ANHUI GUJING DISTILLERY COMPANY LIMITED
THIRD QUARTERLY REPORT 2023
October 2023
Third Quarterly Report 2023
Stock Code: 000596, 200596 Stock Name: Gujing Distillery, Gujing Distillery -B Announcement No. 2023-035
ANHUI GUJING DISTILLERY COMPANY LIMITED
THIRD QUARTERLY REPORT 2023
Anhui Gujing Distillery Company Limited (hereinafter referred to as the “Company”) and all
the me mbers 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
Q3 2023 YoY change (%) Q1-Q3 2023 YoY change (%)
Operating revenue
4,642,653,988.77 23.39% 15,952,670,483.87 24.98%
(RM B)
Net profit attributable
to the listed company’s 1,033,160,506.48 46.78% 3,812,634,873.99 45.37%
shareholders (RM B)
Net profit attributable
to the listed company’s
shareholders before 1,012,080,336.13 46.86% 3,743,201,226.89 45.19%
exceptional gains and
losses (RM B)
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Third Quarterly Report 2023
Net cash generated
from/used in operating — — 5,719,625,786.18 12.98%
activities (RM B)
Basic earnings per
1.95 46.62% 7.21 45.36%
share (RM B/share)
Diluted earnings per
1.95 46.62% 7.21 45.36%
share (RM B/share)
Weighted average
5.11% 1.12% 18.67% 3.98%
return on equity (%)
30 September 2023 31 December 2022 Change (%)
Total assets (RM B) 34,965,642,084.84 29,789,822,298.65 17.37%
Equity attributable to
the listed company’s 20,739,862,947.65 18,520,757,973.52 11.98%
shareholders (RM B)
(II) Exceptional Gains and Losses
Applicable □ Not applicable
Unit: RM B
Item Q3 2023 Q1-Q3 2023 Note
Gain or loss on disposal of
non-current assets (inclusive
-119,559.93 -1,303,447.85
of impairment allowance
write-offs)
Government grants through
profit or loss (exclusive of
government grants
continuously given in the
Company’s ordinary course of 8,570,084.63 35,674,662.51
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
7,114,146.32 32,114,546.43
held-for-trading financial
assets and liabilities and
available-for-sale financial
assets (exclusive of the
3
Third Quarterly Report 2023
effective portion of hedges
that arise in the Company’s
ordinary course of business)
Reversed portions of
impairment allowances for
0.00 98,239.02
receivables which are tested
individually for impairment
Non-operating income and
14,821,789.76 40,527,094.62
expense other than the above
Less: Income tax effects 7,331,848.20 26,316,671.11
Non-controlling
1,974,442.23 11,360,776.52
interests effects (net of tax)
Total 21,080,170.35 69,433,647.10 --
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.
(III) Changes in Key Financial Statement Line Items and Explanation
Applicable □ Not applicable
30 September 2023 1 January 2023
Balance sheet items Change (%) M ain reason for change
(RM B) (RM B)
Held-for-trading Disinvestment in wealth management
714,701,677.18 1,782,687,769.66 -59.91%
financial assets products upon maturity
Increased bank acceptance notes
Receivables financing 1,641,927,221.94 217,419,441.32 655.19%
received
Increased payments for sales promotion
Other receivables 161,544,175.02 73,337,415.74 120.28%
and marketing
Investment property 47,541,712.04 13,396,881.96 254.87% Increase in properties leased out
Short-term borrowings 0.00 83,232,176.31 -100.00% Repayment of short-term borrowings
Contract liabilities 3,315,119,200.42 826,636,478.35 301.04% Increased sales orders
Increased borrowings of Yellow Crane
Long-term borrowings 174,253,006.94 44,944,737.91 287.71%
Tower
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Third Quarterly Report 2023
Income statement items Q1-Q3 2023 (RM B) Q1-Q3 2022 (RM B) Change (%) M ain reason for change
Operating profit 5,214,565,034.18 3,628,606,316.21 43.71% Increased sales revenue
Increased fines and compensation
Non-operating income 64,536,823.91 39,321,949.96 64.12%
income
Non-operating expense 25,617,256.03 10,747,776.47 138.35% Increased donation expenditures
Net profit 3,910,758,500.21 2,708,722,768.34 44.38% Increased sales revenue
Cash flow statement
Q1-Q3 2023 (RM B) Q1-Q3 2022 (RM B) Change (%) M ain reason for change
items
Tax and levy rebates 27,474,101.01 4,225,211.17 550.24% Increased tax and levy rebates
Proceeds from Decreased disinvestment in wealth
1,830,098,239.02 8,167,512,732.49 -77.59%
disinvestment management products upon maturity
Increased borrowings of Yellow Crane
Borrowings received 149,200,000.00 60,000,000.00 148.67%
Tower
Interest and dividends
1,594,882,967.48 1,167,345,271.14 36.62% Increased dividend payout
paid
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 25,795 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
51.13% 270,259,022 In pledge 30,000,000
COM PANY person
LIM ITED
BANK OF
CHINA-CHINA
M ERCHANTS
Other 1.95% 10,296,679
CHINA
SECURITIES
LIQUOR INDEX
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Third Quarterly Report 2023
CLASSIFICATI
ON
SECURITIES
INVESTM ENT
FUND
INDUSTRIAL
AND
COMM ERCIAL
BANK OF
CHINA
LIM ITED-
INVESCO
Other 1.89% 9,999,951
GREAT WALL
EM ERGING
GROWTH
HYBRID
SECURITIES
INVESTM ENT
FUND
AGRICULTURA
L BANK OF
CHINA － E
FUND
CONSUM PTION
Other 1.60% 8,476,808
SECTOR
STOCK
SECURITIES
INVESTM ENT
FUND
CHINA
INTERNATION
AL CAPITAL
Foreign legal
CORPORATION 1.60% 8,468,764
person
HONG KONG
SECURITIES
LTD
UBS (LUX)
EQUITY FUND -
Foreign legal
CHINA 1.30% 6,896,661
person
OPPORUNITY
(USD)
HONG KONG Foreign legal
1.29% 6,840,456
SECURITIES person
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Third Quarterly Report 2023
CLEARING
COM PANY LTD.
GAOLING Foreign legal
1.23% 6,523,428
FUND,L.P. person
GREENWOODS
Foreign legal
CHINA ALPHA 1.14% 6,049,760
person
M ASTER FUND
BANK OF
CHINA-
INVESCO
GREAT WALL
DINGYI Other 0.95% 5,017,603
HYBRID
SECURITIES
INVESTM ENT
FUND (LOF)
Top 10 unrestricted shareholders
Shares by class
Name of shareholder Unrestricted ordinary shares held
Class Shares
ANHUI GUJING GROUP RM B-denominate
270,259,022 270,259,022
COM PANY LIM ITED d ordinary share
BANK OF CHINA-CHINA
M ERCHANTS CHINA
RM B-denominate
SECURITIES LIQUOR INDEX 10,296,679 10,296,679
d ordinary share
CLASSIFICATION SECURITIES
INVESTM ENT FUND
INDUSTRIAL AND
COMM ERCIAL BANK OF CHINA
LIM ITED- INVESCO GREAT RM B-denominate
9,999,951 9,999,951
WALL EM ERGING GROWTH d ordinary share
HYBRID SECURITIES
INVESTM ENT FUND
AGRICULTURAL BANK OF
CHINA － E FUND
RM B-denominate
CONSUM PTION SECTOR STOCK 8,476,808 8,476,808
d ordinary share
SECURITIES INVESTM ENT
FUND
CHINA INTERNATIONAL Domestically
CAPITAL CORPORATION HONG 8,468,764 listed foreign 8,468,764
KONG SECURITIES LTD share
UBS (LUX) EQUITY FUND - 6,896,661 Domestically 6,896,661
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Third Quarterly Report 2023
CHINA OPPORUNITY (USD) listed foreign
share
HONG KONG SECURITIES RM B-denominate
6,840,456 6,840,456
CLEARING COM PANY LTD. d ordinary share
Domestically
GAOLING FUND,L.P. 6,523,428 listed foreign 6,523,428
share
Domestically
GREENWOODS CHINA ALPHA
6,049,760 listed foreign 6,049,760
M ASTER FUND
share
BANK OF CHINA- INVESCO
GREAT WALL DINGYI HYBRID RM B-denominate
5,017,603 5,017,603
SECURITIES INVESTM ENT d ordinary share
FUND (LOF)
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
acting in concert as defined in the Administrative M easures on Information Disclosure of
Related or acting-in-concert parties
Changes in Shareholding of Listed Companies. As for the other shareholders, the Company
among the shareholders above
does not know whether they are related parties or whether they belong to parties acting in
concert as defined in the Administrative M easures 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 30 September 2023, 1,145,000
securities margin trading (if any)
lent 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
30 September 2023
Unit: RM B
Item 30 September 2023 1 January 2023
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Third Quarterly Report 2023
Current assets:
M onetary assets 16,674,461,050.61 13,772,561,141.30
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets 714,701,677.18 1,782,687,769.66
Derivative financial assets
Notes receivable
Accounts receivable 69,919,303.13 62,688,668.94
Receivables financing 1,641,927,221.94 217,419,441.32
Prepayments 182,970,049.15 233,995,661.69
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 161,544,175.02 73,337,415.74
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 6,443,609,531.05 6,058,106,090.88
Contract assets 546,215.81 1,855,188.15
Assets held for sale
Current portion of non-current assets
Other current assets 138,606,664.16 125,568,725.51
Total current assets 26,028,285,888.05 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 10,252,431.80 10,154,235.98
Investments in other equity
61,861,300.94 56,447,789.94
instruments
Other non-current financial assets
Investment property 47,541,712.04 13,396,881.96
Fixed assets 3,281,309,747.06 2,741,844,586.30
Construction in progress 3,232,341,722.77 2,454,703,251.44
Productive living assets
Oil and gas assets
Right-of-use assets 21,766,880.71 32,562,171.10
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Third Quarterly Report 2023
Intangible assets 1,121,288,641.64 1,108,125,157.05
Development costs
Goodwill 561,364,385.01 561,364,385.01
Long-term prepaid expense 43,927,982.54 51,012,977.31
Deferred income tax assets 549,867,392.28 425,120,227.37
Other non-current assets 5,834,000.00 6,870,532.00
Total non-current assets 8,937,356,196.79 7,461,602,195.46
Total assets 34,965,642,084.84 29,789,822,298.65
Current liabilities:
Short-term borrowings 0.00 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 651,730,000.00 695,740,000.00
Accounts payable 1,990,227,349.54 2,054,063,559.15
Advances from customers
Contract liabilities 3,315,119,200.42 826,636,478.35
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 803,208,846.38 795,138,305.63
Taxes and levies payable 1,209,240,467.45 1,205,028,130.02
Other payables 3,030,133,666.08 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
29,209,387.52 42,237,345.11
liabilities
Other current liabilities 1,778,095,703.03 1,044,664,441.58
Total current liabilities 12,806,964,620.42 10,008,504,274.95
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 174,253,006.94 44,944,737.91
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Third Quarterly Report 2023
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 11,061,561.34 18,631,395.93
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income 101,044,927.56 103,714,978.95
Deferred income tax liabilities 282,776,407.66 281,173,154.70
Other non-current liabilities
Total non-current liabilities 569,135,903.50 448,464,267.49
Total liabilities 13,376,100,523.92 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
Less: Treasury stock
Other comprehensive income -7,321,160.25 408,739.61
Specific reserve
Surplus reserves 269,402,260.27 269,402,260.27
General reserve
Retained earnings 13,724,434,180.53 11,497,599,306.54
Total equity attributable to owners of the
20,739,862,947.65 18,520,757,973.52
Company as the parent
Non-controlling interests 849,678,613.27 812,095,782.69
Total owners’ equity 21,589,541,560.92 19,332,853,756.21
Total liabilities and owners’ equity 34,965,642,084.84 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 for Q1~Q3
Unit: RM B
Item Q1~Q3 2023 Q1~Q3 2022
1. Revenues 15,952,670,483.87 12,764,649,465.86
Including: Operating revenue 15,952,670,483.87 12,764,649,465.86
Interest income
Insurance premium income
Fee and commission
income
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Third Quarterly Report 2023
2. Costs and expenses 10,754,223,608.52 9,154,472,902.48
Including: Cost of sales 3,343,855,826.63 3,011,925,609.00
Interest expense
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 2,293,099,280.99 1,960,651,152.86
Selling expense 4,363,197,563.47 3,623,969,601.99
Administrative expense 872,449,543.70 734,363,784.44
Development costs 45,407,554.86 41,679,560.88
Finance costs -163,786,161.13 -218,116,806.69
Including: Interest
1,727,067.52 4,155,901.18
expense
Interest
167,923,759.11 221,611,375.12
income
Add: Other income 35,670,066.51 39,335,812.58
Return on investment (“-” for loss) -32,592,873.01 -21,522,470.03
Including: Share of profit or loss
98,195.82 146,546.88
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 (“-”
30,454,851.54 -3,361,722.75
for loss)
Credit impairment loss (“-” for
89,755.67 -1,073,688.58
loss)
Asset impairment loss (“-” for
-17,812,316.77 4,343,131.74
loss)
Asset disposal income (“-” for
308,674.89 708,689.87
loss)
3. Operating profit (“-” for loss) 5,214,565,034.18 3,628,606,316.21
Add: Non-operating income 64,536,823.91 39,321,949.96
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Third Quarterly Report 2023
Less: Non-operating expense 25,617,256.03 10,747,776.47
4. Gross profit (“-” for loss) 5,253,484,602.06 3,657,180,489.70
Less: Income tax expense 1,342,726,101.85 948,457,721.36
5. Net profit (“-” for net loss) 3,910,758,500.21 2,708,722,768.34
5.1 By operating continuity
5.1.1 Net profit from continuing
3,910,758,500.21 2,708,722,768.34
operations (“-” for net loss)
5.1.2 Net profit from discontinued
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
shareholders of the Company as the 3,812,634,873.99 2,622,689,684.69
parent (“-” for net loss)
5.2.2 Net profit attributable to
98,123,626.22 86,033,083.65
non-controlling interests (“-” for net loss)
6. Other comprehensive income, net of
-6,160,008.30 -143,129.94
tax
Attributable to owners of the
-7,729,899.86 -1,228,532.91
Company as the parent
6.1 Items that will not be
2,436,079.94 1,498,953.52
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
2,436,079.94 1,498,953.52
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
-10,165,979.80 -2,727,486.43
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 -10,165,979.80 -2,727,486.43
of financial assets
6.2.4 Credit impairment
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Third Quarterly Report 2023
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
1,569,891.56 1,085,402.97
interests
7. Total comprehensive income 3,904,598,491.91 2,708,579,638.40
7.1 Attributable to owners of the
3,804,904,974.13 2,621,461,151.78
Company as the parent
7.2 Attributable to non-controlling
99,693,517.78 87,118,486.62
interests
8. Earnings per share
8.1 Basic earnings per share 7.21 4.96
8.2 Diluted earnings per share 7.21 4.96
Legal representative: Liang Jinhui The Company’s chief accountant: Zhu Jiafeng
Head of the Company’s financial department: Zhu Jiafeng
3. Consolidated Cash Flow Statement for Q1~Q3
Unit: RM B
Item Q1~Q3 2023 Q1~Q3 2022
1. Cash flows from operating activities:
Proceeds from sale of commodities
17,349,755,297.26 13,992,713,794.24
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
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Third Quarterly Report 2023
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 27,474,101.01 4,225,211.17
Cash generated from other operating
1,219,982,214.13 735,658,255.69
activities
Subtotal of cash generated from
18,597,211,612.40 14,732,597,261.10
operating activities
Payments for commodities and
2,744,644,703.85 2,056,810,320.53
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
Net increase in loans to other banks
and financial institutions
Interest, fees and commissions paid
Policy dividends paid
Cash paid to and for employees 2,822,198,725.74 2,333,432,357.97
Taxes and levies paid 5,350,100,855.40 4,097,395,265.60
Cash used in other operating activities 1,960,641,541.23 1,182,225,879.28
Subtotal of cash used in operating
12,877,585,826.22 9,669,863,823.38
activities
Net cash generated from/used in
5,719,625,786.18 5,062,733,437.72
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 1,830,098,239.02 8,167,512,732.49
Return on investment 50,105,869.81 1,067,121.16
Net proceeds from the disposal of
fixed assets, intangible assets and other 1,375,735.00 1,486,883.80
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
1,881,579,843.83 8,170,066,737.45
investing activities
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Third Quarterly Report 2023
Payments for the acquisition of fixed
assets, intangible assets and other 1,693,381,360.26 1,234,207,242.10
long-lived assets
Payments for investments 765,000,000.00 2,514,575,094.67
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
2,471,820,622.31 3,748,782,336.77
activities
Net cash generated from/used in
-590,240,778.48 4,421,284,400.68
investing activities
3. Cash flows from financing activities:
Capital contributions received 4,000,000.00 6,000,000.00
Including: Capital contributions by
4,000,000.00 6,000,000.00
non-controlling interests to subsidiaries
Borrowings received 149,200,000.00 60,000,000.00
Cash generated from other financing
activities
Subtotal of cash generated from
153,200,000.00 66,000,000.00
financing activities
Repayment of borrowings 113,000,000.00 130,891,054.01
Interest and dividends paid 1,594,882,967.48 1,167,345,271.14
Including: Dividends paid by
5,304,511.69 0.00
subsidiaries to non-controlling interests
Cash used in other financing activities 21,678,419.83 12,248,812.01
Subtotal of cash used in financing
1,729,561,387.31 1,310,485,137.16
activities
Net cash generated from/used in
-1,576,361,387.31 -1,244,485,137.16
financing activities
4. Effect of foreign exchange rates
changes on cash and cash equivalents
5. Net increase in cash and cash
3,553,023,620.39 8,239,532,701.24
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
16,658,397,055.61 14,297,082,879.84
period
(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of
the New Accounting Standards Implemented since 2023
□ Applicable Not applicable
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Third Quarterly Report 2023
(III) Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes No
These financial statements have not been audited by such an auditor.
Anhui Gujing Distillery Company Limited
Board of Directors
28 October 2023
17
