kong) Limited, representing approximately 9.43% of the H share capital of the Company. The total number of A and H shares of the Company held by it was therefore 5,499,140,069 shares, representing approximately 53.71% of the total share capital of the Company.

Note 3: H shares held by HKSCC NOMINEES LIMITED were held on behalf of a number of clients. H shares of the Company held by Guangzhou Auto Group (Hong Kong) Limited are also registered in trust with

HKSCC NOMINEES LIMITED.

Note 4: Shares held by Hong Kong Securities Clearing Company Limited were A shares held on behalf of a number of Hong Kong investors through Shanghai - Hong Kong Stock Connect.

5

1. Table of total number of preferred shareholders and particulars of shareholdings of the top ten preferred shareholders and the top ten preferred shareholders not subject to trading moratorium as at the end of the reporting period
   Applicable  √ Not applicable

3. SIGNIFICANT EVENTS

1. Material changes in items of major accounting statements and financial indicators of the Company and the reasons thereof

			Unit: RMB0'000  Currency: RMB
	Balance as
	at the end of
	the period or
	during the
	reporting	Percentage
Item	period	change	Reasons for change
Other receivables	211,021.83	-52.69%	Mainly due to the dividend from
			investment in enterprises during
			the reporting period
Other non-current	336,181.99	111.60%	Mainly due to the increase in
financial assets			investment in financial assets
			during the reporting period
Other non-current	87,395.14	-44.26%	Mainly due to the decrease in
assets			prepayments for equipment,
			prepayments for lands and
			financial lease assets as compared
			to the beginning of the year during
			the reporting period
Deposit taking and	256,788.92	-73.65%	Mainly due to deposit expenses at
deposit in inter-			GAC Finance for non-consolidated
bank market			enterprises during the reporting
			period
Trade payables	886,824.86	-22.47%	Mainly due to the payments to
			suppliers during the reporting
			period
Other current	148,876.19	33.10%	Mainly due to increase in the short-
liabilities			term financing bonds payable
			during the reporting period

6

	Balance as
	at the end of
	the period or
	during the
	reporting	Percentage
Item	period	change Reasons for change
Selling expenses	270,274.91	-39.31% Mainly due to the decrease in
		production and sales volumes
		leading to a corresponding
		reduction in advertising
		expenditures and after-sale
		services expenses during the
		reporting period
Research and	112,466.78	81.47% Mainly due to the increase in
development		amortisation of intangible assets
expenses		during the reporting period
Other income	156,087.85	231.93% Mainly due to the increase on a year-
		to-year basis in government grants
		received during the reporting
		period
Net increase in	-717,429.60	-91.30% Mainly due to the combined effect
deposits from		of the outflow of deposits at GAC
customers and		Finance for non-consolidated
deposits from		enterprises, etc. during the
other banks		reporting period
Tax payments	241,090.83	-54.05% The decrease as the decrease in
		production and sales volumes
		during the reporting period
Cash paid for	602,278.46	50.12% Mainly due to the increase in
investment		investment in financial products
		etc. during the reporting period

7

1. Analysis and explanation of progress and impact of significant events and their solutions
   Applicable  √ Not applicable
2. Undertakings which have not yet been performed during the reporting period Applicable  √ Not applicable
3. Warning and explanation on the forecast of any possible loss in accumulated net profit from the beginning of the year to the end of the next reporting period or any material changes compared to the corresponding period of last year
   Applicable  √ Not applicable

Guangzhou Automobile Group Co., Ltd.

Legal representative: ZENG Qinghong

29 October 2019

Guangzhou, the PRC, 29 October 2019

As at the date of this announcement, the executive directors of the Company are ZENG Qinghong and FENG Xingya, the non-executive directors of the Company are YAN Zhuangli, CHEN Maoshan, CHEN Jun, DING Hongxiang and HAN Ying, and the independent non-executive directors of the Company are FU Yuwu, LAN Hailin, LEUNG Lincheong and WANG Susheng.

8

4. APPENDICES

4.1 Financial Statements

Consolidated Balance Sheet

30 September 2019

Prepared by: Guangzhou Automobile Group Co., Ltd.

	Unit: Yuan	Currency: RMB  Type of audit: unaudited
			30 September	31 December
Item	2019		2018
Current assets:
Monetary fund	26,203,722,544	41,908,206,320
Trading financial assets	729,660,274	967,734,031
Financial assets measured at fair value and changes
of which are recorded in profit or loss
	for the period	0	0
Bills receivables	1,525,885,192	4,756,831,774
Trade receivables	4,066,915,195	2,158,534,878
Prepayments	1,915,267,258	1,425,551,606
Other receivables	2,110,218,252	4,460,768,706
Including: Interests receivable	182,849,923	261,675,373
	Dividends receivable	232,291,237	3,202,843,757
Inventories	5,816,286,092	6,729,797,363
Contractual assets	5,364,866	0
Held-for-sale assets	0	0
Non-current assets due within one year	1,375,951,679	1,139,427,756
Other current assets	3,551,175,629	2,664,125,123
	Total current assets	47,300,446,981		66,210,977,557

9

	30 September		31 December
Item	2019	2018
Non-current assets:
Loans and advances granted	0	0
Debt investments	454,993,939	230,000,000
Available-for-sale financial assets	0	0
Other debt investments	0	0
Held-to-maturity investments	0	0
Long-term receivables	793,008,721	859,678,951
Long-term equity investments	32,952,294,393	28,972,887,407
Other investments in equity instruments	1,189,671,009	1,215,243,831
Other non-current financial assets	3,361,819,879	1,588,786,067
Investment properties	1,344,458,517	1,485,993,965
Fixed assets	17,053,163,341	13,887,461,905
Construction in progress	2,764,878,680	2,222,861,910
Right-of-use assets	825,579,985	0
Intangible assets	10,769,429,308	8,555,985,063
Development expenses	3,954,263,146	3,780,217,706
Goodwill	104,504,775	104,504,775
Long-term deferred expenditures	465,523,020	375,060,400
Deferred income tax assets	1,456,682,655	1,062,074,708
Other non-current assets	873,951,368	1,568,000,421

	Total non-current assets	78,364,222,736	65,908,757,109
	Total assets	125,664,669,717	132,119,734,666
Current liabilities:
Short-term borrowings	1,907,895,490	1,943,648,418
Trading financial liabilities	0	0
Financial liabilities measured at fair value and
changes of which are recorded in profit or
loss for the period	0	0
Bills payables	803,470,819	834,771,866
Trade payables	8,868,248,643	11,438,369,559

10

	30 September		31 December
Item	2019	2018
Receipts in advance	0	0
Contractual liabilities	1,422,101,881	1,335,696,416
Deposit taking and deposit in inter-bank market	2,567,889,222	9,746,028,302
Staff remuneration payable	1,593,204,221	2,190,000,649
Taxes payable	981,768,051	1,104,592,424
Other payables	7,749,936,722	9,534,696,475
Including: Interests payable	217,710,296	293,324,139
Dividends payable	1,232,378	0
Handling charges and commissions payable	0	0
Reinsurance accounts payable	0	0
Held-for-sale liabilities	0	0
Non-current liabilities due within one year	3,369,367,701	1,253,047,069
Other current liabilities	1,488,761,902	1,118,516,798

	Total current liabilities	30,752,644,652		40,499,367,976
Non-current liabilities:
Long-term borrowings	1,745,401,991		1,536,465,261
Debentures payable	6,125,427,893		8,074,995,939
Including: preference shares	0		0
		perpetual bonds	0		0
Lease liabilities	703,953,191		0
Long-term payables	91,016,529		77,207,802
Long-term staff remuneration payable	0		0
Estimated liabilities	491,393,026		674,555,515
Deferred income	3,420,764,915		3,054,205,686
Deferred income tax liabilities	198,380,781		160,977,489
Other non-current liabilities	135,283,092		121,277,151
	Total non-current liabilities	12,911,621,418		13,699,684,843
		Total liabilities	43,664,266,070		54,199,052,819

11

			30 September	31 December
Item			2019			2018
Owners' equity (or shareholders' equity)
Paid-in capital (or share capital)		10,237,707,541	10,232,497,472
Other equity instrument		240,942,110	240,942,393
Including: preference shares		0	0
	perpetual bonds		0	0
Capital reserve		22,400,369,656	22,382,799,762
Less: treasury stock		0	0
Other comprehensive income		244,726,427	268,155,437
Special reserve		29,919,244	22,713,034
Surplus reserve		3,817,299,366	3,817,299,366
General risk provision		341,631,173	341,631,173
Undistributed profit		42,200,651,502	39,243,790,071
Total owners' equity (or shareholders' equity)
attributable to owners of the parent company	79,513,247,019	76,549,828,708
Minority interests		2,487,156,628	1,370,853,139
Total owners' equity (or shareholders' equity)	82,000,403,647		77,920,681,847
Total liabilities and owners' equity
	(or shareholders' equity)		125,664,669,717		132,119,734,666
		Principal accounting	Manager of the accounting
Legal representative:	responsible person:	department:
ZENG Qinghong	WANG Dan	ZHENG Chao

12

Balance Sheet of the Parent Company

30 September 2019

Prepared by: Guangzhou Automobile Group Co., Ltd.

	Unit: Yuan	Currency: RMB  Type of audit: unaudited
			30 September	31 December
Item	2019	2018
Current assets:
Monetary fund	11,142,453,973	12,699,469,013
Bills receivables	0	0
Trade receivables	20,066,143	1,619,011,882
Prepayments	99,096,927	62,832,235
Other receivables	174,928,510	3,537,675,053
Including: Interests receivable	12,332,246	41,326,896
	Dividends receivable	0	3,311,765,599
Inventories	63,421,610	82,094,237
Contractual assets	0	0
Held-for-sale assets	0	0
Non-current assets due within one year	0	0
Other current assets	690,259,945	606,279,152
	Total current assets	12,190,227,108		18,607,361,572
Non-current assets:
Debt investments	0		0
Available-for-sale financial assets	0		0
Other debt investments	0		0
Held-to-maturity investments	0		0
Long-term receivables	0		0
Long-term equity investments	59,180,927,839		52,557,376,628
Other investments in equity instruments	0		0
Other non-current financial assets	962,343,500		662,343,500
Investment properties	485,377,415		522,518,480
Fixed assets	2,240,828,911		2,243,250,075
Construction in progress	315,172,446		179,797,747

13

				30 September	31 December
Item			2019		2018
Right-of-use assets	0		0
Intangible assets	3,928,959,096		2,288,762,649
Development expenses	2,107,673,297		1,708,763,562
Goodwill	0		0
Long-term deferred expenditures	270,851		433,362
Deferred income tax assets	0		0
Other non-current assets	57,297,617		56,690,978
	Total non-current assets	69,278,850,972		60,219,936,981
		Total assets	81,469,078,080		78,827,298,553
Current liabilities:
Short-term borrowings	0		0
Trading financial liabilities	0		0
Bills payables	0		0
Trade payables	275,808,944		272,458,441
Receipts in advance	0		0
Contractual liabilities	37,667,400		5,000,000
Staff remuneration payable	638,389,889		776,568,195
Taxes payable	76,057,041		62,003,112
Other payables	4,463,909,970		4,602,162,698
Including: Interests payable	176,279,021		233,486,958
		Dividends payable	0		0
Held-for-sale liabilities	0		0
Non-current liabilities due within one year	1,996,827,455		119,633,373
Other current liabilities	0		0
	Total current liabilities	7,488,660,699		5,837,825,819

14

	30 September		31 December
Item	2019	2018
Non-current liabilities:
Long-term borrowings	0	0
Debentures payable	5,525,935,956	7,475,746,928
Including: preference shares	0	0
perpetual bonds	0	0
Lease liabilities	0	0
Long-term payables	0	0
Long-term staff remuneration payables	0	0
Estimated liabilities	0	0
Deferred income	629,540,285	494,664,290
Deferred income tax liabilities	0	0
Other non-current liabilities	0	0

	Total non-current liabilities	6,155,476,241	7,970,411,218
		Total liabilities	13,644,136,940	13,808,237,037
Owners' equity (or shareholders' equity)
Paid-in capital (or share capital)	10,237,707,541	10,232,497,472
Other equity instrument	240,942,110	240,942,393
Including: preference shares	0	0
			perpetual bonds	0	0
Capital reserve	31,251,828,379	31,234,258,485
Less: treasury stock	0	0
Other comprehensive income	0	0
Special reserve	0	0
Surplus reserve	3,817,299,366	3,817,299,366
Undistributed profit	22,277,163,744	19,494,063,800
Total owners' equity (or shareholders' equity)	67,824,941,140	65,019,061,516
	Total liabilities and owners' equity
			(or shareholders' equity)	81,469,078,080	78,827,298,553

	Principal accounting	Manager of the accounting
Legal representative:	responsible person:	department:
ZENG Qinghong	WANG Dan	ZHENG Chao

15

Consolidated Income Statement

From January to September 2019

Prepared by: Guangzhou Automobile Group Co., Ltd.

										Unit: Yuan  Currency: RMB	Type of audit: unaudited
											The third	The third	The first three	The first three
											quarter of 2019	quarter of 2018	quarters of 2019	quarters of 2018
											(July to	(July to	(January to	(January to
Item											September)	September)	September)	September)
I.	Total revenue from operations	14,679,674,415	16,308,101,046	43,031,133,430	53,508,407,518
	Including: Revenue from operations	14,560,969,157	16,116,488,774	42,683,890,443	52,822,420,495
					Interest income	118,705,258	191,612,272	347,242,987	685,987,023
II.	Total cost of operations	16,153,300,547	16,164,846,685	46,312,340,004	50,955,743,439
	Including: Cost of operations	13,779,935,588	13,219,128,066	39,344,379,312	41,742,643,255
					Interest expenses	25,814,453	19,659,163	105,771,517	69,392,372
					Taxes and surcharges	287,532,570	498,955,318	967,904,619	1,768,407,660
					Selling expenses	968,159,627	1,550,808,833	2,702,749,077	4,453,300,565
					Management expenses	658,015,961	763,869,505	1,955,549,092	2,402,840,023
				Research and development expenses	381,986,366	190,492,134	1,124,667,839	619,749,060
					Financial expenses	51,855,982	-78,066,334	111,318,548	-100,589,496
					Including: Interests expenses	96,277,216	91,086,329	308,968,401	275,754,508
										Interest income	42,309,634	108,580,870	256,530,170	357,693,243
			Add: Other income	272,666,285	309,235,034	1,560,878,533	470,243,027
					Gains on investment (loss is represented by "-")	2,548,864,244	2,559,504,412	7,508,538,990	7,674,565,262
				Including: Gains from investment in associated
										companies and joint ventures	2,530,369,597	2,550,188,649	7,396,594,995	7,493,135,169
									Derecognition gains on financial assets
										measured at amortised cost	0	0	0	0

16

						The third	The third	The first three	The first three
						quarter of 2019	quarter of 2018	quarters of 2019	quarters of 2018
						(July to	(July to	(January to	(January to
Item						September)	September)	September)	September)
					Foreign exchange gains
					(loss is represented by "-")	0	0	0	0
				Net gains from hedging exposure
					(loss is represented by "-")	0	0	0	0
				Gains on change in fair value
					(loss is represented by "-")	21,127,142	81,754,860	62,367,958	-44,854,456
				Impairment loss of credits
					(loss is represented by "-")	14,837,252	5,573,540	4,749,996	3,386,922
				Impairment loss of assets
					(loss is represented by "-")	10,545,125	4,267,721	25,219,246	-64,183,712
				Gains on disposal of assets
					(loss is represented by "-")	2,186,275	-10,373,473	3,641,666	-7,634,165
III.	Operating profit (loss is represented by "-")	1,396,600,191	3,093,216,455	5,884,189,815	10,584,186,957
	Add: Non-operating income	21,147,311	20,369,458	524,084,295	163,628,022
	Less: Non-operating expenses	4,109,021	10,634,283	18,186,950	31,389,021
IV.	Total profit (total loss is represented by "-")	1,413,638,481	3,102,951,630	6,390,087,160	10,716,425,958
	Less: Income tax expenses	-32,568,394	153,798,949	-30,450,169	822,405,234
V.	Net profit (net loss is represented by "-")	1,446,206,875	2,949,152,681	6,420,537,329	9,894,020,724

1. Classified by continuity of operations
   1. Net profit from continuing operations

		(net loss is represented by "-")	1,446,206,875	2,949,152,681	6,420,537,329	9,894,020,724
2. Net profit from discontinued operations
		(net loss is represented by "-")	0	0	0	0

1. Classified by ownership of the equity

	1. Net profit attributable to owners of the parent
		company (net loss is represented by "-")	1,416,183,527	2,947,232,311	6,335,022,626	9,860,334,991
	2. Minority interests (net loss is represented by "-")	30,023,348	1,920,370	85,514,703	33,685,733
VI.	Other comprehensive income (net of tax)	-17,529,934	-51,328,012	-23,429,010	-50,828,135
	Other comprehensive income (net of tax) attributable to
	owners of the parent company	-17,529,934	-51,328,012	-23,429,010	-50,828,135
	(1) Other comprehensive income not to be reclassified
	into profit or loss	-19,292,454	-52,828,780	-25,572,822	-52,828,780
	1. Changes arising from the re-measurement of
		defined benefit plans	0	0	0	0

17

							The third	The third	The first three	The first three
							quarter of 2019	quarter of 2018	quarters of 2019	quarters of 2018
							(July to	(July to	(January to	(January to
Item							September)	September)	September)	September)
			2. Other comprehensive income not to be
						reclassified to profit or loss under the
						equity method	0	0	0	0
			3. Changes in fair value arising from other equity
						instruments investments	-19,292,454	-52,828,780	-25,572,822	-52,828,780
			4. Changes in fair value arising from corporate
						credit risk	0	0	0	0
		(2)	Other comprehensive income to be reclassified into
				profit or loss	1,762,520	1,500,768	2,143,812	2,000,645
			1. Other comprehensive income to be reclassified
						into profit or loss under the equity method	0	0	0	0
			2. Change in fair value of other debt investments	0	0	0	0
			3. Gains or losses arising from changes in fair
						value of available-for-sale financial assets	0	0	0	0
			4. Financial assets reclassified into other
						comprehensive income	0	0	0	0
			5. Gains or losses from reclassifying
						held-to-maturity investments to
						available-for-sale financial assets	0	0	0	0
			6. Credit impairment provision for other
						debt instruments	0	0	0	0
			7. Reserve for cash flow hedging (Effective part of
						cashflow hedging gains and losses)	0	0	0	0
			8. Exchange differences on foreign currency
						financial statements translation	1,762,520	1,500,768	2,143,812	2,000,645
				9. Others	0	0	0	0
	Other comprehensive income (net of tax) attributable to
		minority interests	0	0	0	0
VII.	Total comprehensive income	1,428,676,941	2,897,824,669	6,397,108,319	9,843,192,589
	Total comprehensive income attributable to the owners
	of the parent company	1,398,653,593	2,895,904,299	6,311,593,616	9,809,506,856
	Total comprehensive income attributable to minority
		interests			30,023,348	1,920,370	85,514,703	33,685,733
VIII.	Earnings per share:
	(1)	Basic earnings per share (Yuan/share)	0.14	0.29	0.62	0.97
	(2)	Diluted earnings per share (Yuan/share)	0.14	0.28	0.62	0.95

	Principal accounting	Manager of the accounting
Legal representative:	responsible person:	department:
ZENG Qinghong	WANG Dan	ZHENG Chao

18

Income Statement of the Parent Company

From January to September 2019

Prepared by: Guangzhou Automobile Group Co., Ltd.

										Unit: Yuan  Currency: RMB	Type of audit: unaudited
										The third	The third	The first three	The first three
										quarter of 2019	quarter of 2018	quarters of 2019	quarters of 2018
										(July to	(July to	(January to	(January to
Item										September)	September)	September)	September)
I.	Revenue from operations	98,893,079	36,920,680	246,348,040	184,437,014
	Less: Cost of operations	40,786,724	28,639,093	154,426,144	154,649,378
			Taxes and surcharges	3,430,484	4,993,779	11,243,688	11,573,966
			Selling expenses	0	0	0	0
			Management expenses	77,941,522	376,026,634	220,782,232	1,070,459,178
			Research and development expenses	372,735,128	125,902,411	1,035,567,535	341,723,447
			Financial expenses	-8,931,934	-9,245,706	13,338,318	-40,991,522
			Including: Interests expenses	56,050,613	54,299,360	176,163,414	181,570,713
								Interest income	67,962,952	92,441,117	217,844,685	306,199,468
	Add: Other income	35,131,927	29,335,367	101,506,010	92,171,718
			Gains on investment (loss is represented by "-")	2,392,575,345	2,284,935,223	6,786,752,287	6,699,836,368
			Including: Gains from investment in associated
									companies and joint ventures	2,372,570,031	2,257,710,505	6,736,712,012	6,592,014,283
									Derecognition gains on financial assets
									measured at amortised cost	0	0	0	0
			Net gain from hedging exposure
			(loss is represented by "-")	0	0	0	0
			Gains on change in fair value
					(loss is represented by "-")	7,462,500	0	0	0
			Impairment loss of credits
					(loss is represented by "-")	0	0	0	0
			Impairment loss of assets
					(loss is represented by "-")	0	0	0	-66,612,194
			Gains on disposal of assets
					(loss is represented by "-")	-14,386	3,975	0	-1,375
II.	Operating profit (loss is represented by "-")	2,048,086,541	1,824,879,034	5,699,248,420	5,372,417,084
	Add: Non-operating income	344,110	30,771	470,488,074	70,092,973
	Less: Non-operating expenses	1,200,000	1,530,000	8,756,498	8,621,424
III.	Total profit (total loss is represented by "-")	2,047,230,651	1,823,379,805	6,160,979,996	5,433,888,633
	Less: Income tax expenses	0	0	0	0

19

		The third	The third	The first three	The first three
		quarter of 2019	quarter of 2018	quarters of 2019	quarters of 2018
		(July to	(July to	(January to	(January to
Item		September)	September)	September)	September)
IV.	Net profit (net loss is represented by "-")	2,047,230,651	1,823,379,805	6,160,979,996	5,433,888,633

1. Net profit from continuing operations

(net loss is represented by "-")

2,047,230,651

1,823,379,805

6,160,979,996

5,433,888,633

1. Net profit from discontinued operations

	(net loss is represented by "-")	0	0	0	0
V.	Other comprehensive income (net of tax)	0	0	0	0

1. Other comprehensive income not to be reclassified

into profit or loss

0

0

0

0

1. Other comprehensive income to be reclassified into

				profit or loss	0	0	0	0
				1.	Other comprehensive income to be reclassified
					into profit or loss under the equity method	0	0	0	0
				2.	Change in fair value of other debt investments	0	0	0	0
				3.	Gains or losses arising from changes in
					fair value of available-for-sale financial assets	0	0	0	0
				4.	Financial assets reclassified into other
					comprehensive income	0	0	0	0

VI. Total comprehensive income	2,047,230,651	1,823,379,805	6,160,979,996	5,433,888,633
	Principal accounting	Manager of the accounting
Legal representative:	responsible person:		department:
ZENG Qinghong	WANG Dan		ZHENG Chao

20

Consolidated Cash Flow Statement

From January to September 2019

Prepared by: Guangzhou Automobile Group Co., Ltd.

Unit: Yuan	Currency: RMB  Type of audit: unaudited
	The first three	The first three
	quarters of	quarters of
	2019 (January	2018 (January
Item	to September)	to September)

1. Cash flow generated from operating activities: Cash received from sales of goods and rendering

	labour services	50,991,786,456	59,921,396,322
Net increase in deposits from customer and other banks	-7,174,295,981	-3,750,267,252
Net increase in borrowings from PBOC	0	0
Cash received from interest,
handling fees and commissions	423,953,828	544,942,621
Tax rebates	223,954,571	151,037,530
Other cash received from activities relating to operation	3,305,834,026	3,202,027,877
Sub-total of cash inflows from operating activities	47,771,232,900	60,069,137,098
Cash paid for goods and services	43,734,534,339	50,332,733,716
Net increase in customer loans and advances	335,129,110	-31,350,000
Net increase in deposit in PBOC and interbank deposits	-572,350,000	107,000,000
Cash paid for interest, handling fees
	and commissions	137,957,372	60,895,230
Cash paid to and on behalf of employees	5,088,108,519	4,529,269,337
Tax payments	2,410,908,319	5,246,972,515
Other cash payments related to operating activities	5,747,595,627	5,042,004,288
Sub-total of cash outflows from operating activities	56,881,883,286	65,287,525,086
	Net cash flow from operating activities	-9,110,650,386	-5,218,387,988

21

	The first three	The first three
	quarters of	quarters of
	2019 (January	2018 (January
Item	to September)	to September)

1. Cash flow generated from investing activities:

Cash received from disposal of investments	3,293,512,011	2,617,692,558
Cash received from gains on investment	7,576,359,213	6,668,053,716
Net cash received from disposal of fixed assets,
intangible assets and other long term assets	24,224,538	17,764,013
Net cash received from disposal of subsidiaries and
	other operating entities	0	0
Other cash received from activities related
	to investment	645,766,312	253,013,278
Sub-total of cash inflows from investing activities	11,539,862,074	9,556,523,565
Cash paid for purchase and construction of fixed assets,
intangible assets and other long term assets	7,413,314,772	6,436,044,838
Cash paid for investment	6,022,784,602	4,012,052,877
Net increase in pledged loans	0	0
Net cash paid for acquiring subsidiaries and other
	operating entities	0	-152,336,945
Other cash paid for activities related to investment	224,504,692	24,453,290
Sub-total of cash outflows from investing activities	13,660,604,066	10,320,214,060
	Net cash flow generated from investing activities	-2,120,741,992	-763,690,495

1. Net cash flow generated from financing activities:

Cash received from capital contributions	1,094,421,768	325,245,070
Including: Proceeds received by subsidiaries from
	minority shareholders' investment	1,071,645,000		259,274,141
Cash received from borrowings	3,717,364,007		2,290,030,610
Other cash received from activities related to
	financing activities	5,960,350		299,905,947

22

			The first three	The first three
			quarters of	quarters of
			2019 (January	2018 (January
Item			to September)	to September)
	Sub-total of cash inflows from financing activities	4,817,746,125		2,915,181,627
	Cash repayments of borrowings		2,837,475,413		2,091,948,161
	Dividends paid, profit distributed or interest paid	3,904,381,061		4,615,476,207
	Including: Dividends and profit paid by subsidiaries to
	minority shareholders	35,276,986		35,763,962
	Other cash paid for activities related to financing
	activities		147,862,814		15,499,675
	Sub-total of cash outflows from financing activities	6,889,719,288		6,722,924,043
	Net cash flow from financing activities	-2,071,973,163		-3,807,742,416
IV.	Effects of changes in exchange rate on cash and
	cash equivalents		48,296,515	77,582,696
V.	Net increase in cash and cash equivalents	-13,255,069,026	-9,712,238,203
	Add: Cash and cash equivalents at the beginning of
	the period		38,066,267,453		47,312,050,783
VI.	Cash and cash equivalents at the end of the period	24,811,198,427		37,599,812,580
		Principal accounting	Manager of the accounting
	Legal representative:	responsible person:	department:
	ZENG Qinghong	WANG Dan	ZHENG Chao

23

Cash Flow Statement of the Parent Company

From January to September 2019

Prepared by: Guangzhou Automobile Group Co., Ltd.

Unit: Yuan	Currency: RMB  Type of audit: unaudited
	Amount for	Amount for
	the first three	the first three
	quarters of	quarters of
	2019 (January	2018 (January
Item	to September)	to September)

1. Cash flow generated from operating activities: Cash received from sales of goods and rendering

	labour services	277,730,703	1,866,768,818
Tax rebates	0	0
Other cash received from activities related
	to operation	2,287,179,432	1,278,700,163
Sub-total of cash inflows from operating activities	2,564,910,135	3,145,468,981
Cash paid for goods and labour services	14,970,508	4,446,860
Cash paid to and on behalf of employees	587,192,743	579,680,810
Tax payments	43,841,170	70,882,731
Other cash payments related to operating activities	481,915,460	506,503,783
Sub-total of cash outflows from operating activities	1,127,919,881	1,161,514,184
	Net cash flow from operating activities	1,436,990,254	1,983,954,797

24

	Amount for	Amount for
	the first three	the first three
	quarters of	quarters of
	2019 (January	2018 (January
Item	to September)	to September)

1. Cash flow generated from investing activities:

Cash received from disposal of investments	55,134,961	231,592,750
Cash received from gains on investment	6,911,987,789	5,572,813,532
Net cash received from disposal of fixed assets,
intangible assets and other long term assets	713,300	2,600
Net cash received from disposal of subsidiaries and
	other operating entities	0	0
Other cash received from activities related to
	investing activities	395,350,000	231,720,000
Sub-total of cash inflows from investing activities	7,363,186,050	6,036,128,882
Cash paid for purchase and construction of fixed assets,
intangible assets and other long term assets	2,567,162,915	1,992,745,592
Cash paid for investment	3,765,442,996	3,583,701,372
Net cash paid for acquiring subsidiaries and other
	operating entities	0	0
Other cash paid for activities related to
	investing activities	392,350,000	165,040,000
Sub-total of cash outflows from investing activities	6,724,955,911	5,741,486,964
	Net cash flow from investing activities	638,230,139	294,641,918

25

	Amount for	Amount for
	the first three	the first three
	quarters of	quarters of
	2019 (January	2018 (January
Item	to September)	to September)

1. Net cash flow generated from financing activities:

	Cash received from absorption of investments	22,776,768		65,970,929
	Cash received from borrowing	0		0
	Other cash received from financing-related activities	0		0
	Sub-total of cash inflows from financing activities	22,776,768		65,970,929
	Cash repayments of borrowings	0		1,000,000,000
	Dividends paid, profit distributed or interest paid	3,655,012,201		4,474,674,921
	Other cash paid for financing-related activities	0		5,000,000
	Sub-total of cash outflows from financing activities	3,655,012,201		5,479,674,921
		Net cash flows from financing activities	-3,632,235,433		-5,413,703,992
IV.	Effects of changes in exchange rate on cash and
		cash equivalents	0	0
V.	Net increase in cash and cash equivalents	-1,557,015,040	-3,135,107,277
	Add: Cash and cash equivalents at the beginning of
		the period	12,699,469,013		18,311,943,745

VI. Cash and cash equivalents at the end of the period	11,142,453,973	15,176,836,468
	Principal accounting	Manager of the accounting
Legal representative:	responsible person:	department:
ZENG Qinghong	WANG Dan	ZHENG Chao

26

4.2 Information on making adjustment on related items in the financial statement at the beginning of such year for the initial implementation time against initial application of the new financial instruments standards, new revenue standards and new lease standards

Implementation of the "Accounting Standards for Business Enterprises No. 21 - Lease" (Cai Kuai [2018] No. 35)

The Ministry of Finance revised the "Accounting Standards for Business Enterprises No. 21 - Lease" (the "New Lease Principle") in 2018. The New Lease Principle adopts a single model similar to that used for existing accounting treatment of financial leases, requiring the lessee to recognise right-of-use asset and lease liability for all leases (except for short- term leases and low value assets leases), and to recognise depreciations and interests expense, respectively. The Group started to handle accounting treatment in accordance with the New Lease Principle since 1 January 2019 (the "initial implementation date"), and elected not to re-evaluate whether contracts, which has existed before the initial implementation date, were leases or contained leases; and in accordance with the transitional rules, the retained earnings at the beginning of 2019 and other related items in the financial statement will be adjusted according to the cumulative impact of the initial implementation of the New Lease Principle, while comparative information will not be adjusted.

The impact of the implementation of New Lease Principle in the Group's consolidated balance sheet and each item on the balance sheet of the Company as at 1 January 2019 are summarised as follows:

	Consolidated Balance Sheet
		Unit: Yuan	Currency: RMB
Item	31 December 2018	1 January 2019	Adjustments
Current assets:
Monetary fund	41,908,206,320	41,908,206,320	0
Balances with clearing companies	0	0	0
Placements with banks and other
financial institutions	0	0	0
Trading financial assets	967,734,031	967,734,031	0
Financial assets measured at fair value and changes
of which are recorded in profit or loss
for the period	0	0	0
Derivative financial assets	0	0	0
Bills receivables	4,756,831,774	4,756,831,774	0

27

Item		31 December 2018	1 January 2019	Adjustments
Trade receivables	2,158,534,878	2,158,534,878	0
Finance receivables	0	0	0
Prepayments	1,425,551,606	1,425,551,606	0
Premiums receivable	0	0	0
Reinsurance accounts receivable	0	0	0
Deposits receivable from reinsurance contract	0	0	0
Other receivables	4,460,768,706	4,460,768,706	0
Including: Interests receivable	261,675,373	261,675,373	0
	Dividends receivable	3,202,843,757	3,202,843,757	0
Purchases of resold financial assets	0	0	0
Inventories	6,729,797,363	6,729,797,363	0
Contractual assets	0	0	0
Held-for-sale assets	0	0	0
Non-current assets due within one year	1,139,427,756	1,139,427,756	0
Other current assets	2,664,125,123	2,664,125,123	0
	Total current assets	66,210,977,557		66,210,977,557	0
Non-current assets:
Loans and advances granted	0	0	0
Debt investments	230,000,000	230,000,000	0
Available-for-sale financial assets	0	0	0
Other debt investments	0	0	0
Held-to-maturity investments	0	0	0
Long-term receivables	859,678,951	859,678,951	0
Long-term equity investments	28,972,887,407	28,972,887,407	0
Other investments in equity instruments	1,215,243,831	1,215,243,831	0
Other non-current financial assets	1,588,786,067	1,588,786,067	0
Investment properties	1,485,993,965	1,485,993,965	0
Fixed assets	13,887,461,905	13,887,461,905	0
Construction in progress	2,222,861,910	2,222,861,910	0
Productive biological assets	0	0	0
Fuel assets	0	0	0
Right-of-use assets	0	361,120,263	361,120,263
Intangible assets	8,555,985,063	8,555,985,063	0
Development expenses	3,780,217,706	3,780,217,706	0
Goodwill	104,504,775	104,504,775	0
Long-term deferred expenditures	375,060,400	375,060,400	0
Deferred income tax assets	1,062,074,708	1,062,074,708	0

28

Item			31 December 2018	1 January 2019	Adjustments
Other non-current assets	1,568,000,421	1,568,000,421	0
	Total non-current assets	65,908,757,109		66,269,877,372	361,120,263
		Total assets	132,119,734,666		132,480,854,929	361,120,263
Current liabilities:
Short-term borrowings	1,943,648,418	1,943,648,418	0
Borrowings from the central bank	0	0	0
Placements from banks and other
	financial institutions	0	0	0
Trading financial liabilities	0	0	0
Financial liabilities measured at fair value and
changes of which are recorded in profit or
loss for the period	0	0	0
Derivative financial liabilities	0	0
Bills payables	834,771,866	834,771,866	0
Trade payables	11,438,369,559	11,438,369,559	0
Receipts in advance	0	0
Contractual liabilities	1,335,696,416	1,335,696,416	0
Financial assets sold under repurchase agreements	0	0
Deposit taking and deposit in inter-bank market	9,746,028,302	9,746,028,302	0
Customer brokerage deposits	0	0	0
Amounts due for securities underwriting	0	0	0
Staff remuneration payable	2,190,000,649	2,190,000,649	0
Taxes payable	1,104,592,424	1,104,592,424	0
Other payables	9,534,696,475	9,534,696,475	0
Including: Interests payable	293,324,139	293,324,139	0
		Dividends payable	0	0	0
Handling charges and commissions payable	0	0	0
Reinsurance accounts payable	0	0	0
Held-for-sale liabilities	0	0	0
Non-current liabilities due within one year	1,253,047,069	1,253,047,069	0
Other current liabilities	1,118,516,798	1,118,516,798	0
	Total current liabilities	40,499,367,976		40,499,367,976	0
Non-current liabilities:
Deposits for insurance contracts	0	0	0
Long-term borrowings	1,536,465,261	1,536,465,261	0
Debentures payable	8,074,995,939	8,074,995,939	0

29

Item	31 December 2018		1 January 2019	Adjustments
Including: preference shares	0	0	0
perpetual bonds	0	0	0
Lease liabilities	0	361,120,263	361,120,263
Long-term payables	77,207,802	77,207,802	0
Long-term staff remuneration payable	0	0	0
Estimated liabilities	674,555,515	674,555,515	0
Deferred income	3,054,205,686	3,054,205,686	0
Deferred income tax liabilities	160,977,489	160,977,489	0
Other non-current liabilities	121,277,151	121,277,151	0

	Total non-current liabilities	13,699,684,843		14,060,805,106	361,120,263
		Total liabilities	54,199,052,819		54,560,173,082	361,120,263
Owners' equity (or shareholders' equity):
Paid-in capital (or share capital)	10,232,497,472	10,232,497,472	0
Other equity instrument	240,942,393	240,942,393	0
Including: preference shares	0	0	0
			perpetual bonds	0	0	0
Capital reserve	22,382,799,762	22,382,799,762	0
Less: treasury stock	0	0	0
Other comprehensive income	268,155,437	268,155,437	0
Special reserve	22,713,034	22,713,034	0
Surplus reserve	3,817,299,366	3,817,299,366	0
General risk provision	341,631,173	341,631,173	0
Undistributed profit	39,243,790,071	39,243,790,071	0
Total owners' equity (or shareholders' equity)
attributable to owners of the company	76,549,828,708	76,549,828,708	0
Minority interests	1,370,853,139	1,370,853,139	0
		Total owners' equity (or shareholders' equity)	77,920,681,847		77,920,681,847		0
		Total liabilities and owners' equity
			(or shareholders' equity)	132,119,734,666		132,480,854,929		361,120,263

Explanation on adjustment to each item:

Applicable  √ Not applicable

30

	Balance Sheet of the Parent Company
				Unit: Yuan	Currency: RMB
Item		31 December 2018	1 January 2019		Adjustments
Current assets:
Monetary fund	12,699,469,013	12,699,469,013	0
Trading financial assets	0	0	0
Financial assets measured at fair value and changes
of which are recorded in profit or loss	0	0	0
Derivative financial assets	0	0	0
Bills receivables	0	0	0
Trade receivables	1,619,011,882	1,619,011,882	0
Finance receivables	0	0	0
Prepayments	62,832,235	62,832,235	0
Other receivables	3,537,675,053	3,537,675,053	0
Including: Interests receivable	41,326,896	41,326,896	0
	Dividends receivable	3,311,765,599	3,311,765,599	0
Inventories	82,094,237	82,094,237	0
Contractual assets	0	0	0
Held-for-sale assets	0	0	0
Non-current assets due within one year	0	0	0
	Other current assets	606,279,152	606,279,152	0
	Total current assets	18,607,361,572		18,607,361,572	0
Non-current assets:
Debt investments	0	0	0
Available-for-sale financial assets	0	0	0
Other debt investments	0	0	0
Held-to-maturity investments	0	0	0
Long-term receivables	0	0	0
Long-term equity investments	52,557,376,628	52,557,376,628	0
Other investments in equity instruments	0	0	0
Other non-current financial assets	662,343,500	662,343,500	0
Investment properties	522,518,480	522,518,480	0
Fixed assets	2,243,250,075	2,243,250,075	0

31

Item			31 December 2018	1 January 2019	Adjustments
Construction in progress	179,797,747	179,797,747	0
Productive biological assets	0	0	0
Fuel assets	0	0	0
Right-of-use assets	0	0	0
Intangible assets	2,288,762,649	2,288,762,649	0
Development expenses	1,708,763,562	1,708,763,562	0
Goodwill	0	0	0
Long-term deferred expenditures	433,362	433,362	0
Deferred income tax assets	0	0	0
Other non-current assets	56,690,978	56,690,978	0
	Total non-current assets	60,219,936,981		60,219,936,981	0
		Total assets	78,827,298,553		78,827,298,553	0
Current liabilities:
Short-term borrowings	0	0	0
Trading financial liabilities	0	0	0
Financial liabilities measured at fair value and
changes of which are recorded in profit or loss	0	0	0
Derivative financial liabilities	0	0	0
Bills payables	0	0	0
Trade payables	272,458,441	272,458,441	0
Receipts in advance	0	0	0
Contractual liabilities	5,000,000	5,000,000	0
Staff remuneration payable	776,568,195	776,568,195	0
Taxes payable	62,003,112	62,003,112	0
Other payables	4,602,162,698	4,602,162,698	0
Including: Interests payable	233,486,958	233,486,958	0
		Dividends payable	0	0	0
Held-for-sale liabilities	0	0	0
Non-current liabilities due within one year	119,633,373	119,633,373	0
	Other current liabilities	0	0	0
	Total current liabilities	5,837,825,819		5,837,825,819	0

32

Item					31 December 2018	1 January 2019	Adjustments
Non-current liabilities:
Long-term borrowings	0	0	0
Debentures payable	7,475,746,928	7,475,746,928	0
Including: preference shares	0	0	0
				perpetual bonds	0	0	0
Lease liabilities	0	0	0
Long-term payables	0	0	0
Long-term staff remuneration payables	0	0	0
Estimated liabilities	0	0	0
Deferred income	494,664,290	494,664,290	0
Deferred income tax liabilities	0	0	0
Other non-current liabilities	0	0	0
	Total non-current liabilities	7,970,411,218		7,970,411,218	0
		Total liabilities	13,808,237,037		13,808,237,037	0
Owners' equity (or shareholders' equity):
Paid-in capital (or share capital)	10,232,497,472	10,232,497,472	0
Other equity instrument	240,942,393	240,942,393	0
Including: preference shares	0	0	0
				perpetual bonds	0	0	0
Capital reserve	31,234,258,485	31,234,258,485	0
Less: treasury stock	0	0	0
Other comprehensive income	0	0	0
Special reserve	0	0	0
Surplus reserve	3,817,299,366	3,817,299,366	0
Undistributed profit	19,494,063,800	19,494,063,800	0
Total owners' equity (or shareholders' equity)	65,019,061,516		65,019,061,516	0
	Total liabilities and owners' equity
			(or shareholders' equity)	78,827,298,553		78,827,298,553	0

Explanation on adjustment to each item:

Applicable  √ Not applicable

33

1. Details of retrospective adjustment on the comparative figures in the previous period against initial application of the new financial instruments standards and new lease standards
   Applicable  √ Not applicable
2. Audited report
   Applicable  √ Not applicable

34