中信证券股份有限公司 关于吉林省吉盛资产管理有限公司免于发出要约 收购吉林泉阳泉股份有限公司的 2023 年半年度持续督导意见 中信证券股份有限公司（以下简称"中信证券"或"财务顾问"）接受委 托，担任吉林省吉盛资产管理有限公司（以下简称"吉盛公司"或"收购人"） 免于发出要约间接取得吉林泉阳泉股份有限公司（以下简称"泉阳泉"或"上 市公司"）控制权之收购人财务顾问。依照《中华人民共和国证券法》、《上市公 司收购管理办法》、《上市公司并购重组财务顾问业务管理办法》等有关规定， 中信证券作为本次收购的财务顾问，持续督导期自吉盛公司公告收购报告书之 日起至收购完成后的 12 个月止。 2020 年 12 月 31 日，长春市中级人民法院（以下简称"长春中院"）以 （2020）吉 01 破 5 号之一民事裁定书裁定批准中国吉林森林工业集团有限公司 （以下简称"森工集团"）、吉林森林工业集团财务有限公司（以下简称"财务公 司"）合并重整计划（以下简称"重整计划"）。根据《重整计划》安排，吉盛公 司作为重整投资人参与本次重整，重整完成后将持有森工集团 60%的股权，成 为森工集团控股股东，从而间接取得森工集团及其一致行 ...

吉林泉阳泉股份有限公司 关于使用暂时闲置募集资金进行现金管理 到期收回的公告 本公司及董事会全体成员保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实、准确和完整承担法律责任。 吉林泉阳泉股份有限公司（以下简称"公司"）于 2022 年 6 月 14 日召开了 第八届董事会临时会议，审议通过了《关于延长使用暂时闲置募集资金进行现金 管理授权期限的议案》，将 2021 年 8 月 30 日董事会临时会议对最高总额不超过 29,529 万元人民币（在此额度范围内资金可滚动使用）的暂时闲置募集资金以 通知存款、保本型结构性存款等方式进行现金管理的授权期限延长至 2023 年 8 月 30 日，投资产品的期限不超过 12 个月（公司公告刊登于 2022 年 6 月 15 日在 《上海证券报》《中国证券报》和上海证券交易所网站 http://www.sse.com.cn）。 公司于 2023 年 2 月 20 日利用中国建设银行股份有限公司长春西安大路支 行募集资金专户资金 5,000 万元购买的"单位结构性存款"已到期，现将到期收 回本金及收益情况公告如下： 一、公司使用闲置募集资金进行现金管 ...

Financial Performance - The company's operating revenue for the first half of 2023 was approximately ¥635.33 million, representing a 2.26% increase compared to ¥621.26 million in the same period last year[23]. - The net profit attributable to shareholders for the first half of 2023 decreased by 46.78% to approximately ¥36.29 million, down from ¥68.18 million in the previous year[23]. - The basic earnings per share for the first half of 2023 was ¥0.05, a decrease of 50.00% compared to ¥0.10 in the same period last year[22]. - The net cash flow from operating activities for the first half of 2023 was approximately ¥121.50 million, a decline of 44.95% from ¥220.71 million in the previous year[23]. - Overall revenue for the reporting period increased by 2.26% to approximately ¥635.33 million, compared to a decline of 13.73% in the previous year[40][43]. - The company's main business segment, natural mineral water, achieved a revenue growth of 16.25% and a net profit growth of 20.87%, significantly outperforming the industry averages of 6.9% and -16.7% respectively[39]. - The landscaping and wooden door segments experienced revenue declines of 9.97% and 12.60% respectively, attributed to the overall real estate market conditions[39]. - The company reported a net profit of -32,739,845.03 RMB for the first half of 2023, compared to -6,114,707.51 RMB in the same period of 2022, indicating a significant decline in profitability[134]. Assets and Liabilities - The total assets as of June 30, 2023, were approximately ¥4.93 billion, reflecting a slight increase of 0.60% from ¥4.90 billion at the end of the previous year[23]. - The total liabilities of the company as of June 30, 2023, were not disclosed in the provided documents, but the company continues to manage its financial obligations effectively[120]. - The company's total liabilities increased to ¥1,902,183,334.63 from ¥1,864,326,160.27, representing a rise of 2.0%[127]. - The company's equity attributable to shareholders increased to CNY 1,686,107,577.97 from CNY 1,649,818,656.94, reflecting a growth of about 2.2%[123]. - Current liabilities decreased significantly from CNY 2,590,837,680.97 to CNY 1,976,985,344.27, a reduction of about 23.6%[123]. - Long-term borrowings rose sharply from CNY 191,000,000.00 to CNY 779,131,000.00, marking an increase of approximately 307.3%[126]. Cash Flow - The net cash flow from operating activities fell by 44.95% to approximately ¥121.50 million, mainly due to increased cash payments for goods and services[44]. - Cash flow from financing activities showed a net outflow of -99,097,171.50 RMB, compared to -206,141,024.16 RMB in the first half of 2022, indicating an improvement in cash flow management[137]. - The total cash inflow from operating activities was 789,398,927.37 RMB, slightly higher than 786,148,793.99 RMB in the previous year, indicating stable operational performance[136]. - The total cash and cash equivalents at the end of the period increased to ¥322,231,494.95, up 58.7% from ¥203,214,877.84 at the end of the first half of 2022[140]. Business Operations - The main business remains focused on the production and sales of natural mineral water, with no significant changes in operations or market position during the reporting period[28]. - The company operates four major production facilities and 18 production lines, utilizing advanced international equipment to ensure high production efficiency and quality stability[36]. - The newly established beverage base in 2022 has begun trial production in the first half of 2023, featuring advanced bottling technology[36]. - The company emphasizes an "ecological priority, green development" philosophy, aiming to enhance its image as a leader in green products and human environment[28]. - The mineral water source is located in the Changbai Mountain area, recognized for its high-quality water, which meets EU and German mineral water standards[34]. Risk Management - There were no significant risk events reported during the period, and the company has outlined potential risks in the management discussion section[8]. - The company faces macroeconomic risks that could affect its operations, particularly in the mineral water and home furnishing sectors, which are closely tied to national economic development and consumer spending[62]. - The company is exposed to risks from rising energy and raw material prices, which could increase operational difficulties due to their correlation with international market fluctuations[62]. Corporate Governance - The company did not distribute profits or increase capital reserves during the reporting period[6]. - The company has not engaged in any non-operational fund occupation by controlling shareholders or related parties[8]. - The company has fulfilled its commitments related to major asset restructuring and has no violations of guarantees[82]. - The company maintains a commitment to not engage in competitive businesses with its subsidiaries, ensuring fair practices in related transactions[81]. Shareholder Information - The total number of shares increased to 715,197,812 after the release of 15,380,387 restricted shares[100]. - The company’s total share capital of the company is 715,197,812 shares, with the controlling shareholder, Forest Industry Group, holding 216,254,080 shares, accounting for 30.24% of the total[110]. - The top ten shareholders collectively hold 30.93% of the company's shares, including Forest Industry Group and its wholly-owned subsidiary, Qianyuan Forestry Company[108]. Environmental Initiatives - The company continues to promote environmentally friendly natural mineral water production and actively participates in ecological economic transformation in forest areas[72]. - The Holz Door Industry segment established an energy management system and completed provincial-level green factory certification, focusing on automation and digital technology upgrades to reduce carbon emissions[73]. - The company emphasizes green technology innovation, adopting advanced processes and equipment to minimize pollutant emissions during production[73]. Accounting Policies - The company has specific accounting policies and estimates related to inventory valuation, receivables, and revenue recognition, which may significantly impact future financial results[165]. - The company uses the expected credit loss model for financial instruments, which requires significant judgment and estimation based on various factors[166]. - The company recognizes deferred tax assets based on the likelihood of sufficient taxable profits to offset unused tax losses[169].

证券代码：600189 证券简称：泉阳泉 编号：临 2023-040 吉林泉阳泉股份有限公司 第九届监事会第三次会议决议公告 （2）半年报内容和格式完全符合中国证监会和上海证券交易所的各项规定， 所包含的信息能够从各个方面真实地反映出公司 2023 年半年度的经营管理和财 务状况； （3）在提出本书面审核意见前，未发现参与公司半年度报告编制和审议的 人员有违反保密规定的行为。 表决结果：5 票同意，0 票反对，0 票弃权。 2、董事会关于 2023 年半年度募集资金存放与实际使用情况的专项报告 表决结果：5 票同意，0 票反对，0 票弃权。 特此公告。 吉林泉阳泉股份有限公司监事会 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 吉林泉阳泉股份有限公司（以下简称"公司"）于 2023 年 8 月 10 日以通讯 方式向公司监事发出召开第九届监事会第三次会议通知，会议于 2023 年 8 月 21 日上午在公司会议室召开。应参加会议监事 5 人，实际参加会议监事 5 人。本次 监事会的召开符合有关法律、法规和《公司章程》的有关规 ...

存放与实际使用情况的专项报告 吉林泉阳泉股份有限公司董事会 关于 2023 年半年度募集资金 各位董事、监事: 根据中国证监会发布的《上市公司监管指引第2 号—上市公 司募集资金管理和使用的监管要求（2022 年修订）》和上海证券 交易所发布的《上海证券交易所上市公司自律监管指引第 1 号 —规范运作》等有关规定，吉林泉阳泉股份有限公司（以下简称 "公司"或"本公司"）董事会编制了《关于2023年半年度募集资 金存放与实际使用情况的专项报告》,现将报告具体情况汇报如 下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准吉林森林工业股份有 限公司向中国吉林森林工业集团有限责任公司等发行股份购买 资产并募集配套资金的批复》（证监许可[2017]1796号）核准， 公司向包括中国吉林森林工业集团有限责任公司（以下简称"森 工集团"）在内的5名符合条件的特定投资者非公开发行股份募集 配套资金，发行股票数量为62,100,000.00 普通股（A 股），发 行股票价格为6.80 元/股，本次募集资金总额为422,280,000.00 元，募集资金净额为415,710,000.00元。上述资金于2018年2月8 ...

吉林泉阳泉股份有限公司独立董事 关于公司 2023年上半年募集资金存放与使用情况专 项报告的独立意见 根据《中国证监会关于在上市公司建立独立董事制度的 指导意见》、《中国证监会上市公司治理准则》和《公司章程》 等规定,作为公司独立董事,我们对公司第九届董事会第三 次会议审议的《董事会关于 2023 年半年度募集资金存放与 使用情况的专项报告》发表独立意见如下: 公司 2023 年上半年募集资金的存放与使用符合中国证 监会、上海证券交易所关于上市公司募集资金存放和使用的 相关规定,符合公司《募集资金管理办法》等有关规定,不 存在变相改变募集资金用途和损害股东利益的情况,不存在 违规使用募集资金情况。《董事会关于 2023年上半年募集资 金存放与使用情况的专项报告》真实、准确、完整地反映了 公司 2023 年上半年募集资金的存放和使用实际情况,公司 及时、认真履行了信息披露义务,我们同意公司 2023年半 年度募集资金存放与使用事项。 独立董事: WARRE JUS 二〇二三年八月二十一日 ...

证券代码：600189 证券简称：泉阳泉 公告编号： 临 2023—039 吉林泉阳泉股份有限公司 第九届董事会第三次会议决议公告 本公司及董事会全体成员保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实、准确和完整承担法律责任。 吉林泉阳泉股份有限公司（以下简称"公司"）于 2023 年 8 月 10 日以通讯 方式向公司董事发出召开第九届董事会第三次会议通知，会议于 2023 年 8 月 21 日上午在公司会议室召开。应参加会议的董事 7 人，实际参加会议的董事 7 人。 本次董事会的召开符合有关法律、法规和《公司章程》的有关规定，会议合法有 效。 吉林泉阳泉股份有限公司董事会 会议审议并通过了以下议案： 1、《2023 年半年度报告》及摘要 具体内容详见公司同日于上海证券交易所网站（http://www.sse.com.cn） 披露的《公司 2023 年半年度报告》及摘要（摘要同时刊登于《中国证券报》、《上 海证券报》）。 表决结果：7 票同意，0 票反对，0 票弃权。 2、董事会关于 2023 年半年度募集资金存放与实际使用情况的专项报告 具体内容详见公司同日于上海证券交易所网 ...

证券代码：600189 证券简称：泉阳泉 公告编号：临 2023—027 吉林泉阳泉股份有限公司 关于参加网上集体业绩说明会的公告 本公司及董事会全体成员保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实、准确和完整承担法律责任。 依据吉林省证券业协会文件指示，吉林泉阳泉股份有限公司（以下简称 "公司"）将参加由吉林证监局、吉林省证券业协会、深圳市全景网络有限公司 共同举办的"2023 年吉林辖区上市公司网上集体业绩说明会"，现将有关事项 公告如下： 届时公司总经理王尽晖先生、财务总监白刚先生、董事会秘书金明女士等将 通过网络在线问答互动的形式，与投资者就 2022 年经营业绩等投资者关注的问 题进行交流。期间，公司高级管理人员将全程在线，实时回答投资者的提问。 欢迎广大投资者积极参与。 特此公告。 吉林泉阳泉股份有限公司董事会 本次集体业绩说明会将通过深圳市全景网络有限公司提供的互联网平台举 行，投资者可以登陆全景网"投资者关系互动平台"（http://ir.p5w.net）参与 公司业绩说明会,时间为 2023 年 5 月 22 日（周一）14:00 至 16:00。 二〇二三年五 ...

[Key Highlights](index=1&type=section&id=Key%20Highlights) [Key Financial Data](index=1&type=section&id=Key%20Financial%20Data) The company's Q1 2023 key financial data indicates a 13.48% year-over-year decrease in operating revenue, a 78.74% decline in net profit attributable to shareholders, and a 37.82% reduction in net operating cash flow Key Accounting Data and Financial Indicators for Q1 2023 | Item | Current Period (CNY) | Change from Prior Year Period (%) | | :--- | :--- | :--- | | Operating Revenue | 219,936,708.59 | -13.48 | | Net Profit Attributable to Shareholders | -21,021,917.25 | -78.74 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -22,907,261.34 | -47.72 | | Net Cash Flow from Operating Activities | 58,232,335.64 | -37.82 | | Basic EPS (CNY/share) | -0.03 | -50.00 | | Diluted EPS (CNY/share) | -0.03 | -50.00 | | Weighted Average ROE (%) | -1.28 | Decrease by 0.54 percentage points | **Comparison: End of Current Period vs. End of Prior Year:** | Item | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 4,755,001,252.66 | 4,897,379,513.65 | -2.91 | | Owners' Equity Attributable to Shareholders | 1,628,796,739.69 | 1,649,818,656.94 | -1.27 | Non-Recurring Gains and Losses for Q1 2023 | Item | Current Period Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 605,569.89 | | Government Subsidies Recognized in Current P&L | 673,014.32 | | Investment Income from Disposal of Trading Financial Assets | 1,036,318.16 | | Other Non-Operating Income and Expenses | 229,316.48 | | Less: Income Tax Impact | 415,520.74 | | Minority Interests Impact (After Tax) | 243,354.02 | | **Total** | **1,885,344.09** | Reasons for Changes in Key Accounting Data and Financial Indicators | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Operating Revenue | -13.48 | Slowdown in landscaping project construction and reduced orders in the door manufacturing segment | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -47.72 | Decrease in operating revenue led to a decline in net profit | | Net Cash Flow from Operating Activities | -37.82 | Primarily due to increased cash paid for goods purchased | [Shareholder Information](index=3&type=section&id=Shareholder%20Information) [Total Common Shareholders and Top Ten Shareholders' Holdings](index=3&type=section&id=Total%20Common%20Shareholders%20and%20Top%20Ten%20Shareholders'%20Holdings) As of the reporting period end, the company had 48,364 common shareholders; China Jilin Forest Industry Group Co., Ltd. is the largest at 30.24%, with some shares pledged and frozen - Total common shareholders at the end of the reporting period were **48,364**[7](index=7&type=chunk) Top 10 Shareholders' Shareholding | Shareholder Name | Shareholder Type | Number of Shares Held (shares) | Shareholding Percentage (%) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | | China Jilin Forest Industry Group Co., Ltd. | State-owned Legal Entity | 216,254,080 | 30.24 | Pledged: 136,500,000; Frozen: 140,113,053 | | Qingdao Puxin Tongyuan Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-owned Legal Entity | 51,193,531 | 7.16 | None: 0 | | Zhao Zhihua | Domestic Natural Person | 42,246,094 | 5.91 | Pledged: 27,000,000 | | Shanghai Jihong Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-owned Legal Entity | 10,674,902 | 1.49 | Pledged: 6,666,578 | | Jilin Sen Gong Quanyang Forestry Co., Ltd. | State-owned Legal Entity | 4,919,058 | 0.69 | None: 0 | | Jilin Jisheng Asset Management Co., Ltd. | State-owned Legal Entity | 4,812,667 | 0.69 | None: 0 | | Chen Jianhong | Domestic Natural Person | 3,607,200 | 0.50 | None: 0 | | Zhang Sufen | Domestic Natural Person | 3,390,000 | 0.47 | None: 0 | | Gu Chongping | Domestic Natural Person | 3,118,627 | 0.44 | Frozen: 3,118,627 | | Wang Yujie | Domestic Natural Person | 2,960,000 | 0.41 | None: 0 | [Explanation of Shareholding Changes and Pledging/Freezing Status](index=4&type=section&id=Explanation%20of%20Shareholding%20Changes%20and%20Pledging%2FFreezing%20Status) During the reporting period, major shareholder Zhao Zhihua reduced holdings by 2,193,600 shares, and the controlling shareholder's 140,113,053 shares were frozen, representing 64.79% of its total - Shareholder Zhao Zhihua and his concerted parties planned to reduce their holdings by no more than 12,949,701 shares, with **2,193,600 shares** cumulatively reduced through centralized bidding during the reporting period[9](index=9&type=chunk)[10](index=10&type=chunk) - As of the end of the reporting period, controlling shareholder Sen Gong Group held 216,254,080 shares, of which **140,113,053 shares** were cumulatively frozen and sequentially frozen, accounting for **64.79%** of its total shareholding[11](index=11&type=chunk)[12](index=12&type=chunk) - Sen Gong Group's **136.5 million pledged shares** matured on April 1, 2020, but remain unreleased; Mr. Zhao Zhihua pledged **27 million shares**, representing **63.91%** of his holdings; Shanghai Jihong Enterprise Management Partnership (Limited Partnership) pledged **6,666,578 shares**; Mr. Gu Chongping's **3,118,627 shares** were judicially frozen[13](index=13&type=chunk)[14](index=14&type=chunk) [Other Reminders](index=5&type=section&id=Other%20Reminders) [Progress of Consolidated Restructuring of Controlling Shareholder and Investee Subsidiary](index=6&type=section&id=Progress%20of%20Consolidated%20Restructuring%20of%20Controlling%20Shareholder%20and%20Investee%20Subsidiary) The execution and supervision periods for the consolidated restructuring plan of the controlling shareholder, Sen Gong Group, and its finance company have been extended by six months to June 30, 2023 - The execution and supervision periods for the consolidated restructuring plan of controlling shareholder Sen Gong Group and its finance company have been extended by **six months** to **June 30, 2023**[16](index=16&type=chunk) [Use of Raised Funds](index=6&type=section&id=Use%20of%20Raised%20Funds) During the reporting period, the company recovered CNY 1.35 billion in unit structured deposits, reinvested CNY 245 million of idle raised funds, and extended the construction period for the Changbai Mountain Tianquan project - The company recovered **CNY 1.35 billion** in unit structured deposit principal and received **CNY 875,638.24** in corresponding income[16](index=16&type=chunk) - The company used idle raised funds to purchase unit structured deposits, with a balance of **CNY 245 million**[17](index=17&type=chunk) - The construction period for the supporting public facilities and 50,000-ton capacity production line of the Changbai Mountain Tianquan 200,000-ton carbonated mineral water production project has been extended to **September 30, 2024**[17](index=17&type=chunk) [Quarterly Financial Statements](index=7&type=section&id=Quarterly%20Financial%20Statements) [Type of Audit Opinion](index=7&type=section&id=Type%20of%20Audit%20Opinion) The financial statements for this quarter are unaudited - The financial statements for this reporting period are **unaudited**[19](index=19&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) This section presents the company's Q1 2023 consolidated and parent company balance sheets, income statements, and cash flow statements, detailing financial position, operating results, and cash flow changes [Consolidated Balance Sheet](index=7&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2023, consolidated total assets were **CNY 4.755 billion**, down 2.91% from prior year-end, with total liabilities at **CNY 2.957 billion** Consolidated Balance Sheet Key Data (As of March 31, 2023) | Item | March 31, 2023 (CNY) | December 31, 2022 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 230,888,427.72 | 411,341,357.59 | | Trading Financial Assets | 395,000,000.00 | 215,277,191.78 | | Contract Assets | 1,212,504,402.11 | 1,386,385,019.70 | | Total Current Assets | 2,744,211,364.59 | 2,866,212,945.16 | | Total Non-Current Assets | 2,010,789,888.07 | 2,031,166,568.49 | | **Total Assets** | **4,755,001,252.66** | **4,897,379,513.65** | | Short-term Borrowings | 1,023,382,684.72 | 1,024,625,151.93 | | Accounts Payable | 647,650,111.94 | 747,919,469.98 | | Total Current Liabilities | 2,488,852,123.60 | 2,590,837,680.97 | | Total Non-Current Liabilities | 467,918,071.00 | 490,771,023.10 | | **Total Liabilities** | **2,956,770,194.60** | **3,081,608,704.07** | | Total Owners' Equity Attributable to Parent Company | 1,628,796,739.69 | 1,649,818,656.94 | | **Total Owners' Equity** | **1,798,231,058.06** | **1,815,770,809.58** | [Consolidated Income Statement](index=9&type=section&id=Consolidated%20Income%20Statement) In Q1 2023, total operating revenue was **CNY 220 million**, down 13.48% year-over-year, with net profit attributable to parent company shareholders at **-CNY 21.02 million**, indicating an expanded loss Consolidated Income Statement Key Data (January-March 2023) | Item | Q1 2023 (CNY) | Q1 2022 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 219,936,708.59 | 254,198,705.22 | | Total Operating Costs | 239,321,917.52 | 263,465,010.60 | | Selling Expenses | 65,659,236.48 | 45,731,584.33 | | Administrative Expenses | 25,103,105.16 | 40,711,383.97 | | Financial Expenses | 15,996,134.22 | 18,230,490.64 | | Operating Profit | -14,280,356.36 | -8,859,890.25 | | Total Profit | -14,099,940.31 | -6,718,621.27 | | Net Profit | -17,539,751.52 | -10,749,699.48 | | Net Profit Attributable to Parent Company Shareholders | -21,021,917.25 | -11,760,934.82 | | Basic EPS (CNY/share) | -0.03 | -0.02 | [Consolidated Cash Flow Statement](index=11&type=section&id=Consolidated%20Cash%20Flow%20Statement) In Q1 2023, net cash flow from operating activities was **CNY 58.23 million**, down 37.82% year-over-year, with net cash flow from investing activities turning negative at **-CNY 180 million** Consolidated Cash Flow Statement Key Data (January-March 2023) | Item | Q1 2023 (CNY) | Q1 2022 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 58,232,335.64 | 93,653,014.73 | | Net Cash Flow from Investing Activities | -179,995,864.51 | 187,851,583.59 | | Net Cash Flow from Financing Activities | -52,679,183.13 | -71,069,208.62 | | Net Increase in Cash and Cash Equivalents | -174,442,712.00 | 210,435,389.70 | | Cash and Cash Equivalents at Period End | 225,241,802.74 | 333,864,682.57 | - Increased cash paid for goods purchased and services received was the primary reason for the decrease in **net cash flow from operating activities**[28](index=28&type=chunk) - Cash paid for investments in investing activities significantly increased to **CNY 435 million**, causing **net cash flow from investing activities** to turn negative[28](index=28&type=chunk) [Parent Company Balance Sheet](index=13&type=section&id=Parent%20Company%20Balance%20Sheet) As of March 31, 2023, parent company total assets were **CNY 3.025 billion**, down 1.87% from prior year-end, with total liabilities at **CNY 1.823 billion** Parent Company Balance Sheet Key Data (As of March 31, 2023) | Item | March 31, 2023 (CNY) | December 31, 2022 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 112,031,539.59 | 259,624,283.58 | | Trading Financial Assets | 165,000,000.00 | 95,277,191.78 | | Other Receivables | 643,380,598.73 | 628,623,348.87 | | Total Current Assets | 970,056,763.32 | 1,027,469,349.67 | | Long-term Equity Investments | 1,924,617,586.13 | 1,923,364,864.61 | | **Total Assets** | **3,025,230,648.96** | **3,082,844,042.22** | | Short-term Borrowings | 986,831,000.00 | 988,073,467.21 | | Other Payables | 249,512,796.85 | 249,663,590.06 | | Total Current Liabilities | 1,591,398,436.78 | 1,612,914,985.62 | | Long-term Borrowings | 177,000,000.00 | 191,000,000.00 | | **Total Liabilities** | **1,823,238,361.45** | **1,864,326,160.27** | | Retained Earnings | -1,779,172,928.03 | -1,762,647,333.59 | | **Total Owners' Equity** | **1,201,992,287.51** | **1,218,517,881.95** | [Parent Company Income Statement](index=15&type=section&id=Parent%20Company%20Income%20Statement) In Q1 2023, parent company operating revenue was **CNY 14.22 million**, down 44.36% year-over-year, with net profit at **-CNY 16.53 million**, consistent with the prior year Parent Company Income Statement Key Data (January-March 2023) | Item | Q1 2023 (CNY) | Q1 2022 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 14,223,758.42 | 25,564,455.64 | | Operating Costs | 12,482,511.18 | 14,563,496.87 | | Administrative Expenses | 7,987,994.06 | 16,650,803.01 | | Financial Expenses | 12,354,496.54 | 12,409,740.98 | | Investment Income | 1,591,719.61 | 2,693,127.05 | | Net Profit | -16,525,594.44 | -16,742,396.79 | | Basic EPS (CNY/share) | -0.02 | -0.02 | [Parent Company Cash Flow Statement](index=17&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In Q1 2023, parent company net cash flow from operating activities turned negative at **-CNY 26.12 million**, and net cash flow from investing activities was **-CNY 70.27 million** due to increased investments Parent Company Cash Flow Statement Key Data (January-March 2023) | Item | Q1 2023 (CNY) | Q1 2022 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -26,118,851.69 | 41,909,899.88 | | Net Cash Flow from Investing Activities | -70,270,091.13 | 180,028,309.77 | | Net Cash Flow from Financing Activities | -51,203,801.17 | -45,670,941.58 | | Net Increase in Cash and Cash Equivalents | -147,592,743.99 | 176,267,268.07 | | Cash and Cash Equivalents at Period End | 111,131,539.59 | 227,587,059.42 | - Parent company's **net cash flow from operating activities** shifted from positive to negative year-over-year, primarily due to increased cash paid for other operating activities[37](index=37&type=chunk) - Cash paid for investments in investing activities significantly increased from **CNY 1 million** in the prior year to **CNY 165 million**, leading to a substantial decrease in **net cash flow from investing activities**[37](index=37&type=chunk) [Adjustments to Financial Statements at the Beginning of the First Year of Application of New Accounting Standards or Interpretations](index=18&type=section&id=Adjustments%20to%20Financial%20Statements%20at%20the%20Beginning%20of%20the%20First%20Year%20of%20Application%20of%20New%20Accounting%20Standards%20or%20Interpretations) The company's first-time adoption of new accounting standards or interpretations from 2023 does not involve adjustments to the financial statements at the beginning of the first year of application - Not applicable for adjustments to financial statements at the beginning of the first year of application of new accounting standards or interpretations[38](index=38&type=chunk)

Financial Performance - In 2022, the company's consolidated financial statements reported a net profit attributable to shareholders of CNY 57,149,843.08, a decrease of 45.72% compared to CNY 105,290,472.76 in 2021[9] - The company's operating revenue for 2022 was CNY 1,269,006,822.91, representing a decline of 13.73% from CNY 1,470,952,179.44 in 2021[25] - The net profit after deducting non-recurring gains and losses was -0.07 RMB per share in 2022, a decrease of 800% from 0.01 RMB per share in 2021[26] - Basic earnings per share decreased by 46.67% to 0.08 RMB per share in 2022 compared to 0.15 RMB per share in 2021[26] - The weighted average return on equity dropped by 3.31 percentage points to 3.53% in 2022 from 6.84% in 2021[26] - The company faced a significant decline in net profit excluding non-recurring gains and losses, reporting CNY -47,734,946.48 in 2022 compared to CNY 6,251,328.14 in 2021[25] - The company reported a cumulative distributable profit of CNY -1,027,534,412.97 as of December 31, 2022, indicating a significant deficit[9] - The company will not distribute profits or increase capital reserves for the fiscal year 2022, pending approval at the annual shareholders' meeting[9] Cash Flow and Assets - The net cash flow generated from operating activities increased by 63.17% to CNY 334,712,419.62 in 2022, compared to CNY 205,136,075.53 in 2021[25] - As of December 31, 2022, total assets amounted to CNY 4,897,379,513.65, a decrease of 3.03% from CNY 5,050,595,734.03 at the end of 2021[25] - The net assets attributable to shareholders increased by 3.59% to CNY 1,649,818,656.94 at the end of 2022, compared to CNY 1,592,668,813.86 at the end of 2021[25] - Cash and cash equivalents increased to CNY 411,341,357.59, a 222.58% increase compared to the previous period[84] - Short-term borrowings rose to CNY 1,024,625,151.93, reflecting a 65.49% increase due to changes in borrowing structure[85] Business Operations and Strategy - The company faced challenges due to economic downturns and insufficient market demand but continued to optimize its core business and expand its market presence[35] - The company completed 100% of the 38 key reform tasks under the state-owned enterprise reform "three-year action" plan by the end of October 2022[36] - The company implemented a market-oriented reform mechanism across its subsidiaries, enhancing management and performance evaluation systems[36] - The company emphasized brand cultivation, increasing market share and brand influence through outdoor advertising and strategic partnerships[38] - The company achieved zero major safety incidents throughout the year by enhancing production site management and safety protocols[45] Research and Development - The company applied for 6 utility model patents and received 5 invention patents and 8 utility model patents in 2022[42] - The company’s R&D expenses were CNY 15,624,235.71, a decrease of 13.45% compared to the previous year[59] - The number of R&D personnel is 86, making up 4.09% of the total workforce[75] - The company has applied for 38 effective patents and completed over 40 R&D projects in collaboration with universities and research institutes[77] Environmental and Social Responsibility - The company invested 1,606,000 CNY in environmental protection initiatives during the reporting period[169] - The company emphasizes ecological priority and green development, particularly in its natural mineral water business[170] - The company completed the provincial-level green factory certification and enhanced its energy management system to improve production efficiency and reduce emissions[172] - The company actively cooperated with regulatory bodies, ensuring compliance with relevant laws and regulations, and did not face any regulatory penalties in 2022[175] Corporate Governance - The company has established a comprehensive internal control system and governance structure to comply with legal regulations and protect shareholder rights[121] - The company held 2 shareholder meetings and 20 board meetings during the reporting period, ensuring compliance with legal and procedural requirements[122] - The company has revised several internal governance documents to improve operational efficiency and compliance with laws and regulations[123] - The company has established specialized committees under the board, including Audit, Nomination, Compensation and Assessment, and Strategy Committees[147] Market Outlook - The company is positioned to benefit from the long-term growth of the natural mineral water industry due to the ongoing transformation of the Chinese economy and consumer demand upgrades[104] - The company forecasts that the overall industry growth trend will continue to align with or exceed the nominal GDP growth rate, with the natural mineral water segment expected to capture 50% to 66% of the packaged drinking water market in the long term[105] - The company aims to maintain high-quality rapid growth in its mineral water business by focusing on the Jilin market and expanding into Liaoning and Heilongjiang provinces[114] Related Party Transactions - The total amount of related party transactions for purchasing materials was 94,782,706.59 CNY, accounting for 47.39% of the expected total[198] - The total amount of related party transactions for selling materials and mineral water was 113,694,952.55 CNY, which is 56.85% of the expected total[198] - The company reported an asset disposal gain of 19,975,700 CNY from the transfer of Hongshi Forestry Branch, which is 34.95% of the latest audited net profit[199]