Financial Performance - The company reported a net profit attributable to shareholders of -51,895,310.28 CNY for 2022, a significant decrease compared to a profit of 3,764,465.64 CNY in 2021, representing a decline of 1,478.56%[6]. - Total revenue for 2022 was 821,056,862.20 CNY, marking a 21.04% increase from 678,350,741.21 CNY in 2021[23]. - The basic earnings per share for 2022 was -0.13 CNY, a decrease of 1,400.00% from 0.01 CNY in 2021[24]. - The weighted average return on equity decreased to -14.85% in 2022, down by 15.48 percentage points from 0.63% in 2021[24]. - The company's net assets attributable to shareholders decreased by 9.09% to 331,752,568.85 CNY at the end of 2022, compared to 364,914,983.16 CNY at the end of 2021[23]. - The company proposed no profit distribution or capital reserve transfer due to negative retained earnings at the end of 2022[6]. - Non-recurring losses totaled RMB -34.23 million for the year, with significant impacts from non-operational activities[27]. - The company achieved operating revenue of 821.06 million yuan, an increase of 21.04% year-on-year[40]. - The net profit attributable to the parent company was -51.90 million yuan, a decrease of 1,478.56% year-on-year[40]. - Operating costs rose to 661.06 million yuan, reflecting a 24.12% increase compared to the previous year[41]. Cash Flow and Operating Activities - The company's cash flow from operating activities showed a net outflow of -404,164,508.99 CNY, worsening by 61.38% compared to -250,448,059.45 CNY in the previous year[23]. - The net cash flow from operating activities was -404.16 million yuan, a decline of 61.38% year-on-year[41]. - The company achieved a cash flow from operating activities of negative RMB 45.84 million in Q1, negative RMB 66.84 million in Q2, negative RMB 64.07 million in Q3, and negative RMB 227.40 million in Q4[25]. Revenue and Sales Performance - In 2022, the company reported a total revenue of RMB 238.77 million in Q1, RMB 112.90 million in Q2, RMB 146.39 million in Q3, and RMB 322.99 million in Q4[25]. - The sales volume of wine decreased by 7.05%, with production volume at 2,242 tons and sales volume at 2,095 tons[45]. - The sales revenue from the "畅饮型" product line was ¥3,739 million, reflecting a year-on-year decline of 2.76%[67]. - The company’s direct sales revenue decreased to ¥35 million from ¥46 million in the previous period, with sales volume dropping from 33 thousand liters to 7 thousand liters[78]. - The wholesale agency sales revenue increased to ¥6,113 million, with a sales volume of 2,088 thousand liters[78]. Market and Economic Conditions - The company faced a decline in wine consumption due to complex economic conditions, prompting it to support distributors and manage inventory effectively[30]. - In 2022, the wine production in China decreased by 21.9% year-on-year, totaling 214,000 kiloliters[34]. - The company’s wine imports decreased by 21.1% in volume and 15.2% in value, totaling 33,675 million liters and $1,438.78 million respectively[61]. - The company is actively supporting distributors to reduce inventory pressure amid a decline in wine consumption[39]. Product Development and Quality Improvement - The company introduced new products such as the 1959 Cold Late Harvest Mountain Grape Wine (18.5°) and the Emerald Fortress 13.5° Late Harvest Mountain Grape Wine, showcasing unique quality and style[29]. - The company emphasized quality improvement through technical upgrades and the introduction of new equipment to enhance product quality[29]. - The company plans to enhance the production of wild mountain grapes, late-harvest grapes, and brandy grapes, aiming to increase the harvest volume and high-quality raw wine production[31]. - New product development focuses on creating products with brand and geographical characteristics, while also adjusting the product structure to include high-end dry wines alongside sweet wines[89]. Marketing and Brand Strategy - The company implemented a dual advertising strategy for online and offline promotions, leveraging e-commerce channels to enhance brand influence[30]. - The company plans to enhance its national marketing system and improve brand reputation to achieve rapid development in the wine business[76]. - The company plans to expand into short video platforms and live streaming sales to enhance brand promotion[39]. - The company is focusing on integrating its brand, products, and channels to achieve operational turnaround and growth[86]. Governance and Compliance - The company has established a comprehensive internal control system to ensure compliance and protect investor rights[32]. - The company adheres to corporate governance standards, ensuring equal rights for all shareholders and maintaining independence from controlling shareholders[95]. - The board of directors is composed in accordance with legal requirements, with independent directors actively participating in governance[96]. - The company is committed to transparent information disclosure, ensuring all shareholders have equal access to relevant information[97]. - The company has implemented a stock incentive plan, which was discussed and approved in the extraordinary general meeting[98]. Legal and Regulatory Issues - The company faced multiple regulatory actions from the China Securities Regulatory Commission and the Shanghai Stock Exchange, including warnings and disciplinary measures[107][108]. - The company has been penalized for failing to disclose guarantee agreements in accordance with regulations, which could lead to significant losses[151]. - The company is involved in a lawsuit with Dandong Industrial involving a guarantee responsibility, with an amount of 85 million yuan, and 3.8161 million yuan of the company's bank deposits have been frozen[147]. - The company has received a regulatory letter from the Shanghai Stock Exchange regarding violations of guarantee matters, emphasizing the need for improved internal controls[149]. Human Resources and Employee Management - The company has a total of 650 employees, with 394 in the parent company and 256 in major subsidiaries[114]. - The workforce includes 232 production personnel, 276 sales personnel, 27 technical staff, 20 financial staff, and 95 administrative staff[115]. - The company emphasizes fairness and incentive in its compensation policy, linking employee income to their contributions and market conditions[116]. - The company conducted various training programs, including "New Scene Marketing" and "5S Site Management," to enhance employee skills and work efficiency[117]. Environmental and Social Responsibility - The company implemented carbon reduction measures, successfully reducing carbon emissions by 3,000 tons during the reporting period[134]. - The company has committed to maintaining its independence and avoiding competition with related parties as part of its acquisition commitments[137]. - The company has established mechanisms for environmental protection, although no funds were allocated for environmental protection in the reporting period[132].

证券代码：600365 证券简称：ST 通葡 公告编号：2023-007 通化葡萄酒股份有限公司 关于召开 2022 年度业绩说明会的公告 本公司董事会及全体董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个别及连带责任。 重要内容提示： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2023 年 05 月 08 日(星期一) 至 05 月 12 日(星期 五)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过邮箱 yujiaxintp@126.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 董事长： 王军 董事： 何为民 通化葡萄酒股份有限公司（以下简称"公司"）已于 2023 年 4 月 29 日发布公司 2022 年度报告，为便于广大投资者更全面深入地了解 公司 2022 年度经营成果、财务状况，公司计划于 2023 年 05 月 15 日 上午 11:0 ...

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 351,675,276.25, representing a 1.37% increase compared to CNY 346,934,195.91 in the same period last year[16]. - The net profit attributable to shareholders for the first half of 2022 was a loss of CNY 10,151,785.36, a significant decline of 331.32% from a loss of CNY 2,353,662.01 in the previous year[16]. - The net cash flow from operating activities improved by 16.51%, amounting to a loss of CNY 112,685,472.93 compared to a loss of CNY 134,965,050.96 in the same period last year[16]. - The basic earnings per share for the first half of 2022 was -CNY 0.02, a 100% decrease compared to -CNY 0.01 in the same period last year[17]. - The weighted average return on net assets was -2.82%, a decrease of 2.33 percentage points from -0.49% in the previous year[17]. - The company's revenue for the first half of 2022 was approximately ¥351.68 million, representing a 1.37% increase compared to ¥346.93 million in the same period last year[29]. - The company's net loss for the first half of 2022 was CNY 2,170,198.94, compared to a net loss of CNY 1,978,312.98 in the same period of 2021[82]. - The total profit for the first half of 2022 was a loss of CNY 18,128,072.33, compared to a profit of CNY 45,719,968.63 in the first half of 2021[86]. - The company's total comprehensive income for the first half of 2022 was CNY -10,147,964.54, compared to CNY 3,075,818.99 in the first half of 2021[84]. Assets and Liabilities - The total assets decreased by 7.15%, from CNY 857,577,252.74 at the end of the previous year to CNY 796,224,190.58 at the end of the reporting period[16]. - The total liabilities decreased to 440,770,678.77 CNY, down 10.54% from 492,662,322.32 CNY[78]. - The company's equity attributable to shareholders decreased to 355,449,743.73 CNY, down from 364,914,983.16 CNY[78]. - The total assets as of June 30, 2022, were CNY 915,093,263.80, compared to CNY 903,315,418.12 at the beginning of the year, reflecting a growth of approximately 1.9%[80]. - Total liabilities increased to CNY 243,711,537.23 from CNY 214,492,165.15, marking an increase of about 13.6%[80]. Operational Highlights - The company operates in the wine industry, focusing on the production and sales of various types of wines, including dry, ice, sweet, and grape spirits[21]. - The e-commerce business has been developed over 10 years, providing comprehensive online brand services across multiple platforms, including JD.com, Tmall, and Douyin[21]. - The company has established a strong brand presence, being recognized as a leader in sweet wines and producing China's first port wine and ice wine[23]. - The company is focusing on new product development to enhance its product line and meet market demands, with targeted marketing strategies for upcoming sales seasons[25]. - The company has implemented measures to mitigate the impact of COVID-19 on its operations, including supporting distributors and enhancing online marketing efforts[26]. Environmental and Social Responsibility - The company reported a total air pollutant emission of 0.018 tons per annum for waste gas and 24,387 tons per annum for wastewater during the first half of 2022[51]. - Waste gas is treated through a wet desulfurization and dust removal system, meeting the standards set by GB13271-2014 before being released[52]. - Wastewater is processed to meet the Class B discharge standards of GB18918-2002 before being discharged into the Hunjiang River[52]. - The company has committed to reducing related party transactions and avoiding competition with peers since 2012[55]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[50]. Legal Matters - The company is involved in a lawsuit with Dadong Industrial, with a claim amount of RMB 85 million, and the Nanjing Intermediate People's Court has frozen RMB 3.5643 million of the company's bank deposits[57]. - The company has won both the first and second trials against Dadong Industrial in Tonghua, with the court ruling that there is no guarantee relationship or actual transaction[57]. - The company has reached a settlement with Jiangsu Huanxin, clarifying that it is not the borrower of the related loans, thus releasing the company from guarantee and repayment responsibilities[57]. Shareholder Information - The number of ordinary shareholders as of the end of the reporting period was 20,452[66]. - The largest shareholder, Jilin Province Jixiang Jia Investment Co., Ltd., held 43,093,236 shares, representing 10.77% of total shares[68]. - The second-largest shareholder, Yin Bing, held 22,689,972 shares, representing 5.67% of total shares[68]. - The company granted 25.4 million restricted stocks to 22 incentive objects at a price of 2.27 CNY per share on June 23, 2022[71]. Research and Development - Research and development expenses increased by 9.28% to ¥422.48 thousand, mainly due to higher salaries for R&D personnel[31]. - The company plans to enhance the quality of its products and develop new high-end wine products, focusing on different consumer preferences[27]. - The company has completed technical upgrades to improve the freezing treatment capacity of raw wine, which is expected to enhance production efficiency and safety[28]. Risk Management - The company is facing market risks due to a slowdown in domestic economic growth and uncertainties from the pandemic, leading to a decline in wine consumption[38]. - The company is committed to complying with national laws and regulations to mitigate risks in production and operations, aiming to minimize potential hazards[38]. - The company is focusing on enhancing its risk management strategies to mitigate potential financial risks in the future[99].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 238,773,121.36, representing a year-on-year increase of 4.01%[5] - The net profit attributable to shareholders of the listed company was a loss of CNY 3,985,956.89, a decrease of 763.32% compared to the same period last year[5] - Total revenue for Q1 2022 was CNY 238,773,121.36, an increase of 4.3% compared to CNY 229,557,458.23 in Q1 2021[23] - Net profit for Q1 2022 was a loss of CNY 4,236,682.16, compared to a profit of CNY 5,639,139.81 in Q1 2021[24] - The operating profit for Q1 2022 was a loss of CNY 1,016,911.53, down from a profit of CNY 9,158,833.36 in Q1 2021[24] - The company's total equity decreased to 677,363,005.59 RMB from 688,823,252.97 RMB, reflecting a decline in shareholder value[34] - The company's operating profit for Q1 2022 was -11,481,757.90 RMB, compared to -3,859,730.08 RMB in Q1 2021, indicating a significant decline in profitability[36] - The net profit for Q1 2022 was -11,460,247.38 RMB, a decrease from -3,876,496.71 RMB in the same period last year, reflecting a worsening financial performance[37] Cash Flow - The net cash flow from operating activities was a negative CNY 45,843,185.46, indicating increased cash outflows[5] - The company's operating cash flow for Q1 2022 was negative at -45,843,185.46 RMB, compared to -6,296,651.91 RMB in Q1 2021, indicating a significant decline in cash generation from operations[29] - Cash flow from operating activities generated a net inflow of 38,947.57 RMB in Q1 2022, a recovery from a net outflow of -3,915,148.29 RMB in Q1 2021[38] - The total operating cash outflow in Q1 2022 was 4,578,765.52 RMB, significantly lower than 21,170,782.13 RMB in Q1 2021, showing improved cash management[38] - The net cash flow from investing activities was -822,070.82 RMB, showing a decrease in cash from investments compared to the previous period[30] - The net cash flow from financing activities was positive at 45,762,675.50 RMB, compared to 26,553,520.92 RMB in the previous year, indicating improved financing activities[30] Assets and Liabilities - Total assets at the end of the reporting period were CNY 774,747,459.31, down 10.94% from the end of the previous year[6] - The company's total assets decreased from CNY 857,577,252.74 in the previous quarter to CNY 774,747,459.31 in Q1 2022[22] - Total liabilities decreased from CNY 492,662,322.32 in the previous quarter to CNY 414,069,211.05 in Q1 2022[22] - The total liabilities increased to 224,670,769.18 RMB from 214,492,165.15 RMB, indicating a rise in the company's debt levels[34] - The company's total current assets amounted to RMB 427,438,706.21, a decrease of 15.5% from RMB 506,369,226.35 on December 31, 2021[20] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 20,830[11] - The top shareholder, Jilin Province Jixiang Jiade Investment Co., Ltd., held 10.7% of the shares, amounting to 43,093,236 shares[12] - The company has a total of 10 major shareholders, with Jilin Province Jixiang Jiade Investment Co., Ltd. holding 43,093,236 shares, making it the largest shareholder[13] Inventory and Receivables - The company experienced a 31.71% decrease in accounts receivable due to ongoing collections[9] - Accounts receivable decreased to RMB 87,197,583.45 from RMB 127,679,729.44, representing a reduction of 31.7%[20] - Inventory decreased to RMB 233,778,685.90 from RMB 262,008,138.66, reflecting a decline of 10.8%[20] Legal Matters - The company has ongoing litigation involving Jiangsu Dahong Industrial Co., Ltd. with a claim amount of RMB 85 million, but previous court rulings favored the company[14] - The company is involved in litigation with Jiangsu Hanxun Communications Technology Co., Ltd. and Nanjing Huaxun Fangzhou Communication Equipment Co., Ltd., with claims totaling RMB 235 million[15] - The company has reached a settlement with Jiangsu Hanxun, eliminating any guarantee or repayment obligations related to the disputed loans[16] - The company is pursuing arbitration against Nantong Hongqian Enterprise Planning Consulting Co., Ltd. involving claims of RMB 13 million and RMB 104.7 million[17] Research and Development - Research and development expenses for Q1 2022 were CNY 219,379.71, slightly up from CNY 197,168.81 in Q1 2021[24] - The company incurred research and development expenses of 219,379.71 RMB in Q1 2022, compared to 197,168.81 RMB in Q1 2021, indicating a slight increase in R&D investment[36]

Financial Performance - The company achieved a net profit attributable to shareholders of 3,764,465.64 CNY in 2021, a significant recovery from a loss of 67,921,863.02 CNY in 2020[6]. - Total revenue for 2021 was 678,350,741.21 CNY, representing an increase of 11.53% compared to 608,243,677.36 CNY in 2020[23]. - The basic earnings per share for 2021 was 0.01 CNY, recovering from a loss of 0.17 CNY per share in 2020[24]. - The weighted average return on equity improved to 0.63% in 2021, up from -10.81% in 2020, an increase of 11.44 percentage points[24]. - The company reported a net profit attributable to shareholders of 3.76 million RMB[42]. - The company reported a net profit margin of 328.03%, indicating strong profitability[103]. Cash Flow and Assets - The company reported a net cash flow from operating activities of -250,448,059.45 CNY in 2021, worsening from -176,912,459.85 CNY in 2020[23]. - The total assets of the company decreased by 20.61% to 857,577,252.74 CNY at the end of 2021, compared to 1,080,158,333.87 CNY in 2020[23]. - The company's net cash flow from operating activities was negative at -250.45 million RMB, indicating challenges in cash generation[44]. - Cash and cash equivalents decreased by 92.22% compared to the previous period, indicating a significant reduction in liquidity[56]. - The net cash flow from investing activities decreased by 11.842 million yuan, mainly due to a decrease in cash received from investment income by 1.574 million yuan and an increase in cash paid for fixed assets and other long-term assets by 23.658 million yuan[54]. - The net cash flow from financing activities increased by 57.798 million yuan, primarily due to an increase of 104.55 million yuan in cash received related to financing activities and a decrease of 99.75 million yuan in cash paid related to financing activities[54]. Operational Challenges - The company's net assets attributable to shareholders decreased by 38.58% to 364,914,983.16 CNY at the end of 2021, down from 594,126,018.72 CNY in 2020[23]. - The company faced no significant operational risks during the reporting period[10]. - The domestic wine market is experiencing a downward trend in consumption due to economic slowdown and the impact of COVID-19, prompting the company to adjust its operational plans accordingly[92]. - The company’s net profit attributable to the parent company has shown a declining trend, indicating ongoing operational risks despite efforts to enhance profitability through various measures[93]. Strategic Initiatives - The company plans to enhance its brand and product integration, focusing on the "Tonghua" brand and expanding its e-commerce capabilities in the consumer goods sector[31]. - The company is committed to optimizing product quality and enhancing brand recognition through various marketing strategies, including live-streaming sales initiatives[31]. - The company is focused on maintaining a strong market presence and brand loyalty, leveraging its historical significance and product quality to drive future growth[33]. - The company is implementing a five-year plan for technological upgrades, including the construction of new 30-ton rapid cooling tanks and the introduction of a nitrogen oxygen balance system in the wine storage area[34]. - The company plans to enhance its e-commerce operations, leveraging its "Tonghua" brand to drive revenue and profit growth[87]. Market and Product Development - The company aims to increase the production of high-quality raw materials, including wild mountain grapes and late-harvest grapes, to support its premium wine offerings[33]. - New product development will focus on high-end dry wines while maintaining the advantage in sweet wines[90]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its product offerings[104]. - The company is focusing on technological advancements, particularly in the development of new products to enhance market competitiveness[104]. Governance and Compliance - The company has strengthened its internal control and governance, enhancing compliance and information disclosure to protect investor rights[34]. - The company is committed to improving corporate governance and ensuring equal rights for all shareholders, particularly minority shareholders[96]. - The board of directors and supervisory board operate independently, adhering to legal requirements and ensuring compliance in their duties[96]. - The company has established a comprehensive internal control system, requiring strict adherence to existing procedures and approval processes[135]. Environmental and Social Responsibility - The company reported emissions of 0.018 tons of waste gas and 24,387 tons of wastewater in 2021, adhering to environmental standards[140]. - The company has implemented various measures to treat waste gas, wastewater, and solid waste, ensuring compliance with relevant environmental regulations[140]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[138]. Legal and Regulatory Issues - The company is involved in a legal dispute with Nanjing Huaxun Fangzhou Communication Equipment Co., Ltd., which has filed lawsuits against the company for repayment obligations[157]. - The company has taken measures to protect its interests against claims from Nantong Hongqian Enterprise Planning Consulting Co., Ltd., including arbitration applications and commitments from its major shareholders[158]. - The company has received administrative penalties from the China Securities Regulatory Commission and the Shanghai Stock Exchange during the reporting period[113]. - The company is under administrative supervision measures from the China Securities Regulatory Commission for failing to disclose information timely and accurately regarding related party transactions[164].

Financial Performance - The company's operating revenue for Q3 2021 was ¥109,682,483.40, representing a year-over-year increase of 3.37%[3] - The net profit attributable to shareholders was -¥16,355,343.45, a decrease of 155.03% compared to the same period last year[3] - The basic earnings per share for the period was -¥0.041, reflecting a decline of 155.73% year-over-year[3] - Operating profit for Q3 2021 was -¥8,921,241.31, an improvement from -¥15,014,023.43 in Q3 2020[16] - Net profit for Q3 2021 was -¥13,467,980.25, compared to -¥17,258,835.67 in Q3 2020, indicating a reduction in losses[16] - Total comprehensive income for Q3 2021 was -¥13,467,980.25, compared to -¥17,258,835.67 in Q3 2020[17] - Basic and diluted earnings per share for Q3 2021 were both -¥0.047, compared to -¥0.046 in Q3 2020[17] Assets and Liabilities - Total assets at the end of the reporting period were ¥713,032,981.83, down 33.99% from the end of the previous year[4] - The equity attributable to shareholders decreased by 42.36% to ¥342,441,512.06 compared to the end of the previous year[4] - The total liabilities were RMB 370,853,146.60, down from RMB 406,488,205.01 in the previous year[14] - The company's current assets totaled RMB 358,516,309.75, significantly lower than RMB 742,160,094.84 at the end of 2020[12] - The cash and cash equivalents were reported at RMB 9,513,715.66, a significant drop from RMB 150,808,862.64[12] - The accounts receivable decreased to RMB 46,118,784.36 from RMB 60,786,300.46[12] - The company reported a total equity of RMB 342,179,835.23, down from RMB 673,670,128.86 in the previous year[14] - Current liabilities were 334,597,291.27, including short-term borrowings of 135,000,000.00 and accounts payable of 31,722,150.15[23] Cash Flow - The net cash flow from operating activities for the year-to-date was -¥115,247,394.78, indicating a significant cash outflow[3] - Cash flow from operating activities for the first three quarters of 2021 was -¥115,247,394.78, a decline from a positive cash flow of ¥94,784,072.14 in the same period of 2020[20] - Net cash flow from financing activities for Q3 2021 was ¥102,271,927.89, a significant recovery from -¥102,109,095.24 in Q3 2020[21] Expenses and Costs - The company reported a significant increase in expenses, which contributed to the decline in net profit[6] - Total operating costs increased to ¥465,668,225.51, up 7.9% from ¥431,569,534.00 in the previous year[16] - Research and development expenses for Q3 2021 were ¥566,548.00, slightly up from ¥506,799.18 in Q3 2020[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,853[8] - The company had a total of 43,093,236 shares held by its largest shareholder, accounting for 10.7% of total shares[9] Future Outlook - The company is focusing on expanding its market presence and enhancing product development strategies[25] - Future outlook includes potential mergers and acquisitions to strengthen market position and drive growth[25]

Financial Performance - The company's operating revenue for the first half of 2021 was approximately CNY 346.93 million, representing an increase of 11.75% compared to CNY 310.44 million in the same period last year [21]. - The net profit attributable to shareholders for the first half of 2021 was a loss of approximately CNY 2.35 million, an improvement of 80.54% from a loss of CNY 12.09 million in the previous year [21]. - The basic earnings per share for the first half of 2021 was -CNY 0.01, improving from -CNY 0.03 in the same period last year, reflecting a 66.67% increase [21]. - The weighted average return on net assets increased to -0.49% from -1.84% in the previous year, showing an improvement of 1.35 percentage points [21]. - Operating profit reached 8.07 million yuan, up 153.93% compared to the previous year [33]. - Total profit amounted to 7.81 million yuan, reflecting a year-on-year increase of 159.42% [33]. - The company reported a significant reduction in sales expenses, which decreased to ¥28,770,028.66 from ¥81,008,817.48 in the first half of 2020, indicating improved cost management [97]. Assets and Liabilities - The company's total assets decreased by 31.66% to approximately CNY 738.16 million from CNY 1.08 billion at the end of the previous year [21]. - The company's net assets attributable to shareholders decreased by 39.61% to approximately CNY 358.80 million from CNY 594.13 million at the end of the previous year [21]. - The total amount of guarantees provided by the company to subsidiaries during the reporting period was CNY 20 million [68]. - The total amount of guarantees, including those to subsidiaries, at the end of the reporting period was CNY 20 million, representing 5.59% of the company's net assets [68]. - Total liabilities reached CNY 379,432,113.33, down from CNY 406,488,205.01, indicating a decrease of about 6.3% [92]. - Owner's equity totaled CNY 358,723,634.47, a significant decline from CNY 673,670,128.86, reflecting a decrease of approximately 46.8% [92]. Cash Flow - The net cash flow from operating activities for the first half of 2021 was -CNY 134.97 million, compared to a positive cash flow of CNY 127.03 million in the same period last year [21]. - The company's operating cash inflow for the first half of 2021 was CNY 385,593,036.38, a decrease of 50.05% compared to CNY 771,933,175.21 in the same period of 2020 [104]. - The total cash outflow from operating activities was CNY 520,558,087.34, down 19.31% from CNY 644,901,556.96 year-on-year [104]. - The cash and cash equivalents at the end of the period were CNY 19,443,845.74, down 45.00% from CNY 35,376,079.42 at the end of the first half of 2020 [105]. Business Operations - The company aims to enhance its e-commerce and O2O channel strategies, achieving full platform coverage for its products [28]. - The company emphasizes its "Red National Wine" branding, aiming to position itself as a representative of Chinese wine [29]. - The company has established a strong brand presence in the sweet wine market, recognized as a leader in China’s sweet wine production [27]. - The company focuses on product innovation and development to adapt to changing market conditions [29]. - The company’s operational model combines direct sales and distributor partnerships to enhance market reach [25]. Corporate Governance - The company has elected a new board of directors, including Wang Jun as Chairman and several other directors, with a term of three years starting from the approval date of the shareholders' meeting [48]. - The eighth supervisory board has been nominated, including Ro Ke as the chairman, with a term of three years starting from the approval date of the shareholders' meeting [49]. - There were significant changes in the board and supervisory personnel, with multiple resignations and new appointments, indicating a restructuring effort [50]. - The company has committed to reducing related party transactions and avoiding competition with its major shareholder, as per commitments made in 2012 [56]. Legal Matters - The company is involved in a lawsuit with Dadong Industrial, with a claim amount of RMB 85 million, and the Nanjing Intermediate People's Court has frozen RMB 3.3465 million of the company's bank deposits [60]. - The company is also involved in a lawsuit with Nanjing Huaxun, with a claim amount of RMB 50 million, and the Tonghua Intermediate People's Court has frozen RMB 2.377 million of the company's deposits and a property valued at RMB 58.158 million [60]. - The company has reached a settlement with Jiangsu Huanxin, clarifying that the company is not responsible for the related loan guarantees, and the court has allowed the plaintiff to withdraw the lawsuit [60]. Strategic Initiatives - The company plans to enhance product quality and develop new products, focusing on unique styles and high-quality raw materials [30]. - The company is implementing a five-year technical upgrade plan to improve production processes and quality management [31]. - The company aims to enhance market focus and marketing precision by leveraging "Internet+" strategies and new product development to drive consumer demand [42]. Risk Management - There were no significant risks that materially affected the company's production and operation during the reporting period [7]. - The company’s financial risks are influenced by market conditions and regulatory changes, leading to potential pressures on fundraising and investment activities [42]. Compliance and Reporting - The company has maintained its commitment to information disclosure obligations as per regulatory requirements [56]. - The company ensures complete operational independence from its controlling shareholders, maintaining a separate governance structure and organizational integrity [57]. - The company has established an independent financial accounting department and a separate financial management system to ensure financial autonomy [57].

Financial Performance - The company reported a net profit attributable to shareholders of -67,921,863.02 CNY for 2020, a decrease of 116.9% compared to -31,314,713.87 CNY in 2019[5]. - Total operating revenue for 2020 was 608,243,677.36 CNY, down 37.68% from 976,001,921.75 CNY in 2019[23]. - Basic earnings per share for 2020 were -0.17 CNY, a decline of 112.5% from -0.08 CNY in 2019[24]. - The weighted average return on equity was -10.81% for 2020, a decrease of 5.84 percentage points from -4.97% in 2019[24]. - The net profit attributable to the parent company was CNY -67.92 million, a decline of 116.91% year-on-year[44]. - The net loss for 2020 was CNY 60,612,785.27, compared to a net loss of CNY 11,399,636.91 in 2019, indicating a significant increase in losses[196]. - The company reported a significant increase in research and development expenses, totaling CNY 704,207.89 in 2020, compared to CNY 738,920.99 in 2019[196]. - The company experienced a substantial increase in asset impairment losses, which amounted to CNY -33,053,729.14 in 2020, compared to CNY -20,721,800.74 in 2019[196]. Cash Flow and Assets - The company's net cash flow from operating activities was -176,912,459.85 CNY, showing an improvement of 78% compared to -804,237,539.78 CNY in the previous year[23]. - The total assets at the end of 2020 were 1,080,158,333.87 CNY, a decrease of 5.51% from 1,143,133,601.57 CNY in 2019[23]. - The company's net assets attributable to shareholders decreased by 10.26% to 594,126,018.72 CNY from 662,047,881.74 CNY in 2019[23]. - Current assets totaled RMB 742,160,094.84 as of December 31, 2020, a decrease of 6.6% from RMB 794,335,203.35 in 2019[187]. - Cash and cash equivalents increased to RMB 150,808,862.64, up from RMB 97,920,688.20, representing a growth of 53.9%[187]. - Total liabilities decreased to RMB 406,488,205.01 from RMB 408,850,687.44, a reduction of 0.6%[188]. - The company's total assets were RMB 1,080,158,333.87, down from RMB 1,143,133,601.57, reflecting a decline of 5.5%[188]. Operational Highlights - The company faced no significant operational risks during the reporting period[10]. - The company recorded non-operating income of CNY 3,350,159.40 in 2020, a decrease from CNY 10,280,732.48 in 2019[27]. - The company launched a new high-end liquor product, 58° grape liquor, which won the highest platinum award at the 2020 International Leader Region Grape Liquor Quality Competition[39]. - The company signed new online and offline distributors, showing a slight increase compared to 2019, to enhance channel management[36]. - The company implemented a "5S visual management project" to improve production quality and management efficiency, achieving over a hundred management optimizations[40]. - The company developed and launched several new products, including "Tianchi Fenghui Tonghua Aged Dry Red Wine" and "Xiaoque Xing Rose Wine," enhancing product diversity[41]. - The company focused on digital marketing strategies to improve distributor profitability and consumer experience in response to the pandemic's impact[37]. Market and Industry Trends - The wine industry in China saw a production increase of 15.6% year-on-year in October 2020, with total production for the first ten months reaching 320,000 kiloliters, a 4.6% increase[31]. - The company reported a significant decline in wine imports in China, with a 28.8% drop in volume and a 19.9% decrease in import value for the year 2020[31]. - The company has focused on a mixed business model of grape cultivation and procurement to ensure a steady supply of raw materials for wine production[31]. - The company aims to enhance its brand presence as a leader in sweet wines, leveraging its historical significance and product quality to capture market share[35]. Governance and Compliance - The company has established an internal control improvement team to address regulatory concerns and enhance governance[110]. - The company is focused on maintaining transparency and accuracy in its financial reporting and disclosures to regulatory bodies[109]. - The company has committed to strict compliance with laws and regulations to ensure accurate and timely disclosure of significant information[113]. - The company has acknowledged the need for improved internal controls and has initiated a comprehensive review of its governance practices[110]. - The company received regulatory work letters from the Shanghai Stock Exchange regarding debt and litigation matters, emphasizing the need for accurate information disclosure[109]. Shareholder and Management Information - The total number of ordinary shareholders at the end of the reporting period was 26,009, an increase from 23,602 at the end of the previous month[130]. - The total remuneration for the board members and senior management during the reporting period amounted to 174.69 million RMB[141]. - The company has a total of 246 production personnel, 118 sales personnel, 25 technical personnel, 18 financial personnel, and 93 administrative personnel[149]. - The actual remuneration paid to directors, supervisors, and senior management during the reporting period was 1.7469 million yuan[148]. - The company has a diverse board with members holding various positions in other organizations, enhancing its governance structure[145]. Legal and Regulatory Matters - The company is currently involved in significant litigation, including a case where it is being sued for ¥100 million plus interest by Jiangsu Dadong Industrial Co., Ltd.[104]. - The company received a lawsuit notification from Jiangsu Huanxin Communication Technology Co., Ltd. regarding a loan contract dispute[104]. - The company has not faced any risks of suspension or termination of its listing status[104]. - The company has resolved the illegal guarantees related to Yiyuan Copper Industry, with a settlement reached and the guarantee obligations lifted[120].

Financial Performance - Operating revenue increased by 4.30% to CNY 229,557,458.23 year-on-year[8] - Net profit attributable to shareholders was CNY 600,907.13, a significant turnaround from a loss of CNY 633,565.87 in the same period last year, representing a 194.85% increase[8] - Basic earnings per share improved to CNY 0.002 from a loss of CNY 0.002, marking a 200.00% increase[8] - Operating profit for Q1 2021 was ¥9,158,833.36, compared to ¥3,491,291.38 in Q1 2020, representing a significant increase[48] - Net profit for Q1 2021 was ¥5,639,139.81, compared to ¥1,611,351.50 in Q1 2020, indicating a strong performance improvement[49] Cash Flow - The net cash flow from operating activities was negative CNY 6,296,651.91, a decrease of 106.93% compared to the previous year[8] - Operating cash flow net amount decreased by 106.93% to -¥6,296,651.91, a decline of ¥97,202,194.85 from ¥90,905,542.94 in the previous year[26] - The company reported a cash inflow from financing activities of CNY 130,660,000.00 in Q1 2021, down from CNY 349,318,705.14 in Q1 2020[56] - The net cash flow from investing activities was -CNY 19,400.00 in Q1 2021, indicating no significant investment activity compared to the previous year[56] - The net cash flow from financing activities was -3,915,148.29, compared to -9,734,730.13 in the previous period[59] Assets and Liabilities - Total assets decreased by 11.23% to CNY 958,888,962.54 compared to the end of the previous year[8] - Total current assets decreased to CNY 624,598,238.28 from CNY 742,160,094.84, a decline of approximately 16% year-over-year[39] - Total liabilities decreased to CNY 279,579,693.87 from CNY 406,488,205.01, a decrease of approximately 31%[41] - Non-current assets totaled CNY 334,290,724.26, down from CNY 337,998,239.03, a decrease of about 1.5%[40] - Total assets as of the end of Q1 2021 were ¥725,504,550.29, slightly down from ¥729,255,302.51 at the end of Q1 2020[46] Expenses - Sales expenses decreased by 58.16% to ¥14,904,292.70 compared to ¥35,623,037.48 in the same period last year, primarily due to reduced shipping and promotional service fees[21] - Management expenses increased by 53.46% to ¥9,972,694.07, mainly due to higher rent, decoration, and depreciation costs[22] - Financial expenses decreased by 66.14% to ¥1,528,953.49, attributed to reduced interest payments by a subsidiary[23] - Total operating costs for Q1 2021 were ¥220,398,624.87, up from ¥216,601,293.05 in Q1 2020[48] - Total operating expenses for Q1 2021 were CNY 16,965,905.03, compared to CNY 18,809,707.99 in Q1 2020[52] Equity and Shareholder Information - The weighted average return on equity increased by 0.2 percentage points to 0.10%[8] - The company maintained its capital reserve at CNY 547,908,580.48, unchanged from the previous period[41] - The company’s total equity increased to CNY 679,309,268.67 from CNY 673,670,128.86, an increase of approximately 0.9%[41] - Basic and diluted earnings per share for Q1 2021 were both ¥0.002, compared to a loss of ¥0.002 per share in Q1 2020[49] Legal and Regulatory Matters - The company has resolved a total of ¥130 million in illegal guarantees, with a commitment to assist in resolving remaining issues[32] - The company is facing a new lawsuit related to a loan dispute, which is linked to previous legal matters[34] - The company did not apply the new leasing standards for the current financial statements[59]

Financial Performance - The company reported a net profit attributable to shareholders of -67,921,863.02 CNY for 2020, a decrease of 116.9% compared to -31,314,713.87 CNY in 2019[5]. - Total operating revenue for 2020 was 608,243,677.36 CNY, down 37.68% from 976,001,921.75 CNY in 2019[23]. - Basic earnings per share for 2020 were -0.17 CNY, a decline of 112.5% compared to -0.08 CNY in 2019[24]. - The weighted average return on net assets was -10.81% for 2020, a decrease of 5.84 percentage points from -4.97% in 2019[24]. - The net profit attributable to the parent company was CNY -67.92 million, reflecting a year-on-year decrease of 116.91%[44]. - The company reported a significant revenue drop in direct sales, which fell by 46.53% year-on-year[79]. - The net loss for 2020 was CNY 60,612,785.27, compared to a net loss of CNY 11,399,636.91 in 2019, indicating a significant increase in losses[196]. - The company reported a negative retained earnings of 67.92 million RMB for 2020, resulting in no profit distribution for that year[93]. Cash Flow and Assets - The company's net cash flow from operating activities was -176,912,459.85 CNY, showing an improvement of 78% compared to -804,237,539.78 CNY in the previous year[23]. - Cash and cash equivalents increased to 150.81 million yuan, accounting for 13.96% of total assets, up from 8.57% in the previous period, representing a growth of 54.01%[60]. - The total assets at the end of 2020 were 1,080,158,333.87 CNY, a decrease of 5.51% from 1,143,133,601.57 CNY in 2019[23]. - The company's total liabilities to total assets ratio stood at approximately 37.6%, indicating a stable leverage position[188]. - The company's current assets totaled CNY 742,160,094.84, a decline of 6.6% compared to CNY 794,335,203.35 in 2019[187]. - Inventory decreased significantly to CNY 240,597,763.06, down 23.4% from CNY 314,316,397.99 in 2019[187]. Operational Highlights - The company implemented a "5S visual management project" to enhance production quality and efficiency, resulting in over a hundred management optimizations[40]. - The company focused on digital marketing strategies to improve distributor profitability and consumer experience in response to the pandemic's impact on sales[37]. - The company aims to leverage its brand advantages to promote high-quality wines that reflect the unique terroir of China[35]. - The company has expanded its e-commerce presence, covering major platforms like Taobao, Tmall, JD.com, and Pinduoduo[37]. - The company launched a new high-end liquor product, 58° grape liquor, which won the highest platinum award at the 2020 International Leader Region Grape Liquor Quality Competition[39]. Market and Industry Trends - The total wine import volume in China for 2020 was 47,136,000 liters, a decrease of 28.8% compared to the previous year[31]. - The wine production in China increased by 15.6% year-on-year in October 2020, reaching 37,000 kiloliters[31]. - The wine industry generated revenue of ¥51,603,963.21 with a gross margin of 40.97%, a decrease of 14.77% year-over-year[49]. - The e-commerce platform reported revenue of ¥556,251,494.30, with a gross margin of 17.71%, down 39.12% compared to the previous year[49]. Governance and Compliance - The company has established an internal audit team to improve internal control systems and ensure compliance with regulatory requirements[110]. - The company has not reported any major accounting errors that would require correction[102]. - The company has not faced any risks of suspension or termination of its listing[104]. - The company has committed to strict compliance with laws and regulations to ensure accurate information disclosure[113]. - The company has emphasized the importance of diligent governance and internal controls among its directors and management[112]. Legal Matters - The company is currently involved in significant litigation, including a case where it is being sued for ¥100 million plus interest by Jiangsu Dadong Industrial Co., Ltd.[104]. - The company received a lawsuit notification from Jiangsu Huanxin Communication Technology Co., Ltd. regarding a loan contract dispute[104]. - The company has resolved a dispute with Yiyuan Copper Industry, leading to the release of related regulatory penalties, with a total amount of 0.50 million RMB involved[107]. - The company has taken legal measures to recover losses from the actual controller, ensuring protection of its interests[123]. Employee and Management Structure - The total number of employees in the company and its main subsidiaries is 500, with 403 in the parent company and 97 in subsidiaries[149]. - The company has a total of 246 production staff, 118 sales staff, 25 technical staff, 18 financial staff, and 93 administrative staff[149]. - The actual remuneration paid to directors, supervisors, and senior management during the reporting period was 1.7469 million yuan[148]. - The company has appointed new directors and a secretary during the reporting period, including the appointment of Yin Hong as chairman[147]. Environmental and Safety Measures - The company has implemented environmental protection measures, including replacing coal-fired boilers with two energy-efficient gas boilers[125]. - The company has established a comprehensive environmental management system to address pollution risks and ensure compliance with environmental regulations[125]. - The company has conducted safety production education training for all employees in batches[154].