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个股公告正文

古井贡B:2018年第一季度报告全文(英文版)

日期:2018-04-28附件下载

ANHUI GUJING DISTILLERY COMPANY LIMITED

        FIRST QUARTER REPORT 2018




                April 2018
Gujing    Aged Original Spirits                                            First Quarter Report 2018




                                  Part I Important Notes

The Board of Directors (or the “Board”), the Supervisory Board as well as the Directors,
Supervisors and senior management of Anhui Gujing Distillery Company Limited (inclusive
of its consolidated subsidiaries, the “Company”; exclusive of its subsidiaries, the “Parent
Company”, except where the context otherwise requires) hereby guarantee the factuality,
accuracy and completeness of the contents of this Report, and shall be jointly and severally
liable for any misrepresentations, misleading statements or material omissions in this Report.
All the Company’s Directors have attended the Board meeting for the review of this Report.
Liang Jinhui, the Company’s legal representative, Ye Changqing, the Company’s Chief
Accountant, and Zhu Jiafeng, head of the Company’s financial department (equivalent to
financial manager) hereby guarantee that the Financial Statements carried in this Report are
factual, accurate and complete.
This Report has been prepared in both Chinese and English. Should there be any
discrepancies or misunderstandings between the two versions, the Chinese version shall
prevail.




                                              2
Gujing         Aged Original Spirits                                                                  First Quarter Report 2018




                                   Part II Key Corporate Information

I Key Financial Information

Whether the Company performed any retroactive adjustments to or restatement of its accounting data due to changes of accounting
policies or correction of accounting errors
□ Yes √ No

                                                January-March 2018           January-March 2017             Change

Sales revenue (RMB)                                    2,559,879,006.93            2,173,056,581.04                    17.80%

Net income attributable to shareholders of
                                                         581,079,212.12             407,764,742.43                     42.50%
the listed company (RMB)

Net income attributable to shareholders of
the listed company before nonrecurring                   568,229,870.99             356,588,955.68                     59.35%
gains and losses (RMB)

Net cash flows from operating activities
                                                         193,972,491.77             648,773,393.57                     -70.10%
(RMB)

Basic earnings per share (RMB/share)                                  1.15                     0.81                    41.98%

Diluted earnings per share (RMB/share)                                1.15                     0.81                    41.98%

Weighted average return on equity (%)                                8.61%                    7.05%                     1.56%

                                                   March 31, 2018            December 31, 2017              Change

Total assets (RMB)                                    11,503,386,290.94           10,152,862,119.05                    13.30%

Equity attributable to shareholders of the
                                                       7,022,524,849.23            6,459,078,378.38                     8.72%
listed company (RMB)

Nonrecurring gains and losses:
√ Applicable □ Not applicable
                                                                                                                     Unit: RMB

                                  Item                                   January-March 2018                 Note

Gains and losses on disposal of non-current assets (inclusive of
                                                                                    -893,789.30
offset allowance for asset impairments)

Government subsidies charged to current profit and loss (exclusive
of government subsidies given in the Company’s ordinary course
                                                                                   2,147,822.47
of business at fixed quotas or amounts as per government’s
uniform standards )

Gains and losses on changes in fair value of trading financial
assets and liabilities & investment income from disposal of trading
                                                                                   9,149,247.17
financial assets and liabilities and available-for-sale financial
assets (exclusive of effective portion of hedges that arise in the

                                                                  3
Gujing            Aged Original Spirits                                                                              First Quarter Report 2018

Company’s ordinary course of business)

Non-operating income and expense other than above                                         6,886,594.87

Less: Income tax effects                                                                  4,290,666.88

        Non-controlling interests effects (net of tax)                                      149,867.20

Total                                                                                    12,849,341.13                      --

Explanation of why the Company classifies an item as a nonrecurring gain/loss according to the definition in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Nonrecurring Gains and
Losses, or reclassifies any nonrecurring gain/loss item listed in the said explanatory announcement as a recurring gain/loss:
□ Applicable √ Not applicable
No such cases for the Reporting Period.


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

1. Numbers of Common Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders

                                                                                                                                   Unit: share

                                                                            Preferred shareholders with
Common shareholders at period-end                                  21,943 resumed      voting     rights   at                               0
                                                                            period-end (if any)

                                                             Top 10 shareholders

                                             Shareholding                                                       Pledged or frozen shares
        Name of            Nature of
                                             percentage at         Shares          Restricted shares
   shareholder            shareholder                                                                           Status            Shares
                                            period-end (%)

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

                      Foreign juridical
NORGES BANK                                              2.92%       14,712,309
                      person

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

AGRICULTURAL
BANK OF
CHINA-E
FUND
                      Other                              1.65%        8,307,868
COMSUMPTION
SECTOR STOCK
SECURITIES
INVESTMENT


                                                                     4
Gujing        Aged Original Spirits                                                                First Quarter Report 2018

FUND

UBS (LUX)
EQUITY FUND -
                   Foreign juridical
CHINA                                     1.41%           7,096,361
                   person
OPPORTUNITY
(USD)

CHINA
CONSTRUCTION
BANK-YINHUA
RICH THEME
                   Other                  1.38%           6,936,487
HYBRID
SECURITIES
INVESTMENT
FUND

CHINA INT'L
CAPITAL CORP
                   Foreign juridical
HONG KONG                                 1.34%           6,752,388
                   person
SECURITIES
LTD

CENTRAL
HUIJIN ASSET       State-owned
                                          1.30%           6,543,600
MANAGEMENT juridical person
CO., LTD.

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

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

                                         Top 10 non-restricted shareholders

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

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

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

                                                                                        Domestically
GAOLING FUND,L.P.                                                             12,446,408 listed stock for           12,446,408
                                                                                        foreign investors
                                                         5
Gujing         Aged Original Spirits                                                                       First Quarter Report 2018


AGRICULTURAL BANK OF
CHINA-E FUND COMSUMPTION                                                                       RMB      common
                                                                                    8,307,868                             8,307,868
SECTOR STOCK SECURITIES                                                                         stock
INVESTMENT FUND

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

CHINA CONSTRUCTION
BANK-YINHUA RICH THEME                                                                          RMB      common
                                                                                    6,936,487                             6,936,487
HYBRID SECURITIES                                                                               stock
INVESTMENT FUND

                                                                                                Domestically
CHINA INT'L CAPITAL CORP
                                                                                    6,752,388 listed stock for            6,752,388
HONG KONG SECURITIES LTD
                                                                                                foreign investors

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

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

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

                                         Among the above shareholders, the Company's controlling shareholder, Anhui Gujing Group
                                         Co., Ltd., has no relationship with other shareholders and does not belong to the
                                         acting-in-concert stipulated in the Administrative Measures on Information Disclosure of
Related or acting-in-concert parties
                                         Changes in Shareholding of Listed Companies. In addition, the relationship between other
among shareholders above
                                         shareholders is unknown, and it is unknown whether it belongs to the acting-in-concert
                                         stipulated in the Administrative Measures on Information Disclosure of Changes in
                                         Shareholding of Listed Companies.

Shareholders conducting securities
                                         N/A
margin trading (if any)

Indicate by tick mark whether any of the top 10 common shareholders or the top 10 non-restricted common shareholders of the
Company conducted any promissory repo during the Reporting Period.
□ Yea √ No
No such cases in the Reporting Period.


2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them

□ Applicable √ Not applicable




                                                                  6
Gujing          Aged Original Spirits                                                                First Quarter Report 2018




                                             Part III Significant Events

I Changes in Selected Financial Statement Items and Explanation of why

√ Applicable □ Not applicable

                                    March 31, 2018         December 31, 2017
      Balance sheet items                                                       Change (%)           Explanation of why
                                           (RMB)                (RMB)

Notes receivable                        1,813,496,352.34       720,611,126.78       151.66%   Increase in sales revenue

                                                                                              Increase in prepaid advertising
Prepayments                               76,361,753.26         41,729,637.34        82.99%
                                                                                              fees

Notes payable                             74,496,000.00        200,750,000.00       -62.89%   Settlement of due notes payable


Advances from customers                 1,285,771,695.15       503,083,108.13       155.58%   Increase in customer orders


                                                                                              Increase      in     unrecognized
Other current liabilities                482,610,008.01        182,846,942.10       163.94%   expenditures during peak season
                                                                                              of China’s Lunar New Year


                                   January-March            January-March
  Income statement items                                                        Change (%)           Explanation of why
                                        2018 (RMB)           2017 (RMB)
                                                                                              Decrease     in    income     from
Investment income                         27,448,214.89         62,391,926.18       -56.01%
                                                                                              financial assets
                                                                                              Increase in income from sale of
Asset disposal income                         81,303.79             40,571.66       100.40%
                                                                                              obsolete and old equipment

Other income                                2,147,822.47        14,343,227.97       -85.03%   Decrease in tax rebates


Net income                               581,079,212.12        407,764,742.43        42.50%   Increase in sales revenue

                                   January-March            January-March
Cash flows statement items                                                      Change (%)           Explanation of why
                                        2018 (RMB)           2017 (RMB)
                                                                                              Decrease in proceeds from sale
Net      cash    flows      from
                                         193,972,491.77        648,773,393.57       -70.10%   of commodities and increase in
operating activities
                                                                                              notes receivable
Subtotal of cash generated by                                                                 Decrease in disinvestments in
                                         476,038,045.85      1,424,018,432.80       -66.57%
investing activities                                                                          wealth management instruments
Net      cash    flows      from                                                              Decrease     in    payments    for
                                          74,965,977.62       -145,592,375.71       151.49%
investing activities                                                                          investment




                                                                   7
Gujing           Aged Original Spirits                                                                                 First Quarter Report 2018

II Progress, Influence and Solutions Associated with Significant Events

□ Applicable √ Not applicable


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

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


IV Operating Result Forecast for January-June 2018

Warning of a forecast loss on or a forecast significant year-over-year change in net income for January-June 2018, as well as
explanation of why:
□ Applicable √ Not applicable


V Securities Investments

√ Applicable □ Not applicable

Variet Symb                                                Opening               Closing                  Gain/loss
                                  Initial        Opening             Closing
 y of    ol of    Name of                                  holding         Closing
                                                                                 holding                     in          Accounting
                             investment holding          holding          book value                      Reporting                       Source
securit securit security                        percenta         percenta   (RMB)                          Period            title
                             cost (RMB) (share)          (share)
  y          y                                     ge               ge                                     (RMB)

                                                                                                                       Available-for-s
         60198               44,385,674.2 17,963,1                   17,963,1              70,594,983.0                                  Self-own
Stock            ZGYH                                                                                          0.00 ale financial
         8                                  0         00                    00                       0                                   ed funds
                                                                                                                       assets

                                                                                                                       Available-for-s
         00000               70,317,243.9 8,040,88                   8,040,88              87,645,690.1                                  Self-own
Stock            PAYH                                                                                          0.00 ale financial
         1                                  8          9                    9                        0                                   ed funds
                                                                                                                       assets

                 Guangfa
                  Nest Low
                  Risk No.                                                                                             Available-for-s
                             150,000,000.                                                                 8,841,868.                     Self-own
Funds             1E                                   0                    0                      0.00                ale financial
                                            00                                                                   22                      ed funds
                  Security                                                                                             assets
                  Investme
                  nt Funds

                 CITIC
                 Wings
                                                                                                                       Available-for-s
                 Dapu No. 200,000,000.                                                     215,335,353.                                  Self-own
Funds                                                  0                    0                                  0.00 ale financial
                 1 Asset                    00                                                      08                                   ed funds
                                                                                                                       assets
                 Manageme
                 nt Plan

                                                                        8
Gujing             Aged Original Spirits                                                                                                       First Quarter Report 2018


                                     464,702,918. 26,003,9                          26,003,9                  373,576,026. 8,841,868.
Total                                                                    --                         --                                                                  --
                                                 18           89                            89                            18              22

Disclosure          date        of
announcement on Board’s
consent      for     securities
investment

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


VI Investments in Derivative Financial Instruments

√ Applicable □ Not applicable
                                                                                                                  Unit: RMB’0,000 (in RMB ten thousand yuan)

                                                                                                                                                        Proportio
                                                                                                                                                           n of
                                                                                                                                                         closing      Actual
                                                                                                    Purchas Sold in
           Relations                                   Initial                          Opening                            Impairme Closing investme gain/los
                           Related Type of                                                          ed in the      the
             hip with                                 investme Startin Endin investme                                            nt       investme          nt        s in the
Operator                   transacti derivativ                                                      Reporti Reporti
                   the                                   nt        g date g date            nt                             provision            nt       amount Reporti
                                on           e                                                           ng        ng
           Company                                    amount                            amount                                 (if any)   amount          in the        ng
                                                                                                     Period      Period
                                                                                                                                                        Company Period
                                                                                                                                                        ’s closing
                                                                                                                                                        net assets

Reverse                                  Reverse
repurcha                                 repurcha                  March April
se of      Naught          No            se of                     29,        9,            5,000        9,000     5,000                        9,000      1.28%        10.01
national                                 national                  2018 2018
debt                                     debt

Total                                                                --            --       5,000        9,000     5,000                        9,000      1.28%        10.01

Source of money used for investment                   All from the Company’s own funds

Legal matters involved (if applicable)                N/A

Disclosure date of board announcement
                                                      August 30, 2013
approving derivative investment (if any)

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

Analysis of risks and control measures The Company had controlled the relevant risks strictly according to the Derivatives
associated with derivative investments Investment Management System.

                                                                                        9
Gujing          Aged Original Spirits                                                                              First Quarter Report 2018

held in Reporting Period (including but
not limited to market risk, liquidity risk,
credit risk, operational risk, legal risk,
etc.)

Changes in market prices or fair value
of derivative investments in Reporting
Period (fair value analysis should N/A
include      measurement            method   and
related assumptions and parameters)

Significant     changes        in     accounting
policies      and        specific     accounting
principles     adopted         for     derivative N/A
investments         in     Reporting      Period
compared to last reporting period

                                                   Based on the sustainable development of the main business and the sufficient free idle
                                                   money, the Company increased the profits through investing in the reasonable financial
                                                   derivative instruments, which was in favor of improving the service efficiency of the idle
                                                   funds. In order to reduce the investment risks of the financial derivative instruments, the
                                                   Company had set up corresponding supervision mechanism for the financial derivative
Opinion of independent directors on
                                                   instrument business and formulated reasonable accounting policy as well as specific
derivative investments and risk control
                                                   principles of financial accounting. The derivative Investment business developed separately
                                                   took national debts as mortgage object, which was met with the cautious and steady risks
                                                   management principle and the interest of the Company and shareholders. Therefore, agreed
                                                   the Company to develop the derivative Investment business of reverse repurchase of
                                                   national debt not more than the limit of RMB0.3 billion.


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

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


VIII Irregularities in Provision of Guarantees for External Parties

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


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

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



                                                                           10
Gujing           Aged Original Spirits                                                      First Quarter Report 2018




                                         Part IV Financial Statements

I Financial Statements

1. Consolidated Balance Sheet

Prepared by Anhui Gujing Distillery Company Limited
                                                        March 31, 2018
                                                                                                           Unit: RMB

                    Item                              March 31, 2018                   December 31, 2017

Current assets:

  Monetary assets                                                  1,753,027,095.79                 1,484,088,626.40

  Settlement reserve

  Interbank loans granted

  Financial assets at fair value through
                                                                          42,055.28                         99,800.76
profit or loss

  Derivative financial assets

  Notes receivable                                                 1,813,496,352.34                   720,611,126.78

  Accounts receivable                                                  25,975,449.39                   22,466,143.06

  Prepayments                                                          76,361,753.26                   41,729,637.34

  Premiums receivable

  Reinsurance receivables

  Receivable       reinsurance    contract
reserve

  Interest receivable                                                  16,643,178.08                   13,883,178.08

  Dividends receivable

  Other receivables                                                    18,677,957.65                   15,390,106.14

  Financial assets purchased under
resale agreements

  Inventories                                                      2,191,370,634.32                 2,064,130,297.51

  Assets classified as held for sale

  Current portion of non-current assets

  Other current assets                                             1,765,087,192.28                 1,772,310,946.58

Total current assets                                               7,660,681,668.39                 6,134,709,862.65

Non-current assets:


                                                              11
Gujing         Aged Original Spirits                                First Quarter Report 2018


  Loans and advances to customers

  Available-for-sale financial assets             373,576,026.18              517,086,347.91

  Held-to-maturity investments

  Long-term receivables

  Long-term equity investments

  Investment property                                4,464,170.83               5,343,777.33

  Property, plant and equipment                  1,762,399,335.64           1,792,254,178.56

  Construction in progress                         55,170,402.14               54,496,798.56

  Construction materials

  Proceeds from disposal of property,
plant and equipment

  Productive living assets

  Oil and gas assets

  Intangible assets                               687,728,842.34              691,381,442.67

  R&D expense

  Goodwill                                        478,283,495.29              478,283,495.29

  Long-term prepaid expense                        66,624,518.64               69,238,523.78

  Deferred income tax assets                       85,983,805.49               92,157,477.74

  Other non-current assets                        328,474,026.00              317,910,214.56

Total non-current assets                         3,842,704,622.55           4,018,152,256.40

Total assets                                    11,503,386,290.94          10,152,862,119.05

Current liabilities:

  Short-term borrowings

  Borrowings from central bank

  Customer deposits and deposits from
banks and other financial institutions

  Interbank loans obtained

  Financial liabilities at fair value
through profit or loss

  Derivative financial liabilities

  Notes payable                                    74,496,000.00              200,750,000.00

  Accounts payable                                280,829,231.41              435,615,039.83

  Advances from customers                        1,285,771,695.15             503,083,108.13

  Financial assets sold under repurchase
agreements

  Handling charges and commissions

                                           12
Gujing          Aged Original Spirits                                  First Quarter Report 2018

payable

  Payroll payable                                    324,781,563.98              372,374,014.37

  Taxes payable                                      426,980,884.31              420,984,845.45

  Interest payable

  Dividends payable

  Other payables                                    1,056,500,017.95           1,032,543,553.34

  Reinsurance payables

  Insurance contract reserve

  Payables for trading of securities

  Payables          for   underwriting    of
securities
  Liabilities directly associated with
assets classified as held for sale
  Current      portion      of   non-current
liabilities

  Other current liabilities                          482,610,008.01              182,846,942.10

Total current liabilities                           3,931,969,400.81           3,148,197,503.22

Non-current liabilities:

  Long-term borrowings

  Bonds payable

     Including: Preferred shares

         Perpetual bonds

  Long-term payables

  Long-term payroll payable

  Specific payables

  Provisions

  Deferred income                                     42,409,564.84               43,706,503.22

  Deferred income tax liabilities                    113,462,436.09              119,779,105.90

  Other non-current liabilities

Total non-current liabilities                        155,872,000.93              163,485,609.12

Total liabilities                                   4,087,841,401.74           3,311,683,112.34

Owners’ equity:

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

  Other equity instruments

     Including: Preferred shares

         Perpetual bonds

                                               13
Gujing           Aged Original Spirits                                                                First Quarter Report 2018


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

  Less: Treasury shares

  Other comprehensive income                                           35,888,086.17                             53,520,827.44

  Specific reserve

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

  General reserve

  Retained earnings                                                4,930,728,910.54                           4,349,649,698.42

Total equity attributable to owners of
                                                                   7,022,524,849.23                           6,459,078,378.38
Parent Company

Non-controlling interests                                           393,020,039.97                              382,100,628.33

Total owners’ equity                                              7,415,544,889.20                           6,841,179,006.71

Total liabilities and owners’ equity                             11,503,386,290.94                          10,152,862,119.05


Legal representative: Liang Jinhui                                               The Company’s chief accountant: Ye Changqing


Head of the Company’s financial department: Zhu Jiafeng


2. Parent Company Balance Sheet

                                                                                                                    Unit: RMB

                    Item                              March 31, 2018                            December 31, 2017

Current assets:

  Monetary assets                                                  1,560,630,499.05                           1,276,262,109.02

  Financial assets at fair value through
                                                                          42,055.28                                  99,800.76
profit or loss

  Derivative financial assets

  Notes receivable                                                 1,542,720,297.98                             674,521,654.40

  Accounts receivable                                                   8,647,569.44                              8,509,918.03

  Prepayments                                                          31,057,647.04                              8,534,600.82

  Interest receivable

  Dividends receivable

  Other receivables                                                 114,866,760.99                              130,357,778.75

  Inventories                                                      1,933,160,333.81                           1,818,358,884.18

  Assets classified as held for sale

  Current portion of non-current assets

  Other current assets                                             1,390,504,300.42                           1,554,870,774.98

Total current assets                                               6,581,629,464.01                           5,471,515,520.94

                                                             14
Gujing         Aged Original Spirits                             First Quarter Report 2018


Non-current assets:

  Available-for-sale financial assets          373,025,826.18              516,530,547.91

  Held-to-maturity investments

  Long-term receivables

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

  Investment property                           26,021,322.14               26,409,050.95

  Property, plant and equipment               1,282,527,806.15           1,303,119,011.66

  Construction in progress                      43,080,233.75               44,673,219.38

  Construction materials

  Proceeds from disposal of property,
plant and equipment

  Productive living assets

  Oil and gas assets

  Intangible assets                            184,598,301.43              185,868,178.71

  R&D expense

  Goodwill

  Long-term prepaid expense                     54,275,744.76               58,563,409.89

  Deferred income tax assets                    37,996,747.93               37,996,747.93

  Other non-current assets                      12,474,026.00               12,474,026.00

Total non-current assets                      3,169,089,416.66           3,340,723,600.75

Total assets                                  9,750,718,880.67           8,812,239,121.69

Current liabilities:

  Short-term borrowings

  Financial liabilities at fair value
through profit or loss

  Derivative financial liabilities

  Notes payable                                 44,196,370.00                         0.00

  Accounts payable                             214,579,037.90              347,757,180.53

  Advances from customers                     2,473,783,059.78           1,680,678,175.37

  Payroll payable                               82,345,180.87              110,435,403.45

  Taxes payable                                236,736,315.53              262,884,211.13

  Interest payable

  Dividends payable

  Other payables                               187,528,501.04              173,250,790.29

  Liabilities directly associated with


                                         15
Gujing          Aged Original Spirits                                  First Quarter Report 2018

assets classified as held for sale
  Current      portion      of   non-current
liabilities

  Other current liabilities                           16,824,113.21               18,296,415.85

Total current liabilities                           3,255,992,578.33           2,593,302,176.62

Non-current liabilities:

  Long-term borrowings

  Bonds payable

     Including: Preferred shares

         Perpetual bonds

  Long-term payables

  Long-term payroll payable

  Specific payables

  Provisions

  Deferred income                                     38,794,308.28               39,976,048.28

  Deferred income tax liabilities                     13,993,396.36               19,792,209.68

  Other non-current liabilities

Total non-current liabilities                         52,787,704.64               59,768,257.96

Total liabilities                                   3,308,780,282.97           2,653,070,434.58

Owners’ equity:

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

  Other equity instruments

     Including: Preferred shares

         Perpetual bonds

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

  Less: Treasury shares

  Other comprehensive income                          35,826,195.11               53,454,736.38

  Specific reserve

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

  Retained earnings                                 4,403,550,295.24           4,103,151,843.38

Total owners’ equity                               6,441,938,597.70           6,159,168,687.11

Total liabilities and owners’ equity               9,750,718,880.67           8,812,239,121.69


3. Consolidated Income Statement

                                                                                     Unit: RMB

                                               16
Gujing         Aged Original Spirits                                                  First Quarter Report 2018


                     Item                     January-March 2018                January-March 2017

1. Operating revenue                                        2,559,879,006.93                 2,173,056,581.04

  Including: Sales revenue                                  2,559,879,006.93                 2,173,056,581.04

     Interest revenue

     Premium revenue

     Handling charge and commission
revenue

2. Cost of operating revenue                                1,809,442,510.38                 1,698,418,322.96

  Including: Cost of sales                                   518,797,750.19                    485,600,237.86

     Interest expense

     Handling charge and commission
expense

     Surrenders

     Net claims paid

     Net amount provided as insurance
contract reserve

     Expenditure on policy dividends

     Reinsurance premium expense

     Taxes and surtaxes                                      375,443,186.81                    361,822,180.65

     Selling expense                                         793,946,063.51                    741,250,390.67

     Administrative expense                                  127,311,977.26                    120,878,754.27

     Finance costs                                             -6,056,467.40                   -11,133,240.49

     Asset impairment losses

Add: Gains on changes in fair value (“-”
                                                                   -27,498.41                         -3,866.40
for losses)

  Investment income (“-” for loss)                          27,448,214.89                     62,391,926.18

     Including: Share of profit or loss of
joint ventures and associates

  Foreign exchange gains (“-” for losses)

  Asset disposal income (“-” for loss)                            81,303.79                         40,571.66

  Other income                                                 2,147,822.47                     14,343,227.97

3. Operating income (“-” for loss)                         780,086,339.29                    551,410,117.49

  Add: Non-operating revenue                                   6,907,556.84                      7,630,463.01

  Less: Non-operating expense                                      996,055.06                        708,757.60

4. Pretax income (“-” for loss)                            785,997,841.07                    558,331,822.90

  Less: Income tax expense                                   193,999,217.31                    139,416,289.06


                                                       17
Gujing           Aged Original Spirits                                       First Quarter Report 2018


5. Net income (“-” for net loss)                          591,998,623.76            418,915,533.84

  5.1 Net income from continuing
                                                            591,998,623.76            418,915,533.84
operations (“-” for net loss)

  5.2 Net income from discontinued
operations (“-” for net loss)

  Attributable to owners of Parent
                                                            581,079,212.12            407,764,742.43
Company
  Attributable         to        non-controlling
                                                             10,919,411.64             11,150,791.41
interests
6. Other comprehensive income, net of
                                                            -17,632,741.27            -20,967,165.55
tax
  Attributable to owners of Parent
                                                            -17,632,741.27            -20,967,165.55
Company
      6.1     Items    that      will    not     be
reclassified to profit or loss
         6.1.1 Changes in net liabilities or
assets caused by re-measurements on
defined benefit pension schemes
         6.1.2        Share         of         other
comprehensive income of investees that
will not be reclassified to profit or loss
under equity method
      6.2 Items that may subsequently be
                                                            -17,632,741.27            -20,967,165.55
reclassified to profit or loss
         6.2.1        Share         of         other
comprehensive income of investees that
will be reclassified to profit or loss under
equity method
         6.2.2 Gains/Losses on changes in
fair value of available-for-sale financial                  -17,632,741.27            -20,967,165.55
assets
         6.2.3 Gains/Losses arising from
reclassification       of        held-to-maturity
investments to available-for-sale financial
assets
         6.2.4 Effective gains/losses on
cash flow hedges
         6.2.5 Differences arising from
translation                 of            foreign
currency-denominated                     financial
statements

         6.2.6 Other


                                                       18
Gujing           Aged Original Spirits                                                              First Quarter Report 2018

   Attributable         to    non-controlling
interests

7. Total comprehensive income                                      574,365,882.49                            397,948,368.29

   Attributable to owners of Parent
                                                                   563,446,470.85                            386,797,576.88
Company
   Attributable         to    non-controlling
                                                                     10,919,411.64                            11,150,791.41
interests

8. Earnings per share

   8.1 Basic earnings per share                                               1.15                                      0.81

   8.2 Diluted earnings per share                                             1.15                                      0.81


Legal representative: Liang Jinhui                                             The Company’s chief accountant: Ye Changqing


Head of the Company’s financial department: Zhu Jiafeng


4. Parent Company Income Statement

                                                                                                                   Unit: RMB

                     Item                          January-March 2018                        January-March 2017

1. Sales revenue                                                  1,273,232,528.70                         1,225,485,876.84

   Less: Cost of sales                                             483,888,734.16                            441,659,248.56

        Taxes and surtaxes                                         316,554,892.27                            315,040,162.76

        Selling expense                                             22,167,564.98                             91,453,417.90

        Administrative expense                                      84,525,943.53                             81,529,203.55

        Finance costs                                                -4,400,795.16                            -2,633,074.65

        Asset impairment losses

   Add: Gains on changes in fair value
                                                                        -27,498.41                                 -3,866.40
(“-” for losses)

        Investment income (“-” for loss)                          24,534,436.91                             60,640,216.55

          Including: Share of profit or loss
of joint ventures and associates
        Asset disposal income (“-” for
loss)

        Other income                                                 1,181,740.01                             14,138,227.97

2. Operating income (“-” for loss)                               396,184,867.44                            373,211,496.84

   Add: Non-operating revenue                                        5,301,985.87                              3,943,066.55

   Less: Non-operating expense                                          955,584.15                                646,594.22

3. Pretax income (“-” for loss)                                  400,531,269.16                            376,507,969.17


                                                             19
Gujing          Aged Original Spirits                                          First Quarter Report 2018


  Less: Income tax expense                                    100,132,817.29             94,126,992.30

4. Net income (“-” for net loss)                            300,398,451.87            282,380,976.87

  4.1 Net income from continuing
                                                              300,398,451.87            282,380,976.87
operations (“-” for net loss)

  4.2 Net income from discontinued
operations (“-” for net loss)

5. Other comprehensive income, net of
                                                              -17,628,541.27            -21,722,327.16
tax
  5.1 Items that will not be reclassified
to profit or loss
       5.1.1 Changes in net liabilities or
assets caused by re-measurements on
defined benefit pension schemes
       5.1.2        Share               of      other
comprehensive income of investees that
will not be reclassified into profit or
loss under equity method
  5.2 Items that may subsequently be
                                                              -17,628,541.27            -21,722,327.16
reclassified to profit or loss
       5.2.1        Share               of      other
comprehensive income of investees that
will be reclassified into profit or loss
under equity method
       5.2.2 Gains/Losses on changes in
fair value of available-for-sale financial                    -17,628,541.27            -21,722,327.16
assets
       5.2.3 Gains/Losses arising from
reclassification          of         held-to-maturity
investments          to             available-for-sale
financial assets
       5.2.4 Effective gains/losses on
cash flow hedges
       5.2.5 Differences arising from
translation                    of             foreign
currency-denominated                         financial
statements

       5.2.6 Other

6. Total comprehensive income                                 282,769,910.60            260,658,649.71

7. Earnings per share

      7.1 Basic earnings per share                                       0.6                       0.56

      7.2 Diluted earnings per share                                     0.6                       0.56


                                                         20
Gujing            Aged Original Spirits                                                   First Quarter Report 2018

5. Consolidated Cash Flow Statement

                                                                                                         Unit: RMB

                        Item                      January-March 2018                January-March 2017

1. Cash generated by or used in
operating activities:
  Proceeds from sale of commodities
                                                                 2,317,913,398.32                 2,217,759,396.02
and rendering of services
  Net increase in customer deposits and
deposits from banks and other financial
institutions
  Net increase in loans from central
bank
  Net increase in loans from other
financial institutions
  Premiums         received      on   original
insurance contracts

  Net proceeds from reinsurance

  Net        increase     in    deposits    and
investments of policy holders
  Net      increase      in    proceeds    from
disposal of financial assets at fair value
through profit or loss
  Interest,      handling       charges     and
commissions received
  Net increase in interbank loans
obtained
  Net      increase      in    proceeds    from
repurchase transactions

  Tax rebates                                                          809,884.08                    13,696,586.24

  Cash generated by other operating
                                                                   36,191,356.85                    106,104,856.09
activities
Subtotal of cash generated by operating
                                                                 2,354,914,639.25                 2,337,560,838.35
activities
  Payments        for     commodities       and
                                                                  559,193,732.69                    281,029,361.24
services
  Net increase in loans and advances to
customers
  Net increase in deposits in central
bank and in interbank loans granted
  Payments for claims on original
insurance contracts


                                                            21
Gujing          Aged Original Spirits                                        First Quarter Report 2018

  Interest,     handling           charges     and
commissions paid

  Policy dividends paid

  Cash paid to and for employees                           386,791,520.43              321,777,759.08

  Taxes paid                                               880,876,488.87              873,979,926.33

  Cash       used      in     other    operating
                                                           334,080,405.49              212,000,398.13
activities
Subtotal of cash used in operating
                                                          2,160,942,147.48           1,688,787,444.78
activities

Net cash flows from operating activities                   193,972,491.77              648,773,393.57

2. Cash generated by or used in
investing activities:

  Proceeds from disinvestments                             450,660,768.81            1,359,977,129.63

  Investment income                                         25,292,217.04               64,034,803.17

  Net    proceeds           from    disposal    of
property,      plant         and      equipment,
                                                                85,060.00                     6,500.00
intangible assets and other long-lived
assets
  Net    proceeds           from    disposal    of
subsidiaries or other business units
  Cash generated by other investing
activities
Subtotal of cash generated by investing
                                                           476,038,045.85            1,424,018,432.80
activities
  Payments for acquisition of property,
plant and equipment, intangible assets                      70,853,122.83               32,203,466.65
and other long-lived assets

  Payments for investments                                 330,218,945.40            1,537,407,341.86

  Net increase in pledged loans granted

  Net payments for acquisition of
subsidiaries and other business units
  Cash       used      in     other    investing
activities
Subtotal of cash used in investing
                                                           401,072,068.23            1,569,610,808.51
activities

Net cash flows from investing activities                    74,965,977.62             -145,592,375.71

3. Cash generated by or used in
financing activities:

  Capital contributions received
     Including: Capital contributions by
non-controlling interests to subsidiaries

                                                     22
Gujing          Aged Original Spirits                                                       First Quarter Report 2018


  Increase in borrowings obtained

  Net proceeds from issuance of bonds

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

  Repayment of borrowings

  Payments for interest and dividends

       Including:     Dividends        paid   by
subsidiaries to non-controlling interests
  Cash       used     in     other     financing
activities
Subtotal of cash used in financing
activities

Net cash flows from financing activities

4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
                                                                    268,938,469.39                    503,181,017.86
equivalents
Add:     Cash       and    cash      equivalents,
                                                                   1,024,088,626.40                   527,849,026.07
beginning of the period
6. Cash and cash equivalents, end of the
                                                                   1,293,027,095.79                 1,031,030,043.93
period


6. Parent Company Cash Flow Statement

                                                                                                           Unit: RMB

                      Item                          January-March 2018                January-March 2017

1. Cash generated by or used in
operating activities:
  Proceeds from sale of commodities
                                                                   1,095,672,510.95                 1,719,269,247.73
and rendering of services

  Tax rebates                                                                  0.00                    13,013,817.25

  Cash generated by other operating
                                                                     60,289,004.82                     29,416,467.68
activities
Subtotal of cash generated by operating
                                                                   1,155,961,515.77                 1,761,699,532.66
activities
  Payments          for    commodities        and
                                                                    358,347,950.36                    258,976,795.82
services

  Cash paid to and for employees                                    165,733,823.32                    153,768,915.89

  Taxes paid                                                        559,374,536.53                    545,332,001.77

                                                              23
Gujing          Aged Original Spirits                                      First Quarter Report 2018

  Cash       used      in     other    operating
                                                          49,683,984.62               44,903,998.58
activities
Subtotal of cash used in operating
                                                        1,133,140,294.83           1,002,981,712.06
activities

Net cash flows from operating activities                  22,821,220.94              758,717,820.60

2. Cash generated by or used in
investing activities:

  Proceeds from disinvestments                           420,660,768.81            1,359,977,129.63

  Investment income                                       25,135,723.89               64,034,803.17

  Net    proceeds           from   disposal   of
property,      plant         and      equipment,
intangible assets and other long-lived
assets
  Net    proceeds           from   disposal   of
subsidiaries or other business units
  Cash generated by other investing
activities
Subtotal of cash generated by investing
                                                         445,796,492.70            1,424,011,932.80
activities
  Payments for acquisition of property,
plant and equipment, intangible assets                    44,030,378.21               27,119,815.40
and other long-lived assets

  Payments for investments                               140,218,945.40            1,474,407,341.86

  Net payments for acquisition of
subsidiaries and other business units
  Cash       used      in     other    investing
activities
Subtotal of cash used in investing
                                                         184,249,323.61            1,501,527,157.26
activities

Net cash flows from investing activities                 261,547,169.09              -77,515,224.46

3. Cash generated by or used in
financing activities:

  Capital contributions received

  Increase in borrowings obtained

  Net proceeds from issuance of bonds

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

  Repayment of borrowings

  Payments for interest and dividends

                                                   24
Gujing          Aged Original Spirits                                                                    First Quarter Report 2018

  Cash       used     in    other     financing
activities
Sub-total of cash used in financing
activities

Net cash flows from financing activities

4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
                                                                        284,368,390.03                             681,202,596.14
equivalents
Add:     Cash       and    cash     equivalents,
                                                                        826,262,109.02                             225,792,686.26
beginning of the period
6. Cash and cash equivalents, end of the
                                                                     1,110,630,499.05                              906,995,282.40
period


II Independent Auditor’s Report

Indicate by tick mark whether the Q1 financial statements have been audited by an independent auditor.
□Yes √ No
The Q1 financial statements have not been audited by such an auditor.




                                                                25

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