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 reported a total revenue of 2,231.61 million, indicating a significant performance in the fiscal year[108]. - Gansu Huangtai Liquor Co., Ltd. achieved operating revenue of 99.0463 million yuan in 2019, representing a growth of 288.67% compared to the previous year[197]. - The revenue from liquor and wine accounted for 99.59% of total operating revenue, amounting to 98.6373 million yuan[197]. - The company reported a net profit attributable to shareholders in 2019 was ¥68,213,656.28, a significant recovery from a loss of ¥95,481,490.92 in 2018, marking a 171.44% improvement[20]. - The basic earnings per share for 2019 was ¥0.380, compared to a loss of ¥0.540 per share in 2018, reflecting a 170.37% increase[21]. - The company’s net assets attributable to shareholders increased to ¥90,903,247.94 in 2019, recovering from a negative net asset position of -¥207,932,799.42 in 2018, a 143.72% improvement[21]. - The company reported a net cash flow from operating activities of -¥3,526,091.35, reflecting a decrease of 18.07% compared to the previous year[65]. - The company’s gross profit margin for the food and beverage sector was 75.00%, an increase of 50.92% compared to the previous year[53]. Inventory and Asset Management - The company reported a significant inventory discrepancy, with a total of 86.3 million yuan in inventory misstatements identified in the 2016 annual report[8]. - The company recognized a loss of 71.4 million yuan due to inventory shortages, which was attributed to the former chairman's embezzlement[8]. - As of December 31, 2019, the company's inventory balance was 158.7414 million yuan, with a provision for inventory impairment of 57.8356 million yuan, resulting in a net inventory value of 100.9058 million yuan, which constituted 22.20% of total assets[199]. - The net value of inventory after impairment provisions indicates a significant portion of the company's asset structure is tied to inventory[199]. Corporate Governance and Management Changes - The actual controller of the company changed to Zhao Mantang, with the controlling shareholder being Gansu Shengda Group, holding 19.90% of the total shares[138]. - The company has seen a significant turnover in its board, with multiple directors resigning in April 2019, indicating potential instability in leadership[162]. - The company is currently led by Zhao Haifeng, who has a background in regional economics and has held various leadership roles in other companies[163]. - The company has experienced a complete turnover in its senior management team, which could impact its operational continuity and strategic direction[162]. - The company has a diverse board with members having extensive experience in finance, law, and management, which may enhance its strategic decision-making capabilities[164]. Regulatory Compliance and Legal Matters - The company has faced regulatory scrutiny and received an administrative penalty from the China Securities Regulatory Commission[8]. - The company is under investigation by the China Securities Regulatory Commission for alleged violations of securities laws, with no formal administrative penalty issued as of the audit report date[196]. - The company is actively managing its legal cases and settlements to mitigate financial risks and liabilities[108]. - The company has reached a settlement agreement in a case involving 1,307.58 million CNY with Lanzhou Bank, which is currently under negotiation[111]. Strategic Initiatives and Market Position - The company aims to strengthen its core business in white and grape wine, focusing on effective marketing strategies in response to market changes due to the pandemic[79]. - The company plans to enhance its brand image through consumer-centered promotions and interactive events, aiming to increase brand awareness and reputation[80]. - The company has established online sales channels, including its official website and WeChat account, to enhance market reach[29]. - The company is investing in R&D for new technologies, with a budget allocation of 50 million CNY aimed at enhancing production efficiency[99]. Future Outlook and Challenges - Future outlook indicates a projected revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion strategies[98]. - The company acknowledges risks from market environment changes, including potential declines in demand for white wine in Gansu, which could adversely affect operations[84]. - Increased competition in the white wine industry is anticipated, prompting the company to reform and enhance efficiency to improve market share[85]. - The COVID-19 pandemic has significantly impacted the restaurant and retail sectors, leading to a temporary halt in consumption, which the company is actively addressing[86]. Financial Health and Performance Metrics - The company reported a net profit loss of ¥118.44 million in 2017 and ¥95.48 million in 2018, with no profit distribution or capital reserve increase during these years[91]. - As of December 31, 2019, the company's available profit for distribution was -¥60.16 million for the parent company and -¥66.01 million for the consolidated statements, indicating ongoing losses[91]. - The company did not propose any cash dividends or stock bonuses for the fiscal year 2019 due to insufficient legal conditions for profit distribution[94]. - The company has not engaged in any significant equity or non-equity investments during the reporting period[71][72]. Shareholder and Stakeholder Engagement - The company held four temporary shareholder meetings in 2019, with attendance rates ranging from 39.51% to 49.82%[181][182][183][184]. - Independent directors attended all 13 board meetings and 5 shareholder meetings without any absences[182]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to CNY 1.0869 million[171]. - The company has committed to maintaining transparency in information disclosure, ensuring all shareholders have equal access to information[179].

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 19.39% from -¥118,441,554.89 in 2017[19]. - The net cash flow from operating activities improved significantly to -¥2,986,445.71, an increase of 88.49% compared to -¥25,957,203.22 in 2017[20]. - The basic earnings per share for 2018 was -¥0.54, a 19.40% improvement from -¥0.67 in 2017[20]. - The company's net loss for 2018 was CNY 95,488,166.22, an improvement of 19.38% from a net loss of CNY 118,441,554.89 in 2017[38]. - The company reported a total of -¥21,798,786.27 in non-recurring losses for 2018, slightly improved from -¥22,583,727.64 in 2017[25]. - The company reported a net profit attributable to shareholders of -95.48 million RMB for 2018, continuing a trend of negative profits over the past two years, which were -165.62 million RMB in 2016 and -118.44 million RMB in 2017[112]. Inventory and Asset Management - The company reported a significant inventory discrepancy, with a total value of 86.3 million yuan in 2016, leading to a loss of 71.4 million yuan in finished goods due to misappropriation by the former chairman[6]. - As of the end of 2016, the net value of the inventory loss was 69.2 million yuan, with a recoverable amount of 30.2 million yuan identified, resulting in an unquantified loss of 38.9 million yuan[7]. - The company has committed to a thorough investigation of the inventory loss and has reported the matter to law enforcement[6]. - The company reported a total asset impairment loss of CNY 16,326,172.68, a decrease of 45.98% from CNY 30,224,356.00 in 2017, indicating a reduction in inventory write-downs[37]. Regulatory and Legal Issues - The company has faced regulatory scrutiny, receiving an administrative penalty from the China Securities Regulatory Commission for false reporting[6]. - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws[102]. - The company is actively cooperating with regulatory investigations to resolve outstanding issues[103]. - The company has faced significant financial challenges, with total liabilities exceeding current assets by CNY 29,084,870.00, raising doubts about its ability to continue as a going concern[32]. - The company is currently involved in multiple legal disputes, including a loan contract dispute with a total amount of 1,307.58 million yuan, which may impact net profit[115]. - The company has reported overdue bank loans of 149.46 million yuan and ongoing cash flow issues, indicating a weak self-repayment capability[84]. Strategic Direction and Management Changes - The actual controller of the company changed to Zhao Mantang in April 2019, which may impact future strategic directions[4]. - The company plans to focus on its core liquor business and aims to achieve profitability in 2019 after a change in control to Gansu Shengda Group[74]. - A new management team will be established, including experienced executives from listed companies and industry experts, to revitalize the company[75]. - The company is exploring merger and acquisition opportunities to improve its operational status and enhance profitability[104]. - The company is currently in the process of appointing a new board secretary following the resignation of the previous secretary[174]. Market and Sales Performance - The company continues to face challenges in sustainable operations due to funding shortages and a sluggish market, impacting its sales and profitability[27]. - The revenue from liquor sales dropped to CNY 15,169,488.00, a decline of 61.34% from CNY 39,236,634.09 in the previous year, while wine sales increased by 69.27% to CNY 8,888,355.23[39]. - The company's revenue for the food and beverage sector was CNY 24,895,173.89, a decrease of 47.42% compared to the same period last year, with a gross margin of 22.35%, down 10.37% year-on-year[43]. - Sales volume decreased by 40.15% year-on-year to 1,089.64 tons, with a significant drop in baijiu sales by 64.71% to 379.81 tons[44]. Employee and Governance Structure - The total number of employees in the company is 390, with 297 in production, 33 in sales, 22 in technical roles, 10 in finance, and 28 in administration[187]. - The governance structure includes three independent directors, ensuring compliance with regulatory requirements and promoting effective communication with shareholders[192]. - The company has established a transparent performance evaluation system for its directors and senior management, ensuring accountability[192]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 1.7768 million yuan[185]. Future Outlook and Challenges - The financial report emphasizes the need for caution regarding future earnings predictions due to market uncertainties and operational challenges[3]. - The company’s operational goals for 2019 are uncertain and dependent on various market factors, highlighting potential risks for investors[3]. - The company acknowledges the risk of stock delisting and is taking measures to mitigate this risk[81]. - The company plans to seek new financing channels and optimize its debt structure to improve financial stability[104].

Financial Performance - The company's operating revenue for 2016 was ¥177,828,067.36, representing a year-over-year increase of 70.14% compared to ¥104,519,918.05 in 2015[18]. - The net profit attributable to shareholders for 2016 was -¥165,619,649.31, a significant decrease of 12,421.57% from ¥6,344,144.47 in 2015[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥145,880,979.20, reflecting an increase in losses of 8,886.40% compared to -¥1,623,352.96 in 2015[18]. - The basic earnings per share for 2016 was -¥0.93, a decline of 9,400.00% from ¥0.04 in 2015[19]. - The total assets at the end of 2016 were ¥353,553,166.21, a decrease of 34.07% from ¥541,294,989.85 at the end of 2015[19]. - The net assets attributable to shareholders decreased to ¥5,990,246.39, down 95.15% from ¥128,471,114.10 at the end of 2015[19]. - The company reported a total loss of ¥6,918.88 million in finished goods due to inventory shortages, with a remaining loss of ¥3,894.22 million that is currently unestimable[20]. - The company reported a net loss of CNY 165,619,649.31 for the year 2016, resulting in no profit distribution or capital reserve transfer to increase share capital[98]. Inventory and Impairment - The company reported a significant inventory discrepancy, with a book value of inventory goods at 86.2988 million yuan, leading to a loss of 71.3935 million yuan due to inventory shortages identified in 2017[6]. - The company has fully recognized impairment losses related to the inventory shortage, amounting to 38.9422 million yuan, which is temporarily unquantifiable due to ongoing investigations[7]. - The company adjusted its inventory value, resulting in a decrease of 69.19 million, leading to a revised total inventory of 93.66 million as of December 31, 2016[116]. Operational Strategy - The company plans to focus on its liquor business after divesting its tomato sauce business in early 2017 to improve operational performance[28]. - The company aims to enhance its operational performance by adjusting its product structure and expanding sales channels due to its limited financing capabilities[28]. - The company aims to enhance its core competitiveness by increasing technological innovation and talent acquisition, focusing on the development of a "Chinese gratitude culture wine" to meet market demands[30]. - The company plans to implement a "warm culture" brand strategy in 2017, focusing on brand, product, market, and asset development[78]. - The company is implementing a major product marketing strategy focused on the new product "Huangtai. Soft World" to enhance sales performance[79]. - The company aims to accelerate the digestion of old product inventory to improve capital turnover rates, addressing stockpiled products through various sales strategies[79]. - The company is shifting its marketing approach to expand new sales channels, including group buying, e-commerce, and television shopping platforms[79]. Legal and Regulatory Issues - The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws[154]. - The company received a warning and a fine of 400,000 yuan from the China Securities Regulatory Commission for falsely reporting 5 million yuan as government subsidies in the 2015 annual report[187]. - The company has been fined 5 million CNY by the China Securities Regulatory Commission for violations related to information disclosure, specifically regarding government subsidies[130]. - The company is currently involved in a significant lawsuit with a claim amount of approximately 9,959,300 yuan, which is still pending judgment[127]. - The company has successfully resolved multiple loan contract disputes, with amounts ranging from 298,700 yuan to 1,200,000 yuan in different cases[126][127]. Management and Governance - The company has implemented significant management and operational reforms, including adjustments in organizational structure, internal controls, and marketing strategies, leading to a revitalization of operations[32]. - The company has restructured its board and management team to improve governance and operational efficiency, resulting in a clearer organizational structure and enhanced financial management[82]. - The company has appointed new board members with diverse backgrounds in finance and management to strengthen its leadership team[180]. - The governance structure of the company complies with relevant laws and regulations, ensuring a robust internal control management system[200]. - The company has not granted any stock incentives to its directors and senior management during the reporting period[191]. Financial Management - The company plans not to distribute cash dividends or issue bonus shares, indicating a focus on financial recovery and stability[4]. - The company has committed to maintaining strong financial support from shareholders to address operational needs and repay bank debts in 2017[110]. - The company has established a good relationship with financial institutions to improve its financing environment, ensuring no disruption in cash flow for 2017[110]. - The company has established good relationships with suppliers to ensure the normal supply of materials, which is crucial for maintaining operations[90]. Market and Sales Performance - The company's revenue from the food and beverage sector reached ¥174,288,411.13, representing an increase of 84.03% year-over-year, while the gross margin decreased by 40.81% to 18.71%[38]. - The sales volume of food and beverage products surged by 695.21% to 26,019.33 tons, primarily driven by a 893.12% increase in tomato product sales from a subsidiary[41]. - The revenue from tomato products was ¥104,646,821.29, with a staggering year-over-year growth of 843.64%, although the gross margin fell by 13.11% to 1.74%[38]. - The company reported a significant increase in operating costs, with total costs reaching ¥141,684,466.72, up 8.77% from the previous year[45]. Employee and Training - The total number of employees in the company is 538, with 296 in the parent company and 242 in major subsidiaries[193]. - The company has implemented a training program covering various topics, including quality standards for liquor and wine, safety training, and emergency response training, with sessions scheduled throughout the year[197]. - The training program includes both internal and external training sessions, with a focus on enhancing employee skills and knowledge in their respective fields[197]. Shareholder and Equity Information - The company’s major shareholder, Shanghai Houfeng, had 34,770,000 shares (19.60% of total shares) frozen due to a loan guarantee issue, with the freeze lasting from April 26, 2016, to April 25, 2019[135]. - The total number of shareholders was 10,108, an increase from 10,015 at the previous month-end[165]. - The controlling shareholder is Shanghai Houfeng Investment Co., Ltd., established on February 2, 2010, with a focus on industrial investment and enterprise management consulting[167].

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 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 - 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 - 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].