Financial Performance - The company's operating revenue for Q1 2023 reached ¥893,255,321.04, representing a year-on-year increase of 26.61%[6] - The net profit attributable to shareholders was ¥181,808,188.72, reflecting a growth of 10.41% compared to the same period last year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥181,204,455.81, an increase of 11.16% year-on-year[6] - Basic earnings per share were ¥0.36, up by 12.50% from the same period last year[6] - Operating profit for Q1 2023 was ¥220,986,136.73, slightly up from ¥207,514,141.79 in Q1 2022, reflecting a growth of 6.5%[22] - Net profit for Q1 2023 was ¥181,158,316.06, compared to ¥164,609,978.59 in Q1 2022, marking an increase of 10.0%[23] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥4,226,684,453.98, an increase of 3.20% from the end of the previous year[6] - Total liabilities decreased to ¥891,828,563.23 as of March 31, 2023, down from ¥944,417,284.32 at the end of 2022, a reduction of 5.6%[17] - Cash and cash equivalents increased to ¥1,031,433,375.80 from ¥810,134,671.99, representing a growth of 27.3%[15] - Inventory decreased to ¥1,442,623,851.93 from ¥1,512,415,467.54, a decline of 4.6%[15] - Total cash and cash equivalents at the end of Q1 2023 amounted to approximately $1.03 billion, compared to $920.68 million at the end of Q1 2022, reflecting an increase of about 12.24%[28] Cash Flow - The net cash flow from operating activities was ¥234,028,760.96, showing a decrease of 12.92% compared to the previous year[6] - The net cash flow from operating activities in Q1 2023 was approximately $234.03 million, a decrease of about 12.87% compared to $268.74 million in Q1 2022[27] - The total cash inflow from operating activities in Q1 2023 was approximately $946.18 million, an increase of about 10.54% from $856.11 million in Q1 2022[27] - The cash flow from other operating activities in Q1 2023 was approximately $15.60 million, compared to $10.29 million in Q1 2022, marking an increase of about 51.56%[27] - The net increase in cash and cash equivalents for Q1 2023 was approximately $225.78 million, down from $254.41 million in Q1 2022, reflecting a decrease of about 11.29%[28] Government Support and Costs - The company received government subsidies amounting to ¥881,166.67 during the reporting period[6] - The company attributed the revenue growth to optimized marketing strategies and expanded market presence[8] - The increase in net profit was lower than revenue growth due to higher advertising and raw material costs[8] Research and Development - Research and development expenses for Q1 2023 were ¥11,779,800.67, up from ¥8,167,819.67 in Q1 2022, reflecting a growth of 44.5%[22] Contract Liabilities - The company reported a decrease in contract liabilities to ¥427,277,525.54 from ¥509,820,434.43, a decline of 16.2%[16]

Corporate Governance - The company held 4 meetings of the audit committee during the reporting period[1] - The company held 3 meetings of the nomination committee during the reporting period[2] - The company has no significant deficiencies in internal control during the reporting period[10] - The company has disclosed its internal control audit report[30] - The company’s governance structure is responsible for overseeing the financial reporting process, ensuring compliance and accuracy[73] - The audit report confirms that the financial statements fairly reflect the company's financial position as of December 31, 2022[85] - The company has not experienced any changes in actual controlling shareholder status during the reporting period[77] - The company has not reported any changes in the actual controller or major shareholder pledges exceeding 80% of their holdings[79] Financial Performance - The company achieved a revenue of 2,011.73 million RMB in 2022, representing a growth of 12.49% compared to the previous year[42] - The company achieved a net profit of RMB 407,948,116.22 for the year 2022, with a proposed cash dividend of RMB 3.00 per share, totaling RMB 152,177,999.10, which represents 54.50% of the net profit attributable to shareholders[110] - The company's operating revenue for 2022 was approximately ¥2.01 billion, an increase of 12.49% compared to ¥1.79 billion in 2021[118] - The net profit attributable to shareholders for 2022 was approximately ¥280 million, a decrease of 13.73% from ¥324 million in 2021[118] - The net cash flow from operating activities for 2022 was approximately ¥319 million, reflecting a 14.32% increase from ¥279 million in 2021[118] - The total assets at the end of 2022 were approximately ¥4.10 billion, an increase of 8.54% compared to ¥3.77 billion at the end of 2021[118] - The net assets attributable to shareholders at the end of 2022 were approximately ¥3.15 billion, a 5.66% increase from ¥2.98 billion at the end of 2021[118] - The basic earnings per share for 2022 were ¥0.55, down 14.06% from ¥0.64 in 2021[133] - The weighted average return on equity for 2022 was 9.17%, a decrease of 2.15 percentage points from 11.32% in 2021[133] Related Party Transactions - The total amount of related party transactions reached 32,084.77 million RMB, accounting for 1.62% of similar transactions[23] - The company reported a significant related party transaction with Qinghai Jinhui Wine Sales Co., amounting to 3,016.99 million RMB, which is 15.23% of the total related party transactions[23] - The company engaged in related party transactions, with sales of liquor products to Gansu Jinwei Modern Agriculture Development Co., Ltd. amounting to 136.03 million RMB, representing 68.66% of similar transactions[63] - The total rental fee for leasing office space from Gansu Century Jinwei Real Estate Development Co., Ltd. over a 5-year period is 22.19 million RMB, classified as a related party transaction[64] - The company has established a rental agreement with Shanghai Yunen Property Management Co., Ltd. for 104,463 RMB over a 12-month period, also a related party transaction[55] - The company’s related party transactions with significant shareholders amounted to 2,372.46 million RMB, representing 11.97% of similar transactions[63] Environmental and Social Responsibility - The company implemented carbon reduction measures, achieving a reduction of 1,997 tons of CO2 equivalent emissions[18] - Total investment in public welfare projects amounted to CNY 10.74 million, benefiting 6,970 people[18] - The company invested CNY 1.82 million in poverty alleviation and rural revitalization projects, benefiting 4,165 people[18] - The company has upgraded environmental protection facilities and eliminated high carbon-emission equipment[18] - The company has implemented online monitoring for wastewater treatment, ensuring compliance with discharge standards[14] Shareholder Information - The company has a total share capital of 507,259,997 shares, with 96.86% being unrestricted circulating shares[36] - The largest shareholder, Shanghai Yuyuan Tourist Mart (Group) Co., Ltd., holds 126,814,900 shares, representing 25.00% of the total share capital[91] - Gansu Yate Investment Group Co., Ltd. increased its holdings by 40,580,800 shares, now owning 109,401,487 shares, which is 21.57% of the total[93] - The top ten shareholders include Gansu Yate Investment Group and Lintong Zhonghui Investment Management Center, with significant share pledges totaling 63,360,000 shares[93] - The total number of ordinary shareholders as of the end of the reporting period is 81,190, an increase from 62,770 in the previous month[91] Internal Control and Audit - The company confirmed that the revenue recognition process is a key audit matter due to the inherent risk of inappropriate revenue recognition[42] - The audit identified the measurement of inventory as a key audit matter due to its high book value and significant proportion of total assets[68] - The company reported a significant internal control deficiency identified during the audit process, which requires attention[48] - The company has implemented inventory monitoring procedures to ensure the accuracy of financial reporting[86] - The company’s revenue recognition procedures were evaluated, focusing on the effectiveness of internal controls related to sales and collections[71] Business Strategy and Market Expansion - The company attributed the increase in operating revenue to optimized marketing strategies and expanded market regions[120] - The decrease in net profit was primarily due to increased sales expenses and rising costs of raw materials[120] - The company plans to continue enhancing brand influence and optimizing product structure to drive future growth[120] - The company is focusing on "brand leadership + channel activation" as a dual-driven strategy, enhancing customer operations through various themed activities[157] - The company is expanding its market presence, actively targeting the East China and Northern markets, and leveraging online platforms to build a nationwide brand[169] - The company has established new sales companies to drive market penetration and enhance brand recognition[141] - The company is focusing on brand-led deep operations in the Gansu market and expanding into surrounding regions, including Shaanxi and Ningxia[141] Research and Development - The company has increased its R&D expenses due to a rise in project activities compared to the previous year[179] - The company has a strong R&D team, including national-level wine judges, and collaborates with universities and research institutes for product development[162] - The company has developed a unique "solid-state brewing IoT monitoring system," which is the first of its kind in the domestic white liquor production industry, and has received a national invention patent[194] - R&D expenses for the current period amounted to approximately ¥50.23 million, reflecting a 6.93% increase from ¥46.97 million in the previous year[198] - The company has established a comprehensive R&D system focused on improving product quality and food safety control levels[195]

Financial Performance - The company's operating revenue for the third quarter was ¥335,513,193.64, a decrease of 9.12% compared to the same period last year[5]. - The net profit attributable to shareholders was ¥1,851,247.54, down 96.68% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥7,457,066.22, a decrease of 84.50% compared to the previous year[5]. - The basic earnings per share for the quarter was ¥0.004, reflecting a decline of 96.68% year-on-year[5]. - The diluted earnings per share was ¥0.015, down 86.64% compared to the same period last year[5]. - Total comprehensive income for the first three quarters of 2022 was CNY 213,550,454.10, down from CNY 243,084,119.54 in the same period of 2021, representing a decrease of approximately 12.2%[29]. - Basic earnings per share for the first three quarters of 2022 was CNY 0.42, compared to CNY 0.48 in 2021, reflecting a decline of 12.5%[29]. - Net profit attributable to shareholders of the parent company for the first three quarters of 2022 was CNY 213,716,188.28, a decrease of 12.1% compared to CNY 243,084,119.54 in the first three quarters of 2021[27]. Assets and Liabilities - The company's total assets at the end of the reporting period were ¥3,807,722,168.76, an increase of 0.91% from the end of the previous year[5]. - As of September 30, 2022, total assets amounted to CNY 3,807,722,168.76, an increase from CNY 3,773,309,110.56 as of December 31, 2021, reflecting a growth of approximately 0.91%[21]. - The company's total liabilities decreased to CNY 724,084,973.54 as of September 30, 2022, down from CNY 791,625,170.10 at the end of 2021, indicating a reduction of approximately 8.5%[23]. - The total equity attributable to shareholders of the parent company increased to CNY 3,083,476,829.34 as of September 30, 2022, compared to CNY 2,981,357,840.40 at the end of 2021, reflecting a growth of about 3.4%[25]. - The company reported a decrease in contract liabilities to CNY 276,207,452.29 as of September 30, 2022, down from CNY 358,296,655.12 at the end of 2021, indicating a reduction of approximately 22.9%[23]. Cash Flow - The company reported a significant increase of 148.31% in net cash flow from operating activities year-to-date, primarily due to increased sales receipts[5]. - Net cash flow from operating activities for the first three quarters of 2022 was CNY 36,716,120.38, a significant improvement from a net outflow of CNY 76,007,190.45 in the same period of 2021[32]. - Cash inflow from operating activities totaled CNY 1,691,709,230.14, slightly up from CNY 1,630,280,259.39 in 2021, indicating a growth of about 3.7%[30]. - Cash outflow from operating activities decreased to CNY 1,654,993,109.76 in 2022 from CNY 1,706,287,449.84 in 2021, a reduction of approximately 3.0%[32]. - Cash and cash equivalents at the end of the first three quarters of 2022 stood at CNY 611,366,118.30, compared to CNY 424,384,037.18 at the end of the same period in 2021, marking an increase of about 44.0%[34]. - The company's cash and cash equivalents decreased to CNY 611,366,118.30 as of September 30, 2022, from CNY 666,677,703.53 at the end of 2021, a decline of approximately 8.3%[19]. - Total cash inflow from financing activities was CNY 57,056,737.58, down from CNY 130,000,000.00 in 2021, a decrease of approximately 56.1%[32]. - Net cash flow from financing activities for the first three quarters of 2022 was negative CNY 54,540,461.76, compared to negative CNY 32,411,971.29 in 2021, indicating a worsening of cash flow[34]. Operational Challenges and Investments - The company faced challenges in sales due to repeated COVID-19 outbreaks in Gansu and Shaanxi, impacting revenue[8]. - Research and development expenses increased by 40.22% year-to-date, attributed to the addition of five new R&D projects[8]. - Research and development expenses for the first three quarters of 2022 were CNY 41,556,276.87, up from CNY 29,636,106.28 in the same period of 2021, marking an increase of 40.1%[25]. - The company plans to enhance market expansion efforts despite the current challenges, focusing on increasing operational efficiency[8]. - The company's operating costs for the first three quarters of 2022 were CNY 1,291,585,156.77, which is an increase of 24.0% from CNY 1,040,822,717.44 in the same period of 2021[25]. - Inventory as of September 30, 2022, was CNY 1,455,914,704.50, an increase of 9.7% from CNY 1,326,965,262.00 at the end of 2021[21]. - The company paid CNY 434,854,517.96 in taxes during the first three quarters of 2022, an increase from CNY 412,072,870.79 in 2021, representing a rise of approximately 5.5%[32].

Financial Performance - The company's operating revenue for the first half of 2022 reached ¥1,225,764,795.52, representing a 26.13% increase compared to ¥971,865,008.55 in the same period last year[24]. - The net profit attributable to shareholders of the listed company was ¥211,864,940.74, up 13.06% from ¥187,393,420.43 in the previous year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥208,406,064.07, reflecting an 11.78% increase from ¥186,441,330.60 in the same period last year[24]. - The net cash flow from operating activities was ¥173,539,345.81, a significant increase of 103.95% compared to ¥85,087,927.14 in the previous year[24]. - Basic earnings per share for the reporting period (1-6 months) increased to 0.42 CNY, up 13.51% from 0.37 CNY in the same period last year[25]. - The weighted average return on equity rose to 6.90%, an increase of 0.33 percentage points from 6.57% in the same period last year[25]. - The company achieved revenue of 1.226 billion yuan, a year-on-year increase of 26.13%[53]. - The net profit attributable to shareholders was 212 million yuan, reflecting a year-on-year growth of 13.06%[53]. - Sales revenue of products priced above 100 yuan increased by 30.50%, accounting for 62.32% of total sales[53]. Assets and Liabilities - The net assets attributable to shareholders of the listed company at the end of the reporting period were ¥3,081,625,581.80, a 3.36% increase from ¥2,981,357,840.40 at the end of the previous year[24]. - The total assets of the company at the end of the reporting period were ¥3,785,340,304.32, showing a slight increase of 0.32% from ¥3,773,309,110.56 at the end of the previous year[24]. - The total liabilities decreased to ¥297,048,605.78 from ¥326,929,550.63, indicating a reduction of approximately 9.1%[146]. - The total equity attributable to shareholders increased to CNY 3,081,625,581.80 from CNY 2,981,357,840.40, reflecting a growth of approximately 3.4%[140]. Research and Development - Research and development expenses surged by 121.03% to ¥27,904,223.95, indicating a significant increase in R&D activities[60][61]. - The company has established a comprehensive R&D team and advanced technology testing center to enhance product development and quality assurance[37][38]. - The company has a strong talent pool with numerous senior technical personnel, enhancing its R&D capabilities and product innovation[52]. Market Strategy and Sales - The company is focusing on product quality improvement and expanding its marketing network in both Northwest and East China markets[32]. - The company’s sales model primarily relies on distributors, with a focus on meeting consumer needs through direct sales and online business development[41]. - The company has established a marketing strategy focused on "big customer operations + deep distribution," enhancing customer engagement and market penetration[53]. - The company is expanding its market presence in East China, Qinghai, and Inner Mongolia, while increasing coverage in Shaanxi, Ningxia, and Xinjiang[53]. Environmental and Social Responsibility - The company has established a comprehensive environmental protection system and achieved "Environmental Protection Standardization A-level Enterprise" certification, but faces risks from potential future regulatory changes[75]. - The company has a wastewater treatment facility with a daily processing capacity of 2,000 tons, ensuring compliance with the "Fermented Alcohol and Baijiu Industry Water Pollutant Discharge Standards" (GB27631-2011) for treated wastewater[88]. - The company actively promotes the recycling of by-products from the brewing process, such as using spent grains as animal feed and converting waste packaging materials for reuse[96]. - The company donated RMB 500,000 for environmental governance and rural beautification, enhancing local living conditions[99]. - A total of RMB 3.6 million was donated for various social responsibility initiatives, including educational support and pandemic prevention efforts[99]. Risks and Challenges - The company faces risks from intensified market competition, with a significant trend of consumer demand for brand and quality, which could lead to a decline in revenue and profit if not addressed[74]. - The company has a strong technical team but is at risk of talent loss, which could adversely affect its sustainable development[73]. - The company is monitoring the impact of potential COVID-19 outbreaks on its operations and consumer behavior, which could affect production and sales[80]. - The company’s production relies on key raw materials, and any price increases or supply shortages could negatively impact its operating costs[76]. Related Party Transactions - The company engaged in related party transactions totaling RMB 977,373.45 and RMB 1,658,230.09 for white liquor sales, both at market prices[105]. - The company has established pricing principles based on market prices for all related party transactions, ensuring compliance with market standards[107]. - All related party transactions were settled through bank transfers, indicating a standardized payment process[107]. Corporate Governance - The financial report was approved by the board of directors on August 19, 2022, indicating timely governance and oversight[185]. - The company has not reported any significant guarantees or other major contracts during the reporting period[118]. - The company has maintained a stable level of long-term investments at CNY 3,936,560.72, up from CNY 1,146,462.42, indicating a significant increase[136].

Financial Performance - The company's operating revenue for the first quarter reached ¥705,528,218.65, representing a year-on-year increase of 38.79%[4] - Net profit attributable to shareholders was ¥164,663,932.48, up 42.78% compared to the same period last year[4] - The net profit excluding non-recurring gains and losses was ¥163,006,057.73, reflecting a 41.86% increase year-on-year[4] - Basic earnings per share were ¥0.32, an increase of 39.13% from the previous year[4] - The weighted average return on equity rose to 5.37%, an increase of 1.29 percentage points[4] Assets and Equity - Total assets at the end of the reporting period were ¥4,009,305,166.38, a 6.25% increase from the end of the previous year[5] - Shareholders' equity attributable to shareholders was ¥3,146,021,772.88, up 5.52% from the previous year[5] - The total assets as of March 31, 2022, amounted to RMB 4,009,305,166.38, compared to RMB 3,773,309,110.56 at the end of 2021, reflecting a growth of 6.3%[10] - The total equity attributable to shareholders of the parent company reached RMB 3,146,021,772.88 as of March 31, 2022, compared to RMB 2,981,357,840.40 at the end of 2021, an increase of 5.5%[11] Cash Flow - The company reported a net cash flow from operating activities of ¥268,737,241.74, with significant growth in sales collections[4] - Cash flow from operating activities for Q1 2022 was RMB 268,737,241.74, a significant improvement from a negative cash flow of RMB -32,272,620.71 in Q1 2021[16] - The total cash and cash equivalents at the end of Q1 2022 amounted to $920,679,134.56, an increase from $495,221,896.91 in Q1 2021[17] - The net increase in cash and cash equivalents for Q1 2022 was $254,407,130.96, contrasting with a decrease of $64,346,633.01 in Q1 2021[17] - The beginning cash and cash equivalents balance for Q1 2022 was $666,272,003.60, up from $559,568,529.92 in Q1 2021[17] Sales and Revenue Sources - High-end product sales contributed ¥438 million to revenue, marking a 44.51% increase year-on-year[4] - The company received government subsidies amounting to ¥1,925,321.50, which are closely related to its normal business operations[5] Research and Development - Research and development expenses for Q1 2022 were RMB 8,167,819.67, compared to RMB 6,921,155.67 in Q1 2021, marking a 18.0% increase[13] Liabilities - The total liabilities increased to RMB 863,011,247.33 as of March 31, 2022, from RMB 791,625,170.10 at the end of 2021, representing a rise of 9.0%[11] Accounting Standards - The company did not apply the new accounting standards starting from 2022[17]

Financial Performance - The company achieved a net profit of RMB 289,181,830.60 for the year 2021, with a legal surplus reserve of RMB 28,918,183.06 deducted [3]. - The total undistributed profits at the end of 2021 amounted to RMB 1,181,227,077.21 after distributing cash dividends of RMB 121,742,399.28 for the year 2020 [3]. - A cash dividend of RMB 2.20 per 10 shares (including tax) will be distributed, totaling RMB 111,597,199.34, resulting in a cash dividend payout ratio of 34.37% [4]. - The company plans to carry forward the remaining undistributed profits of RMB 1,069,629,877.87 to the next fiscal year [4]. - The company achieved operating revenue of RMB 1.788 billion in 2021, a year-on-year increase of 3.34% [21]. - Net profit attributable to shareholders was RMB 324.84 million, a decrease of 1.95% compared to the previous year [21]. - The net cash flow from operating activities was RMB 279.26 million, down 17.17% year-on-year [21]. - The company's total assets increased by 6.83% to RMB 3.773 billion at the end of 2021 [21]. - The weighted average return on equity decreased by 1.21 percentage points to 11.32% in 2021 [22]. - The gross profit margin for the main business improved to 64.00%, an increase of 1.11 percentage points year-on-year [63]. - The company reported a net profit margin of 12%, up from 10% in the previous year [158]. Product and Market Development - High-end product revenue reached RMB 1.095 billion, growing 26.24% year-on-year, accounting for 62.11% of total revenue [29]. - The production of premium liquor increased by 18.26% in 2021, showcasing the company's production capacity advantages [31]. - The company established sales offices in Shanghai and Jiangsu to enhance its presence in the East China market [29]. - The company categorized its products into three tiers: low-end (below 30 RMB/500ml), mid-range (30 to 100 RMB/500ml), and high-end (above 100 RMB/500ml) [67]. - High-end product production increased by 7.48% to 5,027.69 thousand liters, while sales surged by 23.74% to 5,329.60 thousand liters [69]. - The company is expanding its sales network to enhance brand recognition and competitiveness in both Northwest and Eastern China markets [50]. - The company plans to continue optimizing its product structure with a focus on high-end products like Jin Hui 28 in 2022 [99]. - The sales revenue from the southeastern region of Gansu was 499,088,379.36 RMB, accounting for 28.31% of total sales [105]. Research and Development - The company has a dedicated R&D team led by national-level liquor judges, focusing on consumer-driven product development [40]. - Research and development expenses increased by 17.07% year-on-year, reflecting a focus on innovation and product quality [61]. - The company introduced a unique "solid-state brewing IoT monitoring system," which has been patented and won a national commercial technology progress award [53]. - The company is investing 50 million in R&D for new technologies aimed at enhancing product efficiency [158]. Risk Management - The company has outlined potential risks in its future development discussions [4]. - The company faces risks from changes in the industry operating environment, with potential significant declines in operating performance if product structure optimization and marketing network expansion are not timely addressed [122]. - There is a risk of talent loss, as the company relies on a stable technical team for sustainable development, despite having established attractive compensation and incentive policies [123]. - Market competition risk is heightened due to increasing consumer demands for brand and quality, which could lead to a loss of market share and declining revenues if effective measures are not taken [124]. - Environmental protection risks exist, as stricter regulations may require additional investments in environmental facilities and operational costs [125]. - The company is exposed to risks from rising raw material prices or supply shortages, which could adversely affect production costs if internal management optimization is not achieved [127]. - Food safety risks are present, as new regulations could impose higher quality requirements that the company must meet to avoid operational impacts [128]. - Safety production risks are significant, with the potential for major economic losses if safety management does not keep pace with production scale expansion [129]. - The company is monitoring the ongoing COVID-19 pandemic, which poses risks to production and operations due to potential restrictions on consumption scenarios [130]. Corporate Governance - The company adheres to legal and regulatory requirements for corporate governance, ensuring the protection of shareholder rights and interests [132]. - The board of directors has effectively operated within legal frameworks, holding 4 meetings and passing 34 resolutions during the reporting period [135]. - The company emphasizes stakeholder interests, ensuring a balance among shareholders, employees, partners, and society [139]. - The controlling shareholder operates independently from the company, with no adverse impact on operations from related party transactions [140]. - The company has received a B rating for its information disclosure practices from the Shanghai Stock Exchange, ensuring timely and accurate information release [141]. - The company actively engages with investors through performance briefings, site visits, and roadshows to maintain transparency [142]. - The company has established a robust internal control system to enhance risk management and operational efficiency [145]. - The company maintains independence from its controlling shareholder, despite some industry competition with Shede Liquor [147]. Employee and Remuneration Policies - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 6.0396 million yuan [165]. - The company has established a competitive salary system that aligns employee compensation with company performance, ensuring that at least 30% of the net profit is distributed as cash dividends [183][192]. - The employee composition includes 905 production staff, 738 sales personnel, and 260 technical staff, reflecting a diverse workforce [182]. - The company emphasizes a training program aimed at enhancing employee skills and aligning with strategic development goals [186]. - The company has implemented a performance evaluation mechanism for senior management, linking compensation to economic performance and annual operational goals [197]. Strategic Planning - The company aims to achieve operating revenue of CNY 2.5 billion in 2022, focusing on market expansion and brand building [119]. - The company plans to enhance its marketing strategy by integrating large customer operations and deep distribution channels [119]. - The company is considering strategic acquisitions to bolster its market position, with a budget of 100 million allocated for potential deals [158]. - The management emphasized a focus on sustainability initiatives, aiming to reduce operational costs by 10% over the next two years [158].

Financial Performance - The company's operating revenue for the third quarter reached ¥369,173,911.51, representing a year-on-year increase of 10.65%[6] - The net profit attributable to shareholders for the third quarter was ¥55,690,699.11, reflecting a significant increase of 44.31% compared to the same period last year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses for the third quarter was ¥48,124,229.76, showing a slight decrease of 1.41% year-on-year[6] - The basic earnings per share for the third quarter was ¥0.11, an increase of 37.50% compared to the same period last year[6] - Total operating revenue for the first three quarters of 2021 reached ¥1,341,038,920.06, an increase of 28.3% compared to ¥1,045,164,303.44 in the same period of 2020[26] - Net profit attributable to shareholders for the first three quarters of 2021 was ¥243,084,119.54, up 53.1% from ¥158,799,403.33 in the first three quarters of 2020[28] - Basic and diluted earnings per share for the first three quarters of 2021 were both ¥0.48, compared to ¥0.31 in the same period of 2020, reflecting a 54.8% increase[30] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥3,558,933,432.28, a slight increase of 0.76% from the end of the previous year[6] - Total assets as of September 30, 2021, amounted to ¥3,558,933,432.28, a slight increase from ¥3,531,948,502.03 at the end of 2020[25] - Total liabilities decreased to ¥659,334,492.81 as of September 30, 2021, from ¥753,691,282.82 at the end of 2020, representing a reduction of 12.5%[23] - The total liabilities increased from 753,691,282.82 RMB at the end of 2020 to 766,109,883.10 RMB at the beginning of 2021, reflecting an increase of approximately 1.5%[39] Cash Flow - The net cash flow from operating activities for the year-to-date period was negative at -¥76,007,190.45, a decrease of 37.09% compared to the same period last year[6] - The net cash flow from operating activities for the first three quarters of 2021 was -76,007,190.45 RMB, compared to -55,441,958.51 RMB in the same period of 2020, indicating a decline of approximately 37%[33] - Total cash inflow from operating activities increased to 1,630,280,259.39 RMB in 2021 from 1,183,604,302.91 RMB in 2020, representing an increase of about 38%[31] - Cash outflow from operating activities rose to 1,706,287,449.84 RMB in 2021, up from 1,239,046,261.42 RMB in 2020, marking an increase of approximately 38%[33] - The net cash flow from financing activities was -32,411,971.29 RMB in 2021, contrasting with a positive net cash flow of 32,555,379.33 RMB in 2020[35] Shareholder Information - The company reported a total of 72,885 common shareholders at the end of the reporting period[12] - The largest shareholder, Shanghai Yuyuan Tourist Mart (Group) Co., Ltd., holds 30.00% of the shares[12] Research and Development - Research and development expenses for the first three quarters of 2021 were ¥29,636,106.28, a slight increase from ¥26,895,344.52 in the same period of 2020[26] Inventory and Current Assets - Current assets totaled ¥1,819,110,072.16 as of September 30, 2021, compared to ¥1,747,834,484.07 at the end of 2020, indicating a growth of 4.1%[19] - Inventory as of September 30, 2021, was ¥1,355,065,833.79, an increase of 19.2% from ¥1,136,895,107.37 at the end of 2020[21] Equity - The company reported a total equity of ¥2,899,598,939.47 as of September 30, 2021, compared to ¥2,778,257,219.21 at the end of 2020, reflecting an increase of 4.4%[24]

Financial Performance - The company's operating revenue for the first half of the year reached ¥971,865,008.55, representing a 36.59% increase compared to ¥711,526,414.74 in the same period last year[19] - Net profit attributable to shareholders was ¥187,393,420.43, up 55.89% from ¥120,207,754.16 year-on-year[19] - The net cash flow from operating activities increased significantly to ¥85,087,927.14, a 267.80% rise from ¥23,134,395.20 in the previous year[19] - The basic earnings per share rose to ¥0.37, reflecting a 54.17% increase from ¥0.24 in the same period last year[20] - The weighted average return on net assets improved to 6.57%, an increase of 1.92 percentage points compared to 4.65% in the previous year[20] - In the first half of 2021, the company achieved revenue of 972 million RMB, a year-on-year increase of 36.59%, and a net profit attributable to shareholders of 187 million RMB, up 55.89% year-on-year[52] - In Q2 2021, the company reported revenue of 464 million RMB, representing a 25.60% increase compared to the same period last year, with a net profit of 72.07 million RMB, an increase of 15.58% year-on-year[52] Product Revenue and Market Performance - Revenue from products priced over ¥100 reached ¥578,415,600, showing substantial growth compared to the previous year[20] - The proportion of products priced over 100 yuan in the main business revenue increased to 60.27%, an increase of 4.84 percentage points compared to the same period last year[22] - The sales revenue of products priced over 100 RMB increased by 48.72%, accounting for 60.27% of total sales revenue, up 4.84 percentage points year-on-year[55] - Revenue from the Gansu province's Hexi region reached 109 million RMB, a growth of 55.64% year-on-year[52] - Revenue from markets outside Gansu, including Fosun Ecology, amounted to 213 million RMB, a year-on-year increase of 64.50%[52] Operating Costs and Expenses - Operating costs increased to ¥333,529,440.11, reflecting a 21.15% rise from ¥275,312,558.03, with the growth rate lower than that of revenue[56] - Sales expenses surged by 74.25% to ¥159,617,809.66, up from ¥91,601,719.79, due to enhanced customer engagement and brand building efforts[56] - Research and development expenses decreased by 41.04% to ¥12,624,675.94, down from ¥21,413,171.82, as some projects neared completion[59] Assets and Liabilities - The company's total assets decreased slightly by 1.49% to ¥3,479,185,209.52 from ¥3,531,948,502.03 at the end of the previous year[19] - The total equity attributable to shareholders increased to ¥2,843,908,240.36 as of June 30, 2021, up from ¥2,778,257,219.21 at the end of 2020, marking a growth of 2.4%[132] - Total liabilities decreased to ¥635,276,969.16 as of June 30, 2021, down 15.7% from ¥753,691,282.82 at the end of 2020[132] - Current liabilities totaled ¥587,925,051.25, a reduction of 17.7% compared to ¥714,850,423.63 at the end of 2020[132] Research and Development - The company has established a comprehensive R&D team led by a national-level wine master, focusing on consumer demand and product quality improvement[35] - The company has established a solid R&D system focusing on product quality and food safety, with a strong talent pool in the industry[51] Environmental and Social Responsibility - The company has established a comprehensive environmental protection system and has been certified as an "A-level enterprise" in environmental protection standards[71] - The company has a wastewater treatment facility with a daily processing capacity of 2,000 tons, ensuring compliance with the discharge standards for wastewater from the fermentation alcohol and liquor industry (GB27631-2011) [88] - The total wastewater discharge was 5.70 tons, significantly below the approved total discharge of 29.00 tons, indicating no exceedance of pollution limits [87] - The company donated 360,000 yuan for educational assistance, helping underprivileged students pursue higher education [95] - The company recruited over 340 new employees, contributing to long-term poverty alleviation through job creation and skills training [95] Risks and Challenges - The company faces risks from market competition, with increasing consumer demands for brand and quality, which could impact market share if not addressed[70] - The company faces risks related to the rising prices of raw materials such as sorghum, wheat, and rice, which are critical components of its operating costs[72] - The ongoing COVID-19 pandemic poses risks to the company's production and operations, with a focus on minimizing impacts through continuous monitoring and prevention efforts[77] Corporate Governance and Compliance - The company has no significant litigation or arbitration matters during the reporting period[101] - The integrity status of the company and its controlling shareholders remains good during the reporting period[101] - The company has confirmed that there are no undisclosed significant matters during the reporting period[110] - The company has no changes or issues related to non-standard audit opinions from the previous annual report[101] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 76,650[116] - The top shareholder, Shanghai Yuyuan Tourist Mart (Group) Co., Ltd., held 152,177,900 shares, representing 30.00% of the total shares[117] - Gansu Yate Investment Group Co., Ltd. held 68,820,687 shares, accounting for 13.57% of the total shares, with 64,330,000 shares pledged[117]

Financial Performance - Operating revenue for the period was CNY 508,327,681.62, representing a growth of 48.43% year-on-year[9]. - Net profit attributable to shareholders of the listed company reached CNY 115,325,682.28, a significant increase of 99.34% compared to the same period last year[9]. - Basic earnings per share rose by 109.09% to CNY 0.23[9]. - The company's operating profit increased by 91.53% to CNY 146,877,490.20, reflecting improved sales performance[25]. - Cash received from sales increased by 74.93% to CNY 538,202,515.63, driven by higher sales revenue[29]. - The company reported a significant increase in sales revenue from goods and services, totaling approximately ¥538.20 million in Q1 2021, compared to ¥307.66 million in Q1 2020, a 75.0% increase[57]. - Net profit for Q1 2021 reached ¥115.33 million, compared to ¥57.85 million in Q1 2020, marking a 99.5% increase[52]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,440,925,348, a decrease of 2.58% compared to the end of the previous year[9]. - The total liabilities decreased to ¥547,342,446.51 from ¥753,691,282.82, showing a reduction of about 27.4%[41]. - The total equity attributable to shareholders increased to ¥2,893,582,901.49 from ¥2,778,257,219.21, reflecting a growth of about 4.1%[41]. - Current liabilities rose from CNY 337,269,116.47 to CNY 341,442,316.31, an increase of CNY 4,173,199.84[75]. - Non-current liabilities due within one year increased from CNY 12,000,000.00 to CNY 16,173,199.84, a rise of CNY 4,173,199.84[79]. Cash Flow - The net cash flow from operating activities improved by 56.90%, amounting to -CNY 32,272,620.71[9]. - Cash flow from operating activities in Q1 2021 was negative at approximately -¥32.27 million, an improvement from -¥74.88 million in Q1 2020[57]. - The company reported a net increase in cash and cash equivalents of -¥16,836,664.94 in Q1 2021, compared to -¥86,770,701.73 in Q1 2020, indicating a significant improvement in cash flow management[63]. Shareholder Information - The total number of shareholders at the end of the reporting period was 69,666[12]. - The top ten shareholders held a combined 73.57% of the company's shares, with Shanghai Yuyuan Tourist Mart (Group) Co., Ltd. being the largest shareholder at 30%[12]. Government Support and Expenses - The company received government subsidies totaling CNY 463,266.66 during the reporting period[11]. - Research and development expenses decreased by 30.60% to CNY 6,921,155.67, as some projects were completed in the previous year[23]. - The company reported a 213.96% increase in taxes paid, totaling CNY 219,449,958.28, due to higher operating income[31]. Other Financial Metrics - The weighted average return on equity increased by 1.83 percentage points to 4.08%[9]. - Accounts receivable increased by 65.41% to CNY 13,040,291.06 compared to the previous year, primarily due to increased direct sales in supermarkets and hotels[19]. - Other receivables rose by 69.72% to CNY 4,514,640.98, mainly due to increased employee advances[19].

Financial Performance - The company achieved a net profit of RMB 292,613,802.15 for the year 2020, with a statutory surplus reserve of RMB 29,261,380.22 deducted, resulting in an undistributed profit of RMB 1,042,705,828.95 at the end of 2020[6]. - The company's operating revenue for 2020 was CNY 1,730,671,339.32, an increase of 5.89% compared to CNY 1,634,398,043.55 in 2019[27]. - The net profit attributable to shareholders for 2020 was CNY 331,317,332.77, representing a growth of 22.44% from CNY 270,605,164.84 in 2019[27]. - The net cash flow from operating activities decreased by 9.09% to CNY 337,143,809.16 in 2020 from CNY 370,864,384.64 in 2019[27]. - The total assets at the end of 2020 were CNY 3,531,948,502.03, an increase of 11.12% from CNY 3,178,409,582.00 at the end of 2019[27]. - The basic earnings per share for 2020 was CNY 0.65, an increase of 18.18% compared to CNY 0.55 in 2019[27]. - The gross profit margin improved to 62.89%, an increase of 2.10 percentage points compared to the previous year[78]. - The company reported a total of CNY 341,791.99 in non-recurring gains and losses for 2020, down from CNY 846,051.79 in 2019[31]. Dividend Distribution - A cash dividend of RMB 2.40 per 10 shares (including tax) is proposed, totaling RMB 121,742,399.28 to be distributed to shareholders[6]. - After the dividend distribution, the remaining undistributed profit will be RMB 920,963,429.67, carried forward to the next year[6]. - The cash dividends for 2020 represent 36.74% of the net profit attributable to ordinary shareholders, while the 2019 dividends represented 34.90%[154]. - In 2019, the company distributed cash dividends of RMB 2.42 per 10 shares, totaling RMB 94,428,399.52 (including tax) and issued 3 bonus shares for every 10 shares held[154]. Corporate Governance - The board of directors and senior management have confirmed the accuracy and completeness of the annual report[3]. - The company operates under the supervision of the China Securities Regulatory Commission and adheres to relevant regulations[21]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[9]. - The company has not violated decision-making procedures for external guarantees[10]. - The company has maintained good integrity status for itself and its controlling shareholders during the reporting period[162]. - The company did not face any risks of suspension or termination of listing during the reporting period[162]. Risk Management - The report includes a risk statement indicating that future plans and strategies do not constitute a substantive commitment to investors, highlighting investment risks[8]. - The company faces significant risks due to economic downturns affecting liquor consumption, with potential for substantial declines in operating performance if product structure and marketing strategies are not optimized[134]. - The company is exposed to risks from rising raw material prices, particularly grains and packaging materials, which could adversely affect production costs if not managed effectively[141]. - The ongoing COVID-19 pandemic poses risks to consumption scenarios, and the company is focusing on high-end product promotion to mitigate these impacts[144]. Marketing and Sales Strategy - The company has a strong marketing network covering regions such as Gansu, Shaanxi, Ningxia, Xinjiang, Tibet, Inner Mongolia, and Qinghai, establishing itself as a leading brand in the northwest market[34]. - The company primarily utilizes a distributor model for sales, with distributors selected based on various criteria including financial strength and market reputation[52]. - The company is actively expanding its sales network beyond Gansu to other regions, aiming to establish a nationwide brand presence[60]. - The company plans to implement a "deep distribution + major customer operation" dual-driven marketing model in 2021 to enhance high-end product sales[110]. - Online sales strategies are being developed to integrate online and offline channels, enhancing customer experience and service quality[119]. Research and Development - The company has established a research and development team led by national-level wine judges to innovate and improve product offerings based on market demand[47]. - The company invested CNY 40,121,940.60 in R&D, a 40.07% increase from the previous year, reflecting a focus on innovation[76]. - The total R&D expenditure was ¥40,121,940.60, accounting for 2.32% of total revenue, with 242 R&D personnel representing 11.16% of the total workforce[91]. - The company has developed a unique solid-state brewing IoT monitoring system, the first of its kind in the domestic liquor industry, which has received a national invention patent[63]. Social Responsibility - The company actively participates in poverty alleviation efforts, contributing RMB 1,307.85 million in funds and RMB 66.80 million in material donations[181]. - The company donated CNY 728,000 to support 2,908 impoverished college students in Northwest China during the reporting period[72]. - The company provided vocational skills training with an investment of RMB 69.13 million, benefiting 4,837 individuals[183]. - The company donated RMB 3 million to support COVID-19 prevention efforts and RMB 5 million for disaster relief in Gansu Province[184]. - The company plans to continue its poverty alleviation initiatives and align them with rural revitalization strategies in the future[185]. Environmental Compliance - The company has achieved "Environmental Protection Standardization A Level" certification, indicating compliance with national environmental protection laws and regulations[135]. - The company has a wastewater treatment facility with a daily processing capacity of 2,000 tons, ensuring compliance with the discharge standards for wastewater[189]. - The total annual emissions of wastewater were 18.230 tons, which is below the approved discharge limit of 29.000 tons[188]. - The company achieved a dust removal efficiency of 99% through advanced dust collection systems installed in its grain crushing workshop[192]. - The company has implemented an online monitoring system for its wastewater treatment plant, uploading data every 10 minutes to ensure compliance with environmental standards[191]. Related Party Transactions - The total amount of related party transactions for the year reached ¥28,119,952.68, accounting for 1.6498% of similar transactions[171]. - The company sold liquor products to various related parties, with the largest transaction amounting to ¥11,223,452.96, representing 0.6581% of similar transactions[165]. - The pricing principle for all related party transactions was based on market prices[165]. - The company confirmed that there were no significant changes or progress in previously disclosed related party transactions[169].