ANHUI GUJING DISTILLERY COMPANY LIMITED
FIRST QUARTERLY REPORT 2021
April 2021
Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
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 Quarterly Report 2021
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 2021 Q1 2020 Change (%)
Operating revenue (RMB) 4,130,015,502.32 3,281,368,602.79 25.86%
Net profit attributable to the listed
814,470,363.67 636,788,443.69 27.90%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before exceptional 801,677,741.93 635,613,633.02 26.13%
items (RMB)
Net cash generated from/used in operating
-1,373,645,850.02 1,632,664,980.49 -184.14%
activities (RMB)
Basic earnings per share (RMB/share) 1.62 1.26 28.57%
Diluted earnings per share (RMB/share) 1.62 1.26 28.57%
Weighted average return on equity (%) 7.79% 6.87% 0.92%
31 March 2021 31 December 2020 Change (%)
Total assets (RMB) 18,168,451,824.87 15,186,625,708.79 19.63%
Equity attributable to the listed company’s
10,857,758,377.40 10,043,288,013.73 8.11%
shareholders (RMB)
Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2021 Note
Gain or loss on disposal of non-current assets (inclusive of
impairment allowance write-offs) -64,833.01
Government subsidies charged to current profit or loss (exclusive
of government subsidies given in the Company’s ordinary course
of business at fixed quotas or amounts as per government’s 8,395,548.67
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
-940,611.33
liabilities, derivative financial assets and liabilities, and other
investments in debt obligations (exclusive of effective portion of
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Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
hedges that arise in the Company’s ordinary course of business)
Non-operating income and expense other than above
10,979,479.00
Less: Income tax effects
4,548,172.05
Non-controlling interests effects (net of tax)
1,028,789.54
Total --
12,792,621.74
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 2021
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
32,830 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 1.89% 9,516,956
SECTOR STOCK
SECURITIES
INVESTMENT
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Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
FUND
INDUSTRIAL
AND
COMMERCIAL
BANK OF CHINA
LIMITED-
INVESCO GREAT
WALL Other 1.89% 9,505,500
EMERGING
GROWTH
HYBRID
SECURITIES
INVESTMENT
FUND
CHINA INT'L
CAPITAL CORP Foreign legal
1.80% 9,082,752
HONG KONG person
SECURITIES LTD
BANK OF
CHINA-CHINA
MERCHANTS
CHINA
SECURITIES
Other 1.46% 7,351,744
LIQUOR INDEX
CLASSIFICATION
SECURITIES
INVESTMENT
FUND
UBS (LUX)
EQUITY FUND -
Foreign legal
CHINA 1.40% 7,048,161
person
OPPORTUNITY
(USD)
CENTRAL
HUIJIN ASSET State-owned legal
1.30% 6,543,600
MANAGEMENT person
CO., LTD.
HONG KONG
SECURITIES Foreign legal
1.08% 5,457,378
CLEARING person
COMPANY LTD.
BANK OF Other 0.99% 4,995,403
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Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
CHINA-
INVESCO GREAT
WALL DINGYI
HYBRID
SECURITIES
INVESTMENT
FUND (LOF)
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
9,516,956 9,516,956
SECTOR STOCK SECURITIES ordinary stock
INVESTMENT FUND
INDUSTRIAL AND COMMERCIAL
BANK OF CHINA LIMITED-
RMB-denominated
INVESCO GREAT WALL 9,505,500 9,505,500
ordinary stock
EMERGING GROWTH HYBRID
SECURITIES INVESTMENT FUND
CHINA INT'L CAPITAL CORP Domestically
9,082,752 9,082,752
HONG KONG SECURITIES LTD listed foreign stock
BANK OF CHINA-CHINA
MERCHANTS CHINA SECURITIES RMB-denominated
7,351,744 7,351,744
LIQUOR INDEX CLASSIFICATION ordinary stock
SECURITIES INVESTMENT FUND
UBS (LUX) EQUITY FUND - Domestically
7,048,161 7,048,161
CHINA OPPORTUNITY (USD) listed foreign stock
CENTRAL HUIJIN ASSET RMB-denominated
6,543,600 6,543,600
MANAGEMENT CO., LTD. ordinary stock
HONG KONG SECURITIES RMB-denominated
5,457,378 5,457,378
CLEARING COMPANY LTD. ordinary stock
BANK OF CHINA- INVESCO
GREAT WALL DINGYI HYBRID RMB-denominated
4,995,403 4,995,403
SECURITIES INVESTMENT FUND ordinary stock
(LOF)
Related or acting-in-concert parties Among the above shareholders, the Company's controlling shareholder, Anhui Gujing Group
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Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
among the shareholders above 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
Changes in Shareholding of Listed Companies. In addition, the relationship between other
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
N/A
in securities margin trading (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
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Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Part III Significant Events
I Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
31 March 2021 31 December 2020 Change
Balance sheet item Explanation of why
(RMB) (RMB) (%)
Accounts receivable Increase in banker’s acceptance bills
3,329,851,671.96 1,673,510,794.51 98.97%
financing received
Increase in prepayments for advertising
Prepayments 77,019,438.61 55,575,543.21 38.59%
and materials
Increase in prepaid deposits for land-use
Other receivables 113,430,726.22 33,451,121.48 239.09%
fees
Short-term borrowings arising from the
Short-term borrowings 143,234,200.01 70,665,500.00 102.69%
acquisition of Mingguang Distillery
Contract liabilities 1,943,501,535.46 1,206,573,886.26 61.08% Increase in orders
Other current liabilities 651,495,896.67 320,792,383.03 103.09% Increase in accrued expense
New long-term borrowing taken out by
Long-term borrowings 110,117,638.89 60,117,638.89 83.17%
Yellow Crane Tower
Notes payable 17,804,535.60 140,614,535.60 -87.34% Payment for notes payable that became due
Change
Income statement item Q1 2021 (RMB) Q1 2020 (RMB) Explanation of why
(%)
Finance costs -25,120,091.65 -12,503,185.37 -100.91% Decrease in interest expense
Decrease in held-for-trading financial
Return on investment -1,513,775.77 6,550,446.14 -123.11% assets, resulting in a decrease in the
relevant gains
Last year saw donations made in the
Non-operating expense 227,987.67 21,568,589.31 -98.94%
pandemic
Change
Cash flow statement item Q1 2021 (RMB) Q1 2020 (RMB) Explanation of why
(%)
Net cash generated
from/used in operating -1,373,645,850.02 1,632,664,980.49 -184.14% Increase in structured deposits
activities
Net cash generated
from/used in investing -193,966,694.98 166,595,079.91 -216.43% Increase in cash used in investing activities
activities
II Progress, Influence and Solutions with regard to Significant Events
□ Applicable √ Not applicable
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Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Progress of any share repurchases:
□ Applicable √ Not applicable
Progress of any reduction of the repurchased shares through centralized bidding:
□ Applicable √ Not applicable
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Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
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 Financial Investments
1. Securities Investments
√ Applicable □ Not applicable
Unit: RMB
Gain/loss of Accumulative
Purchased Sold in
Variety Symbol Accounting changes in fair changes in Gain/loss
Name of Initial Beginning in the the in Ending carrying Capital
of of measurement value in the fair value Accounting title
security investment cost carrying value Reporting Reporting Reporting value source
security security model Reporting recorded into Period
Period Period
Period equities
DAPU Asset Held-for-trading Self-owned
Fund 200,000,000.00 Fair value 203,877,915.51 -1,363,558.66 1,625.42 202,514,356.85
Management financial assets funds
Other investment securities
-- -- --
held at the Period-end
Total 200,000,000.00 -- 203,877,915.51 -1,363,558.66 1,625.42 202,514,356.85 -- --
Disclosure date of
announcement on Board’s
24 April 2020
consent for securities
investment
Disclosure date of
N/A
announcement on
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Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
shareholders’ meeting’s
consent for securities
investment (if any)
2. Investments in Derivative Financial Instruments
√ Applicable □ Not applicable
Unit: RMB’0,000
Proportion
of closing
Actual
Purchased in investment
Relationship Initial Beginning Sold in the Impairment Ending gain/loss in
Connected 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
repurchase 27 January 4 March
Naught No repurchase of 0.00 0.00 39,490 39,490 0.00 0.00% 46.44
of national 2021 2021
national debt
debt
Total 0.00 -- -- 0.00 39,490 39,490 0.00 0.00% 46.44
Capital source for derivative investment Company’s own funds
Lawsuits involved (if applicable) N/A
Disclosure date of board announcement approving
30 August 2013
derivative investment (if any)
Disclosure date of shareholders’ meeting announcement
N/A
approving derivative investment (if any)
Analysis of risks and control measures associated with The Company had controlled the relevant risks strictly according to the Derivatives Investment Management System.
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Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
derivative investments held in the Reporting Period
(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 during the Reporting Period (fair value
Naught
analysis should include measurement method and
related assumptions and parameters)
Significant changes in accounting policies and specific
accounting principles adopted for derivative
Naught
investments in the Reporting Period compared to
previous 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 Quarterly Report 2021
V Progress of Projects Financed with Raised Funds
□ Applicable √ Not applicable
VI Operating Performance Forecast for January-June 2021
Warning of a forecast loss on or a forecast significant year-on-year change in the accumulative net profit from the beginning of the
year to the end of the next reporting period, as well as explanation of why:
□ Applicable √ Not applicable
VII Significant Contracts Arising from the Company’s Ordinary Course of Business
□ Applicable √ Not applicable
VIII Cash Entrusted for Wealth Management
√ Applicable □ Not applicable
Unit: RMB’0,000
Unrecovered overdue
Type Funding source Amount Undue amount
amount
Wealth management
product purchased from Self-funded 0.00 0.00 0.00
entrustment
Wealth management
product purchased from Self-funded 0.00 0.00 0.00
bank
Wealth management
product purchased from Self-funded 0.00 0.00 0.00
broker
Others Self-funded 20,000 20,000 0.00
Total 20,000 20,000 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:
√ Applicable □ Not applicable
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)
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Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Purchas 1.2%
ing new of
shares the
offline, net
fixed value
income of
DAPU Comp
instrum prod
Asset any 20,00 Self-fu
Fund ents, uct 7.00% 0.16 Recovered Yes Yes
Manage Limit 0 nded
and and
ment ed
Reverse 20%
repurch of
ase of exces
national s
debt, earni
etc ngs
20,00
Total -- -- -- -- -- -- 0.16 -- -- -- --
0
Wealth management entrustments with possible impairments including an expectedly unrecoverable principal:
□ Applicable √ Not applicable
IX Irregularities in the Provision of Guarantees
□ Applicable √ Not applicable
No such cases in the Reporting Period.
X Occupation of the Company’s Capital by the Controlling Shareholder or any of Its Related
Parties for Non-Operating Purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
XI Communications with the Investment Community such as Researches, Inquiries and
Interviews Received during the Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
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Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by Anhui Gujing Distillery Company Limited
31 March 2021
Unit: RMB
Item 31 March 2021 31 December 2020
Current assets:
Monetary assets 6,427,021,064.83 5,971,212,569.66
Settlement reserve
Interbank loans granted
Held-for-trading financial assets 202,514,356.85 203,877,915.51
Derivative financial assets
Notes receivable
Accounts receivable 71,406,346.21 67,933,735.91
Accounts receivable financing 3,329,851,671.96 1,673,510,794.51
Prepayments 77,019,438.61 55,575,543.21
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 113,430,726.22 33,451,121.48
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 3,819,542,938.37 3,416,880,808.96
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets 56,395,341.58 97,412,681.26
Total current assets 14,097,181,884.63 11,519,855,170.50
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Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 4,923,279.26 4,915,575.83
Investments in other equity
53,848,697.80 0.00
instruments
Other non-current financial assets
Investment property 4,313,657.92 4,392,943.54
Fixed assets 1,880,976,570.66 1,797,789,271.62
Construction in progress 349,603,350.04 279,169,201.60
Productive living assets
Oil and gas assets
Use rights assets 53,791,746.39 0.00
Intangible assets 982,198,884.84 934,711,977.79
R&D expense
Goodwill 538,969,677.36 478,283,495.29
Long-term prepaid expense 73,303,700.26 64,591,933.65
Deferred income tax assets 127,177,551.57 96,972,421.95
Other non-current assets 2,162,824.14 5,943,717.02
Total non-current assets 4,071,269,940.24 3,666,770,538.29
Total assets 18,168,451,824.87 15,186,625,708.79
Current liabilities:
Short-term borrowings 143,234,200.01 70,665,500.00
Borrowings from the central bank
Interbank loans obtained
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 17,804,535.60 140,614,535.60
Accounts payable 524,909,856.76 505,206,561.86
Advances from customers
Contractual liabilities 1,943,501,535.46 1,206,573,886.26
Financial assets sold under
repurchase agreements
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Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Customer deposits and interbank
deposits
Payables for acting trading of
securities
Payables for underwriting of
securities
Payroll payable 427,073,034.41 498,129,114.76
Taxes payable 535,526,182.48 349,142,692.10
Other payables 2,142,638,432.70 1,396,599,161.14
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 651,495,896.67 320,792,383.03
Total current liabilities 6,386,183,674.09 4,487,723,834.75
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 110,117,638.89 60,117,638.89
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 51,478,025.46 0.00
Long-term payables
Long-term payroll payable
Provisions
Deferred income 74,792,075.86 75,111,997.53
Deferred income tax liabilities 164,531,200.73 114,821,451.24
Other non-current liabilities
Total non-current liabilities 400,918,940.94 250,051,087.66
Total liabilities 6,787,102,615.03 4,737,774,922.41
Owners’ equity:
Share capital 503,600,000.00 503,600,000.00
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Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
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 8,801,850,524.88 7,987,380,161.21
Total equity attributable to owners of
10,857,758,377.40 10,043,288,013.73
the Company as the parent
Non-controlling interests 523,590,832.44 405,562,772.65
Total owners’ equity 11,381,349,209.84 10,448,850,786.38
Total liabilities and owners’ equity 18,168,451,824.87 15,186,625,708.79
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 2021 31 December 2020
Current assets:
Monetary assets 4,329,704,901.13 4,287,808,756.66
Held-for-trading financial assets 202,514,356.85 203,877,915.51
Derivative financial assets
Notes receivable
Accounts receivable 170,976.94 494,976.27
Accounts receivable financing 2,716,027,543.98 1,399,214,331.97
Prepayments 19,621,212.28 11,737,580.47
Other receivables 239,289,630.89 141,378,010.40
Including: Interest receivable
Dividends receivable
Inventories 3,087,688,637.26 2,976,360,208.66
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Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets 395,729.97 9,734,249.41
Total current assets 10,595,412,989.30 9,030,606,029.35
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 1,317,413,665.32 1,118,213,665.32
Investments in other equity
instruments
Other non-current financial assets
Investment property 4,313,657.92 4,392,943.54
Fixed assets 1,286,511,831.77 1,322,818,855.86
Construction in progress 163,467,265.22 139,865,487.21
Productive living assets
Oil and gas assets
Use rights assets 49,508,124.64 0.00
Intangible assets 362,217,313.77 369,163,089.18
R&D expense
Goodwill
Long-term prepaid expense 51,837,729.99 44,072,241.78
Deferred income tax assets 29,052,153.19 30,716,488.80
Other non-current assets 75,999.80
Total non-current assets 3,264,321,741.82 3,029,318,771.49
Total assets 13,859,734,731.12 12,059,924,800.84
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 74,535.60 74,535.60
Accounts payable 371,554,616.66 397,554,006.51
Advances from customers
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Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Contractual liabilities 2,231,500,699.12 1,130,074,436.39
Payroll payable 99,562,237.32 127,974,331.78
Taxes payable 310,087,260.23 200,876,134.49
Other payables 533,301,916.61 524,000,730.59
Including: Interest payable
Dividends payable
Liabilities directly associated with
assets classified as held for sale
Current portion of non-current
liabilities
Other current liabilities 297,063,821.16 160,738,917.51
Total current liabilities 3,843,145,086.70 2,541,293,092.87
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 46,750,659.47 0.00
Long-term payables
Long-term payroll payable
Provisions
Deferred income 30,927,935.93 31,601,732.51
Deferred income tax liabilities 19,067,006.23 19,407,895.89
Other non-current liabilities
Total non-current liabilities 96,745,601.63 51,009,628.40
Total liabilities 3,939,890,688.33 2,592,302,721.27
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
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Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Surplus reserves 251,800,000.00 251,800,000.00
Retained earnings 7,917,281,935.44 7,465,059,972.22
Total owners’ equity 9,919,844,042.79 9,467,622,079.57
Total liabilities and owners’ equity 13,859,734,731.12 12,059,924,800.84
3. Consolidated Income Statement
Unit: RMB
Item Q1 2021 Q1 2020
1. Revenue 4,130,015,502.32 3,281,368,602.79
Including: Operating revenue 4,130,015,502.32 3,281,368,602.79
Interest income
Premium income
Handling charge and
commission income
2. Costs and expenses 3,031,459,289.21 2,443,221,802.41
Including: Cost of sales 950,464,489.17 744,305,924.63
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 645,699,084.84 520,124,639.27
Selling expense 1,219,257,934.55 989,447,585.63
Administrative expense 232,196,067.98 194,176,267.66
R&D expense 8,961,804.32 7,670,570.59
Finance costs -25,120,091.65 -12,503,185.37
Including: Interest
2,639,488.37 24,441,197.03
expense
Interest
27,725,520.67 33,840,686.32
income
Add: Other income 8,395,548.67 6,699,623.47
21
Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Return on investment (“-” for loss) -1,513,775.77 6,550,446.14
Including: Share of profit or loss
7,703.43 -9,054.87
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 (“-”
-1,363,558.66 2,015,949.87
for loss)
Credit impairment loss (“-” for
loss)
Asset impairment loss (“-” for loss)
Asset disposal income (“-” for
83,256.27 0.00
loss)
3. Operating profit (“-” for loss) 1,104,157,683.62 853,412,819.86
Add: Non-operating income 11,059,377.39 7,771,833.55
Less: Non-operating expense 227,987.67 21,568,589.31
4. Profit before tax (“-” for loss) 1,114,989,073.34 839,616,064.10
Less: Income tax expense 275,763,491.16 208,684,540.77
5. Net profit (“-” for net loss) 839,225,582.18 630,931,523.33
5.1 By operating continuity
5.1.1 Net profit from continuing
839,225,582.18 630,931,523.33
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
shareholders of the Company as the 814,470,363.67 636,788,443.69
parent
5.2.1 Net profit attributable to
24,755,218.51 -5,856,920.36
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
22
Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
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 839,225,582.18 630,931,523.33
Attributable to owners of the Company
814,470,363.67 636,788,443.69
as the parent
Attributable to non-controlling
24,755,218.51 -5,856,920.36
interests
8. Earnings per share
8.1 Basic earnings per share 1.62 1.26
8.2 Diluted earnings per share 1.62 1.26
23
Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
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 2021 Q1 2020
1. Operating revenue 2,092,741,047.62 1,955,751,391.93
Less: Cost of sales 810,105,922.78 745,868,987.92
Taxes and surcharges 548,230,588.43 489,478,469.41
Selling expense 12,575,428.65 11,672,221.60
Administrative expense 132,074,499.24 136,739,496.58
R&D expense 6,725,065.47 4,711,335.12
Finance costs -10,375,886.67 -7,589,655.72
Including: Interest expense 566,395.92 24,441,197.03
Interest income 10,955,730.71 31,763,500.03
Add: Other income 2,185,113.63 3,239,267.51
Return on investment (“-” for
589,332.43 454,487.68
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 (“-”
-1,363,558.66 2,015,949.87
for loss)
Credit impairment loss (“-” for
loss)
Asset impairment loss (“-” for
loss)
Asset disposal income (“-” for
loss)
2. Operating profit (“-” for loss) 594,816,317.12 580,580,242.08
Add: Non-operating income 8,164,629.03 7,311,719.12
Less: Non-operating expense 18,328.50 20,307,303.87
3. Profit before tax (“-” for loss) 602,962,617.65 567,584,657.33
24
Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Less: Income tax expense 150,740,654.43 146,640,619.86
4. Net profit (“-” for net loss) 452,221,963.22 420,944,037.47
4.1 Net profit from continuing
452,221,963.22 420,944,037.47
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 452,221,963.22 420,944,037.47
25
Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
7. Earnings per share
7.1 Basic earnings per share 0.90 0.84
7.2 Diluted earnings per share 0.90 0.84
5. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2021 Q1 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities
3,981,804,657.48 4,415,909,823.78
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 713,005.93 509,255.64
Cash generated from other operating
281,782,706.95 545,462,243.63
activities
Subtotal of cash generated from
4,264,300,370.36 4,961,881,323.05
operating activities
Payments for commodities and
815,249,351.34 705,160,011.76
services
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and in interbank loans granted
26
Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
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 766,322,812.84 696,654,167.45
Taxes paid 1,210,416,897.79 1,165,366,246.78
Cash used in other operating
2,845,957,158.41 762,035,916.57
activities
Subtotal of cash used in operating
5,637,946,220.38 3,329,216,342.56
activities
Net cash generated from/used in
-1,373,645,850.02 1,632,664,980.49
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 394,900,000.00 299,000,000.00
Return on investment 448,415.50 20,142,992.71
Net proceeds from the disposal of
fixed assets, intangible assets and other 107,300.00 0.00
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
395,455,715.50 319,142,992.71
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other 129,336,077.38 119,547,912.80
long-lived assets
Payments for investments 394,900,000.00 33,000,000.00
Net increase in pledged loans granted
Net payments for the acquisition of
65,186,333.10 0.00
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
589,422,410.48 152,547,912.80
activities
Net cash generated from/used in
-193,966,694.98 166,595,079.91
investing activities
3. Cash flows from financing activities:
27
Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings obtained 50,330,000.00 0.00
Cash generated from other financing
activities
Subtotal of cash generated from
50,330,000.00 0.00
financing activities
Repayments of borrowings 22,000,000.00 0.00
Payments for interest and dividends 2,421,119.29 0.00
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing
2,487,840.54 0.00
activities
Subtotal of cash used in financing
26,908,959.83 0.00
activities
Net cash generated from/used in
23,421,040.17 0.00
financing activities
4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
-1,544,191,504.83 1,799,260,060.40
equivalents
Add: Cash and cash equivalents,
5,636,903,693.74 2,944,749,918.09
beginning of the period
6. Cash and cash equivalents, end of the
4,092,712,188.91 4,744,009,978.49
period
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item Q1 2021 Q1 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities
3,276,161,121.02 3,872,253,908.69
and rendering of services
Tax rebates
Cash generated from other operating
714,028,872.38 813,392,594.48
activities
Subtotal of cash generated from
3,990,189,993.40 4,685,646,503.17
operating activities
Payments for commodities and
763,808,789.90 425,500,062.63
services
28
Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Cash paid to and for employees 254,010,611.08 231,275,877.43
Taxes paid 758,852,391.90 911,117,511.13
Cash used in other operating
4,002,298,999.54 2,328,037,144.91
activities
Subtotal of cash used in operating
5,778,970,792.42 3,895,930,596.10
activities
Net cash generated from/used in
-1,788,780,799.02 789,715,907.07
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 384,900,000.00 266,000,000.00
Return on investment 438,367.56 12,431,079.46
Net proceeds from the disposal of
fixed assets, intangible assets and other 72,200.00 0.00
long-lived assets
Net proceeds from the disposal of
3,123,346.37 0.00
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
388,533,913.93 278,431,079.46
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other 70,269,129.90 90,077,466.65
long-lived assets
Payments for investments 384,900,000.00 0.00
Net payments for the acquisition of
200,200,000.00 0.00
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
655,369,129.90 90,077,466.65
activities
Net cash generated from/used in
-266,835,215.97 188,353,612.81
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
29
Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Cash used in other financing
2,487,840.54 0.00
activities
Subtotal of cash used in financing
2,487,840.54 0.00
activities
Net cash generated from/used in
-2,487,840.54 0.00
financing activities
4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
-2,058,103,855.53 978,069,519.88
equivalents
Add: Cash and cash equivalents,
4,087,808,756.66 2,079,818,830.20
beginning of the period
6. Cash and cash equivalents, end of the
2,029,704,901.13 3,057,888,350.08
period
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of the New
Standards Governing Leases from 2021
Applicable
Whether the Company needs to adjust items in balance sheet at the beginning of the year
√ Yes □ No
Consolidated Balance Sheet
Unit: RMB
Item 31 December 2020 1 January 2021 Adjusted
Current assets:
Monetary assets 5,971,212,569.66 5,971,212,569.66
Settlement reserve
Loans to other banks and
financial institutions
Held-for-trading financial
203,877,915.51 203,877,915.51
assets
Derivative financial assets
Notes receivable
Accounts receivable 67,933,735.91 67,933,735.91
Receivables financing 1,673,510,794.51 1,673,510,794.51
Prepayments 55,575,543.21 51,399,808.11 -4,175,735.10
Premiums receivable
Reinsurance receivables
30
Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Receivable reinsurance
contract reserve
Other receivables 33,451,121.48 33,451,121.48
Including: Interest
receivable
Dividends
receivable
Financial assets purchased
under resale agreements
Inventories 3,416,880,808.96 3,416,880,808.96
Contract assets
Assets held for sale
Current portion of
non-current assets
Other current assets 97,412,681.26 97,412,681.26
Total current assets 11,519,855,170.50 11,515,679,435.40 -4,175,735.10
Non-current assets:
Loans and advances to
customers
Debt investments
Other debt investments
Long-term receivables
Long-term equity
4,915,575.83 4,915,575.83
investments
Investments in other equity
instruments
Other non-current financial
assets
Investment property 4,392,943.54 4,392,943.54
Fixed assets 1,797,789,271.62 1,797,789,271.62
Construction in progress 279,169,201.60 279,169,201.60
Productive living assets
Oil and gas assets
Right-of-use assets 0.00 57,402,412.53 57,402,412.53
Intangible assets 934,711,977.79 934,711,977.79
Development costs
Goodwill 478,283,495.29 478,283,495.29
31
Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Long-term prepaid
64,591,933.65 64,591,933.65
expense
Deferred income tax assets 96,972,421.95 96,972,421.95
Other non-current assets 5,943,717.02 5,943,717.02
Total non-current assets 3,666,770,538.29 3,724,172,950.82 57,402,412.53
Total assets 15,186,625,708.79 15,239,852,386.22 53,226,677.43
Current liabilities:
Short-term borrowings 70,665,500.00 70,665,500.00
Borrowings from the
central bank
Loans from other banks
and financial institutions
Held-for-trading financial
liabilities
Derivative financial
liabilities
Notes payable 140,614,535.60 140,614,535.60
Accounts payable 505,206,561.86 505,206,561.86
Advances from customers
Contract liabilities 1,206,573,886.26 1,206,573,886.26
Financial assets sold under
repurchase agreements
Customer deposits and
deposits from other banks
and financial institutions
Payables for acting trading
of securities
Payables for underwriting
of securities
Employee benefits payable 498,129,114.76 498,129,114.76
Taxes and levies payable 349,142,692.10 349,142,692.10
Other payables 1,396,599,161.14 1,396,599,161.14
Including: Interest
payable
Dividends
payable
Fees and commissions
payable
Reinsurance payables
32
Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Liabilities directly
associated with assets held
for sale
Current portion of
non-current liabilities
Other current liabilities 320,792,383.03 320,792,383.03
Total current liabilities 4,487,723,834.75 4,487,723,834.75
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 60,117,638.89 60,117,638.89
Bonds payable
Including: Preference
shares
Perpetual
bonds
Lease liabilities 0.00 53,226,677.43 53,226,677.43
Long-term payables
Long-term employee
benefits payable
Provisions
Deferred income 75,111,997.53 75,111,997.53
Deferred income tax
114,821,451.24 114,821,451.24
liabilities
Other non-current
liabilities
Total non-current liabilities 250,051,087.66 303,277,765.09 53,226,677.43
Total liabilities 4,737,774,922.41 4,791,001,599.84 53,226,677.43
Owners’ equity:
Share capital 503,600,000.00 503,600,000.00
Other equity instruments
Including: Preference
shares
Perpetual
bonds
Capital reserves 1,295,405,592.25 1,295,405,592.25
Less: Treasury stock
Other comprehensive
income
Specific reserve
33
Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Surplus reserves 256,902,260.27 256,902,260.27
General reserve
Retained earnings 7,987,380,161.21 7,987,380,161.21
Total equity attributable to
owners of the Company as 10,043,288,013.73 10,043,288,013.73
the parent
Non-controlling interests 405,562,772.65 405,562,772.65
Total owners’ equity 10,448,850,786.38 10,448,850,786.38
Total liabilities and owners’
15,186,625,708.79 15,239,852,386.22 53,226,677.43
equity
Note:
The Ministry of Finance enacted the Accounting Standards for Business Enterprises No. 21-Leases (CK[2018]No.35) in 2018, and
the Company starts to implement the new standards governing leases since 1 January 2021. In accordance with the accumulative
influence amount of the first execution of the new standards governing leases, amount of relevant items in the financial statements at
the beginning of the first execution year was adjusted with no adjustment to information of comparable period. Due to
above-mentioned policy changes, right-of-use assets were increased RMB57,402,412.53, lease liabilities were increased
RMB53,226,677.43 and prepayments decreased RMB4,175,735.10.
Balance Sheet of the Company as the Parent
Unit: RMB
Item 31 December 2020 1 January 2021 Adjusted
Current assets:
Monetary assets 4,287,808,756.66 4,287,808,756.66
Held-for-trading financial
203,877,915.51 203,877,915.51
assets
Derivative financial assets
Notes receivable
Accounts receivable 494,976.27 494,976.27
Receivables financing 1,399,214,331.97 1,399,214,331.97
Prepayments 11,737,580.47 7,561,845.37 -4,175,735.10
Other receivables 141,378,010.40 141,378,010.40
Including: Interest
receivable
Dividends
receivable
Inventories 2,976,360,208.66 2,976,360,208.66
Contract assets
Assets held for sale
Current portion of
34
Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
non-current assets
Other current assets 9,734,249.41 9,734,249.41
Total current assets 9,030,606,029.35 9,026,430,294.25 -4,175,735.10
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity
1,118,213,665.32 1,118,213,665.32
investments
Investments in other equity
instruments
Other non-current financial
assets
Investment property 4,392,943.54 4,392,943.54
Fixed assets 1,322,818,855.86 1,322,818,855.86
Construction in progress 139,865,487.21 139,865,487.21
Productive living assets
Oil and gas assets
Right-of-use assets 0.00 52,729,370.65 52,729,370.65
Intangible assets 369,163,089.18 369,163,089.18
Development costs
Goodwill
Long-term prepaid
44,072,241.78 44,072,241.78
expense
Deferred income tax assets 30,716,488.80 30,716,488.80
Other non-current assets 75,999.80 75,999.80
Total non-current assets 3,029,318,771.49 3,082,048,142.14 52,729,370.65
Total assets 12,059,924,800.84 12,108,478,436.39 48,553,635.55
Current liabilities:
Short-term borrowings
Held-for-trading financial
liabilities
Derivative financial
liabilities
Notes payable 74,535.60 74,535.60
Accounts payable 397,554,006.51 397,554,006.51
35
Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Advances from customers
Contract liabilities 1,130,074,436.39 1,130,074,436.39
Employee benefits payable 127,974,331.78 127,974,331.78
Taxes and levies payable 200,876,134.49 200,876,134.49
Other payables 524,000,730.59 524,000,730.59
Including: Interest
payable
Dividends
payable
Liabilities directly
associated with assets held
for sale
Current portion of
non-current liabilities
Other current liabilities 160,738,917.51 160,738,917.51
Total current liabilities 2,541,293,092.87 2,541,293,092.87
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preference
shares
Perpetual
bonds
Lease liabilities 0.00 48,553,635.55 48,553,635.55
Long-term payables
Long-term employee
benefits payable
Provisions
Deferred income 31,601,732.51 31,601,732.51
Deferred income tax
19,407,895.89 19,407,895.89
liabilities
Other non-current
liabilities
Total non-current liabilities 51,009,628.40 99,563,263.95 48,553,635.55
Total liabilities 2,592,302,721.27 2,640,856,356.82 48,553,635.55
Owners’ equity:
Share capital 503,600,000.00 503,600,000.00
Other equity instruments
36
Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Including: Preference
shares
Perpetual
bonds
Capital reserves 1,247,162,107.35 1,247,162,107.35
Less: Treasury stock
Other comprehensive
income
Specific reserve
Surplus reserves 251,800,000.00 251,800,000.00
Retained earnings 7,465,059,972.22 7,465,059,972.22
Total owners’ equity 9,467,622,079.57 9,467,622,079.57
Total liabilities and owners’
12,059,924,800.84 12,108,478,436.39 48,553,635.55
equity
Note:
The Ministry of Finance enacted the Accounting Standards for Business Enterprises No. 21-Leases (CK[2018]No.35) in 2018, and
the Company starts to implement the new standards governing leases since 1 January 2021. In accordance with the accumulative
influence amount of the first execution of the new standards governing leases, amount of relevant items in the financial statements at
the beginning of the first execution year was adjusted with no adjustment to information of comparable period. Due to
above-mentioned policy changes, right-of-use assets were increased RMB52,729,370.65, lease liabilities were increased
RMB48,553,635.55 and prepayments decreased RMB4,175,735.10.
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of the New
Standards Governing Leases from 2021
□ 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.
37
Gujinggong Liquor Aged Original Liquor First Quarterly Report 2021
Chairman of the Board:
(Liang Jinhui)
Anhui Gujing Distillery Company Limited
29 April 2021
38
