ANHUI GUJING DISTILLERY COMPANY LIMITED
FIRST QUARTERLY REPORT 2023
April 2023
First Quarterly Report 2023
Stock Code: 000596, 200596 Stock Name: Gujing Distillery, Gujing Distillery-B Announcement No. 2023-007
ANHUI GUJING DISTILLERY COMPANY LIMITED
FIRST QUARTERLY REPORT 2023
Anhui Gujing Distillery Company Limited (hereinafter referred to as the “Company”) and all
the members of the Company’s Board of Directors hereby guarantee that the contents of this
Report are true, accurate and complete and free of any misrepresentations, misleading
statements or material omissions.
Important Notes:
1. The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and senior management
of the Company hereby guarantee that the contents of this Report are true, accurate and complete and free of any misrepresentations,
misleading statements or material omissions, and collectively and individually accept legal responsibility for such contents.
2. The Company’s legal representative, Chief Accountant, and head of the financial department (equivalent to financial manager)
hereby guarantee that the financial statements carried in this Report are truthful, accurate and complete.
3. Indicate by tick mark whether the financial statements in this Report have been audited by an independent auditor.
□Yes No
I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□Applicable Not applicable
Q1 2023 Q1 2022 YoY change (%)
Operating revenue (RMB) 6,584,074,879.74 5,274,316,915.03 24.83%
Net profit attributable to the listed company’s
1,569,704,169.52 1,098,725,631.83 42.87%
shareholders (RMB)
Net profit attributable to the listed company’s
shareholders before exceptional gains and 1,545,070,631.50 1,089,643,863.39 41.80%
losses (RMB)
Net cash generated from/used in operating
3,078,684,397.05 2,776,260,991.07 10.89%
activities (RMB)
Basic earnings per share (RMB/share) 2.97 2.08 42.79%
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First Quarterly Report 2023
Diluted earnings per share (RMB/share) 2.97 2.08 42.79%
Weighted average return on equity (%) 8.13% 6.17% 1.96%
31 March 2023 31 December 2022 Change (%)
Total assets (RMB) 36,314,613,914.84 29,789,822,298.65 21.90%
Equity attributable to the listed company’s
20,071,591,354.73 18,520,757,973.52 8.37%
shareholders (RMB)
(II) Exceptional Gains and Losses
Applicable □ Not applicable
Unit: RMB
Item Q1 2023 Note
Gain or loss on disposal of non-current assets (inclusive of
-14,301.67
impairment allowance write-offs)
Government grants through profit or loss (exclusive of
government grants continuously given in the Company’s ordinary
8,653,466.84
course of business at fixed quotas or amounts as per the
government’s policies and standards)
Gain or loss on fair-value changes on held-for-trading financial
assets and liabilities & income from disposal of held-for-trading
financial assets and liabilities and available-for-sale financial 11,770,854.29
assets (exclusive of the effective portion of hedges that arise in
the Company’s ordinary course of business)
Reversed portions of impairment allowances for receivables
0.00
which are tested individually for impairment
Non-operating income and expense other than the above 16,696,821.19
Less: Income tax effects 9,151,521.56
Non-controlling interests effects (net of tax) 3,321,781.07
Total 24,633,538.02 --
Other items that meet the definition of exceptional gain/loss:
□Applicable Not applicable
No such cases in the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item 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 in the Reporting Period.
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First Quarterly Report 2023
(III) Changes in Key Financial Statement Line Items and Explanation of why
Applicable □ Not applicable
31 March 2023 1 January 2023
Balance sheet item Change (%) Explanation of why
(RMB) (RMB)
Increased bank acceptance notes
Receivables financing 3,562,319,154.21 217,419,441.32 1,538.45%
received
Decreased prepayments for
Prepayments 121,447,763.66 233,995,661.69 -48.10%
advertising services
Increased sales promotion and
Other receivables 130,475,733.84 73,337,415.74 77.91%
marketing expenses paid
Increased deductible temporary
Deferred income tax assets 648,805,808.21 425,120,227.37 52.62% differences arising from accrued
expenses and unsettled discounts
Increase in unrecognized
Other current liabilities 1,973,107,310.70 1,044,664,441.58 88.87% expenses and reclassification of
output tax-to-be
Increased borrowings of Yellow
Long-term borrowings 100,001,036.52 44,944,737.91 122.50%
Crane Tower
Repayment of short-term
Short-term borrowings 6,666,621.85 83,232,176.31 -91.99%
borrowing
Contract liabilities 4,745,070,195.42 826,636,478.35 474.02% Increase in customer orders
Income statement item Q1 2023 (RMB) Q1 2022 (RMB) Change (%) Explanation of why
Increased penalty and
Non-operating income 17,987,189.96 10,231,792.90 75.80%
compensation income
Profit before tax 2,133,535,668.57 1,506,141,803.84 41.66% Increased sales revenue
Income tax expense 536,509,124.01 374,486,033.58 43.27% Increased profit before tax
Cash flow statement item Q1 2023 (RMB) Q1 2022 (RMB) Change (%) Explanation of why
Taxes and levies paid 2,389,733,360.32 1,504,557,277.08 58.83% Increased sales revenue
Cash used in other operating Increased payments in operating
794,061,341.05 513,375,729.79 54.67%
activities activities in relation to expenses
Decreased disinvestments in
Proceeds from disinvestment 560,000,000.00 3,046,360,249.83 -81.62% wealth management products
upon maturity
Decreased wealth management
Payments for investment 700,000,000.00 1,450,000,000.00 -51.72%
products purchased
Subtotal of cash used in
88,314,296.83 13,902,709.47 535.23% Increased debt repayments
financing activities
Cash and cash equivalents, Increased cash generated from
15,458,397,551.77 10,109,282,581.10 52.91%
end of the period operating activities
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First Quarterly Report 2023
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well
as Holdings of Top 10 Shareholders
Unit: share
Number of preference
Number of ordinary shareholders 22,731 shareholders with resumed 0
voting rights (if any)
Top 10 shareholders
Name of Nature of Shareholding Restricted shares Shares in pledge, marked or frozen
Total shares held
shareholder shareholder percentage held Status Shares
ANHUI GUJING
GROUP State-owned legal
51.08% 269,983,022 In pledge 114,000,000
COMPANY person
LIMITED
GAOLING Foreign legal
2.02% 10,684,222
FUND,L.P. person
INDUSTRIAL
AND
COMMERCIAL
BANK OF
CHINA
LIMITED-
INVESCO
Other 1.89% 9,999,951
GREAT WALL
EMERGING
GROWTH
HYBRID
SECURITIES
INVESTMENT
FUND
AGRICULTURA
L BANK OF
CHINA － E
FUND
CONSUMPTION
Other 1.73% 9,144,808
SECTOR
STOCK
SECURITIES
INVESTMENT
FUND
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First Quarterly Report 2023
HONG KONG
SECURITIES Foreign legal
1.61% 8,526,367
CLEARING person
COMPANY LTD.
BANK OF
CHINA-CHINA
MERCHANTS
CHINA
SECURITIES
BAIJIU INDEX Other 1.61% 8,514,613
CLASSIFICATI
ON
SECURITIES
INVESTMENT
FUND
CHINA
INTERNATION
AL CAPITAL
Foreign legal
CORPORATION 1.42% 7,502,363
person
HONG KONG
SECURITIES
LTD
UBS (LUX)
EQUITY FUND -
Foreign legal
CHINA 1.30% 6,896,661
person
OPPORTUNITY
(USD)
BANK OF
CHINA-
INVESCO
GREAT WALL
DINGYI Other 0.95% 5,017,603
HYBRID
SECURITIES
INVESTMENT
FUND (LOF)
GREENWOODS
Foreign legal
CHINA ALPHA 0.87% 4,614,326
person
MASTER FUND
Top 10 unrestricted shareholders
Shares by class
Name of shareholder Unrestricted ordinary shares held
Class Shares
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First Quarterly Report 2023
ANHUI GUJING GROUP RMB-denominate
269,983,022 269,983,022
COMPANY LIMITED d ordinary share
Domestically
GAOLING FUND,L.P. 10,684,222 listed foreign 10,684,222
share
INDUSTRIAL AND
COMMERCIAL BANK OF CHINA
LIMITED- INVESCO GREAT RMB-denominate
9,999,951 9,999,951
WALL EMERGING GROWTH d ordinary share
HYBRID SECURITIES
INVESTMENT FUND
AGRICULTURAL BANK OF
CHINA － E FUND
RMB-denominate
CONSUMPTION SECTOR STOCK 9,144,808 9,144,808
d ordinary share
SECURITIES INVESTMENT
FUND
HONG KONG SECURITIES RMB-denominate
8,526,367 8,526,367
CLEARING COMPANY LTD. d ordinary share
BANK OF CHINA-CHINA
MERCHANTS CHINA
RMB-denominate
SECURITIES BAIJIU INDEX 8,514,613 8,514,613
d ordinary share
CLASSIFICATION SECURITIES
INVESTMENT FUND
CHINA INTERNATIONAL Domestically
CAPITAL CORPORATION HONG 7,502,363 listed foreign 7,502,363
KONG SECURITIES LTD share
UBS (LUX) EQUITY FUND - Domestically
CHINA OPPORTUNITY (USD) 6,896,661 listed foreign 6,896,661
share
BANK OF CHINA- INVESCO
GREAT WALL DINGYI HYBRID RMB-denominate
5,017,603 5,017,603
SECURITIES INVESTMENT d ordinary share
FUND (LOF)
GREENWOODS CHINA ALPHA Domestically
MASTER FUND 4,614,326 listed foreign 4,614,326
share
Among the shareholders above, the Company’s controlling shareholder—Anhui Gujing
Group Company Limited—is not a related party of other shareholders; nor are they parties
Related or acting-in-concert parties
acting in concert as defined in the Administrative Measures on Information Disclosure of
among the shareholders above
Changes in Shareholding of Listed Companies. As for the other shareholders, the Company
does not know whether they are related parties or whether they belong to parties acting in
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First Quarterly Report 2023
concert as defined in the Administrative Measures on Information Disclosure of Changes in
Shareholding of Listed Companies.
Since October 2021, the Company's controlling shareholder Gujing Group has conducted the
Top 10 shareholders engaged in
business of "Refinancing by Lending Securities", and as of 31 March 2023, 1,421,000 lent
securities margin trading (if any)
shares were outstanding with no transfer of the ownership of these shares.
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□Applicable Not applicable
III Other Significant Events
□Applicable Not applicable
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by Anhui Gujing Distillery Company Limited
31 March 2023
Unit: RMB
Item 31 March 2023 1 January 2023
Current assets:
Monetary assets 16,091,732,551.77 13,772,561,141.30
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets 1,966,547,565.40 1,782,687,769.66
Derivative financial assets
Notes receivable
Accounts receivable 80,318,902.48 62,688,668.94
Receivables financing 3,562,319,154.21 217,419,441.32
Prepayments 121,447,763.66 233,995,661.69
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 130,475,733.84 73,337,415.74
Including: Interest receivable
Dividends receivable
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First Quarterly Report 2023
Financial assets purchased under
resale agreements
Inventories 6,052,804,736.17 6,058,106,090.88
Contract assets 802,589.84 1,855,188.15
Assets held for sale
Current portion of non-current assets
Other current assets 112,736,624.71 125,568,725.51
Total current assets 28,119,185,622.08 22,328,220,103.19
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 9,873,184.12 10,154,235.98
Investments in other equity
59,175,631.20 56,447,789.94
instruments
Other non-current financial assets
Investment property 13,174,022.83 13,396,881.96
Fixed assets 2,997,444,991.20 2,741,844,586.30
Construction in progress 2,723,836,904.68 2,454,703,251.44
Productive living assets
Oil and gas assets
Right-of-use assets 28,926,547.19 32,562,171.10
Intangible assets 1,099,474,833.03 1,108,125,157.05
Development costs
Goodwill 561,364,385.01 561,364,385.01
Long-term prepaid expense 51,917,985.29 51,012,977.31
Deferred income tax assets 648,805,808.21 425,120,227.37
Other non-current assets 1,434,000.00 6,870,532.00
Total non-current assets 8,195,428,292.76 7,461,602,195.46
Total assets 36,314,613,914.84 29,789,822,298.65
Current liabilities:
Short-term borrowings 6,666,621.85 83,232,176.31
Borrowings from the central bank
Loans from other banks and financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 738,520,000.00 695,740,000.00
Accounts payable 2,019,189,027.77 2,054,063,559.15
Advances from customers
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First Quarterly Report 2023
Contract liabilities 4,745,070,195.42 826,636,478.35
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 906,388,708.37 795,138,305.63
Taxes and levies payable 1,290,597,847.48 1,205,028,130.02
Other payables 3,171,080,476.38 3,261,763,838.80
Including: Interest payable
Dividends payable
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
41,889,105.49 42,237,345.11
liabilities
Other current liabilities 1,973,107,310.70 1,044,664,441.58
Total current liabilities 14,892,509,293.46 10,008,504,274.95
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 100,001,036.52 44,944,737.91
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 16,308,716.88 18,631,395.93
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income 102,840,229.08 103,714,978.95
Deferred income tax liabilities 291,296,893.31 281,173,154.70
Other non-current liabilities
Total non-current liabilities 510,446,875.79 448,464,267.49
Total liabilities 15,402,956,169.25 10,456,968,542.44
Owners’ equity:
Share capital 528,600,000.00 528,600,000.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 6,224,747,667.10 6,224,747,667.10
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First Quarterly Report 2023
Less: Treasury stock
Other comprehensive income -18,462,048.70 408,739.61
Specific reserve
Surplus reserves 269,402,260.27 269,402,260.27
General reserve
Retained earnings 13,067,303,476.06 11,497,599,306.54
Total equity attributable to owners of the
20,071,591,354.73 18,520,757,973.52
Company as the parent
Non-controlling interests 840,066,390.86 812,095,782.69
Total owners’ equity 20,911,657,745.59 19,332,853,756.21
Total liabilities and owners’ equity 36,314,613,914.84 29,789,822,298.65
Legal representative: Liang Jinhui The Company’s chief accountant: Zhu Jiafeng
Head of the Company’s financial department: Zhu Jiafeng
2. Consolidated Income Statement
Unit: RMB
Item Q1 2023 Q1 2022
1. Revenues 6,584,074,879.74 5,274,316,915.03
Including: Operating revenue 6,584,074,879.74 5,274,316,915.03
Interest revenue
Insurance premium income
Fee and commission
income
2. Costs and expenses 4,474,673,766.49 3,768,073,947.82
Including: Cost of sales 1,338,363,595.05 1,165,830,022.88
Interest costs
Fee and commission
expense
Surrenders
Net insurance claims paid
Net amount provided as
insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and levies 952,521,731.05 760,618,151.95
Selling expense 1,898,400,734.49 1,590,954,599.21
Administrative expense 360,366,324.25 320,795,136.11
Development costs 12,603,427.17 13,222,646.77
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First Quarterly Report 2023
Finance costs -87,582,045.52 -83,346,609.10
Including: Interest costs 452,129.32 2,453,452.30
Interest
87,672,195.65 85,432,700.35
revenue
Add: Other income 8,653,466.84 8,567,522.82
Return on investment (“-” for loss) -12,896,951.32 -12,790,104.95
Including: Share of profit or loss
-281,051.86 55,358.86
of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
11,694,470.28 -4,997,462.27
for loss)
Credit impairment loss (“-” for
1,050.00 155,536.23
loss)
Asset impairment loss (“-” for
loss)
Asset disposal income (“-” for
133,056.61 94,131.81
loss)
3. Operating profit (“-” for loss) 2,116,986,205.66 1,497,272,590.85
Add: Non-operating income 17,987,189.96 10,231,792.90
Less: Non-operating expense 1,437,727.05 1,362,579.91
4. Gross profit (“-” for loss) 2,133,535,668.57 1,506,141,803.84
Less: Income tax expense 536,509,124.01 374,486,033.58
5. Net profit (“-” for net loss) 1,597,026,544.56 1,131,655,770.26
5.1 By operating continuity
5.1.1 Net profit from continuing
1,597,026,544.56 1,131,655,770.26
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
1,569,704,169.52 1,098,725,631.83
owners of the Company as the parent
5.2.2 Net profit attributable to
27,322,375.04 32,930,138.43
non-controlling interests
6. Other comprehensive income, net of
-18,222,555.18 -9,704,322.19
tax
Attributable to owners of the
-18,870,788.31 -10,300,192.74
Company as the parent
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First Quarterly Report 2023
6.1 Items that will not be
1,227,528.56 876,348.40
reclassified to profit or loss
6.1.1 Changes caused by
remeasurements on defined benefit
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
1,227,528.56 876,348.40
investments in other equity instruments
6.1.4 Changes in the fair value
arising from changes in own credit risk
6.1.5 Other
6.2 Items that will be reclassified to
-20,098,316.87 -11,176,541.14
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
other debt investments
6.2.3 Other comprehensive
income arising from the reclassification -20,098,316.87 -11,176,541.14
of financial assets
6.2.4 Credit impairment
allowance for other debt investments
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
648,233.13 595,870.55
interests
7. Total comprehensive income 1,578,803,989.38 1,121,951,448.07
Attributable to owners of the
1,550,833,381.21 1,088,425,439.09
Company as the parent
Attributable to non-controlling
27,970,608.17 33,526,008.98
interests
8. Earnings per share
8.1 Basic earnings per share 2.97 2.08
8.2 Diluted earnings per share 2.97 2.08
Legal representative: Liang Jinhui The Company’s chief accountant: Zhu Jiafeng
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First Quarterly Report 2023
Head of the Company’s financial department: Zhu Jiafeng
3. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2023 Q1 2022
1. Cash flows from operating activities:
Proceeds from sale of commodities
7,755,489,862.22 6,167,095,754.32
and rendering of services
Net increase in customer deposits and
deposits from other banks and financial
institutions
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, fees and commissions
received
Net increase in loans from other banks
and financial institutions
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax and levy rebates 933,556.77 715,704.79
Cash generated from other operating
273,469,260.39 234,339,443.23
activities
Subtotal of cash generated from
8,029,892,679.38 6,402,150,902.34
operating activities
Payments for commodities and
831,712,774.81 761,495,268.19
services
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and other banks and financial
institutions
Payments for claims on original
insurance contracts
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First Quarterly Report 2023
Net increase in loans to other banks
and financial institutions
Interest, fees and commissions paid
Policy dividends paid
Cash paid to and for employees 935,700,806.15 846,461,636.21
Taxes and levies paid 2,389,733,360.32 1,504,557,277.08
Cash used in other operating activities 794,061,341.05 513,375,729.79
Subtotal of cash used in operating
4,951,208,282.33 3,625,889,911.27
activities
Net cash generated from/used in
3,078,684,397.05 2,776,260,991.07
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 560,000,000.00 3,046,360,249.83
Return on investment 80,952.06 108,733.04
Net proceeds from the disposal of
fixed assets, intangible assets and other 169,445.00 213,483.80
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
560,250,397.06 3,046,682,466.67
investing activities
Payments for the acquisition of fixed
assets, intangible assets and other 539,157,118.68 327,308,345.77
long-lived assets
Payments for investments 700,000,000.00 1,450,000,000.00
Net increase in pledged loans granted
Net payments for the acquisition of
13,439,262.05 0.00
subsidiaries and other business units
Cash used in other investing activities
Subtotal of cash used in investing
1,252,596,380.73 1,777,308,345.77
activities
Net cash generated from/used in
-692,345,983.67 1,269,374,120.90
investing activities
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings received 55,000,000.00 20,000,000.00
Cash generated from other financing
activities
Subtotal of cash generated from 55,000,000.00 20,000,000.00
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First Quarterly Report 2023
financing activities
Repayment of borrowings 84,000,000.00 10,000,000.00
Interest and dividends paid 1,152,138.17 2,007,254.94
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing activities 3,162,158.66 1,895,454.53
Subtotal of cash used in financing
88,314,296.83 13,902,709.47
activities
Net cash generated from/used in
-33,314,296.83 6,097,290.53
financing activities
4. Effect of foreign exchange rates
changes on cash and cash equivalents
5. Net increase in cash and cash
2,353,024,116.55 4,051,732,402.50
equivalents
Add: Cash and cash equivalents,
13,105,373,435.22 6,057,550,178.60
beginning of the period
6. Cash and cash equivalents, end of the
15,458,397,551.77 10,109,282,581.10
period
(II) 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.
Anhui Gujing Distillery Company Limited
Board of Directors
29 April 2023
16
