Core Viewpoint - Despite intensified industry competition and a challenging consumption environment, the company demonstrates positive trends in product structure optimization, expansion into out-of-province markets, brand building, and production process enhancement, laying a solid foundation for long-term development [1]. Financial Performance - The company achieved operating revenue of 57.74 million yuan, showing a year-on-year decline. However, high-end products performed well, generating revenue of 12.82 million yuan, a year-on-year increase of 7.53%, with a gross margin of 82.53%. Mid-to-high-end products also maintained steady growth, with revenue of 14.33 million yuan, up 3.66% year-on-year [1]. - Sales revenue from out-of-province markets reached 12.59 million yuan, a significant year-on-year increase of 161.68%, accounting for 21.81% of total revenue, indicating substantial progress in national market expansion and growing brand influence [1]. Product Development - The company continues to enhance its product system centered around "Jiao Di Yuan Jiang" and "Huang Tai Classic," covering all price ranges to meet diverse consumer needs [1]. - The subsidiary, Liangzhou Wine Company, showed remarkable performance with a production increase of 279.92% and sales growth of 117.70% for wine products. The company’s 5,000-acre organic grape plantation has received organic certification, and Liangzhou series wines have won multiple gold medals in international competitions, enhancing brand reputation and product competitiveness [1]. Brand and Market Strategy - The company possesses over 3,000 old cellar pits and a 5,000-acre organic grape plantation, providing unique regional resources and craftsmanship heritage. The "Liangzhou" trademark is recognized as a famous Chinese trademark and has won numerous international and domestic awards, showcasing strong brand advantages and differentiated competitive strength [2]. - The company adheres to a consumer demand-oriented approach, continuously refining its product positioning and system. During the reporting period, the product technology center conducted analyses of major products in the province and engaged in targeted new product development based on consumer feedback [2]. - The company emphasizes optimizing and adjusting brewing processes, implementing strict inspection procedures for raw materials, packaging, and finished products, particularly focusing on the selection of production materials to enhance the quality control system [2].

二、监事会会议审议情况 1、审议通过了《公司<2025 年半年度报告>全文及其摘要》 经审核，监事会认为：公司 2025 年半年度报告的编制及审议程序符合法律、 行政法规和中国证监会的规定，报告的内容真实、准确、完整地反映了公司的实 际情况，不存在任何虚假记载、误导性陈述或重大遗漏。 表决结果：同意【3】票，反对【0】票，弃权【0】票。 证券代码：000995 证券简称：皇台酒业 公告编号：2025-025 甘肃皇台酒业股份有限公司 第九届监事会第九次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、监事会会议召开情况 甘肃皇台酒业股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日以现 场及通讯相结合的方式召开了第九届监事会第九次会议，本次会议通知已于 2025 年 8 月 15 日以电子邮件等方式送达全体监事。会议应参加监事 3 名，实际 参加监事 3 名，本次会议的召集、召开和表决程序符合《公司法》、《证券法》等 法律法规和《公司章程》的规定。 三、备查文件 1、经与会监事签字并加盖监事会印章的监事会决议； 特此公告。 甘肃 ...

证券代码：000995 证券简称：皇台酒业 公告编号：2025-024 甘肃皇台酒业股份有限公司 第九届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 二、董事会会议审议情况 1、审议通过《公司<2025 年半年度报告>全文及其摘要的议案》 具体内容详见与本决议公告同日刊登在《证券时报》《中国证券报》及巨潮 资讯网（www.cninfo.com.cn）上的《2025 年半年度报告》和《2025 年半年度报 告摘要》。 本议案已经公司董事会审计委员会审议通过。 表决结果：同意【9】票，反对【0】票，弃权【0】票。 三、备查文件 1、经与会董事签字并加盖董事会印章的董事会决议； 2、第九届董事会审计委员会 2025 年度第四次会议决议。 特此公告。 甘肃皇台酒业股份有限公司董事会 一、董事会会议召开情况 甘肃皇台酒业股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日以现 场及通讯相结合的方式召开了第九届董事会第十四次会议，本次会议通知已于 2025 年 8 月 15 日以电子邮件等方式送达全体董事。会议应参加董事 9 名 ...

Core Viewpoint - Huangtai Liquor Industry (000995.SZ) reported a decline in revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved an operating income of 57.74 million yuan, representing a year-on-year decrease of 11.85% [1] - The net profit attributable to shareholders of the listed company was -5.27 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -5.62 million yuan [1] - The basic earnings per share were -0.03 yuan [1]

Part I Important Notice, Table of Contents, and Definitions This section provides crucial disclaimers, outlines the report's structure, and defines key terms used throughout the document [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Board, and senior management guarantee the accuracy and completeness of the semi-annual report, with no plans for dividend distribution or capital increase - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false statements, misleading representations, or major omissions[5](index=5&type=chunk) - Company head Dai Jichen, chief accountant Liu Huiping, and head of accounting department Qiang Dengfeng declare the financial report is true, accurate, and complete[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report's clear table of contents includes nine main chapters covering important notices, company profile, management discussion, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data, with specified page numbers - The report comprises nine main chapters, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related matters, financial reports, and other submitted data[9](index=9&type=chunk) [List of Documents for Reference](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Reference documents include signed and sealed accounting statements, all publicly disclosed company files and announcements, and other relevant materials, available at Gansu Huangtai Wine Co., Ltd. Securities Department - Reference documents include accounting statements signed and sealed by the legal representative, chief accountant, and head of accounting[11](index=11&type=chunk) - All original company documents and announcements publicly disclosed during the reporting period on Securities Times, China Securities Journal, and Juchao Information Network are available for reference[11](index=11&type=chunk) - The aforementioned reference documents are available at the Securities Department of Gansu Huangtai Wine Co., Ltd[13](index=13&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms and abbreviations used in the report, including company names, regulatory bodies, laws, related parties, and major subsidiaries, specifying the reporting period from January 1 to June 30, 2025 - "Company" or "Huangtai Wine" refers to Gansu Huangtai Wine Co., Ltd[14](index=14&type=chunk) - "Reporting period" refers to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - "Actual controller" refers to Zhao Mantang[14](index=14&type=chunk) Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, stock details, and a summary of its key financial performance and indicators for the reporting period [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section introduces Gansu Huangtai Wine Co., Ltd., including its stock ticker "Huangtai Wine," stock code "000995" listed on the Shenzhen Stock Exchange, legal representative Dai Jichen, and contact information for the Board Secretary and Securities Affairs Representative - The company's stock abbreviation is "Huangtai Wine," stock code "000995," listed on the Shenzhen Stock Exchange[17](index=17&type=chunk) - The company's legal representative is Dai Jichen[17](index=17&type=chunk) - The Board Secretary is Zhao Haifeng, and the Securities Affairs Representative is Shi Jing, both reachable at 0935-6139865[18](index=18&type=chunk) [III. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's contact information, information disclosure, and document storage locations remained unchanged during the reporting period, with details available in the 2024 annual report - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period[19](index=19&type=chunk) - The stock exchange website and media names and URLs for the company's semi-annual report disclosure, as well as the report's storage location, remained unchanged during the reporting period[20](index=20&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's key financial indicators for the reporting period show an **11.85%** decrease in operating revenue, a **32.59%** increase in net loss attributable to shareholders, and a significant **247.45%** decrease in net cash flow from operating activities, with total assets and net assets also declining Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 57,740,379.86 | 65,499,502.28 | -11.85% | | Net Profit Attributable to Shareholders of Listed Company | -5,267,475.36 | -3,972,683.97 | -32.59% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | -5,624,816.66 | -4,841,978.23 | -16.17% | | Net Cash Flow from Operating Activities | -26,002,922.55 | -7,483,872.52 | -247.45% | | Basic Earnings Per Share (RMB/share) | -0.03 | -0.02 | -50.00% | | Total Assets (Period-end) | 464,534,702.63 | 490,265,295.31 | -5.25% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 148,491,002.97 | 152,036,108.25 | -2.33% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and Chinese accounting standards during the reporting period - The company's financial reports for the reporting period show no differences in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[23](index=23&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets between overseas accounting standards and Chinese Accounting Standards[24](index=24&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled **RMB 357,341.30** for the reporting period, primarily from government subsidies and debt restructuring gains, net of income tax, with no reclassification of non-recurring items as recurring Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Government subsidies recognized in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed under fixed standards, and with a continuous impact on company profit or loss) | 595,385.00 | | Debt restructuring gains and losses | 76,287.97 | | Other non-operating income and expenses apart from the above | -153,412.79 | | Less: Income tax impact | 160,918.88 | | Total | 357,341.30 | - The company has not classified any non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-recurring Gains and Losses" as recurring gains and losses[27](index=27&type=chunk) Part III Management Discussion and Analysis This section provides a comprehensive analysis of the company's business operations, financial performance, core competencies, and risk factors during the reporting period [I. Principal Business Activities During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) This section details the company's primary business activities, including the brewing and sale of liquor and wine, and the cultivation of wine grapes, along with its market positioning and product lines - The company's principal businesses include liquor brewing and sales, wine brewing and sales, and wine grape cultivation[31](index=31&type=chunk) - The company's liquor business features two major brands, "Huangtai" and "Liangzhou Huangtai," with product pricing covering high-end, mid-range, and low-end consumer segments[31](index=31&type=chunk) - The company's "Liangzhou" brand wine business includes two major series, "Liangzhou Ecological Hand-picked" and "Liangzhou Ecological Premium Selection," with product pricing covering high-end, mid-range, and low-end consumer segments[31](index=31&type=chunk) - The company owns a **5,000-mu** (approximately 823 acres) planting base in the eastern Hexi Corridor, enabling self-cultivation and self-brewing, with wine quality meeting international standards[32](index=32&type=chunk) - "Liangzhou Huangtai Wine" once shared the Second Panama International Gold Award with Kweichow Moutai, earning the reputation "Moutai in the South, Huangtai in the North"[36](index=36&type=chunk) [(I) Overview of the Industry](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The liquor industry, classified under "Wine, Beverage, and Refined Tea Manufacturing," involves an upstream supply chain of grains and packaging, midstream liquor production, and a downstream consumer market - The liquor industry is classified under "Wine, Beverage, and Refined Tea Manufacturing" (C15) by the China Securities Regulatory Commission[29](index=29&type=chunk) - The upstream of the liquor industry primarily includes the production of grains such as sorghum, rice, and wheat, as well as packaging materials like glass or ceramic containers and paper boxes[29](index=29&type=chunk) - The midstream of the liquor industry consists mainly of liquor producers, with products categorized into strong aroma, sauce aroma, light aroma, and other aroma types[29](index=29&type=chunk) [(II) Industry Development Trends](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The liquor market is dominated by strong aroma types, with a shift in consumption from government to business and mass markets, driving demand for high-end and sub-high-end products, leading to increased industry concentration and stricter quality standards - Strong aroma liquor holds the largest market share, exceeding **50%**, maintaining its dominant position[30](index=30&type=chunk) - Overall liquor production shows a declining trend, but consumer demand for healthy, high-end, and sub-high-end liquor remains strong[30](index=30&type=chunk) - The rapid growth in performance of nationally renowned liquor companies like Moutai and Wuliangye indicates an increasingly clear trend of concentration in the Chinese liquor market[30](index=30&type=chunk) [(III) Company's Principal Business and Products](index=9&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81) The company's main businesses include liquor and wine production and sales, and grape cultivation, featuring "Huangtai" and "Liangzhou Huangtai" liquor brands, and "Liangzhou Ecological Hand-picked" and "Liangzhou Ecological Premium Selection" wine series, all covering diverse market segments, supported by a **5,000-mu** self-owned vineyard - The company's principal businesses include liquor brewing and sales, wine brewing and sales, and wine grape cultivation[31](index=31&type=chunk) - The company's liquor business features two major brands, "Huangtai" and "Liangzhou Huangtai," establishing a product structure that covers high-end, mid-range, and low-end consumer groups[31](index=31&type=chunk) - The company's "Liangzhou" brand wine business includes two major series, "Liangzhou Ecological Hand-picked" and "Liangzhou Ecological Premium Selection," with product pricing covering high-end, mid-range, and low-end consumer groups[31](index=31&type=chunk) - The company owns a **5,000-mu** (approximately 823 acres) planting base in the eastern Hexi Corridor, enabling self-cultivation and self-brewing, with wine quality meeting international standards[32](index=32&type=chunk) [(IV) Company's Market Position](index=11&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%85%AC%E5%8F%B8%E5%B8%82%E5%9C%BA%E5%9C%B0%E4%BD%8D) In a highly competitive liquor market, "Liangzhou Huangtai" holds the esteemed reputation of "Moutai in the South, Huangtai in the North" and has received numerous awards, positioning "Huangtai" liquor as a regional strong brand and "Liangzhou" wine as a national strong brand - "Liangzhou Huangtai Wine" once shared the Second Panama International Gold Award with Kweichow Moutai, earning the reputation "Moutai in the South, Huangtai in the North"[36](index=36&type=chunk) - The company's liquor product "Jiaodi Yuanjiang 12" won a gold medal at the 20th Brussels International Spirits Competition in Belgium[37](index=37&type=chunk) - The company's wine product "Liangzhou Ecological Hand-picked Pinot Noir Dry Red" won a gold medal at the 11th (2020) Asia Wine Quality Competition[40](index=40&type=chunk) - The company's wine grapes, dry white, and dry red wines are certified as organic products, indicating compliance with international organic product standards in raw material cultivation and wine production[40](index=40&type=chunk) [II. Analysis of Core Competencies](index=16&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies stem from its strong brand influence, proprietary wine grape raw material advantages, unique liquor cellar advantages, and stringent product quality control, collectively forming a competitive barrier in the alcoholic beverage market - The company's "Liangzhou Huangtai" is a China Well-known Trademark, enjoying the reputation "Moutai in the South, Huangtai in the North," and has received over **100** international and domestic liquor awards, demonstrating significant brand advantage[60](index=60&type=chunk) - The company owns a **5,000-mu** (approximately 823 acres) wine grape base, has introduced top planting and brewing technical experts, and produces Xiliang Fengyun Liangzhou organic wine that meets international standards, possessing a raw material advantage for wine production[61](index=61&type=chunk) - The company possesses over **3,000** old fermentation cellars, rich in microorganisms, which enhance the "rich cellar aroma" characteristic of its strong aroma liquor, providing an advantage in liquor production[62](index=62&type=chunk) - Relying on the natural ecological environment of the Hexi Corridor, the company utilizes pristine brewing conditions such as Qilian Mountain glacier meltwater and ancient mud cellars, inherits traditional solid-state brewing techniques while innovating, and strictly implements a quality management system to ensure product quality[63](index=63&type=chunk) [III. Analysis of Principal Business](index=16&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, operating revenue decreased by **11.85%** and operating costs by **11.18%**, leading to a slight decline in gross margin; sales expenses significantly decreased by **22.07%**, while administrative and financial expenses increased, and net cash flow from operating activities saw a substantial outflow due to reduced sales receipts YoY Changes in Key Financial Data | Item | Current Reporting Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 57,740,379.86 | 65,499,502.28 | -11.85% | | | Operating Cost | 20,384,365.94 | 22,950,032.22 | -11.18% | | | Sales Expenses | 14,775,269.52 | 18,960,478.33 | -22.07% | | | Administrative Expenses | 13,621,267.01 | 12,893,950.44 | 5.64% | | | Financial Expenses | 3,510,679.68 | 3,155,083.24 | 11.27% | | | Net Cash Flow from Operating Activities | -26,002,922.55 | -7,483,872.52 | -247.45% | Decrease in sales receipts due to lower revenue compared to the prior period | | Net Cash Flow from Investing Activities | -46,372.56 | -1,228,969.11 | 96.23% | Decrease in fixed asset purchases compared to the prior period | | Net Cash Flow from Financing Activities | -4,262,166.64 | -1,461,458.31 | -191.64% | Increase in cash outflow for loan repayments compared to the prior period | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[66](index=66&type=chunk) [Composition of Operating Revenue](index=17&type=section&id=%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%9E%84%E6%88%90) Total operating revenue for the reporting period was **RMB 57,740,379.86**, a **11.85%** year-on-year decrease, with food and beverage accounting for **99.04%**; liquor revenue declined by **14.60%**, while wine revenue grew by **105.70%**, and revenue from outside Gansu province significantly increased by **161.68%** Composition of Operating Revenue | Category | Amount for Current Reporting Period (RMB) | Proportion of Operating Revenue | Amount for Prior Period (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **57,740,379.86** | **100%** | **65,499,502.28** | **100%** | **-11.85%** | | **By Industry** | | | | | | | Food and Beverage | 57,185,107.77 | 99.04% | 64,666,261.44 | 98.73% | -11.57% | | **By Product** | | | | | | | Grain Liquor | 53,829,039.60 | 93.23% | 63,034,717.80 | 96.24% | -14.60% | | Wine | 3,356,068.17 | 5.81% | 1,631,543.64 | 2.49% | 105.70% | | **By Region** | | | | | | | Within Gansu Province | 45,148,096.32 | 78.19% | 60,687,379.03 | 92.65% | -25.61% | | Outside Gansu Province | 12,592,283.54 | 21.81% | 4,812,123.25 | 7.35% | 161.68% | [1. Composition of Sales Expenses](index=17&type=section&id=1%E3%80%81%E9%94%80%E5%94%AE%E8%B4%B9%E7%94%A8%E6%9E%84%E6%88%90%E6%83%85%E5%86%B5%EF%BC%9A) Total sales expenses for the reporting period were **RMB 14,775,269.52**, a **22.07%** year-on-year decrease, primarily due to a **54.63%** drop in business promotion fees and a **35.23%** reduction in rental fees, while service fees increased by **148.94%** due to higher online sales platform technical service charges Composition of Sales Expenses | Item | Amount for Current Period (RMB) | Proportion of Total Sales Expenses for Current Period | Amount for Prior Period (RMB) | Change in Current Period Amount vs. Prior Period Amount | | :--- | :--- | :--- | :--- | :--- | | Salaries | 5,410,800.08 | 36.62% | 7,267,537.42 | -25.55% | | Business Promotion Fees | 1,770,717.32 | 11.98% | 3,903,021.01 | -54.63% | | Marketing and Promotion Fees | 3,950,548.48 | 26.74% | 3,446,436.19 | 14.63% | | Rental Fees | 588,984.93 | 3.99% | 909,391.24 | -35.23% | | Service Fees | 85,625.55 | 0.58% | 34,396.55 | 148.94% | | Total | 14,775,269.52 | 100.00% | 18,960,478.33 | -22.07% | - Business promotion fees decreased by **54.63%** year-on-year, primarily due to adjustments in the company's sales policies and reduced expenditure during the reporting period[71](index=71&type=chunk) - Service fees increased by **148.94%** year-on-year, primarily due to increased technical service fees for the company's online sales platform during the reporting period[71](index=71&type=chunk) [IV. Analysis of Non-Principal Business](index=18&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-principal business income primarily consisted of other income (government subsidies and individual income tax handling fee refunds), while non-operating expenses mainly involved late payment fees; these non-recurring items impacted total profit but are not sustainable Analysis of Non-Principal Business | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Non-operating Income | 9,221.62 | 0.19% | Primarily other income | No | | Non-operating Expenses | 167,437.68 | 3.44% | Late payment fees, others | No | | Other Income | 676,476.24 | 13.90% | Individual income tax handling fee refunds, government support funds | No | [V. Analysis of Assets and Liabilities](index=18&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, total assets decreased by **5.25%** to **RMB 464,534,702.63**, and net assets attributable to shareholders decreased by **2.33%** to **RMB 148,491,002.97**; monetary funds significantly decreased by **6.03%**, while accounts receivable and inventories increased, and fixed assets totaling **RMB 32,080,394.72** were pledged Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 13,403,068.47 | 2.89% | 43,755,523.49 | 8.92% | -6.03% | | Accounts Receivable | 5,271,077.05 | 1.13% | 2,711,262.19 | 0.55% | 0.58% | | Inventories | 178,619,633.22 | 38.45% | 169,858,131.35 | 34.65% | 3.80% | | Total Assets | 464,534,702.63 | | 490,265,295.31 | | -5.25% | | Net Assets Attributable to Shareholders of Listed Company | 148,491,002.97 | | 152,036,108.25 | | -2.33% | - Fixed assets had a book balance of **RMB 32,080,394.72** and a carrying value of **RMB 23,522,949.47** at period-end, restricted as collateral for loans with a guarantee period until July 28, 2033[78](index=78&type=chunk) [VI. Analysis of Investment Activities](index=19&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company did not engage in significant equity investments, non-equity investments, securities investments, or derivative investments, nor did it utilize any raised funds - The company had no securities investments during the reporting period[79](index=79&type=chunk) - The company had no derivative investments during the reporting period[80](index=80&type=chunk) - The company did not use any raised funds during the reporting period[81](index=81&type=chunk) [VII. Significant Asset and Equity Disposals](index=20&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not dispose of any significant assets or equity during the reporting period - The company did not dispose of any significant assets during the reporting period[82](index=82&type=chunk) - The company did not dispose of any significant equity during the reporting period[83](index=83&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=20&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section presents the financial data of the company's major subsidiaries, including registered capital, total assets, net assets, operating revenue, operating profit, and net profit, with most subsidiaries reporting losses, notably Gansu Rixin Huangtai Wine Sales Co., Ltd., Gansu Liangzhou Huangtai Winery Co., Ltd., and Gansu Liangzhou Ecological Agriculture Technology Co., Ltd Financial Data of Major Subsidiaries | Company Name | Principal Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gansu Rixin Huangtai Wine Sales Co., Ltd. | Liquor, wine sales | 2,000,000.00 | 68,997,727.53 | -10,480,186.93 | 30,018,027.21 | -3,003,479.63 | -2,984,962.54 | | Gansu Longsheng Huangtai Wine Co., Ltd. | Liquor, wine sales | 2,000,000.00 | 7,052,832.06 | -1,644,111.89 | 15,752,227.14 | -905,646.19 | -910,919.99 | | Gansu Liangzhou Huangtai Winery Co., Ltd. | Liquor production and brewing | 2,000,000.00 | 185,594,162.60 | -10,523,069.24 | 34,392,635.08 | -1,564,356.34 | -1,731,484.78 | | Gansu Liangzhou Ecological Agriculture Technology Co., Ltd. | Wine grape cultivation | 10,000,000.00 | 203,294,702.15 | 183,092,151.03 | 309,814.60 | -2,642,702.53 | -2,649,653.71 | | Gansu Liangzhou Wine Co., Ltd. | Wine brewing, sales | 2,000,000.00 | 90,514,967.12 | 41,719,526.99 | 1,741,723.61 | -308,869.39 | -317,150.19 | [IX. Information on Structured Entities Controlled by the Company](index=21&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[85](index=85&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=21&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from intensifying industry competition, rising raw material prices, and production safety, which it plans to address by optimizing product structure, expanding marketing networks, enhancing brand influence, strengthening dealer cooperation, controlling costs, and continuously improving its safety management system - The company faces industry competition risk, with increasing concentration and fierce competition in the liquor industry, necessitating product structure optimization, marketing network expansion, and enhancement of brand and governance levels[85](index=85&type=chunk) - The company faces the risk of rising raw material prices, as costs for grains and packaging materials required for liquor production may increase; the company plans to mitigate this by optimizing internal control processes and managing production and procurement costs[86](index=86&type=chunk) - The company faces production safety risks, as raw liquor, grains, packaging materials, and finished products in inventory are all flammable; the company has established a comprehensive safety management system and equipped it with corresponding facilities and personnel[87](index=87&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[88](index=88&type=chunk) - The company has not disclosed a valuation enhancement plan[88](index=88&type=chunk) [XII. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=21&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan[88](index=88&type=chunk) Part IV Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, profit distribution plans, employee incentive measures, environmental disclosures, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Board Secretary Cheng Zhijian resigned, while Xiu Weihua was appointed Vice General Manager and Marketing Director, and Zhang Jindao was appointed/removed as Marketing Director; Chairman Zhao Haifeng is currently acting as Board Secretary - Board Secretary Cheng Zhijian resigned due to personal reasons and no longer holds any position in the company after resignation[90](index=90&type=chunk) - Xiu Weihua was appointed Vice General Manager and Marketing Director, and Zhang Jindao was appointed/removed as Marketing Director, both due to work transfers[90](index=90&type=chunk) - Company Chairman Zhao Haifeng is acting as Board Secretary until a new Board Secretary is appointed[90](index=90&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=22&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[91](index=91&type=chunk) [III. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation during the reporting period[92](index=92&type=chunk) [IV. Environmental Information Disclosure](index=22&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[93](index=93&type=chunk) [V. Social Responsibility](index=22&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities in corporate governance, employee rights protection, supplier interest maintenance, consumer rights protection, and environmental protection, striving for synergistic development of economic and social benefits through robust governance, internal controls, fair employment, quality assurance, and green initiatives - The company strictly adheres to laws such as the Company Law and Securities Law, establishing a modern corporate governance structure with clear responsibilities and effective checks and balances, while continuously enhancing the scientific nature and efficiency of Board decision-making[93](index=93&type=chunk) - The company continuously improves its internal control system, forming a comprehensive internal control framework covering all business processes, and strengthens training for management's performance capabilities to fully enhance risk prevention and operational management levels[94](index=94&type=chunk) - The company strictly complies with the Labor Law and Labor Contract Law, adheres to legal, standardized, and honest employment principles, effectively safeguards employees' legitimate rights and interests, and establishes a "internal training + external training" dual-driven model to empower employee growth[97](index=97&type=chunk)[98](index=98&type=chunk) - The company adheres to the philosophy of equal consultation and mutual benefit with suppliers, strictly fulfills contractual agreements, ensures timely payment for goods, and has established a good reputation among suppliers[99](index=99&type=chunk) - The company drives process upgrades through innovation, establishing a full-process quality control system to ensure excellent product quality, with no food quality or safety incidents occurring during the reporting period[100](index=100&type=chunk) - The company integrates environmental protection into the core of its sustainable development strategy, strictly adheres to the Environmental Protection Law, actively practices green development concepts, and promotes energy conservation, emission reduction, and resource recycling through technological innovation and product upgrades[101](index=101&type=chunk) Part V Significant Matters This section details the fulfillment of commitments by the actual controller and related parties, absence of fund occupation, external guarantees, and significant litigation, along with information on related party transactions and major contracts [I. Commitments Fulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During the Reporting Period and Those Overdue and Unfulfilled as of the End of the Reporting Period](index=24&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, commitments made by Gansu Shengda Group Co., Ltd., Zhao Mantang, and other related parties regarding the independence of the listed company, avoidance of horizontal competition, and standardization of related party transactions were all fulfilled normally, with no overdue unfulfilled matters as of the end of the reporting period - The commitment letters from Gansu Shengda Group Co., Ltd., Zhao Mantang, and other committed parties regarding ensuring the independence of the listed company were normally fulfilled during the reporting period[103](index=103&type=chunk) - The commitment letter from Gansu Shengda Group Co., Ltd. regarding avoiding horizontal competition was normally fulfilled during the reporting period[103](index=103&type=chunk) - The commitment letters from Gansu Shengda Group Co., Ltd., Zhao Mantang, and other committed parties regarding standardizing and reducing related party transactions were normally fulfilled during the reporting period[103](index=103&type=chunk) - As of the end of the reporting period, there were no overdue unfulfilled matters[104](index=104&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=25&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[105](index=105&type=chunk) [III. Irregular External Guarantees](index=25&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[106](index=106&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=25&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[107](index=107&type=chunk) [V. Board of Directors' and Supervisory Board's Explanation of "Non-Standard Audit Report" for the Current Reporting Period](index=25&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable as the company's semi-annual report was not audited - Not applicable[108](index=108&type=chunk) [VI. Board of Directors' Explanation of "Non-Standard Audit Report" for the Prior Year](index=25&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This section is not applicable for the current reporting period regarding the prior year's non-standard audit report - Not applicable[108](index=108&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=26&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[109](index=109&type=chunk) [VIII. Litigation Matters](index=26&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[110](index=110&type=chunk) [IX. Penalties and Rectification](index=26&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[110](index=110&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=26&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) This section is not applicable for the current reporting period regarding the integrity status of the company, its controlling shareholder, and actual controller - Not applicable[111](index=111&type=chunk) [XI. Significant Related Party Transactions](index=26&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in daily operating related party transactions with its controlling shareholder and other related parties, including commodity sales, property leases, and fund borrowings, all conducted at market or fair value, and its subsidiary Gansu Rixin Huangtai Wine Sales Co., Ltd. received guarantees from related parties Related Party Transactions Related to Daily Operations (Sale of Goods) | Related Party | Related Party Transaction Content | Transaction Amount (RMB 10,000) | Proportion of Similar Transaction Amount | | :--- | :--- | :--- | :--- | | Controlling Group and its Related Parties | Sale of goods | 303.36 | 5.30% | - The company's subsidiaries leased properties from controlling shareholder Shengda Group and its related parties for daily operations, with relevant lease contracts being normally fulfilled[122](index=122&type=chunk) - The company, as guarantor, provided a guarantee of **RMB 5,000,000.00** for Gansu Rixin Huangtai Wine Sales Co., Ltd., with a guarantee period from July 29, 2024, to July 28, 2033[117](index=117&type=chunk)[584](index=584&type=chunk) - The company borrowed a total of **RMB 77,189,429.47** from Gansu Shengda Group Co., Ltd. and Lanzhou Huaxia Real Estate Co., Ltd., with some borrowings having no fixed term[118](index=118&type=chunk)[587](index=587&type=chunk) [XII. Significant Contracts and Their Performance](index=28&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company's subsidiaries leased properties from the controlling shareholder and its related parties for daily operations, with lease contracts being normally fulfilled; the company had no other significant contracts, including those for trusteeship, contracting, major guarantees, or wealth management - During the reporting period, the company's subsidiaries leased properties from the controlling shareholder Shengda Group and its related parties for daily operations, with relevant lease contracts being normally fulfilled[122](index=122&type=chunk) - The company had no trusteeship arrangements during the reporting period[120](index=120&type=chunk) - The company had no significant guarantee situations during the reporting period[123](index=123&type=chunk) - The company had no entrusted wealth management during the reporting period[124](index=124&type=chunk) [XIII. Explanation of Other Significant Matters](index=28&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[127](index=127&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=29&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[128](index=128&type=chunk) Part VI Share Changes and Shareholder Information This section details the company's share capital structure, shareholder composition, and any changes in shareholdings of directors, supervisors, and senior management, as well as the status of the controlling shareholder and actual controller [I. Share Changes](index=30&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital and share structure remained unchanged, with **177,408,000** unrestricted shares accounting for **100%**, and no information on reasons for changes, approvals, transfers, or share repurchase progress Share Changes | Item | Quantity Before This Change | Proportion Before This Change | Increase/Decrease in This Change (+, -) | Quantity After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00% | 0 | 0 | 0.00% | | II. Unrestricted Shares | 177,408,000 | 100.00% | 0 | 177,408,000 | 100.00% | | III. Total Shares | 177,408,000 | 100.00% | 0 | 177,408,000 | 100.00% | - Information on the reasons for share changes, approval status, transfer status, and progress of share repurchases is not applicable[130](index=130&type=chunk)[131](index=131&type=chunk) [II. Securities Issuance and Listing](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[131](index=131&type=chunk) [III. Number of Shareholders and Shareholding](index=31&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **40,062** common shareholders; among the top ten shareholders, Beijing Huangtai Commercial Co., Ltd. held the largest stake at **13.90%**, with its shares pledged and frozen, and Gansu Shengda Group, Gansu Western Asset Management Co., Ltd., and Beijing Huangtai Commercial Co., Ltd. are parties acting in concert - The total number of common shareholders at the end of the reporting period was **40,062** households[132](index=132&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status (Number) | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Huangtai Commercial Co., Ltd. | State-owned Legal Person | 13.90% | 24,667,908 | 24,667,908 | Pledged: 24,100,000; Frozen: 24,667,908 | | Shanghai Houfeng Investment Co., Ltd. | Domestic Non-state-owned Legal Person | 5.51% | 9,770,000 | 9,770,000 | Frozen: 9,770,000 | | Gansu Western Asset Management Co., Ltd. | Domestic Non-state-owned Legal Person | 4.79% | 8,501,583 | 8,501,583 | Not applicable: 0 | | Gansu Shengda Group Co., Ltd. | Domestic Non-state-owned Legal Person | 4.02% | 7,126,500 | 7,126,500 | Not applicable: 0 | | Bank of China Co., Ltd. - China Merchants CSI Liquor Index Graded Fund | Other | 3.67% | 6,514,585 | 6,514,585 | Not applicable: 0 | - Shareholders Shengda Group, Western Asset, and Huangtai Commercial are parties acting in concert; for details, please refer to the "Voting Rights Entrustment Agreement" disclosed by the company on March 28, 2025[133](index=133&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=33&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report[135](index=135&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=33&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[136](index=136&type=chunk) - The company's actual controller remained unchanged during the reporting period[136](index=136&type=chunk) [VI. Preferred Share Information](index=33&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[137](index=137&type=chunk) Part VII Bond-Related Matters This section confirms the absence of any bond-related matters for the company during the reporting period [Bond-Related Matters](index=34&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[139](index=139&type=chunk) Part VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with notes on accounting policies, taxes, and related party transactions [I. Audit Report](index=35&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[141](index=141&type=chunk) [II. Financial Statements](index=35&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, showing total assets of **RMB 465 million**, total liabilities of **RMB 315 million**, a net loss of **RMB 5.2015 million**, and net cash outflow from operating activities of **RMB 26.0029 million** - The consolidated balance sheet shows total assets of **RMB 464,534,702.63** and total liabilities of **RMB 314,533,918.22** at period-end[145](index=145&type=chunk) - The consolidated income statement shows a net profit of **RMB -5,201,482.25** and net profit attributable to parent company shareholders of **RMB -5,267,475.36** for the current period[153](index=153&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **RMB -26,002,922.55**[158](index=158&type=chunk) [1. Consolidated Balance Sheet](index=35&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, consolidated total assets were **RMB 464,534,702.63**, a **5.25%** decrease from the beginning of the period, with a significant reduction in monetary funds and an increase in inventories; total liabilities were **RMB 314,533,918.22**, a **6.69%** decrease, and net assets attributable to the parent company decreased by **2.33%** to **RMB 148,491,002.97** Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Period-end Balance (RMB) | Period-beginning Balance (RMB) | | :--- | :--- | :--- | | Monetary Funds | 13,403,068.47 | 43,755,523.49 | | Accounts Receivable | 5,271,077.05 | 2,711,262.19 | | Inventories | 178,619,633.22 | 169,858,131.35 | | Total Current Assets | 233,531,419.11 | 250,456,089.55 | | Fixed Assets | 80,020,650.56 | 83,596,550.83 | | Intangible Assets | 140,793,084.11 | 144,512,635.86 | | Total Assets | 464,534,702.63 | 490,265,295.31 | | Short-term Borrowings | 5,000,000.00 | 5,000,000.00 | | Accounts Payable | 57,303,967.40 | 57,606,325.54 | | Contract Liabilities | 2,634,814.67 | 4,857,021.55 | | Taxes Payable | 51,818,765.79 | 66,263,146.11 | | Other Payables | 134,567,380.28 | 140,902,305.88 | | Non-current Liabilities Due Within One Year | 50,000,000.00 | 50,000,000.00 | | Total Liabilities | 314,533,918.22 | 337,085,398.73 | | Total Equity Attributable to Parent Company Owners | 148,491,002.97 | 152,036,108.25 | [3. Consolidated Income Statement](index=39&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For the reporting period, total operating revenue was **RMB 57,740,379.86**, a **11.85%** year-on-year decrease, with total operating costs of **RMB 62,874,322.51**, resulting in a total profit of **RMB -4,867,344.25**, a net profit of **RMB -5,201,482.25**, and a net loss attributable to parent company shareholders of **RMB -5,267,475.36**, indicating an expanded loss compared to the prior year Key Data from Consolidated Income Statement | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 57,740,379.86 | 65,499,502.28 | | Total Operating Costs | 62,874,322.51 | 69,664,273.67 | | Taxes and Surcharges | 10,582,740.36 | 11,704,729.44 | | Sales Expenses | 14,775,269.52 | 18,960,478.33 | | Administrative Expenses | 13,621,267.01 | 12,893,950.44 | | Financial Expenses | 3,510,679.68 | 3,155,083.24 | | Total Profit | -4,867,344.25 | -3,394,683.94 | | Net Profit | -5,201,482.25 | -4,118,203.13 | | Net Profit Attributable to Parent Company Shareholders | -5,267,475.36 | -3,972,683.97 | | Basic Earnings Per Share | -0.03 | -0.02 | [5. Consolidated Cash Flow Statement](index=43&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the reporting period, net cash flow from operating activities was **RMB -26,002,922.55**, a **247.45%** year-on-year decrease primarily due to reduced sales receipts; net cash flow from investing activities was **RMB -46,372.56**, a reduced outflow; net cash flow from financing activities was **RMB -4,262,166.64**, an increased outflow; and the net increase in cash and cash equivalents was **RMB -30,311,461.75** Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Cash received from sales of goods and rendering of services | 54,318,290.77 | 71,323,671.47 | | Net cash flow from operating activities | -26,002,922.55 | -7,483,872.52 | | Net cash flow from investing activities | -46,372.56 | -1,228,969.11 | | Net cash flow from financing activities | -4,262,166.64 | -1,461,458.31 | | Net increase in cash and cash equivalents | -30,311,461.75 | -10,174,299.94 | | Cash and cash equivalents at period-end | 13,403,068.47 | 7,403,249.62 | [III. Company Overview](index=52&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Gansu Huangtai Wine Co., Ltd., established in 1998 and listed in 2000 with a registered capital of **RMB 177.408 million**, primarily operates in the wine, beverage, and refined tea manufacturing industry, focusing on liquor and wine production, with Gansu Shengda Group Co., Ltd. as its parent company and Zhao Mantang as the ultimate actual controller, consolidating 16 subsidiaries this period - Gansu Huangtai Wine Co., Ltd. was established on September 29, 1998, and listed on the Shenzhen Stock Exchange on August 7, 2000[176](index=176&type=chunk) - As of June 30, 2025, the company's total issued share capital was **177.408 million** shares, with a registered capital of **RMB 177.408 million**[176](index=176&type=chunk) - The company operates in the wine, beverage, and refined tea manufacturing industry, with its main products being liquor and wine[177](index=177&type=chunk) - The parent company is Gansu Shengda Group Co., Ltd., and the ultimate actual controller of the group is Zhao Mantang[176](index=176&type=chunk) - The company consolidated **16** subsidiaries during the current period[178](index=178&type=chunk) [IV. Basis of Financial Statement Preparation](index=53&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, based on a going concern assumption, with no significant doubts about its ability to continue as a going concern for the next 12 months - The company prepares its financial statements in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and the "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports" (2023 Revision) issued by the China Securities Regulatory Commission[180](index=180&type=chunk) - These financial statements are prepared on a going concern basis, and the company has assessed its ability to continue as a going concern for the 12 months from the end of the reporting period, finding no matters or circumstances that raise significant doubt about its going concern ability[181](index=181&type=chunk) [V. Significant Accounting Policies and Estimates](index=53&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's specific accounting policies and estimates for inventory valuation, bad debt provisions for receivables, depreciation of fixed assets, amortization of intangible assets, and revenue recognition, with continuous evaluation of key estimates and assumptions such as financial instrument impairment, inventory write-downs, fair value, long-term asset impairment, and deferred tax assets; new accounting standard interpretations were implemented during the reporting period with no significant impact - The company determines specific accounting policies and estimates based on its production and operating characteristics, primarily reflected in inventory valuation methods, bad debt provision methods for receivables, depreciation of fixed assets and amortization of intangible assets, and revenue recognition timing[182](index=182&type=chunk) - Significant accounting estimates and key assumptions include financial instrument impairment, inventory write-down provisions, fair value of financial instruments, impairment provisions for long-term assets, and deferred tax assets[182](index=182&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk) - The company has implemented "Interpretation No. 17 of Accounting Standards for Business Enterprises," "Interim Provisions on Accounting Treatment of Enterprise Data Resources," and "Interpretation No. 18 of Accounting Standards for Business Enterprises" issued by the Ministry of Finance since January 1, 2024, but these have no significant impact on the financial statements for the current reporting period[405](index=405&type=chunk)[406](index=406&type=chunk) [VI. Taxation](index=85&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section outlines the company's main tax categories and rates, including VAT, consumption tax (liquor at **20%** plus **RMB 0.5/jin**, wine at **10%**), urban maintenance and construction tax, corporate income tax, property tax, education surcharge, and local education surcharge, with some subsidiaries benefiting from preferential corporate income tax rates for small and micro enterprises Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable sales revenue | 13%, 9%, 6%, 5% | | Consumption Tax | Ad valorem tax calculated at 20% of taxable sales revenue for liquor at the production stage, plus a specific tax of RMB 0.5 per jin; consumption tax on wine sales calculated at 10% | 20% + RMB 0.5/jin, 10% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 7% | | Corporate Income Tax | Taxable income | 25%, 20% | | Property Tax | 70% of original property value as tax base | 1.2% | | Education Surcharge | Actual turnover tax paid | 3% | | Local Education Surcharge | Actual turnover tax paid | 2% | - **13** of the company's subsidiaries, including Xining Huangtai Wine Co., Ltd., enjoy preferential tax policies for small and micro enterprises, where the portion of annual taxable income not exceeding **RMB 1 million** is reduced by **25%** and taxed at a **20%** corporate income tax rate[409](index=409&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=86&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details the period-end and period-beginning balances and changes for each consolidated financial statement item, highlighting a significant decrease in monetary funds, increases in accounts receivable and inventories, decreases in fixed and intangible asset carrying values, an increase in capital reserve due to related party interest-free loans, continuous losses in retained earnings, and decreases in both operating revenue and costs, with sales expenses down and administrative and financial expenses up, and other income primarily from government subsidies - Monetary funds at period-end were **RMB 13,403,068.47**, significantly decreasing from the period-beginning balance of **RMB 43,755,523.49**[411](index=411&type=chunk) - Accounts receivable had a carrying value of **RMB 5,271,077.05** at period-end, with a bad debt provision ratio of **25.43%**[419](index=419&type=chunk) - Inventories had a carrying value of **RMB 178,619,633.22** at period-end, with work-in-progress accounting for a larger proportion[445](index=445&type=chunk) - Fixed assets had a carrying value of **RMB 80,020,650.56** at period-end, with accumulated depreciation of **RMB 187,154,984.54**[454](index=454&type=chunk) - Intangible assets had a carrying value of **RMB 140,793,084.11** at period-end, primarily consisting of land use rights[462](index=462&type=chunk) - Capital reserve increased by **RMB 1,722,370.08** in the current period, mainly due to the recognition of financial expenses for interest-free related party borrowings at market rates, simultaneously recognized as capital reserve[512](index=512&type=chunk) - Retained earnings at period-end were **RMB -595,160,356.30**, indicating continuous losses[517](index=517&type=chunk) - Operating revenue was **RMB 57,740,379.86**, and operating cost was **RMB 20,384,365.94**[519](index=519&type=chunk) - Sales expenses were **RMB 14,775,269.52**, administrative expenses were **RMB 13,621,267.01**, and financial expenses were **RMB 3,510,679.68**[528](index=528&type=chunk)[526](index=526&type=chunk)[530](index=530&type=chunk) - Other income primarily consisted of government subsidies totaling **RMB 595,385.00**[532](index=532&type=chunk) [VIII. Interests in Other Entities](index=112&type=section&id=%E5%85%AB%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section outlines the company's enterprise group structure, comprising **16** subsidiaries primarily engaged in liquor and wine production and sales, and grape cultivation, with the company directly or indirectly holding **100%** or a controlling stake in all of them - The company owns **16** subsidiaries, with their main operating and registered locations concentrated in Wuwei, Lanzhou, Xining, Hangzhou, Beijing, Chongqing, Xi'an, and other cities[559](index=559&type=chunk) - Subsidiary business natures include liquor production and sales, wine production and sales, grape cultivation, and investment management[559](index=559&type=chunk) - The company directly or indirectly holds **100%** or a controlling equity stake in all subsidiaries[559](index=559&type=chunk) [IX. Government Grants](index=113&type=section&id=%E4%B9%9D%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During the reporting period, the company recognized **RMB 595,385.00** in government grants in current profit or loss, primarily including rewards for small-to-large scale enterprise conversion, industrial economic support funds, employment subsidies, job stabilization subsidies, and industrial enterprise awards for high-quality development and stable growth, all of which are income-related Government Grants Recognized in Current Profit or Loss | Grant Item | Accounting Account | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Reward funds for small-to-large scale enterprise conversion | Other income | 10,000.00 | | Income Related | | Industrial economic support funds from Liangzhou District Industry and Information Technology Bureau for the first half of the year | Other income | 60,000.00 | | Income Related | | Employment subsidy | Other income | 5,200.00 | | Income Related | | Job stabilization subsidy | Other income | 20,185.00 | 6,000.00 | Income Related | | Industrial enterprise awards for high-quality development and stable growth | Other income | 500,000.00 | 95

| 蛋倒单位:甘肃:合沙 | | | | | | | | | | 单位: 万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 资金占用方名称 | 占用方与上市公司 的关联关系 | 上市公司核算 的会计科目 | 2025年期初占 用资金余额 | 2025年半年度占用累 2025年半年度占 计发生金额(不含 利息) | 用资金的利息 (如有) | 2025年半年度偿 还紧计发生金额 | 2025年6月末占用资金 余额 | 占用形成原因 | 占用性质 | | 控股股东、 | | | | | | | | | | | | | | | | | | | | | | 非经营作占用 | | SFL | - | - | - | | | | | | | l | | 前控股股东、实际控制人及世昭倡 | | | | | | | | | | | | | | | | | | | | | | 非经营性占用 | | 小计 | .I | l | - | | | | | | | l | | 其他关联方及其附属企业 | | | | | | | | ...

甘肃皇台酒业股份有限公司 2025 年半年度财务报告 甘肃皇台酒业股份有限公司 2025 年半年度财务报告 二〇二五年八月 1 甘肃皇台酒业股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：甘肃皇台酒业股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 13,403,068.47 | 43,755,523.49 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | | 50,640.00 | | 应收账款 | 5,271,077.05 | 2,711,262.19 | | 应收款项融资 | | | | 预付款项 | 2,944,981.93 | 1,507,102.57 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | ...

| | 合并资产负债表 | | | | --- | --- | --- | --- | | | 2025年6月30日 | | | | 编制审 | | (除特别注明外,金额单位均为人民币元) | | | | ·附注-七 | 期末余额 | 上期期末余额 | | 流动资产: | | | | | 货币资金 | 注释1 | 13,403,068.47 | 43.755,523.49 | | 交易性金融资产 | | | | | 衍生金融资产 | | | | | 应收票据 | 注释2 | | 50,640.00 | | 应收账款 | 注释3 | 5,271,077.05 | 2,711,262.19 | | 应收款项融资 | | | | | 预付款项 | 注释5 | 2,944,981.93 | 1,507,102.57 | | 其他应收款 | 注释4 | 31,952,972.44 | 31,726,485.04 | | 存货 | 注释6 | 178,619,633.22 | 169,858,131.35 | | 其中:数据资源 | | | | | 合同资产 | | | | | 持有待售资产 | | | | | 一年内到 ...

Group 1 - A-shares in the liquor sector experienced significant gains, driven by favorable factors such as clear valuation advantages and the upcoming Mid-Autumn Festival [1] - Shede Liquor reached the daily limit, while Shui Jing Fang and Ying Jia Gong Jiu rose over 6%, and other notable brands like Jin Hui Jiu and Shanxi Fen Jiu increased by over 4% [1] - Major brands such as Luzhou Laojiao and Wuliangye also saw increases, with Guizhou Moutai rising over 1% [1] Group 2 - The market capitalization and year-to-date performance of several liquor companies were highlighted, with Shede Liquor at 22.3 billion and a year-to-date increase of 2.42% [2] - Shui Jing Fang had a market cap of 23.7 billion but a year-to-date decline of 7.24%, while Ying Jia Gong Jiu's market cap was 37.3 billion with a decline of 10.31% [2] - Shanxi Fen Jiu showed strong performance with a market cap of 249.5 billion and a year-to-date increase of 14.93% [2]

Group 1 - The core viewpoint of the article highlights a significant increase in the A-share market for liquor stocks, with Shede Liquor leading the gains by over 7% [1] - Other notable performers include Shui Jing Fang, Shanxi Fen Jiu, Ying Jia Gong Jiu, and Luzhou Laojiao, all experiencing gains of over 1% [1] Group 2 - Shede Liquor (600702) saw a rise of 7.34%, with a total market capitalization of 21.8 billion and a year-to-date change of -0.06% [2] - Shui Jing Fang (600779) increased by 1.85%, with a market cap of 22.5 billion and a year-to-date decline of -11.63% [2] - Ying Jia Gong Jiu (603198) rose by 1.71%, with a market cap of 35.7 billion and a year-to-date decline of -14.09% [2] - Shanxi Fen Jiu (600809) increased by 1.68%, with a market cap of 243.8 billion and a year-to-date increase of 12.31% [2] - Luzhou Laojiao (000568) rose by 1.58%, with a market cap of 195.4 billion and a year-to-date increase of 11.27% [2] - Other companies such as Jinzhongzi Jiu (600199) and Gujing Gong Jiu (000596) also showed minor increases, with market caps of 7.4 billion and 87.5 billion respectively [2]