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].

Financial Performance - The company's operating revenue for 2022 was ¥16,713,234,153.52, representing a 25.95% increase compared to ¥13,269,826,266.04 in 2021[12]. - The net profit attributable to shareholders for 2022 was ¥3,143,144,732.08, a 36.78% increase from ¥2,297,894,413.25 in the previous year[12]. - Basic earnings per share for 2022 were ¥5.95, up 33.71% from ¥4.45 in 2021[12]. - The diluted earnings per share for 2022 were also ¥5.95, reflecting a 33.71% increase from ¥4.45 in 2021[13]. - The company's total revenue for the first quarter was approximately CNY 5.27 billion, with a net profit attributable to shareholders of CNY 1.10 billion[15]. - In the second quarter, the revenue decreased to approximately CNY 3.73 billion, with a net profit of CNY 820 million, reflecting a downward trend[15]. - The total operating revenue for 2022 reached ¥16,713,234,153.52, representing a year-on-year increase of 25.95% compared to ¥13,269,826,266.04 in 2021[41]. - The revenue from the liquor business amounted to ¥16,167,709,250.64, accounting for 96.74% of total revenue, with a year-on-year growth of 26.70%[41]. - The company reported a significant increase in international revenue, which rose by 115.76% to ¥21,813,948.38, compared to ¥10,110,198.70 in the previous year[41]. - The company achieved a total operating revenue of 16.713 billion yuan, an increase of 25.95% year-on-year[34]. Cash Flow and Assets - The net cash flow from operating activities decreased by 40.85% to ¥3,107,914,579.48 from ¥5,254,308,127.79 in 2021[12]. - The net cash flow from operating activities for 2022 was ¥3,107,914,579.48, a decrease of 40.85% compared to 2021, primarily due to increased tax payments[59]. - The net increase in cash and cash equivalents for 2022 was ¥7,047,823,256.62, an increase of 1,575.47% year-on-year, mainly due to the maturity and reduced purchase of financial products[59]. - Total cash inflow from investment activities reached ¥8,483,831,118.31, a significant increase of 1,075.81% compared to the previous year[59]. - The company's monetary funds at the end of 2022 amounted to ¥13,772,561,141.30, accounting for 46.23% of total assets, a slight decrease of 0.69% from the beginning of the year[60]. - Inventory at the end of 2022 was ¥6,058,106,090.88, representing 20.34% of total assets, an increase of 1.99% compared to the beginning of the year[60]. - Total assets at the end of 2022 were ¥29,789,822,298.65, an increase of 17.20% from ¥25,418,086,447.80 at the end of 2021[13]. - The total liabilities reached ¥10,456,968,542.44 in 2022, up from ¥8,165,225,566.27 in 2021, indicating an increase of around 28.0%[200]. - The company's retained earnings increased to ¥11,497,599,306.54 in 2022 from ¥9,517,374,574.46 in 2021, representing a rise of approximately 20.8%[200]. Market Position and Strategy - The company is positioned as one of China's top eight famous liquor brands, with a brand value of CNY 227.03 billion, ranking fourth in the industry[23]. - The company aims to leverage consumer trends towards premium liquor, focusing on quality improvement and product innovation[21]. - The overall liquor industry in China is experiencing a recovery since 2016, driven by rising consumer demand for mid-to-high-end products[21]. - The company is actively expanding its market presence outside its home province, focusing on high-end product strategies[34]. - The company is focusing on expanding its market presence through a national strategy and enhancing brand influence[89]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[116]. - The company is committed to digital transformation to enhance operational efficiency and reduce costs[84]. - The company is advancing its "Strategic 5.0" and "Five-Star Operations" strategies to improve service and operational efficiency[85]. Research and Development - The company launched 9 invention patents and 62 utility model patents during the reporting period, showcasing significant technological innovation[36]. - The company conducted multiple R&D projects aimed at improving the quality of its products, including studies on various brewing techniques and raw materials[53]. - The company aims to enhance its product quality and market competitiveness through ongoing R&D efforts and new product development[53]. - R&D expenses rose by 10.14% to ¥56,667,203.01 in 2022 compared to ¥51,449,475.36 in 2021[51]. - The total R&D investment amounted to ¥288,639,442.89 in 2022, a decrease of 3.98% from ¥300,602,964.92 in 2021[57]. - R&D investment as a percentage of operating revenue was 1.73% in 2022, down from 2.27% in 2021, reflecting a 0.54% decrease[57]. - The number of R&D personnel increased by 8.08% to 1,057 in 2022 from 978 in 2021[56]. Governance and Compliance - The board of directors consists of 9 members, including 3 independent directors, complying with legal and regulatory requirements[99]. - The supervisory board has 5 members, including 2 employee supervisors, meeting legal requirements[100]. - The company has established a transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management[101]. - The company adheres to strict information disclosure obligations, ensuring fair access to information for all shareholders[103]. - The company has implemented an insider information management system to maintain confidentiality and fairness in information disclosure[104]. - The company operates independently from its controlling shareholder, with separate business, personnel, assets, and financial management[106]. - The company has established independent financial management and accounting systems, ensuring no shared bank accounts with shareholders[111]. - The company maintained a high level of diligence and responsibility in its governance practices throughout the reporting period[132]. Environmental Responsibility - The company has obtained pollution discharge permits for various facilities, valid until July 18, 2027, for the Gujing, Zhangji, and headquarters plants, and until October 16, 2027, for the Smart Park plant[152]. - The wastewater treatment capacity at the headquarters is approximately 4,300 tons per day, while the Gujing branch has a capacity of about 2,600 tons per day, both meeting the discharge standards[154]. - The company invested a total of 69.24 million yuan in environmental governance and protection in 2022, and paid 142,800 yuan in environmental protection tax[158]. - The company has established emergency response plans for environmental pollution incidents, filed with the local ecological environment bureau[158]. - The company has successfully maintained compliance with environmental standards, with no administrative penalties reported during the reporting period[159]. Employee and Management - Total number of employees is 11,310, with 5,826 in the parent company and 5,484 in major subsidiaries[138]. - The company emphasizes employee training and development, implementing various training programs to enhance overall employee quality[140]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 2,159.59 million[127]. - The company has no significant internal control deficiencies reported, with zero major defects in financial and non-financial reporting[149]. Future Outlook - The company plans to achieve a revenue of 20.1 billion yuan in 2023, representing a growth of 20.26% compared to the previous year[87]. - The projected total profit for 2023 is 6 billion yuan, which indicates a growth of 34.21% year-over-year[87]. - Overall, the company remains optimistic about future growth, supported by strong financial performance and strategic initiatives[116].