Financial Performance - The company's operating revenue for the first half of 2022 was ¥601,508,597.17, representing a 10.39% increase compared to ¥544,883,848.02 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was -¥55,080,217.04, an improvement from -¥97,719,597.12 in the previous year[21]. - The basic earnings per share for the first half of 2022 was -¥0.0837, an improvement from -¥0.1486 in the same period last year[21]. - The weighted average return on net assets was -2.03%, an increase of 1.40 percentage points compared to -3.43% in the previous year[21]. - The company reported a significant drop in investment income, down 78.83% to $645,026.57 from $3.05 million in the previous year[39]. - The company recorded a total comprehensive loss of CNY 53,979,845.05 for the first half of 2022, compared to a loss of CNY 97,453,883.31 in the same period of 2021, reflecting a 44.5% improvement[127]. - The company reported a net loss of ¥80,344,444.12 for the first half of 2022, compared to a net loss of ¥122,028,942.87 in the same period of 2021, representing a 34% improvement in net loss year-over-year[129]. Cash Flow and Assets - The net cash flow from operating activities was -¥302,306,666.86, compared to -¥197,140,901.88 in the same period last year[21]. - The company's cash and cash equivalents decreased from 887,668,548.00 RMB to 513,395,777.48 RMB, a decline of approximately 42.3%[109]. - Total assets decreased from ¥3,865,775,716.76 to ¥3,526,842,537.59, a decline of approximately 8.8%[112]. - The company recorded cash inflows from investment activities of ¥71,592,311.89, a significant decrease from ¥407,974,892.32 in the previous year, indicating a decline of about 82.5%[138]. - The ending balance of cash and cash equivalents was 415,071,516.38 RMB, down from 713,860,917.79 RMB, reflecting a decrease of about 42%[145]. Operational Efficiency and Strategy - The company expanded its e-commerce business, focusing on platforms like Douyin, which improved product conversion and click rates[33]. - The company has implemented a comprehensive budget management system to enhance management efficiency[35]. - The company plans to focus on improving operational efficiency and exploring new market opportunities to enhance future performance[129]. Environmental Responsibility - The company is classified as a key pollutant discharge unit in Anhui Province, but not at the national level, and has improved its environmental protection measures[61]. - The wastewater treatment facility has been upgraded to handle 250 tons of high-concentration organic wastewater daily, ensuring compliance with national discharge standards[65]. - The company is implementing a carbon reduction plan, utilizing solar energy and biogas to minimize carbon emissions[75]. - The company is actively promoting green production practices and has created a 3A level scenic area within its factory premises[74]. Shareholder and Corporate Governance - The company is not distributing profits or increasing capital reserves, indicating no dividend or stock bonus for shareholders[59]. - The total number of common shareholders as of the end of the reporting period is 116,939[99]. - The company maintained a good integrity status for itself and its controlling shareholders during the reporting period[84]. - The company introduced strategic investor China Resources Strategic Investment Co., Ltd. for long-term joint cooperation, without changing the controlling shareholder[92]. Research and Development - The company has established partnerships with universities for technology research and development, enhancing its innovation capabilities[30]. - Research and development expenses were reduced by 9.19% to $12.37 million from $13.62 million in the previous year[39].

Financial Performance - In 2021, the company achieved a total revenue of RMB 1,211,286,174.72, representing a 16.70% increase compared to RMB 1,037,929,417.75 in 2020[23]. - The net profit attributable to shareholders of the listed company was a loss of RMB 166,407,904.84, a decrease of 339.76% from a profit of RMB 69,406,112.43 in 2020[23]. - The net cash flow from operating activities was negative RMB 456,112,885.38, worsening from negative RMB 160,287,803.41 in the previous year[23]. - The total assets at the end of 2021 were RMB 3,865,775,716.76, a slight increase of 0.20% from RMB 3,857,937,591.00 at the end of 2020[24]. - The company's net assets attributable to shareholders decreased by 5.49% to RMB 2,735,200,814.40 from RMB 2,894,156,489.80 in 2020[24]. - The basic earnings per share for 2021 was negative RMB 0.25, a decline of 327.27% from RMB 0.11 in 2020[25]. - The weighted average return on equity was negative 5.92%, a decrease of 8.35 percentage points from 2.43% in 2020[25]. - The company plans not to distribute cash dividends for 2021 due to its current operating and financial conditions[6]. Revenue Breakdown - The company achieved operating revenue of ¥1,211,286,174.72, representing a year-on-year growth of 16.70%[44]. - The company's main business revenue from the liquor industry reached approximately ¥738.11 million, with a gross margin of 42.05%, showing a slight increase of 0.04 percentage points compared to the previous year[50]. - The pharmaceutical segment generated revenue of approximately ¥458.24 million, with a gross margin of 6.94%, which decreased by 0.02 percentage points year-on-year[50]. - The revenue from high-end liquor was approximately ¥342.70 million, with a gross margin of 51.80%, reflecting a decrease of 1.38 percentage points compared to the previous year[50]. - The revenue from ordinary liquor was approximately ¥395.41 million, with a gross margin of 33.61%, which increased by 0.28 percentage points year-on-year[50]. - The company's total revenue from domestic sales was approximately ¥1.11 billion, with a gross margin of 27.36%, an increase of 1.57 percentage points compared to the previous year[50]. Research and Development - The company achieved a total of 25 authorized patents in 2021, including 4 invention patents, reflecting its commitment to research and development[37]. - Research and development expenses surged by 241.35% to ¥30,459,904.50, reflecting increased investment in new product development[46]. - The company reported a total R&D investment of approximately ¥31.00 million, accounting for 2.56% of total revenue, with capitalized R&D expenses making up 1.75% of the total[58]. - The company has initiated 10 R&D projects in the light industry, with a total budget of 10.86 million yuan, primarily aimed at improving the quality and production processes of liquor[61]. - In the biomedicine sector, R&D projects are concentrated on chemical drug development and innovative drug technologies, which are expected to enhance product quality and safety[63]. Market Strategy and Expansion - The company is actively expanding its market presence and exploring new marketing strategies in the liquor industry[33]. - The company plans to enhance its marketing strategy by focusing on high-end products and expanding its presence in the Yangtze River Delta and Pearl River Delta markets[79]. - The company aims to achieve a sales revenue of 5 billion RMB by the end of the 14th Five-Year Plan, focusing on high-end product development and market expansion[106]. - The company is focusing on product differentiation and innovation to adapt to changing consumer demands and enhance market competitiveness[105]. - The company is exploring potential acquisition opportunities to enhance its market position, with a focus on companies that align with its strategic goals[129]. Operational Efficiency - The company has implemented an ERP system and other management information systems to enhance operational efficiency and management quality[35]. - The company is committed to improving organizational efficiency and talent acquisition to support its strategic goals[106]. - The company is focusing on organizational transformation and talent optimization to enhance its operational efficiency[109]. - The company has developed a risk management framework to enhance financial warning capabilities and strengthen fund usage supervision[155]. - The company has established a comprehensive internal control system, which was independently audited and received a standard unqualified opinion for the year 2021[154]. Environmental and Social Responsibility - The company has received the title of "Environmental Integrity Enterprise" in Anhui Province for its commitment to environmental protection[165]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[165]. - The company donated 100,000 yuan to improve infrastructure and environmental governance in local villages as part of its social responsibility initiatives[170]. - The company dispatched two village work teams to support poverty alleviation efforts in Linquan County, ensuring steady income growth for impoverished households[171]. - A total of 100,000 yuan was donated to enhance environmental governance and promote rural civilization, receiving positive feedback in the county's environmental assessment[172]. Governance and Management - The company has established a robust governance structure to ensure compliance with legal and regulatory requirements, enhancing transparency and accountability[120][122]. - The company is committed to maintaining independence from its controlling shareholder, ensuring no interference in its operational decisions[124]. - The company maintains "five independences" in personnel, assets, finance, organization, and business from its controlling shareholder[125]. - The company has a structured remuneration decision process involving the board's compensation and assessment committee[134]. - The company emphasizes performance-based remuneration linked to operational performance and responsibilities[134].

Financial Performance - In 2021, the company achieved a total operating revenue of RMB 1,211,286,174.72, representing a 16.70% increase compared to 2020[23] - The net profit attributable to shareholders of the listed company was a loss of RMB 166,407,904.84, a decrease of 339.76% from the previous year[23] - The net cash flow from operating activities was negative RMB 456,112,885.38, worsening from a negative RMB 160,287,803.41 in 2020[23] - Basic earnings per share for 2021 was -0.25 CNY, a decrease of 327.27% compared to 2020[27] - The company's net profit attributable to shareholders for Q4 2021 was -22,165,442.07 CNY, with a total annual net profit of -166,407,905.84 CNY[28] - The weighted average return on equity for 2021 was -5.92%, a decrease of 8.35 percentage points from 2020[27] - The total operating cost for the year was ¥1,393,785,260.48, an increase of 13.38% compared to the previous year[49] - The company reported a net cash flow from operating activities of -¥456,112,885.38, a significant decline from -¥160,287,803.41 in the previous year[52] - The company reported a total revenue of 5.6 billion in the last fiscal year, reflecting a growth of 3.82% compared to the previous year[138] Assets and Liabilities - As of the end of 2021, the total assets amounted to RMB 3,865,775,716.76, a slight increase of 0.20% from the end of 2020[26] - The net assets attributable to shareholders of the listed company decreased by 5.49% to RMB 2,735,200,814.40 compared to the end of 2020[26] - Accounts receivable increased by 59.77% compared to the previous period, mainly due to the growth in sales revenue and corresponding increase in unsettled receivables[70] - Inventory increased by 38.44% compared to the previous period, primarily due to an increase in semi-finished products[70] - Long-term equity investments increased by 100.00% compared to the previous period, primarily due to increased investments in joint ventures[70] Research and Development - The company introduced 25 patents in 2021, including 4 invention patents, and received several awards for its products and innovations[41] - Research and development expenses surged by 241.35% to ¥30,459,904.50, reflecting increased investment in new product development[52] - The company has established multiple research and development platforms in collaboration with universities, enhancing its technological capabilities[48] - The company is prioritizing research and development in pharmaceuticals, aiming to improve its competitive framework[111] - The company invested approximately ¥31.00 million in research and development, accounting for 2.56% of total revenue[64] Market and Sales - The company focused on product innovation and market expansion, particularly in the high-quality liquor segment, achieving steady sales growth[36] - The company's total revenue from the liquor industry was approximately ¥738.11 million, a decrease of 24.75% year-over-year[55] - The pharmaceutical segment generated revenue of approximately ¥458.24 million, with a year-over-year increase of 6.13%[55] - Revenue from direct sales was approximately ¥17.54 million, with a significant decrease in gross margin by 10.67 percentage points[55] - Revenue from distribution sales was approximately ¥1.18 billion, with a gross margin increase of 1.58 percentage points year-over-year[55] Operational Strategies - The company plans not to distribute cash dividends for 2021 due to its current operational and financial conditions[6] - The company has no plans for capital reserve transfers to increase share capital for the year[6] - The company has outlined potential risks in its future development strategy, urging investors to be cautious[11] - The company aims to explore new marketing channels, including e-commerce and live streaming, to expand sales[83] - The company plans to enhance its online operations by leveraging various social media platforms to attract more customers[93] Governance and Management - The company has established an investor relations management system to ensure equal information access for all shareholders[131] - The supervisory board members fulfill their duties effectively, overseeing the company's financial status and compliance with legal regulations[127] - The company has implemented measures to respect and protect the rights of stakeholders, including employees, customers, and suppliers[127] - The company has a comprehensive information disclosure management system to ensure timely and accurate reporting[128] - The board of directors and supervisory board operate independently, adhering to the "five independences" principle regarding personnel, assets, finance, institutions, and business[126] Environmental Responsibility - The company has implemented a green production strategy, with 30% of total electricity consumption coming from clean energy sources like photovoltaic and biogas power[185] - The company received the title of "Environmental Integrity Enterprise" from the Anhui Provincial Environmental Protection Department for its commitment to environmental standards[183] - The company has a comprehensive environmental emergency response plan, which has been regularly updated and practiced[179] - The company has installed an online monitoring system for real-time environmental data reporting to local environmental authorities[180] - The company has implemented a carbon reduction plan in line with carbon peak and carbon neutrality requirements, optimizing energy structure and utilizing solar and biogas power to lower carbon emissions[186] Social Responsibility - The company has actively participated in public welfare activities, supporting over 7,600 impoverished students through educational assistance programs over the past 17 years[189] - The company has set up two village work teams to implement targeted poverty alleviation measures, ensuring steady income growth for impoverished households[190] - The company donated 100,000 yuan to improve infrastructure and environmental governance in rural areas, supporting poverty alleviation and rural revitalization efforts[190] - The company has focused on developing small micro-industries and planning rural revitalization projects, including establishing toy and e-commerce service companies[190] Future Outlook - Future outlook indicates a projected revenue growth of 10% for the upcoming fiscal year, driven by new product launches and market expansion strategies[140] - The company aims to achieve sales revenue of 5 billion yuan by the end of the 14th Five-Year Plan period, with a strategic focus on product differentiation and innovation[105] - A new product line is set to launch in Q2 2022, expected to generate an additional 500 million in revenue[140] - The company has completed two strategic acquisitions in the past year, enhancing its product portfolio and market presence[140]

Financial Performance - The company's operating revenue for Q1 2022 was ¥344,642,502.13, representing a year-on-year increase of 17.05%[6] - The net profit attributable to shareholders was -¥12,545,004.17, indicating a loss compared to the previous year[6] - The net profit for Q1 2022 was -12,239,161.55 RMB, compared to -48,062,586.34 RMB in Q1 2021, showing an improvement of approximately 74.5% year-over-year[31] - The company reported a net profit margin of approximately 5.0% for Q1 2022, based on the total revenue and operating costs[27] - Operating profit for Q1 2022 was -12,236,139.19 RMB, significantly improved from -46,268,490.42 RMB in Q1 2021, indicating a reduction in operating losses by about 73.6%[31] - The total comprehensive income for Q1 2022 was -12,239,161.55 RMB, compared to -48,062,586.34 RMB in Q1 2021, showing a significant improvement[33] Cash Flow and Liquidity - The net cash flow from operating activities was -¥159,184,752.51, showing a significant cash outflow[6] - The cash flow from operating activities in Q1 2022 was -159,184,752.51 RMB, compared to -138,880,770.79 RMB in Q1 2021, reflecting a decline in cash flow performance[37] - The total cash and cash equivalents at the end of Q1 2022 were 611,550,942.86 RMB, down from 982,579,642.38 RMB at the end of Q1 2021, a decrease of approximately 37.7%[39] - The company reported a net cash outflow from investing activities of -62,256,251.63 RMB in Q1 2022, contrasting with a net inflow of 126,022,869.18 RMB in Q1 2021[37] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,687,430,478.36, a decrease of 4.61% from the end of the previous year[8] - Total assets decreased to CNY 3,687,430,478.36 as of March 31, 2022, from CNY 3,865,775,716.76 at the end of 2021, a decline of 4.6%[25] - Total liabilities as of March 31, 2022, were CNY 954,758,637.11, down from CNY 1,121,881,570.94 at the end of 2021, a decrease of 15.0%[27] - Shareholders' equity totaled CNY 2,732,671,841.25 as of March 31, 2022, compared to CNY 2,743,894,145.82 at the end of 2021, a slight decrease of 0.4%[27] Research and Development - The company's R&D expenses increased by 46.80% due to higher investment in research and development activities[12] - Research and development expenses increased to 7,819,598.36 RMB in Q1 2022, up from 5,326,818.38 RMB in Q1 2021, marking a rise of approximately 46.9%[31] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 124,714, with the largest shareholder holding 27.10% of the shares[16] - The company reported a basic and diluted earnings per share of -¥0.0191 for the period[8] - Basic and diluted earnings per share for Q1 2022 were both -0.0191 RMB, compared to -0.0740 RMB in Q1 2021, indicating a reduction in losses per share[33] Revenue and Costs - Total revenue for Q1 2022 was CNY 344,642,502.13, an increase of 17.0% compared to CNY 294,447,082.27 in Q1 2021[27] - Total operating costs for Q1 2022 were CNY 366,698,305.00, up from CNY 349,738,972.11 in Q1 2021, reflecting a rise of 4.0%[27] - Total revenue from sales and services received in Q1 2022 was 327,985,546.81 RMB, down from 363,776,495.57 RMB in Q1 2021, representing a decrease of about 9.8%[33] Future Outlook - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[27] Other Financial Metrics - The weighted average return on net assets was -0.46%, a decrease of 1.24 percentage points compared to the previous year[8] - The financial expenses increased due to higher interest income from time deposits compared to the same period last year[12] - The total tax expenses for Q1 2022 were 385,756.26 RMB, significantly lower than 2,418,780.62 RMB in Q1 2021, indicating a reduction of approximately 84.0%[31] - Cash and cash equivalents as of March 31, 2022, were CNY 665,851,342.86, down from CNY 887,668,548.00 at the end of 2021, a decrease of 25.0%[21] - Accounts receivable increased to CNY 169,760,094.80 in Q1 2022 from CNY 143,475,217.52 in Q1 2021, representing a growth of 18.3%[21] - Inventory as of March 31, 2022, was CNY 1,300,849,567.52, slightly down from CNY 1,341,851,967.67 at the end of 2021, a decrease of 3.1%[21] - The company experienced a 156.23% increase in advance receipts, indicating a rise in pre-collected rental income[12]

Financial Performance - The company's revenue for Q3 2021 was ¥261,773,493.31, representing a year-on-year increase of 3.18%[7] - The net profit attributable to shareholders was -¥46,522,865.65, a decrease of 8.14% compared to the same period last year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥52,773,206.66, a decrease of 2.77% year-on-year[7] - Total operating revenue for the first three quarters of 2021 reached ¥806,657,341.33, an increase of 21.5% compared to ¥663,452,965.13 in the same period of 2020[32] - Net profit for the first three quarters of 2021 was -¥143,689,598.32, worsening from -¥103,966,793.27 in the same period of 2020[36] - Basic and diluted earnings per share for the first three quarters of 2021 were -0.2193, compared to -0.1596 in the same period of 2020[36] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,886,321,497.64, an increase of 0.74% compared to the end of the previous year[10] - Current assets totaled CNY 2,646,239,119.70, up from CNY 2,510,952,123.49 year-over-year[27] - Inventory increased to CNY 1,243,193,519.98 from CNY 969,274,139.53, reflecting a growth of approximately 28.2%[23] - Total liabilities reached CNY 1,122,130,053.82, compared to CNY 956,026,612.77 in the previous year, indicating a rise of about 17.4%[30] - The total equity attributable to shareholders decreased to CNY 2,755,884,090.93 from CNY 2,894,156,489.80, a decline of approximately 4.8%[30] Cash Flow - The net cash flow from operating activities for the year-to-date period was -¥313,560,840.06, indicating increased expenditures on materials and taxes compared to the same period last year[12] - The net cash flow from operating activities was -¥313,560,840.06, compared to -¥143,822,067.59 in the previous year[42] - Cash inflow from investment activities totaled ¥549,375,357.00, an increase from ¥401,741,400.23 in the same period last year[42] - The company reported a net cash flow from investment activities of ¥33,930,065.29, recovering from a loss of -¥275,389,191.08 in the previous year[42] - The company incurred a total of ¥985,792,260.47 in cash outflows from operating activities, compared to ¥872,369,189.27 in the previous year[42] - Total cash outflow from financing activities was $22,180,000, compared to $7,079,655 in the previous period[44] - Net cash flow from financing activities was -$22,180,000, reflecting a significant increase in outflows compared to -$7,079,655 previously[44] - The net increase in cash and cash equivalents was -$301,810,774.77, an improvement from -$426,290,913.67 in the prior period[44] - The beginning cash and cash equivalents balance was $995,287,543.99, down from $1,125,094,702.13 year-over-year[44] - The ending cash and cash equivalents balance stood at $693,476,769.22, slightly lower than $698,803,788.46 in the previous period[44] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 127,378[13] - The basic earnings per share for the year-to-date period was -¥0.0707, a decrease of 8.25% year-on-year[10] - The diluted earnings per share for the year-to-date period was also -¥0.0707, reflecting the same decrease of 8.25%[10] Government Support - The company received government subsidies amounting to ¥2,821,440.87 during the reporting period[12] Research and Development - Research and development expenses surged to ¥20,538,879.66, a significant increase of 287.5% compared to ¥5,289,705.29 in the previous year[32]

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥544.88 million, representing a 32.98% increase compared to ¥409.74 million in the same period last year[16]. - The net profit attributable to shareholders of the listed company was a loss of approximately ¥97.72 million, compared to a loss of ¥54.36 million in the same period last year[16]. - The net cash flow from operating activities was a negative ¥197.14 million, worsening from a negative ¥123.84 million in the previous year[16]. - The total assets at the end of the reporting period were approximately ¥3.86 billion, showing a slight increase of 0.05% from ¥3.86 billion at the end of the previous year[16]. - The net assets attributable to shareholders of the listed company decreased by 3.34% to approximately ¥2.80 billion from ¥2.89 billion at the end of the previous year[16]. - The basic earnings per share for the first half of 2021 was -¥0.1486, compared to -¥0.0826 in the same period last year[17]. - The weighted average return on net assets was -3.43%, a decrease of 1.49 percentage points from -1.94% in the previous year[17]. - The operating cost increased by 39.58% to ¥405,279,424.45 from ¥290,357,205.45 year-on-year[31]. - The company reported a significant increase in accounts receivable by 83.14% to ¥164,463,339.16[35]. - The company reported a significant increase in tax and additional charges, totaling RMB 60,825,796.49 in the first half of 2021, compared to RMB 45,238,093.94 in the same period of 2020[100]. Innovation and Development - The company has applied for 17 technology patents in the first half of 2021, including 8 invention patents and 9 utility model patents, showcasing its commitment to innovation[28]. - The company launched the new product "金种子馥合香" which is positioned as a premium product in the Anhui market, enhancing brand visibility and consumer engagement[27]. - The company achieved a cost saving of ¥750,000 in electricity expenses through enhanced energy management practices in the first half of 2021[29]. - The company’s R&D expenses increased by 256.71% to ¥13,616,105.06 compared to the previous year[32]. - Research and development expenses increased significantly to ¥13,616,105.06, compared to ¥3,817,160.60 in the previous year, highlighting a focus on innovation[96]. Market Strategy and Expansion - The company is focusing on expanding its market presence in new regions such as Hainan and Shenzhen while enhancing its existing market strategies[27]. - The company has established a digital marketing system and opened flagship stores on platforms like Kuaishou and Douyin to enhance brand exposure and sales[27]. - The company plans to expand its market presence and invest in new product development to drive future growth[120]. - The company aims to enhance its operational efficiency and explore potential mergers and acquisitions to strengthen its market position[120]. Environmental Responsibility - The company has received the title of "Environmental Integrity Enterprise" for 2020 from Anhui Province, highlighting its commitment to environmental protection[55]. - The company has implemented a comprehensive environmental emergency response plan, which has been reviewed and approved by experts, with no environmental incidents reported[53]. - The company has installed an online monitoring system for real-time pollution monitoring, ensuring compliance with national environmental regulations[54]. - The company has adopted green production practices, including the use of green materials and designs, contributing to its environmental responsibility[59]. - The company has implemented a carbon reduction plan in line with carbon peak and carbon neutrality requirements, optimizing energy structure and adopting clean production methods[60]. Financial Management and Shareholder Information - The company does not plan to distribute profits or increase capital reserves during the reporting period[4]. - The company and its controlling shareholders have maintained good credit status with no records of dishonesty during the reporting period[71]. - There have been no significant lawsuits or arbitration matters during the reporting period[71]. - The total number of ordinary shareholders as of the end of the reporting period is 168,597[78]. - The top ten shareholders include Anhui Jinzhongzi Group Co., Ltd. holding 178,257,084 shares, representing 27.10% of total shares[80]. Operational Efficiency - The company’s management expenses decreased by 10.08% to ¥55,340,946.02 compared to ¥61,544,779.21 in the previous year[31]. - The company reported a financial income of ¥10,597,271.47, down from ¥13,512,951.41 in the previous year, indicating a decline in interest income[96]. - The company incurred financial expenses of RMB -9,992,743.43 in the first half of 2021, an improvement from RMB -12,995,790.05 in the first half of 2020[100]. - The net cash flow from operating activities was -¥163,483,900.31, compared to -¥94,924,858.98 in the previous period, indicating a decline in operational efficiency[108]. Community Engagement and Social Responsibility - The company has sent the eighth batch of village work teams to assist in poverty alleviation and has organized orderly COVID-19 vaccinations for villagers[62]. - The company has encouraged 28 households to engage in specialty planting and 3 households in specialty breeding, ensuring steady income growth for poverty-stricken families[62]. - The company has developed small micro-industries, creating a toy processing factory and an e-commerce service company, which has provided jobs for 26 poverty-stricken households[62]. - The company is planning rural revitalization projects, including goat farming and the establishment of specialty planting bases for ginger, watermelon, and vegetables[62]. Accounting and Financial Reporting - The company’s financial statements are prepared based on the going concern principle, ensuring compliance with accounting standards[138]. - The company’s accounting policies are aligned with enterprise accounting standards, reflecting its financial position and operating results accurately[140]. - The company recognizes the impact of internal transactions between the parent and subsidiaries, fully confirming any impairment losses related to relevant assets[149]. - The company has implemented the revised accounting standards for financial instruments since January 1, 2019, which includes the classification of financial assets as FVTOCI for those that meet the SPPI test[186].

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 69,406,112.43 in 2020, a significant recovery from a net loss of RMB 204,497,795.95 in 2019[7]. - Operating revenue for 2020 was RMB 1,037,929,417.75, representing a year-on-year increase of 13.55% compared to RMB 914,102,046.44 in 2019[28]. - The net cash flow from operating activities was negative at RMB -160,287,803.41, although it improved from RMB -174,927,554.72 in 2019[28]. - The company reported a net profit of RMB -113,773,586.19 after deducting non-recurring gains and losses, compared to RMB -228,352,014.31 in the previous year[28]. - The total operating costs for the year were ¥1,229,354,170.14, an increase of 16.43% compared to the previous year[59]. - The company reported a significant decrease in credit impairment losses by 78.86% in 2020 compared to 2019, due to the recovery of previously written-off receivables[64]. - The company reported a net profit attributable to the parent company of 69,406,112.43 RMB for 2020, with a negative net cash flow from operating activities of -160,287,803.41 RMB[151]. Dividend and Profit Distribution - The company plans not to distribute cash dividends for 2020 due to negative cash flow and ongoing funding needs for business development[7]. - The company did not propose a profit distribution plan for 2020, aligning with its profit distribution policy and current operational status, with a net profit of ¥69,406,112.43 for the year[154]. - The company has not proposed a cash profit distribution plan despite having positive distributable profits, citing the need for substantial investments in production and market development[155]. - The company plans to utilize undistributed profits for production and market development investments, in line with its project investment and market operation plans[158]. Assets and Liabilities - The total distributable profit as of December 31, 2020, was RMB 819,188,822.23 after allocating RMB 7,111,556.30 to statutory surplus reserves[7]. - The net assets attributable to shareholders of the listed company increased to ¥2,894,156,489.80, a rise of 2.40% compared to ¥2,826,233,274.58 from the previous year[31]. - Total assets reached ¥3,857,937,591.00, reflecting a growth of 5.87% from ¥3,643,891,060.02 in the prior year[31]. - Trading financial assets increased by 379.93% compared to the previous period, reaching 341,272,958.90 RMB, accounting for 8.85% of total assets[85]. - Accounts receivable rose by 53.90% to 89,802,619.93 RMB, representing 2.33% of total assets, primarily due to increased sales revenue[86]. - Contract liabilities grew by 100.00% to 129,203,399.26 RMB, reflecting the implementation of new revenue recognition standards[86]. - Tax payable increased by 136.36% to 42,271,019.83 RMB, driven by higher sales revenue and corresponding consumption tax accruals[86]. Sales and Market Performance - The company achieved operating revenue of ¥1,037,929,417.75, representing a year-on-year increase of 13.55%[59]. - Sales of liquor increased by ¥80,411,200, a growth rate of 15.73%, despite the impact of the pandemic[59]. - The company’s direct sales revenue reached 15,591,972.07 RMB, an increase from 11,972,412.09 RMB, with a sales volume of 155.58 thousand liters[103]. - The company’s sales revenue in the domestic market accounted for 85.06% of total sales, with 50,329.01 RMB, compared to 42,023.96 RMB in the previous period[105]. - The company's revenue from mid-to-high-end liquor was approximately ¥258.95 million, a year-on-year decrease of 32.16%, while revenue from ordinary liquor was approximately ¥332.70 million, a year-on-year increase of 156.87%[115]. Research and Development - The company received 19 patents during the year, indicating a strong focus on innovation and R&D[54]. - Research and development expenses decreased by 48.08% in 2020 compared to 2019, attributed to reduced investment in R&D[64]. - The total R&D investment accounted for 0.91% of total revenue, with 50 R&D personnel representing 1.72% of the total workforce[79]. Strategic Initiatives - The company is expanding its market presence in regions such as Hunan, Hainan, and Shanghai, enhancing its national brand strategy[52]. - The company plans to enhance its online sales strategy by expanding into live streaming and social e-commerce platforms, aiming to develop independent online products[111]. - The company is focusing on expanding its market presence and enhancing brand management to support its main distributors[109]. - The company aims to achieve a sales revenue of 5 billion RMB by the end of the "14th Five-Year Plan" period, with a focus on developing the core product line of fragrant liquor[132]. - For 2021, the company plans to achieve an annual sales revenue of 1.3 billion RMB, emphasizing the cultivation of its core product market and targeting mainstream price points in Anhui Province[133]. Social Responsibility and Community Engagement - The company assisted 7 households and 17 individuals in poverty alleviation in Xingshuang Village, bringing the total number of impoverished households to 176 and individuals to 623[185]. - The company helped sell agricultural products worth 310,000 RMB throughout the year, contributing to the income of impoverished families[187]. - The company invested 3 million RMB in industry poverty alleviation projects, helping 8 individuals escape poverty[190]. - The company plans to continue implementing the "Four Noes" policy to consolidate poverty alleviation results and ensure quality[194]. - The company emphasizes social responsibility by integrating it into development strategies and daily operations, focusing on technological innovation and quality management[197]. Risk Management - The company faces risks related to economic fluctuations, raw material price volatility, and competition from high-end liquor brands[142][146][147]. - The company is committed to optimizing its organizational structure and enhancing employee motivation through a market-oriented recruitment and compensation system[139]. Environmental and Operational Efficiency - The company has improved its environmental protection measures, enhancing treatment efficiency and automation levels in 2020[200]. - The company plans to leverage smart manufacturing and information management systems to improve operational efficiency and product quality[140].

Financial Performance - Operating revenue for the period was CNY 294,447,082.27, representing a year-on-year increase of 52.11%[12] - Net profit attributable to shareholders was a loss of CNY 48,646,271.12, compared to a loss of CNY 26,209,954.17 in the same period last year[12] - The company reported a significant increase in operating revenue, indicating potential market expansion strategies[12] - Total operating revenue for Q1 2021 was CNY 294,447,082.27, an increase of 52.2% compared to CNY 193,571,366.34 in Q1 2020[45] - Net profit for Q1 2021 was a loss of CNY 48,062,586.34, compared to a loss of CNY 25,880,209.69 in Q1 2020, representing an increase in loss of 85.5%[48] - The company reported a gross profit margin of approximately -18.7% in Q1 2021, compared to -13.4% in Q1 2020, indicating a decline in profitability[48] - Basic and diluted earnings per share for Q1 2021 were both -0.0740, compared to -0.0398 in Q1 2020, reflecting a worsening financial position[51] - The total comprehensive loss for Q1 2021 was CNY 48,646,271.12, compared to a loss of CNY 26,209,954.17 in Q1 2020, indicating a significant increase in overall losses[51] Cash Flow - The net cash flow from operating activities was a negative CNY 138,880,770.79, worsening from a negative CNY 92,172,630.00 in the previous year[12] - Cash inflow from operating activities for Q1 2021 was CNY 386,361,698.38, a significant increase from CNY 157,271,403.32 in Q1 2020, representing a growth of approximately 145%[59] - Cash outflow from operating activities totaled CNY 525,242,469.17 in Q1 2021, compared to CNY 249,444,033.32 in Q1 2020, indicating an increase of about 110%[59] - Cash inflow from investment activities was CNY 210,954,204.66 in Q1 2021, compared to no inflow in Q1 2020, marking a substantial increase[61] - Net cash flow from investment activities was positive CNY 126,022,869.18 in Q1 2021, a turnaround from negative CNY 6,292,489.15 in Q1 2020[61] - Cash inflow from financing activities was CNY 150,000.00 in Q1 2021, a decrease from CNY 4,920,345.00 in Q1 2020[61] - The net increase in cash and cash equivalents for Q1 2021 was negative CNY 12,707,901.61, compared to negative CNY 93,544,774.15 in Q1 2020, showing an improvement[61] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,834,937,466.26, a decrease of 0.60% compared to the end of the previous year[12] - Total liabilities amounted to ¥980,322,985.40, an increase of 2.7% from ¥956,026,612.77[34] - Total equity attributable to shareholders decreased to ¥2,846,276,307.66 from ¥2,894,156,489.80, reflecting a decline of 1.7%[34] - Current assets totaled ¥2,105,502,135.21, showing an increase of 2.0% compared to ¥2,064,868,984.61[38] - Non-current assets decreased to ¥1,528,120,665.42 from ¥1,544,202,237.91, a decline of 1.0%[41] - The total assets reached ¥3,633,622,800.63, up from ¥3,609,071,222.52, indicating a growth of 0.7%[41] - Total liabilities increased by 7.7% in the current period compared to the previous period[41] - The company reported accounts payable of CNY 391,523,200.38, which is a critical component of its current liabilities[69] Shareholder Information - The total number of shareholders at the end of the reporting period was 164,417[15] - The largest shareholder, Anhui Jinzhongzi Group Co., Ltd., held 27.10% of the shares, totaling 178,257,084 shares[15] - Shareholders' equity totaled CNY 2,901,910,978.23, indicating a strong equity position[72] Research and Development - R&D expenses increased significantly by 347.55% to ¥5,326,818.38 reflecting higher investment in research and development[20] - The company plans to continue investing in R&D to enhance product offerings and market competitiveness[49] Other Income and Expenses - Government subsidies recognized in the current period amounted to CNY 7,398,856.85[15] - The company reported a 5697.05% increase in income tax expenses to ¥2,418,780.62 due to deferred tax matters[20] - Other income from non-operating activities increased by 956.26% to ¥903,819.28, attributed to compensation received[20]

Financial Performance - Net profit attributable to shareholders of the listed company was CNY -105,009,177.18, compared to CNY -71,606,728.81 in the same period last year[18]. - Operating revenue for the first nine months was CNY 663,452,965.13, down 4.30% from CNY 693,257,502.03 year-on-year[18]. - The weighted average return on net assets was -3.79%, a decrease of 0.76 percentage points compared to -3.03% in the previous year[21]. - Total revenue for Q3 2020 reached ¥253,710,652.40, a 35.7% increase from ¥186,858,927.03 in Q3 2019[49]. - Net profit for the first three quarters of 2020 was ¥84,167,163.57, down 42.7% from ¥147,033,263.16 in the same period of 2019[47]. - The net profit for Q3 2020 was a loss of ¥50,460,880.96, worsening from a loss of ¥39,724,468.84 in Q3 2019[56]. - The total profit for Q3 2020 was a loss of ¥50,190,797.07, compared to a loss of ¥42,216,794.76 in Q3 2019[56]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,622,073,682.09, a decrease of 0.60% compared to the end of the previous year[18]. - The company had a total net asset attributable to shareholders of CNY 2,720,599,054.63, down 3.74% from CNY 2,826,233,274.58 at the end of the previous year[18]. - The total liabilities increased to 893,859,141.37 RMB from 811,084,683.26 RMB year-over-year[40]. - The company's total equity decreased to 2,728,214,540.72 RMB from 2,832,806,376.76 RMB in the previous year[40]. - Total current assets amounted to 2,302,081,124.65 RMB, with significant components including inventory at 837,796,101.11 RMB and accounts receivable at 58,350,460.22 RMB[73]. - Total liabilities were reported at 811,084,683.26 RMB, with current liabilities comprising 601,298,055.70 RMB[80]. - The company's equity attributable to shareholders was 2,826,233,274.58 RMB, indicating a strong equity base[80]. Cash Flow - The company reported a net cash flow from operating activities of CNY -143,822,067.59, an improvement from CNY -172,749,346.01 in the previous year[18]. - The company's cash flow from operating activities for the third quarter was -143,822,067.59 RMB, a decrease from -172,749,346.01 RMB in the previous year[31]. - The total cash inflow from operating activities for the first three quarters of 2020 was CNY 728,547,121.68, a decrease of 19.7% compared to CNY 906,973,295.42 in the same period of 2019[64]. - The net cash outflow from operating activities was CNY -143,822,067.59, improving from CNY -172,749,346.01 in the previous year[66]. - The cash inflow from investment activities totaled CNY 401,741,400.23, significantly higher than CNY 61,841,584.00 in the same period last year[67]. - The net cash outflow from investment activities was CNY -275,389,191.08, worsening from CNY -46,040,062.92 in the previous year[67]. - The net cash flow from financing activities was CNY -7,079,655.00, a significant decrease from CNY 565,010,910.89 in the previous year[67]. Research and Development - Research and development expenses decreased by 61.04% to CNY 5,289,705.29 from CNY 13,576,992.80 in the same period last year[28]. - R&D expenses for Q3 2020 were ¥1,472,544.69, a decrease of 46.1% compared to ¥2,727,283.36 in Q3 2019[49]. - Research and development expenses for Q3 2020 were ¥184,360.39, a decrease from ¥672,990.35 in Q3 2019, reflecting a reduction in investment in R&D[59]. Shareholder Information - The total number of shareholders at the end of the reporting period was 81,913[21]. - Shareholders' equity decreased to ¥2,147,417,675.40 from ¥2,211,897,365.28 year-over-year[47]. - The total equity attributable to shareholders was approximately $2.21 billion, reflecting a solid financial position for future growth[85]. Other Income and Expenses - Other income increased by 74.88% to CNY 13,607,571.07 from CNY 7,781,223.21 year-on-year[28]. - Investment income rose by 158.67% to CNY 1,539,095.90 compared to CNY 595,000.00 in the previous year[28]. - The company reported an increase in government subsidies received, contributing to other income growth[32]. - The company experienced an increase in bad debt provisions compared to the previous year, impacting credit impairment losses[32]. - The company reported a financial expense of -¥7,786,308.73 in Q3 2020, an improvement from -¥9,055,000.71 in Q3 2019[59].

Financial Performance - Operating revenue for the first nine months was CNY 663,452,965.13, a decrease of 4.30% year-on-year [8]. - Net profit attributable to shareholders of the listed company was a loss of CNY 105,009,177.18, compared to a loss of CNY 71,606,728.81 in the same period last year [8]. - The weighted average return on net assets was -3.79%, a decrease of 0.76 percentage points compared to the previous year [11]. - The company did not report any significant changes in net profit expectations compared to the previous year [23]. Assets and Equity - Total assets at the end of the reporting period were CNY 3,622,073,682.09, a decrease of 0.60% compared to the end of the previous year [8]. - Net assets attributable to shareholders of the listed company were CNY 2,720,599,054.63, down 3.74% from the previous year [8]. Cash Flow - Cash flow from operating activities was a net outflow of CNY 143,822,067.59, an improvement from a net outflow of CNY 172,749,346.01 in the previous year [8]. - The net cash flow from financing activities decreased to -$7,079,655, compared to $565,010,910.89 in the previous period, reflecting a significant decline of 101.25% [21]. - Operating cash flow from activities increased due to a decrease in cash spent on materials and taxes compared to the previous year [22]. - The net cash flow from investment activities was affected by the purchase of financial products during the reporting period [22]. Research and Development - Research and development expenses decreased by 61.04% to CNY 5,289,705.29 compared to the same period last year [18]. - Research and development expenses decreased compared to the same period last year, indicating a reduction in investment in this area [22]. Income and Expenses - The company reported a significant increase in other income by 74.88% to CNY 13,607,571.07 compared to the previous year [18]. - Investment income rose by 158.67% to CNY 1,539,095.90 compared to the same period last year [18]. - The company experienced a 12.06% increase in operating costs, totaling CNY 480,029,332.81 compared to CNY 428,384,540.95 in the previous year [18]. - Financial income decreased due to a reduction in bank deposit interest income compared to the previous year [22]. - Other income increased due to a rise in government subsidies received during the reporting period [22]. - Investment income increased due to higher returns from financial products during the reporting period [22]. - The fair value change in investment income increased due to the appreciation of trading financial assets purchased during the reporting period [22]. - Credit impairment losses increased due to higher provisions for bad debts compared to the previous year [22].