2023 First Quarter Report of Rainbow
1
To be a Global Leading Crop Protection Company
Stock code:301035 Stock abbreviation: Rainbow Agro Announcement No.: 2023-031
SHANDONG WEIFANG RAINBOW CHEMICAL CO.,LTD
The First Quarter Report of 2023
The Company and all members of the Board of Directors warrant that the contents of the Semi-annual
Report are true, accurate and complete, without false records, misleading statements or major omissions.
Prompts of Important Matters:
1. The Board of Directors, Board of Supervisors, directors, supervisors and senior management warrant that the
contents of the Quarterly Report are true, accurate and complete, without false records, misleading statements or
major omissions, and shall bear individual and collective legal liabilities.
2. The legal representative of the Company,the chief accountant in charge, and the chief of the accounting institution
(accounting supervisor), stated that the financial report in the Quarterly Report is true, accurate and complete.
3. Whether the First Quarter Report is audited
□ Yes No
2023 First Quarter Report of Rainbow
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To be a Global Leading Crop Protection Company
I. Key Financial Data
(1) Main accounting data and financial indicators
Whether the Company needs to retroactively adjust or restate the accounting data of previous years
□ Yes No
Q1 2023 Q1 2022
YoY increase/decrease in this
reporting period (%)
Operating income (RMB) 2,233,266, 3,119,046, %
Net profit attributable to
shareholders of the Company
(RMB)
182,814, 387,571, %
Net profit attributable to
shareholders of the Company
excluding non-recurring gains
and losses (RMB)
182,952, 389,050, %
Net cash flow from operating
activities (RMB)
-438,843, -224,220, %
Basic earnings per share
(RMB/Share)
%
Diluted earnings per share
(RMB/Share)
%
Weighted average return on
net assets
% % %
End of Q1 2023 End of 2022
YoY increase/decrease at the
end of this reporting period
(%)
Total assets (RMB) 10,819,638, 11,598,874, %
Equity attributable to
shareholders of the Company
(RMB)
6,362,719, 6,184,265, %
(2) Non-recurring profit and loss items and amounts
Applicable □ Not applicable
Unit: RMB
Item Amount of Q1 2023 Notes
Gain and loss on disposal of non-current
assets (including the write-off portion of
asset impairment provision)
-3,577,
Government subsidies included in
current gains and losses (closely related
to normal operational business of the
Company, excluding the continuous
government subsidies of certain amount
or quota complying with national
policies)
2,266,
Profits and losses in fair value from
trading financial assets and trading
financial liabilities, as well as investment
income from disposal of trading financial
33,
2023 First Quarter Report of Rainbow
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To be a Global Leading Crop Protection Company
assets, trading financial liabilities, and
financial assets available for sale, except
for effective hedging business related to
the normal operation of the Company
Other non-operating revenue and
expenditure other than those mentioned
above
1,351,
Less: affected amount of income tax 135,
Affected amount of minority
shareholders' equity (after tax)
75,
Total -138,
Details of other profit and loss items that meet the definition of non-recurring profit and loss
□Applicable Not applicable
There are no other gains and losses items of the Company that meet the definition of non-recurring gains and loss.
Reasons for the non-recurring profit and loss items listed in Explanatory Announcement on Information Disclosure for Companies
Offering Their Securities to the Public - Non-recurring Gains and Losses recognized as recurring gains and losses items
□ Applicable Not applicable
There is no circumstance where the non-recurring profit and loss items listed in Explanatory Announcement on Information
Disclosure for Companies Offering Their Securities to the Public - Non-recurring Gains and Losses are recognized as
recurring gains and losses items.
(3) Changes in major accounting data and financial indicators and reasons for such changes
Applicable □ Not applicable
1. Balance sheet items
Unit: RMB
Item
Friday, March
31, 2023
Saturday,
December 31,
2022
Change Reason for change
Pre-payments 133,353, 75,294, %
Mainly caused by an increase in prepayment for raw material
procurement during the reporting period
Other non-
current assets
116,865, 69,616, %
Mainly caused by an increase in prepayment for construction projects
and equipment during the reporting period
Short-term loan 666,262, 404,206, % Mainly caused by an increase in trade loans during the reporting period
Derivative
financial
liabilities
33,415, 122,183, %
Mainly caused by fluctuations in the value of the forward foreign
exchange settlement and sale business during the reporting period
Contract
liability
67,781, 46,035, %
Mainly caused by increase in customer payments accepted in advance
during the reporting period
Other current
liabilities
18,044, 59,862, %
Mainly caused by a decrease in endorsed yet undue acceptance bills
during the reporting period
2. Income statement items
Unit: RMB
Item
January-March
2023
January-March
2022
Change Reason for change
2023 First Quarter Report of Rainbow
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To be a Global Leading Crop Protection Company
Sales expenses 75,879, 46,948, %
Mainly caused by increase in staff remuneration and registration fees
during the reporting period
Financial
expenses
60,017, 39,787, %
Mainly caused by the increase in losses due to exchange rate
fluctuations during the reporting period
Investment
returns
-35,302, 28,854, %
Mainly caused by the increase in forward foreign exchange
settlement losses during the reporting period
Income from
changes in fair
value
96,528, 7,793, %
Mainly caused by changes in fair value of the forward foreign
exchange settlement and sale business during the reporting period
Credit impairment
losses
27,806, -27,370, %
Mainly caused by the decrease in bad debt provision for accounts
receivable during the reporting period
II. Shareholder Information
(1) The total number of common shareholders, the number of preferred shareholders with restored
voting rights, and the shareholding status of the top ten shareholders
Unit: Share
Number of common shareholders
as of the end of Q1 2023
12,013
Number of preferred shareholders whose voting rights
have been restored as of the end of Q1 2023 (if any)
0
Shareholding of the top ten shareholders
Name of
shareholder
Shareholder
nature
Shareholding
ratio (%)
Shareholding
quantity
Quantity of
restricted
shares held
Pledge, mark or freeze
Share status Quantity
Shandong
Rainbow
Investment Co.,
Ltd
Domestic non-
state-owned
legal person
% 114,911, 114,911, Pledge 16,100,
KONKIA INC
Overseas legal
person
% 61,191, 61,191,
Shandong
Rainbow
Agriculture
Investment Co.,
Ltd.
Domestic non-
state-owned
legal person
% 13,105, 13,105,
Jinan Xinbo
Investment Co.,
Ltd.
Domestic non-
state-owned
legal person
% 7,840, Pledge 6,827,
Pei Xubo
Domestic
natural person
% 7,800,
Industrial and
Commercial
Bank of China
Co., Ltd. -
BOCOM
Schroder Trend
Priority Hybrid
Securities
Investment
Fund
Other % 7,587,
Hong Kong
Securities
Clearing
Company Ltd.
(HKSCC)
Overseas legal
person
% 5,863,
Orient Other % 4,843,
2023 First Quarter Report of Rainbow
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To be a Global Leading Crop Protection Company
Securities
Company
Limited -
Zhonggeng
Value Pioneer
Equity
Securities
Investment
Fund
China
Merchants
Bank Co., Ltd.
- BOCOM
Schroder
Qicheng
Hybrid
Securities
Investment
Fund
Other % 2,009,
China
Construction
Bank
Corporation -
Guotai Great
Health Equity
Securities
Investment
Fund
Other % 1,577,
Shareholding of top ten shareholders of unrestricted shares
Name of shareholder Quantity of unrestricted shares held
Type of shares
Type of shares Quantity
Jinan Xinbo Investment Co., Ltd. 7,840,
RMB-
denominated
common shares
7,840,
Pei Xubo 7,800,
RMB-
denominated
common shares
7,800,
Industrial and Commercial Bank
of China Co., Ltd. - BOCOM
Schroder Trend Priority Hybrid
Securities Investment Fund
7,587,
RMB-
denominated
common shares
7,587,
Hong Kong Securities Clearing
Company Ltd. (HKSCC)
5,863,
RMB-
denominated
common shares
5,863,
Orient Securities Company
Limited - Zhonggeng Value
Pioneer Equity Securities
Investment Fund
4,843,
RMB-
denominated
common shares
4,843,
China Merchants Bank Co., Ltd. -
BOCOM Schroder Qicheng
Hybrid Securities Investment Fund
2,009,
RMB-
denominated
common shares
2,009,
China Construction Bank
Corporation - Guotai Great Health
Equity Securities Investment Fund
1,577,
RMB-
denominated
common shares
1,577,
Yuanxin (Zhuhai) Private Equity 1,486, RMB- 1,486,
2023 First Quarter Report of Rainbow
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To be a Global Leading Crop Protection Company
Fund Management Co., Ltd. -
Yuanxin China Value Growth No.
9 Private Securities Investment
Fund
denominated
common shares
Yuanxin (Zhuhai) Private Equity
Fund Management Co., Ltd. -
Citic Capital China Value Growth
No. 1 Private Securities
Investment Fund
1,008,
RMB-
denominated
common shares
1,008,
Yuanxin (Zhuhai) Private Equity
Fund Management Co., Ltd. -
CITIC Capital China High Quality
Enterprise Reverse Strategy
Private Securities Investment Fund
999,
RMB-
denominated
common shares
999,
Explanation of the above-mentioned shareholder
relationship or concerted action
Shandong Rainbow Investment Co., Ltd., KONKIA INC and Shandong
Runnong Investment Co., Ltd. are enterprises controlled by Wicky
Wang, Guoqing Sun and Hongbing Qiu, the actual controllers of the
Company The Company does not know whether the above-mentioned
other shareholders are associated or are persons acting in concert.
Engagement of the top 10 shareholders in securities
margin trading business (if any)
Pei Xubo holds 7,800,011 shares through the customer credit transaction
guarantee securities account of CITIC Securities (Shandong) Co., Ltd.
and 0 shares through common securities. A total of 7800011 shares are
held by Pei Xubo.
Yuanxin (Zhuhai) Private Equity Fund Management Co., Ltd. - Yuanxin
China Value Growth No. 9 Private Securities Investment Fund holds
1,486,347 shares through the customer credit trading guarantee securities
account of CITIC Securities Co., Ltd., and 0 shares through common
securities. A total of 1486347 shares are held by Pei Xubo.
Yuanxin (Zhuhai) Private Equity Fund Management Co., Ltd. - CITIC
Capital China Value Growth No. 1 Private Securities Investment Fund
holds 9,200 shares through China Galaxy Securities Co., Ltd.'s customer
credit transaction guarantee securities account, and 999,745 shares
through common securities. It holds a total of 1,008,945 shares.
Yuanxin (Zhuhai) Private Equity Fund Management Co., Ltd. - CITIC
Capital China High Quality Enterprise Reverse Strategy Private
Securities Investment Fund holds 669,813 shares through CITIC
Securities Co., Ltd.'s customer credit transaction guarantee securities
account and 329,943 shares through common securities. It holds a total
of 999,756 shares.
(2) The number of preferred shareholders and the shareholding status of the top ten shareholders
□ Applicable Not applicable
(3) Changes in restricted shares
Applicable □ Not applicable
Unit: Share
Name of
shareholder
Number of
restricted shares
at the beginning
of the period
Number of
shares with
restriction
removed in
this period
Increase in the
number of
restricted
shares in this
period
Number of
restricted shares
at the end of the
period
Reason for
restricted sale
Proposed date
on which
restriction is to
be removed
Shandong
Rainbow
114,911, 114,911,
Pre-IPO
restricted
7/28/2024
2023 First Quarter Report of Rainbow
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To be a Global Leading Crop Protection Company
Investment Co.,
Ltd
shares
KONKIA INC 61,191, 61,191,
Pre-IPO
restricted
shares
7/28/2024
Shandong
Rainbow
Agriculture
Investment Co.,
Ltd.
13,105, 13,105,
Pre-IPO
restricted
shares
7/28/2024
Shen Jie 29, 29,
Executive lock-
in shares
During the
tenure, 75% of
the total
number of
shares held by
the executive
will be
automatically
locked every
year according
to regulations.
Xing Bingpeng 25, 25,
Executive lock-
in shares
During the
tenure, 75% of
the total
number of
shares held by
the executive
will be
automatically
locked every
year according
to regulations.
Wang Yucui 13, 13,
Executive lock-
in shares
The executive
left office on
October 8,
2021, and the
locked shares
held by the
executive have
been due in
accordance
with relevant
regulations.
Li Zhiqing 14, 14,
Executive lock-
in shares
The executive
left office on
September 22,
2021, and the
locked shares
held by the
executive have
been due in
accordance
with relevant
regulations.
Total 189,292, 28, 189,264,
2023 First Quarter Report of Rainbow
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To be a Global Leading Crop Protection Company
III. Other important matters
□ Applicable Not applicable
IV. Quarterly Financial Statements
(1) Financial statements
1. Consolidated balance sheet
Prepared by: Shandong Weifang Rainbow Chemical Co., Ltd.
Friday, March 31, 2023
Unit: RMB
Item Closing balance Opening balance
Current assets:
Monetary funds 3,294,825, 3,793,952,
Deposit reservation for balance
Lending to banks and other financial
institutions
Financial assets held for trading 6,000, 8,542,
Derivative financial assets 7,760,
Notes receivable 15,801, 59,112,
Accounts receivable 2,660,989, 3,201,703,
Receivables financing 680,
Pre-payments 133,353, 75,294,
Premium receivable
Re-insurance accounts receivable
Reserves for re-insurance contract
receivable
Other receivables 51,013, 33,525,
Including.: interest receivable
Dividends receivable
Financial assets purchased under
resale agreement
Inventory 1,721,424, 1,657,230,
Contracted assets
Assets held for sale
Non-current assets that mature within
one year
Other current assets 219,890, 184,823,
Total current assets 8,111,059, 9,014,866,
Non-current assets:
Disbursed loans and advances
Debt investments
Other debt investment
Long-term receivables
Long-term equity investment 1,638, 1,669,
Other equity instrument investment
Other non-current financial assets
Investment real estate 8,980, 9,136,
Fixed assets 1,813,996, 1,691,830,
Construction in progress 319,191, 360,840,
2023 First Quarter Report of Rainbow
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To be a Global Leading Crop Protection Company
Productive biological assets
Oil and gas assets
Assets with rights of use 15,565, 15,379,
Intangible assets 227,444, 226,245,
Development expenditure
Goodwill 94,866, 94,866,
Long-term deferred expenses 29,769, 31,898,
Deferred income tax assets 80,261, 82,525,
Other non-current assets 116,865, 69,616,
Total non-current assets 2,708,579, 2,584,008,
Total assets 10,819,638, 11,598,874,
Current liabilities:
Short-term loan 666,262, 404,206,
Borrowings from the central bank
Borrowing from banks and financial
institutions
Financial liabilities held for trading
Derivative financial liabilities 33,415, 122,183,
Notes payable 2,413,359, 3,367,152,
Accounts payable 668,845, 753,042,
Advance receipts 2,249, 254,
Contract liability 67,781, 46,035,
Financial assets sold for repurchase
Deposits and interbank deposits
received
Amount received from agency trading
of securities
Amount received from agency
underwriting of securities
Payroll payable 133,233, 191,738,
Taxes payable 91,639, 106,896,
Other payables 45,036, 43,899,
Including: Interests payable
Dividends payable
Charges and commissions payable
Re-insurance accounts payable
Liabilities held for sale
Non-current liabilities due within one
year
20,392, 21,399,
Other current liabilities 18,044, 59,862,
Total current liabilities 4,160,260, 5,116,672,
Non-current liabilities:
Provision for insurance contracts
Long-term loan 13,213, 17,176,
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liability 7,694, 8,595,
Long-term payables
Long-term payroll payable
Accrued liabilities
Deferred income 13,245, 13,755,
Deferred income tax liabilities 56,583, 55,449,
Other non-current liabilities
Total non-current liabilities 90,736, 94,978,
Total liabilities 4,250,997, 5,211,651,
2023 First Quarter Report of Rainbow
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To be a Global Leading Crop Protection Company
Owner’s equity:
Share capital 277,115, 277,115,
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserve 2,313,713, 2,301,293,
Less: Treasury stock
Other comprehensive income -17,239, 5,821,
Special reserve 25,832, 19,551,
Surplus reserve 158,674, 158,674,
General risk reserve
Undistributed profit 3,604,622, 3,421,808,
Total owners' equity attributed to parent
company
6,362,719, 6,184,265,
Minority shareholder’s interest 205,921, 202,957,
Total owner’s equity 6,568,641, 6,387,223,
Total liabilities and owners’ equity 10,819,638, 11,598,874,
Legal Representative:Wicky Wang Chief Accountant in Charge:Xing Bingpeng Chief of Accounting Institution:Zhang Baolin
2. Consolidated income statement
Unit: RMB
Item Amount incurred in Q1 2023 Amount incurred in Q4 2022
I. Gross Operating Income 2,233,266, 3,119,046,
Including: Operating income 2,233,266, 3,119,046,
Interest income
Premium earned
Handling charges and
commissions income
II. Total Operating Costs 2,118,502, 2,683,271,
Including: Costs of business 1,814,538, 2,407,497,
Interest expenses
Handling charges and
commission expenses
Surrender value
Net payments for insurance
claims
Net withdrawal of reserve for
insurance responsibility contracts
Expenditures of policy
dividend
Re-insurance expense
Taxes and surcharges 9,314, 4,284,
Sales expenses 75,879, 46,948,
Management expenses 102,590, 95,729,
R&D expenditures 56,162, 89,023,
Financial expenses 60,017, 39,787,
Including: Interest expenses 5,399, 3,963,
Interest income 15,704, 12,370,
2023 First Quarter Report of Rainbow
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To be a Global Leading Crop Protection Company
Add: Other incomes 2,246, 830,
Income from investment (“-”
for loss)
-35,302, 28,854,
Including: Income from
investment in associated enterprises and
joint ventures
-31, -154,
Income recognized at
termination of financial assets measured
at amortized cost
Foreign exchange gain ("-" fro
loss)
Net exposure hedging income ("-
" for loss)
Income from changes in fair
value ("-" for loss)
96,528, 7,793,
Credit impairment losses ("-" for
loss)
27,806, -27,370,
Asset impairment losses ("-" for
loss)
-1,406, -82,
Gains from asset disposal ("-" for
loss)
III. Operating Profit ("-" for loss) 204,636, 445,801,
Add: Non-operating income 3,582, 7,403,
Less: Non-operating expenses 5,029, 10,541,
IV. Total Profit Before Tax (“-” for total
losses)
203,188, 442,663,
Less: Income tax expenses 9,733, 50,034,
V. Net Profit ("-" for net loss) 193,454, 392,628,
(I) Classification by business
continuity
1. Net profit from continuing
operations (“-” for net loss)
193,454, 392,628,
2. Net profit from discontinued
operations (“-” for net loss)
(II) Classification by ownership
1. Net profit attributable to the
owners of the parent company
182,814, 387,571,
2. Profit or loss of minority
shareholders
10,640, 5,057,
VI. Net Amount after Tax of Other
Comprehensive Income
-30,738, -30,865,
Net amount of other comprehensive
income after tax attributed to the owners
of parent company
-23,060, -30,462,
(I) Other comprehensive income
that cannot be reclassified into profit or
loss
1. Changes due to re-
measurement on defined benefit plan
2. Other comprehensive income
that cannot be converted into profit and
loss under the equity method
3. Changes in fair value of other
equity instrument investments
2023 First Quarter Report of Rainbow
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To be a Global Leading Crop Protection Company
4. Changes in the fair value of the
credit risk of the enterprise
5. Other
(ii) Other comprehensive income
that will be reclassified into profit and
loss
-23,060, -30,462,
1. Other comprehensive income
that can be converted to profit or loss
under the equity method
2. Changes in fair value for other
investment on bonds
3. Amount of financial assets
reclassified into other comprehensive
income
4. Provision for credit impairment
of other creditor's rights investment
5. Cash flow hedge reserve
6. Difference of foreign currency
financial statement translation
-23,060, -30,462,
7. Other
Net amount of other comprehensive
income after tax attributed to minority
shareholders
-7,677, -402,
VII. Total Comprehensive Income 162,716, 361,763,
Total comprehensive income
attributed to parent company owners
159,753, 357,108,
Total comprehensive income
attributed to minority shareholders
2,963, 4,654,
VIII. Earnings per Share:
(i) Basic earnings per share
(ii) Diluted earnings per share
Legal Representative:Wicky Wang Chief Accountant in Charge:Xing Bingpeng Chief of Accounting Institution:Zhang Baolin
3. Consolidated cash flow statement
Unit: RMB
Item Amount incurred in Q1 2023 Amount incurred in Q4 2022
I. Cash Flows Generated from Operating
Activities:
Cash received from sales of goods and
services
2,869,711, 2,674,661,
Net increase in deposit from customers
and interbank
Net increase in borrowing from central
bank
Net increase in borrowings from other
financial institutions
Cash receipts from premiums under
direct insurance contracts
Net cash receipts from re-insurance
business
Net cash receipts from policyholders'
2023 First Quarter Report of Rainbow
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To be a Global Leading Crop Protection Company
deposits and investments
Cash receipts from interest, handling
fees and commissions
Net increase in capital borrowed from
banks and other financial institutions
Net increase in repurchase business
capital
Net cash received from securities
trading brokerage
Cash receipts from tax refunds 178,247, 208,311,
Cash received relating to other
operating activities
21,452, 16,271,
Subtotal of cash inflow in business
activities
3,069,410, 2,899,243,
Cash payments for goods acquired and
services received
2,919,345, 2,733,487,
Net increase in customer loans and
advances
Net increase in deposits in central
bank and interbank
Cash payments for original insurance
contract claims
Net increase in lending funds from
banks and other financial institutions
Cash payments for interest, fee and
commission
Cash payments for insurance
policyholder dividends
Cash payments to employees and on
behalf of employees
209,366, 158,812,
Cash payments for taxes 66,508, 70,510,
Other cash payments relating to
operating activities
313,034, 160,652,
Subtotal of cash outflow in business
activities
3,508,254, 3,123,463,
Net cash flow from operating activities -438,843, -224,220,
II. Cash Flows from Investing Activities:
Cash receipts from investment
withdrawal
Cash receipts from return on
investments
Net cash receipts from disposals of
fixed assets, intangible assets and other
long-term assets
983, 7,803,
Net cash receipts from disposal of
subsidiary or any other business unit
Other cash receipts relating to
investing activities
29,157,
Subtotal of cash inflow in investment
activities
983, 36,961,
Cash payments to acquire or construct
fixed assets, intangible assets and other
long-term assets
187,607, 66,081,
Cash payments for investment
2023 First Quarter Report of Rainbow
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To be a Global Leading Crop Protection Company
Net increase in pledged loans
Net cash payments to acquire
subsidiary and other business units
6,684,
Other cash payments relating to
investment activities
34,437,
Subtotal of cash outflow in investment
activities
222,044, 72,766,
Net cash flow in investment activities -221,061, -35,804,
III. Cash Flows from Financing
Activities:
Cash received from capital
contributions
2,554,
Including: Cash received from
investment of minority shareholder from
subsidiary
Cash receipts from borrowings 312,883, 122,562,
Other cash receipts relating to
financing activities
436,918, 123,407,
Subtotal of cash inflow in financing
activities
749,802, 248,525,
Cash repayments of borrowings 96,010, 120,047,
Cash payments for distribution of
dividends, profits, or cash payments for
interest expenses
4,468, 3,643,
Including: Dividends and profits
paid to minority shareholders by
subsidiaries
Other cash paid related to financing
activities
Subtotal of cash outflow in financing
activities
100,479, 123,690,
Net cash flow from financing activities 649,322, 124,834,
IV. Effect of Exchange Rate Changes on
Cash and Cash Equivalents
-11,563, -3,151,
V. Net Increase in Cash and Cash
Equivalents
-22,146, -138,342,
Add: Beginning balance of cash and
cash equivalents
2,076,062, 2,032,302,
VI. Closing Balance of Cash and Cash
Equivalents
2,053,916, 1,893,959,
(2) Audit report
Whether the First Quarter Report is audited
□ Yes No
The Company's First Quarter Report has not been audited.
SHANDONG WEIFANG RAINBOW CHEMICAL CO.,LTD
Board of Directors
Friday, May 05, 2023
I. Key Financial Data
(1) Main accounting data and financial indicators
(2) Non-recurring profit and loss items and amounts
(3) Changes in major accounting data and financial indicators and reasons for such changes
II. Shareholder Information
(1) The total number of common shareholders, the number of preferred shareholders with restored voting rights, and the shareholding status of the top ten shareholders
(2) The number of preferred shareholders and the shareholding status of the top ten shareholders
(3) Changes in restricted shares
III. Other important matters
IV. Quarterly Financial Statements
(1) Financial statements
1. Consolidated balance sheet
2. Consolidated income statement
3. Consolidated cash flow statement
(2) Audit report