Financial Performance - The company's operating revenue for 2017 was ¥47,605,091.18, a decrease of 73.23% compared to ¥177,828,067.36 in 2016[21]. - The net profit attributable to shareholders for 2017 was -¥118,441,554.89, an improvement of 28.49% from -¥165,619,649.31 in 2016[21]. - The net cash flow from operating activities was -¥25,957,203.22, a decline of 246.80% compared to ¥17,681,817.01 in 2016[21]. - The total assets at the end of 2017 were ¥282,461,222.24, down 20.11% from ¥353,553,166.21 at the end of 2016[22]. - The net assets attributable to shareholders were -¥112,451,308.50 at the end of 2017, a decrease of 19.77% from ¥5,990,246.39 at the end of 2016[22]. - The company's operating profit decreased by 33.88% to a loss of CNY 92,606,159.42, primarily due to asset impairment losses of CNY 71,393,400 related to finished liquor[38]. - The company reported a significant increase in other income, which rose by 3712.60% to CNY 13,933,361.98 due to the write-off of long-term payables[38]. - The company reported a net loss of ¥118,441,554.89 for the year 2017, following a loss of ¥165,619,649.31 in 2016, indicating a continued decline in profitability[108]. Inventory and Asset Management - The company reported a significant inventory loss of 71.39 million yuan in finished liquor due to mismanagement and theft, primarily attributed to the former chairman's misconduct[8]. - As of the end of 2016, the company had a reported inventory value of 86.30 million yuan, with a net value of 69.19 million yuan after accounting for losses[9]. - The company has identified major internal control deficiencies in inventory management, which contributed to the financial losses[4]. - The company has reported that the losses from inventory discrepancies were largely recognized in the 2016 financial statements, impacting the 2017 results[9]. - Inventory levels decreased by 76.85% year-on-year, with a total of 1,182.44 tons in inventory at the end of the reporting period[46]. Legal and Regulatory Issues - The company is under investigation for economic crimes related to the former chairman's actions, which may affect future financial stability[8]. - The audit report for 2017 included a paragraph on significant uncertainties related to the company's ability to continue as a going concern[5]. - The company is facing multiple lawsuits, including a significant case with a claim of 12.09 million yuan related to a land lease dispute with PepsiCo[96]. - The company has reported a total of 22.32 million yuan in claims from investors due to false statements, with ongoing litigation affecting financial forecasts[98]. - The company has estimated a liability of 3.09 million yuan related to a securities fraud case currently under trial[100]. - The company has incurred legal fees of 111,286 RMB for the first instance and 31,015 RMB for the second instance in the loan contract dispute case[133]. - The company has incurred litigation costs of 83,831 yuan, which it is required to bear[138]. Strategic Plans and Future Outlook - The company plans to not distribute cash dividends, issue bonus shares, or increase capital using reserves for the year[6]. - The company has focused on its core business of liquor production and sales, divesting from unprofitable tomato product operations[31]. - The company aims to leverage the recovery of the liquor industry and consumption upgrades as key drivers for future performance[31]. - The company aims to achieve a "double guarantee" of positive net profit and positive net assets, enhancing profitability and sustainable operational capacity[87]. - The company is pursuing a major asset restructuring to improve its operational status, recognizing the need for external support for development[85]. - The company is focusing on high-end "Huangtai Cultural Liquor" to revitalize its brand and capture market share in both high and low-end segments[87]. - The company is actively working to reduce costs and improve cash flow by managing inventory and increasing local market share[101]. Management and Governance - The company has adjusted its internal organizational structure to improve governance and internal control, with a focus on decision-making, investment, and supervision[123]. - The company has initiated training programs for board members and staff to enhance compliance and operational capabilities[123]. - The company is committed to maintaining strong governance practices with independent directors actively involved in oversight[194]. - The company has a diverse board with members holding qualifications in finance, law, and engineering, which supports its strategic decision-making[192]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 1.7188 million yuan[197]. Environmental and Social Responsibility - The company invested CNY 625,000 to build a wastewater treatment plant with a daily capacity of 600 tons, and further invested CNY 102,000 for technological upgrades[161]. - The wastewater treatment facility has consistently met the discharge standards since its operation began, as verified by the local environmental protection bureau[162]. - The company donated CNY 50,000 to support 25 impoverished college students as part of its social responsibility initiatives[160]. - The company has been compliant with environmental protection laws since its establishment, with no major environmental incidents reported[167]. Shareholder and Equity Information - The total number of shares after the recent changes is 177,408,000, with 100% being unrestricted shares[174]. - The largest shareholder, Shanghai Houfeng Investment Co., Ltd., holds 19.60% of the shares, totaling 34,770,000 shares, all of which are pledged[175]. - The second-largest shareholder, Beijing Huangtai Trading Co., Ltd., holds 13.90% of the shares, totaling 24,667,908 shares, which are frozen[175]. - The company has not granted any stock incentives to directors or senior management during the reporting period[198]. - The company has no preferred shares in the company during the reporting period[183].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 39,342,270.39, representing a 135.35% increase compared to CNY 16,716,242.14 in the same period last year[18]. - The net profit attributable to shareholders was CNY 3,018,454.15, a significant turnaround from a loss of CNY 16,340,779.70 in the previous year, marking an increase of 118.47%[18]. - The net profit after deducting non-recurring gains and losses was CNY 1,016,629.79, compared to a loss of CNY 15,472,400.05 in the same period last year, reflecting a 106.57% improvement[18]. - The basic earnings per share increased to CNY 0.02 from a loss of CNY 0.09, representing a 122.22% increase[18]. - The total operating revenue for the first half of 2020 was CNY 39,342,270.39, a significant increase from CNY 16,716,242.14 in the same period of 2019, representing a growth of approximately 135.5%[133]. - The total profit for the first half of 2020 was CNY 2,967,914.74, compared to a total loss of CNY 16,349,718.56 in the previous year[134]. - The total comprehensive income attributable to the parent company's owners for the first half of 2020 was CNY 3,018,454.15, compared to a loss of CNY 16,340,779.70 in the same period of 2019[136]. - The company reported a net profit of 3.01 million yuan, a decrease of 1.5% compared to the previous year[151]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 427,925,063.01, a slight increase of 0.84% from CNY 424,341,707.73 at the end of the previous year[18]. - The total liabilities decreased marginally to CNY 362,681,456.50 from CNY 362,718,270.44, showing a reduction of approximately 0.01%[128]. - The total equity attributable to shareholders of the parent company increased to CNY 64,278,328.45 from CNY 60,656,619.18, reflecting a growth of about 4.3%[128]. - The total liabilities at the end of the reporting period were 965.40 million yuan, which is an increase of 5.86% compared to the previous year[152]. - The total assets of Gansu Huangtai Liquor Industry Co., Ltd. are reported at 1,177,408,000 yuan, reflecting the company's overall financial position[155]. Cash Flow - The company reported a net cash flow from operating activities of CNY -7,653,703.47, an improvement of 36.41% compared to CNY -12,036,812.74 in the same period last year[18]. - The cash inflow from operating activities was CNY 40,146,769.89, significantly higher than CNY 12,283,098.75 in the first half of 2019[142]. - The total cash flow for the period was -14,553,146.94 CNY, compared to a positive increase of 1,691,196.03 CNY in the same period of 2019[148]. - The cash and cash equivalents decreased significantly to CNY 820,621.66 from CNY 15,373,768.60, a decline of approximately 94.7%[130]. - The cash flow from operating activities was reported at 177.40 million yuan, indicating a strong liquidity position[152]. Marketing and Sales Strategy - The company actively adjusted its marketing strategy to enhance online and new retail channels in response to changing consumer demands during the pandemic[36]. - The company emphasized brand building by enhancing the brand image of "Huangtai Wine" through consumer interaction activities and leveraging new media platforms[169]. - The company’s sales model includes direct sales and distribution, with a focus on the Wu Wei market for direct sales and external markets for distribution[31]. Production and Quality Control - The company operates a main business in the production and wholesale retail of liquor and wine, with a focus on high-quality sorghum and rice as raw materials for its "Huangtai" brand liquor[25]. - The company employs advanced technology and management systems in its production processes, ensuring high quality and brand effectiveness[34]. - The company maintained strict production management to ensure high-quality products, adhering to pure grain brewing and rigorous process control[169]. Legal and Regulatory Issues - The company is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations, with potential implications for past financial statements[65]. - The company reported a litigation amount of 79.19 million yuan, which has been recognized as a liability[75]. - The company is currently involved in six ongoing legal cases, with one case resulting in a first-instance loss, and an appeal has been filed[78]. Corporate Governance - The board is committed to improving corporate governance and internal control systems in response to the regulatory scrutiny faced[73]. - The company has implemented a comprehensive talent training system to strengthen its human resources and support sustainable growth[38]. - The company has not engaged in any significant equity or non-equity investments during the reporting period[53][54]. Future Plans and Strategies - The company plans to expand its market presence and invest in new product development to enhance competitiveness[154]. - The company aims to increase its market share by 10% in the next fiscal year through strategic partnerships and acquisitions[154]. - The company has initiated research and development for new technologies aimed at improving production efficiency[154].

Financial Performance - The company's operating revenue for 2019 was ¥99,046,292.56, representing an increase of 288.67% compared to ¥25,483,382.88 in 2018[18]. - The net profit attributable to shareholders of the listed company was ¥68,213,656.28, a significant improvement of 171.44% from a loss of ¥95,481,490.92 in 2018[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 6,221,580.95 yuan, a significant increase of 108.44% compared to the previous year[20]. - The basic and diluted earnings per share were both 0.380 yuan, a 170.37% increase compared to -0.540 yuan in the previous year[20]. - The total assets increased by 85.71% year-on-year, reaching 424,341,707.73 yuan[20]. - The net assets attributable to shareholders increased by 125.39% year-on-year, amounting to 60,656,619.18 yuan[20]. - The total operating revenue for 2019 reached ¥99,046,292.56, representing a 288.67% increase compared to ¥25,483,382.88 in 2018[51]. - The revenue from grain liquor was ¥89,574,037.78, accounting for 90.44% of total revenue, with a staggering growth of 490.49% year-on-year[51]. - The company achieved a gross profit margin of 75.00% in the food and beverage sector, an increase of 50.92% from the previous year[53]. - The production volume for 2019 was 1,907.5 tons, a significant increase of 117.12% compared to 878.55 tons in 2018[54]. - The company reported a total of 61,992,075.33 yuan in non-recurring gains and losses for the year, compared to -21,798,786.27 yuan in the previous year[26]. - The company reported a net loss of approximately ¥187.63 million in 2017 and ¥95.48 million in 2018, leading to no profit distribution or capital reserve increase during these years[91]. - As of December 31, 2019, the company's available distributable profit was -¥601.57 million, resulting in no cash dividends or stock bonuses for 2019[91]. - The company reported a net profit available for distribution to ordinary shareholders of 68,213,656.28 yuan in 2019, with a cash dividend distribution plan of 0.00 yuan, resulting in a 0.00% payout ratio[93]. Business Operations - The company operates several wholly-owned subsidiaries, including Gansu Huangtai Wine Brewing Co., Ltd. and Gansu Liangzhou Wine Co., Ltd.[10]. - The company’s main business includes the production and sale of liquor and wine, with no significant changes in the business model during the reporting period[30]. - The company’s sales model primarily consists of distribution and direct sales, with a focus on the distribution model[34]. - The company has established online sales channels, including its official website and WeChat public account[28]. - The company has focused on local market penetration in Gansu before gradually expanding to national markets[45]. - The company completed a significant asset restructuring, including the termination of a major asset sale and the repurchase of 100% equity in Gansu Liangzhou Huangtai Wine Industry Co., Ltd. for CNY 1[35]. - The company launched new products, including the "Jiao Di Yuan Jiang" series, with two variants: 42° and 52°, which were well-received in the market[45]. - The company has nearly 5,000 acres of wine grape bases and adheres to international standards for wine production, achieving numerous awards for quality[38]. - The company has implemented internal control improvements and optimized management systems to enhance operational efficiency[44]. - The company aims to enhance its marketing strategies by adjusting sales targets and increasing online channel efforts in response to changing consumer demands post-pandemic[79]. Shareholder and Governance - The actual controller of the company is Zhao Mantang, following a change in the controlling shareholder to Gansu Shengda Group Co., Ltd.[17]. - The company has a total share capital of 177,000,000 shares, with Gansu Shengda Group holding 13.90% of the voting rights[17]. - The controlling shareholder changed to Shengda Group in April 2019, which has since actively participated in management and operational strategies[42]. - The company has committed to maintaining the independence of its operations, assets, finances, and personnel, ensuring no related party transactions that could harm shareholder interests[95]. - The company has made a long-term commitment to avoid any competitive activities with its main business, ensuring operational independence[96]. - The company has committed to transparency in related party transactions, ensuring compliance with regulatory requirements[97]. - The company has engaged Da Hua Accounting Firm for auditing services, with a fee of 400,000 RMB for the current period[105]. - The company has a structured remuneration decision-making process involving the board's compensation and assessment committee[171]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to CNY 1.0869 million[170]. - The company has a diverse board with members holding advanced degrees in law, economics, and finance, indicating a strong governance structure[164][165]. Legal and Compliance - The company is under investigation by the China Securities Regulatory Commission for suspected violations of securities laws[139]. - The company has ongoing litigation involving a total amount of approximately ¥2,231.61 million, with a favorable outcome in the second instance[108]. - The company has resolved a case with Ding Huizhu and others, amounting to ¥79.19 million, through a settlement agreement[107]. - The company is currently handling the execution procedures for the settlement agreements reached in various cases, including those involving Zhao Zilong and others, totaling ¥295.16 million[107]. - The company has disclosed multiple civil judgment announcements, indicating ongoing legal proceedings and settlements[107]. - The company has faced a total of 10 ongoing litigation cases, with some reaching execution stages[107]. - The company continues to monitor and report on its legal matters, ensuring transparency in its financial disclosures[107]. - The audit identified key matters including revenue recognition, inventory existence, valuation, and allocation, which were deemed critical for the financial statements[197]. - The company confirmed revenue upon customer receipt of liquor products, which is a key indicator for achieving positive operating profit[197]. - The company has previously experienced inventory losses, which raises the significance of inventory valuation and impairment provisions in the financial statements[199]. Market and Competitive Environment - The white liquor industry is highly competitive, with a trend towards concentration on mainstream brands, impacting smaller enterprises negatively[79]. - The company faces risks from market environment changes, including a potential decline in demand for liquor in Gansu, which could adversely affect operations if other markets are not effectively developed[84]. - The company is implementing measures to enhance competitiveness and respond to macroeconomic fluctuations by improving its core business and expanding its market presence[84]. - The white liquor industry is experiencing increased competition as industry concentration rises, prompting the company to reform for cost reduction and efficiency improvement[85]. - The COVID-19 pandemic has caused significant disruptions in the restaurant and retail sectors, impacting the company's operations, with the extent of the impact depending on the progress of pandemic control measures[86]. Future Outlook - The company’s future development outlook includes potential risks and corresponding countermeasures[4]. - The company plans to improve brand image through consumer interaction activities and leveraging new media platforms[80]. - The company will focus on strict production quality control to ensure high-quality products reach consumers[80]. - Future guidance suggests a revenue target of 800 million for 2020, representing a 27% growth from 2019[109]. - The company plans to expand its market presence by entering three new provinces in 2020, aiming for a 25% increase in market share[110]. - The company has allocated 50 million for R&D in new technologies aimed at improving production efficiency[110]. - The company is exploring acquisition opportunities in the regional market to bolster its competitive position[109].

Financial Performance - The company's operating revenue for Q1 2020 was ¥8,434,977.71, representing a 19.10% increase compared to ¥7,082,300.27 in the same period last year[7]. - The net profit attributable to shareholders was -¥6,415,848.38, a slight improvement of 0.85% from -¥6,471,157.91 year-on-year[7]. - Basic and diluted earnings per share improved by 25.00% to -¥0.03 from -¥0.04 in the same period last year[7]. - The company reported a 49.53% reduction in operating costs, amounting to ¥1,895,127.07 compared to ¥3,754,599.80 in the previous year, due to improved production efficiency[13]. - Management expenses increased by 30.16% to ¥5,858,837.88 from ¥4,501,331.90 year-on-year, reflecting optimization efforts[13]. - The net loss for Q1 2020 was CNY -6,422,853.46, compared to a net loss of CNY -6,476,872.84 in the previous period[37]. - Operating profit for the current period is reported at CNY -1,724,075.77, compared to CNY -1,365,106.50 in the previous period, indicating a worsening performance[41]. - The net profit for the current period is CNY -1,563,956.83, which is a decline from CNY -1,367,213.68 in the previous period[42]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥16,705,948.18, a significant decline of 4,309.69% compared to ¥396,845.33 in the previous year[7]. - As of March 31, 2020, the company's cash and cash equivalents decreased to ¥3,828,066.59 from ¥21,227,435.99 as of December 31, 2019, representing a decline of approximately 82.0%[27]. - Total cash and cash equivalents at the end of the period stand at CNY 3,828,066.59, down from CNY 21,160,220.55 at the beginning of the period[46]. - The beginning balance of cash and cash equivalents was 15,306,553.16 CNY, while the ending balance was 454,323.69 CNY[49]. - Cash flow from operating activities shows a net outflow of CNY -16,705,948.18, a significant decrease from a net inflow of CNY 396,845.33 in the previous period[45]. - Cash inflows from operating activities totaled CNY 16,498,739.60, compared to CNY 8,378,448.24 in the previous period[44]. - Cash outflows from operating activities reached CNY 33,204,687.78, significantly higher than CNY 7,981,602.91 in the previous period[45]. Assets and Liabilities - Total assets at the end of the reporting period were ¥411,318,388.16, down 3.07% from ¥424,341,707.73 at the end of the previous year[7]. - Total liabilities decreased to ¥355,819,491.36 from ¥362,718,270.44, a reduction of approximately 1.9%[29]. - The total assets as of March 31, 2020, were CNY 248,597,557.60, down from CNY 263,978,894.86 at the end of 2019[32]. - Total liabilities as of March 31, 2020, were CNY 361,788,683.83, a decrease from CNY 375,606,064.26 at the end of 2019[33]. - The total equity attributable to shareholders of the parent company was CNY -113,191,126.23 as of March 31, 2020, compared to CNY -111,627,169.40 at the end of 2019[33]. - The company's total equity remained stable at ¥177,408,000.00 as of March 31, 2020[29]. Shareholder Information - The company had a total of 10,274 common shareholders at the end of the reporting period[10]. - The top ten shareholders included Shanghai Houfeng Investment Co., Ltd. with a 19.60% stake and Beijing Huangtai Trading Co., Ltd. with a 13.90% stake[10]. Compliance and Investigations - The company is currently under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws[15]. - The company has not reported any non-compliance with external guarantees during the reporting period[21]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties during the reporting period[22]. - The company has not engaged in any securities investment or entrusted financial management during the reporting period[19][18]. Operational Developments - The company has not reported any new product launches or technological advancements during this period[40]. - There are no indications of market expansion or mergers and acquisitions in the current report[40]. - The company has not provided specific future guidance or outlook in the current financial report[40]. - The company did not apply the new revenue and leasing standards for the first quarter of 2020, indicating no adjustments were made to prior financial statements[50]. - The first quarter report was not audited, which may affect the reliability of the financial data presented[51].

Financial Performance - The company's operating revenue for 2019 was ¥99,046,292.56, representing an increase of 288.67% compared to ¥25,483,382.88 in 2018[18]. - The net profit attributable to shareholders of the listed company in 2019 was ¥68,213,656.28, a significant improvement of 171.44% from a loss of ¥95,481,490.92 in 2018[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 6,221,580.95, a significant improvement of 108.44% compared to a loss of CNY 73,682,704.65 in the previous year[19]. - The operating cash flow was negative at CNY -3,526,091.35, which is an 18.07% decline from CNY -2,986,445.71 in the previous year[19]. - Basic and diluted earnings per share increased to CNY 0.380, a 170.37% improvement from a loss of CNY -0.540 in the previous year[19]. - Total assets rose to CNY 424,341,707.73, marking an 85.71% increase from CNY 228,498,240.72 at the end of the previous year[19]. - The net assets attributable to shareholders increased to CNY 60,656,619.18, a 125.39% rise from a negative net asset of CNY -238,179,428.18 in the previous year[19]. - The company reported a total revenue of 2,231.61 million in 2019, showing a significant increase compared to the previous year[111]. - The company achieved a net profit margin of 42.58%, indicating strong profitability[111]. - The company reported a total revenue of 1,411.41 million CNY for the year 2019[113]. Dividend Policy - The company plans not to distribute cash dividends, issue bonus shares, or increase capital using reserves[5]. - The company did not declare any cash dividends for the years 2017, 2018, and 2019, with cash dividends amounting to 0.00 for these years[93]. - The company’s cash dividend total for 2019 was reported as 68,213,656.28, but this was not distributed as dividends[93]. - As of December 31, 2019, the company's available distributable profits were negative CNY 601.57 million, indicating it does not meet the legal conditions for profit distribution[91]. Business Operations - The company has not experienced any changes in its main business since its listing[17]. - The company continues to focus on the production and sales of high-quality liquor products, leveraging its geographical advantages in the Hexi Corridor for wine production[28]. - The company launched a new product line, "Jiao Di Yuan Jiang," on July 28, 2019, which won gold and silver awards at the 20th Brussels International Spirits Competition[27]. - The company has established online sales channels, including its official website and WeChat account, to enhance market reach[27]. - The company launched new products, "Jiao Di Yuan Jiang" series, with two variants: 42° and 52°, which were introduced to the market on July 28, 2019[44]. - The company has nearly 5,000 acres of wine grape bases and adheres to OIV international standards for wine production[37]. - The company has optimized its management team and internal control systems to improve operational efficiency[43]. - The company aims to enhance its brand image and market presence through new retail and online marketing strategies, adapting to post-pandemic consumer demand[78]. - The company plans to improve production quality and management processes to ensure high standards for its products[79]. Risk Management - The company has a comprehensive risk management strategy outlined in its report, addressing potential operational risks[4]. - The company faces risks of stock delisting due to consecutive years of negative net profit and negative net assets[81]. - The company faces risks from market environment changes, including a potential decline in demand for liquor in Gansu, which could adversely affect operations if other markets are not effectively developed[83]. - The company acknowledges intensified competition in the liquor industry as market concentration increases and plans to enhance competitiveness through cost reduction and product structure adjustments[84]. - The COVID-19 pandemic has caused significant disruptions in the restaurant and retail sectors, impacting operations, with the extent of the impact depending on the progress of pandemic control measures[85]. Corporate Governance - The actual controller of the company has changed to Zhao Mantang following the transfer of voting rights to Shengda Group[17]. - The company has committed to avoiding related party transactions outside of normal business operations to protect shareholder interests[95]. - The company has ensured that no similar construction or investment projects will be undertaken that could compete with its existing projects[95]. - The company has maintained compliance with information disclosure obligations regarding related party transactions[95]. - The company has committed to avoiding any business activities that could potentially compete with its operations in the future[95]. - The company has not reported any management, contracting, or leasing matters during the reporting period[124]. - The company has a structured approach to governance, with independent directors ensuring oversight and compliance[171]. - The company maintains independence from its controlling shareholder, with no instances of fund or asset occupation[182]. - The company guarantees its independence in business, assets, finance, personnel, and organization as per the commitment letter issued on April 23, 2019[185]. Shareholder Information - The company has a total of 10,274 shareholders at the end of the reporting period[149]. - The largest shareholder, Shanghai Houfeng Investment Co., Ltd., holds 19.60% of the shares, totaling 34,770,000 shares, which are pledged[149]. - The controlling shareholder, Gansu Shengda Group, donated 100% equity of Gansu Shengda Huangtai Industrial Co., Ltd. to the company's wholly-owned subsidiary[143]. - The company has a total share capital of 177,000,000 shares, with 13.90% of the shares held by Shengda Group[17]. - The company has not conducted any repurchase transactions during the reporting period[150]. Legal Matters - There are ongoing significant litigation matters, with a total amount involved of 79.19 million RMB, and some cases have reached settlement agreements[109]. - The company has received a settlement notification for the case involving Zheng Ruyue, with an amount of 206.65 million RMB settled and executed[110]. - The company is under investigation by the China Securities Regulatory Commission for alleged violations of securities laws[141]. Employee Information - The total number of employees in the company is 377, with 364 in major subsidiaries and 13 in the parent company[175]. - The professional composition includes 181 production personnel, 95 sales personnel, 33 technical personnel, 12 financial personnel, and 56 administrative personnel[176]. - The educational background of employees shows 5 with postgraduate degrees, 35 with bachelor's degrees, 66 with associate degrees, and 271 with other qualifications[176]. - The company has implemented a compensation policy that emphasizes performance-based pay, with a focus on high-skill and high-responsibility positions[177]. - Training programs include quality management, food safety, and operational safety, with various sessions scheduled throughout the year[178][179].

Financial Performance - Operating revenue surged by 1,693.36% to CNY 22,862,528.85 for the current period, and increased by 316.44% to CNY 39,578,770.99 year-to-date[7] - Net profit attributable to shareholders was CNY 2,393,528.14, a 119.91% increase compared to the same period last year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 404,151.17, up 103.35% year-on-year[7] - The company reported a net profit attributable to the parent company of CNY 2,393,528.14, compared to a net loss of CNY 12,022,040.90 in the previous period[41] - The net profit for Q3 2019 was CNY 2,378,163.14, a turnaround from a net loss of CNY 12,022,040.90 in the previous year[40] - The company experienced a net loss of CNY -13,971,555.42 for the year-to-date period, an improvement from a net loss of CNY -41,908,383.60 in the previous year[49] - The total comprehensive income for the period was CNY 2,378,163.14, compared to a total comprehensive loss of CNY -12,022,040.90 in the previous period[42] - The total comprehensive income for the period was -13,971,555.42 CNY, compared to -41,908,383.60 CNY in the previous year[51] Cash Flow - Cash flow from operating activities showed a significant decline of 8,736.57% to CNY -27,400,555.85 year-to-date[7] - The net cash flow from operating activities was -¥27,400,555.85, a drastic decline of 8,736.57% from -¥310,081.41, indicating a significant increase in raw material purchases as production gradually resumed[16] - The net cash flow from financing activities surged to ¥31,699,000.00 from -¥1,008,046.54, marking a 3,244.60% increase due to increased borrowing from Shengda Group[16] - The company reported an operating cash outflow of 58,467,867.67 CNY, compared to 29,193,571.89 CNY in the same period last year, indicating a significant increase in cash outflow[58] - The net cash flow from operating activities was -29,090,817.41 CNY, compared to -56,287.65 CNY in the previous period, indicating a significant increase in cash outflow[62] - Total cash inflow from financing activities amounted to 31,700,000.00 CNY, resulting in a net cash flow from financing activities of 31,699,000.00 CNY[63] - The total cash and cash equivalents at the end of the period reached 3,136,756.36 CNY, up from 452,159.38 CNY in the previous period[62] Assets and Liabilities - Total assets increased by 10.00% to CNY 251,346,653.46 compared to the end of the previous year[7] - The total assets as of September 30, 2019, amounted to CNY 237,299,364.68, down from CNY 245,000,455.76 at the end of 2018, representing a decrease of approximately 3.1%[37] - The total liabilities rose to ¥447,197,166.16 from ¥398,575,332.32, showing an increase of 12.36%[32] - Total liabilities as of September 30, 2019, were CNY 407,412,425.26, slightly up from CNY 407,367,087.73 at the end of 2018[38] - The company's total equity attributable to shareholders was CNY -251,825,563.07 as of September 30, 2019, compared to CNY -238,179,428.18 at the end of 2018[38] Shareholder Information - The company reported a total of 10,275 shareholders at the end of the reporting period[11] - The top shareholder, Shanghai Houfeng Investment Co., Ltd., holds 19.60% of shares, amounting to 34,770,000 shares, which are pledged[11] Operational Metrics - Inventory increased by 8.50% to CNY 86,912,139.74, attributed to the resumption of production and a significant rise in raw materials and base liquor[15] - Operating costs decreased by 10.95% to ¥12,643,985.04 from ¥14,198,601.91, attributed to a change in product sales structure, moving away from loss-making wine concentrate sales[16] - Sales expenses increased by 56.54% to ¥4,542,658.25, reflecting higher promotional costs due to aggressive business expansion efforts[16] - The company's inventory increased to ¥86,912,139.74 from ¥59,587,496.81, indicating a 45.83% rise, reflecting stockpiling in anticipation of future sales[31] - The company reported a significant increase in sales expenses, which rose to CNY 2,364,136.07 from CNY 673,692.24, an increase of approximately 250.5%[40] Regulatory and Compliance Issues - The company is under a delisting risk warning due to consecutive years of negative net profits and negative net assets, which has led to its stock being suspended from trading since May 13, 2019[17] - The company is currently under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws[19] Earnings Per Share - Basic and diluted earnings per share were both CNY 0.01, compared to a loss per share of CNY -0.07 in the previous period[42] - Basic and diluted earnings per share for the period were both -0.08 CNY, compared to -0.24 CNY in the same period last year[51]

Financial Performance - The company's operating revenue for the first half of 2019 was ¥16,716,242.14, representing a 103.13% increase compared to ¥8,229,129.55 in the same period last year[19]. - The net profit attributable to shareholders was -¥16,340,779.70, an improvement of 45.32% from -¥29,886,342.70 year-on-year[19]. - The net cash flow from operating activities was -¥12,036,812.74, a significant decline of 1,926.04% compared to -¥594,106.06 in the previous year[19]. - The basic and diluted earnings per share were both -¥0.09, showing a 47.06% improvement from -¥0.17 in the same period last year[19]. - The company reported a net profit attributable to shareholders of CNY -16,340,779.70, a reduction in losses by 45.32% year-on-year[32]. - The company's net loss for the first half of 2019 was CNY 13,147,384.03, compared to a net loss of CNY 26,285,056.28 in the first half of 2018, indicating an improvement in financial performance[124]. - The total comprehensive income for the first half of 2019 was a loss of CNY 16,349,718.56, which is an improvement from a loss of CNY 29,886,342.70 in the same period last year[125]. Assets and Liabilities - Total assets at the end of the reporting period were ¥228,974,722.77, a slight increase of 0.21% from ¥228,498,240.72 at the end of the previous year[19]. - The net assets attributable to shareholders were -¥254,520,207.88, a decrease of 6.86% from -¥238,179,428.18 at the end of the previous year[19]. - The company's total assets decreased to CNY 235,421,011.73 from CNY 245,000,455.76, a decline of about 3.9%[120]. - The total liabilities at the end of the reporting period were CNY 600.00 million, indicating a manageable debt level[145]. - The company reported a total liability of 64,706,300 CNY, primarily due to pending litigation claims[56]. Cash Flow - The company reported a significant increase in cash flow from financing activities, amounting to CNY 13,699,000.00, a 3,669.38% increase[36]. - The cash inflow from financing activities was 13,700,000.00 yuan, while cash outflow was only 1,000.00 yuan, resulting in a net cash flow of 13,699,000.00 yuan[138]. - The cash flow from investment activities was negative, with a net cash flow of -38,395.00 yuan[137]. - The cash outflow for operating activities totaled 19,777,493.22 yuan, compared to 202,396.49 yuan in the same period last year[137]. Operational Changes and Strategies - The company plans not to distribute cash dividends or issue bonus shares[7]. - The company is planning to expand its marketing team and enhance its advertising strategies[34]. - The company has opened online sales channels through its official website and WeChat[33]. - The company aims to strengthen its marketing efforts and expand its market presence, particularly in Gansu province[57]. - The company is actively seeking support from its major shareholder, Gansu Shengda Group, to address financial challenges[57]. - The company is focusing on enhancing shareholder value through potential equity adjustments and capital management strategies[146]. Legal and Regulatory Issues - The company faces the risk of being delisted due to consecutive years of negative net profit and negative net assets[6]. - The company is actively cooperating with investigations by the China Securities Regulatory Commission and public security agencies regarding an emphasized matter in the internal control audit report[64]. - The company is currently involved in significant litigation, with a case involving a contract dispute amounting to 15.2051 million yuan, which has been recognized as a liability[66]. - The company has been ordered to pay 200,000 yuan monthly until December 2018, totaling 2,338,535.01 yuan[68]. - The company has faced regulatory scrutiny, with its former chairman and other executives under investigation for alleged violations of the Securities Law[71]. Management and Personnel - The company optimized its management team by hiring a liquor expert from Sichuan to revitalize its main business[32]. - Several key management personnel, including the chairman and general manager, resigned due to personal reasons in April 2019[107]. - The company is planning to recruit additional personnel in key departments such as R&D, quality control, finance, and marketing to support its operational needs[159]. Product Development and Market Expansion - The company launched new products in the "Jiao Di Yuan Jiang" series, including Jiao Di Yuan Jiang 12 and 18, with alcohol content of 42° and 52° respectively[32]. - The company has plans for market expansion and new product development to enhance its competitive position in the industry[146]. - The company aims to leverage its brand recognition in Gansu and the Northwest region to strengthen its liquor business as a primary focus, with wine production as a secondary priority[158]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,275[99]. - The largest shareholder, Shanghai Houfeng Investment Co., Ltd., holds 19.60% of the shares, totaling 34,770,000 shares[99]. - The controlling shareholder changed to Gansu Shengda Group Co., Ltd. on April 12, 2019[101]. Environmental and Compliance Issues - The company has not been listed as a key pollutant discharge unit and has maintained stable operation of its wastewater treatment facilities since their inception[90]. - The company has no significant environmental protection issues and has not been penalized for violations of environmental protection laws[90]. Financial Reporting and Auditing - The half-year financial report has not been audited, indicating a need for further financial scrutiny[63]. - The company did not engage in any leasing, contracting, or custodial arrangements during the reporting period[82][83][84].

Financial Performance - The company's operating revenue for 2018 was ¥25,483,382.88, a decrease of 46.47% compared to ¥47,605,091.18 in 2017[20]. - The net profit attributable to shareholders for 2018 was -¥95,481,490.92, an improvement of 49.11% from -¥187,630,340.29 in 2017[20]. - The company reported a significant decline in revenue, with a peak revenue of ¥177,828,067.36 in 2016[20]. - The company reported a net loss attributable to shareholders of 95.48 million yuan in 2018, with a net asset value of -238.18 million yuan, indicating insolvency[33]. - The cumulative loss as of December 31, 2018, reached 727.52 million yuan, reflecting ongoing financial difficulties[33]. - The company experienced a 40.15% decline in sales volume, with total sales of 1,089.64 tons compared to 1,820.49 tons in 2017[43]. - The revenue from the food and beverage sector was ¥24,895,173.89, accounting for 97.69% of total revenue, down 47.42% from the previous year[40]. - The gross profit margin for the food and beverage sector was 22.35%, a decrease of 10.37% compared to the previous year[42]. - The company reported a significant reduction in asset impairment losses, which were ¥16,326,172.68, down 84.02% from ¥102,163,022.14 in 2017[37]. - The company reported a net profit attributable to shareholders of -95.48 million yuan for 2018, an improvement from -126.68 million yuan in 2016 and -187.63 million yuan in 2017[113]. Cash Flow and Liquidity - The operating cash flow for the year was -2.99 million yuan, a significant improvement of 88.49% compared to the previous year[25]. - The company's liquidity position is concerning, with current liabilities exceeding current assets by 32.11 million yuan, raising doubts about its ability to continue as a going concern[33]. - The cash flow from operating activities improved by 88.45%, with a net cash flow of -¥2,986,445.71 compared to -¥25,957,203.22 in 2017[37]. - The company’s investment activities generated a net cash flow of -¥12,429,408.95, a 98.66% increase in outflow compared to -¥6,256,574.68 in the previous year[37]. - The net cash flow from operating activities decreased significantly due to a substantial decline in revenue, with cash received from sales and services dropping[56]. - The net increase in cash and cash equivalents decreased, primarily due to reduced net cash flow from operating and investing activities[57]. - Cash and cash equivalents at the end of 2018 amounted to CNY 4,324,740.64, representing 1.89% of total assets, up from 0.70% in 2017[58]. - The company has a significant shortage of working capital, with current liabilities far exceeding current assets[102]. Shareholder and Management Changes - The controlling shareholder changed to Gansu Shengda Group Co., Ltd. on April 12, 2019, with Zhao Mantang as the new actual controller[7]. - The company experienced a leadership change with the resignation of key executives including the Chairman, General Manager, and CFO due to personal reasons in April 2019[173]. - The company is in the process of electing new non-independent directors to the board, with candidates nominated for the upcoming shareholders' meeting[171]. - The company reported a significant turnover in its management team, indicating potential shifts in strategic direction and operational focus[173]. - The company has been actively involved in the appointment of an interim secretary to ensure continuity in governance during the transition period[173]. Legal and Regulatory Issues - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws[103]. - The company is facing legal challenges, including lawsuits from shareholders and suppliers[102]. - The company is actively seeking solutions to mitigate legal risks and improve its financial situation[83]. - The company has been involved in multiple legal disputes, including a securities fraud case, with ongoing appeals and potential financial implications[117]. - The company has received a total of 1,050.6 million yuan in payments as part of the settlement agreement[117]. Business Operations and Strategy - The company has not made any changes to its main business since its listing[19]. - The company aims to restore profitability in 2019 after facing significant operational challenges and potential delisting[72]. - The company plans to enhance its marketing strategy by utilizing social media platforms for product promotion and local market penetration[75]. - The company is exploring merger and acquisition opportunities to improve its operational status and enhance profitability[105]. - The company plans to improve its core business and profitability through structural adjustments and enhanced management practices[81]. Employee and Governance Structure - The company has over 200 employees, with a strong local workforce, and aims to boost employee morale through improved incentives and training[79]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to CNY 1.7768 million[183]. - The company has maintained effective communication with shareholders, ensuring equal rights and transparency in decision-making processes[191]. - The company has established a training program covering various topics, including quality management and safety protocols, with training sessions scheduled throughout the year[187]. - The company has a governance structure that includes a board of directors with three independent directors, ensuring compliance with relevant laws and regulations[191].

Financial Performance - The company's revenue for Q1 2019 was ¥7,082,300.27, a decrease of 7.73% compared to ¥7,675,862.10 in the same period last year[8] - The net profit attributable to shareholders was -¥6,471,157.91, showing an improvement of 50.53% from -¥13,081,950.95 year-on-year[8] - The net loss for Q1 2019 was CNY 6,476,872.84, an improvement from a net loss of CNY 13,081,950.95 in the same period last year[39] - The company's basic earnings per share improved by 42.86%, from -¥0.07 to -¥0.04[8] - Basic and diluted earnings per share were both reported at CNY -0.04, an improvement from CNY -0.07 in the previous year[40] - The total comprehensive income for the first quarter was -1,367,213.68 yuan, an improvement from -9,252,818.82 yuan year-over-year[44] Cash Flow and Liquidity - The net cash flow from operating activities was ¥396,845.33, a significant increase of 200.51% compared to -¥394,834.94 in the previous year[8] - Cash flow from operating activities generated a net cash inflow of 396,845.33 yuan, contrasting with a net outflow of -394,834.94 yuan in the same quarter last year, indicating a positive cash flow trend[46] - The cash and cash equivalents at the beginning of the period were 461,182.23 yuan, down from 1,772,437.33 yuan in the previous year, indicating a decrease in liquidity[48] - The ending balance of cash and cash equivalents was 3,890,908.66, reflecting an increase of 26,162.85 from the beginning balance[52] - The net increase in cash and cash equivalents for the first quarter was 3,884,125.53, a decrease of 38,035.72 compared to the previous period[52] Assets and Liabilities - The total assets at the end of the reporting period were ¥218,727,891.36, down 4.28% from ¥228,498,240.72 at the end of the previous year[8] - The company's current assets totaled CNY 70,679,270.99, down from CNY 77,480,020.59 at the end of 2018, indicating a decline of approximately 9.3%[29] - The company's total liabilities were CNY 462,390,867.68, slightly down from CNY 465,684,344.20, indicating a decrease of about 0.6%[30] - Total liabilities decreased to CNY 401,443,370.51 from CNY 407,367,087.73, a reduction of 1.96%[36] - The company's equity attributable to shareholders was reported at CNY -244,650,586.09, worsening from CNY -238,179,428.18 at the end of 2018[31] Operational Efficiency - The company reported a 35.17% reduction in management expenses, decreasing from ¥6,943,544.89 to ¥4,501,331.98, primarily due to a significant reduction in intermediary service fees[14] - Total operating costs decreased significantly to CNY 13,551,725.46 from CNY 20,759,097.33, reflecting a reduction of 34.73%[37] - The company received other cash related to operating activities amounting to 4,979,891.16 yuan, an increase from 2,096,803.55 yuan year-over-year, suggesting improved operational efficiency[46] Shareholder and Corporate Governance - The company’s major shareholder, Shanghai Houfeng Investment Co., Ltd., has all of its 34,770,000 shares pledged and frozen[15] - The actual controller of the company changed to Zhao Mantang, with the new controlling shareholder being Gansu Shengda Group Co., Ltd., which holds 19.89% of the total shares[15] - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws[15] - The company is currently under investigation for economic crimes related to internal personnel, which may impact future operations[17] - There were no violations regarding external guarantees or non-operating fund occupation by controlling shareholders during the reporting period[23][24] Miscellaneous - The company has no securities or derivative investments during the reporting period[19][20] - The first quarter report was not audited[54] - The company has not disclosed any new product developments or market expansion strategies in the current report[39]

Financial Performance - The company's operating revenue for 2018 was ¥25,483,382.88, a decrease of 46.47% compared to ¥47,605,091.18 in 2017[19] - The net profit attributable to shareholders for 2018 was -¥95,481,490.92, an improvement of 49.11% from -¥187,630,340.29 in 2017[19] - The company reported a significant decline in revenue compared to previous years, with 2016 revenue at ¥177,828,067.36[19] - The company reported a net loss attributable to shareholders of 95.48 million yuan in 2018, with a cumulative loss of 727.52 million yuan as of December 31, 2018[32] - The net assets attributable to shareholders were negative 238.18 million yuan, indicating insolvency and a significant decline of 66.91% compared to the previous year[25] - The company's operating cash flow was negative 2.99 million yuan, a decrease of 88.49% from the previous year[24] - The basic and diluted earnings per share were both negative 0.54 yuan, an improvement of 49.06% compared to the previous year[24] - Total assets decreased by 9.40% to 228.50 million yuan from 252.21 million yuan in 2017[25] - The company faced severe liquidity issues, with current liabilities significantly exceeding current assets by 32.11 million yuan[32] - The company reported a significant decline in sales, attributed to market downturns and internal structural adjustments[32] Shareholder and Management Changes - On April 12, 2019, the controlling shareholder changed to Gansu Shengda Group Co., Ltd., with Zhao Mantang as the new actual controller[6] - The company underwent a change in controlling shareholder, with Gansu Shengda Group becoming the new controlling entity in April 2019[34] - The company has a workforce of over 200 employees, with a strong local presence, and is committed to enhancing employee engagement and corporate culture[77] - The actual controller of the company changed on April 12, 2019, with Gansu Shengda Group holding 5.99% of the total shares and controlling 19.90% of the total share capital[140] Legal and Compliance Issues - The company acknowledges the risk of potential stock suspension and urges investors to be cautious[5] - The company is currently facing risks related to potential delisting and has been in discussions about its stock trading status[79] - The company has been under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws[95] - The company is involved in litigation with Wuxi Meilin Color Printing Packaging Factory, with a disputed amount of 15,205.1 million yuan, which has been recognized as a contingent liability[107] - The company has faced a total of 1,597.7 million yuan in claims related to a loan dispute with Lanzhou Bank, which may impact net profit due to accrued interest and litigation costs[108] - The company is currently facing multiple legal disputes, which may impact its financial performance and market reputation[112] Operational Strategies and Future Plans - The company aims to restore profitability in 2019, focusing on its core liquor business and leveraging its brand recognition in Gansu and Northwest China[69] - A new management team will be established, including experienced executives from listed companies and industry experts, to revitalize the company's operations[72] - The company plans to enhance its marketing strategy by engaging professional advertising firms and utilizing social media platforms for product promotion[73] - The company plans to actively seek new financing channels to optimize its debt structure and improve its operational status[96] - The company is pursuing mergers and acquisitions to enhance its sustainable profitability and risk resistance capabilities[96] Environmental and Social Responsibility - The company has established emergency response plans for environmental incidents and has been compliant with environmental protection laws and regulations[139] - The company has successfully operated its wastewater treatment facilities since 2011, achieving stable and compliant discharge[138] - The company has not been classified as a key pollutant discharge unit by environmental protection authorities[137] - The company has consistently met the first-level discharge standards for wastewater since its operation began, with key monitored parameters such as COD, BOD, and ammonia nitrogen all compliant with the GB8978-1996 standards[138] Internal Control and Governance - The company has established a sound internal control management system to enhance operational standards[183] - The internal control evaluation report indicates that the company has no significant defects in financial reporting or non-financial reporting during the reporting period[197] - The internal control audit report confirms that the company maintains effective internal controls over financial reporting in all material respects[199] - The company has implemented a robust information disclosure system, ensuring timely and accurate communication with investors[184] - The board of directors includes three independent directors, constituting one-third of the total board[183] Financial Challenges and Debt Management - The company faces significant challenges with negative cash flow from operations and high levels of current liabilities compared to current assets[76] - The company had overdue bank loans amounting to CNY 149.4556 million, indicating severe debt repayment challenges[94] - The total guarantee amount for the company and its subsidiaries is 11,062.56 million, which accounts for -46.45% of the company's net assets[130] - The company is actively seeking to raise funds to fulfill its payment obligations related to ongoing litigation[108] Revenue and Sales Performance - The company reported a significant increase in sales, achieving over 50 million in revenue for the year, marking a 20% growth compared to the previous year[170] - User data indicates a steady increase in customer engagement, with a 15% rise in active users year-over-year[170] - The company has set a future outlook with a revenue target of 60 million for the next fiscal year, representing a 20% growth forecast[170]