金枫酒业(600616) - 2025 Q2 - 季度财报

Important Notice This report period is unaudited, and the company's board of directors and senior management declare the report content to be true, accurate, and complete; there are no profit distribution or capital reserve to share capital plans, no non-operating fund occupation by controlling shareholders or related parties, and no significant risk warnings - This semi-annual report is unaudited[4] - The company's responsible person, chief accountant, and head of accounting department declare the financial report to be true, accurate, and complete[4] - There are no profit distribution or capital reserve to share capital plans for this reporting period[5] - There is no non-operating occupation of funds by controlling shareholders or other related parties, nor any external guarantees provided in violation of prescribed decision-making procedures[6] Section I Definitions This section primarily defines common terms used in the report, such as company names and related party names, clarifying the specific references for "the Company," "Sugar & Wine Group," "Bright Food Group," "Shikumen Company," "Shaoxing Baita," and "Wuxi Zhentai" Definitions of Common Terms | Term | Definition | | :--- | :--- | | The Company, Company, Jinfeng Wine | Shanghai Jinfeng Wine Co., Ltd. | | Sugar & Wine Group | Shanghai Sugar & Wine (Group) Co., Ltd. | | Bright Food Group | Bright Food (Group) Co., Ltd. | | Shikumen Company | Shanghai Shikumen Wine Co., Ltd. | | Shaoxing Baita | Shaoxing Baita Wine Co., Ltd. | | Wuxi Zhentai | Wuxi Zhentai Wine Co., Ltd. | Section II Company Profile and Key Financial Indicators This section provides the company's basic information, contact details, changes in registration and office addresses, stock overview, and detailed disclosure of key accounting data and financial indicators for the reporting period, with net profit attributable to shareholders showing a reduced loss due to cost control measures I. Company Information The company's full name is Shanghai Jinfeng Wine Co., Ltd., abbreviated as Jinfeng Wine, with Zhu Yong as the legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 上海金枫酒业股份有限公司 | | Chinese Abbreviation | 金枫酒业 | | English Name | SHANGHAI JINFENG WINE COMPANY LIMITED | | English Abbreviation | SJFW | | Legal Representative | Zhu Yong | II. Contact Persons and Contact Information This section discloses the contact addresses, phone numbers, faxes, and email addresses for the company's Board Secretary Zhang Liyun and Securities Affairs Representative Liu Qichao Contact Persons and Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Liyun | No. 777 Ningxia Road, Putuo District, Shanghai (inside Haitang Building) | (021)58352625 / (021)50812727908 | (021)58352620 | lily@jinfengwine.com | | Securities Affairs Representative | Liu Qichao | No. 777 Ningxia Road, Putuo District, Shanghai (inside Haitang Building) | (021)58352625 / (021)50812727908 | (021)58352620 | lqc@jinfengwine.com | III. Brief Introduction to Changes in Basic Information The company's registered address has changed multiple times since 1992, currently located at No. 579 Zhangyang Road, China (Shanghai) Pilot Free Trade Zone, with its office at No. 777 Ningxia Road, Putuo District, Shanghai - The company's registered address has changed multiple times since 1992, currently located at No. 579 Zhangyang Road, China (Shanghai) Pilot Free Trade Zone (inside Sanxin Building)[14] - The company's office address is No. 777 Ningxia Road, Putuo District, Shanghai (inside Haitang Building)[14] IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations The company designates "Shanghai Securities News" and "China Securities Journal" for information disclosure, with the semi-annual report published on the Shanghai Stock Exchange website and available at the company's Board of Directors Office - The company's information disclosure newspapers are 'Shanghai Securities News' and 'China Securities Journal'[15] - The semi-annual report is published on http://www.sse.com.cn[15](index=15&type=chunk) - The report is available at the company's Board of Directors Office[15] V. Company Stock Overview The company's A-shares are listed and traded on the Shanghai Stock Exchange, with stock code 600616 and stock abbreviation Jinfeng Wine, previously known as First Food Company Stock Overview | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Jinfeng Wine | 600616 | First Food | VII. Company's Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue decreased by 9.04% year-on-year, while total profit and net profit attributable to shareholders both showed reduced losses, primarily due to cost control measures, with basic and diluted earnings per share both at -0.01 yuan/share Key Accounting Data (Jan-Jun 2025 vs. Prior Year Same Period) | Indicator | Current Period (Jan-Jun) | Prior Year Same Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 215,908,002.10 Yuan | 237,356,726.57 Yuan | -9.04 | | Total Profit | -10,187,172.09 Yuan | -21,534,871.65 Yuan | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company | -7,135,996.02 Yuan | -15,599,959.61 Yuan | Not Applicable | | Net Cash Flow from Operating Activities | -43,915,884.86 Yuan | -34,130,779.61 Yuan | Not Applicable | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Same Period) | Indicator | Current Period (Jan-Jun) | Prior Year Same Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.01 | -0.02 | Not Applicable | | Diluted Earnings Per Share (Yuan/share) | -0.01 | -0.02 | Not Applicable | | Weighted Average Return on Net Assets (%) | -0.36 | -0.79 | Not Applicable | - Net profit attributable to shareholders of the listed company for the current period showed a reduced loss year-on-year, primarily due to the effectiveness of cost control measures such as organizational adjustments, personnel optimization, technological innovation, and internal synergy, leading to improved profitability[19] IX. Non-Recurring Gains and Losses Items and Amounts The total non-recurring gains and losses for this reporting period amounted to 890,923.13 Yuan, primarily comprising government grants and gains/losses from disposal of non-current assets Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 22,205.41 | | Government Grants Included in Current Period P&L | 1,437,115.19 | | Other Non-Operating Income and Expenses | -268,627.59 | | Less: Income Tax Impact | 294,178.88 | | Minority Interest Impact (After Tax) | 5,591.00 | | Total | 890,923.13 | Section III Management Discussion and Analysis This section details the current status of the yellow wine industry, the company's main business, operating model, and performance during the reporting period, highlighting proactive measures in cost reduction, market expansion, brand revitalization, and technological transformation to maintain core competitiveness amidst industry competition I. Description of the Company's Industry and Main Business During the Reporting Period The yellow wine industry is shifting from growth to intense competition, with leading enterprises seeking opportunities through quality improvement, product innovation, market expansion, and brand revitalization, while the company focuses on yellow wine production, emphasizing heritage, innovation, industrialization, R&D, and market management - China's alcoholic beverage industry has fully shifted from growth competition to intense existing market competition, with the yellow wine industry entering an initial boom cycle[23] - The company primarily engages in the production and operation of yellow wine-centric alcoholic beverages, enhancing its core competitiveness through process reform, technological innovation, and new product development, accelerating the integration of traditional craftsmanship with modern technology[23] - The company implements integrated headquarters management, strengthens risk control, and improves operational efficiency, promoting a safety and food safety thousand-point audit system and TPM management projects in production, and unifying brand and market operation management in marketing[24][25] II. Discussion and Analysis of Operating Performance In the first half of 2025, the company addressed market challenges and improved efficiency through strategic adjustments, market share enhancement, brand revitalization, technological upgrades, and strengthened internal controls, with a focus on "stable growth, category innovation, cost reduction, and strengthened management" for the second half to boost profitability - The company actively promotes the key account model within the city, optimizes promotional methods, and maintains its pricing system and sales policies[26] - Basic market share is enhanced through customized products, embracing e-commerce, optimizing social inventory management, and increasing terminal coverage[26] - Based on consumer insights, the company promotes Shikumen's premiumization, Hejiu's health and wellness positioning, and Golden Age's youth-oriented strategy, enhancing brand awareness through diverse brand activities[26] - TPM improvement activities are conducted at three factories, advancing energy center construction and production line layout optimization, increasing centralized procurement, and achieving cost reduction through lightweight bottle pilot production[27] - Organizational adjustments for the marketing and production centers are completed, promoting a cadre talent internship system, strengthening accounts receivable management and safety inspections, and implementing risk control management[27] - In the second half of the year, the company will focus on "stable growth, category innovation, cost reduction, and strengthened management," prioritizing tasks such as channel expansion, brand revitalization, marketing empowerment, output value improvement, and cost reduction and efficiency enhancement[27] III. Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness remained unchanged during the reporting period, indicating stable advantages and market position - The company's core competitiveness did not undergo significant changes during the reporting period[29] IV. Key Operating Performance During the Reporting Period This section analyzes the company's main business, assets, liabilities, and investment status during the reporting period, showing a reduced total loss through cost control despite a slight decrease in operating revenue and gross profit, with adjustments in yellow wine product sales structure and channels, stable asset-liability structure, and no significant changes in external equity investments (I) Analysis of Main Business The company's main business revenue decreased by 9.04% year-on-year, but total profit showed a reduced loss due to cost control, with sales expenses significantly down by 33.53% and R&D expenses up by 95.06%, while high-end yellow wine sales decreased by 7.97% and low-end by 15.25%, direct sales channels grew by 19.38%, wholesale agency declined by 15.91%, and the total number of distributors increased by 14 Key Accounting Item Changes (Jan-Jun 2025 vs. Prior Year Same Period) | Item | Current Period (Ten Thousand Yuan) | Prior Year Same Period (Ten Thousand Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 21,590.80 | 23,735.67 | -9.04 | | Operating Cost | 13,022.10 | 14,332.88 | -9.15 | | Selling Expenses | 3,915.99 | 5,891.29 | -33.53 | | Administrative Expenses | 5,171.79 | 5,731.09 | -9.76 | | R&D Expenses | 429.53 | 220.20 | 95.06 | | Net Cash Flow from Operating Activities | -4,391.59 | -3,413.08 | Not Applicable | - Selling expenses decreased by 33.53% year-on-year, primarily due to reduced personnel and tightened sales promotion activities[31] - R&D expenses increased by 95.06% year-on-year, mainly due to increased R&D investment and more personnel involved in R&D projects[31] Yellow Wine Product Sales Revenue by Product Grade (Jan-Jun 2025 vs. Jan-Jun 2024) | Product Grade | Jan-Jun 2025 Sales Revenue (Ten Thousand Yuan) | Jan-Jun 2024 Sales Revenue (Ten Thousand Yuan) | YoY (%) | | :--- | :--- | :--- | :--- | | Mid-to-High End | 16,584.50 | 18,020.68 | -7.97 | | Low End | 4,325.54 | 5,103.86 | -15.25 | | Total | 20,910.04 | 23,124.54 | -9.58 | Yellow Wine Product Sales Revenue by Sales Channel (Jan-Jun 2025 vs. Jan-Jun 2024) | Channel Type | Jan-Jun 2025 Sales Revenue (Ten Thousand Yuan) | Jan-Jun 2024 Sales Revenue (Ten Thousand Yuan) | YoY (%) | | :--- | :--- | :--- | :--- | | Direct Sales (incl. Group Purchase) | 4,957.51 | 4,152.69 | 19.38 | | Wholesale Agency | 15,952.54 | 18,971.85 | -15.91 | | Total | 20,910.04 | 23,124.54 | -9.58 | Yellow Wine Product Sales Revenue by Region (Jan-Jun 2025 vs. Jan-Jun 2024) | Region Name | Jan-Jun 2025 Sales Revenue (Ten Thousand Yuan) | Jan-Jun 2024 Sales Revenue (Ten Thousand Yuan) | YoY (%) | | :--- | :--- | :--- | :--- | | Shanghai | 15,224.10 | 16,260.84 | -6.38 | | Jiangsu | 4,540.53 | 5,388.73 | -15.74 | | Zhejiang | 435.78 | 350.12 | 24.46 | | Other | 709.63 | 1,124.85 | -36.91 | | Total | 20,910.04 | 23,124.54 | -9.58 | - During the reporting period, the company added 34 new distributors and exited 20, resulting in 868 distributors at period-end, an increase of 14 from the end of 2024[39] (III) Analysis of Assets and Liabilities At the end of the reporting period, total assets decreased by 3.65% year-on-year, and net assets attributable to shareholders decreased by 0.36%, with accounts receivable significantly down by 42.22% due to settlement of payments, and construction in progress increasing by 84.06% mainly due to winery technical renovation projects Changes in Assets and Liabilities (Period-end vs. Prior Year-end) | Item Name | Current Period-end (Ten Thousand Yuan) | Current Period-end % of Total Assets | Prior Year-end (Ten Thousand Yuan) | Prior Year-end % of Total Assets | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 92,059.84 | 42.31 | 96,876.04 | 42.90 | -4.97 | | Accounts Receivable | 3,151.47 | 1.45 | 5,454.66 | 2.42 | -42.22 | | Inventories | 63,641.53 | 29.25 | 64,078.57 | 28.38 | -0.68 | | Fixed Assets | 38,028.41 | 17.48 | 39,380.31 | 17.44 | -3.43 | | Construction in Progress | 868.31 | 0.40 | 471.76 | 0.21 | 84.06 | | Contract Liabilities | 6,425.38 | 2.96 | 7,381.89 | 3.27 | -12.96 | - Accounts receivable decreased by 42.22% year-on-year, primarily due to settlement of payments[40] - Construction in progress increased by 84.06% year-on-year, mainly due to an increase in winery technical renovation projects[40] (IV) Analysis of Investment Status The company's total investment remained unchanged at 893.3364 million Yuan compared to the beginning of the period, with key investment units including Shanghai Shikumen Wine Co., Ltd., Shanghai Longzun Wine Co., Ltd., Shaoxing Baita Wine Co., Ltd., and Wuxi Zhentai Wine Co., Ltd., covering yellow wine production and food trade - The company's total investment is 893.3364 million Yuan, with no change compared to the beginning of the period[43] Company Investment Units at Period-end | Name of Investee Company | Main Business Activities | Equity Interest in Investee Company (%) | | :--- | :--- | :--- | | Shanghai Shikumen Wine Co., Ltd. | Yellow wine production and operation | 100.00 | | Shanghai Longzun Wine Co., Ltd. | Wholesale and import/export of food, packaging materials, and gifts | 70.00 | | Shaoxing Baita Wine Co., Ltd. | Yellow wine production and operation | 60.00 | | Wuxi Zhentai Wine Co., Ltd. | Yellow wine production and operation | 100.00 | Financial Assets Measured at Fair Value (Period-end) | Asset Category | Period-end Amount (Yuan) | | :--- | :--- | | Stocks | 878,495.33 | | Other Equity Instrument Investments | 1,531,727.42 | | Total | 2,410,222.75 | (VI) Analysis of Major Holding and Joint Stock Companies Among major subsidiaries, Shanghai Shikumen Wine Co., Ltd. saw a decrease in main business revenue and net profit; Shanghai Longzun Wine Co., Ltd. had no operations and an increased net loss; Shaoxing Baita Wine Co., Ltd. experienced reduced main business revenue and increased operating and net losses; while Wuxi Zhentai Wine Co., Ltd. had reduced main business revenue but achieved growth in both operating profit and net profit - Shanghai Shikumen Wine Co., Ltd. reported main business revenue of 121.2234 million Yuan, a year-on-year decrease of 18.5060 million Yuan, and net profit of 4.6319 million Yuan, a year-on-year decrease of 2.4067 million Yuan[47] - Shanghai Longzun Wine Co., Ltd. had no operations, with a net loss of 0.09 million Yuan, representing a year-on-year increase in loss of 0.0031 million Yuan[47] - Shaoxing Baita Wine Co., Ltd. reported main business revenue of 20.8644 million Yuan, a year-on-year decrease of 2.1397 million Yuan, and a net loss of 1.7316 million Yuan, representing a year-on-year increase in loss of 0.4332 million Yuan[47] - Wuxi Zhentai Wine Co., Ltd. reported main business revenue of 42.1792 million Yuan, a year-on-year decrease of 3.6568 million Yuan, and net profit of 2.2056 million Yuan, a year-on-year increase of 0.7122 million Yuan[48] Section IV Corporate Governance, Environment, and Society This section discloses changes in the company's directors and senior management, confirms no profit distribution or capital reserve to share capital plans for the reporting period, and lists subsidiaries included in the environmental information disclosure enterprise list with their respective query indexes I. Changes in Company Directors and Senior Management On May 23, 2025, the company's shareholders' meeting elected the twelfth board of directors and appointed senior management, including Zhu Yong as Chairman, Xu Lili and Zhang Hui as Directors and Deputy General Managers, Zhang Liyun as Board Secretary, and Hu Xiaohui as Deputy CFO - On May 23, 2025, the company held its 2024 Annual Shareholders' Meeting, electing members of the twelfth board of directors[52] - Zhu Yong was elected Chairman, Xu Lili and Zhang Hui were elected Directors and Deputy General Managers, Mao Yangen was elected Employee Director, Wu Jie and Deng Han were elected Directors, and Zhou Ying, Wei Chunyan, and Yao Yuerong were elected Independent Directors[51] - Zhang Liyun was appointed Board Secretary, and Hu Xiaohui was appointed Deputy CFO[51][52] II. Profit Distribution or Capital Reserve to Share Capital Plan There is no proposed profit distribution or capital reserve to share capital plan for this semi-annual period - The proposed semi-annual profit distribution plan and capital reserve to share capital plan are 'none'[53] IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law The company has three subsidiaries included in the list of enterprises required to disclose environmental information by law: Shanghai Shikumen Wine Co., Ltd., Shaoxing Baita Wine Co., Ltd., and Wuxi Zhentai Wine Co., Ltd., whose environmental information disclosure reports can be found on the respective provincial/municipal ecological environment department websites - The company has 3 subsidiaries included in the list of enterprises required to disclose environmental information by law[53] 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 | Shanghai Shikumen Wine Co., Ltd. | See Enterprise Environmental Information Disclosure System (Shanghai) website | | 2 | Shaoxing Baita Wine Co., Ltd. | See Zhejiang Provincial Department of Ecology and Environment - Enterprise Environmental Information Disclosure System website | | 3 | Wuxi Zhentai Wine Co., Ltd. | See Enterprise Environmental Information Disclosure System (Jiangsu) website | Section V Significant Matters This section details the fulfillment of commitments made by the company's controlling shareholder and actual controller regarding independence, avoidance of horizontal competition, and reduction of related party transactions, along with the progress on land and property rights regularization commitments and significant related party transactions and leasing matters during the reporting period I. Fulfillment of Commitments Both the controlling shareholder, Sugar & Wine Group, and the actual controller, Bright Food Group, strictly fulfilled their commitments made during the non-public issuance of shares regarding maintaining the company's independence, avoiding horizontal competition, and reducing and standardizing related party transactions, while the company and its controlling shareholder's commitment to regularize certain land and property rights is ongoing, with some properties ceasing use but others intended for continued use due to near-full tank wine inventory - Controlling shareholder Sugar & Wine Group strictly fulfilled its commitments to maintain Jinfeng Wine's independence, avoid horizontal competition, and reduce and standardize related party transactions[56][57][58] - Actual controller Bright Food Group strictly fulfilled its commitments to maintain Jinfeng Wine's independence, avoid horizontal competition, and reduce and standardize related party transactions[60][61][62] - The company has ceased using two properties in Fengnan Village, Fengjing Town, Jinshan District, Shanghai, and Zhujiajiao Town, Qingpu District, but intends to continue using the property opposite Dianshan Lake Winery at No. 190 Jiulong Road, Zhujiajiao Town, due to near-full tank wine inventory[64] X. Significant Related Party Transactions During the reporting period, the company engaged in significant related party transactions for purchasing goods, receiving services, selling goods, and providing services related to daily operations, as well as deposit services with Bright Food Group Finance Co., Ltd., with total related party transactions for purchasing goods and receiving services amounting to 25.4959 million Yuan, and for selling goods and providing services totaling 14.2007 million Yuan, while the period-end deposit balance with Bright Food Group Finance Co., Ltd. was 901.1359 million Yuan Significant Related Party Transactions for Purchasing Goods and Receiving Services (Current Period) | Related Party Name | Related Party Relationship | Transaction Type | Transaction Content | Transaction Amount (Ten Thousand Yuan) | % of Similar Transaction Amount | | :--- | :--- | :--- | :--- | :--- | :--- | | Bright Food Agricultural Development (Group) Co., Ltd. | Group Sister Company | Purchase of Goods | Glutinous rice, Japonica rice | 2,028.84 | 43.45 | | Shanghai Fangxin Packaging Materials Co., Ltd. | Group Sister Company | Purchase of Goods | Packaging materials | 121.15 | 33.25 | | Shanghai Shenxian Logistics Co., Ltd. | Group Sister Company | Purchase of Services | Transportation services | 178.44 | 42.54 | Significant Related Party Transactions for Selling Goods and Providing Services (Current Period) | Related Party | Related Party Relationship | Transaction Type | Transaction Content | Transaction Amount (Ten Thousand Yuan) | % of Similar Transaction Amount | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Jieqiang Tobacco Sugar & Wine Group Distribution Co., Ltd. | Shareholder's Subsidiary | Sale of Goods | Yellow wine | 1,119.30 | 5.35 | | Shanghai Mingyue Quansheng Wine Development Co., Ltd. | Shareholder's Subsidiary | Sale of Goods | Yellow wine | 152.00 | 0.73 | Deposit Business with Related Finance Company (Current Period) | Related Party | Related Party Relationship | Beginning Balance (Ten Thousand Yuan) | Total Deposits This Period (Ten Thousand Yuan) | Total Withdrawals This Period (Ten Thousand Yuan) | Ending Balance (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bright Food Group Finance Co., Ltd. | Group Sister Company | 9,1128.69 | 10,9585.84 | 11,0600.94 | 9,0113.59 | XI. Significant Contracts and Their Fulfillment The company signed an office space lease contract with its controlling shareholder, Sugar & Wine Group, for floors 10 and 11 of Haitang Building, No. 777 Ningxia Road, Putuo District, for its headquarters and sales branches, with the lease income impacting the company's total profit by 7.82% for the year Related Party Leasing (Current Period) | Lessor Name | Leased Asset Description | Lease Start Date | Lease End Date | Lease Income (Ten Thousand Yuan) | Impact of Lease Income on Company | | :--- | :--- | :--- | :--- | :--- | :--- | | Sugar & Wine Group | Leasing floors 10 and 11 of Haitang Building, No. 777 Ningxia Road, Putuo District, for company headquarters and subordinate sales branches | 2024-05-01 | 2026-04-30 | -79.70 | Accounts for 7.82% of the company's total profit for the year | XIII. Explanation of Other Significant Matters The company approved the "Proposal on Amending the Articles of Association" on April 24 and May 23, 2025, and completed the industrial and commercial change registration and filing of the revised Articles of Association in June 2025 - The company completed the industrial and commercial change registration and filing of the revised Articles of Association in June 2025[76] Section VI Share Changes and Shareholder Information This section discloses that the company's share capital structure remained unchanged during the reporting period and details the total number of shareholders and the top ten shareholders' holdings as of the end of the reporting period, with controlling shareholder Shanghai Sugar & Wine (Group) Co., Ltd. holding 34.88% I. Share Capital Change The company's total share capital and share capital structure remained unchanged during the reporting period - During the reporting period, the company's total share capital and share capital structure remained unchanged[78] II. Shareholder Information As of the end of the reporting period, the company had 58,958 common shareholders, with Shanghai Sugar & Wine (Group) Co., Ltd. as the controlling shareholder, holding 34.88% of the shares among the top ten shareholders - As of the end of the reporting period, the total number of common shareholders was 58,958[80] Top Ten Shareholders' Holdings (As of Period-end) | Shareholder Name | Period-end Holding (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanghai Sugar & Wine (Group) Co., Ltd. | 233,352,334 | 34.88 | State-owned Legal Person | | Shanghai Jieqiang Tobacco Sugar & Wine (Group) Co., Ltd. | 7,420,312 | 1.11 | State-owned Legal Person | | Yu Lianghui | 6,557,300 | 0.98 | Domestic Natural Person | | Zhongshifa (Beijing) Technology Development Co., Ltd. | 6,401,070 | 0.96 | State-owned Legal Person | | Wang Guiying | 5,808,530 | 0.87 | Domestic Natural Person | - Shanghai Sugar & Wine (Group) Co., Ltd. is the controlling shareholder of Shanghai Jieqiang Tobacco Sugar & Wine (Group) Co., Ltd., and both, along with Shanghai Yimin Food Factory (Group) Co., Ltd., are wholly-owned subsidiaries of Bright Food (Group) Co., Ltd., making them parties acting in concert[81] Section VII Bond-Related Information The company has no information related to corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds for this reporting period - Information on corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments is 'Not Applicable'[84] - Information on convertible corporate bonds is 'Not Applicable'[84] Section VIII Financial Report This section includes the company's unaudited consolidated and parent company financial statements, detailing assets, liabilities, profit, cash flow, and owner's equity changes, along with basic company information, financial statement preparation basis, significant accounting policies and estimates, taxes, notes to consolidated financial statement items, R&D expenses, changes in consolidation scope, equity in other entities, financial instrument risks, fair value disclosures, related parties and transactions, commitments and contingencies, post-balance sheet events, and notes to parent company financial statement key items I. Audit Report This semi-annual report is unaudited, therefore it does not include an audit report - The audit report is 'Not Applicable', indicating that this semi-annual report is unaudited[86] II. Financial Statements 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 the first half of 2025, comprehensively illustrating the company's financial position, operating results, and cash flow - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were 2,175,770,129.46 Yuan, and owner's equity attributable to the parent company was 1,958,109,644.02 Yuan[88] - The consolidated income statement shows that for January-June 2025, total operating revenue was 215,908,002.10 Yuan, and net profit attributable to parent company shareholders was -7,135,996.02 Yuan[93][94] - The consolidated cash flow statement shows that for January-June 2025, net cash flow from operating activities was -43,915,884.86 Yuan[99] III. Company Basic Information The company, formerly Shanghai First Food Store, was listed in 1992 and renamed Shanghai Jinfeng Wine Co., Ltd. after an asset swap in 2008; as of June 30, 2025, its total share capital was 669,004,950 shares and registered capital was 669,004,950.00 Yuan, with Shanghai Sugar & Wine (Group) Co., Ltd. as its parent company, Bright Food (Group) Co., Ltd. as its actual controller, and Shanghai State-owned Assets Supervision and Administration Commission as the ultimate controlling party - The company, formerly Shanghai First Food Store, was listed in 1992 and renamed Shanghai Jinfeng Wine Co., Ltd. in 2008[113] - As of June 30, 2025, the company's total issued share capital was 669,004,950 shares, and its registered capital was 669,004,950.00 Yuan[115] - The company's parent company is Shanghai Sugar & Wine (Group) Co., Ltd., its actual controller is Bright Food (Group) Co., Ltd., and the ultimate controlling party is the Shanghai State-owned Assets Supervision and Administration Commission[115] IV. Basis of Financial Statement Preparation These financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission, on a going concern basis - These financial statements are prepared in accordance with the 'Enterprise Accounting Standards' issued by the Ministry of Finance and relevant provisions of the China Securities Regulatory Commission's 'Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports'[116] - These financial statements are prepared on a going concern basis[118] V. Significant Accounting Policies and Accounting Estimates This section details the company's adherence to Enterprise Accounting Standards, accounting period, operating cycle, functional currency, and specific accounting policies and estimates for business combinations, consolidated financial statements, financial instruments, inventories, contract assets, assets held for sale, long-term equity investments, investment properties, fixed assets, construction in progress, intangible assets, impairment of long-term assets, deferred income tax, revenue, government grants, and leases - The company adheres to Enterprise Accounting Standards, with the accounting year running from January 1 to December 31 of the Gregorian calendar, an operating cycle of 12 months, and the functional currency being RMB[120][121][122][123] - Financial assets are classified into three categories based on business model and contractual cash flow characteristics: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[142][143] - Inventories include raw materials, work-in-progress, and finished goods, accounted for using the weighted average method upon issuance, and impairment provisions are made based on the lower of cost and net realizable value[168][169] - Fixed assets are depreciated using the straight-line method, with depreciation periods of 20-35 years for buildings and structures, and 5-12 years for machinery and equipment[190] - Revenue is recognized when the customer obtains control of the related goods or services, and the transaction price is measured based on the relative proportion of the standalone selling prices allocated to each distinct performance obligation[210][212] VI. Taxes This section lists the company's main tax categories and applicable tax rates, including Value-Added Tax, Consumption Tax, Urban Maintenance and Construction Tax, and Corporate Income Tax Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value Added | 13%, 9%, 6%, 5% | | Consumption Tax | Taxable Price, Sales Volume | 20%, 0.5 Yuan/500ml or 10%, 240 Yuan/ton | | Urban Maintenance and Construction Tax | Amount of VAT and Consumption Tax Payable | 7%, 5% | | Corporate Income Tax | Taxable Income | 25% | VII. Notes to Consolidated Financial Statement Items This section provides detailed notes on various assets, liabilities, owner's equity, income, costs, expenses, and cash flow items in the consolidated financial statements, including period-end balances, beginning balances, current period changes, and related explanations, offering specific data to understand the company's financial position and operating results Monetary Funds (Period-end vs. Period-beginning) | Item | Period-end Balance (Yuan) | Period-beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 33,296.28 | 33,479.47 | | Bank Deposits | 7,163,511.01 | 38,083,485.71 | | Other Monetary Funds | 12,265,695.12 | 19,356,511.08 | | Deposits with Finance Company | 901,135,872.02 | 911,286,948.38 | | Total | 920,598,374.43 | 968,760,424.64 | Provision for Bad Debts on Accounts Receivable (Current Period Change) | Category | Beginning Balance (Yuan) | Provision Made This Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | | Provision for bad debts on individual basis | 6,821,230.34 | 0 | 6,821,230.34 | | Provision for bad debts on portfolio basis | 3,411,798.26 | -1,133,866.64 | 2,277,931.62 | | Total | 10,233,028.60 | -1,133,866.64 | 9,099,161.96 | Assets with Restricted Ownership or Use Rights (Period-end) | Item | Book Balance (Yuan) | Book Value (Yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 692,557,558.21 | 692,557,558.21 | Other | Time deposits over three months | | Fixed Assets | 12,904,326.72 | 621,729.43 | Loan collateral | Loan collateral | | Intangible Assets | 22,650,644.62 | 14,937,366.72 | Loan collateral | Loan collateral | | Monetary Funds | 4,968,817.52 | 4,968,817.52 | Pledge | Bank acceptance bill margin | | Total | 733,081,347.07 | 713,085,471.88 | / | / | Operating Revenue and Operating Cost (Current Period vs. Prior Period) | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 209,167,712.89 | 126,055,482.56 | 232,704,651.36 | 140,943,211.62 | | Other Business | 6,740,289.21 | 4,165,551.64 | 4,652,075.21 | 2,385,576.03 | | Total | 215,908,002.10 | 130,221,034.20 | 237,356,726.57 | 143,328,787.65 | Selling Expenses (Current Period vs. Prior Period) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Business Operating Expenses | 13,309,328.73 | 29,390,094.64 | | Employee Compensation Related Expenses | 23,464,568.48 | 25,786,578.43 | | Freight and Miscellaneous Expenses | 843,969.56 | 1,398.76 | | Lease Expenses | 86,727.95 | 1,348,702.76 | | Total | 39,159,853.36 | 58,912,853.79 | Administrative Expenses (Current Period vs. Prior Period) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation Related Expenses | 34,435,958.35 | 31,665,193.94 | | Depreciation and Amortization | 7,014,290.66 | 8,350,542.20 | | Storage Related Expenses | 1,100,017.91 | 2,097,604.51 | | Repair Expenses | 1,831,285.53 | 1,524,851.97 | | Office Expenses | 2,414,442.51 | 1,096,122.66 | | Total | 51,717,894.70 | 57,310,877.80 | R&D Expenses (Current Period vs. Prior Period) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation Related Expenses | 2,987,914.80 | 896,442.06 | | Depreciation and Amortization | 707,453.17 | 748,048.14 | | Testing and Inspection Fees | 77,742.69 | 13,342.30 | | Other | 522,213.45 | 544,165.24 | | Total | 4,295,324.11 | 2,201,997.74 | Financial Expenses (Current Period vs. Prior Period) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Interest Expense | 1,417,221.28 | 1,269,996.67 | | Less: Interest Income | 8,557,013.96 | 8,127,802.59 | | Add: Net Exchange Loss | -50,570.70 | 0 | | Bank Charges | 49,207.95 | 35,200.05 | | Total | -7,090,584.73 | -6,873,176.57 | Credit Impairment Losses (Current Period vs. Prior Period) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Bad Debt Loss on Accounts Receivable | -1,133,866.64 | -3,480,974.59 | | Total | -1,133,866.64 | -3,480,974.59 | VIII. R&D Expenses This section presents the company's R&D expenses by nature of expense, totaling 4,295,324.11 Yuan for the current period, a significant year-on-year increase, primarily comprising employee compensation, depreciation and amortization, testing and inspection fees, and other expenses, all recognized as expensed R&D R&D Expenses by Nature of Expense (Current Period vs. Prior Period) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation Related Expenses | 2,987,914.80 | 896,442.06 | | Depreciation and Amortization | 707,453.17 | 748,048.14 | | Testing and Inspection Fees | 77,742.69 | 13,342.30 | | Other | 522,213.45 | 544,165.24 | | Total | 4,295,324.11 | 2,201,997.74 | | Of which: Expensed R&D | 4,295,324.11 | 2,201,997.74 | IX. Changes in Consolidation Scope During the current reporting period, the company had no non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposals of subsidiaries leading to loss of control, nor any other reasons for changes in the consolidation scope - There were no non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposals of subsidiaries leading to loss of control in the current period[377] - There were no other reasons for changes in the consolidation scope in the current period[377] X. Equity in Other Entities This section discloses the composition of the company's enterprise group, including subsidiaries such as Shanghai Shikumen Wine Co., Ltd., Shanghai Longzun Wine Co., Ltd., Shaoxing Baita Wine Co., Ltd., and Wuxi Zhentai Wine Co., Ltd., with Shaoxing Baita Wine Co., Ltd. being a significant non-wholly-owned subsidiary with a 40.00% minority interest and a current period loss attributable to minority shareholders of -950,399.47 Yuan Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital (Ten Thousand Yuan) | Business Nature | Direct Shareholding (%) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Shikumen Wine Co., Ltd. | Shanghai | 20,000 | Industrial | 100.00 | Business combination under common control | | Shanghai Longzun Wine Co., Ltd. | Shanghai | 2,576.6287 | Trading | 70.00 | Business combination under common control | | Shaoxing Baita Wine Co., Ltd. | Shaoxing | 2,200 | Industrial | 60.00 | Business combination not under common control | | Wuxi Zhentai Wine Co., Ltd. | Wuxi | 1,274 | Industrial | 100.00 | Business combination not under common control | Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Interest Shareholding (%) | Current Period Profit/Loss Attributable to Minority Shareholders (Yuan) | Period-end Minority Interest Balance (Yuan) | | :--- | :--- | :--- | :--- | | Shaoxing Baita Wine Co., Ltd. | 40.00% | -950,399.47 | -14,970,256.39 | Shaoxing Baita Wine Co., Ltd. Key Financial Information (Current Period Amounts) | Indicator | Amount (Yuan) | | :--- | :--- | | Operating Revenue | 20,864,351.14 | | Net Profit | -2,375,998.68 | | Total Comprehensive Income | -2,375,998.68 | | Cash Flow from Operating Activities | 4,725,241.76 | XII. Risks Related to Financial Instruments This section briefly mentions risks related to financial instruments but does not detail the company's hedging activities for risk management, application of hedge accounting, or financial asset transfers - The company has not disclosed information on conducting hedging activities for risk management, applying hedge accounting, or financial asset transfers[384] XIII. Disclosure of Fair Value This section discloses the period-end fair value of the company's assets and liabilities measured at fair value, primarily including trading financial assets and other equity instrument investments, with trading financial assets measured using Level 1 fair value and other equity instrument investments using Level 3 fair value, along with valuation techniques and reconciliation information for Level 3 measurements Period-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 1 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | Total Recurring Fair Value Measurements | 878,495.33 | 1,531,727.42 | 2,410,222.75 | | Of which: Trading financial assets (equity instrument investments) | 878,495.33 | 0 | 878,495.33 | | Other equity instrument investments | 0 | 1,531,727.42 | 1,531,727.42 | - The basis for determining the market price of Level 1 fair value measurement items is unadjusted quoted prices in active markets[387] - For unlisted equity investments (Level 3), the company uses valuation techniques, taking the investee's period-end net assets as a significant reference for assessing their fair value[389] XIV. Related Parties and Related Party Transactions This section details the company's parent company, subsidiaries, and other related parties, as well as daily related party transactions during the reporting period, including purchases and sales of goods, provision and acceptance of services, and related party leases, also listing period-end accounts receivable and payable from related parties and explaining the company's participation in centralized fund management arrangements Information on the Company's Parent Company | Parent Company Name | Registered Place | Business Nature | Registered Capital (Ten Thousand Yuan) | Parent Company's Shareholding (%) in the Company | Parent Company's Voting Rights (%) in the Company | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Sugar & Wine (Group) Co., Ltd. | Shanghai | Wholesale non-physical | 55,400 | 34.88 | 36.05 | - Information on the company's subsidiaries can be found in Note 'X. Equity in Other Entities'[392] Related Party Transactions for Purchasing/Selling Goods and Providing/Receiving Services (Current Period) | Related Party | Related Party Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | Bright Food Agricultural Development (Group) Co., Ltd. | Purchase of Goods | 20,288,378.66 | | Shanghai Shenxian Logistics Co., Ltd. | Purchase of Services | 1,784,425.17 | | Shanghai Jieqiang Tobacco Sugar & Wine Group Distribution Co., Ltd. | Sale of Goods | 11,193,046.71 | | Shanghai Sugar & Wine (Group) Co., Ltd. | Provision of Services | 617,641.50 | Related Party Leasing (Company as Lessee, Current Period) | Lessor Name | Type of Leased Asset | Rent Paid (Yuan) | Interest Expense on Lease Liabilities (Yuan) | | :--- | :--- | :--- | :--- | | Shanghai Sugar & Wine (Group) Co., Ltd. | Office Building | 1,885,810.31 | 179,796.03 | | Shanghai Sugar & Wine (Group) Co., Ltd. | Warehouse Building | 1,206,414.68 | 193,947.15 | Accounts Receivable from Related Parties (Period-end) | Item Name | Related Party | Period-end Book Balance (Yuan) | | :--- | :--- | :--- | | Monetary Funds | Bright Food Group Finance Co., Ltd. | 901,135,872.02 | | Accounts Receivable | Shanghai Jieqiang Tobacco Sugar & Wine Group Distribution Co., Ltd. | 4,048,472.11 | | Other Accounts Receivable | Shanghai Tianyang Food Co., Ltd. | 33,622.50 | Accounts Payable to Related Parties (Period-end) | Item Name | Related Party | Period-end Book Balance (Yuan) | | :--- | :--- | :--- | | Accounts Payable | Bright Food Agricultural Development (Group) Co., Ltd. | 3,152,967.34 | | Lease Liabilities | Shanghai Sugar & Wine (Group) Co., Ltd. | 14,932,147.16 | | Non-current liabilities due within one year | Shanghai Sugar & Wine (Group) Co., Ltd. | 4,358,711.56 | - The company participates in centralized fund management and signed a 'Financial Services Framework Agreement' with Bright Food Group Finance Co., Ltd., with a period-end deposit balance of 901.1359 million Yuan at the finance company[400][401] XVI. Commitments and Contingencies This section discloses significant commitments of the company's controlling subsidiary, Shaoxing Baita Wine Co., Ltd., including two maximum pledge contracts with outstanding loan principal balances of 19.00 million Yuan and 12.00 million Yuan as of June 30, 2025, along with details of the pledged assets, and confirms no other significant commitments or contingencies requiring disclosure at the reporting period end - The company's controlling subsidiary, Shaoxing Baita Wine Co., Ltd., has two maximum pledge contracts, with outstanding loan principal balances of 19.00 million Yuan and 12.00 million Yuan respectively as of June 30, 2025[403][407] Shaoxing Baita Wine Co., Ltd. Pledged Asset Details | Asset Name | Asset Book Value (Yuan) | | :--- | :--- | | Land Use Rights | 8,594,272.05 | | Buildings | 903,570.21 | | Total | 9,497,842.26 | - As of the balance sheet date, the company had no significant commitments affecting the reading and understanding of these financial statements, nor any significant contingencies requiring disclosure[406][408] XVII. Post-Balance Sheet Events This section discloses that the company's proposed profit or dividend distribution of 33,450,247.50 Yuan after the balance sheet date has been reviewed and approved for declaration and distribution, with no other significant non-adjusting events, sales returns, or post-balance sheet events Profit Distribution | Item | Amount (Yuan) | | :--- | :--- | | Proposed Profit or Dividend Distribution | 33,450,247.50 | | Profit or Dividend Declared and Distributed After Review and Approval | 33,450,247.50 | XIX. Notes to Parent Company Financial Statement Key Items This section provides detailed notes on key items in the parent company's financial statements, including accounts receivable, other accounts receivable, long-term equity investments, operating revenue, and operating costs, with parent company accounts receivable at 28,027,648.27 Yuan and other accounts receivable at 969,425.91 Yuan at period-end, long-term equity investments at a book value of 810,436,393.42 Yuan, and both parent company operating revenue and operating costs decreasing year-on-year Parent Company Accounts Receivable by Age (Period-end vs. Period-beginning) | Age | Period-end Book Balance (Yuan) | Period-beginning Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 28,618,755.61 | 50,241,562.25 | | 1 to 2 years | 2,283,320.37 | 1,502,980.81 | | 2 to 3 years | 1,511,503.83 | 0 | | Over 3 years | 4,627,123.41 | 3,905,665.85 | | Total | 35,529,199.39 | 57,161,712.74 | Parent Company Other Accounts Receivable by Age (Period-end vs. Period-beginning) | Age | Period-end Book Balance (Yuan) | Period-beginning Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 175,265.91 | 5,403,514.00 | | 1 to 2 years | 140,000.00 | 140,000.00 | | 2 to 3 years | 40,000.00 | 40,000.00 | | Over 3 years | 764,280.00 | 764,280.00 | | Total | 1,119,545.91 | 6,347,794.00 | Parent Company Long-term Equity Investments (Period-end) | Item | Book Balance (Yuan) | Impairment Provision (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Investments in Subsidiaries | 948,737,532.93 | 138,301,139.51 | 810,436,393.42 | | Total | 948,737,532.93 | 138,301,139.51 | 810,436,393.42 | Parent Company Operating Revenue and Operating Cost (Current Period vs. Prior Period) | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 194,783,409.54 | 169,603,243.37 | 217,833,327.57 | 184,438,865.70 | | Other Business | 1,603,351.26 | 81,191.53 | 1,265,541.75 | 33,305.65 | | Total | 196,386,760.80 | 169,684,434.90 | 219,098,869.32 | 184,472,171.35 | XX. Supplementary Information This section provides a detailed statement of non-recurring gains and losses for the current period, totaling 890,923.13 Yuan, along with supplementary financial indicators such as net asset return and earnings per share, where the weighted average return on net assets for net profit attributable to common shareholders and net profit after deducting non-recurring gains and losses are both negative, and basic and diluted earnings per share are both -0.01 Yuan/share Current Period Non-Recurring Gains and Losses Details | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 22,205.41 | | Government Grants Included in Current Period P&L | 1,437,115.19 | | Other Non-Operating Income and Expenses | -268,627.59 | | Less: Income Tax Impact | 294,178.88 | | Minority Interest Impact (After Tax) | 5,591.00 | | Total | 890,923.13 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (Yuan) | Diluted Earnings Per Share (Yuan) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | -0.36 | -0.01 | -0.01 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-Recurring Gains and Losses | -0.41 | -0.01 | -0.01 |