证券代码：000929 证券简称：兰州黄河 公告编号：2023（临）—09 兰州黄河企业股份有限公司 关于召开 2022 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 兰州黄河企业股份有限公司（以下简称"公司"）已于 2023 年 4 月 15 日在 巨潮资讯网（http://www.cninfo.com.cn/）上披露了 2022 年年度报告全文及 其摘要。为了便于广大投资者进一步了解公司 2022 年度经营情况，公司定于 2023 年 4 月 26 日（星期三）通过深圳证券交易所（以下简称"深交所"）提供 的"互动易"平台举办 2022 年度网上业绩说明会，具体安排如下： 一、召开时间及方式： （一）召开日期及时间：2023 年 4 月 26 日（星期三）下午 3：00——4： 30； （二）召开方式：网络远程文字交流方式； 二、公司出席人员： 公司出席本次业绩说明会的人员有：总裁牛东继先生、独立董事周一虹先 生、财务总监高连山先生、行政及人力资源总监毛宏先生和董事会秘书呼星先 生。 三、投资者问题征集方式： 为提升公司与投资者 ...

Financial Performance - The company's operating revenue for Q1 2023 was ¥73,639,016.50, representing a 1.42% increase compared to ¥72,606,706.07 in the same period last year[5] - The net loss attributable to shareholders for Q1 2023 was ¥2,979,794.77, an improvement of 9.19% from a loss of ¥3,281,522.10 in the previous year[5] - The basic and diluted earnings per share for Q1 2023 were both -¥0.0160, showing a 9.60% improvement from -¥0.0177 in the previous year[5] - The net profit for Q1 2023 was a loss of CNY 9,220,961.96, compared to a loss of CNY 6,253,969.38 in Q1 2022, indicating a worsening financial performance[21] - The company's operating profit (loss) improved to a loss of CNY 6,491,982.12 from a loss of CNY 9,569,343.14 year-over-year[21] Cash Flow - The net cash flow from operating activities decreased by 63.48% to ¥8,081,405.10, down from ¥22,131,618.33 in the same period last year[5] - Cash inflow from operating activities totaled ¥81,961,138.92, a decrease of 8.5% from ¥89,336,738.39 in the previous period[23] - The company reported a total cash outflow for operating activities of ¥73,879,733.82, which is an increase of 9.9% from ¥67,205,120.06 in the previous period[23] - The company’s cash outflow for taxes paid was ¥12,386,498.57, which is a significant increase from ¥5,383,927.84 in the previous period, reflecting a rise of 130.5%[23] - Cash inflow from investment activities was ¥1,867,263.36, significantly lower than ¥8,291,894.13 in the previous period, representing a decline of 77.5%[23] - Net cash flow from investment activities was ¥1,837,541.52, down 71.8% from ¥6,527,491.14 in the prior period[23] - Cash inflow from financing activities amounted to ¥25,000,000.00, an increase of 108.3% compared to ¥12,000,000.00 in the previous period[24] - Net cash flow from financing activities was -¥2,771,012.60, an improvement from -¥19,498,770.83 in the prior period[24] Assets and Liabilities - Total assets at the end of Q1 2023 were ¥1,237,096,048.79, a slight increase of 0.04% from ¥1,236,656,851.07 at the end of the previous year[5] - Total liabilities increased to CNY 224,946,294.92 from CNY 215,286,135.24, reflecting a rise in financial obligations[19] - The equity attributable to shareholders decreased by 0.46% to ¥638,261,943.90 from ¥641,241,738.67 at the end of the previous year[5] - The equity attributable to shareholders of the parent company decreased to CNY 638,261,943.90 from CNY 641,241,738.67[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 33,922[10] - The largest shareholder, Lanzhou Huanghe Xingsheng Investment Co., Ltd., holds 21.50% of the shares, totaling 39,931,229 shares[10] Non-Recurring Items - Non-recurring gains and losses for the period amounted to ¥3,765,488.27 after tax, with government subsidies contributing ¥191,692.37[6] - The company reported a significant decrease of 66.23% in net profit after deducting non-recurring gains and losses, amounting to -¥6,745,283.04 compared to -¥4,057,746.31 in the previous year[5] Investment and Assets Management - The company transferred a 40% equity stake in Gansu Qinghe Jiayuan Real Estate Co., Ltd. for a consideration of ¥40,000,000, which is expected to provide strong financial support for the beer business[12] - The net income from securities investments for the reporting period was ¥3,670,600[13] - As of March 31, 2023, the total current assets amounted to ¥671,339,806.33, an increase from ¥662,529,386.12 at the beginning of the year[17] - The company's cash and cash equivalents increased to ¥333,961,267.03 from ¥326,813,333.01 at the beginning of the year[17] - The trading financial assets at the end of the reporting period were valued at ¥197,764,985.29, up from ¥177,814,076.00 at the beginning of the year[17] - The accounts receivable increased to ¥8,363,664.33 from ¥7,994,259.39 at the beginning of the year[17] - The inventory decreased to ¥118,789,710.44 from ¥127,841,473.84 at the beginning of the year[17] - The long-term equity investments decreased to ¥11,616,508.33 from ¥13,108,475.26 at the beginning of the year[17] - The fixed assets decreased to ¥170,806,901.78 from ¥174,553,902.33 at the beginning of the year[17] - The deferred tax assets decreased to ¥32,762,484.66 from ¥35,540,884.71 at the beginning of the year[17]

Financial Performance - The company's operating revenue for 2022 was ¥266,494,373.44, a decrease of 13.63% compared to ¥308,542,694.80 in 2021[19]. - The net profit attributable to shareholders for 2022 was a loss of ¥29,244,225.66, representing a decline of 253.00% from a profit of ¥19,113,932.49 in 2021[19]. - The cash flow from operating activities improved significantly to ¥28,414,945.82 in 2022, compared to a negative cash flow of ¥220,499,489.76 in 2021, marking a 112.89% increase[19]. - The company's total assets at the end of 2022 were ¥1,236,656,851.07, down 4.91% from ¥1,300,502,704.97 at the end of 2021[19]. - The basic earnings per share for 2022 was -¥0.1574, a decrease of 252.96% from ¥0.1029 in 2021[19]. - The company's total revenue for 2022 was ¥266,494,373.44, a decrease of 13.63% compared to ¥308,542,694.80 in 2021[43]. - The main business revenue was ¥249,023,189.60, accounting for 93.44% of total revenue, down 9.34% from ¥274,663,772.60 in the previous year[43]. - Beer sales revenue decreased by 12.53% to ¥193,841,521.89, while beverage sales increased by 10.77% to ¥27,247,541.38[43]. - The gross profit margin for the main business was 13.68%, a decrease of 3.55% from the previous year[44]. Market and Competition - The beer industry in China is experiencing increased competition, with major players holding over 80% of the market share, leading to pressure on smaller brands[28]. - The company reported that its main competitors are state-owned enterprises and foreign companies, leading to intensified market competition[74]. - The company is focusing on high-end product development and market expansion in response to changing consumer preferences and market trends[28]. - The company aims to increase the proportion of mid-to-high-end new products and enhance market share through increased investment in marketing and brand building[74]. Operational Challenges - The company faced significant operational challenges due to high production and logistics costs, resulting in substantial losses in its main business[29]. - The overall operating performance faced significant pressure due to demand contraction and increased competition, leading to a substantial decline in main business performance compared to the previous year[39]. - The company implemented a "quality improvement and efficiency enhancement action plan" to optimize production and reduce operational costs[40]. Sales and Distribution - The company's main sales model is a distribution model, with total revenue of ¥221,089,063.27 and a gross margin of 12.49%, reflecting a year-on-year revenue decrease of 10.20% and a gross margin decline of 5.88%[30]. - Online sales generated ¥3,030,508.85 in revenue, down 88.23% year-on-year, while offline sales accounted for ¥218,058,554.42, with a slight revenue decrease of 1.08%[32]. - The production volume of beer decreased by 14.35% to 63,782.38 thousand liters, while sales volume decreased by 10.66% to 64,386.61 thousand liters[36]. - The company increased its distributor count from 505 to 564 in the Gansu and Qinghai provinces, totaling 620 distributors by the end of the reporting period[32]. Research and Development - The company launched a new product, the "Yellow River Super Dry," on August 15, 2022, targeting young consumers with its low-sugar and low-calorie features[40]. - Research and development expenses increased by 2.92% to ¥2,312,903.42, representing 0.87% of total revenue[53]. - The number of R&D personnel increased by 5.88% to 18, with all holding bachelor's degrees[53]. Governance and Compliance - The company has established a governance structure that complies with relevant laws and regulations, ensuring effective internal control and operational independence[78]. - The company held three shareholder meetings during the reporting period, passing nine resolutions with independent voting for minority shareholders[79]. - The company has not engaged in any related party transactions with its controlling shareholder, maintaining operational independence[79]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate communication of important information to investors[84]. - The company has been actively addressing governance issues identified in self-inspections since 2018, with improvements in decision-making mechanisms and compliance with regulations[122]. Environmental Compliance - The company has been compliant with environmental laws and standards, including the "Environmental Protection Law" and "Water Pollution Prevention Law" of China[125]. - The company’s wastewater treatment meets the standards set by the "Beer Industry Pollutant Discharge Standards" with specific limits on COD, ammonia nitrogen, and total phosphorus[129]. - The company has installed online monitoring systems for wastewater discharge, including COD and NH3-N, which have passed environmental acceptance tests[131]. - The company has made commitments to ensure that all rights and obligations related to the disputed land are managed by the company, with ongoing compliance with these commitments[122]. Financial Management - The company plans not to distribute cash dividends, issue bonus shares, or increase capital using reserves[4]. - The company has a structured decision-making process for determining the remuneration of its board members and executives, based on regional benchmarks and company performance[99]. - The total pre-tax remuneration for the board of directors, supervisors, and senior management during the reporting period amounted to 2.68 million yuan[102]. - The current auditor is Dahua Certified Public Accountants with an audit fee of 360,000 RMB for the year[152]. Future Outlook - The company plans to achieve a turnaround from losses to profits this year by optimizing supply chain management and enhancing marketing capabilities[75]. - Future outlook indicates a projected revenue growth of 15% for the next fiscal year[92]. - The company is actively seeking opportunities for mergers and acquisitions to strengthen its market position[88].

Financial Performance - The company's revenue for Q3 2022 was ¥74,032,828.73, representing a decrease of 7.61% compared to the same period last year[5]. - The net profit attributable to shareholders was -¥42,190,000.05, a decline of 209.98% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥450,074.32, an increase of 110.03% compared to the previous year[5]. - The basic earnings per share were -¥0.2271, a decrease of 209.98% year-on-year[5]. - The weighted average return on equity was -6.28%, a decline of 11.99% compared to the previous year[5]. - Total operating revenue for the third quarter of 2022 was CNY 218,165,069.73, a decrease of 18% compared to CNY 265,803,350.66 in the same period last year[37]. - The company's net profit for the third quarter of 2022 was not explicitly stated, but the decrease in revenue and costs indicates a challenging financial environment[37]. - The total revenue for the third quarter was 271,532,198.19 CNY, a decrease from 328,619,216.51 CNY in the previous year, representing a decline of approximately 17.3%[39]. - The net profit for the third quarter was -18,327,676.56 CNY, compared to a net profit of 72,587,745.58 CNY in the same period last year, indicating a significant loss[38]. - The basic and diluted earnings per share were both -0.1039 CNY, down from 0.2130 CNY in the previous year[39]. - The total comprehensive income for the third quarter was -18,327,676.56 CNY, compared to 72,587,745.58 CNY in the same period last year[39]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,276,986,250.11, down 1.81% from the end of the previous year[5]. - Total assets decreased to CNY 1,276,986,250.11 from CNY 1,300,502,704.97 at the beginning of the year, indicating a decline of approximately 1.8%[35]. - Total liabilities decreased to CNY 231,249,502.59 from CNY 236,438,280.89, a reduction of about 2.3%[35]. - The company's inventory decreased to CNY 135,014,978.51 from CNY 164,960,790.35, representing a decline of approximately 18.2%[33]. - Cash and cash equivalents increased to CNY 646,322,641.77 as of September 30, 2022, compared to CNY 613,159,161.51 at the beginning of the year, reflecting a 5.3% increase[33]. - The cash and cash equivalents at the end of the period amounted to 71,186,641.77 CNY, down from 88,910,985.92 CNY at the end of the previous year[40]. - The company reported a total asset impairment loss of 18,597.16 CNY during the quarter[38]. Cash Flow - The cash flow from operating activities for the year-to-date was ¥40,174,224.06, an increase of 34.90%[5]. - The cash flow from operating activities generated a net cash inflow of 40,174,224.06 CNY, an increase from 29,780,515.46 CNY in the previous year[40]. - The cash flow from investing activities resulted in a net cash inflow of 23,038,266.18 CNY, compared to 28,107,309.32 CNY in the previous year[40]. - The cash flow from financing activities showed a net cash outflow of -30,049,009.98 CNY, improving from -51,715,027.50 CNY in the previous year[40]. Investments - The company reported a decrease in investment income and fair value changes due to adverse market conditions[20]. - The company reported a total of 227,814,661 in securities investments, with a fair value change profit of 48,871,105[25]. - The company has significant investments in various stocks, including a notable investment in China Giant, valued at 202,896,870[25]. - The report indicates a total of 40,279,714 in losses from securities investments during the reporting period[25]. - The company has a diverse portfolio with investments in multiple sectors, including energy and transportation[25]. - The company’s investment strategy appears to be conservative, with a focus on maintaining liquidity and minimizing losses in volatile markets[25]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 38,135[21]. - The major shareholder, Lanzhou Yellow River New Sheng Investment Co., Ltd., holds 21.50% of the shares, totaling 39,931,229 shares[23]. - The total number of preferred shareholders is not disclosed, indicating a focus on common stock[24]. - The report highlights a total of 9,288,300 shares held by Hunan Yucheng Investment Co., Ltd., representing 5.00% of the shares[23]. - The company maintains a strong position with 3,398,588 shares held by Lanzhou Furun Real Estate Development Co., Ltd., accounting for 1.83%[23]. Legal Matters - 甘肃新盛工贸有限公司的强制清算申请对公司可能造成重大不确定性影响[27]. - 2022年1月29日，公司披露了与甘肃新盛的诉讼进展情况[28]. - 2021年7月15日，兰州中院对甘肃新盛的案件进行了听证[27]. - 2021年8月11日，甘肃新盛预计不会对本期利润产生影响[27]. - 2022年5月12日，兰州黄河集团的起诉被驳回，对公司无影响[28]. - 2021年9月24日，甘肃新盛对股东资格确认的诉讼被提起[28]. - 2022年5月9日，甘肃新盛的重大诉讼事项被披露[28]. - 2021年7月30日，甘肃新盛的清算申请被法院受理[27]. - 2022年9月15日，甘肃新盛的诉讼进展公告被发布[28]. - 2021年8月14日，甘肃新盛的诉讼影响被评估为不确定性[27]. - The company reported a significant legal development with the Lanzhou Intermediate Court regarding a major lawsuit, which is currently pending and has not yet been heard[29]. - The company has received a total of 51.29 million yuan related to a legal ruling involving Hunan Xinyuan Investment Group, which is currently under litigation[30]. - The company is involved in multiple arbitration cases, including one concerning a restructuring agreement from February 2016, which has been accepted by the China International Economic and Trade Arbitration Commission[30]. - The company has not received any further legal documents regarding the reopening of a case since May 8, 2022, indicating a lack of progress in that matter[29]. - The company’s legal disputes are not expected to have any significant impact on its operations or financial status[30]. - The company is actively monitoring the developments in its ongoing legal cases and will provide updates as necessary[30]. - The company has been affected by the COVID-19 pandemic, which has caused delays in court proceedings and other legal matters[29]. - The company is committed to transparency and will continue to disclose relevant legal updates in its reports[30]. - The company’s management remains optimistic about resolving ongoing legal issues without adverse effects on its business[30]. - The company is focused on maintaining its operational stability while navigating through these legal challenges[30].

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 144,132,241, a decrease of 22.37% compared to CNY 185,670,283.86 in the same period last year[21]. - Net profit attributable to shareholders of the listed company reached CNY 22,887,653.29, an increase of 1,801.53% compared to CNY 1,203,642.93 in the previous year[21]. - The net cash flow from operating activities was CNY 54,929,823.01, a significant improvement of 132.35% from a negative CNY 169,787,984.34 in the same period last year[21]. - Basic and diluted earnings per share were both CNY 0.1232, reflecting a growth of 1,795.38% from CNY 0.0065 in the previous year[21]. - The weighted average return on net assets increased to 3.36%, up by 3.18 percentage points from 0.18% in the same period last year[21]. - Total assets at the end of the reporting period were CNY 1,318,435,483.40, representing a 1.38% increase from CNY 1,300,502,704.97 at the end of the previous year[21]. - Net assets attributable to shareholders of the listed company increased to CNY 693,373,617.62, a rise of 3.41% from CNY 670,485,964.33 at the end of the previous year[21]. - The company's total revenue for the reporting period was CNY 144,132,241, a decrease of 22.37% compared to CNY 185,670,283.86 in the same period last year[47]. - The gross profit margin for the beer and beverage segment was 20.80%, down 6.39% year-on-year[39]. - The company's main business revenue for the period was ¥138,135,337.57, a decrease of 11.40% compared to the same period last year, with a gross margin of 20.67%, down 5.61% year-on-year[51]. Sales and Production - In the first half of 2022, the company produced 44,800 hectoliters of beer and sold 46,200 hectoliters, resulting in a sales revenue of 123 million yuan, representing a year-on-year decline of 19.44%, 16.14%, and 14.2% respectively[32]. - The company's malt production significantly decreased to 2,600 tons, a year-on-year drop of approximately 78%, while sales remained stable at 6,000 tons, generating revenue of 15.625 million yuan[33]. - The sales of beer amounted to CNY 106,467,700.05, which is 73.87% of total revenue, reflecting a 15.11% decrease year-on-year[50]. - The total number of products sold decreased by 16.14% year-on-year, with beer production down 18.68% and beverage production down 22.86%[44]. - Online sales generated CNY 1,853,417.17, representing a decline of 20.36% year-on-year, while offline sales accounted for CNY 120,656,893.52, down 14.10%[39]. Strategic Initiatives - The company’s strategic focus includes optimizing product structure and increasing the proportion of mid-to-high-end products, with mid-to-high-end products accounting for 33.99% of total revenue[36]. - The company has implemented a dual-brand strategy with "Yellow River" and "Qinghai Lake," enhancing brand image and product sales through targeted marketing efforts[36]. - The company plans to enhance malt product development and market expansion to counteract the pressures from rising raw material costs and reduced demand[33]. - The company’s market strategy includes a comprehensive online and offline sales approach, with flagship stores on platforms like JD and Tmall to promote its dual-brand products[37]. - The company is increasing its investment in R&D for new mid-to-high-end beer products and enhancing marketing efforts to improve market acceptance and sales performance[71]. Risk Management - The company has outlined potential risks and countermeasures in the report, emphasizing the importance of risk awareness for investors[5]. - The company faces significant risks in the second half of 2022, including the impact of COVID-19 variants on beer consumption, leading to decreased market demand and operational challenges[70]. - The rising prices of raw materials, particularly barley due to the Russia-Ukraine conflict, are expected to increase production costs, putting pressure on the company's operations[70]. Environmental Compliance - The company reported a total COD discharge of 875 tons per year, exceeding the standard limit of CODcr ≤ 8 mg/L[81]. - The company has a total nitrogen discharge of 14.616 tons per year, which is above the regulatory limit of ≤ 15 mg/L[81]. - The company’s nitrogen oxide emissions were recorded at 29.11733 tons per year, with no exceedance reported[81]. - The company operates 1 wastewater discharge point with a total annual ammonia nitrogen discharge of 78.75 tons, which is compliant with the standards[81]. - The company has implemented measures to ensure that its emissions do not exceed the specified limits, with no reported exceedances[81]. Legal Matters - The company is involved in ongoing litigation regarding shareholder qualification confirmation, with a court hearing scheduled for May 2022[106]. - The company has received a ruling from the court regarding a dispute over a restructuring agreement, which has no impact on its operations[107]. - As of the report date, the company is still awaiting a court hearing for a significant lawsuit involving 5,129 million CNY related to a banking dispute[107]. - The company has initiated arbitration proceedings concerning disputes arising from a restructuring agreement, which are currently under review[107]. - The company reported no significant impact from ongoing litigation on its financial performance as of the report date[107]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 26,203[129]. - The largest shareholder, Lanzhou Huanghe Xinshi Investment Co., Ltd., holds 21.50% of the shares, totaling 39,931,229 shares[129]. - The second-largest shareholder, Hunan Yucheng Investment Co., Ltd., holds 5.00% of the shares, totaling 9,288,300 shares[129]. - The company has not experienced any changes in its controlling shareholder during the reporting period[133]. - There are no changes in the shareholding of directors, supervisors, and senior management during the reporting period[132]. Financial Health - Cash and cash equivalents at the end of the reporting period were ¥672,089,324.08, accounting for 50.98% of total assets, an increase of 3.83% from the previous year[56]. - The company's inventory decreased to ¥137,369,562.71, down 2.26% from the previous year, indicating improved inventory management[56]. - The company reported a net profit of 4,395,468.83 CNY from its beer production segment, with a total revenue of 98,303,709.78 CNY[68]. - The total assets of the company’s main subsidiaries include 731,053,000 CNY for Lanzhou Huanghe Brewery and 66,779,600 CNY for Qinghai Huanghe Brewery[68]. - The company’s total liabilities decreased to CNY 231,350,218.83 from CNY 236,438,280.89, a reduction of about 2.3%[145].

Financial Performance - The company's operating revenue for 2021 was approximately ¥308.54 million, a slight increase of 0.62% compared to ¥306.63 million in 2020[19]. - The net profit attributable to shareholders for 2021 was approximately ¥19.11 million, a significant increase of 163.96% from a loss of ¥29.89 million in 2020[19]. - The net cash flow from operating activities was negative at approximately ¥220.50 million, a decline of 750.05% compared to a negative cash flow of ¥25.94 million in 2020[19]. - Basic earnings per share for 2021 were ¥0.1029, compared to a loss per share of ¥0.1609 in 2020, marking an increase of 163.95%[19]. - The total assets at the end of 2021 were approximately ¥1.30 billion, a slight increase of 0.22% from ¥1.30 billion at the end of 2020[19]. - The net assets attributable to shareholders at the end of 2021 were approximately ¥670.49 million, an increase of 2.93% from ¥651.37 million at the end of 2020[19]. - The weighted average return on equity for 2021 was 2.89%, an increase of 7.38% compared to -4.49% in 2020[19]. - The company's total sales revenue for the year reached CNY 246.20 million, representing a year-on-year increase of 1.53%[32]. - The main business revenue decreased by 5.33% to CNY 274.66 million, while other business revenue increased significantly by 105.42% to CNY 33.88 million[41]. - The company's net profit attributable to shareholders was CNY 19.11 million, with total assets amounting to CNY 1.3 billion and net assets of CNY 670 million[39]. Business Operations - The beer production and sales accounted for nearly 90% of the company's main business, with a focus on the "Yellow River" and "Qinghai Lake" brands[30]. - The company achieved a gross margin of 18.37% in its distribution model, with a year-on-year revenue increase of 2.81%[31]. - Online sales surged by 326.41% year-on-year, reaching CNY 25.75 million, while offline sales decreased by 5.56%[31]. - The domestic beer industry saw a production increase of 4.4% in 2021, but still faced challenges such as product homogeneity and reduced consumer demand[29]. - The company maintained its market share in Gansu and Qinghai provinces despite the impact of COVID-19 on the local economy[30]. - The company has implemented a dual-brand strategy to enhance brand recognition and market penetration through both online and offline channels[30]. - The production volume of beer was 74,467.91 thousand liters, with a sales volume of 72,067.98 thousand liters, reflecting a production increase of 10.18% year-on-year[35]. - The gross profit margin for the overall beverage category was 18.37%, with a slight increase of 3.17% compared to the previous year[32]. - The company expanded its dealer network, increasing the number of dealers from 453 to 505, a net increase of 52 dealers[32]. - The company launched new products, including 3-liter "Yellow River Silk Road Original" and "Qinghai Original" craft beers, which received positive consumer feedback[37]. Challenges and Risks - The company faced challenges such as rising commodity prices and the impact of COVID-19 on sales, particularly during the second half of the year[38]. - The company anticipates continued pressure from rising raw material prices due to global supply chain issues exacerbated by the Russia-Ukraine conflict[80]. - The company faces risks from the resurgence of COVID-19, which may impact beer consumption and sales[83]. - The company recognizes the competitive risks posed by state-owned enterprises and foreign brands in the beer market[83]. Governance and Compliance - The company emphasizes effective communication with stakeholders, including shareholders, customers, and employees, to balance interests and promote sustainable development[92]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate information is available to all investors[93]. - There were no significant discrepancies between the company's governance practices and the regulations set forth by the China Securities Regulatory Commission[95]. - The company maintains independence from its controlling shareholders in terms of business, personnel, assets, and finance, ensuring no interference in decision-making[96]. - The company has a clear strategy for maintaining operational independence and governance integrity[96]. - The board includes independent directors, enhancing oversight and accountability[99]. - The company is focused on long-term growth and stability through strategic governance practices[96]. Legal Matters - The company faced a lawsuit regarding the legality of a shareholder meeting, with the amount involved being unspecified, but the case was resolved with the plaintiff voluntarily withdrawing the lawsuit[166]. - The company is actively involved in ongoing litigation related to its 2016 annual shareholder meeting, with multiple court dates set in 2021[167]. - The company is focused on maintaining transparency with shareholders regarding the status of legal matters and their potential impact[168]. - The company has received court rulings that have favored its position in several legal disputes, reinforcing its governance practices[168]. - The company continues to monitor the legal landscape and adjust its strategies accordingly to mitigate risks associated with ongoing litigation[168]. Environmental Compliance - The company has a wastewater treatment plant with a design capacity of 12,000 tons per day, utilizing anaerobic and aerobic processes to remove BOD, COD, and NH3-N[140]. - The total wastewater discharge from the company is compliant with the "Pollutant Discharge Standards for the Beer Industry" (GB19821-2005), with a maximum wastewater generation of 5,000 tons per day[140]. - The company has replaced coal-fired boilers with 8 natural gas boilers, resulting in a total investment of 10.8 million yuan, enhancing efficiency and reducing emissions[140]. - The company has achieved compliance in all monitored emissions, including sulfur dioxide and nitrogen oxides, with no exceedances reported[139]. - The company has successfully completed the environmental acceptance monitoring for its wastewater treatment facilities, confirming their operational compliance[140]. Employee and Management - The total number of employees at the end of the reporting period was 988, with 31 from the parent company and 957 from major subsidiaries[122]. - The company had a total of 991 employees receiving salaries during the reporting period[122]. - The company has a dynamic salary management policy linking total employee compensation to actual business performance[123]. - The management team includes experienced professionals with backgrounds in finance and corporate governance, enhancing the company's operational effectiveness[108]. - The company has maintained a stable management structure with no changes in key personnel during the reporting period[100].

Financial Performance - The company's operating revenue for Q1 2022 was ¥72,606,706.07, a decrease of 28.45% compared to ¥101,483,021.09 in the same period last year[3] - The net profit attributable to shareholders was a loss of ¥3,281,522.10, representing a decline of 139.46% from a profit of ¥8,316,532.17 in the previous year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥4,057,746.31, a significant drop of 7,889.31% compared to a loss of ¥50,789.67 last year[3] - The net cash flow from operating activities was ¥22,131,618.33, down 51.19% from ¥45,342,267.81 in the same period last year[3] - The basic and diluted earnings per share were both -¥0.0177, a decline of 139.51% compared to ¥0.0448 in the same period last year[3] - Operating profit for the current period is -¥9,569,343.14, compared to a profit of ¥10,848,220.65 in the previous period[21] - Net profit for the current period is -¥6,253,969.38, a significant decline from ¥8,929,366.99 in the previous period[21] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,286,989,049.20, a decrease of 1.04% from ¥1,300,502,704.97 at the end of the previous year[3] - The equity attributable to shareholders was ¥667,204,442.23, down 0.49% from ¥670,485,964.33 at the end of the previous year[3] - The total current assets at the end of the reporting period amounted to CNY 1,006.93 million, a slight decrease from CNY 1,017.71 million at the beginning of the year[16] - The total liabilities at the end of the reporting period were CNY 229.18 million, down from CNY 236.44 million at the beginning of the year[18] - The total owner's equity at the end of the reporting period was CNY 1,057.81 million, compared to CNY 1,064.06 million at the beginning of the year[18] Impact of COVID-19 - The company faced significant impacts from the COVID-19 pandemic, leading to a 17-day suspension of production activities starting in late March 2022[10] - Beer production and sales decreased by approximately 0.81 million liters and 0.60 million liters year-on-year, respectively, due to the impact of COVID-19[11] - The company has implemented strict pandemic control measures and adjusted production and sales plans to mitigate losses[12] - The company aims to resume normal production and operations as soon as pandemic control measures are lifted[12] Cash Flow - Cash flow from operating activities for the current period is ¥22,131,618.33, down 51.2% from ¥45,342,267.81 in the previous period[25] - Cash flow from investing activities shows a net inflow of ¥6,527,491.14, compared to a net outflow of -¥15,983,383.51 in the previous period[25] - Cash flow from financing activities results in a net outflow of -¥19,498,770.83, compared to -¥47,779,441.66 in the previous period[26] - The ending cash and cash equivalents balance is ¥47,183,500.15, down from ¥64,317,631.28 in the previous period[26] Other Financial Metrics - The weighted average return on equity was -0.49%, down 1.76% from 1.27% in the previous year[3] - The company reported a government subsidy of ¥299,780.56, while losses from fair value changes of financial assets amounted to -¥2,582,433.80[5] - The company reported a decrease in inventory from CNY 164.96 million to CNY 152.17 million during the reporting period[16] - Total operating costs for the current period are ¥80,285,777.43, down 20% from ¥100,218,623.62 in the previous period[20] - The report for the first quarter is unaudited[27]

Financial Performance - The company's operating revenue for 2021 was approximately ¥308.54 million, representing a 0.62% increase compared to ¥306.63 million in 2020[19]. - The net profit attributable to shareholders for 2021 was approximately ¥19.11 million, a significant increase of 163.96% from a loss of ¥29.89 million in 2020[19]. - Basic earnings per share for 2021 were ¥0.1029, compared to a loss of ¥0.1609 per share in 2020, marking a 163.95% improvement[19]. - The total assets at the end of 2021 were approximately ¥1.30 billion, a slight increase of 0.22% from ¥1.30 billion at the end of 2020[19]. - The net assets attributable to shareholders increased by 2.93% to approximately ¥670.49 million at the end of 2021, up from ¥651.37 million at the end of 2020[19]. - The weighted average return on equity for 2021 was 2.89%, an increase of 7.38% compared to -4.49% in 2020[19]. - The company's total sales revenue for the year reached CNY 246.20 million, representing a year-on-year increase of 1.53%[32]. - The main business revenue decreased by 5.33% to CNY 274.66 million, while other business revenue increased significantly by 105.42% to CNY 33.88 million[41]. - The company reported a total operating cost of CNY 200.98 million, with raw materials accounting for 62.48% of this total[35]. - The company reported a total revenue of 15,703 million in the latest financial year[100]. Cash Flow and Investments - The net cash flow from operating activities was negative at approximately ¥220.50 million, a decline of 750.05% compared to a negative cash flow of ¥25.94 million in 2020[19]. - The company reported a securities investment income of CNY 18.81 million during the period[39]. - Investment cash inflow surged by 103.53% to ¥96,059,337.23, while outflow increased by 246.65% to ¥89,264,007.09[56]. - Financing cash inflow rose by 169.26% to ¥313,400,000.00, with net cash flow from financing activities reaching ¥168,989,132.49, up 4,614.17%[56]. - The company reported a total of ¥50,918,773.16 in restricted assets, primarily due to bank short-term loan pledges on accounts receivable and inventory[64]. Market and Sales Performance - Online sales revenue surged by 326.41% year-on-year, reaching CNY 25.75 million, while offline sales decreased by 5.56%[31]. - The beer production and sales accounted for nearly 90% of the company's main business, with a slight recovery in production volume compared to the previous year[30]. - The overall beer industry in China saw a production increase of 4.4% in 2021, but still faced a decline compared to pre-pandemic levels[29]. - The production volume of beer was 74,467.91 thousand liters, with a sales volume of 72,067.98 thousand liters, reflecting a production increase of 10.18% compared to the previous year[35]. - Sales revenue from ordinary beer products surged by 76.63% year-on-year, indicating strong demand in this segment[32]. Operational Challenges and Strategies - The company faced challenges in the market due to the COVID-19 pandemic, impacting sales in Gansu and Qinghai provinces[30]. - The company plans to enhance its product structure and focus on mid-to-high-end products to address market competition[30]. - The company implemented a dynamic performance management system to enhance employee capabilities and improve sales team effectiveness[38]. - The company plans to enhance cost control by increasing the recycling rate of old bottles to mitigate rising packaging costs[82]. - The company aims to increase the proportion of mid-to-high-end products in its portfolio to meet the demand for diversified and high-quality beer[81]. Corporate Governance and Management - The company has established a solid governance structure with independent directors to ensure transparency and accountability[103]. - The management team includes experienced professionals with backgrounds in finance and management, such as the current CEO and CFO, who have held significant positions in the company[101][102]. - The company has not experienced any changes in its board of directors or senior management during the reporting period[100]. - The company emphasizes the importance of quality management by continuously optimizing production processes and improving product stability[82]. - The company has established a reasonable performance evaluation mechanism to motivate management and promote stable development[91]. Legal Matters and Compliance - The company is involved in ongoing litigation regarding the validity of resolutions from the 2017 annual shareholder meeting, with a court hearing scheduled for June 25, 2021[165]. - The company has received multiple court rulings that have dismissed claims against it, indicating a favorable legal standing in recent cases[166]. - The company is committed to transparency regarding its legal matters and will continue to update stakeholders on significant developments[165]. - The company is actively monitoring the developments in the litigation closely, as they may influence future corporate governance decisions[165]. - The company faced a civil lawsuit regarding the invalid voting behavior at the 2017 extraordinary general meeting, with the court ruling in favor of the company[169]. Environmental Compliance - Lanzhou Huanghe Jia Brewery Company has a wastewater treatment plant with a design capacity of 12,000 tons per day, utilizing anaerobic and aerobic processes to treat wastewater, achieving compliance with the "Beer Industry Pollutant Discharge Standards" (GB19821-2005) for all discharged wastewater[138]. - The company has invested 10.8 million yuan in converting coal-fired boilers to natural gas, resulting in the removal of four coal-fired boilers and the installation of eight 4-ton natural gas boilers, which are now operating efficiently and meeting emission standards[138]. - The company has achieved compliance with national standards for wastewater discharge and noise levels, as confirmed by environmental department dynamic monitoring[149]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[148]. - The company has committed to clean production and energy-saving measures, including the conversion of operational vehicles to gas[149].

Financial Performance - The company's operating revenue for Q3 2021 was ¥80,133,066.80, a decrease of 5.73% compared to the same period last year[3]. - Net profit attributable to shareholders reached ¥38,361,701.77, an increase of 474.79% year-on-year[3]. - The basic earnings per share for the period was ¥0.2065, reflecting a 474.78% increase compared to the previous year[3]. - Total operating revenue for the third quarter of 2021 was CNY 265,803,350.66, an increase of 6.38% compared to CNY 249,213,293.32 in the same period of 2020[31]. - Net profit for the third quarter was CNY 72,587,745.58, a significant recovery from a net loss of CNY 25,866,319.27 in the previous year[32]. - Total comprehensive income for the period attributable to the parent company was CNY 39,565,344.70, a decrease of 20,214,229.65 compared to the previous period[33]. - Basic and diluted earnings per share were CNY 0.2130, compared to a loss of CNY 0.1088 in the previous period[33]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥1,384,592,799.19, representing a 6.70% increase from the end of the previous year[3]. - The company's total assets as of September 30, 2021, reached CNY 1,384,592,799.19, compared to CNY 1,297,640,953.11 at the end of 2020, reflecting a growth of 6.69%[28]. - Current assets totaled CNY 1,059,285,115.57, an increase of 6.31% from CNY 996,416,493.02 at the end of 2020[27]. - The total liabilities amounted to CNY 271,677,597.24, an increase from CNY 257,313,496.73, indicating a rise of 5.06%[29]. - The equity attributable to shareholders of the parent company was CNY 690,937,376.54, up from CNY 651,372,031.84, reflecting a growth of 6.06%[29]. Cash Flow - The company reported a significant increase in cash flow from operating activities, which reached ¥29,780,515.46, up 499.43% year-to-date[3]. - Net cash flow from operating activities was CNY 29,780,515.46, a significant improvement from a negative cash flow of CNY 7,455,810.60 in the previous period[36]. - Cash inflow from operating activities totaled CNY 328,619,216.51, compared to CNY 297,519,940.41 in the previous period[36]. - Cash outflow from operating activities was CNY 298,838,701.05, down from CNY 304,975,751.01 in the previous period[36]. - Net cash flow from investing activities was CNY 28,107,309.32, an increase from CNY 23,184,601.30 in the previous period[36]. - Cash inflow from investing activities amounted to CNY 98,687,397.28, compared to CNY 31,218,004.32 in the previous period[36]. - Cash outflow from financing activities was CNY 101,715,027.50, compared to CNY 95,767,054.70 in the previous period[37]. - The ending balance of cash and cash equivalents was CNY 88,910,985.92, slightly down from CNY 90,001,905.09 in the previous period[37]. Legal Matters - The company is currently involved in a civil lawsuit regarding the validity of voting actions taken at the 2018 annual general meeting, with the case being suspended as of October 11, 2021[16]. - The company faced multiple civil lawsuits related to shareholder meetings, with the latest court hearings scheduled for April 29, 2021[18]. - The company has not reported any financial impact from the ongoing legal matters as of the latest updates[18]. - The company continues to monitor the legal proceedings and their implications on corporate governance and shareholder relations[17]. - The court ruled that the shareholder resolutions made by Xinsheng Industrial in August and September 2019 are valid, extending the business operation period until August 15, 2039[20]. - The company received a civil ruling from the court on December 11, 2020, confirming the validity of the shareholder resolutions[20]. - The company is currently involved in multiple legal proceedings, including a forced liquidation application by Hunan Yucheng against Xinsheng Industrial[20]. - The company expects that the ongoing legal matters will not significantly impact its profits in the current period, although there may be uncertainties regarding control stability[20]. - The company has been actively addressing litigation matters, with several court hearings scheduled throughout 2021[20]. - Xinsheng Industrial's appeal against the court's decision is ongoing, with the second instance hearing held on June 25, 2021[20]. - The company has published multiple announcements regarding the progress of significant litigation matters in designated media[20]. - The company continues to assess the implications of the legal disputes on its future business strategies and market position[20]. - The company reported a total of RMB 574,340.05 frozen in bank accounts due to a lawsuit initiated by Hunan Yucheng Investment Co., Ltd. for contract disputes[21]. Investments - The company experienced a substantial increase in investment income due to the transfer of partial equity in a subsidiary, contributing to the overall profit growth[9]. - As of the announcement date, the company had a total of RMB 14,300.14 million in securities investments, with a fair value of RMB 8,369.93 million, resulting in a loss of RMB 702.22 million during the reporting period[24]. - The company’s investment in Baiyun Mountain stock was RMB 4,985.06 million, with a current value of RMB 4,095.00 million, reflecting a loss of RMB 166.58 million[24]. - The company’s investment in Qilian Mountain stock was RMB 4,680.40 million, with a current value of RMB 3,800.09 million, resulting in a loss of RMB 307.43 million[24]. - The company’s investment in China Giant Glass stock had an initial investment of RMB 3,050.28 million, with a current value of RMB 0.00 million, reflecting a loss of RMB 187.82 million[24]. - The company’s investment in Shenzhen Airport stock was RMB 625.47 million, with a current value of RMB 0.00 million, resulting in a loss of RMB 41.56 million[24]. - The company’s investment in Ba'an Water stock was RMB 699.75 million, with a current value of RMB 266.34 million, reflecting a gain of RMB 29.67 million[24]. - The company’s investment in Wutong Holdings stock was RMB 259.18 million, with a current value of RMB 208.50 million, resulting in a loss of RMB 28.50 million[24]. - The company is involved in an arbitration case related to a restructuring agreement signed on February 23, 2016, with Hunan Yucheng and its actual controller[22]. - The company’s indirect controlling shareholder, Xinsheng Industrial Trade, is involved in a lawsuit that is scheduled for a hearing on October 26, 2021[21]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 31,926, with the largest shareholder holding 21.50% of the shares[11]. - The company has reported no financing or margin trading activities among its top 10 shareholders[12].

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥185.67 million, representing a 13.07% increase compared to ¥164.21 million in the same period last year[21]. - The net profit attributable to shareholders was approximately ¥1.20 million, a significant turnaround from a loss of ¥9.98 million in the previous year, marking a 112.06% improvement[21]. - Basic earnings per share increased to ¥0.0065 from a loss of ¥0.0537, reflecting a 112.10% improvement[21]. - The company's total revenue for the reporting period reached CNY 185,670,283.86, representing a year-on-year increase of 13.07% compared to CNY 164,210,428.23 in the previous year[39]. - The main business revenue was CNY 155,909,846.72, accounting for 83.97% of total revenue, with a slight increase of 1.49% year-on-year[41]. - The revenue from other businesses surged by 180.88% to CNY 29,760,437.14, up from CNY 10,595,486.36 in the previous year[40]. - The company reported a net profit for the first half of 2021 was a loss of CNY 3,489,328.77, an improvement from a loss of CNY 14,094,379.27 in the first half of 2020[151]. - The total comprehensive income for the first half of 2021 was a loss of CNY 3,489,328.77, compared to a loss of CNY 14,094,379.27 in the same period of 2020[152]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at approximately ¥169.79 million, a decline of 701.02% compared to a positive cash flow of ¥28.25 million in the same period last year[21]. - The cash inflow from financing activities amounted to 238,000,000.00 CNY, with cash outflow for debt repayment at 59,000,000.00 CNY, leading to a net cash flow of 177,875,166.67 CNY, compared to -31,456,566.10 CNY previously[160]. - The ending balance of cash and cash equivalents increased to 124,698,108.14 CNY, up from 93,591,032.90 CNY in the previous period, reflecting improved liquidity[160]. - The total cash inflow from operating activities was 238,845,358.81 CNY, while cash outflow was 408,633,343.15 CNY, resulting in a negative cash flow from operations[159]. - The company reported a significant increase in cash received from other operating activities, totaling 14,142,198.51 CNY, compared to 7,517,801.05 CNY in the previous period[159]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥1.52 billion, up 16.91% from ¥1.30 billion at the end of the previous year[21]. - Current liabilities rose to CNY 476,271,971.47, compared to CNY 254,332,353.40, indicating an increase of about 87.5%[143]. - The total liabilities increased to CNY 480,253,114.80 from CNY 257,313,496.73, representing a growth of about 86.5%[143]. - The company's long-term equity investments stood at CNY 10,412,687.81, down from CNY 11,285,653.35, reflecting a decrease of approximately 7.7%[142]. - The total amount of owner contributions in the form of common stock was reported as CNY 0.00, indicating no new equity raised during the period[169]. Production and Sales - In the first half of 2021, the company produced 55,700 hectoliters of beer, with sales reaching 55,100 hectoliters, resulting in a revenue of 143 million yuan, representing year-on-year growth of 11.65%, 6.03%, and 11.06% respectively[29]. - The company's malt production reached 12,200 tons, a year-on-year increase of 15.38%, but sales decreased by 30.66% to 6,100 tons, leading to a revenue drop of 47.62% to 13.12 million yuan[30]. - Beer sales generated CNY 125,419,223.67, a 12.08% increase from CNY 111,897,257.57, while malt revenue dropped by 47.62% to CNY 13,122,692.73[41]. - The production volume of beer reached 45,539.22 thousand liters, which is a 13.46% increase from the previous period, while sales volume was 45,030.77 thousand liters, up by 5.52%[36]. Market and Competition - The company faced challenges such as rising raw material costs and increased competition from leading brands, but maintained a market share of nearly 30% in Gansu and Qinghai provinces[29]. - The company is focusing on enhancing the proportion of mid-to-high-end products to improve profitability amid a mature beer market[29]. - The revenue from mid-to-high-end products accounted for 32.47% of total revenue, amounting to CNY 46,367,494.29, while ordinary products contributed 25.87% with CNY 36,934,461.79[32]. - The overall beer production in China increased by 10.3% year-on-year in the first half of 2021, although the second quarter saw a decline compared to the previous year[29]. Research and Development - Research and development expenses increased by 12.43% to CNY 1,210,574.99, compared to CNY 1,076,753.69 in the previous year[39]. - The company launched new craft beer products "Yellow River Silk Road Original Brew" and "Qinghai Original Brew" in May 2021, enhancing product quality and consumer recognition[29]. - The company plans to develop higher value-added malt products to overcome sales challenges and improve market competitiveness[30]. Environmental Compliance - The company has a wastewater treatment plant with a design capacity of 12,000 tons per day, utilizing anaerobic and aerobic processes to remove BOD, COD, and NH3[68]. - The company has achieved compliance with the "Beer Industry Pollutant Discharge Standards" (GB19821-2005) for treated wastewater, which is then discharged into the municipal sewage system[69]. - The company has installed online monitoring systems for COD and ammonia nitrogen, with successful verification by local environmental authorities[68]. - The company has consistently met emission standards for air pollutants from its natural gas boilers, ensuring environmental compliance[68]. Legal Matters - The company is currently involved in multiple legal proceedings, including an appeal by Hunan Yucheng against a previous ruling that dismissed its claims[94]. - The company has been actively addressing shareholder disputes, with a focus on the validity of resolutions from past shareholder meetings[93]. - The ongoing litigation has highlighted the importance of shareholder engagement and transparency in corporate decision-making processes[96]. - The company remains committed to resolving these legal matters efficiently to maintain investor confidence and protect shareholder interests[97]. Corporate Governance - The company has faced challenges related to governance, particularly concerning the authority of its chairman in decision-making processes[94]. - The company continues to monitor and address legal challenges to ensure compliance with corporate governance standards[95]. - The company remains committed to upholding corporate governance standards amidst ongoing legal challenges[94].