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Announcement on Changes in the Company's Accounting Policy

Release time:

2021-05-20

Securities Code: 600668 Securities Abbreviation: Jianfeng Group No.: Pro 2020-020

Zhejiang Jianfeng Group Co., Ltd.

Announcement on Changes in Company Accounting Policies

The Board of Directors and all directors of the Company guarantee that there are no false records, misleading statements or major omissions in the contents of this announcement, and assumes individual and joint responsibility for the truthfulness, accuracy and completeness of its contents .

Important Note:

● The implementation of the new revenue standard by the Company will not result in significant changes in the Company's revenue recognition method and will not affect the Company's financial position, operating results and cash flow, including total assets, net assets and net profit.

1. the basic information of this accounting policy change

(1 ) Overview of accounting policy change

2017 7 5 , the Ministry of Finance issued the "Notice on Revising and Issuing < Enterprise Accounting Standards 14 - Income > " (Accounting [2017 ] 22 ) (hereinafter referred to as "New Income Standards " ), enterprises that are required to be listed at the same time at home and abroad and enterprises that are listed abroad and adopt International Financial Reporting Standards or Enterprise Accounting Standards to prepare financial statements shall come into effect from 2018 1 ; Other domestic listed enterprises shall come into effect from 2020 1 1 ; non-listed companies that implement corporate accounting standards, effective from 2021 1 February 1 . In accordance with the requirements of this document, the Company has made changes to the contents of the relevant accounting policies, which will take effect from 2020 1 1 .

(2 ) Board of Directors Review

2020 August# July 28 , the company held the 10th Board of Directors st meeting by means of communication voting. All the existing eight directors of the company attended the meeting. After review and voting, the Board of Directors approved the "Bill on Changes in the Company's Accounting Policy" with 8 votes in favor, 0 votes against, and 0 abstentions.

) Review of the Board of Supervisors

2020

August April 28 , the company held the 10thth meeting of the 9th Board of Supervisors by means of communication voting. All the existing five supervisors of the company attended the meeting. After review and voting, with 5 votes in favor, 0 votes against, 0 abstentions, the board of supervisors deliberated and passed the "bill on the change of accounting policy of the company". 2. the specific contents of this accounting policy change

The specific contents of the new income standard change are as follows

, bringing the current income and construction contract standards into a unified income recognition model;

, replacing risk-reward transfer with control transfer as the judgment standard of income recognition time point;

, provides clearer guidance on the accounting treatment of contracts containing multiple trading arrangements;

, provides clear provisions on revenue recognition and measurement for certain specific transactions (

or event ) .

Impact of Changes in 3. Accounting Policy on the Company

The Company has implemented the new income standard since January 132

, January 13, March

, 135, According to the requirements stipulated in the convergence of the new income standard, the Company will not adjust the information for comparable periods. The implementation of the new revenue standard will not result in significant changes in the way the Company recognizes revenue, will not affect the Company's financial position, results of operations and cash flows, including total assets, net assets and net profit, and will not be detrimental to the interests of the Company and its shareholders. Concluding Opinions of Independent Directors and Supervisors of 4.

Independent Directors of (I)

Independent Directors believe that the company's accounting policy change is a reasonable change in accordance with the requirements of relevant documents of the Ministry of Finance and conforms to the relevant regulations of the Ministry of Finance, China Securities Regulatory Commission and Shanghai

Stock Exchange

and other regulatory agencies, the implementation of the changed accounting policy can objectively and fairly reflect the company's financial position and operating results. The review and decision-making process of this accounting policy change is 148 in compliance with the relevant laws and regulations and the Articles of Association of the Company, and will not have a significant impact on the Company's financial position, operating results and cash flow, and the 150 does not harm the interests of the Company and all shareholders.

Opinions of the Board of Supervisors of the (II)

The Board of Supervisors believes that the change in the company's accounting policy complies with the relevant provisions of the Accounting Standards for Business Enterprises, can objectively and fairly reflect the company's financial status and operating results, and there is no harm to the company's interests and small and medium-sized The situation of the legitimate rights and interests of shareholders. Its decision-making procedures comply with the relevant laws and regulations and the provisions of the Articles of Association. We agree to this change in the Company's accounting policy.

filing document

(I) the resolution of the 16th meeting of the 10th board of directors of the company;

Resolution of the 10th Meeting of the 9th Board of Supervisors of the (II);

Independent Opinions of (III) Independent Directors on Changes in Accounting Policies

This is to announce

Zhejiang Jianfeng Group Co., Ltd.

Board of Directors
August 29, 2002

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