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].

Financial Performance - The company's operating revenue for Q1 2021 was ¥101,483,021.09, representing a 66.87% increase compared to ¥60,814,473.60 in the same period last year[8] - Net profit attributable to shareholders was ¥8,316,532.17, a significant turnaround from a loss of ¥19,916,032.91 in the previous year, marking a 141.76% improvement[8] - Basic earnings per share improved to ¥0.0448 from a loss of ¥0.1072, reflecting a 141.79% increase[8] - The net profit for Q1 2021 was CNY 8,929,366.99, compared to a net loss of CNY 23,122,218.59 in the same period last year, indicating a significant turnaround[41] - The operating profit for Q1 2021 was CNY 10,848,220.65, recovering from an operating loss of CNY 27,678,459.88 in the previous year[41] - The company reported an investment income of CNY 5,883,316.72 in Q1 2021, compared to a loss of CNY 1,506,058.70 in the same period last year[40] - The total comprehensive income for Q1 2021 was CNY 8,929,366.99, a recovery from a comprehensive loss of CNY 23,122,218.59 in the same period last year[42] Cash Flow - The net cash flow from operating activities reached ¥45,342,267.81, a remarkable increase of 791.31% from -¥6,561,196.30 in the prior year[8] - Cash received from operating activities amounted to CNY 133,246,432.45, significantly higher than CNY 76,977,119.00 in the previous year[48] - Total cash inflow from investment activities was ¥8,390,171.10, while cash outflow was ¥24,373,554.61, resulting in a net cash flow from investment activities of -¥15,983,383.51, a decline from a positive net cash flow of ¥6,429,442.99 in the previous year[49] - Cash flow from financing activities showed a net outflow of -¥47,779,441.66, compared to -¥18,627,986.56 in Q1 2020, reflecting increased debt repayments and dividend distributions[50] - The company’s net cash flow decreased by ¥18,420,557.36 in Q1 2021, compared to a decrease of ¥18,759,739.87 in Q1 2020, indicating a consistent trend of cash outflow[50] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,285,972,696.01, a slight decrease of 0.90% from ¥1,297,640,953.11 at the end of the previous year[8] - Current liabilities totaled CNY 233,734,729.31, down from CNY 254,332,353.40, representing a reduction of approximately 8.1%[33] - The total liabilities decreased from CNY 257,313,496.73 to CNY 236,715,872.64, a decline of approximately 8%[33] - The company's total equity increased to CNY 1,049,256,823.37 from CNY 1,040,327,456.38, showing a growth of about 0.9%[34] Shareholder Information - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[13] - There were no overdue commitments from major shareholders or related parties during the reporting period[18] Operational Efficiency - The weighted average return on net assets improved to 1.27% from -2.97% in the same period last year, an increase of 4.24 percentage points[8] - The company reported a significant increase in contract liabilities, primarily due to an increase in advance payments for product sales[16] Research and Development - The company incurred research and development expenses of CNY 594,667.46, up from CNY 493,097.81 in the previous year, reflecting a focus on innovation[40] Other Financial Metrics - The company reported cash inflow from other operating activities amounting to ¥79,591.32, compared to ¥6,691.66 in the previous year, showing an increase in operational cash receipts[51] - The cash outflow for employee payments was ¥18,975,571.19, which increased from ¥17,877,935.08 in Q1 2020, reflecting rising labor costs[49] - The company reported a financial expense of CNY -6,046,183.91, which is an increase in income from financial activities compared to the previous year[40] Compliance and Audit - The company did not undergo an audit for the Q1 2021 report, which may affect the reliability of the financial data presented[55]

Financial Performance - The company's operating revenue for 2020 was approximately ¥306.63 million, a decrease of 32.68% compared to ¥455.47 million in 2019[16] - The net profit attributable to shareholders for 2020 was a loss of approximately ¥29.89 million, representing a decline of 291.18% from a profit of ¥15.63 million in 2019[16] - The net cash flow from operating activities was approximately -¥25.94 million, down 81.08% from -¥14.33 million in 2019[16] - The basic earnings per share for 2020 was -¥0.1609, a decrease of 291.09% compared to ¥0.0842 in 2019[16] - Total assets at the end of 2020 were approximately ¥1.30 billion, a decrease of 5.42% from ¥1.37 billion at the end of 2019[16] - The net assets attributable to shareholders at the end of 2020 were approximately ¥651.37 million, down 4.39% from ¥681.26 million at the end of 2019[16] - The weighted average return on net assets for 2020 was -4.49%, a decrease of 6.81% from 2.32% in 2019[16] - The total revenue for the year 2020 was CNY 306,628,889.77, a decrease of 32.68% compared to CNY 455,471,710.12 in 2019[43] - The main business revenue was CNY 290,136,593.08, accounting for 94.62% of total revenue, down 28.27% from CNY 404,456,920.61 in the previous year[43] - Beer sales contributed CNY 215,614,388.05, representing 70.32% of total revenue, with a year-on-year decline of 19.21%[43] Market Conditions - The overall beer market in China saw a decline of 7.04% in production volume in 2020, totaling approximately 34.11 million kiloliters, which affected the company's sales[31] - The company faced increased competition from major brands, with the top five brands holding over 80% of the market share, leading to heightened pressure on pricing and product differentiation[31] - The company maintained its market share in Gansu and Qinghai provinces despite the challenges posed by the pandemic, leveraging the brand influence of "Yellow River" and "Qinghai Lake" products[27] - The company is focusing on high-end and diversified product offerings in response to changing consumer preferences towards younger and more personalized beer consumption[31] Operational Strategies - The company adopted a dual-brand strategy with "Yellow River" and "Qinghai Lake," with the high-end product category contributing 40.89% to total revenue[35] - The online sales channel saw a revenue increase of 42.78% year-on-year, while offline sales decreased by 22.24%[36] - The company implemented various strategies to enhance product quality and optimize production processes, aiming for higher profitability in mid-to-high-end products[32] - The company plans to enhance its "Yellow River" and "Qinghai Lake" brands by integrating local elements and improving product design and positioning to increase brand value[79] - The company will accelerate the development and launch of mid-to-high-end new products to improve product structure and profitability[79] Cash Flow and Investments - The company reported a significant decline in cash flow from operating activities, with a net cash flow of -¥6,561,196.30 in the first quarter[21] - The total cash inflow from operating activities was CNY 384,491,167.00 in 2020, a decrease of 27.85% from CNY 532,890,879.15 in 2019[58] - The investment activities generated a net cash inflow of CNY 21,445,920.60 in 2020, an increase of 31.11% from CNY 16,357,331.65 in 2019[58] - The net cash flow from investing activities was CNY 21.45 million, an increase of CNY 5.09 million compared to CNY 16.36 million last year, mainly due to a decrease in cash paid for securities investments[59] - The net cash flow from financing activities was CNY 3.58 million, a decrease of CNY 8.02 million compared to CNY 11.60 million last year, primarily due to cash settlements for goods procurement and a decrease in the recovery of bank acceptance bill deposits[59] Legal and Compliance Issues - The company is currently facing litigation regarding the validity of resolutions passed during its 2016 annual general meeting[104] - The company has been involved in multiple legal proceedings concerning shareholder rights and meeting procedures since 2017[104] - The company is actively monitoring the progress of ongoing legal matters that may affect its governance structure[104] - The company has engaged in discussions regarding the implications of the legal rulings on its governance practices[106] - The company continues to monitor the legal proceedings closely to mitigate potential risks[108] Environmental Responsibility - The company achieved compliance with the "Beer Industry Pollutant Discharge Standards" (GB19821-2005) for all treated wastewater, with a total discharge of 4.157 tons of COD and 12.416 tons of total nitrogen[136] - The company has implemented a comprehensive pollution prevention strategy, including the use of advanced treatment technologies for wastewater[137] - The company has made significant investments in environmental protection facilities, enhancing its operational sustainability[137] - The company has successfully integrated new monitoring technologies, including a pH online analyzer, to improve wastewater management[137] - The company reported no exceedance of pollutant discharge limits, maintaining compliance across all monitored parameters[136] Corporate Governance - The company has established a comprehensive internal control system, ensuring compliance with relevant laws and regulations[190] - The management remains committed to transparency regarding the legal proceedings and their potential effects on the company[113] - The company has maintained independence from its controlling shareholder in business operations, personnel, assets, and finances, ensuring no interference in decision-making[199] - The company has not encountered any significant discrepancies between its governance practices and the regulatory framework established by the China Securities Regulatory Commission[198] - The company continues to focus on maintaining its operational stability and governance structure with no major changes in its board composition[171]

Financial Performance - Operating revenue for the reporting period was CNY 85,002,865.09, down 22.60% year-on-year, and CNY 249,213,293.32 for the year-to-date, down 31.22% compared to the same period last year[8] - Net profit attributable to shareholders was a loss of CNY 10,235,602.78, a decrease of 69.08% year-on-year, and a loss of CNY 20,214,229.65 for the year-to-date, down 221.41% compared to the same period last year[8] - Basic and diluted earnings per share were both CNY -0.0551, reflecting a decrease of 69.08% year-on-year[8] - Total operating revenue for the third quarter was CNY 85,002,865.09, a decrease from CNY 109,825,793.36 in the previous period[40] - The net loss for the period was CNY 11,771,940.00, compared to a net loss of CNY 5,904,205.43 in the same period last year[42] - Total operating revenue for the period was ¥249,213,293.32, a decrease of 31.2% compared to ¥362,328,517.80 in the previous period[48] - Net profit for the period was -¥25,866,319.27, compared to a net profit of ¥17,338,088.81 in the previous period, indicating a significant decline[49] - The company reported a total profit of -¥17,399,202.10, compared to ¥35,998,175.43 in the previous period[49] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,347,568,960.24, a decrease of 1.78% compared to the end of the previous year[8] - The company's current assets totaled CNY 1,058,633,031.33, slightly down from CNY 1,062,723,774.26 at the end of 2019, with cash and cash equivalents at CNY 596,526,905.09[32] - The total liabilities were CNY 281,416,954.65, compared to CNY 279,938,213.95 at the end of 2019, indicating a slight increase in liabilities[34] - The equity attributable to shareholders of the parent company was CNY 661,043,474.43, down from CNY 681,257,704.08 at the end of 2019[35] - The company's inventory decreased to CNY 183,265,708.18 from CNY 221,424,283.80, reflecting a reduction of approximately 17.2%[32] - The accounts receivable decreased to CNY 22,825,131.81 from CNY 27,297,012.49, a decline of about 16.4%[32] - The company's total liabilities increased to CNY 17,405,727.98 from CNY 17,248,103.02[41] - The total equity decreased to CNY 409,402,578.89 from CNY 412,819,270.07[41] Cash Flow - Net cash flow from operating activities was CNY -35,705,621.36, an increase in outflow of 31.36% compared to the previous year[8] - Operating cash flow for Q3 2020 was negative at -7,455,810.60 CNY, compared to a positive 23,698,481.49 CNY in Q3 2019, indicating a significant decline in cash generation from operations[57] - Total cash inflow from operating activities decreased to 297,519,940.41 CNY in Q3 2020, down from 433,284,096.16 CNY in the same period last year, reflecting a 31.4% decline[57] - Cash outflow from operating activities also decreased to 304,975,751.01 CNY in Q3 2020, compared to 409,585,614.67 CNY in Q3 2019, a reduction of 25.6%[57] - Investment activities generated a net cash inflow of 23,184,601.30 CNY in Q3 2020, significantly lower than the 488,183,368.33 CNY recorded in Q3 2019[58] - Cash inflow from financing activities was 86,393,105.66 CNY in Q3 2020, down from 132,958,732.80 CNY in Q3 2019, representing a decrease of 35%[58] - The ending cash and cash equivalents balance for Q3 2020 was 90,001,905.09 CNY, a significant decrease from 616,866,337.95 CNY at the end of Q3 2019[58] Shareholder Information - The total number of shareholders at the end of the reporting period was 14,021[12] - The largest shareholder, Lanzhou Yellow River New Investment Co., Ltd., held 21.50% of the shares[12] Other Financial Information - Non-recurring gains and losses included a loss of CNY 7,468,179.29 from financial assets and a government subsidy of CNY 528,601.74[9] - The company faced a decline in most profit and loss items compared to the same period last year due to the impact of the COVID-19 pandemic[16] - The company is involved in ongoing litigation with its second-largest shareholder, Hunan Yucheng Investment Co., Ltd., and related parties[17] - The company has not engaged in derivative investments during the reporting period[22] - The company has not reported any overdue commitments from actual controllers, shareholders, or related parties during the reporting period[18] - The company did not engage in any research, communication, or interview activities during the reporting period[27] - There were no violations regarding external guarantees during the reporting period[25] - The company implemented new revenue recognition standards starting January 1, 2020, affecting the classification of "pre-receipts" to "contract liabilities"[66]

Financial Performance - The company's operating revenue for the reporting period was ¥164,210,428.23, a decrease of 34.97% compared to ¥252,502,724.44 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was -¥9,978,626.87, representing a decline of 143.95% from ¥22,703,526.52 in the previous year[17]. - The net cash flow from operating activities was ¥28,249,810.76, down 62.69% from ¥75,717,860.57 in the same period last year[17]. - The basic earnings per share were -¥0.0537, a decrease of 143.94% compared to ¥0.1222 in the previous year[17]. - Total assets at the end of the reporting period were ¥1,337,784,653.95, a decrease of 2.49% from ¥1,371,956,538.82 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company were ¥671,279,077.21, down 1.46% from ¥681,257,704.08 at the end of the previous year[17]. - Total revenue for the period was ¥164,210,428.23, a decrease of 34.97% compared to ¥252,502,724.44 in the same period last year[38]. - Main business revenue was ¥153,614,941.87, accounting for 93.55% of total revenue, down 35.36% from ¥237,638,570.34[38]. - Beer revenue decreased by 30.18% to ¥111,897,257.57, while beverage revenue fell by 37.13% to ¥16,666,371.29[38]. - The company reported a total revenue of 917.20 million yuan, with a net profit of 29.79 million yuan for the first half of 2020[49]. - The company reported a net loss of CNY 14,094,379.27 for the first half of 2020, compared to a net profit of CNY 23,242,294.24 in the same period of 2019[143]. - The total comprehensive loss for the first half of 2020 was CNY -14,094,379.27, compared to a comprehensive income of CNY 23,242,294.24 in the same period of 2019[144]. Cash Flow and Investments - The total cash inflow from investment activities was ¥20,915,884.72, significantly lower than ¥507,571,782.88 in the previous year, indicating a decline of 95.9%[152]. - The net cash flow from financing activities was -¥31,456,566.10, compared to -¥22,133,947.47 in the first half of 2019, reflecting a worsening situation[152]. - The total cash and cash equivalents at the end of the period amounted to ¥93,591,032.90, up from ¥70,012,722.55 at the beginning of the period, representing an increase of 33.9%[152]. - The cash inflow from investment activities for the parent company was ¥1,273,418.96, an increase of 32% from ¥965,847.39 in the previous year[155]. - The company received cash of ¥20,880,704.70 from investment income, which is an increase from ¥7,972,371.79 in the previous year[152]. Operational Challenges - The company faced significant risks as detailed in the report, which investors should be aware of[4]. - The company anticipates significant risks in its main business due to external demand decline and domestic consumption weakness, exacerbated by the ongoing COVID-19 pandemic and geopolitical uncertainties[55]. - The company faces increased operational cost pressures due to fluctuations in raw materials, packaging, logistics, and labor costs[55]. - The company is facing intensified market competition and uncertainty in new product development and market investments[55]. - The company reported a significant increase in non-recurring losses, with a total of -¥5,689,058.21 from trading activities[21]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares[5]. - The company plans to optimize its product structure and increase investment in mid-to-high-end product development to mitigate risks[56]. - The company will implement refined management practices and enhance sales channel integration to respond to market challenges[56]. - The company launched several new products, including the Huanghe Pure Draft series and Silk Road Whole Wheat series, to enhance product competitiveness[31]. - The company implemented strategic adjustments in sales to target rural markets, which helped recover some sales volume[31]. Environmental Compliance - The company is committed to adhering to environmental standards, which may pose additional risks[55]. - The company is classified as a key pollutant discharge unit, with wastewater emissions meeting the required standards[93]. - The company has implemented a "anaerobic + aerobic" treatment process to remove BOD, COD, and NH3-N from wastewater, ensuring compliance with the "Beer Industry Pollutant Discharge Standards" (GB19821-2005)[95]. - The company has installed online monitoring systems for COD and ammonia nitrogen, which have been operational since 2011 and 2013 respectively, ensuring effective data transmission and compliance monitoring[95]. - The company has achieved stable operation of six natural gas boilers, with all emissions meeting regulatory standards[95]. Legal Matters - The company is involved in significant litigation, but it has no impact on the company as of the report date[69]. - The company reported a significant legal dispute involving New Sheng Investment and the Gansu Provincial High Court, which may impact corporate governance decisions[71]. - The company has faced multiple lawsuits regarding the validity of shareholder votes, indicating ongoing legal challenges that could affect operational stability[73]. - The company is actively monitoring the outcomes of these legal proceedings, which could influence future corporate strategies and governance[73]. - Future outlook remains cautious due to the ongoing litigation, which may divert management attention from growth initiatives[73]. Shareholder Information - The participation rate of investors in the annual general meeting was 33.32%[59]. - The company reported a total of 185,766,000 shares outstanding, with 99.99% being unrestricted shares[113]. - The largest shareholder, Lanzhou Yellow River New Prosperity Investment Co., Ltd., holds 21.50% of the total shares[115]. - The company has a total of 17,159 common stock shareholders as of the reporting period[115]. Financial Reporting and Governance - The semi-annual financial report has not been audited[66]. - The financial statements comply with the accounting standards and accurately reflect the company's financial position, operating results, and cash flows[181]. - The company has evaluated its ability to continue as a going concern for the next 12 months and found no significant doubts[179]. - The financial statements were approved by the board of directors on August 5[176]. - The company has not reported any changes in shareholding structure or significant share repurchase activities[113].

Financial Performance - The company's operating revenue for 2019 was ¥455,471,710.12, a decrease of 10.45% compared to ¥508,598,280.71 in 2018[17] - The net profit attributable to shareholders in 2019 was ¥15,632,294.39, representing a significant increase of 123.14% from a loss of ¥67,550,377.71 in 2018[17] - The net cash flow from operating activities was negative at ¥-14,325,199.18, a decline of 146.21% compared to ¥31,001,351.48 in the previous year[17] - The basic earnings per share for 2019 was ¥0.0842, recovering from a loss of ¥-0.3636 in 2018[17] - Total assets at the end of 2019 were ¥1,371,956,538.82, a slight decrease of 0.40% from ¥1,377,441,972.12 at the end of 2018[18] - The net assets attributable to shareholders increased by 2.35% to ¥681,257,704.08 from ¥665,625,409.69 in 2018[18] - The weighted average return on net assets for 2019 was 2.32%, recovering from -9.66% in 2018[17] - The total revenue for 2019 was 455.47 million yuan, representing a year-on-year decline of 10.45% from 508.60 million yuan in 2018[38] - The company's net profit attributable to shareholders was 15.63 million yuan, with total tax payments amounting to 60.51 million yuan[35] - The revenue from the main business segment was 404.46 million yuan, accounting for 88.80% of total revenue, down 10.13% from 450.05 million yuan in 2018[38] - The beer segment generated revenue of 266.87 million yuan, a significant decline of 21.90% compared to 341.70 million yuan in the previous year[38] Market and Product Development - The beer market in Gansu and Qinghai provinces saw an average decline of approximately 19% in 2019, with the company maintaining nearly one-third market share despite increased competition[28][32] - The company launched new high-end products such as "Silk Road Whole Wheat" and "Whole Wheat Craft Beer" to enhance product competitiveness and cater to regional preferences[32] - E-commerce sales channels showed significant growth, with online sales completing nearly 150% of the annual target, and "Qinghai Lake" brand products accounting for over 80% of online sales[32] - The overall beer production in China decreased by 1.23% in 2019, indicating a shift from growth to consolidation in the industry[27][32] - The company adopted a group operation model to enhance resource allocation and production management across its breweries[32] - The company faced challenges from increased competition and a lack of growth in domestic beer consumption, prompting strategic adjustments in marketing and product offerings[32] - In 2019, the company's beer sales volume was 115,359 kiloliters, a decrease of 18.54% compared to 2018's 141,608 kiloliters[42] Cash Flow and Investments - The net cash flow from operating activities was -¥14,325,199.18, a decline of 146.21% compared to the previous year[51] - Investment cash inflow surged by 781.55% to ¥45,573,009.74, while investment cash outflow decreased by 94.36% to ¥29,215,678.09[52] - Financing cash inflow increased by 44.93% to ¥162,881,902.17, with financing cash outflow rising by 35.28% to ¥151,279,693.76[52] - The net increase in cash and cash equivalents was ¥13,634,340.88, a significant improvement from -¥481,278,924.73 in the previous year[52] - The company reported an investment loss of -¥30,328,443.24, attributed to the sale of stocks[55] Corporate Governance and Management - The company has not conducted any investor communications or interviews during the reporting period[80] - The company has maintained the independence and objectivity of its audit work by changing the auditing firm based on business development needs[102] - The company has established a comprehensive training program for employees, focusing on safety, quality awareness, and management skills[189] - The board of directors consists of 9 members, including 3 independent directors, ensuring a balanced governance structure[196] - The company has implemented a robust information disclosure system, ensuring timely and accurate communication with investors[196] Environmental Compliance and Social Responsibility - The company has actively fulfilled its social responsibilities, including implementing clean production and wastewater treatment systems[137] - The company is classified as a key pollutant discharge unit by environmental protection authorities[139] - The company has a wastewater treatment plant with a design capacity of 12,000 tons per day, currently handling a maximum wastewater output of 5,000 tons per day[141] - All wastewater is treated to meet the "Beer Industry Pollutant Discharge Standards" (GB19821-2005) before being discharged into the Anning Qili River wastewater treatment plant for further processing[141] - The company has achieved compliance with air pollution standards for sulfur dioxide and nitrogen oxides emissions from its facilities[140] Legal Matters and Risks - The company is involved in ongoing litigation with its major shareholders, including a request for the repurchase of special debts and equity held by them[113] - The company has reported that the expiration of the operating period for its second-largest shareholder, Hunan Yucheng, has led to a request for liquidation proceedings[117] - The company has indicated that the ongoing legal issues may have a substantial impact on its operations and shareholder structure[117] - The company is committed to transparency regarding the legal matters affecting its operations[109] Employee and Compensation Structure - The total compensation for directors and senior management during the reporting period amounted to 282.1 million yuan[186] - The company employed a total of 1,390 staff, including 657 production personnel and 480 sales personnel[187] - The company emphasizes a performance-based salary policy, linking total compensation to actual business performance[188] - The independent directors will receive an annual fee of 60,000 RMB, while other board members will receive 50,000 RMB each[184]