Financial Performance - Operating revenue for the period was CNY 199,497,504.55, down 0.45% year-on-year[7] - Net profit attributable to shareholders was CNY 84,049,182.30, a decrease of 13.99% compared to the same period last year[7] - The weighted average return on equity decreased by 0.56 percentage points to 2.44%[7] - Total operating revenue for Q1 2015 was CNY 199,497,504.55, a decrease of 0.44% compared to CNY 200,390,706.12 in the same period last year[28] - Operating profit for Q1 2015 was CNY 107,912,607.28, down 14.16% from CNY 125,666,996.87 in the previous year[28] - Net profit for Q1 2015 was CNY 79,621,776.13, down from CNY 95,637,872.94 in the same period last year, indicating a decrease of about 16.74%[31] - The total comprehensive income for Q1 2015 was CNY 80,681,848.13, compared to CNY 96,846,714.14 in the previous year, showing a decline of about 16.67%[31] Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,130,552,079.05, a decrease of 0.81% compared to the end of the previous year[7] - Total current assets decreased to CNY 1.33 billion from CNY 1.43 billion[22] - The company reported a total non-current asset value of CNY 5.81 billion, up from CNY 5.76 billion at the beginning of the year[22] - Total assets as of March 31, 2015, were CNY 5,553,127,229.14, a decrease from CNY 5,632,195,047.68 at the beginning of the year[26] - Total liabilities decreased to CNY 2,103,874,028.80 from CNY 2,263,623,695.47 at the beginning of the year, a reduction of 7.06%[26] - Shareholders' equity increased to CNY 3,449,253,200.34, up from CNY 3,368,571,352.21 at the beginning of the year, reflecting a growth of 2.40%[27] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 34,980,245.43, compared to a net outflow of CNY 34,623,095.23 in the previous year[7] - Cash flow from operating activities was negative at CNY -34,980,245.43, slightly worse than the previous year's negative cash flow of CNY -34,623,095.23[33] - Cash and cash equivalents decreased to CNY 223.89 million from CNY 262.85 million at the beginning of the year[21] - Cash and cash equivalents at the end of Q1 2015 were CNY 223,886,989.52, down from CNY 343,188,998.76 at the end of the previous year[34] - Net cash flow from operating activities was -CNY 108,020,769.93, worsening from -CNY 40,501,062.19 year-over-year[36] - Total cash outflow from operating activities reached CNY 162,941,584.85, compared to CNY 88,119,568.91 in the same period last year, indicating a significant increase of about 84.5%[36] Investments and Loans - The company plans to participate in the first round of a capital increase plan for Zhejiang Zheshang Bank, with a subscription amount of approximately 306 million RMB, based on a 3.06% shareholding[12] - The company has provided a 200 million RMB loan to Shaoxing County China Light Textile City Transportation Industry Co., with an annual interest rate of 8.6%[12] - The company has also provided a 400 million RMB loan to Shaoxing Qianqing Small City Construction Co., with an annual interest rate of 6.72%[13] - The company has invested approximately 680 million RMB in the construction of the China Light Textile City International Logistics Warehouse Center, with a total building area of 194,795 square meters[14] - The company is developing a logistics center renovation project with an investment of about 75 million RMB, covering an area of approximately 12,000 square meters[15] - The company has acquired land for a multi-story parking garage project at a cost of 18.69 million RMB, with a total investment of approximately 70 million RMB[15] Shareholder Information - The total number of shareholders at the end of the reporting period was 36,959[8] - The company has a commitment to avoid actions that harm the interests of other shareholders and will not interfere in the management of the company[18] - The company has a priority right to purchase any assets or equity related to market development and management that the controlling shareholder intends to sell[18] Future Projections - The company signed a profit compensation agreement with the development company, predicting a total net profit of CNY 39.83 million for the year 2012 from the injected assets[19] - The projected net profits for the assets in 2013 and 2014 are CNY 69.20 million and CNY 84.42 million, respectively[19]

Financial Performance - The company achieved a net profit of ¥328,663,596.22 for the year 2014, with a statutory reserve of 10% amounting to ¥32,866,359.62[3] - The total distributable profit for shareholders in 2014 was ¥685,378,916.32, but no profit distribution will occur due to significant funding needs for future projects[3] - The company reported a net cash flow from operating activities of -¥165,588,451.95, a significant decline of 120.99% compared to ¥788,821,842.21 in 2013[29] - The net profit attributable to shareholders was ¥329,934,506.78, a decrease of 9.62% from ¥365,053,584.21 in the previous year[29] - The basic earnings per share decreased by 8.89% to ¥0.41 in 2014 from ¥0.45 in 2013[30] - The company’s total profit for the year was ¥438,176,487.57, a decrease of ¥13,887,238.66 from the previous year[37] - The company reported a total of ¥68,700,047.61 in non-recurring gains in 2014, compared to ¥42,606,122.91 in 2013[33] - The company’s investment income decreased by 40.37% to CNY 113.01 million, down from CNY 189.52 million in the previous year[44] - The company’s total profit increased by 42.82% when excluding certain one-time income sources from the previous year[51] - The company reported a cash dividend of 329,934,506.78 RMB for the year 2014, with a net profit attributable to shareholders of 0 RMB, resulting in a payout ratio of 0%[93] Revenue and Growth - The company achieved a total operating revenue of ¥809,760,216.28 in 2014, representing a 19.16% increase compared to ¥679,567,476.27 in 2013[29] - The company’s market leasing business generated revenue of ¥687,285,573.41 in 2014, contributing significantly to the overall revenue[37] - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the year, representing a 15% growth compared to the previous year[133] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion RMB[135] - New product launches are expected to contribute an additional 200 million RMB in revenue, with a focus on innovative textile solutions[134] - The company plans to enhance its online sales platform, aiming for a 30% increase in e-commerce revenue by the end of the next fiscal year[134] Assets and Liabilities - The total assets decreased by 7.08% to ¥7,188,862,787.87 in 2014 from ¥7,736,555,386.40 in 2013[29] - The company’s total liabilities decreased by CNY 166.13 million due to early repayment of bank loans[50] - The company’s total assets as of December 31, 2014, amounted to CNY 7,188,862,787.87, a decrease from CNY 7,736,555,386.40 in the previous year[182] - The total liabilities decreased from CNY 4,518,277,114.67 to CNY 3,783,188,563.14, indicating improved financial stability[183] - The company's total equity increased from CNY 3,212,194,856.31 to CNY 3,400,839,678.46, reflecting a growth of approximately 5.86%[183] Investments and Financing - The company completed a financing guarantee amounting to approximately CNY 600 million in 2014, supporting small and medium enterprises[40] - The company has invested a total of 1,367,708.33 CNY in a bank wealth management product with a principal of 50,000,000 CNY, yielding a guaranteed return[72] - The company has committed 68,000 CNY for the construction of the China Light Textile City International Logistics Warehouse Center project, with cumulative actual investment reaching 32,806.04 CNY[78] - The company has provided a total interest of 13,027,200 RMB from the entrusted loan by December 10, 2014, with no overdue payments reported[70] - The company has a total of 150,000,000 CNY invested in a bank wealth management product with a principal amount yielding 4,537,397.26 CNY[72] Corporate Governance and Compliance - The company has not faced any administrative penalties or public reprimands from the China Securities Regulatory Commission during the reporting period[107] - The company has maintained independence from its controlling shareholder in business, personnel, assets, and financial aspects[165] - The company’s board of directors is responsible for establishing and implementing effective internal controls and ensuring the accuracy of the internal control evaluation report[169] - The company has established a fair and transparent performance evaluation and incentive mechanism for its directors and senior management[156] - The company has implemented a strict system for accountability regarding significant errors in annual report disclosures, with no major errors reported during the period[171] Strategic Plans and Future Outlook - The company plans to enhance market management and service levels, focusing on infrastructure improvements and service standardization[38] - The company aims to expand logistics services and improve operational efficiency through partnerships and technology upgrades[39] - The company plans to focus on developing modern logistics and financial services, aiming for new profit growth points[41] - The company aims to accelerate the development of its logistics industry, targeting it to become a significant source of profit in the future[84] - The company is exploring potential mergers and acquisitions to strengthen its supply chain, with a budget of 100 million RMB set aside for this purpose[134] Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in its annual report[5] - The company is facing macroeconomic risks and market competition pressures that may impact its performance growth[86] - The company is committed to enhancing its internal control systems to mitigate operational risks[82] - The company plans to continue enhancing its internal control system and corporate governance structure in response to internal and external environmental changes[170]

Financial Performance - Operating revenue increased by 22.41% to CNY 614,064,770.16 for the first nine months compared to the same period last year[7]. - Net profit attributable to shareholders decreased by 16.93% to CNY 250,268,450.96 for the first nine months compared to the same period last year[7]. - Net profit excluding non-recurring gains and losses decreased by 23.53% to CNY 198,937,628.09 for the first nine months compared to the same period last year[8]. - Basic earnings per share decreased by 16.22% to CNY 0.31 per share compared to the same period last year[8]. - The weighted average return on equity decreased by 1.78 percentage points to 7.72% compared to the same period last year[8]. - Total revenue for Q3 2014 reached ¥200,368,075.55, an increase of 23.8% compared to ¥161,759,975.90 in Q3 2013[36]. - Operating profit for Q3 2014 was ¥78,050,910.95, up 23.8% from ¥63,039,632.61 in the same period last year[37]. - Net profit attributable to shareholders for Q3 2014 was ¥60,593,629.34, representing a 32.1% increase from ¥45,924,874.59 in Q3 2013[37]. - Net profit for the first nine months of 2023 was RMB 243.99 million, down 10.6% from RMB 273.01 million in the same period last year[39]. - The company reported a total profit of RMB 317.23 million for the first nine months, a decrease of 1.1% compared to RMB 323.07 million in the previous year[39]. Assets and Liabilities - Total assets decreased by 7.63% to CNY 7,146,067,282.32 compared to the end of the previous year[7]. - Cash and cash equivalents decreased by 61.76% to ¥22,042.71 million due to loan repayments and dividends[14]. - Accounts receivable increased by 253.93% to ¥666.28 million, primarily due to market operators' utility and property management fees[14]. - Total liabilities decreased to CNY 3,843,197,902.81 from CNY 4,518,277,114.67, indicating a reduction of about 14.9%[30][31]. - The company's equity attributable to shareholders increased to CNY 3,295,357,763.19 from CNY 3,212,194,856.31, reflecting an increase of approximately 2.6%[31]. - The total current liabilities decreased to CNY 3,755,835,772.10 from CNY 4,274,496,397.84, a decline of approximately 12.1%[30]. - The total assets as of September 30, 2014, amounted to CNY 7,146,067,282.32, a decrease from CNY 7,736,555,386.40 at the beginning of the year[27][31]. - The company's cash and cash equivalents decreased to CNY 220,427,144.43 from CNY 576,411,297.61, representing a decline of approximately 61.8%[28][32]. - Total cash and cash equivalents at the end of Q3 2014 were $108,325,304.16, down from $136,506,832.59 in the previous period[44]. Cash Flow - The company reported a cash flow from operating activities of -CNY 179,624,108.49 for the first nine months[7]. - Operating cash flow was negative at -¥17,962.41 million, worsened by higher tax payments[14]. - Cash flow from operating activities showed a net outflow of RMB 179.62 million for the first nine months, worsening from a net outflow of RMB 114.15 million in the same period last year[41]. - Net cash flow from investing activities for Q3 2014 was $155,033,051.71, a decrease from $353,906,201.24 in the previous period[44]. - Net cash flow from financing activities was -$172,610,015.52, compared to -$161,135,667.49 in the prior period, indicating an increase in cash outflow[44]. - The net decrease in cash and cash equivalents for the quarter was -$336,251,922.45, significantly higher than -$47,965,171.82 in the prior period[44]. Investments and Projects - The company acquired 100% equity of Shaoxing China Light Textile City Logistics Center Development and Operation Co., Ltd. for CNY 127,830,887.00[8]. - The company is constructing a logistics center with a total investment of approximately ¥68,000 million, covering an area of 194,795 square meters[16]. - The company plans to build a multi-story parking garage with a total investment of approximately ¥7,000 million, covering an area of 19,910 square meters[17]. - The company provided a total of ¥6 billion in loans for urban road maintenance and construction projects, with interest rates ranging from 7.2% to 8.6%[15]. Shareholder Information - The total number of shareholders at the end of the reporting period was 58,962[12]. - The largest shareholder, Shaoxing Keqiao District China Light Textile City Market Development Co., Ltd., holds 35.19% of the shares[13]. Corporate Governance - The company has committed to not using its controlling position to harm the legitimate rights and interests of other shareholders[21]. - The company will not interfere with the management of the subsidiary and will not allow personnel from the subsidiary to hold senior management positions in the company[21]. - The company has a plan to gradually inject relevant market resources into the subsidiary to strengthen its market business[21]. - The company will conduct impairment testing on the injected assets and compensate if the actual net profit falls below the forecasted levels during the compensation period[22]. - The company has committed to resolving any competition issues with the subsidiary's remaining market assets within five years after the restructuring approval[22]. - The company will ensure that the subsidiary does not engage in any competing business during its period as a controlling shareholder[22]. - The company will provide equal treatment to its subsidiaries and avoid harming their interests[21]. - The company will take measures to improve the operational level of the subsidiary's market assets and propose to acquire them if they meet the listing conditions[22].

Financial Performance - The company's operating revenue for the first half of 2014 was CNY 413.70 million, representing a 21.71% increase compared to CNY 339.91 million in the same period last year[18]. - The net profit attributable to shareholders of the listed company decreased by 25.72% to CNY 189.67 million from CNY 255.35 million year-on-year[18]. - The net profit after deducting non-recurring gains and losses was CNY 154.21 million, down 27.82% from CNY 213.63 million in the previous year[18]. - Basic earnings per share fell by 25.00% to CNY 0.24 from CNY 0.32 in the same period last year[19]. - The company reported a net cash flow from operating activities of CNY -158.84 million, indicating a negative cash flow situation[18]. - The total profit for the period was CNY 249,065,058.09, a decrease of CNY 60,065,550.15 year-on-year, influenced by the previous year's asset transfer gains and dividends from Zhejiang Commercial Bank[25]. - The company reported a significant increase in tax expenses, which rose to RMB 57,901,588.89 from RMB 50,060,630.81, an increase of 15.7%[88]. - The total comprehensive income for the first half of 2014 was RMB 189,615,700.16, down 24% from RMB 249,435,569.20 in the same period last year[88]. Assets and Liabilities - The company's total assets decreased by 5.79% to CNY 7.29 billion from CNY 7.74 billion at the end of the previous year[18]. - The total liabilities decreased from CNY 4,518,277,114.67 to CNY 4,058,247,996.82, a decline of about 10.2%[82]. - Current assets decreased from CNY 1,845,509,249.97 to CNY 1,425,612,296.10, representing a reduction of about 22.7%[80]. - The company's cash and cash equivalents decreased from CNY 576,411,297.61 to CNY 238,015,068.73, a decline of about 58.7%[80]. - The total equity attributable to the parent company increased from CNY 3,212,194,856.31 to CNY 3,223,138,390.07, a growth of approximately 0.3%[82]. - The total amount of other payables reached CNY 100,273,689.00, with significant contributions from rental deposits and performance guarantees[181]. Investments and Financing - A capital increase of CNY 100 million was approved for the wholly-owned subsidiary, Shaoxing China Light Textile City Logistics Center Development Co., Ltd., increasing its registered capital from CNY 50 million to CNY 150 million[35]. - The company provided a 200 million yuan loan to Shaoxing County China Light Textile City Transportation Industry Co., with an annual interest rate of 7.2%[41]. - The company has invested a total of ¥50,000,000 in a non-principal floating income bank financial product with a projected return of ¥1,406,301.37[44]. - The company has provided entrusted loans amounting to 600,000,000.00 thousand, remaining unchanged from the previous period[154]. - The company received CNY 12,451,248.37 in interest from bank financial products[197]. Shareholder Information - The total number of shareholders at the end of the reporting period was 57,107[67]. - The largest shareholder, Shaoxing Keqiao China Light Textile City Development Co., Ltd., held 35.19% of the shares, totaling 283,403,450 shares, with 186,603,450 shares pledged[67]. - The company distributed a cash dividend of ¥2.2 per 10 shares, totaling ¥177,183,518.82, based on the total share capital of 805,379,631 shares as of December 31, 2013[51]. - The company’s cash dividends payable amounted to CNY 177,183,518.82, based on a cash dividend of CNY 0.22 per share approved at the 2013 annual general meeting[188]. Operational Developments - The company is actively exploring new logistics industry development opportunities, aiming to make logistics a significant profit source in the future[26]. - The company has implemented various management improvements and market service innovations to enhance overall market management and service levels[26]. - The company plans to achieve an annual operating revenue of CNY 804 million and a total profit of CNY 354 million for 2014, having already surpassed half of these targets in the first half of the year[29]. - The company plans to invest approximately ¥68,000 million in the construction of the China Light Textile City International Logistics Warehouse Project, which is currently in the construction phase[50]. Compliance and Governance - The company has no ongoing litigation or arbitration cases reported during the period[54]. - The company has not disclosed any significant related party transactions during the reporting period[58]. - The company has fulfilled its commitments made by shareholders and controlling parties during the reporting period[59]. - No penalties or administrative actions have been imposed on the company or its key stakeholders by the China Securities Regulatory Commission during the reporting period[62]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern principle and comply with the enterprise accounting standards, reflecting the company's financial status and cash flow accurately[114]. - The company includes all subsidiaries in its consolidated financial statements, adjusting for long-term equity investments according to the equity method[115]. - The company recognizes revenue from service provision based on the percentage of completion method when the outcome can be reliably estimated[137]. - The company conducts impairment testing for financial assets, recognizing impairment losses when objective evidence indicates a decline in value[120].

1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 浙江中国轻纺城集团股份有限公司 600790 2014 年第一季度报告 | | | | 一、 | 重要提示 2 | | --- | --- | | 二、 | 公司主要财务数据和股东变化 3 | | 三、 | 重要事项 5 | | 四、 | 附录 10 | 600790 浙江中国轻纺城集团股份有限公司 2014 年第一季度报告 一、 重要提示 1.2 公司全体董事出席董事会审议季度报告。 1.3 | 公司负责人姓名 | 翁桂珍 | | --- | --- | | 主管会计工作负责人姓名 | 斯枫 | | 会计机构负责人（会计主管人员）姓名 | 陈红兵 | 公司负责人翁桂珍、主管会计工作负责人斯枫及会计机构负责人（会计主管人员）陈红兵保 证季度报告中财务报表的真实、准确、完整。 1.4 公司第一季度报告中的财务报表未经审计。 2 600790 浙江中国轻纺城集团股份有限公司 2014 年第一季度报告 二、 公司主要财务数据和股东变化 2.1 主要财务数据 ...

Financial Performance - The company achieved a net profit of CNY 334,492,958.95 for the year 2013, with a 10% statutory reserve fund allocation of CNY 33,449,295.90[5] - Total distributable profit for shareholders in 2013 amounted to CNY 566,765,198.54, after accounting for cash dividends of CNY 161,075,926.20[5] - The company reported a significant increase in investment income, rising by 62.98% to CNY 189.52 million from CNY 116.28 million in the previous year[32] - The net profit attributable to shareholders for 2013 was CNY 365,053,584.21, representing a 98.58% increase from CNY 183,834,885.92 in 2012[20] - The company's operating revenue for 2013 was CNY 679,567,476.27, an increase of 51.67% compared to CNY 448,059,079.74 in 2012[20] - The company achieved a total profit of CNY 452,063,726.23 in 2013, an increase of CNY 235,115,066.97 compared to the previous year[28] - The basic earnings per share for 2013 was CNY 0.45, a 60.71% increase from CNY 0.28 in 2012[21] - The total assets at the end of 2013 were CNY 7,736,555,386.40, a 10.17% increase from CNY 7,022,465,050.97 at the end of 2012[20] - The company reported a net profit of RMB 365,053,584.21 for the year, contributing to an increase in retained earnings[167] - The total comprehensive income for the year was CNY 329,877,093.12, compared to CNY 193,019,549.69 in the previous year, indicating a growth of about 70.8%[159] Dividend Distribution - The company plans to distribute a cash dividend of CNY 2.2 per 10 shares, totaling CNY 177,183,518.82, with the remaining CNY 389,581,679.72 carried forward to future distributions[5] - In 2013, the company distributed cash dividends of 2 RMB per 10 shares, totaling 161,075,926.20 RMB (including tax), based on a total share capital of 805,379,631 shares as of December 31, 2012[77] - The company's net profit attributable to shareholders for 2013 was 365,053,584.21 RMB, with a cash dividend payout ratio of 48.54%[79] - The company has revised its cash dividend policy to ensure reasonable returns for investors and protect the interests of all shareholders[77] - The company has not proposed a cash dividend distribution plan for the current year despite having positive undistributed profits[78] Operational Efficiency - The company focused on enhancing its core business and improving operational efficiency, leading to significant economic benefits in 2013[28] - The company aims to improve operational efficiency by 15% through the implementation of new management strategies[111] - The company has implemented a comprehensive training program to enhance employee skills, aligning with its development strategy[119] - The company has a total of 96 employees with a bachelor's degree or higher, reflecting a focus on educational qualifications[118] Asset Management - The company successfully completed the leasing of over 600 commercial properties in the North Union Market, generating rental income exceeding CNY 1.2 billion, significantly surpassing the estimated rental income of CNY 304 million[29] - The company acquired 100% equity of a logistics development company for CNY 127,830,887.00, which was completed on December 20, 2013[21] - The company completed a significant asset restructuring in 2012 to mitigate industry competition, acquiring market assets from the controlling shareholder[133] - The company has a priority purchase right for any assets related to market development and management that the developer intends to sell[84] Internal Control and Governance - The company's financial statements received a standard unqualified audit opinion from Tianjian Accounting Firm[3] - The company has maintained its main business operations without any changes since its listing[19] - The company emphasizes transparent communication with shareholders, ensuring their rights to information and participation in decision-making[124] - The company has established a robust internal control system to enhance governance and protect shareholder interests[124] - The internal control audit report issued by Tianjian Accounting Firm confirmed the effectiveness of the company's internal controls as of December 31, 2013[137] Market Strategy and Future Plans - The company aims to enhance its market logistics guarantee business and explore new profit growth points to ensure sustainable development[70] - The company plans to invest approximately RMB 68 million in the construction of the China Light Textile City International Logistics Warehouse Center project, which is currently in the construction phase[66] - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2015[111] - The company plans to focus on its core business and continue the construction of several logistics and parking projects, primarily funded by its own capital[74] Financial Position - The total assets at the end of 2013 were CNY 7,736,555,386.40, a 10.17% increase from CNY 7,022,465,050.97 at the end of 2012[20] - The company's total current assets reached RMB 1,845,509,249.97, up from RMB 1,284,389,917.24, indicating a rise of approximately 43.73%[147] - The company's cash and cash equivalents increased significantly to CNY 474,577,226.61 from CNY 184,472,004.41, a growth of 157.6%[151] - The total liabilities increased to CNY 2,912,110,870.36 from CNY 2,276,148,296.97, representing a rise of 28%[152] Compliance and Legal Matters - There were no major lawsuits, arbitrations, or media controversies reported during the year[80] - No penalties or administrative actions were taken against the company or its executives by the China Securities Regulatory Commission during the reporting period[90] - The company has not experienced any changes in restricted shares during the reporting period[96] Employee and Stakeholder Relations - The total number of employees in the company is 1,003, with 293 in the parent company and 710 in major subsidiaries[117] - The company maintains a strict governance structure, ensuring independence from its controlling shareholder in operations and decision-making[124] - The remuneration policy is based on effectiveness, fairness, and competitiveness, aimed at motivating employees[118] Revenue Recognition and Accounting Policies - The company recognizes revenue from the sale of goods when the major risks and rewards of ownership have been transferred to the buyer, and the amount of revenue can be reliably measured[199] - Revenue from service provision is recognized using the percentage-of-completion method when the outcome can be reliably estimated, and costs can be reliably measured[199] - The company applies a weighted average method for inventory valuation, ensuring accurate cost measurement[188] - The company recognizes impairment losses for receivables exceeding 5 million yuan or 10% of the total receivables balance[187]