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Announcement on Changes in the Company's Accounting Policy

Release time:

2020-08-05

Securities Code: 600668 Securities Abbreviations: Jianfeng Group No.: Pro 2019-018

Bond Abbreviations: 13 Peak 02 Bond Code: 122344

Zhejiang Jianfeng Group Co., Ltd.

Announcement on Changes in Accounting Policies of the Company

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:

● This change in accounting policy will not have a significant impact on the company's financial position and operating results.

Overview of 1. Accounting Policy Change

1 , 2018 6 15 , the Ministry of Finance issued the Notice on the Revision and Issuance of the Format of Financial Statements of General Enterprises for the Year 2018 (Caihui [2018] No. 15 ), which requires non-financial enterprises implementing corporate accounting standards to prepare their financial statements in accordance with the revised format of financial statements of general enterprises.

2 , the Ministry of Finance successively revised and issued "Accounting Standards for Business Enterprises No. 22 -Recognition and Measurement of Financial Instruments", "Accounting Standards for Business Enterprises No. 23 -Transfer of Financial Assets", "Accounting Standards for Business Enterprises No. 24 -Hhedge Accounting" and "Accounting Standards for Business Enterprises No. Accounting standards related to four financial instruments, including 37 -Presentation of Financial Instruments, enterprises listed at home and abroad at the same time since 2018 , , 1 , , , and enterprises listed abroad and adopting international financial reporting standards or enterprise accounting standards to prepare financial reports will be implemented in other domestic listed enterprises since 2019 , , 1 , , .

In accordance with the above-mentioned revision of accounting standards and implementation period requirements, the Company has adjusted the relevant content of the accounting policy and implemented it from

2019 1 May 1 .

2. Details of this Accounting Policy Change

Revision of (I) Financial Statement Format

The Company implemented the relevant rules in accordance with the "Notice on Revising and Issuing the Format of General Enterprise Financial Statements for 2018

" (Caikuai

[2018] No. 15 ) revised and issued by 2018 # above accounting policies. Other unchanged parts are still implemented in accordance with the "Accounting Standards for Enterprises-Basic Standards" and related specific standards issued by the Ministry of Finance in the previous period, the application guide of accounting standards for enterprises, the interpretation of accounting standards for enterprises and other relevant regulations. Revision of the Guidelines for (II) Financial Instruments

, based on the enterprise's "business model for managing financial assets" and "contractual cash flow characteristics of financial assets" as the basis for the classification of financial assets, classify financial assets into three categories: "financial assets measured at amortized cost", "financial assets measured at fair value and whose changes are included in other comprehensive income", and "financial assets measured at fair value and whose changes are included in current profits and losses";

. Amend the accounting treatment of impairment of financial assets from "incurred loss method" to "expected loss method", it is required to consider the expected credit loss of financial assets in the future, so as to make provision for impairment of financial assets in a more timely and full manner;

, adjust the accounting treatment of non-trading equity instrument investment, allow enterprises to designate non-trading equity instrument investment as measured at fair value and its changes are included in other comprehensive income for treatment, but the designation is irrevocable, and at the time of disposal, the accumulated fair value changes originally included in other comprehensive income shall not be carried forward and included in the current profit and loss;

, further clarify the judgment principle of financial asset transfer and its accounting treatment;

, hedge accounting standards put more emphasis on the organic combination of hedge accounting and enterprise risk management activities, better reflect the risk management activities of the enterprise.

Impact of 3. Accounting Policy Change on Company

Impact of (I) Newly Revised Financial Statement Format on Company

The change of financial statement format this time only affects the relevant presentation of the company's financial statements. This time the company changes some accounting policies and only changes the presentation of the company's financial statements, no impact on the merger and the company's net profit and shareholders' equity.

Impact of Changes to (II) New Financial Instruments Guidelines on Companies

Companies will implement the above new financial instruments guidelines from

2019 July . According to the relevant requirements of the convergence provisions in the new financial instruments standard, the company will not make retroactive adjustments to the comparative statements for the same period of the previous year, and this change in accounting policy will not affect the relevant financial indicators of the company 2018 .

This change in accounting policy will not have a significant impact on the company's financial position and operating results.

4. Board Review

2019 April 17 March 26 , the company held the 10th 176 meeting. After review and voting, 9 votes in favor, 0 votes against, 0 votes abstained, the bill on the change of the company's accounting policy was considered and passed.

Independent directors of the 5. issued an independent opinion

The company made changes to the company's accounting policies in accordance with the relevant regulations of the Ministry of Finance, which did not have a significant impact on the company's financial status and operating results. The changed company's accounting policy complies with the relevant regulations of the Ministry of Finance, the China Securities Regulatory Commission and the Shanghai Stock Exchange, and can objectively and fairly reflect the company's financial position and operating results. The decision-making process for this change in accounting policy is in compliance with relevant laws, regulations and the Company's Articles of Association, and no damage to the rights and interests of the Company and minority shareholders has been found. Agree to the company's accounting policy changes.

Review Opinion of the Board of Supervisors of the 6.

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

Founding Document

(I) the Resolution of the 208 Meeting of the 10th Board of Directors of the 10th 207 of the Company;

Resolution of the 214 Meeting of the 9th Board of Supervisors of the (II)

;

Independent Opinions of (III) Independent Directors

This is to announce

Zhejiang Jianfeng Group Co., Ltd.

Board of Directors

April 30, 2009

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