证券代码：002461 证券简称：珠江啤酒 公告编号：2025-027 广州珠江啤酒股份有限公司（以下称"公司"）第四届监事会第六十三次会议 于 2025 年 8 月 27 日上午在公司办公楼 502 会议室召开。召开本次会议的通知及相 关资料已于 2025 年 8 月 15 日通过电子邮件等方式送达各位监事。本次会议应到监 事 4 人，实到监事 4 人。会议由全体监事共同推举刘泉先生召集并主持。本次会议 召开符合有关法律、行政法规、部门规章和《公司章程》的有关规定，会议合法、 有效。 与会监事经认真讨论，对以下事项进行了表决，形成监事会决议如下： 审核通过《关于公司 2025 年半年度报告及其摘要的议案》。 监事会的专项审核意见为：经审核，监事会认为董事会编制《广州珠江啤酒股 份有限公司 2025 年半年度报告》及其摘要的内容真实、准确、完整地反映了公司的 实际情况，未发现任何虚假记载、误导性陈述或者重大遗漏。 表决情况：赞成 4 票，反对 0 票，弃权 0 票。 特此公告。 广州珠江啤酒股份有限公司 第四届监事会第六十三次会议决议公告 本公司监事会及全体监事保证公告内容真实、准确、完整，没有虚假记载、误导 ...

证券代码：002461 证券简称：珠江啤酒 公告编号：2025-024 广州珠江啤酒股份有限公司 第四届董事会第八十六次会议决议公告 公司《关于新增日常关联交易预计额度的公告》详见 2025 年 8 月 29 日 《中国证券报》、《证券时报》以及巨潮资讯网。本议案已经公司独立董事 1 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 广州珠江啤酒股份有限公司（以下简称"公司"）第四届董事会第八十六 次会议于 2025 年 8 月 27 日在公司办公楼 502 会议室召开。本次会议由黄文胜 董事长召集。召开本次会议的通知及相关资料已于 2025 年 8 月 15 日通过电子 邮件等方式送达各位董事。本次会议应到董事 9 人（其中独立董事 3 人），实 到董事 9 人。本次会议由黄文胜董事长主持，符合公司章程及《公司法》等法 律法规的有关规定。与会董事经认真讨论，审议通过了以下议案： 一、审议通过《关于公司 2025 年半年度报告及其摘要的议案》。 《公司 2025 年半年度报告》刊登于 2025 年 8 月 29 日巨潮资讯网，《公司 2025 年半年度报告摘要》刊登于 ...

Group 1 - The company reported a revenue of 3.198 billion yuan for the first half of the year, representing a year-on-year growth of 7.09% [1] - The net profit attributable to shareholders reached 612 million yuan, showing a year-on-year increase of 22.51% [1] - The company optimized and upgraded its product structure, with high-end beer product sales increasing by 14.16% year-on-year [1] Group 2 - The company focused on expanding new channels and promoting its brand during the reporting period [1]

格隆汇8月28日丨珠江啤酒(002461.SZ)公布2025年半年度报告，上半年公司实现营业收入31.98亿元，同 比增长7.09%；归属于上市公司股东的净利润6.12亿元，同比增长22.51%；归属于上市公司股东的扣除 非经常性损益的净利润5.87亿元，同比增长23.31%；基本每股收益0.2766元。 ...

智通财经APP讯，珠江啤酒(002461.SZ)发布2025年半年度报告，报告期内，公司实现营业收入31.98亿 元，同比增长7.09%。实现归属于上市公司股东的净利润6.12亿元，同比增长22.51%。实现归属于上市 公司股东的扣除非经常性损益的净利润5.87亿元，同比增长23.31%。基本每股收益0.2766元。 ...

Core Viewpoint - Zhujiang Brewery (002461) reported a positive financial performance for the first half of 2025, indicating growth in both revenue and profit [1] Financial Performance - The company achieved operating revenue of 3.198 billion yuan, representing a year-on-year increase of 7.09% [1] - The net profit attributable to shareholders reached 612 million yuan, showing a year-on-year growth of 22.51% [1] - Basic earnings per share were reported at 0.2766 yuan [1] Sales Volume - Zhujiang Brewery's beer sales volume reached 734,100 tons, reflecting a year-on-year increase of 5.10% [1]

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, lists reference documents, and defines key terms used throughout the report [Important Notice](index=2&type=section&id=1.1%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board, supervisory board, and senior management guarantee the report's accuracy and completeness, and confirm no cash dividends or share transfers from capital reserves for the period - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[4](index=4&type=chunk) - Company head Huang Wensheng, chief accountant Zeng Haitao, and head of accounting Tang Yuanyi declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Reference Documents Catalog](index=4&type=section&id=1.2%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the financial statements signed and sealed by key personnel, along with original announcements disclosed on designated media - Financial statements bearing the signatures and seals of the legal representative, chief accountant, and head of accounting[9](index=9&type=chunk) - Originals of all company documents and announcements publicly disclosed on CSRC-designated newspapers during the reporting period[10](index=10&type=chunk) [Definitions](index=5&type=section&id=1.3%20%E9%87%8A%E4%B9%89) This section provides definitions for common terms used in the report, including company names, major shareholders, and subsidiaries - Defines key entities such as "the Company," "Zhujiang Beer Group," "Interbrew International," and "AB InBev Group"[11](index=11&type=chunk) - Lists major subsidiary names including "Nansha Zhujiang Beer," "Meizhou Zhujiang Beer," "Zhanjiang Zhujiang Beer," "Dongguan Zhujiang Beer," and "Zhongshan Zhujiang Beer"[11](index=11&type=chunk) Company Profile and Key Financial Indicators This section outlines the company's basic information, contact details, and presents key accounting data and financial indicators for the reporting period [Company Profile](index=6&type=section&id=2.1%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section provides the company's fundamental information, including stock ticker, code, listing exchange, and legal representative - Stock Abbreviation: **Zhujiang Beer**, Stock Code: **002461**, Listing Exchange: **Shenzhen Stock Exchange**[14](index=14&type=chunk) - Company Chinese Name: Guangzhou Zhujiang Beer Co., Ltd., Legal Representative: Huang Wensheng[14](index=14&type=chunk) [Contacts and Contact Information](index=6&type=section&id=2.2%20%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's board secretary and securities affairs representative - Board Secretary: Li Kuankuan, Securities Affairs Representative: Chen Shao[15](index=15&type=chunk) - Contact Address: No. 118 Modiesha Street, Xingang East Road, Haizhu District, Guangzhou, Tel/Fax: 020-84207045, Email: zhengquan@zhujiangbeer.com[15](index=15&type=chunk) [Other Information](index=6&type=section&id=2.3%20%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period, as detailed in the 2024 annual report - The company's registered address, office address and postal code, website, and email remained unchanged during the reporting period, as detailed in the 2024 annual report[16](index=16&type=chunk) - The website and media names for the stock exchange where the company's semi-annual report is disclosed, and the location for report availability, remained unchanged during the reporting period, as detailed in the 2024 annual report[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=2.4%20%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) This section presents the company's key accounting data and financial indicators for the current and prior reporting periods, showing growth in revenue and net profit but a decrease in net cash flow from operating activities - The company does not need to retrospectively adjust or restate prior-year accounting data[19](index=19&type=chunk) Key Financial Indicators for the Current Reporting Period | Indicator | Current Reporting Period (yuan) | Prior Reporting Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,197,530,069.72 | 2,985,948,792.93 | 7.09% | | Net Profit Attributable to Shareholders of Listed Company | 612,315,200.35 | 499,805,087.85 | 22.51% | | Net Cash Flow from Operating Activities | 669,715,423.33 | 740,755,588.97 | -9.59% | | Basic Earnings Per Share (yuan/share) | 0.2766 | 0.2258 | 22.50% | | Weighted Average Return on Net Assets | 5.73% | 4.89% | 0.84% | | Total Assets (Period-end) | 15,923,789,813.94 | 15,907,993,645.32 | 0.10% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 10,746,014,077.63 | 10,509,964,718.88 | 2.25% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=2.5%20%E5%A2%83%E5%86%85%E5%8F%B7%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%8F%82) The company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards during the reporting period - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[20](index=20&type=chunk) - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=2.6%20%E9%9D%9E%E7%BB%8F%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) This section details non-recurring gains and losses for the reporting period, totaling **25.74 million yuan**, including tax refund for individual income tax handling fees Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -2,698,514.70 | | Government Subsidies Included in Current Profit and Loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit and loss) | 32,029,544.65 | | Fair Value Change Gains and Losses from Financial Assets and Liabilities Held by Non-Financial Enterprises, and Gains and Losses from Disposal of Financial Assets and Liabilities, excluding effective hedge accounting related to the company's normal operations | 3,406,434.16 | | Other Non-Operating Income and Expenses Apart from the Above Items | 1,125,197.36 | | Other Profit and Loss Items Meeting the Definition of Non-Recurring Gains and Losses | 362,631.17 | | Less: Income Tax Impact | 8,082,955.82 | | Minority Interest Impact (After Tax) | 406,778.12 | | Total | 25,735,558.70 | - Other profit and loss items meeting the definition of non-recurring gains and losses specifically refer to individual income tax handling fee refunds of **362,631.17 yuan**[24](index=24&type=chunk) Management Discussion and Analysis This section provides an overview of the company's operations, financial performance, and risk factors during the reporting period [Main Business Activities During the Reporting Period](index=9&type=section&id=3.1%20%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) The Chinese beer industry is in a stable yet competitive phase with a clear premiumization trend; the company's main business is beer production and sales, achieving growth in sales, revenue, and net profit in H1 2025 - The Chinese beer industry has entered a stable development stage, characterized by intense competition and a clear trend towards premiumization[26](index=26&type=chunk) - The company's main business is beer production and sales and related activities, possessing technological leadership and excellent product quality in the industry, with high brand recognition and influence in the South China region[26](index=26&type=chunk) Key Operating Data for H1 2025 | Indicator | Amount/Quantity | Year-on-Year Growth | | :--- | :--- | :--- | | Beer Sales Volume | 73.41 ten thousand tons | 5.10% | | Operating Revenue | 3.198 billion yuan | 7.09% | | Net Profit Attributable to Shareholders of Listed Company | 612 million yuan | 22.51% | [Key Work Highlights](index=9&type=section&id=3.1.1%20%E4%B8%BB%E8%A6%81%E5%B7%A5%E4%BD%9C%E6%83%85%E5%86%B5) During the reporting period, the company optimized product structure with **14.16% growth in high-end beer sales**, expanded new retail channels, strengthened brand presence, accelerated smart and green transformation of brewing, enhanced beer culture business, and deepened state-owned enterprise reform - Optimized and upgraded product structure, with high-end beer product sales volume increasing by **14.16%** year-on-year[27](index=27&type=chunk) - Launched products such as Auspicious Zhujiang Beer 500mL can, Snow Castle Craft White Beer 980mL can, and 12-degree Zhujiang Beer 980mL can; Zhujiang P9 was awarded the China Alcoholic Drinks Association's 2024 Annual Qingzhuo Award for new alcoholic products[27](index=27&type=chunk) - Focused on new channel expansion, continuously strengthening new retail precision marketing, co-branding with Juewei Duck Neck to customize 3 cultural and creative cans, promoting product value extension[27](index=27&type=chunk) - Accelerated the premiumization, intelligence, and green transformation of the beer brewing industry, with Meizhou Zhujiang Beer's new bottled pure draft beer line project successfully put into operation[27](index=27&type=chunk) - Promoted the quality and expansion of beer culture business, optimized park investment and operation, enhancing Zhujiang Party Pier as a "night economy" landmark, food landmark, and urban cultural tourism consumption destination[27](index=27&type=chunk) - Carried out a special action to deepen and enhance state-owned enterprise reform, strengthening value creation capabilities and improving management efficiency[28](index=28&type=chunk) [Brand Operations](index=9&type=section&id=3.1.2%20%E5%93%81%E7%89%8C%E8%BF%90%E8%90%A5%E6%83%85%E5%86%B5) The company's beer products are categorized into high-end (e.g., pure draft, Snow Castle), mid-range (e.g., Zero Degree), and mass-market products based on retail price - The company primarily classifies its beer products into high-end, mid-range, and mass-market categories based on retail price[28](index=28&type=chunk) - High-end products mainly include pure draft beer and Snow Castle beer, mid-range products mainly include Zero Degree beer, and mass-market products mainly include traditional beer[28](index=28&type=chunk) [Main Sales Models](index=9&type=section&id=3.1.3%20%E4%B8%BB%E8%A6%81%E9%94%80%E5%94%AE%E6%A8%A1%E5%BC%8F) The company primarily uses a distribution model, actively expanding online direct sales, with high-end beer revenue growing by **15.86%** and e-commerce revenue by **47.72%** during the reporting period - The company's main sales model is distribution, and it is also actively developing online direct sales in response to the rapid growth of e-commerce[28](index=28&type=chunk) Operating Revenue and Gross Profit Margin by Product Category | Product Category | Operating Revenue (yuan) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | | :--- | :--- | :--- | :--- | | High-end | 2,363,527,695.85 | 57.74% | 15.86% | | Mid-range | 534,817,635.82 | 31.70% | -17.47% | | Mass-market | 201,302,297.01 | 24.05% | 7.50% | | Total | 3,099,647,628.68 | 51.06% | 7.80% | E-commerce Channel Sales Performance | Channel | Operating Revenue (yuan) | Year-on-Year Change in Operating Revenue | | :--- | :--- | :--- | | E-commerce | 32,629,651.85 | 47.72% | - As of the end of June 2025, the total number of distributors was **1,412**, an increase of **39** from the beginning of the year[30](index=30&type=chunk) [Procurement Model and Content](index=11&type=section&id=3.1.4%20%E9%87%87%E8%B4%AD%E6%A8%A1%E5%BC%8F%E5%8F%8A%E9%87%87%E8%B4%AD%E5%86%85%E5%AE%B9) The company primarily uses a competitive bidding procurement model for items like aluminum cans, malt, glass bottles, and paper boxes, with aluminum cans being the largest procurement item - The company primarily adopts a competitive bidding procurement model[33](index=33&type=chunk) Main Procurement Content and Amounts | Procurement Content | Amount (yuan) | | :--- | :--- | | Aluminum Cans | 406,649,629.29 | | Malt | 186,342,190.05 | | Glass Bottles | 149,059,748.44 | | Paper Boxes | 134,967,736.32 | | Rice | 73,611,369.95 | - The proportion of raw materials purchased from cooperatives or farmers did not exceed **30%** of the total procurement amount, and the year-on-year price change of major externally purchased raw materials did not exceed **30%**[33](index=33&type=chunk) [Main Production Model](index=11&type=section&id=3.1.5%20%E4%B8%BB%E8%A6%81%E7%94%9F%E4%BA%A7%E6%A8%A1%E5%BC%8F) The company primarily self-produces based on sales plans, with raw materials accounting for **71.66%** of operating costs; sales volume and production volume increased, but inventory volume saw a significant rise - The company's products are primarily self-produced, with monthly sales plans and production schedules, and weekly dispatch meetings to adjust production plans to control inventory and ensure timely market supply[33](index=33&type=chunk) Main Components of Operating Costs | Cost Component | H1 2025 Proportion | | :--- | :--- | | Raw Materials | 71.66% | | Direct Labor | 7.36% | | Depreciation | 5.17% | | Energy | 4.53% | | Other | 11.28% | | Total | 100% | Production Volume and Inventory Volume | Item | Unit | Jan-Jun 2025 | Jan-Jun 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Sales Volume | ten thousand tons | 73.41 | 69.85 | 5.10% | | Production Volume | ten thousand tons | 74.92 | 70.21 | 6.71% | | Inventory Volume | ten thousand tons | 6.73 | 4.57 | 47.26% | [Core Competitiveness Analysis](index=12&type=section&id=3.2%20%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 competitiveness remained unchanged during the reporting period - The company's core competitiveness remained unchanged[35](index=35&type=chunk) [Main Business Analysis](index=12&type=section&id=3.3%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by **7.09%** and total profit by **25.69%**; financial expenses decreased due to higher interest income, while income tax expenses rose with increased profit; investment cash flow significantly increased, and financing cash flow significantly decreased - There were no significant changes in the company's profit composition or sources of profit during the reporting period[38](index=38&type=chunk) Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Reporting Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,197,530,069.72 | 2,985,948,792.93 | 7.09% | | | Operating Cost | 1,539,709,376.69 | 1,521,804,181.73 | 1.18% | | | Selling Expenses | 456,819,051.65 | 429,460,296.03 | 6.37% | | | Administrative Expenses | 212,200,277.93 | 190,288,441.34 | 11.52% | | | Financial Expenses | -84,723,342.08 | -65,103,754.51 | -30.14% | Primarily due to the year-on-year increase in interest income | | Income Tax Expense | 137,804,446.73 | 93,831,227.96 | 46.86% | Primarily due to the year-on-year increase in total profit | | Net Cash Flow from Operating Activities | 669,715,423.33 | 740,755,588.97 | -9.59% | | | Net Cash Flow from Investing Activities | 13,108,501.38 | -1,248,898,245.45 | 101.05% | Primarily due to the year-on-year increase in investment recovery during the reporting period | | Net Cash Flow from Financing Activities | -458,051,246.18 | -25,263,528.02 | -1,713.09% | Primarily due to increased dividend distribution and loan repayments during the reporting period | | Net Increase in Cash and Cash Equivalents | 224,784,963.10 | -533,301,604.54 | 142.15% | Primarily due to the combined impact of net cash flow from operating activities, investing activities, and financing activities | Composition of Operating Revenue | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | | :--- | :--- | :--- | | Total Operating Revenue | 3,197,530,069.72 | 100% | | **By Industry:** | | | | Beer Sales | 3,099,647,628.68 | 96.94% | | Yeast Feed Sales | 20,555,647.44 | 0.64% | | Packaging Materials | 4,229,225.74 | 0.13% | | Leasing and Catering Services, etc. | 36,480,326.46 | 1.14% | | Other | 36,617,241.40 | 1.15% | | **By Region:** | | | | South China Region | 3,017,253,630.74 | 94.36% | | Other Regions | 180,276,438.98 | 5.64% | - Advertising and promotional expenses for the current period amounted to **89,594,367.29 yuan**, an increase of **57.64%** compared to **56,836,131.21 yuan** in the prior period, primarily due to increased advertising investment[41](index=41&type=chunk) [Non-Core Business Analysis](index=14&type=section&id=3.4%20%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company had no non-core business analysis during the reporting period - The company had no non-core business analysis during the reporting period[42](index=42&type=chunk) [Analysis of Assets and Liabilities](index=14&type=section&id=3.5%20%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 and net assets attributable to shareholders slightly increased; monetary funds decreased, while trading financial assets and construction in progress significantly increased, and contract liabilities decreased Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 7,447,790,241.19 | 46.77% | 8,197,552,676.18 | 51.53% | -4.76% | | Trading Financial Assets | 817,263,972.06 | 5.13% | 160,290,096.97 | 1.01% | 4.12% | | Construction in Progress | 846,305,033.60 | 5.31% | 691,362,356.91 | 4.35% | 0.96% | | Short-term Borrowings | 2,380,355,153.07 | 14.95% | 2,449,952,591.75 | 15.40% | -0.45% | | Contract Liabilities | 474,459,702.10 | 2.98% | 709,210,279.01 | 4.46% | -1.48% | - The company had no significant overseas assets during the reporting period[45](index=45&type=chunk) - There were no significant changes in the measurement attributes of the company's main assets during the reporting period, and no asset rights were restricted as of the end of the reporting period[47](index=47&type=chunk) [Investment Analysis](index=15&type=section&id=3.6%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company had no significant equity or non-equity investments during the reporting period; **174.02 million yuan** of raised funds were utilized in the current period, with cumulative utilization of **2.79 billion yuan**, and project feasibility remains unchanged despite some projects not being fully operational - The company had no securities investments or derivative investments during the reporting period[48](index=48&type=chunk)[49](index=49&type=chunk) Overall Utilization of Raised Funds | Indicator | Amount (ten thousand yuan) | | :--- | :--- | | Net Amount of Raised Funds | 429,578.70 | | Amount of Raised Funds Utilized in Current Reporting Period | 17,402.42 | | Cumulative Amount of Raised Funds Utilized | 279,256.56 | | Net Interest Income Actually Received from Cash Management of Idle Raised Funds in Current Reporting Period | 1,504.34 | - Some committed investment projects (such as the Modern Marketing Network Construction Project, O2O Sales Channel Construction and Promotion Project, Zhujiang Party Pier Beer Culture Creative Park Renovation and Upgrade Project, Information Platform Construction and Brand Promotion Project) did not meet planned progress or expected returns, primarily because the projects were not fully completed and put into operation[54](index=54&type=chunk) - The implementation method for raised fund investment projects was adjusted, with the Craft Beer Production Line and Experience Store Construction Project concluded, and the remaining uninvested raised funds reallocated to other projects[55](index=55&type=chunk) - Project feasibility has not undergone significant changes[55](index=55&type=chunk) [Significant Asset and Equity Sales](index=20&type=section&id=3.7%20%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 sell any significant assets or equity during the reporting period - The company did not sell significant assets during the reporting period[57](index=57&type=chunk) - The company did not sell significant equity during the reporting period[58](index=58&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=3.8%20%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 discloses financial data for Guangzhou Nansha Zhujiang Beer Co., Ltd. and Dongguan Zhujiang Beer Co., Ltd., two major subsidiaries with significant impact on the company's net profit Financial Data of Major Subsidiaries | Company Name | Total Assets (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | | Guangzhou Nansha Zhujiang Beer Co., Ltd. | 6,473,122,465.61 | 283,674,186.46 | | Dongguan Zhujiang Beer Co., Ltd. | 1,332,249,530.95 | 117,847,431.38 | - The company did not acquire or dispose of subsidiaries during the reporting period[59](index=59&type=chunk) [Information on Structured Entities Controlled by the Company](index=20&type=section&id=3.9%20%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 had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[60](index=60&type=chunk) [Risks Faced by the Company and Countermeasures](index=20&type=section&id=3.10%20%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 market competition, raised fund investment projects, business and product factors (raw material supply, product quality, new product development, environmental protection), and changes in tax preferential policies, which it addresses by strengthening analysis, optimizing internal controls, and enhancing compliance - The company faces market competition risk, as the beer industry is highly competitive[60](index=60&type=chunk) - Risks in the implementation of raised fund investment projects, with long construction periods, where changes in market environment, technology, and local policies may affect implementation progress and results[60](index=60&type=chunk) - Business and product risks include raw material supply and price fluctuations, product quality, new product development, and environmental protection risks[61](index=61&type=chunk) - Risks of changes in tax preferential policies, as some subsidiaries enjoy corporate income tax reductions, and failure to pass qualification reviews would increase tax costs[61](index=61&type=chunk) - Countermeasures include strengthening analysis of new situations, continuously optimizing the internal control system, focusing on management optimization, enhancing compliance operations, and ensuring the healthy and sustainable development of the company's operations[61](index=61&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=3.11%20%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 has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[62](index=62&type=chunk) - The company has not disclosed a valuation enhancement plan[62](index=62&type=chunk) [Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=21&type=section&id=3.12%20%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%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 has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[62](index=62&type=chunk) Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, profit distribution plans, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=4.1%20%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, there were multiple changes in the company's directors, supervisors, and senior management, including new appointments and resignations due to work transfers or retirement - Cheng Yanjun was elected as a director (April 23, 2025) and vice chairman (April 24, 2025) due to work transfer[63](index=63&type=chunk) - Huang Wensheng was elected as chairman (June 16, 2025) due to work transfer, and his general manager position was terminated (July 25, 2025) also due to work transfer[63](index=63&type=chunk)[64](index=64&type=chunk) - Zhang Yong was appointed as general manager (July 25, 2025), elected as a director (August 14, 2025) and vice chairman (August 27, 2025) due to work transfer[63](index=63&type=chunk) - Yang Ke (Vice Chairman) and Li Fei (Employee Representative Supervisor) resigned due to work transfer or retirement, and Wang Zhibin (Chairman) resigned due to retirement[63](index=63&type=chunk)[64](index=64&type=chunk) [Profit Distribution and Capital Reserve to Share Capital Conversion in Current Reporting Period](index=22&type=section&id=4.2%20%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 semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[65](index=65&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=4.3%20%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 implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[66](index=66&type=chunk) [Environmental Information Disclosure](index=22&type=section&id=4.4%20%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 company and its six major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with query indexes provided for their respective reports - The listed company and its six major subsidiaries are included in the list of enterprises required to disclose environmental information by law[67](index=67&type=chunk) Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Guangzhou Nansha Zhujiang Beer Co., Ltd. | https://www app.gdeei.cn/gdeepub/front/dal/dal/newindex | | 2 | Dongguan Zhujiang Beer Co., Ltd. | https://www app.gdeei.cn/gdeepub/front/dal/dal/newindex | | 3 | Zhanjiang Zhujiang Beer Co., Ltd. | https://www app.gdeei.cn/gdeepub/front/dal/dal/newindex | | 4 | Hebei Zhujiang Beer Co., Ltd. | http://121.29.48.71:8080/ | | 5 | Guangxi Zhujiang Beer Co., Ltd. | https://bqfq.sthjt.gxzf.gov.cn/GXHJXXPLQYD/frontal/index.html/home/index | | 6 | Hunan Zhujiang Beer Co., Ltd. | http://yfpl.sthjt.hunan.gov.cn:8181/hnyfpl/frontal/index.html/home/index | [Social Responsibility](index=22&type=section&id=4.5%20%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) During the reporting period, the company actively promoted rural revitalization projects and ecological construction initiatives through targeted assistance, tree planting, and donations - During the reporting period, the company promoted the "Ten Thousand Villages Project" and the construction of the Nankunshan Luofushan surrounding area leading zone, diligently implementing targeted assistance work such as stationing in towns to help villages, strengthening towns and revitalizing villages within the city, and paired assistance[68](index=68&type=chunk) - Contributed to the ecological construction of Green and Beautiful Guangdong and Green and Beautiful Guangzhou through voluntary tree planting activities and donations[68](index=68&type=chunk) Significant Events This section details the fulfillment of commitments by related parties, absence of illegal guarantees, and other significant matters such as litigation and related party transactions [Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=23&type=section&id=5.1%20%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) All commitments made by the company's actual controller, shareholders, and related parties regarding competition, related party transactions, fund occupation, and dividends were fulfilled on time during the reporting period, with no overdue unfulfilled items - Guangzhou Industrial Investment Holding Group Co., Ltd. committed to ensuring the listed company's independence in assets, organization, business, finance, and personnel, standardizing related party transactions, and guaranteeing not to harm the legitimate rights and interests of the listed company and other shareholders through related party transactions; the commitment was normally fulfilled[70](index=70&type=chunk) - Guangzhou Zhujiang Beer Group Co., Ltd. committed not to engage in businesses identical or similar to the company's through itself or other controlled enterprises, and to prioritize transferring such businesses to the company if they arise; the commitment was normally fulfilled[70](index=70&type=chunk) - INTERBREW INVESTMENT INTERNATIONAL HOLDING LIMITED committed that its related parties would not acquire or own beer production and operation enterprises other than the company within Guangdong Province through wholly-owned, joint venture, or associated methods; the commitment was normally fulfilled[71](index=71&type=chunk) - All directors, supervisors, and senior management of the company committed that the shares transferred annually during their tenure would not exceed **25%** of the total shares directly or indirectly held, and no shares would be transferred within six months after resignation; the commitment was strictly fulfilled[72](index=72&type=chunk)[73](index=73&type=chunk) - Guangzhou Zhujiang Beer Co., Ltd. committed to distributing no less than **10%** of the distributable profit realized in the current year as cash dividends annually; the commitment was strictly fulfilled[72](index=72&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=26&type=section&id=5.2%20%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 reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[74](index=74&type=chunk) [Illegal External Guarantees](index=26&type=section&id=5.3%20%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 illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[75](index=75&type=chunk) [Appointment and Dismissal of Accounting Firms](index=26&type=section&id=5.4%20%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 report was unaudited - The company's semi-annual report was unaudited[76](index=76&type=chunk) [Board of Directors' and Supervisory Board's Explanation on 'Non-Standard Audit Report' for the Current Period](index=26&type=section&id=5.5%20%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) The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[77](index=77&type=chunk) [Board of Directors' Explanation on 'Non-Standard Audit Report' for the Prior Year](index=26&type=section&id=5.6%20%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) The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[77](index=77&type=chunk) [Bankruptcy and Reorganization Matters](index=26&type=section&id=5.7%20%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[77](index=77&type=chunk) [Litigation Matters](index=27&type=section&id=5.8%20%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; other minor lawsuits totaling **17.36 million yuan** are ongoing or in execution, with no material impact - The company had no significant litigation or arbitration matters during the current reporting period[78](index=78&type=chunk) Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (ten thousand yuan) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Other lawsuits not meeting the disclosure threshold for significant litigation | 1,736.23 | No | Some lawsuits have been concluded, while others are ongoing or in the execution phase | No significant impact on the company during the reporting period | [Penalties and Rectification](index=27&type=section&id=5.9%20%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[79](index=79&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=27&type=section&id=5.10%20%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) The company reported no statements regarding the integrity status of its controlling shareholder or actual controller during the reporting period - The company reported no statements regarding the integrity status of its controlling shareholder or actual controller during the reporting period[80](index=80&type=chunk) [Significant Related Party Transactions](index=27&type=section&id=5.11%20%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in various daily operational related party transactions, including procurement, leasing, and sales, all conducted at fair prices and without harming shareholder interests; there were no non-operating related party receivables or payables Related Party Transactions Related to Daily Operations | Related Party | Related Transaction Content | Amount Incurred in Current Period (yuan) | Approved Transaction Limit (ten thousand yuan) | | :--- | :--- | :--- | :--- | | Guangzhou Rongxin Container Co., Ltd. | Procurement of Goods/Acceptance of Services (e.g., aluminum cans) | 202,056,135.04 | 47,996.87 | | Guangzhou Industrial Investment and its Controlled Companies | Leasing of Related Party Properties and Land | 1,327,229.82 | 283.63 | | Guangzhou Industrial Investment and its Controlled Companies | Procurement of Fuel and Power (e.g., electricity, natural gas) | 6,097,227.76 | 1,117.71 | | Guangzhou Industrial Investment and its Controlled Companies | Acceptance of Technology, Project, Training, and other Daily Operational Services | 806,955.04 | 128.50 | | Guangzhou Industrial Investment and its Controlled Companies | Sales of Goods, Products | 940,000.00 | 45.00 | - The company had no related party transactions involving asset or equity acquisitions or sales during the reporting period[83](index=83&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[84](index=84&type=chunk) - The company had no non-operating related party receivables or payables during the reporting period[85](index=85&type=chunk) [Significant Contracts and Their Performance](index=29&type=section&id=5.12%20%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) The company has a property lease agreement with Guangzhou Rongshen Packaging Industrial Co., Ltd. and engaged in entrusted wealth management totaling **980 million yuan**, with **820 million yuan** outstanding and no overdue unrecovered amounts - The company has a property lease agreement for real estate at No. 102, 104, 106 Jinggang Road, Baiyun District, Guangzhou, owned by Guangzhou Rongshen Packaging Industrial Co., Ltd., for production and operation use, with a lease term from October 1, 2022, to September 30, 2025, and rent determined by market prices[91](index=91&type=chunk) - The company had no significant guarantee situations during the reporting period[92](index=92&type=chunk) Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management Incurred (ten thousand yuan) | Unmatured Balance (ten thousand yuan) | Overdue Unrecovered Amount (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 11,500 | 8,000 | 0 | | Bank Wealth Management Products | Raised Funds | 86,500 | 74,000 | 0 | | Total | | 98,000 | 82,000 | 0 | - Entrusted wealth management did not show any situations where principal was expected to be unrecoverable or other circumstances that could lead to impairment[97](index=97&type=chunk) [Explanation of Other Significant Matters](index=33&type=section&id=5.13%20%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 reported no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[99](index=99&type=chunk) [Significant Matters of Company Subsidiaries](index=33&type=section&id=5.14%20%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 had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[100](index=100&type=chunk) Share Changes and Shareholder Information This section details the company's share capital structure, shareholder numbers, and major shareholder holdings, confirming no changes in total shares or controlling shareholders [Share Change Information](index=34&type=section&id=6.1%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total shares and share capital structure remained unchanged during the reporting period, with no impact on financial indicators from share changes or buybacks Share Change Information | Item | Quantity Before This Change (shares) | Proportion Before This Change | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0.00% | 0 | 0.00% | | II. Unrestricted Shares | 2,213,328,480 | 100.00% | 2,213,328,480 | 100.00% | | III. Total Shares | 2,213,328,480 | 100.00% | 2,213,328,480 | 100.00% | - The reasons for share changes, approval status, transfer status, progress of share buybacks, and progress of reducing repurchased shares through centralized bidding are all not applicable[103](index=103&type=chunk) - Share changes had no impact on financial indicators such as basic and diluted earnings per share, and net assets per share attributable to common shareholders for the most recent year and period[103](index=103&type=chunk) [Securities Issuance and Listing](index=35&type=section&id=6.2%20%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 during the reporting period - The company had no securities issuance or listing during the reporting period[103](index=103&type=chunk) [Number of Shareholders and Shareholding Information](index=35&type=section&id=6.3%20%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 **24,501** common shareholders; the top two shareholders, Guangzhou Industrial Investment Holding Group Co., Ltd. and INTERBREW INVESTMENT INTERNATIONAL HOLDING LIMITED, collectively held over **84%** of shares, with no pledges, markings, or freezes among the top ten shareholders - As of the end of the reporting period, the total number of common shareholders was **24,501**[104](index=104&type=chunk) Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held (shares) | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangzhou Industrial Investment Holding Group Co., Ltd. | State-owned Legal Person | 54.15% | 1,198,493,234 | Not Applicable | 0 | | INTERBREW INVESTMENT INTERNATIONAL HOLDING LIMITED | Overseas Legal Person | 29.99% | 663,777,210 | Not Applicable | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.71% | 15,630,895 | Not Applicable | 0 | | National Social Security Fund 413 Portfolio | Other | 0.60% | 13,380,000 | Not Applicable | 0 | | China Construction Bank Corporation - Penghua CSI Liquor ETF | Other | 0.42% | 9,312,786 | Not Applicable | 0 | | National Social Security Fund 115 Portfolio | Other | 0.36% | 8,000,000 | Not Applicable | 0 | | Liu Cun | Domestic Natural Person | 0.35% | 7,844,904 | Not Applicable | 0 | | Industrial and Commercial Bank of China - GF Stable Growth Securities Investment Fund | Other | 0.33% | 7,200,100 | Not Applicable | 0 | | Agricultural Bank of China Limited - CSI 500 ETF | Other | 0.30% | 6,530,300 | Not Applicable | 0 | | Bank of Ningbo Co., Ltd. - Yinhua Shengshi Selected Flexible Allocation Mixed Initiated Securities Investment Fund | Other | 0.29% | 6,480,150 | Not Applicable | 0 | - The company is unaware if there are any related party relationships among the aforementioned shareholders or if they are concerted parties as defined by the "Administrative Measures for Information Disclosure on Changes in Shareholdings of Listed Company Shareholders"[105](index=105&type=chunk)[106](index=106&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=37&type=section&id=6.4%20%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[107](index=107&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=37&type=section&id=6.5%20%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[109](index=109&type=chunk) - The company's actual controller remained unchanged during the reporting period[109](index=109&type=chunk) [Preferred Share Information](index=39&type=section&id=6.6%20%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[110](index=110&type=chunk) Bond-Related Information This section confirms the absence of any bond-related information for the company during the reporting period [Bond-Related Information](index=40&type=section&id=7.1%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[112](index=112&type=chunk) Financial Report This section includes the unaudited financial statements, company background, basis of preparation, significant accounting policies, tax information, and detailed notes to the consolidated financial statements [Audit Report](index=41&type=section&id=8.1%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[114](index=114&type=chunk) [Financial Statements](index=41&type=section&id=8.2%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025 - Consolidated Balance Sheet, as of June 30, 2025[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) - Parent Company Balance Sheet, as of June 30, 2025[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) - Consolidated Income Statement, H1 2025[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - Parent Company Income Statement, H1 2025[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) - Consolidated Cash Flow Statement, H1 2025[130](index=130&type=chunk)[131](index=131&type=chunk) - Parent Company Cash Flow Statement, H1 2025[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk) - Consolidated Statement of Changes in Owners' Equity, H1 2025[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) - Parent Company Statement of Changes in Owners' Equity, H1 2025[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk) [Company Basic Information](index=58&type=section&id=8.3%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section outlines the company's registration and headquarters address, industry, main business, and lists its subsidiaries included in the consolidated financial statements as of June 30, 2025 - The company's registered address is No. 118 Modiesha Street, Xingang East Road, Haizhu District, Guangzhou; its headquarters address is the same as its registered address; the company belongs to the beer industry, with its main business being beer production and sales[148](index=148&type=chunk) - As of June 30, 2025, the subsidiaries within the scope of the company's consolidated financial statements include those acquired through establishment or investment and those acquired through business combinations under common control[149](index=149&type=chunk) - Major subsidiaries include Dongguan Zhujiang Beer Co., Ltd., Guangzhou Nansha Zhujiang Beer Co., Ltd., Foshan Yongxin Cap Manufacturing Co., Ltd., etc., covering business natures such as industrial enterprises and project investment management[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk) [Basis of Financial Statement Preparation](index=61&type=section&id=8.4%20%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 on a going concern basis, adhering to enterprise accounting standards and CSRC regulations, confirming its ability to continue operations for at least the next 12 months - The company's financial statements are prepared on a going concern basis, in accordance with actual transactions and events, and in compliance with the "Basic Accounting Standards for Business Enterprises" and specific accounting standards, application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance, as well as the "Reporting Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports" issued by the China Securities Regulatory Commission[152](index=152&type=chunk) - These financial statements are prepared on a going concern basis; the company has the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no significant matters affecting its going concern ability[153](index=153&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=61&type=section&id=8.5%20%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 adherence to enterprise accounting standards, covering accounting periods, operating cycles, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash equivalents, foreign currency translation, financial instruments, impairment of receivables, inventories, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, contract liabilities, employee benefits, provisions, revenue recognition, government grants, deferred income tax assets/liabilities, and leases - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position as of June 30, 2025, and its operating results and cash flows for H1 2025[154](index=154&type=chunk) - The company's accounting periods are divided into annual and interim periods, with an interim period referring to a reporting period shorter than a full accounting year; the company's fiscal year adopts the calendar year, from January 1 to December 31 annually[155](index=155&type=chunk) Methods and Basis for Determining Materiality Standards | Item | Materiality Standard | | :--- | :--- | | Large prepayments with an aging over 1 year | 5 million yuan | | Significant construction in progress | 15 million yuan | | Significant accounts payable with an aging over 1 year | 1 million yuan/top five by amount | | Significant other payables with an aging over 1 year | 1 million yuan/top five by amount | | Significant non-wholly owned subsidiaries | Revenue amount accounts for 1% of consolidated total revenue | - The company classifies financial assets based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets into: financial assets measured at amortized cost; financial assets measured at fair value through other comprehensive income; and financial assets measured at fair value through profit or loss[169](index=169&type=chunk) - The company recognizes loss provisions for receivables based on expected credit losses, classifying receivables into several portfolios based on credit risk characteristics and calculating expected credit losses on a portfolio basis[182](index=182&type=chunk)[183](index=183&type=chunk) - Depreciation of fixed assets is calculated using the straight-line method, with depreciation periods of 8-50 years for buildings, 10-32 years for machinery, 8-13 years for transportation equipment, and 5-20 years for electronic and other equipment, with a salvage value rate of **3%-5%** (**0%-5%** for electronic equipment)[206](index=206&type=chunk) - Intangible assets with finite useful lives are amortized using the straight-line method over the period they are expected to generate economic benefits for the enterprise; intangible assets whose useful lives cannot be reliably estimated are treated as intangible assets with indefinite useful lives and are not amortized[217](index=217&type=chunk) - Revenue is recognized when the customer obtains control of the related goods, provided that the contract between the company and the customer simultaneously meets specific conditions[249](index=249&type=chunk) [Taxation](index=86&type=section&id=8.6%20%E7%A8%8E%E9%A1%B9) This section details the company's main tax categories and rates, including VAT, consumption tax, and corporate income tax, with several subsidiaries enjoying a **15%** preferential corporate income tax rate due to high-tech enterprise status Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Income | 5%、6%、9%、13% | | Consumption Tax | Taxable Sales Volume | 220 yuan/ton or 250 yuan/ton | | Urban Maintenance and Construction Tax | Turnover Tax | 5%、7% | | Corporate Income Tax | Taxable Income | 15% or 25% | | Education Surcharge | Turnover Tax | 3% | | Local Education Surcharge | Turnover Tax | 2% | - The company's corporate income tax rate is **25%**[278](index=278&type=chunk) - Several subsidiaries, including Guangzhou Nansha Zhujiang Beer Co., Ltd., Dongguan Zhujiang Beer Co., Ltd., Hebei Zhujiang Beer Co., Ltd., Guangxi Zhujiang Beer Co., Ltd., Hunan Zhujiang Beer Co., Ltd., Meizhou Zhujiang Beer Co., Ltd., Zhanjiang Zhujiang Beer Co., Ltd., and Guangzhou Zhufeng Color Printing & Paper Products Co., Ltd., are recognized as high-tech enterprises and enjoy a **15%** preferential corporate income tax rate[279](index=279&type=chunk)[280](index=280&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk)[283](index=283&type=chunk) [Notes to Consolidated Financial Statement Items](index=88&type=section&id=8.7%20%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 provides detailed notes on the period-end and period-beginning balances and current period changes for various consolidated financial statement items, including monetary funds, trading financial assets, receivables, inventories, fixed assets, and revenue Monetary Funds | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Deposits | 7,445,771,116.02 | 8,190,577,451.36 | | Other Monetary Funds | 2,019,125.17 | 6,975,224.82 | | Total | 7,447,790,241.19 | 8,197,552,676.18 | Trading Financial Assets | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Financial assets measured at fair value through profit or loss | 817,263,972.06 | 160,290,096.97 | | Including: Structured Deposits | 817,263,972.06 | 160,290,096.97 | | Total | 817,263,972.06 | 160,290,096.97 | Disclosure of Accounts Receivable by Impairment Provision Method | Category | Book Balance (yuan) | Impairment Provision (yuan) | Book Value (yuan) | | :--- | :--- | :--- | | Accounts receivable for which impairment provision is made on a portfolio basis | 160,348,672.18 | 131,792,369.03 | 28,556,303.15 | Inventory Classification | Item | Period-end Book Value (yuan) | | :--- | :--- | | Raw Materials | 89,487,877.73 | | Work in Progress | 53,774,773.36 | | Inventories of Goods | 135,427,828.87 | | Revolving Materials | 359,235,147.67 | | Total | 637,925,627.63 | Fixed Assets Information | Item | Period-end Book Value (yuan) | | :--- | :--- | | Buildings and Structures | 1,764,820,500.62 | | Machinery and Equipment | 1,241,828,939.23 | | Transportation Equipment | 2,970,524.01 | | Electronic and Other Equipment | 180,326,056.32 | | Total | 3,189,946,020.18 | Construction in Progress Information | Item | Period-end Book Value (yuan) | | :--- | :--- | | Construction in Progress | 846,305,033.60 | | Total | 846,305,033.60 | Intangible Assets Information | Item | Period-end Book Value (yuan) | | :--- | :--- | | Land Use Rights | 1,999,107,125.70 | | Patent Rights | 0 | | Trademark Rights | 183,915,856.15 | | Other | 21,557,205.93 | | Total | 2,204,580,187.78 | Short-term Borrowings Classification | Item | Period-end Balance (yuan) | | :--- | :--- | | Bill Discounting Loans | 1,142,893,347.23 | | Loan Interest | 9,134,065.82 | | Letter of Credit Discounting Loans | 1,228,327,740.02 | | Total | 2,380,355,153.07 | Contract Liabilities | Item | Period-end Balance (yuan) | | :--- | :--- | | Promotional Expenses | 430,397,140.18 | | Advances from Customers | 44,062,561.92 | | Total | 474,459,702.10 | Operating Revenue and Operating Cost | Item | Amount Incurred in Current Period - Revenue (yuan) | Amount Incurred in Current Period - Cost (yuan) | | :--- | :--- | :--- | | Main Business | 3,160,912,828.32 | 1,536,627,325.61 | | Other Businesses | 36,617,241.40 | 3,082,051.08 | | Total | 3,197,530,069.72 | 1,539,709,376.69 | Supplementary Information to Cash Flow Statement | Supplementary Information | Amount in Current Period (yuan) | | :--- | :--- | | Net Profit | 621,699,552.59 | | Net Cash Flow from Operating Activities | 669,715,423.33 | | Net Increase in Cash and Cash Equivalents | 224,784,963.10 | [Research and Development Expenses](index=143&type=section&id=8.8%20%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) The company's total R&D investment for the reporting period was **94.93 million yuan**, entirely expensed, with no capitalized R&D projects Research and Development Expenses | Item | Amount Incurred in Current Period (yuan) | | :--- | :--- | | R&D Investment | 94,926,408.76 | | Of which: Expensed R&D Expenditure | 94,926,408.76 | - The company had no R&D projects meeting capitalization criteria in the current period[580](index=580&type=chunk) [Changes in Consolidation Scope](index=144&type=section&id=8.9%20%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The company had no business combinations under non-common control or common control, nor any disposal of subsidiaries during the reporting period - There were no business combinations under non-common control in the current period[583](index=583&type=chunk) - There were no business combinations under common control in the current period[588](index=588&type=chunk) - There were no transactions or events resulting in the loss of control over subsidiaries in the current period[590](index=590&type=chunk) [Interests in Other Entities](index=147&type=section&id=8.10%20%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 details the company's enterprise group structure, including major subsidiaries and their shareholding proportions, and provides financial information for significant non-wholly owned subsidiaries, confirming no important joint ventures or associates - The company's enterprise group includes subsidiaries such as Haifeng Zhujiang Beer Packaging Co., Ltd., Dongguan Zhujiang Beer Co., Ltd., and Guangzhou Nansha Zhujiang Beer Co., Ltd., all with **100%** shareholding[592](index=592&type=chunk) Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Proportion | Profit and Loss Attributable to Minority Shareholders in Current Period (yuan) | Dividends Declared and Distributed to Minority Shareholders in Current Period (yuan) | Period-end Minority Interest Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Foshan Yongxin Cap Manufacturing Co., Ltd. | 40.00% | 2,429,679.04 | 1,600,000.00 | 20,796,609.82 | | Guangzhou Party Pier Investment Management Co., Ltd. | 49.00% | 6,954,673.20 | 14,700,000.00 | 39,268,844.60 | - The company has no significant joint ventures or associates[600](index=600&type=chunk)[602](index=602&type=chunk) [Government Grants](index=152&type=section&id=8.11%20%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) As of the end of the reporting period, the company's deferred income related to government grants totaled **798.50 million yuan**; **32.03 million yuan** in government grants were recognized in current profit or loss, primarily through other income and non-operating income Liability Items Involving Government Grants | Accounting Account | Period-beginning Balance (yuan) | Amount of New Grants in Current Period (yuan) | Amount Recognized in Other Income in Current Period (yuan) | Period-end Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 826,480,958.31 | 2,368,200.00 | 30,349,706.22 | 798,499,452.09 | Asset/Income Related | Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount Incurred in Current Period (yuan) | | :--- | :--- | | Other Income | 31,929,544.65 | | Non-Operating Income | 100,000.00 | - The total government grants recognized in current profit or loss for the current period amounted to **32,029,544.65 yuan**[610](index=610&type=chunk) [Risks Related to Financial Instruments](index=152&type=section&id=8.12%20%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces credit, liquidity, and market risks (interest rate and foreign exchange risks), which are managed through strategies like depositing funds with reputable banks, monitoring receivables, and utilizing bank bor

Group 1 - The consumer sector has recently seen significant inflows, with over 3.4 billion yuan into consumer-themed ETFs since August, contrasting sharply with earlier in the year when technology stocks were favored [1] - The current price-to-earnings (P/E) ratio of the major consumer index is 19.88, which is below the three-year average of 30%, suggesting a perceived valuation advantage [4] - The experience of the past indicates that low valuation does not guarantee price increases, as market consensus and large capital movements are more decisive factors [4] Group 2 - Institutional behavior is crucial in understanding market dynamics, as evidenced by the sustained investment in bank stocks since 2022 despite high valuation concerns [5][7] - The lack of institutional participation in the liquor sector has led to continuous price declines, highlighting the importance of large capital involvement for price recovery [10] - The consumer sector's recent activity may indicate a strategic reallocation of funds, similar to past movements in bank stocks, suggesting that large investors are quietly positioning themselves [11] Group 3 - The current fluctuations in the consumer sector raise questions about whether this is a valuation correction or the beginning of a new market trend, with institutional inflows being a critical signal to monitor [13]

Market Overview - On August 27, the non-liquor sector declined by 1.7% compared to the previous trading day, with *ST Lanhuang leading the decline [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Key stocks in the non-liquor sector showed varied performance, with 会稽山 (Kuaijishan) increasing by 0.78% to close at 23.28, while *ST Lanhuang (Lanhuang) fell by 4.47% to close at 8.34 [1][2] - Other notable declines included 重庆啤酒 (Chongqing Beer) down 1.07%, 张裕A (Zhangyu A) down 1.14%, and *ST 椰岛 (Yedao) down 1.45% [1][2] Trading Volume and Capital Flow - The non-liquor sector experienced a net outflow of 283 million yuan from institutional investors, while retail investors saw a net inflow of 298 million yuan [2] - The trading volume for 会稽山 was 338,600 hands with a transaction value of 779 million yuan, while *ST 兰黄 had a trading volume of 57,300 hands and a transaction value of 48.47 million yuan [1][2] Capital Inflow Analysis - In terms of capital inflow, 张裕A had a net inflow of 5.04 million yuan from institutional investors, while *ST 兰黄 saw a significant net outflow of 10.63 million yuan [3] - The data indicates that retail investors were more active in the market, with notable inflows into stocks like *ST 椰岛 and 珠江啤酒 (Zhujiang Beer) [3]

Market Performance - The non-baijiu sector increased by 1.52% on August 25, with Kuaijishan leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Stock Highlights - Kuaijishan (601579) closed at 23.20, up 10.00% with a trading volume of 323,700 shares and a turnover of 733 million yuan [1] - Guyue Longshan (600059) closed at 10.39, up 2.57% with a trading volume of 279,700 shares and a turnover of 289 million yuan [1] - Jinfeng Wine Industry (600616) closed at 6.00, up 2.39% with a trading volume of 336,300 shares and a turnover of 200 million yuan [1] Capital Flow - The non-baijiu sector saw a net inflow of 181 million yuan from institutional investors, while retail investors experienced a net outflow of 85.13 million yuan [2] - The main stocks with significant capital inflow included Kuaijishan with a net inflow of 127 million yuan, accounting for 17.39% of its trading volume [3] Individual Stock Capital Flow - Kuaijishan had a net inflow of 127 million yuan from main funds, while retail investors saw a net outflow of 72.16 million yuan [3] - Zhirun Co. (002568) experienced a net inflow of 35.89 million yuan from main funds, but a net outflow of 5.45 million yuan from retail investors [3] - Chongqing Beer (600132) had a net inflow of 29.53 million yuan from main funds, with a net outflow of 42.03 million yuan from retail investors [3]