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2 Statement For correct understanding and proper use of this credit report by the users, Xinhua Silk Road Information Service (hereinafter referred to as "Xinhua Silk Road") hereby states as follows: Xinhua Silk Road has no association relationship with the information subject except the relationship established with the subject due to the issuing of this credit report. Project team members of the Xinhua Silk Road shall earnestly fulfill their liability in due diligence and ensure that the report issued follows the principle of objectivity and fairness. The information and materials cited in this credit report are mainly provided by the information subject or obtained from other sources. Due to the influence of information system, or human or other factors, Xinhua Silk Road does not make any express or implicit statement or guarantee on the authenticity, accuracy, completeness and timeliness of the information cited in this credit report. This credit report is only for the reference by the Xinhua Silk Road's users in their business decision-making and is not used for other purposes. Xinhua Silk Road's provision of this credit report does not constitute any suggestion to the users' business decision-making. This credit report contains the credit information and non-public information of the enterprise, so it shall be properly kept. If enterprise information disclosure is caused by improper storage, the disclosing party shall bear the responsibility. Xinhua Silk Road reserves the copyright of this credit report. Without written consent, this credit report may not be wholly or partially provided to any third party in any form. This credit report is valid within one year from the date of issuance. The old version of the report will be abolished immediately after the new version is issued.

3 I. Basic Credit Quality Information CONTENTS 1. Basic Information 2. Equity Information 3. History 4. Administrative Licensing and Quality Certification 5. Intellectual Property Information 6. Trademark Information 7. Information about the Posts held by Directors, Senior Executives or Supervisors outside the Company II. In-depth Credit Quality Information 1. Production and Operation Information- S1 III. Credit and Performance Information Positive Information 1. Awards 2. Credit Rating Risk Information 1. Chattel Mortgage 2. Equity Pledged 3. Intellectual Property Pledged 4. Liquidation Information 5. Lists of Enterprises with Abnormal Operations from State Administration for Industry and Commerce 6. Records of Administrative Penalty 7. Judicial Information 8. Information on Duty in Arrears 9. Financial Default Information IV. Financial Information 1. Main Financial Information 2. Financial Analysis and Evaluation 3. Financial Report Form

4 I. Basic Credit Quality Information 1. Basic Information Enterprise name Sample Report Co., Ltd. Xinhua Credit code X-1 Unified social credit code Date of establishment Latest registration date April 14, 1989 November 18, 2014 Business Registration No.* Tax Registration No.* XXXQ XXXX Registered capital RMB 210,400,000 Organization code* 61772XXXX Legal representative Representative- Registered address No.3 Yongjia Road, Wuniu Industrial Zone, Jiading District Type of enterprise Limited Liability Company Office address Registration status In operation (opening) Registration authority Enterprise scale Main Business Scope of business Industry Involved No.5 Yongjia Road, Wuniu Industrial Zone, Jiading District Shanghai Administration for Industry and Commerce Micro enterprise Small enterprise Medium enterprise Large enterprise Extra-large enterprise The investigation is aimed at a manufacturing enterprise, which is mainly engaged in the production and sale of light sources and lamp accessories. Its businesses are seasonal, with peak season at October - December and low season at April - July. The enterprise being investigated provides OEM and ODM services. Manufacturing of lighting appliances, lamps and accessories (except electric light sources), electrical antenna, and plastic products (except medical plastic product), and processing of mechanical parts. Self-operation or being an agent of import and export businesses of goods and technologies (except those restricted and banned by the country in terms of the operation, import and export). Lighting device Contact Contact Post General manager Tel. 158XXXX1235 Fax Zhaoming@163.co m Enterprise website Enterprise tag Lighting and appliance Cellphone No Equity Information 2.1Shareholders and Investors S/N Name of Shareholder 1 Sample Report Parent Company ContributionPaid-up Amount Amount ProportionContribution Form 60,000 60,000 60% Industrial property rights and non-patented technology License No. (Enterprise Code, ID No.) XXXX

5 2 Sample Report Shareholder Co., Ltd. 4,000 4,000 40% Currency XXXX 2.2Foreign Investment S/N Name of Invested Enterprise Investment Amount InvestmentUnified Social Credit Code Proportion (Business) 1 Sample Investment Company 10,000 3% XXXX 1 Sample Investment Company 10,000 3% XXXX 1 Sample Investment Company 10,000 3% XXXX 2.3Branches S/N Name of Branch Person in Charge 1 Guangzhou Branch of Sample Report Co., Ltd. 2 Guangzhou Branch of Sample Report Co., Ltd. Head of Guangzhou Branch Head of Guangzhou Branch Main Business Unified Social Credit Code (Business) Date of establishment Lighting device XXXX Lighting device XXXX Affiliated Enterprises S/N Name of Affiliated Enterprise 1 Sample Affiliated Enterprise 2 Sample Affiliated Enterprise Association Relationship Actual Controller Unified Social Credit Code (Business) Equity Controller XXXX Equity Controller XXXX 3. History 3.1Records of Business Registration Change S/N Changes Before Change After Change Change Date 1 Change of Company Name 2 Change of Company Name 3.2Change of Business Scope Sample Report (China) Co., Ltd. Sample Report Co., Ltd Sample Report (China) Co., Ltd. Sample Report Co., Ltd S/N Before Change After Change Industry Change Date

6 1 Production (for branches only), sales and installation of electric light sources, lighting appliances, and electrical switches; design of lighting circuit system; research and development of lighting industry's technologies; professional construction of urban and road lighting construction works; import and export of goods and technologies; leasing of selfowned houses. Involved Production (for branches only), Lighting sales and installation of electric device light sources, lighting appliances, and electrical switches; sales of household appliances, building decoration materials, sanitary wares and furniture; design of lighting circuit system; research and development of lighting industry's technologies; professional construction of urban and road lighting construction works; import and export of goods and technologies; leasing of selfowned houses Administrative Licensing and Quality Certification 4.1License Information S/N Document No. Licensing Scope Licensing Authority 1 PRSGSS (2014) No. 3XX4 According to the provisions of Notice on Issuing the Measures for the Examination and Approval of Flexible Working Hours Arrangement and Comprehensive Working Hours Scheme Adopted by Enterprises (LBF [94] No. 503), after our investigation and study, we approve that the fulltime drivers, sales personnel, senior management, and R&D personnel of your company may work under a flexible working hours system from October 26, 2014 to October 25, Bureau of Human Resources and Social Security of Pudong District Time Limit of Licensing October 26, 2014 October 25, Quality Certification S/N Certificate No. Certified Content Certification Authority XXXX7Fixed lamps (ceiling type, with an 4647 AC electronic control for LED module, Class II, IP20, F-labeled) China Quality Certification Center Time Limit of Licensing October 26, Intellectual Property Information

7 5.1Patent Information S/N Patent Name Announcement No. Patent Type Application Date Expiration Date 1 A LED drive circuit CN201310XXX978.1 Invention patent granted A LED drive circuit CN201310XXX978.1 Invention patent granted Copyright Information S/N Description Registration No. Copyright Holder 1 Sample marker for public benefit activity about "Lighting up the future with lighting device" GZDZ-2013-F- 001XXXX1 2 Sample marker for public benefit activity about "Lighting up the future with lighting device" GZDZ-2013-F- 001XXXX1 Date of Registration First Issuing Date Author Art Author Art Work Type 6. Trademark Information S/N Trademark Name Trademark Logo Application/ registration No. Application Date Applicant Name Trademark Type 1 Jiante Logo Applicant 42-Design and research Validity Information about the Posts Held by Directors, Senior Executives or Supervisors outside the Company S/N Name Post in the Company Post outside the Company Unified Social Credit Code (Business) 1 Personnel Director External company XXXX Manager II. In-depth Credit Quality Information 1. Production and Operation Information-S1 1.1Business Environment Post Business scope Industry involved and code China, Middle East, South Asia, and South Africa Lighting device (1100XX)

8 Regional credit advantage and concerns Direction of industry policy Industrial market concentration Medium Position in the industry chain Recent development trend of industry Industry analysis Industrial risk tip Overall evaluation 1.2. Production Conditions (1) Production and Operation Premises There is a great potential for growth of the import and export market of various goods and technologies that are self-operated and managed as an agent. Encouraging Limiting Prohibiting Middle section, wholesalers at the upstream and appliance manufacturers at the downstream Good Relatively good Average Deteriorate By the end of November 2010, the number of enterprises in electrical machinery and equipment manufacturing had reached 27,388, with 5,825,544 employees. There were 3,635 unprofitable enterprises, making the industry's scale of losses reach %. The industry's total assets reached RMB 3,012.7 billion, with an asset-liability ratio of 59 %. From January to November 2010, the sales revenue of whole industry had reached RMB 3,770.8 billion, with a total profit of RMB billion, a sales profit rate of 5.8 %, an asset turnover rate of 1.25, and a return on assets of 7.26 %. In 2010, the generating equipment produced in China had a total capacity of 129,932,000 KW, a year-on-year growth of 7.9%. The produced AC motors had a total capacity of 232,129,000 KW, a year-onyear growth of 6.10 %. The transformers had a total capacity of 1,346,301,200 KVA, a year-on-year growth of 3.03 %. A total of 859,900 high-voltage switch boards were produced, with a year-on-year growth of 7.25 %, and the cumulative length of power cables produced was 27,054,300 km, with a year-on-year growth of %. There is a great potential for growth of the import and export market of various goods and technologies that are self-operated and managed as an agent, but the industry has a serious homogenization problem and is difficult in unifying the standards The overall credit is relatively good. Property Nature Self-owned Mortgaging Rental Total Floor area of enterprise (m 2 ) Office space area (m 2 ) Original value or annual rent of property (RMB 10,000) (2) Site Inspection Conditions at Operation Premise Floor area m 2 Geographical location and peripheral environment Ownership of operation premise Internal environment of Factories and business districts Sample Report Co., Ltd. Good

9 business premise Main operating facilities Usage of operating facilities Inventory and inventory quality Employees' quality Employees' work enthusiasm Evaluation of employees to their superiors Quality of management layer Management style and level of management layer Comprehensive evaluation Production line and office building Good Good Good Good Good Good Good Good 1.3Main Business and Income Conditions (1) Business Overview Main products and services Overview of main business Geographical distribution Halogen energy-saving lamps, and JDD series The enterprise has a strong marketing team and a perfect marketing network inside and outside China. At present, there are more than 30 offices in China. The sales outlets at all channel terminals in China have reached more than 30,000, spreading all over the country. The enterprise has made every effort to expand its overseas business and has established good brands in emerging markets such as the Middle East, South Asia and South Africa. China, Middle East, South Asia, Intellectual property and South Africa quantity Operational The market is stable and continues to develop while gradually occupying most efficiency evaluation markets in the world. (2) Revenue Composition S/N Product/service Name 1 Electric light source 2 Halogen energy-saving lamp 20XX 20XX 20XX Amount Proportion Amount Proportion Amount Proportion % % % % % % 3 JDD series % % % Total of operating revenue % % % Total gross profit 15% 13% 11% Comprehensive gross profit margin 1.4Information of Top Five Suppliers (Last Year) 5

10 S/N Supplier Name Procured Products 1 Supplier Electric light source 2 Supplier Electric light source 3 Supplier Electric light source 4 Supplier Electric light source 5 Supplier Electric light source Amount (RBM 10,000) Proportion of procurement amount ProcurementPayment Cycle Method % Quarter Remittance to corporate account % Quarter Remittance to corporate account % Quarter Remittance to corporate account % Quarter Remittance to corporate account % Quarter Remittance to corporate account Supplier quality evaluation: The supplier is relatively stable, the cooperation duration lasts more than 3 years, and the quality is acceptable. 1.5Information of Top Five Trade Debtors (Last Year) S/N Customer Name Promoting Product 1 Customer Electric light source 2 Customer Electric light source 3 Customer Electric light source 5 Customer Electric light source Amount (RBM 10,000) Proportion of Sales Amount Payment Collection Method % Transfer to corporate account % Transfer to corporate account % Transfer to corporate account % Transfer to corporate account Payment Collection Cycle Cooperation Duration Year 3 Year 3 Year 3 Year 3 Customer quality evaluation: The retailer is relatively stable, the cooperation duration lasts more than 3 years, and the quality is acceptable. 1.6Corporate Governance and Internal Control System Cooperation Duration Brief description of organizational structure (diagram) Brief description of the main internal management system Accounting control refers to the control related to the safety of property and materials, the authenticity and integrity of accounting information, and

11 Brief description of financial management system Brief description of intellectual property protection system Brief description of legal risk prevention system Overall evaluation 1.7Personnel Information (1) Employee Information the legality of financial activities. Management control refers to the control related to the implementation of management policies and decisions and the economy, efficiency, effectiveness and realization of management objectives of business activities. Financial management must be based on strengthening macro-control and micro-economic flexibility. The enterprise must strictly follow the financial discipline, with the aim of improving economic benefits and strengthening its economic strength. The financial management shall be guided by the policy of "running the enterprise industriously and thriftily" so that the enterprise can curb extravagance and waste and all unnecessary expenses in the operation, reduce consumption and increase accumulation. Intellectual property refers to the ownership of intellectual labor results produced by human intellectual work. It is an exclusive right granted to eligible authors, inventors or owners of achievements within a certain period of time according to the laws of various countries. It is generally believed that it includes copyright (author's right) and industrial property rights. Market economy is a legal economy which covers all business activities of enterprises. It cannot be separated from the regulation and adjustment of the laws. With the deepening of economic globalization, the more fierce the market competition is, the greater the legal risks faced by enterprises. Good Item 20XX 20XX 20XX 20XX-XX Total workforce Total 5,000,000,000 20,000,000, ,000,000, ,000,000,000 remuneration Turnover rate (%) Total 10% 8% 7% 7% Below junior college Current staffing situation Education composition Post composition Number of Junior UndergraduatePostgraduate ManagementBusiness Marketing persons college and above personnel personnel personnel buying the social security insurance (2) Senior Management Personnel Information S/N Name Post Job Profile 1 Senior Executive President He has held a management position in the lighting industry all the year round and is familiar with the market. 2 Senior President He has held a management position in the lighting industry all the

12 Executive 3 Senior Executive President year round and is familiar with the market. He has held a management position in the lighting industry all the year round and is familiar with the market. (3) Information Enterprise Legal Person/Actual Controller Name Legal person Sex Male Date of birth January 01, 1980 ID No Education Doctor Technical title Senior engineer Tel faren@163.com Current address Shanghai Post code Registered permanent residence Education information Work Experience Important rewards and punishments Beijing Municipality Post code Study and work resume (starting from the latest year) Period School Major/degree Peking University Electrical automation Peking University Electrical automation Period Employer Post Shanghai XX Electric Appliance Company Shanghai XX Electric Appliance Company Shanghai XX Electric Appliance Company Sales Manager Sales Manager Sales Manager In 2017, he won the title of outstanding organization manager in electrical appliance industry. 1.8Financing Information S/N Round Financing Amount Currency Investor Financing Purpose 1 Angel round 100 million RMB Investor unknownfor production expansion 2 Angel round 100 million RMB Investor unknownfor production expansion 3 Angel round 100 million RMB Investor unknownfor production expansion Financing Date April 14, 1994 April 14, 1994 April 14, Bid Information S/N Bidding Project Employer/Tenderer Amount Date

13 1 Public notification of the qualified material (lamp) manufacturers for the old city reconstruction project and nightscape lighting improvement engineering of XX City in 2016 Sample Report Co., Ltd. 5,000,000 December 11, 2016 III.Credit and Performance Information 1. Positive Information 1.1Awards S/N Certificate Name Issuing Authority Validity Remarks 1 Certificate of Award Issuing Authority Certificate of Award Issuing Authority Credit Rating Year Rating Level Rating Agency Validity Remarks 2016 A Rating Agency Risk Information 2.1. Chattel Mortgage S/N 1 Registration No. Date of Registration Registration authority Amount of creditor s right guaranteed Status Publicity Date Details 2.2. Equity Pledged S/N 1 Registration No. Pledgor License/Certificate No.Amount of pledged stock equity Pledgee Pledgor XXXX 5,000 Pledgee License/Certificate No. Establishment date of stock equity pledge Status Publicity Date Details XXXX Valid Details 2.3. Intellectual Property Pledged S/N 1 Intellectual propertydescription Category Name of Pledger Name of Pledgee registration certificate No Intellectual propertycategory Pledgor Pledgee

14 Pledge Registration Duration Status Publicity Date Details Invalid Details 2.4. Liquidation Information S/N Liquidation Range Registration Creditor Announcement Date 1 Liquidation Date 2.5Lists of Enterprises with Abnormal Operations from State Administration for Industry and Commerce S/N Cause for being Included Listed on Cause for being Removed Removed on Decision made by 1 Upon investigation, your enterprise has violated the relevant provisions of the Interim Regulations on Corporation Information Disclosure and the Management Measures for Directory of Abnormal Operation due to incapable of contacting the registered residence or operation premise. According to the provisions in Paragraph X, Clause XX of the Interim Regulations on Corporation Information Disclosure and Clause X of the Management Measures for Directory of Abnormal Operation, we hereby decide to include your enterprise in the list of enterprises with abnormal operations. XXXX-XX- XX 2.6. Records of Administrative Penalty Penalized by Illegal act Penalty decision Market Supervision Administration of Pudong New Area in Shanghai The contents cited in the advertisement are untrue and inaccurate. Upon investigation, your XXXX-XXenterprise has been XX XXXXXXXXXX and publicly notified. According to the provisions in Paragraph X, Clause XX of the Interim Regulations on Corporation Information Disclosure and Clause X of the Management Measures for Directory of Abnormal Operation, we hereby decide to remove your enterprise from the list of enterprises with abnormal operations. Notice No. of administrative punishment Issue a fine of RMB 210,000.0 andpenalty amount order to stop publishing (RMB) PSJACZ [2017] No Date of punishment Execution of - Administrative - RMB XXXX Supervision Administration

15 punishment reconsideration results 2.7. Judicial Information Information on the Persons subject to Execution S/N Case No. Executive Court Subject Matter of Execution Filing Time 1 (XXXX) J xxxx Z No. xxxxx People s Court of XX XXXXXX XXXX-XX- XX Information on the Dishonest Persons subject to Execution S/N Case No. Performance of the Persons subject to Execution 1 (XXXX) J xxxx Z No. xxxxx Obligation Executive Court Established by Legal Instrument Not performed at all The debtor shall make a one-off payment of RMB XXXXXXXXX to the applicant Judgment Document Information People s Court of XXXXXX Release Time S/N Document No. Title Category Date 1 (XXXX) S XXXX MC No. XXXX Court Announcement Information Paper of civil judgment of first Civil case instance on the dispute of rights of XXXXXXXXXXXX infringed by XX, XXXXXX, and XXXXXXXXXXXXXXXXXXXX XXXXXXXXXXXX S/N Court Lawful Day Case No. Cause of Action 1 XXXX Court :30:00 (2017) Z05MZ No. 242 XXXXXXXX Dispute Undertaken by Appellor 2017-XX-XX Appellee XXXX Court XXXXXXXXX XXXXXXXXX XXXXXXX 2.8. Information on Duty in Arrears Year Responsible Tax Authority Total Duty in Arrears (RMB) Calculated Date in Arrears 20XX xxxxxxxxxxxxxxx xxxxx xxxx-xx-xx 2.9Financial Default Information S/N Default Type Liquidated Damages Lending Date Due Date Credit Granting Authority Action Results 1 xxxx xxx xxxx-xx-xx xxxx-xx-xx xxxxxxxx xxxxxxxxxx

16 IV.Financial Information 1. Main Financial Information Account MM-YYYY YYYY YYYY YYYY Contrast Value of Industry Total assets 1,775,554 1,775,554 1,775,554 1,775,554 1,775,554 Total liabilities 596, , , , ,801 Owners' equity 1,152,374 1,152,374 1,152,374 1,152,374 1,152,374 Operating revenue 1,339,552 1,339,552 1,339,552 1,339,552 1,339,552 Net Profit 95,504 95,504 95,504 95,504 95,504 Interest-bearing liabilities 387, , , , ,876 Liquidity ratio Quick ratio Turnover ratio of account receivable Inventory turnover ratio EBITDA 387, , , , ,875 Asset-liability ratio Financial Analysis and Evaluation Asset quality Financial flexibility Profitability Cash flow situation Debt-paying ability Comprehensive evaluation The functional quality of specific assets in the enterprise management system is embodied in the quality of realization, the quality of utilization, the quality of value added when grouped with other assets and their contribution to the development objectives f the enterprise. It refers to the ability of an enterprise to adapt to changes in economic environment and make use of investment opportunities. It refers to the ability of an enterprise to make profits. Net cash flow refers to the difference between cash inflow and cash outflow. It refers to the ability of an enterprise to repay long-term and short-term debts with its assets. The operating condition is good. 3. Financial Report Form 3.1Balance Sheet Prepared by: some accounting firm in Shanghai Monetary unit: RMB Item MM-YYYY YYYY YYYY YYYY Current assets: Cash and cash equivalents , ,565.04

17 Trading financial assets Notes receivable Accounts receivable 1,238, ,153, , , Prepayments Interests receivable Dividends receivable Other receivables 22, , , ,000.0 Inventories 1,790, , ,447, ,247,907.9 Non-current assets due within one year Other current assets 168, , , , Total current assets 3,242,448 2,054, ,266, ,001,930.1 Non-current assets: Available-for-sale financial assets Held-to-maturity investment Long-term receivables Long-term equity investments Investment properties Fixed assets 115, , Construction in progress Construction materials Disposal of fixed assets Bearer biological assets Oil and gas assets Intangible assets Development costs Goodwill Long-term expenditures to be amortized Deferred income tax assets Other non-current assets Total non-current assets 115, , , ,200.1 Total assets Current liabilities: Short-term borrowings Financial liabilities held for trading Notes payable Accounts payable Accounts received in advance Employee benefits payable Taxes payable Interests payable Dividends payable

18 Other payables Non-current liabilities due within one year Other current liabilities Total current liabilities Non-current liabilities: Long-term borrowings Bonds payable Long-term payables 2,010,000 2,010,000 2,010,000 2,010,000 Special accounts payable Estimated liabilities Deferred income tax liabilities Other non-current liabilities Total non-current liabilities 2,010,000 2,010,000 2,010,000 2,010,000 Total liabilities Owner s equity (or shareholder s equity) Paid-in capital (or capital stock) 1,000, ,000, ,000, ,000,000.0 Capital reserves Less: treasury shares Surplus reserves Undistributed profits -208, , , , Total equities attributable to the owners of parent company 108, , , , Minority shareholders' equity 108, , , , Total owners' equity (or shareholders' equity) 1,008, ,148, ,018, ,018,764.0 Total liabilities and owner's equities (or shareholder's equities) 3.2Statement of Profit and Loss Prepared by: some accounting firm in Shanghai 7,331, ,684, ,217, ,270,746.0 Monetary unit: RMB Item MM-YYYY YYYY YYYY YYYY I. Operating revenue 2,429,305 2,540,856 2,545,424 2,565,144 Less: operating costs -606, , , ,301 Taxes and surcharges 337, , , ,225 Sales expenses 257, , , ,595 Overhead expense 379, , , ,914 Financial expenses 254, , , ,620 Asset impairment losses 378, , , ,970 Add: incomes from changes at fair value (loss to be listed with "-") 255, , , ,528 Investment incomes (losses to be listed with "-") 433, , , ,335 Including: the investment incomes from associates739, , , ,258 and joint ventures

19 II. Operating profit (loss to be listed with "-") 260, , , ,941 Add: Non-operating revenue 379, , , ,741 Less: non-operating expenditure 254, , , ,290 Including: losses from disposal of non-current assets 385, , , ,392 III. Total profit (total losses to be listed with "-") 258, , , ,850 Less: income tax expenses 380, , , ,421 IV. Net profit (net loss to be listed with "-") 741, , , ,669 V. Earnings per share: 36,890 40,790 53,113 57,194 (I) Basic earnings per share 18,445 21,305 28,241 30,762 (II) Diluted earnings per share 18,415 19,486 24,872 26, Cash Flow Statement Prepared by: some accounting firm in Shanghai Monetary unit: RMB Item MM-YYYY YYYY YYYY YYYY I. Cash flows from operating activities: Cash received from sales of goods or rendering of services Refund of taxes and surcharges Cash received relating to other operating activities Sub-total of cash inflows from business activities Cash paid for goods and services Cash paid to and for employees Taxes and surcharges paid Cash paid relating to other operating activities Subtotal of cash outflows from operating activities Net cash flows from operating activities II. Cash flows from investing activities: Cash received from disinvestment Cash received from returns on investments 36,890 40,790 53,113 57,194 Net cash received from disposal of fixed assets, intangible assets and other long-term assets Net cash received from disposal of subsidiaries and other business units 18,445 21,305 28,241 30,762 18,445 19,486 24,872 26,432 Cash received relating to other investing activities 379, , , ,741 Subtotal of cash inflows from investing activities Cash paid to acquire fixed assets, intangible assets and other long-term assets Cash paid to acquire investments Net cash paid for acquisition of subsidiaries and other business units Cash paid relating to other investing activities

20 Subtotal of cash outflows from investing activities Net cash flows from investing activities III. Cash flows from financing activities: Cash received from capital contributions 18,445 19,486 24,872 26,432 Cash received from borrowings 379, , , ,741 Cash received relating to other financing activities Subtotal of cash inflows from financing activities 409, , , ,274 Cash paid for repayments of borrowings 18,445 21,305 28,241 30,762 Cash paid for dividend and profit distribution or interest payment 18,445 19,486 24,872 26,432 Other cash paid relating to financing activities Subtotal of cash outflows from financing activities 40,203 40,791 53,113 57,489 Net cash flows from financing activities 368, , , ,785 IV. Effect of foreign exchange rate changes on cash and cash equivalents V. Net increase in cash and cash equivalents 379, , , ,741 Add: beginning balance of cash and cash equivalents 379, , , ,741 VI. Ending balance of cash and cash equivalents 18,445 19,486 24,872 26, Notes to Cash Flow Statement Prepared by: some accounting firm in Shanghai Monetary unit: RMB Supplementary Information MM-YYYY YYYY YYYY YYYY 1. Adjust the net profit to the cash flow of operating activity: Net Profit 18,445 21,305 28,241 30,762 Add: provision for impairment of assets 18,445 19,486 24,872 26,432 Depreciation/consumption of fixed assets, oil and gas assets and bearer biological assets Amortization of intangible assets 40,203 40,791 53,113 57,489 Amortization of long-term deferred expenses 368, , , ,785 Losses from disposal of fixed assets, intangible assets and other long-term assets (gains to be listed with "-") Loss from write-off of fixed assets (gains to be listed with "-") Loss from changes in fair value (gains to be listed with "-") ,890 40,790 53,113 57,194 18,445 21,305 28,241 30,762 Financial expenses (gains to be listed with "-") 18,445 19,486 24,872 26,432 Investment loss (gains to be listed with "-") Decrease of deferred income tax assets (increase to be listed with "-") 36,890 40,790 53,113 57,194 Increase of deferred income tax 18,445 21,305 28,241 30,762

21 liabilities(decrease to be listed with "-") Decrease of inventory (increase to be listed with "-") Decrease of operating receivables (increase to be listed with "-") Increase of operating payables (decreases to be listed with "-") 18,445 19,486 24,872 26,432 36,890 40,790 53,113 57,194 18,445 21,305 28,241 30,762 Others 18,445 21,305 28,241 30,762 Net cash flows from operating activities 744, , , , Major investment and financing activities not involved cash receipts and payments: Conversion of debt into capital 368, , , ,785 Convertible corporate bonds maturation within one year Fixed assets under financing lease 36,890 40,790 53,113 57, Net changes in cash and cash equivalents: Closing balance of cash 368, , , ,785 Less: opening balance of cash Add: balance of cash equivalents at the end of period Less: balance of cash equivalents at the beginning of period Net increased amount in the cash and cash equivalents 36,890 40,790 53,113 57,194 68,819 69,502 67,546 62, , , , ,378

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