Financial Performance - Operating revenue decreased by 43.15% to CNY 220,092,584.43 compared to the same period last year[7] - Net profit attributable to shareholders was a loss of CNY 633,565.87, a decrease of 147.67% year-on-year[7] - The company's operating revenue for Q1 2020 was ¥220,092,584.43, a decrease of ¥167,080,153.50 or 43.15% compared to Q1 2019[22] - Net profit for Q1 2020 was CNY 1,611,351.50, a decline of 68.8% from CNY 5,147,345.32 in Q1 2019[40] - The company reported a loss attributable to shareholders of CNY -633,565.87 in Q1 2020, compared to a profit of CNY 1,329,198.16 in Q1 2019[40] - Total operating revenue for Q1 2020 was CNY 220,092,584.43, a decrease of 43.2% compared to CNY 387,172,737.93 in Q1 2019[39] - Total operating costs for Q1 2020 were CNY 216,601,293.05, down 42.6% from CNY 377,644,845.62 in Q1 2019[39] - Basic earnings per share for Q1 2020 were CNY -0.002, compared to CNY 0.003 in Q1 2019[40] Cash Flow - Cash flow from operating activities was CNY 90,905,542.94, compared to a negative cash flow of CNY 60,645,591.21 in the same period last year[7] - The net cash flow from operating activities improved by ¥151,551,134.15, totaling ¥90,905,542.94, compared to a negative cash flow in the same period last year[27] - Cash flow from operating activities for Q1 2020 was CNY 90,905,542.94, a significant improvement from a negative cash flow of CNY 60,645,591.21 in Q1 2019[47] - Cash flow from financing activities generated a net inflow of CNY 5,194,645.15 in Q1 2020, compared to a net outflow of CNY 113,079,224.07 in Q1 2019[48] - The total net decrease in cash and cash equivalents for Q1 2020 was -CNY 9,734,730.13, compared to -CNY 161,448,808.82 in Q1 2019, showing a significant reduction of 94.0%[51] Assets and Liabilities - Total assets increased by 4.55% to CNY 1,195,096,516.37 compared to the end of the previous year[7] - The total assets as of March 31, 2020, amounted to ¥1,195,096,516.37, an increase from ¥1,143,133,601.57 at the end of 2019[32] - The company's total liabilities increased to ¥459,202,250.74 from ¥408,850,687.44, reflecting a rise in both short-term and long-term borrowings[33] - Current assets totaled CNY 526,341,355.00 as of March 31, 2020, compared to CNY 526,853,043.31 at the end of 2019[36] - The company’s total equity as of March 31, 2020, was CNY 723,242,784.09, a decrease from CNY 725,743,387.29 at the end of 2019[37] Shareholder Information - The number of shareholders reached 27,422 at the end of the reporting period[10] Operational Efficiency - Operating costs decreased by ¥151,016,895.99 or 47.59%, totaling ¥166,285,510.15, primarily due to the decline in sales[22] - The company reported a decrease in inventory to ¥225,263,653.80 from ¥314,316,397.99, suggesting improved inventory management[31] - Accounts receivable increased by 39.94% to CNY 117,608,534.38 due to increased customer debts[12] - Accounts payable rose to ¥55,327,834.73, up from ¥38,376,886.43, indicating an increase in procurement on credit[32] Financial Ratios - The weighted average return on equity decreased by 0.22 percentage points to -0.10%[7] - Financial expenses increased by ¥2,007,098.47 or 80.02%, reaching ¥4,515,266.70, attributed to higher interest payments by a subsidiary[24] Research and Development - Research and development expenses increased to CNY 201,457.10 in Q1 2020 from CNY 186,668.05 in Q1 2019, reflecting a growth of 7.9%[43] Audit and Compliance - The financial report for Q1 2020 was not audited, which may affect the reliability of the reported figures[52] - The company did not apply new revenue and lease standards in 2020, indicating stability in accounting practices[52]

Financial Performance - The company reported a net profit attributable to shareholders of -31,314,713.87 CNY for 2019, a decrease of 845.97% compared to the previous year[5]. - Total revenue for 2019 was 976,001,921.75 CNY, representing a decline of 4.93% from 1,026,650,173.88 CNY in 2018[21]. - The company's total assets decreased by 4.72% to 1,143,133,601.57 CNY at the end of 2019, down from 1,199,717,428.19 CNY in 2018[21]. - The net asset attributable to shareholders was 662,047,881.74 CNY at the end of 2019, a decrease of 4.52% from 693,362,595.61 CNY in 2018[21]. - Basic earnings per share for 2019 were -0.08 CNY, a decline of 900.00% compared to 0.01 CNY in 2018[23]. - The company proposed no profit distribution for 2019 due to negative retained earnings at the end of the year[5]. - The cash flow from operating activities showed a net outflow of -804,237,539.78 CNY, worsening from -573,225,095.85 CNY in 2018[21]. - The weighted average return on equity was -4.97% for 2019, a decrease of 5.58 percentage points from 0.61% in 2018[23]. - The company reported a significant decrease in operating profit to 3.05 million RMB, down 94.29% year-on-year[42]. - The company reported a net loss of ¥293,012,883.51 in 2019 compared to a net loss of ¥261,698,169.64 in 2018, indicating a worsening of approximately 11.9%[162]. Revenue and Sales - In Q1 2019, the company reported revenue of approximately ¥387.17 million, which decreased to ¥92.50 million in Q4 2019, reflecting a significant decline in sales[24]. - The net profit attributable to shareholders was ¥1.33 million in Q1 2019 but turned negative at -¥34.44 million in Q4 2019, indicating a downward trend in profitability[24]. - The company achieved operating revenue of 976 million RMB, a decrease of 4.93% year-on-year[42]. - The total revenue for the company was 6,407 million RMB, with a gross profit margin of 41.17%, reflecting a year-on-year increase of 3.96% in wholesale agency sales[78]. - The total sales revenue from direct sales (including group purchases) was 101 million RMB, a decrease of 23.48% from the previous period[78]. Costs and Expenses - The cost of goods sold was CNY 765,816,070.40, down 8.36% from CNY 835,642,533.13 year-on-year[46]. - The sales expenses rose by 45.38% to CNY 114,665,351.23, primarily due to increased service fees for the e-commerce platform[50]. - The total operating expenses increased to CNY 1,282,718,385.14 in 2019 from CNY 1,192,405,474.59 in 2018, reflecting a rise of approximately 7.5%[176]. - The company experienced a substantial increase in sales expenses, which rose to CNY 114,665,351.23 in 2019 from CNY 78,873,119.48 in 2018, reflecting higher marketing efforts[168]. Assets and Liabilities - Total current assets decreased to ¥794,335,203.35 in 2019 from ¥917,163,186.33 in 2018, a decline of approximately 13.4%[160]. - Cash and cash equivalents dropped significantly to ¥97,920,688.20 in 2019 from ¥216,527,012.09 in 2018, representing a decrease of about 54.8%[160]. - Accounts receivable decreased to ¥84,043,346.09 in 2019 from ¥186,154,235.01 in 2018, a reduction of approximately 54.9%[160]. - Total liabilities decreased to ¥408,850,687.44 in 2019 from ¥419,734,877.15 in 2018, a decline of about 2.1%[162]. - Current liabilities decreased to ¥336,048,690.32 in 2019 from ¥416,234,290.97 in 2018, a reduction of approximately 19.3%[162]. Research and Development - The total R&D expenditure was CNY 738,920.99, accounting for 0.08% of total revenue[53]. - Research and development expenses increased by 25% in 2019, totaling 300 million RMB, to support innovation[118]. - The company incurred research and development expenses of CNY 738,920.99 in 2019, slightly up from CNY 726,340.97 in 2018[172]. Market and Product Development - The company launched several new products, including "Tianchi Fenghui Tonghua Aged Dry Red Wine" and "Tonghua Suge Laning Microbubble Wine" in 2019[39]. - The company plans to enhance its product structure and marketing network, leveraging internet marketing platforms to expand its market presence[87]. - The company aims to develop 10 new products in the year, ensuring that at least 3 are launched successfully[90]. - The company will focus on developing high-end dry wine products while maintaining its sweet wine advantages[90]. Shareholder and Governance - The company reported a total of 27,999 common stock shareholders at the end of the reporting period, an increase from 27,422 at the end of the previous month[112]. - The largest shareholder, Jilin Province Jixiang Jiade Investment Co., Ltd., holds 43,093,236 shares, representing 10.77% of total shares[115]. - The company has no controlling shareholder, ensuring a more transparent governance structure[119]. - The board of directors and senior management received a total compensation of 100 million RMB, with no significant changes in shareholding[123]. Environmental and Social Responsibility - The company has implemented an environmental management system to ensure stable operation of pollution control facilities and compliance with environmental standards[109]. - The company is committed to fulfilling its social responsibilities, particularly in environmental protection and sustainable development[109]. - The company replaced its original coal-fired boilers with two energy-efficient gas boilers, ensuring compliance with the GB13271-2014 emission standards for new gas-fired boilers[109]. Future Outlook - The company plans to achieve a revenue target of 1 billion RMB in 2020, with a control on expenses limited to 150 million RMB[91]. - The company aims to achieve stable growth and high-quality development while mitigating risks associated with the COVID-19 pandemic[88]. - The company intends to explore opportunities in the health and wellness sectors, utilizing its geographical advantages[87].

Financial Performance - Operating revenue increased by 32.17% to CNY 883,499,412.80 year-to-date[6] - Net profit attributable to shareholders rose by 51.15% to CNY 3,122,560.38 year-to-date[6] - Basic and diluted earnings per share increased by 60.00% to CNY 0.008[6] - Total operating revenue for the first three quarters of 2019 was ¥883.50 million, a 32% increase from ¥668.44 million in the same period of 2018[38] - Net profit for the first three quarters of 2019 was ¥18.99 million, slightly down from ¥19.35 million in the same period of 2018[39] - Operating profit for the first three quarters of 2019 was ¥29.74 million, down 12% from ¥33.99 million in the same period of 2018[38] - Net profit for Q3 2019 was ¥4.64 million, a significant recovery from a net loss of ¥0.40 million in Q3 2018[39] - Earnings per share for Q3 2019 were ¥0.001, compared to a loss of ¥0.01 per share in Q3 2018[39] Cash Flow and Liquidity - Net cash flow from operating activities improved significantly, with a reduction in outflow to CNY -52,805,926.66 from CNY -430,322,769.61 in the same period last year[6] - Cash flow from operating activities for the first three quarters of 2019 was -¥52,805,926.66, an improvement from -¥430,322,769.61 in the same period of 2018[45] - The company's cash and cash equivalents decreased by 82.54%, totaling ¥37,808,136.62 compared to ¥216,527,012.09 at the end of the previous year[12] - The company's cash and cash equivalents dropped significantly from ¥175,105,584.56 to ¥12,891,828.86, a decline of about 92.6%[33] - Cash inflow from investment activities was CNY 11,671,000.00, down from CNY 15,300,000.00 in the previous year[48] - The company reported a net cash outflow from investing activities of CNY 1,393,444.13, significantly reduced from CNY 11,196,137.71 in the same period of 2018[48] Assets and Liabilities - Total assets decreased by 3.10% to CNY 1,162,500,164.66 compared to the end of the previous year[6] - Total liabilities decreased from ¥419,734,877.15 to ¥378,224,734.06, a decline of approximately 9.9%[31] - Current liabilities increased from ¥416,234,290.97 to ¥375,274,441.03, a reduction of approximately 9.8%[30] - Non-current assets totaled ¥282,554,241.86, down from ¥273,940,235.41, reflecting a decrease of about 3.5%[30] - Total assets amounted to ¥844,600,292.36, with current assets at ¥523,017,292.99 and non-current assets at ¥321,582,999.37[55] - Total liabilities reached ¥113,650,970.34, with current liabilities at ¥112,450,970.34 and non-current liabilities at ¥1,200,000.00[56] Shareholder Information - The total number of shareholders reached 27,755[9] - The largest shareholder, Jilin Province Jixiang Jiade Investment Co., Ltd., holds 10.77% of shares[10] - The total equity attributable to shareholders increased from ¥693,362,595.61 to ¥696,485,155.99, reflecting a growth of approximately 0.3%[31] - Shareholders' equity totaled ¥730,949,322.02, including paid-in capital of ¥400,000,000.00 and capital reserve of ¥547,908,580.48[56] Operational Metrics - Accounts receivable increased by 46.73%, reaching ¥273,145,528.38, driven by aggressive credit policies to capture market share during the Mid-Autumn Festival sales[13] - Prepayments rose significantly by 111.98%, amounting to ¥177,247,272.69, due to increased procurement activities[14] - Other receivables surged by 297.53%, totaling ¥156,773,061.24, as a result of increased inter-company transactions[14] - Inventory decreased by 37.11%, down to ¥240,610,580.01, due to high sales volume[15] - Sales expenses increased by 129.47%, totaling ¥124,711,420.69, primarily due to higher sales revenue[21] Government Subsidies - The company reported a government subsidy of CNY 48,395.69 for the current period[7] - The company received government subsidies of ¥600,000, leading to a 50.00% increase in deferred income[18] Research and Development - The company's R&D expenses for the first three quarters of 2019 were ¥545,774.61, compared to ¥420,620.35 in the same period of 2018, indicating a 29.8% increase[41] Other Information - The company has not disclosed any significant new product developments or market expansion strategies in this report[11] - The company's retained earnings showed a slight improvement from -¥261,698,169.64 to -¥258,575,609.26, a change of about 1%[31] - Deferred income increased from ¥1,200,000.00 to ¥1,800,000.00, a rise of 50%[31]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 639,467,289.77, representing a 25.90% increase compared to CNY 507,934,280.71 in the same period last year[19]. - The net profit attributable to shareholders of the listed company decreased by 54.58% to CNY 2,759,009.73 from CNY 6,074,486.92 in the previous year[19]. - Basic earnings per share dropped by 53.33% to CNY 0.007 from CNY 0.015 in the same period last year[20]. - The weighted average return on net assets decreased by 0.48 percentage points to 0.40% from 0.88% in the previous year[20]. - The company achieved operating revenue of 639.47 million yuan, a year-on-year increase of 25.90%[33]. - The net profit attributable to shareholders was 2.76 million yuan, a year-on-year decrease of 54.58%[33]. - The company reported a significant increase in prepayments by 127.25% to ¥190.01 million, indicating growth in business operations[43]. - The company reported a total profit of ¥22,602,014.11, slightly down from ¥29,359,932.06 in the first half of 2018[81]. - The total comprehensive income for the first half of 2019 was ¥14,353,720.70, compared to ¥19,750,012.80 in the previous year[82]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -41,871,536.42, an improvement from CNY -233,385,299.71 in the same period last year[19]. - The cash inflow from operating activities for the first half of 2019 was CNY 649,934,795.25, an increase from CNY 374,431,997.52 in the same period of 2018, representing a growth of approximately 73.5%[88]. - The total cash outflow from operating activities increased to CNY 691,806,331.67 from CNY 607,817,297.23, marking a rise of about 13.8%[88]. - The cash and cash equivalents at the end of the period stood at CNY 39,729,710.82, a decrease from CNY 28,282,974.75 year-over-year[89]. - The net cash flow from financing activities was negative at CNY -134,159,199.83, compared to a positive CNY 137,717,629.93 in the first half of 2018[89]. Assets and Liabilities - The total assets decreased by 5.15% to CNY 1,137,902,087.17 from CNY 1,199,717,428.19 at the end of the previous year[19]. - Current assets totaled RMB 860,934,002.76, down from RMB 917,163,186.33 at the end of 2018, indicating a decline of approximately 6.1%[72]. - Total liabilities decreased from CNY 419,734,877.15 to CNY 358,265,815.43, a reduction of approximately 14.6%[74]. - The company’s long-term borrowings decreased to RMB 1,533,724.08 from RMB 2,300,586.18, a reduction of approximately 33.4%[73]. - The company reported a significant increase in accounts payable, rising to RMB 59,584,579.21 from RMB 31,514,181.00, which is an increase of about 89.1%[73]. Market and Competition - The e-commerce platform sales are projected to exceed 90 billion yuan in 2019, reflecting rapid growth in the liquor e-commerce sector[26]. - The company faces increasing market competition in the wine industry and plans to implement precise product positioning through market segmentation and refined marketing strategies[46]. - The company is expanding its market presence beyond the Northeast region while maintaining stable growth in that area[35]. Quality and Safety - The company emphasizes food safety as a priority, establishing a comprehensive quality traceability and anti-counterfeiting system for its wine products[46]. - The company is focusing on quality management initiatives, launching a "Quality Management Year" to enhance work quality and efficiency[34]. Shareholder and Governance - No profit distribution or capital reserve increase is planned for the half-year period, with no dividends or stock bonuses proposed[49]. - The company’s major shareholder has committed to reducing related party transactions and avoiding competition with its subsidiaries[50]. - The company has not reported any significant litigation or arbitration matters during the reporting period[52]. Environmental Compliance - The company has replaced its original coal-fired boilers with two energy-efficient gas boilers to comply with environmental standards[58]. - The company has two wastewater discharge points, with all wastewater meeting the GB8978-1996 Class III discharge standards[58]. Research and Development - R&D expenses rose by 43.28% to ¥358.31 thousand, attributed to higher salaries for research personnel[39]. - The company aims to integrate cultural heritage with local traditional industries to promote the Tumen wine industry[36]. Accounting and Reporting - The company confirms that its financial statements comply with the accounting standards and accurately reflect its financial position and operating results[114]. - The company has not reported any changes in accounting policies or prior period error corrections during this reporting period[104].

Financial Performance - In 2018, the company achieved a consolidated net profit attributable to shareholders of 4,197,836.49 CNY, a decrease of 30.77% compared to 2017[5]. - The company's operating revenue for 2018 was 1,026,650,173.88 CNY, reflecting a year-on-year increase of 9.06%[21]. - Basic earnings per share for 2018 were 0.01 CNY, down 50% from 0.02 CNY in 2017[22]. - The weighted average return on equity decreased to 0.61% in 2018, down from 0.88% in 2017, a reduction of 0.27 percentage points[22]. - The operating profit for the year was CNY 5,345,000, reflecting an increase of 18.75% compared to the previous year[40]. - The total profit amounted to CNY 5,321,000, which is a year-on-year increase of 30.26%[40]. - The net profit attributable to the parent company was CNY 420,000, showing a decrease of 30.69% year-on-year[40]. - The company reported a total comprehensive income of CNY 33,163,438.65 for the year, compared to CNY 26,646,131.77 in 2017[164]. Cash Flow - The net cash flow from operating activities was -573,225,095.85 CNY, indicating a continued negative cash flow situation[21]. - The net cash flow from investment activities was CNY 41,750,505.63, a significant improvement compared to the previous year's negative cash flow[41]. - Cash flow from financing activities increased by 21.58 million yuan, with cash received from financing activities rising by 134.54 million yuan compared to the previous year[51]. - The total cash inflow from operating activities was ¥619,180,378.74, compared to ¥543,310,546.05, indicating a year-over-year increase of about 14%[170]. - Net cash flow from operating activities was negative at -¥573,225,095.85, compared to -¥548,977,524.61 in the previous period, indicating a decline in operational efficiency[170]. Assets and Liabilities - The total assets at the end of 2018 amounted to 1,199,717,428.19 CNY, which is a 7.42% increase from the previous year[21]. - Total liabilities increased to ¥419,734,877.15 from ¥355,343,522.58, showing a rise of about 18.1%[156]. - Total current assets increased to ¥917,163,186.33 from ¥800,900,474.48, representing a growth of approximately 14.6%[155]. - Total equity attributable to shareholders rose to ¥693,362,595.61 from ¥689,164,759.12, indicating a slight increase of approximately 0.3%[157]. Market and Industry Trends - The wine industry in China saw a decline in production, with national wine output dropping by 7.4% in 2018, totaling 629,000 kiloliters[29]. - E-commerce sales in the liquor sector are projected to reach CNY 900 billion by 2019, reflecting significant growth in the industry[31]. - The company holds a strong brand advantage, being recognized as a leader in sweet wine production in China[33]. - The company’s operational model combines grape cultivation and procurement, utilizing both distribution and direct sales channels[29]. Product Development and Sales - New products launched in 2018 included "Rose Wine" and "Tonghua Private Collection Dry Red," expanding the product line significantly[37]. - The company's wine segment reported revenue of ¥56,461,449.67, a decrease of 32.08% year-over-year, with a gross margin of 49.62%, down by 0.9 percentage points[43]. - The e-commerce platform generated revenue of ¥967,494,203.97, an increase of 12.73% year-over-year, with a gross margin of 16.64%, up by 2.8 percentage points[43]. - Total production of wine was 2,733 tons, with sales volume at 2,389 tons, reflecting a decrease in sales volume of 31.53% year-over-year[44]. Governance and Compliance - The company has established a governance structure that complies with the requirements of the Company Law and Securities Law, ensuring equal rights for all shareholders[131]. - The board of directors consists of independent directors, and the company has established a performance evaluation and incentive mechanism for senior management[132][137]. - The internal control system has been audited, receiving a standard unqualified opinion from the auditing firm[138]. - The company has not reported any significant internal control deficiencies during the reporting period[138]. Social Responsibility and Environmental Impact - The company has implemented environmental protection measures, including replacing coal-fired boilers with two energy-efficient gas boilers[102]. - The company has been actively fulfilling its social responsibilities, particularly in environmental management and risk assessment[102]. - The company emphasizes food safety, establishing a comprehensive quality traceability and anti-counterfeiting system[82]. Future Outlook and Strategy - The company plans to achieve a revenue target of 1.15 billion RMB for the fiscal year 2019, with a control on period expenses at 120 million RMB[81]. - The company aims to enhance its product structure and marketing network while expanding into the health and wellness industry[80]. - The company plans to implement market segmentation for precise product positioning and promote marketing refinement through "Internet+" thinking[82]. - The company plans to expand its market presence and invest in new technologies to drive future growth[169].

Financial Performance - Operating revenue for the first quarter was CNY 387,172,737.93, a decline of 2.01% year-on-year[7] - Net profit attributable to shareholders decreased by 50.93% to CNY 1,329,198.16 compared to the same period last year[7] - Basic earnings per share dropped by 70.00% to CNY 0.003[7] - The net profit attributable to shareholders of the parent company was CNY 1,329,198.16, down 50.9% from CNY 2,708,626.66 in the previous year[41] - The total comprehensive income for Q1 2019 was CNY 5,147,345.32, a decrease of 42.5% compared to CNY 8,913,504.44 in Q1 2018[41] - The operating profit for Q1 2019 was CNY -2,274,802.23, an improvement from CNY -3,209,206.00 in Q1 2018[44] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 60,645,591.21, compared to a net outflow of CNY 36,127,029.46 in the previous year[7] - The net cash flow from operating activities was CNY -60,645,591.21, worsening from CNY -36,127,029.46 in the previous year[47] - The net cash flow from all activities for Q1 2019 was -161,448,808.82 RMB, compared to -59,788,236.50 RMB in Q1 2018, highlighting a worsening cash position[50] - The total cash inflow from operating activities was CNY 429,445,318.54, down from CNY 462,358,178.94 in Q1 2018[47] - The cash inflow from sales of goods and services decreased to 10,762,378.00 RMB in Q1 2019 from 13,860,517.82 RMB in Q1 2018, representing a decline of about 22.5%[50] Assets and Liabilities - Total assets decreased by 8.40% to CNY 1,098,951,820.49 compared to the end of the previous year[7] - Total liabilities amounted to CNY 328,521,924.13, compared to CNY 419,734,877.15 at the end of 2018, showing a reduction in overall debt[34] - Current liabilities decreased to CNY 325.02 million from CNY 416.23 million at the end of last year[30] - Total assets as of the end of Q1 2019 amounted to 1,199,717,428.19 RMB, remaining stable compared to the previous year[53] - The company’s total liabilities stood at 416,234,290.97 RMB, indicating a stable liability position compared to the previous year[53] Shareholder Information - The number of shareholders at the end of the reporting period was 30,257[11] - The largest shareholder, Jilin Province Jixiang Jiade Investment Co., Ltd., held 10.77% of the shares[12] Expenses - Sales expenses surged by CNY 25.82 million, a 120.91% increase year-on-year[18] - R&D expenses increased by CNY 5.16 million, up 38.23% compared to the same period last year[19] - Financial expenses rose by CNY 18.88 million, a significant increase of 304.72% year-on-year[19] - The company reported a significant increase in sales expenses to CNY 47,176,983.54 from CNY 21,355,655.55 in Q1 2018, indicating increased marketing efforts[40] - Research and development expenses rose to CNY 186,668.05 from CNY 135,040.37 in Q1 2018, reflecting a commitment to innovation[40] Cash and Cash Equivalents - Cash and cash equivalents decreased by 80.29% to CNY 42,672,852.17 due to increased payments for goods and other operating activities[15] - Cash and cash equivalents decreased significantly to CNY 13,664,344.10 from CNY 175,105,584.56 at the end of 2018[34] - Total cash and cash equivalents at the end of Q1 2019 were 13,664,344.10 RMB, down from 24,757,802.74 RMB at the end of Q1 2018, reflecting a decrease of approximately 44.7% year-over-year[51] Receivables and Prepayments - Significant increase in other receivables by 285.22% to CNY 151,922,232.58 compared to the end of the previous year[15] - Accounts receivable increased to CNY 169.09 million, a decrease of 9.15% compared to the end of last year[17] - Prepayments increased by CNY 59.83 million, up 71.56% year-on-year[17] - Other receivables rose by CNY 112.48 million, an increase of 285.22% compared to the previous year[17] - Accounts receivable increased to CNY 56,047,098.47 from CNY 44,956,307.56 at the end of 2018, indicating potential issues with cash flow[34]

Financial Performance - In 2018, the company achieved a consolidated net profit attributable to shareholders of 4,197,836.49 CNY, a decrease of 30.77% compared to 2017[5]. - The company's operating revenue for 2018 was 1,026,650,173.88 CNY, reflecting an increase of 11.65% from 2017[21]. - Basic earnings per share for 2018 were 0.01 CNY, down 50% from 0.02 CNY in 2017[22]. - The weighted average return on net assets decreased to 0.61% in 2018, down from 0.88% in 2017[22]. - The company reported a negative retained earnings of -261,698,169.64 CNY at the end of 2018[5]. - The net profit attributable to the parent company was CNY 420,000, which is a decrease of 30.69% year-on-year[40]. - The total profit amounted to CNY 5,321,000, reflecting a significant year-on-year growth of 30.26%[40]. - The total comprehensive income attributable to the parent company was CNY 4,197,836.49, down from CNY 6,063,674.01[164]. Cash Flow - The net cash flow from operating activities was -573,225,095.85 CNY, indicating a continued negative cash flow situation[21]. - The net cash flow from investment activities was 41,750,505.63 CNY, a significant improvement from the previous year's negative cash flow[41]. - The net cash flow from financing activities was 591,611,682.46 RMB, slightly up from 570,032,585.32 RMB year-over-year[171]. - The company reported a cash flow loss of CNY 6,328,573.96 for the year, compared to a loss of CNY 937,442.30 in the previous year[167]. - Total cash inflow from operating activities was 619,180,378.74 RMB, up from 543,310,546.05 RMB year-over-year, reflecting a growth of approximately 14%[170]. Revenue Breakdown - The company's total revenue for the first quarter was approximately CNY 395.1 million, with a net profit attributable to shareholders of CNY 2.7 million[24]. - In the second quarter, revenue decreased to approximately CNY 112.8 million, while net profit attributable to shareholders increased to CNY 3.4 million[24]. - The third quarter saw a revenue increase to approximately CNY 160.5 million, but the company reported a net loss of CNY 4.0 million attributable to shareholders[24]. - For the fourth quarter, revenue rebounded to approximately CNY 358.2 million, with a net profit of CNY 2.1 million attributable to shareholders[24]. Industry Context - The wine industry in China experienced a decline in production, with national wine production down 7.4% year-on-year in 2018, totaling 629,000 kiloliters[29]. - The e-commerce platform for wine sales has seen significant growth, with projected sales reaching CNY 900 billion by 2019[31]. - The wine manufacturing industry saw a 20.8% growth in 2018, with a stable increase in industrial added value of 7.3%[58]. Operational Insights - The company operates through a combination of grape planting and procurement, utilizing both distribution and direct sales models[29]. - The company has established a robust distribution network, leveraging partnerships with major e-commerce platforms like JD.com and Tmall[30]. - The company acquired over 3,000 tons of various grape types to ensure raw material supply amidst rising grape prices[36]. - New products launched include "Rose Wine," "Tonghua Open Fermentation Mountain Grape Wine," and "Tonghua Tianchi Private Collection Dry Red" to enrich the product line[37]. Expenses and Costs - The total cost of raw materials was 2,882 million RMB, accounting for 72.67% of total costs, with a year-on-year decrease of 3.42%[78]. - The company incurred research and development expenses of ¥726,340.97, representing 0.07% of total revenue[49]. - The company’s sales expenses increased by 8.07% to ¥78,873,119.48, while management expenses rose by 6.98% to ¥30,392,736.92[46]. Shareholder Information - The company’s major shareholder has committed to increasing their stake in the company by purchasing shares worth no less than RMB 50 million within 12 months[88]. - The largest shareholder, Jilin Province Jixiang Jiade Investment Co., Ltd., holds 43,093,236 shares, representing 10.77% of the total shares, with 42,830,000 shares pledged[110]. - The company has not reported any changes in its ordinary share capital structure during the reporting period[106]. Governance and Compliance - The company has engaged Zhongzhun Accounting Firm for auditing services, with a fee of RMB 750,000 for the current year[92]. - The company has not encountered any significant accounting policy changes or errors during the reporting period[90]. - The company has established a compensation and assessment committee to discuss and determine remuneration for its directors and senior management[123]. Environmental Responsibility - The company has actively responded to environmental protection laws and has replaced coal-fired boilers with two energy-efficient gas boilers[102]. - The company has established an environmental management system to assess and prevent environmental risks[102]. - The company has maintained stable operation of pollution control facilities, passing inspections by environmental protection departments[104].

Financial Performance - Operating revenue for the year-to-date was CNY 668,444,819.86, representing an increase of 11.61% year-on-year[8]. - Net profit attributable to shareholders was CNY 2,065,871.19, a decrease of 24.08% compared to the same period last year[8]. - Basic earnings per share were CNY 0.005, down 28.57% from CNY 0.007 in the previous year[8]. - The company reported a net profit of CNY -73,743.85 from non-recurring items for the year-to-date[12]. - The company anticipates a significant change in net profit compared to the previous year, but specific figures were not disclosed[21]. - Net profit for the first nine months of 2018 was ¥19,352,194.70, compared to ¥15,076,277.30 in the same period last year, reflecting a year-on-year increase of 28.5%[34]. - The company reported a net loss of CNY 7,177,521.83 for Q3 2018, compared to a profit of CNY 610,045.65 in the same period last year, indicating a significant decline in performance[39]. - Total operating revenue for the first nine months of 2018 was CNY 40,478,905.74, down 30.5% from CNY 58,697,774.09 in the previous year[39]. - The company's operating profit for Q3 2018 was CNY -7,179,058.47, a decrease from CNY 781,033.66 in Q3 2017[39]. - Basic and diluted earnings per share for Q3 2018 were both CNY -0.02, compared to CNY 0.002 in the same quarter last year[40]. - The total comprehensive income for Q3 2018 was CNY -7,177,521.83, reflecting the overall financial challenges faced by the company[39]. Cash Flow - Net cash flow from operating activities was CNY -430,322,769.61, compared to CNY -47,915,859.63 in the previous year, indicating a significant decline[8]. - Cash flow from operating activities showed a net outflow of CNY -430,322,769.61 for the first nine months of 2018, worsening from CNY -47,915,859.63 in the previous year[43]. - The company’s cash inflow from operating activities was CNY 508,210,549.24 for the first nine months of 2018, down from CNY 834,281,406.59 in the previous year[43]. - The net cash flow from operating activities for the first nine months of 2018 was -78,294,356.69 RMB, compared to -82,122,762.82 RMB in the same period last year, showing a slight improvement[46]. - Total cash inflow from operating activities was 80,328,025.22 RMB, down from 89,399,163.43 RMB year-on-year, indicating a decrease of approximately 10%[46]. - Cash outflow from operating activities totaled 158,622,381.91 RMB, compared to 171,521,926.25 RMB in the previous year, reflecting a reduction of about 7.5%[46]. - The net cash flow from investment activities was 4,103,862.29 RMB, a significant improvement from -5,039,535.96 RMB in the same period last year[46]. - Cash inflow from investment activities was 15,300,000.00 RMB, up from 8,160,000.00 RMB year-on-year, representing an increase of approximately 87%[46]. - Cash outflow from investment activities was 11,196,137.71 RMB, down from 13,199,535.96 RMB in the previous year, indicating a decrease of about 15%[46]. - The net cash flow from financing activities was 334,090,534.46 RMB, compared to -66,170,560.92 RMB in the same period last year, showing a substantial turnaround[44]. - The cash flow from financing activities included 678,061,017.99 RMB in cash received, significantly higher than 486,818,641.23 RMB in the previous year, marking an increase of about 39%[44]. - The net increase in cash and cash equivalents for the period was -74,190,494.40 RMB, compared to -87,162,298.78 RMB in the same period last year, indicating an improvement[47]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,082,193,373.68, a decrease of 3.10% compared to the end of the previous year[8]. - Non-current assets decreased by 1.52% to ¥310,015,342.45 from ¥315,962,160.49[26]. - The company's total assets as of September 30, 2018, amounted to ¥795,223,957.65, a slight increase from ¥787,863,319.12 at the beginning of the year[31]. - The total liabilities of the company were ¥316,022,066.59, down from ¥355,343,522.58 at the beginning of the year, indicating a reduction of approximately 11%[30]. - The company's equity attributable to shareholders increased to ¥691,230,630.31 from ¥689,164,759.12, showing a marginal growth[30]. - Inventory levels rose to ¥130,677,521.61, up from ¥118,694,986.02, representing a 10.3% increase[30]. - The company reported a significant increase in prepayments, which reached ¥92,980,436.48, compared to ¥33,902,762.30 at the beginning of the year, marking a growth of 174%[30]. Shareholder Information - The total number of shareholders at the end of the reporting period was 35,525[14]. - The largest shareholder, Jilin Province Jixiang Jiade Investment Co., Ltd., held 10.71% of the shares[14]. Research and Development - Research and development expenses for Q3 2018 were ¥170,539.61, slightly up from ¥165,375.62 in Q3 2017[34]. - Research and development expenses for the first nine months of 2018 were CNY 420,620.35, slightly up from CNY 397,753.32 in the previous year[39]. - The company has not disclosed any new product developments or market expansion strategies in this report[8]. Other Income and Expenses - Interest income decreased by 58.04% to ¥244,912.70 from ¥583,745.30 due to a reduction in bank deposits[16]. - The company reported an increase in other income by 65.80% to ¥56,123.75 compared to ¥33,850.08 in the previous year[17]. - The company incurred sales expenses of CNY 11,600,262.12 for the first nine months of 2018, a decrease of 11.9% compared to CNY 13,180,158.45 in the same period last year[39]. - The company reported investment income of CNY 15,300,000.00 for the first nine months of 2018, compared to CNY 8,160,000.00 in the same period last year[39]. Acquisition - The company is in the process of acquiring a 49% stake in Beijing Jiurun Source E-commerce Co., Ltd., with the transaction still pending as of October 29, 2018[19].

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 507,934,280.71, representing a 7.40% increase compared to CNY 472,944,454.07 in the same period last year[18]. - Net profit attributable to shareholders for the first half of 2018 was CNY 6,074,486.92, a significant increase of 428.92% from CNY 1,148,464.60 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was CNY 6,133,542.66, up 265.14% from CNY 1,679,770.22 year-on-year[18]. - Basic earnings per share for the first half of 2018 was CNY 0.015, a 400.00% increase from CNY 0.003 in the same period last year[19]. - Operating profit increased to CNY 29.40 million, a significant rise of 47.12% compared to the previous year[31]. - Net profit attributable to the parent company reached CNY 6.07 million, up 428.92% year-on-year[31]. - The company achieved a revenue of CNY 507.93 million, representing a year-on-year growth of 7.40%[31]. - The company reported a profit margin of approximately 3.9% for the first half of 2018, up from 2.5% in the same period last year[81]. - The company reported a net loss of CNY 259,821,519.21, slightly improved from a loss of CNY 265,896,006.13 at the beginning of the period[75]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -233,385,299.71, compared to CNY -57,115,690.39 in the same period last year[18]. - The net cash flow from operating activities decreased by CNY 233.39 million compared to the previous year, primarily due to reduced cash receipts from sales[33]. - Operating cash inflow for the first half of 2018 was CNY 374,431,997.52, down 36% from CNY 584,902,601.34 in the same period last year[87]. - The ending cash and cash equivalents balance decreased to CNY 28,282,974.75 from CNY 109,025,632.21 year-over-year, reflecting liquidity challenges[88]. - Cash and cash equivalents decreased by 66.23% to CNY 58.78 million from CNY 174.06 million in the previous period[37]. - The company reported a total cash outflow of CNY 132,265,004.74 from operating activities, which is an increase from CNY 121,899,815.05 in the previous year[91]. Assets and Liabilities - Total assets decreased by 9.83% to CNY 1,007,084,499.40 from CNY 1,116,862,634.97 at the end of the previous year[18]. - Current assets decreased from CNY 800,900,474.48 to CNY 692,524,651.52, a reduction of about 13.5%[73]. - Total liabilities decreased from CNY 355,343,522.58 to CNY 240,515,374.21, a reduction of about 32.3%[74]. - The company's equity attributable to shareholders increased from CNY 689,164,759.12 to CNY 695,239,246.04, a growth of approximately 0.16%[75]. - The total amount of guarantees provided by the company, including those to subsidiaries, is RMB 2,000,000, which accounts for 2.88% of the company's net assets[54]. Shareholder Information - The company has a total of 29,622 common shareholders as of the end of the reporting period[63]. - The largest shareholder, Jilin Province Jixiang Jiade Investment Co., Ltd., holds 42,833,236 shares, accounting for 10.71% of total shares[65]. - The second-largest shareholder, Yin Bing, holds 22,689,972 shares, representing 5.67% of total shares[65]. - The number of shares held by the director Yin Bing increased from 6,163,150 to 22,689,972, an increase of 16,526,822 shares[68]. Operational Highlights - The company operates in the wine industry, with a focus on various wine types including dry, ice, and sweet wines[24]. - The subsidiary Beijing Jiuyuan's revenue contributed an increase of CNY 34.99 million to the overall revenue, accounting for the growth[33]. - The company plans to enhance market focus and refine marketing strategies to adapt to increasing competition in the wine industry[43]. - The company emphasizes food safety and quality assurance as a priority in response to rising consumer health awareness[43]. Environmental and Social Responsibility - The company has implemented an environmental management system to ensure compliance with pollution control regulations[59]. - The company has made significant investments in environmental protection and sustainable development initiatives[56]. - The company replaced its original coal-fired boilers with two energy-efficient gas boilers, ensuring emissions meet the GB13271-2014 standards[58]. - The company has two discharge outlets, with wastewater being treated to meet the GB8978-1996 Class III discharge standard[57]. Accounting and Financial Reporting - The company has not disclosed any major changes in accounting policies or estimates during the reporting period[60]. - The company's financial statements comply with the requirements of the enterprise accounting standards, reflecting the financial position, operating results, changes in shareholders' equity, and cash flows accurately[112]. - The accounting period for the company runs from January 1 to December 31 each year[113]. - The company applies the accounting treatment for business combinations under common control and non-common control, measuring assets and liabilities at book value or fair value as appropriate[116]. Inventory Management - The total inventory balance at the end of the period was ¥326,912,763.36, compared to ¥403,756,834.17 at the beginning, representing a decrease of 19.0%[199]. - The inventory of finished goods rose to ¥130,326,632.44, up from ¥101,676,420.73, indicating a 28.2% increase[199]. - The company has recognized inventory impairment provisions, applicable to the financial reporting[200].

Financial Performance - In 2017, the company achieved a net profit attributable to shareholders of CNY 6,063,674.01, representing a 192.83% increase compared to CNY 2,070,696.39 in 2016[5]. - The company's operating revenue for 2017 was CNY 919,551,948.33, a 54.80% increase from CNY 594,016,767.25 in 2016[20]. - The company reported a basic earnings per share of CNY 0.02 for 2017, doubling from CNY 0.01 in 2016[22]. - The weighted average return on equity increased to 0.88% in 2017, up from 0.30% in 2016, an increase of 0.58 percentage points[22]. - The net profit attributable to the parent company for 2017 was CNY -937,442.30, indicating a continued financial challenge[5]. - The company reported a net profit of CNY 4,095.58 million after deducting non-recurring gains and losses for 2017[95]. - The company’s net profit for 2017 was CNY 26,646,131.77, an increase of 33.4% compared to CNY 19,980,722.03 in the previous year[162]. Cash Flow and Liquidity - The cash flow from operating activities was negative at CNY -548,977,524.61, worsening from CNY -287,998,798.82 in 2016[20]. - The company experienced a significant negative cash flow from operating activities, totaling approximately -¥46.96 million in Q1 and -¥501.06 million in Q4, indicating cash flow challenges throughout the year[24]. - The cash flow from operating activities decreased by 26,097,780.00, mainly due to a reduction in cash received from sales and increased cash payments for goods and services[56]. - The company reported a total cash and cash equivalents balance of 132,711,973.12 RMB at year-end, down from 140,207,559.23 RMB at the beginning of the year[168]. - The net increase in cash and cash equivalents for the year was -7,495,586.11 RMB, compared to -36,274,385.71 RMB in the previous year, showing a reduced cash burn rate[168]. Assets and Liabilities - The total assets at the end of 2017 amounted to CNY 1,116,862,634.97, reflecting a 3.45% increase from CNY 1,079,581,710.77 in 2016[21]. - Total liabilities increased to ¥355,343,522.58 from ¥336,868,730.15, marking a rise of 5.0%[156]. - The company's equity attributable to shareholders rose to ¥689,164,759.12, compared to ¥683,101,085.11 in the previous year, a slight increase of 0.5%[156]. - The inventory balance as of December 31, 2017, was CNY 403,756,834.17, with a provision for inventory impairment of CNY 31,308,060.33, resulting in a net inventory value of CNY 372,448,773.84[144]. - The accounts receivable increased to CNY 72,119,624.14 from CNY 65,768,936.69, suggesting a growth in sales or credit terms[154]. Market and Industry Trends - The Chinese wine industry faced a decline in production, with a reported 5.3% decrease in wine output to 1,001,000 kiloliters in 2017, and a 9% drop in sales revenue to ¥42.137 billion[29]. - E-commerce sales in the liquor sector are projected to grow from 1.25% of total sales in 2014 to 4.16% in 2017, highlighting the increasing importance of online channels[32]. - The company aims to enhance its product structure and marketing network, focusing on becoming a leading wine production and cultural dissemination base in China[83]. Product Development and Marketing - The company launched several new products in 2017, including the "Love in Deep Autumn" series and the upgraded version of "Tonghua Ice Refreshing Wine," which received positive market feedback[40]. - The company has established a comprehensive e-commerce platform, enhancing its market presence and consumer engagement through internet-based sales strategies[35]. - The company reported a significant increase in promotional expenses by 56.15% year-on-year, totaling RMB 2.03 million[79]. Shareholder and Governance - The total number of common stock shareholders at the end of the reporting period is 28,298[108]. - The largest shareholder, Jilin Province Jixiang Jiade Investment Co., Ltd., holds 42,833,236 shares, accounting for 10.71% of total shares[110]. - The company has not encountered any issues regarding the use of funds during the reporting period[96]. - The company has maintained independence from its controlling shareholder in terms of operations, personnel, assets, and finance[137]. Employee and Management - The company employed a total of 599 staff, with 353 in the parent company and 246 in major subsidiaries[126]. - The remuneration policy is based on job position and contributions, aiming to link employee income with performance[127]. - The company has experienced a board and supervisory committee reshuffle, with several new appointments and departures[124]. Risk Management - The company will implement risk management strategies to address market, financial, and food safety risks in 2018[85]. - The company did not face any significant operational risks during the reporting period[7]. Audit and Compliance - The financial statements for the year ended December 31, 2017, were audited and found to fairly present the company's financial position and operating results[142]. - The company has conducted an internal control self-assessment and received a standard unqualified opinion from the auditing firm on its internal controls for the year 2017[138].