2022 年第三季度报告 证券代码：600365 证券简称：ST 通葡 通化葡萄酒股份有限公司 2022 年第三季度报告 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法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人王军、主管会计工作负责人贾旭及会计机构负责人（会计主管人员）王荣杰保证 季度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期 | 年初至报告期末 | 年初至报告 | | --- | --- | --- | --- | --- | | | | 比上年同 | | 期末比上年 | | | | 期增减变 | | 同期增减变 | | | | 动幅度(%) | | 动幅度(%) | | 营业收入 | 146,394,749.24 | 33.47 | 498,070 ...

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].

Financial Performance - Operating revenue decreased by 52.85% to CNY 416,555,510.57 for the first nine months compared to the same period last year[7] - Net profit attributable to shareholders was a loss of CNY 18,506,071.10, a decrease of 692.66% year-on-year[7] - Basic and diluted earnings per share were both CNY -0.046, a decrease of 675.00% compared to the previous year[7] - The net profit for the first three quarters of 2020 was a loss of ¥17,258,835.67, compared to a profit of ¥18,992,879.56 in the same period of 2019[50] - The net profit for Q3 2020 was a loss of ¥2,979,531.40, compared to a profit of ¥4,639,158.86 in Q3 2019, marking a significant decline[50] - The total profit for Q3 2020 was a loss of ¥27,225.88, down from a profit of ¥7,187,338.40 in Q3 2019[50] - The company's total comprehensive loss for Q3 2020 was CNY -9,361,197.59, compared to a loss of CNY -3,509,050.43 in Q3 2019[55] Cash Flow - Net cash flow from operating activities was CNY 94,784,072.14, a significant improvement from a negative cash flow of CNY -628,588,488.64 in the same period last year[7] - The company's operating cash flow for the first three quarters of 2020 was CNY 94,784,072.14, a significant improvement from a negative cash flow of CNY -628,588,488.64 in the same period of 2019[57] - In Q3 2020, the company reported a net cash flow from operating activities of -11,603,798.72 RMB, compared to -172,491,311.57 RMB in the same period of 2019, indicating an improvement[60] - Total cash inflow from operating activities was 234,439,932.72 RMB, significantly higher than 54,321,992.87 RMB in Q3 2019[60] - Cash outflow from operating activities totaled 246,043,731.44 RMB, compared to 226,813,304.44 RMB in the previous year, reflecting increased operational costs[60] Assets and Liabilities - Total assets increased by 6.69% to CNY 1,219,658,080.34 compared to the end of the previous year[7] - Current liabilities totaled CNY 430,598,866.74, up from CNY 336,048,690.32 in the previous year, indicating a 28.2% increase[42] - Non-current liabilities were reported at CNY 72,035,135.14, slightly down from CNY 72,801,997.12[42] - The company's total liabilities reached CNY 502,634,001.88, compared to CNY 408,850,687.44 in the previous year, reflecting a 22.9% increase[42] - Shareholders' equity decreased to CNY 717,024,078.46 from CNY 734,282,914.13, a decline of 2.9%[42] Shareholder Information - The total number of shareholders was 27,108 as of the report date[10] - The largest shareholder, Jilin Province Jixiang Jiade Investment Co., Ltd., holds 10.77% of the shares, with 43,093,236 shares pledged[11] Operational Efficiency - The company has not disclosed any significant new product developments or market expansion strategies in this report[12] - The company plans to focus on improving operational efficiency and exploring new market opportunities in the upcoming quarters[54] Other Income and Expenses - The company reported non-operating income of CNY 2,367,630.00 related to government subsidies[9] - Other income surged by 589.57% to ¥2,397,261.64, mainly due to increased government subsidies[30] - The company reported a significant reduction in financial expenses by 43.23% to ¥7,032,575.92, primarily due to lower borrowing costs[28] - The company reported other income of CNY 2,367,630.00 in Q3 2020, compared to CNY 307,637.65 in Q3 2019[54] Inventory and Costs - Operating costs fell by 55.59% to ¥304,748,058.08, primarily due to the decrease in revenue[26] - Inventory decreased to ¥286,078,389.19 from ¥314,316,397.99, indicating a reduction in stock levels[40] - The total operating costs for the first three quarters of 2020 were ¥431,569,534.00, compared to ¥853,755,693.37 in the first three quarters of 2019, indicating a decrease of about 49.5%[49] - The total operating costs for Q3 2020 were ¥106,156,559.92, compared to ¥236,866,940.60 in Q3 2019, indicating a decrease of about 55.2%[49]