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个股公告正文

古井贡B:2017年第三季度报告全文(英文版)

日期:2017-10-28附件下载

ANHUI GUJING DISTILLERY COMPANY LIMITED

        THIRD QUARTER REPORT 2017




                October 2017
Gujing Distillery   Aged Original Spirits                        Third Quarter Report 2017




                                  Part I Important Statements


The board of directors (the “Board”), the supervisory board (the “Supervisory

Board”) as well as the directors, supervisors and senior management of Anhui

Gujing Distillery Company Limited (the “Company”) hereby guarantee the

factuality, accuracy and completeness of the contents of this Report, and shall be

jointly and severally liable for any false representation, misleading statements or

material omissions in this Report.

All the directors of the Company attended the board meeting for the review of

this Report.

Liang Jinhui, head of the Company, Ye Changqing, accounting head for this

Report, and Zhu Jiafeng, head of the accounting department (head of

accounting) of the Company, hereby guarantee that the financial statements

carried in this Report are factual, accurate and complete.

This Report has been prepared in both Chinese and English. Should there be

any discrepancies or misunderstandings between the two versions, the Chinese

version shall prevail.




                                               1
Gujing Distillery            Aged Original Spirits                                                             Third Quarter Report 2017




                                            Part II Company Fundamentals

I Key Consolidated Operating Results

Indicate by tick mark whether the Company needs to retrospectively restate any of its accounting data.


□ Yes √ No

                                                September 30, 2017                 December 31, 2016                  Change

Total assets (RMB)                                        9,995,172,521.06               8,736,205,153.86                        14.41%

Equity attributable to owners of the
                                                          6,092,557,665.88               5,595,121,383.96                         8.89%
parent (RMB)

                                                                                             January-September
                                            July-September 2017         YoY change                                      YoY change
                                                                                                   2017

Net sales (RMB)                                 1,673,566,893.29                    14.59%      5,343,694,657.88                 18.60%

Net     margin        attributable     to
shareholders     of    the    Company             248,593,418.78                    64.21%        797,483,310.43                 36.92%
(RMB)

Net     margin        attributable     to
shareholders     of    the    Company
                                                  245,301,628.24                    91.21%        729,256,642.36                 32.23%
before exceptional gains and losses
(RMB)

Net cash flows from operating
                                                     --                       --                1,172,185,422.15                 -2.55%
activities (RMB)

Basic earnings per share
                                                              0.49                  63.33%                    1.58               36.21%
(RMB/share)

Diluted earnings per share
                                                              0.49                  63.33%                    1.58               36.21%
(RMB/share)

Weighted average return on equity
                                                            4.18%                    1.44%                  13.53%                2.32%
(%)

                                                                                                                               Unit: RMB

                                     Item                                    January-September 2017                   Note

Gains/Losses on disposal of non-current assets (inclusive of offset
                                                                                          -5,360,371.18
asset impairment provisions)

Government grants charged to the profit/loss for the Reporting
Period (except for the government grants closely related to the
                                                                                          26,666,268.85
business of the Company and given at a fixed quota or amount in
accordance with the State’s uniform standards)


                                                                        2
Gujing Distillery            Aged Original Spirits                                                                 Third Quarter Report 2017


Gains/Losses on fair value changes of trading financial assets and
liabilities & investment income from disposal of trading financial
assets and liabilities as well as financial assets available for sale                     52,325,837.54
(exclusive of effective hedges related to normal business
operations of the Company)

Non-operating income and expense other than above                                         19,564,939.14

Less: Income tax effects                                                                  23,017,502.12

        Minority interests effects (after tax)                                             1,952,504.16

Total                                                                                     68,226,668.07                     --

Explanation of why the Company classified an item as an exceptional gain/loss according to the definition in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gains and
Losses, or reclassified any exceptional gain/loss item given as an example in the said explanatory announcement as a recurrent
gain/loss:
□ Applicable √ Not applicable
No such cases in the Reporting Period.


II Total Number of Shareholders and Shareholdings of Top 10 Shareholders at Period-End

1. Numbers of Common Shareholders and Preference Shareholders with Resumed Voting Rights, and
Shareholdings of Top 10 Shareholders

                                                                                                                                   Unit: share

                                                                       Total number of preference
Total        number     of       common                                shareholders with resumed
                                                              19,228                                                                       0
shareholders at period-end                                             voting rights at period-end (if
                                                                       any)

                                                           Top 10 shareholders

     Name of              Nature of         Shareholding      Total shares held Restricted shares             Pledged or frozen shares

   shareholder           shareholder          percentage        at period-end      held at period-end         Status             Number

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 (LUX)
                      Foreign
EQUITY FUND -                                        1.41%             7,096,361
                      corporation
CHINA

                                                                        3
Gujing Distillery        Aged Original Spirits                                                              Third Quarter Report 2017

OPPORTUNITY
(USD)

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

CHINA
CONSTRUCTIO
N BANK
CORPORATION
-YINHUA
                    Other                           1.26%           6,324,381
RICH TOPIC
HYBRID
SECURITIES
INVESTMENT
FUNDS

CHINA INT'L
CAPITAL CORP
                    Foreign
HONG KONG                                           1.21%           6,072,690
                    corporation
SECURITIES
LTD

UBS (LUX)
EQUITY FUND - Foreign
                                                    0.98%           4,949,038
GREATER             corporation
CHINA (USD)

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

BANK OF
CHINA-HUAXI
A RETURN
                    Other                           0.72%           3,632,625
SECURITIES
INVESTMENT
FUND

                                                   Top 10 non-restricted shareholders

                                                                                                                 Type of stock
         Name of shareholder                     Non-restricted shares held at period-end
                                                                                                          Type              Number

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

                                                                                                  Domestically
NORGES BANK                                                                          14,712,309                                  14,712,309
                                                                                                  listed stock for

                                                                    4
Gujing Distillery       Aged Original Spirits                                                            Third Quarter Report 2017

                                                                                                foreign investors

                                                                                                Domestically
GAOLING FUND,L.P.                                                                 12,446,408 listed stock for           12,446,408
                                                                                                foreign investors

                                                                                                Domestically
UBS (LUX) EQUITY FUND -
                                                                                    7,096,361 listed stock for           7,096,361
CHINA OPPORTUNITY (USD)
                                                                                                foreign investors

CENTRAL HUIJIN INVESTMENT                                                                       RMB common
                                                                                    6,543,600                            6,543,600
CO., LTD.                                                                                       stock

CHINA CONSTRUCTION BANK
CORPORATION-YINHUA RICH                                                                        RMB common
                                                                                    6,324,381                            6,324,381
TOPIC HYBRID SECURITIES                                                                         stock
INVESTMENT FUNDS

                                                                                                Domestically
CHINA INT'L CAPITAL CORP
                                                                                    6,072,690 listed stock for           6,072,690
HONG KONG SECURITIES LTD
                                                                                                foreign investors

                                                                                                Domestically
UBS (LUX) EQUITY FUND -
                                                                                    4,949,038 listed stock for           4,949,038
GREATER CHINA (USD)
                                                                                                foreign investors

                                                                                                Domestically
GREENWOODS CHINA ALPHA
                                                                                    4,939,963 listed stock for           4,939,963
MASTER FUND
                                                                                                foreign investors

BANK OF CHINA-HUAXIA
                                                                                                RMB common
RETURN SECURITIES                                                                   3,632,625                            3,632,625
                                                                                                stock
INVESTMENT FUND

                                       Among the shareholders above, no affiliated relationship exists between the Company’s
                                       controlling shareholder—Anhui Gujing Group Company Limited—and other shareholders,
                                       nor they are parties acting in concert as defined in the Administrative Measures on
Related or acting-in-concert parties
                                       Information Disclosure of Changes in Shareholding of Listed Companies. As for other
among shareholders above
                                       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    10      common   shareholders
conducting securities margin trading N/A
(if any)

Indicate by tick mark whether any of the top 10 common shareholders or the top 10 non-restricted common shareholders of the
Company conducted any promissory repo during the Reporting Period.

□ Yea √ No

No such cases in the Reporting Period.



                                                                  5
Gujing Distillery        Aged Original Spirits                                 Third Quarter Report 2017

2. Total Number of Preference Shareholders and Shareholdings of Top 10 of Them at Period-End

□ Applicable √ Not applicable




                                                  6
Gujing Distillery           Aged Original Spirits                                              Third Quarter Report 2017



                                            Part III Significant Events

I Changes in Key Consolidated Financial Statement Items and Reasons for Such Changes

√ Applicable □ Not applicable
                                                                                                                 Unit: RMB

                                  September 30, 2017     December 31, 2016
    Balance sheet item                                                           Change          Main reason for change
                                        (RMB)                 (RMB)

                                                                                               The main reason is the
 Monetary funds                        715,513,494.38         532,909,026.07         34.27%    increase of sales back
                                                                                               money.

                                                                                               The main reason is the
 Financial assets at fair                                                                      decrease of the financial
                                            202,683.92              429,190.68       -52.78%
 value through profit/loss                                                                     assets held at the end of the
                                                                                               period.

                                                                                               The main reason is the
 Notes receivable                      858,807,197.36         534,386,586.59         60.71%
                                                                                               increase of sales revenue.

                                                                                               The main reason is the
 Accounts receivable                     20,524,908.75         12,287,262.88         67.04%
                                                                                               increase of sales revenue.

                                                                                               The main reason is the
 Interest receivable                     11,123,178.08          2,843,178.08        291.22%
                                                                                               increase of bank interest.

                                                                                               The main reason is to
 Notes payable                           55,340,583.00         11,298,583.00        389.80%    increase the proportion of
                                                                                               issuing bills settlement.

                                                                                               The main reason is the
 Accounts payable                      645,284,136.52         340,972,366.21         89.25%    increase in the amount of
                                                                                               unsettled material.

                                                                                               The main reason is the
 Other accounts payable               1,001,979,659.72        641,472,271.53         56.20%    increase of dealer's non
                                                                                               settlement discount.

                                  January-September      January-September
 Income statement item                                                           Change          Main reason for change
                                     2017 (RMB)            2016 (RMB)

                                                                                               The main reason is the
                                                                                               increase in the proceeds of
 Investment income                       97,799,330.67         69,221,696.66         41.28%
                                                                                               disposal of available for
                                                                                               sale financial assets.

                                                                                               The main reason is the
 Non-operating income                    47,769,894.93         33,553,013.41         42.37%    increase of government
                                                                                               subsidies.

                                                                7
Gujing Distillery        Aged Original Spirits                                              Third Quarter Report 2017


                                                                                            The main reason is the
 Gross margin                        1,111,204,185.96        794,540,267.34       39.85%    increase of operating
                                                                                            income.

   Cash flow statement            January-September     January-September
                                                                              Change          Main reason for change
              item                  2017 (RMB)            2016 (RMB)

                                                                                            The main reason is the
 Cash generated by other
                                       203,473,532.73        382,955,144.81       -46.87%   decrease of the deposit
 operating activities
                                                                                            receipt.

                                                                                            The main reason is the
 Cash received as
                                        93,509,806.38         68,398,591.73       36.71%    increase of investment
 investment income
                                                                                            income.

                                                                                            The main reason is the
 Cash paid for
                                     3,699,390,190.62      2,671,617,710.68       38.47%    increase in payment of
 investments
                                                                                            financial products.

                                                                                            The main reason is the
 Net cash from financing
                                      -302,160,000.00        -49,360,000.00      -512.16%   increase of payment of cash
 activities
                                                                                            dividends.


II Progress, Influence and Solutions Associated with Significant Events


□ Applicable √ Not applicable


III Commitments that the Company’s Actual Controller, Shareholders, Related Parties and
Acquirers, as well as the Company and Other Commitment Makers, Failed to Fulfill on Time
during Reporting Period


□ Applicable √ Not applicable

No such cases in the Reporting Period.




                                                               8
Gujing Distillery         Aged Original Spirits                                                          Third Quarter Report 2017
IV Forecast of 2017 Annual Operating Results


Warning of a possible loss on or a significant year-over-year change in accumulative net margin during the period the beginning of the current year through the end of the next reporting period,

as well as the reasons:

□ Applicable √ Not applicable


V Securities Investments

√ Applicable □ Not applicable
                                                                                                                                                                                         Unit: RMB
                                                                                 Gains/Los
                                                                                 ses on fair    Cumulative
                 Code of                    Initial                                                                                                                                  Source of
  Variety of                 Name of                     Accounting                value         fair value      Purchased in     Sold in        Gains/losses
                                                                    Opening book                                                                              Closing book Accountin
                securitie                 investment     measureme                changes         changes         Reporting      Reporting       in Reporting                        investmen
   securities               securities                                 value                                                                                     value       g title
                                                          nt model                   in         charged to          Period        Period            Period
                    s                        cost                                                                                                                                      t funds
                                                                                 Reporting         equity
                                                                                   Period
                                                                                                                                                                             Available- The
Domestic/over                                            Fair value                                                                                                          for-sale     Company
                000001 PAYH              70,317,243.98                73,172,089.90      0.00 16,162,186.89              0.00            0.00           0.00 89,334,276.79
seas stock                                               method                                                                                                              financial    ’s own
                                                                                                                                                                             asset        funds

                                                                                                                                                                             Available- The
Domestic/over                                            Fair value                                                                                                          for-sale     Company
                601988 ZGYH              57,171,459.09                51,177,224.00      0.00 12,715,500.15 14,996,716.49 4,881,468.64 1,515,784.77 74,007,972.00
seas stock                                               method                                                                                                              financial    ’s own
                                                                                                                                                                             asset        funds

                                                                                                                                                                             Available- The
Domestic/over                                            Fair value   130,191,424.0                                             130,191,424.0 47,739,094.0                   for-sale     Company
                600373 ZWCM              91,133,996.80                                   0.00             0.00           0.00                                         0.00
seas stock                                               method                  0                                                           0             7                 financial    ’s own
                                                                                                                                                                             asset        funds

                                                                                                9
Gujing Distillery           Aged Original Spirits                                                             Third Quarter Report 2017

                             Guangfa
                              Nest
                                                                                                                                                                                    Available- The
                              Yuerui No.
                                            150,000,000.0 Fair value      149,488,814.3                                                                             157,065,245.5 for-sale     Company
Fund                          1E                                                             0.00      7,576,431.14             0.00           0.00          0.00
                                                          0 method                   7                                                                                          1 financial    ’s own
                              Securities
                                                                                                                                                                                    asset      funds
                              Investment
                              Fund

                             CITIC
                                                                                                                                                                                    Available- The
                             Wings Dapu
                                            200,000,000.0 Fair value                                                  200,000,000.0                                 208,091,141.3 for-sale     Company
Fund                         No. 1 Asset                                           0.00      0.00      8,091,141.36                            0.00          0.00
                                                          0 method                                                                0                                             6 financial    ’s own
                             Managemen
                                                                                                                                                                                    asset      funds
                             t Plan

                                            568,622,699.8                 404,029,552.2                               214,996,716.4 135,072,892.6 49,254,878.8 528,498,635.6
Total                                                           --                           0.00 44,545,259.54                                                                         --           --
                                                          7                          7                                            9                4            4               6

Disclosure date of announcement
about Board’s consent for securities Naught
investment

Disclosure date of announcement
about shareholders’ meeting’s consent Naught
for securities investment (if any)


VI Investments in Derivative Financial Instruments

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

              Relationship        Related       Type of         Initial                                   Opening     Purchased in Sold in the     Impairment       Closing    Proportion       Actual
  Operator                                                                 Starting date Ending date
                 with the       transaction    derivative     investment                                 investment       the          Reporting   provision (if investment    of closing     gain/loss in

                                                                                                    10
Gujing Distillery          Aged Original Spirits                                                            Third Quarter Report 2017
                 Company                                        amount                                   amount      Reporting     Period        any)          amount     investment       the
                                                                                                                      Period                                              amount in     Reporting
                                                                                                                                                                             the         Period
                                                                                                                                                                          Company’s
                                                                                                                                                                          closing net
                                                                                                                                                                            assets

Reverse
                                              Reverse
repurchase
               Naught          No             repurchase of            0.00 01/18/2017 10/11/2017             0.00      152,220      138,220            0.00     14,000        2.30%        200.05
of national
                                              national debt
debt

Total                                                                  0.00     --           --               0.00      152,220      138,220            0.00     14,000        2.30%        200.05

Capital source for derivative investment                      The Company’s own funds

Lawsuits involved (if applicable)                             N/A

Disclosure date of board announcement approving
                                                              08/30/2013
derivative investment (if any)

Disclosure      date      of     shareholders’    meeting
announcement approving derivative investment (if
any)

Analysis of risks and control measures associated with
derivative investments held in the Reporting Period
                                                              The Company has strictly controlled related risks according to Derivative Investment Management System
(including but not limited to market risk, liquidity risk,
credit risk, operational risk, legal risk, etc.)

Changes in market prices or fair value of derivative
investments during the Reporting Period (fair value
                                                              Naught
analysis should include measurement method and
related assumptions and parameters)


                                                                                                    11
Gujing Distillery          Aged Original Spirits                                                            Third Quarter Report 2017

Significant changes in accounting policies and specific
accounting    principles      adopted    for   derivative
                                                            Naught
investments in the Reporting Period compared to
previous reporting period

                                                            Based on the sustainable development of the main business of the Company and abundant idle money, the Company increased incomes
                                                            by investing reasonable financial derivative instruments, which was beneficial to improve the utilization efficiency of the idle money of
                                                            the Company, and the Company has set up corresponding supervision mechanism for financial derivatives business and made reasonable
Opinion of independent directors on derivative
                                                            accounting policy and accounting principle to decrease the risks of derivative investments; in addition, the derivative investment
investments and risk control
                                                            business regarded the national debt as mortgage target, conforming to the prudent, steady risks management principle and the interests of
                                                            the shareholders of the Company. Therefore, agreed the Company to develop the derivative Investment business of reverse repurchase of
                                                            national debt not more than the limit of RMB0.3 billion.


VII Visits Paid to the Company for Purposes of Research, Communication, Interview, etc. during Reporting Period


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


VIII Irregularities Arising from Provision of Guarantees for Third Parties


□ Applicable √ Not applicable

No such cases in the Reporting Period.


IX Occupation of the Company’s Funds by Its Controlling Shareholder or Related Parties for Non-Operating Purposes


□ Applicable √ Not applicable

No such cases in the Reporting Period.

                                                                                                   12
Gujing Distillery        Aged Original Spirits                                                          Third Quarter Report 2017
X Targeted Measures Taken to Help People Lift Themselves out of Poverty

1. Outline of Targeted Measures in the Reporting Period

In accordance with the requirements of the State, Anhui Provincial Party Committee and Government, and Bozhou Municipal Party Committee and Government on precision poverty alleviation,
the Company has established targeted support towards 17 poor families in Bali village, Wuma town, Qiaocheng District, Bozhou. The Company has established a complete and formal long-term
mechanism for poverty alleviation targeted at those families. A supporting policy of one file for one family, one card for one family, and one policy for one family has been implemented based
on the principle of “organizations are responsible for villages and cadres are responsible for families”, and files have been created based on family members, major labor force, farmland and
income structure of poor families in each poor village. Since the work of implementing poverty alleviation, 11 poor households have been out of poverty with fixed income now.

2. Subsequent Targeted Measure Plans
First, the Company will continue to engage in poverty alleviation and strengthen its efforts in targeted support towards poor families; second, the Company will continue to implement the
supporting policy of the Provincial Party Committee and Government and the Municipal Party Committee and Government, soundly advancing the poverty alleviation work in line with the
requirements of relevant poor counties to carry out the social responsibility.




                                                                                               13
Gujing Distillery             Aged Original Spirits                                         Third Quarter Report 2017




                                            Part IV Financial Statements

I Financial Statements

1. Consolidated Balance Sheet

Prepared by Anhui Gujing Distillery Company Limited
                                                      September 30, 2017
                                                                                                            Unit: RMB

                       Item                            September 30, 2017                  December 31, 2016

Current assets:

  Monetary funds                                                       715,513,494.38                   532,909,026.07

  Settlement reserve

  Interbank lendings

  Financial assets at fair value through
                                                                             202,683.92                     429,190.68
profit/loss

  Derivative financial assets

  Notes receivable                                                     858,807,197.36                   534,386,586.59

  Accounts receivable                                                      20,524,908.75                 12,287,262.88

  Accounts paid in advance                                                 97,102,117.42                 74,784,221.59

  Premiums receivable

  Reinsurance premiums receivable

  Receivable reinsurance contract reserve

  Interest receivable                                                      11,123,178.08                  2,843,178.08

  Dividends receivable

  Other accounts receivable                                                 9,519,458.61                 10,765,397.03

  Financial       assets      purchased    under
agreements to resell

  Inventories                                                        1,810,936,606.32                 1,786,433,036.50

  Assets held for sale

  Non-current assets due within one year

  Other current assets                                               2,301,537,926.48                 1,750,278,829.24

Total current assets                                                 5,825,267,571.32                 4,705,116,728.66

Non-current assets:

  Loans and advances to customers

                                                             14
Gujing Distillery          Aged Original Spirits                           Third Quarter Report 2017


  Available-for-sale financial assets                    528,498,635.66                404,029,552.27

  Held-to-maturity investments

  Long-term accounts receivable

  Long-term equity investments

  Investment property                                      5,402,207.16                  8,402,944.74

  Fixed assets                                          1,794,083,695.11             1,865,691,585.06

  Construction in progress                                58,207,812.56                 71,771,324.26

  Engineering materials

  Disposal of fixed assets

  Productive living assets

  Oil-gas assets

  Intangible assets                                      692,438,826.77                700,684,529.08

  R&D expenses

  Goodwill                                               478,283,495.29                478,283,495.29

  Long-term deferred expense                              68,752,085.13                 93,588,397.35

  Deferred income tax assets                             231,383,554.29                107,654,597.15

  Other non-current assets                               312,854,637.77                300,982,000.00

Total non-current assets                                4,169,904,949.74             4,031,088,425.20

Total assets                                            9,995,172,521.06             8,736,205,153.86

Current liabilities:

  Short-term borrowings

  Borrowings from the Central Bank

  Money deposits accepted and inter-bank
deposits

  Interbank borrowings

  Financial liabilities at fair value through
profit/loss

  Derivative financial liabilities

  Notes payable                                           55,340,583.00                 11,298,583.00

  Accounts payable                                       645,284,136.52                340,972,366.21

  Accounts received in advance                           623,448,823.49                623,990,614.91

  Financial assets sold for repurchase

  Fees and commissions payable

  Payroll payable                                        197,784,546.15                288,027,136.09

  Taxes payable                                          412,246,400.86                486,959,651.85

                                                   15
Gujing Distillery           Aged Original Spirits                           Third Quarter Report 2017


  Interest payable

  Dividends payable

  Other accounts payable                                 1,001,979,659.72               641,472,271.53

  Reinsurance premiums payable

  Insurance contract reserve

  Payables for acting trading of securities

  Payables for acting underwriting of
securities

  Liabilities held for sale

  Non-current liabilities due within one
year

  Other current liabilities                               428,064,027.71                241,487,812.54

Total current liabilities                                3,364,148,177.45             2,634,208,436.13

Non-current liabilities:

  Long-term borrowings

  Bonds payable

       Of which: Preference shares

                    Perpetual bonds

  Long-term accounts payable

  Long-term payroll payable

  Special payables

  Provisions                                                1,120,755.50                          0.00

  Deferred income                                          45,031,765.70                 43,978,795.45

  Deferred income tax liabilities                         116,888,761.32                117,287,002.52

  Other non-current liabilities

Total non-current liabilities                             163,041,282.52                161,265,797.97

Total liabilities                                        3,527,189,459.97             2,795,474,234.10

Owners’ equity:

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

  Other equity instruments

       Of which: Preference shares

                    Perpetual bonds

  Capital reserve                                        1,295,405,592.25             1,295,405,592.25

  Less: Treasury shares

  Other comprehensive income                               38,257,449.44                 36,144,477.95

                                                    16
Gujing Distillery         Aged Original Spirits                                             Third Quarter Report 2017


  Special reserve

  Surplus reserve                                                256,902,260.27                          256,902,260.27

  Provisions for general risks

  Retained earnings                                             3,998,392,363.92                       3,503,069,053.49

Equity attributable to owners of the
                                                                6,092,557,665.88                       5,595,121,383.96
Company

  Minority interests                                             375,425,395.21                          345,609,535.80

Total owners’ equity                                           6,467,983,061.09                       5,940,730,919.76

Total liabilities and owners’ equity                           9,995,172,521.06                       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. Parent Company Balance Sheet

                                                                                                               Unit: RMB

                       Item                       September 30, 2017                       December 31, 2016

Current assets:

  Monetary funds                                                 513,868,135.00                          225,792,686.26

  Financial assets at fair value through
                                                                       202,683.92                              429,190.68
profit/loss

  Derivative financial assets

  Notes receivable                                               681,621,532.91                          449,016,169.03

  Accounts receivable                                               6,862,706.04                              6,377,346.00

  Accounts paid in advance                                        43,275,161.10                              11,815,064.19

  Interest receivable

  Dividends receivable

  Other accounts receivable                                       78,027,486.27                          105,514,906.34

  Inventories                                                   1,589,890,899.58                       1,549,397,565.11

  Assets held for sale

  Non-current assets due within one year

  Other current assets                                          2,210,565,718.56                       1,750,000,000.00

Total current assets                                            5,124,314,323.38                       4,098,342,927.61

Non-current assets:

  Available-for-sale financial assets                            527,921,835.66                          403,547,952.27

  Held-to-maturity investments

                                                       17
Gujing Distillery           Aged Original Spirits                           Third Quarter Report 2017


  Long-term accounts receivable

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

  Investment property                                      26,832,966.19                 30,846,736.84

  Fixed assets                                           1,323,218,118.71             1,375,089,823.91

  Construction in progress                                 39,378,695.59                 68,022,146.66

  Engineering materials

  Disposal of fixed assets

  Productive living assets

  Oil-gas assets

  Intangible assets                                       184,553,224.30                186,370,081.28

  R&D expenses

  Goodwill

  Long-term deferred expense                               66,011,973.28                 92,695,064.02

  Deferred income tax assets                               36,778,706.50                 36,366,330.90

  Other non-current assets                                 12,854,637.77                    982,000.00

Total non-current assets                                 3,372,639,566.32             3,349,009,544.20

Total assets                                             8,496,953,889.70             7,447,352,471.81

Current liabilities:

  Short-term borrowings

  Financial liabilities at fair value through
profit/loss

  Derivative financial liabilities

  Notes payable                                                28,583.00                     28,583.00

  Accounts payable                                        578,432,233.10                307,649,868.02

  Accounts received in advance                           1,681,733,667.38             1,003,521,896.65

  Payroll payable                                          65,902,495.91                 90,742,908.53

  Taxes payable                                           197,603,089.12                320,037,309.94

  Interest payable

  Dividends payable

  Other accounts payable                                  300,695,448.30                282,570,379.80

  Liabilities held for sale

  Non-current liabilities due within one year

  Other current liabilities                                46,985,970.69                 37,589,367.67

Total current liabilities                                2,871,381,487.50             2,042,140,313.61

Non-current liabilities:

                                                    18
Gujing Distillery           Aged Original Spirits                                              Third Quarter Report 2017


  Long-term borrowings

  Bonds payable

     Of which: Preference shares

                    Perpetual bonds

  Long-term payables

  Long-term payroll payable

  Special payables

  Provisions

  Deferred income                                                          40,977,788.28                    42,745,851.74

  Deferred income tax liabilities                                          15,977,984.99                    15,385,289.84

  Other non-current liabilities

Total non-current liabilities                                              56,955,773.27                    58,131,141.58

Total liabilities                                                      2,928,337,260.77                  2,100,271,455.19

Owners’ equity:

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

  Other equity instruments

     Of which: Preference shares

                    Perpetual bonds

  Capital reserve                                                      1,247,162,107.35                  1,247,162,107.35

  Less: Treasury shares

  Other comprehensive income                                               39,498,202.19                    37,315,555.64

  Special reserve

  Surplus reserve                                                         251,800,000.00                   251,800,000.00

  Retained earnings                                                    3,526,556,319.39                  3,307,203,353.63

Total owners’ equity                                                  5,568,616,628.93                  5,347,081,016.62

Total liabilities and owners’ equity                                  8,496,953,889.70                  7,447,352,471.81


3. Consolidated Income Statement for July-September

                                                                                                                 Unit: RMB

                     Item                           July-September 2017                    July-September 2016

1. Operating revenue                                               1,673,566,893.29                      1,460,526,002.88

Including: Net sales                                               1,673,566,893.29                      1,460,526,002.88

        Interest revenue

        Premium revenue

                                                              19
Gujing Distillery          Aged Original Spirits                           Third Quarter Report 2017


        Fee and commission revenue

2. Operating expenses                                   1,358,235,844.48             1,295,538,071.74

Including: Cost of sales                                 403,027,066.48                379,261,657.76

        Interest expense

        Fee and commission expense

        Surrenders

        Net claims paid

        Net     amount       provided      as
insurance contract reserve

        Expenditure on policy dividends

        Reinsurance premium expense

        Taxes and surtaxes                               270,572,799.66                227,083,386.54

        Selling expense                                  567,852,892.46                522,299,572.98

        Administrative expense                           121,465,727.34                168,327,112.65

        Finance costs                                      -4,682,311.30                -1,469,126.50

        Asset impairment losses                                 -330.16                     35,468.31

Add: Gains on fair value changes (“-”
                                                              66,574.90                 -2,064,863.14
for losses)

      Investment income (“-” for losses)                16,781,846.20                 24,896,841.30

      Including: Share of gains/losses of
associates and joint ventures

      Exchange gains (“-” for losses)

      Other income

3. Operating margin (“-” for losses)                   332,179,469.91                187,819,909.30

      Add: Non-operating income                            8,603,292.10                 25,413,316.24

        Including: Gains on disposal of
                                                                 783.47                    375,882.42
non-current assets

      Less: Non-operating expense                           4,710,036.11                   377,941.64

        Including: Losses on disposal of
                                                           4,655,940.34                     96,960.62
non-current assets

4. Gross margin (“-” for losses)                       336,072,725.90                212,855,283.90

      Less: Income tax expense                            80,888,483.00                 59,011,681.50

5. Net margin (“-” for losses)                         255,184,242.90                153,843,602.40

      Attributable to owners of the parent               248,593,418.78                151,384,181.93

      Attributable to minority interests                   6,590,824.12                  2,459,420.47

6. Other comprehensive income, net of
                                                          22,009,443.57                 14,565,128.27
tax

                                                   20
Gujing Distillery              Aged Original Spirits                                          Third Quarter Report 2017

       Other comprehensive income, net
of tax attributable to owners of the                            22,009,443.57                                  14,565,128.27
parent
          6.1 Other comprehensive income
that     will   not   be reclassified      into
gains/losses
            6.1.1 Changes in net liabilities
or assets with a defined benefit plan
upon re-measurement
            6.1.2      Share        of    other
comprehensive income of investees that
cannot be reclassified into gains/losses
under equity method
          6.2 Other comprehensive income
to be subsequently reclassified into                            22,009,443.57                                  14,565,128.27
gains/losses
            6.2.1      Share        of    other
comprehensive income of investees that
will be reclassified into gains/losses
under equity method
            6.2.2 Gains/Losses on fair
value     changes      of     available-for-sale                22,009,443.57                                  14,565,128.27
financial assets
            6.2.3          Gains/Losses      on
reclassifying                  held-to-maturity
investments         into      available-for-sale
financial assets
            6.2.4 Effective gains/losses on
cash flow hedges
            6.2.5     Currency       translation
differences

            6.2.6 Other

       Other comprehensive income, net
of tax attributable to minority interests

7. Total comprehensive income                                  277,193,686.47                              168,408,730.67

       Attributable to owners of the parent                    270,602,862.35                              165,949,310.20

       Attributable to minority interests                        6,590,824.12                                   2,459,420.47

8. Earnings per share

       8.1 Basic earnings per share                                      0.49                                           0.30

       8.2 Diluted earnings per share                                    0.49                                           0.30


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

                                                         21
Gujing Distillery           Aged Original Spirits                                         Third Quarter Report 2017

Chief of the accounting division: Zhu Jiafeng


4. Parent Company Income Statement for July-September

                                                                                                            Unit: RMB

                     Item                           July-September 2017               July-September 2016

1. Operating revenue                                               921,576,158.99                     804,435,303.66

  Less: Operating expenses                                         369,286,185.89                     350,189,125.02

      Taxes and surtaxes                                            239,185,115.80                    204,951,334.28

      Selling expense                                                49,208,966.68                     75,015,225.25

      Administrative expense                                         85,908,988.33                    120,782,364.91

      Finance costs                                                  -4,231,951.79                     -1,303,334.98

      Asset impairment losses                                                  0.00                         170,676.54

  Add: Gains on fair value changes (“-”
                                                                          66,574.90                    -2,097,346.45
for losses)

      Investment income (“-” for loss)                             13,166,277.13                     22,268,798.87

      Including: Share of gains/losses of
associates and joint ventures

      Other income

2. Operating margin (“-” for losses)                              195,451,706.11                     74,801,365.06

  Add: Non-operating income                                           5,491,370.44                     19,196,694.62

      Including: Gains on disposal of
non-current assets

  Less: Non-operating expense                                         4,415,042.93                           95,984.32

      Including: Losses on disposal of
                                                                      4,415,042.93                           95,984.32
non-current assets

3. Gross margin (“-” for losses)                                 196,528,033.62                      93,902,075.36

  Less: Income tax expense                                           48,553,805.46                     23,653,702.19

4. Net margin (“-” for losses)                                   147,974,228.16                      70,248,373.17

5. Other comprehensive income, net of
                                                                     22,106,418.63                     14,589,310.33
tax
  5.1 Other comprehensive income that
will not be reclassified into gains and
losses
      5.1.1 Changes in net liabilities or
assets with a defined benefit plan upon
re-measurement
      5.1.2 Share of other comprehensive
income of investees that cannot be

                                                              22
Gujing Distillery             Aged Original Spirits                                           Third Quarter Report 2017

reclassified    into     gains/losses    under
equity method
     5.2 Other comprehensive income to
be      subsequently      reclassified    into                          22,106,418.63                      14,589,310.33
gains/losses
       5.2.1 Share of other comprehensive
income of investees that             will be
reclassified    into     gains/losses    under
equity method
       5.2.2 Gains/Losses on fair value
changes of available-for-sale financial                                 22,106,418.63                      14,589,310.33
assets
       5.2.3 Gains/Losses on reclassifying
held-to-maturity         investments      into
available-for-sale financial assets
       5.2.4 Effective gains/losses on cash
flow hedges
       5.2.5     Currency          translation
differences

       5.2.6 Other

6. Total comprehensive income                                          170,080,646.79                      84,837,683.50

7. Earnings per share

      7.1 Basic earnings per share                                                0.30                              0.14

      7.2 Diluted earnings per share                                              0.30                              0.14


5. Consolidated Income Statement for January-September

                                                                                                              Unit: RMB

                       Item                           January-September 2017             January-September 2016

1. Operating revenue                                                  5,343,694,657.88                  4,505,560,709.61

Including: Net sales                                                  5,343,694,657.88                  4,505,560,709.61

         Interest revenue

         Premium revenue

         Fee and commission revenue

2. Operating expenses                                                 4,371,107,557.95                  3,808,343,755.26

Including: Cost of sales                                              1,316,206,265.39                  1,159,656,092.42

         Interest expense

         Fee and commission expense

         Surrenders

                                                                 23
Gujing Distillery           Aged Original Spirits                           Third Quarter Report 2017


          Net claims paid

          Net     amount     provided       as
insurance contract reserve

          Expenditure on policy dividends

          Reinsurance premium expense

          Taxes and surtaxes                              876,704,154.17                698,322,570.89

         Selling expense                                 1,817,541,653.59             1,536,222,706.22

         Administrative expense                           384,887,422.77                425,404,568.37

         Finance costs                                     -21,946,953.95               -11,233,287.64

         Asset impairment losses                            -2,284,984.02                   -28,895.00

Add: Gains on fair value changes (“-”
                                                               -53,081.45                    15,147.04
for losses)

       Investment income (“-” for losses)                97,799,330.67                 69,221,696.66

       Including: Share of gains/losses of
associates and joint ventures

       Exchange gains (“-” for losses)

       Other income

3. Operating margin (“-” for losses)                   1,070,333,349.15               766,453,798.05

       Add: Non-operating income                           47,769,894.93                 33,553,013.41

          Including: Gains on disposal of
                                                              488,670.14                    381,359.64
non-current assets

       Less: Non-operating expense                          6,899,058.12                  5,466,544.12

          Including: Losses on disposal of
                                                            5,849,041.32                  4,420,995.91
non-current assets

4. Gross margin (“-” for losses)                       1,111,204,185.96               794,540,267.34

       Less: Income tax expense                           283,905,016.12                203,993,450.18

5. Net margin (“-” for losses)                          827,299,169.84                590,546,817.16

       Attributable to owners of the parent               797,483,310.43                582,439,644.55

       Attributable to minority interests                  29,815,859.41                  8,107,172.61

6. Other comprehensive income, net of
                                                             2,112,971.49                -3,554,781.07
tax
       Other comprehensive income, net
of tax attributable to owners of the                         2,112,971.49                -3,554,781.07
parent
          6.1 Other comprehensive income
that     will   not   be reclassified      into
gains/losses

            6.1.1 Changes in net liabilities

                                                    24
Gujing Distillery             Aged Original Spirits                                           Third Quarter Report 2017

or assets with a defined benefit plan
upon re-measurement
          6.1.2       Share        of    other
comprehensive income of investees that
cannot be reclassified into gains/losses
under equity method
        6.2 Other comprehensive income
to be subsequently reclassified into                                      2,112,971.49                     -3,554,781.07
gains/losses
          6.2.1       Share        of    other
comprehensive income of investees that
will be reclassified into gains/losses
under equity method
          6.2.2 Gains/Losses on fair
value   changes       of     available-for-sale                           2,112,971.49                     -3,554,781.07
financial assets
          6.2.3           Gains/Losses      on
reclassifying                 held-to-maturity
investments        into      available-for-sale
financial assets
          6.2.4 Effective gains/losses on
cash flow hedges
          6.2.5      Currency       translation
differences

          6.2.6 Other

     Other comprehensive income, net
of tax attributable to minority interests

7. Total comprehensive income                                          829,412,141.33                     586,992,036.09

     Attributable to owners of the parent                              799,596,281.92                     578,884,863.48

     Attributable to minority interests                                 29,815,859.41                       8,107,172.61

8. Earnings per share

     8.1 Basic earnings per share                                                 1.58                             1.160

     8.2 Diluted earnings per share                                               1.58                             1.160


6. Parent Company Income Statement for January-September

                                                                                                              Unit: RMB

                     Item                             January-September 2017             January-September 2016

1. Operating revenue                                                  2,953,626,991.47                  2,543,139,218.98

  Less: Operating expenses                                            1,177,443,742.79                  1,116,821,291.46



                                                                 25
Gujing Distillery           Aged Original Spirits                         Third Quarter Report 2017


       Taxes and surtaxes                                760,338,385.91               643,663,363.49

       Selling expense                                   168,810,396.78               181,479,242.23

       Administrative expense                            266,013,406.12               305,915,030.32

       Finance costs                                     -12,590,308.28                -9,686,500.62

       Asset impairment losses                            -1,943,865.48                         0.00

     Add: Gains on fair value changes (“-”
                                                             -53,081.45                   -58,568.17
for losses)

       Investment income (“-” for loss)                 88,106,430.10                65,648,174.23

       Including: Share of gains/losses of
associates and joint ventures

       Other income

2. Operating margin (“-” for losses)                   683,608,582.28               370,536,398.16

     Add: Non-operating income                            28,606,971.71                27,932,610.15

       Including: Gains on disposal of
                                                             117,524.82                         0.00
non-current assets

     Less: Non-operating expense                           5,213,277.86                 4,414,060.57

       Including: Losses on disposal of
                                                           4,462,721.08                 4,414,060.57
non-current assets

3. Gross margin (“-” for losses)                       707,002,276.13               394,054,947.74

     Less: Income tax expense                            185,489,310.37                97,983,312.40

4. Net margin (“-” for losses)                         521,512,965.76               296,071,635.34

5. Other comprehensive income, net of
                                                           2,182,646.55                -3,129,579.67
tax
     5.1 Other comprehensive income that
will not be reclassified into gains and
losses
       5.1.1 Changes in net liabilities or
assets with a defined benefit plan upon
re-measurement
       5.1.2 Share of other comprehensive
income of investees that cannot be
reclassified    into   gains/losses     under
equity method
     5.2 Other comprehensive income to
be      subsequently     reclassified    into              2,182,646.55                -3,129,579.67
gains/losses
       5.2.1 Share of other comprehensive
income of investees that             will be
reclassified    into   gains/losses     under
equity method

                                                    26
Gujing Distillery              Aged Original Spirits                                           Third Quarter Report 2017

     5.2.2 Gains/Losses on fair value
changes of available-for-sale financial                                   2,182,646.55                      -3,129,579.67
assets
     5.2.3 Gains/Losses on reclassifying
held-to-maturity         investments          into
available-for-sale financial assets
     5.2.4 Effective gains/losses on cash
flow hedges
     5.2.5        Currency             translation
differences

     5.2.6 Other

6. Total comprehensive income                                           523,695,612.31                     292,942,055.67

7. Earnings per share

    7.1 Basic earnings per share                                                   1.04                             0.590

    7.2 Diluted earnings per share                                                 1.04                             0.590


7. Consolidated Cash Flow Statement for January-September

                                                                                                               Unit: RMB

                       Item                            January-September 2017             January-September 2016

1. Cash generated by or used in
operating activities:
  Cash        generated         by     sale    of
                                                                       5,433,189,005.14                  4,665,181,632.59
commodities and rendering of service
  Net increase in money deposits from
customers and interbank placements
  Net increase in loans from Central
Bank
  Net increase in funds borrowed from
other financial institutions
  Cash       received     as     premiums      of
original insurance contracts
  Net cash generated by reinsurance
business
  Net increase in deposits of policy
holders and investment fund
  Net increase in disposal of financial
assets at fair value through gains/losses
  Interest,     fees      and        commissions
received
  Net increase in interbank borrowings


                                                                  27
Gujing Distillery        Aged Original Spirits                           Third Quarter Report 2017

  Net increase in funds in repurchase
business

  Tax rebates received                                  14,260,319.10                 16,075,251.07

  Cash generated by other operating
                                                       203,473,532.73                382,955,144.81
activities
Subtotal of cash generated by operating
                                                      5,650,922,856.97             5,064,212,028.47
activities

  Cash paid for goods and services                     701,247,390.39                813,734,763.05

  Net increase in loans and advances to
customers
  Net increase in funds deposited in
Central Bank and interbank placements
  Cash paid for claims of original
insurance contracts

  Interest, fees and commissions paid

  Cash paid as policy dividends

  Cash paid to and for employees                       962,585,070.51                774,961,969.54

  Taxes paid                                          2,164,760,737.13             1,623,032,665.41

  Cash used in other operating activities              650,144,236.79                649,635,442.00

Subtotal of cash used in operating
                                                      4,478,737,434.82             3,861,364,840.00
activities

Net cash from operating activities                    1,172,185,422.15             1,202,847,188.47

2. Cash generated by or used in
investing activities:

  Cash generated by disinvestments                    3,027,776,929.29             2,687,852,537.76

  Cash received as investment income                    93,509,806.38                 68,398,591.73

  Net cash generated by disposal of
fixed assets, intangible assets and other                  413,563.04                    971,279.86
long-term assets
  Net cash generated by disposal of
subsidiaries or other business units
 Cash generated by other investing
                                                         1,646,000.00                    314,000.00
activities
Subtotal of cash generated by investing
                                                      3,123,346,298.71             2,757,536,409.35
activities
  Cash paid to acquire fixed assets,
intangible assets and other long-term                  111,377,061.93                116,075,478.32
assets

  Cash paid for investments                           3,699,390,190.62             2,671,617,710.68

  Net increase in pledged loans


                                                 28
Gujing Distillery           Aged Original Spirits                           Third Quarter Report 2017

  Net cash paid to acquire subsidiaries
                                                                     0.00               795,770,032.45
and other business units
     Cash      used    in   other   investing
activities
Subtotal of cash used in investing
                                                         3,810,767,252.55             3,583,463,221.45
activities

Net cash from investing activities                       -687,420,953.84               -825,926,812.10

3. Cash generated by or used in
financing activities:
    Cash        received       as       capital
contributions
    Including:       Cash    received    from
minority shareholder investments by
subsidiaries

    Cash received as borrowings                                      0.00                 1,000,000.00

    Cash generated by issuance of bonds

    Cash generated by other financing
activities
Subtotal of cash generated by financing
                                                                     0.00                 1,000,000.00
activities

    Repayment of borrowings

    Cash paid for interest expenses and
                                                          302,160,000.00                 50,360,000.00
distribution of dividends or profit
     Including: dividends or profit paid
by subsidiaries to minority interests
    Cash      used    in    other   financing
activities
Sub-total of cash used in financing
                                                          302,160,000.00                 50,360,000.00
activities

Net cash from financing activities                       -302,160,000.00                -49,360,000.00

4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
                                                          182,604,468.31                327,560,376.37
equivalents
     Add: Opening balance of cash and
                                                          527,849,026.07              1,040,373,733.07
cash equivalents
6. Closing balance of cash and cash
                                                          710,453,494.38              1,367,934,109.44
equivalents




                                                    29
Gujing Distillery          Aged Original Spirits                                           Third Quarter Report 2017

8. Parent Company Cash Flow Statement for January-September

                                                                                                           Unit: RMB

                    Item                           January-September 2017             January-September 2016

1. Cash generated by or used in
operating activities:
  Cash       generated     by    sale   of
                                                                   3,652,910,092.77                  2,585,404,219.49
commodities and rendering of service

  Tax rebates received                                               13,013,817.25                      15,009,167.60

  Cash generated by other operating
                                                                    191,916,993.96                     249,909,533.84
activities
Subtotal of cash generated by operating
                                                                   3,857,840,903.98                  2,850,322,920.93
activities

  Cash paid for goods and services                                  675,142,223.73                     588,723,963.61

  Cash paid to and for employees                                    376,675,264.85                     357,751,167.07

  Taxes paid                                                       1,463,992,035.18                  1,032,959,847.90

  Cash used in other operating activities                           174,480,145.44                     260,998,167.70

Subtotal of cash used in operating
                                                                   2,690,289,669.20                  2,240,433,146.28
activities

Net cash from operating activities                                 1,167,551,234.78                    609,889,774.65

2. Cash generated by or used in
investing activities:

  Cash generated by disinvestments                                 2,910,776,929.29                  2,685,870,391.93

  Cash received as investment income                                 92,096,692.18                      65,404,965.00

  Net cash generated by disposal of
fixed assets, intangible assets and other                                      0.00                        514,500.00
long-term assets
  Net cash generated by disposal of
subsidiaries or other business units
  Cash generated by other investing
                                                                      1,646,000.00                               0.00
activities
Subtotal of cash generated by investing
                                                                   3,004,519,621.47                  2,751,789,856.93
activities
  Cash paid to acquire fixed assets,
intangible assets and other long-term                                89,445,216.89                     104,776,556.58
assets

  Cash paid for investments                                        3,492,390,190.62                  3,463,441,781.52

  Net cash paid to acquire subsidiaries
and other business units

  Cash used in other investing activities


                                                              30
Gujing Distillery          Aged Original Spirits                           Third Quarter Report 2017

Subtotal of cash used in investing
                                                        3,581,835,407.51             3,568,218,338.10
activities

Net cash from investing activities                      -577,315,786.04               -816,428,481.17

3. Cash generated by or used in
financing activities:
    Cash        received      as      capital
contributions

    Cash received as borrowings

    Cash generated by issuance of bonds

    Cash generated by other financing
activities
Subtotal of cash generated by financing
activities

    Repayment of borrowings

    Cash paid for interest expenses and
                                                         302,160,000.00                 50,360,000.00
distribution of dividends or profit
    Cash      used   in    other   financing
activities
Sub-total of cash used in financing
                                                         302,160,000.00                 50,360,000.00
activities

Net cash from financing activities                      -302,160,000.00                -50,360,000.00

4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
                                                         288,075,448.74               -256,898,706.52
equivalents
     Add: Opening balance of cash and
                                                         225,792,686.26                548,650,832.84
cash equivalents
6. Closing balance of cash and cash
                                                         513,868,135.00                291,752,126.32
equivalents


II Auditor’s Report

Are the Q3 2017 financial statements audited?
□Yes √ No
These financial statements are unaudited.




                                                   31
Gujing Distillery   Aged Original Spirits                             Third Quarter Report 2017




                                                Board Chairman: Liang Jinhui



                                            Anhui Gujing Distillery Company Limited



                                                       October 27, 2017




                                               32

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