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Pro 2014-027 (Jianfeng Group Accounting Policy Change Announcement)

Release time:

2020-08-05

Securities Code: 600668 Securities Short Name: Jianfeng Group Announcement No.: 2014-027

Bond Short Name: 13 Jianfeng 01 Bond Code: 122227

Zhejiang Jianfeng Group Co., Ltd.

Announcement on Changes in the Company's Accounting Policy

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 shall bear individual and joint liabilities for the authenticity, accuracy and completeness of its contents.

Important Note:

l This change in accounting policy is a reasonable adjustment in accordance with the requirements of the Ministry of Finance of the People's Republic of China and will not have a significant impact on the Company's assets, liabilities, profit and loss, cash flow, etc.

1. Overview

The Ministry of Finance has successively revised and issued "Accounting Standards for Enterprises No. 9 - Employee Compensation" and "Accounting Standards for Enterprises No. 30 - Financial Statements Presentation" since 2014 "," Accounting Standards for Business Enterprises No. 33 - Consolidated Financial Statements "," Accounting Standards for Business Enterprises No. 39 - Fair Value Measurement "," Accounting Standards for Business Enterprises No. 40 - Joint Venture Arrangement "," Accounting Standards for Business Enterprises No. 2 - long-Term Equity Investments, Corporate Accounting Standards 41 - Disclosure of Interests in Other Entities, and Corporate Accounting Standards 37 - Presentation of Financial Instruments , and other eight specific standards, and requires that from 2014 7 1 to be implemented within the scope of all enterprises that implement the accounting standards for enterprises. 2014 7 February 23 , the Ministry of Finance issued the "Decision of the Ministry of Finance on Amending < Accounting Standards for Enterprises - Basic Standards > ", which will come into force on the date of promulgation. The China Securities Regulatory Commission issued the "Notice on Doing a Good Job in the Disclosure of Financial Information Related to Newly Promulgated or Revised Accounting Standards in the Quarterly Report of the Third Quarter of 2014". The Shanghai Stock Exchange also used the "Important Reminder" to remind listed companies to do a good job in implementing the new standards when preparing and reviewing the third quarter report. As a A- share listed company,

Company implemented the above revised accounting standards in the quarterly report of the third quarter of 2014 and made corresponding changes to the company's accounting policies. The remaining unchanged parts still adopt the relevant standards and relevant regulations promulgated by the Ministry of Finance on 2006

15 . The 19th meeting of the eighth board of directors of the company reviewed and approved the "Proposal on Changes in the Company's Accounting Policy" and agreed to the company's implementation of the above changes in accounting policies.

Details of 2. Accounting Policy Changes and Their Impact on the Company

1, Impact of Implementing Accounting Standards for Business Enterprises 2

- Long-Term Equity Investment on the Company's Financial Statements According to the Standards, for , "

equity investment

that does not have control, joint control or significant influence on the invested unit and has no quotation in the active market and whose fair value cannot be reliably measured" shall be treated according to "Accounting Standards for Business Enterprises No. 22 No. -# Recognition and Measurement of 126 Financial Assets. From "Long-term equity investment " to "Available-for-sale financial assets. Impact of Changes in Long-term Equity Investment Standards on Consolidated Financial Reporting

Unit: Yuan Currency: RMB

Investee Southern Cement Co., Ltd. Zhejiang Jinfa Group Co., Ltd. Jinhua Bank Co., Ltd. Boxin Battery (Shanghai ) Co., Ltd. Guangxi Huying Cement Co., Ltd. Hangzhou Fahrenheit Pharmaceutical Co., Ltd. Zhejiang Jiaxing Santa Building Materials Co., Ltd. Zhejiang Bada Co., Ltd. Huangshi Jiuhe Trading Co., Ltd. Total Note: As of September 30, 2014, the company's investment costs for Boxin Battery (Shanghai) Co., Ltd. and Hangzhou Fahrenheit Pharmaceutical Co., Ltd. were 20,000,000.00 yuan and 2,175,753.64 yuan respectively, and full impairment provision has been made, with net values of 0 yuan.

Long Term Equity Investment	Available-for-Sale Financial Assets
-105,000,000.00	105,000,000.00
-36,363,832.51	36,363,832.51
-66,362,988.10	66,362,988.10

-20,000,000.00	241 ,000,000
		#
-924,803.00	924,803.00
-330,000.00	330,000.00
-1,200,000.00	1,200,000.00
-230,181,623.61	230,181,623.61

2, except for the impact of the above-mentioned "Enterprise Accounting Standard

Long-Term Equity Investments" on the Company's financial statements, the implementation of the remaining standards will not have a material impact on the Company's financial statements. This adjustment will not have a significant impact on the total assets, total liabilities, net assets, and net profit of the company 2013 and the interim report of this year.

Independent Opinions of 3. Independent Directors

The independent directors of the company expressed their independent opinions on this. They believed that: in accordance with the relevant regulations and requirements of the Ministry of Finance and the China Securities Regulatory Commission,

has made changes to the company's accounting policies and made retrospective adjustments to the business accounting involved to make the company's accounting policies comply with the relevant regulations of the Ministry of Finance, the China Securities Regulatory Commission and the Shanghai Stock Exchange, it is in the interests of the Company and all shareholders to be able to objectively and fairly reflect the Company's financial position and results of operations. 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 does not harm the rights and interests of the Company and its small and medium shareholders.

Opinions of the 4. Board of Supervisors

The Board of Supervisors believes that this adjustment is a reasonable change and adjustment in accordance with the relevant accounting standards newly promulgated or revised by the Ministry of Finance in 2014. The implementation of the relevant accounting standards newly promulgated or revised by the Ministry of Finance in 2014 can more objectively and fairly reflect the company's financial situation and operating results; the relevant decision-making procedures are in compliance with relevant laws and regulations and the Company's Articles of Association, and there is no harm to the interests of the Company and its shareholders. The Supervisory Board agreed to change the Company's accounting policies in accordance with the relevant accounting standards newly issued or revised by the Ministry of Finance in 2014.

5. Online Announcement Annex

(I) Independent Director's Opinions on Changes in Company Accounting Policies

(II) Company's 7th 13th Board of Supervisors Resolution Announcement

(III) Company's 8th 19th Board of Directors Resolution Announcement

This is hereby announced.

Zhejiang Jianfeng Group Co., Ltd. Board of Directors

October 27, 2014

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