Financial Performance - The company's operating revenue for Q1 2023 was ¥1,075,033,560.18, representing a 23.31% increase compared to ¥871,783,625.29 in the same period last year[5] - Net profit attributable to shareholders for Q1 2023 was ¥35,051,361.12, a significant increase of 215.15% from ¥11,122,153.72 in Q1 2022[5] - Basic earnings per share for Q1 2023 were ¥0.07, reflecting a 133.33% increase from ¥0.03 in Q1 2022[5] - Total operating revenue for Q1 2023 reached CNY 1,075,033,560.18, an increase of 23.3% compared to CNY 871,783,625.29 in Q1 2022[25] - Net profit for Q1 2023 was CNY 35,051,361.12, representing a significant increase of 215.4% from CNY 11,122,153.72 in Q1 2022[25] - Basic and diluted earnings per share for Q1 2023 were both CNY 0.07, compared to CNY 0.03 in Q1 2022[26] - The company reported a total comprehensive income of CNY 34,448,642.46 for Q1 2023, significantly higher than CNY 11,078,072.85 in Q1 2022[26] Cash Flow - The net cash flow from operating activities reached ¥982,572,030.02, up 189.73% from ¥339,130,498.81 in the previous year[5] - Cash inflow from sales of goods and services reached ¥1,196,727,639.63, compared to ¥727,238,205.94 in the previous period, indicating a year-over-year increase of about 64.5%[27] - The total cash outflow from operating activities decreased to ¥302,653,565.05 from ¥405,259,545.82, reflecting a reduction of approximately 25.4%[27] - The net cash flow from investing activities was negative at -¥92,053,630.06, worsening by 74.88% compared to -¥52,639,618.56 in Q1 2022[17] - Cash inflow from financing activities was ¥133,947,417.43, up from ¥51,895,357.79, marking an increase of approximately 158%[28] - The net cash flow from financing activities decreased to -¥1,012,913,333.04 from -¥309,028,633.43, indicating a decline of about 227%[28] - The ending balance of cash and cash equivalents is ¥510,508,894.89, down from ¥633,583,172.14 at the beginning of the period[28] - The company received tax refunds amounting to ¥49,021,741.90, compared to ¥8,930,249.42 in the previous period, showing an increase of approximately 449%[27] - The cash paid for purchasing goods and services was ¥204,256,027.94, down from ¥334,897,591.01, reflecting a decrease of about 39%[27] Assets and Liabilities - Total assets at the end of Q1 2023 amounted to ¥4,916,288,911.81, an increase of 11.30% from ¥4,416,994,055.86 at the end of the previous year[5] - Total liabilities increased to CNY 1,652,186,188.42 in Q1 2023, compared to CNY 1,187,339,974.93 in Q1 2022[25] - Owner's equity totaled CNY 3,264,102,723.39 in Q1 2023, up from CNY 3,229,654,080.93 in the previous year[25] - The company has ongoing construction projects valued at ¥264,183,749.76, up from ¥205,572,003.89[23] - The company recorded a significant increase in government subsidies, totaling ¥13,599,654.45, up 5067.48% from ¥263,177.44 in the previous year[14] Shareholder Information - Total number of common shareholders at the end of the reporting period is 54,924[19] - The largest shareholder, Guangdong Yuehai Holdings Group Co., Ltd., holds 51.52% of shares, totaling 258,478,227 shares[19] Expenses - Total operating costs for Q1 2023 were CNY 1,057,132,233.53, up 25.6% from CNY 842,133,578.76 in the same period last year[25] - Research and development expenses for Q1 2023 were CNY 4,193,098.21, an increase from CNY 3,406,813.50 in Q1 2022[25] - Interest expenses surged by 892.71% to ¥9,434,880.40 in Q1 2023, compared to ¥950,416.03 in Q1 2022, primarily due to increased financing scale and loan rates[14] Other Financial Metrics - The company has a total of 25,000,000 in trading financial assets as of the end of the reporting period[23] - The company has a total of 0 preferred shareholders at the end of the reporting period[21] - Other comprehensive income for Q1 2023 was CNY -602,718.66, compared to CNY -44,080.87 in Q1 2022[26] - The company has not undergone an audit for the first quarter report[29]

Financial Performance - The company's operating revenue for 2022 was CNY 4,191,933,620.66, representing a 38.58% increase compared to CNY 3,024,816,469.37 in 2021[6]. - The net profit attributable to shareholders for 2022 was CNY 156,026,087.46, a 4.76% increase from CNY 148,931,741.97 in 2021[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 23.17% to CNY 114,375,592.27 in 2022 from CNY 148,876,911.39 in 2021[6]. - The net cash flow from operating activities increased by 19.77% to CNY 2,063,824,406.25 in 2022, compared to CNY 1,723,186,691.89 in 2021[6]. - The total assets at the end of 2022 were CNY 4,416,994,055.86, a 43.59% increase from CNY 3,076,075,647.38 at the end of 2021[6]. - The net assets attributable to shareholders at the end of 2022 were CNY 3,229,654,080.93, reflecting a 41.73% increase from CNY 2,278,681,087.05 at the end of 2021[6]. - The company maintained a basic and diluted earnings per share of CNY 0.40 in 2022, unchanged from 2021[6]. - The company had a weighted average return on equity of 6.44% in 2022, a decrease of 0.32 percentage points from 6.76% in 2021[6]. - The company reported a total of CNY 41,650,495.19 in non-recurring gains in 2022, compared to CNY 54,830.58 in 2021[8]. Business Operations - The company has not changed its main business since its listing, indicating stability in its operations[22]. - The company has maintained its listing on the Shenzhen Stock Exchange, ensuring continued access to capital markets[19]. - The company has not reported any changes in its controlling shareholders, indicating stability in ownership[22]. - The company’s operational headquarters is located in the Guangzhou Economic and Technological Development Zone, facilitating its business activities[19]. - The company has a malt production capacity of 850,000 tons per year, making it the largest in Asia and the fifth largest in the world[38]. - The company is the largest malt manufacturer in China, with production capacity ranking first in Asia and fifth globally[43]. - The company has established long-term partnerships with major beer manufacturers, including Budweiser, China Resources Beer, and Tsingtao Brewery[43]. - The company has fully automated its production processes, including barley selection, soaking, germination, and drying[41]. - The malt production of the top five manufacturers accounts for over 60% of the market share[41]. Revenue and Costs - The company's main business revenue from malt products reached ¥3,945,856,953.21, representing a year-on-year increase of 40.78%[45]. - The main business cost for malt products was ¥3,564,061,357.66, with a year-on-year increase of 41.97%[45]. - The gross margin for malt products was 9.68%, showing a decrease of 0.76% year-on-year[45]. - Revenue from beer manufacturing accounted for 94.13% of total revenue, amounting to ¥3,945,856,953.21, which is a 40.78% increase compared to ¥2,802,939,646.34 in 2021[67]. - The gross profit margin for beer manufacturing was 9.68%, showing a slight decrease of 0.76% from the previous year[69]. Investments and Expansion - The company is currently undertaking significant non-equity investments, including the expansion of the Guangmai Phase 4 project with an investment of ¥65,805,757.91[93]. - The company has committed to invest a total of 79,424.54 million CNY in projects, with 35,535.2 million CNY already invested, achieving a progress rate of 44.75%[104]. - The Guangmai Phase 4 expansion project is expected to generate an annual sales revenue increase of 352.40 million CNY and a profit increase of 2.90 million CNY, with a payback period of 12.09 years[104]. - The company aims to enhance its market share in East China through the construction of the Bao Mai Company, which will have an annual production capacity of 130,000 tons of high-end beer malt[111]. - The company plans to optimize its overall production capacity layout and consider phasing out outdated capacities while maximizing the release of advantageous capacities[113]. Research and Development - The company aims to enhance product quality and market competitiveness through various R&D projects, including high-protein malt and green malting technology[78]. - R&D investment increased by 10.28% to ¥16,724,758.44, accounting for 0.40% of operating revenue, down from 0.50% in 2021[80]. - The company is investing 200 million RMB in R&D for new technologies to enhance production efficiency and product quality[154]. - The company is investing 100 million RMB in R&D for new fermentation technologies aimed at improving product quality and efficiency[167]. Risk Management - The company has outlined potential risks and corresponding mitigation strategies in its management discussion and analysis section[6]. - The company is focused on risk management, particularly in areas such as industry competition, raw material price volatility, and compliance with safety regulations[118][121][127]. - The company is prepared for potential risks related to currency fluctuations by utilizing forward foreign exchange contracts[122]. - The company has established strict risk control measures for foreign exchange derivative transactions, including compliance with legal and operational protocols[96]. Governance and Compliance - The company’s financial report has been confirmed as true, accurate, and complete by its management, ensuring reliability for investors[5]. - The company emphasizes transparency in information disclosure, ensuring that all shareholders have equal access to information[137]. - The company has established a dedicated investor relations management system to facilitate communication with stakeholders[137]. - The board of directors consists of 9 members, including 3 independent directors, and has established 4 specialized committees to enhance governance[134]. - The company has made timely revisions to its governance documents to comply with regulatory updates from the China Securities Regulatory Commission[134]. Employee Management - The total number of employees at the end of the reporting period was 767, with 57 in the parent company and 710 in major subsidiaries[187]. - The professional composition includes 267 production personnel, 43 sales personnel, 273 technical personnel, 33 financial personnel, and 151 administrative personnel[187]. - A comprehensive training program was implemented in 2022, covering various areas including safety production and technical skills, aimed at enhancing employee capabilities[190]. - The company is implementing a talent development plan to optimize its workforce structure and enhance employee skills through internal training and external recruitment[115]. Shareholder Returns - The company reported a cash dividend of 0.60 RMB per 10 shares for the year ending December 31, 2022, based on a total share capital of 501,730,834 shares[6]. - The company plans to distribute a cash dividend of 0.60 yuan per 10 shares, totaling approximately 30,103,850.04 yuan, which represents 100% of the total distributable profit[194]. - The total number of shares for the cash dividend distribution is 501,730,834 shares, with no stock bonus or capital reserve transfer planned for 2022[196].