ANHUI GUJING DISTILLERY COMPANY LIMITED
FIRST QUARTER REPORT 2019
April 2019
Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Part I Important Notes
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,
supervisors and senior management of Anhui Gujing Distillery Company Limited (hereinafter
referred to as the “Company”) hereby guarantee the factuality, accuracy and completeness of
the contents of this Report and its summary, and shall be jointly and severally liable for any
misrepresentations, misleading statements or material omissions therein.
All the Company’s directors have attended the Board meeting for the review of this Report
and its summary.
Liang Jinhui, the Company’s legal representative, Ye Changqing, the Company’s Chief
Accountant, and Zhu Jiafeng, head of the Company’s financial department (equivalent to
financial manager) hereby guarantee that the Financial Statements carried in this Report are
factual, accurate and complete.
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Part II Key Corporate Information
I Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
Q1 2019 Q1 2018 Change (%)
Operating revenue (RMB) 3,668,502,474.92 2,559,879,006.93 43.31%
Net profit attributable to the listed
783,389,904.73 581,079,212.12 34.82%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before exceptional 749,094,364.21 568,229,870.99 31.83%
items (RMB)
Net cash generated from/used in operating
1,010,701,440.91 193,972,491.77 421.05%
activities (RMB)
Basic earnings per share (RMB/share) 1.56 1.15 35.65%
Diluted earnings per share (RMB/share) 1.56 1.15 35.65%
Weighted average return on equity (%) 9.80% 8.61% 1.19%
31 March 2019 31 December 2018 Change (%)
Total assets (RMB) 13,659,931,600.41 12,509,928,449.72 9.19%
Equity attributable to the listed company’s
8,385,373,929.31 7,601,984,024.58 10.31%
shareholders (RMB)
Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2019 Note
Gain or loss on disposal of non-current assets (inclusive of
152,598.23
impairment allowance write-offs)
Government subsidies charged to current profit or loss (exclusive
of government subsidies given in the Company’s ordinary course
7,114,400.70
of business at fixed quotas or amounts as per government’s
uniform standards)
Gain or loss on fair-value changes in trading financial assets and
liabilities and derivative financial assets and liabilities & income
36,638,503.72
from disposal of trading financial assets and liabilities, derivative
financial assets and liabilities, and other investments in debt
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
obligations (exclusive of effective portion of hedges that arise in
the Company’s ordinary course of business)
Non-operating income and expense other than above 4,272,238.44
Less: Income tax effects 12,022,319.60
Non-controlling interests effects (net of tax) 1,859,880.97
Total 34,295,540.52 --
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss
Items:
□ Applicable √ Not applicable
No such cases for the Reporting Period.
II Total Number of Shareholders and Holdings of Top 10 Shareholders at 31 March 2019
1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share
Number of preferred
Number of ordinary shareholders at shareholders with resumed
20,097 0
the period-end voting rights at the period-end
(if any)
Top 10 shareholders
Name of Nature of Shareholding Restricted shares Shares in pledge or frozen
Total shares held
shareholder shareholder percentage held Status Shares
ANHUI GUJING
GROUP State-owned legal
53.89% 271,404,022 In pledge 114,000,000
COMPANY person
LIMITED
GAOLING Foreign legal
2.47% 12,446,408
FUND,L.P. person
Foreign legal
NORGES BANK 2.11% 10,633,056
person
CHINA INT'L
CAPITAL CORP
Foreign legal
HONG KONG 1.63% 8,193,723
person
SECURITIES
LTD
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
AGRICULTURAL
BANK OF
CHINA－E
FUND
CONSUMPTION Other 1.49% 7,485,278
SECTOR STOCK
SECURITIES
INVESTMENT
FUND
UBS (LUX)
EQUITY FUND -
Foreign legal
CHINA 1.40% 7,068,861
person
OPPORTUNITY
(USD)
CENTRAL
HUIJIN ASSET State-owned legal
1.30% 6,543,600
MANAGEMENT person
CO., LTD.
Zhejiang Yiwu
Tanzhen
Investment
Management
Partnership
Other 1.27% 6,392,884
(LLP)-Loyal
Valley Value
China Selection
Private Securities
Investment Fund
GREENWOODS
Foreign natural
CHINA ALPHA 1.12% 5,657,150
person
MASTER FUND
Foreign legal
PERSHING LLC 0.85% 4,271,296
person
Top 10 unrestricted shareholders
Shares by type
Name of shareholder Unrestricted shares held
Type Shares
ANHUI GUJING GROUP RMB-denominated
271,404,022 271,404,022
COMPANY LIMITED ordinary stock
Domestically
GAOLING FUND,L.P. 12,446,408 12,446,408
listed foreign stock
NORGES BANK 10,633,056 Domestically 10,633,056
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
listed foreign stock
CHINA INT'L CAPITAL CORP Domestically
8,193,723 8,193,723
HONG KONG SECURITIES LTD listed foreign stock
AGRICULTURAL BANK OF
CHINA－E FUND CONSUMPTION RMB-denominated
7,485,278 7,485,278
SECTOR STOCK SECURITIES ordinary stock
INVESTMENT FUND
UBS (LUX) EQUITY FUND - Domestically
7,068,861 7,068,861
CHINA OPPORTUNITY (USD) listed foreign stock
CENTRAL HUIJIN ASSET RMB-denominated
6,543,600 6,543,600
MANAGEMENT CO., LTD. ordinary stock
Zhejiang Yiwu Tanzhen Investment
Management Partnership
RMB-denominated
(LLP)-Loyal Valley Value China 6,392,884 6,392,884
ordinary stock
Selection Private Securities
Investment Fund
GREENWOODS CHINA ALPHA Domestically
5,657,150 5,657,150
MASTER FUND listed foreign stock
Domestically
PERSHING LLC 4,271,296 4,271,296
listed foreign stock
Among the above shareholders, the Company's controlling shareholder, Anhui Gujing Group
Co., Ltd., has no relationship with other shareholders and does not belong to the
acting-in-concert stipulated in the Administrative Measures on Information Disclosure of
Related or acting-in-concert parties
Changes in Shareholding of Listed Companies. In addition, the relationship between other
among the shareholders above
shareholders is unknown, and it is unknown whether it belongs to the acting-in-concert
stipulated in the Administrative Measures on Information Disclosure of Changes in
Shareholding of Listed Companies.
Top 10 ordinary shareholders
involved in securities margin trading N/A
(if any)
Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of the
Company conducted any promissory repo during the Reporting Period.
□ Yea √ No
No such cases in the Reporting Period.
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Part III Significant Events
I Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
31 March 2019 31 December
Balance sheet item Change (%) Explanation of why
(RMB) 2018 (RMB)
Monetary capital 2,776,885,073.59 1,705,760,865.12 62.79% Increase in sales revenue
Decrease in prepaid advertising
Prepayments 102,929,908.26 182,558,000.75 -43.62%
fees
Other non-current assets 574,026.00 16,544,407.51 -96.53% Handover of assets
Increase in unrecognized
Other current liabilities 627,475,374.84 295,164,745.44 112.58%
expenditures
Income statement item Q1 2019 (RMB) Q1 2018 (RMB) Change (%) Explanation of why
Operating revenue 3,668,502,474.92 2,559,879,006.93 43.31% Increase in sales orders
Cost of sales 799,244,679.69 518,797,750.19 54.06% Increase in sales
Taxes and surcharges 540,036,699.39 375,443,186.81 43.84% Increase in sales revenue
Increase in expenses on branding
Selling expense 1,167,562,403.83 793,946,063.51 47.06%
and sales promotional activities
Net profit attributable to owners
783,389,904.73 581,079,212.12 34.82% Increase in sales revenue
of the Company as the parent
Cash flow statement item Q1 2019 (RMB) Q1 2018 (RMB) Change (%) Explanation of why
Net cash generated from/used in
1,010,701,440.91 193,972,491.77 421.05% Increase in sales revenue
operating activities
Net cash generated from/used in Increase in proceeds from
160,422,767.56 74,965,977.62 113.99%
investing activities disinvestment
Cash and cash equivalents, end of
2,006,685,073.59 1,293,027,095.79 55.19% Increase in sales revenue
the period
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
II Progress, Influence and Solutions with regard to Significant Events
□ Applicable √ Not applicable
Progress of any share repurchases:
□ Applicable √ Not applicable
Progress of any reduction of the repurchased shares through centralized bidding:
□ Applicable √ Not applicable
III Commitments that the Company’s Actual Controller, Shareholders, Related Parties,
Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during the
Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IV Operating Performance Forecast for H1 2019
Warning of a forecast loss on or a forecast significant year-on-year change in the net profit of H1 2019, as well as explanation of
why:
□ Applicable √ Not applicable
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
V Securities Investments
√ Applicable □ Not applicable
Gain/loss of Accumulative
Purchased
Accounting changes in changes in Sold in the Gain/loss
Variety of Symbol of Name of Initial Beginning in the in Ending Accounting Capital
measurement fair value in fair value Reporting
security security security investment cost carrying value Reporting Reporting carrying value title source
model the Reporting recorded into Period Period
Period
Period equities
CITIC
Wings Dapu Trading
Self-owned
Funds Asset 200,000,000.00 Fair value 206,393,107.46 12,901,054.64 0.00 0.00 0.00 0.00 219,294,162.10 financial
funds
Management assets
Plan
Other investment securities held at
-- -- --
the Period-end
Total 200,000,000.00 -- 206,393,107.46 12,901,054.64 0.00 0.00 0.00 0.00 219,294,162.10 -- --
Disclosure date of announcement on
Board’s consent for securities 27 August 2018
investment
Disclosure date of announcement on
shareholders’ meeting’s consent for N/A
securities investment (if any)
VI Investments in Derivative Financial Instruments
√ Applicable □ Not applicable
Unit: RMB’0,000
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Proportion
of ending
Actual
Purchased in investment
Relationship Initial Beginning Sold in the Impairment Ending gain/loss in
Related Type of the amount in
Operator with the investment Starting date Ending date investment Reporting provision (if investment the
transaction derivative Reporting the
Company amount amount Period any) amount Reporting
Period Company’s
Period
ending net
assets
Reverse
Reverse 21
repurchase 8 January
Naught No repurchase of 0.00 December 17,990 0.00 17,990 0.00 0.00% 17.59
of national 2019
national debt 2018
debt
Total 0.00 -- -- 17,990 0.00 17,990 0.00 0.00% 17.59
Source of money used for investment All from the Company’s own funds
Legal matters involved (if applicable) N/A
Disclosure date of board announcement approving
30 August 2013
derivative investment (if any)
Disclosure date of shareholders’ meeting announcement
approving derivative investment (if any)
Analysis of risks and control measures associated with
derivative investments held in Reporting Period
The Company had controlled the relevant risks strictly according to the Derivatives Investment Management System.
(including but not limited to market risk, liquidity risk,
credit risk, operational risk, legal risk, etc.)
Changes in market prices or fair value of derivative
investments in Reporting Period (fair value analysis
N/A
should include measurement method and related
assumptions and parameters)
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Significant changes in accounting policies and specific
accounting principles adopted for derivative
N/A
investments in Reporting Period compared to last
reporting period
Based on the sustainable development of the main business and the sufficient free idle money, the Company increased the profits
through investing in the reasonable financial derivative instruments, which was in favor of improving the service efficiency of the idle
funds. In order to reduce the investment risks of the financial derivative instruments, the Company had set up corresponding supervision
Opinion of independent directors on derivative mechanism for the financial derivative instrument business and formulated reasonable accounting policy as well as specific principles of
investments and risk control financial accounting. The derivative Investment business developed separately took national debts as mortgage object, which was met
with the cautious and steady risks management principle and the interest of the Company and shareholders. Therefore, agreed the
Company to develop the derivative Investment business of reverse repurchase of national debt not more than the limit of RMB0.3
billion.
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
VII Communications with the Investment Community such as Researches, Inquiries and
Interviews during the Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
VIII Irregularities in the Provision of Guarantees
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IX Occupation of the Company’s Capital by the Controlling Shareholder or Its Related
Parties for Non-Operating Purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by Anhui Gujing Distillery Company Limited
31 March 2019
Unit: RMB
Item 31 March 2019 31 December 2018
Current assets:
Monetary capital 2,776,885,073.59 1,705,760,865.12
Settlement reserve
Interbank loans granted
Trading financial assets 2,924,086,886.10 0.00
Financial assets at fair value through
0.00 622,892.96
profit or loss
Derivative financial assets
Notes and accounts receivable 1,842,004,109.11 1,377,175,880.08
Including: Notes receivable 1,801,903,794.40 1,347,427,811.34
Accounts receivable 40,100,314.71 29,748,068.74
Prepayments 102,929,908.26 182,558,000.75
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract reserve
Other receivables 55,787,595.89 43,342,878.22
Including: Interest receivable 27,683,178.08 24,923,178.08
Dividends receivable
Financial assets purchased under resale
agreements
Inventories 2,352,049,231.27 2,407,306,664.86
Contractual assets
Assets classified as held for sale
Current portion of non-current assets 300,000,000.00 300,000,000.00
Other current assets 66,951,296.44 3,012,478,687.20
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Total current assets 10,420,694,100.66 9,029,245,869.19
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Available-for-sale financial assets 0.00 206,393,107.46
Investments in other debt obligations
Held-to-maturity investments
Long-term receivables
Long-term equity investments 4,900,000.00 4,900,000.00
Investments in other equity instruments
Other non-current financial assets
Investment property 4,947,942.91 5,027,228.53
Fixed assets 1,729,906,478.68 1,763,988,530.56
Construction in progress 110,880,381.33 93,320,557.56
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets 739,157,747.52 742,083,609.10
R&D expense
Goodwill 478,283,495.29 478,283,495.29
Long-term prepaid expense 82,038,909.31 83,561,473.46
Deferred income tax assets 88,548,518.71 86,580,171.06
Other non-current assets 574,026.00 16,544,407.51
Total non-current assets 3,239,237,499.75 3,480,682,580.53
Total assets 13,659,931,600.41 12,509,928,449.72
Current liabilities:
Short-term borrowings
Borrowings from central bank
Interbank loans obtained
Trading financial liabilities
Financial liabilities at fair value through
profit or loss
Derivative financial liabilities
Notes and accounts payable 782,436,169.27 834,156,012.31
Advances from customers 1,115,449,181.95 1,149,143,310.48
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Financial assets sold under repurchase
agreements
Customer deposits and interbank
deposits
Payables for acting trading of securities
Payables for underwriting of securities
Payroll payable 361,664,454.69 457,299,476.43
Taxes payable 418,864,754.51 372,993,624.18
Other payables 1,350,980,224.99 1,192,020,147.82
Including: Interest payable
Dividends payable
Handling charges and commissions
payable
Reinsurance payables
Contractual liabilities
Liabilities directly associated with assets
classified as held for sale
Current portion of non-current liabilities
Other current liabilities 627,475,374.84 295,164,745.44
Total current liabilities 4,656,870,160.25 4,300,777,316.66
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term payroll payable
Provisions
Deferred income 75,405,036.51 76,636,500.55
Deferred income tax liabilities 102,387,965.69 102,764,515.11
Other non-current liabilities
Total non-current liabilities 177,793,002.20 179,401,015.66
Total liabilities 4,834,663,162.45 4,480,178,332.32
Owners’ equity:
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Share capital 503,600,000.00 503,600,000.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 1,295,405,592.25 1,295,405,592.25
Less: Treasury stock
Other comprehensive income 0.00 4,794,830.59
Special reserves
Surplus reserves 256,902,260.27 256,902,260.27
General reserve
Retained earnings 6,329,466,076.79 5,541,281,341.47
Total equity attributable to owners of the
8,385,373,929.31 7,601,984,024.58
Company as the parent
Non-controlling interests 439,894,508.65 427,766,092.82
Total owners’ equity 8,825,268,437.96 8,029,750,117.40
Total liabilities and owners’ equity 13,659,931,600.41 12,509,928,449.72
Legal representative: Liang Jinhui The Company’s chief accountant: Ye Changqing
Head of the Company’s financial department: Zhu Jiafeng
2. Balance Sheet of the Company as the Parent
Unit: RMB
Item 31 March 2019 31 December 2018
Current assets:
Monetary capital 1,512,850,885.95 1,078,172,917.59
Trading financial assets 1,836,086,886.10 0.00
Financial assets at fair value through
0.00 622,892.96
profit or loss
Derivative financial assets
Notes and accounts receivable 1,599,477,835.08 1,265,722,336.88
Including: Notes receivable 1,590,260,811.93 1,256,336,386.34
Accounts receivable 9,217,023.15 9,385,950.54
Prepayments 20,627,974.96 10,869,911.54
Other receivables 111,027,896.38 110,800,665.19
Including: Interest receivable
Dividends receivable
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Inventories 2,020,381,509.40 2,125,826,967.11
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets 8,938,044.34 1,764,267,968.83
Total current assets 7,109,391,032.21 6,356,283,660.10
Non-current assets:
Investments in debt obligations
Available-for-sale financial assets 0.00 206,393,107.46
Investments in other debt obligations
Held-to-maturity investments
Long-term receivables
Long-term equity investments 1,148,213,665.32 1,148,213,665.32
Investments in other equity instruments
Other non-current financial assets
Investment property 4,947,942.91 24,715,657.40
Fixed assets 1,286,243,642.29 1,290,714,455.79
Construction in progress 103,628,251.56 86,634,753.93
Productive living assets
Oil and gas assets
Right-of-use assets
Intangible assets 189,247,719.51 189,968,142.25
R&D expense
Goodwill
Long-term prepaid expense 56,985,362.04 56,643,945.05
Deferred income tax assets 37,415,458.17 37,415,458.17
Other non-current assets 574,026.00 12,474,026.00
Total non-current assets 2,827,256,067.80 3,053,173,211.37
Total assets 9,936,647,100.01 9,409,456,871.47
Current liabilities:
Short-term borrowings
Trading financial liabilities
Financial liabilities at fair value through
profit or loss
Derivative financial liabilities
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Notes and accounts payable 326,374,765.14 390,939,469.93
Advances from customers 1,386,004,212.63 1,123,125,892.84
Contractual liabilities
Payroll payable 88,587,986.11 117,748,485.96
Taxes payable 218,939,082.73 161,176,957.25
Other payables 223,811,145.21 372,902,293.22
Including: Interest payable
Dividends payable
Liabilities directly associated with assets
classified as held for sale
Current portion of non-current liabilities
Other current liabilities 21,360,399.95 32,605,794.55
Total current liabilities 2,265,077,591.77 2,198,498,893.75
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities
Long-term payables
Long-term payroll payable
Provisions
Deferred income 35,358,220.73 36,417,554.85
Deferred income tax liabilities 4,895,621.10 4,828,737.52
Other non-current liabilities
Total non-current liabilities 40,253,841.83 41,246,292.37
Total liabilities 2,305,331,433.60 2,239,745,186.12
Owners’ equity:
Share capital 503,600,000.00 503,600,000.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 1,247,162,107.35 1,247,162,107.35
Less: Treasury stock
Other comprehensive income 0.00 4,794,830.59
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Special reserves
Surplus reserves 251,800,000.00 251,800,000.00
Retained earnings 5,628,753,559.06 5,162,354,747.41
Total owners’ equity 7,631,315,666.41 7,169,711,685.35
Total liabilities and owners’ equity 9,936,647,100.01 9,409,456,871.47
3. Consolidated Income Statement
Unit: RMB
Item Q1 2019 Q1 2018
1. Revenue 3,668,502,474.92 2,559,879,006.93
Including: Operating revenue 3,668,502,474.92 2,559,879,006.93
Interest income
Premium income
Handling charge and commission
income
2. Costs and expenses 2,662,463,799.10 1,809,442,510.38
Including: Cost of sales 799,244,679.69 518,797,750.19
Interest expense
Handling charge and commission
expense
Surrenders
Net claims paid
Net amount provided as insurance
contract reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and surcharges 540,036,699.39 375,443,186.81
Selling expense 1,167,562,403.83 793,946,063.51
Administrative expense 150,969,173.04 122,802,976.31
R&D expense 6,419,946.84 4,509,000.95
Finance costs -1,769,103.68 -6,056,467.40
Including: Interest expense 8,705,507.36 0.00
Interest income 9,334,113.54 5,457,775.34
Asset impairment loss
Credit impairment loss
Add: Other income 7,094,400.70 2,147,822.47
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Return on investment (“-” for loss) 26,924,392.85 27,448,214.89
Including: Share of profit or loss of joint
ventures and associates
Foreign exchange gain (“-” for loss)
Net gain on exposure hedges (“-” for loss)
Gain on changes in fair value (“-” for loss) 13,070,885.68 -27,498.41
Asset disposal income (“-” for loss) 83,202.84 81,303.79
3. Operating profit (“-” for loss) 1,053,211,557.89 780,086,339.29
Add: Non-operating income 5,335,678.12 6,907,556.84
Less: Non-operating expense 1,002,057.61 996,055.06
4. Profit before tax (“-” for loss) 1,057,545,178.40 785,997,841.07
Less: Income tax expense 262,026,857.84 193,999,217.31
5. Net profit (“-” for net loss) 795,518,320.56 591,998,623.76
5.1 By operating continuity
5.1.1 Net profit from continuing operations
795,518,320.56 591,998,623.76
(“-” for net loss)
5.1.2 Net profit from discontinued
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to owners of the
783,389,904.73 581,079,212.12
Company as the parent
5.2.1 Net profit attributable to
12,128,415.83 10,919,411.64
non-controlling interests
6. Other comprehensive income, net of tax 0.00 -17,632,741.27
Attributable to owners of the Company as the
0.00 -17,632,741.27
parent
6.1 Items that will not be reclassified to
profit or loss
6.1.1 Changes caused by remeasurements
on defined benefit pension schemes
6.1.2 Other comprehensive income that
will not be reclassified to profit or loss under the
equity method
6.1.3 Changes in the fair value of
investments in other equity instruments
6.1.4 Changes in the fair value of the
company’s credit risks
6.1.5 Other
6.2 Items that will be reclassified to profit 0.00 -17,632,741.27
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Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
or loss
6.2.1 Other comprehensive income that
will be reclassified to profit or loss under the
equity method
6.2.2 Changes in the fair value of
investments in other debt obligations
6.2.3 Gain/Loss on changes in the fair
0.00 -17,632,741.27
value of available-for-sale financial assets
6.2.4 Other comprehensive income
arising from the reclassification of financial
assets
6.2.5 Gain/Loss arising from the
reclassification of held-to-maturity investments
to available-for-sale financial assets
6.2.6 Allowance for credit impairments in
investments in other debt obligations
6.2.7 Reserve for cash flow hedges
6.2.8 Differences arising from the
translation of foreign currency-denominated
financial statements
6.2.9 Other
Attributable to non-controlling interests
7. Total comprehensive income 795,518,320.56 574,365,882.49
Attributable to owners of the Company as the
783,389,904.73 563,446,470.85
parent
Attributable to non-controlling interests 12,128,415.83 10,919,411.64
8. Earnings per share
8.1 Basic earnings per share 1.56 1.15
8.2 Diluted earnings per share 1.56 1.15
Legal representative: Liang Jinhui The Company’s chief accountant: Ye Changqing
Head of the Company’s financial department: Zhu Jiafeng
4. Income Statement of the Company as the Parent
Unit: RMB
Item Q1 2019 Q1 2018
1. Operating revenue 1,921,463,298.13 1,273,232,528.70
Less: Cost of sales 742,536,052.02 483,888,734.16
Taxes and surcharges 476,220,710.41 316,554,892.27
21
Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Selling expense 23,013,905.78 22,167,564.98
Administrative expense 95,871,680.28 80,482,193.02
R&D expense 3,489,301.54 4,043,750.51
Finance costs -161,036.71 -4,400,795.16
Including: Interest expense 8,705,507.36 0.00
Interest income 8,909,103.52 4,434,154.46
Asset impairment loss
Credit impairment loss
Add: Other income 2,256,134.13 1,181,740.01
Return on investment (“-” for
18,762,552.86 24,534,436.91
loss)
Including: Share of profit or
loss of joint ventures and associates
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
13,070,885.68 -27,498.41
for loss)
Asset disposal income (“-” for
loss)
2. Operating profit (“-” for loss) 614,582,257.48 396,184,867.44
Add: Non-operating income 4,461,000.86 5,301,985.87
Less: Non-operating expense 676,321.68 955,584.15
3. Profit before tax (“-” for loss) 618,366,936.66 400,531,269.16
Less: Income tax expense 156,762,955.60 100,132,817.29
4. Net profit (“-” for net loss) 461,603,981.06 300,398,451.87
4.1 Net profit from continuing
461,603,981.06 300,398,451.87
operations (“-” for net loss)
4.2 Net profit from discontinued
operations (“-” for net loss)
5. Other comprehensive income, net of
0.00 -17,628,541.27
tax
5.1 Items that will not be reclassified
to profit or loss
5.1.1 Changes caused by
remeasurements on defined benefit
pension schemes
5.1.2 Other comprehensive income
that will not be reclassified to profit or
22
Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
loss under the equity method
5.1.3 Changes in the fair value of
investments in other equity instruments
5.1.4 Changes in the fair value of
the company’s credit risks
5.1.5 Other
5.2 Items that will be reclassified to
0.00 -17,628,541.27
profit or loss
5.2.1 Other comprehensive income
that will be reclassified to profit or loss
under the equity method
5.2.2 Changes in the fair value of
investments in other debt obligations
5.2.3 Gain/Loss on changes in the
fair value of available-for-sale financial 0.00 -17,628,541.27
assets
5.2.4 Other comprehensive income
arising from the reclassification of
financial assets
5.2.5 Gain/Loss arising from the
reclassification of held-to-maturity
investments to available-for-sale
financial assets
5.2.6 Allowance for credit
impairments in investments in other
debt obligations
5.2.7 Reserve for cash flow hedges
5.2.8 Differences arising from the
translation of foreign
currency-denominated financial
statements
5.2.9 Other
6. Total comprehensive income 461,603,981.06 282,769,910.60
7. Earnings per share
7.1 Basic earnings per share 0.92 0.6
7.2 Diluted earnings per share 0.92 0.6
5. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2019 Q1 2018
1. Cash flows from operating activities:
23
Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Proceeds from sale of commodities
3,282,900,142.53 2,317,913,398.32
and rendering of services
Net increase in customer deposits
and interbank deposits
Net increase in borrowings from the
central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Net increase in proceeds from
disposal of financial assets at fair value
through profit or loss
Interest, handling charges and
commissions received
Net increase in interbank loans
obtained
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax rebates 0.00 809,884.08
Cash generated from other operating
183,731,144.88 36,191,356.85
activities
Subtotal of cash generated from
3,466,631,287.41 2,354,914,639.25
operating activities
Payments for commodities and
437,253,627.58 559,193,732.69
services
Net increase in loans and advances
to customers
Net increase in deposits in the
central bank and in interbank loans
granted
Payments for claims on original
insurance contracts
Net increase in financial assets held
for trading purposes
Net increase in interbank loans
granted
24
Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Interest, handling charges and
commissions paid
Policy dividends paid
Cash paid to and for employees 506,211,004.64 386,791,520.43
Taxes paid 1,180,474,817.64 880,876,488.87
Cash used in other operating
331,990,396.64 334,080,405.49
activities
Subtotal of cash used in operating
2,455,929,846.50 2,160,942,147.48
activities
Net cash generated from/used in
1,010,701,440.91 193,972,491.77
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 1,155,560,000.00 450,660,768.81
Return on investment 24,174,323.96 25,292,217.04
Net proceeds from the disposal of
fixed assets, intangible assets and other 0.00 85,060.00
long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
1,179,734,323.96 476,038,045.85
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other 67,651,556.40 70,853,122.83
long-lived assets
Payments for investments 951,660,000.00 330,218,945.40
Net increase in pledged loans
granted
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
1,019,311,556.40 401,072,068.23
activities
Net cash generated from/used in
160,422,767.56 74,965,977.62
investing activities
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions
by non-controlling interests to
25
Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
subsidiaries
Borrowings obtained
Net proceeds from the issuance of
bonds
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
Repayments of borrowings
Payments for interest and dividends
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing
activities
Subtotal of cash used in financing
activities
Net cash generated from/used in
financing activities
4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
1,171,124,208.47 268,938,469.39
equivalents
Add: Cash and cash equivalents,
835,560,865.12 1,024,088,626.40
beginning of the period
6. Cash and cash equivalents, end of
2,006,685,073.59 1,293,027,095.79
the period
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item Q1 2019 Q1 2018
1. Cash flows from operating activities:
Proceeds from sale of commodities
1,787,341,935.99 1,095,672,510.95
and rendering of services
Tax rebates
Cash generated from other operating
147,002,588.20 60,289,004.82
activities
Subtotal of cash generated from
1,934,344,524.19 1,155,961,515.77
operating activities
Payments for commodities and
466,775,831.06 358,347,950.36
services
Cash paid to and for employees 184,167,857.56 165,733,823.32
Taxes paid 778,863,559.94 559,374,536.53
26
Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Cash used in other operating
69,443,644.99 49,683,984.62
activities
Subtotal of cash used in operating
1,499,250,893.55 1,133,140,294.83
activities
Net cash generated from/used in
435,093,630.64 22,821,220.94
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 850,000,000.00 420,660,768.81
Return on investment 18,769,315.08 25,135,723.89
Net proceeds from the disposal of
fixed assets, intangible assets and other
long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
868,769,315.08 445,796,492.70
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other 53,184,977.36 44,030,378.21
long-lived assets
Payments for investments 716,000,000.00 140,218,945.40
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
769,184,977.36 184,249,323.61
activities
Net cash generated from/used in
99,584,337.72 261,547,169.09
investing activities
3. Cash flows from financing activities:
Capital contributions received
Borrowings obtained
Net proceeds from the issuance of
bonds
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
Repayments of borrowings
Payments for interest and dividends
27
Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Cash used in other financing
activities
Subtotal of cash used in financing
activities
Net cash generated from/used in
financing activities
4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
534,677,968.36 284,368,390.03
equivalents
Add: Cash and cash equivalents,
708,172,917.59 826,262,109.02
beginning of the period
6. Cash and cash equivalents, end of
1,242,850,885.95 1,110,630,499.05
the period
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of any New
Standards Governing Financial Instruments, Revenue or Leases
√ Applicable □ Not applicable
Consolidated Balance Sheet Unit: RMB
Item 31 December 2018 1 January 2019 Adjusted
Current assets:
Monetary capital 1,705,760,865.12 1,705,760,865.12
Settlement reserve
Interbank loans granted
Trading financial assets N/A 2,965,016,000.42 2,965,016,000.42
Financial assets at fair
622,892.96 N/A -622,892.96
value through profit or loss
Derivative financial assets
Notes and accounts
1,377,175,880.08 1,377,175,880.08
receivable
Including: Notes
1,347,427,811.34 1,347,427,811.34
receivable
Accounts
29,748,068.74 29,748,068.74
receivable
Prepayments 182,558,000.75 182,558,000.75
Premiums receivable
Reinsurance receivables
28
Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Receivable reinsurance
contract reserve
Other receivables 43,342,878.22 43,342,878.22
Including: Interest
24,923,178.08 24,923,178.08
receivable
Dividends
receivable
Financial assets purchased
under resale agreements
Inventories 2,407,306,664.86 2,407,306,664.86
Contractual assets N/A
Assets classified as held
for sale
Current portion of
300,000,000.00 300,000,000.00
non-current assets
Other current assets 3,012,478,687.20 254,478,687.20 -2,758,000,000.00
Total current assets 9,029,245,869.19 9,235,638,976.65 206,393,107.46
Non-current assets:
Loans and advances to
customers
Investments in debt
N/A
obligations
Available-for-sale financial
206,393,107.46 N/A -206,393,107.46
assets
Investments in other debt
N/A
obligations
Held-to-maturity
N/A
investments
Long-term receivables
Long-term equity
4,900,000.00 4,900,000.00
investments
Investments in other equity
N/A
instruments
Other non-current financial
N/A
assets
Investment property 5,027,228.53 5,027,228.53
Fixed assets 1,763,988,530.56 1,763,988,530.56
Construction in progress 93,320,557.56 93,320,557.56
Productive living assets
29
Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Oil and gas assets
Right-of-use assets N/A
Intangible assets 742,083,609.10 742,083,609.10
R&D expense
Goodwill 478,283,495.29 478,283,495.29
Long-term prepaid
83,561,473.46 83,561,473.46
expense
Deferred income tax assets 86,580,171.06 86,580,171.06
Other non-current assets 16,544,407.51 16,544,407.51
Total non-current assets 3,480,682,580.53 3,274,289,473.07 -206,393,107.46
Total assets 12,509,928,449.72 12,509,928,449.72
Current liabilities:
Short-term borrowings
Borrowings from central
bank
Interbank loans obtained
Trading financial liabilities N/A
Financial liabilities at fair
N/A
value through profit or loss
Derivative financial
liabilities
Notes and accounts
834,156,012.31 834,156,012.31
payable
Advances from customers 1,149,143,310.48 1,149,143,310.48
Financial assets sold under
repurchase agreements
Customer deposits and
interbank deposits
Payables for acting trading
of securities
Payables for underwriting
of securities
Payroll payable 457,299,476.43 457,299,476.43
Taxes payable 372,993,624.18 372,993,624.18
Other payables 1,192,020,147.82 1,192,020,147.82
Including: Interest
payable
Dividends
30
Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
payable
Handling charges and
commissions payable
Reinsurance payables
Contractual liabilities N/A
Liabilities directly
associated with assets
classified as held for sale
Current portion of
non-current liabilities
Other current liabilities 295,164,745.44 295,164,745.44
Total current liabilities 4,300,777,316.66 4,300,777,316.66
Non-current liabilities:
Insurance contract reserve
Long-term borrowings
Bonds payable
Including: Preferred
shares
Perpetual
bonds
Lease liabilities N/A
Long-term payables
Provisions
Deferred income 76,636,500.55 76,636,500.55
Deferred income tax
102,764,515.11 102,764,515.11
liabilities
Other non-current
liabilities
Total non-current liabilities 179,401,015.66 179,401,015.66
Total liabilities 4,480,178,332.32 4,480,178,332.32
Owners’ equity:
Share capital 503,600,000.00 503,600,000.00
Other equity instruments
Including: Preferred
shares
Perpetual
bonds
Capital reserves 1,295,405,592.25 1,295,405,592.25
31
Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Less: Treasury stock
Other comprehensive
4,794,830.59 0.00 -4,794,830.59
income
Surplus reserves 256,902,260.27 256,902,260.27
General reserve
Retained earnings 5,541,281,341.47 5,546,076,172.06 4,794,830.59
Total equity attributable to
owners of the Company as 7,601,984,024.58 7,601,984,024.58
the parent
Non-controlling interests 427,766,092.82 427,766,092.82
Total owners’ equity 8,029,750,117.40 8,029,750,117.40
Total liabilities and owners’
12,509,928,449.72 12,509,928,449.72
equity
Statement of adjustment
According to the Notice of Printing and Revising the Accounting Standards for Business Enterprises No. 22 - Recognition and
Measurement of Financial Instruments (CK[2017] No. 7), Notice of Printing and Revising the Accounting Standards for Business
Enterprises No. 23 – Transfer of Financial Assets (CK[2017] No. 8), Notice of Printing and Revising the Accounting Standards for
Business Enterprises No. 24 – Hedging Accounting (CK[2017] No. 9), and Notice of Printing and Revising the Accounting
Standards for Business Enterprises No. 37 – Presentation of Financial Instruments (CK[2017] No. 14) issued by Ministry of Finance,
enterprises listed domestically alone shall implement it from 1 January 2019.
Balance Sheet of the Company as the Parent
Unit: RMB
Item 31 December 2018 1 January 2019 Adjusted
Current assets:
Monetary capital 1,078,172,917.59 1,078,172,917.59
Trading financial assets N/A 1,807,016,000.42 1,807,016,000.42
Financial assets at fair
622,892.96 N/A -622,892.96
value through profit or loss
Derivative financial assets
Notes and accounts
1,265,722,336.88 1,265,722,336.88
receivable
Including: Notes
1,256,336,386.34 1,256,336,386.34
receivable
Accounts
9,385,950.54 9,527,072.41
receivable
Prepayments 10,869,911.54 10,869,911.54
Other receivables 110,800,665.19 110,800,665.19
Including: Interest
receivable
32
Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Dividends
receivable
Inventories 2,125,826,967.11 2,125,826,967.11
Contractual assets N/A
Assets classified as held
for sale
Current portion of
non-current assets
Other current assets 1,764,267,968.83 164,267,968.83 -1,600,000,000.00
Total current assets 6,356,283,660.10 6,562,676,767.56 -206,393,107.46
Non-current assets:
Investments in debt
N/A
obligations
Available-for-sale financial
206,393,107.46 N/A -206,393,107.46
assets
Investments in other debt
N/A
obligations
Held-to-maturity
N/A
investments
Long-term receivables
Long-term equity
1,148,213,665.32 1,148,213,665.32
investments
Investments in other equity
N/A
instruments
Other non-current financial
N/A
assets
Investment property 24,715,657.40 24,715,657.40
Fixed assets 1,290,714,455.79 1,290,714,455.79
Construction in progress 86,634,753.93 86,634,753.93
Productive living assets
Oil and gas assets
Right-of-use assets N/A
Intangible assets 189,968,142.25 189,968,142.25
R&D expense
Goodwill
Long-term prepaid
56,643,945.05 56,643,945.05
expense
Deferred income tax assets 37,415,458.17 37,415,458.17
33
Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Other non-current assets 12,474,026.00 12,474,026.00
Total non-current assets 3,053,173,211.37 2,846,780,103.91 -206,393,107.46
Total assets 9,409,456,871.47 9,409,456,871.47
Current liabilities:
Short-term borrowings
Trading financial liabilities N/A
Financial liabilities at fair
N/A
value through profit or loss
Derivative financial
liabilities
Notes and accounts
390,939,469.93 390,939,469.93
payable
Advances from customers 1,123,125,892.84 1,123,125,892.84
Contractual liabilities N/A
Payroll payable 117,748,485.96 117,748,485.96
Taxes payable 161,176,957.25 161,176,957.25
Other payables 372,902,293.22 372,902,293.22
Including: Interest
payable
Dividends
payable
Liabilities directly
associated with assets
classified as held for sale
Current portion of
non-current liabilities
Other current liabilities 32,605,794.55 32,605,794.55
Total current liabilities 2,198,498,893.75 2,198,498,893.75
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred
shares
Perpetual
bonds
Lease liabilities N/A
Long-term payables
Provisions
34
Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
Deferred income 36,417,554.85 36,417,554.85
Deferred income tax
4,828,737.52 4,828,737.52
liabilities
Other non-current
liabilities
Total non-current liabilities 41,246,292.37 41,246,292.37
Total liabilities 2,239,745,186.12 2,239,745,186.12
Owners’ equity:
Share capital 503,600,000.00 503,600,000.00
Other equity instruments
Including: Preferred
shares
Perpetual
bonds
Capital reserves 1,247,162,107.35 1,247,162,107.35
Less: Treasury stock
Other comprehensive
4,794,830.59 0.00 -4,794,830.59
income
Surplus reserves 251,800,000.00 251,800,000.00
Retained earnings 5,162,354,747.41 5,167,149,578.00 4,794,830.59
Total owners’ equity 7,169,711,685.35 7,169,711,685.35
Total liabilities and owners’
9,409,456,871.47 9,409,456,871.47
equity
Statement of adjustment
According to the Notice of Printing and Revising the Accounting Standards for Business Enterprises No. 22 - Recognition and
Measurement of Financial Instruments (CK[2017] No. 7), Notice of Printing and Revising the Accounting Standards for Business
Enterprises No. 23 – Transfer of Financial Assets (CK[2017] No. 8), Notice of Printing and Revising the Accounting Standards for
Business Enterprises No. 24 – Hedging Accounting (CK[2017] No. 9), and Notice of Printing and Revising the Accounting
Standards for Business Enterprises No. 37 – Presentation of Financial Instruments (CK[2017] No. 14) issued by Ministry of Finance,
enterprises listed domestically alone shall implement it from 1 January 2019.
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of any New
Standards Governing Financial Instruments or Leases
□ Applicable √Not applicable
III Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes √ No
35
Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
These financial statements have not been audited by such an auditor.
36
