Financial Performance - The company's operating revenue for 2021 was approximately RMB 140.40 million, representing a 5.53% increase compared to RMB 133.04 million in 2020[21]. - The net profit attributable to shareholders for 2021 was a loss of approximately RMB 98.70 million, a significant decrease from a profit of RMB 1.86 million in 2020, marking a decline of 5,407.35%[21]. - The basic earnings per share for 2021 was -0.31 RMB, compared to 0.01 RMB in 2020, reflecting a decrease of 3,200%[21]. - The weighted average return on net assets for 2021 was -8.79%, down from 0.16% in 2020, a reduction of 8.95 percentage points[21]. - The total assets at the end of 2021 were approximately RMB 1.20 billion, a decrease of 11.56% from RMB 1.36 billion at the end of 2020[21]. - The net assets attributable to shareholders at the end of 2021 were approximately RMB 1.07 billion, down 8.42% from RMB 1.17 billion at the end of 2020[21]. - The company reported a significant reduction in long-term borrowings, down 88.66% to 73.15 million RMB, as a result of repaying bank loans[62]. - The net profit was CNY -103,068,747.26, reflecting a substantial loss compared to the previous year[40]. - The company reported a net profit decline, with retained earnings dropping to CNY 153,235,769.90 from CNY 251,931,428.61 in 2020, a decrease of 39%[191]. Cash Flow and Investments - The net cash flow from operating activities for 2021 was approximately RMB 29.56 million, a recovery from a negative cash flow of RMB -15.95 million in 2020[21]. - The net cash flow from operating activities in Q4 was CNY 31,457,935.08, primarily due to a significant increase in sales of degradable materials[29]. - Cash flow from operating activities increased by CNY 45,505,909.81, mainly due to improved collection of receivables[41]. - Investment cash flow increased by CNY 66,125,831.19, a growth of 940.15%, primarily from the recovery of financial investments[41]. - The company reported a 95.29% decrease in investment income, down to CNY 345,205.46 from CNY 7,323,862.91 in the previous year[39]. Revenue Breakdown - The revenue from wine decreased by 36.58% to CNY 48,271,996.96, while the revenue from degradable materials surged by 119.76% to CNY 64,154,063.75[28]. - The company's revenue for the reporting period was CNY 140,401,040.26, representing a 5.53% increase compared to CNY 133,039,355.94 in the previous year[39]. - The company's revenue excluding non-core business income was CNY 126,312,518.08[29]. - The revenue from biodegradable materials and products increased by 119.76% from 29.19 million yuan to 64.15 million yuan, contributing 45.69% to total revenue[51]. Operational Challenges - Operating costs rose significantly by 56.48%, reaching CNY 106,748,777.98, up from CNY 68,219,789.48 in the same period last year[39]. - The gross margin for degradable materials was -20.51%, indicating high production costs and contributing to overall losses[43]. - The overall wine production in China decreased by 29.1% in 2021, reaching a record low of 268,000 tons[30]. - The production volume of finished wine decreased by 10.29% to 1,439 thousand liters, while sales volume dropped by 28.22% to 1,259 thousand liters[49]. - The company reported a fourth-quarter loss of CNY 71,144,436.22, mainly due to fixed asset impairment losses of CNY 48,296,100 and losses from the disposal of grape planting bases[29]. Market and Product Development - The company has developed over 200 products across seven major series, including dry red, dry white, ice wine, and brandy[31]. - The company launched new products, including 4 customized products online and 12 offline, aimed at expanding market sales[36]. - The company plans to significantly increase R&D investment in degradable materials and products in 2022[41]. - The company aims to enhance its market presence by optimizing product structure and expanding its sales channels, including online platforms like Tmall and JD.com[96]. Governance and Compliance - The company held 5 board meetings during the reporting period, complying with the Company Law and Articles of Association[103]. - The company established effective performance evaluation and incentive mechanisms for directors and senior management, linking their compensation to overall business performance[103]. - The company strictly adhered to information disclosure obligations, ensuring timely, accurate, and complete information dissemination to all shareholders[104]. - The company actively engaged in investor relations, reflecting a commitment to transparency and fair treatment of all shareholders[104]. - The company has made progress in enhancing its governance structure in line with modern corporate governance standards[102]. Social Responsibility and Sustainability - The company is committed to sustainability, with plans to reduce carbon emissions by 40% over the next five years[110]. - The company emphasizes its commitment to social responsibility, aiming to create value for shareholders, provide opportunities for employees, and fulfill its obligations to society[139]. - The company is actively involved in poverty alleviation and rural revitalization efforts, ensuring that previously impoverished populations do not fall back into poverty[139]. - The company has implemented energy-saving initiatives aimed at reducing carbon emissions, promoting a green office culture among employees[138].

Financial Performance - The company's operating revenue for Q1 2022 was ¥27,904,489.29, representing a decrease of 14.88% compared to the same period last year[5] - The net profit attributable to shareholders was -¥9,502,270.42, a decrease of ¥3,668,300 compared to the previous year, primarily due to a sluggish wine consumption market and rising raw material costs[7] - The net profit for Q1 2022 was -10,680,606.57 RMB, compared to -6,896,524.27 RMB in Q1 2021, representing an increase in net loss of approximately 55.5% year-over-year[19] - The company reported a net loss for Q1 2022, with a significant increase in operating costs impacting profitability[18] - Total comprehensive income for Q1 2022 was -10,680,606.57 RMB, compared to -6,896,524.27 RMB in Q1 2021, indicating a worsening financial position[20] Cash Flow and Liquidity - The cash flow from operating activities was -¥45,562,108.55, with a significant decline in cash received from sales by 28.68% and an increase in cash paid for raw materials by 134.83%[10] - The company's cash and cash equivalents decreased to CNY 191,598,661.15 as of March 31, 2022, down from CNY 240,064,083.57 at the end of 2021, representing a decline of 20.1%[15] - Operating cash flow for Q1 2022 was -45,562,108.55 RMB, a significant decline from 1,354,451.85 RMB in Q1 2021[22] - The company reported a net cash outflow from investing activities of -2,903,313.87 RMB in Q1 2022, compared to -197,911,252.32 RMB in Q1 2021[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,184,402,713.52, down 1.38% from the end of the previous year[7] - Total assets decreased to CNY 1,184,402,713.52 from CNY 1,200,995,636.74, a decline of 1.4%[16] - Total liabilities decreased to CNY 143,910,223.95 from CNY 149,822,540.60, a reduction of 4%[17] - The company's equity attributable to shareholders decreased to CNY 1,064,137,024.71 from CNY 1,073,639,295.13, a decrease of 0.7%[17] Sales and Revenue Breakdown - The sales revenue from the wine business was ¥15,510,800, down 7.64% year-on-year, while the pharmaceutical segment saw a 33.84% increase in sales revenue to ¥3,148,800[7] - Total revenue from sales and services received in Q1 2022 was 30,940,945.50 RMB, down 28.6% from 43,381,398.60 RMB in Q1 2021[21] - The company's sales expenses for Q1 2022 were 14,217,616.58 RMB, a decrease of 15.8% from 16,886,117.93 RMB in Q1 2021[19] Research and Development - The company's R&D expenses increased by 36.98%, indicating a focus on enhancing product development[10] - Research and development expenses increased to 148,219.50 RMB in Q1 2022 from 108,203.86 RMB in Q1 2021, reflecting a growth of 37%[19] Operational Challenges - The weighted average return on equity was -0.89%, reflecting ongoing operational challenges[5] - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance future growth[18] - The company incurred total operating expenses of 86,688,139.91 RMB in Q1 2022, which is a 93.1% increase compared to 44,891,624.94 RMB in Q1 2021[21] - The net profit margin was not applicable due to the negative net profit reported[5]

Financial Performance - The company's operating revenue for 2021 was approximately RMB 140.40 million, representing a 5.53% increase compared to RMB 133.04 million in 2020[21]. - The net profit attributable to shareholders for 2021 was a loss of approximately RMB 98.70 million, a significant decrease from a profit of RMB 1.86 million in 2020, marking a decline of 5,407.35%[21]. - The basic earnings per share for 2021 was -0.31 RMB, compared to 0.01 RMB in 2020, reflecting a decrease of 3,200%[21]. - The weighted average return on equity for 2021 was -8.79%, down from 0.16% in 2020, a reduction of 8.95 percentage points[21]. - The total revenue excluding non-core business income was CNY 126,312,518.08[29]. - The company's total sales revenue for 2021 was approximately 482.72 million RMB, reflecting a decline of 36.58% compared to the previous year[69]. - The net loss for 2021 was CNY 103,068,747.26, compared to a net loss of CNY 3,052,426.71 in 2020[198]. Cash Flow and Assets - The net cash flow from operating activities for 2021 was approximately RMB 29.56 million, a recovery from a negative cash flow of RMB -15.95 million in 2020[21]. - The company reported a net cash flow from operating activities of CNY 31,457,935.08 in the fourth quarter, primarily due to a significant increase in sales of biodegradable materials[29]. - The total assets at the end of 2021 were approximately RMB 1.20 billion, a decrease of 11.56% from RMB 1.36 billion at the end of 2020[21]. - The company's cash and cash equivalents increased to CNY 240,064,083.57, up 5.6% from CNY 227,462,292.37 in 2020[189]. - Accounts receivable decreased to CNY 41,022,759.69, a decline of 35.6% from CNY 63,660,586.43 in 2020[189]. - The company's total equity decreased to CNY 1,051,173,096.14, down 8.9% from CNY 1,154,241,843.40 in 2020[191]. Revenue Breakdown - The revenue from the wine business was CNY 48,271,996.96, a decline of 36.58% compared to the previous year[28]. - The revenue from the pharmaceutical business was CNY 13,886,457.37, down 19.87% year-on-year[28]. - The revenue from biodegradable materials and products surged to CNY 64,154,063.75, marking a significant increase of 119.76%[28]. - Revenue from wine decreased by 36.58% to CNY 48,271,996.96, while revenue from degradable materials and products increased by 119.76% to CNY 64,154,063.75[40]. Costs and Expenses - Operating costs rose significantly by 56.48%, reaching CNY 106,748,777.98, up from CNY 68,219,789.48 in the same period last year[39]. - The company achieved a 39.61% increase in management expenses, totaling CNY 37,725,767.13, compared to CNY 27,021,798.13 in the previous year[39]. - The gross margin for degradable materials was -20.51%, indicating high production costs and contributing to overall losses[43]. - The company reported a significant increase in sales expenses, totaling CNY 43,178,863.20 in 2021, compared to CNY 41,628,096.80 in 2020[197]. Market and Production Insights - The wine production in China decreased to 268,000 tons in 2021, a year-on-year decline of 29.1%, reflecting a challenging market environment[30]. - The production volume of finished wine decreased by 10.29% to 1,439 thousand liters, while sales volume dropped by 28.22% to 1,259 thousand liters[49]. - The company has a production capacity of 20,000 tons for biodegradable polyester new materials (PBAT), which has commenced operations[32]. - The company plans to significantly increase R&D investment in degradable materials and products in 2022[41]. Governance and Compliance - The company held 5 board meetings during the reporting period, complying with the Company Law and Articles of Association[103]. - The company strictly adhered to information disclosure obligations, ensuring timely, accurate, and complete information dissemination to all shareholders[104]. - The company has implemented measures to respect and protect the rights of stakeholders, including creditors and employees[104]. - The company has made continuous improvements to its governance structure in line with modern corporate governance standards[102]. Strategic Initiatives - The company plans to enhance its market presence by focusing on core products and expanding its product line through customized offerings[71]. - The company aims to enhance its market presence by optimizing product structure and expanding its sales channels, including online platforms like Tmall and JD.com[96]. - The company is committed to a dual-driven strategy of "wine + new materials" to achieve high-quality development and market expansion[94]. - The company plans to strengthen its brand image through increased marketing efforts and targeted promotions via social media and its app[96]. Risks and Challenges - The company faced significant risks as detailed in the management discussion and analysis section of the annual report[7]. - The fluctuation in raw material prices, especially for 1,4-butanediol (BDO), poses a risk to the production and profitability of the biodegradable polyester new materials[99]. - The company faces risks from market competition, particularly from imported wines due to decreasing tariffs, which could impact domestic sales[98].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 39,917,296.90, representing a year-on-year increase of 6.52%[5] - The net profit attributable to shareholders was a loss of CNY 11,851,632.08, a decrease of 569.31% compared to the same period last year[5] - For the first nine months of 2021, the company's total operating revenue reached RMB 103,021,820.19, a significant increase of 39.61% compared to the same period in 2020, but still showing a decline compared to 2019[13] - The wine business experienced a revenue decline of 3.07% due to a sluggish consumer market, while the biodegradable materials segment now contributes one-third of the total operating revenue[13] - The company reported a total operating revenue of 115,328,193.77 RMB for the first nine months of 2021, compared to 80,487,369.24 RMB in the same period of 2020, indicating growth in revenue[23] Assets and Liabilities - The total assets at the end of the reporting period were CNY 1,232,201,237.62, down 9.26% from the end of the previous year[6] - As of September 30, 2021, the company's total assets amounted to RMB 1,232,201,237.62, down from RMB 1,357,950,223.38 at the end of 2020[18] - The company's total liabilities decreased to RMB 107,620,574.36 from RMB 203,708,379.98 at the end of 2020[18] - Total assets amounted to approximately ¥1,357.95 billion, with current assets at ¥560.27 billion and non-current assets at ¥797.68 billion[27] - Total liabilities reached approximately ¥203.71 billion, with current liabilities at ¥119.81 billion and non-current liabilities at ¥83.90 billion[28] Cash Flow - The cash flow from operating activities showed a net outflow of CNY -1,898,844.27, a decrease of 291.75% year-on-year[5] - Cash flow from operating activities for the first nine months of 2021 was -1,898,844.27 RMB, down from 990,283.39 RMB in the same period of 2020[23] - The net cash flow from financing activities in Q3 2021 was -83,083,130.80 RMB, a decrease from a positive cash flow of 53,027,789.26 RMB in Q3 2020[24] - Total cash inflow from investment activities in the first nine months of 2021 was 101,358,630.12 RMB, compared to 328,543,027.31 RMB in the previous year, showing a decline in investment returns[24] Profitability and Expenses - The weighted average return on net assets was -1.03%, a decrease of 1.25 percentage points compared to the previous year[5] - The company reported a significant increase in sales expenses, which rose to RMB 46,952,161.00 from RMB 37,972,917.63 year-over-year[20] - The net profit for Q3 2021 was -29,661,180.14 RMB, compared to -9,629,340.31 RMB in Q3 2020, indicating a significant increase in losses[21] - Operating profit for Q3 2021 was -31,066,534.18 RMB, compared to -10,800,683.01 RMB in the same period last year, reflecting a worsening operational performance[21] - The net profit for the year is expected to be a loss, influenced by the volatility in chemical raw material prices affecting production normalization[13] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 43,218[10] - Shareholders' equity totaled approximately ¥1,154.24 billion, with total equity attributable to the parent company at ¥1,172.33 billion[29] Other Financial Metrics - The company received government subsidies amounting to CNY 320,850.92 during the reporting period[8] - The company incurred a credit impairment loss of 121,431.32 RMB in Q3 2021, compared to a gain of -235,218.71 RMB in Q3 2020, reflecting a deterioration in credit quality[21] - The company's cash and cash equivalents stood at RMB 217,204,640.14, a decrease from RMB 227,462,292.37 at the end of 2020[15] - Accounts receivable decreased to RMB 52,972,058.18 from RMB 63,660,586.43 year-over-year[16] - The company reported an undistributed profit of approximately ¥251.93 million[29]

Financial Performance - The company achieved operating revenue of RMB 63,104,523.29, representing a 73.75% increase compared to the same period last year[20]. - The net profit attributable to shareholders was a loss of RMB 15,699,590.41, which is an increase in loss by RMB 6,327,017.65 compared to the previous year[22]. - The revenue from the wine business was RMB 33,308,472.16, up 70.43% from RMB 19,543,222.25 in the same period last year[20]. - The revenue from biodegradable materials reached RMB 20,856,343.74, a significant increase of 193.43% from RMB 7,107,831.21[20]. - The basic earnings per share were -0.05, compared to -0.03 in the same period last year[21]. - The company reported a total cash inflow from sales of goods and services of ¥78,031,728.84 in the first half of 2021, an increase from ¥58,104,011.69 in the first half of 2020, marking a growth of approximately 34.4%[103]. - The total profit for the first half of 2021 was a loss of CNY 18,372,435.29, compared to a loss of CNY 11,351,642.84 in the first half of 2020[97]. Cash Flow and Investments - The net cash flow from operating activities was RMB 1,679,887.87, compared to a negative RMB 4,312,711.31 in the previous year[20]. - The investment cash flow net amount increased by CNY 81,284,520.62, compared to CNY -161,342,901.70 in the previous year, indicating a positive shift in investment activities[35]. - The net cash flow from investment activities was negative at -¥9,702,948.78 for the first half of 2021, compared to a larger negative cash flow of -¥148,364,258.31 in the same period of 2020[107]. - Cash inflow from investment activities decreased to ¥101,358,630.12 in the first half of 2021, down from ¥176,141,123.28 in the first half of 2020, reflecting a decline of approximately 42.5%[104]. Assets and Liabilities - The total assets decreased by 8.82% to RMB 1,238,176,535.66 from RMB 1,357,950,223.38 at the end of the previous year[20]. - The net assets attributable to shareholders decreased by 1.34% to RMB 1,156,635,363.43 from RMB 1,172,334,953.84[20]. - Total liabilities decreased from ¥203,708,379.98 to ¥101,208,330.50, a reduction of about 50.3%[91]. - Current liabilities decreased from ¥119,811,176.02 to ¥74,998,763.08, a decrease of approximately 37.4%[90]. Operational Challenges - The wine business remains under pressure due to a sluggish consumer market, with revenue growth limited compared to 2019 levels, indicating ongoing challenges[32]. - The company faces macroeconomic risks, including potential impacts from a slowing domestic economy, which could lead to reduced consumption and growth in the wine sector[50]. - Increased competition in the wine industry is anticipated due to lower import tariffs on foreign wines, posing a risk to domestic wine producers[50]. - The company is experiencing rising costs in packaging materials, transportation, and cultivation, which may pressure profit margins[51]. Corporate Governance and Compliance - The company guarantees that it will not engage in any competitive business activities with its controlling shareholders or related parties[65]. - The company has established a complete governance structure to ensure independent operation and decision-making[64]. - The company has complied with all legal and regulatory requirements, ensuring no instances of dishonesty by the company or its controlling shareholders[69]. - The company has not engaged in any major litigation or arbitration matters during the reporting period[69]. Shareholder Information - Total number of common shareholders as of the end of the reporting period is 45,943[77]. - The largest shareholder, Gansu Agricultural Reclamation Group Co., Ltd., holds 45,819,636 shares, accounting for 14.27% of total shares[79]. - Gansu Huangyanghe Agricultural Industry Group Co., Ltd. holds 42,729,215 shares, representing 13.31% of total shares[80]. Research and Development - Research and development expenses were CNY 199,217.77 in the first half of 2021, slightly down from CNY 209,937.13 in the first half of 2020[96]. - The company has not disclosed any new product developments or technological advancements in the current report[116]. Environmental and Social Responsibility - Environmental measures include the use of drip irrigation in vineyards to enhance water efficiency and ongoing efforts to improve the ecological environment around production areas[60]. - The company is actively monitoring previously impoverished populations to prevent any return to poverty, aligning with broader rural revitalization efforts[61]. Accounting Policies - The financial statements were prepared based on the going concern assumption, with no significant doubts regarding the company's ability to continue operations for the next 12 months[126]. - The company uses Renminbi as its functional currency for accounting purposes[130]. - The company assesses long-term assets for impairment at each balance sheet date, recognizing impairment losses if the recoverable amount is less than the carrying amount[178].

Financial Performance - Operating revenue for the period reached CNY 32,783,439.46, representing an increase of 89.34% year-on-year[7] - Net profit attributable to shareholders was a loss of CNY 5,834,015.52, an improvement from a loss of CNY 7,241,650.73 in the same period last year[7] - The net cash flow from operating activities was CNY 1,354,451.85, a significant recovery from a negative cash flow of CNY 22,845,134.43 in the previous year[7] - The company's operating revenue grew by 89.34%, with wine business sales reaching 16.794 million yuan, an increase of 93.05% year-over-year[14] - The company's operating costs increased by 141.62%, and selling expenses rose by 63.06%, mainly due to significant growth in wine and biodegradable materials businesses[15] - The net cash flow from operating activities increased by 24.1996 million yuan compared to the same period last year, driven by strong sales in the wine and biodegradable materials sectors[15] - The total operating revenue for Q1 2021 was CNY 32,783,439.46, a significant increase from CNY 17,314,913.01 in Q1 2020, representing an increase of approximately 89.5%[29] - The net profit for Q1 2021 was a loss of CNY 6,896,524.27, compared to a loss of CNY 7,925,163.18 in Q1 2020, showing an improvement of approximately 13.0%[30] - The company reported a gross profit margin of approximately -22.0% for Q1 2021, compared to -45.3% in Q1 2020, indicating an improvement in profitability[29] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,345,482,267.56, a decrease of 0.92% compared to the end of the previous year[7] - The total liabilities decreased from CNY 677,662,987.31 to CNY 644,621,654.07, reflecting a reduction of approximately 4.9%[27] - The company's total equity remained relatively stable at CNY 1,189,187,785.67 compared to CNY 1,189,411,334.97 in the previous quarter[27] Shareholder Information - The total number of shareholders at the end of the reporting period was 52,317[12] - The largest shareholder, Gansu Agricultural Reclamation Group Co., Ltd., held 14.27% of the shares, totaling 45,819,636 shares[12] Cash Flow - The company's cash and cash equivalents increased by 44.35%, while trading financial assets decreased by 100%, primarily due to the maturity of investment products[14] - The net cash flow from investing activities decreased by 113.0345 million yuan, mainly due to increased bank time deposits[15] - The net cash flow from financing activities decreased by 1.19303 million yuan, a decline of 61.63%, primarily due to a reduction in construction loans compared to the previous year[15] - The cash flow from operating activities generated a net inflow of ¥1,354,451.85, compared to a net outflow of ¥22,845,134.43 in the same period last year[36] - The total cash outflow from operating activities was ¥43,041,464.89, slightly lower than ¥44,408,662.83 in Q1 2020[37] Expenses - Research and development expenses for Q1 2021 were CNY 108,203.86, a decrease from CNY 140,122.71 in Q1 2020, indicating a reduction of about 22.7%[29] - The company's financial expenses decreased by 2.1246 million yuan, mainly due to an increase in bank time deposits[15] - The company incurred sales expenses of ¥9,766,277.23 in Q1 2021, an increase of 21.9% from ¥8,010,956.39 in Q1 2020[32] Future Outlook - The company expects a potential loss in cumulative net profit from the beginning of the year to the next reporting period due to a sluggish wine consumption market and significant increases in chemical raw material prices[16] - The company has not disclosed any new product developments or market expansion strategies in this report[10] - The company did not report any new product developments or market expansion strategies during this quarter[37] Earnings Per Share - The company reported a basic and diluted earnings per share of CNY -0.02, unchanged from the previous year[7] - The basic and diluted earnings per share for Q1 2021 were both CNY -0.02, unchanged from Q1 2020[30]

Financial Performance - The company reported a revenue of ¥133,039,355.94 in 2020, a decrease of 24.95% compared to the previous year, primarily due to the impact of the COVID-19 pandemic on the market[21]. - The net profit attributable to shareholders was ¥1,859,604.66, representing a significant decline of 93.22% year-on-year[21]. - The net cash flow from operating activities decreased by 245.37%, amounting to -¥15,946,817.68, indicating severe operational challenges[21]. - The wine business generated revenue of ¥76,116,098.54, down 36.91% year-on-year, while the pharmaceutical business saw a revenue drop of 42.40%, totaling ¥17,328,962.56[23]. - Basic earnings per share fell to ¥0.01, down 88.89% from ¥0.09 in 2019[22]. - The company's operating profit was CNY -5,181,132.35, reflecting a decline of 118.20% year-on-year[44]. - The company achieved operating revenue of CNY 133,039,355.94, a decrease of 24.95% compared to the previous year, primarily due to the impact of the COVID-19 pandemic on the consumption market and supply chain restrictions[40]. - The company reported a total of CNY 10,127,700.44 in net profit after deducting non-recurring gains and losses in Q4[25]. Asset and Equity Changes - The company's total assets increased by 1.79% to ¥1,357,950,223.38 at the end of 2020[21]. - The net assets attributable to shareholders slightly decreased by 0.55% to ¥1,172,334,953.84[21]. - Total assets increased to CNY 1,357,950,223.38 in 2020, up from CNY 1,334,075,231.63 in 2019, representing a growth of approximately 1.4%[196]. - Total equity attributable to shareholders decreased to CNY 1,172,334,953.84 from CNY 1,178,824,469.18, a decline of approximately 0.6%[197]. Cash Flow and Financing - The net cash flow from operating activities in Q4 decreased by CNY 22,986,600 compared to the same period last year, primarily due to increased raw material costs and extended credit terms for wine sales[26]. - The net cash flow from financing activities grew by 159.34% year-on-year, driven by increased borrowing for the new biodegradable polyester project[46]. - The net cash flow from financing activities was ¥51,195,000, an increase of ¥31,454,700 or 159.34% year-on-year, attributed to increased borrowings for the new biodegradable polyester project[58]. - The company’s cash flow from operating activities was CNY -15,946,817.68, a decrease of 245.37% compared to the previous year[44]. Market and Industry Insights - The wine industry remains in an adjustment phase, facing intense competition and changing consumer behaviors towards more rational consumption[34]. - The company is focusing on optimizing its wine product structure by developing customized products and expanding its market presence[41]. - The competitive landscape in the wine industry is intensifying due to increased domestic production and reduced import tariffs, leading to greater market pressure[96]. - China's wine consumption potential is significant, with current per capita consumption below 1 liter compared to the global average of 7 liters, indicating room for growth[95]. Product Development and Innovation - The company has developed over 200 products across seven major series, including dry red, dry white, ice wine, and brandy, through its unique production model[33]. - The company is actively enhancing its online sales efforts and integrating online and offline marketing strategies to mitigate pandemic impacts[41]. - The company plans to invest in the construction and operation of biodegradable polyester new materials projects to expand its environmental industry[99]. Corporate Governance and Compliance - The company has committed to creating value for shareholders while fulfilling its social responsibilities[134]. - The actual controller and shareholders of the company made commitments to ensure the independence of the listed company, including maintaining independent assets and financial management systems[108]. - The company has not reported any instances of fund occupation or collection progress during the reporting period[111]. - The company has not faced any risks of suspension or termination of its listing[113]. Social Responsibility and Community Engagement - The company provided assistance to 21 impoverished households, helping them achieve poverty alleviation[130]. - The company invested 560 in vocational skills training for 26 individuals during the reporting period[132]. - The company plans to consolidate poverty alleviation results as per the unified arrangement of its controlling shareholder[133]. Shareholder Information - The total number of ordinary shareholders reached 56,950 by the end of the reporting period, an increase from 52,317 in the previous month[142]. - The top three shareholders hold a combined total of 108,236,117 shares, representing 33.71% of the total shares[144]. - Gansu Agricultural Reclamation Group Co., Ltd. holds 45,819,636 shares, accounting for 14.27% of the total shares[144]. Environmental Compliance - The company has maintained compliance with environmental standards, with wastewater and emissions from both the winery and pharmaceutical factory meeting regulatory requirements[135]. - The winery has achieved a B-level environmental protection standardization in Gansu Province, indicating good management practices[135].

Financial Performance - For the first nine months of 2020, the company achieved operating revenue of ¥73,793,266.28, a decrease of 38.68% compared to the same period last year, primarily due to the impact of the COVID-19 pandemic [5]. - The net profit attributable to shareholders for the first nine months of 2020 was a loss of ¥6,847,231.27, representing a decline of 146.57% year-on-year [5]. - The basic earnings per share for the first nine months of 2020 was -¥0.02, a decrease of 140.00% compared to the same period last year [5]. - Cumulative operating revenue for the first nine months of 2020 decreased by 38.68% year-on-year, significantly impacted by the COVID-19 pandemic and a sluggish consumer market [11]. - Cumulative net profit for the first nine months of 2020 decreased by 184.10% year-on-year, with net profit attributable to shareholders down by 146.57% [12]. - Total operating revenue for Q3 2020 was CNY 37,473,858.49, an increase from CNY 33,636,244.32 in Q3 2019, representing a growth of approximately 11% [27]. - The net profit for the first three quarters of 2020 was CNY 1,589,583.50, down from CNY 5,320,192.43 in the same period of 2019, reflecting a decline of approximately 70% [27]. - Total comprehensive income for the first three quarters of 2020 was CNY 20,433,539.25, compared to CNY 4,987,985.87 in the same period of 2019, indicating a significant increase [33]. Cash Flow and Assets - The net cash flow from operating activities for the first nine months of 2020 was ¥990,283.39, down 79.87% year-on-year [6]. - Cash flow from operating activities for the first three quarters of 2020 was CNY 990,283.39, down from CNY 4,920,659.49 in 2019, reflecting a decline of approximately 80% [36]. - Cash inflow from sales of goods and services was CNY 75,795,815.31, a decrease of 26.8% compared to CNY 103,581,923.02 in the previous year [35]. - Cash and cash equivalents were CNY 179,848,090.12 as of September 30, 2020, down from CNY 181,626,393.42 at the end of 2019 [24]. - Total assets at the end of the reporting period were ¥1,351,822,288.64, an increase of 1.33% from the end of the previous year [5]. - Total assets as of September 30, 2020, amounted to CNY 1,927,704,897.63, a decrease from CNY 1,972,307,566.04 at the end of 2019 [26]. - Total current assets amounted to CNY 572,652,452.34 as of December 31, 2019 [39]. - Total non-current assets reached CNY 761,422,779.29 as of Q3 2020 [40]. Shareholder Information - The total number of shareholders at the end of the reporting period was 36,019 [9]. - The top three shareholders held a combined 33.71% of the company's shares, with the largest shareholder owning 14.27% [9]. Investment and Expenses - Cumulative investment income for the first nine months of 2020 increased by 128.81% year-on-year, primarily due to an increase in trading financial assets [12]. - Cumulative sales expenses for the first nine months of 2020 increased by 57.85% year-on-year, mainly due to the conversion of wineries into marketing institutions and increased depreciation in the sales department [11]. - Cumulative financial expenses for the first nine months of 2020 decreased by 67.73% year-on-year, primarily due to reduced interest income from bank deposits [12]. - Research and development expenses for Q3 2020 were CNY 147,680.92, compared to CNY 66,285.49 in Q3 2019, reflecting an increase of approximately 122% [27]. Liabilities and Equity - Total liabilities as of September 30, 2020, were CNY 661,617,118.06, down from CNY 698,203,082.09 at the end of 2019, showing a reduction of about 5% [25]. - The total equity attributable to shareholders was CNY 1,266,087,779.57 as of September 30, 2020, compared to CNY 1,274,104,483.95 at the end of 2019, indicating a slight decrease of around 0.6% [26]. - The company's long-term borrowings increased by 210.49% compared to the beginning of the period, primarily due to a 60 million yuan construction loan from Gansu Mogao Juhe Environmental New Materials Technology Co., Ltd. [11]. Project Development - The company's construction in progress increased by 709.40% compared to the beginning of the period, mainly due to increased investment in the "annual production of 20,000 tons of biodegradable new materials project" [11]. - The construction progress of the biodegradable polyester new materials project reached 45.32% by the end of the reporting period, with a total budget of 166.868 million yuan [14]. Financial Reporting Standards - The company reported a significant reclassification of advance payments to contract liabilities under the new revenue recognition standards [46]. - The new revenue recognition standards are not expected to have a significant impact on the company's financial statements or future performance [47]. - The company has implemented the new revenue and leasing standards effective January 1, 2020, with no major changes anticipated in revenue recognition [46].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 36,319,407.79, a decrease of 58.11% compared to the same period last year[20]. - The net profit attributable to shareholders was CNY -9,372,572.76, representing a decline of 173.46% year-on-year[22]. - The basic earnings per share decreased to CNY -0.03, down 175% from CNY 0.04 in the previous year[21]. - The weighted average return on net assets fell by 1.90 percentage points to -0.80% compared to the same period last year[21]. - The net cash flow from operating activities was CNY -4,312,711.31, a decrease of 153.06% year-on-year[22]. - The revenue from the wine business was CNY 19,543,222.25, down 72.50% compared to the previous year[20]. - The revenue from the pharmaceutical business was CNY 5,306,379.45, a decline of 48.49% year-on-year[20]. - The company reported a significant decrease in accounts payable, down 49.71% due to a decline in operating income[44]. - The company anticipates a potential cumulative net loss for the year due to the impact of the COVID-19 pandemic on the wine consumption market and ongoing project construction[52]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,311,347,785.59, down 1.70% from the previous year[20]. - The company's net assets attributable to shareholders at the end of the reporting period were CNY 1,161,102,776.42, a decrease of 1.50% from the end of the previous year[20]. - The company reported a total of 13,619,566.36 in current assets, a decrease of 94.68% compared to the previous period[44]. - The company reported a decrease in accounts payable from CNY 42,152,193.81 to CNY 32,816,373.42, a decline of approximately 22.5%[91]. - Total liabilities decreased to CNY 165,595,004.09 from CNY 168,431,841.52, a reduction of about 1.7%[92]. Market and Industry Context - The domestic wine market saw a production decline of 30.2%, indicating increased sales challenges for the company[29]. - The wine industry is facing intensified competition due to the influx of foreign brands as import tariffs decrease, increasing pressure on domestic wine producers[53]. - The domestic economy is slowing down, leading to a decline in the wine market consumption and a continuous drop in production for several years, posing risks to the company's performance[53]. - The company is positioned in a rapidly growing market, with the domestic wine consumption trend shifting towards more mature and rational consumer behavior[28]. Strategic Initiatives - The company plans to enhance online sales and expand its offline market presence by increasing the number of new distributors[36]. - New product development includes four new wine products to meet diverse regional market demands[36]. - The company has established urban wine castles in major cities, enhancing consumer engagement through tasting and cultural experiences[26]. - The company operates an integrated vineyard and winery model, producing over 200 products across seven major series, including dry red, dry white, ice wine, and brandy[27]. Corporate Governance and Compliance - The company and its controlling shareholders have complied with legal regulations and have not engaged in any dishonest activities during the reporting period[60]. - The company has established multiple subsidiaries, including 100% ownership in Gansu Mogao International Winery and Gansu Mogao Grape Planting Co., Ltd.[46]. - The acquirer commits to not engaging in any business that competes with the main business of Mogaog股份 during the holding period[58]. Environmental and Social Responsibility - The company assisted 10 impoverished households by providing agricultural training and resources, including seed potatoes and fertilizers[69]. - A total of 21 individuals from registered impoverished households were helped to escape poverty during the reporting period[71]. - The company has implemented a "door-to-door medical service" mechanism to assist impoverished households[73]. - The company has established an online monitoring system for wastewater discharge, ensuring compliance with environmental standards[75]. Financial Reporting and Accounting Policies - The company reported no changes in accounting policies or estimates during the reporting period[78]. - There were no significant accounting errors that required restatement in the reporting period[78]. - The financial statements are prepared based on the going concern principle, with no significant doubts regarding the company's ability to continue operations for the next 12 months[125]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that the financial statements accurately reflect the financial position and operating results[127]. Future Outlook - The company's future outlook remains cautious due to market uncertainties, with no specific guidance provided for the upcoming quarters[114].

Financial Performance - In 2019, the company's operating revenue was CNY 177.27 million, a decrease of 23.29% compared to CNY 231.08 million in 2018[22]. - The net profit attributable to shareholders was CNY 27.43 million, showing a slight increase of 0.66% from CNY 27.25 million in the previous year[22]. - The net profit after deducting non-recurring gains and losses was CNY 19.07 million, down 11.93% from CNY 21.66 million in 2018[22]. - The net cash flow from operating activities was CNY 10.97 million, an increase of 6.71% compared to CNY 10.28 million in 2018[22]. - The total assets at the end of 2019 were CNY 1.33 billion, reflecting a 3.57% increase from CNY 1.29 billion at the end of 2018[22]. - The net assets attributable to shareholders increased to CNY 1.18 billion, up 2.36% from CNY 1.15 billion in 2018[22]. - The basic earnings per share for 2019 were CNY 0.09, representing a 12.50% increase from CNY 0.08 in 2018[23]. - The diluted earnings per share also stood at CNY 0.09, marking a 12.50% increase compared to the previous year[23]. - The company achieved operating revenue of CNY 177,268,383.93 in 2019, a decrease of 23.29% compared to the previous year, with wine revenue declining by 35.23% to CNY 120,654,730.10[24]. - The company’s financial performance reflects challenges in the wine segment, necessitating strategic adjustments to improve revenue and profitability moving forward[24][26]. Cash Flow and Investments - The net cash flow from investment activities increased by 109.01% to -¥63,353,489.43, driven by a net increase of ¥60 million in investment financial products[44]. - The company generated operating cash flow of 10.97 million yuan, a year-on-year increase of 6.71%[55]. - The net cash flow from financing activities was 19.74 million yuan, a year-on-year decrease of 206.93%, mainly due to the construction of a new biodegradable polyester material project[55]. - The company has entrusted cash asset management with a total amount of RMB 400 million, with an unexpired balance of RMB 173.996 million[127]. - The company has invested in various financial products, with expected annualized returns ranging from 5.05% to 5.35%[129]. Market and Sales Strategy - The company operates a vertically integrated business model in the wine industry, encompassing grape planting, wine production, and sales, with a focus on quality and purity in its processes[33]. - The company is actively expanding its e-commerce sales, launching a dedicated Moga wine store on Meituan and operating its own Moga Mall APP[41]. - The company is enhancing its marketing strategies by leveraging tourism resources, promoting wine culture through activities at Moga International Winery and Moga Vineyard[41]. - The company plans to expand its online sales channels while maintaining traditional sales methods, focusing on the management and monitoring of online platforms[79]. - The company has established a comprehensive distributor management database to optimize market efficiency and improve distributor performance[76]. Product Development and Innovation - The company has developed over 200 products across seven major series, including red wine, white wine, ice wine, and brandy, certified as "China Green Food" and "China Organic Products"[33]. - The company is focusing on innovation, having developed a 2018 vintage noble rot wine and is in the process of patent applications for various products[42]. - The company is investing in new product development and technology to enhance its product offerings and market competitiveness[98]. Corporate Governance and Compliance - The company has established a commitment to maintain its independence and integrity in operations, ensuring no misuse of funds or assets[106]. - The company has a structured approach to its profit distribution, ensuring transparency and stability in its cash dividend policies[102]. - The company has not reported any non-standard audit opinions from its accounting firm during the reporting period[109]. - The company conducted a standard unqualified internal control audit for the year 2019, affirming effective financial reporting controls[180]. - The company maintained compliance with legal regulations and did not experience any instances of dishonesty during the reporting period[118]. Social Responsibility and Community Engagement - The company helped 10 impoverished households with medical, educational, and loan policies, resulting in 6 households successfully lifting themselves out of poverty[133]. - The company’s commitment to social responsibility includes protecting the rights of shareholders and creditors while ensuring sustainable benefits for all stakeholders[138]. - The company’s poverty alleviation efforts included developing apple, pepper, and potato industries to enhance the production capabilities of impoverished households[133]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 22,060, an increase from 20,885 in the previous month[146]. - Gansu Provincial Agricultural Reclamation Group Co., Ltd. is the controlling shareholder, holding 24.58% of the shares in Gansu Yasheng Industrial (Group) Co., Ltd.[149]. - The company has no preferred shareholders with restored voting rights at the end of the reporting period[146]. - The company reported no changes in the controlling shareholder during the reporting period[150]. Employee and Management Structure - The total number of employees in the parent company is 614, and in major subsidiaries is 106, resulting in a total of 720 employees[166]. - The company has established a performance evaluation and incentive mechanism linked to overall business performance for senior management[172]. - The company plans to enhance employee training, with an average of 30 hours of training per employee annually, and at least 60 hours for middle management[168]. - The company has implemented a salary policy that combines base salary and performance-based pay for employees[167].