华东医药: 2021年第一季度报告全文(英文版)

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             The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
Huadong Medicine Co., Ltd.
The First Quarterly Report 2021
          April 2021
                                        The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
                       Section I Important Declaration
The Board of Directors, Board of Supervisors, directors, supervisors and senior
management of Huadong Medicine Co., Ltd. (hereinafter referred to as the
“Company”) hereby guarantee that the information presented in this report is
authentic, accurate and complete and free of any false records, misleading
statements or material omissions, and shall undertake individual and joint legal
liabilities.
All directors have attended the board of directors meeting to review this
quarterly report.
Lv Liang, the Company’s legal representative and the officer in charge of
accounting, and Qiu Renbo, head of accounting department (accounting
supervisor) hereby declare and guarantee that the financial statements in this
quarterly report are authentic, accurate and complete.
According to “Stock Listing Rules of the Shenzhen Stock Exchange”, if listed
companies have both Chinese or other language version of public notice, they
should ensure the content of both versions are the same. In the case of
discrepancy, the original version in Chinese shall prevail.
                                                                  The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
                                             Section II Company Profile
I. Key Accounting Data and Financial Indicators
Whether the Company needs to perform retroactive adjustment or restatement of previous accounting data
□ Yes √ No
                                                                                                                  Change of the current
                                               The current reporting period         Same period last year        reporting period over the
                                                                                                                  same period last year
Operating revenue (yuan)                                 8,896,632,277.36                  8,598,069,911.29                          3.47%
Net profit attributable to shareholders of
listed companies (yuan)
Net profit attributable to shareholders of
listed companies after deducting                             695,792,411.78                  856,930,262.10                        -18.80%
non-recurring gains/losses (yuan)
Net cash flow from operating activities
(yuan)
Basic earnings per share (yuan/share)                                  0.4334                           0.6557                     -33.90%
Diluted earnings per share (yuan/share)                                0.4334                           0.6557                     -33.90%
Weighted average return on equity (ROE)                                5.04%                             8.89%                      -3.85%
                                                                                                                 Change of the end of the
                                               End of the current reporting
                                                                                      End of last year           current reporting period
                                                         period
                                                                                                                 over the end of last year
Total assets (yuan)                                     26,096,806,585.74                 24,201,348,154.75                          7.83%
Net assets attributable to shareholders of
listed companies (yuan)
Items and amounts of non-recurring gains/losses
√ Applicable □ N/A
                                                                                                                           Unit: RMB yuan
                                                                        Amount (from the beginning
                                Item                                    of the year to the end of the                   Note
                                                                                reporting period)
Gains/losses on disposal of non-current assets (including the
written-off part of the accrued assets impairment reserve)
Government grants included in current gains/losses (excluding
those closely related to operating activities, or regular government                     76,459,624.41
grants)
                                                                    The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
Other non-operating income or expenditure                                                 -2,351,230.65
Less: Amount affected by income tax                                                       11,433,797.38
     Amount affected by minority interest (after tax)                                       101,927.23
Total                                                                                     62,588,344.78                   --
If the Company recognizes an item as a non-recurring gain/loss based on the “Interpretation Announcement on Information
Disclosure Criteria for Public Companies No. 1 – Non-Recurring Profit/Loss” or recognizes an item satisfying the definition of
non-recurring profit/loss in the announcement as a recurring profit/loss, reasons should be specified.
□ Applicable √ N/A
No such case during the reporting period.
II. Total numbe r of shareholders at the end of the reporting period and information of top 10
shareholders
voting rights restored, as well as information about top 10 shareholders
                                                                                                                                 Unit: share
                                                              Total number of shareholders of
Total number of shareholders of
                                                              preferred shares whose voting rights
common shares at the end of the                  168,355                                                                                 0
                                                              have been restored at the end of the
reporting period
                                                              reporting period (if any)
                                                Information about top 10 shareholders
                                                                                  Number of shares               Pledged or frozen
                                         Shareholding         Number of shares
        Name                Nature                                                  held with sale
                                              ratio                  held                                   Status             Number
                                                                                     restrictions
                    Domestic
China Grand
                    non-state-owned               41.77%           730,938,157                       0 Pledged                 239,970,000
Enterprises, Inc.
                    legal person
Hangzhou
Huadong             State-owned legal
Medicine Group person
Co., Ltd.
Hong Kong
Securities          Overseas legal
Clearing            person
Company Ltd.
China Securities
                    Other                             1.27%          22,186,818                      0
Finance Co., Ltd.
Huaxia Life
Insurance Co.,      Other                             0.61%          10,713,280                      0
Ltd. - own funds
National Social     Other                             0.45%           7,926,311                      0
                                                                 The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
Security Fund
Portfolio 602
National Social
Security Fund       Other                          0.34%          6,000,000                   0
Portfolio 503
Basic
Endowment
                    Other                          0.30%          5,253,350                   0
Insurance Fund
Portfolio 15041
                    Domestic
#Yang Yushan                                       0.29%          5,000,000                   0
                    individual
                    Domestic
#Chen Shaoming                                     0.22%          3,764,388                   0
                    individual
                                    Shares held by the top 10 shareholders of Non- restricted shares
                                                                                                                  Type of shares
                  Name                      Number of shares held without sale restrictions
                                                                                                           Type               Number
                                                                                                  RMB common
China Grand Enterprises, Inc.                                                      730,938,157                                730,938,157
                                                                                                  shares
Hangzhou Huadong Medicine                                                                         RMB common
Group Co., Ltd.                                                                                   shares
Hong Kong Securities Clearing                                                                     RMB common
Company Ltd.                                                                                      shares
                                                                                                  RMB common
China Securities Finance Co., Ltd.                                                  22,186,818                                     22,186,818
                                                                                                  shares
Huaxia Life Insurance Co., Ltd. -                                                                 RMB common
own funds                                                                                         shares
National Social Security Fund                                                                     RMB common
Portfolio 602                                                                                     shares
National Social Security Fund                                                                     RMB common
Portfolio 503                                                                                     shares
Basic Endowment Insurance Fund                                                                    RMB common
Portfolio 15041                                                                                   shares
                                                                                                  RMB common
#Yang Yushan                                                                          5,000,000                                     5,000,000
                                                                                                  shares
                                                                                                  RMB common
#Chen Shaoming                                                                        3,764,388                                     3,764,388
                                                                                                  shares
Notes on relations and concerted
                                       The Company does not know whether the shareholders mentioned above are related parties
actions among the shareholders
                                       with each other or whether they are acting-in-concert parties with each other.
mentioned above
Notes on financing and securities      Hangzhou Huadong Medicine Group Co., Ltd., the second largest shareholder of the
                                                               The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
loan conducted by top 10              Company, holds 288,000,000 shares of the Company, accounting for 16.46% of the total
shareholders (if any)                 capital stock of the Company. As of the end of the reporting period, 13,380,000 shares of the
                                      Company have been transferred to China Securities Finance Corporation for loan.
                                      At the end of the current reporting period, Yang Yushan, the ninth shareholder of the
                                      Company, held 5,000,000 shares of the Company through financing and securities loan, Chen
                                      Shaoming, the tenth shareholder of the Company, held 3,651,388 shares of the Company
                                      through financing and securities loan.
Does any of the Company’s top 10 shareholders of common shares or top 10 shareholders without sale restrictions on common shares
conduct any agreed repurchase transaction during the reporting period?
□ Yes √ No
No such case during the reporting period.
preferred shares
□ Applicable √ N/A
                                                       The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
                                Section III Substantial Matters
I. Changes in key financial data and financial indicators during the reporting period and their
causes
√ Applicable □ N/A
                                                                                                           Unit: RMB yuan
Balance sheet item              End of the period   Beginning of the Change rate                 Notes on cause of changes
                                                        period
Accounts receivable financing    578,065,866.37     828,659,217.25     -30.24%      Mainly due to the increase of notes collection in the
                                                                                    current period
Advance receipts                 356,122,946.06     250,916,482.07      41.93%      Mainly due to the increase of prepayment
Other receivables                116,804,796.17      83,073,823.45      40.60%      Mainly due to the increase in provisional payments
                                                                                    receivable
Other current assets             51,201,382.80       85,654,691.58     -40.22%      Mainly due to the decrease of input VAT to be
                                                                                    deducted at the end of the period
Other non current assets         931,645,777.92     712,069,194.08      30.84%      Mainly due to the increase in the prepayment of
                                                                                    equipment purchase and intangible assets purchase
                                                                                    at the end of the period
Notes payable                    981,406,149.63     554,336,058.71      77.04%      Mainly due to the increase of bill payment in the
                                                                                    current period
Long term loan                   209,937,945.01     151,611,367.86      38.47%      Mainly due to the increase of long-term loans
                                                                                    obtained in the current period
Income statement item            Amount of the      Amount of the     Change rate                Notes on cause of changes
                                 current period     previous period
Management expenses              277,542,542.53     196,704,190.05      41.10%      Mainly due to the low base in the same period of
                                                                                    last year and the increase of salary in the current
                                                                                    period
Financial expenses                8,531,468.21       15,759,648.63     -45.87%      Mainly due to the increase of interest income and
                                                                                    the decrease of financing cost
Gains on assets disposal           304,336.80       306,269,024.44     -99.90%      Mainly due to the transfer of market distribution
                                                                                    rights of related products in Western Europe by
                                                                                    Sinclair, a wholly owned subsidiary of the
                                                                                    Company in the UK
                                                                                    Mainly due to the disposal of the distribution rights
                                                                                    and interests in the Western European market of
                                                                                    related products of Sinclair, a British
                                                                                    wholly-owned subsidiary of the company, in the
                                                                                    same period of last year
investment income                -26,664,999.81      -1,256,335.99    -2022.44% Mainly due to the increase of discount interest and
                                                                      The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
                                                                                                    the decrease of net profit of joint ventures in the
                                                                                                    current period
Other income                               76,459,624.41        20,044,478.23           281.45%     Mainly due to the increase of government subsidies
Net profit                                774,473,984.45       1,153,425,789.92          -32.85%    Mainly due the higher income from asset disposal
                                                                                                    of subsidiaries in the same period of last year and
                                                                                                    the decrease of gross profit of subsidiaries affected
                                                                                                    by policies in the current period
Cash flow statement item                  Amount of the         Amount of the         Change rate               Notes on cause of changes
                                          current period       previous period
Net cash flows from operating             302,314,164.48        218,779,623.89           38.18%     Mainly due to the increase of the collection in the
activities                                                                                          current period
Net cash flows from investing             -486,980,878.94       -21,112,417.22          -2206.1%    Mainly due to the increase of equity investment
activities                                                                                          funds in the current period and the transfer of
                                                                                                    distribution rights and interests of related products
                                                                                                    in Western European market of Sinclair, a
                                                                                                    wholly-owned subsidiary of the company in the
                                                                                                    previous period
II. Progress and influence of significant events, and explanatory notes of corresponding solutions
□ Applicable √ N/A
Implementation progress of share repurchase
□ Applicable √ N/A
Progress in the implementation of reducing repurchased shares by centralized price bidding
□ Applicable √ N/A
III. Unfulfilled and overdue commitments from the related committed parties such as the
Company’s actual controller, shareholders, related parties, acquirer(s), and the Company
during the reporting period
□ Applicable √ N/A
No such case during the reporting period.
IV. Financial assets investment
√ Applicable □ N/A
                                                                                                                           Unit: RMB yuan
                                          Account    Book     Profit Accumu Purchase Selling Gain/l               Book
                     Stock      Initial
  Type of    Stock                           ing    value at and loss       lative   amount    amount     oss   value at Account Capital
                      for    investm
   stock     code                         measure     the     from           fair    in the    in the    during the end ing item source
                     short   ent cost
                                            ment    beginni    fair         value    current   current    the    of the
                                                                 The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
                                         model    ng of     value     changes       period    period reporti period
                                                   the     changes included                             ng
                                                 period     in the          in                         period
                                                           current        equity
                                                           period
                                                                                                                          Other
Domestic                                Fair                                                                              equity
and                           20,207, value      23,582, 3,113,97 3,113,97                                      26,696, instrum Own
            RAPT RAPT                                                                  0.00     0.00     0.00
overseas                       400.00 measure     877.56       7.59          7.59                               855.15 ents          funds
stock                                   ment                                                                              investm
                                                                                                                          ent
Total                                      --                                          0.00     0.00     0.00                   --      --
Date of announcement of
the board of directors on
                             N/A
securities investment
approval
Date of announcement of
the board of shareholders
                             N/A
on securities investment
approval (if any)
Notes: In 2019, Huadong Medicine Investment Holding (Hong Kong) Co., Ltd., a subsidiary of the company, invested USD 3 million
to purchase 218102 series C-2 preferred shares of RAPT therapeutics, Inc. RAPT therapeutics, Inc was listed on Nasdaq Stock
Exchange on October 30, 2019 (Stock Code: RAPT). As of the end of the reporting period, Huadong Medicine Investment Holding
(Hong Kong) Co., Ltd. held 183002 shares, accounting for 0.74% of the total shares of RAPT therapeutics, Inc.
□ Applicable √ N/A
No derivative investment during the reporting period.
V. Progress of investment projects with raised funds
□ Applicable √ N/A
VI. Forecast of business performance from January to June in 2021
Warning and explanation of the reason that the accumulated net profit from the beginning of the year to the end of the next reporting
period may be a loss or a substantial change compared with the same period of the previous year
□ Applicable √ N/A
                                                                 The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
VII. Major contracts for daily operation
□ Applicable √ N/A
VIII. Entrusted financial manage ment
□ Applicable √ N/A
No entrusted financial management during the reporting period.
IX. Illegal external guarantee
□ Applicable √ N/A
No illegal external guarantee during the reporting period.
X. Non operating capital occupation of listed companies by controlling shareholders and their
related parties
□ Applicable √ N/A
No non operating capital occupation of listed companies by controlling shareholders and their related parties during the reporting
period.
Ⅺ. Registration form of receptions, including research, communication and interview,
undertaken during the reporting period
√ Applicable □ N/A
                                                                                             Main contents of
                                                                                                                     Index of basic
                                                                                              discussion and
       Date             Place            Method         Type of visitor   Reception target                         information of the
                                                                                                 materials
                                                                                                                           research
                                                                                                 provided
                                                                                             Huadong
                                                                                                                Please refer to the
                                                                                             Medicine's
                                                                                                                "Record of Investor
                                                                                             self-immunity
                                                                                                                Relations Activities on
                                                                                             innovative drug
                                                                                                                February 18, 2021"
                                                                                             introduction and
                                                                                                                published by the
February 18,      Company           Communication                                            overseas medical
                                                       Institution        CICC etc.                             company on the
                                                                                                                Shenzhen Stock
                                                                                             source company
                                                                                                                Exchange Interactive
                                                                                             acquisition
                                                                                                                Easy website and
                                                                                             investor
                                                                                                                cninfo.com.cn for
                                                                                             exchange
                                                                                                                details.
                                                                                             meeting
                                                                          Haitong                               Please refer to the
                                                                                             Investor
February 25,      Company           Communication                         Pharmaceutical,                       "Record of Investor
                                                       Institution                           Exchange
                                                                                             Meeting
                                                                          Securities, etc.                      February 25, 2021"
                                                         The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
                                                                                                published by the
                                                                                                company on the
                                                                                                Shenzhen Stock
                                                                                                Exchange Interactive
                                                                                                Easy website and
                                                                                                cninfo.com.cn for
                                                                                                details.
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                                                                                                "Record of Investor
                                                                                                Relations Activities on
                                                                                                March 3, 2021"
                                                                  Industrial
                                                                                     Investor   published by the
                Company        Communication                      Securities,
March 3, 2021                                  Institution                           Exchange   company on the
                conference room by phone                          Huatai
                                                                                     Meeting    Shenzhen Stock
                                                                  Securities, etc.
                                                                                                Exchange Interactive
                                                                                                Easy website and
                                                                                                cninfo.com.cn for
                                                                                                details.
Ⅻ. Overview of the Company's operations in the first quarter of 2021
(1)Overview of operations
     During the reporting period, the Company achieved an operating revenue of 8.897 billion yuan,
with a year-on-year increase of 3.47%; The net profit attributable to shareholders of listed
companies was 758 million yuan with a year-on-year decrease of 33.9%; The net profit attributable
to shareholders of listed companies after deducting non recurring profit and loss was 696 million
yuan with a year-on-year decrease of 18.80%; The core subsidiary, Zhongmei Huadong, had a
stable overall operation. Affected by the price reduction of some products, it realized an operating
revenue of 3.092 billion yuan with a year-on-year decrease of 14.58% and a month on month
increase of 38.61%; The net profit was 730 million yuan with a year-on-year decrease of 14.60%
and a month on month increase of 85.30%; Both the pharmaceutical business and domestic medical
aesthetics business showed recovery growth over the same period. The operating income of the
pharmaceutical business during the reporting period increased by 16.0% year-on-year. The income
from the holding subsidiary Huadong Ningbo medical aesthetics business increased by 63.3%.
Although the overseas new crown epidemic has not ended, the British Sinclair company’s operating
                                                 The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
income still showed a recovery trend, with a year-on-year increase of 12.7%.
     During the reporting period, the Company accelerated R&D work and continued to increase
R&D investment. The pharmaceutical industry R&D investment totaled 283 million yuan with a
year-on-year increase of 2.3%.
     The main reasons for the year-on-year decrease in the Company’s net profit during the
reporting period were as follows: (1) The revenue and gross profit of Acarbose Tablets, the main
product of Zhongmei Huadong, both decreased significantly compared with those before the
implementation of the national centralized procurement in the previous reporting period (Acarbose
Tablets began to fully implement national centralized procurement in April last year, and will not be
affected by centralized procurement in the first quarter of 2020); (2) After the successful negotiation
of the price reduction of the National Medical Insurance contract in December 2020, the adjusted
price of Bailing Capsule (price reduction 33.8%) began to be officially implemented nationwide on
March 1, 2021; (3) The company's non-recurring gains and losses in the first quarter of 2020 were
subsidiary Sinclair to Galderma, which obtained a net income of 30.65 million pounds and greatly
increased the Company's overall income during the reporting period. No such matters occurred
during the reporting period, and other non-recurring gains and losses totaled 63 million yuan,
resulting in a further increase in the year-on-year decrease in net profit attributable to shareholders
of listed companies.
     With the normalization of centralized procurement and the promotion of internal and external
sales models, the Company will further deepen innovation and international transformation work
and strategy implementation, and accelerate the transformation of internal business units from cost
centers to profit centers. Based on the advantages of the Company's various business segments,
while comprehensively improving profitability, it also enhances its own comprehensive
competitiveness and strives to achieve the goal of full-year profit growth in 2021.
(2)Overview of main work
     Up to the release of the report, the Company's innovative drug business has ushered in a number
                                                 The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
of major milestones. Clinical trial application for class 1 new drug IMGN853 (Mirvetuximab
Soravtansine, a new antibody coupled drug for the treatment of ovarian cancer) was approved by the
National Medical Products Administration (NMPA), which planned to carry out an international
multicenter phase III study and a phase I study to evaluate the safety, tolerance and pharmacokinetics
in Chinese adult patients in the second quarter; Clinical trial application for class 1 new drug MB-102
injection, a fluorescent tracer used to measure glomerular filtration rate, was accepted; Reached an
exclusive clinical development and commercialization agreement with Provention Bio and obtained
exclusive clinical development and commercialization rights for two clinical indications of the
bispecific antibody PRV-3279 in Greater China. One is a phase I study in the US for the treatment
of systemic lupus erythematosus, and the other is a preclinical study in the US for the prevention or
reduction of immunogenicity of gene therapy.
     The Company and Fuguang Hongxin Pharmaceutical Industry Fund jointly invested 35 million
yuan to make equity investment in Novacyte Therapeutics, a drug research and development
platform company focusing on ADC technology. According to the agreement, the Company has the
right to enjoy the preferential transfer right of its products in development before 2026. The
company acquired a total of 75% equity of DoerBio at 487.5 million yuan and became its
controlling shareholder. DoerBio is a platform-based R&D enterprise engaged in the development
of innovative biomacromolecule antibody drugs with independent intellectual property rights in
China, and has global rights and interests in all products under research. Among them, one drug
candidate for the treatment of gastric cancer and two drug candidates for the treatment of metabolic
diseases such as type 2 diabetes and NASH (non-alcoholic fatty liver) are planned to submit clinical
trial applications in China in 2021.
     Since 2019, Huadong Medicine has successively invested, controlled, and incubated a number
of domestic biotechnology companies with leading technology, including investment in peptide
technology platform company Peg-Bio, antibody company Qyuns Biotech which focuses on
immune diseases, Novacyte Therapeutics which has ADC linker and coupling technology, Huida
Biotech which has developed a full product line of ADC drug toxin raw materials, and the
multi-antibody platform company DoerBio. Through a series of investment and mergers, Huadong
                                                  The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
Medicine R&D ecosystem is gradually formed. The company will integrate and make full use of the
comprehensive research and development strength of the above platform, continuously develop new
antibodies and peptides based on the superior targets and the specific clinical needs of the
company's core therapeutic fields, and do a good job in the international layout.
     During the reporting period, the pharmaceutical business of the Company              accelerated      the
channel reform of "intra-hospital transfer to out-hospital, offline transfer to online", repositioned the
retail market, focused on the development of DTP, in-hospital side-store and featured outpatient
department, realized the double dip of variety and management, and created a new development
pattern of "online and offline interaction". Through the self-built platform and entered the online
public platform, actively expand the Internet marketing business. It has also established the first
Internet hospital in Huadong Medicine, officially entering the new field of medical services of
"Internet + chronic disease management". It will integrate hospital resources through the Internet
platform, manage patients inside and outside the hospital, and actively explore a new mode of
health management marketing service oriented to the whole life cycle.
     Pharmaceutical business continued to increase innovation business. Huadong Pharmaceutical
Supply Chain Management (Hangzhou) Co., Ltd., a wholly-owned subsidiary of the company, has
obtained the first express business license of pharmaceutical cold chain enterprise in Zhejiang
Province issued by Zhejiang Postal Administration, and obtained the third-party storage and
transportation vaccine service qualification from Zhejiang Center for Disease Control and
Prevention, which is the exclusive service in Zhejiang Province.
     As of the end of the reporting period, Sinclair, the global operation center of the Company's
aesthetic medicine, has completed all acquisitions of Spanish energy source equipment company
High Tech. This is the Company's first overseas merger in the same industry and an important
milestone in the implementation of Company's globalization strategy. In April this year, the
Company's global exclusive collagen stimulant long-acting microsphere Ellanse ® was approved by
the NMPA and will officially enter the Chinese mainland market in the second half of the year.
                                                  The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
     The Company continues to accelerate the progress of the clinical registration of other core
aesthetic medicine products in China. On February 10th, the absorbable embedding product
Silhouette® Instalift ® from Sinclair for the lifting of mid-face tissues, successfully passed the record
of the Ministry of Science and Technology Department of Genetics, and officially entered the
registration clinical research stage. At present, the enrollment of subjects is progressing smoothly.
This product was certified by the U.S. FDA in 2015 and is currently the only absorbable embedding
product approved by the U.S. FDA for lifting mid-face tissue.
     The new high-end lidocaine-containing hyaluronic acid filler MaiLi ® series products using
OXIFREE® patented technology and process have been registered in the Chinese market and will
be launched in the European market in the first half of 2021. Sinclair’s newly acquired Spanish
High Tech company’s cold-fat-melting product Cooltech Define has obtained the EU CE
certification, and the registration in the Chinese market is under active preparations. Titania, an
innovative RF product under development for skin tightening and body shaping, plans to obtain the
European Union CE certification in the fourth quarter of this year, and will continue to be marketed
globally after approval.
     Glacial ®Spa (F0), a cold-touch beauty instrument from R2 Company, is actively preparing for
sales in China; Glacial ®Rx (F1), a frozen freckle medical device, is proceeding in an orderly
manner in registration in China; F0 and F1 have launched the Asia-Pacific market Registration work:
F0 has been approved for listing in Korea and has submitted a listing application in Taiwan, which
is expected to obtain permission in 2021; F1 is preparing to submit listing applications for
Singapore, Indonesia, and Malaysia.
     The Company is paying close attention to the latest policy issued by the National Development
and Reform Commission on supporting the development of high-end medical beauty industry in
Hainan. The policy proposed that "Aesthetic medical institutions in the Lecheng Pioneer Zone can
use the medical aesthetics products listed in the United States, the European Union, Japan and other
countries or regions in batches”. The Company currently has a number of non-invasive and
minimally invasive medical products listed in mainstream markets or regions such as the United
States, the European Union, and other areas that meet the direction encouraged by the policy. The
                                                 The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
above new policy will help the Company's international advanced products quickly enter the
country. The Company is formulating the registration work plan for medical aesthetics products that
meet the policy encouragement in Hainan, and will actively promote the implementation work
according to the latest national policy, with a view to realizing the listing and sales in Hainan Pilot
Zone as soon as possible.
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                                         Section IV Financial Statements
I. Financial Statements
Prepared by Huadong Medicine Co., Ltd.
                                                     March 31, 2021
                                                                                                      Unit: RMB yuan
                     Item                          March 31, 2021                       December 31, 2020
Current assets:
       Monetary funds                                           3,129,717,110.39                     3,198,080,997.82
       Settlement reserve
       Lending to other banks and other
financial institutions
       Financial assets for trade
       Derivative financial assets
       Notes receivable
       Accounts receivable                                      7,729,847,991.24                     6,137,675,568.82
       Accounts receivable financing                             578,065,866.37                        828,659,217.25
       Advance payments                                          356,122,946.06                        250,916,482.07
       Premiums receivable
       Reinsurance accounts receivable
       Reinsurance contract reserve
receivable
       Other receivables                                         121,000,462.54                         87,269,489.82
         Including: Interests receivable
                  Dividends receivable                               4,195,666.37                        4,195,666.37
       Financial assets purchased for
resale
       Inventories                                              4,184,900,223.81                     4,067,635,254.80
       Contract assets
       Assets held for sale
       Non-current assets due within one
year
       Other current assets                                         51,201,382.80                       85,654,691.58
                                          The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
Total current assets                         16,150,855,983.21                       14,655,891,702.16
Non-current assets:
     Loans and prepayments issuance
     Debt investments
     Other debt investments
     Long-term receivables
     Long-term equity investments                944,226,232.95                         850,072,053.02
     Other equity instrument
investments
     Other non-current financial assets
     Real estate properties for
investment
     Fixed assets                               2,606,236,889.11                      2,420,366,582.92
     Constructions in progress                  2,015,024,914.70                      2,240,201,926.65
     Biological assets for production
     Oil & gas assets
     Right-of-use assets                         152,763,198.46
     Intangible assets                          1,434,653,824.20                      1,463,242,463.99
     Development expenditures
     Goodwill                                   1,469,617,262.10                      1,469,617,262.10
     Long-term unamortized expenses                7,855,014.54                           8,811,339.43
     Deferred income tax assets                  137,829,774.40                         137,829,774.40
     Other non-current assets                    931,645,777.92                         712,069,194.08
Total non-current assets                        9,945,950,602.53                      9,545,456,452.59
Total assets                                 26,096,806,585.74                       24,201,348,154.75
Current liabilities:
     Short-term borrowing                       1,487,602,162.22                      1,416,932,884.87
     Borrowing from the Central bank
     Borrowing from other banks and
other financial institutions
     Financial liabilities for trade
     Derivative financial liabilities
     Notes payable                               981,406,149.63                         554,336,058.71
     Accounts payable                           4,028,559,295.74                      3,947,044,331.68
     Advance receipts                                684,383.46                             951,926.56
                                          The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
     Contract liabilities                        165,135,518.26                          94,384,629.77
     Financial assets sold for
repurchase
     Absorbing deposits and due from
banks
     Receipts for buying and selling
securities as proxy
     Receipts for underwriting
securities as proxy
     Employee benefits payable                   122,357,260.82                         152,106,819.91
     Taxes and fees payable                      693,879,850.88                         571,792,475.80
     Other payables                             2,108,650,934.60                      1,817,529,820.99
        Including: Interests payable
                      Dividends payable              224,219.60                             224,219.60
     Handling fees and commissions
payable
     Reinsurance accounts payable
     Liabilities held for sale
     Non-current liabilities due within
one year
     Other current liabilities                    20,343,897.23                          10,786,034.37
Total current liabilities                       9,659,776,430.44                      8,633,678,869.34
Non-current liabilities:
     Insurance contract reserve
     Long-term borrowing                         209,937,945.01                         151,611,367.86
     Bonds payable
        Including: Preferred shares
                 Perpetual bonds
     Lease liabilities                           142,315,707.93
     Long-term payables                           26,084,710.58                          26,812,354.90
     Long-term employee benefits
payable
     Provision                                    38,416,223.54                          39,467,829.23
     Deferred gains                               89,060,824.26                          81,628,032.54
     Deferred income tax liabilities              88,738,187.41                          88,738,187.41
     Other non-current liabilities
                                                  The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
Total non-current liabilities                             594,553,598.73                        388,257,771.94
Total liabilities                                     10,254,330,029.17                       9,021,936,641.28
Ownership interest:
     Share capital                                       1,749,809,548.00                     1,749,809,548.00
     Other equity instruments
        Including: Preferred shares
                     Perpetual bonds
     Capital reserve                                     2,158,080,661.07                     2,158,080,661.07
     Less: Treasury shares
     Other comprehensive income                          -121,155,906.94                         -2,191,069.45
     Special reserve
     Surplus reserve                                      861,680,578.42                        861,680,578.42
     General risk reserve
     Undistributed profit                             10,618,378,243.24                       9,852,441,590.56
Total ownership interest attributable to
the parent company
     Minority interest                                    575,683,432.78                        559,590,204.87
Total ownership interest                              15,842,476,556.57                      15,179,411,513.47
Total liabilities & ownership interest                26,096,806,585.74                      24,201,348,154.75
Legal representative: Lv Liang
Officer in charge of accounting: Lv Liang
Head of accounting department : Qiu Renbo
                                                                                                Unit: RMB yuan
                    Item                    March 31, 2021                       December 31, 2020
Current assets:
     Monetary funds                                      1,927,952,018.47                     1,889,264,142.30
     Financial assets for trade
     Derivative financial assets
     Notes receivable
     Accounts receivable                                 4,605,456,017.98                     3,287,882,027.51
     Accounts receivable financing                        140,562,428.19                        214,871,707.01
     Advance payments                                     151,868,978.67                        121,268,106.62
                                            The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
       Other receivables                           831,426,696.13                         798,152,353.96
         Including: Interests receivable
                  Dividends receivable               3,363,380.00                           3,363,380.00
       Inventories                                2,048,980,648.83                      1,845,977,070.46
       Contract assets
       Assets held for sale
       Non-current assets due within one
year
       Other current assets                            178,925.49
Total current assets                              9,706,425,713.76                      8,157,415,407.86
Non-current assets:
       Debt investments
       Other debt investments
       Long-term receivables
       Long-term equity investments               4,926,372,288.65                      4,847,172,288.65
       Other equity instrument
investments
       Other non-current financial assets
       Real estate properties for
investment
       Fixed assets                                160,483,855.83                         159,486,234.04
       Constructions in progress                     1,675,593.95                             342,161.41
       Biological assets for production
       Oil & gas assets
       Right-of-use assets                          17,789,020.23
       Intangible assets                            55,280,981.38                          56,448,575.54
       Development expenditures
       Goodwill
       Long-term unamortized expenses                  570,028.87                             645,902.07
       Deferred income tax assets                   45,918,388.57                          45,918,388.57
       Other non-current assets                     32,979,221.51                          96,882,664.08
Total non-current assets                          5,343,391,139.86                      5,309,334,533.39
Total assets                                   15,049,816,853.62                       13,466,749,941.25
Current liabilities:
       Short-term borrowing                        890,894,904.44                         930,813,369.36
                                          The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
     Financial liabilities for trade
     Derivative financial liabilities
     Notes payable                               375,592,591.45                         180,042,270.63
     Accounts payable                           2,501,142,155.61                      2,421,476,904.57
     Advance receipts
     Contract liabilities                         77,103,416.11                          32,577,236.92
     Employee benefits payable                     3,626,281.84                           8,530,961.48
     Taxes and fees payable                       84,310,788.28                         154,676,067.87
     Other payables                             1,801,418,576.73                        518,390,330.44
        Including: Interests payable
                Dividends payable                    224,219.60                             224,219.60
     Liabilities held for sale
     Non-current liabilities due within
one year
     Other current liabilities                     9,938,658.37                           4,273,258.99
Total current liabilities                       5,744,027,372.83                      4,250,780,400.26
Non-current liabilities:
     Long-term borrowing
     Bonds payable
        Including: Preferred shares
                Perpetual bonds
     Lease liabilities                            16,349,880.61
     Long-term payables
     Long-term employee
compensation payable
     Estimated liabilities
     Deferred gains                               40,057,442.22                          40,698,910.95
     Deferred income tax liabilities              10,888,106.00                          10,888,106.00
     Other non-current liabilities
Total non-current liabilities                     67,295,428.83                          51,587,016.95
Total liabilities                               5,811,322,801.66                      4,302,367,417.21
Ownership interest:
     Share capital                              1,749,809,548.00                      1,749,809,548.00
     Other equity instruments
        Including: Preferred shares
                                                              The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
               Perpetual bonds
     Capital reserve                                                2,168,451,528.01                          2,168,451,528.01
     Less: Treasury shares
     Other comprehensive income                                         3,051,311.29                               3,051,311.29
     Special reserve
     Surplus reserve                                                 939,536,337.86                             939,536,337.86
     Undistributed profit                                           4,377,645,326.80                          4,303,533,798.88
Total ownership interest                                            9,238,494,051.96                          9,164,382,524.04
Total liabilities & ownership interest                            15,049,816,853.62                          13,466,749,941.25
                                                                                                                Unit: RMB yuan
                   Item                    Amount incurred during the current period Amount incurred during the previous period
I. Total operating income                                           8,896,632,277.36                          8,598,069,911.29
     Including: Operating income                                    8,896,632,277.36                          8,598,069,911.29
             Interests received
             Premiums earned
             Handling fees and
commissions received
II. Total operating cost                                            8,007,420,920.98                          7,564,443,071.57
     Including: Operating cost                                      5,805,133,494.78                          5,120,894,107.30
             Interests paid
             Handling fees and
commissions paid
             Surrender value
             Net payment of insurance
claims
             Net appropriation of policy
reserve
             Policy dividends paid
             Reinsurance expenses
             Taxes and surcharges                                      47,690,370.04                             56,323,252.14
             Selling expenses                                       1,648,517,354.06                          1,911,431,524.11
             Administrative expenses                                 277,542,542.53                             196,704,190.05
             R&D expenses                                            220,005,691.36                             263,330,349.34
                                               The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
              Financial expenses                       8,531,468.21                           15,759,648.63
                Including: Interests paid             21,152,531.52                           26,067,525.96
                          Interests received          19,057,526.99                           13,915,252.93
       Add: Other gains                               76,459,624.41                           20,044,478.23
           Investment gains (Losses are
                                                      -26,664,999.81                          -1,256,335.99
indicated by “-”)
           Including: Investment gains
                                                      -11,551,820.09                           2,349,891.83
from associates and joint ventures
                Gains from the
derecognition of financial assets
measured at amortized cost
           Gains on exchange (Losses are
indicated by “-”)
           Gains on net exposure hedging
(Losses are indicated by “-”)
           Gains on changes in fair value
(Losses are indicated by “-”)
           Credit impairment loss (Losses
are indicated by “-”)
           Assets impairment loss (Losses
are indicated by “-”)
           Gains on assets disposal
(Losses are indicated by “-”)
III. Operating profit (Losses are indicated
by “-”)
       Add: Non-operating income                         338,562.61                            3,389,386.17
       Less: Non-operating expenditure                 3,024,042.00                            8,912,738.92
IV. Total profit (Total losses are
indicated by “-”)
       Less: Income tax expenses                     162,150,853.94                          199,734,863.73
V. Net profit (Net losses are indicated by
“-”)
  (I) Categorized by the continuity of
operations
operations (Net deficit is indicated by              774,473,984.45                        1,153,425,789.92
“-”)
                                               The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
operations (Net deficit is indicated by
“-”)
  (II) Categorized by attribution of the
ownership
of the parent company
shareholders
VI. Net amount after tax of other
comprehensive income
  Net amount after tax of other
comprehensive income attributable to                 118,964,837.49                           25,505,735.47
owners of the parent company
       (I) Other comprehensive income that
cannot be reclassified into gains/losses
remeasurement on the defined benefit
plan
income that cannot be reclassified into
gains/losses under equity method
other equity instrument investments
credit risk of the enterprise
       (II) Other comprehensive income to
be reclassified into gains/losses
income that can be reclassified into
gains/losses under equity method
other debt investments
reclassified into other comprehensive
income
of other debt investments
                                                                 The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
from translation of foreign currency                                     115,850,859.90                               26,878,483.20
financial statements
   Net amount after tax of other
comprehensive income attributable to
minority shareholders
VII. Total comprehensive income                                         893,438,821.94                             1,178,931,525.39
     Total comprehensive income
attributable to owners of the parent                                    877,345,594.05                             1,172,784,193.11
company
     Total comprehensive income
attributable to minority shareholders
VIII. Earnings per share (EPS):
     (I) Basic EPS                                                               0.4334                                       0.6557
     (II) Diluted EPS                                                            0.4334                                       0.6557
As for enterprise merger under the same control in the current period, the net profit generated by the merged party before the merger
is 0 yuan, and that generated during the previous period is 0 yuan.
Legal representative : Lv Liang
Officer in charge of accounting: Lv Liang
Head of accounting department : Qiu Renbo
                                                                                                                     Unit: RMB yuan
                  Item                       Amount incurred during the current period Amount incurred during the previous period
I. Operating income                                                    4,411,190,493.22                            3,694,664,751.43
     Less: Operating cost                                              4,169,998,953.67                            3,503,394,474.09
          Taxes and surcharges                                            2,157,678.68                                  1,742,409.45
          Selling expenses                                              100,670,963.76                                85,694,504.17
          Administrative expenses                                        44,818,463.76                                34,825,269.77
          R&D expenses
          Financial expenses                                              3,573,509.34                                14,360,429.84
             Including: Interests paid                                   15,131,329.65                                21,895,125.22
                       Interests received                                11,912,012.50                                  5,644,762.49
     Add: Other gains                                                     2,727,556.12                                  5,462,052.44
                                             The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
            Investment gains (Losses are
indicated by “-”)
            Including: Investment gains
from associates and joint ventures
                 Income from the
derecognition of financial assets
measured at amortized cost (Losses are
indicated by “-”)
            Gains on net exposure
hedging (Losses are indicated by “-”)
            Gains on changes in fair value
(Losses are indicated by “-”)
            Credit impairment loss
(Losses are indicated by “-”)
            Assets impairment loss
(Losses are indicated by “-”)
            Gains on assets disposal
                                                       -19,470.99                               -7,754.30
(Losses are indicated by “-”)
II. Operating profit (Losses are
indicated by “-”)
       Add: Non-operating income                         1,823.74                            2,525,818.53
       Less: Non-operating expenditure                 224,624.78                            2,532,343.76
III. Total profit (Total losses are
indicated by “-”)
       Less: Income tax expenses                    24,621,857.52                           16,817,107.45
IV. Net profit (Net losses are indicated
by “-”)
       (I) Net profit from continued
operations (Net losses are indicated by             74,108,331.60                        1,175,951,322.36
“-”)
       (II) Net profit from discontinued
operations (Net deficit is indicated by
“-”)
V. Net amount after tax of other
comprehensive income
       (I) Other comprehensive income
that cannot be reclassified into
gains/losses
                                                                The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
remeasurement on the defined benefit
plan
income that cannot be reclassified into
gains/losses under equity method
other equity instrument investments
credit risk of the enterprise
       (II) Other comprehensive income
to be reclassified into gains/losses
income that can be reclassified into
gains/losses under equity method
other debt investments
assets reclassified into other
comprehensive income
reserve of other debt investments
reserve
arise from translation of foreign
currency financial statements
VI. Total comprehensive income                                          74,108,331.60                            1,175,951,322.36
VII. Earnings per share (EPS):
       (I) Basic EPS
       (II) Diluted EPS
                                                                                                                 Unit: RMB     yuan
                   Item                     Amount incurred during the current period   Amount incurred during the previous period
                                           The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
I. Cash flows from operating activities:
     Cash from the sale of goods and
provision of services
     Net increase in customer deposits
and due from banks
     Net increase in borrowing from the
central bank
     Net increase in borrowing from
other financial institutions
     Cash from the premium of the
original insurance policy
     Net cash from reinsurance
     Net increase in deposits and
investment of the insured
     Cash from interests, handling fees
and commissions
     Net increase in borrowing from
other banks and other financial
institutions
     Net increase in funds for
repurchase
     Net cash received for buying and
selling securities as proxy
     Tax refund received                              625,547.43                           1,138,819.80
     Other cash receipts in relation to
operating activities
Total cash inflows from operating
activities
     Cash payments for goods and
services
     Net increase in customer loans and
prepayments
     Net increase in deposits of central
bank and due from banks
     Cash for payment of original
insurance claims
     Net increase in lending to other
banks and other financial institutions
                                           The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
     Cash for payment of interests,
handling fees and commissions
     Cash for payment of policy
dividends
     Cash payments to and for
employees
     Payment of taxes and fees                    456,958,349.66                         453,422,088.98
     Other cash payments in relation to
operating activities
Total cash outflows for operating
activities
Net cash flows from operating activities          302,314,164.48                         218,779,623.89
II. Cash flows from investing activities
     Cash from recovery of investments
     Cash from investment gains
     Net cash from disposal of fixed
assets, intangible assets and other                    50,504.23                         345,902,424.29
long-term assets
     Net cash from disposal of
subsidiaries and other business units
     Other cash receipts in relation to
investing activities
Total cash inflows from investing
activities
     Cash payments for purchase and
construction of fixed assets, intangible          302,645,383.17                         267,014,841.51
assets and other long-term assets
     Cash payments for investment                 105,706,000.00                         100,000,000.00
     Net increase in pledge loans
     Net cash paid for acquisition of
subsidiaries and other business units
     Other cash payments in relation to
investing activities
Total cash outflows for investing
activities
Net cash flows from investing activities         -486,980,878.94                         -21,112,417.22
III. Cash flows from financing
activities:
                                                              The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
     Cash from absorbing investments
     Including: Cash from absorption of
minority shareholders’ investments by
subsidiaries
     Cash from borrowing                                              852,692,161.43                            684,996,551.61
     Other cash receipts in relation to
financing activities
Total cash inflows from financing
activities
     Cash for repayment of debt                                       710,289,400.95                            536,798,734.58
     Cash payments for dividends,
profits or interests
     Including: Payment of dividends
and profits by subsidiaries to minority                                                                           24,500,000.00
shareholders
     Other cash payments in relation to
financing activities
Total cash outflows for financing
activities
Net cash flows from financing activities                              113,196,714.88                            110,977,513.38
IV. Influence of exchange rate
fluctuations on cash and cash                                           -2,854,862.94                              7,174,858.69
equivalents
V. Net increase in cash and cash
                                                                       -74,324,862.52                           315,819,578.74
equivalents
     Add: Balance of cash and cash
equivalents at the beginning of the                                  3,157,407,073.26                          2,231,771,546.50
period
VI. Balance of cash and cash
equivalents at the end of the period
                                                                                                               Unit: RMB    yuan
                   Item                    Amount incurred during the current period Amount incurred during the previous period
I. Cash flow from operating activities:
     Cash from the sale of goods and                                 3,715,003,658.99                          3,511,097,388.40
                                            The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
provision of services
     Tax refunds received
     Other cash receipts in relation to
operating activities
Total cash inflows from operating
activities
     Cash payments for goods and
services
     Cash payments to and for
employees
     Payment of taxes and fees                     111,813,964.47                          31,131,815.13
     Other cash payments in relation to
operating activities
Total cash outflow under operating
activities
Net cash flow from operating activities           -897,932,532.43                        -302,366,966.23
II. Cash flows from investing activities:
     Cash from recovery of investments
     Cash from investment gains                                                           175,500,000.00
     Net cash from disposal of fixed
assets, intangible assets and other                                                            35,000.00
long-term assets
     Net cash from disposal of
subsidiaries and other business units
     Other cash receipts in relation to
investing activities
Total cash inflows from investing
activities
     Cash payments for purchase and
construction of fixed assets, intangible            15,093,382.34                           3,423,339.18
assets and other long-term assets
     Cash payments for investment                   79,200,000.00                           2,530,810.80
     Net cash paid for acquisition of
subsidiaries and other business units
     Other cash payments in relation to
investing activities
Total cash outflows for investing
activities
                                                     The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
Net cash flows from investing activities                     -135,113,636.24                       227,483,591.46
III. Cash flows from financing
activities:
       Cash from absorbing investments
       Cash from borrowing                                   359,345,278.50                        310,202,546.78
       Other cash receipts in relation to
financing activities
Total cash inflows from financing
activities
       Cash for repayment of debt                            399,995,396.12                        115,202,547.58
       Cash payments for dividends,
profits or interest
       Other cash payments in relation to
financing activities
Total cash outflows for financing
activities
Net cash flows from financing activities                    1,071,734,044.84                       342,574,620.39
IV. Influence of exchange rate
fluctuations on cash and cash                                                                        1,987,917.74
equivalents
V. Net increase in cash and cash
equivalents
       Add: Balance of cash and cash
equivalents at the beginning of the                         1,889,254,142.30                       893,929,724.56
period
VI. Balance of cash and cash
equivalents at the end of the period
II. Notes on adjustments of financial statements
accounting standards governing leases which have been implemented since 2021
√ Applicable □N/A
Whether any balance sheet items at the beginning of the year requires adjustment
√Yes      □ No
Consolidated balance sheet
                                                      The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
                                                                                                    Unit: RMB yuan
               Item             December 31, 2020              January 1, 2021               Adjustment
Current assets:
     Cahs and bank balances            3,198,080,997.82              3,198,080,997.82
     Accounts receivable               6,137,675,568.82              6,137,675,568.82
     Accounts receivable for
financing
     Prepayments                         250,916,482.07                250,916,482.07
     Other receivables                    87,269,489.82                 87,269,489.82
        Dividends receivable               4,195,666.37                  4,195,666.37
     Inventories                       4,067,635,254.80              4,067,635,254.80
     Other current assets                 85,654,691.58                 85,654,691.58
Total current assets                  14,655,891,702.16             14,655,891,702.16
Non-current assets:
     Long-term equity
investments
     Other equity instrument
investments
     Real estate properties
for investment
     Fixed assets                      2,420,366,582.92              2,420,366,582.92
     Constructions in
progress
     Right-of-use assets                                               170,756,580.56               170,756,580.56
     Intangible assets                 1,463,242,463.99              1,463,242,463.99
     Goodwill                          1,469,617,262.10              1,469,617,262.10
     Long-term unamortized
expenses
     Deferred tax assets                 137,829,774.40                137,829,774.40
     Other non-current assets            712,069,194.08                712,069,194.08
Total non-current assets               9,545,456,452.59              9,716,213,033.15               170,756,580.56
Total assets                          24,201,348,154.75             24,372,104,735.20               170,756,580.56
Current liabilities:
     Short-term borrowing              1,416,932,884.87              1,416,932,884.87
     Notes payable                       554,336,058.71                554,336,058.71
     Accounts payable                  3,947,044,331.68              3,947,044,331.68
                                                       The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
     Receipts in Advance                     951,926.56                    951,926.56
     Contract liabilities                 94,384,629.77                 94,384,629.77
     Payroll payable                     152,106,819.91                152,106,819.91
     Taxes payable                       571,792,475.80                571,792,475.80
     Other payables                     1,817,529,820.99              1,817,529,820.99
          Dividends payable                  224,219.60                    224,219.60
     Non-current liabilities
due within one year
     Other current liabilities            10,786,034.37                 10,786,034.37
Total current liabilities               8,633,678,869.34              8,633,678,869.34
Non-current liabilities:
     Long-term borrowing                 151,611,367.86                151,611,367.86
     Lease liabilities                                                 169,732,063.50                169,732,063.50
     Long-term payables                   26,812,354.90                 26,812,354.90
     Provisions                           39,467,829.23                 39,467,829.23
     Deferred income                      81,628,032.54                 81,628,032.54
     Deferred tax liabilities             88,738,187.41                 88,738,187.41
Total non-current liabilities            388,257,771.94                557,989,835.44                169,732,063.50
Total liabilities                       9,021,936,641.28              9,191,668,704.78               169,732,063.50
Owners’ Equity:
     Share capital                      1,749,809,548.00              1,749,809,548.00
     Capital reserves                   2,158,080,661.07              2,158,080,661.07
     Other comprehensive
                                           -2,191,069.45                 -2,191,069.45
income
     Surplus reserves                    861,680,578.42                861,680,578.42
     Retained earnings                  9,852,441,590.56              9,853,466,107.62                 1,024,517.06
Total owners’ equity
attributable to owner of the           14,619,821,308.60            14,620,845,825.66                  1,024,517.06
Company
     Minority interest                   559,590,204.87                559,590,204.87
Total owners’ equity                   15,179,411,513.47            15,180,436,030.43                  1,024,517.06
Total liabilities & owners’
equity
Adjustment description
The company will implement the new lease standard from January 1, 2021. According to the cumulative impact of
the first implementation of the standard, the amount of retained earnings and other related items in the financial
                                                            The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
statements at the beginning of the year when the standard is first implemented will be adjusted, and the
information of the comparable period will not be adjusted.
Balance sheet of the parent company
                                                                                                          Unit: RMB yuan
               Item                   December 31, 2020              January 1, 2021               Adjustment
Current assets:
     Cash and bank balances                  1,889,264,142.30              1,889,264,142.30
     Accounts receivable                     3,287,882,027.51              3,287,882,027.51
     Accounts receivable for
financing
     Prepayments                               121,268,106.62                121,268,106.62
     Other receivables                         798,152,353.96                798,152,353.96
        Dividends receivable                     3,363,380.00                  3,363,380.00
     Inventories                             1,845,977,070.46              1,845,977,070.46
Total current assets                         8,157,415,407.86              8,157,415,407.86
Non-current assets:
     Long-term equity
investments
     Other equity instrument
investments
     Real estate properties
for investment
     Fixed assets                              159,486,234.04                159,486,234.04
     Constructions in
progress
     Right-of-use assets                                                      19,610,573.47                19,610,573.47
     Intangible assets                          56,448,575.54                 56,448,575.54
     Long-term unamortized
expenses
     Deferred tax assets                        45,918,388.57                 45,918,388.57
     Other non-current assets                   96,882,664.08                 96,882,664.08
Total non-current assets                     5,309,334,533.39              5,328,945,106.86
Total assets                                13,466,749,941.25             13,486,360,514.72                19,610,573.47
Current liabilities:
     Short-term borrowing                      930,813,369.36                930,813,369.36
     Notes payable                             180,042,270.63                180,042,270.63
                                                               The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
     Accounts payable                           2,421,476,904.57              2,421,476,904.57
     Contract liabilities                         32,577,236.92                 32,577,236.92
     Payroll payable                                8,530,961.48                 8,530,961.48
     Taxes payable                               154,676,067.87                154,676,067.87
     Other payables                              518,390,330.44                518,390,330.44
           Dividends payable                         224,219.60                    224,219.60
     Other current liabilities                      4,273,258.99                 4,273,258.99
Total current liabilities                       4,250,780,400.26              4,250,780,400.26
Non-current liabilities:
     Lease liabilities                                                          19,607,377.15                 19,607,377.15
     Deferred income                              40,698,910.95                 40,698,910.95
     Deferred tax liabilities                     10,888,106.00                 10,888,106.00
Total non-current liabilities                     51,587,016.95                 51,587,016.95
Total liabilities                               4,302,367,417.21              4,321,974,794.36                19,607,377.15
Owners’ Equity:
     Share capital                              1,749,809,548.00              1,749,809,548.00
     Capital reserves                           2,168,451,528.01              2,168,451,528.01
     Other comprehensive
income
     Surplus reserves                            939,536,337.86                939,536,337.86
     Retained earnings                          4,303,533,798.88              4,303,536,995.20                     3,196.32
Total owners’ equity                            9,164,382,524.04              9,164,385,720.36                     3,196.32
Total liabilities & owners’
equity
Adjustment description
The company will implement the new lease standard from January 1, 2021. According to the cumulative impact of
the first implementation of the standard, the amount of retained earnings and other related items in the financial
statements at the beginning of the year when the standard is first implemented will be adjusted, and the
information of the comparable period will not be adjusted.
accounting standards leases since 2021
□ Applicable √ N/A
III. Audit report
Has the first quarterly report been audited?
                                                   The First Quarterly Report 2021 of Huadong Medicine Co., Ltd.
□ Yes √ No
The first quarterly report has not been audited.
                                                                        Huadong Medicine Co., Ltd.
                                                                 Chairman of the Board: Lv Liang
                                                                                          April 28, 2021

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