Core Insights - The article highlights a significant decline in the stock prices of major Chinese liquor companies, with many experiencing drops of over 1% in a single trading session [1] Company Performance - Luzhou Laojiao (泸州老窖) saw a decrease of 1.87%, with a market capitalization of 205.8 billion [2] - Water Margin (水井坊) dropped by 1.45%, with a total market value of 20.8 billion [2] - Yanghe Brewery (洋河股份) fell by 1.24%, holding a market cap of 106.4 billion [2] - Moutai (贵州茅台) experienced a smaller decline of 0.67%, with a substantial market capitalization of 1,818.8 billion [2] - Other notable declines include Wuliangye (五粮液) at -0.54% and Gujing Gongjiu (古井贡酒) at -0.62% [2] Market Trends - The overall trend indicates a bearish sentiment in the liquor sector, with many companies showing negative year-to-date performance, such as Water Margin at -18.34% and Yanghe Brewery at -11.94% [2] - The article suggests that the recent launch of a new pricing reference for liquor may impact market dynamics, as investors seek to understand true market prices [1]

ANHUI GUJING DISTILLERY COMPANY LIMITED SEMI-ANNUAL FINANCIAL REPORT 2025 August 2025 I Independent Auditor's Report Are these interim financial statements audited by an independent auditor? □ Yes No These interim financial statements have not been audited by an independent auditor. II Financial Statements Currency unit for the financial statements and the notes thereto: RMB | securities | | | | --- | --- | --- | | Payables for underwriting of securities | | | | Employee benefits payable | 1,082,761,156.00 ...

Core Viewpoint - The essence of investment is to buy the future cash flow generation ability of companies, with Return on Equity (ROE) being a critical indicator of this ability [2][3]. Group 1: Importance of ROE - ROE reflects how much net profit shareholders earn for every unit of equity invested, making it a more reliable measure of profitability than earnings per share [3][4]. - High ROE is preferred, and it should ideally be higher than competitors to indicate better management performance [3][4]. - Long-term evaluation of ROE is essential, with a recommended assessment period of at least five years to gauge a company's true performance [4][5]. Group 2: Historical Performance and Examples - Historical data shows that only 6 out of 1000 major U.S. companies had an ROE exceeding 30% over ten years, with 25 companies maintaining an average ROE of 20% without dipping below 15% in any year [4]. - Companies with high ROE often share common traits: low leverage and a focus on core business, leading to sustainable competitive advantages [5][9]. - A statistical analysis of companies with high ROE indicates that 97% of the time, they achieve over 10% annualized returns, with 55% achieving over 20% [8][10]. Group 3: Resilience in Adversity - The white liquor industry has faced numerous crises over the past 30 years, yet companies like Moutai and Wuliangye have managed to capture more market share during downturns [9][10]. - Despite short-term challenges, long-term investments in high ROE companies tend to yield positive returns, as evidenced by historical performance [11][12]. - Current market conditions show that even with low valuations, the ROE of leading companies in the industry remains strong, indicating sustained competitive strength [11][12].

这回我也被套牢了。事情是这样的。 有一类上市公司，叫B股。B股是A股市场的历史遗留物。以古井贡酒为例，总共有5亿股份，4亿在A股上市，1亿在B股上市。 于是，B股成为了一个几乎死掉的市场。 还是说古井贡B吧。它在B股上市的部分有140个亿，但每天的成交额只有多少呢？ 500万。 换手率仅为0.04%，约等于0，是全球资本市场换手率最低的地方。即你买入古井贡B，基本上是卖不出去的，因为找不到人跟你交易 或者我换个角度说，假如你是个超级大老板，你把古井贡的B股全部买下来了。有一天你打算全部卖出，你知道要花多少年吗？超过10年。 总之，买入B股，约等于永久套牢、超长期持有。变相实现了巴菲特所言的买股票就是买公司，只能靠企业未来的利润或现金流来获得回报。 正是因为B股买入后极难退出，因此资金对B股的态度非常保守，往往会给B股一个较低的定价。 像古井贡酒的A股交易价格是150人民币。可B股的价格只有120港币，折合110人民币，明显低于A股。 本质上讲，B股的股票和A股没有区别。一样的表决权，一样的股份分红。唯一的区别在于B股是用港币或美元交易。 因为B股本打算是给外国人投资用的。但后来又发明了各种制度（如QFII、沪 ...

前十大流通股东累计持有： 33874.14万股，累计占流通股比： 64.08%，较上期变化： -116.57万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 安徽古井集团有限责任公司 | 27140.40 | 51.34 | 不变 | | 招商中证白酒指数A | 1273.14 | 2.41 | -65.18 | | 景顺长城新兴成长混合A | 962.12 | 1.82 | 不变 | | CHINA INTERNATIONAL CAPITAL CORPORATION | 893.49 | 1.69 | 1.96 | | HONG KONG SECURITIES LTD | | | | | 易方达消费行业股票 | 797.80 | 1.51 | 不变 | | UBS (LUX) EQUITY FUND-CHINA OPPORTUNITY (USD) | 712.29 | 1.35 | 16.42 | | 香港中央结算有限公司 | 634.77 | 1.20 | -69.77 | | GREE ...

CONTENTS | About This Report | 02 | | --- | --- | | Message from the Chairman | 04 | | About Us | 06 | | Our ESG Journey | 10 | | Our Actions in Alignment with the United Nations Sustainable | 14 | | Development Goals (SDGs) | | | Future Outlook | 96 | | --- | --- | | Appendices | 98 | | Index of Indicators | 98 | | Third-Party Authentication | 99 | | Feedback Form | 100 | | ESG Governance | 18 | | --- | --- | | ESG Strategy | 19 | | ESG-Related Risk Management | 20 | | ESG Key Performance Indicators (KPIs) ...

Financial Performance - The company achieved a total operating revenue of 23.578 billion yuan, representing a year-on-year increase of 16.41% [1] - Operating profit reached 7.751 billion yuan, up 23.36% compared to the previous year [1] - Total profit amounted to 7.787 billion yuan, reflecting a growth of 22.98% year-on-year [1] - Net profit attributable to shareholders was 5.514 billion yuan, an increase of 20.15% from the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 5.456 billion yuan, up 21.38% year-on-year [1] - Basic earnings per share were 10.43 yuan, marking a 20.16% increase compared to the previous year [1] Financial Position - As of the end of the reporting period, total assets were 40.516 billion yuan, which is a 14.38% increase from the beginning of the reporting period [2] - Total equity attributable to the parent company was 24.654 billion yuan, reflecting a growth of 14.53% from the beginning of the reporting period [2] Performance Forecast - The company did not disclose any performance forecasts or profit predictions prior to this earnings announcement [3] Additional Notes - The financial data presented is preliminary and subject to change pending the completion of the audit, with final figures to be disclosed in the annual report [4]

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥13,805,693,542.35, representing a 22.07% increase compared to ¥11,310,016,495.10 in the same period last year[21]. - The net profit attributable to shareholders was ¥3,572,791,595.15, up 28.54% from ¥2,779,474,367.51 year-on-year[21]. - The net profit after deducting non-recurring gains and losses was ¥3,540,540,906.67, reflecting a 29.64% increase compared to ¥2,731,120,890.76 in the previous year[21]. - The basic earnings per share increased to ¥6.76, a rise of 28.52% from ¥5.26 in the same period last year[21]. - The company reported a total profit of ¥5.01 billion for the first half of 2024, up 31.4% from ¥3.81 billion in the same period of 2023[148]. - Operating profit for the first half of 2024 was ¥4.98 billion, a 31.6% increase from ¥3.78 billion in the same period of 2023[148]. - The tax expense for the first half of 2024 was ¥1.33 billion, compared to ¥964.66 million in the previous year, reflecting a 37.9% increase[148]. Assets and Liabilities - Total assets at the end of the reporting period were ¥36,562,696,626.70, a 3.22% increase from ¥35,420,907,274.99 at the end of the previous year[21]. - The company's total assets included cash and cash equivalents of ¥16,158,396,761.58, accounting for 44.19% of total assets[51]. - The total liabilities decreased to ¥12.83 billion from ¥13.01 billion, a decline of approximately 1.4%[142]. - Owner's equity rose to ¥23.73 billion, compared to ¥22.41 billion, indicating an increase of around 5.8%[142]. Cash Flow - The company reported a net cash flow from operating activities of ¥4,009,706,455.49, down 15.19% from ¥4,727,836,696.73 in the same period last year[21]. - Cash generated from operating activities was ¥14.25 billion, compared to ¥12.97 billion in the first half of 2023, marking an increase of 9.8%[151]. - Net cash flow from investment activities was -CNY 443,334,911.51, an improvement from -CNY 999,774,105.42 in the same period last year[153]. - The ending balance of cash and cash equivalents was CNY 15,865,996,371.71, compared to CNY 16,842,303,222.36 at the end of the first half of 2023[153]. Sales and Market Performance - The white liquor business generated ¥13,428,363,064.31, which is 97.27% of total revenue, with a year-on-year growth of 22.29%[46]. - Online sales contributed CNY 408.48 million, reflecting an 18.88% increase year-on-year, while offline sales reached CNY 13.40 billion, up 22.17%[36]. - The production volume of the flagship product, "古井贡酒," increased by 34.25% year-on-year, while its sales volume rose by 11.52%[40]. - The North China region saw a revenue increase of 35.10%, attributed to a rise in sales orders[48]. Investment and Capital Management - The company invested approximately ¥1.07 billion in intelligent winemaking technology, with a cumulative investment of ¥6.17 billion as of the reporting period[57]. - The total amount of raised funds was ¥5 billion, with a net amount of approximately ¥4.95 billion after deducting related expenses[63]. - As of June 30, 2024, the company had temporarily idle raised funds amounting to ¥600 million for cash management purposes[63]. Environmental and Sustainability Efforts - The company is committed to environmental sustainability by implementing pollution control measures and promoting waste recycling initiatives[74]. - The wastewater treatment facility at Gujing Distillery has a design capacity of 5,000 tons/day, with a total discharge of 176,000 tons in the first half of 2024, meeting the GB27631-2011 standards[88]. - The company has successfully maintained normal operation of pollution control facilities, ensuring compliance with environmental standards and fulfilling social responsibilities[87]. - The company invested a total of 20.048 million yuan in environmental governance and protection in the first half of 2024, and paid an environmental protection tax of 94,700 yuan[94]. Corporate Governance and Shareholder Relations - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[3]. - The company announced a cash dividend of RMB 45.00 per 10 shares, totaling RMB 2,378,700,000.00, which represents 51.83% of the net profit attributable to the parent company for the year 2023[77]. - The company held its annual general meeting with a participation rate of 59.58% on May 29, 2024[80]. - The company has implemented the "Quality Return Dual Improvement" action plan to enhance investor confidence and ensure sustainable development[77]. Research and Development - Research and development expenses increased to ¥33.23 million, up from ¥29.96 million, indicating a focus on innovation[146]. Compliance and Regulatory Matters - The financial report for the first half of 2024 has not been audited[138]. - The company has not faced any administrative penalties for environmental issues during the reporting period[94]. - The company strictly adheres to environmental protection laws and standards, including the emission standards for air pollutants and wastewater[85].

Financial Performance - The company's operating revenue for 2023 reached ¥20,253,526,598.02, representing a 21.18% increase compared to ¥16,713,234,153.52 in 2022[24]. - The net profit attributable to shareholders for 2023 was ¥4,589,164,052.80, a 46.01% increase from ¥3,143,144,732.08 in the previous year[24]. - The net cash flow from operating activities was ¥4,496,206,034.42, up 44.67% from ¥3,107,914,579.48 in 2022[24]. - Basic earnings per share for 2023 were ¥8.68, reflecting a 45.88% increase from ¥5.95 in 2022[25]. - The total assets at the end of 2023 amounted to ¥35,420,907,274.99, an 18.90% increase from ¥29,789,822,298.65 at the end of 2022[25]. - The net assets attributable to shareholders increased by 16.22% to ¥21,525,309,609.44 from ¥18,520,757,973.52 in 2022[25]. - The company achieved a total revenue of 20.25 billion yuan in 2023, representing a year-on-year increase of 21.18%[45]. - The net profit attributable to the parent company reached 4.59 billion yuan, up 46.01% compared to the previous year[45]. - The white liquor business generated ¥19,638,756,672.91, accounting for 96.97% of total revenue, with a growth rate of 21.47% year-on-year[55]. - The hotel business saw a significant increase of 45.53%, with revenue of ¥83,688,162.68, up from ¥57,506,783.34 in 2022[55]. Market Position and Industry Trends - The company remains a key player in the white liquor market, recognized as one of the "Old Eight Famous Liquors" in China, with its main product, Gujing Gongjiu, having a historical significance dating back to 196 AD[35]. - The total production of the liquor industry in China reached 61.31 million kiloliters in 2023, with a year-on-year growth of 1.1%, while the white liquor sector saw a production decline of 5.1%[34]. - The sales revenue of the liquor industry in 2023 was approximately 756.3 billion yuan, reflecting a year-on-year increase of 9.7%[34]. - The white liquor industry is expected to continue the trend of "the strong getting stronger and the weak declining," with leading brands consolidating their market positions in 2024[34]. - The company is positioned in a highly competitive market, with its competitive advantage stemming from brand influence, product style, and marketing capabilities[35]. Strategic Initiatives and Partnerships - The company has engaged in strategic partnerships, including a collaboration with Huanghelou Liquor Industry in 2016 and Mingguang Liquor Industry in 2021, to enhance its market presence and product offerings[36]. - The company is advancing its digital transformation strategy, implementing a new digital model to enhance operational efficiency[49]. - The company is focusing on digital marketing strategies, including the introduction of digital platforms to enhance marketing effectiveness and product monitoring[100]. - The company aims to achieve a revenue target of RMB 30 billion in the new development phase[113]. Research and Development - R&D investment increased to ¥366,964,999.32, representing a 27.14% growth compared to ¥288,639,442.89 in the previous year[69]. - The proportion of R&D investment to operating revenue rose to 1.81%, up from 1.73% in the previous year[69]. - The number of R&D personnel grew to 1,147, an increase of 8.51% from 1,057 in the previous year[69]. - The company completed several key R&D projects, including the exploration of multi-aroma liquor production and optimization of the strong aroma liquor brewing process[66][68]. - The company aims to enhance its product competitiveness through the development of high-quality flavored liquor and improved brewing techniques[68]. Governance and Compliance - The company maintains a governance structure that complies with relevant laws and regulations, ensuring transparency and protection of shareholder rights[117]. - The company operates independently from its controlling shareholder, with separate business, personnel, and financial systems[127]. - The company has established an independent financial department and accounting system, ensuring independent financial decision-making[132]. - The company has implemented a performance evaluation and incentive mechanism for its directors and senior management[122]. - The company actively respects and maintains the rights of stakeholders, promoting balanced interests among all parties involved[123]. - The company is committed to protecting the legal rights of all shareholders through its governance practices[154]. Environmental Responsibility - The company has implemented strict adherence to multiple environmental protection laws and standards, ensuring responsible operational practices[174]. - The total investment in environmental governance and protection by the company and its subsidiaries in 2023 was 32.849 million yuan, with an environmental protection tax payment of 156,900 yuan[184]. - The company holds multiple pollution discharge permits valid until 2027 and 2028, ensuring compliance with environmental regulations[174]. - Anhui Gujing Distillery Co., Ltd. reported a total wastewater discharge of 441,574 tons from its Gujing plant in 2023, meeting the GB27631-2011 discharge standards[176]. - The company has implemented an "IC anaerobic + A²/O aerobic + deep treatment" process for its wastewater treatment facilities, ensuring effective pollutant removal[176]. Employee and Management Structure - Total number of employees reached 12,969, with 6,311 in the parent company and 6,658 in major subsidiaries[159]. - The company has a stable management team with key positions held by individuals with tenures extending to 2026[135]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 28.27 million CNY[149]. - The company has implemented a performance-based remuneration system, with basic salaries paid monthly and performance bonuses distributed at year-end[147]. Future Outlook - The company plans to achieve operating revenue of 24.45 billion yuan in 2024, representing a growth of 20.72% compared to the previous year[104]. - The company aims for a total profit of 7.95 billion yuan in 2024, which is an increase of 25.55% year-over-year[104]. - The company anticipates a shift in the liquor industry towards a "full-factor competition logic" due to economic uncertainties and demographic changes[97].

Financial Performance - The company's operating revenue for the first half of 2023 was CNY 11,310,016,495.10, representing a 25.64% increase compared to CNY 9,002,005,923.42 in the same period last year[22]. - The net profit attributable to shareholders of the listed company reached CNY 2,779,474,367.51, a 44.85% increase from CNY 1,918,821,503.75 year-on-year[22]. - The net profit after deducting non-recurring gains and losses was CNY 2,731,120,890.76, up 44.58% from CNY 1,889,027,051.06 in the previous year[22]. - The basic earnings per share for the reporting period was CNY 5.26, representing a 44.90% increase from CNY 3.63 in the same period last year[22]. - The weighted average return on equity was 13.96%, an increase of 2.99% compared to 10.97% in the previous year[22]. - The company reported a total comprehensive income of CNY 2.78 billion for the first half of 2023, compared to CNY 1.92 billion in the same period last year, marking a growth of 44.7%[155]. - The company's operating profit for the first half of 2023 was approximately CNY 3.78 billion, an increase of 42.3% compared to CNY 2.66 billion in the same period of 2022[154]. Cash Flow and Assets - The net cash flow from operating activities was CNY 4,727,836,696.73, reflecting a 12.80% increase compared to CNY 4,191,246,799.79 in the same period last year[22]. - Cash and cash equivalents at the end of the period amounted to CNY 16,852,310,217.36, representing 49.01% of total assets, an increase of 2.78% compared to the previous year[54]. - The total assets at the end of the reporting period amounted to CNY 34,385,117,534.17, a 15.43% increase from CNY 29,789,822,298.65 at the end of the previous year[22]. - The total current assets amounted to RMB 26,024,806,538.95, an increase of 16.4% from RMB 22,328,220,103.19 on January 1, 2023[146]. - The company's cash and cash equivalents reached RMB 16,852,310,217.36, up from RMB 13,772,561,141.30, reflecting a growth of 22.5%[146]. Revenue Sources - Online sales contributed CNY 343.60 million, reflecting a growth of 22.92% compared to the previous year, while offline sales reached CNY 10.97 billion, up 25.73%[35]. - The hotel business revenue surged by 74.62% year-on-year, primarily due to increased room income[49]. - The production volume of the main product "Nianfen Original Liquor" increased by 8.79% year-on-year, while sales volume rose by 24.73%[40]. Costs and Expenses - The total operating costs amounted to CNY 2,388,610,838.28, which is an 18.07% increase from CNY 2,023,003,861.36 in the same period last year[45]. - The sales expenses totaled CNY 3,048,015,143.61, marking a 17.45% increase from CNY 2,595,105,420.46 in the prior year[51]. - The company incurred a total tax expense of CNY 964.66 million, which is an increase from CNY 706.05 million in the previous year[154]. Strategic Initiatives - The company has established strategic partnerships with Huanghelou Liquor and Mingguang Liquor to enhance its product offerings and market presence[34]. - The company focuses on product innovation and quality improvement, actively participating in brand promotion through various media channels[35]. - The company aims to leverage consumer demand for mid-to-high-end liquor as a key growth driver in the future[32]. - The company is committed to green brewing and smart manufacturing, aligning with national carbon neutrality goals[81]. Environmental Management - The company has implemented strict pollution control measures, with specific discharge limits for wastewater and air emissions[94]. - The company’s emissions from various facilities comply with national standards, including SO2 ≤ 35 mg/m3 and NOx ≤ 50 mg/m3 for flue gas[99]. - The company has successfully implemented odor treatment technologies, including photocatalytic oxidation and activated carbon adsorption, meeting the odor pollution discharge standards[100]. - The company has maintained stable operation of its gas boilers, ensuring compliance with GB13271-2014 standards for gas boiler emissions[101]. Shareholder Information - The company will not distribute cash dividends or issue bonus shares for the half-year period[91]. - The annual shareholders' meeting had a participation rate of 58.01% on June 29, 2023[89]. - The company reported a total of 528,600,000 shares outstanding, with 51.07% held by Anhui Gujing Group Co., Ltd.[131]. Future Outlook - In 2023, the company plans to exceed 20 billion in revenue, maintaining a focus on reform and innovation[86]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[156].