Financial Performance - In 2022, the company reported a net profit attributable to shareholders of -880,863,965.98 RMB, a decrease of 5,310% compared to the previous year[5]. - The operating revenue for 2022 was 146,393,655.05 RMB, down 32.61% from 217,230,395.17 RMB in 2021[20]. - The net assets attributable to shareholders decreased by 40.81%, totaling 1,277,644,682.11 RMB at the end of 2022[20]. - The total assets of the company decreased by 41.06%, amounting to 1,379,909,517.63 RMB at the end of 2022[20]. - The basic earnings per share for 2022 was -0.78 RMB, a decline of 4,000% compared to 0.02 RMB in 2021[21]. - The cash flow from operating activities showed a net outflow of -33,975,015.39 RMB, compared to -4,926,851.99 RMB in the previous year[20]. - The weighted average return on equity was -51.27%, a decrease of 52.05 percentage points from the previous year[21]. - The company reported a cumulative undistributed profit of -2,611,076,430.74 RMB as of the end of 2022[5]. - The company reported a significant increase in non-operating losses, totaling -5.92 million yuan in 2022, impacting overall profitability[26]. - The company reported a net cash flow from operating activities of CNY -33.98 million, indicating a significant cash outflow[48]. Revenue and Sales - The company achieved operating revenue of 146.39 million yuan in 2022, a decrease of 32.61% compared to the previous year[30]. - The company's main business revenue was CNY 141.29 million, with a net profit attributable to shareholders of CNY -88.09 million[47]. - Domestic wine production in China fell from 268,000 hectoliters in 2021 to 214,000 hectoliters in 2022, a year-on-year decrease of 20.15%[37]. - The import volume of wine decreased from 427,000 hectoliters in 2021 to 337,000 hectoliters in 2022, a decline of 21.8%[38]. - Sales revenue in Xinjiang region decreased by 45.49% to 45,230,693.65, while sales volume decreased by 37.69% to 1,091.46 thousand liters[110]. - Total sales revenue decreased by 30.16% to 131,435,393.90, with total sales volume decreasing by 45.40% to 2,549.89 thousand liters[110]. - High-end product sales revenue decreased by 29.19% to 66,295,455.95, with a sales volume decrease of 14.75%[98]. - High-end liquor revenue fell by 29.19%, with a gross margin decrease of 7.40 percentage points, mainly due to reduced sales volume[69]. - The direct sales channel saw a revenue drop of 58.45%, with costs decreasing by 55.73%[72]. - Revenue from Xinjiang decreased by 45.49% to ¥45,230,693.65, with a gross margin decline of 25.22% due to increased promotional expenses[119]. Costs and Expenses - Operating costs were 73.19 million yuan, down 26.17% from 99.13 million yuan year-on-year, primarily due to the corresponding decrease in revenue[65]. - The gross margin for the liquor segment decreased by 5.03 percentage points to 49.61%, attributed to rising unit costs[68]. - The raw material cost for the liquor segment decreased by 25.08% year-on-year, primarily due to a significant drop in sales volume[76]. - Depreciation costs for the liquor segment decreased by 47.12% year-on-year, attributed to the reduced sales volume leading to lower allocated depreciation[77]. - Other costs in the liquor segment decreased by 25.76% year-on-year, mainly due to a reduction in utility and miscellaneous expenses corresponding to lower sales[77]. - The freight cost for high-end liquor increased by 20.26% year-on-year, indicating a slight rise in shipping expenses[79]. - The raw material cost for mid-range liquor decreased by 27.37% year-on-year, reflecting a substantial decline in revenue for this category[79]. Government Support and Awards - The company received government subsidies amounting to 9.29 million yuan, contributing positively to its financial performance despite losses[26]. - The company won multiple awards at international wine competitions, including 3 gold medals at the 29th Brussels International Wine Competition[34]. - The company received 19 gold awards and 10 silver awards for its products during the reporting period, highlighting its quality advantages[45]. Strategic Initiatives and Future Plans - The company is focusing on expanding its marketing network, particularly in East and South China, to enhance brand presence[35]. - The company is exploring new media marketing strategies to integrate online and offline sales channels[35]. - The company aims to strengthen online media sales and expand its OEM business to enhance sales scale in 2023[36]. - The company plans to enhance market expansion strategies and improve product quality to address declining sales[99]. - Future strategies include expanding market presence and enhancing product promotion to counteract declining sales[125]. - The company plans to strengthen its online business and digital marketing, including new media live streaming and e-commerce initiatives[132]. Research and Development - Research and development expenses were CNY 865,543, a slight decrease of 1.92% compared to the previous year[48]. - The total R&D expenditure was 865,543.15, accounting for 0.59% of total revenue[84]. - The number of R&D personnel was 30, representing 6.5% of the total workforce[85]. - The company has established several national and regional research platforms to enhance its technological innovation capabilities[44]. - The company is investing 200 million RMB in R&D for new technologies aimed at improving production efficiency[150]. - The company is committed to technological innovation, utilizing membrane permeation technology to explore new winemaking processes and develop new products[134]. Governance and Management - The company has established a governance structure that complies with the requirements of the Company Law and Securities Law, ensuring equal rights for all shareholders, especially minority shareholders[140]. - The board of directors consists of four independent directors, accounting for over one-third of the total board members, ensuring objective decision-making[142]. - The company held two shareholder meetings in 2022, with all resolutions passed, utilizing both on-site and online voting to protect minority shareholder rights[144]. - The company has implemented a robust internal control system, continuously improving it in line with regulatory requirements and integrating it with quality management systems[143]. - The company’s major decisions are made by the general manager's office, ensuring effective control over daily operations[142]. - The company has a strategic committee, audit committee, compensation and assessment committee, and nomination committee, all of which fulfilled their responsibilities during the reporting period[142]. - The company has maintained independence from its controlling shareholder in terms of personnel, assets, finance, and operations[143]. - The company’s independent directors are committed to safeguarding the rights of all shareholders, particularly minority shareholders, by providing impartial opinions on significant matters[142]. - The company has enhanced its information disclosure practices, ensuring timely and accurate communication with all shareholders[143]. Environmental Responsibility - The company invested 75,000 RMB in environmental protection during the reporting period[181]. - The wastewater treatment capacity for the year was 42,000 tons, with COD emissions of 2.52 tons and ammonia nitrogen emissions of 0.252 tons[187]. - The company reported no instances of exceeding pollution discharge standards throughout the year[188]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[197]. Commitments and Compliance - The company has commitments related to avoiding competition in major asset restructuring, which are ongoing and have been fulfilled in a timely manner[200]. - The commitments are made by the actual controller, shareholders, and related parties, ensuring compliance with the agreed terms[200]. - There are no reported failures in fulfilling the commitments during the reporting period[200]. - The commitments are aimed at preventing competition and ensuring smooth operations within the company[200]. - The company remains committed to transparency regarding its obligations and performance in this area[200].

Financial Performance - The company's operating revenue for Q3 2022 was CNY 36,246,142.90, representing a year-over-year increase of 4.10%[6] - The net profit attributable to shareholders for the same period was a loss of CNY 6,590,353.56, with a significant decline of 180.48% compared to the previous year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 7,704,721.29, reflecting a decrease of 1,828.93% year-over-year[6] - Total operating revenue for the first three quarters of 2022 was CNY 132,440,608.60, a decrease of 12.9% compared to CNY 151,995,873.90 in the same period of 2021[35] - Net profit for the third quarter of 2022 was a loss of CNY 6,358,856.64, compared to a profit of CNY 7,649,604.36 in the same quarter of 2021[38] - The company reported an investment income of CNY 4,000,000.00 for the first three quarters of 2022, down from CNY 8,963,200.00 in the previous year[35] - The company experienced a significant increase in sales expenses, which rose to CNY 42,652,704.37 from CNY 33,319,183.01 in the previous year[35] Cash Flow - The cash flow from operating activities for the year-to-date period was CNY 16,052,516.42, showing an increase of 22.64% compared to the previous year[6] - Cash flow from operating activities for the first three quarters of 2022 was CNY 141,572,783.51, a decrease from CNY 149,995,193.48 in the same period of 2021[42] - Net cash flow from operating activities was $16,052,516.42, up from $13,089,304.10, representing a growth of approximately 22.5%[44] - Cash inflow from investment activities was $17,508,807.00, down from $49,463,200.00, showing a decline of about 64.7%[44] - Net cash flow from investment activities decreased to $7,695,165.80 from $40,507,630.05, a drop of approximately 81.0%[44] - Cash outflow from financing activities was $29,390,729.03, with a net cash flow from financing activities of -$29,390,729.03, indicating a cash outflow situation[46] Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,284,361,021.37, down 2.42% from the end of the previous year[8] - The company's total assets amounted to CNY 2,284,361,021.37, a decrease from CNY 2,341,059,245.97 at the end of 2021, reflecting a decline of approximately 2.43%[26] - The company's current assets totaled RMB 1,843,109,805.28, down from RMB 1,871,738,659.68, indicating a decrease of about 1.53%[30] - Total liabilities decreased to RMB 145,167,484.30 from RMB 195,506,852.26, a reduction of about 25.67%[33] - The company's equity remained stable with paid-in capital at RMB 1,123,726,830.00, unchanged from the previous period[33] - The company reported a significant reduction in short-term borrowings, which were not specified but indicated a decrease in overall liabilities[33] Shareholder Information - The total number of common shareholders at the end of the reporting period is 31,972[14] - The largest shareholder, CITIC Guoan Group Co., Ltd., holds 387,473,586 shares, accounting for 34.48% of total shares[14] - CITIC Guoan Investment Co., Ltd. is a wholly-owned subsidiary of CITIC Guoan Group[16] - The total number of shares pledged by CITIC Guoan Group is 34,545,000 shares, with 21,545,000 shares pledged to Shenwan Hongyuan Securities and 13,000,000 shares to Harbin Bank[16] Corporate Actions and Governance - The company successfully applied to revoke the delisting risk warning for its stock on May 10, 2022[17] - The company is currently monitoring the restructuring process of its major shareholder, CITIC Guoan Group, which is undergoing a substantial merger and reorganization[22] - The company has disclosed multiple announcements regarding the freezing and unfreezing of shares held by its major shareholders[17] - The company will continue to fulfill its information disclosure obligations regarding the restructuring of CITIC Guoan Group[22] Earnings Per Share - The basic and diluted earnings per share for the year-to-date period were both CNY -0.0059, a decrease of 180.14% year-over-year[8] - Basic and diluted earnings per share for the third quarter of 2022 were both CNY -0.0056, down from CNY 0.0070 in the same quarter of 2021[40] Other Financial Metrics - The weighted average return on equity was -0.3058%, a decrease of 0.6567 percentage points compared to the previous year[8] - Non-recurring gains and losses for the year-to-date period amounted to CNY 1,114,367.73, with a significant impact from government subsidies[10] - The company reported a credit impairment loss of CNY -944,719.85 for the first three quarters of 2022, compared to CNY -12,420,841.95 in the previous year[38] - The company has been actively managing its receivables, as evidenced by the decrease in accounts payable from RMB 54,321,630.94 to RMB 25,699,911.94, a decline of approximately 52.73%[33]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥96,194,465.70, a decrease of 17.91% compared to ¥117,175,949.57 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was ¥286,861.86, down 97.45% from ¥11,244,532.91 in the previous year[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥3,175,044.50, a decline of 166.48% compared to ¥4,775,775.65 in the same period last year[22]. - The net cash flow from operating activities was ¥5,015,613.69, a decrease of 54.50% from ¥11,024,502.77 in the previous year[22]. - Basic earnings per share for the first half of 2022 were ¥0.0003, a decrease of 97.00% from ¥0.0100 in the same period last year[22]. - The weighted average return on net assets was 0.0133%, down 0.5091 percentage points from 0.5224% in the previous year[22]. - The company reported a significant decline in both operating revenue and net profit, indicating challenges in the market environment[22]. - The company's wine production in China fell from 136,000 kiloliters in the same period last year to 97,000 kiloliters, a year-on-year decrease of 28.68%[41]. - The total profit (loss) amounted to -6,781,771.11 yuan, reflecting a significant decline compared to -157,184.78 yuan in the previous period[146]. - The net cash flow from operating activities was -40,782,253.06 yuan, worsening from -21,673,149.83 yuan year-over-year[155]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,294,367,840.19, down 1.99% from ¥2,341,059,245.97 at the end of the previous year[22]. - The total current assets amounted to CNY 1,841,796,585.20, a decrease from CNY 1,871,738,659.68 at the beginning of the period, reflecting a decline of approximately 1.5%[127]. - The company's total liabilities decreased to ¥148,624,858.61, down from ¥195,506,852.26, indicating a decrease of 24%[132]. - The total equity at the end of the first half of 2022 was CNY 2,145,742,981.58, compared to CNY 2,134,363,799.84 at the end of the previous year[170]. - The company's total liabilities at the end of the first half of 2022 were CNY 1,735,780,957.49, showing a decrease compared to the previous year[181]. Operational Developments - The company operates in the wine industry, focusing on grape planting, production, and sales, with a procurement model based on contracts with farmers[31]. - The company has developed a sales network with 179 distributors across China, primarily in Xinjiang and key regions outside Xinjiang[31]. - The company has introduced 15 world-renowned grape varieties, with an average vine age of over 15 years, ensuring high-quality raw materials for wine production[35]. - The company launched a new product, "Tianfang Night Tale" wine, produced using a special membrane separation technology during the reporting period[35]. - The company plans to enhance its online sales through live streaming and digital marketing, aiming for a more integrated online-offline sales approach[42]. Environmental Compliance - The wastewater treatment facility has been operational since its upgrade in 2018, ensuring compliance with discharge standards, with a total of 28.2 tons/year for chemical oxygen demand (COD) control[80]. - In the first half of 2022, the company treated 18,100 tons of wastewater, with COD emissions at 0.566 tons, significantly below the total control indicators[82]. - The company has installed an online water quality monitoring system at the wastewater discharge outlet, ensuring real-time data reporting to environmental authorities[83]. - There were no instances of exceeding discharge limits throughout the year, and the company adheres to the secondary standards of the Comprehensive Wastewater Discharge Standards[84]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[86]. Shareholder and Corporate Governance - The company's major shareholder, Guoan Group, has 100% of its shares frozen, but this has not yet impacted the company's operations[66]. - The major shareholder, Guoan Group, is undergoing restructuring, with the Beijing First Intermediate People's Court accepting the application for reorganization on January 30, 2022[67]. - The company reported that there is uncertainty regarding the successful reorganization of Guoan Group and its subsidiaries, and it will continue to monitor the situation[70]. - The company has maintained a long-term credit rating of C from United Credit Ratings due to the ongoing restructuring of its controlling shareholder, Guoan Group[99]. - The company has signed a new leasing contract for equipment with a total amount of 19,593,819.35 RMB, with a lease term of 60 months starting from June 15, 2018[100]. Awards and Recognition - The company has received 93 gold and 86 silver awards for its products, enhancing its brand recognition and reputation[37]. - The company participated in the IWC National Wine Challenge, winning 2 silver medals, 5 recommended awards, and 1 bronze medal, marking its fifth consecutive year of accolades[45]. - The company is the first wine enterprise in Xinjiang to obtain "National Ecological Origin Protection" certification, promoting its ecological brand image[37]. Future Outlook - The company aims to contribute to national carbon peak and carbon neutrality goals through green manufacturing practices[37]. - The company aims to enhance its market presence and explore new strategies for growth in the upcoming quarters[140]. - The company is closely monitoring the restructuring process of its controlling shareholder, CITIC Guoan Group, which is currently uncertain[112].

Financial Performance - The company's operating revenue for Q1 2022 was ¥48,613,295.63, representing a decrease of 5.01% compared to the same period last year[4] - The net profit attributable to shareholders was -¥1,812,128.01, a decline of 113.33% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥4,558,014.63, down 157.16% from the previous year[4] - The net cash flow from operating activities was -¥25,885,817.06, a significant decrease of 354.05% year-on-year[4] - Basic and diluted earnings per share were both -¥0.0016, reflecting a 113.33% decline due to the net loss[4] - Operating profit for Q1 2022 was -¥1,522,026.20, compared to a profit of ¥13,599,422.44 in Q1 2021[32] - Net profit for Q1 2022 was -¥1,306,199.45, a significant decline from the previous year's profit[32] - The net profit for the current period is -1,805,340.61, compared to a profit of 13,599,422.44 in the same period last year, indicating a significant decline[33] - The net profit attributable to shareholders is -1,812,128.01, compared to 13,591,911.57 in the previous year, highlighting a substantial loss for shareholders[33] Revenue and Costs - The decrease in revenue and profit was primarily attributed to reduced high-end wine sales, increased selling expenses, and decreased government subsidies[10] - Total operating costs increased to ¥53,251,132.53 in Q1 2022, up 23.2% from ¥43,209,416.63 in Q1 2021[32] - The company reported a decrease in sales revenue from 52,196,146.77 to 58,493,655.47, reflecting a decline in sales performance[38] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,282,281,793.35, down 2.51% from the end of the previous year[4] - Total assets decreased to ¥2,282,281,793.35 in Q1 2022 from ¥2,341,059,245.97 in Q1 2021, reflecting a reduction of 2.5%[28] - Total liabilities decreased to ¥137,174,660.25 in Q1 2022 from ¥195,506,852.26 in Q1 2021, a decline of 29.8%[28] - Current liabilities totaled ¥118,588,659.38 in Q1 2022, down from ¥176,380,389.47 in Q1 2021, a decrease of 32.8%[28] - Non-current assets totaled ¥464,624,623.43 in Q1 2022, slightly down from ¥469,320,586.29 in Q1 2021[28] - The company reported a decrease in accounts payable from ¥54,321,630.94 in Q1 2021 to ¥26,535,577.33 in Q1 2022, a reduction of 51.1%[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 31,745[11] - The total number of shares held by major shareholders, Guoan Group and Guoan Investment, is 504,926,298 shares, accounting for 44.93% of the total share capital[18] - Guoan Group's shares are fully frozen, totaling 504,926,298 shares, which represents 100% of their holdings[18] - The company has reported a total of 34,545,000 shares pledged to various financial institutions by Guoan Group[18] Cash Flow - As of March 31, 2022, the company's cash and cash equivalents amounted to ¥83,326,494.16, a decrease from ¥144,988,392.91 as of December 31, 2021[22] - The company's total current assets as of March 31, 2022, were ¥1,817,657,169.92, down from ¥1,871,738,659.68 at the end of 2021[22] - The total cash and cash equivalents at the end of the period is 83,326,494.16, compared to 69,663,619.67 at the end of the same period last year, showing an increase in liquidity[40] - Cash inflow from operating activities totaled 58,021,469.48, down from 69,486,597.06 in the previous year, reflecting a decrease in operational revenue[38] - Cash outflow from operating activities increased to 83,907,286.54 from 59,297,214.23, indicating higher operational costs[38] - The cash flow from investing activities is -6,385,352.66, compared to -3,140,344.80 in the previous year, showing increased investment outflows[40] - Cash flow from financing activities shows a net outflow of -29,390,729.03, indicating significant cash payments related to financing[40] Corporate Governance - The company has submitted an application to revoke the delisting risk warning for its stock, as it no longer meets the criteria for such warnings[17] - The company maintains operational independence from its controlling shareholder, Guoan Group, despite the latter's ongoing restructuring process[21] - Guoan Group has been subject to multiple judicial share freezes since 2019, but these have not directly impacted the company's operations[18] - The company is actively monitoring the restructuring process of Guoan Group and will disclose updates as required by regulations[21]

Financial Performance - In 2021, the company achieved a net profit attributable to shareholders of 16,904,951.87 CNY, a significant recovery from a net loss of 56,403,174.79 CNY in 2020[7]. - The operating revenue for 2021 was 217,230,395.17 CNY, representing a 129.59% increase compared to 94,614,896.59 CNY in 2020[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -45,500,182.73 CNY, an improvement from -61,424,785.42 CNY in the previous year[25]. - The company's total assets increased by 2.62% to 2,341,059,245.97 CNY at the end of 2021, compared to 2,281,390,356.19 CNY at the end of 2020[25]. - The net cash flow from operating activities was -4,926,851.99 CNY, showing an improvement from -29,709,364.09 CNY in 2020[25]. - The basic earnings per share for 2021 was 0.0150 CNY, recovering from -0.0502 CNY in 2020[25]. - The weighted average return on net assets was 0.7843% in 2021, a significant recovery from -2.5932% in 2020[25]. - The company reported a cumulative undistributed profit of -1,730,212,464.76 CNY as of the end of 2021[7]. - The company will not distribute profits or increase capital reserves due to the negative net profit situation[7]. Revenue and Sales - The company's total operating revenue for the reporting period was 217 million RMB, an increase of 123 million RMB compared to the same period last year[34]. - The net profit attributable to shareholders of the listed company was 17 million RMB, reversing a loss of 56 million RMB from the previous year[34]. - The main business revenue was 211.24 million yuan, with an operating profit of 17.19 million yuan and a total profit of 17.95 million yuan[61]. - The company achieved a total operating revenue of 217.23 million yuan, an increase of 129.59% compared to the same period last year[61]. - The high-end product sales volume increased by 215.41% to 749.01 thousand liters, with sales revenue reaching 93,622,149.86 RMB, a 183.33% increase year-over-year[100]. - The mid-low-end product sales volume increased by 225.74% to 4,204.96 thousand liters, generating sales revenue of 94,722,216.38 RMB, a 147.99% increase compared to the previous year[100]. - Direct sales revenue increased to ¥61,940,649.31, up 168.23% year-on-year, while wholesale agency revenue rose to ¥126,403,716.93, up 162.53% year-on-year[118]. - The total sales volume for the current period was 4,672.93 thousand liters, compared to 1,613.28 thousand liters in the previous period[111]. Cost and Expenses - Operating costs rose to 99,131,807.58, reflecting a 108.35% increase year-over-year, driven by the substantial rise in finished wine revenue[63]. - Research and development expenses increased by 212.37% to 882,524.27, attributed to the absence of government subsidies that reduced R&D costs in the previous year[63]. - The cost of raw materials accounted for 51.13% of total costs, amounting to ¥50,690,871.49, reflecting a year-on-year increase of 150.61%[120]. - The cost of finished wine increased significantly, with raw material costs, labor costs, depreciation, and freight all rising by over 20% due to a substantial increase in finished wine sales during the reporting period[123]. Operational Developments - The company conducted approximately 7,000 batches of testing for grapes and wine throughout the year, enhancing its food safety database[35]. - The company expanded its wine quality safety testing center, which now covers an area of 1,400 square meters and is equipped with advanced testing instruments[35]. - The company has established a food safety traceability system to meet product traceability requirements[35]. - The company has built a multifunctional seedling breeding base to support the cultivation of high-quality grape varieties and expand its seedling sales business[40]. - The company has completed upgrades to its small-capacity filling lines and aims to improve supply chain competitiveness by focusing on customer needs and resource integration[144]. Market Strategy - The company has reduced the number of traditional small distributors from 219 to 194, focusing on partnerships with larger distributors and enhancing online retail efforts, including nearly 100 live broadcasts throughout the year[45]. - The company launched innovative products such as the blended wine "Niya Legend" and the membrane permeation technology product "Tianfang Night Talk" to differentiate from competitors and avoid product homogenization[44]. - The company plans to explore new retail channels such as live streaming sales in the future[109]. - The company aims to strengthen online sales and integrate online and offline development to expand its consumer base and improve sales efficiency[142]. Risk Management - The company has outlined various risks and countermeasures in its management discussion and analysis section[8]. - The company faces a risk of delisting due to a net loss and revenue below 100 million yuan in 2020, with ongoing monitoring of its financial performance[145]. - The company is exposed to macroeconomic fluctuations that could impact consumer income and confidence, potentially affecting sales[148]. - The company remains vigilant about the ongoing risks of COVID-19, which could disrupt production, transportation, and sales if outbreaks occur[155]. Governance and Compliance - The company has established a comprehensive internal control system, integrating internal control and quality management systems[160]. - The company ensures equal rights for all shareholders, particularly minority shareholders, in exercising their voting rights[158]. - The company has implemented measures to maintain independence from its controlling shareholders in terms of assets, personnel, and operations[162]. - The company strictly adheres to legal and regulatory requirements for information disclosure, ensuring timely and accurate information for all shareholders[160]. - The company held six shareholder meetings in 2021, all resolutions were passed after review[163]. Human Resources - The company employed a total of 464 staff members, with 422 in major subsidiaries and 42 in the parent company[194]. - The company completed over 1,100 training sessions during the reporting period, aimed at enhancing employee skills and corporate culture[196]. - The company has a remuneration policy that links employee compensation to their contributions and market conditions, ensuring fairness and motivation[195]. - The company’s workforce includes 155 production personnel, 104 sales personnel, 74 technical staff, 37 financial staff, and 94 administrative staff[194].

Financial Performance - The company's operating revenue for Q3 2021 was ¥34,819,924.33, representing a year-on-year increase of 52.13%[7]. - The net profit attributable to shareholders for the same period was -¥3,411,976.60, with a year-to-date net profit of ¥7,832,556.31, showing a significant increase of ¥44,881,727.07 compared to the previous year[7][10]. - The net cash flow from operating activities for the year-to-date period was ¥13,089,304.10, indicating an increase of ¥23,596,157.84 year-on-year[10][12]. - Total revenue for the first three quarters of 2021 reached CNY 151,995,873.90, a significant increase from CNY 65,181,881.98 in the same period of 2020, representing a growth of approximately 132.9%[33]. - Operating profit for the third quarter of 2021 was CNY 7,638,287.61, a recovery from a loss of CNY 37,672,776.07 in the same quarter of 2020[37]. - Net profit for the third quarter of 2021 was CNY 7,649,604.36, compared to a net loss of CNY 37,512,216.47 in the third quarter of 2020, marking a significant turnaround[37]. - The net profit attributable to the parent company shareholders was ¥7,832,556.31, compared to a net loss of ¥37,049,170.76 in the previous period[41]. - The total comprehensive income attributable to the parent company owners was ¥7,832,556.31, while the previous period showed a total comprehensive loss of ¥37,049,170.76[41]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,351,765,122.70, reflecting a 3.08% increase from the end of the previous year[10]. - The company's total assets increased to CNY 2,351,765,122.70 in 2021 from CNY 2,281,390,356.19 in 2020, reflecting a growth of approximately 3.1%[33]. - Total liabilities rose to CNY 215,334,362.41 in 2021, up from CNY 147,026,556.35 in 2020, indicating an increase of about 46.3%[33]. - Total assets decreased to $2,281,390,356.19 from $2,316,231,608.23, a decline of $34,841,252.04[51]. - Total liabilities decreased to $147,026,556.35 from $187,450,452.30, a reduction of $40,423,895.95[51]. Shareholder Information - The equity attributable to shareholders at the end of the reporting period was ¥2,149,528,178.76, with a slight increase of 0.12% compared to the previous year[10]. - The company's equity attributable to shareholders increased to CNY 2,149,528,178.76 in 2021 from CNY 2,146,859,307.84 in 2020, showing a slight growth[33]. - The company had a total of 37,058 common shareholders at the end of the reporting period, with the largest shareholder holding 34.48% of the shares[14]. Cash Flow - Cash flow from operating activities generated a net cash inflow of ¥13,089,304.10, a significant improvement from a net outflow of ¥10,506,853.74 in the previous period[43]. - Cash inflow from operating activities totaled ¥172,138,030.15, compared to ¥83,479,879.52 in the previous period, indicating a growth of approximately 106.5%[43]. - Cash outflow from operating activities was ¥159,048,726.05, up from ¥93,986,733.26 in the previous period, reflecting an increase of about 69.5%[43]. - The ending cash and cash equivalents balance was ¥116,211,515.79, an increase from ¥84,122,505.43 in the previous period[47]. Operational Highlights - The increase in operating revenue was primarily driven by a rise in finished wine sales[11]. - The company received government subsidies amounting to ¥750,726.28 during the reporting period, contributing to the overall financial performance[10]. - A strategic cooperation agreement was signed with the Manas County People's Government to promote the high-quality development of the local wine industry[20]. - The wholly-owned subsidiary, Xuzhou Guoan Niya Wine Co., received a land storage notice from the Xuzhou Huaihai International Port Management Committee[21]. Audit and Compliance - The company appointed Lixin Certified Public Accountants as its auditing firm for the fiscal year 2021[25]. - The company revised its Articles of Association and related rules during a board meeting held on August 25, 2021[26]. - The company's stock has been subject to delisting risk warning since April 27, 2021, as per the Shanghai Stock Exchange regulations[19]. Other Financial Metrics - The basic and diluted earnings per share for the current period were both -¥0.0030, while the year-to-date basic earnings per share increased by ¥0.04 compared to the previous year[10][12]. - The company reported a weighted average return on equity of -0.1591% for the current period, compared to 0.3642% for the previous year[10]. - Research and development expenses were not explicitly detailed but are critical for future product and technology advancements[37]. - The company reported a significant increase in sales expenses to CNY 33,319,183.01 in 2021 from CNY 31,755,854.11 in 2020, indicating a focus on market expansion[37]. - The company has a deferred income of CNY 13,917,832.99, up from CNY 6,990,352.42, suggesting potential future revenue recognition[33].

Financial Performance - The company's operating revenue for the first half of 2021 reached ¥117,175,949.57, an increase of 177.05% compared to the same period last year[20]. - The net profit attributable to shareholders was ¥11,244,532.91, a significant recovery from a loss of ¥32,503,855.25 in the previous year[20]. - The net cash flow from operating activities was ¥11,024,502.77, improving from a negative cash flow of ¥22,487,011.85 in the same period last year[20]. - Basic earnings per share for the first half of 2021 were ¥0.0100, recovering from a loss of ¥0.0289 per share in the same period last year[20]. - The weighted average return on net assets was 0.5224%, a significant improvement from -1.4862% in the previous year[20]. - The company achieved total revenue of 117 million yuan in the first half of 2021, an increase of 75 million yuan compared to the same period last year[34]. - The net profit attributable to shareholders was 11 million yuan, marking a turnaround from a loss of 33 million yuan in the same period last year[36]. - The company's operating revenue increased by 177.05% year-on-year, reaching ¥117,175,949.57, primarily due to the rise in finished wine sales[42]. - Operating costs rose by 121.95% year-on-year to ¥47,530,288.10, corresponding to the increase in revenue[44]. - The total comprehensive income for the first half of 2021 was ¥11,121,533.90, contrasting with a total comprehensive loss of ¥32,813,575.97 in the same period of 2020[145]. Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥2,310,031,001.14, reflecting a 1.26% increase from the previous year[20]. - The net assets attributable to shareholders were ¥2,152,940,155.36, showing a slight increase of 0.28% compared to the end of the previous year[20]. - Total liabilities were reported at ¥170,128,311.31, compared to ¥147,026,556.35, indicating an increase of around 15.7%[131]. - The company's equity attributable to shareholders was RMB 2,139,902,689.83, slightly up from RMB 2,134,363,799.84, reflecting a growth of about 0.3%[131]. - The total owner's equity amounted to $2.13 billion, with a significant decrease in retained earnings of -$1.74 billion[163]. - The total owner's equity at the end of the period is 3,001,336,860.55 CNY, a decrease from the previous period's total of 3,016,846,511.54 CNY, reflecting a decline of approximately 0.5%[195]. Operational Developments - The company has developed a sales network with 190 distributors across the country, focusing on core regions in Xinjiang and beyond[27]. - The company has introduced new grape varieties and cultivation techniques in collaboration with research teams, enhancing the quality of its wine products[36]. - The company has received a total of 74 gold awards and 73 silver awards for its products, establishing a strong brand reputation[33]. - The company is committed to promoting ecological consumption and high-quality wine production, leveraging its unique geographical advantages in Xinjiang[28]. - The company has implemented advanced winemaking technologies, including special membrane separation technology for producing enriched wines[32]. - The company optimized its sales system by reducing traditional channel operations and focusing on e-commerce new retail initiatives[38]. - The company launched innovative products, including the mixed wine "Niya Legend" and the membrane permeation technology product "Tianfang Yeyan" grape-rich wine, enhancing product uniqueness and market appeal[37]. Government and Regulatory Matters - The company received government subsidies amounting to ¥6,102,117.45, which are closely related to its normal business operations[21]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - There are no plans for profit distribution or capital reserve transfer to increase share capital during this reporting period[6]. - The company’s chairman received a warning and a fine of 50,000 yuan from the China Securities Regulatory Commission for unrelated disclosure violations, which do not impact the company's operations[92]. - The company’s credit rating was maintained at level C by a credit rating agency, indicating a need for caution[93]. - The company’s stock has been subject to delisting risk warnings since April 27, 2021, as per the Shanghai Stock Exchange regulations[106]. Environmental and Social Responsibility - The wastewater treatment system has been upgraded, achieving an average COD concentration of 62.55 mg/L and ammonia nitrogen of 1.766 mg/L, with a total wastewater treatment of 9,219 m³ in the first half of 2021[78][82]. - The company reported zero emissions of smoke and SO2 due to the use of centralized heating, and all noise monitoring results were compliant[79]. - The company has a 100% safe disposal rate for general solid waste, with no hazardous waste generated during production[79]. - There were no significant environmental violations or penalties reported during the period[85]. - The company has established an emergency response plan for environmental incidents, with a dedicated emergency team in place[84]. - The company has implemented strict environmental management systems and complies with national environmental protection laws and regulations[73]. Challenges and Risks - The company faces a risk of delisting if the audited net profit remains negative and revenue is below 100 million yuan for 2021[53]. - The company is exposed to macroeconomic fluctuations that could impact consumer income and confidence, potentially reducing demand[54]. - Increased competition in the wine industry is leading to shrinking sales and profit margins, with local brands struggling against stronger competitors[57]. - Rising operational costs, including sales, wages, and promotional expenses, are putting pressure on the company's profitability[58]. - Shareholder shares are subject to judicial freeze, with 100% of the shares held by major shareholders currently frozen[59]. - The company continues to monitor the impact of COVID-19, which could affect production, transportation, and sales if outbreaks occur[60]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 43,130[116]. - The largest shareholder, CITIC Guoan Group Co., Ltd., held 387,473,586 shares, representing 34.48% of the total shares[117]. - CITIC Guoan Investment Co., Ltd. held 117,452,712 shares, accounting for 10.45% of the total shares[117]. - Sun Wei increased his holdings by 14,400,007 shares, bringing his total to 56,000,033 shares, which is 4.98% of the total[117]. - The total number of pledged shares by CITIC Guoan Group was 34,545,000 shares, with 21,545,000 shares pledged to Shenwan Hongyuan Securities[118]. - The company reported no changes in the total number of shares or share capital structure during the reporting period[113]. Corporate Structure and Governance - The company has three first-level subsidiaries as of June 30, 2021, indicating a stable corporate structure[198]. - The company is engaged in the production and sale of wine, as well as grape planting and agricultural development, diversifying its business activities[200]. - The company was established in 1997 and is listed on the Shanghai Stock Exchange, with a registered capital of 300 million CNY[198]. - The company has a governance structure that includes a shareholders' meeting, board of directors, and supervisory board, ensuring compliance and oversight[198]. - The company is headquartered in Urumqi, Xinjiang, with its registered address at 39 Hongshan Road[199]. - The company has not reported any changes in accounting policies or prior period error corrections in the current financial statements[195].

Financial Performance - Operating revenue for the period was ¥51,178,532.34, representing a significant increase of 434.32% year-on-year[11]. - Net profit attributable to shareholders was ¥13,591,911.57, a turnaround from a loss of ¥19,262,509.95 in the same period last year[11]. - Basic earnings per share for the period was ¥0.0121, recovering from a loss of ¥0.0171 per share in the same period last year[11]. - The company reported a significant increase in other income, amounting to RMB 5,617,901.27, up 2856.79% year-over-year due to government subsidies[23]. - Operating profit for Q1 2021 was ¥13,599,422.44, a turnaround from a loss of ¥19,527,312.22 in Q1 2020[45]. - Net profit for Q1 2021 reached ¥13,599,422.44, compared to a net loss of ¥19,417,107.71 in Q1 2020, marking a significant recovery[45]. - The company reported a net loss of CNY 479,253.28 thousand for the period, compared to a net loss of CNY 5,345,860.69 thousand in the previous period, indicating a significant reduction in losses[50]. - The company’s total comprehensive loss for the period was CNY 479,253.28 thousand, reflecting ongoing challenges in profitability[50]. Cash Flow - Net cash flow from operating activities was ¥10,189,382.83, compared to a negative cash flow of ¥25,405,906.95 in the previous year[11]. - Operating cash inflow for the first quarter of 2021 was CNY 69,486,597.06, a substantial increase from CNY 12,941,247.39 in the first quarter of 2020[54]. - Total cash inflow from operating activities included CNY 58,493,655.47 from sales of goods and services, a significant increase from CNY 11,904,385.32 in the prior year[54]. - The net cash flow from operating activities was -21,841,344.20 RMB, compared to -5,049,833.22 RMB in the previous period, indicating a significant decline[60]. - Total cash and cash equivalents at the end of the period decreased to 24,614,493.41 RMB from 47,509,403.73 RMB, reflecting a net decrease of 21,919,340.20 RMB[60]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥2,289,541,716.75, an increase of 0.36% compared to the end of the previous year[11]. - The company's total assets at the end of Q1 2021 were RMB 1,721,564,508.89, slightly down from RMB 1,729,463,603.94 at the beginning of the year[27]. - Total liabilities decreased by RMB 24,432,010, a reduction of 31.7% compared to the beginning of the year[20]. - Current liabilities decreased to $125,401,580.31 from $140,036,203.93, a reduction of approximately 10.5%[33]. - Total liabilities amounted to $144,635,145.54, slightly down from $147,026,556.35, showing a decrease of about 2.7%[33]. - The total non-current liabilities increased to $19,233,565.23 from $6,990,352.42, a significant rise of approximately 174.5%[33]. - The company's equity attributable to shareholders rose to $2,157,623,959.65 from $2,146,859,307.84, an increase of approximately 0.8%[33]. - The company's total equity as of the reporting date was ¥3,001,014,792.05, slightly down from ¥3,001,494,045.33 in the previous period[42]. Shareholder Information - The total number of shareholders at the end of the reporting period was 39,822[17]. - The largest shareholder, CITIC Guoan Group Co., Ltd., held 34.48% of the shares, with 387,473,586 shares frozen[17]. Operational Efficiency and Future Outlook - The company has not disclosed specific future outlook or guidance in this report[11]. - The company is focusing on enhancing operational efficiency and exploring new market opportunities to improve future performance[50]. - The company has not disclosed any new product developments or technological advancements in the current report[74]. - There are no indications of market expansion or mergers and acquisitions in the latest financial disclosures[74]. - The financial report does not mention any new strategies being implemented at this time[74].

Financial Performance - In 2020, the company reported a net profit attributable to shareholders of -56,403,174.79 RMB, a decrease of 478.05% compared to the previous year[7]. - The operating revenue for 2020 was 94,614,896.59 RMB, representing a decline of 61.90% from 248,314,310.48 RMB in 2019[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -61,424,785.42 RMB, a significant decline from 8,482,488.25 RMB in 2019[26]. - The company's basic earnings per share for 2020 was -0.0502 RMB, a decrease of 477.44% compared to 0.0133 RMB in 2019[27]. - The weighted average return on net assets was -2.5932% in 2020, a decrease of 3.2732 percentage points from 0.6800% in 2019[30]. - The company reported an operating loss of 57.12 million yuan and a net loss attributable to shareholders of 56.40 million yuan[65]. - The company’s revenue for 2020 was below 100 million RMB, triggering a risk warning for potential delisting according to stock exchange regulations[146]. - The company reported a net profit of -56,403,174.79 RMB for 2020, indicating a negative profit situation[156]. Cash Flow and Assets - The net cash flow from operating activities was -29,709,364.09 RMB, an improvement from -41,909,983.04 RMB in 2019[26]. - The total assets at the end of 2020 were 2,281,390,356.19 RMB, a slight decrease of 0.33% from 2,288,972,460.23 RMB in 2019[26]. - As of December 31, 2020, the company's total assets amounted to CNY 2.281 billion, and net assets were CNY 2.147 billion[56]. - Cash and cash equivalents at the end of the period were 62,614,581.64 yuan, down 31.17% from the previous year[97]. Market and Sales Performance - The company experienced a significant decrease in non-current asset disposal gains, reporting only ¥634,305.21 in 2020 compared to ¥4,014,831.52 in 2019[33]. - The domestic wine production in China decreased from 45.1 million liters in 2019 to 41.3 million liters in 2020, a decline of 8.43% year-on-year[41]. - The import volume of wine dropped from 66.2 million liters in 2019 to 47.1 million liters in 2020, a decrease of 28.85% year-on-year[41]. - The company’s finished product inventory was 1,785.09 thousand liters, with a significant decrease in sales volume for high-end products by 59.25%[106]. - The sales volume for direct sales (including group purchases) was 280.05 thousand liters, down from 432.78 thousand liters in the previous period[115]. - High-end wine revenue decreased by 56.54% to ¥33,043,864.40, while mid-to-low-end wine revenue decreased by 66.97% to ¥38,195,788.33[122]. Operational Challenges - The company is subject to delisting risk warnings as its net profit was negative and operating revenue was below 100 million RMB[11]. - Increased competition in the wine industry is leading to reduced sales and profit margins, with challenges from strong competitors in the beverage market[148]. - Rising operational costs, including sales, wages, and promotional expenses, are putting pressure on the company's profitability[149]. - The company has not declared any dividends for the past three years, reflecting its financial challenges[157]. Strategic Initiatives - The company aims to enhance product quality and brand awareness, particularly focusing on the cultural promotion of grape production areas in response to the domestic market challenges[41]. - The company plans to optimize its sales system and market layout, particularly focusing on the Xinjiang market as a key profit growth point[61]. - The company is focusing on high-end blended products and has developed a long-term plan for brandy quality reserves[60]. - The company plans to explore new retail channels such as live streaming sales in the future[113]. - The company aims to enhance the market share of its "Western Region" product line and achieve a breakthrough in sales scale with quality products at affordable prices[141]. Environmental and Social Responsibility - The company has implemented strict environmental management systems and emergency response plans for environmental incidents[180]. - The total wastewater treated in 2020 was 35,000 tons, with COD discharge of 2.27 tons and ammonia nitrogen discharge of 0.0241 tons[187]. - The company has installed online monitoring devices in its wastewater treatment systems, tracking parameters such as COD, ammonia nitrogen, pH value, and drainage flow, with data sent in real-time to the Changji Environmental Monitoring Center[192]. Shareholder and Governance Issues - The company’s major shareholder has had all shares frozen, but this has not yet impacted the company's operations or governance[152]. - The largest shareholder, CITIC Guoan Group Co., Ltd., holds 387,473,586 shares, representing 34.48% of the total shares, with shares frozen[198]. - The company has maintained a long-term credit rating of C from United Credit Rating due to liquidity issues faced by its major shareholder[166].

Financial Performance - Operating revenue for the first nine months was CNY 65,181,881.98, a decline of 60.52% year-on-year[18]. - Net profit attributable to shareholders of the listed company was a loss of CNY 37,049,170.76, compared to a profit of CNY 1,399,241.79 in the same period last year, representing a decrease of 2,747.80%[18]. - The weighted average return on net assets was -1.6958%, a decrease of 1.7598 percentage points compared to the previous year[21]. - Basic and diluted earnings per share were both -CNY 0.0330, a decrease of 2,850% year-on-year[21]. - The company anticipates a potential net loss for the year due to declining sales influenced by the COVID-19 pandemic and increased market competition[35]. - Total operating revenue for Q3 2020 was 888,805.19 RMB, a decrease from 1,415,476.95 RMB in Q3 2019[61]. - Net profit for Q3 2020 was -4,698,640.50 RMB, a decline from a profit of 685,581.50 RMB in Q3 2019[58]. - The company reported a total comprehensive loss of -4,698,640.50 RMB for Q3 2020, compared to a comprehensive income of 685,581.50 RMB in the same period last year[60]. - The company reported a net profit of -470,280.84 RMB, a significant decrease compared to 1,480,019.91 RMB in the same period last year, reflecting a decline of approximately 132%[64]. - Operating profit was recorded at -486,043.49 RMB, down from 1,480,019.91 RMB, indicating a substantial drop in operational performance[64]. Cash Flow - The net cash flow from operating activities for the first nine months was -CNY 10,506,853.74, compared to -CNY 4,321,583.04 in the same period last year[18]. - Cash flow from operating activities showed a net outflow of -10,506,853.74 RMB, worsening from -4,321,583.04 RMB year-over-year[69]. - The company generated cash inflows from operating activities totaling 83,479,879.52 RMB, down from 177,849,268.92 RMB, representing a decrease of approximately 53%[66]. - Cash outflows from operating activities reached 93,986,733.26 RMB, compared to 182,170,851.96 RMB, indicating a reduction of about 48%[69]. - The total cash inflow from operating activities was ¥11,957,427.58, significantly lower than ¥38,339,222.15 in the previous year[71]. - Cash outflow for operating activities was ¥10,648,728.10, compared to ¥63,568,540.31 in the same period of 2019[71]. - The cash flow from operating activities showed a recovery trend, indicating improved operational efficiency[71]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,243,090,617.92, a decrease of 2.00% compared to the end of the previous year[18]. - Net assets attributable to shareholders of the listed company were CNY 2,166,213,311.87, down 1.68% from the previous year[18]. - The total assets as of September 30, 2020, were RMB 1,699,850,334.57, slightly down from RMB 1,714,496,389.61 at the beginning of the year[40]. - Total liabilities decreased to ¥89,246,930.43 from ¥97,616,556.27, a reduction of 8.5%[45]. - The company's total equity decreased to ¥2,153,843,687.49 from ¥2,191,355,903.96, a decline of 1.7%[45]. - The company reported an accumulated deficit of ¥1,722,507,800.98, worsening from ¥1,685,458,630.22 in the previous period[45]. Shareholder Information - The total number of shareholders at the end of the reporting period was 43,990[26]. - The largest shareholder, CITIC Guoan Group, held 34.48% of the shares, with 387,473,586 shares frozen[26]. Operating Costs and Expenses - The operating cost for Q3 2020 was RMB 29,619,683.08, down by RMB 52,589,344.22 or 63.97%, reflecting the decrease in revenue[32]. - Total operating costs for Q3 2020 amounted to 32,728,498.73 RMB, compared to 47,008,850.43 RMB in Q3 2019, reflecting a significant reduction[54]. - Sales expenses for Q3 2020 were 10,384,841.15 RMB, slightly lower than 14,614,373.85 RMB in Q3 2019[54]. - Management expenses increased to 11,548,436.86 RMB in Q3 2020 from 12,027,641.38 RMB in Q3 2019, indicating a need for operational efficiency[54]. - The company recorded a financial expense of -17,665.20 RMB in Q3 2020, compared to -28,082.63 RMB in Q3 2019, suggesting improved financial management[54]. Investment Activities - Investment income for Q3 2020 was 5,000,000.00 RMB, consistent with 5,633,520.00 RMB in Q3 2019[61]. - The company received 5,000,000.00 RMB in investment income, down from 10,633,520.00 RMB, reflecting a decline of approximately 53%[69]. - The company reported cash and cash equivalents decreased by -6,159,640.43 RMB, compared to a much larger decrease of -473,517,369.34 RMB in the previous year[69]. - The net cash flow from investment activities was ¥4,865,701.01, compared to a net outflow of ¥356,772.08 in 2019[71]. Government Support - Government subsidies recognized in the current period amounted to CNY 123,005.53[23].