ANHUI GUJING DISTILLERY COMPANY LIMITED
FIRST QUARTER REPORT 2020
April 2020
Gujinggong Liquor Aged Original Liquor First Quarter Report 2020
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.
2
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 2020 Q1 2019 Change (%)
Operating revenue (RMB) 3,281,368,602.79 3,668,502,474.92 -10.55%
Net profit attributable to the listed
636,788,443.69 783,389,904.73 -18.71%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before exceptional 635,613,633.02 749,094,364.21 -15.15%
items (RMB)
Net cash generated from/used in operating
1,632,664,980.49 1,010,701,440.91 61.54%
activities (RMB)
Basic earnings per share (RMB/share) 1.26 1.56 -19.23%
Diluted earnings per share (RMB/share) 1.26 1.56 -19.23%
Weighted average return on equity (%) 6.87% 9.80% -2.93%
31 March 2020 31 December 2019 Change (%)
Total assets (RMB) 15,392,796,907.36 13,871,297,363.16 10.97%
Equity attributable to the listed company’s
9,580,900,208.13 8,944,111,764.44 7.12%
shareholders (RMB)
Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2020 Note
Gain or loss on disposal of non-current assets (inclusive of
-307,977.07
impairment allowance write-offs)
Government subsidies charged to current profit or loss (exclusive
of government subsidies given in the Company’s ordinary course
6,699,623.47
of business at fixed quotas or amounts as per government’s
uniform standards)
Gain or loss on fair-value changes in held-for-trading financial
assets and liabilities and derivative financial assets and liabilities
& income from disposal of held-for-trading financial assets and 8,575,450.88
liabilities, derivative financial assets and liabilities, and other
investments in debt obligations (exclusive of effective portion of
3
hedges that arise in the Company’s ordinary course of business)
Non-operating income and expense other than above -13,488,778.69
Less: Income tax effects 376,491.86
Non-controlling interests effects (net of tax) -72,983.94
Total 1,174,810.67 --
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 2020
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
29,696 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
AGRICULTURAL
BANK OF
CHINA － E
FUND
CONSUMPTION Other 2.27% 11,456,769
SECTOR STOCK
SECURITIES
INVESTMENT
FUND
CHINA INT'L Foreign legal 2.08% 10,478,152
4
CAPITAL CORP person
HONG KONG
SECURITIES
LTD
UBS (LUX)
EQUITY FUND -
Foreign legal
CHINA 1.40% 7,068,861
person
OPPORTUNITY
(USD)
HONG KONG
SECURITIES Foreign legal
1.33% 6,686,608
CLEARING person
COMPANY LTD.
CENTRAL
HUIJIN ASSET State-owned legal
1.30% 6,543,600
MANAGEMENT person
CO., LTD.
GREENWOODS
Foreign legal
CHINA ALPHA 1.12% 5,657,150
person
MASTER FUND
INDUSTRIAL
AND
COMMERCIAL
BANK OF
CHINA
LIMITED-
INVESCO
Other 1.01% 5,099,965
GREAT WALL
EMERGING
GROWTH
HYBRID
SECURITIES
INVESTMENT
FUND
Bank of
China-China
Merchants China
Securities Liquor
Other 0.79% 3,975,130
Index
Classification
Securities
Investment Fund
5
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
AGRICULTURAL BANK OF
CHINA－E FUND CONSUMPTION RMB-denominated
11,456,769 11,456,769
SECTOR STOCK SECURITIES ordinary stock
INVESTMENT FUND
CHINA INT'L CAPITAL CORP Domestically
10,478,152 10,478,152
HONG KONG SECURITIES LTD listed foreign stock
UBS (LUX) EQUITY FUND - Domestically
7,068,861 7,068,861
CHINA OPPORTUNITY (USD) listed foreign stock
HONG KONG SECURITIES RMB-denominated
6,686,608 6,686,608
CLEARING COMPANY LTD. ordinary stock
CENTRAL HUIJIN ASSET RMB-denominated
6,543,600 6,543,600
MANAGEMENT CO., LTD. ordinary stock
GREENWOODS CHINA ALPHA Domestically
5,657,150 5,657,150
MASTER FUND listed foreign stock
INDUSTRIAL AND
COMMERCIAL BANK OF CHINA
LIMITED- INVESCO GREAT RMB-denominated
5,099,965 5,099,965
WALL EMERGING GROWTH ordinary stock
HYBRID SECURITIES
INVESTMENT FUND
Bank of China-China Merchants
China Securities Liquor Index RMB-denominated
3,975,130 3,975,130
Classification Securities Investment ordinary stock
Fund
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
N/A
involved in securities margin trading
6
(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.
□ Yes √ No
No such cases in the Reporting Period.
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
7
Part III Significant Events
I Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
31 March 2020 31 December 2019
Balance sheet item Change (%) Explanation of why
(RMB) (RMB)
Recovery of investments
Held-for-trading financial
233,070,455.11 509,031,097.02 -54.21% in wealth management
assets
products upon maturity
Increase in banker’s
Notes receivable 1,571,372,682.40 1,004,217,431.56 56.48%
acceptance bills received
Increase in prepaid
Other receivables 68,479,612.33 25,746,957.22 165.97% deposits for land-use
fees
Transfer of assets in
relation to prepayments
for equipment and
Other non-current assets 574,026.00 4,148,686.00 -86.16%
engineering services into
the corresponding asset
items
Advances from customers 1,533,322,540.40 529,863,011.73 189.38% Increase in orders
Income statement item Q1 2020 (RMB) Q1 2019 (RMB) Change (%) Explanation of why
Decreased gains on
Return on investment 6,550,446.14 26,924,392.85 -75.67% held-for-trading
financial assets
Disposal of
Gain on changes in fair
2,015,949.87 13,070,885.68 -84.58% held-for-trading
value
financial assets
Donations made in the
Non-operating expense 21,568,589.31 1,002,057.61 2,052.43%
COVID-19 outbreak
Cash flow statement item Q1 2020 (RMB) Q1 2019 (RMB) Change (%) Explanation of why
Net cash generated from Increase in sales
1,632,664,980.49 1,010,701,440.91 61.54%
operating activities collections
Net increase in cash and Increase in sales
1,799,260,060.40 1,171,124,208.47 53.64%
cash equivalents collections
II Progress, Influence and Solutions with regard to Significant Events
□ Applicable √ Not applicable
8
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 Securities Investments
√ Applicable □ Not applicable
Unit: RMB
Gain/loss Accumul
of ative Purcha
Sym Accounti Sold in
Varie changes changes sed inGain/l
bol Initial ng Beginning the Ending
ty of Name of in fair in fair the oss in Account Capital
of investment measure carrying Report Report carrying
secur security value in value Reporti ing ing title source
secur cost ment value ing value
ity the recorded ng Period
ity model Period
Reportin into Period
g Period equities
CITIC
Wings
Dapu Trading Self-ow
200,000,00 Fair 211,884,50 2,015,94 213,900,45
Oters Asset 0.00 0.00 0.00 0.00 financia ned
0.00 value 5.24 9.87 5.11
Manage l assets funds
ment
Plan
Other investment
securities held at the -- -- --
Period-end
200,000,00 211,884,50 2,015,94 213,900,45
Total -- 0.00 0.00 0.00 0.00 -- --
0.00 5.24 9.87 5.11
Disclosure date of
announcement on
27 August 2018
Board’s consent for
securities investment
9
Disclosure date of
announcement on
shareholders’
N/A
meeting’s consent for
securities investment
(if any)
V Wealth Management Entrustment
√ Applicable □ Not applicable
Unit: RMB’0,000
Type of wealth Outstanding amount
Funding source Principal Overdue amount
management before maturity
Wealth management
product purchased from Self-funded 0.00 0.00 0.00
entrustment
Wealth management
product purchased from Self-funded 28,517.00 1,917.00 0.00
bank
Wealth management
product purchased from Self-funded 0.00 0.00 0.00
broker
Others Self-funded 20,000.00 20,000.00 0.00
Total 48,517.00 21,917.00 0.00
High-risk wealth management entrustments with amounts that are individually significant, or with low security, low liquidity, or no
protection of the principal:
Unit: RMB’0,000
Throu Overvi
Refere Actual
Type of Expe Collection/p Impair gh Any ew and
Type St En Investm Way nce gain/l
wealth Fundin cted ayment of ment prescri plan for index
of Princi art d ent with of annual oss in
Trustee manage g return gain/loss in allowa bed further to more
truste pal dat da principa payb ized Repor
ment source (if Reporting nce (if proced entrust inform
e e te l ack return ting
product any) Period any) ure or ment ation
(%) Period
not (if any)
CITIC Purchas 1.2%
Wings ing new of
Comp Asset
Asset shares the
any manage 20,00 Self-fu
Manage offline, net 7.00% 0.00 Not Yes Yes
Limit ment 0 nded
ment fixed value
ed plan
Compan income of
y instrum prod
10
Limited ents, uct
and and
Reverse 20%
repurch of
ase of exces
national s
debt, earni
etc ngs
20,00
Total -- -- -- -- -- -- 0.00 -- -- -- --
0
VI Investments in Derivative Financial Instruments
□ Applicable √ Not applicable
No such cases in the Reporting Period.
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.
11
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by Anhui Gujing Distillery Company Limited
31 March 2020
Unit: RMB
Item 31 March 2020 31 December 2019
Current assets:
Monetary assets 7,034,009,978.49 5,619,749,918.09
Settlement reserve
Interbank loans granted
Held-for-trading financial assets 233,070,455.11 509,031,097.02
Derivative financial assets
Notes receivable 1,571,372,682.40 1,004,217,431.56
Accounts receivable 40,290,782.16 40,776,567.96
Accounts receivable financing
Prepayments 138,733,478.63 197,453,313.96
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 68,479,612.33 25,746,957.22
Including: Interest receivable 2,825,141.55 1,908,788.81
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 2,859,622,756.16 3,015,051,961.78
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets 86,137,117.02 114,439,167.07
Total current assets 12,031,716,862.30 10,526,466,414.66
12
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 4,669,227.37 4,678,282.24
Investments in other equity
instruments
Other non-current financial assets
Investment property 4,630,800.40 4,710,086.02
Fixed assets 1,674,133,870.13 1,722,572,998.79
Construction in progress 191,417,719.89 183,984,816.07
Productive living assets
Oil and gas assets
Use rights assets
Intangible assets 848,029,559.05 785,717,932.76
R&D expense
Goodwill 478,283,495.29 478,283,495.29
Long-term prepaid expense 63,670,348.57 70,240,106.82
Deferred income tax assets 95,670,998.36 90,494,544.51
Other non-current assets 574,026.00 4,148,686.00
Total non-current assets 3,361,080,045.06 3,344,830,948.50
Total assets 15,392,796,907.36 13,871,297,363.16
Current liabilities:
Short-term borrowings
Borrowings from the central bank
Interbank loans obtained
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 738,211,591.13 703,679,646.86
Accounts payable 411,542,907.94 563,494,195.40
Advances from customers 1,533,322,540.40 529,863,011.73
Contractual liabilities
Financial assets sold under
repurchase agreements
13
Customer deposits and interbank
deposits
Payables for acting trading of
securities
Payables for underwriting of
securities
Payroll payable 384,224,877.75 454,189,532.89
Taxes payable 373,051,940.07 482,903,109.59
Other payables 1,391,162,229.54 1,315,878,229.01
Including: Interest payable
Dividends payable
Handling charges and commissions
payable
Reinsurance payables
Liabilities directly associated with
assets classified as held for sale
Current portion of non-current
liabilities
Other current liabilities 306,024,896.56 197,484,121.41
Total current liabilities 5,137,540,983.39 4,247,491,846.89
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 73,488,752.68 72,778,437.92
Deferred income tax liabilities 118,680,936.22 118,872,366.61
Other non-current liabilities
Total non-current liabilities 192,169,688.90 191,650,804.53
Total liabilities 5,329,710,672.29 4,439,142,651.42
Owners’ equity:
Share capital 503,600,000.00 503,600,000.00
14
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
Specific reserve
Surplus reserves 256,902,260.27 256,902,260.27
General reserve
Retained earnings 7,524,992,355.61 6,888,203,911.92
Total equity attributable to owners of
9,580,900,208.13 8,944,111,764.44
the Company as the parent
Non-controlling interests 482,186,026.94 488,042,947.30
Total owners’ equity 10,063,086,235.07 9,432,154,711.74
Total liabilities and owners’ equity 15,392,796,907.36 13,871,297,363.16
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 2020 31 December 2019
Current assets:
Monetary assets 3,557,888,350.08 2,919,818,830.20
Held-for-trading financial assets 213,900,455.11 489,861,097.02
Derivative financial assets
Notes receivable 938,861,434.30 378,740,100.82
Accounts receivable 5,733,623.45 218,558,555.07
Accounts receivable financing
Prepayments 35,317,002.77 17,906,999.63
Other receivables 167,474,179.97 125,219,213.84
Including: Interest receivable 301,888.89 301,888.89
Dividends receivable
Inventories 2,511,559,652.56 2,688,839,871.27
15
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets 0.00 1,280,998.32
Total current assets 7,430,734,698.24 6,840,225,666.17
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
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 4,630,800.40 4,710,086.02
Fixed assets 1,271,050,338.41 1,310,704,771.36
Construction in progress 95,161,823.49 84,477,784.02
Productive living assets
Oil and gas assets
Use rights assets
Intangible assets 308,879,065.37 243,928,047.95
R&D expense
Goodwill
Long-term prepaid expense 43,390,908.64 48,354,967.15
Deferred income tax assets 35,161,610.63 31,360,809.87
Other non-current assets 574,026.00 574,026.00
Total non-current assets 2,907,062,238.26 2,872,324,157.69
Total assets 10,337,796,936.50 9,712,549,823.86
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 11,190,587.52 49,114,582.04
Accounts payable 284,393,594.02 450,303,984.53
Advances from customers 496,928,122.57 31,724.77
16
Contractual liabilities
Payroll payable 77,160,831.60 100,357,808.20
Taxes payable 275,694,666.51 371,012,223.50
Other payables 289,447,502.04 274,053,511.54
Including: Interest payable
Dividends payable
Liabilities directly associated with
assets classified as held for sale
Current portion of non-current
liabilities
Other current liabilities 27,157,003.22 11,953,800.20
Total current liabilities 1,461,972,307.48 1,256,827,634.78
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 32,320,498.96 33,229,246.47
Deferred income tax liabilities 22,866,964.62 22,799,814.64
Other non-current liabilities
Total non-current liabilities 55,187,463.58 56,029,061.11
Total liabilities 1,517,159,771.06 1,312,856,695.89
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
Specific reserve
17
Surplus reserves 251,800,000.00 251,800,000.00
Retained earnings 6,818,075,058.09 6,397,131,020.62
Total owners’ equity 8,820,637,165.44 8,399,693,127.97
Total liabilities and owners’ equity 10,337,796,936.50 9,712,549,823.86
3. Consolidated Income Statement
Unit: RMB
Item Q1 2020 Q1 2019
1. Revenue 3,281,368,602.79 3,668,502,474.92
Including: Operating revenue 3,281,368,602.79 3,668,502,474.92
Interest income
Premium income
Handling charge and
commission income
2. Costs and expenses 2,443,221,802.41 2,662,463,799.11
Including: Cost of sales 744,305,924.63 799,244,679.69
Interest expense
Handling charge and
commission expense
Surrenders
Net claims paid
Net amount provided as
policy reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and surcharges 520,124,639.27 540,036,699.39
Selling expense 989,447,585.63 1,167,562,403.83
Administrative expense 194,176,267.66 150,969,173.04
R&D expense 7,670,570.59 6,419,946.84
Finance costs -12,503,185.37 -1,769,103.68
Including: Interest
24,441,197.03 8,705,507.36
expense
Interest
33,840,686.32 9,334,113.54
income
Add: Other income 6,699,623.47 7,094,400.70
18
Return on investment (“-” for loss) 6,550,446.14 26,924,392.85
Including: Share of profit or loss
of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Foreign exchange gain (“-” for
loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
2,015,949.87 13,070,885.68
for loss)
Credit impairment loss (“-” for
loss)
Asset impairment loss (“-” for loss)
Asset disposal income (“-” for
0.00 83,202.85
loss)
3. Operating profit (“-” for loss) 853,412,819.86 1,053,211,557.89
Add: Non-operating income 7,771,833.55 5,335,678.12
Less: Non-operating expense 21,568,589.31 1,002,057.61
4. Profit before tax (“-” for loss) 839,616,064.10 1,057,545,178.40
Less: Income tax expense 208,684,540.77 262,026,857.84
5. Net profit (“-” for net loss) 630,931,523.33 795,518,320.56
5.1 By operating continuity
5.1.1 Net profit from continuing
630,931,523.33 795,518,320.56
operations (“-” 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
636,788,443.69 783,389,904.73
owners of the Company as the parent
5.2.1 Net profit attributable to
-5,856,920.36 12,128,415.83
non-controlling interests
6. Other comprehensive income, net of
tax
Attributable to owners of the Company
as the parent
6.1 Items that will not be
reclassified to profit or loss
19
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 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 Other comprehensive
income arising from the reclassification
of financial assets
6.2.4 Allowance for credit
impairments in investments in other debt
obligations
6.2.5 Reserve for cash flow
hedges
6.2.6 Differences arising from the
translation of foreign
currency-denominated financial
statements
6.2.7 Other
Attributable to non-controlling
interests
7. Total comprehensive income 630,931,523.33 795,518,320.56
Attributable to owners of the Company
636,788,443.69 783,389,904.73
as the parent
Attributable to non-controlling
-5,856,920.36 12,128,415.83
interests
8. Earnings per share
8.1 Basic earnings per share 1.26 1.56
8.2 Diluted earnings per share 1.26 1.56
20
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 2020 Q1 2019
1. Operating revenue 1,955,751,391.93 1,921,463,298.13
Less: Cost of sales 745,868,987.92 742,536,052.02
Taxes and surcharges 489,478,469.41 476,220,710.41
Selling expense 11,672,221.60 23,013,905.78
Administrative expense 136,739,496.58 95,871,680.28
R&D expense 4,711,335.12 3,489,301.54
Finance costs -7,589,655.72 -161,036.71
Including: Interest expense 24,441,197.03 8,705,507.36
Interest income 31,763,500.03 8,909,103.52
Add: Other income 3,239,267.51 2,256,134.13
Return on investment (“-” for
454,487.68 18,762,552.86
loss)
Including: Share of profit or
loss of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
2,015,949.87 13,070,885.68
for loss)
Credit impairment loss (“-” for
loss)
Asset impairment loss (“-” for
loss)
Asset disposal income (“-” for
loss)
2. Operating profit (“-” for loss) 580,580,242.08 614,582,257.48
Add: Non-operating income 7,311,719.12 4,461,000.86
Less: Non-operating expense 20,307,303.87 676,321.68
3. Profit before tax (“-” for loss) 567,584,657.33 618,366,936.66
21
Less: Income tax expense 146,640,619.86 156,762,955.60
4. Net profit (“-” for net loss) 420,944,037.47 461,603,981.06
4.1 Net profit from continuing
420,944,037.47 461,603,981.06
operations (“-” for net loss)
4.2 Net profit from discontinued
operations (“-” for net loss)
5. Other comprehensive income, net of
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
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
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 Other comprehensive income
arising from the reclassification of
financial assets
5.2.4 Allowance for credit
impairments in investments in other
debt obligations
5.2.5 Reserve for cash flow hedges
5.2.6 Differences arising from the
translation of foreign
currency-denominated financial
statements
5.2.7 Other
6. Total comprehensive income 420,944,037.47 461,603,981.06
22
7. Earnings per share
7.1 Basic earnings per share 0.84 0.92
7.2 Diluted earnings per share 0.84 0.92
5. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2020 Q1 2019
1. Cash flows from operating activities:
Proceeds from sale of commodities
4,415,909,823.78 3,282,900,142.53
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
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 509,255.64
Cash generated from other operating
545,462,243.63 183,731,144.88
activities
Subtotal of cash generated from
4,961,881,323.05 3,466,631,287.41
operating activities
Payments for commodities and
705,160,011.76 437,253,627.58
services
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and in interbank loans granted
23
Payments for claims on original
insurance contracts
Net increase in interbank loans
granted
Interest, handling charges and
commissions paid
Policy dividends paid
Cash paid to and for employees 696,654,167.45 506,211,004.64
Taxes paid 1,165,366,246.78 1,180,474,817.64
Cash used in other operating
762,035,916.57 331,990,396.64
activities
Subtotal of cash used in operating
3,329,216,342.56 2,455,929,846.50
activities
Net cash generated from/used in
1,632,664,980.49 1,010,701,440.91
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 299,000,000.00 1,155,560,000.00
Return on investment 20,142,992.71 24,174,323.96
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
319,142,992.71 1,179,734,323.96
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other 119,547,912.80 67,651,556.40
long-lived assets
Payments for investments 33,000,000.00 951,660,000.00
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
152,547,912.80 1,019,311,556.40
activities
Net cash generated from/used in
166,595,079.91 160,422,767.56
investing activities
3. Cash flows from financing activities:
24
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings obtained
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
1,799,260,060.40 1,171,124,208.47
equivalents
Add: Cash and cash equivalents,
2,944,749,918.09 835,560,865.12
beginning of the period
6. Cash and cash equivalents, end of the
4,744,009,978.49 2,006,685,073.59
period
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item Q1 2020 Q1 2019
1. Cash flows from operating activities:
Proceeds from sale of commodities
3,872,253,908.69 1,787,341,935.99
and rendering of services
Tax rebates
Cash generated from other operating
813,392,594.48 147,002,588.20
activities
Subtotal of cash generated from
4,685,646,503.17 1,934,344,524.19
operating activities
Payments for commodities and
425,500,062.63 466,775,831.06
services
25
Cash paid to and for employees 231,275,877.43 184,167,857.56
Taxes paid 911,117,511.13 778,863,559.94
Cash used in other operating
2,328,037,144.91 69,443,644.99
activities
Subtotal of cash used in operating
3,895,930,596.10 1,499,250,893.55
activities
Net cash generated from/used in
789,715,907.07 435,093,630.64
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 266,000,000.00 850,000,000.00
Return on investment 12,431,079.46 18,769,315.08
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
278,431,079.46 868,769,315.08
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other 90,077,466.65 53,184,977.36
long-lived assets
Payments for investments 0.00 716,000,000.00
Net payments for the acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
90,077,466.65 769,184,977.36
activities
Net cash generated from/used in
188,353,612.81 99,584,337.72
investing activities
3. Cash flows from financing activities:
Capital contributions received
Borrowings obtained
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
Repayments of borrowings
Payments for interest and dividends
26
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
978,069,519.88 534,677,968.36
equivalents
Add: Cash and cash equivalents,
2,079,818,830.20 708,172,917.59
beginning of the period
6. Cash and cash equivalents, end of the
3,057,888,350.08 1,242,850,885.95
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 Revenue or Leases from 2020
□ Applicable √ Not applicable
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of any New
Standards Governing Revenue or Leases from 2020
□ 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
These financial statements have not been audited by such an auditor.
Chairman of the Board:
(Liang Jinhui)
Anhui Gujing Distillery Company Limited
24 April 2020
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