Bright Oceans Inter-Telecom Corporation(600289) : announcement of Yiyang Xintong on the provision for asset impairment

Securities code: Bright Oceans Inter-Telecom Corporation(600289) stock abbreviation: St Xintong Announcement No.: pro 2022036 Bright Oceans Inter-Telecom Corporation(600289)

Announcement on the provision for asset impairment

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 bear individual and joint liabilities for the authenticity, accuracy and completeness of its contents Bright Oceans Inter-Telecom Corporation(600289) (hereinafter referred to as "the company") held the 20th meeting of the 8th board of directors and the 11th meeting of the 8th board of supervisors on April 27, 2022, deliberated and adopted the proposal on the provision for asset impairment in 2021. The relevant information is announced as follows:

1、 Overview of provision for asset impairment

In order to objectively and fairly reflect the company's financial position at the end of 2021 and its operating results in 2021, based on the principle of prudence and on the basis of fully referring to the audit opinions of the annual audit institution, the company conducted an impairment test on the assets belonging to each company within the consolidation scope in accordance with the accounting standards for business enterprises, and accrued impairment reserves for the assets with signs of impairment according to the results of the impairment test. According to the relevant provisions of the accounting standards for business enterprises, the company has accrued various asset impairment reserves of RMB 2101671281 in 2021, as follows:

Unit: Yuan

Number of projects in current period

Inventory falling price loss 95722595

Impairment loss of long-term equity investment 2000000000

Impairment loss of contract assets 5948686

Total 2101671281

2、 Specific description of the provision for asset impairment

1. Inventory falling price loss

According to the company's inventory counting system, the company counts the assets at the end of each year, and withdraws or adjusts the inventory falling price reserves according to the lower of the inventory cost and net realizable value at the end of the period. The provision for inventory falling price in the current period is 95722595 yuan.

2. Impairment loss of long-term equity investment

The company judges whether there is any sign of possible impairment of long-term assets on the balance sheet date. The estimation of the recoverable amount of an asset is determined according to the higher one between the net amount of its fair value minus the disposal expenses and the present value of the expected future cash flow of the asset. The provision for impairment of long-term equity investment in the current period is 2000000000 yuan. 3. Impairment loss of contract assets

The company conducts impairment accounting treatment for contract assets based on expected credit losses and recognizes loss reserves. The provision for impairment of contract assets in the current period is 5948686 yuan.

3、 The impact of the current provision for asset impairment on the company

During the reporting period, the company's provision for asset impairment totaled 2101671281 yuan, reducing the company's total profit of 2101671281 yuan in 2021, which met the requirements of accounting standards and relevant policies and did not damage the interests of the company and all shareholders. The company's provision for asset impairment has been audited and confirmed by Dahua Certified Public Accountants (special general partnership).

4、 Opinions of the board of directors, independent directors and board of supervisors

1. Opinions of the board of directors on the provision for asset impairment

The provision for asset impairment this time is based on the principle of prudence. According to the accounting standards for business enterprises, the impairment test is carried out on the assets belonging to each company within the consolidation scope, and the impairment provision is made for the assets with signs of impairment according to the impairment test results, which is in line with the accounting standards for business enterprises and relevant rules and regulations. The provision for asset impairment this time fully refers to the audit opinions of the annual audit institution and has been recognized by the annual audit institution. The board of directors agreed to withdraw the provision for asset impairment this time.

2. Opinions of independent directors on the provision for asset impairment

The independent directors believe that the provision for asset impairment is made in accordance with the accounting standards for business enterprises and relevant accounting policies of the company. The company's financial statements can reflect the company's assets and operating results more accurately and reliably after the provision for impairment of assets. The decision-making procedure of withdrawing the provision for asset impairment this time complies with the relevant provisions of relevant laws, regulations and the articles of association, and there is no situation that damages the interests of the company and shareholders, especially the interests of minority shareholders. The independent directors agree with the company's withdrawing the provision for asset impairment this time.

3. Opinions of the board of supervisors on the provision for asset impairment

The board of supervisors believes that the company's provision for asset impairment this time complies with the relevant provisions of the accounting standards for business enterprises and the company's accounting system. The basis is sufficient and the procedures are legal, which is conducive to a more true and fair reflection of the company's financial situation. There is no damage to the interests of the company and all shareholders, especially small and medium-sized shareholders, and agrees to the provision for asset impairment this time.

It is hereby announced.

Bright Oceans Inter-Telecom Corporation(600289) board of directors April 29, 2022

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