Luoyang Glass : FIRST QUARTERLY REPORT 2021

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.

This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for any securities of the Company.

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FIRST QUARTERLY REPORT 2021

1. IMPORTANT NOTICE
2. 1. The board of directors, the supervisory committee, the directors, supervisors and senior management members of the Company warrant that the information contained in this quarterly report is true, accurate, and complete without any false and misleading statements or material omissions, and severally and jointly accept legal responsibility for the above.
   2. All Directors attended the Board meeting to consider this quarterly report of the Company.
   3. Zhang Chong, person-in-charge of the Company, Ma Yan, person-in-charge of accounting, and Chen Jing, person-in-charge of accounting institution (head of accounting department), warrant that the financial statements in this quarterly report are true, accurate and complete.
   4. This first quarterly report of the Company is unaudited.

- 1 -

1. BASIC INFORMATION OF THE COMPANY 2.1 Major Financial Data

		Unit: yuan Currency: RMB
			Increase/decrease
			at the end of the
			reporting period as
			compared with the
	At the end of the	At the end of	end of the previous
	reporting period	the previous year	year
			(%)
Total assets	5,880,536,551.76	5,604,575,811.17	4.92
Net assets attributable to shareholders of the
Company	1,767,288,632.68	1,626,578,221.81	8.65
		From beginning of
	From beginning	the previous year
	of the year to	to the end of the
	the end of the	reporting period of	Year-on-year
	reporting period	the previous year	increase/decrease
			(%)
Net cash flows from operating activities	37,336,075.86	-37,488,584.74	199.59
		From beginning of
	From beginning	the previous year
	of the year to	to the end of the
	the end of the	reporting period of	Year-on-year
	reporting period	the previous year	increase/decrease
			(%)
Operating income	794,337,982.90	403,689,173.77	96.77
Net profit attributable to shareholders of the
Company	140,710,410.87	3,073,119.02	4,478.75
Net profit attributable to shareholders of the
Company after deducting extraordinary
profit or loss	136,026,866.05	187,441.61	72,470.26
Weighted average return on net assets (%)			Increased by 8.05
	8.29	0.24	percentage points
Basic earnings per share (RMB/share)	0.2565	0.0056	4,480.36
Diluted earnings per share (RMB/share)	0.2565	0.0056	4,480.36

- 2 -

Extraordinary Items and Amounts
	Unit: yuan Currency: RMB
	Amount for
	the reporting
Items	period Explanation
Gain or loss from disposal of non-current
assets	-147,827.66
Government grants credited to current
profit or loss, except for those which are
closely related to the Company's ordinary
business, in accordance with national
policies and continuously received in
certain standard amounts and quantities	5,932,246.80
Custody fee income from entrusted operation	283,018.89
Other non-operating income and expenses
excluding the aforesaid items	34,855.57
Effect of minority interests (after tax)	-41,904.15
Effect of income tax	-1,376,844.63
Total	4,683,544.82

- 3 -

2.2 Total number of shareholders, shareholdings of top 10 shareholders and top 10 holders of circulating shares (or holders of shares not subject to trading moratorium) as at the end of the reporting period

						Unit: Share
Total number of shareholders					41,471
		shareholders (including 41,433 holders of
			A shares and 38 holders of H shares)
Shareholdings of the top 10 shareholders
	Number of		Number
	shares held as		of shares
	at the end of		held subject	Pledged or frozen
	the reporting	Shareholding	to trading	Status of
Name of shareholders (full name)	period	percentage	moratorium	shares	Number	Nature of shareholder
		(%)
HKSCC NOMINEES LIMITED	249,018,699	45.40	0	Unknown		Overseas legal person
China Luoyang Float Glass (Group)	111,195,912	20.27	6,177,670	Pledged	55,597,956	State-owned legal person
Company Limited
(CNBM) Bengbu Design & Research	70,290,049	12.81	1,290,049	Nil		State-owned legal person
Institute for Glass Industry
Co., Ltd.
Triumph Science & Technology	6,170,699	1.12	6,170,699	Nil		State-owned legal person
Co., Ltd.
Anhui Huaguang Photoelectricity	3,477,327	0.63	3,477,327	Nil		State-owned legal person
Materials Technology Group Co.,
Ltd.
Hefei Gaoxin Development and	1,853,300	0.34	0	Nil		State-owned legal person
Investment Group Company*
Yixing Environmental Technology	1,542,674	0.28	1,542,674	Nil		State-owned legal person
Innovation Venture Investment Co.,
Ltd.*
Wang Hejun (王賀軍)	1,513,400	0.28	0	Unknown		Domestic natural person
Qinhuangdao Hongxing Iron & Steel	1,356,400	0.25	0	Unknown		Domestic non-state-
Co., Ltd. (秦皇島宏興鋼鐵						owned legal person
有限公司)
Hong Kong Securities Clearing	1,310,368	0.24	0	Unknown		Overseas legal person
Company Limited

- 4 -

Shareholdings of the top 10 holders of shares

not subject to trading moratorium

	Number of circulating
	shares held not subject	Class and number of shares
Name of shareholders	to trading moratorium	Class	Number
HKSCC NOMINEES LIMITED	249,018,699	Overseas listed foreign	249,018,699
		shares
China Luoyang Float Glass (Group) Company	105,018,242	Ordinary shares	105,018,242
Limited		denominated in RMB
(CNBM) Bengbu Design & Research Institute for	69,000,000	Ordinary shares	69,000,000
Glass Industry Co., Ltd.		denominated in RMB
Hefei Gaoxin Development and Investment Group	1,853,300	Ordinary shares	1,853,300
Company*		denominated in RMB
Wang Hejun (王賀軍)	1,513,400	Ordinary shares	1,513,400
		denominated in RMB
Qinhuangdao Hongxing Iron & Steel Co., Ltd.	1,356,400	Ordinary shares	1,356,400
(秦皇島宏興鋼鐵有限公司)		denominated in RMB
Hong Kong Securities Clearing Company Limited	1,310,368	Ordinary shares	1,310,368
Wang Qingguo (王慶國)		denominated in RMB
686,700	Ordinary shares	686,700
Wang Aijun (王愛軍)		denominated in RMB
648,900	Ordinary shares	648,900
Peng Shunying (彭順英)		denominated in RMB
569,600	Ordinary shares	569,600
		denominated in RMB
Explanation on connected relationship or	Among the top 10 shareholders of the Company, China Luoyang Float
parties acting in concert among the aforesaid	Glass (Group) Company Limited, (CNBM) Bengbu Design & Research
shareholders	Institute for Glass Industry Co., Ltd., Anhui Huaguang Photoelectricity
	Materials Technology Group Co., Ltd., and Triumph Science &
	Technology Co., Ltd. are related parties or persons acting in concert as
	defined under the Regulations for Disclosure of Changes in Shareholding
	of Listed Companies (上市公司股東持股變動信息披露管理辦法).
	The Company is not aware of any parties acting in concert or any related
	relationship among other holders of circulating shares.
Explanations on preferential shareholders with	None
voting rights restored and the number of shares
held

Notes: 1. Shares held by HKSCC NOMINEES LIMITED are held on behalf of its various customers.

2. The ordinary shares dominated in Renminbi held by Hong Kong Securities Clearing Company Limited are held on behalf of overseas investors who held these shares via Northbound Trading in the Shanghai-Hong Kong Stock Connect.

- 5 -

2.3 Total number of holders of preferential shares, shareholdings of top 10 holders of preferential shares and top 10 holders of preferential shares not subject to trading moratorium as at the end of the reporting period

Applicable

✓

Not applicable

1. SIGNIFICANT EVENTS
   3.1 Details of and reasons for material changes in the major financial statement items and financial indicators of the Company
   Analysis of changes in relevant items in the income statement and cash flow statement

				Unit: RMB
		Amount for
	Amount for	the same
Item	current period	period last year	Change	Analysis of reasons for the change
			(%)
Operating revenue	794,337,982.90	403,689,173.77	96.77	The increase in revenue due to a year-on-
				year increase in production and sales
				volume during the reporting period
Operating costs	459,395,380.14	294,868,490.39	55.80	The increase in costs due to a year-on-
				year increase in production and sales
				volume during the reporting period
Taxes and surcharges	11,264,693.39	6,016,610.28	87.23	The increase in value-added taxes and
				relevant additional taxes due to a year-
				on-year increase in revenue during the
				reporting period
Selling expenses	20,596,189.80	14,916,634.56	38.08	The increase in freight charge due to a
				year-on-year increase in sales during
				the reporting period
Administrative expenses	36,585,066.15	27,320,974.10	33.91	The year-on-year increase in the payment
				of employee compensation and others
				during the reporting period
Research and	54,911,438.15	15,134,144.68	262.83	The year-on-year increase in input in
development expenses				research and development during the
				reporting period
Other income	6,862,954.49	3,097,753.62	121.55	The year-on-year increase in government
				grants included in profit and loss
				during the reporting period

- 6 -

		Amount for
	Amount for	the same
Item	current period	period last year	Change	Analysis of reasons for the change
			(%)
Investment income	-5,605,564.38	-716,518.73	682.33	The year-on-year increase in loss from
				de-recognition of accounts receivable
				financing during the reporting period
Income tax expenses	31,576,425.79	6,492,071.94	386.38	The year-on-year increase in taxable
				profits during the reporting period
Net cash flow from	37,336,075.86	-37,488,584.74	199.59	The year-on-year increase in cash
operating activities				received from sales of goods during the
				reporting period
Net cash flow from	-3,460,623.13	-11,412,280.82	69.68	The year-on-year decrease in cash
investment activities				expenditure invested in the fixed assets
				during the reporting period
Net cash flow from	295,823,995.99	134,008,524.74	120.75	The year-on-year increase in net amount
financing activities				of financing during the reporting
				period

- 7 -

Analysis of changes in relevant items of balance sheet

				Unit: RMB
		Amount at
	Amount at the	the beginning
Item	end of the period	of the period	Change	Analysis of reasons for the change
			(%)
Bank balance and cash	631,656,328.29	300,948,343.56	109.89	The increase in financing during the
				reporting period
Notes receivable		102,441,393.68	-100.00	The decrease in settlement of commercial
				acceptance bills during the reporting
				period
Inventories	426,931,955.04	257,598,620.68	65.74	The increase in inventories during the
				reporting period
Construction in progress	121,044,683.11	54,472,785.67	122.21	The increase in input in engineering
				projects during the reporting period
Development	18,411,007.29	14,096,615.36	30.61	The increase input in capitalization of
expenditures				R&D during the reporting period
Other non-current assets	53,185,066.68	33,523,206.41	58.65	The increase in prepayments for projects
				during the reporting period
Contract liabilities	62,520,941.80	38,214,732.27	63.60	The increase in trade accounts collected
				in advance during the reporting period
Employee compensation	23,671,813.79	38,978,819.73	-39.27	Payment of employee compensation
payable				accrued at the end of the previous year
				during the reporting period
Taxes payable	74,344,446.14	116,355,071.70	-36.11	Payment of taxes accrued at the end of
				the previous year during the reporting
				period

3.2 Analysis and explanation of progress and impact of significant events and their solutions

Applicable

✓

Not applicable

3.3 Overdue undertakings not fully performed during the reporting period

Applicable

✓

Not applicable

3.4 The warning of projection on cumulative net profit for the period from the beginning of the year to the end of the next reporting period to be at a loss or expected to have material changes as compared to the corresponding period of prior year and its explanation

Applicable

✓

Not applicable

- 8 -

IV. APPENDIX

4.1 Financial Statements

Consolidated Balance Sheet

31 March 2021

Prepared by: Luoyang Glass Company Limited*

Unit: yuan	Currency: RMB Type of audit: unaudited
Item		31 March 2021 31 December 2020
Current assets:
Bank balance and cash	631,656,328.29		300,948,343.56
Notes receivable				102,441,393.68
Accounts receivable	461,059,317.60		637,911,162.29
Accounts receivable financing	466,689,384.37		448,697,313.21
Prepayments	135,702,755.04		142,259,523.11
Other receivables	13,600,232.73		17,023,855.78
Inventories	426,931,955.04		257,598,620.68
Other current assets		67,289,193.24		55,139,885.94
Total current assets	2,202,929,166.31		1,962,020,098.25
Non-current assets:
Long-term receivables	55,000,000.00		55,000,000.00
Fixed assets	3,016,461,560.16		3,068,216,734.33
Construction in progress	121,044,683.11		54,472,785.67
Right-of-use assets	11,623,342.72		12,259,657.09
Intangible assets	389,514,452.03		392,925,010.51
Development expenditures	18,411,007.29		14,096,615.36
Long-term deferred expenses	1,908,794.18		1,595,431.43
Deferred income tax assets	10,458,479.28		10,466,272.12
Other non-current assets	53,185,066.68		33,523,206.41
Total non-current assets	3,677,607,385.45		3,642,555,712.92
Total assets	5,880,536,551.76		5,604,575,811.17

- 9 -

Item	31 March 2021 31 December 2020
Current liabilities:
Short-term borrowings	1,391,176,021.01		1,177,314,071.56
Notes payable	428,312,579.20		465,733,722.37
Accounts payable	367,253,448.87		428,756,037.46
Contract liabilities	62,520,941.80		38,214,732.27
Employee compensation payable	23,671,813.79		38,978,819.73
Taxes payable	74,344,446.14		116,355,071.70
Other payables	755,730,468.77		764,011,526.81
Non-current liabilities due within
one year	110,955,114.00		137,330,815.42
Other current liabilities	7,279,287.69		4,888,222.00
Total current liabilities	3,221,244,121.27		3,171,583,019.32
Non-current liabilities:
Long-term borrowings	594,063,924.00		524,063,924.00
Lease liabilities	9,343,583.61		9,238,598.97
Deferred income	104,050,426.95		104,408,642.44
Total non-current liabilities	707,457,934.56		637,711,165.41
Total Liabilities	3,928,702,055.83		3,809,294,184.73

- 10 -

Item		31 March 2021 31 December 2020
Owners' equity
(or shareholders' equity):
Paid-in capital (or share capital)	548,540,432.00		548,540,432.00
Capital reserve		1,982,394,841.30		1,982,394,841.30
Surplus reserve		51,365,509.04		51,365,509.04
Undistributed profit		-815,012,149.66		-955,722,560.53
Total owners' equity attributable
to owners of the Company (or
shareholders' equity)		1,767,288,632.68		1,626,578,221.81
Minority interests		184,545,863.25		168,703,404.63
Total owners' equity (or
shareholders' equity)		1,951,834,495.93		1,795,281,626.44
Total liabilities and owners' equity
(or shareholders' equity)		5,880,536,551.76		5,604,575,811.17
Person-in-charge of the	Person-in-charge of	Person-in-charge of
Company:	accounting:	accounting institution:
Zhang Chong	Ma Yan			Chen Jing

- 11 -

Balance Sheet of the Company

31 March 2021

Prepared by: Luoyang Glass Company Limited*

Unit: yuan	Currency: RMB Type of audit: unaudited
Item		31 March 2021 31 December 2020
Current assets:
Bank balance and cash	282,407,299.05		125,309,146.98
Notes receivable	25,000,000.00		25,000,000.00
Accounts receivable	157,892,036.51		172,104,965.11
Accounts receivable financing	12,971,449.46		11,328,409.13
Prepayments	38,083.87		23,779.73
Other receivables	503,302,067.54		489,264,423.62
Inventories	533,083.94		3,100,908.52
Other current assets	1,512,947.80
Total current assets	983,656,968.17		826,131,633.09
Non-current assets:
Long-term receivables	55,000,000.00		55,000,000.00
Long-term equity investment	1,886,146,638.35		1,886,146,638.35
Fixed assets	2,111,150.58		2,174,833.48
Intangible assets	5,455,165.87		5,511,212.08
Total non-current assets	1,948,712,954.80		1,948,832,683.91
Total assets	2,932,369,922.97		2,774,964,317.00

- 12 -

Item	31 March 2021 31 December 2020
Current liabilities:
Short-term borrowings	504,485,573.07		394,007,666.58
Notes payable	44,359,421.12		45,877,926.40
Accounts payable	35,323,168.02		49,075,335.55
Contract liabilities	35,608,104.75		12,260,748.25
Employee compensation payable	4,642,136.14		8,074,804.47
Taxes payable	182,275.18		2,253,865.09
Other payables	846,255,508.98		791,861,472.98
Non-current liabilities due within
one year	32,421,609.15		42,422,967.95
Other current liabilities	4,629,053.62		1,593,897.27
Total current liabilities	1,507,906,850.03		1,347,428,684.54
Non-current liabilities:
Long-term borrowings	238,000,000.00		228,000,000.00
Total non-current liabilities	238,000,000.00		228,000,000.00
Total Liabilities	1,745,906,850.03		1,575,428,684.54

- 13 -

Item		31 March 2021 31 December 2020
Owners' equity (or shareholders'
equity):
Paid-in capital (or share capital)	548,540,432.00		548,540,432.00
Capital reserve		1,961,847,553.30		1,961,847,553.30
Surplus reserve		51,365,509.04		51,365,509.04
Undistributed profit		-1,375,290,421.40		-1,362,217,861.88
Total owners' equity (or
shareholders' equity)		1,186,463,072.94		1,199,535,632.46
Total liabilities and owners' equity
(or shareholders' equity)		2,932,369,922.97		2,774,964,317.00
Person-in-charge of the	Person-in-charge of	Person-in-charge of
Company:	accounting:	accounting institution:
Zhang Chong	Ma Yan			Chen Jing

- 14 -

Consolidated Income Statement

January-March 2021

Prepared by: Luoyang Glass Company Limited*

		Unit: yuan	Currency: RMB Type of audit: unaudited
Item			First quarter of 2021	First quarter of 2020
I.	Total operating revenue	794,337,982.90	403,689,173.77
	Including: Operating revenue	794,337,982.90	403,689,173.77
II.	Total operating costs	609,227,817.96	386,956,237.69
	Including: Operating costs	459,395,380.14	294,868,490.39
		Taxes and surcharges	11,264,693.39	6,016,610.28
		Selling expenses	20,596,189.80	14,916,634.56
		Administrative expenses	36,585,066.15	27,320,974.10
		R&D expenses	54,911,438.15	15,134,144.68
		Finance expenses	26,475,050.33	28,699,383.68
	Including: Interest expenses	27,147,204.13	26,203,153.54
		Interest income	713,052.48	605,212.06
	Add:	Other income	6,862,954.49	3,097,753.62
		Investment income (losses
		are represented by "-")	-5,605,564.38	-716,518.73
		Impairment losses on credit
		(losses are represented by
		"-")	1,909,067.89	182,448.13
		Impairment losses on assets
		(losses are represented by
		"-")		127,887.48
		Gains on disposal of assets
		(losses are represented by
		"-")	38,275.82	12,438.78
III. Operating profit (loss is represented
	by "-")		188,314,898.76	19,436,945.36
	Add: Non-operating income	500.00
	Less: Non-operating expense	186,103.48	5,000.00
IV. Total profit (total loss is represented
	by "-")		188,129,295.28	19,431,945.36
	Less: Income tax expenses	31,576,425.79	6,492,071.94

- 15 -

Item	First quarter of 2021	First quarter of 2020
V. Net profit (net loss is represented
by "-")	156,552,869.49	12,939,873.42

1. Classified on a going concern basis

1. Net profit from continuing

operation (Net loss is
represented by "-")	156,552,869.49	12,939,873.42

1. 2. Net profit from discontinued operation (Net loss is represented by "-")

2. Classified by ownership
   1. Net profit attributable to

the shareholders of the
Company (Net loss is
represented by "-")	140,710,410.87	3,073,119.02
2. Profit or loss attributable to
minority interests (Net loss
is represented by "-")	15,842,458.62	9,866,754.40

VI. Other comprehensive income, net of tax

1. Other comprehensive income net of tax attributable to owners of the

Company

1. Other comprehensive income net of tax attributable to minority interests

VII. Total comprehensive income

156,552,869.49

12,939,873.42

1. Total comprehensive income attributable to owners of the

Company		140,710,410.87	3,073,119.02
(II) Total comprehensive income
attributable to minority interests	15,842,458.62	9,866,754.40
VIII. Earnings per share:
(I) Basic earnings per share
(RMB/share)			0.2565	0.0056
(II) Diluted earnings per share
(RMB/share)			0.2565	0.0056
Person-in-charge of the	Person-in-charge of	Person-in-charge of
Company:	accounting:		accounting institution:
Zhang Chong	Ma Yan			Chen Jing

- 16 -

Income Statement of the Company

January-March 2021

Prepared by: Luoyang Glass Company Limited*

	Unit: yuan	Currency: RMB Type of audit: unaudited
Item		First quarter of 2021	First quarter of 2020
I.	Operating revenue	128,656,619.07	67,845,878.75
	Less: Operating costs	127,585,550.95	67,385,669.84
	Taxes and surcharges	1,479.25	15,849.08
	Selling expenses	157,742.58	128,771.59
	Administrative expenses	4,157,947.52	3,302,271.85
	Finance expenses	9,832,687.52	10,402,230.75
	Including: Interest expenses	15,887,953.20	11,619,173.36
	Interest income	6,112,747.26	3,138,398.23
	Add: Other income	6,229.23
II.	Operating profit (loss is represented
	by "-")	-13,072,559.52	-13,388,914.36
	Add: Non-operating income
	Less: Non-operating expenses
III.	Total profit (total loss is represented
	by "-")	-13,072,559.52	-13,388,914.36
	Less: Income tax expenses
IV. Net profit (net loss is represented
	by "-")	-13,072,559.52	-13,388,914.36

1. Net profit from continuing operation (Net loss is represented

by "-")

-13,072,559.52

-13,388,914.36

1. Net profit from discontinued operation (Net loss is represented by "-")

- 17 -

Item

First quarter of 2021

First quarter of 2020

1. Other comprehensive income, net of tax

1. Other comprehensive income that can not be reclassified to profit and loss

1. Other comprehensive income that will be reclassified to profit and loss

VI. Total comprehensive income

-13,072,559.52

-13,388,914.36

VII. Earnings per share:

1. Basic earnings per share (RMB/share)

1. Diluted earnings per share (RMB/share)

Person-in-charge of the	Person-in-charge of	Person-in-charge of
Company:	accounting:	accounting institution:
Zhang Chong	Ma Yan	Chen Jing

- 18 -

Consolidated Cash Flow Statement

January-March 2021

Prepared by: Luoyang Glass Company Limited*

	Unit: yuan Currency: RMB Type of audit: unaudited
Item		First quarter of 2021	First quarter of 2020
I.	Cash flow from operating activities:
	Cash received from sales of goods or
	rendering of services	591,942,252.78	300,640,589.29
	Tax refunds received	451,398.46	2,322,827.68
	Cash received from other operating-
	related activities	14,208,559.29	13,762,244.26
	Sub-total of cash inflow from operating
	activities	606,602,210.53	316,725,661.23
	Cash paid for goods purchased and
	services received	327,476,513.60	235,004,632.07
	Cash paid to and on behalf of employees	94,732,419.45	62,937,186.44
	Tax payments	100,987,720.39	36,035,443.44
	Cash paid for other operating-related
	activities	46,069,481.23	20,236,984.02
	Sub-total of cash outflow from operating
	activities	569,266,134.67	354,214,245.97
	Net cash flow from operating activities	37,336,075.86	-37,488,584.74
II.	Cash flow from investment activities:
	Cash received from other investment-
	related activities		6,761,595.39
	Sub-total of cash inflow from investment
	activities		6,761,595.39
	Cash paid for purchase and construction
	of fixed assets, intangible assets and
	other long-term assets	3,459,553.82	18,173,876.21
	Cash paid for other investment-related
	activities	1,069.31
	Sub-total of cash outflow from
	investment activities	3,460,623.13	18,173,876.21
	Net cash flow from investment activities	-3,460,623.13	-11,412,280.82

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Item		First quarter of 2021	First quarter of 2020
III.	Cash flow from financing activities:
	Proceeds from loans		654,990,000.00	560,490,000.00
	Cash received from other financing-
	related activities		62,380,848.10	212,500,000.00
	Sub-total of cash inflow from financing
	activities		717,370,848.10	772,990,000.00
	Cash paid for repayment of loans	397,450,000.00	485,602,733.76
	Cash paid for dividends, profit, or
	interest payments		20,015,813.63	23,486,119.97
	Cash paid for other financing-related
	activities		4,081,038.48	129,892,621.53
	Sub-total of cash outflow from financing
	activities		421,546,852.11	638,981,475.26
	Net cash flow from financing activities	295,823,995.99	134,008,524.74
IV.	Effects of changes in exchange rate on
	cash and cash equivalents		229,491.67	-59,970.27
V.	Net increase in cash and cash
	equivalents		329,928,940.39	85,047,688.91
	Add: Opening balance of cash and cash
	equivalents		139,231,301.82	148,188,549.43
VI. Closing balance of cash and cash
	equivalents		469,160,242.21	233,236,238.34
Person-in-charge of the	Person-in-charge of	Person-in-charge of
	Company:	accounting:		accounting institution:
	Zhang Chong	Ma Yan			Chen Jing

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Cash Flow Statement of the Company

January-March 2021

Prepared by: Luoyang Glass Company Limited*

Unit: yuan Currency: RMB Type of audit: unaudited

Item		First quarter of 2021	First quarter of 2020
I.	Cash flow from operating activities:
	Cash received from sales of goods or
	rendering of services	60,953,569.45	31,692,845.37
	Cash received from other operating-
	related activities	518,970.60	625,719.64
	Sub-total of cash inflow from operating
	activities	61,472,540.05	32,318,565.01
	Cash paid for goods purchased and
	services received	58,439,151.67	22,348,064.06
	Cash paid to and on behalf of employees	6,429,171.82	4,315,611.90
	Tax payments	2,068,942.37	512,192.21
	Cash paid for other operating-related
	activities	3,562,498.23	1,874,891.56
	Sub-total of cash outflow from operating
	activities	70,499,764.09	29,050,759.73
	Net cash flow from operating activities	-9,027,224.04	3,267,805.28

1. Cash flow from investment activities: Cash received from disposal of
   investments
   Cash received from returns on investments
   Cash received from other investment- related activities
   Sub-total of cash inflow from investment activities
   Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets
   Cash paid for investment
   Cash paid for other investment-related activities
   Sub-total of cash outflow from investment activities
   Net cash flow from investment activities

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Item				First quarter of 2021	First quarter of 2020
III.	Cash flow from financing activities:
	Proceeds from loans			388,990,000.00	218,490,000.00
	Cash received from other financing-
	related activities			764,707,944.99	700,140,000.00
	Sub-total of cash inflow from financing
	activities			1,153,697,944.99	918,630,000.00
	Cash paid for repayment of loans		278,490,000.00	199,098,289.32
	Cash paid for dividends, profit, or
	interest payments			7,212,568.88	6,812,255.31
	Cash paid for other financing-related
	activities			700,951,038.48	684,212,621.53
	Sub-total of cash outflow from financing
	activities			986,653,607.36	890,123,166.16
	Net cash flow from financing activities	167,044,337.63	28,506,833.84
IV.	Effects of changes in exchange rate on
	cash and cash equivalents					130.98
V.	Net increase in cash and
	cash equivalents			158,017,113.59	31,774,770.10
	Add: Opening balance of cash and cash
	equivalents			81,846,146.98	46,467,911.64
VI.	Closing balance of cash and cash
	equivalents			239,863,260.57	78,242,681.74
Person-in-charge of the	Person-in-charge of	Person-in-charge of
	Company:		accounting:	accounting institution:
	Zhang Chong		Ma Yan		Chen Jing

4.2 The related conditions on the adjustment of the items in financial statements at the beginning of the year of initial implementation arising from initial implementation of new lease standard since 2021

Applicable

✓

Not applicable

4.3 Retrospective adjustment of the previous comparative data by initial adoption of new lease standard since 2021

Applicable

✓

Not applicable

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4.4 Audit Report

Applicable

✓

Not applicable

By order of the Board

Luoyang Glass Company Limited*

Zhang Chong

Chairman

Luoyang, the PRC

29 April 2021

As at the date of this announcement, the Board comprises five executive directors: Mr. Zhang Chong, Mr. Xie Jun, Mr. Ma Yan, Mr. Wang Guoqiang and Mr. Zhang Rong; two non-executive directors: Mr. Ren Hongcan and Mr. Chen Yong; and four independent non-executive directors: Mr. Jin Zhanping, Mr. Ye Shuhua, Mr. He Baofeng and Ms. Zhang Yajuan.

• For identification purposes only

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