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].

Financial Performance - The company's operating revenue for the first half of 2020 was ¥42,293,778.25, a decrease of 66.18% compared to ¥125,039,000.95 in the same period last year[24]. - The net profit attributable to shareholders of the listed company was -¥32,503,855.25, a significant decline from a profit of ¥674,153.06 in the previous year, representing a decrease of 4,921.44%[24]. - The net cash flow from operating activities was -¥22,487,011.85, slightly improved from -¥23,737,139.15 in the same period last year[24]. - The total operating revenue for the reporting period was CNY 42.29 million, a decrease of 66.18% compared to the same period last year, which was CNY 125.04 million[50]. - The net profit attributable to shareholders was CNY -33 million, indicating a loss due to the impact of the COVID-19 pandemic[45]. - The company reported a 67.26% decrease in operating costs, amounting to CNY 21.42 million, primarily due to the significant drop in revenue[50]. - The company reported a total comprehensive income for the first half of 2020 was -9,475,463.78 CNY, compared to -6,914,315.48 CNY in the same period of 2019[149]. - The total comprehensive income for the current period decreased by 32,503,855.25, resulting in a total of -32,503[160]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,247,854,652.64, down 1.80% from ¥2,288,972,460.23 at the end of the previous year[24]. - The net assets attributable to shareholders of the listed company decreased by 1.48% to ¥2,170,758,627.38 from ¥2,203,262,482.63 at the end of the previous year[24]. - As of June 30, 2020, the company's total assets amounted to CNY 2.248 billion, with net assets of CNY 2.159 billion[45]. - The company reported a total of 1,694,843,608.37 in current assets, a slight decrease from 1,714,496,389.61[123]. - Total liabilities decreased from 97,616,556.27 to 89,312,324.65, a reduction of approximately 8.4%[126]. - Current liabilities decreased from 92,731,995.30 to 84,430,719.49, a decline of about 8.5%[126]. Shareholder Information - The total number of common stock shareholders reached 48,156 by the end of the reporting period[109]. - The largest shareholder, CITIC Guoan Group Co., Ltd., holds 387,473,586 shares, accounting for 34.48% of total shares[109]. - The total number of shares pledged by Guoan Group to Shenwan Hongyuan Securities is 21.545 million shares, and to Harbin Bank is 13 million shares, totaling 34.545 million shares pledged[115]. Market and Industry Context - In the first half of 2020, domestic wine production decreased by 48.16% to 127,000 kiloliters, while imports fell by 31.71% to 229,000 kiloliters[34]. - The import share of the total wine market increased to 64.34% in the first half of 2020, up from 57.80% in the same period of 2019[34]. - The company faces risks from the uncertainty of the COVID-19 pandemic and changes in the wine industry environment, which have significantly affected production and sales[64]. - The domestic wine market has seen a continuous decline in production, with increasing competition from imported wine products[65]. Operational Developments - The company has developed nearly 200 first-level distributors nationwide, establishing a sales network primarily in Xinjiang and some core regions outside Xinjiang[32]. - The company emphasizes ecological consumption and has established four boutique small production ecological vineyards in Xinjiang, recognized as a top grape-growing region[38]. - The company has implemented strict quality control processes and utilizes advanced winemaking equipment from France and Italy[39]. - The company continues to increase research and development investment to enhance winemaking and agricultural planting technologies[42]. - The company is actively involved in new product development and has increased the sales of raw wine to alleviate financial pressure[48]. Environmental and Regulatory Compliance - The company achieved a chemical oxygen demand (COD) discharge of 0.36 tons and ammonia nitrogen discharge of 0.02 tons from January to June 2020, with all emissions meeting the required standards[91]. - The company has installed an online monitoring system for wastewater discharge, with real-time results uploaded to the local environmental monitoring center[91]. - The company has established a comprehensive environmental risk prevention system and actively conducts environmental self-inspections[96]. - The company has implemented strict environmental management systems and emergency response plans for environmental incidents[99]. Governance and Management - The company has established a governance structure including a shareholders' meeting, board of directors, and supervisory board[179]. - The company appointed two new directors, Tong Jin'an and Hu Wenquan, following the resignation of the former vice chairman Yang Zhaohui[117]. - The company did not experience any changes in its controlling shareholders or actual controllers during the reporting period[115]. Financial Reporting and Accounting Policies - The company’s financial statements are prepared based on the going concern assumption and comply with the relevant accounting standards[186]. - The company’s accounting policies adhere to the enterprise accounting standards, ensuring a true and complete reflection of its financial status[187]. - The company did not report any changes in accounting policies or prior period errors during this period[165].

Financial Performance - Operating revenue for the current period was CNY 9,578,273.76, representing a decline of 83.59% year-on-year[12] - Net profit attributable to shareholders was a loss of CNY 19,262,509.95, a decrease of 391.25% compared to the same period last year[12] - Basic earnings per share were CNY -0.0171, down 389.83% from CNY 0.0059 in the same period last year[12] - The total comprehensive income for the first quarter of 2020 was -19,417,107.71 RMB, compared to 7,042,246.47 RMB in the previous year, showing a drastic decrease[49] - The company reported a significant reduction in minority shareholders' profit, reporting -CNY 154,597.76 for Q1 2020, a decrease of 136.07% compared to the previous year[24] - The company experienced a 100% drop in investment income, reporting CNY 0.00 for Q1 2020 compared to CNY 87,413.91 in the previous year[24] Cash Flow - The net cash flow from operating activities was a negative CNY 25,405,906.95, compared to a negative CNY 18,006,997.87 in the previous year[12] - In Q1 2020, the company reported cash inflows from operating activities of CNY 12,941,247.39, a decrease of approximately 81.9% compared to CNY 67,684,840.06 in Q1 2019[55] - The net cash outflow from operating activities was CNY -25,405,906.95, worsening from CNY -18,006,997.87 in the same period last year[55] - Cash outflows for purchasing goods and services amounted to CNY 4,184,098.01, down from CNY 32,164,705.36 in Q1 2019, indicating a significant reduction in operational expenses[55] - The company experienced a net cash outflow from investing activities of CNY -249,831.72, compared to CNY -2,369,544.27 in Q1 2019, reflecting a decrease in investment expenditures[57] - The ending cash and cash equivalents balance was CNY 65,311,607.31, down from CNY 205,905,552.92 at the end of Q1 2019, indicating a liquidity contraction[57] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,266,491,668.60, a decrease of 0.98% compared to the end of the previous year[12] - The company's total liabilities decreased from CNY 97,616,556.27 to CNY 94,552,872.35[37] - The total equity attributable to shareholders decreased from CNY 2,203,262,482.63 to CNY 2,183,999,972.68[37] - The total current assets as of March 31, 2020, were CNY 1,703,146,875.00, a decrease from CNY 1,714,496,389.61 at the end of 2019[28] - The company's cash and cash equivalents were CNY 65,311,607.31, down from CNY 90,967,345.98 at the beginning of the year[28] Shareholder Information - The total number of shareholders at the end of the reporting period was 52,427[19] - The largest shareholder, CITIC Guoan Group Co., Ltd., held 34.48% of the shares[19] - CITIC Guoan Group has pledged a total of 34,545,000 shares[20] Government Support - The company received government subsidies amounting to CNY 300,204.51 during the reporting period[15] Operational Costs - Operating costs for Q1 2020 were CNY 4,517,387.81, down by CNY 20,232,550.79 or 81.75%, reflecting the decrease in revenue[24] - The company reported a significant decrease in tax and additional fees, totaling CNY 1,366,823.27, down by CNY 3,076,951.97 or 69.24% due to lower revenue[24] - Sales expenses decreased to 10,692,646.33 RMB in the first quarter of 2020 from 15,337,733.11 RMB in the previous year, a reduction of approximately 30.0%[47] - Management expenses increased slightly to 12,769,888.77 RMB in the first quarter of 2020 from 12,052,363.38 RMB in the same period of 2019, representing an increase of about 5.9%[47] Financial Ratios - The weighted average return on net assets decreased by 1.1801 percentage points to -0.8781%[12] - Financial expenses for Q1 2020 were -CNY 51,150.20, a decrease of CNY 644,861.35 or 108.62%, as there were no loan interest expenses this period[24] - The company reported a decrease in tax and additional charges from 4,443,775.24 RMB in the first quarter of 2019 to 1,366,823.27 RMB in the first quarter of 2020, a reduction of approximately 69.0%[47] Market Activity - The company has not reported any new product launches or technological advancements during this quarter[56] - There are no indications of market expansion or mergers and acquisitions in the current financial report[56]

Financial Performance - The company reported a net profit attributable to shareholders of 14,919,370.53 RMB for 2019, a significant recovery from a loss of 157,252,313.74 RMB in 2018[7]. - The operating revenue for 2019 was 248,314,310.48 RMB, representing a decrease of 27.48% compared to 342,399,094.63 RMB in 2018[24]. - The net cash flow from operating activities was -41,909,983.04 RMB, an improvement from -170,900,990.16 RMB in the previous year[24]. - The total assets decreased by 18.38% to 2,288,972,460.23 RMB at the end of 2019, down from 2,804,283,952.84 RMB in 2018[24]. - The company's net assets attributable to shareholders increased slightly by 0.76% to 2,203,262,482.63 RMB at the end of 2019[24]. - Basic earnings per share for 2019 were 0.0133 RMB, recovering from a loss of 0.1399 RMB per share in 2018[27]. - The weighted average return on net assets was 0.68% for 2019, a significant improvement from -6.94% in 2018[27]. - The company reported a cumulative undistributed profit of -1,685,458,630.22 RMB, indicating ongoing financial challenges[7]. - The company will not distribute profits or increase capital reserves due to the negative net profit situation[7]. Revenue and Sales - In Q4, the company reported operating revenue of CNY 83,230,545.49, a significant increase compared to Q3's CNY 40,044,764.04[28]. - The net profit attributable to shareholders for Q4 was CNY 13,520,128.74, recovering from a loss of CNY 5,939,484.24 in Q2[28]. - The company achieved total assets of CNY 2.289 billion and net assets of CNY 2.191 billion as of December 31, 2019[54]. - The annual operating revenue for 2019 was CNY 248.31 million, a decrease of 27.48% compared to the previous year[60]. - The company’s high-end product sales reached 76,024,441.08 RMB, a year-on-year increase of 42.93%, while mid-low end product sales dropped to 115,647,295.07 RMB, a decrease of 15.41%[96]. - Total sales revenue for the company in 2019 was 191,671,736.15 RMB, with a total sales volume of 4,983.71 kiloliters, compared to 189,912,936.83 RMB and 6,145.77 kiloliters in the previous year[108]. - The Xinjiang region accounted for 50.99% of total sales revenue, with sales of 97,731,688.80 RMB, an increase from 86,729,260.41 RMB in the previous year[108]. Production and Operations - The company operates five major production and bottling plants and a logistics center, utilizing advanced winemaking equipment from France and Italy[43]. - The company has established four boutique small production area ecological vineyards, enhancing its production quality through unique geographical advantages[47]. - The actual production capacity of the Manas plant is 30,000 kiloliters, while the designed capacity is 40,000 kiloliters[92]. - The company’s inventory of finished wine at the end of the period was 1,869.06 kiloliters, while semi-finished wine inventory was 101,811.73 kiloliters[93]. Costs and Expenses - Operating costs decreased by 46.17% to 113.60 million yuan from 211.02 million yuan year-on-year, mainly due to the same consolidation scope changes[66]. - The gross profit margin for the main business was 53.56%, an increase of 15.88 percentage points compared to the previous year[70]. - The cost of raw materials in the liquor segment was 81,715,954.21, accounting for 71.94% of total costs, with a slight increase of 0.46% compared to the previous year[77]. - The labor cost in the liquor segment decreased by 12.38% to 7,338,982.43, representing 6.46% of total costs[77]. - The depreciation cost in the liquor segment also saw a reduction of 12.75%, amounting to 16,220,653.08, which is 14.28% of total costs[77]. - Advertising expenses dropped by 91.58% to ¥6,855,430.33, primarily due to a significant reduction in advertising and promotional spending[119][122]. Market and Competition - The company faces risks including macroeconomic fluctuations, intensified industry competition, and rising operational costs[11]. - Increased competition from imported wines poses a significant challenge to the domestic wine market[142]. - The company plans to explore new sales channels, including live streaming sales, to adapt to changing market dynamics[103]. Legal and Regulatory Issues - The company has experienced a complete freeze of shares held by its major shareholder, which has not yet impacted its operations[144]. - The controlling shareholder, Guoan Group, had 345,657,419 shares of the company frozen by the Liaoning Provincial High People's Court on March 19, 2019[176]. - The company has faced multiple rounds of share freezes, with 387,473,586 shares being a recurring figure, reflecting significant legal and financial challenges[182]. - The ongoing legal disputes and share freezes may impact the company's stock performance and investor confidence moving forward[184]. Corporate Governance and Social Responsibility - The company continues to fulfill its social responsibilities while navigating these challenges, indicating a commitment to corporate governance[188]. - The company has established a comprehensive regulatory framework to protect shareholder rights, ensuring compliance with relevant laws and regulations[190]. - The company emphasizes employee rights, providing fair working conditions and benefits, including full payment of social insurance and annual health check-ups[191]. - The company supports local farmers by providing technical assistance and timely payments, benefiting over 1,100 farmers in the region[196]. - The company prioritizes environmental protection, achieving all indicators in line with national environmental standards[200].