Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved a revenue of 6.95 billion yuan, representing a year-on-year decrease of 4.84% [1] - The net profit attributable to shareholders was 2.229 billion yuan, down 9.46% year-on-year [1] - The non-recurring net profit was 2.224 billion yuan, reflecting a decline of 9.08% compared to the previous year [1] - The basic earnings per share stood at 1.7875 yuan [1]

Core Insights - The company, Jinshiyuan, reported a decline in both revenue and net profit for the first half of 2025, with revenue at 6.95 billion and net profit at 2.23 billion, representing year-on-year decreases of 4.84% and 9.46% respectively [1] - In the second quarter alone, the company experienced a significant drop in revenue to 1.85 billion, down 29.69% year-on-year, and a net profit of 585 million, which is approximately a 37% decline [1] Financial Performance - Total revenue for the first half of 2025 was 6.95 billion, a decrease of 4.84% compared to the previous year [1] - Net profit for the same period was 2.23 billion, reflecting a year-on-year decline of 9.46% [1] - In Q2 2025, revenue fell to 1.85 billion, marking a substantial year-on-year decrease of 29.69% [1] - The net profit for Q2 2025 was 585 million, indicating a decline of about 37% compared to the same quarter last year [1]

Group 1 - The core viewpoint of the article is that Jinshiyuan (SH 603369) held its 15th meeting of the 5th Board of Directors on August 25, 2025, via telecommunication to review the company's 2025 semi-annual report and related documents [1] - For the year 2024, Jinshiyuan's revenue composition is as follows: 99.37% from alcoholic beverages, 0.59% from other businesses, and 0.04% from other sources [1] - As of the time of reporting, Jinshiyuan's market capitalization stands at 55.2 billion yuan [1] Group 2 - The A-share market has seen trading volumes exceed 2 trillion yuan for eight consecutive days, indicating strong market activity [1] - Major industry players are actively recruiting for the autumn season, with 25 job positions available, highlighting a demand for talent in the sector [1]

证券代码：603369 证券简称：今世缘 公告编号：2025-028 江苏今世缘酒业股份有限公司 关于选举职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 二○二五年八月二十六日 1 张霞女士简历 基本情况： 张霞，女，汉族，1972 年 8 月出生，江苏省涟水县人，大学本科学历，高级会计 师、税务师。 教育背景： 根据《江苏今世缘酒业股份有限公司章程》的规定，公司职工代表董事 由公司职工通过职工代表大会、职工大会或者其他形式民主选举产生，并直 接进入董事会。 江苏今世缘酒业股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日接到公司工会委员会《关于选举职工代表董事的函》，经职工民主选举并 公示，选举张霞女士（简历附后）为公司第五届董事会职工代表董事，任期 同公司第五届董事会。 特此公告。 江苏今世缘酒业股份有限公司 董事会 1997 年 09 月至 2008 年 07 月 江苏今世缘酒业有限公司财务部往来会计、成本 会计、资金管理员、税务会计、总账会计 2 1991 年 9 月至 1993 年 ...

证券代码：603369 证券简称：今世缘 公告编号：2025-029 江苏今世缘酒业股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 09 月 04 日(星期四) 15:00-17:00 投资者可于 2025 年 08 月 28 日（星期四）至 09 月 03 日（星期三）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 jsydmb@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 江苏今世缘酒业股份有限公司（以下简称"公司"）已于本公告同日发 布了公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年上半年度经营成果、财务状况，公司计划于 2025 年 09 月 04 日 （星 期四）15:00-17:00 举行 2025 半年度业绩说明会，就投资者关心的问题进 行交流。 （二）会议召开地点：上海证券 ...

江苏今世缘酒业股份有限公司 2025 年半年度报告摘要 公司代码：603369 公司简称：今世缘 2025 年半年度报告摘要 江苏今世缘酒业股份有限公司 2025 年半年度报告摘要 第一节 重要提示 1.1 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发 展规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 1.2 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，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。 1.3 公司全体董事出席董事会会议。 1.4 本半年度报告未经审计。 1.5 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 江苏今世缘酒业股份有限公司 江苏今世缘酒业股份有限公司 2025 年半年度报告摘要 | 归属于上市公司股 东的净利润 | 2,228,715,544.50 | 2,461,447,062.01 | -9.46 | | --- | --- | --- | --- | | 归属于上市公司股 东的扣除非经常性 损益的净利润 | 2,223,806,003.25 | ...

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。 根据《上海证券交易所上市公司自律监管指引第3 号——行业信息披露》之 《第十二号——酒制造》相关规定，现将江苏今世缘酒业股份有限公司2025 年 上半年与行业相关的定期经营数据（未经审计）披露如下： 一、 产品分档次、地区的情况 单位：元币种:人民币 | | 主营业务分产品情况 | | | | --- | --- | --- | --- | | | | 营业收入 | | | 分产品 | 2025 年上半年 | 2024 年上半年 | 同比增减 | | 特A+类 | 4,311,323,749.36 | 4,654,451,094.94 | -7.37% | | 特A 类 | 2,232,128,408.59 | 2,215,742,971.50 | 0.74% | | A 类 | 232,282,462.47 | 258,215,471.52 | -10.04% | | B 类 | 76,798,387.46 | 81,995,000.09 | -6.34% | | C 类、D ...

证券代码：603369 证券简称：今世缘 公告编号：2025-026 江苏今世缘酒业股份有限公司 表决结果：11票赞成，0票反对，0票弃权。 具体内容详见与本公告同日刊载于上海证券交易所网站(www.sse.com.cn)的《江苏 今世缘酒业股份有限公司2025年半年度报告》与《江苏今世缘酒业股份有限公司2025年 半年度报告摘要》。 特此公告。 江苏今世缘酒业股份有限公司 董事会 第五届董事会第十五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏今世缘酒业股份有限公司（以下简称"公司"）第五届董事会第十五次会议于 2025年8月25日以通讯表决方式召开，会议通知已于2025年8月15日以电子邮件、专人送 达或电话通知等方式发出。本次会议应参与表决董事11人，实际参与表决董事11人。会 议的通知及召开程序符合《公司法》及公司《章程》的要求。 本次会议由董事长顾祥悦先生主持，与会董事形成决议如下： 一、审议通过了《公司2025年半年度报告全文及摘要》。 本议案已经公司董事会审计委员会事前审议通过。 二○二五年 ...

[Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of this unaudited semi-annual report, with forward-looking statements not constituting substantive commitments, and no non-operating fund occupation or illegal external guarantees by controlling shareholders or related parties during the period - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[3](index=3&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) - Forward-looking statements regarding future plans and development strategies in this report do not constitute substantive commitments to investors due to inherent uncertainties[6](index=6&type=chunk) - During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties, nor any external guarantees provided in violation of prescribed decision-making procedures[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines key terms used in the report, including company name, reporting period, controlling shareholder, actual controller, and company development strategies, ensuring clear understanding of the content - Company, the Company, Jinshiyuan Liquor, Jinshiyuan Shares refer to Jiangsu Jinshiyuan Liquor Co., Ltd[15](index=15&type=chunk) - Reporting Period refers to January 1, 2025, to June 30, 2025[15](index=15&type=chunk) - The 'Three-pronged' Strategy refers to differentiation, premiumization, and nationalization strategies[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, contact details, registration, disclosure channels, and stock overview, along with key accounting data, financial indicators, and non-recurring gains and losses, reflecting its overall financial performance for the first half of the year [I. Company Information](index=4&type=section&id=I.%20Company%20Information) - The company's Chinese name is Jiangsu Jinshiyuan Liquor Co., Ltd., with the Chinese abbreviation Jinshiyuan[12](index=12&type=chunk) - The company's legal representative is Gu Xiangyue[12](index=12&type=chunk) [II. Contact Person and Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Information) - The Board Secretary is Wang Weidong, and the Securities Affairs Representative is Xia Dongbao, both reachable at 0517-82433619[13](index=13&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) - The company's registered and office address is No. 1 Jinshiyuan Avenue, Gaogou Town, Lianshui County, Huai'an City, Jiangsu Province[14](index=14&type=chunk) - The company's website is https://www.jinshiyuan.com.cn/[14](index=14&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) - The company's designated information disclosure newspapers include China Securities Journal, Shanghai Securities News, and Securities Times[16](index=16&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[16](index=16&type=chunk) [V. Company Stock Profile](index=5&type=section&id=V.%20Company%20Stock%20Profile) - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Jinshiyuan and stock code 603369[17](index=17&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Change vs. Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,950,338,546.11 | 7,304,075,016.02 | -4.84 | | Total Profit | 2,961,168,506.84 | 3,277,670,391.41 | -9.66 | | Net Profit Attributable to Shareholders of Listed Company | 2,228,715,544.50 | 2,461,447,062.01 | -9.46 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Items | 2,223,806,003.25 | 2,445,957,188.36 | -9.08 | | Net Cash Flow from Operating Activities | 1,075,151,797.42 | 1,246,502,040.62 | -13.75 | | **Period-end Indicators** | **End of Current Period (CNY)** | **End of Prior Year (CNY)** | **Change vs. Prior Year-end (%)** | | Net Assets Attributable to Shareholders of Listed Company | 16,187,358,008.52 | 15,453,651,528.39 | 4.75 | | Total Assets | 24,308,985,742.85 | 24,221,898,385.69 | 0.36 | | Basic Earnings Per Share (CNY/share) | 1.7875 | 1.9742 | -9.46 | | Diluted Earnings Per Share (CNY/share) | 1.7875 | 1.9742 | -9.46 | | Basic EPS Excluding Non-recurring Items (CNY/share) | 1.7836 | 1.9618 | -9.08 | | Weighted Average Return on Net Assets (%) | 13.45 | 16.95 | -3.50 | | Weighted Average Return on Net Assets Excluding Non-recurring Items (%) | 13.42 | 16.85 | -3.43 | [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) 2025 Semi-Annual Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gain/Loss on Disposal of Non-current Assets | -86,327.70 | | Government Grants Recognized in Current Period P&L | 7,337,645.99 | | Other Non-operating Income and Expenses Apart from the Above | -703,227.57 | | Less: Income Tax Impact | 1,638,549.47 | | Total | 4,909,541.25 | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section details the company's H1 2025 operations, including industry analysis, strategies, core competencies, and financial changes, highlighting steady business development and identifying various macroeconomic, market, and operational risks [I. Description of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) - The company belongs to the 'C15 Liquor, Beverage, and Refined Tea Manufacturing' industry[25](index=25&type=chunk) - The Baijiu industry has fully entered a phase of inventory-driven, volume-constrained competition, with market share rapidly consolidating towards leading brands, emphasizing **'brand + quality'** as the core of competition[25](index=25&type=chunk) - The company's main business is the production and sale of Baijiu, with three major brands: 'Guoyuan,' 'Jinshiyuan,' and 'Gaogou'[26](index=26&type=chunk) - The company operates under an 'R&D + Procurement + Production + Sales' model, selling products through a combination of distribution and direct sales[26](index=26&type=chunk) - According to Q1 2025 reports from domestic listed Baijiu companies, the company ranked **seventh** in both revenue and net profit for Q1 2025[26](index=26&type=chunk) [II. Discussion and Analysis of Operations](index=7&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) - In H1 2025, despite the Baijiu industry's volume-constrained competition, the company maintained strategic focus, actively addressed challenges, and achieved overall **stable business development**[26](index=26&type=chunk) - Strengthened market expansion: **Solid foundation in core provincial markets**, active growth in e-commerce channels; deepened layout in markets outside the province, with visible results from the 'Six Focuses' strategy[26](index=26&type=chunk) - Deepened project management: Annual key projects managed with visual boards, and the development of process systems and 'Five Centers' empowerment activities are regularly advanced[27](index=27&type=chunk) - Optimized capacity allocation: **Stable growth in raw liquor production**, a 20,000-ton elegant sauce-aroma workshop is completed and nearing production, and full-process intelligent koji-making technology will be first applied[28](index=28&type=chunk) - Strengthened operational management: Enhanced budget control, deepened lean production, established star-rated intelligent packaging workshops, promoting management visualization and lean practices[28](index=28&type=chunk) - Adhered to Party building leadership: Comprehensively deepened strict Party governance, conducted disciplinary and conduct education, optimized employee compensation, and strengthened incentives for high-performing personnel[28](index=28&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=8&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) - Brand culture advantage: Centered on 'Yuan Culture,' with three major brands: **'Guoyuan' (high-end Baijiu), 'Jinshiyuan' (emotional marketing), and 'Gaogou' (Chinese time-honored brand)**[29](index=29&type=chunk) - Product assurance advantage: Located in the Huaihe River famous liquor belt with a superior brewing ecological environment; adheres to a **'quality-first' strategy**, achieved CNAS laboratory certification, and won multiple quality awards[29](index=29&type=chunk)[30](index=30&type=chunk) - Technological R&D advantage: Established industry-university-research cooperation with multiple universities and research institutes, possesses **five national-level scientific innovation platforms** including a postdoctoral research workstation, and obtained multiple national research projects and patents[32](index=32&type=chunk)[33](index=33&type=chunk) - Distinctive marketing advantage: Built a **'brand + channel + C-end' three-driven marketing system**, advanced the 'Three-pronged' strategy, and deepened the channel network through mobile sales visits and the '1+1+N' manufacturer-distributor model[34](index=34&type=chunk) - Management platform advantage: Achieved ISO series management system certifications, introduced the excellent performance management model, formed a **'double helix' collaborative development model**, and is advancing a digitalization strategy with the goal of creating a smart factory[34](index=34&type=chunk)[35](index=35&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=10&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes changes in financial statement items, asset-liability status, investment activities, and the operating performance of major subsidiaries and associates, noting a decrease in operating revenue and total profit but growth in net and total assets, alongside significant investment in wealth management products [(I) Analysis of Main Business](index=10&type=section&id=%28I%29%20Analysis%20of%20Main%20Business) 2025 Semi-Annual Financial Statement Item Changes | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,950,338,546.11 | 7,304,075,016.02 | -4.84 | | Total Profit | 2,961,168,506.84 | 3,277,670,391.41 | -9.66 | | Net Profit Attributable to Shareholders of Listed Company | 2,228,715,544.50 | 2,461,447,062.01 | -9.46 | | Net Cash Flow from Operating Activities | 1,075,151,797.42 | 1,246,502,040.62 | -13.75 | | Selling Expenses | 1,030,005,124.42 | 983,600,411.89 | 4.72 | | Financial Expenses | -51,020,381.44 | -80,382,848.03 | N/A | - The change in financial expenses was primarily due to a **decrease in deposits and changes in interest rates**[37](index=37&type=chunk) - The change in net cash flow from investing activities was mainly due to **increased purchases of wealth management products** this year[37](index=37&type=chunk) [(III) Analysis of Assets and Liabilities](index=10&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) 2025 Semi-Annual Asset and Liability Changes | Item Name | Current Period-end Amount (CNY) | Current Period-end % of Total Assets | Prior Year-end Amount (CNY) | Prior Year-end % of Total Assets | Change vs. Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 23,145,300.81 | 0.10 | 4,070,370.74 | 0.02 | 468.63 | More acceptance bills outstanding at period-end | | Accounts Receivable | 51,358,331.53 | 0.21 | 34,858,334.75 | 0.14 | 47.33 | Increased credit granted to distributors | | Prepayments | 25,900,425.28 | 0.11 | 19,664,315.27 | 0.08 | 31.71 | Due to increased prepayments for materials | | Other Receivables | 20,543,365.17 | 0.08 | 29,937,844.46 | 0.12 | -31.38 | Some employee loans for market promotion, etc., have been reimbursed | | Other Current Assets | 6,132,680.10 | 0.03 | 18,991,180.01 | 0.08 | -67.71 | Input VAT carried forward from the beginning of the year was deducted in this period | | Notes Payable | 1,287,601,930.77 | 5.30 | 824,060,000.00 | 3.40 | 56.25 | Increased issuance of acceptance bills for goods and project payments in this period | | Contract Liabilities | 599,582,761.20 | 2.47 | 1,592,619,886.68 | 6.58 | -62.35 | Seasonal factors led to a decrease in advance receipts | | Employee Benefits Payable | 113,097,431.09 | 0.47 | 241,532,380.93 | 1.00 | -53.18 | Due to year-end bonuses accrued last year being paid in this period | | Long-term Borrowings | 404,151,160.85 | 1.66 | 190,403,975.35 | 0.79 | 112.26 | Increased borrowings for technical transformation projects | [(IV) Analysis of Investment Status](index=13&type=section&id=%28IV%29%20Analysis%20of%20Investment%20Status) - The company actively conducts investment activities, adhering to the philosophy of 'procedural compliance, controlled risks, value creation, and strategic service' and the goal of **'good returns under low risk'**[40](index=40&type=chunk) 2025 Semi-Annual Securities Investment Overview | Asset Class | Beginning Balance (CNY) | Fair Value Change Gain/Loss in Current Period (CNY) | Current Period Purchase Amount (CNY) | Current Period Sale/Redemption Amount (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Stocks | 63,830,000.00 | 13,780,000.00 | 0 | 0 | 77,610,000.00 | | Trust Products | 362,017,516.43 | 0 | 160,000,000.00 | 102,017,516.43 | 420,000,000.00 | | Private Equity Funds | 1,123,823,462.48 | 23,838,523.35 | 29,000,000.00 | 39,215,495.52 | 1,137,446,490.31 | | Other | 2,876,251,666.27 | 32,060,651.67 | 1,500,000,000.00 | 1,950,628,095.89 | 2,458,116,907.07 | | Total | 4,425,922,645.18 | 69,679,175.02 | 1,689,000,000.00 | 2,091,861,107.84 | 4,093,173,397.38 | 2025 Semi-Annual Private Equity Fund Investment Overview | Private Equity Fund Details | Beginning Balance (CNY) | Current Period Purchase Amount (CNY) | Current Period Value Change (CNY) | Current Period Sale, Redemption, Distribution Amount (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Huatai Zijin (Jiangsu) Equity Investment Fund (Limited Partnership) | 21,167,221.17 | 0 | 2,996,188.79 | 0 | 24,163,409.96 | | Nanjing Huatai Grand Health No. 1 Equity Investment Partnership (Limited Partnership) | 182,924,797.64 | 0 | 15,391,529.40 | 14,799,589.00 | 183,516,738.04 | | Zhuji Dongzheng Ruiyu Investment Center (Limited Partnership) | 6,060,132.21 | 0 | 2,676,526.65 | 3,329,211.23 | 5,407,447.63 | | Jiangsu Zijin Hongyun Health Industry Investment Partnership (Limited Partnership) | 180,491,846.13 | 0 | -1,691,671.49 | 16,867,653.00 | 161,932,521.64 | | Suzhou Zijing Huachuang Venture Capital Partnership (Limited Partnership) | 4,445,253.12 | 0 | 0 | 1,794,799.87 | 2,650,453.25 | | Junzheng (Ningbo Meishan Bonded Port Area) Equity Investment Partnership (Limited Partnership) | 27,658,170.77 | 0 | -3,778,640.68 | 0 | 23,879,530.09 | | Nanjing Lingyi Jishi Equity Investment Partnership (Limited Partnership) | 233,646,037.72 | 0 | -2,074,318.88 | 0 | 231,571,718.84 | | Nanjing Huatai Genscript Biomedical Venture Capital Partnership (Limited Partnership) | 56,912,965.17 | 0 | -586,706.24 | 0 | 56,326,258.93 | | Huai'an Gaotou Yida Innovation and Entrepreneurship Investment Fund (Limited Partnership) | 35,807,259.24 | 0 | -1,052,978.71 | 2,424,242.42 | 32,330,038.11 | | Huai'an Gaotou Yida No. 2 Venture Capital Partnership (Limited Partnership) | 44,750,214.35 | 0 | 249,785.65 | 0 | 45,000,000.00 | | Zhongshan Guangfa Xinde Zhiyuan Technology Venture Capital Partnership (Limited Partnership) | 95,021,854.29 | 0 | -4,481,951.76 | 0 | 90,539,902.53 | | Yixing Dongzheng Ruiyuan Equity Investment Partnership (Limited Partnership) | 60,320,320.06 | 0 | 6,548,787.15 | 0 | 66,869,107.21 | | Zhuhai Guangfa Xinde Jinyuan Equity Investment Fund (Limited Partnership) | 129,666,237.77 | 0 | 5,908,588.83 | 0 | 135,574,826.60 | | Zhuji Dongzheng Linhang Equity Investment Partnership (Limited Partnership) | 16,227,103.76 | 0 | 3,538,156.66 | 0 | 19,765,260.42 | | Huai'an Yongxin Ronghui No. 2 Emerging Industry Venture Capital Investment Fund (Limited Partnership) | 20,888,366.33 | 9,000,000.00 | 155,740.58 | 0 | 30,044,106.91 | | Suzhou Dongzheng Ruijing Venture Capital Partnership (Limited Partnership) | 7,835,682.75 | 20,000,000.00 | 39,487.40 | 0 | 27,875,170.15 | | Total | 1,123,823,462.48 | 29,000,000.00 | 23,838,523.35 | 39,215,495.52 | 1,137,446,490.31 | [(VI) Analysis of Major Holding and Participating Companies](index=14&type=section&id=%28VI%29%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) 2025 Semi-Annual Financial Data of Major Holding and Participating Companies | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Jinshiyuan Liquor Sales Co., Ltd. | Subsidiary | Liquor Sales | 60,000,000.00 | 7,954,521,900.00 | 1,758,005,100.00 | 6,793,855,000.00 | 2,207,699,500.00 | 1,655,210,600.00 | | Jiangsu Jinshiyuan Investment Management Co., Ltd. | Subsidiary | Investment Management | 2,500,000,000.00 | 2,675,657,200.00 | 2,636,314,900.00 | 0 | 33,898,400.00 | 27,729,100.00 | [V. Other Disclosure Matters](index=14&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses seven major risks the company may face, covering macroeconomic, consumer environment, market competition, operational decision-making, food safety, environmental protection, and technological aspects, advising investors to pay attention [(I) Potential Risks](index=15&type=section&id=%28I%29%20Potential%20Risks) - Macroeconomic fluctuation risk: The domestic economy faces pressure from demand contraction and weakening expectations, potentially reducing demand for non-essential consumer goods like Baijiu[45](index=45&type=chunk) - Changing consumer environment risk: The popularization of healthy drinking concepts, increased demand for low-alcohol beverages, and trends towards personalized alcoholic products may increase market expansion difficulty[45](index=45&type=chunk) - Market competition risk: The Baijiu industry is highly concentrated and differentiated; if the company fails to respond to market challenges promptly, it may face pressure on its market share[45](index=45&type=chunk) - Risk of company operational decision errors or organizational inefficiency: During a period of deep industry adjustment, strategic misjudgments, decision errors, or ineffective organizational implementation will impact operational goals[46](index=46&type=chunk) - Food safety risk: Product quality and safety are related to consumer health, and changes in laws and regulations may affect production and operations[46](index=46&type=chunk) - Environmental protection risk: Baijiu production generates 'three wastes,' and strengthened national environmental regulations mean non-compliant actions may face risks[46](index=46&type=chunk) - Technology risk: Core technologies (product formulas, blending processes) are key to competitiveness, with potential risks of core technology leakage or loss of key technical personnel[47](index=47&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=16&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section discloses the company's corporate governance, environmental, and social responsibility performance, including changes in board members, no semi-annual profit distribution plan, ongoing equity incentive plans, active environmental information disclosure, and social contributions through donations, rural revitalization, and employee mutual aid funds [I. Changes in Company Directors and Senior Management](index=16&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) - Director Xu Yasheng resigned, and Mao Xujian was elected as a director[50](index=50&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=16&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) - The proposed profit distribution or capital reserve to share capital conversion plan for this semi-annual period is **not applicable**, with no distribution or conversion to be made[50](index=50&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=16&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%20or%20Other%20Employee%20Incentive%20Measures) - The first exercise period of the company's 2020 stock option incentive plan has been implemented for independent exercise[51](index=51&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=17&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) - Jiangsu Jinshiyuan Liquor Co., Ltd. has been included in the list of enterprises required to disclose environmental information by law[53](index=53&type=chunk) - The environmental information disclosure report can be accessed on the website of the Jiangsu Provincial Department of Ecology and Environment[53](index=53&type=chunk) [V. Specifics of Work on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc.](index=17&type=section&id=V.%20Specifics%20of%20Work%20on%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20etc.) - During the reporting period, the company donated **CNY 3.14 million** to charitable organizations such as Huai'an Charity Federation and Red Cross Society for public welfare activities[54](index=54&type=chunk) - A targeted donation of **CNY 900,000** was made through the Jiangsu Jinshiyuan Poverty Alleviation Fund for rural revitalization and poverty alleviation initiatives[54](index=54&type=chunk) - The company leverages its industrial advantages to drive rural employment and industrial development, prioritizing the employment of eligible individuals from impoverished families[54](index=54&type=chunk) - The 'Jinshiyuan Employee Mutual Aid Fund Management Measures' were enacted and implemented, providing assistance to employees with special difficulties through self-raised funds and company subsidies[54](index=54&type=chunk) [Section V Significant Matters](index=18&type=section&id=Section%20V%20Significant%20Matters) This section primarily discloses the fulfillment of the company's significant commitments during the reporting period, confirming no non-operating fund occupation by controlling shareholders or related parties, no illegal guarantees, no major litigation or arbitration, and no significant related-party transactions undisclosed in temporary announcements [I. Fulfillment of Commitments](index=18&type=section&id=I.%20Fulfillment%20of%20Commitments) - Jinshiyuan Group Co., Ltd. and Lianshui County People's Government committed to avoiding horizontal competition, which remains **long-term effective and strictly fulfilled**[56](index=56&type=chunk) - Jinshiyuan Group Co., Ltd. committed not to reduce its shareholding in the company during the share increase plan implementation period and statutory period, which has been **timely and strictly fulfilled**[56](index=56&type=chunk) [II. Non-operating Occupation of Funds by Controlling Shareholders and Other Related Parties During the Reporting Period](index=18&type=section&id=II.%20Non-operating%20Occupation%20of%20Funds%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) - During the reporting period, there was **no non-operating occupation of funds** by controlling shareholders or other related parties[57](index=57&type=chunk) [III. Illegal Guarantees](index=18&type=section&id=III.%20Illegal%20Guarantees) - During the reporting period, there were **no illegal guarantees**[57](index=57&type=chunk) [VII. Major Litigation and Arbitration Matters](index=19&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) - The company had **no major litigation or arbitration matters** during this reporting period[58](index=58&type=chunk) [X. Significant Related-Party Transactions](index=19&type=section&id=X.%20Significant%20Related-Party%20Transactions) - During the reporting period, there were **no significant related-party transactions** not disclosed in temporary announcements[58](index=58&type=chunk)[59](index=59&type=chunk) [Section VI Share Changes and Shareholder Information](index=20&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes during the reporting period, primarily the cancellation of repurchased shares leading to a reduction in total share capital, and presents the total number of shareholders, top ten shareholders, and top ten unrestricted shareholders, along with changes in holdings and equity incentives for directors and senior management, reflecting the latest changes in the company's equity structure [I. Share Capital Changes](index=21&type=section&id=I.%20Share%20Capital%20Changes) 2025 Semi-Annual Share Capital Changes | Category | Number of Shares Before Cancellation of Repurchased Shares | Proportion % | Number of Shares Cancelled During Reporting Period | Number of Shares After Cancellation of Repurchased Shares | Proportion % | | :--- | :--- | :--- | :--- | :--- | :--- | | Restricted Shares | 0 | 0 | 0 | 0 | 0 | | Unrestricted Shares | 1,254,500,000 | 100 | 7,699,963 | 1,246,800,037 | 100 | | Of which: Repurchase Special Securities Account | 7,699,963 | 0.6138 | 7,699,963 | 0 | 0 | | Total | 1,254,500,000 | 100 | 7,699,963 | 1,246,800,037 | 100 | - The company completed the cancellation of **7,699,963 repurchased shares** in March 2025, which were originally intended for equity incentives but changed to cancellation due to reaching the three-year mark[63](index=63&type=chunk) [II. Shareholder Information](index=22&type=section&id=II.%20Shareholder%20Information) - As of the end of the reporting period, the total number of common shareholders was **63,113**[65](index=65&type=chunk) 2025 Semi-Annual Top Ten Shareholders' Holdings | Shareholder Name | Increase/Decrease During Reporting Period (shares) | Period-end Holding (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Jinshiyuan Group Co., Ltd. | 8,755,895 | 569,804,933 | 45.70 | State-owned Legal Person | | Bank of China Co., Ltd. - China Merchants CSI Baijiu Index Graded Securities Investment Fund | 3,068,845 | 61,714,281 | 4.95 | Other | | Zhou Suming | 0 | 41,500,000 | 3.33 | Domestic Natural Person | | Lianshui Jinshengyuan Trading Co., Ltd. | 0 | 41,093,700 | 3.30 | Domestic Non-state-owned Legal Person | | Lianshui Jiyuan Trading Co., Ltd. | 0 | 41,090,400 | 3.30 | Domestic Non-state-owned Legal Person | | Hong Kong Securities Clearing Company Limited | -14,399,261 | 34,311,633 | 2.75 | Unknown | | Shanghai Mingda Industrial (Group) Co., Ltd. | 0 | 24,055,000 | 1.93 | Domestic Non-state-owned Legal Person | | Ni Congchun | 0 | 19,000,000 | 1.52 | Domestic Natural Person | | Yang Dong | 0 | 18,200,000 | 1.46 | Domestic Natural Person | | Wu Jianfeng | 0 | 18,000,000 | 1.44 | Domestic Natural Person | [III. Information on Directors and Senior Management](index=23&type=section&id=III.%20Information%20on%20Directors%20and%20Senior%20Management) - During the reporting period, Director Xu Yasheng resigned, and Director Mao Xujian was newly appointed[50](index=50&type=chunk)[69](index=69&type=chunk) 2025 Semi-Annual Changes in Holdings of Directors and Senior Management | Name | Position | Beginning Holding (shares) | Period-end Holding (shares) | Change in Holdings During Reporting Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Gu Xiangyue | Chairman, General Manager | 0 | 0 | 0 | | Wu Jianfeng | Vice Chairman, Deputy General Manager | 18,000,000 | 18,000,000 | 0 | | Wang Weidong | Director, Deputy General Manager | 14,180,000 | 14,180,000 | 0 | | Ni Congchun | Chairman of the Supervisory Board | 19,000,000 | 19,000,000 | 0 | | Yang Dong | Deputy General Manager | 18,200,000 | 18,200,000 | 0 | 2025 Semi-Annual Equity Incentive for Directors and Senior Management | Name | Position | Beginning Stock Option Holdings (shares) | New Stock Options Granted During Reporting Period (shares) | Exercisable Shares During Reporting Period (shares) | Period-end Stock Option Holdings (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Gu Xiangyue | Director | 210,000 | 0 | 84,000 | 210,000 | | Lu Zhengbo | Director | 168,000 | 0 | 67,200 | 168,000 | | Fang Zhihua | Senior Management | 168,000 | 0 | 67,200 | 168,000 | | Hu Yuewu | Senior Management | 168,000 | 0 | 67,200 | 168,000 | | Li Weiqun | Senior Management | 168,000 | 0 | 67,200 | 168,000 | | Chen Jiuquan | Senior Management | 168,000 | 0 | 67,200 | 168,000 | | Zhou Yonghe | Senior Management | 168,000 | 0 | 67,200 | 168,000 | | Total | / | 1,218,000 | 0 | 487,200 | 1,218,000 | - The company held its annual general meeting on May 22, 2025, approving resolutions including the revision of the 'Articles of Association,' which will eliminate the Supervisory Board, with its statutory functions to be exercised by the Board's Audit Committee[70](index=70&type=chunk) [Section VII Bond-Related Information](index=24&type=section&id=Section%20VII%20Bond-Related%20Information) This section states that the company had no corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - During the reporting period, the company had **no corporate bonds** (including enterprise bonds) or non-financial enterprise debt financing instruments[75](index=75&type=chunk) - During the reporting period, the company had **no convertible corporate bonds**[75](index=75&type=chunk) [Section VIII Financial Report](index=24&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's complete unaudited H1 2025 financial report, including consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed disclosures on company basics, accounting policies, taxes, financial statement notes, R&D, interests in other entities, government grants, financial instrument risks, fair value, related parties, share-based payments, and supplementary information, comprehensively reflecting its financial position and operating results [I. Audit Report](index=24&type=section&id=I.%20Audit%20Report) - This semi-annual report is **unaudited**[76](index=76&type=chunk) [II. Financial Statements](index=24&type=section&id=II.%20Financial%20Statements) This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, providing its financial position at period-end and operating performance for the first half of the year [Consolidated Balance Sheet](index=26&type=section&id=Consolidated%20Balance%20Sheet) Consolidated Balance Sheet Key Data as of June 30, 2025 | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 5,176,030,937.80 | 6,158,045,490.18 | | Financial Assets Held for Trading | 1,729,883,592.65 | 2,094,192,984.42 | | Inventories | 5,722,793,822.14 | 5,568,637,099.30 | | Total Current Assets | 12,755,788,455.48 | 13,928,397,619.13 | | Fixed Assets | 3,398,430,651.76 | 3,217,462,523.60 | | Construction in Progress | 4,386,963,723.50 | 3,394,242,075.38 | | Total Assets | 24,308,985,742.85 | 24,221,898,385.69 | | Total Current Liabilities | 7,504,079,957.65 | 8,373,938,562.96 | | Total Liabilities | 8,121,627,734.33 | 8,768,246,857.30 | | Total Equity Attributable to Parent Company Owners | 16,187,358,008.52 | 15,453,651,528.39 | [Parent Company Balance Sheet](index=28&type=section&id=Parent%20Company%20Balance%20Sheet) Parent Company Balance Sheet Key Data as of June 30, 2025 | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,284,026,123.12 | 3,051,773,444.29 | | Financial Assets Held for Trading | 279,839,863.01 | 965,094,260.27 | | Inventories | 4,858,266,977.41 | 4,136,252,167.18 | | Total Assets | 20,659,447,204.12 | 19,017,560,853.27 | | Contract Liabilities | 3,845,093,518.97 | 4,140,492,066.61 | | Total Liabilities | 6,506,998,655.11 | 6,474,014,944.80 | | Total Owners' Equity | 14,152,448,549.01 | 12,543,545,908.47 | [Consolidated Income Statement](index=30&type=section&id=Consolidated%20Income%20Statement) Consolidated Income Statement Key Data for Jan-Jun 2025 | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 6,951,162,381.59 | 7,304,648,475.25 | | Total Operating Costs | 4,084,486,866.38 | 4,034,906,752.35 | | Total Profit | 2,961,168,506.84 | 3,277,670,391.41 | | Net Profit | 2,228,715,544.50 | 2,461,447,062.01 | | Net Profit Attributable to Parent Company Shareholders | 2,228,715,544.50 | 2,461,447,062.01 | | Basic Earnings Per Share (CNY/share) | 1.7875 | 1.9742 | | Diluted Earnings Per Share (CNY/share) | 1.7875 | 1.9742 | [Parent Company Income Statement](index=31&type=section&id=Parent%20Company%20Income%20Statement) Parent Company Income Statement Key Data for Jan-Jun 2025 | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 2,716,109,697.89 | 2,585,605,354.54 | | Operating Costs | 1,374,996,893.56 | 1,412,660,911.20 | | Total Profit | 3,197,696,397.32 | 2,934,825,306.85 | | Net Profit | 3,103,911,704.90 | 2,897,022,933.67 | [Consolidated Cash Flow Statement](index=33&type=section&id=Consolidated%20Cash%20Flow%20Statement) Consolidated Cash Flow Statement Key Data for Jan-Jun 2025 | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,075,151,797.42 | 1,246,502,040.62 | | Net Cash Flow from Investing Activities | -455,090,706.93 | -185,605,068.98 | | Net Cash Flow from Financing Activities | -1,572,005,051.10 | -1,545,833,298.94 | | Net Increase in Cash and Cash Equivalents | -951,871,879.66 | -484,931,439.55 | | Period-end Balance of Cash and Cash Equivalents | 5,066,149,616.34 | 5,851,234,095.90 | [Parent Company Cash Flow Statement](index=34&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) Parent Company Cash Flow Statement Key Data for Jan-Jun 2025 | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,393,788,113.76 | 1,765,640,460.27 | | Net Cash Flow from Investing Activities | 102,956,745.17 | -966,370,438.45 | | Net Cash Flow from Financing Activities | -1,277,377,273.25 | -1,240,993,910.04 | | Net Increase in Cash and Cash Equivalents | 219,439,666.63 | -441,719,000.47 | | Period-end Balance of Cash and Cash Equivalents | 3,208,989,527.69 | 3,116,738,396.74 | [Consolidated Statement of Changes in Owners' Equity](index=38&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) - Total owners' equity increased by **CNY 733,706,480.13** this period, primarily influenced by total comprehensive income and profit distribution[97](index=97&type=chunk) - Paid-in capital decreased by **CNY 7,699,963.00**, mainly due to the cancellation of repurchased shares[97](index=97&type=chunk) - Undistributed profits increased by **CNY 732,555,500.10**, primarily from net profit less profit distribution[97](index=97&type=chunk)[98](index=98&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=40&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) - Total parent company owners' equity increased by **CNY 1,608,902,640.54** this period[102](index=102&type=chunk) - Paid-in capital decreased by **CNY 7,699,963.00**, mainly due to the cancellation of repurchased shares[102](index=102&type=chunk) - Undistributed profits increased by **CNY 1,607,751,660.51**, primarily from net profit less profit distribution[102](index=102&type=chunk)[103](index=103&type=chunk) [III. Company Basic Information](index=43&type=section&id=III.%20Company%20Basic%20Information) - Jiangsu Jinshiyuan Liquor Co., Ltd. was established on January 12, 2011, through a comprehensive restructuring of Jiangsu Jinshiyuan Liquor Co., Ltd[105](index=105&type=chunk) - The company's registered capital underwent several changes, finally becoming **CNY 1.2545 billion** (1,254,500,000.00) on June 15, 2016[114](index=114&type=chunk) - The company's main business activities are Baijiu production and sales, with primary products being the Guoyuan, Jinshiyuan, and Gaogou Baijiu series[115](index=115&type=chunk) - The company's controlling shareholder is Jinshiyuan Group Co., Ltd., and the actual controller is the Lianshui County People's Government of Jiangsu Province[116](index=116&type=chunk) [IV. Basis of Financial Statement Preparation](index=43&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) - These financial statements are prepared on a **going concern basis** in accordance with relevant provisions of enterprise accounting standards[117](index=117&type=chunk) - The company has comprehensively evaluated currently available information and found no factors significantly affecting its ability to continue as a going concern within 12 months from the end of the reporting period[118](index=118&type=chunk) [V. Significant Accounting Policies and Estimates](index=43&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates followed in preparing the financial statements, covering business combinations, financial instruments, receivables, inventories, contract assets, long-term equity investments, fixed assets, construction in progress, intangible assets, long-term deferred expenses, contract liabilities, employee compensation, share-based payments, revenue, government grants, and deferred income tax, providing a foundation for understanding the financial data [11. Financial Instruments](index=48&type=section&id=11.%20Financial%20Instruments) - Financial assets are initially classified based on business model and contractual cash flow characteristics as measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss[133](index=133&type=chunk) - Financial liabilities are initially classified as measured at amortized cost or fair value through profit or loss[135](index=135&type=chunk) - Impairment of financial assets is recognized based on **expected credit losses**, considering all reasonable and supportable information, including forward-looking information[137](index=137&type=chunk) [34. Revenue](index=58&type=section&id=34.%20Revenue) - The company's revenue primarily includes the sale of Baijiu and other products, with revenue recognized when the customer obtains control of the related goods[190](index=190&type=chunk) - For performance obligations satisfied at a point in time, the company recognizes revenue when the customer obtains control of the related goods, specifically when products are shipped and signed for by the customer[191](index=191&type=chunk)[193](index=193&type=chunk) - Revenue is measured at the transaction price allocated to each distinct performance obligation, considering the impact of variable consideration, significant financing components, non-cash consideration, and consideration payable to customers[191](index=191&type=chunk)[192](index=192&type=chunk) [36. Government Grants](index=60&type=section&id=36.%20Government%20Grants) - Government grants include asset-related and income-related grants, accounted for using the **gross method**[196](index=196&type=chunk) - Asset-related government grants are recognized as deferred income and amortized into profit or loss over the asset's useful life; income-related government grants are recognized in current profit or loss or deferred income based on the compensation period[196](index=196&type=chunk) - Government grants are generally recognized and measured upon actual receipt, but for those with conclusive evidence of meeting financial support policy conditions and expected to be received, they may be measured at the receivable amount[198](index=198&type=chunk) [VI. Taxes](index=62&type=section&id=VI.%20Taxes) Company's Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value-added from sales of goods or provision of taxable services | 13.00%, 6.00% | | Consumption Tax | Product sales revenue/quantity | 20.00% ad valorem on sales; CNY 0.50/jin (0.5 kg) specific duty | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7.00%, 5.00% | | Enterprise Income Tax | Taxable income | 25.00%, 20% | | Property Tax | Original value of property or rental income | 1.20%, 12.00% | | Education Surcharge | Amount of turnover tax payable | 3.00% | | Local Education Surcharge | Amount of turnover tax payable | 2.00% | - Some wholly-owned subsidiaries (e.g., Jinshiyuan (Shanghai) Commercial Co., Ltd., Hangzhou Jinshiyuan Liquor Sales Co., Ltd.) are subject to a **20.00% enterprise income tax rate** from January 1, 2025, with 25.00% of their taxable income recognized, under preferential tax policies for small and micro enterprises[206](index=206&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=62&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for major consolidated financial statement items, including cash, financial assets, receivables, inventories, investments, fixed assets, construction in progress, intangible assets, payables, contract liabilities, employee benefits, taxes, long-term borrowings, equity, revenue, costs, expenses, investment income, fair value changes, and cash flow items, explaining their composition, changes, and accounting treatment [1. Cash and Cash Equivalents](index=62&type=section&id=1.%20Cash%20and%20Cash%20Equivalents) Cash and Cash Equivalents Composition as of June 30, 2025 | Item | Period-end Balance (CNY) | Period-start Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 186,843.25 | 252,424.84 | | Bank Deposits | 5,166,212,652.81 | 6,141,201,343.08 | | Other Cash and Cash Equivalents | 9,631,441.74 | 16,591,722.26 | | Total | 5,176,030,937.80 | 6,158,045,490.18 | - At period-end, there were **no restricted funds** due to mortgages, pledges, or freezes; other cash and cash equivalents are for the company's prize redemption special account, with no restrictions on use[207](index=207&type=chunk) [2. Financial Assets Held for Trading](index=63&type=section&id=2.%20Financial%20Assets%20Held%20for%20Trading) Financial Assets Held for Trading Composition as of June 30, 2025 | Item | Period-end Balance (CNY) | Period-start Balance (CNY) | | :--- | :--- | :--- | | Financial assets measured at fair value through profit or loss | 1,729,883,592.65 | 2,094,192,984.42 | | Of which: Debt instrument investments | 1,298,998,250.19 | 1,179,173,724.15 | | Equity instrument investments | 77,610,000.00 | 63,830,000.00 | | Bank wealth management products | 353,275,342.46 | 851,189,260.27 | | Total | 1,729,883,592.65 | 2,094,192,984.42 | [5. Accounts Receivable](index=65&type=section&id=5.%20Accounts%20Receivable) Accounts Receivable Aging Distribution as of June 30, 2025 | Aging | Period-end Book Balance (CNY) | Period-start Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 52,933,314.10 | 35,424,286.80 | | 1 to 2 years | 656,067.04 | 883,469.29 | | 2 to 3 years | 392,300.00 | 362,194.20 | | 3 to 4 years | 405,680.00 | 313,208.00 | | 4 to 5 years | 18,864.00 | 0 | | Over 5 years | 1,354,854.72 | 1,354,854.72 | | Total | 55,761,079.86 | 38,338,013.01 | Accounts Receivable Impairment Provision as of June 30, 2025 | Category | Period-end Book Balance (CNY) | Impairment Provision (CNY) | Provision Rate (%) | Book Value (CNY) | | :--- | :--- | :--- | :--- | :--- | | Impairment provision by portfolio | 55,761,079.86 | 4,402,748.33 | 7.90 | 51,358,331.53 | | Of which: Subtotal within 1 year | 52,933,314.10 | 2,646,665.71 | 5 | 50,286,648.39 | | Over 5 years | 1,354,854.72 | 1,354,854.72 | 100 | 0 | [7. Accounts Receivable Financing](index=67&type=section&id=7.%20Accounts%20Receivable%20Financing) Accounts Receivable Financing Classification as of June 30, 2025 | Item | Period-end Balance (CNY) | Period-start Balance (CNY) | | :--- | :--- | :--- | | Bank acceptance bills with high credit ratings | 23,145,300.81 | 4,070,370.74 | | Total | 23,145,300.81 | 4,070,370.74 | - At period-end, the amount of bank acceptance bills endorsed or discounted by the company and not yet due on the balance sheet date was **CNY 55,073,067.56**[222](index=222&type=chunk) - The company believes that the accepting banks for its accounts receivable financing have high credit ratings, posing **no significant credit risk**, and thus no impairment provision has been made[223](index=223&type=chunk) [10. Inventories](index=73&type=section&id=10.%20Inventories) Inventories Classification as of June 30, 2025 | Item | Period-end Book Balance (CNY) | Period-end Book Value (CNY) | Period-start Book Balance (CNY) | Period-start Book Value (CNY) | | :--- | :--- | :--- | :--- | :--- | | Raw Materials | 264,130,606.37 | 264,130,606.37 | 332,459,673.05 | 332,459,673.05 | | Work in Progress | 145,519,168.60 | 145,519,168.60 | 159,455,285.12 | 159,455,285.12 | | Finished Goods | 862,615,188.13 | 862,615,188.13 | 1,403,524,314.45 | 1,403,524,314.45 | | Revolving Materials | 28,132,899.79 | 28,132,899.79 | 32,750,083.47 | 32,750,083.47 | | Semi-finished Goods | 4,422,395,959.25 | 4,422,395,959.25 | 3,640,447,743.21 | 3,640,447,743.21 | | Total | 5,722,793,822.14 | 5,722,793,822.14 | 5,568,637,099.30 | 5,568,637,099.30 | [17. Long-term Equity Investments](index=76&type=section&id=17.%20Long-term%20Equity%20Investments) Long-term Equity Investments as of June 30, 2025 | Investee | Beginning Balance (Book Value) (CNY) | Current Period Increase (CNY) | Investment Gain/Loss Recognized Under Equity Method (CNY) | Period-end Balance (Book Value) (CNY) | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Juyuan Machinery Equipment Co., Ltd. | 47,484,403.59 | 0 | -2,480,477.18 | 53,662,887.17 | | China Duty Free Group Jiangsu Duty Free Co., Ltd. | 0 | 2,261,587.00 | -446,507.94 | 1,815,079.06 | | Subtotal | 47,484,403.59 | 2,261,587.00 | -2,926,985.12 | 55,477,966.23 | | Total | 47,484,403.59 | 2,261,587.00 | -2,926,985.12 | 55,477,966.23 | [21. Fixed Assets](index=80&type=section&id=21.%20Fixed%20Assets) Fixed Assets Book Value as of June 30, 2025 | Item | Period-end Book Value (CNY) | Period-start Book Value (CNY) | | :--- | :--- | :--- | | Buildings and Structures | 2,721,863,786.03 | 2,692,536,606.88 | | Machinery and Equipment | 437,922,543.41 | 360,393,266.32 | | Transportation Equipment | 13,921,796.92 | 15,216,479.64 | | Electronic and Other Equipment | 224,722,525.40 | 149,316,170.76 | | Total | 3,398,430,651.76 | 3,217,462,523.60 | Fixed Assets with Undetermined Property Certificates as of June 30, 2025 | Item | Book Value (CNY) | Reason for Undetermined Property Certificates | | :--- | :--- | :--- | | Huai'an Branch Buildings | 10,280,042.42 | Demolition | | 100,000-ton Ceramic Jar Liquor Storage Project | 401,272,654.21 | In progress | | Intelligent Brewing and Storage Center Project | 628,076,320.10 | In progress | | Intelligent Packaging and Logistics Center Project | 642,930,189.22 | In progress | | South Plant New Koji-Making Center Project | 500,913,774.89 | In progress | | Total | 2,183,472,980.84 | / | [22. Construction in Progress](index=81&type=section&id=22.%20Construction%20in%20Progress) Construction in Progress as of June 30, 2025 | Item | Period-end Book Value (CNY) | Period-start Book Value (CNY) | | :--- | :--- | :--- | | Intelligent Finished Liquor Packaging and Logistics Center | 646,306,371.40 | 611,615,321.33 | | Intelligent Brewing and Storage Center Project | 3,229,326,286.02 | 2,461,345,425.00 | | South Plant New Koji-Making Center Project | 362,124,927.09 | 181,638,612.07 | | Total | 4,386,963,723.50 | 3,394,242,075.38 | 2025 Semi-Annual Changes in Significant Construction in Progress Projects | Project Name | Budget Amount (CNY) | Beginning Balance (CNY) | Current Period Increase (CNY) | Amount Transferred to Fixed Assets in Current Period (CNY) | Ending Balance (CNY) | Cumulative Investment as % of Budget | Cumulative Capitalized Interest (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Intelligent Brewing and Storage Center Project | 7,500,000,000.00 | 2,461,345,425.00 | 867,691,181.65 | 99,710,320.63 | 3,229,326,286.02 | 54.44 | 4,304,324.79 | | Intelligent Finished Liquor Packaging and Logistics Center | 1,800,000,000.00 | 611,615,321.33 | 42,092,332.91 | 7,401,282.84 | 646,306,371.40 | 81.08 | 0 | | South Plant New Koji-Making Center Project | 1,160,000,000.00 | 181,638,612.07 | 204,966,181.29 | 24,479,866.27 | 362,124,927.09 | 77.35 | 0 | | Total | 10,460,000,000.00 | 3,254,599,358.40 | 1,114,749,695.85 | 131,591,469.74 | 4,237,757,584.51 | / | 4,304,324.79 | [26. Intangible Assets](index=84&type=section&id=26.%20Intangible%20Assets) Intangible Assets as of June 30, 2025 | Item | Period-end Book Value (CNY) | Period-start Book Value (CNY) | | :--- | :--- | :--- | | Land Use Rights | 437,453,948.95 | 442,685,995.87 | | Patent Rights | 0 | 0 | | Software | 6,843,747.54 | 9,320,600.59 | | Trademarks | 0 | 0 | | Total | 444,297,696.49 | 452,006,596.46 | - The book value of land use rights with undetermined property certificates at period-end was **CNY 59,482,177.5**, with processing underway[277](index=277&type=chunk) [35. Notes Payable](index=87&type=section&id=35.%20Notes%20Payable) Notes Payable Classification as of June 30, 2025 | Type | Period-end Balance (CNY) | Period-start Balance (CNY) | | :--- | :--- | :--- | | Bank Acceptance Bills | 1,287,601,930.77 | 824,060,000.00 | | Total | 1,287,601,930.77 | 824,060,000.00 | - The total amount of notes payable that were due but unpaid at the end of this period was **CNY 0**[291](index=291&type=chunk) [38. Contract Liabilities](index=88&type=section&id=38.%20Contract%20Liabilities) Contract Liabilities as of June 30, 2025 | Item | Period-end Balance (CNY) | Period-start Balance (CNY) | | :--- | :--- | :--- | | Advance Receipts for Goods | 599,582,761.20 | 1,592,619,886.68 | | Total | 599,582,761.20 | 1,592,619,886.68 | - The period-end balance of contract liabilities significantly decreased compared to the beginning of the period, mainly due to a **reduction in advance receipts due to seasonal factors**[39](index=39&type=chunk) [39. Employee Benefits Payable](index=89&type=section&id=39.%20Employee%20Benefits%20Payable) Employee Benefits Payable as of June 30, 2025 | Item | Beginning Balance (CNY) | Current Period Increase (CNY) | Current Period Decrease (CNY) | Period-end Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | I. Short-term Compensation | 240,829,562.31 | 343,370,101.12 | 471,102,232.34 | 113,097,431.09 | | II. Post-employment Benefits - Defined Contribution Plans | 702,818.62 | 25,930,190.47 | 26,633,009.09 | 0 | | III. Termination Benefits | 0 | 1,059,204.00 | 1,059,204.00 | 0 | | Total | 241,532,380.93 | 370,359,495.59 | 498,794,445.43 | 113,097,431.09 | - The period-end balance of employee benefits payable significantly decreased compared to the beginning of the period, mainly due to **year-end bonuses accrued last year being paid in this period**[39](index=39&type=chunk) [40. Taxes Payable](index=90&type=section&id=40.%20Taxes%20Payable) Taxes Payable Composition as of June 30, 2025 | Item | Period-end Balance (CNY) | Period-start Balance (CNY) | | :--- | :--- | :--- | | Value-Added Tax (VAT) | 57,766,762.25 | 4,198,224.73 | | Consumption Tax | 89,935,106.96 | 121,650,125.32 | | Enterprise Income Tax | 427,728,793.90 | 556,299,127.76 | | Urban Maintenance and Construction Tax | 6,901,758.07 | 6,830,636.52 | | Education Surcharge | 4,130,610.26 | 4,083,316.30 | | Local Education Surcharge | 2,753,740.17 | 2,722,127.61 | | Total | 603,004,205.61 | 703,574,005.39 | [41. Other Payables](index=90&type=section&id=41.%20Other%20Payables) Other Payables by Nature of Payment as of June 30, 2025 | Item | Period-end Balance (CNY) | Period-start Balance (CNY) | | :--- | :--- | :--- | | Accrued Expenses | 2,498,950,335.86 | 2,438,167,676.90 | | Deposits and Guarantees | 245,146,830.42 | 241,945,540.48 | | Temporarily Withheld Funds | 6,452,542.05 | 8,313,813.40 | | Other | 16,090,564.85 | 18,358,477.76 | | Total | 2,766,640,273.18 | 2,706,786,096.54 | [45. Long-term Borrowings](index=91&type=section&id=45.%20Long-term%20Borrowings) Long-term Borrowings Classification as of June 30, 2025 | Item | Period-end Balance (CNY) | Period-start Balance (CNY) | | :--- | :--- | :--- | | Credit Borrowings | 404,151,160.85 | 190,403,975.35 | | Total | 404,151,160.85 | 190,403,975.35 | - The increase in long-term borrowings was mainly due to **increased borrowings for technical transformation projects**[39](index=39&type=chunk) [53. Share Capital](index=93&type=section&id=53.%20Share%20Capital) Share Capital Changes as of June 30, 2025 | Item | Beginning Balance (CNY) | Increase/Decrease in Current Change (+, -) (CNY) | Period-end Balance (CNY) | | :--- | :--- | :--- | :--- | | Total Shares | 1,254,500,000.00 | -7,699,963.00 | 1,246,800,037.00 | - The decrease in share capital was mainly due to the company completing the cancellation of **7,699,963 repurchased shares** in March 2025, which were originally intended for equity incentives[311](index=311&type=chunk) [55. Capital Reserves](index=93&type=section&id=55.%20Capital%20Reserves) Capital Reserves Changes as of June 30, 2025 | Item | Beginning Balance (CNY) | Current Period Increase (CNY) | Current Period Decrease (CNY) | Period-end Balance (CNY) | | :--- | :--- | :--- | :--- | | Capital Premium (Share Premium) | 716,714,129.58 | 0 | 425,597,053.89 | 291,117,075.69 | | Other Capital Reserves | 13,554,585.21 | 826,466.27 | 0 | 14,381,051.48 | | Total | 730,268,714.79 | 826,466.27 | 425,597,053.89 | 305,498,127.17 | - The decrease in capital premium was mainly due to the difference between treasury stock and cancelled share capital offsetting capital reserves; the increase in other capital reserves was due to **share-based payments**[313](index=313&type=chunk) [56. Treasury Stock](index=93&type=section&id=56.%20Treasury%20Stock) Treasury Stock Changes as of June 30, 2025 | Item | Beginning Balance (CNY) | Current Period Increase (CNY) | Current Period Decrease (CNY) | Period-end Balance (CNY) | | :--- | :--- | :--- | :--- | | Share Repurchase | 433,297,016.89 | 0 | 433,297,016.89 | 0 | | Total | 433,297,016.89 | 0 | 433,297,016.89 | 0 | - The decrease in treasury stock was mainly due to the company completing the cancellation of **7,699,963 repurchased shares** in March 2025[315](index=315&type=chunk) [60. Undistributed Profits](index=95&type=section&id=60.%20Undistributed%20Profits) 2025 Semi-Annual Undistributed Profits | Item | Current Period Amount (CNY) | Prior Year Amount (CNY) | | :--- | :--- | :--- | | Undistributed profits at prior period-end before adjustment | 13,269,999,210.39 | 11,104,873,978.78 | | Add: Net profit attributable to parent company owners for the current period | 2,228,715,544.50 | 3,411,925,268.61 | | Less: Dividends payable on ordinary shares | 1,496,160,044.40 | 1,246,800,037.00 | | Period-end undistributed profits | 14,002,554,710.49 | 13,269,999,210.39 | [61. Operating Revenue and Operating Costs](index=96&type=section&id=61.%20Operating%20Revenue%20and%20Operating%20Costs) 2025 Semi-Annual Operating Revenue and Operating Costs | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | Prior Period Revenue (CNY) | Prior Period Cost (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 6,881,877,723.00 | 1,803,374,917.81 | 7,257,283,297.01 | 1,879,738,154.95 | | Other Businesses | 68,460,823.11 | 44,840,450.36 | 46,791,719.01 | 34,509,254.56 | | Total | 6,950,338,546.11 | 1,848,215,368.17 | 7,304,075,016.02 | 1,914,247,409.51 | 2025 Semi-Annual Operating Revenue by Product Category | Product Category | Operating Revenue (CNY) | Operating Cost (CNY) | | :--- | :--- | :--- | | TA+ Category | 4,311,323,749.36 | 774,086,037.18 | | TA Category | 2,232,128,408.59 | 805,168,649.50 | | Category A | 232,282,462.47 | 134,828,564.04 | | Category B | 76,798,387.46 | 62,329,691.09 | | Categories C, D | 26,517,063.72 | 24,706,459.33 | | Other | 71,288,474.51 | 47,095,967.03 | 2025 Semi-Annual Operating Revenue by Operating Region | Operating Region | Operating Revenue (CNY) | Operating Cost (CNY) | | :--- | :--- | :--- | | Huai'an Region | 1,294,402,928.55 | 410,272,934.80 | | Nanjing Region | 1,753,310,562.37 | 406,897,541.07 | | Southern Jiangsu Region | 727,580,281.76 | 174,373,719.74 | | Central Jiangsu Region | 1,116,345,996.79 | 272,538,172.44 | | Yancheng Region | 753,352,141.92 | 196,196,832.30 | | Huaihai Region | 677,395,425.28 | 192,198,246.21 | | Outside Province | 627,951,209.44 | 195,737,921.61 | | Total | 6,950,338,546.11 | 1,848,215,368.17 | [63. Selling Expenses](index=97&type=section&id=63.%20Selling%20Expenses) 2025 Semi-Annual Selling Expenses Composition | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Advertising Expenses | 418,499,136.45 | 445,069,357.17 | | Employee Compensation | 145,438,860.90 | 137,047,972.79 | | Comprehensive Promotion Expenses | 393,870,258.57 | 311,873,299.95 | | Travel Expenses | 26,413,136.21 | 20,778,983.55 | | Total | 1,030,005,124.42 | 983,600,411.89 | - Selling expenses for the current period increased by **4.72%** compared to the prior period, mainly due to **increased comprehensive promotion and travel expenses**[37](index=37&type=chunk)[326](index=326&type=chunk) [64. Administrative Expenses](index=97&type=section&id=64.%20Administrative%20Expenses) 2025 Semi-Annual Administrative Expenses Composition | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 68,916,714.59 | 61,385,976.25 | | Material Consumption | 35,258,288.64 | 52,416,919.38 | | Depreciation Expense | 41,908,730.50 | 22,958,648.10 | | Repair Expenses | 11,593,631.14 | 5,838,891.35 | | Service and Consulting Fees | 14,301,244.18 | 10,260,822.49 | | Total | 210,879,810.36 | 206,299,709.92 | [66. Financial Expenses](index=98&type=section&id=66.%20Financial%20Expenses) 2025 Semi-Annual Financial Expenses Composition | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Interest Expense | 4,627,777.

今世缘公告，2025年上半年营业收入为69.5亿元，同比下降4.84%；净利润为22.29亿元，同比下降 9.46%。 ...