Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
Yantai Changyu Pioneer Wine Co., Ltd.
2021 First Quarter Report
2021-Final 02
April 2021
1
Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
I. Important Notice
The Company’s board of directors, board of supervisors, directors, supervisors and senior
executives guarantee the truthfulness, accuracy and completeness of contents contained in this
quarter report as well as no unfaithful facts, misleading statements or significant omissions
and undertake individual and collective legal liabilities.
All directors attended the board meeting for deliberating this quarter report.
Mr. Zhou Hongjiang (person in charge of the Company), Mr. Jiang Jianxun (person in charge
of accounting work), and Ms. Guo Cuimei (person in charge of accounting institution and
person in charge of accounting) declare to assure the truthfulness, accuracy and completeness
of the financial statement in this quarter report.
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
II、Corporate Information
1. Key accounting data and financial indicators
Whether the Company needs to make retroactive adjustments or restate the accounting data of
previous fiscal years.
□Yes No
The same period of More or less than the same
This report period
last year period of last year (%)
Operating revenue (CNY) 1,134,006,251 805,715,048 40.75%
Net profit attributed to the
shareholders of the listed 286,745,340 234,499,910 22.28%
company (CNY)
Net profit attributed to the
shareholders of the listed
280,760,222 225,980,141 24.24%
company after deducting the
irregular profit and loss (CNY)
Net cash flows from the
314,895,523 -118,493,699 not available
operating activities (CNY)
Basic earnings per share
0.42 0.34 23.53%
(CNY)
Diluted earnings per share
0.42 0.34 23.53%
(CNY)
Weighted average for earning
2.75% 2.23% 0.52%
rate of the net assets
The end of this More or less than the end
The end of last year
report period of last year (%)
Total assets (CNY) 13,456,572,813 13,102,481,541 2.70%
Net Assets attributed to the
shareholders of the listed 10,539,609,394 10,267,832,644 2.65%
company (CNY)
Details of non-recurring gains and losses
Yes □No
Unit：CNY
From beginning of year
Item Explanation
to end of report period
Gain on disposal of non-current assets (including the
-6,232
reversal of accrued impairment provision)
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
Government grants credited in profit and loss (except
for those recurring government grants that are closely
6,454,025
related to the entity’s operation, in line with related
regulations and have proper basis of calculation)
Other non-operating income and expenses 1,395,626
Less: Income tax effect 1,839,989
Minority interests effect (after-tax) 18,312
Total 5,985,118 --
The reasons shall be made clear and definitely as to the non-recurring profit and loss that the
Company has defined by virtue of the Explanatory Announcement on Public Company’s
Information Disclosure No.1 - Non-recurring Profit and Loss and as to regarding the non-recurring
profit and loss as recurrent profit and loss as specified in the Explanatory Announcement on Public
Company’s Information Disclosure No.1 –Non-recurring Profit and Loss.
□Available Not available
There is no situation that non-recurring profit and loss is defined and specified as recurrent profit
and loss in accordance with the Explanatory Announcement on Public Company’s Information
Disclosure No.1 - Non-recurring Profit and Loss during the report period.
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
2. The total number of shareholders and top 10 shareholders at the end of the report period
1) The number of the common shareholders and preferred shareholders with recovered voting power as well as the shareholding of top
10 shareholders
Unit:share
Total number of common shareholders at the end Total number of preferred shareholders with recovered
53,529 0
of report period voting power at the end of report period (if have)
Shareholding of top 10 shareholders
Character of Percentage Number of Pledged or frozen
Name of Shareholders Shares held
shareholders (%) restricted shares Share status Amount
YANTAI CHANGYU GROUP COMPANY Domestic non-state-
50.40% 345,473,856 0 — —
LIMITED owned legal person
GAOLING FUND, L.P. Foreign legal person 3.08% 21,090,219 0 — —
State-owned legal
CHINA SECURITIES FINANCE CORP 1.75% 11,966,365 0 — —
person
BBH BOS S/A FIDELITY FD - CHINA Foreign legal person
1.61% 11,015,226 0 — —
FOCUS FD
SHENWAN HONGYUAN SECURITIES Foreign legal person
1.06% 7,284,152 0 — —
(HONGKONG) LIMITED
FIDELITY PURITAN TRUST: FIDELITY Foreign legal person
SERIES INTRINSIC OPPORTUNITIES 0.93% 6,350,762 0 — —
FUND
GUOTAI JUNAN SECURITIES Foreign legal person
0.78% 5,335,545 0 — —
(HONGKONG) LIMITED
Haitong International Securities Company Foreign legal person
0.70% 4,789,387 0 — —
Limited-Account Client
CENTRAL HUIJIN ASSET State-owned legal
0.69% 4,761,200 0 — —
MANAGEMENT LTD. person
China Merchants Securities (HK) Co., Ltd. Foreign legal person 0.63% 4,284,707 0 — —
Shareholding of top 10 shareholders with unrestricted shares
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
Type of share
Name of Shareholders Number of unrestricted shares held
Type of share Amount
YANTAI CHANGYU GROUP COMPANY LIMITED 345,473,856 A share 345,473,856
GAOLING FUND, L.P. 21,090,219 B share 21,090,219
CHINA SECURITIES FINANCE CORP 11,966,365 A share 11,966,365
BBH BOS S/A FIDELITY FD - CHINA FOCUS FD 11,015,226 B share 11,015,226
SHENWAN HONGYUAN SECURITIES(HONGKONG) LIMITED 7,284,152 B share 7,284,152
FIDELITY PURITAN TRUST: FIDELITY SERIES INTRINSIC
6,350,762 B share 6,350,762
OPPORTUNITIES FUND
GUOTAI JUNAN SECURITIES(HONGKONG) LIMITED 5,335,545 B share 5,335,545
Haitong International Securities Company Limited-Account Client 4,789,387 B share 4,789,387
CENTRAL HUIJIN ASSET MANAGEMENT LTD. 4,761,200 A share 4,761,200
China Merchants Securities (HK) Co., Ltd. 4,284,707 B share 4,284,707
Among the top 10 shareholders, Yantai Changyu Group Company Limited has no
The explanation for the associated relationship and accordant
associated relationship or accordant action relationship with the other 9 listed
action of the top 10 shareholders
shareholders, and the relationship among the other shareholders is unknown.
Explanation for the top 10 common shareholders who involved in
No
financing activities and stock trading business(if any)
Whether or not the Company’s top 10 common shareholders and top 10 common shareholders with unrestricted shares promise to buy back
trading during the report period
□Yes No
There are no top 10 common shareholders and top 10 common shareholders with unrestricted shares in the Company promise to buy back
trading during the report period.
2) The table of the total number of the preferred shareholders and the shareholding status of the top 10 preferred shareholders
□Available Not available
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
III 、Major Issue
1. Situation and reason of change in major financial data and financial index during the
report period
Available □Not available
Compared with the beginning of the report period, at the end of the report period, in the
consolidated balance sheet, monetary fund increased by 19.58%, mainly due to the receipt of
monetary funds for sales of products during the report period; receivables financing increased by
21.55%, mainly due to the receipt of notes receivables from sales of products during the report
period; accounts prepaid decreased by 66.89%, mainly due to the completion of procedure and
settlement for the amount prepaid for raw materials at the beginning of the report period; non-
current liabilities due within one year decreased by 33.67%, mainly due to the repayment of due
long-term bank loan during the report period.
Compared with the same period of last year, in the consolidated profit statement during the report
period: operating income increased by 40.75%, operating costs increased by 51.55%, taxes and
surcharges increased by 45.50%, net profit increased by 21.70%, mainly due to the increase in
product sales during the report period; selling expenses increased by 79.84%, mainly due to the
Company's increased marketing investment; financial expenses increased by 58.18%, mainly due to
the implementation of the new lease standards in 2021that the amortization of financing expenses
was included in financial expenses.
Compared with the same period of last year, in the consolidated cash flow statement during the
report period: cash received from sales of goods and rending of services increased by 44.02%,
mainly due to the increase in monetary funds received from sales of products during the report
period; other cash paid related to operating activities increased by 49.85%, mainly due to the
increase in cash paid for marketing investment; cash received from acquiring loans decreased by
97.29%, mainly due to a decrease in obtained bank loan; cash paid to repay debt decreased by
80.79%, mainly due to the decrease in the cash used for the repayment of bank loan; the cash and
cash equivalents increased significantly (from negative to positive), mainly due to the increase in
cash received from sales of products during the report period.
2. Analysis explanation of major issue’s process, influence and solution
□Available Not available
Implementation progress of share repurchase
□Available Not available
Implementation progress of reducing or repurchasing shares by the way of centralized bidding
□Available Not available
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
3. The commitments that the Company’s actual controllers, shareholders, related parties, purchasers, the Company and other related
parties do not implement completely exceeding the time limit within report period
Available □Not available
Commitment Commitment Commitment Commitment
Commitments Commitment content Implementation
Party Type time period
Commitments at share
reform
Commitments made
in acquisition report
or equity changes
report
Commitments at asset
restructuring
Yantai
Changyu
Solve horizontal
Group Co., Non-horizontal competition 1997.05.18 Permanent Has been fulfilling the commitment
competition
Ltd.
Commitments at the According to Trademark License According to Trademark License
initial public offering Contract, the annual trademark use Contract, the annual trademark use fee
or refinancing Yantai
fee of trademarks including “张裕” 1997.05.18 charged by Yantai Changyu Group Co.,
Changyu Define the use
(Changyu) paid by the Company to Ltd.should be mainly used to publicize
Group Co., of trademark 1997.05.18 to
Yantai Changyu Group Co., Ltd. trademarks including “张裕” (Changyu)
Ltd. use fee 2019.04.04
should be mainly used by Yantai and contractual products. Except the
Changyu Group Co., Ltd. to period from 2013 to 2017 when Yantai
publicize trademarks including “张 Changyu Group Co., Ltd. Didn’t strictly
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
裕” (Changyu) and contractual fulfill the commitment, Yantai Changyu
products. Group Co., Ltd. has been fulfilling the
commitment.
Equity incentive
commitments
The CNY231,768,615 that was not
used for publicity of trademarks
and contract products as promised
Yantai will be offset by the four-year
Commitments made 2019.04.04
Changyu trademark use fee from 2019 to
to the minority Compensating
Group Co., 2022. If insufficient, the shortfall 2019.04.04 to Has been fulfilling the commitment
shareholders of the unredeemed
Ltd. would be filled in one time in 2023. 2023.12.31
Company commitment If there is any excess, the excess
portion of the trademark use fee
would be collected from the year
with excess occurrence.
Commitment under
timely No
implementation or not
According to Trademark License Contract (hereafter referred to as “this Contract”), Changyu Group promised that the
annual trademark use fee paid by the Company to Changyu Group would be mainly used by Changyu Group to publicize
these trademarks and contractual products. However, the above-mentioned “mainly” is not a specific number. During the
For commitments that exceed the
implementation process, due to inconsistent understanding, it is easy to cause divergence and leads to problems.
time limit and are not completed,
specific reasons of not completing From 2013 to 2017, Changyu Group collected a total of CNY420,883,902 trademark use fee, of which 51% was used to
the implementation and the next publicize trademarks including Changyu and contract products with amount of CNY214,650,790. The amount has been
step used to publicize trademarks including Changyu and contract products is CNY50,025,181, with a balance of
CNY164,625,609. In 2018 and 2019, the trademark use fee collected of 2017 and 2018 is CNY155,623,907, of which 51%
is used to publicize trademarks including Changyu and contract products with amount of CNY79,368,193. The amount has
been used to publicize trademarks including Changyu and contract products is CNY12,225,187, with a balance of
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
CNY67,143,006. From 2013 to 2018, the accumulated balance of Changyu Group using to publicize trademarks including
Changyu and contract products is CNY231,768,615. The above balance that was not used for publicity of trademarks and
contract products as promised will be offset by the four-year trademark use fee from 2019 to 2022. If insufficient, the
shortfall would be filled in one time in 2023. If there is any excess, the excess portion of the trademark use fee would be
collected from the year with excess occurrence.
If Changyu Group is not able to implement the above-mentioned commitment owing to various reasons, the Company will
timely supervise and urge Changyu Group to fulfill its commitment and request Changyu Group to raise funds through bank
loaning, assets sales and equity sales etc. in order to implement the commitment.
For detailed information, please refer to Announcement of Commitment Issues of Yantai Changyu Group Co., Ltd. disclosed
on April 4th, 2019.
4. Investment in financial assets
1) Situation of security investment
□Available Not available
There is no security investment during the report period.
2) Situation of derivative investment
□Available Not available
There is no derivative investment during the report period.
5. Progress of investment projects with raised funds
□Available Not available
6. Forecast of business performance from January to June of 2021
A warning and reason explanation for predicting that the cumulative net profit from the beginning of the year to the end of the next report period
may be a loss or there will be a significant change compared with the same period of previous year
□Available Not available
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
7. Major contracts during daily operations
□Available Not available
8. Entrusted Investment
□Available Not available
There is no entrusted investment during the report period.
9. Situation of illegal external guarantee
□Available Not available
There is no illegal external guarantee during the report period.
10. Situation of non-operating fund occupation of controlling shareholders and related parties
□Available Not available
There is no non-operating fund occupation of controlling shareholders and related parties during the
report period.
11. The activities registration form of receptions, communication and interview etc. during
the report period
□Available Not available
There are no activities of receptions, communication and interview etc. during the report period.
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
IV Financial Statements
1. Financial Statements
1) Consolidated balance sheet
Preparation: Yantai Changyu Pioneer Wine Co., Ltd. Unit: CNY
Item March 31 , 2021
st
December 31st, 2020
Current Assets：
Monetary fund 1,428,071,572 1,194,214,929
Petty cash
Lending funds
Transactional financial assets
Derivative financial assets
Notes receivable
Accounts receivable 151,141,109 183,853,362
Receivables Financing 410,932,156 338,090,187
Accounts prepaid 23,605,179 71,296,416
Premiums receivable
Reinsurance accounts receivable
Receivable reserves for reinsurance contract
Other receivables 20,813,055 22,428,956
Including: Interest receivable
Dividends receivable
Buying back the sale of financial assets
Inventory 3,003,633,671 2,945,548,651
Contract assets
Assets classified as holding for sale
Non-current assets expire in one year
Other current assets 227,321,727 234,118,715
Total Current Assets 5,265,518,469 4,989,551,216
Non-current Assets：
Offering loans and imprest
Debt investment
Other debt investment
Long-term account receivable
Long-term equity investment 47,946,782 48,263,507
Investment in other equity instrument
Other non-current financial assets
Real estate for investment 26,264,102 27,057,730
Fixed assets 5,631,039,398 5,724,935,846
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
Construction in progress 660,339,023 635,495,152
Biological assets for production 193,565,938 192,173,536
Oil and gas assets
Right-of-use assets 114,171,240
Intangible assets 695,104,398 660,989,065
Development expenditure
Goodwill 132,938,212 132,938,212
Long-term deferred expenses 340,594,384 314,465,855
Deferred tax assets 181,119,364 206,241,275
Other non-current assets 167,971,503 170,370,147
Total Non-Current Assets 8,191,054,344 8,112,930,325
Total Assets 13,456,572,813 13,102,481,541
Current liabilities：
Short-term loan 704,847,942 689,090,715
Borrowings from the Central Bank
Borrowing funds
Transactional financial liability
Derivative financial liabilities
Notes payable
Accounts payable 502,683,205 484,347,958
Advances from customers
Contract liabilities 118,807,719 135,073,280
Sales/buyback financial assets
Customer and interbank deposits
Acting trading securities
Acting underwriting securities
Wage payable 164,844,499 188,779,911
Tax payable 187,404,541 213,412,813
Other accounts payable 430,309,296 386,105,526
Including: Interest payable 1,335,566 553,471
Dividend payable 1,003,125
Payable handling fees and commission
Dividend payable for reinsurance
Liabilities classified as holding for sale
Non-current liabilities expire in one year 88,424,997 133,311,890
Other current liabilities 15,445,004 14,820,653
Total Current Liabilities 2,212,767,203 2,244,942,746
Non-Current Liabilities:
Insurance contract reserve
Long-term borrowings 208,558,582 200,352,968
Bonds payable
Preferred Stock
Perpetual capital securities
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
Lease liability 126,752,077
Long-term accounts payable 64,000,000 86,000,000
Long-term accrued payroll
Estimated liabilities
Deferred income 48,957,247 52,653,609
Deferred tax liabilities 13,413,777 12,022,613
Other non-current liabilities 2,178,971 2,078,971
Total non-current liabilities 463,860,654 353,108,161
Total liabilities 2,676,627,857 2,598,050,907
Owner’s equity (or shareholders’ equity):
Capital stock 685,464,000 685,464,000
Other equity instruments
Preferred Stock
Perpetual capital securities
Capital reserve 524,968,760 524,968,760
Minus: treasury stock
Other comprehensive income -6,848,783 576,129
Special reserves
Surplus reserve 342,732,000 342,732,000
General risk preparation
Undistributed profits 8,993,293,417 8,714,091,755
Total owner's equity attributable to the
10,539,609,394 10,267,832,644
holding company
Minority interests 240,335,562 236,597,990
Total owner's equity 10,779,944,956 10,504,430,634
Total liabilities and owner's equity 13,456,572,813 13,102,481,541
Legal representative: Zhou Hongjiang; Person in charge of accounting: Jiang Jianxun; Person in charge of accounting organ: Guo
Cuimei
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
2) Balance sheet of parent company
Unit: CNY
Item March 31st, 2021 December 31st, 2020
Current Assets：
Monetary fund 568,720,291 267,548,326
Transactional financial assets
Derivative financial assets
Notes receivable
Accounts receivable 103,204
Receivables Financing 31,834,266 13,920,000
Accounts prepaid 171,709
Other receivables 286,496,051 580,131,798
Including: Interest receivable
Dividends receivable 200,000,000
Inventory 464,358,837 482,442,935
Contract assets
Assets classified as holding for sale
Non-current assets expire in one year
Other current assets 32,419,867 24,842,325
Total Current Assets 1,383,932,516 1,369,057,093
Non-current Assets：
Debt investment
Other debt investment
Long-term account receivable
Long-term equity investment 7,599,650,440 7,599,778,881
Investment in other equity instrument
Other non-current financial assets
Real estate for investment 26,264,102 27,057,730
Fixed assets 237,509,195 243,634,747
Construction in progress 3,705,589 2,865,243
Biological assets for production 117,319,312 115,103,753
Oil and gas assets
Right-of-use assets 44,055,097
Intangible assets 80,103,270 80,789,730
Development expenditure
Goodwill
Long-term deferred expenses
Deferred tax assets 18,458,710 18,285,685
Other non-current assets 1,824,700,000 1,530,700,000
Total Non-Current Assets 9,951,765,715 9,618,215,769
Total Assets 11,335,698,231 10,987,272,862
Current liabilities：
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
Short-term loan 150,000,000 150,000,000
Transactional financial liability
Derivative financial liabilities
Notes payable
Accounts payable 99,385,225 76,470,081
Advances from customers
Contract liabilities
Wage payable 64,346,072 67,808,910
Tax payable 9,649,652 9,123,959
Other accounts payable 326,155,711 521,505,947
Including: Interest payable 137,671 181,250
Dividend payable
Liabilities classified as holding for sale
Non-current liabilities expire in one year
Other current liabilities
Total Current Liabilities 649,536,660 824,908,897
Non-Current Liabilities:
Long-term borrowings
Bonds payable
Preferred Stock
Perpetual capital securities
Lease liability 51,463,133
Long-term accounts payable
Long-term accrued payroll
Estimated liabilities
Deferred income 4,609,061 5,507,708
Deferred tax liabilities
Other non-current liabilities 1,164,471 1,164,471
Total non-current liabilities 57,236,665 6,672,179
Total liabilities 706,773,325 831,581,076
Owner’s equity (or shareholders’ equity):
Capital stock 685,464,000 685,464,000
Other equity instruments
Preferred Stock
Perpetual capital securities
Capital reserve 560,182,235 560,182,235
Minus: treasury stock
Other comprehensive income
Special reserves
Surplus reserve 342,732,000 342,732,000
Undistributed profits 9,040,546,671 8,567,313,551
Total owner's equity 10,628,924,906 10,155,691,786
Total liabilities and owner's equity 11,335,698,231 10,987,272,862
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
3) Consolidated profit statement
Unit: CNY
Item Amount incurred Amount incurred
in current period in previous period
1. Revenue 1,134,006,251 805,715,048
Including: Operating income 1,134,006,251 805,715,048
Interest income
Earned premium
Handling fees and commission income
2. Total operating costs 763,383,605 503,718,024
Including: Operating costs 439,796,024 293,557,602
Interest expenditure
Handling fees and commission expenditure
Premium rebate
Net amount of indemnity expenditure
Net amount of insurance contract reserve
fund withdrawal
Policy bonus payment
Amortized reinsurance expenditures
Taxes and surcharges 62,465,972 42,932,963
Selling expenses 189,956,956 105,626,558
Administrative expenses 65,994,869 58,450,503
Research and development expenditure 1,322,003 717,857
Financial expenses 3,847,781 2,432,541
Including: Interest expenses 6,137,736 1,340,165
Interest income 1,533,573 2,959,442
Plus: Other income 6,454,025 6,701,749
Investment profit (loss is listed with "-") -834,725 -504,952
Including: Investment profit for joint-run business and
-834,725 -504,952
joint venture
Termination of recognized income of financial
assets measured at amortized cost (loss is listed with "-")
Exchange income (loss is listed with "-")
Net exposure hedging income (Loss is listed with “-”)
Fair value charge profit (loss is listed with "-")
Loss of credit impairment (loss is listed with "-") -846,868 4,245,080
Loss for impairment of assets (loss is listed with "-") 9,448,110 65,237
Assets disposal income (loss is listed with "-") -6,232
3. Operating profit (loss is listed with "-") 384,836,956 312,504,138
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
Plus: Non-operating income 1,407,423 3,555,394
Minus: Non-operating expenditure 11,797 907,906
4. Total profits (total loss is listed with "-") 386,232,582 315,151,626
Minus: Income taxes 99,867,230 79,854,888
5. Net profit (net loss is listed with "-") 286,365,352 235,296,738
（一）Classification by continuous operation
1.Net profit from continuous operation (net loss is listed with "-")
2.Net profit from terminational operation (net loss is listed with
"-")
(二)Classification by ownership
1.Net profits attribute to equity holders of the company 286,745,340 234,499,910
2. Minority interests -379,988 796,828
6. Net value of other comprehensive income after tax -8,207,352 -9,349,817
6.1 Net value of other comprehensive income after tax of holding
-7,424,912 -7,737,478
company's owners
6.1.1 Other comprehensive income that will not be classified into
the profit and loss
6.1.1.1 Changes of the defined benefit plans that re-measured
6.1.1.2 Other comprehensive income under equity method that
cannot be transfer to gain/loss
6.1.1.3 Change of fair value of investment in other equity
instrument
6.1.1.4 Fair value change of enterprise's credit risk
6.1.1.5 Other
6.1.2 Other comprehensive income that will be classified into the
-7,424,912 -7,737,478
profit and loss
6.1.2.1 Other comprehensive income under equity method that can
transfer to gain/loss
6.1.2.2 Change of fair value of other debt investment
6.1.2.3 Amount of financial assets re-classify to other
comprehensive income
6.1.2.4 Credit impairment provision for other debt investment
6.1.2.5 Cash flow hedging reserve
6.1.2.6 Translation differences arising on translation of foreign
-7,424,912 -7,737,478
currency financial statements
6.1.2.7 Other
6.2 Net value of other comprehensive income after tax of minority
-782,440 -1,612,339
shareholders
7.Total comprehensive Income 278,158,000 225,946,921
Total comprehensive income of holding company 279,320,428 226,762,432
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
Total comprehensive income of minority shareholders -1,162,428 -815,511
8. Earnings per share
8.1 Basic earnings per share 0.42 0.34
8.2 Diluted earnings per share 0.42 0.34
During this report period, the issue relates to company consolidation under common control, consolidated party completes net profit
amount of CNY 0 before being consolidated, and consolidated party completes net profit amount of CNY 0 in the same period of last
year.
Legal representative: Zhou Hongjiang; Person in charge of accounting: Jiang Jianxun; Person in charge of accounting organ: Guo
Cuimei
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
4) Profit statement of parent company
Unit: CNY
Amount incurred Amount incurred
Item
in current period in previous period
1. Revenue 135,152,834 80,885,723
Minus: Operating costs 109,342,846 75,083,735
Taxes and surcharges 7,423,984 1,297,141
Selling expenses
Administrative expenses 22,386,072 18,193,115
Research and development expenditure 317,164 186,498
Financial expenses 1,173,748 -6,073,212
Including: Interest expenses 1,215,243 -4,587,790
Interest income 643,262 1,656,341
Plus: Other income 2,991,973 898,901
Investment profit (loss is listed with "-") 479,871,558
Including: Investment profit for joint-run business and joint
-128,442
venture
Termination of recognized income of financial assets measured at
amortized cost (loss is listed with "-")
Net exposure hedging income (Loss is listed with “-”)
Fair value charge profit (loss is listed with "-")
Loss of credit impairment (loss is listed with "-")
Loss for impairment of assets (loss is listed with "-")
Assets disposal income (loss is listed with "-") 364
2. Operating profit (loss is listed with "-") 477,372,915 -6,974,532
Plus: Non-operating income 67,317 1,639,361
Minus: Non-operating expenses 25,000
3. Total profits (total loss is listed with "-") 477,440,232 -5,360,171
Minus: Income tax -443,762 -1,581,075
4. Net profit (net loss is listed with "-") 477,883,994 -3,779,096
1.Net profit from continuous operation (net loss is listed with "-") 477,883,994 -3,779,096
2.Net profit from terminational operation (net loss is listed with "-")
5. Net value of other comprehensive income after tax
5.1 Other comprehensive income that will not be classified into the
profit and loss
5.1.1 Remeasure the changes in net assets or liabilities of defined
benefit plans
5.1.2 Shares of other comprehensive income from investee which
cannot be reclassified into profit and loss under the equity method
5.1.3 Change of fair value of investment in other equity instrument
5.1.4 Fair value change of enterprise's credit risk
5.1.5 Other
5.2 Other comprehensive income that will be classified into the
20
Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
profit and loss
5.2.1 Other comprehensive income under equity method that can
transfer to gain/loss
5.2.2 Change of fair value of other debt investment
5.2.3 Amount of financial assets re-classify to other comprehensive
income
5.2.4 Credit impairment provision for other debt investment
5.2.5 Cash flow hedging reserve
5.2.6 Translation differences arising on translation of foreign
currency financial statements
5.2.7 Other
6. Total comprehensive income 477,883,994 -3,779,096
7. Earnings per share
7.1 Basic earnings per share 0.70 -0.01
7.2 Diluted earnings per share 0.70 -0.01
21
Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
5) Consolidated cash flow statement
Unit: CNY
Item Amount incurred Amount incurred
in current period in previous period
1. Cash flows from operating activities:
Cash received from sales of goods and rending of services 1,124,323,460 780,677,233
Net increase in customer and interbank deposits
Net increase in borrowings from central bank
Net increase in borrowings from other financial institutions
Cash received from receiving insurance premium of original
insurance contract
Net cash received from reinsurance business
Net increase of deposit of insured and investment fund
Net increase in disposing of financial assets that measured by fair
value with changes recorded into the current profit and loss
Cash received from collecting interest, handling fees and
commission
Net increase in borrowings
Net increase in repurchasement business funds
Tax refund received 12,044,650 9,399,269
Other cash received related to operating activities 7,599,340 7,972,557
Sub-total of cash inflows of operating activities 1,143,967,450 798,049,059
Cash paid for goods and services 293,741,971 328,637,910
Net increase in customer loans and advances
Net increase in deposits in central bank and interbank deposits
Cash paid to original insurance contract payments
Net increase in lending funds
Cash paid to interest, handling fees and commission
Cash paid to policy bonus
Cash paid to and on behalf of employees 136,142,282 138,780,969
Cash paid for taxes and expenses 262,597,971 357,971,700
Other cash paid related to operating activities 136,589,703 91,152,179
Sub-total of cash outflows of operating activities 829,071,927 916,542,758
Net cash flow from operating activities 314,895,523 -118,493,699
2. Cash flow from investing activities:
Cash received from return of investment 5,200,000 32,200,000
Cash received from obtaining investment profit 70,741 697,156
Cash received from disposal of fixed assets, intangible assets and
11,081 146,938
other long-term assets
Net cash received from disposal of branch and other business unit
Other cash received related to investing activities
Sub-total of cash inflows of investment activities 5,281,822 33,044,094
Cash paid to acquire fixed assets, intangible asset and other long- 40,864,588 51,465,979
22
Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
term assets
Cash for investments 5,200,000 32,754,396
Net increase in hypothecated loan
Net cash paid to acquire branch and other business unit
Other cash paid related to investment activities
Subtotal of cash outflows of investment activities 46,064,588 84,220,375
Net cash flow from investing activities -40,782,766 -51,176,281
3. Cash flow from financing activities
Cash received from acquiring investment
Including: Cash received from acquiring minority shareholders'
investment by branch
Cash received from acquiring loans 4,450,003 164,447,222
Cash received from issuing bonds
Sub-total cash inflows of financing activities 4,450,003 164,447,222
Cash paid to repay debts 38,398,750 199,877,909
Cash paid to distribute dividend, profit or pay interest 6,362,415 14,678,347
Including: Dividend and profit paid to minority shareholders by
1,551,687
branch
Other cash paid related to financing activities
Sub-total of cash outflows of financing activities 44,761,165 214,556,256
Net cash flow from financing activities -40,311,162 -50,109,034
4. Influences of exchange rate fluctuation on cash and cash
64,400 -109,441
equivalents
5. Net Increase of cash and cash equivalents 233,865,995 -219,888,455
Plus: balance at the beginning of the period of cash and cash
1,052,665,106 1,397,399,469
equivalents
6. Balance at the end of the period of cash and cash equivalents 1,286,531,101 1,177,511,014
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
6) Cash flow statement of parent company
Unit: CNY
Amount incurred in Amount incurred in
Item
current period previous period
1. Cash flows from operating activities:
Cash received from sales of goods and rending of services 151,725,566 115,544,590
Tax refund received
Other cash received related to operating activities 9,600,551 13,720,041
Sub-total of cash inflows of operating activities 161,326,117 129,264,631
Cash paid for goods and services 82,090,305 122,591,995
Cash paid to and on behalf of employees 22,814,323 17,199,260
Cash paid for taxes and expenses 16,191,497 4,853,193
Other cash paid related to operating activities 134,756,189 101,579,010
Sub-total of cash outflows of operating activities 255,852,314 246,223,458
Net cash flow from operating activities -94,526,197 -116,958,827
2. Cash flow from investing activities:
Cash received from return of investment 5,200,000 12,200,000
Cash received from obtaining investment profit 680,070,741 82,242,639
Cash received from disposal of fixed assets, intangible
47,954
assets and other long-term assets
Net cash received from disposal of branch and other
business unit
Other cash received related to investing activities
Sub-total of cash inflows of investment activities 685,318,695 94,442,639
Cash paid to acquire fixed assets, intangible asset and other
2,178,067 556,491
long-term assets
Cash for investments 5,200,000 12,200,000
Net cash paid to acquire branch and other business unit
Other cash paid related to investment activities 281,000,000 100,000,000
Subtotal of cash outflows of investment activities 288,378,067 112,756,491
Net cash flow from investing activities 396,940,628 -18,313,852
3. Cash flow from financing activities
Cash received from acquiring investment
Cash received from acquiring loans
Other cash received related to financing activities
Sub-total cash inflows of financing activities
Cash paid to repay debts
Cash paid to distribute dividend, profit or pay interest 1,256,484 1,411,688
Other cash paid related to financing activities
Sub-total of cash outflows of financing activities 1,256,484 1,411,688
Net cash flow from financing activities -1,256,484 -1,411,688
4. Influences of exchange rate fluctuation on cash and
cash equivalents
24
Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
5. Net Increase of cash and cash equivalents 301,157,947 -136,684,367
Plus: balance at the beginning of the period of cash and
182,123,070 623,116,542
cash equivalents
6. Balance at the end of the period of cash and cash
483,281,017 486,432,175
equivalents
25
Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
2. Notes on financial statement adjustments
1) Relevant situations of adjustment in financial statement at the beginning of 2021 when the
new lease standards are first implemented
Available Not available
Whether to adjust the balance sheet accounts at the beginning of the year
Yes No
Consolidated balance sheet
Unit: CNY
Item December 31 , 2020
st
January 1 , 2021
st
Adjustment
Current Assets：
Monetary fund 1,194,214,929 1,194,214,929
Accounts receivable 183,853,362 183,853,362
Receivables Financing 338,090,187 338,090,187
Accounts prepaid 71,296,416 71,296,416
Other receivables 22,428,956 22,428,956
Inventory 2,945,548,651 2,945,548,651
Other current assets 234,118,715 234,118,715
Total Current Assets 4,989,551,216 4,989,551,216
Non-current Assets：
Long-term equity investment 48,263,507 48,263,507
Real estate for investment 27,057,730 27,057,730
Fixed assets 5,724,935,846 5,724,935,846
Construction in progress 635,495,152 635,495,152
Biological assets for production 192,173,536 192,173,536
Right-of-use assets 117,697,372 117,697,372
Intangible assets 660,989,065 660,989,065
Goodwill 132,938,212 132,938,212
Long-term deferred expenses 314,465,855 312,427,221 -2,038,634
Deferred tax assets 206,241,275 208,755,834 2,514,559
Other non-current assets 170,370,147 170,370,147
Total Non-Current Assets 8,112,930,325 8,231,103,622 118,173,297
Total Assets 13,102,481,541 13,220,654,838 118,173,297
Current liabilities：
Short-term loan 689,090,715 689,090,715
Accounts payable 484,347,958 484,347,958
Contract liabilities 135,073,280 135,073,280
Wage payable 188,779,911 188,779,911
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
Tax payable 213,412,813 213,412,813
Other accounts payable 386,105,526 386,105,526
Including: Interest payable 553,471 553,471
Dividend payable 1,003,125 1,003,125
Non-current liabilities expire in one year 133,311,890 133,311,890
Other current liabilities 14,820,653 14,820,653
Total Current Liabilities 2,244,942,746 2,244,942,746
Non-Current Liabilities:
Long-term borrowings 200,352,968 200,352,968
Lease liability 125,716,975 125,716,975
Long-term accounts payable 86,000,000 86,000,000
Deferred income 52,653,609 52,653,609
Deferred tax liabilities 12,022,613 12,022,613
Other non-current liabilities 2,078,971 2,078,971
Total non-current liabilities 353,108,161 478,825,136 125,716,975
Total liabilities 2,598,050,907 2,723,767,882 125,716,975
Owner’s equity (or shareholders’ equity):
Capital stock 685,464,000 685,464,000
Capital reserve 524,968,760 524,968,760
Other comprehensive income 576,129 576,129
Surplus reserve 342,732,000 342,732,000
Undistributed profits 8,714,091,755 8,706,548,077 -7,543,678
Total owner's equity attributable to the
10,267,832,644 10,260,288,966 -7,543,678
holding company
Minority interests 236,597,990 236,597,990
Total owner's equity 10,504,430,634 10,496,886,956 -7,543,678
Total liabilities and owner's equity 13,102,481,541 13,220,654,838 118,173,297
The explanation of adjustment situation
No
27
Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
Balance sheet of parent company
Unit: CNY
Item December 31 , 2020
st
January 1 , 2021
st
Adjustment
Current Assets：
Monetary fund 267,548,326 267,548,326
Receivables Financing 13,920,000 13,920,000
Accounts prepaid 171,709 171,709
Other receivables 580,131,798 580,131,798
Dividends receivable 200,000,000 200,000,000
Inventory 482,442,935 482,442,935
Other current assets 24,842,325 24,842,325
Total Current Assets 1,369,057,093 1,369,057,093
Non-current Assets：
Long-term equity investment 7,599,778,881 7,599,778,881
Real estate for investment 27,057,730 27,057,730
Fixed assets 243,634,747 243,634,747
Construction in progress 2,865,243 2,865,243
Biological assets for production 115,103,753 115,103,753
Right-of-use assets 44,816,966 44,816,966
Intangible assets 80,789,730 80,789,730
Deferred tax assets 18,285,685 19,835,976 1,550,291
Other non-current assets 1,530,700,000 1,530,700,000
Total Non-Current Assets 9,618,215,769 9,664,583,026 46,367,257
Total Assets 10,987,272,862 11,033,640,119 46,367,257
Current liabilities：
Short-term loan 150,000,000 150,000,000
Accounts payable 76,470,081 76,470,081
Wage payable 67,808,910 67,808,910
Tax payable 9,123,959 9,123,959
Other accounts payable 521,505,947 521,505,947
Including: Interest payable 181,250 181,250
Total Current Liabilities 824,908,897 824,908,897
Non-Current Liabilities:
Lease liability 51,018,131 51,018,131
Deferred income 5,507,708 5,507,708
Other non-current liabilities 1,164,471 1,164,471
Total non-current liabilities 6,672,179 57,690,310 51,018,131
Total liabilities 831,581,076 882,599,207 51,018,131
Owner’s equity (or shareholders’ equity):
Capital stock 685,464,000 685,464,000
Capital reserve 560,182,235 560,182,235
Surplus reserve 342,732,000 342,732,000
Undistributed profits 8,567,313,551 8,562,662,677 -4,650,874
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Yantai Changyu Pioneer Wine Co., Ltd. 2021 First Quarter Report
Total owner's equity 10,155,691,786 10,151,040,912 -4,650,874
Total liabilities and owner's equity 10,987,272,862 11,033,640,119 46,367,257
The explanation of adjustment situation
No
2) Explanation on retrospective adjustments in the previous comparison data for the first
implementation of new lease standards at the beginning of 2021
Available Not available
For retrospective adjustment in the previous comparison data, please refer to the above section of “1)
Relevant situations of adjustment in financial statement at the beginning of 2021 when the new
lease standards are first implemented” .
3. Audit report
Whether the first quarter report has been audited.
Yes No
The first quarter report has not been audited.
Yantai Changyu Pioneer Wine Co., Ltd.
Board of Directors
April 29th, 2021
29
