ANHUI GUJING DISTILLERY COMPANY LIMITED
FIRST QUARTER REPORT 2018
April 2018
Gujing Aged Original Spirits First Quarter Report 2018
Part I Important Notes
The Board of Directors (or the “Board”), the Supervisory Board as well as the Directors,
Supervisors and senior management of Anhui Gujing Distillery Company Limited (inclusive
of its consolidated subsidiaries, the “Company”; exclusive of its subsidiaries, the “Parent
Company”, except where the context otherwise requires) hereby guarantee the factuality,
accuracy and completeness of the contents of this Report, and shall be jointly and severally
liable for any misrepresentations, misleading statements or material omissions in this Report.
All the Company’s Directors have attended the Board meeting for the review of this Report.
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.
This Report has been prepared in both Chinese and English. Should there be any
discrepancies or misunderstandings between the two versions, the Chinese version shall
prevail.
2
Gujing Aged Original Spirits First Quarter Report 2018
Part II Key Corporate Information
I Key Financial Information
Whether the Company performed any retroactive adjustments to or restatement of its accounting data due to changes of accounting
policies or correction of accounting errors
□ Yes √ No
January-March 2018 January-March 2017 Change
Sales revenue (RMB) 2,559,879,006.93 2,173,056,581.04 17.80%
Net income attributable to shareholders of
581,079,212.12 407,764,742.43 42.50%
the listed company (RMB)
Net income attributable to shareholders of
the listed company before nonrecurring 568,229,870.99 356,588,955.68 59.35%
gains and losses (RMB)
Net cash flows from operating activities
193,972,491.77 648,773,393.57 -70.10%
(RMB)
Basic earnings per share (RMB/share) 1.15 0.81 41.98%
Diluted earnings per share (RMB/share) 1.15 0.81 41.98%
Weighted average return on equity (%) 8.61% 7.05% 1.56%
March 31, 2018 December 31, 2017 Change
Total assets (RMB) 11,503,386,290.94 10,152,862,119.05 13.30%
Equity attributable to shareholders of the
7,022,524,849.23 6,459,078,378.38 8.72%
listed company (RMB)
Nonrecurring gains and losses:
√ Applicable □ Not applicable
Unit: RMB
Item January-March 2018 Note
Gains and losses on disposal of non-current assets (inclusive of
-893,789.30
offset allowance for asset impairments)
Government subsidies charged to current profit and loss (exclusive
of government subsidies given in the Company’s ordinary course
2,147,822.47
of business at fixed quotas or amounts as per government’s
uniform standards )
Gains and losses on changes in fair value of trading financial
assets and liabilities & investment income from disposal of trading
9,149,247.17
financial assets and liabilities and available-for-sale financial
assets (exclusive of effective portion of hedges that arise in the
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Gujing Aged Original Spirits First Quarter Report 2018
Company’s ordinary course of business)
Non-operating income and expense other than above 6,886,594.87
Less: Income tax effects 4,290,666.88
Non-controlling interests effects (net of tax) 149,867.20
Total 12,849,341.13 --
Explanation of why the Company classifies an item as a nonrecurring gain/loss according to the definition in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Nonrecurring Gains and
Losses, or reclassifies any nonrecurring gain/loss item listed in the said explanatory announcement as a recurring gain/loss:
□ Applicable √ Not applicable
No such cases for the Reporting Period.
II Total Number of Shareholders and Top 10 Shareholders’ Holdings at Period-End
1. Numbers of Common Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share
Preferred shareholders with
Common shareholders at period-end 21,943 resumed voting rights at 0
period-end (if any)
Top 10 shareholders
Shareholding Pledged or frozen shares
Name of Nature of
percentage at Shares Restricted shares
shareholder shareholder Status Shares
period-end (%)
ANHUI GUJING
GROUP State-owned
53.89% 271,404,022 Pledged 114,000,000
COMPANY juridical person
LIMITED
Foreign juridical
NORGES BANK 2.92% 14,712,309
person
GAOLING Foreign juridical
2.47% 12,446,408
FUND,L.P. person
AGRICULTURAL
BANK OF
CHINA－E
FUND
Other 1.65% 8,307,868
COMSUMPTION
SECTOR STOCK
SECURITIES
INVESTMENT
4
Gujing Aged Original Spirits First Quarter Report 2018
FUND
UBS (LUX)
EQUITY FUND -
Foreign juridical
CHINA 1.41% 7,096,361
person
OPPORTUNITY
(USD)
CHINA
CONSTRUCTION
BANK-YINHUA
RICH THEME
Other 1.38% 6,936,487
HYBRID
SECURITIES
INVESTMENT
FUND
CHINA INT'L
CAPITAL CORP
Foreign juridical
HONG KONG 1.34% 6,752,388
person
SECURITIES
LTD
CENTRAL
HUIJIN ASSET State-owned
1.30% 6,543,600
MANAGEMENT juridical person
CO., LTD.
UBS (LUX)
EQUITY FUND - Foreign juridical
0.98% 4,949,038
GREATER person
CHINA (USD)
GREENWOODS
Foreign juridical
CHINA ALPHA 0.98% 4,939,963
person
MASTER FUND
Top 10 non-restricted shareholders
Type of shares
Name of shareholder Non-restricted shares held at period-end
Type Shares
ANHUI GUJING GROUP RMB common
271,404,022 271,404,022
COMPANY LIMITED stock
Domestically
NORGES BANK 14,712,309 listed stock for 14,712,309
foreign investors
Domestically
GAOLING FUND,L.P. 12,446,408 listed stock for 12,446,408
foreign investors
5
Gujing Aged Original Spirits First Quarter Report 2018
AGRICULTURAL BANK OF
CHINA－E FUND COMSUMPTION RMB common
8,307,868 8,307,868
SECTOR STOCK SECURITIES stock
INVESTMENT FUND
Domestically
UBS (LUX) EQUITY FUND -
7,096,361 listed stock for 7,096,361
CHINA OPPORTUNITY (USD)
foreign investors
CHINA CONSTRUCTION
BANK-YINHUA RICH THEME RMB common
6,936,487 6,936,487
HYBRID SECURITIES stock
INVESTMENT FUND
Domestically
CHINA INT'L CAPITAL CORP
6,752,388 listed stock for 6,752,388
HONG KONG SECURITIES LTD
foreign investors
CENTRAL HUIJIN ASSET RMB common
6,543,600 6,543,600
MANAGEMENT CO., LTD. stock
Domestically
UBS (LUX) EQUITY FUND -
4,949,038 listed stock for 4,949,038
GREATER CHINA (USD)
foreign investors
Domestically
GREENWOODS CHINA ALPHA
4,939,963 listed stock for 4,939,963
MASTER FUND
foreign investors
Among the above shareholders, the Company's controlling shareholder, Anhui Gujing Group
Co., Ltd., has no relationship with other shareholders and does not belong to the
acting-in-concert stipulated in the Administrative Measures on Information Disclosure of
Related or acting-in-concert parties
Changes in Shareholding of Listed Companies. In addition, the relationship between other
among shareholders above
shareholders is unknown, and it is unknown whether it belongs to the acting-in-concert
stipulated in the Administrative Measures on Information Disclosure of Changes in
Shareholding of Listed Companies.
Shareholders conducting securities
N/A
margin trading (if any)
Indicate by tick mark whether any of the top 10 common shareholders or the top 10 non-restricted common shareholders of the
Company conducted any promissory repo during the Reporting Period.
□ Yea √ No
No such cases in the Reporting Period.
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
6
Gujing Aged Original Spirits First Quarter Report 2018
Part III Significant Events
I Changes in Selected Financial Statement Items and Explanation of why
√ Applicable □ Not applicable
March 31, 2018 December 31, 2017
Balance sheet items Change (%) Explanation of why
(RMB) (RMB)
Notes receivable 1,813,496,352.34 720,611,126.78 151.66% Increase in sales revenue
Increase in prepaid advertising
Prepayments 76,361,753.26 41,729,637.34 82.99%
fees
Notes payable 74,496,000.00 200,750,000.00 -62.89% Settlement of due notes payable
Advances from customers 1,285,771,695.15 503,083,108.13 155.58% Increase in customer orders
Increase in unrecognized
Other current liabilities 482,610,008.01 182,846,942.10 163.94% expenditures during peak season
of China’s Lunar New Year
January-March January-March
Income statement items Change (%) Explanation of why
2018 (RMB) 2017 (RMB)
Decrease in income from
Investment income 27,448,214.89 62,391,926.18 -56.01%
financial assets
Increase in income from sale of
Asset disposal income 81,303.79 40,571.66 100.40%
obsolete and old equipment
Other income 2,147,822.47 14,343,227.97 -85.03% Decrease in tax rebates
Net income 581,079,212.12 407,764,742.43 42.50% Increase in sales revenue
January-March January-March
Cash flows statement items Change (%) Explanation of why
2018 (RMB) 2017 (RMB)
Decrease in proceeds from sale
Net cash flows from
193,972,491.77 648,773,393.57 -70.10% of commodities and increase in
operating activities
notes receivable
Subtotal of cash generated by Decrease in disinvestments in
476,038,045.85 1,424,018,432.80 -66.57%
investing activities wealth management instruments
Net cash flows from Decrease in payments for
74,965,977.62 -145,592,375.71 151.49%
investing activities investment
7
Gujing Aged Original Spirits First Quarter Report 2018
II Progress, Influence and Solutions Associated with Significant Events
□ Applicable √ Not applicable
III Commitments that the Company’s Actual Controller, Shareholders, Related Parties and
Acquirers, as well as the Company and Other Commitment Makers, Failed to Fulfill on Time
during Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IV Operating Result Forecast for January-June 2018
Warning of a forecast loss on or a forecast significant year-over-year change in net income for January-June 2018, as well as
explanation of why:
□ Applicable √ Not applicable
V Securities Investments
√ Applicable □ Not applicable
Variet Symb Opening Closing Gain/loss
Initial Opening Closing
y of ol of Name of holding Closing
holding in Accounting
investment holding holding book value Reporting Source
securit securit security percenta percenta (RMB) Period title
cost (RMB) (share) (share)
y y ge ge (RMB)
Available-for-s
60198 44,385,674.2 17,963,1 17,963,1 70,594,983.0 Self-own
Stock ZGYH 0.00 ale financial
8 0 00 00 0 ed funds
assets
Available-for-s
00000 70,317,243.9 8,040,88 8,040,88 87,645,690.1 Self-own
Stock PAYH 0.00 ale financial
1 8 9 9 0 ed funds
assets
Guangfa
Nest Low
Risk No. Available-for-s
150,000,000. 8,841,868. Self-own
Funds 1E 0 0 0.00 ale financial
00 22 ed funds
Security assets
Investme
nt Funds
CITIC
Wings
Available-for-s
Dapu No. 200,000,000. 215,335,353. Self-own
Funds 0 0 0.00 ale financial
1 Asset 00 08 ed funds
assets
Manageme
nt Plan
8
Gujing Aged Original Spirits First Quarter Report 2018
464,702,918. 26,003,9 26,003,9 373,576,026. 8,841,868.
Total -- -- --
18 89 89 18 22
Disclosure date of
announcement on Board’s
consent for securities
investment
Disclosure date of
announcement on
shareholders’ meeting’s
consent for securities
investment (if any)
VI Investments in Derivative Financial Instruments
√ Applicable □ Not applicable
Unit: RMB’0,000 (in RMB ten thousand yuan)
Proportio
n of
closing Actual
Purchas Sold in
Relations Initial Opening Impairme Closing investme gain/los
Related Type of ed in the the
hip with investme Startin Endin investme nt investme nt s in the
Operator transacti derivativ Reporti Reporti
the nt g date g date nt provision nt amount Reporti
on e ng ng
Company amount amount (if any) amount in the ng
Period Period
Company Period
’s closing
net assets
Reverse Reverse
repurcha repurcha March April
se of Naught No se of 29, 9, 5,000 9,000 5,000 9,000 1.28% 10.01
national national 2018 2018
debt debt
Total -- -- 5,000 9,000 5,000 9,000 1.28% 10.01
Source of money used for investment All from the Company’s own funds
Legal matters involved (if applicable) N/A
Disclosure date of board announcement
August 30, 2013
approving derivative investment (if any)
Disclosure date of shareholders’
meeting announcement approving
derivative investment (if any)
Analysis of risks and control measures The Company had controlled the relevant risks strictly according to the Derivatives
associated with derivative investments Investment Management System.
9
Gujing Aged Original Spirits First Quarter Report 2018
held in 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 in Reporting
Period (fair value analysis should N/A
include measurement method and
related assumptions and parameters)
Significant changes in accounting
policies and specific accounting
principles adopted for derivative N/A
investments in Reporting Period
compared to last reporting period
Based on the sustainable development of the main business and the sufficient free idle
money, the Company increased the profits through investing in the reasonable financial
derivative instruments, which was in favor of improving the service efficiency of the idle
funds. In order to reduce the investment risks of the financial derivative instruments, the
Company had set up corresponding supervision mechanism for the financial derivative
Opinion of independent directors on
instrument business and formulated reasonable accounting policy as well as specific
derivative investments and risk control
principles of 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.
VII Visits Paid to the Company for Purposes of Research, Communication, Interview, etc.
during Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
VIII Irregularities in Provision of Guarantees for External Parties
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IX Occupation of the Company’s Money by Its Controlling Shareholder or Related Parties
for Non-Operating Purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
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Gujing Aged Original Spirits First Quarter Report 2018
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by Anhui Gujing Distillery Company Limited
March 31, 2018
Unit: RMB
Item March 31, 2018 December 31, 2017
Current assets:
Monetary assets 1,753,027,095.79 1,484,088,626.40
Settlement reserve
Interbank loans granted
Financial assets at fair value through
42,055.28 99,800.76
profit or loss
Derivative financial assets
Notes receivable 1,813,496,352.34 720,611,126.78
Accounts receivable 25,975,449.39 22,466,143.06
Prepayments 76,361,753.26 41,729,637.34
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Interest receivable 16,643,178.08 13,883,178.08
Dividends receivable
Other receivables 18,677,957.65 15,390,106.14
Financial assets purchased under
resale agreements
Inventories 2,191,370,634.32 2,064,130,297.51
Assets classified as held for sale
Current portion of non-current assets
Other current assets 1,765,087,192.28 1,772,310,946.58
Total current assets 7,660,681,668.39 6,134,709,862.65
Non-current assets:
11
Gujing Aged Original Spirits First Quarter Report 2018
Loans and advances to customers
Available-for-sale financial assets 373,576,026.18 517,086,347.91
Held-to-maturity investments
Long-term receivables
Long-term equity investments
Investment property 4,464,170.83 5,343,777.33
Property, plant and equipment 1,762,399,335.64 1,792,254,178.56
Construction in progress 55,170,402.14 54,496,798.56
Construction materials
Proceeds from disposal of property,
plant and equipment
Productive living assets
Oil and gas assets
Intangible assets 687,728,842.34 691,381,442.67
R&D expense
Goodwill 478,283,495.29 478,283,495.29
Long-term prepaid expense 66,624,518.64 69,238,523.78
Deferred income tax assets 85,983,805.49 92,157,477.74
Other non-current assets 328,474,026.00 317,910,214.56
Total non-current assets 3,842,704,622.55 4,018,152,256.40
Total assets 11,503,386,290.94 10,152,862,119.05
Current liabilities:
Short-term borrowings
Borrowings from central bank
Customer deposits and deposits from
banks and other financial institutions
Interbank loans obtained
Financial liabilities at fair value
through profit or loss
Derivative financial liabilities
Notes payable 74,496,000.00 200,750,000.00
Accounts payable 280,829,231.41 435,615,039.83
Advances from customers 1,285,771,695.15 503,083,108.13
Financial assets sold under repurchase
agreements
Handling charges and commissions
12
Gujing Aged Original Spirits First Quarter Report 2018
payable
Payroll payable 324,781,563.98 372,374,014.37
Taxes payable 426,980,884.31 420,984,845.45
Interest payable
Dividends payable
Other payables 1,056,500,017.95 1,032,543,553.34
Reinsurance payables
Insurance contract reserve
Payables for trading of securities
Payables for underwriting of
securities
Liabilities directly associated with
assets classified as held for sale
Current portion of non-current
liabilities
Other current liabilities 482,610,008.01 182,846,942.10
Total current liabilities 3,931,969,400.81 3,148,197,503.22
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Long-term payables
Long-term payroll payable
Specific payables
Provisions
Deferred income 42,409,564.84 43,706,503.22
Deferred income tax liabilities 113,462,436.09 119,779,105.90
Other non-current liabilities
Total non-current liabilities 155,872,000.93 163,485,609.12
Total liabilities 4,087,841,401.74 3,311,683,112.34
Owners’ equity:
Share capital 503,600,000.00 503,600,000.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
13
Gujing Aged Original Spirits First Quarter Report 2018
Capital reserves 1,295,405,592.25 1,295,405,592.25
Less: Treasury shares
Other comprehensive income 35,888,086.17 53,520,827.44
Specific reserve
Surplus reserves 256,902,260.27 256,902,260.27
General reserve
Retained earnings 4,930,728,910.54 4,349,649,698.42
Total equity attributable to owners of
7,022,524,849.23 6,459,078,378.38
Parent Company
Non-controlling interests 393,020,039.97 382,100,628.33
Total owners’ equity 7,415,544,889.20 6,841,179,006.71
Total liabilities and owners’ equity 11,503,386,290.94 10,152,862,119.05
Legal representative: Liang Jinhui The Company’s chief accountant: Ye Changqing
Head of the Company’s financial department: Zhu Jiafeng
2. Parent Company Balance Sheet
Unit: RMB
Item March 31, 2018 December 31, 2017
Current assets:
Monetary assets 1,560,630,499.05 1,276,262,109.02
Financial assets at fair value through
42,055.28 99,800.76
profit or loss
Derivative financial assets
Notes receivable 1,542,720,297.98 674,521,654.40
Accounts receivable 8,647,569.44 8,509,918.03
Prepayments 31,057,647.04 8,534,600.82
Interest receivable
Dividends receivable
Other receivables 114,866,760.99 130,357,778.75
Inventories 1,933,160,333.81 1,818,358,884.18
Assets classified as held for sale
Current portion of non-current assets
Other current assets 1,390,504,300.42 1,554,870,774.98
Total current assets 6,581,629,464.01 5,471,515,520.94
14
Gujing Aged Original Spirits First Quarter Report 2018
Non-current assets:
Available-for-sale financial assets 373,025,826.18 516,530,547.91
Held-to-maturity investments
Long-term receivables
Long-term equity investments 1,155,089,408.32 1,155,089,408.32
Investment property 26,021,322.14 26,409,050.95
Property, plant and equipment 1,282,527,806.15 1,303,119,011.66
Construction in progress 43,080,233.75 44,673,219.38
Construction materials
Proceeds from disposal of property,
plant and equipment
Productive living assets
Oil and gas assets
Intangible assets 184,598,301.43 185,868,178.71
R&D expense
Goodwill
Long-term prepaid expense 54,275,744.76 58,563,409.89
Deferred income tax assets 37,996,747.93 37,996,747.93
Other non-current assets 12,474,026.00 12,474,026.00
Total non-current assets 3,169,089,416.66 3,340,723,600.75
Total assets 9,750,718,880.67 8,812,239,121.69
Current liabilities:
Short-term borrowings
Financial liabilities at fair value
through profit or loss
Derivative financial liabilities
Notes payable 44,196,370.00 0.00
Accounts payable 214,579,037.90 347,757,180.53
Advances from customers 2,473,783,059.78 1,680,678,175.37
Payroll payable 82,345,180.87 110,435,403.45
Taxes payable 236,736,315.53 262,884,211.13
Interest payable
Dividends payable
Other payables 187,528,501.04 173,250,790.29
Liabilities directly associated with
15
Gujing Aged Original Spirits First Quarter Report 2018
assets classified as held for sale
Current portion of non-current
liabilities
Other current liabilities 16,824,113.21 18,296,415.85
Total current liabilities 3,255,992,578.33 2,593,302,176.62
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Long-term payables
Long-term payroll payable
Specific payables
Provisions
Deferred income 38,794,308.28 39,976,048.28
Deferred income tax liabilities 13,993,396.36 19,792,209.68
Other non-current liabilities
Total non-current liabilities 52,787,704.64 59,768,257.96
Total liabilities 3,308,780,282.97 2,653,070,434.58
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 shares
Other comprehensive income 35,826,195.11 53,454,736.38
Specific reserve
Surplus reserves 251,800,000.00 251,800,000.00
Retained earnings 4,403,550,295.24 4,103,151,843.38
Total owners’ equity 6,441,938,597.70 6,159,168,687.11
Total liabilities and owners’ equity 9,750,718,880.67 8,812,239,121.69
3. Consolidated Income Statement
Unit: RMB
16
Gujing Aged Original Spirits First Quarter Report 2018
Item January-March 2018 January-March 2017
1. Operating revenue 2,559,879,006.93 2,173,056,581.04
Including: Sales revenue 2,559,879,006.93 2,173,056,581.04
Interest revenue
Premium revenue
Handling charge and commission
revenue
2. Cost of operating revenue 1,809,442,510.38 1,698,418,322.96
Including: Cost of sales 518,797,750.19 485,600,237.86
Interest expense
Handling charge and commission
expense
Surrenders
Net claims paid
Net amount provided as insurance
contract reserve
Expenditure on policy dividends
Reinsurance premium expense
Taxes and surtaxes 375,443,186.81 361,822,180.65
Selling expense 793,946,063.51 741,250,390.67
Administrative expense 127,311,977.26 120,878,754.27
Finance costs -6,056,467.40 -11,133,240.49
Asset impairment losses
Add: Gains on changes in fair value (“-”
-27,498.41 -3,866.40
for losses)
Investment income (“-” for loss) 27,448,214.89 62,391,926.18
Including: Share of profit or loss of
joint ventures and associates
Foreign exchange gains (“-” for losses)
Asset disposal income (“-” for loss) 81,303.79 40,571.66
Other income 2,147,822.47 14,343,227.97
3. Operating income (“-” for loss) 780,086,339.29 551,410,117.49
Add: Non-operating revenue 6,907,556.84 7,630,463.01
Less: Non-operating expense 996,055.06 708,757.60
4. Pretax income (“-” for loss) 785,997,841.07 558,331,822.90
Less: Income tax expense 193,999,217.31 139,416,289.06
17
Gujing Aged Original Spirits First Quarter Report 2018
5. Net income (“-” for net loss) 591,998,623.76 418,915,533.84
5.1 Net income from continuing
591,998,623.76 418,915,533.84
operations (“-” for net loss)
5.2 Net income from discontinued
operations (“-” for net loss)
Attributable to owners of Parent
581,079,212.12 407,764,742.43
Company
Attributable to non-controlling
10,919,411.64 11,150,791.41
interests
6. Other comprehensive income, net of
-17,632,741.27 -20,967,165.55
tax
Attributable to owners of Parent
-17,632,741.27 -20,967,165.55
Company
6.1 Items that will not be
reclassified to profit or loss
6.1.1 Changes in net liabilities or
assets caused by re-measurements on
defined benefit pension schemes
6.1.2 Share of other
comprehensive income of investees that
will not be reclassified to profit or loss
under equity method
6.2 Items that may subsequently be
-17,632,741.27 -20,967,165.55
reclassified to profit or loss
6.2.1 Share of other
comprehensive income of investees that
will be reclassified to profit or loss under
equity method
6.2.2 Gains/Losses on changes in
fair value of available-for-sale financial -17,632,741.27 -20,967,165.55
assets
6.2.3 Gains/Losses arising from
reclassification of held-to-maturity
investments to available-for-sale financial
assets
6.2.4 Effective gains/losses on
cash flow hedges
6.2.5 Differences arising from
translation of foreign
currency-denominated financial
statements
6.2.6 Other
18
Gujing Aged Original Spirits First Quarter Report 2018
Attributable to non-controlling
interests
7. Total comprehensive income 574,365,882.49 397,948,368.29
Attributable to owners of Parent
563,446,470.85 386,797,576.88
Company
Attributable to non-controlling
10,919,411.64 11,150,791.41
interests
8. Earnings per share
8.1 Basic earnings per share 1.15 0.81
8.2 Diluted earnings per share 1.15 0.81
Legal representative: Liang Jinhui The Company’s chief accountant: Ye Changqing
Head of the Company’s financial department: Zhu Jiafeng
4. Parent Company Income Statement
Unit: RMB
Item January-March 2018 January-March 2017
1. Sales revenue 1,273,232,528.70 1,225,485,876.84
Less: Cost of sales 483,888,734.16 441,659,248.56
Taxes and surtaxes 316,554,892.27 315,040,162.76
Selling expense 22,167,564.98 91,453,417.90
Administrative expense 84,525,943.53 81,529,203.55
Finance costs -4,400,795.16 -2,633,074.65
Asset impairment losses
Add: Gains on changes in fair value
-27,498.41 -3,866.40
(“-” for losses)
Investment income (“-” for loss) 24,534,436.91 60,640,216.55
Including: Share of profit or loss
of joint ventures and associates
Asset disposal income (“-” for
loss)
Other income 1,181,740.01 14,138,227.97
2. Operating income (“-” for loss) 396,184,867.44 373,211,496.84
Add: Non-operating revenue 5,301,985.87 3,943,066.55
Less: Non-operating expense 955,584.15 646,594.22
3. Pretax income (“-” for loss) 400,531,269.16 376,507,969.17
19
Gujing Aged Original Spirits First Quarter Report 2018
Less: Income tax expense 100,132,817.29 94,126,992.30
4. Net income (“-” for net loss) 300,398,451.87 282,380,976.87
4.1 Net income from continuing
300,398,451.87 282,380,976.87
operations (“-” for net loss)
4.2 Net income from discontinued
operations (“-” for net loss)
5. Other comprehensive income, net of
-17,628,541.27 -21,722,327.16
tax
5.1 Items that will not be reclassified
to profit or loss
5.1.1 Changes in net liabilities or
assets caused by re-measurements on
defined benefit pension schemes
5.1.2 Share of other
comprehensive income of investees that
will not be reclassified into profit or
loss under equity method
5.2 Items that may subsequently be
-17,628,541.27 -21,722,327.16
reclassified to profit or loss
5.2.1 Share of other
comprehensive income of investees that
will be reclassified into profit or loss
under equity method
5.2.2 Gains/Losses on changes in
fair value of available-for-sale financial -17,628,541.27 -21,722,327.16
assets
5.2.3 Gains/Losses arising from
reclassification of held-to-maturity
investments to available-for-sale
financial assets
5.2.4 Effective gains/losses on
cash flow hedges
5.2.5 Differences arising from
translation of foreign
currency-denominated financial
statements
5.2.6 Other
6. Total comprehensive income 282,769,910.60 260,658,649.71
7. Earnings per share
7.1 Basic earnings per share 0.6 0.56
7.2 Diluted earnings per share 0.6 0.56
20
Gujing Aged Original Spirits First Quarter Report 2018
5. Consolidated Cash Flow Statement
Unit: RMB
Item January-March 2018 January-March 2017
1. Cash generated by or used in
operating activities:
Proceeds from sale of commodities
2,317,913,398.32 2,217,759,396.02
and rendering of services
Net increase in customer deposits and
deposits from banks and other financial
institutions
Net increase in loans from central
bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Net increase in proceeds from
disposal of financial assets at fair value
through profit or loss
Interest, handling charges and
commissions received
Net increase in interbank loans
obtained
Net increase in proceeds from
repurchase transactions
Tax rebates 809,884.08 13,696,586.24
Cash generated by other operating
36,191,356.85 106,104,856.09
activities
Subtotal of cash generated by operating
2,354,914,639.25 2,337,560,838.35
activities
Payments for commodities and
559,193,732.69 281,029,361.24
services
Net increase in loans and advances to
customers
Net increase in deposits in central
bank and in interbank loans granted
Payments for claims on original
insurance contracts
21
Gujing Aged Original Spirits First Quarter Report 2018
Interest, handling charges and
commissions paid
Policy dividends paid
Cash paid to and for employees 386,791,520.43 321,777,759.08
Taxes paid 880,876,488.87 873,979,926.33
Cash used in other operating
334,080,405.49 212,000,398.13
activities
Subtotal of cash used in operating
2,160,942,147.48 1,688,787,444.78
activities
Net cash flows from operating activities 193,972,491.77 648,773,393.57
2. Cash generated by or used in
investing activities:
Proceeds from disinvestments 450,660,768.81 1,359,977,129.63
Investment income 25,292,217.04 64,034,803.17
Net proceeds from disposal of
property, plant and equipment,
85,060.00 6,500.00
intangible assets and other long-lived
assets
Net proceeds from disposal of
subsidiaries or other business units
Cash generated by other investing
activities
Subtotal of cash generated by investing
476,038,045.85 1,424,018,432.80
activities
Payments for acquisition of property,
plant and equipment, intangible assets 70,853,122.83 32,203,466.65
and other long-lived assets
Payments for investments 330,218,945.40 1,537,407,341.86
Net increase in pledged loans granted
Net payments for acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
401,072,068.23 1,569,610,808.51
activities
Net cash flows from investing activities 74,965,977.62 -145,592,375.71
3. Cash generated by or used in
financing activities:
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
22
Gujing Aged Original Spirits First Quarter Report 2018
Increase in borrowings obtained
Net proceeds from issuance of bonds
Cash generated by other financing
activities
Subtotal of cash generated by financing
activities
Repayment of borrowings
Payments for interest and dividends
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing
activities
Subtotal of cash used in financing
activities
Net cash flows from financing activities
4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
268,938,469.39 503,181,017.86
equivalents
Add: Cash and cash equivalents,
1,024,088,626.40 527,849,026.07
beginning of the period
6. Cash and cash equivalents, end of the
1,293,027,095.79 1,031,030,043.93
period
6. Parent Company Cash Flow Statement
Unit: RMB
Item January-March 2018 January-March 2017
1. Cash generated by or used in
operating activities:
Proceeds from sale of commodities
1,095,672,510.95 1,719,269,247.73
and rendering of services
Tax rebates 0.00 13,013,817.25
Cash generated by other operating
60,289,004.82 29,416,467.68
activities
Subtotal of cash generated by operating
1,155,961,515.77 1,761,699,532.66
activities
Payments for commodities and
358,347,950.36 258,976,795.82
services
Cash paid to and for employees 165,733,823.32 153,768,915.89
Taxes paid 559,374,536.53 545,332,001.77
23
Gujing Aged Original Spirits First Quarter Report 2018
Cash used in other operating
49,683,984.62 44,903,998.58
activities
Subtotal of cash used in operating
1,133,140,294.83 1,002,981,712.06
activities
Net cash flows from operating activities 22,821,220.94 758,717,820.60
2. Cash generated by or used in
investing activities:
Proceeds from disinvestments 420,660,768.81 1,359,977,129.63
Investment income 25,135,723.89 64,034,803.17
Net proceeds from disposal of
property, plant and equipment,
intangible assets and other long-lived
assets
Net proceeds from disposal of
subsidiaries or other business units
Cash generated by other investing
activities
Subtotal of cash generated by investing
445,796,492.70 1,424,011,932.80
activities
Payments for acquisition of property,
plant and equipment, intangible assets 44,030,378.21 27,119,815.40
and other long-lived assets
Payments for investments 140,218,945.40 1,474,407,341.86
Net payments for acquisition of
subsidiaries and other business units
Cash used in other investing
activities
Subtotal of cash used in investing
184,249,323.61 1,501,527,157.26
activities
Net cash flows from investing activities 261,547,169.09 -77,515,224.46
3. Cash generated by or used in
financing activities:
Capital contributions received
Increase in borrowings obtained
Net proceeds from issuance of bonds
Cash generated by other financing
activities
Subtotal of cash generated by financing
activities
Repayment of borrowings
Payments for interest and dividends
24
Gujing Aged Original Spirits First Quarter Report 2018
Cash used in other financing
activities
Sub-total of cash used in financing
activities
Net cash flows from financing activities
4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
284,368,390.03 681,202,596.14
equivalents
Add: Cash and cash equivalents,
826,262,109.02 225,792,686.26
beginning of the period
6. Cash and cash equivalents, end of the
1,110,630,499.05 906,995,282.40
period
II Independent Auditor’s Report
Indicate by tick mark whether the Q1 financial statements have been audited by an independent auditor.
□Yes √ No
The Q1 financial statements have not been audited by such an auditor.
25
