Financial Performance - The company's revenue for Q3 2022 reached ¥7,574,626,286.45, an increase of 18.37% compared to the same period last year[2] - Net profit attributable to shareholders was ¥2,178,470,980.32, reflecting a growth of 40.45% year-on-year[2] - The net profit after deducting non-recurring gains and losses was ¥2,200,554,186.41, up by 30.83% compared to the previous year[2] - Basic earnings per share increased to ¥1.4461, a rise of 39.59% year-on-year[2] - Total operating revenue for the current period reached CNY 26,482,625,128.85, an increase of 20.5% compared to CNY 21,942,196,247.29 in the previous period[14] - Net profit for the current period was CNY 9,078,222,991.15, representing a 25.7% increase from CNY 7,219,146,137.78 in the same period last year[15] - Earnings per share (EPS) for the current period was CNY 6.0220, compared to CNY 4.8169 in the previous period[16] - The total comprehensive income for the current period was CNY 9,078,622,288.60, compared to CNY 7,210,434,456.86 in the previous period, showing a strong performance[16] Assets and Liabilities - Total assets at the end of the reporting period were ¥61,268,105,365.76, a decrease of 9.63% from the end of the previous year[2] - The company's total current assets as of September 30, 2022, amount to ¥44,790,253,003.90, a decrease from ¥49,764,643,087.08 at the beginning of the year[11] - The total assets of the company are ¥61,268,105,365.76, down from ¥67,798,704,193.76[12] - The company's inventory as of September 30, 2022, is ¥16,201,860,610.04, a decrease from ¥16,803,093,441.81[12] - The total non-current assets amount to ¥16,477,852,361.86, down from ¥18,034,061,106.68[12] - The total liabilities of the company are ¥13,558,393,158.36, a significant decrease from ¥24,733,308,659.87[12] - The total liabilities decreased to CNY 14,115,297,309.80 from CNY 25,317,393,935.97, indicating a significant reduction in debt levels[15] Shareholder Information - Shareholders' equity attributable to the parent company increased to ¥47,130,887,391.34, up by 10.93% compared to the end of last year[2] - The total equity attributable to shareholders of the parent company increased to CNY 47,130,887,391.34 from CNY 42,486,209,789.59, reflecting a growth of 11.5%[15] - The total number of common shareholders at the end of the reporting period is 126,673[9] - Jiangsu Yanghe Group Co., Ltd. holds 34.16% of shares, totaling 514,858,939 shares[9] Cash Flow - The net cash flow from operating activities showed a significant decline of 117.46%, totaling -¥956,000,212.77[2] - The net cash flow from operating activities for the current period is -956,000,212.77 CNY, a significant decrease from 5,474,055,109.66 CNY in the previous period[17] - Cash inflow from investment activities decreased to 14,074,638,584.76 CNY from 23,976,085,554.49 CNY year-over-year[18] - The net cash flow from investment activities is 3,212,572,155.72 CNY, down from 6,930,315,404.18 CNY in the previous year[18] - Cash outflow from financing activities increased to 4,527,415,721.75 CNY compared to 3,947,403,253.00 CNY in the previous period[18] - The net cash flow from financing activities is -4,507,015,721.75 CNY, worsening from -2,996,653,253.00 CNY year-over-year[18] - The total cash and cash equivalents at the end of the period is 18,599,308,423.84 CNY, an increase from 16,642,673,530.64 CNY in the previous year[18] Operating Costs and Expenses - Total operating costs amounted to CNY 14,605,559,908.65, up 14.5% from CNY 12,748,167,104.04 in the prior period[14] - Research and development expenses for the current period were CNY 183,338,258.32, slightly up from CNY 171,487,429.98 in the previous period[14] - Investment income for the current period was CNY 371,855,322.68, down from CNY 762,609,459.79 in the prior period[15] - Deferred income tax liabilities decreased to CNY 285,661,876.97 from CNY 299,382,397.38, indicating improved tax management[15] Accounts Receivable and Prepayments - The balance of accounts receivable decreased by 36.84%, primarily due to a reduction in e-commerce receivables[5] - The company reported a 480.27% increase in prepayments, mainly due to higher advertising expenses[5]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥18,907,998,842.40, representing a 21.65% increase compared to ¥15,543,264,905.54 in the same period last year[12]. - The net profit attributable to shareholders was ¥6,893,372,221.12, which is a 21.76% increase from ¥5,661,445,812.02 year-on-year[12]. - The basic earnings per share increased by 21.02% to ¥4.5759 from ¥3.7810 in the previous year[12]. - The company reported a net profit from non-operating income of ¥6,642,672,871.26, which is a 28.54% increase from ¥5,167,883,253.59 in the previous year[12]. - The weighted average return on equity was 15.25%, up from 13.96% in the previous year, indicating improved profitability[12]. - The company's total revenue for the first half of 2022 reached ¥18,907,998,842.40, representing a year-on-year increase of 21.65%[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 6.643 billion yuan, up 28.54% year-on-year[17]. - The gross profit margin for liquor products was 74.98%, a decrease of 0.55% compared to the previous year[31]. Cash Flow and Assets - The net cash flow from operating activities decreased significantly by 312.77%, resulting in a negative cash flow of ¥4,453,755,057.99 compared to a positive cash flow of ¥2,093,245,134.59 in the same period last year[12]. - Total assets at the end of the reporting period were ¥57,439,986,855.70, a decrease of 15.28% from ¥67,798,704,193.76 at the end of the previous year[12]. - Cash and cash equivalents at the end of the reporting period were ¥16,188,167,390.88, representing 28.18% of total assets, a decrease of 2.73% from the previous year[38]. - The company's total current assets amounted to CNY 40,548,538,655.28, a decrease from CNY 49,764,643,087.08 at the beginning of the year, representing a decline of approximately 18.3%[91]. - The cash and cash equivalents decreased to CNY 16,188,167,390.88 from CNY 20,955,831,010.12, reflecting a reduction of about 22.5%[91]. - The total assets of the subsidiary Suzhou Danqing Phase II Innovation Pharmaceutical Industry Investment Partnership were ¥232,911,690.94, with a registered capital of ¥173,710,818.17[43]. Revenue Breakdown - Revenue from high-end liquor reached approximately 16.2 billion yuan, representing a growth of 29.05%[20]. - Revenue from ordinary liquor was approximately 2.3 billion yuan, showing a decline of 10.88%[20]. - Revenue from liquor products accounted for ¥18,517,444,961, which is 97.93% of total revenue, with a year-on-year growth of 22.20%[31]. - Revenue from domestic sales was ¥8,743,125,731.95, accounting for 46.24% of total revenue, with a year-on-year increase of 15.20%[30]. - Revenue from overseas sales was ¥10,164,873,110.45, representing 53.76% of total revenue, with a significant year-on-year growth of 27.80%[30]. Operational Strategy - The company maintains a dual sales model, primarily through wholesale distribution and online direct sales[20]. - The company is focusing on enhancing product quality and brand image, with new product launches and upgrades planned[18]. - The company is actively expanding its market presence, including efforts to strengthen relationships with distributors and enhance operational efficiency[19]. - The company aims to achieve its annual targets through diligent execution of its strategic plans[19]. - The company has been recognized for its product quality, winning multiple awards in national competitions[18]. Inventory and Costs - The total cost of sales increased by 23.98% to ¥4,926,984,451.06, driven by rising material and labor costs[28]. - The company reported a significant increase in finished goods inventory, which rose by 48.14% to 27,580.78 tons[25]. - The inventory balance at the end of the period was CNY 15,720,395,828.59, with a provision for inventory depreciation of CNY 14,959,257.46[200]. - The raw materials inventory was valued at CNY 266,923,428.32 after accounting for depreciation, down from CNY 281,882,685.78 at the beginning of the period[200]. Environmental and Social Responsibility - The company invested 8.2 million yuan in environmental management, treating 650,000 tons of wastewater, with all pollutant discharge concentrations below national standards[56]. - The wastewater treatment plant has a design capacity of 10,000 tons per day, built with an investment of 96 million yuan[56]. - The company has implemented pollution source monitoring and energy quota assessment management, enhancing pollution reduction efforts[56]. - The company planted 34,000 square meters of greenery in the first half of 2022, absorbing 514 tons of CO2[60]. - The company is collaborating on a 14.5 MW photovoltaic project, expected to generate 15 million kWh annually once completed[60]. Risks and Challenges - The company faces various operational risks, which are detailed in the management discussion section of the report[4]. - The company faces risks from macroeconomic uncertainties, intensified market competition, and the recurring impact of COVID-19 on consumer demand[49]. - The company plans to enhance its competitiveness by optimizing product structure and expanding market channels[49]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[4]. - A total of 4,738 employees participated in the employee stock ownership plan, holding 9,118,384 shares, which accounts for 0.61% of the company's total equity[52]. - The total number of shares outstanding is 1,506,988,000, with 83.16% being unrestricted shares and 16.84% being restricted shares[81]. - Jiangsu Yanghe Group Co., Ltd. holds 34.16% of the shares, making it the largest shareholder[82]. Financial Management - The company reported a total of 1,400,285.29 million yuan in entrusted financial management, with a balance of 825,681.82 million yuan remaining unexpired[70]. - The company has no significant related party transactions during the reporting period[67]. - The company reported a total impairment provision of RMB 225.5642 million due to expected non-recovery of principal or other potential impairment scenarios related to entrusted wealth management products[76]. - The company has no derivative investments during the reporting period[44]. Accounting Policies - The company adheres to the accounting standards, ensuring that financial statements accurately reflect its financial position, operating results, changes in equity, and cash flows[124]. - The company uses Renminbi as its functional currency[127]. - The company recognizes revenue when control of the goods is transferred to the customer, with specific policies for product sales and service contracts[173].

Financial Performance - The company's operating revenue for 2021 was approximately ¥25.35 billion, representing a 20.14% increase compared to ¥21.10 billion in 2020[11]. - The net profit attributable to shareholders for 2021 was approximately ¥7.51 billion, a slight increase of 0.34% from ¥7.48 billion in 2020[11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥7.37 billion, which is a significant increase of 30.44% from ¥5.65 billion in 2020[11]. - The net cash flow from operating activities for 2021 was approximately ¥15.32 billion, showing a remarkable increase of 285.00% compared to ¥3.98 billion in 2020[11]. - The total assets at the end of 2021 were approximately ¥67.80 billion, reflecting a 25.86% increase from ¥53.87 billion at the end of 2020[11]. - The net assets attributable to shareholders at the end of 2021 were approximately ¥42.49 billion, which is a 10.40% increase from ¥38.48 billion at the end of 2020[11]. - The basic earnings per share for 2021 were ¥5.0141, a slight increase of 0.60% from ¥4.9843 in 2020[11]. - The weighted average return on net assets for 2021 was 18.55%, down from 20.20% in 2020, indicating a decrease of 1.65%[11]. Revenue Breakdown - The company achieved a total operating revenue of CNY 25.35 billion in 2021, representing a year-on-year growth of 20.14%[18]. - The liquor segment accounted for 97.19% of total revenue, generating CNY 24.64 billion, which is a 21.17% increase from the previous year[31]. - The company’s high-end liquor segment generated CNY 21.52 billion in revenue, up 21.95% compared to the previous year[19]. - The ordinary liquor segment reported revenue of CNY 3.12 billion, reflecting a growth of 16.05% year-on-year[19]. - The wholesale distribution model accounted for CNY 24.27 billion in revenue, a year-on-year increase of 21.32%[21]. - Online direct sales reached CNY 364.63 million, with an 11.85% increase from the previous year[21]. Cash Flow and Investments - The company’s cash flow from operating activities was CNY 9.84 billion in the fourth quarter, indicating strong cash generation capabilities[14]. - Operating cash inflow reached ¥37,538,099,673.95 in 2021, representing a significant increase of 71.40% from ¥21,900,973,449.03 in 2020[48]. - Cash and cash equivalents increased by 362.24% to ¥13,603,817,188.08 in 2021, compared to ¥2,943,041,513.62 in 2020[50]. - The total investment amount for the reporting period reached ¥3,840,110,341.89, representing a 74.18% increase compared to ¥2,204,658,425.17 in the previous year[54]. Production and Inventory - The production volume of liquor in 2021 was 204,331.95 tons, an increase of 26.52% from 2020, while sales volume reached 184,001.07 tons, up 18.13%[25]. - The inventory of finished liquor at the end of the period was 44,857.61 tons, with a total inventory of semi-finished liquor at 619,449.64 tons[25]. - The company has a production capacity of 222,545 tons for finished liquor in 2021, with actual production capacity of 149,518.69 tons[25]. Marketing and Sales Strategy - The company implemented a marketing transformation, resulting in a clearer product planning and the completion of 715 SKU clean-up[31]. - The company plans to enhance brand influence through a clear strategic direction and operational model[66]. - Marketing strategies will include deepening market penetration and optimizing product structure in both domestic and international markets[65]. Corporate Governance and Management - The company is committed to maintaining a transparent governance structure in compliance with relevant laws and regulations[71]. - The company emphasizes a transparent performance evaluation and incentive mechanism for management, aligning with annual operational goals[72]. - The management team is composed of experienced professionals, with no salary payments made by the controlling shareholder[75]. - The company has established a governance structure to ensure compliance and performance evaluation[97]. Social Responsibility and Community Engagement - The company is committed to social responsibility, actively engaging in environmental protection and community support initiatives[30]. - In 2021, the company provided assistance to 177 low-income households, achieving a 100% poverty alleviation rate in the supported villages[133]. - The company invested a total of RMB 790,000 in material and cash donations for poverty alleviation efforts during the year[133]. - Jiangsu Yanghe Brewery actively promotes green development and low-carbon initiatives among employees, enhancing awareness of energy conservation and environmental protection[131]. Environmental Initiatives - The company invested CNY 30 million in wastewater treatment operations in 2021, with CNY 22 million allocated for upgrading wastewater treatment facilities to enhance pollutant removal rates[128]. - Jiangsu Yanghe Brewery's wastewater treatment plant has a designed capacity of 10,000 tons per day, utilizing a combination of physical, chemical, and biological treatment methods[128]. - The company has established emergency response plans for environmental incidents, which have been filed with relevant environmental protection authorities[130]. Future Outlook and Strategic Goals - The company aims for a revenue growth of over 15% year-on-year in 2022[65]. - The company plans to expand its market presence in international markets, targeting a 30% increase in overseas sales by 2023[90]. - The company has set a performance guidance of 12 billion RMB in revenue for 2022, reflecting a growth target of 14%[90]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[90].

Revenue and Profit - Revenue for Q1 2022 reached ¥13,026,004,652.73, an increase of 23.82% compared to ¥10,520,001,017.41 in the same period last year[2] - Net profit attributable to shareholders was ¥4,985,243,733.48, up 29.07% from ¥3,862,525,751.53 year-on-year[2] - Basic earnings per share increased by 28.29% to ¥3.3093 from ¥2.5796 in the previous year[2] - Operating profit for Q1 2022 was CNY 6,611,566,501.62, up 28.8% from CNY 5,134,755,949.99 in Q1 2021[12] - Net profit attributable to shareholders of the parent company was CNY 4,985,243,733.48, representing a 29.0% increase compared to CNY 3,862,525,751.53 in the previous year[12] - Earnings per share for Q1 2022 were CNY 3.3093, compared to CNY 2.5796 in Q1 2021, reflecting a growth of 28.3%[13] Cash Flow and Financial Performance - The net cash flow from operating activities decreased by 204.87%, resulting in a negative cash flow of ¥3,061,792,273.86[2] - Cash inflow from operating activities totaled 8,060,930,750.15 CNY, down from 9,609,129,320.22 CNY, reflecting a decrease of approximately 16.1% year-over-year[14] - Cash outflow from operating activities increased to 11,122,723,024.01 CNY, compared to 6,689,570,309.62 CNY in the previous period, marking an increase of about 66.5%[14] - The company reported a cash outflow of 1,979,479.90 CNY related to financing activities, with no cash inflow recorded during the period[15] - The company’s cash flow management reflects challenges in operational efficiency and investment returns, necessitating strategic adjustments moving forward[14][15] Assets and Liabilities - Total assets at the end of the reporting period were ¥63,811,020,349.51, a decrease of 5.88% from ¥67,798,704,193.76 at the end of the previous year[2] - The company's total current assets decreased from 49,764,643,087.08 CNY at the beginning of the year to 46,811,609,712.10 CNY at the end of the reporting period, a decline of approximately 5.9%[9] - The total liabilities decreased from 48,764,642,087.08 CNY to 46,811,609,712.10 CNY, a decrease of approximately 4.0%[9] - Total liabilities decreased to CNY 16,310,728,807.19 from CNY 25,317,393,935.97, indicating a reduction of 35.5%[10] - The company reported a total equity of CNY 47,500,291,542.32, an increase from CNY 42,481,310,257.79, marking an 11.9% growth[10] Inventory and Receivables - Inventory decreased from 16,803,093,441.81 CNY to 15,988,326,590.90 CNY, a reduction of approximately 4.8%[9] - The balance of accounts receivable financing decreased by 92.32% compared to the beginning of the period[4] - The company reported a significant reduction in contract liabilities from 15,804,521,430.17 CNY to 9,765,638,217.15 CNY, a decrease of about 38.3%[9] Research and Development - Research and development expenses for Q1 2022 were CNY 91,278,709.60, up from CNY 76,738,247.93, indicating a 19.0% increase[11] Tax and Other Expenses - Tax expenses for the quarter were CNY 1,623,724,334.04, compared to CNY 1,259,403,710.05 in the previous year, reflecting a 28.9% increase[12] - Non-recurring gains and losses totaled ¥87,360,099.83 for the period[3] Shareholder Information - The total number of common shareholders at the end of the reporting period was 154,216[6] - Jiangsu Yanghe Group holds 34.16% of shares, amounting to 514,858,939 shares[6] - The company has no preferred shareholders as indicated in the report[7] Comprehensive Income - Other comprehensive income after tax for Q1 2022 was CNY 1,146,202.19, compared to a loss of CNY 919,333.88 in the same period last year[12]

Revenue and Profit - Revenue for Q3 2021 reached ¥6,398,931,341.75, an increase of 16.66% year-over-year[3] - Net profit attributable to shareholders was ¥1,551,077,792.96, a decrease of 13.10% compared to the same period last year[3] - Net profit excluding non-recurring gains and losses was ¥1,682,026,888.45, up 22.95% year-over-year[3] - Total operating revenue for the current period reached ¥21,942,196,247.29, an increase from ¥18,913,631,468.62 in the previous period, representing a growth of approximately 16%[14] - Net profit for the current period was ¥7,219,146,137.78, compared to ¥7,188,617,120.67 in the previous period, indicating a slight increase of 0.4%[15] - The total comprehensive income for the current period was ¥7,210,434,456.86, compared to ¥7,184,599,017.15 in the previous period, showing an increase of about 0.4%[16] Cash Flow and Liquidity - Cash flow from operating activities for the year-to-date was ¥5,474,055,109.66, reflecting a significant increase of 1,332.75%[3] - The company reported a significant increase in cash flow from operating activities, totaling ¥23,064,739,143.15, up from ¥14,018,783,791.78 in the previous period, marking an increase of approximately 64.7%[17] - The net cash flow from operating activities was ¥5,474,055,109.66, a significant improvement compared to the previous year's negative cash flow of ¥444,052,491.13[18] - Total cash outflow from operating activities amounted to ¥17,590,684,033.49, up from ¥14,462,836,282.91 in the same period last year[18] - The total cash and cash equivalents at the end of the period reached ¥16,642,673,530.64, significantly higher than ¥6,236,942,553.16 at the end of the previous year[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥56,250,411,827.16, representing a growth of 4.43% from the end of the previous year[3] - The company's total liabilities decreased to CNY 14.11 billion from CNY 15.40 billion, a reduction of approximately 8.4%[12] - The company's total equity attributable to shareholders rose to CNY 42.14 billion from CNY 38.48 billion, an increase of about 9.3%[13] - The balance of construction in progress grew by 80.34%, mainly due to investments in new projects[6] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 159,958[8] - Shareholders' equity attributable to the parent company increased by 9.50% to ¥42,142,266,315.50[4] Expenses and Costs - Total operating costs increased to ¥12,748,167,104.04 from ¥11,611,186,446.64, reflecting a rise of about 9.8%[14] - Research and development expenses decreased to ¥171,487,429.98 from ¥235,642,711.00, a reduction of about 27.2%[14] - Tax expenses for the current period were ¥2,503,132,145.99, compared to ¥2,311,376,333.44 in the previous period, representing an increase of about 8.3%[15] - Cash paid to employees and for employee benefits was ¥2,025,877,389.25, compared to ¥1,484,117,926.46 in the same quarter last year[18] Foreign Currency and Investment - The company experienced a foreign currency translation loss of ¥8,720,660.67, compared to a loss of ¥3,815,374.46 in the previous period, indicating a worsening of approximately 128.5%[16] - The company reported investment income of ¥762,609,459.79, down from ¥918,900,724.93, a decrease of approximately 17%[14] Other Information - The company plans to continue expanding its market presence and invest in new product development to drive future growth[12] - The company did not require adjustments to the balance sheet due to the new leasing standards implemented in 2021[19] - The third-quarter report was not audited[19]

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥15.54 billion, representing a 15.75% increase compared to ¥13.43 billion in the same period last year[11]. - The net profit attributable to shareholders was approximately ¥5.66 billion, an increase of 4.82% from ¥5.40 billion in the previous year[11]. - The net profit after deducting non-recurring gains and losses was approximately ¥5.17 billion, reflecting a significant increase of 21.13% compared to ¥4.27 billion in the same period last year[11]. - The basic earnings per share increased to ¥3.7810, up 5.29% from ¥3.5912 in the same period last year[11]. - The company's total revenue for the first half of 2021 reached ¥15,543,264,905.54, representing a year-on-year increase of 15.75%[28]. - Revenue from liquor sales amounted to ¥15,153,993,920.12, accounting for 97.50% of total revenue, with a year-on-year growth of 16.93%[30]. - The total profit for the first half of 2021 was CNY 7,493,160,234.13, compared to CNY 7,169,828,717.62 in the previous year, marking an increase of around 4.5%[101]. Cash Flow and Assets - The net cash flow from operating activities was approximately ¥2.09 billion, a remarkable turnaround from a negative cash flow of ¥2.73 billion in the previous year, marking a 176.58% improvement[11]. - The company's cash and cash equivalents increased to ¥14,592,902,587.40, representing 26.19% of total assets, up from 13.45% the previous year[34]. - The company's total assets at the end of the reporting period were approximately ¥55.71 billion, a 3.43% increase from ¥53.87 billion at the end of the previous year[11]. - The company's cash and cash equivalents reached RMB 14.59 billion, up from RMB 7.24 billion at the end of 2020, indicating a significant increase of approximately 102.3%[93]. - The total cash inflow from operating activities reached CNY 15,002,210,446.00, up from CNY 8,250,905,443.34 in the previous year, indicating a growth of approximately 81.5%[105]. Investments and R&D - The company's R&D investment rose by 45.58% to ¥139,066,623.92, reflecting increased focus on original liquor development[28]. - Research and development expenses increased to CNY 139,066,623.92, compared to CNY 95,524,846.05 in the previous year, marking a rise of 45.5%[100]. - The company is focusing on research and development of new products and technologies to enhance competitiveness[117]. Market Strategy and Sales - The company maintains a dual sales model, primarily focusing on wholesale distribution and online direct sales, with wholesale being the dominant approach[19]. - High-end and mid-range products generated a revenue of CNY 12.553 billion, up 16.48% year-on-year, while ordinary products contributed CNY 2.601 billion, increasing by 19.18%[19]. - The company plans to adapt to new market conditions and challenges in the second half of the year, aiming for sustained growth and quality improvement[17]. - The company plans to enhance its competitiveness by optimizing product structure and expanding market channels in response to increasing market competition[46]. Corporate Governance and Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[2]. - The company held its first extraordinary general meeting of 2021 on February 23, with a participation rate of 75.55%[48]. - The annual general meeting for 2020 took place on May 27, with a participation rate of 77.24%[48]. - The largest shareholder, Jiangsu Yanghe Group Co., Ltd., holds 514,858,939 shares, representing 34.16% of total shares[85]. Environmental and Social Responsibility - The company invested CNY 27.02 million in environmental management and wastewater treatment operations in the first half of 2021[53]. - The wastewater treatment facility of Jiangsu Yanghe Distillery has a capacity of 10,000 tons per day, processing 810,000 tons of wastewater in the first half of 2021[53]. - The company has successfully helped 177 low-income households achieve poverty alleviation through targeted assistance[57]. Risk Management - The company faced risks related to market conditions and has outlined measures to address these risks in the report[2]. - The company is actively monitoring macroeconomic trends to mitigate risks associated with economic uncertainties affecting the liquor industry[45]. Compliance and Reporting - The company adheres to the accounting standards set forth by the Shenzhen Stock Exchange for food and beverage manufacturing, ensuring compliance and transparency in financial reporting[125]. - The company recognizes revenue when the customer obtains control of the goods, which occurs at the point of delivery[181].

Financial Performance - The company's operating revenue for 2020 was CNY 21,101,051,131.79, a decrease of 8.76% compared to CNY 23,126,476,885.07 in 2019[11] - The net profit attributable to shareholders for 2020 was CNY 7,482,228,633.63, reflecting a slight increase of 1.35% from CNY 7,382,822,726.87 in 2019[11] - The net cash flow from operating activities decreased by 41.47% to CNY 3,978,790,835.80 from CNY 6,797,891,871.41 in the previous year[11] - The basic earnings per share for 2020 was CNY 4.9843, up 1.74% from CNY 4.8991 in 2019[11] - The total assets at the end of 2020 were CNY 53,866,259,306.59, an increase of 0.77% from CNY 53,455,037,840.98 at the end of 2019[11] - The weighted average return on equity for 2020 was 20.20%, down from 21.21% in 2019[11] - The net profit after deducting non-recurring gains and losses for 2020 was CNY 5,652,068,941.98, a decrease of 13.79% from CNY 6,555,890,029.81 in 2019[11] - The company reported a net asset attributable to shareholders of CNY 38,484,583,983.54 at the end of 2020, an increase of 5.41% from CNY 36,508,835,491.47 at the end of 2019[11] - The total revenue decreased by 8.24% to CNY 20.334 billion, with a gross profit margin of 74.21%[29] - The revenue from high-end liquor was CNY 17.648 billion, a decrease of 7.15% year-on-year, while ordinary liquor revenue was CNY 2.687 billion, down 14.86%[27] Cash Flow and Investments - The company achieved a 329.77% increase in net cash and cash equivalents, totaling ¥2,943,041,513.62, due to reduced investment in financial products[52] - Operating cash inflow decreased by 22.93% to ¥21,900,973,449.03, while net cash flow from operating activities fell by 41.47% to ¥3,978,790,835.80[51] - Investment activities generated a net cash inflow of ¥4,472,834,784.56, a significant increase of 445.87% compared to the previous year[52] - The company reported investment income of ¥1,206,683,362.49, accounting for 12.21% of total profit[53] - The company has allocated 20,000 million for the Zhongrong Trust project, with a cash flow of 3,028.38 million and a return rate of 8.20%[100] Market Position and Strategy - The company maintained a strong market position, ranking among the top three in revenue and profit within the white liquor industry[17] - The company has a unique competitive advantage with two famous Chinese liquor brands and six well-known trademarks, enhancing its brand value[23] - The company has established a robust marketing network that penetrates all prefecture-level cities across the country, laying a solid foundation for future market expansion[24] - The company implemented a dual-brand strategy and optimized its marketing management system to enhance sales performance[25] - The company recognizes the risk of intensified market competition and plans to enhance its competitive capabilities through product structure optimization and market channel expansion[72] Research and Development - Research and development expenses increased by 62.59% to ¥260,094,291.03, driven by increased investment in the original liquor production base[46] - The number of R&D personnel rose by 38.64% to 549, with R&D investment amounting to ¥269,360,145.63, which is 1.28% of operating revenue[50] - The company continues to innovate in product quality, emphasizing a new style of soft and mellow liquor to meet diverse consumer demands[21] - New product launches are expected to contribute an additional 500 million RMB in revenue in 2021[108] Corporate Governance and Compliance - The company has established a clear governance structure, adhering to relevant laws and regulations, ensuring effective operation[166] - The company actively engages in investor relations, ensuring fair information disclosure and communication with shareholders[168] - The company has a robust internal control system, with regular audits to enhance governance and risk management[168] - The company has no significant accounting errors that require retrospective restatement during the reporting period[88] Social Responsibility and Sustainability - Jiangsu Yanghe Brewery Co., Ltd. invested CNY 12.26 million in wastewater treatment operations in 2020, processing 1.52 million tons of wastewater[127] - The company achieved a total pollutant discharge of 91.47 tons for COD, 1.52 tons for ammonia nitrogen, 2.00 tons for total phosphorus, and 35.06 tons for total nitrogen, all below national discharge standards[126] - The company has established emergency response plans for environmental incidents, with registrations filed with local environmental protection authorities[128] - Jiangsu Yanghe Brewery is committed to maintaining a robust financial strategy to support its growth objectives and enhance shareholder value[99][100][101][102][103] Shareholder Engagement and Dividends - The company plans to distribute a cash dividend of CNY 30 per 10 shares to all shareholders[3] - The cash dividend payout ratio for 2020 is 60.04% of the net profit attributable to ordinary shareholders, compared to 60.99% in 2019[79] - The company distributed a cash dividend of RMB 30.00 per 10 shares, totaling RMB 4,502,746,983 (including tax) for the 2019 fiscal year[76] - The company’s cash dividend policy has remained unchanged, ensuring compliance with regulations and protecting minority shareholders' rights[77]

Financial Performance - Revenue for Q1 2021 reached ¥10,520,001,017.41, an increase of 13.51% compared to ¥9,268,167,143.40 in the same period last year[3] - Net profit attributable to shareholders decreased by 3.49% to ¥3,862,525,751.53 from ¥4,002,168,546.84 year-on-year[3] - Net profit excluding non-recurring gains and losses increased by 19.01% to ¥3,810,668,717.54 from ¥3,201,845,555.14 in the previous year[3] - Basic earnings per share decreased by 2.89% to ¥2.5796 from ¥2.6564 in the same period last year[3] - The weighted average return on equity was 9.56%, down from 11.15% in the previous year[3] - The company reported no significant non-recurring gains or losses during the reporting period[5] - The company reported a total profit of CNY 5,126,407,681.97, a decrease of 4.95% compared to CNY 5,393,068,267.87 in the previous year[55] - The total comprehensive income for the quarter was CNY 3,866,084,638.04, compared to CNY 3,999,584,331.06 in the previous year[58] Cash Flow and Assets - Net cash flow from operating activities improved significantly to ¥2,919,559,010.60, a 987.75% increase from a negative cash flow of ¥328,870,647.68 in the same period last year[3] - Total assets at the end of the reporting period were ¥55,769,965,522.68, up 3.53% from ¥53,866,259,306.59 at the end of the previous year[3] - Net cash and cash equivalents increased by 86.80% year-on-year, attributed to the increase in net cash flow from operating activities[11] - Cash inflow from operating activities amounted to CNY 9,609,129,320.22, a significant increase from CNY 6,222,414,025.96 in the previous period[62] - Cash and cash equivalents at the end of the period were CNY 7,138,554,092.43, compared to CNY 3,507,476,144.40 at the end of the previous year[64] - The company's cash outflow for purchasing goods and services was CNY 1,538,138,939.95, compared to CNY 1,159,672,456.89 in the previous year[65] Shareholder Information - The top ten shareholders held a combined 93.29% of the shares, with Jiangsu Yanghe Group Co., Ltd. holding 34.16%[6] - Net assets attributable to shareholders increased by 10.03% to ¥42,346,188,713.25 from ¥38,484,583,983.54 year-on-year[3] Research and Development - R&D expenses increased by 55.62% year-on-year, reflecting increased investment in R&D projects[10] - Research and development investments increased by 30% in 2021, focusing on innovative brewing techniques[34] Market Expansion and Strategy - The company plans to expand its market presence by entering three new provinces by the end of 2021[24] - Jiangsu Yanghe Distillery is exploring potential acquisitions in the craft liquor segment to diversify its product offerings[26] - The company is implementing new marketing strategies aimed at increasing brand awareness among younger consumers, with a budget increase of 15% for digital marketing[36] Financial Management and Investments - The total amount of entrusted financial management reached ¥1,925,026, with a remaining balance of ¥1,871,627[18] - The company utilized self-owned funds for all entrusted financial management, with ¥1,259,041 allocated to trust financial products and ¥665,985 to bank financial products[18] - The company has established a diverse portfolio of entrusted financial products, enhancing its financial flexibility and investment opportunities[18] Sustainability and Corporate Responsibility - Jiangsu Yanghe Distillery is committed to sustainability, with plans to reduce carbon emissions by 15% by 2023[26] User Engagement - User data indicated a 10% increase in active customers, reaching 1.5 million users in the first quarter[26] - User data indicates a 5.15% increase in customer engagement, with 1.23 billion RMB in cash management products under management[38]

Financial Performance - Operating revenue for the reporting period was approximately ¥5.49 billion, an increase of 7.57% year-on-year[4] - Net profit attributable to shareholders was approximately ¥1.78 billion, representing a growth of 14.07% compared to the same period last year[4] - Basic earnings per share for the reporting period were ¥1.1914, an increase of 14.76% compared to the same period last year[4] - The net cash flow from operating activities was approximately ¥2.29 billion, an increase of 2.69% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥1.37 billion, an increase of 2.25% year-on-year[4] - The company reported a total revenue of 1,059.3 million yuan for Q3 2020, reflecting a year-on-year increase of 27.3%[41] - The company achieved a net profit of 200.27 million yuan in Q3 2020, representing a growth of 15.6% compared to the same period last year[41] - The company reported a total operating revenue for Q3 2020 of CNY 5,485,125,629.89, an increase from CNY 5,099,149,429.96 in the same period last year, representing a growth of approximately 7.57%[53] - Net profit attributable to shareholders was CNY 1,784,839,005.01, up from CNY 1,564,626,614.67, indicating a growth of approximately 14.05% year-over-year[55] Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥47.90 billion, a decrease of 10.39% compared to the end of the previous year[4] - The total amount of entrusted financial management reached 2,215,310,000 CNY, with an outstanding balance of 1,255,235,000 CNY[19] - The total current assets amounted to CNY 37,806,260,724.03, with cash and cash equivalents at CNY 4,300,144,848.67 and trading financial assets at CNY 17,976,767,209.45[72] - The total liabilities decreased to ¥9,731,964,082.80 from ¥16,963,485,271.26, indicating a reduction of 42.5%[48] - The total equity attributable to shareholders increased to ¥38,185,645,015.34 from ¥36,508,835,491.47, reflecting a growth of 4.6%[49] - The total non-current assets reached ¥16,431,797,872.95, an increase of 5% compared to ¥15,648,777,116.95 in the previous year[47] - The total amount of other current liabilities is CNY 1,865,435,061.63[77] Cash Flow - The net cash flow from operating activities decreased by 125.83% year-on-year, primarily due to a reduction in advance payments from distributors and cash received from sales affected by the pandemic[12] - The cash and cash equivalents at the end of the period increased by 45.04% compared to the beginning of the year, mainly due to an increase in net redemptions of financial products[11] - The net cash flow from investing activities increased by 224.48% year-on-year, mainly due to increased net redemptions of financial products[12] - The net cash flow from operating activities was -444,052,491.13 CNY, a decrease from 1,719,384,683.69 CNY in the previous year[67] - The ending balance of cash and cash equivalents reached 6,236,942,553.16 CNY, up from 2,924,934,209.39 CNY year-over-year[68] Research and Development - The R&D expenses increased by 696.10% year-on-year, attributed to the investment in new R&D projects[11] - Research and development expenses for the quarter were CNY 140,117,864.95, significantly higher than CNY 8,813,876.40 in the same quarter last year, indicating a substantial increase in investment in innovation[54] - Research and development expenses surged to CNY 139,679,682.96, compared to CNY 8,355,383.47 in the previous year, marking an increase of over 1,570%[57] - Jiangsu Yanghe Brewery is investing 1,200 million CNY in R&D for innovative brewing technologies to enhance product quality and efficiency[36] Investments and Strategic Initiatives - The company has engaged in multiple trust plans, with significant investments aimed at real estate development projects in Jiangsu Province[23] - The company has committed 20,000,000 CNY to a trust plan with an annualized return of 8.20%[22] - Jiangsu Yanghe Brewery is focusing on expanding its market reach through strategic investments in real estate development projects[27] - The company is actively pursuing mergers and acquisitions to enhance its competitive position in the market[27] - The company is exploring potential acquisitions to enhance its distribution network, targeting a completion by mid-2021[41] Market Presence and Growth Strategy - The company plans to expand its market presence by launching new products in the premium liquor segment, targeting a 15% market share by 2022[36] - The company has outlined a strategic goal to increase its distribution network by 20% over the next two years, focusing on tier-2 and tier-3 cities[37] - Jiangsu Yanghe Brewery is exploring international markets, with plans to enter Southeast Asia by the end of 2021[36] - User data indicated a significant increase in customer engagement, with a 10% rise in active users year-on-year[35] Shareholder Information - The company reported a total of 81,203 shareholders at the end of the reporting period[7] - The largest shareholder, Jiangsu Yanghe Group Co., Ltd., held 34.16% of the shares[7]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥13,428,505,838.73, a decrease of 16.06% compared to ¥15,998,582,862.74 in the same period last year[10]. - The net profit attributable to shareholders of the listed company was ¥5,400,864,286.17, down 3.24% from ¥5,581,705,663.68 in the previous year[10]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥4,266,298,250.26, a decrease of 18.10% compared to ¥5,208,985,988.23 last year[10]. - The net cash flow from operating activities was -¥2,733,382,899.34, a decline of 435.89% from -¥510,063,762.35 in the same period last year[10]. - The basic earnings per share were ¥3.5912, down 3.04% from ¥3.7039 in the previous year[10]. - The total assets at the end of the reporting period were ¥46,077,958,621.86, a decrease of 13.80% from ¥53,455,037,840.98 at the end of the previous year[10]. - The net assets attributable to shareholders of the listed company were ¥36,742,675,274.19, an increase of 0.64% from ¥36,508,835,491.47 at the end of the previous year[10]. - The weighted average return on net assets was 14.15%, down from 15.53% in the previous year, a decrease of 1.38%[10]. Cash Flow and Investments - The company's cash flow from operating activities showed a net outflow of CNY 2.73 billion, a decline of 435.89% year-on-year, primarily due to reduced cash inflow from operations impacted by the pandemic[22]. - Cash and cash equivalents increased to ¥5,290,483,164.40, representing 11.48% of total assets, up from 5.91% in the previous year[27]. - Total investment during the reporting period was ¥116,365,823.30, a decrease of 66.17% compared to ¥343,990,832.04 in the same period last year[31]. - Investment income amounted to ¥678,029,292.47, contributing 9.46% to total profit[26]. - Fair value changes resulted in a gain of ¥920,077,539.40, accounting for 12.83% of total profit[26]. Revenue Breakdown - The revenue from liquor sales accounted for 96.51% of total revenue, with a year-on-year decrease of 16.52%[23]. - The revenue from red wine sales decreased by 37.23%, significantly impacted by the pandemic[25]. - The company reported non-recurring gains of ¥1,134,566,035.91 during the reporting period[15]. Strategic Plans and Market Focus - The company plans to continue focusing on its dual-brand strategy and enhance online sales opportunities in the second half of the year[20]. - The company aims to improve product quality and management efficiency through ongoing research and process optimization[20]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2022[65]. - The company is exploring potential acquisitions in the craft beer segment to diversify its product offerings[65]. Research and Development - Research and development investment increased significantly by 359.57% to CNY 95.52 million, driven by increased investment in original liquor research projects[22]. - Research and development expenses increased significantly to CNY 95.52 million, up 359.56% from CNY 20.79 million in the first half of 2019[104]. Environmental and Social Responsibility - The company reported a total wastewater treatment capacity of 10,000 tons per day with an investment of 96 million RMB, processing 882,500 tons of wastewater in the first half of 2020[73]. - The company received a national green factory funding subsidy of 500,000 RMB and was recognized as an environmentally friendly enterprise in Suqian City in 2020[75]. - The company invested a total of 200,000 CNY in poverty alleviation projects, including 20,000 CNY for land transfer and rice-shrimp farming projects[77]. - The company assisted 177 low-income households in poverty alleviation efforts, with 88 households in Taiping Village and 89 households in Dagou Village[77]. Shareholder Information - The company has repurchased 7,028,939 shares, accounting for 0.4664% of the total share capital, with a total expenditure of approximately 661.89 million CNY[83]. - The total number of shares outstanding is 1,506,988,000, with 82.88% being unrestricted shares[83]. - Total number of common shareholders at the end of the reporting period was 90,749[85]. Financial Position and Liabilities - Total liabilities decreased from CNY 16.96 billion to CNY 9.35 billion, a reduction of approximately 44.9%[99]. - The company's equity attributable to shareholders increased from CNY 36.51 billion to CNY 36.74 billion, an increase of about 0.6%[100]. - The company’s total current assets increased from CNY 30.38 billion to CNY 31.70 billion, an increase of about 4.4%[102]. Accounting Policies - The company’s financial statements are prepared based on the going concern principle[131]. - The company recognizes revenue when it fulfills its performance obligations and the customer gains control of the related goods or services[190]. - The company adopted the new revenue recognition standard effective January 1, 2020, as per the Ministry of Finance's revised notification[198].