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个股公告正文

古井贡B:2017年第一季度报告全文(英文版)

日期:2017-04-28附件下载

Anhui Gujing Distillery Company Limited

  The Report for the First Quarter of 2017




                April 2017
Gujing Distillery   Original Chinese Spirits               The Report for the First Quarter of 2017




                                 Section I Important Statements


The Board of Directors, the Supervisory Committee as well as all directors,

supervisors and senior management staff of Anhui Gujing Distillery Company

Limited (hereinafter referred to as “the Company”) warrant that this report is

factual, accurate and complete without any false record, misleading statement or

material omission. And they shall be jointly and severally liable for that.

All directors attended the board session for reviewing this report.

Liang Jinhui, company principal, Ye Changqing, chief of the accounting work,

and Zhu Jiafeng, chief of the accounting organ (chief of accounting), hereby

confirm that the financial statements enclosed in this report are factual, accurate

and complete.

This report is prepared in both Chinese and English. Should there be any

discrepancy between the two versions, the Chinese version shall prevail.




                                               2
Gujing Distillery      Original Chinese Spirits                                          The Report for the First Quarter of 2017




                                          Section II Company Profile

I Key financial results

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 2017           January-March 2016               +/-%

Operating revenues (RMB)                                 2,173,056,581.04            1,843,478,461.71                   17.88%

Net profit attributable to shareholders of
                                                           407,764,742.43              344,007,925.98                   18.53%
the Company (RMB)
Net profit attributable to shareholders of
the Company before exceptional profit and                  356,588,955.68              339,439,775.36                     5.05%
loss (RMB)
Net operating cash flow (RMB)                              648,773,393.57              475,909,121.05                   36.32%

Basic earnings per share (RMB/share)                                    0.81                        0.68                19.12%

Diluted earnings per share (RMB/share)                                  0.81                        0.68                19.12%

Weighted average return on equity                                   7.05%                       6.90%                     0.15%

                                                    March 31, 2017              December 31, 2016               +/-%

Total assets (RMB)                                      10,307,874,724.93            8,736,205,153.86                   17.99%

Net assets attributable to shareholders of
                                                         5,981,918,960.84            5,595,121,383.96                     6.91%
the Company (RMB)

Exceptional profit and loss
√ Applicable □ Not applicable
                                                                                                                       Unit: RMB

                                  Item                                     January-March 2017                  Note

Profit/loss on disposal of non-current assets (including offset
                                                                                       135,323.43
amount of asset impairment provisions)

Government grants charged to the profit/loss for the Reporting
Period (except for the government grants closely related to the
                                                                                    15,174,433.44
business of the Company and given at a fixed quota or amount in
accordance with the State’s uniform standards)

Gains and losses on change in fair value from tradable financial
assets and tradable financial liabilities, as well as investment
income from disposal of tradable financial assets and tradable
                                                                                    47,406,652.41
financial liabilities and financial assets available for sales except
for effective hedging related with normal businesses of the
Company

                                                                    3
Gujing Distillery       Original Chinese Spirits                                               The Report for the First Quarter of 2017


Non-operating income and expense other than the above                                    5,995,748.17

Less: Income tax effects                                                                17,161,857.06

       Minority shareholders equity effects (after tax)                                    374,513.64

Total                                                                                   51,175,786.75                    --

Explain the reasons if the Company classifies an item as exceptional profit/loss according to the definition in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Profit and Loss,
or classifies any exceptional profit/loss item mentioned in the said explanatory announcement as recurrent profit/loss
□ Applicable √ Not applicable
No such cases in the Reporting Period.


II Total number of shareholders at the period-end and shareholdings of top ten shareholders

1. Numbers of common shareholders and preference shareholders with resumed voting rights as well as
shareholdings of top ten shareholders

                                                                                                                                Unit: share

                                                                           Total number of preference
Total number of common shareholders                                        shareholders with resumed
                                                                  16,875                                                                 0
at the period-end                                                          voting rights at the period-end
                                                                           (if any)

                                                   Shareholdings of top ten shareholders

                                                                                      Number of              Pledged or frozen shares
        Name of            Nature of         Shareholding     Number of shares
                                                                                  restricted shares
    shareholder           shareholder         percentage            held                               Status of shares Number of shares
                                                                                        held

ANHUI        GUJING
GROUP                  State-owned
                                                     53.89%        271,404,022                        Pledged                 114,000,000
COMPANY                corporation
LIMITED

                       Foreign
NORGES BANK                                           2.92%         14,712,309
                       corporation

GAOLING                Foreign
                                                      2.47%         12,446,408
FUND,L.P.              corporation

UBS
                       Foreign
(LUXEMBOURG)                                          2.42%         12,163,899
                       corporation
S.A.

CENTRAL
HUIJIN ASSETS          State-owned
                                                      1.30%          6,543,600
MANAGEMENT             corporation
CO., LTD.

CHINA INT'L            Foreign                        1.09%          5,510,083

                                                                    4
Gujing Distillery    Original Chinese Spirits                                          The Report for the First Quarter of 2017

CAPITAL CORP        corporation
HONG KONG

GREENWOODS
                    Foreign
CHINA ALPHA                                       0.98%          4,939,963
                    corporation
MASTER FUND

MORGAN
STANLEY & CO. Foreign
                                                  0.81%          4,062,204
INTERNATIONAL corporation
PLC

CHINA
MERCHANTS
                    State-owned
SECURITIES                                        0.73%          3,675,708
                    corporation
(HK) CO.,
LIMITED

3W GREATER
                    Foreign
CHINA FOCUS                                       0.70%          3,529,479
                    corporation
FUND

                                      Shareholdings of top ten non-restricted shareholders

                                                                                                        Variety of shares
        Name of shareholder                     Number of non-restricted shares held
                                                                                                    Variety          Number

ANHUI GUJING GROUP                                                                             RMB common
                                                                                 271,404,022                          271,404,022
COMPANY LIMITED                                                                                shares

                                                                                               Domestically
NORGES BANK                                                                       14,712,309 listed foreign            14,712,309
                                                                                               shares

                                                                                               Domestically
GAOLING FUND,L.P.                                                                 12,446,408 listed foreign            12,446,408
                                                                                               shares

                                                                                               Domestically
UBS (LUXEMBOURG) S.A.                                                             12,163,899 listed foreign            12,163,899
                                                                                               shares

CENTRAL HUIJIN ASSETS                                                                          RMB common
                                                                                   6,543,600                                6,543,600
MANAGEMENT CO., LTD.                                                                           shares

                                                                                               Domestically
CHINA INT'L CAPITAL CORP
                                                                                   5,510,083 listed foreign                 5,510,083
HONG KONG
                                                                                               shares

                                                                                               Domestically
GREENWOODS CHINA ALPHA
                                                                                   4,939,963 listed foreign                 4,939,963
MASTER FUND
                                                                                               shares

MORGAN STANLEY & CO.                                                               4,062,204 Domestically                   4,062,204

                                                                5
Gujing Distillery       Original Chinese Spirits                                           The Report for the First Quarter of 2017

INTERNATIONAL PLC                                                                                 listed foreign
                                                                                                  shares

                                                                                                  Domestically
CHINA MERCHANTS SECURITIES
                                                                                        3,675,708 listed foreign             3,675,708
(HK) CO., LIMITED
                                                                                                  shares

                                                                                                  Domestically
3W GREATER CHINA FOCUS
                                                                                        3,529,479 listed foreign             3,529,479
FUND
                                                                                                  shares

                                           Among the shareholders above, no affiliated relationship exists between the Company’s
                                           controlling shareholder—Anhui Gujing Group Company Limited—and other shareholders,
Explanation on associated relationship nor they are parties acting in concert as defined in the Administrative Measures on
or persons acting in concert among the Information Disclosure of Changes in Shareholding of Listed Companies. As for other
above-mentioned shareholders:              shareholders, the Company does not know whether they are related parties or whether they
                                           belong to parties acting in concert as defined in the Administrative Measures on Information
                                           Disclosure of Changes in Shareholding of Listed Companies.

Top    ten     non-restricted     common
shareholders taking part in margin
                                           Not applicable
financing and securities lending (if
any)

Did any of the top ten common shareholders or the top ten non-restricted common shareholders of the Company conduct any
promissory repo during the Reporting Period?
□ Yea √ No
No such cases in the Reporting Period.


2. Total number of preference shareholders and shareholdings of the top ten of them

□ Applicable √ Not applicable




                                                                    6
 Gujing Distillery      Original Chinese Spirits                                The Report for the First Quarter of 2017



                                         Section III Significant Events

 I Changes in the key financial results of this Reporting Period, as well as the reasons for such
 changes

 √ Applicable □ Not applicable

                                   March 31, 2017      December 31,
   Balance sheet item                                                    +/-%                  Reason for change
                                      (RMB)             2016 (RMB)

                                                                                      Recovery of investment in wealth
Monetary funds                      1,031,030,043.93    532,909,026.07      93.47%
                                                                                      management products

                                                                                      A higher percentage of transactions
Notes receivable                    1,457,511,851.33    534,386,586.59     172.74%
                                                                                      settled by note

Accounts receivable                    17,169,637.46     12,287,262.88      39.74%    More consolidated entities

Interest receivable                     5,565,369.86      2,843,178.08      95.74%    More consolidated entities

Other accounts receivable              16,551,035.16     10,765,397.03      53.74%    More consolidated entities

                                                                                      More bank’s acceptance bills were
Notes payable                          34,221,783.00     11,298,583.00     202.89%
                                                                                      issued for settlement

                                                                                      The main reason is due to the increase
Other payables                        983,234,628.91    641,472,271.53      53.28%
                                                                                      in unsettled discounts and margin.

Accounts received in
                                    1,225,105,339.98    623,990,614.91      96.33%    Increased orders
advance

                                   January-March       January-March
 Income statement item                                                   +/-%                  Reason for change
                                    2017 (RMB)          2016 (RMB)

Selling expenses                      741,250,390.67    535,476,528.14      38.43%    Increased marketing expenses

                                                                                      Increased income from investment in
Investment income                      62,391,926.18     30,013,785.99     107.88%
                                                                                      wealth management products

                                                                                      Rebates of land use tax and property
Non-operating revenues                 22,014,262.64      4,123,910.97     433.82%
                                                                                      tax

  Cash flow statement              January-March       January-March
                                                                         +/-%                  Reason for change
           item                     2017 (RMB)          2016 (RMB)

                                                                                      Rebates of land use tax and property
Tax and fare rebates                   13,696,586.24              0.00     100.00%
                                                                                      tax

Net cash flows from
                                      648,773,393.57    475,909,121.05      36.32%    Increased operating revenues
operating activities

Cash received as
                                       64,034,803.17     30,013,785.99     113.35%    Increased investment income
investment income

Net cash flows from                  -145,592,375.71   -281,779,348.72      48.33%    Recovery of more investment in


                                                                 7
 Gujing Distillery           Original Chinese Spirits                                                       The Report for the First Quarter of 2017

investing activities                                                                                                  wealth management products


 II Progress of significant events and their influence and solutions

 □ Applicable √ Not applicable


 III Overdue commitments of the Company’s actual controller, shareholders, related parties
 and acquirer, as well as the Company and other commitment makers in this Reporting Period
 or ongoing at the period-end

 □ Applicable √ Not applicable
 No such cases in this Reporting Period.


 IV Operating result forecast for January-June 2017

 Warning of possible loss or considerable change of the accumulated net profit made during the period-beginning to the end of the
 next reporting period according to prediction, as well as explanations on the reasons:
 □Applicable √ Not applicable


 V Securities investments

 √ Applicable □ Not applicable

                                                                  Sharehold                Sharehold
                                                   Number                     Number                                   Gain/loss
 Variety Code          Name                                          ing                      ing
                                   Initial         of shares                  of shares                 Closing           for
    of       of         of                                        percentag                percentag                                    Accounting       Source
                                investment          held at                    held at                 book value      reporting
 securiti securiti securiti                                         e at                     e at                                           title       of stock
                                cost (RMB) period-be                          period-e                   (RMB)          period
    es       es         es                                        period-be                period-en
                                                     gin                         nd                                     (RMB)
                                                                     gin                      d

                                                                                                                                       Available-for-
                                41,019,990. 14,877,10                         13,721,1                 50,768,070. 1,515,784.                           Self-own
 Stock    601988 ZGYH                                                                                                                  sale financial
                                             36               0                       00                         00              77                     ed funds
                                                                                                                                       assets

                                                                                                                                       Available-for-
                                70,317,243.                                   8,040,88                 73,734,952.                                      Self-own
 Stock    000001 PAYH                              8,040,889                                                                    0.00 sale financial
                                             98                                       9                          13                                     ed funds
                                                                                                                                       assets

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                                7,070,000.0                                                            11,155,000. 43,338,631                           Self-own
 Stock    600373 ZWCM                              6,445,120                  500,000                                                  sale financial
                                              0                                                                  00              .81                    ed funds
                                                                                                                                       assets

                   GF                                                                                                                  Available-for-
                                150,000,000                                                            152,985,628                                      Self-own
                   Securiti                                                                                                     0.00 sale financial
                                             .00                                                               .74                                      ed funds
                   es Nast                                                                                                             assets

                   Zhongx 100,000,000                                                                  100,000,000                     Available-for- Self-own
                                                                                                                                0.00
                   in dapu                   .00                                                               .00                     sale financial ed funds

                                                                                  8
Gujing Distillery          Original Chinese Spirits                                                                  The Report for the First Quarter of 2017

                                                                                                                                                  assets

                                 368,407,234 29,363,10                            22,261,9                      388,643,650 44,854,416
Total                                                                   --                           --                                                     --              --
                                              .34              9                           89                               .87             .58

Disclosure date of the
board announcement on
approval         of        the
securities investment
Disclosure date of the
general                meeting
announcement               on
approval         of        the
securities investment (if
any)


VI Investments in derivative financial instruments

√ Applicable □ Not applicable
                                                                                                                                                            Unit: RMB’0,000

                                                                                                                                                            Proporti
                                                                                                                                                                 on of
                                                     Initial
Operator                                                                                                                                                    investme
                                      Type of       amount                                                Amoun                                                           Amoun
   of                                                                                      Amount                   Amoun Amount Amount nts at the
                                      investme         of                                                  t of                                                            t of
investme                  Affiliate                                                             of                   t of           of            of             end of
                                        nts in      investme                                              purchas                                                         actual
  nts in                       d                                                           investme                  sale         provisio investme               the
            Relations                 derivativ      nts in        Beginni Ending                           e                                                             gain/lo
derivativ                 transacti                                                        nts at the               during         n for    nts at the period to
                 hip                      e         derivativ ng date         date                        during                                                          ss for
    e                       on or                                                          beginnin                 Reporti impairm          end of          the net
                                      financial        e                                                  Reporti                                                         Reporti
financial                   not                                                            g of the                   ng          ent(If         the       assets at
                                      instrume financial                                                    ng                                                              ng
instrume                                                                                    period                  Period        any)      period          the end
                                         nts        instrume                                              Period                                                          Period
   nts                                                                                                                                                             of
                                                      nts
                                                                                                                                                            Reportin
                                                                                                                                                            g Period

Reverse                               Reverse
repurcha                              repurcha
                                                                   1/8/201 4/14/20                                  56,000.                 20,090.0
se of       No            No          se of                    0                                     0 76,090                                                     3.36%    92.09
                                                                   7         17                                            00                           0
national                              national
debt                                  debt

                                                                                                                    56,000.                 20,090.0
Total                                                          0       --         --                 0 76,090                                                     3.36%    92.09
                                                                                                                           00                           0

Source of investment funds                          Self-owned funds

Particulars about lawsuits involved in
                                                    N/A
(if applicable)

Disclosure date of announcement of                  8/30/2013

                                                                                       9
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the board of directors on the approval
of investments in derivative financial
instruments(if any)

Disclosure date of announcement of
shareholders’ general meeting on the
approval of investments in derivative
financial instruments(if any)

Risk analysis of taking a position and
explanations on control measures of
derivative financial instruments          Relevant risks are under the control of the Company in strict accordance with Investment
(including but not limited to            Management System on Derivative Financial Instruments.
marketing risk, liquidity risk, credit
risk, operating risk, law risk etc.)

Particulars about the fluctuation of
market price and fair value of invested
derivative financial instruments during
Reporting Period, the concrete
operating methods and setting of          No
related assumptions and parameters
should be disclosed in the analysis of
fair value of derivative financial
instruments

Explanations on whether there is any
 significant change of accounting
 policies and specific principles in
 accounting about derivative financial No
 instruments during Reporting Period
 compared with the last Reporting
 Period’s

                                            In view of the continuous development of the Company’s main business and sufficient
                                            free idle funds, the Company increases its earnings through investments in sound
                                            derivative financial instruments, which is beneficial to improve the utilization efficiency
                                            of the Company’s idle funds. The Company has built a set of supervision mechanism of
Special opinions of independent
                                            derivative financial instruments business, made rational accounting policies and principles
directors on particulars about
                                            in accounting so as to lower investment risks of derivative financial instruments. In
investments and risk control of
                                            addition, the business of investments in derivative financial instruments carried by the
derivative financial instruments
                                            Company, taking national debt as collateral, conforms to the Company’s risk management
                                            principle that is prudent and moderate as well as the shareholders’ interests. Therefore, the
                                            proposal related to business of investments in derivative financial instruments named
                                            reverse repurchase of national debt has been approved not exceeding RMB 300 million.




                                                                   10
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VII Visits paid to the Company in the Reporting Period for purposes of research,
communication, interview, etc.

□ Applicable √ Not applicable
No such cases in the Reporting Period.


VIII Illegal provision of guarantees for external parties

□ Applicable √ Not applicable
No such cases in the Reporting Period.


IX Occupation of the Company’s funds by the controlling shareholder or its related parties
for non-operating purposes

□ Applicable √ Not applicable
No such cases in the Reporting Period.




                                                  11
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                                      Section IV Financial Statements

I Financial statements

1. Consolidated balance sheet

Prepared by Anhui Gujing Distillery Company Limited.
                                                         March 31, 2017
                                                                                                                        Unit: RMB

                    Item                               Closing balance                              Opening balance

Current Assets:

  Monetary funds                                                    1,031,030,043.93                              532,909,026.07

  Settlement reserves

  Intra-group lendings

  Financial assets measured at fair
value of which changes are recorded in                                     363,586.08                                   429,190.68
current profits and losses

  Derivative financial assets

  Notes receivable                                                  1,457,511,851.33                              534,386,586.59

  Accounts receivable                                                    17,169,637.46                                12,287,262.88

  Accounts paid in advance                                               57,502,129.73                                74,784,221.59

  Premiums receivable

  Reinsurance premiums receivable

  Receivable      reinsurance     contract
reserves

  Interest receivable                                                     5,565,369.86                                 2,843,178.08

  Dividend receivable

  Other accounts receivable                                              16,551,035.16                                10,765,397.03

  Financial assets purchased under
agreements to resell

  Inventories                                                       1,823,765,299.87                             1,786,433,036.50

  Assets held for sale

  Non-current assets due within 1 year

  Other current assets                                              1,914,370,883.68                             1,750,278,829.24

Total current assets                                                6,323,829,837.10                             4,705,116,728.66

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Gujing Distillery         Original Chinese Spirits                            The Report for the First Quarter of 2017


Non-current assets:

  Loans by mandate and advances
granted

  Available-for-sale financial assets                       388,643,650.87                             404,029,552.27

  Held-to-maturity investments

  Long-term accounts receivable

  Long-term equity investment

  Investing real estate                                        8,267,899.17                               8,402,944.74

  Fixed assets                                             1,831,586,829.82                           1,865,691,585.06

  Construction in progress                                   68,347,736.96                               71,771,324.26

  Engineering materials

  Disposal of fixed assets

  Production biological assets

  Oil-gas assets

  Intangible assets                                         701,566,268.72                             700,684,529.08

  R&D expense

  Goodwill                                                  478,283,495.29                             478,283,495.29

  Long-term deferred expenses                                86,120,376.51                               93,588,397.35

  Deferred income tax assets                                120,768,630.49                             107,654,597.15

  Other non-current assets                                  300,460,000.00                             300,982,000.00

Total of non-current assets                                3,984,044,887.83                           4,031,088,425.20

Total assets                                              10,307,874,724.93                           8,736,205,153.86

Current liabilities:

  Short-term borrowings

  Borrowings from Central Bank

  Customer bank deposits and due to
banks and other financial institutions

  Intra-group borrowings

  Financial liabilities measured at fair
value of which changes are recorded in
current profits and losses

  Derivative financial liabilities

  Notes payable                                              34,221,783.00                               11,298,583.00

  Accounts payable                                          450,597,705.11                             340,972,366.21

  Accounts received in advance                             1,225,105,339.98                            623,990,614.91


                                                     13
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  Financial assets sold for repurchase

  Handling charges and commissions
payable

  Payroll payable                                          300,536,490.64                             288,027,136.09

  Tax payable                                              516,638,041.50                             486,959,651.85

  Interest payable

  Dividend payable

  Other accounts payable                                   983,234,628.91                             641,472,271.53

  Reinsurance premiums payable

  Insurance contract reserves

  Payables      for    acting   trading   of
securities

  Payables for acting underwriting of
securities

  Liabilities held for sale

  Non-current liabilities due within 1
year

  Other current liabilities                                306,972,345.26                             241,487,812.54

Total current liabilities                                 3,817,306,334.40                           2,634,208,436.13

Non-current liabilities:

  Long-term borrowings

  Bonds payable

       Of which: preferred shares

                    Perpetual bonds

  Long-term payables

  Long-term payroll payables

  Specific payables

  Estimated liabilities

  Deferred income                                           42,897,105.78                               43,978,795.45

  Deferred income tax liabilities                          108,991,996.70                              117,287,002.52

  Other non-current liabilities

Total non-current liabilities                              151,889,102.48                             161,265,797.97

Total liabilities                                         3,969,195,436.88                           2,795,474,234.10

Owners’ equity:

  Share capital                                            503,600,000.00                             503,600,000.00


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Gujing Distillery       Original Chinese Spirits                                     The Report for the First Quarter of 2017


  Other equity instruments

     Of which: preferred shares

                  Perpetual bonds

  Capital reserves                                               1,295,405,592.25                            1,295,405,592.25

  Less: Treasury stock

  Other comprehensive income                                         15,177,312.40                                36,144,477.95

  Specific reserves

  Surplus reserves                                                256,902,260.27                               256,902,260.27

  Provisions for general risks

  Retained profits                                               3,910,833,795.92                            3,503,069,053.49

Total equity attributable to owners of the
                                                                 5,981,918,960.84                            5,595,121,383.96
Company

  Minority interests                                              356,760,327.21                               345,609,535.80

Total owners’ equity                                            6,338,679,288.05                            5,940,730,919.76

Total liabilities and owners’ equity                           10,307,874,724.93                            8,736,205,153.86


Legal representative: Liang Jinhui                                      Person-in-charge of the accounting work: Ye Changqing


Chief of the accounting division: Zhu Jiafeng


2. Balance sheet of the Company

                                                                                                                    Unit: RMB

                    Item                           Closing balance                              Opening balance

Current Assets:

  Monetary funds                                                  906,995,282.40                               225,792,686.26

  Financial assets measured at fair
value of which changes are recorded in                                 363,586.08                                   429,190.68
current profits and losses

  Derivative financial assets

  Notes receivable                                               1,392,282,302.20                              449,016,169.03

  Accounts receivable                                                 5,351,214.56                                 6,377,346.00

  Accounts paid in advance                                           19,450,957.07                                11,815,064.19

  Interest receivable

  Dividend receivable

  Other accounts receivable                                       110,574,230.16                               105,514,906.34

  Inventories                                                    1,592,476,420.78                            1,549,397,565.11

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  Assets held for sale

  Non-current assets due within 1 year

  Other current assets                                    1,851,069,643.64                           1,750,000,000.00

Total current assets                                      5,878,563,636.89                           4,098,342,927.61

Non-current assets:

  Available-for-sale financial assets                      388,125,650.87                             403,547,952.27

  Held-to-maturity investments

  Long-term accounts receivable

  Long-term equity investment                             1,155,089,408.32                           1,155,089,408.32

  Investing real estate                                     30,374,013.58                               30,846,736.84

  Fixed assets                                            1,349,122,260.92                           1,375,089,823.91

  Construction in progress                                  62,167,771.38                               68,022,146.66

  Engineering materials

  Disposal of fixed assets

  Production biological assets

  Oil-gas assets

  Intangible assets                                        187,381,290.28                             186,370,081.28

  R&D expense

  Goodwill

  Long-term deferred expenses                               85,899,056.01                               92,695,064.02

  Deferred income tax assets                                36,366,330.90                               36,366,330.90

  Other non-current assets                                     460,000.00                                 982,000.00

Total of non-current assets                               3,294,985,782.26                           3,349,009,544.20

Total assets                                              9,173,549,419.15                           7,447,352,471.81

Current liabilities:

  Short-term borrowings

  Financial liabilities measured at fair
value of which changes are recorded in
current profits and losses

  Derivative financial liabilities

  Notes payable                                                 28,583.00                                   28,583.00

  Accounts payable                                         393,967,887.69                             307,649,868.02

  Accounts received in advance                            2,360,613,651.30                           1,003,521,896.65

  Payroll payable                                           70,870,495.88                               90,742,908.53

  Tax payable                                              366,491,660.71                             320,037,309.94

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  Interest payable

  Dividend payable

  Other accounts payable                                   283,896,584.74                             282,570,379.80

  Liabilities held for sale

  Non-current liabilities due within 1
year

  Other current liabilities                                 40,033,255.42                               37,589,367.67

Total current liabilities                                 3,515,902,118.74                           2,042,140,313.61

Non-current liabilities:

  Long-term borrowings

  Bonds payable

       Of which: preferred shares

                    Perpetual bonds

  Long-term payables

  Long-term payroll payables

  Specific payables

  Estimated liabilities

  Deferred income                                           41,610,469.47                               42,745,851.74

  Deferred income tax liabilities                            8,297,164.61                               15,385,289.84

  Other non-current liabilities

Total non-current liabilities                               49,907,634.08                               58,131,141.58

Total liabilities                                         3,565,809,752.82                           2,100,271,455.19

Owners’ equity:

  Share capital                                            503,600,000.00                             503,600,000.00

  Other equity instruments

       Of which: preferred shares

                    Perpetual bonds

  Capital reserves                                        1,247,162,107.35                           1,247,162,107.35

  Less: Treasury stock

  Other comprehensive income                                15,593,228.48                               37,315,555.64

  Specific reserves

  Surplus reserves                                         251,800,000.00                             251,800,000.00

  Retained profits                                        3,589,584,330.50                           3,307,203,353.63

Total owners’ equity                                     5,607,739,666.33                           5,347,081,016.62


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Total liabilities and owners’ equity                              9,173,549,419.15                           7,447,352,471.81


3. Consolidated income statement

                                                                                                                     Unit: RMB

                       Item                          January-March 2017                         January-March 2016

I. Total operating revenues                                        2,173,056,581.04                           1,843,478,461.71

Including: Sales income                                            2,173,056,581.04                           1,843,478,461.71

          Interest income

          Premium income

          Handling charge and commission
income

II. Total operating costs                                          1,698,418,322.96                           1,417,218,910.78

Including: Cost of sales                                             485,600,237.86                             472,705,071.05

          Interest expenses

          Handling charge and commission
expenses

          Surrenders

          Net claims paid

          Net amount withdrawn for the
insurance contract reserve

          Expenditure on policy dividends

          Reinsurance premium

          Taxes and associate charges                                361,822,180.65                             287,297,202.17

          Selling and distribution expenses                          741,250,390.67                             535,476,528.14

          Administrative expenses                                    120,878,754.27                             125,343,277.71

          Financial expenses                                         -11,133,240.49                              -3,603,168.29

          Asset impairment loss

Add: Gain/(loss) from change in fair value
                                                                          -3,866.40                                  -16,705.41
(“-” means loss)

        Gain/(loss) from investment (“-”
                                                                      62,391,926.18                              30,013,785.99
means loss)

        Including:   share     of   profits   in
associates and joint ventures

        Foreign exchange gains (“-” means
loss)



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III. Business profit (“-” means loss)                   537,026,317.86                             456,256,631.51

      Add: non-operating income                            22,014,262.64                               4,123,910.97

          Including: Gains on disposal of
                                                             156,537.36
non-current assets

      Less: non-operating expense                            708,757.60                                  112,845.81

          Including: Losses on disposal of
                                                               21,213.93                                  42,745.30
non-current assets

IV. Total profit (“-” means loss)                       558,331,822.90                             460,267,696.67

      Less: Income tax expense                            139,416,289.06                             116,259,770.69

V. Net profit (“-” means loss)                          418,915,533.84                             344,007,925.98

      Net profit attributable to owners of
                                                          407,764,742.43                             344,007,925.98
the Company

      Minority shareholders’ income                       11,150,791.41

VI.      After-tax net    amount      of other
                                                          -20,967,165.55                             -22,474,056.65
comprehensive incomes

      After-tax    net    amount      of    other
comprehensive incomes attributable to                     -20,967,165.55                             -22,474,056.65
owners of the Company

          (I) Other comprehensive incomes
that will not be reclassified into gains and
losses

            1. Changes in net liabilities or
assets with a defined benefit plan upon
re-measurement

            2. Enjoyable shares in other
comprehensive incomes in investees that
cannot be reclassified into gains and
losses under the equity method

          (II) Other comprehensive incomes
that will be reclassified into gains and                  -20,967,165.55                             -22,474,056.65
losses

            1. Enjoyable shares in other
comprehensive incomes in investees that
will be reclassified into gains and losses
under the equity method

            2. Gains and losses on fair value
changes of available-for-sale financial                   -20,967,165.55                             -22,474,056.65
assets

            3.    Gains    and     losses     on

                                                     19
Gujing Distillery            Original Chinese Spirits                                     The Report for the First Quarter of 2017

reclassifying held-to-maturity investments
into available-for-sale financial assets

           4. Effective hedging gains and
losses on cash flows

           5. Foreign-currency financial
statement translation difference

           6. Other

     After-tax    net        amount     of    other
comprehensive incomes attributable to
minority shareholders

VII. Total comprehensive incomes                                        397,948,368.29                              321,533,869.33

     Attributable       to     owners    of     the
                                                                        386,797,576.88                              321,533,869.33
Company

     Attributable to minority shareholders                               11,150,791.41

VIII. Earnings per share

     (I) Basic earnings per share                                                  0.81                                       0.68

     (II) Diluted earnings per share                                               0.81                                       0.68


Legal representative: Liang Jinhui                                           Person-in-charge of the accounting work: Ye Changqing


Chief of the accounting division: Zhu Jiafeng


4. Income statement of the Company

                                                                                                                         Unit: RMB

                    Item                                January-March 2017                          January-March 2016

I. Total sales                                                        1,225,485,876.84                            1,081,338,849.69

  Less: cost of sales                                                  441,659,248.56                               481,921,265.24

     Business taxes and surcharges                                     315,040,162.76                               273,467,194.86

     Distribution expenses                                              91,453,417.90                                27,090,283.32

     Administrative expenses                                            81,529,203.55                                89,357,297.04

     Financial costs                                                     -2,633,074.65                               -3,388,636.27

     Impairment loss

  Add: gain/(loss) from change in fair
                                                                              -3,866.40                                  -16,705.41
value (“-” means loss)

     Gain/(loss) from investment (“-”
                                                                        60,640,216.55                                30,013,785.99
means loss)

     Including: income from investment

                                                                 20
Gujing Distillery        Original Chinese Spirits                         The Report for the First Quarter of 2017

on associates and joint ventures

II. Business profit (“-” means loss)                   359,073,268.87                            242,888,526.08

  Add: non-operating income                               18,081,294.52                               4,785,164.01

     Including: Gains on disposal of
                                                              93,990.84
non-current assets

  Less: non-operating expense                               646,594.22                                   36,893.95

     Including: Losses on disposal of
                                                               1,094.55                                  36,893.95
non-current assets

III. Total profit (“-” means loss)                     376,507,969.17                            247,636,796.14

  Less: Income tax expense                                94,126,992.30                              61,909,199.04

IV. Net profit (“-” means loss)                        282,380,976.87                            185,727,597.10

V. After-tax net amount of other
                                                         -21,722,327.16                             -22,474,056.65
comprehensive incomes

  (I) Other comprehensive incomes that
will not be reclassified into gains and
losses

     1. Changes in net liabilities or
assets with a defined benefit plan upon
re-measurement

     2.   Enjoyable      shares     in    other
comprehensive incomes in investees that
cannot be reclassified into gains and
losses under the equity method

  (II) Other comprehensive incomes
that will be reclassified into gains and                 -21,722,327.16                             -22,474,056.65
losses

     1.   Enjoyable      shares     in    other
comprehensive incomes in investees that
will be reclassified into gains and losses
under the equity method

     2. Gains and losses on fair value
changes of available-for-sale financial                  -21,722,327.16                             -22,474,056.65
assets

     3. Gains and losses on reclassifying
held-to-maturity       investments          into
available-for-sale financial assets

     4. Effective hedging gains and
losses on cash flows

     5.     Foreign-currency           financial

                                                    21
Gujing Distillery            Original Chinese Spirits                                      The Report for the First Quarter of 2017

statement translation difference

       6. Other

VI. Total comprehensive incomes                                          260,658,649.71                             163,253,540.45

VII. Earnings per share

    (I) Basic earnings per share                                                    0.56                                       0.37

    (II) Diluted earnings per share                                                 0.56                                       0.37


5. Consolidated cash flow statement

                                                                                                                         Unit: RMB

                      Item                              January-March 2017                          January-March 2016

I. Cash flows from operating activities:

  Cash       received        from    sale     of
                                                                       2,217,759,396.02                            1,752,652,054.67
commodities and rendering of service

  Net      increase     of    deposits      from
customers and dues from banks

  Net increase of loans from the central
bank

  Net increase of funds borrowed from
other financial institutions

  Cash received from premium of
original insurance contracts

  Net cash received from reinsurance
business

  Net increase of deposits of policy
holders and investment fund

  Net increase of disposal of financial
assets measured at fair value of which
changes are recorded into current gains
and losses

  Cash received from interest, handling
charges and commissions

  Net        increase        of     intra-group
borrowings

  Net increase of funds in repurchase
business

  Tax refunds received                                                   13,696,586.24                                         0.00

  Other cash received relating to                                       106,104,856.09                               171,045,890.73

                                                                  22
Gujing Distillery         Original Chinese Spirits                           The Report for the First Quarter of 2017

operating activities

Subtotal of cash inflows from operating
                                                          2,337,560,838.35                           1,923,697,945.40
activities

  Cash paid for goods and services                         281,029,361.24                              303,598,158.66

  Net increase of customer lendings
and advances

  Net increase of funds deposited in the
central bank and amount due from
banks

  Cash for paying claims of the
original insurance contracts

  Cash for paying interest, handling
charges and commissions

  Cash for paying policy dividends

  Cash paid to and for employees                           321,777,759.08                              258,832,549.81

  Various taxes paid                                       873,979,926.33                              679,555,137.02

  Other cash payment relating to
                                                           212,000,398.13                              205,802,978.86
operating activities

Subtotal     of    cash    outflows       from
                                                          1,688,787,444.78                           1,447,788,824.35
operating activities

Net cash flows from operating activities                   648,773,393.57                              475,909,121.05

II. Cash flows from investing activities:

  Cash received from withdrawal of
                                                          1,359,977,129.63                           1,130,986,038.17
investments

  Cash       received     from   return    on
                                                            64,034,803.17                               30,013,785.99
investments

  Net cash received from disposal of
fixed assets, intangible assets and other                        6,500.00                                        0.00
long-term assets

  Net cash received from disposal of
subsidiaries or other business units

     Other cash received relating to
investing activities

Subtotal of cash inflows from investing
                                                          1,424,018,432.80                           1,160,999,824.16
activities

  Cash paid to acquire fixed assets,
intangible assets and other long-term                       32,203,466.65                               42,024,526.60
assets


                                                     23
Gujing Distillery             Original Chinese Spirits                           The Report for the First Quarter of 2017


   Cash paid for investment                                   1,537,407,341.86                           1,400,754,646.28

   Net increase of pledged loans

   Net cash paid to acquire subsidiaries
and other business units

   Other cash payments relating to
investing activities

Subtotal        of     cash    outflows    from
                                                              1,569,610,808.51                           1,442,779,172.88
investing activities

Net cash flows from investing activities                      -145,592,375.71                             -281,779,348.72

III.     Cash        Flows    from     Financing
Activities:

       Cash      received       from      capital
contributions

       Including:      Cash    received    from
minority shareholder investments by
subsidiaries

       Cash received from borrowings

       Cash received from issuance of
bonds

       Other cash received relating to
financing activities

Subtotal of cash inflows from financing
activities

       Repayment of borrowings

       Cash paid for interest expenses and
distribution of dividends or profit

        Including: dividends or profit paid
by subsidiaries to minority shareholders

        Other cash payments relating to
financing activities

Sub-total       of     cash    outflows    from
financing activities

Net cash flows from financing activities

IV. Effect of foreign exchange rate
changes on cash and cash equivalents

V. Net increase in cash and cash
                                                               503,181,017.86                              194,129,772.33
equivalents

        Add: Opening balance of cash and                       527,849,026.07                            1,040,373,733.07

                                                         24
Gujing Distillery          Original Chinese Spirits                                     The Report for the First Quarter of 2017

cash equivalents

VI. Closing balance of cash and cash
                                                                     1,031,030,043.93                           1,234,503,505.40
equivalents


6. Cash flow statement of the Company

                                                                                                                      Unit: RMB

                    Item                              January-March 2017                         January-March 2016

I. Cash flows from operating activities:

  Cash       received      from    sale      of
                                                                     1,719,269,247.73                             986,008,424.72
commodities and rendering of service

  Tax refunds received                                                 13,013,817.25

  Other cash received relating to
                                                                       29,416,467.68                               73,537,128.65
operating activities

Subtotal of cash inflows from operating
                                                                     1,761,699,532.66                           1,059,545,553.37
activities

  Cash paid for goods and services                                    258,976,795.82                              266,984,820.59

  Cash paid to and for employees                                      153,768,915.89                              149,400,378.51

  Various taxes paid                                                  545,332,001.77                              435,019,983.45

  Other cash payment relating to
                                                                       44,903,998.58                               48,791,402.78
operating activities

Subtotal     of    cash     outflows       from
                                                                     1,002,981,712.06                             900,196,585.33
operating activities

Net cash flows from operating activities                              758,717,820.60                              159,348,968.04

II. Cash flows from investing activities:

  Cash received from retraction of
                                                                     1,359,977,129.63                           1,130,986,038.17
investments

  Cash       received     from    return    on
                                                                       64,034,803.17                               30,013,785.99
investments

  Net cash received from disposal of
fixed assets, intangible assets and other
long-term assets

  Net cash received from disposal of
subsidiaries or other business units

  Other cash received relating to
investing activities

Subtotal of cash inflows from investing
                                                                     1,424,011,932.80                           1,160,999,824.16
activities

                                                                25
Gujing Distillery             Original Chinese Spirits                           The Report for the First Quarter of 2017


   Cash paid to acquire fixed assets,
intangible assets and other long-term                           27,119,815.40                               40,311,668.13
assets

   Cash paid for investment                                   1,474,407,341.86                           1,400,754,646.28

   Net cash paid to acquire subsidiaries
and other business units

   Other cash payments relating to
investing activities

Subtotal        of     cash    outflows    from
                                                              1,501,527,157.26                           1,441,066,314.41
investing activities

Net cash flows from investing activities                        -77,515,224.46                            -280,066,490.25

III.     Cash        Flows    from     Financing
Activities:

       Cash      received       from      capital
contributions

       Cash received from borrowings

       Cash received from issuance of
bonds

       Other cash received relating to
financing activities

Subtotal of cash inflows from financing
activities

       Repayment of borrowings

       Cash paid for interest expenses and
distribution of dividends or profit

        Other cash payments relating to
financing activities

Sub-total       of     cash    outflows    from
financing activities

Net cash flows from financing activities

IV. Effect of foreign exchange rate
changes on cash and cash equivalents

V. Net increase in cash and cash
                                                               681,202,596.14                             -120,717,522.21
equivalents

        Add: Opening balance of cash and
                                                               225,792,686.26                              548,650,832.84
cash equivalents

VI. Closing balance of cash and cash
                                                               906,995,282.40                              427,933,310.63
equivalents

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Gujing Distillery     Original Chinese Spirits        The Report for the First Quarter of 2017

II Auditor’s report

Is this Report audited?

□ Yes √ No

This Report is not audited.




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