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1、Target recordI. Introduction to Industry Background and Basic Information of the Company 1( I ) company profile 1( 2 ) market analysis of the industry 1II. Analysis of Enterprise Financial Reports 1( I ) Analysis of Balance Sheet 1( 2 ) Analysis of cash flow statement 2( 3 ) Analysis of income state
2、ment 3III. Financial ratio analysis 4( a ) profitability analysis 4( 2 ) Analysis of solvency 5( 3 ) Operational Capability Analysis 6( 4 ) Analysis of development capacity 6Iv. summary 7( a ) the problems existing in the enterprise 7( ii ) Countermeasures and recommendations 7Conclusion 8Thank you
3、10Reference 11Chinese abstractFinance is the root and core of an enterprises economic growth. It plays a decisive role in the future development of the enterprise. Now the society is developing too fast, and the report is updated too quickly. If the enterprise wants to develop better, the relevant s
4、taff must keep learning so that the report can adapt to the progress of the enterprise and will not affect it. This requires the reporting staff to be attentive to the changes in the report and pay attention to the changes in the update of the report at all times. This article mainly introduces the
5、financial report analysis of China Life Ltd. First, it analyzes the industry background and the companys basic situation. Secondly, it analyzes the financial reports of enterprises, including the balance sheet, cash flow statement and profit statement. Thirdly, analyze the financial ratio, including
6、 profitability, solvency, operational capacity and development capacity. After analyzing these problems, the paper finds out the problems existing in the development of enterprises and puts forward corresponding solutions.Keywords: China life co., ltd; Financial reporting; AnalysisAnalysis of Financ
7、ial Report of China Life Ltd.First, the industry background and the companys basic situation( 1 ) Company profileChina Life Property Insurance Co., Ltd. is a national professional property insurance company approved by the State Council and approved by the CIRC and jointly initiated by China Life In
8、surance ( Group ) Company and its subsidiary China Life Insurance Co., Ltd., with a registered capital of RMB 8 billion yuan. Its business scope includes property loss insurance, liability insurance, credit insurance and guarantee insurance, short-term health insurance and accident insurance, reinsu
9、rance business of the above business, insurance fund utilization business permitted by national laws and regulations, and other businesses approved by the CIRC.( 2 ) Market analysis of the industryFrom the point of view of market system structure, the original insurance market is large while the rei
10、nsurance market is small. The market is developing rapidly and the supervision and regulations are developing slowly. The insurance intermediary is in chaos and the illegal agency is serious. The power operation and official control make the insurance entities in an unequal position in the market. U
11、nder the general trend of global economic integration, it is the only way for Chinas insurance industry to connect with the world. With Chinas accession to the WTO, while accelerating the opening up of the insurance market to foreign insurance companies, Chinese insurance companies will also set up
12、branches abroad to carry out business or buy shares of foreign insurance companies, or even buy some foreign insurance companies.( 3 ) Financial analysis of the company in the past two yearsWith the continuous development of the insurance industry in recent years, the net profit of China life co., l
13、td has continuously decreased from 1365 million yuan at the end of 2015 to 8085 million yuan at the end of 2017. it can be seen that the companys profitability is not ideal.Second, the enterprise financial report analysis( 1 ) Analysis of balance sheetTable 1 China Life Limited Liability Change Tabl
14、e Unit: RMB 10,000.00 Yuan项目名称2017-12-312016-12-312015-12-31金额水平比垂直比金额水平比垂直金额垂直比应付票据2650-53.64%1.58%5716-32.57%2.99%84776.04%应付账款91209-0.34%54.40%9152252.59%47.89%5998042.70%预收账款27304-34.34%16.29%4158312.43%21.76%3698526.33%其他非流动负债-1219114.88%6.38%106127.56%流动负债合计153085-10.34%91.31%17074231.49%89.34
15、%12984892.44%非流动负债合计14576-28.44%8.69%2037091.95%10.66%106127.56%负债合计167660-12.27%100.00%19111236.06%100.00%140460100.00%As can be seen from Table 1, the total debt balance of China Life Insurance Co. Ltd. increased from 1.4046 billion yuan at the end of 2015 to 191.12 million yuan at the end of 2016
16、, then dropped to 1.6766 billion yuan at the end of 2017, showing a trend of rising first and then decreasing. It is consistent with changes in the size of the asset. Current liabilities of China Life Co., Ltd. account for about 90% of total liabilities. Of this amount, notes payable decreased by 32
17、.57 yuan from 84.77 million yuan in late 2015 to 57.16 million yuan at the end of 2016, and by 53.6 at the end of 2017 compared with the end of 2015. At the end of 2016, accounts payable amounted to 915.22 million yuan, an increase of 52.59 yuan over 2015, mainly due to the expansion of production s
18、cale. Accounts received in advance increased from 369.85 million yuan in late 2015 to 415.83 million yuan in late 2016, then decreased to 273.04 million yuan at the end of 2017. This shows that enterprises have changed their sales strategy. In 2016, the end balance of other illiquid liabilities was
19、121.91 million yuan. An increase of 14.88 over the beginning of the period.(II) Analysis of the statement of cash flowsTable 2 China Life Insurance Co., Ltd. Cash flow statement unit: 10,000 yuan项目2017-12-312016-12-312015-12-31一.经营活动产生的现金流量经营活动现金流入小计436239384817294045经营活动现金流出小计421942368708263789经营活动
20、产生的现金流量净额142971610930255二.投资活动产生的现金流量投资活动现金流入小计1134784664525投资活动现金流出小计481704077934302投资活动产生的现金流量净额-36823-32313-29777三.筹资活动产生的现金流量筹资活动现金流入小计0120003000筹资活动现金流出小计768376282251筹资活动产生的现金流量净额-76834372749From the end of 2015 to the end of 2017, the net cash flow generated by the operating activities of Chin
21、a Life Insurance Co., Ltd. is positive, but it shows a decreasing trend year by year. Both the inflow and the outflow increase year by year. This is due to the expansion of the current business scale and the increase in operating income. Indicates that the enterprise is in the growth period, the man
22、agement activity obtains the present ability to be weaker. The net cash flow generated by investment activities increased from 45.25 million yuan to 113.47 million yuan, mainly due to the maturity and recovery of bank wealth management products. The net cash flows were all negative within three year
23、s, and the outflow amount was much larger than the inflow amount. It shows that the investment ability of enterprises is becoming weaker and weaker. That is, the management of the companys ability to invest in cash is weak. The cash inflow of fund-raising activities increased from 30 million yuan to
24、 120 million yuan, as a result of the increase in bank borrowing and the increase in cash outflow from 22.51 million yuan to 76.83 million yuan in the current period, mainly due to an increase in the repayment of bank loans and the distribution of dividends. It can be seen that China Life Insurance
25、Company Limited obtains cash through borrowing and equity financing, and takes the form of debt management to(III) Analysis of the profit statementTable 3. China life insurance co., Ltd. Food co., Ltd. Profit statement unit: ten thousand yuan项目2017-12-312016-12-312015-12-312014-12-31金额占营业收入比例金额占营业收入
26、比例金额占营业收入比例金额占营业收入比例营业收入409437100.00%360333100.00%268057100.00%262648100.00%营业总成本410794100.33%34846996.71%25583295.44%25051695.38%营业成本26785265.42%23451665.08%17799466.40%17879968.08%销售费用12000029.31%9910127.50%6663324.86%6049023.03%管理费用180214.40%120263.34%93923.50%95373.63%财务费用980.02%-407-0.11%-857-0
27、.32%-627-2.39%营业利润-979-0.24%122683.40%122254.56%121324.62%利润总额34210.84%160504.45%156415.83%155775.93%所得税费用-4664-1.14%42361.18%19910.74%21308.11%净利润80851.97%118143.28%136505.09%134475.12%As can be seen from Table 3, the net profit of China Life Insurance Co., Ltd. has been declining continuously sinc
28、e 2015, from 136.5 million yuan in late 2015 to 80.85 million yuan in 2017. We can see that the profit situation of the company is not satisfactory, and the main reason is the rising rice noodle cost. Marketing expansion of China Life Insurance Co., Ltd. food brought performance pressure. From the p
29、oint of view of operating income, from 2.62648 billion yuan in late 2014 to 4.09437 billion yuan in 2017, the main reason is that enterprises are deepening channel management and increasing brand promotion. But total operating costs also rose, of which The total operating cost of 2017 has exceeded r
30、evenue of 4.09437 billion yuan by 4.10794 billion yuan. The growth rate of operating cost is obviously faster than the growth rate of operating income.III. Analysis of financial ratios(I) profitability analysisTable 4 Analysis of profitability of China Life Insurance Co., Ltd.科目/时间2017-12-312016-12-
31、312015-12-312014-12-31净资产收益率4.366.598.168.59成本费用利润率0.844.616.126.22销售毛利率34.5834.9233.631.92销售净利率1.973.285.095.12总资产报酬率2.233.454.745.89The rate of return on net assets is an important financial ratio index to measure the profitability of an enterprise.Reflect the return on investment of shareholders,
32、 used to measure the efficiency of the use of the companys own capital. Table 4 shows that the index dropped from 8.59% to 4.36%, indicating that the profitability of enterprise capital has weakened. The cost-expense profit margin is an indicator of the profitability of the current cost incurred by
33、an enterprise. The cost-expense profit margin of China Life Insurance Co., Ltd. has a downward trend in four years, especially from 2016 to 2017. The cost of the enterprise is too high, from 4.61% to 0.844%, so the cost of the enterprise should be controlled effectively. Reduce costs and then increa
34、se profits. The gross sales profit rate is the initial basis of the net interest rate of enterprise sales. The gross sales margin of China Life Insurance Co., Ltd. mainly fluctuates slightly around 34%, that is to say, it is maintained at a relatively stable level. China Life Insurance Co., Ltd. is
35、not coordinated in the relationship between cost and sales price. The net interest rate on sales is a measure of the ability of a company to generate sales revenue over a period of time. The net interest rate on sales fell from 5.12% in 2014 to 1.97% in 2016. It shows that the sales income of each d
36、ollar of the enterprise has not brought more net profit in the past four years. Its profit level is declining in 2005. The total return on assets reflects the profit level and input-output status of the enterprise. This indicator is also due to a downward trend from 5.89% in 2014 to 2.23% in 2013, i
37、ndicating that the level of input and output of the enterprise is relatively low. The assets operation efficiency is low, the enterprise should adjust the management strategy, raise the asset utilization ratio.(II) solvency analysisTable 5 China Life Insurance Co., Ltd.科目/时间2017-12-312016-12-312015-
38、12-31同行业平均流动比率1.091.221.483速动比率0.630.680.972.6资产负债比率（%）47.3951.5344.9638产权比率（%）82.2598.8775.5-To a certain extent, the liquidity ratio of enterprises reflects the ability of enterprises to repay their loans, and at the same time, it also reflects the financial flows of enterprises. The current ratio
39、 is a kind of data that can reflect the companys solvency in a short period of time, but it can also reflect the level of liquid assets realized by the company. From the data in Table 1, we can see that the current ratio of enterprises has to a certain extent decreased. Generally speaking, the more
40、reasonable figure should be about 2.0, which to a certain extent indicates that the development of enterprises is in a normal state. If this energy of the enterprise has been weakened, then the enterprise There will be an adverse operation in the industry, and the data of China Life Insurance Co., L
41、td. Looks to have a very large change in scope. This also shows that there are certain problems in the capital of the enterprises now. It shows that the risk of capital of the enterprise has been increasing.(III) operational capacity analysisTable 6 Analysis of operating capacity of China Life Insur
42、ance Co., Ltd.科目（次）2017-12-312016-12-312015-12-31应收账款周转率13.4714.5212.7存货周转率3.272.942.48固定资产周转率3.574.014.41流动资产周转率2.181.791.41总资产周转率1.131.050.91The turnover rate of accounts receivable of China Life Co. Ltd. has changed to some extent compared with last year in 2016, but it began to decrease again in
43、 2017. This situation also shows that the current operation of enterprises is not very good, and in the development of enterprises, enterprise accounts receivable accounts for a large proportion, so that enterprises in the process of development is facing a great deal of trouble and confusion. There
44、 is also the inventory problem of enterprises, to a certain extent, the corresponding rise, and liquidity is strong, and the operation of funds has become better and better, this is for the development of enterprises, there are With a certain advantage. If the fixed assets in an enterprise increase,
45、 then it shows that the development of the enterprise is gradually getting better and better, and that the capital of the enterprise is relatively easy to run. The flow of assets of the enterprise is not very good, showing a downward trend. In this way, the profitability of enterprises is reduced. T
46、he overall development of the enterprise looks very good. This also shows that the operation level of the enterprise is relatively good. It shows that the development of the enterprise has been showing a rising level, and it also shows that the enterprise is progressing and developing step by step,
47、such a situation. It is very good for enterprises, and it is also a key factor to ensure the better development of enterprises.(IV) capacity development analysisThe development ability of an enterprise, also known as the growth of an enterprise, is the development potential formed by the enterprise through its own production and management ac