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个股公告正文

古井贡B:2019年第一季度报告全文(英文版)

日期:2019-04-27附件下载

    ANHUI GUJING DISTILLERY COMPANY LIMITED
    
    FIRST QUARTER REPORT 2019
    
    April 2019
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
    Part I Important Notes
    
    The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,
    
    supervisors and senior management of Anhui Gujing Distillery Company Limited (hereinafter
    
    referred to as the “Company”) hereby guarantee the factuality, accuracy and completeness of
    
    the contents of this Report and its summary, and shall be jointly and severally liable for any
    
    misrepresentations, misleading statements or material omissions therein.
    
    All the Company’s directors have attended the Board meeting for the review of this Report
    
    and its summary.
    
    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.
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
    Part II Key Corporate Information
    
    I Key Financial Information
    
    Indicate by tick mark whether there is any retrospectively restated datum in the table below.
    
    □ Yes √ No
    
                                        Q1 2019             Q12018             Change(%)
    Operating revenue(RMB)                   3,668,502,474.92       2,559,879,006.93                43.31%
    Net  profit  attributable  to  the  listed         783,389,904.73        581,079,212.12                34.82%
    company’s shareholders(RMB)
    Net  profit  attributable  to  the  listed
    company’s shareholders before exceptional         749,094,364.21        568,229,870.99                31.83%
    items (RMB)
    Net cash generated from/used in operating        1,010,701,440.91        193,972,491.77               421.05%
    activities (RMB)
    Basic earningspershare(RMB/share)                    1.56                1.15                35.65%
    Diluted earningspershare(RMB/share)                   1.56                1.15                35.65%
    Weightedaveragereturnonequity(%)                   9.80%              8.61%                 1.19%
                                      31March2019        31December2018          Change(%)
    Totalassets(RMB)                       13,659,931,600.41      12,509,928,449.72                 9.19%
    Equity attributable to the listed company’s        8,385,373,929.31       7,601,984,024.58                10.31%
    shareholders (RMB)
    
    
    Exceptional gains and losses:
    
    √ Applicable □ Not applicable
    
    Unit: RMB
    
                         Item                            Q12019                 Note
    Gain or loss on disposal of non-current assets (inclusive of             152,598.23
    impairment allowancewrite-offs)
    Government subsidies charged to current profit or loss (exclusive
    of government subsidies given in the Company’sordinary course            7,114,400.70
    of business at fixed quotas or amounts as per government’s
    uniform standards)
    Gain or loss on fair-value changes in trading financial assets and
    liabilities and derivative financial assets and liabilities & income           36,638,503.72
    from disposal of trading financial assets and liabilities, derivative
    financial assets and liabilities, and other investments in debt
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
    obligations (exclusive of effective portion of hedges that arise in
    the Company’sordinarycourseofbusiness)
    Non-operating incomeandexpenseotherthanabove                     4,272,238.44
    Less: Incometaxeffects                                       12,022,319.60
        Non-controlling interestseffects(netoftax)                       1,859,880.97
                         Total                               34,295,540.52           --
    
    
    Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in the Explanatory
    
    Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss
    
    Items:
    
    □ Applicable √ Not applicable
    
    No such cases for the Reporting Period.
    
    II Total Number of Shareholders and Holdings of Top 10 Shareholders at 31 March 2019
    
    1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
    
    Holdings of Top 10 Shareholders
    
    Unit: share
    
                                                  Number    of    preferred
    Number of ordinary shareholders at                20,097 shareholders  with  resumed                    0
    the period-end                                     voting rights at the period-end
                                                  (if any)
                                         Top 10shareholders
        Nameof       Natureof     Shareholding  Totalsharesheld Restrictedshares     Sharesinpledgeorfrozen
       shareholder     shareholder     percentage                    held         Status         Shares
    ANHUI GUJING
    GROUP        State-owned legal       53.89%    271,404,022             Inpledge           114,000,000
    COMPANY     person
    LIMITED
    GAOLING      Foreignlegal           2.47%     12,446,408
    FUND,L.P.      person
    NORGES BANK Foreignlegal           2.11%     10,633,056
                 person
    CHINA INT'L
    CAPITALCORP  Foreignlegal
    HONG KONG   person                1.63%      8,193,723
    SECURITIES
    LTD
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
    AGRICULTURAL
    BANK OF
    CHINA-E
    FUND
    CONSUMPTION Other                1.49%      7,485,278
    SECTOR STOCK
    SECURITIES
    INVESTMENT
    FUND
    UBS (LUX)
    EQUITY FUND- Foreignlegal
    CHINA        person                1.40%      7,068,861
    OPPORTUNITY
    (USD)
    CENTRAL
    HUIJIN ASSET  State-owned legal        1.30%      6,543,600
    MANAGEMENT person
    CO., LTD.
    Zhejiang Yiwu
    Tanzhen
    Investment
    Management
    Partnership      Other                1.27%      6,392,884
    (LLP)-Loyal
    ValleyValue
    China Selection
    Private Securities
    Investment Fund
    GREENWOODS  Foreignnatural
    CHINAALPHA  person                1.12%      5,657,150
    MASTER FUND
    PERSHING LLC  Foreignlegal           0.85%      4,271,296
                 person
                                     Top 10unrestrictedshareholders
                                                                           Sharesbytype
          Nameofshareholder                 Unrestrictedsharesheld
                                                                        Type        Shares
    ANHUI GUJINGGROUP                                    271,404,022 RMB-denominated    271,404,022
    COMPANYLIMITED                                                ordinarystock
    GAOLING FUND,L.P.                                       12,446,408 Domestically         12,446,408
                                                                   listedforeignstock
    NORGES BANK                                           10,633,056 Domestically         10,633,056
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
                                                                   listedforeignstock
    CHINA INT'LCAPITALCORP                                  8,193,723 Domestically          8,193,723
    HONG KONGSECURITIESLTD                                       listedforeignstock
    AGRICULTURALBANKOF
    CHINA-E FUNDCONSUMPTION                               7,485,278 RMB-denominated      7,485,278
    SECTOR STOCKSECURITIES                                         ordinarystock
    INVESTMENT FUND
    UBS (LUX)EQUITYFUND-                                   7,068,861 Domestically          7,068,861
    CHINA OPPORTUNITY(USD)                                         listedforeignstock
    CENTRAL HUIJINASSET                                     6,543,600 RMB-denominated      6,543,600
    MANAGEMENT CO.,LTD.                                           ordinarystock
    Zhejiang YiwuTanzhenInvestment
    Management Partnership                                              RMB-denominated
    (LLP)-Loyal ValleyValueChina                                  6,392,884 ordinarystock         6,392,884
    Selection PrivateSecurities
    Investment Fund
    GREENWOODS CHINAALPHA                                 5,657,150 Domestically          5,657,150
    MASTER FUND                                                   listedforeignstock
    PERSHING LLC                                            4,271,296 Domestically          4,271,296
                                                                   listedforeignstock
                              Amongthe above shareholders, the Company's controlling shareholder,Anhui Gujing Group
                              Co., Ltd., has no relationship with other shareholders and does not belong to the
    Related or acting-in-concert parties acting-in-concert stipulated in the Administrative Measures on Information Disclosure of
    among theshareholdersabove      Changes in Shareholding of Listed Companies. In addition, the relationship between other
                              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
                              ShareholdingofListedCompanies.
    Top  10  ordinary  shareholders
    involved in securities margin trading N/A
    (if any)
    
    
    Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary 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
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
    Part III Significant Events
    
    I Changes in Key Financial Statement Line Items and Explanation of why
    
    √ Applicable □ Not applicable
    
          Balancesheetitem         31March2019     31December     Change(%)        Explanationofwhy
                                  (RMB)        2018(RMB)
     Monetarycapital               2,776,885,073.59   1,705,760,865.12       62.79%  Increaseinsalesrevenue
     Prepayments                   102,929,908.26    182,558,000.75      -43.62%  Decrease in prepaid advertising
                                                                       fees
     Othernon-currentassets               574,026.00     16,544,407.51      -96.53%  Handoverofassets
     Othercurrentliabilities            627,475,374.84    295,164,745.44      112.58%  Increaseinunrecognized
                                                                       expenditures
         Incomestatementitem       Q12019(RMB)    Q12018(RMB)    Change(%)        Explanationofwhy
     Operatingrevenue              3,668,502,474.92   2,559,879,006.93       43.31%  Increaseinsalesorders
     Costofsales                   799,244,679.69    518,797,750.19       54.06%  Increaseinsales
     Taxesandsurcharges              540,036,699.39    375,443,186.81       43.84%  Increaseinsalesrevenue
     Sellingexpense                1,167,562,403.83    793,946,063.51       47.06%  Increaseinexpensesonbranding
                                                                       andsalespromotionalactivities
     Netprofitattributabletoowners       783,389,904.73    581,079,212.12       34.82%  Increaseinsalesrevenue
     oftheCompanyastheparent
        Cashflowstatementitem      Q12019(RMB)    Q12018(RMB)    Change(%)        Explanationofwhy
     Netcashgeneratedfrom/usedin     1,010,701,440.91    193,972,491.77      421.05%  Increaseinsalesrevenue
     operatingactivities
     Netcashgeneratedfrom/usedin       160,422,767.56     74,965,977.62      113.99%  Increaseinproceedsfrom
     investingactivities                                                     disinvestment
     Cashandcashequivalents,endof    2,006,685,073.59   1,293,027,095.79       55.19%  Increaseinsalesrevenue
     theperiod
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
    II Progress, Influence and Solutions with regard to Significant Events
    
    □ Applicable √ Not applicable
    
    Progress of any share repurchases:
    
    □ Applicable √ Not applicable
    
    Progress of any reduction of the repurchased shares through centralized bidding:
    
    □ Applicable √ Not applicable
    
    III Commitments that the Company’s Actual Controller, Shareholders, Related Parties,
    
    Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during the
    
    Reporting Period
    
    □ Applicable √ Not applicable
    
    No such cases in the Reporting Period.
    
    IV Operating Performance Forecast for H1 2019
    
    Warning of a forecast loss on or a forecast significant year-on-year change in the net profit of H1 2019, as well as explanation of
    
    why:
    
    □ Applicable √ Not applicable
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
    V Securities Investments
    
    √ Applicable □ Not applicable
    
                                                             Gain/lossof Accumulative Purchased
     Varietyof Symbolof  Nameof     Initial    Accounting   Beginning   changesin   changesin    inthe   Soldinthe  Gainin/loss   Ending   Accounting  Capital
     security   security   security  investmentcost measurement carryingvalue  fairvaluein   fairvalue   Reporting  Reporting  Reporting carryingvalue   title     source
                                           model             theReporting recordedinto  Period    Period    Period
                                                               Period     equities
                    CITIC
                    Wings Dapu                                                                                      Trading   Self-owned
    Funds            Asset     200,000,000.00 Fairvalue   206,393,107.46 12,901,054.64       0.00     0.00     0.00     0.00 219,294,162.10 financial  funds
                    Management                                                                                      assets
                    Plan
    Other investmentsecuritiesheldat                 --                                                                         --       --
    the Period-end
    Total                      200,000,000.00    --    206,393,107.46 12,901,054.64       0.00     0.00     0.00     0.00 219,294,162.10    --       --
    Disclosure date of announcement on
    Board’s  consent  for  securities 27August2018
    investment
    Disclosure date of announcement on
    shareholders’ meeting’s consent for N/A
    securities investment(ifany)
    
    
    VI Investments in Derivative Financial Instruments
    
    √ Applicable □ Not applicable
    
    Unit: RMB’0,000
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
        Proportion
        ofending   Actual
             Relationship                       Initial                      Beginning Purchasedin Soldinthe  Impairment   Ending   investment gain/lossin
      Operator   withthe    Related     Typeof   investment Startingdate Endingdate  investment     the     Reporting  provision(if investment  amountin    the
              Company   transaction   derivative    amount                      amount   Reporting    Period      any)     amount      the    Reporting
                                                                                Period                               Company’s   Period
        ending net
        assets
    Reverse                      Reverse              21
    repurchase  Naught    No       repurchaseof       0.00 December  8January       17,990      0.00     17,990               0.00     0.00%    17.59
    of national                    nationaldebt           2018      2019
    debt
    Total                                        0.00    --        --        17,990      0.00     17,990               0.00     0.00%    17.59
    Source ofmoneyusedforinvestment             AllfromtheCompany’sownfunds
    Legal mattersinvolved(ifapplicable)             N/A
    Disclosure date of board announcement approving 30August2013
    derivative investment(ifany)
    Disclosure dateofshareholders’meetingannouncement
    approving derivativeinvestment(ifany)
    Analysis of risks and control measures associated with
    derivative  investments  held  in  Reporting Period TheCompanyhadcontrolledtherelevantrisksstrictlyaccordingtotheDerivativesInvestmentManagementSystem.
    (including but not limited to market risk, liquidity risk,
    credit risk,operationalrisk,legalrisk,etc.)
    Changes in market prices or fair value of derivative
    investments in Reporting Period (fair value analysis N/A
    should  include measurement method and related
    assumptions andparameters)
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
    Significant changes in accounting policies and specific
    accounting   principles  adopted  for  derivative N/A
    investments in Reporting Period compared to last
    reporting period
                                          Basedon the sustainable development of the main business and the sufficient free idle money, the Company increased the profits
                                          throughinvestingin thereasonablefinancialderivativeinstruments, whichwasin favorofimproving the serviceefficiency of the idle
                                          funds.Inordertoreducetheinvestmentrisksofthefinancialderivativeinstruments,theCompanyhadsetupcorrespondingsupervision
    Opinion ofindependentdirectorsonderivative       mechanismforthefinancialderivativeinstrumentbusinessandformulatedreasonableaccountingpolicyaswellasspecificprinciplesof
    investments andriskcontrol                   financial accounting. The derivativeInvestment business developed separatelytook national debtsas mortgageobject, which was met
                                          withthe cautious and steady risks management principle and the interest of the Company and shareholders. Therefore, agreed the
                                          Companyto develop the derivative Investment business of reverse repurchase of national debt not more than the limit of RMB0.3
                                          billion.
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
    VII Communications with the Investment Community such as Researches, Inquiries and
    
    Interviews during the Reporting Period
    
    □ Applicable √ Not applicable
    
    No such cases in the Reporting Period.
    
    VIII Irregularities in the Provision of Guarantees
    
    □ Applicable √ Not applicable
    
    No such cases in the Reporting Period.
    
    IX Occupation of the Company’s Capital by the Controlling Shareholder or Its Related
    
    Parties for Non-Operating Purposes
    
    □ Applicable √ Not applicable
    
    No such cases in the Reporting Period.
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
    Part IV Financial Statements
    
    I Financial Statements
    
    1. Consolidated Balance Sheet
    
    Prepared by Anhui Gujing Distillery Company Limited
    
    31 March 2019
    
    Unit: RMB
    
                 Item                       31March2019                  31December2018
    Current assets:
      Monetarycapital                                 2,776,885,073.59                  1,705,760,865.12
      Settlementreserve
      Interbankloansgranted
      Tradingfinancialassets                             2,924,086,886.10                          0.00
      Financial assets at fair value through                          0.00                      622,892.96
    profit orloss
      Derivativefinancialassets
      Notesandaccountsreceivable                         1,842,004,109.11                 1,377,175,880.08
        Including:Notesreceivable                         1,801,903,794.40                  1,347,427,811.34
               Accountsreceivable                        40,100,314.71                    29,748,068.74
      Prepayments                                     102,929,908.26                   182,558,000.75
      Premiumsreceivable
      Reinsurancereceivables
      Receivablereinsurancecontractreserve
      Otherreceivables                                   55,787,595.89                    43,342,878.22
        Including:Interestreceivable                          27,683,178.08                    24,923,178.08
               Dividendsreceivable
      Financial assets purchased under resale
    agreements
      Inventories                                     2,352,049,231.27                  2,407,306,664.86
      Contractualassets
      Assetsclassifiedasheldforsale
      Currentportionofnon-currentassets                     300,000,000.00                   300,000,000.00
      Othercurrentassets                                 66,951,296.44                  3,012,478,687.20
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
    Total currentassets                                 10,420,694,100.66                  9,029,245,869.19
    Non-current assets:
      Loansandadvancestocustomers
      Investmentsindebtobligations
      Available-for-salefinancialassets                               0.00                   206,393,107.46
      Investmentsinotherdebtobligations
      Held-to-maturityinvestments
      Long-termreceivables
      Long-termequityinvestments                            4,900,000.00                    4,900,000.00
      Investmentsinotherequityinstruments
      Othernon-currentfinancialassets
      Investmentproperty                                  4,947,942.91                    5,027,228.53
      Fixedassets                                    1,729,906,478.68                  1,763,988,530.56
      Constructioninprogress                              110,880,381.33                    93,320,557.56
      Productivelivingassets
      Oilandgasassets
      Right-of-useassets
      Intangibleassets                                   739,157,747.52                   742,083,609.10
      R&Dexpense
      Goodwill                                       478,283,495.29                   478,283,495.29
      Long-termprepaidexpense                            82,038,909.31                    83,561,473.46
      Deferredincometaxassets                             88,548,518.71                    86,580,171.06
      Othernon-currentassets                                574,026.00                    16,544,407.51
    Total non-currentassets                              3,239,237,499.75                  3,480,682,580.53
    Total assets                                      13,659,931,600.41                 12,509,928,449.72
    Current liabilities:
      Short-termborrowings
      Borrowingsfromcentralbank
      Interbankloansobtained
      Tradingfinancialliabilities
      Financialliabilitiesat fairvalue through
    profit orloss
      Derivativefinancialliabilities
      Notesandaccountspayable                           782,436,169.27                   834,156,012.31
      Advancesfromcustomers                           1,115,449,181.95                 1,149,143,310.48
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
      Financial assets sold under repurchase
    agreements
      Customer  deposits  and  interbank
    deposits
      Payablesforactingtradingofsecurities
      Payablesforunderwritingofsecurities
      Payrollpayable                                   361,664,454.69                   457,299,476.43
      Taxespayable                                    418,864,754.51                   372,993,624.18
      Otherpayables                                   1,350,980,224.99                  1,192,020,147.82
        Including:Interestpayable
               Dividendspayable
      Handling  charges  and  commissions
    payable
      Reinsurancepayables
      Contractualliabilities
      Liabilitiesdirectlyassociatedwithassets
    classified asheldforsale
      Currentportionofnon-currentliabilities
      Othercurrentliabilities                              627,475,374.84                   295,164,745.44
    Total currentliabilities                               4,656,870,160.25                  4,300,777,316.66
    Non-current liabilities:
      Insurancecontractreserve
      Long-termborrowings
      Bondspayable
        Including:Preferredshares
               Perpetualbonds
      Leaseliabilities
      Long-termpayables
      Long-termpayrollpayable
      Provisions
      Deferredincome                                   75,405,036.51                    76,636,500.55
      Deferredincometaxliabilities                          102,387,965.69                   102,764,515.11
      Othernon-currentliabilities
    Total non-currentliabilities                             177,793,002.20                   179,401,015.66
    Total liabilities                                    4,834,663,162.45                  4,480,178,332.32
    Owners’ equity:
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
      Sharecapital                                     503,600,000.00                   503,600,000.00
      Otherequityinstruments
        Including:Preferredshares
               Perpetualbonds
      Capitalreserves                                  1,295,405,592.25                  1,295,405,592.25
      Less:Treasurystock
      Othercomprehensiveincome                                  0.00                    4,794,830.59
      Specialreserves
      Surplusreserves                                   256,902,260.27                   256,902,260.27
      Generalreserve
      Retainedearnings                                 6,329,466,076.79                  5,541,281,341.47
    Total equity attributable to owners of the                  8,385,373,929.31                  7,601,984,024.58
    Company astheparent
    Non-controlling interests                               439,894,508.65                   427,766,092.82
    Total owners’equity                                 8,825,268,437.96                  8,029,750,117.40
    Total liabilitiesandowners’equity                       13,659,931,600.41                 12,509,928,449.72
    
    
    Legal representative: Liang Jinhui The Company’s chief accountant: Ye Changqing
    
    Head of the Company’s financial department: Zhu Jiafeng
    
    2. Balance Sheet of the Company as the Parent
    
    Unit: RMB
    
                 Item                       31March2019                  31December2018
    Current assets:
      Monetarycapital                                 1,512,850,885.95                  1,078,172,917.59
      Tradingfinancialassets                             1,836,086,886.10                          0.00
      Financial assets at fair value through                          0.00                      622,892.96
    profit orloss
      Derivativefinancialassets
      Notesandaccountsreceivable                         1,599,477,835.08                  1,265,722,336.88
        Including:Notesreceivable                         1,590,260,811.93                 1,256,336,386.34
               Accountsreceivable                         9,217,023.15                    9,385,950.54
      Prepayments                                      20,627,974.96                    10,869,911.54
      Otherreceivables                                  111,027,896.38                   110,800,665.19
        Including:Interestreceivable
               Dividendsreceivable
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
      Inventories                                     2,020,381,509.40                  2,125,826,967.11
      Contractualassets
      Assetsclassifiedasheldforsale
      Currentportionofnon-currentassets
      Othercurrentassets                                  8,938,044.34                  1,764,267,968.83
    Total currentassets                                 7,109,391,032.21                  6,356,283,660.10
    Non-current assets:
      Investmentsindebtobligations
      Available-for-salefinancialassets                               0.00                   206,393,107.46
      Investmentsinotherdebtobligations
      Held-to-maturityinvestments
      Long-termreceivables
      Long-termequityinvestments                         1,148,213,665.32                  1,148,213,665.32
      Investmentsinotherequityinstruments
      Othernon-currentfinancialassets
      Investmentproperty                                  4,947,942.91                    24,715,657.40
      Fixedassets                                    1,286,243,642.29                  1,290,714,455.79
      Constructioninprogress                              103,628,251.56                    86,634,753.93
      Productivelivingassets
      Oilandgasassets
      Right-of-useassets
      Intangibleassets                                   189,247,719.51                   189,968,142.25
      R&Dexpense
      Goodwill
      Long-termprepaidexpense                            56,985,362.04                    56,643,945.05
      Deferredincometaxassets                             37,415,458.17                    37,415,458.17
      Othernon-currentassets                                574,026.00                    12,474,026.00
    Total non-currentassets                              2,827,256,067.80                  3,053,173,211.37
    Total assets                                      9,936,647,100.01                  9,409,456,871.47
    Current liabilities:
      Short-termborrowings
      Tradingfinancialliabilities
      Financialliabilitiesat fairvalue through
    profit orloss
      Derivativefinancialliabilities
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
      Notesandaccountspayable                           326,374,765.14                   390,939,469.93
      Advancesfromcustomers                           1,386,004,212.63                  1,123,125,892.84
      Contractualliabilities
      Payrollpayable                                    88,587,986.11                   117,748,485.96
      Taxespayable                                    218,939,082.73                   161,176,957.25
      Otherpayables                                    223,811,145.21                   372,902,293.22
        Including:Interestpayable
               Dividendspayable
      Liabilitiesdirectlyassociatedwithassets
    classified asheldforsale
      Currentportionofnon-currentliabilities
      Othercurrentliabilities                               21,360,399.95                    32,605,794.55
    Total currentliabilities                               2,265,077,591.77                  2,198,498,893.75
    Non-current liabilities:
      Long-termborrowings
      Bondspayable
        Including:Preferredshares
               Perpetualbonds
      Leaseliabilities
      Long-termpayables
      Long-termpayrollpayable
      Provisions
      Deferredincome                                   35,358,220.73                    36,417,554.85
      Deferredincometaxliabilities                           4,895,621.10                    4,828,737.52
      Othernon-currentliabilities
    Total non-currentliabilities                              40,253,841.83                    41,246,292.37
    Total liabilities                                    2,305,331,433.60                  2,239,745,186.12
    Owners’ equity:
      Sharecapital                                     503,600,000.00                   503,600,000.00
      Otherequityinstruments
        Including:Preferredshares
               Perpetualbonds
      Capitalreserves                                  1,247,162,107.35                  1,247,162,107.35
      Less:Treasurystock
      Othercomprehensiveincome                                  0.00                    4,794,830.59
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
      Specialreserves
      Surplusreserves                                   251,800,000.00                   251,800,000.00
      Retainedearnings                                 5,628,753,559.06                  5,162,354,747.41
    Total owners’equity                                 7,631,315,666.41                  7,169,711,685.35
    Total liabilitiesandowners’equity                       9,936,647,100.01                  9,409,456,871.47
    
    
    3. Consolidated Income Statement
    
    Unit: RMB
    
                   Item                          Q12019                     Q12018
    1. Revenue                                         3,668,502,474.92                2,559,879,006.93
      Including:Operatingrevenue                           3,668,502,474.92                2,559,879,006.93
             Interest income
             Premium income
             Handling charge and commission
    income
    2. Costsandexpenses                                  2,662,463,799.10                1,809,442,510.38
      Including:Costofsales                                799,244,679.69                 518,797,750.19
             Interest expense
             Handling charge and commission
    expense
             Surrenders
             Net claimspaid
             Net amount provided as insurance
    contract reserve
             Expenditure onpolicydividends
             Reinsurance premiumexpense
             Taxes andsurcharges                          540,036,699.39                 375,443,186.81
             Selling expense                             1,167,562,403.83                 793,946,063.51
             Administrative expense                         150,969,173.04                 122,802,976.31
             R&D expense                                 6,419,946.84                  4,509,000.95
             Finance costs                                -1,769,103.68                  -6,056,467.40
               Including:Interestexpense                       8,705,507.36                        0.00
                          Interestincome                    9,334,113.54                  5,457,775.34
             Asset impairmentloss
             Credit impairmentloss
    Add: Otherincome                                      7,094,400.70                  2,147,822.47
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
        Return oninvestment(“-”forloss)                       26,924,392.85                  27,448,214.89
          Including:Shareofprofitorlossofjoint
    ventures andassociates
        Foreign exchangegain(“-”forloss)
        Net gainonexposurehedges(“-”forloss)
        Gain onchangesinfairvalue(“-”forloss)                  13,070,885.68                    -27,498.41
        Asset disposalincome(“-”forloss)                         83,202.84                    81,303.79
    3. Operatingprofit(“-”forloss)                           1,053,211,557.89                 780,086,339.29
    Add: Non-operatingincome                                5,335,678.12                  6,907,556.84
    Less: Non-operatingexpense                                1,002,057.61                    996,055.06
    4. Profitbeforetax(“-”forloss)                           1,057,545,178.40                 785,997,841.07
    Less: Incometaxexpense                                262,026,857.84                 193,999,217.31
    5. Netprofit(“-”fornetloss)                              795,518,320.56                 591,998,623.76
      5.1Byoperatingcontinuity
        5.1.1Net profit from continuing operations                 795,518,320.56                 591,998,623.76
    (“-” fornetloss)
        5.1.2  Net  profit  from  discontinued
    operations (“-”fornetloss)
      5.2Byownership
        5.2.1Netprofitattributabletoownersofthe                 783,389,904.73                 581,079,212.12
    Company astheparent
        5.2.1  Net   profit   attributable   to                  12,128,415.83                  10,919,411.64
    non-controlling interests
    6. Othercomprehensiveincome,netoftax                             0.00                 -17,632,741.27
      Attributableto owners of the Company as the                        0.00                 -17,632,741.27
    parent
        6.1Items that will not be reclassified to
    profit orloss
         6.1.1 Changescausedbyremeasurements
    on definedbenefitpensionschemes
         6.1.2 Other comprehensive income that
    will notbereclassifiedtoprofitorlossunder the
    equity method
         6.1.3  Changes in the fair value of
    investments inotherequityinstruments
         6.1.4 Changes in the fair value of the
    company’s creditrisks
         6.1.5 Other
        6.2Items that will be reclassified to profit                        0.00                 -17,632,741.27
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
    or loss
         6.2.1 Other comprehensive income that
    will be reclassified to profit or loss under the
    equity method
         6.2.2  Changes in the fair value of
    investments inotherdebtobligations
         6.2.3 Gain/Loss on changes in the fair                        0.00                 -17,632,741.27
    value ofavailable-for-salefinancialassets
         6.2.4  Other  comprehensive  income
    arising from the reclassification of financial
    assets
         6.2.5  Gain/Loss  arising  from  the
    reclassification of held-to-maturity investments
    to available-for-salefinancialassets
         6.2.6 Allowanceforcreditimpairmentsin
    investments inotherdebtobligations
         6.2.7 Reserveforcashflowhedges
         6.2.8  Differences  arising  from  the
    translation  of  foreign  currency-denominated
    financial statements
         6.2.9 Other
      Attributabletonon-controllinginterests
    7. Totalcomprehensiveincome                             795,518,320.56                 574,365,882.49
      Attributableto owners of the Company as the                 783,389,904.73                 563,446,470.85
    parent
      Attributabletonon-controllinginterests                      12,128,415.83                  10,919,411.64
    8. Earningspershare
      8.1Basicearningspershare                                     1.56                        1.15
      8.2Dilutedearningspershare                                   1.56                        1.15
    
    
    Legal representative: Liang Jinhui The Company’s chief accountant: Ye Changqing
    
    Head of the Company’s financial department: Zhu Jiafeng
    
    4. Income Statement of the Company as the Parent
    
    Unit: RMB
    
                Item                        Q12019                        Q12018
    1. Operatingrevenue                               1,921,463,298.13                   1,273,232,528.70
    Less: Costofsales                                  742,536,052.02                    483,888,734.16
        Taxesandsurcharges                             476,220,710.41                    316,554,892.27
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
        Sellingexpense                                 23,013,905.78                     22,167,564.98
        Administrativeexpense                            95,871,680.28                     80,482,193.02
        R&Dexpense                                   3,489,301.54                     4,043,750.51
        Financecosts                                    -161,036.71                     -4,400,795.16
         Including: Interestexpense                         8,705,507.36                           0.00
                 Interestincome                         8,909,103.52                     4,434,154.46
        Assetimpairmentloss
        Creditimpairmentloss
    Add: Otherincome                                   2,256,134.13                     1,181,740.01
        Return oninvestment(“-”for                        18,762,552.86                     24,534,436.91
    loss)
          Including: Share of profit or
    loss ofjointventuresandassociates
        Net gainonexposurehedges(“-”
    for loss)
        Gain onchangesinfairvalue(“-”                     13,070,885.68                       -27,498.41
    for loss)
        Asset disposalincome(“-”for
    loss)
    2. Operatingprofit(“-”forloss)                         614,582,257.48                    396,184,867.44
    Add: Non-operatingincome                             4,461,000.86                     5,301,985.87
    Less: Non-operatingexpense                              676,321.68                       955,584.15
    3. Profitbeforetax(“-”forloss)                         618,366,936.66                    400,531,269.16
    Less: Incometaxexpense                             156,762,955.60                    100,132,817.29
    4. Netprofit(“-”fornetloss)                           461,603,981.06                    300,398,451.87
      4.1  Net  profit  from  continuing                    461,603,981.06                    300,398,451.87
    operations (“-”fornetloss)
      4.2 Net profit from discontinued
    operations (“-”fornetloss)
    5. Other comprehensive income, net of                           0.00                    -17,628,541.27
    tax
      5.1Itemsthat will not be reclassified
    to profitorloss
        5.1.1  Changes   caused   by
    remeasurements  on  defined  benefit
    pension schemes
        5.1.2Other comprehensiveincome
    that will not be reclassified to profit or
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
    loss undertheequitymethod
        5.1.3Changes in the fair value of
    investments inotherequityinstruments
        5.1.4Changes in the fair value of
    the company’screditrisks
        5.1.5Other
      5.2 Items that will be reclassified to                           0.00                    -17,628,541.27
    profit orloss
        5.2.1Other comprehensiveincome
    that will be reclassified to profit or loss
    under theequitymethod
        5.2.2Changes in the fair value of
    investments inotherdebtobligations
        5.2.3Gain/Loss on changes in the
    fair value of available-for-sale financial                           0.00                    -17,628,541.27
    assets
        5.2.4Other comprehensiveincome
    arising  from the reclassification of
    financial assets
        5.2.5Gain/Loss arising from the
    reclassification  of  held-to-maturity
    investments   to   available-for-sale
    financial assets
        5.2.6  Allowance  for  credit
    impairments in investments in other
    debt obligations
        5.2.7Reserveforcashflowhedges
        5.2.8Differences arising from the
    translation       of       foreign
    currency-denominated      financial
    statements
        5.2.9Other
    6. Totalcomprehensiveincome                          461,603,981.06                    282,769,910.60
    7. Earningspershare
       7.1Basicearningspershare                                 0.92                            0.6
       7.2Dilutedearningspershare                               0.92                            0.6
    
    
    5. Consolidated Cash Flow Statement
    
    Unit: RMB
    
                Item                        Q12019                         Q12018
    1. Cashflowsfromoperatingactivities:
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
      Proceeds from sale of commodities                  3,282,900,142.53                   2,317,913,398.32
    and renderingofservices
      Net increase in customer deposits
    and interbankdeposits
      Netincrease in borrowings from the
    central bank
      Net increase in loans from other
    financial institutions
      Premiums  received  on  original
    insurance contracts
      Netproceedsfromreinsurance
      Net  increase  in  deposits  and
    investments ofpolicyholders
      Net  increase  in  proceeds  from
    disposal offinancialassetsatfairvalue
    through profitorloss
      Interest,  handling  charges  and
    commissions received
      Net increase in interbank loans
    obtained
      Net  increase  in  proceeds  from
    repurchase transactions
      Netproceeds from acting trading of
    securities
      Taxrebates                                            0.00                       809,884.08
      Cashgenerated fromother operating                   183,731,144.88                     36,191,356.85
    activities
    Subtotal  of  cash  generated  from                  3,466,631,287.41                   2,354,914,639.25
    operating activities
      Payments  for  commodities  and                   437,253,627.58                     559,193,732.69
    services
      Net increase in loans and advances
    to customers
      Net increase in deposits in the
    central bank and in interbank loans
    granted
      Payments for claims on original
    insurance contracts
      Netincrease in financial assets held
    for tradingpurposes
      Net increase in interbank loans
    granted
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
      Interest,  handling  charges  and
    commissions paid
      Policydividendspaid
      Cashpaidtoandforemployees                       506,211,004.64                     386,791,520.43
      Taxespaid                                    1,180,474,817.64                     880,876,488.87
      Cash  used  in  other  operating                   331,990,396.64                     334,080,405.49
    activities
    Subtotal of cash used in operating                  2,455,929,846.50                   2,160,942,147.48
    activities
    Net  cash  generated  from/used  in                  1,010,701,440.91                     193,972,491.77
    operating activities
    2. Cashflowsfrominvestingactivities:
      Proceedsfromdisinvestment                        1,155,560,000.00                     450,660,768.81
      Returnoninvestment                               24,174,323.96                     25,292,217.04
      Net proceeds from the disposal of
    fixed assets,intangibleassetsandother                           0.00                        85,060.00
    long-lived assets
      Net proceeds from the disposal of
    subsidiaries andotherbusinessunits
      Cashgenerated from other investing
    activities
    Subtotal  of  cash  generated  from                  1,179,734,323.96                     476,038,045.85
    investing activities
      Paymentsfortheacquisitionoffixed
    assets,  intangible assets and other                    67,651,556.40                     70,853,122.83
    long-lived assets
      Paymentsforinvestments                           951,660,000.00                     330,218,945.40
      Net  increase  in  pledged  loans
    granted
      Net payments for the acquisition of
    subsidiaries andotherbusinessunits
      Cash  used  in  other  investing
    activities
    Subtotal of cash used in investing                  1,019,311,556.40                     401,072,068.23
    activities
    Net  cash  generated  from/used  in                   160,422,767.56                     74,965,977.62
    investing activities
    3. Cashflowsfromfinancingactivities:
      Capitalcontributionsreceived
        Including: Capital contributions
    by   non-controlling   interests  to
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
    subsidiaries
      Borrowingsobtained
      Net proceeds from the issuance of
    bonds
      Cashgenerated from other financing
    activities
    Subtotal  of  cash  generated  from
    financing activities
      Repaymentsofborrowings
      Paymentsforinterestanddividends
        Including: Dividends  paid  by
    subsidiaries tonon-controllinginterests
      Cash  used  in  other  financing
    activities
    Subtotal of cash used in financing
    activities
    Net  cash  generated  from/used  in
    financing activities
    4. Effect of foreign exchange rate
    changes oncashandcashequivalents
    5.  Net increase in cash and cash                  1,171,124,208.47                     268,938,469.39
    equivalents
    Add:  Cash  and  cash  equivalents,                   835,560,865.12                   1,024,088,626.40
    beginning oftheperiod
    6. Cash and cash equivalents, end of                  2,006,685,073.59                   1,293,027,095.79
    the period
    
    
    6. Cash Flow Statement of the Company as the Parent
    
    Unit: RMB
    
                Item                        Q12019                         Q12018
    1. Cashflowsfromoperatingactivities:
      Proceeds from sale of commodities                  1,787,341,935.99                   1,095,672,510.95
    and renderingofservices
      Taxrebates
      Cashgenerated fromother operating                   147,002,588.20                     60,289,004.82
    activities
    Subtotal  of  cash  generated  from                  1,934,344,524.19                   1,155,961,515.77
    operating activities
      Payments  for  commodities  and                   466,775,831.06                     358,347,950.36
    services
      Cashpaidtoandforemployees                       184,167,857.56                     165,733,823.32
      Taxespaid                                     778,863,559.94                     559,374,536.53
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
      Cash  used  in  other  operating                    69,443,644.99                     49,683,984.62
    activities
    Subtotal of cash used in operating                  1,499,250,893.55                   1,133,140,294.83
    activities
    Net  cash  generated  from/used  in                   435,093,630.64                     22,821,220.94
    operating activities
    2. Cashflowsfrominvestingactivities:
      Proceedsfromdisinvestment                         850,000,000.00                     420,660,768.81
      Returnoninvestment                               18,769,315.08                     25,135,723.89
      Net proceeds from the disposal of
    fixed assets,intangibleassetsandother
    long-lived assets
      Net proceeds from the disposal of
    subsidiaries andotherbusinessunits
      Cashgenerated from other investing
    activities
    Subtotal  of  cash  generated  from                   868,769,315.08                     445,796,492.70
    investing activities
      Paymentsfortheacquisitionoffixed
    assets,  intangible assets and other                    53,184,977.36                     44,030,378.21
    long-lived assets
      Paymentsforinvestments                           716,000,000.00                     140,218,945.40
      Net payments for the acquisition of
    subsidiaries andotherbusinessunits
      Cash  used  in  other  investing
    activities
    Subtotal of cash used in investing                   769,184,977.36                     184,249,323.61
    activities
    Net  cash  generated  from/used  in                    99,584,337.72                     261,547,169.09
    investing activities
    3. Cashflowsfromfinancingactivities:
      Capitalcontributionsreceived
      Borrowingsobtained
      Net proceeds from the issuance of
    bonds
      Cashgenerated from other financing
    activities
    Subtotal  of  cash  generated  from
    financing activities
      Repaymentsofborrowings
      Paymentsforinterestanddividends
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
      Cash  used  in  other  financing
    activities
    Subtotal of cash used in financing
    activities
    Net  cash  generated  from/used  in
    financing activities
    4. Effect of foreign exchange rate
    changes oncashandcashequivalents
    5.  Net increase in cash and cash                   534,677,968.36                     284,368,390.03
    equivalents
    Add:  Cash  and  cash  equivalents,                   708,172,917.59                     826,262,109.02
    beginning oftheperiod
    6. Cash and cash equivalents, end of                  1,242,850,885.95                   1,110,630,499.05
    the period
    
    
    II Adjustments to the Financial Statements
    
    1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of any New
    
    Standards Governing Financial Instruments, Revenue or Leases
    
    √ Applicable □ Not applicable
    
    Consolidated Balance Sheet Unit: RMB
    
             Item             31December2018           1January2019              Adjusted
    Current assets:
      Monetarycapital                  1,705,760,865.12           1,705,760,865.12
      Settlementreserve
      Interbankloansgranted
      Tradingfinancialassets            N/A                    2,965,016,000.42           2,965,016,000.42
      Financial assets  at  fair               622,892.96          N/A                        -622,892.96
    value throughprofitorloss
      Derivativefinancialassets
      Notes   and   accounts           1,377,175,880.08           1,377,175,880.08
    receivable
        Including:Notes                1,347,427,811.34           1,347,427,811.34
    receivable
               Accounts                29,748,068.74             29,748,068.74
    receivable
      Prepayments                     182,558,000.75            182,558,000.75
      Premiumsreceivable
      Reinsurancereceivables
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
      Receivable   reinsurance
    contract reserve
      Otherreceivables                   43,342,878.22             43,342,878.22
        Including:Interest                 24,923,178.08             24,923,178.08
    receivable
               Dividends
    receivable
      Financial assets purchased
    under resaleagreements
      Inventories                     2,407,306,664.86           2,407,306,664.86
      Contractualassets                N/A
      Assets classified as held
    for sale
      Current   portion   of            300,000,000.00            300,000,000.00
    non-current assets
      Othercurrentassets                3,012,478,687.20            254,478,687.20          -2,758,000,000.00
    Total currentassets                  9,029,245,869.19           9,235,638,976.65            206,393,107.46
    Non-current assets:
      Loans and advances to
    customers
      Investmentsindebt               N/A
    obligations
      Available-for-salefinancial            206,393,107.46          N/A                     -206,393,107.46
    assets
      Investmentsinotherdebt           N/A
    obligations
      Held-to-maturity                                       N/A
    investments
      Long-termreceivables
      Long-term       equity              4,900,000.00              4,900,000.00
    investments
      Investmentsinotherequity          N/A
    instruments
      Othernon-currentfinancial          N/A
    assets
      Investmentproperty                  5,027,228.53              5,027,228.53
      Fixedassets                     1,763,988,530.56           1,763,988,530.56
      Constructioninprogress               93,320,557.56             93,320,557.56
      Productivelivingassets
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
      Oilandgasassets
      Right-of-useassets               N/A
      Intangibleassets                   742,083,609.10            742,083,609.10
      R&Dexpense
      Goodwill                        478,283,495.29            478,283,495.29
      Long-term      prepaid             83,561,473.46             83,561,473.46
    expense
      Deferredincometaxassets             86,580,171.06             86,580,171.06
      Othernon-currentassets               16,544,407.51             16,544,407.51
    Total non-currentassets               3,480,682,580.53           3,274,289,473.07            -206,393,107.46
    Total assets                      12,509,928,449.72          12,509,928,449.72
    Current liabilities:
      Short-termborrowings
      Borrowings from central
    bank
      Interbankloansobtained
      Tradingfinancialliabilities          N/A
      Financial liabilities at fair                                N/A
    value throughprofitorloss
      Derivative     financial
    liabilities
      Notes   and   accounts            834,156,012.31            834,156,012.31
    payable
      Advancesfromcustomers            1,149,143,310.48           1,149,143,310.48
      Financialassets sold under
    repurchase agreements
      Customer  deposits  and
    interbank deposits
      Payablesfor acting trading
    of securities
      Payables for underwriting
    of securities
      Payrollpayable                    457,299,476.43            457,299,476.43
      Taxespayable                     372,993,624.18            372,993,624.18
      Otherpayables                   1,192,020,147.82           1,192,020,147.82
        Including:Interest
    payable
               Dividends
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
    payable
      Handling  charges  and
    commissions payable
      Reinsurancepayables
      Contractualliabilities              N/A
      Liabilities      directly
    associated   with   assets
    classified asheldforsale
      Current   portion   of
    non-current liabilities
      Othercurrentliabilities               295,164,745.44            295,164,745.44
    Total currentliabilities                4,300,777,316.66           4,300,777,316.66
    Non-current liabilities:
      Insurancecontractreserve
      Long-termborrowings
      Bondspayable
        Including:   Preferred
    shares
               Perpetual
    bonds
      Leaseliabilities                  N/A
      Long-termpayables
      Provisions
      Deferredincome                    76,636,500.55             76,636,500.55
      Deferred   income   tax            102,764,515.11            102,764,515.11
    liabilities
      Other      non-current
    liabilities
    Total non-currentliabilities              179,401,015.66            179,401,015.66
    Total liabilities                     4,480,178,332.32           4,480,178,332.32
    Owners’ equity:
      Sharecapital                     503,600,000.00            503,600,000.00
      Otherequityinstruments
        Including:   Preferred
    shares
               Perpetual
    bonds
      Capitalreserves                  1,295,405,592.25           1,295,405,592.25
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
      Less:Treasurystock
      Other    comprehensive              4,794,830.59                   0.00             -4,794,830.59
    income
      Surplusreserves                   256,902,260.27            256,902,260.27
      Generalreserve
      Retainedearnings                 5,541,281,341.47           5,546,076,172.06              4,794,830.59
    Total equity attributable to
    owners of the Company as           7,601,984,024.58           7,601,984,024.58
    the parent
    Non-controlling interests               427,766,092.82            427,766,092.82
    Total owners’equity                 8,029,750,117.40           8,029,750,117.40
    Total liabilities and owners’          12,509,928,449.72          12,509,928,449.72
    equity
    
    
    Statement of adjustment
    
    According to the Notice of Printing and Revising the Accounting Standards for Business Enterprises No. 22 - Recognition and
    
    Measurement of Financial Instruments (CK[2017] No. 7), Notice of Printing and Revising the Accounting Standards for Business
    
    Enterprises No. 23 – Transfer of Financial Assets (CK[2017] No. 8), Notice of Printing and Revising the Accounting Standards for
    
    Business Enterprises No. 24 – Hedging Accounting (CK[2017] No. 9), and Notice of Printing and Revising the Accounting
    
    Standards for Business Enterprises No. 37 – Presentation of Financial Instruments (CK[2017] No. 14) issued by Ministry of Finance,
    
    enterprises listed domestically alone shall implement it from 1 January 2019.
    
    Balance Sheet of the Company as the Parent
    
    Unit: RMB
    
             Item             31December2018           1January2019              Adjusted
    Current assets:
      Monetarycapital                  1,078,172,917.59           1,078,172,917.59
      Tradingfinancialassets            N/A                    1,807,016,000.42           1,807,016,000.42
      Financial assets  at  fair               622,892.96          N/A                        -622,892.96
    value throughprofitorloss
      Derivativefinancialassets
      Notes   and   accounts           1,265,722,336.88           1,265,722,336.88
    receivable
        Including:Notes                1,256,336,386.34           1,256,336,386.34
    receivable
               Accounts                9,385,950.54              9,527,072.41
    receivable
      Prepayments                      10,869,911.54             10,869,911.54
      Otherreceivables                   110,800,665.19            110,800,665.19
        Including:Interest
    receivable
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
               Dividends
    receivable
      Inventories                     2,125,826,967.11           2,125,826,967.11
      Contractualassets                N/A
      Assets classified as held
    for sale
      Current   portion   of
    non-current assets
      Othercurrentassets                1,764,267,968.83            164,267,968.83          -1,600,000,000.00
    Total currentassets                  6,356,283,660.10           6,562,676,767.56            -206,393,107.46
    Non-current assets:
      Investmentsindebt               N/A
    obligations
      Available-for-salefinancial            206,393,107.46          N/A                     -206,393,107.46
    assets
      Investmentsinotherdebt           N/A
    obligations
      Held-to-maturity                                       N/A
    investments
      Long-termreceivables
      Long-term       equity           1,148,213,665.32           1,148,213,665.32
    investments
      Investmentsinotherequity          N/A
    instruments
      Othernon-currentfinancial          N/A
    assets
      Investmentproperty                  24,715,657.40             24,715,657.40
      Fixedassets                     1,290,714,455.79           1,290,714,455.79
      Constructioninprogress               86,634,753.93             86,634,753.93
      Productivelivingassets
      Oilandgasassets
      Right-of-useassets               N/A
      Intangibleassets                   189,968,142.25            189,968,142.25
      R&Dexpense
      Goodwill
      Long-term      prepaid             56,643,945.05             56,643,945.05
    expense
      Deferredincometaxassets             37,415,458.17             37,415,458.17
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
      Othernon-currentassets               12,474,026.00             12,474,026.00
    Total non-currentassets               3,053,173,211.37           2,846,780,103.91            -206,393,107.46
    Total assets                       9,409,456,871.47           9,409,456,871.47
    Current liabilities:
      Short-termborrowings
      Tradingfinancialliabilities          N/A
      Financial liabilities at fair                                N/A
    value throughprofitorloss
      Derivative     financial
    liabilities
      Notes   and   accounts            390,939,469.93            390,939,469.93
    payable
      Advancesfromcustomers            1,123,125,892.84           1,123,125,892.84
      Contractualliabilities              N/A
      Payrollpayable                    117,748,485.96            117,748,485.96
      Taxespayable                     161,176,957.25            161,176,957.25
      Otherpayables                    372,902,293.22            372,902,293.22
        Including:Interest
    payable
               Dividends
    payable
      Liabilities      directly
    associated   with   assets
    classified asheldforsale
      Current   portion   of
    non-current liabilities
      Othercurrentliabilities                32,605,794.55             32,605,794.55
    Total currentliabilities                2,198,498,893.75           2,198,498,893.75
    Non-current liabilities:
      Long-termborrowings
      Bondspayable
        Including:   Preferred
    shares
               Perpetual
    bonds
      Leaseliabilities                  N/A
      Long-termpayables
      Provisions
    
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
      Deferredincome                    36,417,554.85             36,417,554.85
      Deferred   income   tax              4,828,737.52              4,828,737.52
    liabilities
      Other      non-current
    liabilities
    Total non-currentliabilities               41,246,292.37             41,246,292.37
    Total liabilities                     2,239,745,186.12           2,239,745,186.12
    Owners’ equity:
      Sharecapital                     503,600,000.00            503,600,000.00
      Otherequityinstruments
        Including:   Preferred
    shares
               Perpetual
    bonds
      Capitalreserves                  1,247,162,107.35           1,247,162,107.35
      Less:Treasurystock
      Other    comprehensive              4,794,830.59                   0.00             -4,794,830.59
    income
      Surplusreserves                   251,800,000.00            251,800,000.00
      Retainedearnings                 5,162,354,747.41           5,167,149,578.00              4,794,830.59
    Total owners’equity                 7,169,711,685.35           7,169,711,685.35
    Total liabilities and owners’           9,409,456,871.47           9,409,456,871.47
    equity
    
    
    Statement of adjustment
    
    According to the Notice of Printing and Revising the Accounting Standards for Business Enterprises No. 22 - Recognition and
    
    Measurement of Financial Instruments (CK[2017] No. 7), Notice of Printing and Revising the Accounting Standards for Business
    
    Enterprises No. 23 – Transfer of Financial Assets (CK[2017] No. 8), Notice of Printing and Revising the Accounting Standards for
    
    Business Enterprises No. 24 – Hedging Accounting (CK[2017] No. 9), and Notice of Printing and Revising the Accounting
    
    Standards for Business Enterprises No. 37 – Presentation of Financial Instruments (CK[2017] No. 14) issued by Ministry of Finance,
    
    enterprises listed domestically alone shall implement it from 1 January 2019.
    
    2. Retrospective Restatement of Previous Comparative Data due to the First Execution of any New
    
    Standards Governing Financial Instruments or Leases
    
    □ Applicable √Not applicable
    
    III Independent Auditor’s Report
    
    Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
    
    □Yes √ No
    
    Gujinggong Liquor Aged Original Liquor First Quarter Report 2019
    
    These financial statements have not been audited by such an auditor.

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