Revenue and Profit - The company reported that over 85% of its revenue, 96% of its profit, and 91% of its non-current assets are derived from the China segment[16]. - The company achieved a revenue of 1,966.74 million yuan in the first half of 2023, representing a year-on-year increase of 0.70%[28]. - The net profit attributable to shareholders was 363.57 million yuan, reflecting a year-on-year growth of 1.43%[28]. - The company's operating revenue for the reporting period was CNY 1,966,738,485, a year-on-year increase of 0.70% compared to CNY 1,953,092,135, primarily due to an increase in average product prices[34]. - Domestic business revenue was CNY 1,687,735,613, representing 85.81% of total revenue, with a year-on-year increase of 1.66%[36]. - The company reported a decrease in foreign business revenue to CNY 279,002,872, which is 14.19% of total revenue, down 4.73% from the previous year[36]. Lease and Asset Management - The company utilizes the straight-line method for depreciation of right-of-use assets, with depreciation calculated over the shorter of the lease term or the remaining useful life of the asset[6]. - The company has chosen not to recognize right-of-use assets and lease liabilities for short-term leases (leases with a term of 12 months or less) and low-value asset leases[7]. - The company classifies leases into finance leases and operating leases, with finance leases transferring almost all risks and rewards related to the ownership of the leased asset[8]. - The company assesses whether a contract contains a lease based on the right to control the use of identified assets for a period of time in exchange for consideration[2]. - The company measures lease liabilities at the present value of lease payments not yet paid, using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate[6]. - The company recognizes rental income from operating leases on a straight-line basis over the lease term[10]. Investment and Research - Research and development expenses increased by 20.76% to CNY 6,653,626, compared to CNY 5,509,656, reflecting increased investment in new products and processes[34]. - The company intends to accelerate the research and development of new products that cater to local tastes and preferences, particularly targeting younger consumers[32]. - The company has a strong research and development system, supported by a national-level wine research center[62]. - The company has invested CNY 50,113,000 in the intelligent upgrade of the Zhangyu Wine Culture Museum project, fully funded by its own resources[103]. Financial Performance and Cash Flow - The net cash flow from operating activities decreased by 12.92% to CNY 527,919,786, down from CNY 606,273,595, mainly due to a reduction in tax refunds received[34]. - The net cash flow from investing activities showed a significant increase of 205.26%, resulting in a net outflow of CNY 251,021,334, compared to CNY 82,230,822 in the previous year[34]. - The net cash flow from financing activities also increased by 150.46%, resulting in a net outflow of CNY 467,609,294, compared to CNY 186,701,705 in the previous year, primarily due to increased dividend distributions and interest payments[34]. Inventory and Production - Sales volume of alcoholic beverages decreased by 5.98% to 42,790 tons compared to the previous period[58]. - Wine production volume dropped by 15.20% to 25,918 tons, while inventory increased by 6.05% to 14,471 tons[58]. - The company's inventory increased by 8.94% to 22,411 tons compared to the previous period[58]. - The total inventory balance was CNY 2,941,103,837, with a provision for inventory depreciation of CNY 14,608,393[100]. Environmental and Social Responsibility - The company has established a wastewater treatment plant that utilizes hydrolysis-aerobic biological treatment technology[96]. - The company has no reported administrative penalties related to environmental issues during the reporting period[99]. - The company has implemented a "company + farmer" model to enhance vineyard production efficiency and quality, benefiting local farmers[132]. - The company has provided assistance to impoverished employees and their families, as well as to local agricultural producers[134]. Risk Management - The company has identified risks related to raw material price fluctuations and uncertainties in market input-output[56]. - The company has overseas subsidiaries exporting to multiple countries, which may face exchange rate risks leading to potential foreign exchange losses or gains[56]. Corporate Governance and Compliance - The company has not reported any changes in significant accounting policies during the period[19]. - The company has not experienced any major litigation or arbitration matters during the reporting period[148]. - The company did not engage in any asset or equity acquisition or sale-related transactions during the reporting period[151]. - The company has not provided any guarantees for shareholders or related parties during the reporting period[197].

Revenue and Profit - Total operating revenue for the current period was ¥1,131,459,036, a decrease of 2.9% from ¥1,165,989,959 in the previous period[1] - Net profit for the current period was ¥263,108,475, down 9.0% from ¥289,302,954 in the previous period[1] - The total profit for the current period was ¥356,971,493, down 9.0% from ¥392,449,152 in the previous period[1] - Net profit attributable to shareholders was CNY 276,778,987, down 4.75% from CNY 290,587,744 year-on-year[18] - Basic earnings per share decreased to CNY 0.40, down 4.76% from CNY 0.42 in the same period last year[18] - Comprehensive income attributable to the parent company decreased from CNY 290,770,983 to CNY 279,923,982, a decrease of about 3%[32] Costs and Expenses - Total operating costs increased to ¥791,450,971, up 0.13% from ¥790,444,106 in the previous period[1] - Research and development expenses rose significantly to ¥3,678,897, an increase of 141.5% compared to ¥1,527,797 in the previous period[1] - Tax expenses decreased to ¥93,863,018, down 9.0% from ¥103,146,198 in the previous period[1] Cash Flow and Assets - Net cash flow from operating activities increased to CNY 333,578,090, representing an 11.45% increase from CNY 299,300,737 in the previous year[18] - Cash inflow from operating activities totaled CNY 1,257,599,498, while cash outflow was CNY 924,021,408, resulting in a net cash flow of CNY 333,578,090[18] - Cash inflow from investment activities was CNY 1,430,000, while cash outflow was CNY 39,992,161, leading to a net cash flow of -CNY 38,562,161[18] - Cash inflow from financing activities was CNY 84,365,587, an increase from CNY 58,268,052 in the previous year[18] - Cash and cash equivalents at the end of the period increased from CNY 1,684,681,398 to CNY 1,827,782,775, an increase of approximately 8.5%[38] Liabilities and Equity - The company reported a 40.27% decrease in accounts receivable compared to the beginning of the period, attributed to the recovery of customer debts[3] - The company experienced a 25.73% decrease in accounts payable, mainly due to reduced procurement and payment of prior debts[3] - Total current liabilities decreased from CNY 2,016,652,886 to CNY 1,676,953,160, a reduction of approximately 16.9%[26] - Total non-current liabilities decreased from CNY 329,273,198 to CNY 289,663,319, a decrease of approximately 12%[26] - Total equity increased from CNY 10,825,580,294 to CNY 11,047,644,973, reflecting an increase of about 2%[26] - Shareholders' equity attributable to the parent company increased by 2.64% to CNY 10,857,886,207 from CNY 10,579,053,733 at the end of the previous year[18] Other Financial Metrics - Other comprehensive income after tax for the current period was ¥3,702,981, compared to ¥447,917 in the previous period[1] - The company reported government subsidies of CNY 13,176,810, contributing positively to the financial results[39] - The total liabilities and equity decreased from CNY 13,171,506,378 to CNY 13,014,261,452, a reduction of about 1.2%[26] - The company's inventory decreased to CNY 2,759,618,215 from CNY 2,903,398,515, indicating a reduction of 4.94%[23] - Net cash flow from financing activities showed a negative change from CNY -36,251,646 to CNY -79,934,522, indicating a worsening cash flow situation[38]