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Consolidated Statement of Cash Flows
¥ in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
Operating activities        
Profit before tax ¥ 971,864 $ 150,180 ¥ 1,033,319 ¥ 1,181,067
Adjustments:        
Amortization of intangible asset 1,012 156 1,012  
Amortization of prepaid operating leases       12,724
Bad debt (recovered)/written off 40 6   (108)
Depreciation of investment property 376 58 380 884
Depreciation of property, plant and equipment 450,092 69,552 422,859 420,277
Depreciation of right-of-use assets 43,127 [1] 6,664 [1] 40,958  
Dividend income from quoted equity securities (166) (26) (959) (1,992)
Exchange (gain)/loss (1,827) (282) (4,679) 4,235
Fair value (gain)/loss on foreign exchange forward contract (999) (154) 5,529 (4,529)
Fair value (gain)/loss on quoted equity securities 1,196 185 (1,118) 3,433
Finance costs 151,170 23,360 131,796 113,088
(Gain)/loss on disposal of:        
- property, plant and equipment 4,183 646 645 (8,835)
- quoted equity securities (874) (135) (11,528)  
- right-of-use assets (2,574) (398) (9,237)  
Government grants (209,793) (32,419) (122,371) (32,237)
Interest income (166,970) (25,801) (177,261) (147,244)
Impairment losses on development property     3,039  
Impairment losses on property, plant and equipment 3,920 606 3,950 30,173
(Reversal of impairment losses)/impairment losses on trade receivables (13,849) (2,140) 32,340 (11,052)
(Reversal of impairment losses)/impairment losses on non-trade receivables 638 99    
Property, plant and equipment written off 7,417 1,146 4,137 1,265
Provision for onerous contract 11,323 1,750 2,316  
(Reversal of write-down)/ impairment losses of inventories, net 27,978 4,323 17,022 (8,468)
Share of (profit)/loss of associates and joint ventures, net of tax 58,970 9,113 (19,034) (11,634)
Write-back of trade and other payables (1,052) (163) (2,087)  
Profit before tax after adjustments 1,335,202 206,326 1,351,028 1,541,047
Changes in working capital        
Decrease/(increase) in inventories (1,687,639) (260,788) (314,904) 47,533
(Increase)/decrease in trade and other receivables and capitalized contract cost (238,571) (36,866) (514,163) (502,069)
(Decrease)/increase in trade and other payables and contract liabilities 2,241,327 346,349 1,294,214 (229,457)
Decrease/(increase) in development properties (75) (12) (71) 4,205
Cash flows from operating activities 1,650,244 255,009 1,816,104 861,259
Income taxes paid (234,876) (36,295) (233,088) (190,658)
Net cash flows from operating activities 1,415,368 218,714 1,583,016 670,601
Investing activities        
Payment for trademark usage fee     (169,811)  
Additional investment in subsidiaries     (114)  
Additional investment in associates and joint ventures     (41,160)  
Development costs (500,147) (77,287) (345,128) (180,626)
Dividend received from:        
- joint ventures     821 801
- quoted equity securities 166 26 959 1,992
Interest received 171,556 26,510 173,745 143,768
Proceeds from disposal of:        
- property, plant and equipment 2,385 369 1,178 6,669
- quoted equity securities 1,354 209 16,429  
- right-of-use assets 5,772 892 11,008  
Proceeds from government grants 123,178 19,034 191,491 286,198
Purchase of property, plant and equipment (584,676) (90,349) (749,087) (407,747)
Tax and relevant expenses in relation to disposal of subsidiary [2]     (38,887)  
Withdrawal/(placement) of fixed deposits with banks, net (5,341) (825) 138,079 68,953
Net cash flows used in investing activities (785,753) (121,421) (810,477) (79,992)
Dividends paid to:        
- equity holders of the parent (245,871) (37,994) (238,758) (597,459)
- non-controlling interests (205,525) (31,759) (203,167) (132,558)
Interest paid and discounting on bills receivable (148,793) (22,993) (139,118) (108,039)
Payment of finance lease liabilities       (33)
Payment of principal portion of lease liabilities (35,363) (5,465) (48,365)  
Proceeds from borrowings 2,230,000 344,598 2,040,752 2,000,320
Repayment of borrowings (2,056,280) (317,754) (2,000,773) (1,611,756)
Net cash flows used in financing activities (461,832) (71,367) (589,429) (449,525)
Net increase in cash and cash equivalents 167,783 25,926 183,110 141,084
Cash and cash equivalents at January 1 5,753,268 889,044 5,559,890 5,390,324
Effect of exchange rate changes on balances in foreign currencies (43,404) (6,706) 10,268 28,482
Cash and cash equivalents at December 31 ¥ 5,877,647 $ 908,264 ¥ 5,753,268 ¥ 5,559,890
[1] In 2020, COVID-19 related rent rebate received from lessors of RMB 0.2 million (less than US$ 0.1 million) has been offset against the depreciation of right-of-use assets.
[2] This relates to retention money deposited in a joint signatory account with the buyer of LKNII for payment of tax payable for the disposal of LKNII in 2018, which had been settled in 2019.