YantaiChangyuPioneerWineCo.,Ltd.
2022Semi-annualReport
Final2022-03
August26,2022
TableofContents
I、ImportantNotice,TableofContentsandDefinition ...... 3
II、BriefIntroductionfortheCompanyandMainFinancialIndicators ...... 6
III、DiscussionandAnalysisofManagementTeam ...... 9
IV、CorporateGovernance ...... 26V、EnvironmentalandSocialResponsibility ...... 28
VI、Majorissues ...... 30
VII、ChangesinSharesandtheShareholders’Situation ...... 38
VIII、RelatedSituationofPreferredShares ...... 43
IX、RelatedSituationofBonds ...... 43
X、FinancialReport ...... 44
I.ImportantNotice,TableofContentsandDefinition
Theboardofdirectors，theboardofsupervisors，directors,supervisorsandseniorexecutivesoftheCompanyguaranteethetruthfulness,accuracyandcompletenessofthecontentscontainedinthesemi-annualreportwithnofalserecords,misleadingstatementsorsignificantomissions,andundertakeindividualandjointlegalliabilities.Mr.HongjiangZHOU(PersoninchargeoftheCompany),Mr.JianxunJIANG(Personinchargeofaccountingwork)andMs.CuimeiGUO(Personinchargeofaccountingorgan&Accountantincharge)assurethetruthfulness,accuracyandcompletenessofthefinancialreportinthesemi-annualreport.Alldirectorshaveattendedthemeetingfordeliberatingthesemi-annualreport.Forward-lookingstatementssuchasfutureplansanddevelopmentstrategiescoveredinthisreportdonotconstituteasubstantialcommitmentoftheCompanytoinvestors.Investorsareadvisedtopayattentiontoinvestmentrisks.RegardingsignificantrisksthattheCompanymayfaceduringthebusinessprocess,pleasereferto“10.Risksandresponsemeasures”in“IIIDiscussionandAnalysisofManagementTeam”inthisreport.Investorsaresuggestedtoreadcarefullyandpayattentiontoinvestmentrisks.TheCompanyhasnoplantodistributecashdividendsandbonussharesandcapitalreservewillnotbetransferredtoequity.
ReferenceDocuments
(1)Theoriginalof2022Semi-annualReportautographedbythechairman.
(2)TheFinancialStatementsautographedandsealedbythechairman,chiefaccountantandaccountantsincharge.
(3)TheProspectusandPublicOfferingAnnouncementforStockBin1997;TheProspectusandTheShares’Change&PublicOfferingAnnouncementforStockAin2000.
(4)TheoriginalsofalldocumentsandannouncementsthattheCompanymadepublicduringthereportperiodinthenewspapersdesignatedbyChinaSecuritiesRegulatoryCommission.
Definition
DefinitionItem
| DefinitionItem | Refersto | DefinitionContent |
| Company/TheCompany | Refersto | YantaiChangyuPioneerWineCo.,Ltd. |
| ChangyuGroup/ControllingShareholder | Refersto | YantaiChangyuGroupCo.,Ltd. |
| CSRC | Refersto | ChinaSecuritiesRegulatoryCommission |
| SSE | Refersto | ShenzhenStockExchange |
| KPMGHuazhen | Refersto | KPMGHuazhenLLP(LimitedLiabilityPartnership) |
| CNY | Refersto | ChineseYuan |
II.BriefIntroductionfortheCompanyandMainFinancialIndicators
1.Company’sinformation
StockAbbreviation
| StockAbbreviation | ChangyuA,ChangyuB | StockCode | 000869，200869 |
| StockAbbreviationafterAlteration | None | ||
| PlaceofStockListing | ShenzhenStockExchange | ||
| LegalNameinChinese | 烟台张裕葡萄酿酒股份有限公司 | ||
| AbbreviationofChineseName | 张裕 | ||
| LegalNameinEnglish | YANTAICHANGYUPIONEERWINECOMPANYLIMITED | ||
| AbbreviationofEnglishName | CHANGYU | ||
| LegalRepresentative | HongjiangZHOU | ||
2.Contactpersonandinformation
| SecretarytotheBoardofDirectors | AuthorizedRepresentativeofSecuritiesAffairs | |
| Name | JianxunJIANG | TingguoLI |
| Address | 56DamaRoad,Yantai,Shandong,China | 56DamaRoad,Yantai,Shandong,China |
| Tel. | 0086-535-6602761 | 0086-535-6633656 |
| Fax. | 0086-535-6633639 | 0086-535-6633639 |
| jiangjianxun@changyu.com.cn | stock@changyu.com.cn |
3.Otherinformation
1)ContactinformationoftheCompanyWhetherthereisanychangeintheCompany’sregisteredaddress,officeaddress,correspondingpostcode,websiteaddressandemailaddressduringthereportperiod?Available?NotavailableThereisnochangeintheCompany’sregisteredaddress,officeaddress,correspondingpostcode,websiteaddressandemailaddressduringthereportperiod.Pleasereferto2021AnnualReportfordetailedinformation.
2)InformationdisclosureandfilinglocationWhetherthereisanychangeininformationdisclosureandfilinglocationduringthereportperiod?Available?NotavailableThereisnochangeinthenameofthenewspaperforinformationdisclosure,theaddressofthewebsitedesignatedbytheChinaSecuritiesRegulatoryCommissionforpublishingthesemi-annualreport,andthefilinglocationoftheCompany’ssemi-annualreportselectedbytheCompanyduringthereportperiod.Pleasereferto2021AnnualReportfordetailedinformation.
3)OtherrelevantinformationWhetherthereisanychangeinotherrelevantinformationduringthereportperiod?Available?Notavailable
4.KeyaccountingdataandfinancialindicatorsWhethertheCompanyneedstoretrospectivelyadjustorrestatetheaccountingdataofpreviousfiscalyears.?Yes?No
Duringthereport
period
| Duringthereportperiod | Inthesameperiodoflastyear | Moreorlessthanthesameperiodoflastyear(%) | |
| Operatingrevenue(CNY) | 1,953,092,135 | 1,874,460,437 | 4.19% |
| Netprofitattributedtoshareholdersofthelistedcompany(CNY) | 358,459,603 | 371,821,819 | -3.59% |
| Netprofitattributedtoshareholdersofthelistedcompanyafterdeductingnon-recurringprofitsandlosses(CNY) | 344,309,022 | 353,676,042 | -2.65% |
| Netcashflowsfromoperatingactivities(CNY) | 606,273,595 | 455,935,149 | 32.97% |
| Basicearningspershare(CNY/share) | 0.52 | 0.54 | -3.70% |
| Dilutedearningspershare(CNY/share) | 0.52 | 0.54 | -3.70% |
| Weightedaveragereturnonequity(CNY) | 3.37% | 3.57% | -0.20% |
| Atendofthisreportperiod | Attheendoflastyear | Moreorlessthantheendoflastyear(%) | |
| Totalassets(CNY) | 13,284,166,296 | 13,472,009,754 | -1.39% |
| NetAssetsattributedtoshareholdersofthelistedcompany(CNY) | 10,491,487,490 | 10,447,884,183 | 0.42% |
5.DifferencesinaccountingdataunderPRCaccountingstandardsandinternationalaccountingstandards
1)DifferencesofnetprofitandnetassetinthefinancialreportdisclosedaccordingtobothinternationalaccountingstandardsandPRCaccountingstandard?Available?Notavailable
Unit：CNY
| Netprofitattributedtotheshareholdersofthelistedcompany | NetAssetsattributedtotheshareholdersofthelistedcompany | |||
| Currentperiod | Lastperiod | Endofperiod | Beginningofperiod | |
| AccordingtoPRCaccountingstandards | 358,459,603 | 371,821,819 | 10,491,487,490 | 10,447,884,183 |
| Itemandamountadjustedaccordingtointernationalaccountingstandards | ||||
Accordingtointernationalaccountingstandards
| Accordingtointernationalaccountingstandards | 358,459,603 | 371,821,819 | 10,491,487,490 | 10,447,884,183 |
2)DifferencesofnetprofitandnetassetinthefinancialreportdisclosedaccordingtobothforeignaccountingstandardsandPRCaccountingstandards?Available?NotavailableTherearenodifferencesofnetprofitandnetassetinthefinancialreportdisclosedaccordingtobothforeignaccountingstandardsandPRCaccountingstandardsduringthereportperiod.
3)Explanationofthedifferencesinaccountingdataunderdomesticandforeignaccountingstandards?Available?Notavailable
6.Itemandamountofnon-recurringgainsandlosses?Available?Notavailable
Unit：
CNY
| Item | Amount | Explanation |
| Profitsandlossesondisposalofnon-currentassets(includingthewrite-offpartoftheprovisionforassetimpairmenthasbeenmade) | -8,239,072 | |
| Governmentgrantsincludedinthecurrentprofitsandlosses(exceptforthoserecurringgovernmentgrantsthatarecloselyrelatedtotheentity’soperation,inlinewithrelatedregulationsandhaveproperbasisofcalculation) | 23,129,245 | |
| Othernon-operatingincomeandexpenditurebesidesabove-mentioneditems | 1,105,081 | |
| Less:Amountaffectedbyincometax | 4,584,591 | |
| Amountaffectedbyminorityequity(aftertax) | -2,739,918 | |
| Total | 14,150,581 |
Specificsituationofotherprofitandlossprojectsconformingtothedefinitionofnon-recurringprofitandloss
□Available?NotavailableTheredoesnotexistspecificsituationofotherprofitandlossprojectsconformingtothedefinitionofnon-recurringprofitandloss.Explanationforregardingthenon-recurringprofitandlossspecifiedintheExplanatoryAnnouncementonPublicCompany’sInformationDisclosureNo.1-Non-recurringProfitandLossasrecurrentprofitandloss
□Available?NotavailableThereisnosituationregardingthenon-recurringprofitandlossspecifiedintheExplanatoryAnnouncementonPublicCompany’sInformationDisclosureNo.1-Non-recurringProfitandLossasrecurrentprofitandloss
III.DiscussionandAnalysisofManagementTeam
1.Mainbusinessesduringthereportperiod
1)BasicinformationofmainbusinessduringthereportperiodDuringthereportperiod,theCompany’smainbusinessesareproductionandoperationofwineandbrandy,thusprovidingdomesticandforeignconsumerswithhealthyandfashionablealcoholicdrinks.Comparedwithearlierstage,therearenosignificantchangeshappenedtotheCompany’smainbusinesses.ThewineindustrythattheCompanyinvolvedinisstillingrowthstage.Althoughbeingaffectedbymanyfactorsfortheshort-term,thecompetitioninthemarketisfierceandthedemandinwineconsumptionisstillweak.However,seenfromthelongterm,thewholedomesticwinemarketisontherisingtrend.TheCompanyisattheforefrontinthedomesticwinemarket.
2)LicenseobtainedAsofJune30
th
,2022,theCompanyanditssubsidiarieshaveobtained10foodproductionlicenses(alcohol),ofwhichthefoodproductionlicenseshavingbeenobtainedsincethebeginningof2021areasfollows:
Producername
| Producername | Foodcategory | Obtainingtime | Obtainingmethod | Foodproductionlicensenumber |
| YantaiChateauKoyaBrandyCo.,Ltd. | Alcohol | 2021.04.02 | Approvalfromgovernmentauthority | SC11537063601165 |
| YantaiChangyuPioneerWineCo.,Ltd. | Alcohol | 2021.06.01 | Approvalfromgovernmentauthority | SC11537060100050 |
| YantaiChateauChangyu-CastelCo.,Ltd. | Alcohol | 2021.06.08 | Approvalfromgovernmentauthority | SC11537063600172 |
| ChateauChangyuIcewineCo.,Ltd.Liaoning | Alcohol | 2021.03.25 | Approvalfromgovernmentauthority | SC11521052200370 |
3)ExplanationforothersignificanteventsDuringthereportperiod,theredidnotexistthetrademarkownershipdispute,foodqualityissueorfoodsafetyincidentetc.thathadasignificantimpactontheCompany.BrandoperationTheCompany’sproductsweredividedintotwoseries:wineandbrandy.Forwine,mainbrandsincludedChangyu,NobleDragon,AFIP,ChangyuMoserXV,Longyu,GoldenIcewineValley,Zenithwirl,Vermouth,Rena,BaronBalboa,J.LORMIN,Atrio,KilikanoonandIWCCandsoon.ForBrandy,mainbrandsincludedKoya,Mminni,Pagese,RoulletFransacandsoon.MajorsalesmodeTheCompany’smainsalesmodewasthedistributionmode,andmainsaleschannelwas
offlinesales,thatis,theCompany’sproductsweredistributedtosalesterminalsthroughapproximately4600distributorsathomeandabroadandultimatelyprovidedtoconsumers.Distributionmode?Available?Notavailable
①TheCompanyadoptedthesettlementmethodofcashandcarrywiththedistributors,andmainlyadoptedbuyoutdistributionmode.Situationofchangeinthenumberofdistributorsisshownasfollows.
Region
| Region | Numberattheendof2021 | Increasednumberduringthisreportperiod | NumberonJune30th,2022 |
| EasternChina | 1857 | 20 | 1877 |
| SouthChina | 565 | 4 | 569 |
| CentralChina | 476 | -18 | 458 |
| NorthChina | 365 | -1 | 364 |
| NorthwestChina | 184 | -12 | 172 |
| SouthwestChina | 493 | 5 | 498 |
| NortheastChina | 318 | -1 | 317 |
| HongKong,Macao,TaiwanChinaandoverseas | 573 | 18 | 591 |
| Total | 4831 | 15 | 4846 |
②SalesinformationoftheCompany’stop5distributorsduringthereportperiod
| No. | Customername | Salesamount(CNY） | Proportionintotalsales（%） |
| 1 | Rank1st | 35,061,506 | 1.80% |
| 2 | Rank2nd | 24,698,618 | 1.26% |
| 3 | Rank3rd | 22,310,450 | 1.14% |
| 4 | Rank4th | 14,031,860 | 0.72% |
| 5 | Rank5th | 13,530,153 | 0.69% |
| Total | -- | 109,632,587 | 5.61% |
Theratioofsalesinself-ownedexclusiveshopexceeds10%?Available?NotavailableSalesofonlinedirectsales?Available?Notavailable
Salesmodel
| Salesmodel | Firsthalfof2022 | Firsthalfof2021 | ||||
| Operatingincome(CNY) | Operatingcost(CNY) | Grossmargin | Operatingincome(CNY) | Operatingcost(CNY) | Grossmargin | |
| Distribution | 1,719,362,579 | 721,760,539 | 58.02% | 1,641,730,422 | 666,704,868 | 59.39% |
| Directsales | 233,729,556 | 100,094,927 | 57.17% | 232,730,015 | 94,808,676 | 59.26% |
| Total | 1,953,092,135 | 821,855,466 | 57.92% | 1,874,460,437 | 761,513,544 | 59.37% |
Thechangeinsalespricesofmajorproductsaccountingformorethan10%oftotaloperatingincomeincurrentreportperiodexceeds30%comparedwiththoseinlastreportperiod?Available?NotavailableProcurementmodeandprocurementcontent
Unit:CNY’0000
| Procurementmode | Procurementcontent | Amountofmajorprocurementcontents |
| Qualitativeandpricecomparison | Rawmaterialsincludinggrape/bulkwine | 25,743.36 |
| Invitationforbids/qualitativeandpricecomparison | Packagingmaterials | 18,474.16 |
| Invitationforbids/qualitativeandpricecomparison | Brewingmaterials | 618.61 |
| Invitationforbids/qualitativeandpricecomparison | Goodsandmaterialsforvineyard | 209.67 |
| Contract | Fuelandpower | 1,251.54 |
| Qualitativeandpricecomparison | Otheralcoholicproductsandderivatives | 1,001.56 |
Amountofpurchasingrawmaterialsfromcooperativesorfarmersexceeds30%oftotalprocedureamount?Available?NotavailableTheyear-on-yearchangeinthepriceofmajoroutsourcedrawmaterialsexceeds30%?Available?NotavailableMajorproductionmodeTheproductionmodeoftheCompanyisself-produce.Commissionedprocessingandproduction?Available?NotavailableMajorcomponentsofoperatingcosts
Unit:CNY
| Sector | Project | Firsthalfof2022 | Firsthalfof2021 | Year-on-yearincreaseordecrease(%) | ||
| Amount | Proportionintheoperatingcost(%) | Amount | Proportionintheoperatingcost(%) | |||
| Liquor | Blendingliquor | 373,837,363 | 46.27% | 338,779,444 | 45.80% | 0.47% |
andalcoholicbeverage
| andalcoholicbeverage | Packingmaterial | 240,932,715 | 29.82% | 220,802,800 | 29.85% | -0.03% |
| Wages | 26,180,979 | 3.24% | 22,817,933 | 3.08% | 0.16% | |
| Manufacturing/transportingexpenses | 167,043,018 | 20.67% | 157,299,021 | 21.27% | -0.59% |
Unit:CNY
| Sector | Project | Firsthalfof2022 | Firsthalfof2021 | Year-on-yearincreaseordecrease(%) | ||
| Amount | Proportionintheoperatingcost(%) | Amount | Proportionintheoperatingcost(%) | |||
| Wine | Blendingliquor | 267,277,422 | 45.81% | 242,011,692 | 45.36% | 0.45% |
| Packingmaterial | 165,812,423 | 28.42% | 155,025,713 | 29.06% | -0.64% | |
| Wages | 22,169,970 | 3.80% | 18,985,077 | 3.56% | 0.24% | |
| Manufacturingexpenses | 128,178,818 | 21.97% | 117,508,189 | 22.02% | -0.06% | |
| Brandy | Blendingliquor | 106,559,941 | 47.45% | 96,767,752 | 46.94% | 0.52% |
| Packingmaterial | 75,120,293 | 33.45% | 65,777,088 | 31.90% | 1.55% | |
| Wages | 4,011,009 | 1.79% | 3,832,855 | 1.86% | -0.07% | |
| Manufacturingexpenses | 38,864,200 | 17.31% | 39,790,832 | 19.30% | -1.99% | |
Yieldandinventory
| Year | Category | Yield(ton) | Salesvolume(ton) | Inventory(ton) |
| Firsthalfof2022 | Wine | 30,563 | 32,315 | 13,645 |
| Brandy | 5,661 | 13,198 | 6,927 | |
| Firsthalfof2021 | Wine | 28,229 | 31,428 | 13,697 |
| Brandy | 8,449 | 14,191 | 5,962 |
2.AnalysisofcorecompetitivenessInthecompetitivelandscapeofChina’swineindustry,theCompanyhasthefollowingcompetitiveadvantagesovertheplayersintheindustry:
Firstly,theCompanyhasalargebrandinfluence.Mainbrandsusedhavealonghistory.“Changyu”,“NobleDragon”and“AFIP”areall“Chinafamousbrands”thathavestronginfluenceandgoodreputation.Secondly,theCompanyhassetupanationwidemarketingnetwork.TheCompanyhasformeda“three-level”marketingnetworksystemmainlycomposedoftheCompany’s
salesmenanddistributorsandtheonlinesalesplatformhashadacertainscaleandinfluence,owingstrongmarketingabilityandmarketexploitationability.Thirdly,theCompanyhasstrongscientificprowessandaproductR&Dsystem.Relyingonthecountry’s“State-levelWineR&DCenter”,theCompanyhasownedpowerfulwinemakerteam,masteredadvancedwinemakingtechnologyandproductionprocessesandhadstrongproductinnovationcapacityandperfectqualitycontrolsystem.Fourthly,theCompanyisinpossessionofalotofgrape-growingbasesthatarecompatiblewithitsdevelopmentrequirements.TheCompanyhasdevelopedagreatdealofvineyardsinthemostsuitableareasforwinegrapegrowinginChinasuchasShandong,Ningxia,Xinjiang,Liaoning,HebeiandShaanxi,anditssubsidiaryoverseasenterprisesalsoownmatchinggrapebasesinlocalarea,makingtheoverallscaleandstructuregenerallymeettheCompany’sneedsforfuturedevelopment.Fifthly,productsinhigh,mediumandlow-gradeaswellasvarietiesandcategoriesareallcomplete.Over100varietiesofseriesproductssuchaswine,brandyandsparklingwinecoversvariousgrades,includinghigh,mediumandlow-grade,whichcanmeetdifferentconsumergroup’demands.TheCompanyhastakenthedominantstatusinthedomesticwineindustryaftermanyyears’developmentandhascomparativeadvantagesinthefuturecompetition.Sixthly,theCompanyhasarelativelyperfectmotivationsystem.MostofCompany’semployeesindirectlyholdtheCompany’sequitythroughcontrollingshareholders.Therearehighconsistencybetweenemployeebenefitsandshareholdersbenefits,infavorofmotivatingemployeestocreatevalueforshareholders.Seventhly,theCompanyhassetupflexibleandefficientdecision-makingmechanism.TheCompany’scoremanagementteamalwaysmaintainsaworkingstyleofunityandpragmaticandflexibleandefficientdecision-makingmechanism,whichmakestheCompanycandealwithmarketchangesmorecalmly.Eighthly,theglobalproductioncapacitylayouthasbeenbasicallycompleted.TheCompanyhascompletedproductioncapacitylayoutinChina,France,Chile,Spain,Australiaandothermajorwineproducingcountriesintheworld,enablingmakingbetteruseofglobalhigh-qualityrawmaterialresources,capital,talentsandadvancedproductionprocessesandtechnologiestoprovideconsumerswithdiversifiedqualityproductsandbetterserveconsumers.Basedontheabovereasons,theCompanyhasformedrelativelystrongcorecompetenceandwillmaintainarelativelydominantpositioninthefuturepredictablemarketcompetition.
3.AnalysisinmainbusinessSummarizationDuringthereportperiod,affectedbyvariousfactorssuchasCOVID-19epidemic,thedomesticwinedemandstillweak,themarketcompetitionwasveryfierce,andthemarketingactivitieswereseverelyrestricted.TheCompanyinsistedintakingthemarketasthecenter,insistedthedevelopmentstrategyof“Focusonhighquality,Focusonmiddle-and-highlevel,
Focusonbigproduct”andthemarketingconceptof“Increasingsalesfromtheterminalandcontinuously-cultivatedconsumers”withoutwavering,andactivelyexploredandcreatedanewdevelopmentpatternforwineandbrandyinChina.Inthefirsthalfyear,theCompanyrealizedthebusinessincomeofCNY1953.09millionwithayear-on-yearincreaseof4.19%andthenetprofitattributabletoshareholdersoftheparentcompanyrealizedCNY358.45millionwithayear-on-yeardecreaseof3.59%.Duringthereportperiod,theCompanymainlydidfollowingwork:
Firstly,thereformofthemarketsystemhasbeenadvancedbothinscopeandindepth,andthesignificantprogresshasbeenmadeinthecomprehensivedigitaltransformation.Duringthereportperiod,theLongyubusinessdivision,ChateauWinebusinessdivision,NobleDragonbusinessdivision,Brandybusinessdivision,ImportedWinebusinessdivision,OnlinebusinessdivisionandTourismbusinessdivisionestablishedbytheCompanyhavebasicallytakenshape.People,fundsandmaterialshavebeenbasicallyconfiguredinplace,andacorrespondingcompensationassessmentandresponsibilitysystemhavebeenformulated.Thebusinessdivisionsadjustedandoptimizedthedistributionofdistributors,establishedasalesstructure,whichisbothindependentandcoordinated,coveringallbusinesssegments,allitemsanddifferentconsumergroups,andestablishedmarketingstrategieswiththeirowncharacteristics,inordertoprovideorganizationalguaranteeforfurtherrefinementanddeepeningofthemarket;enableconsumerdataassetstoempowercustomerexperience,products,marketing,dealersandbusiness,andcomprehensiveimprovethedigitalexecutionlevelofallemployeesandthedigitaloperationteam.Secondly,continuetopromotemarketinginnovation,strivetoexpandnewmarketingchannels,andpromoteproductsales.Duringthereportingperiod,theCompanycontinuedtodeepencooperationwithe-commerceplatformssuchasJD.comandTmall,increasedinvestmentinself-operatede-commercebusinessresourcesandtalentintroduction,andlaunchedalargenumberofhigh-qualityshortvideosonplatformssuchasKuaishouandTikTok(Chineseversion),whichachievedgoodcommunicationeffectsthatboostedproductsalesandachievedasignificantincreaseinonlinesalesamount.Activelyexpandemergingsaleschannelssuchas“circlemarketing”,givefullplaytotheleadingroleofconsumerleaders,andcontinuouslyexpandtheconsumergroupofhigh-endproducts.Thirdly,continuetostrengthenqualitymanagement,andsteadilyimprovedtheproductquality.TheCompanyfurtherstrengthenedthebrandwinemakersystem,promotedtheproductionunittoassumethemainresponsibilityforexternalpackagingqualityandthesupplierrolesofAandB,soastosteadilyimproveproductquality.TheCompanyparticipatedinthe2022BerlinWineCompetition,inwhich10productsincludingLongyuM12CabernetSauvignondryredwine,LongyuM8blendeddryredwine,ChangyuNobleDragonN398dryredwine,ChangyuRieslingN118drywhitewine,ChateauTinlotdryredwine,XingjiangChateauBaronBalboadryredwine,ShanxiChateauRenaR388ShirazdryredwineandR588Shirazdryredwine,LiaoningGoldenIcewineValleyGoldenDiamondandBlackDiamondIcewinewongoldaward.TheCompanyparticipatedintheTheThirtiethSessionMundusViniWorldWineCompetition,inwhichLongyu2021M6CabernetSauvignondrywhitewine,XingjiangChateauBaronBalboa2019Chardonnaydrywhite
wine,LiaoningGoldenIcewineValley2019GoldenDiamondIcewineand2019BlackDiamondIcewinerespectivelywonthegoldawards.Fourthly,acceleratetechnologicalandproductinnovation,researchanddevelopspecialvarieties,andpromotetheinstitutionalreformofproductionunitstobettermeetmarketdemand,reduceproductioncostsandimproveproductionefficiency.Fifthly,completetheteasingoutofdomesticgrapebases,introduceandabsorbadvancedplantingtechnology,andfurtherimprovethemanagementlevelofgrapebases,whichisconductivetoimprovinggrapeproductsandqualityandoptimizingthevarietystructure.Sixthly,intensifythecrackdownoncross-regionalpricereductionofproducts,strengthenfinancialmanagementandauditsupervision,maintainthegoodmarketorder,andpreventoperationalrisk.Duringthereportingperiod,theCompanyintensifiedthepunishmentforcross-regionalpricereductionofproducts,whichbettermaintainedthemarketorder;strengthenedfinancialbudgetmanagement,andin-depthanalysisandevaluatetax-relatedriskmatterstoavoidedmajorfinancialandtaxrisks;auditthekeyexpensesoftheproductionandsalessystem,the2021profitauthenticityandtheintegrityandeffectivenessofassetsof17businessunits;completetheoutgoingauditof35unitmanagersinsalesandtourismsystem;completespecialauditssuchasnon-performingassetsandeconomicresponsibilityinvestigationtoeffectivelypreventandcontrolbusinessrisks.TheCompanyhasactivelytakentheabovemeasurestopromoteproductsales;however,inthefirsthalfofthisyear,theCOVID-19epidemicoccurredfrequentlyacrossthecountry,whichledtotherestrictionsoncatering,on-sitemeetings,entertainmentandothergatheringactivitiesforpeopleintheaffectedareas.Thewineconsumptionscenewasgreatlyreduced,andalargenumberofmarketingactivitiesweredifficulttocarryoutnormally,especiallytheYangtzeRiverDeltaregion,whichisanimportantsalesareafortheCompany,hasbeenaffectedbytheepidemicforalongtime.Theflowofpeopleandlogisticshavebeenblockedresultedintheinabilityofproductstobedeliveredtocustomersandconsumersintime,whichdraggeddowntheCompany’soverallsalesperformance.InordertoachievetheCompany’sbusinesstargetsetatthebeginningoftheyear,inthesecondhalfof2022,theCompanywillfocusonfollowingtasks:
Thefirstistofurtherimprovethemarketsystemwithsevenmajorbusinessdivisionsasthemainbody,deepenthereformoftheproductionsystem,andenhancetheabilityofenterprisetoadapttomarketchanges.Thesecondistostrengthentheconstructionoftalentteam,increasetalentintroductionandrecruitment,establishandimprovethemanagementtraineesystem,formascientificandreasonabletalentechelon,andcontinuouslyinjectnewimpetusintotheCompany’sdevelopment.ThethirdistotaketheopportunityoftheCompany’s130
thanniversaryoftheestablishment,doagoodjobofthecelebration,increasethepromotionofChangyubrand,improvebrandawarenessandreputation,andpromoteproductsales.Thefourthistodoagoodjobinfieldmanagementbeforegrapeharvesting,andstrivetoimprovethequalityofgrapes;scientificallyorganizetheharvestingofgrapesandotherrawmaterials,completethetaskofgrapeharvestingwithqualityandquantity,andprovide
reliablerawmaterialguaranteeforthefuturedevelopmentoftheCompany.Thefifthistocontinuetostrengthensafetyproductionmanagement,checkandeliminatesafetyhazardsonebyone,ensurethatsafetyresponsibilitiesandvarioussafetymanagementmeasuresarefullyimplemented,andpreventmajorproductionandoperationaccidentsandrisks.Year-on-yearchangeinkeyfinancialdata
Unit:CNY
Thisperiod
| Thisperiod | Thesameperiodoflastyear | Year-on-yearincreaseordecrease | Causeofsignificantchanges | |
| Operatingrevenue | 1,953,092,135 | 1,874,460,437 | 4.19% | Mainlyduetoincreaseintheaveragepriceofproducts. |
| Operatingcost | 821,855,466 | 761,513,544 | 7.92% | Mainlyduetotheincreaseinthepriceofrawmaterialsandpackagingmaterials |
| Salesexpense | 417,764,419 | 388,385,610 | 7.56% | Mainlyduetotheincreaseinmarketingexpense |
| Managementexpense | 127,504,270 | 123,384,629 | 3.34% | Mainlyduetotheincreaseinadministrativeexpensesanddepreciationexpenses |
| Financialexpense | 6,085,438 | 9,363,032 | -35.01% | Mainlyduetothedecreaseininterestexpensesandtheincreaseininterestincome |
| Incometaxexpense | 128,189,749 | 136,579,849 | -6.14% | Nosignificantchanges |
| R&Dexpense | 5,509,656.00 | 2,477,835 | 122.36% | Mainlyduetotheincreaseinnewproductandnewprocessresearch |
| Netamountofcashflowgeneratedinoperatingactivities | 606,273,595 | 455,935,149 | 32.97% | Mainlyduetotheincreaseincashreceivedfromsalesofgoods,provisionoflaborservicesandcashreceivedfromtaxrefunds |
| Netamountofcashflowgeneratedininvestmentactivities | -82,230,822 | -113,095,884 | 27.29% | Mainlyduetotheincreaseinnetcashrecoveredfromdisposaloffixedassets,intangibleassetsandotherlong-termassets |
| Netamountofcashflowgeneratedincapital-raisingactivities | -186,701,705 | -2,719,043 | -6,766.45% | Mainlyduetothedecreaseincashreceivedfromborrowings |
| Netincreasedamountofcashandcashequivalents | 337,529,905 | 339,719,689 | -0.64% | Nosignificantchanges |
SignificantchangeintheprofitformandprofitsourceoftheCompanyduringthereportperiodThereisnosignificantchangeintheprofitformandprofitsourceoftheCompanyduringthereportperiod.
Compositionofoperatingrevenue
Unit:CNY
Thisreportperiod
| Thisreportperiod | Thesameperiodoflastyear | Year-on-yearincreaseordecrease(%) | |||
| Amount | Proportioninoperatingrevenue | Amount | Proportioninoperatingrevenue | ||
| Totaloperatingrevenue | 1,953,092,135 | 100% | 1,874,460,437 | 100% | 4.19% |
| Sector-classified | |||||
| Sectorofliquorandalcoholicbeverage | 1,953,092,135 | 100% | 1,874,460,437 | 100% | 4.19% |
| Product-classified | |||||
| Wine | 1,396,641,243 | 71.51% | 1,307,676,111 | 70.92% | 6.80% |
| Brandy | 512,003,369 | 26.22% | 501,728,940 | 26.61% | 2.05% |
| Tourism | 29,847,803 | 1.53% | 52,119,124 | 1.59% | -42.73% |
| Others | 14,599,720 | 0.75% | 12,936,262 | 0.89% | 12.86% |
| Area-classified | |||||
| Domestic | 1,660,239,304 | 85.01% | 1,627,153,708 | 84.45% | 2.03% |
| Overseas | 292,852,831 | 14.99% | 247,306,729 | 15.55% | 18.42% |
Thecasesofindustry,productorareaaccountingforover10%intheCompany’soperatingrevenueoroperatingprofit?Available?Notavailable
Unit:CNY
| Operatingrevenue | Operatingcost | Grossmargin | Year-on-yearincreaseordecrease(%)ofoperatingrevenue | Year-on-yearincreaseordecrease(%)ofoperatingcost | Year-on-yearincreaseordecrease(%)ofgrossmargin | |
| Sector-classified | ||||||
| Sectorofliquorandalcoholicbeverage | 1,953,092,135 | 821,855,466 | 57.92% | 4.19% | 7.92% | -1.45% |
| Product-classified | ||||||
| Wine | 1,396,641,243 | 583,438,632 | 58.23% | 6.80% | 9.35% | -0.97% |
| Brandy | 512,003,369 | 224,555,443 | 56.14% | 2.05% | 8.92% | -2.77% |
| Tourism | 29,847,803 | 9,709,207 | 67.47% | -42.73% | -42.86% | 0.07% |
| Others | 14,599,720 | 4,152,183 | 71.56% | 12.86% | -13.92% | 8.85% |
| Area-classified | ||||||
| Domestic | 1,660,239,304 | 615,799,260 | 62.91% | 2.03% | 1.36% | 0.25% |
Abroad
| Abroad | 292,852,831 | 206,056,206 | 29.64% | 18.42% | 33.84% | -8.11% |
UndertheconditionthatthestatisticalcaliberoftheCompany’smainbusinessdataisadjustedduringthereportperiod,theCompany’smainbusinessdataadjustedonthebasisofcaliberattheendofreportperiodinrecentoneyear.?Available?NotavailableExplanationonthecausesofover30%year-on-yearchangesoftherelatedcomparisondata?Available?Notavailable
4.Analysisinnon-mainbusiness?Available?Notavailable
5.Analysisinassetsandliabilities
1)Significantchangeinassetscomposition
Unit:CNY
| Attheendofthisreportperiod | Attheendoflastyear | Proportionincreaseordecrease(%) | Explanationonsignificantchanges | |||
| Amount | Proportioninthetotalassets(%) | Amount | Proportioninthetotalassets(%) | |||
| Monetaryfunds | 1,904,942,625 | 14.34% | 1,567,095,993 | 11.63% | 2.71% | Nosignificantchanges |
| Accountreceivables | 217,886,837 | 1.64% | 291,006,410 | 2.16% | -0.52% | Nosignificantchanges |
| Contractassets | 0% | 0% | - | |||
| Inventory | 2,833,824,908 | 21.33% | 2,802,622,520 | 20.80% | 0.53% | Nosignificantchanges |
| Investmentrealestate | 23,031,335 | 0.17% | 24,502,258 | 0.18% | -0.01% | Nosignificantchanges |
| Long-termequityinvestments | 45,575,193 | 0.34% | 46,496,510 | 0.35% | -0.01% | Nosignificantchanges |
| Fixedassets | 5,546,334,638 | 41.75% | 5,687,867,314 | 42.22% | -0.47% | Nosignificantchanges |
| Constructioninprogress | 660,727,258 | 4.97% | 590,172,099 | 4.38% | 0.59% | Nosignificantchanges |
| Right-of-useasset | 149,020,444 | 1.12% | 134,569,039 | 1% | 0.12% | Nosignificantchanges |
| Short-termborrowings | 488,464,425 | 3.68% | 622,066,457 | 4.62% | -0.94% | Nosignificantchanges |
| Contractliability | 141,073,446 | 1.06% | 147,120,716 | 1.09% | -0.03% | Nosignificantchanges |
| Long-termborrowings | 132,856,562 | 1% | 176,047,043 | 1.31% | -0.31% | Nosignificantchanges |
| Leaseliability | 111,496,142 | 0.84% | 101,811,588 | 0.76% | 0.08% | Nosignificantchanges |
2)Mainoverseasassetssituation?Available?Notavailable
Unit：
CNY
Detailsofassets
| Detailsofassets | Formationreasons | Assetsscale | Location | Operationmode | Controlmeasuresforsafeguardingofassetsecurity | Earningcondition | ProportionofoverseasassetsintheCompany’snetassets | Whethertherearesignificantimpairmentrisks |
| HaciendaYVinedosMarquesDelAtrio.SL | Acquisitionofequity | 529,203,276 | Spain | Independentoperation | TheCompanyparticipatesinmakingimportantdecisionsthroughboardofdirectorsandappointsCFOonfinancialmanagement. | 7,091,623 | 5.04% | No |
| IndomitaWineCompanyChile,S.p.A. | Establishmentofjointventure | 523,412,313 | Chile | Independentoperation | TheCompanyparticipatesinmakingimportantdecisionsthroughboardofdirectors. | 4,315,754 | 4.99% | No |
| KilikanoonEstatePty.,Ltd. | Acquisitionofequity | 158,839,501 | Australia | Independentoperation | TheCompanyparticipatesinmakingimportantdecisionsthroughboardofdirectors. | -316,838 | 1.51% | No |
| FrancsChampsParticipationsSAS | Soleproprietorshipestablishment | 220,100,542 | France | Independentoperation | TheCompanyparticipatesinmakingimportantdecisionsthroughboardofdirectors. | -665,481 | 2.10% | No |
| Otherinformationexplanation | None | |||||||
3)Assetsandliabilitiesmeasuredatfairvalue?Available?Notavailable
4)Limitationsofassetsrightsuptotheendofthereportperiod
①Attheendofreportperiod,theCompanyhasnoassetssealedup,detainedorfrozen.②Forinformationaboutassetsmortgageandpledge,pleaserefertoAnnouncementonExternalGuaranteeandAnnouncementonGuaranteeprovidedbySpanishAtrioCompanyforBankLoandisclosedonChinaSecuritiesJournal,SecuritiesTimesandCNINFO(http://www.cninfo.com.cn)in2016,2017,2018,2019and2020.③Forthetypesandamountsofmortgagedandpledgedassets,pleasereferto“7.55Assetswithownershiporuserightrestrictions”in“7.Notesto
itemsintheconsolidatedfinancialstatements”inthenotetothefinancialstatementsofthisreport.
6.Analysisininvestmentcondition
1)Overallsituation?Available?Notavailable
Investmentamountduringthereportperiod(CNY)
| Investmentamountduringthereportperiod(CNY) | Investmentamountofthesameperiodoflastyear(CNY) | Variation |
| 46,420,000 | 80,000,000 | -41.98% |
2)Casesofacquiredsignificantequityinvestmentsduringthereportperiod?Available?Notavailable
3)Casesofsignificantongoingnon-equityinvestmentsduringthereportperiod?Available?Notavailable
Unit:CNY
| Projectname | Investmentmode | Whetherbelongstofixedassetsinvestment | Involvedsectorsofinvestmentprojects | Investmentamountduringthereportperiod | Accumulatedactualinvestmentamountuptotheendofthereportperiod | Capitalsource | Projectprogress | Estimatedearnings | Accumulatedrealizedearningsuptotheendofthereportperiod | Reasonsforunreachedplanningscheduleandestimatedearnings | Disclosuredate | Disclosureindex(ifhave) |
| YantaiChangyuInternationalWineCityBlendingandCoolingCenter | Self-constructed | Yes | Liquorandalcoholicbeveragesector | 10,190,000 | 1,695,214,100 | Ownedfund | 100% | 0 | 0 | — | 2017.04.22 | PleaserefertoResolutionAnnouncementofSeventhSessionBoardofDirectors4thMeeting,ResolutionAnnouncement |
ofSeventhSessionBoardofDirectors8
th
Meeting,ResolutionAnnouncementofSeventhSessionBoardofDirectors10
th
Meeting,ResolutionAnnouncementofEighthSessionBoardofDirectors4
thMeeting,ResolutionAnnouncementofEighthSessionBoardofDirectors7
th
MeetingandResolutionAnnouncementofEighthSessionBoardofDirectors11
thMeetingdisclosedonChinaSecuritiesJournal,SecuritiesTimesandCNINFO(http://www.cninfo.com.cn)
| YantaiChangyuInternationalWineCityBottlingCenter | Self-constructed | Yes | 0 | 1,090,110,000 | Ownedfund | 100% | 0 | 0 | — | 2017.04.22 | ofSeventhSessionBoardofDirectors8thMeeting,ResolutionAnnouncementofSeventhSessionBoardofDirectors10thMeeting,ResolutionAnnouncementofEighthSessionBoardofDirectors4thMeeting,ResolutionAnnouncementofEighthSessionBoardofDirectors7thMeetingandResolutionAnnouncementofEighthSessionBoardofDirectors11thMeetingdisclosedonChinaSecuritiesJournal,SecuritiesTimesandCNINFO(http://www.cninfo.com.cn) | |
| YantaiChangyuInternationalWineCityLogisticsCenter | Self-constructed | Yes | 0 | 462,677,200 | Ownedfund | 100% | 0 | 0 | — | 2017.04.22 | ||
| ChangyuVineandWineResearchInstitute | Self-constructed | Yes | 0 | 179,854,800 | Ownedfund | 100% | 0 | 0 | — | 2017.04.22 | ||
| TreasureWineChateau | Self-constructed | Yes | 50,000 | 211,370,000 | Ownedfund | 95% | 0 | 0 | — | 2017.04.22 | ||
| KoyaBrandyChateau | Self-constructed | Yes | 480,000 | 207,575,500 | Ownedfund | 100% | 0 | 0 | — | 2017.04.22 | ||
| Oakbarrelprocurementproject | Self-constructed | Yes | 0 | 148,084,200 | Ownedfund | 70% | 0 | 0 | — | 2021.04.28 | ||
| ChangyuWineCultureMuseumintelligentupgradeand | Self-constructed | Yes | Tourism | 35,700,000 | 35,700,000 | Ownedfund | 60% | 0 | 0 | — | 2022.04.27 |
reconstructionproject
| reconstructionproject | ||||||||||||
| Total | -- | -- | -- | 46,420,000 | 4,030,585,800 | -- | -- | 0 | 0 | -- | -- | -- |
4)Financialassetsinvestment
①Securityinvestmentsituation?Available?NotavailableTherearenosecurityinvestmentsfortheCompanyduringthereportperiod.②Derivativesinvestment?Available?NotavailableTherearenoderivativesinvestmentsfortheCompanyduringthereportperiod.
5)Theusagesituationofraisedcapital□Available?NotavailableTherearenousagesituationsofraisedcapitalfortheCompanyduringthereportperiod.
7.Saleofsignificantassetsandequities
1)Saleofsignificantassets?Available?NotavailableTheCompanydidnotsellsignificantassetsduringthereportperiod.
2)Saleofsignificantequities?Available?Notavailable
8.Analysisofmainholdingandjointstockcompanies?Available?NotavailableSituationofmainsubsidiariesandjointstockcompaniesaffectingover10%oftheCompany’snetprofit
Unit:CNY
Companyname
| Companyname | Companytype | Mainbusiness | Registeredcapital | Totalassets | Netassets | Operatingrevenue | Operatingprofit | Netprofit |
| YantaiChangyuPioneerWineSalesCo.,Ltd. | Subsidiary | Salesofalcoholicproducts | CNY8million | 761,104,139 | 94,472,441 | 1,112,462,616 | 288,211,876 | 236,193,494 |
| YantaiChangyuWineSalesCo.,Ltd. | Subsidiary | Salesofalcoholicproducts | CNY5million | 112,264,768 | 110,784,805 | 341,489,367 | 12,088,947 | 9,513,544 |
| ChangyuTradingCo.,Ltd.inDevelopmentZoneofYantai | Subsidiary | Salesofalcoholicproducts | CNY5million | 67,025,331 | 14,398,027 | 86,929,541 | 21,820,485 | 16,336,467 |
| LaizhouChangyuWineSalesCo.,Ltd. | Subsidiary | Salesofalcoholicproducts | CNY1million | 60,212,142 | 1,000,000 | 144,954,763 | 5,248,798 | 3,936,574 |
Acquisitionanddisposalofsubsidiariesduringthereportperiod?Available?NotavailableExplanationonmainholdingandjointstockcompaniesNo
9.SituationofthestructuredsubjectscontrolledbytheCompany?Available?Notavailable
10.Risksandresponsemeasures
1)RiskinpricefluctuationofrawmaterialsGrapesaretheCompany’smainrawmaterials.Thegrape’syieldandqualityareaffectedtoacertainextentbythenaturalfactorssuchasdrought,wind,rain,frostandsnow.TheseforcemajeurefactorsgreatlyinfluencethequantityandpriceofthegrapesinthisCompanyordersandaddtheuncertaintytotheCompany’sproductionandoperation.Therefore,theCompanywilllowertherisksthatarelikelytoaffectgrapequalityandresultinpricefluctuationbymeansofexpandingtheself-runvineyards,strengtheningthevineyardmanagementandoptimizingthelayoutofvineyards.
2)RiskinuncertaintyofmarketinputandoutputTocopewiththecutthroatmarketcompetitionandtomeettheneedsformarketdevelopment,theCompanyhasinputmoreandmorecapitalinthemarketandthesalesexpensehastakenupahigherpercentagepointinthebusinessrevenue.Theinput-outputratiowillaffecttheCompany’soperatingresultstoagreatextentandtheriskthatsomeinvestmentsmaynotreachtheexpectationsislikelytooccur.Therefore,theCompanywillstrengthenmarketresearchandanalysis,enhancemarketforecastaccuracyandcontinuetoperfecttheinput-outputevaluationsystemtoensuretheinvestmentsinmarkettobesatisfactoryasexpected.
3)RiskinproducttransportTheCompany’sproductsarefragileandsenttodifferentplacesallovertheworld,mostlybysea,railwayandexpressway.Thepeakseasonofsalesisusuallyincoldwinterandclosetothespringfestivalwhenmarkethasagreatdemand.Atthattime,thenaturalandhumanfactorssuchasseriousshortageoftransportcapacityresultingfrombusyflowofpeopleandgoods,wind,snow,freezingaswellastrafficaccidentsmakethetransportdepartmentsdifficulttosendproductstomarketsintimeandsafely.Asaresult,itmakesthisCompanyhavetofacetherisksofmissingthepeakseasonofsales.Therefore,theCompanywilladoptallmethodspossiblelikemakingprecisesalespredictionandwelldesignedconnectionofproductionandsales,reasonablyarrangingproductionandtransportmeansandmakinguseofmoreavailablewarehousesindifferentplacestolowerthesekindsofrisks.
4)RiskininvestmentfaultsTheCompanyinvestedmanyprojectsinthepreviousperiodsandtheinvestmentamountswererelativelylarge.Forindividualproject,owingtotheinfluenceofvariousfactors,itledtohavetherisksoffacingwiththeinvestmentamountoutofbudgetorhardlytakingbacktheexpectedinvestmentearnings.TheCompanywilltakeanadequateargumentandscientificdecision-makingforinvestmentprojects,tryhardtoreduceandavoidinvestmentrisks.
5)RiskinexchangerateTheCompany’soverseassubsidiariesexportproductstomanydifferentcountriesandtheexportamountisrelativelylarge.Theremaybeexchangelossesorgainsduetoexchangeratefluctuation.
6)RiskinepidemicriskTheCompany’sproductsarecurrentlymainlyusedforpeople’sconsumptionatgatherings.Ifthechanceofgatheringdeclinesduetotheepidemic,itmayhaveagreaternegativeimpactontheCompany’sproductsales.
IV.CorporateGovernance
1.Informationfortheshareholders’meetingandinterimshareholders’meetingheldduringthereportperiod
1)Informationfortheshareholders’meetingduringthereportperiod
Session
| Session | Meetingtype | Participationratioofinvestors | Conveningdate | Disclosuredate | MeetingResolution |
| 2021AnnualShareholders’Meeting | AnnualShareholders’Meeting | 60.42% | 2022.05.27 | 2022.05.28 | Atthismeeting,itdeliberatedandapproved2021AnnualBoardofDirectors’WorkReport,2021AnnualBoardofSupervisors’WorkReport,2021AnnualReport,Proposalon2021AnnualProfitDistribution,Proposalon2022AnnualFinancialBudget,ProposalonChangingLicenseUseModeofChangyuTrademarks,ProposalonAppointmentofCertifiedPublicAccountingFirm,ProposalonReelectionofBoardofDirectors,ProposalonAppointmentofIndependentDirectorsandProposalonReelectionofBoardofSupervisorsbythewayofopenballot.Fordetailedinformation,pleaserefertoResolutionAnnouncementof2021AnnualShareholders’Meeting(Announcementno.:2022-Temporary12)publishedonhttp://www.cninfo.com.cn |
2)Requestforconveninginterimshareholders’meetingbypriorityshareholdersowingrecoveredvotingright?Available?Notavailable
2.ChangesintheCompany’sdirectors,supervisorsandseniorexecutives?Available?Notavailable
| Name | Position | Type | Date | Reason |
| BinLENG | Director | Expirationofappointment | 2022.05.27 | Leavingthepostofdirectorowingtotheexpirationoftheeighthsessionboardofdirectors |
| FeiLUO | IndependentDirector | Expirationofappointment | 2022.05.27 | Leavingthepostofindependentdirectorowingtotheexpirationoftheeighthsessionboardofdirectors |
| LanlanZHANG | Supervisor | Expirationofappointment | 2022.05.27 | Leavingthepostofsupervisorowingtotheexpirationoftheseventhsessionboardofdirectors |
| JianxunJIANG | Director | Beingelected | 2022.05.27 | Beingelectedasthedirectoratthe2021AnnualShareholders’Meeting |
| ZhuquanWANG | IndependentDirector | Beingappointed | 2022.05.27 | Beingelectedastheindependentdirectoratthe2021AnnualShareholders’Meeting |
| QingkunKONG | Generalmanagerassistant | Beingappointed | 2022.06.09 | Beingappointedasthegeneralmanagerassistantbytheboardofdirectors |
| WenpingZHENG | Supervisor | Beingelected | 2022.05.27 | BeingelectedasthesupervisorattheWorkersandEmployees'Congress |
3.Situationofprofitdistributionandcapitalizationofcapitalreserveintosharecapitalduringthereportperiod?Available?NotavailableTheCompanyplansnottodistributecashdividendsorgivebonussharesormakecapitalizationofcapitalreserveintosharecapital.
4.ImplementationoftheCompany’sequityinventiveplan,employeestockownershipplanorotheremployeeincentivemeasures?Available?NotavailableTherearenoimplementationoftheCompany’sequityinventiveplan,employeestockownershipplanandotheremployeeincentivemeasuresduringthereportperiod.
V.EnvironmentalandSocialResponsibility
1.MajorenvironmentalsituationWhetherthelistedcompanyanditssubsidiariesbelongtomajorpolluterspublishedbytheenvironmentalprotectiondepartment?Yes?No
Nameofcompanyorsubsidiary
| Nameofcompanyorsubsidiary | Nameofmajorpollutantsandparticularpollutants | Modeofdischarge | Quantityofdischargeoutlet | Distributionsituationofdischargeoutlet | Dischargeconcentration | Implementedpollutiondischargestandard | Totalvolumeofdischarge | Totalapprovedvolumeofdischarge | Conditionofexcessivedischarge |
| ChateauChangyuIcewineCo.,Ltd.Liaoning | Organizedexhaustgas,inorganizedexhaustgas,wasterwater,noise | Dischargeoutletofboilerchimneyanddischargeoutletoffactorywastewater | 2 | ConfirmedinlinewithnationalstandardGraphicalSignsforEnvironmentalProtection(GB15562.1-1995)(GB15562.2-1995) | Meetingthenationalstandards | EmissionStandardforAirPollutantsofBoiler(GB13271-2014),EmissionStandardforOdorPollutants(GB14554-93),4ainClass2ofEmissionStandardforEnvironmentalNoiseattheBoundaryofIndustrialEnterprises(GB12348-2008),,ComprehensiveWastewaterDischargeStandardofLiaoningProvince(DB21/1627-2008) | 35m3/d | 120m3/d | No |
ConstructionandoperationofpollutionpreventionfacilitiesTheexhaustgas,SO
andNOXproducedbythiscompany'sboileraredischargedthroughceramictubedustremoversandbagdustremovers.Awastewatertreatmentstationhasbeenconstructed.Thewastewatertreatmentprocessadoptsthetreatmentprocessofhydrolysis-aerobiont.Productionwastewateranddomesticsewagearetreatedbythein-plantwastewatertreatmentstationandthendischargedintothewastewatertreatmentplantinBeidianzixiangTown.Environmentalimpactassessmentofconstructionprojectsandotherenvironmental
protectionadministrativepermitsIthasbeenapprovedintheHuanhuanjianzi(2016)No.24issuedbytheEnvironmentalProtectionBureauofHuanrenManchuAutonomousCounty.EmergencyplanforemergentenvironmentalincidentTheCompanyhasformulatedacomprehensiveemergencyplanforemergentenvironmentalincident.Environmentalself-monitoringprogramTheCompanyhasformulatedacompleteenvironmentalself-monitoringprogram.Administrativepenaltiesduetoenvironmentalissuesduringthereportingperiod
NameofCompanyorSubsidiary
| NameofCompanyorSubsidiary | PenaltyReason | ViolationSituation | PenaltyResult | ImpactontheProductionandOperationoftheListedCompany | RectificationMeasuresoftheCompany |
| None | None | None | None | None | None |
OtherenvironmentalinformationthatshouldbemadepublicNoMeasurestakenforreducingcarbonemissionsandeffects?Available?NotavailableOtherrelatedenvironmentalinformationNo
2.Socialresponsibilityperformance
1)TheCompanyactivelyrespondstothecallofthestate,servedtheruralrevitalizationwell,adoptedthemodeof“company+farmer”or“company+cooperative+farmer”,reformedtheslopingfieldsofJiaodongPeninsularandthenorthwesternareaincludingNingxiaandXinjiangandsoon,theuncultivatedlandorthebarrenlandintograperies.Bymeansofprovidingcapitalandtechnologyofviticulturetofruitgrowers,scientificmanagementlevelofvineyardhadbeenimproved.TheCompanysparednoefforttopopularizethenon-pollutionandmechanizedplantingmethods,continuouslyimprovedproductionefficiencyofgrapebaseandqualityofgrape,andreducedproductioncostofgrapeandlaborintensity.Throughtheabovemeasures,ontheonehand,itpromotestheeffectiveuseoflandresourcesandincreasestheincomeoffarmers;ontheotherhand,itimprovethelocalecologicalenvironment.
2)TheCompanyprovidedcounterpartsupportstoHuangchengyangvillageinLongkouCity,anoldrevolutionarybaseareabypurchasinglocalagriculturalproductstohelpsolvetheproblemofslowsales.
3)TheCompanyprovidedhelpandassistancetotheCompany’sin-serviceorretiredemployeeswithpoorfamilies,aswellastheCompany’sin-serviceorretiredemployeeswithchronicorseriousillnesses.
VI.Majorissues
1.CommitmentsthattheCompany’sactualcontrollers,shareholders,relatedparties,acquirersandtheCompanyandotherrelatedcommitmentpartieshaveimplementedduringthereportperiodandhavenotimplementeduptotheendofthereportperiod?Available?Notavailable
Commitments
| Commitments | Commitmentparty | Commitmenttype | Commitmentcontent | Commitmenttime | Commitmentperiod | Implementation |
| Commitmentsattheinitialpublicofferingorrefinancing | YantaiChangyuGroupCo.,Ltd. | Solvehorizontalcompetition | Non-horizontalcompetition | May18th,1997 | Forever | Hasbeenperforming |
| YantaiChangyuGroupCo.,Ltd. | Cleartheuseoftrademarkroyalty | AccordingtoTrademarkLicenseContract,thetrademarkroyaltyofChangyuandothertrademarkspaidbytheCompanytoYantaiChangyuGroupCo.,Ltd.everyyearismainlyusedforadvertisingChangyuandothertrademarksandthiscontractproductsbyYantaiChangyuGroupCo.,Ltd. | May18th,1997 | FromMay18th,1997toApril4th,2019 | AccordingtoTrademarkLicenseContract,thetrademarkroyaltyannuallypaidbytheCompanytoChangyuGroupshallbemainlyusedbyChangyuGrouptopublicizetrademarksincludingChangyuandcontractproducts.Except2013to2017duringwhichthecommitmentwasnotstrictlyperformed,YantaiChangyuGroupCo.,Ltd.hasbeenperformingitscommitment. | |
| CommitmentstomiddleandsmallshareholdersoftheCompany | YantaiChangyuGroupCo.,Ltd. | Compensatingunredeemedcommitment | TheCNY231,768,615thatwasnotusedforpublicityoftrademarksandcontractproductsaspromisedwillbeoffsetbythefour-yeartrademarkroyaltyfrom2019to2022.Ifinsufficient,theshortfallwouldbefilledinonetimein2023.Ifthereisanyexcess,theexcessportionofthetrademarkroyaltywouldbecollectedfromtheyearwithexcessoccurrence. | April4th,2019 | FromApril4th,2019toDecember31st,2023 | Hasbeenperforming |
Commitmentundertimelyimplementationornot
| Commitmentundertimelyimplementationornot | Yes |
| Whetherornottohavespecificreasonsoftheunimplementedcommitmentandnextsteps | AccordingtotheTrademarkLicenseContract(hereafterreferredtoas“theContract”),ChangyuGrouppromisesthatthetrademarkroyaltyannuallypaidbytheCompanytoChangyuGroupshallbemainlyusedbyChangyuGrouptopublicizetrademarksandcontractproducts.Butabove-mentioned‘mainly’isnotaspecificnumber,whichiseasytocausedivergenceduetodifferentunderstandingandleadstoproblemappearanceduringtheimplementationprocess.From2013to2017,ChangyuGroupcollectedatotalofCNY420,883,902trademarkroyalty,ofwhich51%wasusedtopublicizetrademarksincludingChangyuandcontractproductswithamountofCNY214,650,790.TheamounthasbeenusedtopublicizetrademarksincludingChangyuandcontractproductsisCNY50,025,181,withabalanceofCNY164,625,609.In2018and2019,thetrademarkroyaltycollectedof2017and2018isCNY155,623,907,ofwhich51%isusedtopublicizetrademarksincludingChangyuandcontractproductswithamountofCNY79,368,193.TheamounthasbeenusedtopublicizetrademarksincludingChangyuandcontractproductsisCNY12,225,187,withabalanceofCNY67,143,006.From2013to2018,theaccumulatedbalanceofChangyuGroupusingtopublicizetrademarksincludingChangyuandcontractproductsisCNY231,768,615.ChangyuGrouppromisesthatthefour-yeartrademarkroyaltyfrom2019to2022willbeusedforoffset.Ifinsufficient,theshortfallwouldbefilledinonetimein2023.Ifthereisanyexcess,theexcessportionofthetrademarkroyaltywouldbecollectedfromtheyearwithexcessoccurrence.IfChangyuGroupisnotabletoimplementtheabove-mentionedcommitmentowingtovariousreasons,theCompanywilltimelysuperviseandurgeChangyuGrouptofulfillitscommitmentandrequestChangyuGrouptoraisefundsthroughbankloaning,assetssalesandequitysalesetc.inordertoimplementthecommitment.Fordetailedinformation,pleaserefertoAnnouncementonCommitmentIssuesofYantaiChangyuGroupCo.,Ltd.disclosedonApril4,2019. |
2.Non-operationaloccupationcapitalofthelistedcompanybycontrollingshareholderanditsrelatedparties?Available?NotavailableThereisnonon-operationaloccupationcapitalofthelistedcompanybycontrollingshareholderanditsrelatedpartiesduringthereportperiod.
3.Illegalexternalguarantee?Available?NotavailableThereisnoillegalguaranteesituationduringthereportperiod.Theappointmentanddismissalofcertifiedpublicaccountants
4.AppointmentanddismissalofaccountingfirmsWhetherthesemi-annualreporthasbeenaudited?Yes?NoThesemi-annualreporthasnotbeenaudited.
5.Explanationfromtheboardofdirectorsandtheboardofsupervisorsforthe“Non-standardAuditReport”duringthisreportperiod?Available?Notavailable
6.Explanationfromtheboardofdirectorsforthe“Non-standardAuditReport”oflastyear?Available?Notavailable
7.Issuesrelatedwithbankruptcyreorganization?Available?NotavailableTherearenorelatedissuesofbankruptcyreorganizationhappenedattheendofthereportperiod.
8.LitigationIssueMateriallitigationandarbitration?Available?NotavailableTherearenomateriallitigationandarbitrationduringthereportperiod.OtherLitigationIssue?Available?Notavailable
9.Penaltyandrectification?Available?Notavailable
10.CreditoftheCompany,itscontrollingshareholderandactualcontroller?Available?Notavailable
11.Majorrelatedtransactions
1)Relatedtransactionsinrelationtoroutineoperations?Available?NotavailableTherearenorelatedtransactionsinrelationtoroutineoperationsduringthereportingperiod.
2)Relatedtransactionsinrelationtoacquisitionandsalesofassetsorequity?Available?NotavailableTherearenorelatedtransactionsinrelationtoacquisitionorsalesofassetsorequityduringthereportperiod.
3)Relatedtransactionsinrelationtocommonforeigninvestment?Available?NotavailableTherearenorelatedtransactionsinrelationtocommonforeigninvestmentduringthereportperiod.
4)Relatedcreditanddebtdealings?Available?NotavailableWhetherornotexistingnon-operatingrelatedcreditanddebttransactions?Yes?NoTherearenonon-operatingrelatedcreditanddebttransactionsduringthereportperiod.
5)Dealsofrelatedfinancialcompanies?Available?NotavailableThereisnodeposit,loan,creditgrantingorotherfinancialbusinessbetweentherelatedfinancialcompaniesandrelatedparties.
6)DealsbetweenfinancialcompaniescontrolledbytheCompanyandrelayedparties?Available?NotavailableThereisnodeposit,loan,creditgrantingorotherfinancialbusinessbetweenthefinancialcompaniescontrolledbytheCompanyandrelatedparties.
7)Othermajorrelatedtransactions?Available?NotavailableForothermajorrelatedtransactions,pleaserefertotheAnnouncementof2022AnnualExpectedRoutineRelatedTransactionandtheSectionXI“RelatedPartiesandRelatedTransaction”oftheFinancialReportofthisreport.Disclosurewebsiteofinterimreportformajorrelatedtransaction
Nameofinterimannouncement
| Nameofinterimannouncement | Disclosuredateofinterimannouncement | Nameofdisclosurewebsiteforinterimannouncement |
| Announcementof2022AnnualExpectedRoutineRelatedTransaction | April27,2022 | www.cninfo.com.cn |
12.Majorcontractsandexecutionconditions
1)Trusteeship,contractandleaseissues
①Trusteeshipsituation?Available?NotavailableThereisnotrusteeshipsituationduringthereportperiod.
②Contractsituation?Available?Notavailable
Thereisnosuchcontractsituationduringthereportperiod.③Leasesituation?Available?NotavailableExplanationforleasesituationOnJanuary1
st
,2022,theCompanyrenewedtheSpaceLeaseAgreementwiththecontrollingshareholderYantaiChangyuGroupCompanyLimited.TheCompanyleasedthespacewith15,196.94squaremeterslocatingatNo.174ShihuiyaoRoad,ZhifuDistrict,YantaiCity.TherentperyearisCNY1.4645millionwitharentalperiodof5yearsfromJanuary1
st
,2022toDecember31
st
,2026.OnJanuary1
st,2022,theCompany’ssubordinateSales&MarketingCo.ofYantaiChangyuPioneerWineCompanyLimitedBrandySalesDivisionrenewedtheSpaceLeaseAgreementwiththecontrollingshareholderYantaiChangyuGroupCompanyLimited,leasingthespacewith42,552.83squaremeterslocatingatNo.1JichangRoad,ZhifuDistrict,YantaiCityandthespacewith3,038squaremeterslocatingat56DamaRoad,ZhifuDistrict,YantaiCity,whichareallunderthenameofcontrollingshareholder.TherentofabovespacesperyearisCNY4.3935millionwitharentalperiodof5yearsfromJanuary
st
,2022toDecember31
st,2026.OnJuly1
st,2017,thisCompanysignedahouse-leasingcontractwithYantaiShenmaPackagingCompanyLimited.Accordingtothiscontract,sinceJuly1
st
,2017,thisCompanyleasedpropertytoYantaiShenmaPackagingCompanyLimitedforabusinesspurposewiththeannualrentofCNY1,626,880.ThiscontractexpiresonJune30
th
,2022.ProjectwhoseprofitandlossbroughtfortheCompanyreachmorethan10%ofthetotalprofitduringthereportperiod?Available?NotavailableTherearenoleaseprojectswhoseprofitandlossbroughtfortheCompanyreachmorethan10%ofthetotalprofitduringthereportperiod.
2)Majorguarantee?Available?Notavailable
Unit:CNY’0000
ExternalguaranteeoftheCompanyanditssubsidiaries（excludingguaranteetosubsidiaries）
| ExternalguaranteeoftheCompanyanditssubsidiaries（excludingguaranteetosubsidiaries） | |||||||||||
| Guaranteeobjectname | Disclosuredateofrelatedannouncementaboutguaranteequota | Guaranteequota | Actualdateofoccurrence(dateofagreement) | Actualguaranteeamount | Guaranteetype | Collateral | CounterGuarantee | GuaranteePeriod | Whetherornotcompleteimplementation | Whetherornotbelongtorelated-partyguarantee | |
| YantaiEconomicandTechnologicalDevelopmentZoneManagementCouncil. | 2016.12.22 | 34,160 | 2016.12.21 | 34,160 | Jointandseveralliabilityguarantee | None | TenderingguaranteeforYantaiChangyuWineResearchandDevelopmentCompanyLimited’sloans | 10years | No | No | |
| Totaloftheexternalguaranteequotaapprovedduringthereportperiod(A1) | 0 | Totaloftheactualexternalguaranteeamountduringthereportperiod(A2) | 0 | ||||||||
| Totaloftheexternalguaranteequotaapprovedbytheendofthereportperiod(A3) | 34,160 | Balanceoftheactualexternalguaranteebytheendofthereportperiod(A4) | 34,160 | ||||||||
| GuaranteesituationsbetweentheCompanyandsubsidiaries | |||||||||||
| Guaranteeobjectname | Disclosuredateofrelatedannouncementaboutguaranteequota | Guaranteequota | Actualdateofoccurrence(dateofagreement) | Actualguaranteeamount | Guaranteetype | Collateral | CounterGuarantee | GuaranteePeriod | Whetherornotcompleteimplementation | Whetherornotbelongtorelated-partyguarantee | |
| YantaiChangyuWineResearchandDevelopmentCompanyLimited | 2016.12.22 | 72,176 | 2016.12.21 | 72,176 | Jointandseveralliabilityguarantee;Mortgage | Plantandotherfixedassets | None | 10years | No | Yes | |
| KilikanoonEstatePtyLtd | 2018.12.05 | 8,528 | 2018.12.13 | 7,518 | Jointandseveralliabilityguarantee | None | None | 5year | No | Yes | |
| Totaloftheguaranteequotaapprovedtosubsidiariesbytheendofthereportperiod(B3) | 80,704 | Balanceoftheactualguaranteeforsubsidiariesbytheendofthereportperiod(B4) | 79,694 | ||||||||
| Guaranteesituationsbetweensubsidiaries | |||||||||||
| Guaranteeobjectname | Disclosuredateofrelatedannouncement | Guaranteequota | Actualdateofoccurrence(date | Actualguaranteeamount | Guaranteetype | Collateral | CounterGuarantee | GuaranteePeriod | Whetherornotcomplete | Whetherornotbelongtorelated-party | |
aboutguarantee
quota
| aboutguaranteequota | ofagreement) | implementation | guarantee | |||||||||
| — | — | — | — | — | — | — | — | — | — | — | ||
| TotalguaranteeamountoftheCompany（Totalofabovethreemajoritems） | ||||||||||||
| Totaloftheapprovedguaranteequotabytheendofthereportperiod（A3+B3+C3） | 114,864 | Balanceoftheactualguaranteebytheendofthereportperiod（A4+B4+C4） | 113,854 | |||||||||
| Theproportionofactualtotalguaranteeamount(A4+B4+C4)accountingfortheCompany’snetasset | 10.85% | |||||||||||
| Among: | ||||||||||||
| Theamountofguaranteeforshareholders,actualcontrollersandtheirrelatedparties（D） | 0 | |||||||||||
| Theamountofdebtguaranteefortheguaranteedobjectswhoseasset-liabilityratioismorethan70%directlyorindirectly（E） | 0 | |||||||||||
| Totalamountofguaranteeofthepartthatexceeds50%ofnetassets（F） | 0 | |||||||||||
| Totalamountoftheabove-mentionedthreeitems（D+E+F） | 0 | |||||||||||
| Explanationforundueguaranteesthathavehappenedwarrantyliabilityormaytakejointpaybackliabilitiesduringthereportperiod(ifhave) | No | |||||||||||
| Explanationforviolatingdueprocesstoprovideexternalguarantee(ifhave) | No | |||||||||||
ExplanationonspecificsituationsofadaptingguaranteebycomplexmethodsNo.
3)Financialmanagemententrustment?Available?NotavailableThereisnofinancialmanagemententrustmentduringthereportperiod.
4)Otherimportantcontracts?Available?NotavailableTherearenootherimportantcontractsduringthereportperiod.
13.OtherMajorissues?Available?NotavailableTherearenoothermajorissuesneedtobeexplainedduringthereportperiod.
14.MajorissuesofCompany’ssubsidiaries?Available?Notavailable
VII.ChangesinSharesandShareholders’Situation
1.Changesinshares
1)Changesinshares
Unit:share
Amountbeforethischange
| Amountbeforethischange | Change(+,-) | Amountafterthischange | |||||||
| Amount | Percentage% | Allotnewshare | Distributebonusshare | Transferothercapitaltosharecapital | Others | Subtotal | Amount | Percentage% | |
| I.Shareswithtradinglimitedcondition | |||||||||
| 1.State-ownedholdings | |||||||||
| 2.State-ownedlegalpersonholdings | |||||||||
| 3.Otherdomesticholdings | |||||||||
| Amongwhich:domesticlegalperson | |||||||||
| domesticnaturalperson | |||||||||
| 4.Foreign-ownedholdings | |||||||||
| Amongwhich:foreignlegalperson | |||||||||
| foreignnaturalperson | |||||||||
| II.Shareswithouttradinglimitedcondition | 685,464,000 | 100% | 685,464,000 | 100% | |||||
| 1.Ashares | 453,460,800 | 66.15% | 453,460,800 | 66.15% | |||||
| 2.Bshares | 232,003,200 | 33.85% | 232,003,200 | 33.85% | |||||
| 3.Oversealistedforeignshares | |||||||||
| 4.Others | |||||||||
| III.Totalshares | 685,464,000 | 100% | 685,464,000 | 100% | |||||
Causeofsharechange?Available?NotavailableApprovalofsharechange?Available?NotavailableTransferownershipofchangedshares?Available?NotavailableImplementationprogressofsharebuy-back?Available?NotavailableImplementationprogressofreducingholdingbuy-backsharethroughthewayofcentralizedbidding?Available?NotavailableTheinfluenceofsharechangeonthefinancialindicatorssuchasbasicearningspershare,dilutedearningspershareofthelatestyearandthelatestperiod,netassetpersharebelongingtotheCompany’scommonshareholders,etc.?Available?NotavailableOthercontentstheCompanythinksnecessaryorsecuritiesregulatorydepartmentsasktomakepublic.?Available?Notavailable
2)Changesinrestrictedshares?Available?Notavailable
2.Securitiesissuanceandlistingsituation?Available?Notavailable
3.ThenumberofshareholdersoftheCompanyandtheshareholdings
Totalshareholdersinthereportperiod
| Totalshareholdersinthereportperiod | 49,522 | Totalnumberofpreferredshareholderrecoveringvotingpowerbytheendofreportperiod(ifhave)(seenote8) | 0 | ||||||
| Shareholdersholdingmorethan5%orthetop10shareholdersholdingsituation | |||||||||
| NameofShareholders | Characterofshareholders | Percentage(%) | Shareshelduntiltheendofthereportperiod | Changesduringthereportperiod | Numberofrestrictedshares | Numberofunrestrictedshares | Pledgedorfrozen | ||
| Sharestatus | Amount | ||||||||
| YANTAICHANGYUGROUPCO.,LTD. | Domesticnon-statelegalperson | 50.40% | 345,473,856 | 0 | 345,473,856 | - | - | ||
| GAOLINGFUND,L.P. | Foreignlegalperson | 3.08% | 21,090,219 | 0 | 21,090,219 | - | - | ||
| BBHBOSS/AFIDELITYFD-CHINAFOCUSFD | Foreignlegalperson | 1.12% | 7,683,016 | -1,457,200 | 7,683,016 | - | - | ||
| SHENWANHONGYUANSECURITIES(HONGKONG)LIMITED | Foreignlegalperson | 1.06% | 7,293,952 | -120,000 | 7,293,952 | ||||
| FengdiJIANG | Domesticnaturalperson | 0.75% | 5,112,000 | 258,000 | 5,112,000 | - | - | ||
| HaitongInternationalSecuritiesCompanyLimited-AccountClient | Foreignlegalperson | 0.73% | 5,006,502 | -54,200 | 5,006,502 | - | - | ||
| GUOTAIJUNANSECURITIES(HK)LIMITED | Foreignlegalperson | 0.67% | 4,621,503 | -390,368 | 4,621,503 | - | - | ||
| FIDELITYPURITANTRUST:FIDELITYSERIESINTRINSICOPPORTUNITIESFUND | Foreignlegalperson | 0.60% | 4,089,162 | -2,261,600 | 4,089,162 | - | - | ||
| VANGUARDEMERGINGMARKETSSTOCKINDEXFUND | Foreignlegalperson | 0.59% | 4,026,863 | -144,000 | 4,026,863 | - | - | ||
| CHINAMERCHANTSSECURITIES(HK)CO.,LIMITED | State-ownlegalperson | 0.58% | 4,000,228 | -589,432 | 4,000,228 | - | - | ||
| Strategicinvestorsorlegalresultoftheplacementofnewsharestobecomeatop10shareholders(ifhave)(seenote3) | No | ||||||||
| Theexplanationfortheassociatedrelationshipandaccordantaction | Amongthetop10shareholders,YantaiChangyuGroupCompanyLimitedhasnoassociatedrelationshiporaccordantactionrelationshipwiththeother9listedshareholders,whiletherelationshipamongtheothershareholdersisunknown. | ||||||||
| Explanationoftheabove-mentionedshareholders’entrustment/fiduciaryvotingrightsandwaiverofthevotingrights | No | ||||||||
| Specialexplanationfortheexistenceofaspecialrepurchaseaccountamongthetop10shareholders(ifhave)(seenote11) | No | ||||||||
| Thetop10shareholderswithshareswithouttradinglimitedcondition | |||||||||
| NameofShareholders | Numberofshareswithouttradinglimitedconditionhelduntiltheendoftheyear | Typeofshare | |||||||
WhetherornottheCompany’stop10commonshareholdersandtop10shareholderswithunrestrictedsharestakeagreedrepurchasetransactionduringthereportperiod?Yes?NoThereisnoagreedrepurchasetransactiontakenbytheCompany’stop10commonshareholdersandtop10shareholderswithunrestrictedsharesduringthereportperiod.
Typeofshare
| Typeofshare | Amount | ||
| YANTAICHANGYUGROUPCO.,LTD. | 345,473,856 | A | 345,473,856 |
| GAOLINGFUND,L.P. | 21,090,219 | B | 21,090,219 |
| BBHBOSS/AFIDELITYFD-CHINAFOCUSFD | 7,683,016 | B | 7,683,016 |
| SHENWANHONGYUANSECURITIES(HK)LIMITED | 7,293,952 | B | 7,293,952 |
| FengdiJIANG | 5,112,000 | A | 5,112,000 |
| HaitongInternationalSecuritiesCompanyLimited-AccountClient | 5,006,502 | B | 5,006,502 |
| GUOTAIJUNANSECURITIES(HONGKONG)LIMITED | 4,621,503 | B | 4,621,503 |
| FIDELITYPURITANTRUST:FIDELITYSERIESINTRINSICOPPORTUNITIESFUND | 4,089,162 | B | 4,089,162 |
| VANGUARDEMERGINGMARKETSSTOCKINDEXFUND | 4,026,863 | B | 4,026,863 |
| CHINAMERCHANTSSECURITIES(HK)CO.,LIMITED | 4,000,228 | B | 4,000,228 |
| Theexplanationfortheassociatedrelationshipandaccordantactionofthetop10shareholderswithunrestrictedshares,thetheassociatedrelationshipandaccordantactionbetweenthetop10shareholderswithunrestrictedsharesandthetop10shareholders | Amongthetop10shareholders,YantaiChangyuGroupCompanyLimitedhasnoassociatedrelationshiporaccordantactionrelationshipwiththeother9listedshareholders,andtherelationshipamongtheothershareholdersisunknown. | ||
| Explanationforthetop10shareholderswhoinvolvedinfinancingactivitiesandstocktradingbusiness(ifhave)(seenote4) | Thetop10shareholdersdonotinvolveinfinancingactivitiesandstocktradebusiness. | ||
4.Changesinshareholdingsofdirectors,supervisorsandseniorexecutives?Available?Notavailable
5.ChangesincontrollingshareholdersoractualcontrollersChangesinthecontrollingshareholdersduringthereportperiod?Available?NotavailableThereisnoanychangeinthecontrollingshareholdersduringthereportperiod.Changesintheactualcontrollersduringthereportperiod?Available?NotavailableThereisnoanychangeintheactualcontrollersduringthereportperiod.
Name
| Name | Position | Status | NumberofSharesheldatthebeginningperiod(shares) | Increasednumberofsharesheldinthecurrentperiod(shares) | Decreasednumberofsharesheldinthecurrentperiod(shares) | Numberofsharesheldattheendperiod(shares) | Numberofrestrictedsharesgrantedatthebeginningperiod(shares) | Numberofrestrictedsharesgrantedinthecurrentperiod(shares) | Numberofrestrictedsharesgrantedattheendperiod(shares) |
| HongjiangZHOU | Chairman | Incumbent | 37,800 | 0 | 0 | 37,800 | 0 | 0 | 0 |
| JianSUN | Director,Generalmanager | Incumbent | 60,000 | 30,000 | 0 | 90,000 | 0 | 0 | 0 |
| HuaJIANG | Deputygeneralmanager | Incumbent | 0 | 10,000 | 0 | 10,000 | 0 | 0 | 0 |
| Total | - | - | 97,800 | 40,000 | 0 | 137,800 | 0 | 0 | 0 |
VIII.RelatedSituationofPreferredShares
?Available?NotavailableTherearenopreferredsharesduringthereportperiod.
IX.RelatedSituationofBonds
?Available?Notavailable
X.FinancialReport
1.AuditreportWhetherthesemiannualreporthasbeenaudited?Yes?No
2.FinancialstatementTheunitinthestatementsofthefinancialannotationsisRMBYuan.
2.1ConsolidatedbalancesheetCompilingunit:YantaiChangyuPioneerWineCo.,Ltd.June30,2022Unit:Yuan
Item
| Item | Note | June30,2022 | December31,2021 |
| Currentassets: | |||
| Monetaryfund | 7.1 | 1,904,942,625 | 1,567,095,993 |
| Settlementreserves | |||
| Lendingfunds | |||
| Tradablefinancialassets | |||
| Derivativefinancialassets | |||
| Billsreceivable | 7.2 | 400,000 | 42,827,666 |
| Accountsreceivable | 7.3 | 217,886,837 | 291,006,410 |
| Receivablesfinancing | 7.4 | 293,023,621 | 364,457,497 |
| Advancepayment | 7.5 | 39,189,201 | 75,235,879 |
| Premiumreceivable | |||
| Reinsuranceaccountsreceivable | |||
| Receivablereservesforreinsurancecontract | |||
| Otherreceivables | 7.6 | 24,225,429 | 30,125,270 |
| Including:Interestreceivable | |||
| Dividendsreceivable | |||
| Redemptorymonetarycapitalforsale | |||
| Inventories | 7.7 | 2,833,824,908 | 2,802,622,520 |
| Contractassets | |||
| Assetsheldforsale | |||
| Non-currentassetsduewithinoneyear | |||
| Othercurrentassets | 7.8 | 32,053,687 | 217,152,601 |
| Totalcurrentassets | 5,345,546,308 | 5,390,523,836 | |
| Non-currentassets: | |||
| Offeringloansandimprest | |||
| Debtinvestments | |||
| Otherdebtinvestments | |||
| Long-termreceivables | |||
| Long-termequityinvestments | 7.9 | 45,575,193 | 46,496,510 |
| Otherinvestmentsinequityinstruments | |||
| Othernon-currentfinancialassets | |||
| Investmentrealestate | 7.10 | 23,031,335 | 24,502,258 |
| Fixedassets | 7.11 | 5,546,334,638 | 5,687,867,314 |
| Constructioninprogress | 7.12 | 660,727,258 | 590,172,099 |
| Productivebiologicalassets | 7.13 | 187,656,289 | 193,712,942 |
Item
| Item | Note | June30,2022 | December31,2021 |
| Oil-and-gasassets | |||
| Right-of-useassets | 7.14 | 149,020,444 | 134,569,039 |
| Intangibleassets | 7.15 | 607,903,340 | 617,866,879 |
| Developmentexpenditure | |||
| Goodwill | 7.16 | 112,374,541 | 112,374,541 |
| Long-termprepaidexpenses | 7.17 | 283,582,115 | 284,593,163 |
| Deferredincometaxassets | 7.18 | 189,437,218 | 245,210,731 |
| Othernon-currentassets | 7.19 | 132,977,617 | 144,120,442 |
| Totalnon-currentassets | 7,938,619,988 | 8,081,485,918 | |
| Totalassets | 13,284,166,296 | 13,472,009,754 | |
| Currentliabilities: | |||
| Short-termloans | 7.20 | 488,464,425 | 622,066,457 |
| BorrowingsfromtheCentralBank | |||
| Borrowingfunds | |||
| Tradablefinancialliabilities | |||
| Derivativefinancialliabilities | |||
| Billspayable | |||
| Accountspayable | 7.21 | 449,973,807 | 493,453,816 |
| Advancesfromcustomers | |||
| Contractliabilities | 7.22 | 141,073,446 | 147,120,716 |
| Financialassetssoldforrepurchase | |||
| Depositsfromcustomersandinterbank | |||
| Receivingsfromvicariouslytradedsecurities | |||
| Receivingsfromvicariouslysoldsecurities | |||
| Employeeremunerationspayable | 7.23 | 144,795,172 | 195,019,441 |
| Taxesandduespayable | 7.24 | 186,592,112 | 342,322,300 |
| Otherpayables | 7.25 | 661,264,913 | 453,033,491 |
| Including:Interestpayable | 1,906,063 | 323,074 | |
| Dividendspayable | 308,809,220 | 68,392 | |
| Handlingchargesandcommissionspayable | |||
| Dividendpayableforreinsurance | |||
| Liabilitiesheldforsale | |||
| Non-currentliabilitiesduewithinoneyear | 7.26 | 135,659,360 | 110,865,126 |
| Othercurrentliabilities | 7.27 | 18,339,549 | 18,374,193 |
| Totalcurrentliabilities | 2,226,162,784 | 2,382,255,540 | |
| Non-currentliabilities: | |||
| Reservesforinsurancecontracts | |||
| Long-termborrowings | 7.28 | 132,856,562 | 176,047,043 |
| Bondspayable | |||
| Including:Preferredstock | |||
| Perpetualbonds | |||
| Leaseliabilities | 7.29 | 111,496,142 | 101,811,588 |
| Long-termaccountspayable | 7.30 | 42,000,000 | 64,000,000 |
| Long-termemployeeremunerationspayable | |||
| Estimatedliabilities |
Item
| Item | Note | June30,2022 | December31,2021 |
| Deferredincome | 7.31 | 36,784,847 | 41,295,338 |
| Deferredincometaxliabilities | 7.18 | 11,074,738 | 11,803,970 |
| Othernon-currentliabilities | 7.32 | 2,100,502 | 2,119,671 |
| Totalnon-currentliabilities | 336,312,791 | 397,077,610 | |
| Totalliabilities | 2,562,475,575 | 2,779,333,150 | |
| Owner’sequity: | |||
| Capitalstock | 7.33 | 685,464,000 | 685,464,000 |
| Otherequityinstruments | |||
| Including:Preferredstock | |||
| Perpetualbonds | |||
| Capitalsurplus | 7.34 | 524,968,760 | 524,968,760 |
| Minus:Treasurystock | |||
| Othercomprehensiveincome | 7.35 | -41,104,673 | -34,707,177 |
| Specialreserves | |||
| Surplusreserves | 7.36 | 342,732,000 | 342,732,000 |
| Generalriskpreparation | |||
| Undistributedprofit | 7.37 | 8,979,427,403 | 8,929,426,600 |
| Totalowner’sequitiesattributabletotheparentcompany | 10,491,487,490 | 10,447,884,183 | |
| Minorityequity | 230,203,231 | 244,792,421 | |
| Totalowner’sequities | 10,721,690,721 | 10,692,676,604 | |
| Totalliabilitiesandowner’sequities | 13,284,166,296 | 13,472,009,754 |
LegalRepresentative:ZhouHongjiangAccountingSupervisor:JiangJianxunAccountingDepartmentManager:GuoCuimei
2.2Balancesheetoftheparentcompany
Compilingunit:YantaiChangyuPioneerWineCo.,Ltd.Unit:Yuan
| Item | Note | June30,2022 | December31,2021 |
| Currentassets: | |||
| Monetaryfund | 1,084,199,585 | 562,588,819 | |
| Tradablefinancialassets | |||
| Derivativefinancialassets | |||
| Billsreceivable | 250,000 | 9,800,000 | |
| Accountsreceivable | |||
| Receivablesfinancing | 45,275,364 | 62,411,636 | |
| Advancepayment | 2,698,735 | 406,500 | |
| Otherreceivables | 16.1 | 278,054,466 | 398,072,976 |
| Including:Interestreceivable | |||
| Dividendsreceivable | 3,153,780 | ||
| Inventories | 393,705,945 | 383,294,208 | |
| Contractassets | |||
| Assetsheldforsale | |||
| Non-currentassetsduewithinoneyear | |||
| Othercurrentassets | 17,401,633 | 20,637,860 | |
| Totalcurrentassets | 1,821,585,728 | 1,437,211,999 | |
| Non-currentassets: | |||
| Debtinvestments |
Item
| Item | Note | June30,2022 | December31,2021 |
| Otherdebtinvestments | |||
| Long-termreceivables | |||
| Long-termequityinvestments | 16.2 | 7,709,394,955 | 7,599,421,494 |
| Otherinvestmentsinequityinstruments | |||
| Othernon-currentfinancialassets | |||
| Investmentrealestate | 23,031,335 | 24,502,258 | |
| Fixedassets | 219,898,957 | 231,284,799 | |
| Constructioninprogress | 2,750,247 | 255,996 | |
| Productivebiologicalassets | 110,798,299 | 114,753,306 | |
| Oilandgasassets | |||
| Right-of-useassets | 41,153,484 | 36,826,342 | |
| Intangibleassets | 76,670,966 | 78,043,888 | |
| Developmentexpenditure | |||
| Goodwill | |||
| Long-termprepaidexpenses | |||
| Deferredincometaxassets | 15,306,224 | 18,033,185 | |
| Othernon-currentassets | 1,757,200,000 | 2,023,500,000 | |
| Totalnon-currentassets | 9,956,204,467 | 10,126,621,268 | |
| Totalassets | 11,777,790,195 | 11,563,833,267 | |
| Currentliabilities: | |||
| Short-termloans | 100,000,000 | 150,000,000 | |
| Tradablefinancialliabilities | |||
| Derivativefinancialliabilities | |||
| Billspayable | |||
| Accountspayable | 51,262,746 | 90,339,903 | |
| Advancesfromcustomers | |||
| Contractliabilities | |||
| Employeeremunerationspayable | 58,573,274 | 66,770,838 | |
| Taxesandduespayable | 26,291,298 | 32,588,429 | |
| Otherpayables | 741,100,131 | 445,874,937 | |
| Including:Interestpayable | 88,889 | ||
| Dividendspayable | 308,458,800 | ||
| Liabilitiesheldforsale | |||
| Non-currentliabilitiesduewithinoneyear | 3,593,017 | 1,485,190 | |
| Othercurrentliabilities | |||
| Totalcurrentliabilities | 980,820,466 | 787,059,297 | |
| Non-currentliabilities: | |||
| Long-termborrowings | |||
| Bondspayable | |||
| Including:Preferredstock | |||
| Perpetualbonds | |||
| Leaseliabilities | 43,905,471 | 43,312,517 | |
| Long-termaccountspayable | |||
| Long-termemployeeremunerationpayable | |||
| Estimatedliabilities |
Item
| Item | Note | June30,2022 | December31,2021 |
| Deferredincome | 1,555,787 | 2,268,527 | |
| Deferredincometaxliabilities | 88,555 | 88,555 | |
| Othernon-currentliabilities | 1,123,425 | 1,164,471 | |
| Totalnon-currentliabilities | 46,673,238 | 46,834,070 | |
| Totalliabilities | 1,027,493,704 | 833,893,367 | |
| Owner’sequities: | |||
| Capitalstock | 685,464,000 | 685,464,000 | |
| Otherequityinstruments | |||
| Including:Preferredstock | |||
| Perpetualbonds | |||
| Capitalsurplus | 560,182,235 | 560,182,235 | |
| Minus:Treasurystock | |||
| Othercomprehensiveincome | |||
| Specialreserves | |||
| Surplusreserves | 342,732,000 | 342,732,000 | |
| Undistributedprofit | 9,161,918,256 | 9,141,561,665 | |
| Totalowner’sequities | 10,750,296,491 | 10,729,939,900 | |
| Totalliabilitiesandowner’sequities | 11,777,790,195 | 11,563,833,267 |
LegalRepresentative:ZhouHongjiangAccountingSupervisor:JiangJianxunAccountingDepartmentManager:GuoCuimei
2.3Consolidatedprofitstatement
Compilingunit:YantaiChangyuPioneerWineCo.,Ltd.Unit:Yuan
| Item | Note | Sumofcurrentperiod | Sumofpriorperiod |
| 1.Totaloperatingincome | 1,953,092,135 | 1,874,460,437 | |
| Including:Operatingincome | 7.38 | 1,953,092,135 | 1,874,460,437 |
| Interestincome | |||
| Earnedpremium | |||
| Handlingfeeandcommissionincome | |||
| 2.Totaloperatingcosts | 1,493,458,867 | 1,385,344,667 | |
| Including:Operatingcosts | 7.38 | 821,855,466 | 761,513,544 |
| Interestexpenditure | |||
| Handlingfeesandcommissionexpenditure | |||
| Premiumrebate | |||
| Netamountofindemnityexpenditure | |||
| Netamountofthewithdrawnreservefundforinsurancecontract | |||
| Policybonuspayment | |||
| Amortizedreinsuranceexpenditures | |||
| Taxesandsurcharges | 7.39 | 114,739,618 | 100,220,017 |
| Sellingexpenses | 7.40 | 417,764,419.00 | 388,385,610 |
| Administrativeexpenses | 7.41 | 127,504,270.00 | 123,384,629 |
| Researchanddevelopmentexpenses | 7.42 | 5,509,656.00 | 2,477,835 |
| Financialexpenses | 7.43 | 6,085,438 | 9,363,032 |
| Including:Interestexpenses | 11,201,775 | 14,239,535 | |
| Interestincome | 10,191,697 | 5,827,243 | |
| Plus:Otherprofit | 7.44 | 21,629,245 | 21,978,695 |
Item
| Item | Note | Sumofcurrentperiod | Sumofpriorperiod |
| Investmentprofit(lossislistedwith“-”) | 7.45 | -921,317 | -1,621,780 |
| Including:Investmentprofitforjoint-runbusinessandjointventure | -921,317 | -1,621,780 | |
| Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome | |||
| Exchangeincome(lossislistedwith“-”) | |||
| Netexposurehedgeincome(lossislistedwith“-”) | |||
| Incomefromfairvaluechanges(lossislistedwith“-”) | |||
| Creditimpairmentloss(lossislistedwith“-”) | 7.46 | 486,076 | -6,176,948 |
| Assetimpairmentloss(lossislistedwith“-”) | 7.47 | 1,490,900 | 3,680,018 |
| Incomefromassetdisposal(lossislistedwith“-”) | 7.48 | -8,239,072 | |
| 3.Operatingprofit(lossislistedwith“-”) | 474,079,100 | 506,975,755 | |
| Plus:Non-operatingincome | 7.49 | 2,448,613 | 2,488,778 |
| Minus:Non-operatingexpenses | 7.50 | 1,343,532 | 569,721 |
| 4.Totalprofits(totallossislistedwith“-”) | 475,184,181 | 508,894,812 | |
| Minus:Incometaxexpenses | 7.51 | 128,189,749 | 136,579,849 |
| 5.Netprofit(netlossislistedwith“-”) | 346,994,432 | 372,314,963 | |
| 5.1Classificationbyoperationcontinuity | |||
| 5.1.1Netprofitfromcontinuingoperation(netlossislistedwith“-”) | 346,994,432 | 372,314,963 | |
| 5.1.2Netprofitfromterminatingoperation(netlossislistedwith“-”) | |||
| 5.2Classificationbyownership | |||
| 5.2.1Netprofitattributabletoowneroftheparentcompany | 358,459,603 | 371,821,819 | |
| 5.2.2Minorityinterestincome | -11,465,171 | 493,144 | |
| 6.Netafter-taxamountofothercomprehensiveincome | 7.52 | -7,384,531 | -24,776,238 |
| Netafter-taxamountofothercomprehensiveincomeattributabletoowneroftheparentcompany | -6,397,496 | -21,618,495 | |
| 6.1Othercomprehensiveincomenottobereclassifiedintoprofitandlosslater | |||
| 6.1.1Changesafterremeasuringandresettingthebenefitplans | |||
| 6.1.2Othercomprehensiveincomenottobereclassifiedintoprofitandlossunderequitymethod | |||
| 6.1.3Changesinthefairvalueofotherinvestmentsinequityinstruments | |||
| 6.1.4Changesinthefairvalueoftheenterprise’sowncreditrisk | |||
| 6.1.5Other | |||
| 6.2Othercomprehensiveincometobereclassifiedintoprofitandlosslater | -6,397,496 | -21,618,495 | |
| 6.2.1Othercomprehensiveincometobereclassifiedintoprofitandlossunderequitymethod | |||
| 6.2.2Changesinthefairvalueofotherdebtinvestments | |||
| 6.2.3Amountoffinancialassetsreclassifiedintoothercomprehensiveincome |
Item
| Item | Note | Sumofcurrentperiod | Sumofpriorperiod |
| 6.2.4Provisionforcreditimpairmentofothercreditinvestments | |||
| 6.2.5Provisionforcash-flowhedge | |||
| 6.2.6DifferenceintranslationofForeignCurrencyFinancialStatement | -6,397,496 | -21,618,495 | |
| 6.2.7Other | |||
| Netafter-taxamountofothercomprehensiveincomeattributabletominorityshareholders | -987,035 | -3,157,743 | |
| 7.Totalcomprehensiveincome | 339,609,901 | 347,538,725 | |
| Attributabletoowneroftheparentcompany | 352,062,107 | 350,203,324 | |
| Attributabletominorityshareholders | -12,452,206 | -2,664,599 | |
| 8.Earningspershare: | |||
| 8.1Basicearningspershare | 0.52 | 0.54 | |
| 8.2Dilutedearningspershare | 0.52 | 0.54 |
LegalRepresentative:ZhouHongjiangAccountingSupervisor:JiangJianxunAccountingDepartmentManager:GuoCuimei
2.4ProfitstatementoftheparentcompanyCompilingunit:YantaiChangyuPioneerWineCo.,Ltd.Unit:Yuan
| Item | Note | Sumofcurrentperiod | Sumofpriorperiod |
| 1.Operatingincome | 16.3 | 229,587,143 | 206,300,566 |
| Minus:Operatingcosts | 16.3 | 193,114,244 | 169,012,171 |
| Taxesandsurcharges | 14,680,577 | 11,779,088 | |
| Sellingexpenses | |||
| Administrativeexpenses | 20,654,280 | 29,404,865 | |
| Researchanddevelopmentexpenses | 529,139 | 522,997 | |
| Financialexpenses | -1,835,540 | 1,903,108 | |
| Including:Interestexpenses | 2,152,536 | 3,316,692 | |
| Interestincome | 3,670,286 | 1,700,240 | |
| Plus:Otherprofit | 893,236 | 3,949,823 | |
| Investmentprofit(lossislistedwith“-”) | 16.4 | 328,290,041 | 494,528,070 |
| Including:Investmentprofitforjoint-runbusinessandjointventure | -26,539 | -477,762 | |
| Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome(lossislistedwith“-”) | |||
| Netexposurehedgeincome(lossislistedwith“-”) | |||
| Incomefromfairvaluechanges(lossislistedwith“-”) | |||
| Creditimpairmentloss(lossislistedwith“-”) | -443 | ||
| Assetimpairmentloss(lossislistedwith“-”) | |||
| Incomefromassetdisposal(lossislistedwith“-”) | 30,882 | -30,921 | |
| 2.Operatingprofit(lossislistedwith“-”) | 331,658,602 | 492,124,866 | |
| Plus:Non-operatingincome | 106,249 | 83,440 | |
| Minus:Non-operatingexpenses | 325,220 | 371,527 | |
| 3.Totalprofits(totallossislistedwith“-”) | 331,439,631 | 491,836,779 |
Item
| Item | Note | Sumofcurrentperiod | Sumofpriorperiod |
| Minus:Incometaxexpenses | 2,624,240 | -376,545 | |
| 4.Netprofit(netlossislistedwith“-”) | 328,815,391 | 492,213,324 | |
| 4.1Netprofitfromcontinuingoperation(netlossislistedwith“-”) | 328,815,391 | 492,213,324 | |
| 4.2Netprofitfromterminatingoperation(netlossislistedwith“-”) | |||
| 5.Netafter-taxamountofothercomprehensiveincome | |||
| 5.1Othercomprehensiveincomenottobereclassifiedintoprofitandlosslater | |||
| 5.1.1Changesafterremeasuringandresettingthebenefitplans | |||
| 5.1.2Othercomprehensiveincomenottobereclassifiedintoprofitandlossunderequitymethod | |||
| 5.1.3Changesinthefairvalueofotherinvestmentsinequityinstruments | |||
| 5.1.4Changesinthefairvalueoftheenterprise’sowncreditrisk | |||
| 5.1.5Other | |||
| 5.2Othercomprehensiveincometobereclassifiedintoprofitandlosslater | |||
| 5.2.1Othercomprehensiveincometobereclassifiedintoprofitandlossunderequitymethod | |||
| 5.2.2Changesinthefairvalueofotherdebtinvestments | |||
| 5.2.3Amountoffinancialassetsreclassifiedintoothercomprehensiveincome | |||
| 5.2.4Provisionforcreditimpairmentofothercreditinvestments | |||
| 5.2.5Provisionforcash-flowhedge | |||
| 5.2.6DifferenceintranslationofForeignCurrencyFinancialStatement | |||
| 5.2.7Other | |||
| 6.Totalcomprehensiveincome | 328,815,391 | 492,213,324 | |
| 7.Earningspershare: | |||
| 7.1Basicearningspershare | 0.48 | 0.72 | |
| 7.2Dilutedearningspershare | 0.48 | 0.72 | |
| LegalRepresentative:ZhouHongjiangAccountingSupervisor:JiangJianxunAccountingDepartmentManager:GuoCuimei | |||
2.5ConsolidatedcashflowstatementCompilingunit:YantaiChangyuPioneerWineCo.,Ltd.Unit:Yuan
| Item | Note | Sumofcurrentperiod | Sumofpriorperiod |
| 1.Cashflowsfromoperatingactivities: | |||
| Cashreceivedfromsalesofgoodsandrendingofservices | 2,087,979,514 | 1,888,979,284 | |
| Netincreaseincustomerandinterbankdeposits | |||
| Netincreaseinborrowingsfromcentralbank | |||
| Netincreaseinborrowingsfromotherfinancialinstitutions |
Item
| Item | Note | Sumofcurrentperiod | Sumofpriorperiod |
| Cashreceivedfromreceivinginsurancepremiumoforiginalinsurancecontract | |||
| Netcashreceivedfromreinsurancebusiness | |||
| Netincreaseinpolicyholderdepositsandinvestmentfunds | |||
| Cashreceivedfromcollectinginterest,handlingfeesandcommissions | |||
| Netincreaseinborrowingfunds | |||
| Netincreaseinrepurchasementbusinessfunds | |||
| Netcashreceivedforbuyingandsellingsecurities | |||
| Taxrefundreceived | 165,095,342 | 25,489,549 | |
| Othercashreceivedrelatedtooperatingactivities | 7.53 | 30,136,317 | 26,262,022 |
| Subtotalofcashflowsofoperatingactivities | 2,283,211,173 | 1,940,730,855 | |
| Cashpaidforgoodsandservices | 636,965,411 | 528,698,794 | |
| Netincreaseincustomerloansandadvances | |||
| Netincreaseindepositsincentralbankandinterbankdeposits | |||
| Cashpaidtooriginalinsurancecontractpayments | |||
| Netincreaseinlendingfunds | |||
| Cashpaidtointerest,handlingfeesandcommissions | |||
| Cashpaidtopolicybonus | |||
| Cashpaidtoandonbehalfofemployees | 266,617,445 | 260,016,591 | |
| Cashpaidfortaxesandexpenses | 482,260,853 | 429,710,784 | |
| Othercashpaidrelatedtooperatingactivities | 7.53 | 291,093,869 | 266,369,537 |
| Sub-totalofcashoutflowsofoperatingactivities | 1,676,937,578 | 1,484,795,706 | |
| Netcashflowfromoperatingactivities | 606,273,595 | 455,935,149 | |
| 2.Cashflowfrominvestingactivities: | |||
| Cashreceivedfromdisinvestment | |||
| Cashreceivedfromwithdrawaloffixeddeposits | 86,000,000 | 5,200,000 | |
| Cashreceivedfromobtaininginvestmentincome | |||
| Cashreceivedfromobtaininginterestincome | 474,434 | 97,241 | |
| Cashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets | 24,186,808 | 11,531 | |
| Netcashreceivedfromdisposalofbranchandotherbusinessunit | |||
| Othercashreceivedrelatedtoinvestingactivities | |||
| Subtotalofcashflowsofinvestmentactivities | 110,661,242 | 5,308,772 | |
| Cashpaidtoacquirefixedassets,intangibleassetsandotherlong-termassets | 106,892,064 | 112,686,656 | |
| Cashforinvestment | 518,000 | ||
| Cashpaidforpurchasingfixeddeposits | 86,000,000 | 5,200,000 | |
| Netincreaseinhypothecatedloan | |||
| Netcashpaidforacquiringbranchandotherbusinessunit | |||
| Othercashpaidrelatedtoinvestmentactivities | |||
| Subtotalofcashoutflowsofinvestmentactivities | 192,892,064 | 118,404,656 | |
| Netcashflowfrominvestingactivities | -82,230,822 | -113,095,884 | |
| 3.Cashflowfromfinancingactivities |
Item
| Item | Note | Sumofcurrentperiod | Sumofpriorperiod |
| Cashreceivedfromacquiringinvestment | 7,430,000 | ||
| Including:cashreceivedfromacquiringminorityshareholdersinvestmentbybranch | 7,430,000 | ||
| Cashreceivedfromacquiringloans | 428,548,896 | 596,450,339 | |
| Othercashreceivedrelatedtofinancingactivities | 21,654,861 | ||
| Subtotalcashflowsoffinancingactivities | 428,548,896 | 625,535,200 | |
| Cashpaidforpayingdebts | 590,123,879 | 609,426,516 | |
| Cashpaidfordistributingdividendandprofitorpayinginterest | 15,360,912 | 11,683,409 | |
| Including:dividendandprofitpaidtominorityshareholdersbybranch | 1,793,435 | ||
| Othercashpaidrelatedtofinancingactivities | 9,765,810 | 7,144,318 | |
| Subtotalofcashoutflowsoffinancingactivities | 615,250,601 | 628,254,243 | |
| Netcashflowfromfinancingactivities | -186,701,705 | -2,719,043 | |
| 4.Influencesofexchangeratefluctuationoncashandcashequivalents | 188,837 | -400,533 | |
| 5.NetIncreaseincashandcashequivalents | 337,529,905 | 339,719,689 | |
| Plus:balanceatthebeginningoftheperiodofcashandcashequivalents | 1,502,327,029 | 1,052,665,105 | |
| 6.Balanceattheendoftheperiodofcashandcashequivalents | 1,839,856,934 | 1,392,384,794 |
LegalRepresentative:ZhouHongjiangAccountingSupervisor:JiangJianxunAccountingDepartmentManager:GuoCuimei
2.6CashflowstatementoftheparentcompanyCompilingunit:YantaiChangyuPioneerWineCo.,Ltd.Unit:Yuan
| Item | Sumofcurrentperiod | Sumofpriorperiod |
| 1.Cashflowsfromoperatingactivities: | ||
| Cashreceivedfromsalesofgoodsandrendingofservices | 264,608,586 | 219,352,502 |
| Taxrefundreceived | ||
| Othercashreceivedrelatedtooperatingactivities | 53,941,562 | 4,587,865 |
| Subtotalofcashflowsofoperatingactivities | 318,550,148 | 223,940,367 |
| Cashpaidforgoodsandservices | 149,862,593 | 119,811,768 |
| Cashpaidtoandonbehalfofemployees | 28,951,681 | 31,143,555 |
| Cashpaidfortaxesandexpenses | 22,087,575 | 22,678,777 |
| Othercashpaidrelatedtooperatingactivities | 12,091,557 | 98,483,900 |
| Sub-totalofcashoutflowsofoperatingactivities | 212,993,406 | 272,118,000 |
| Netcashflowfromoperatingactivities | 105,556,742 | -48,177,633 |
| 2.Cashflowfrominvestingactivities: | ||
| Cashreceivedfromdisinvestment | ||
| Cashreceivedfromwithdrawaloffixeddeposits | 86,000,000 | 5,200,000 |
| Cashreceivedfromobtaininginvestmentincome | 321,605,820.39 | 695,005,832 |
| Cashreceivedfromobtaininginterestincome | 474,433.61 | 97,241 |
| Netcashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets | 31,808 | 47,954 |
| Netcashreceivedfromdisposalofbranchandotherbusinessunit | ||
| Othercashreceivedrelatedtoinvestingactivities | 302,000,000 | |
| Subtotalofcashflowsofinvestmentactivities | 710,112,062 | 700,351,027 |
Item
| Item | Sumofcurrentperiod | Sumofpriorperiod |
| Cashpaidtoacquiringfixedassets,intangibleassetsandotherlong-termassets | 5,975,121 | 2,688,616 |
| Cashforinvestment | 110,000,000 | |
| Cashpaidforpurchasingfixeddeposits | 86,000,000 | 5,200,000 |
| Netcashpaidforacquiringbranchandotherbusinessunit | ||
| Othercashpaidrelatedtoinvestmentactivities | 35,700,000 | 290,000,000 |
| Subtotalofcashoutflowsofinvestmentactivities | 237,675,121 | 297,888,616 |
| Netcashflowfrominvestingactivities | 472,436,941 | 402,462,411 |
| 3.Cashflowfromfinancingactivities: | ||
| Cashreceivedfromacquiringinvestment | ||
| Cashreceivedfromacquiringloans | 100,000,000 | 150,000,000 |
| Othercashreceivedrelatedtofinancingactivities | ||
| Subtotalcashflowsoffinancingactivities | 100,000,000 | 150,000,000 |
| Cashpaidfordebts | 150,000,000 | 150,000,000 |
| Cashpaidtodistributedividend,profitorpayinterest | 2,387,083 | 2,442,943 |
| Othercashpaidrelatedtofinancingactivities | 4,517,699 | 2,809,688 |
| Subtotalofcashoutflowsoffinancingactivities | 156,904,782 | 155,252,631 |
| Netcashflowfromfinancingactivities | -56,904,782 | -5,252,631 |
| 4.Influencesofexchangeratefluctuationoncashandcashequivalents | ||
| 5.NetIncreaseincashandcashequivalents | 521,088,901 | 349,032,147 |
| Plus:balanceatthebeginningoftheperiodofcashandcashequivalents | 513,809,440 | 182,123,070 |
| 6.Balanceattheendoftheperiodofcashandcashequivalents | 1,034,898,341 | 531,155,217 |
LegalRepresentative:ZhouHongjiangAccountingSupervisor:JiangJianxunAccountingDepartmentManager:GuoCuimei
2.7Consolidatedowner’sequitychanginglist
Unit:Yuan
Item
| Item | Thisperiod | ||||||||||||||
| Owners’equityoftheparentcompany | Minorityshareholders’equity | Totalowners’equity | |||||||||||||
| Capitalstock | Otherequityinstruments | Capitalreserves | Minus:Treasurystock | Othercomprehensiveincome | Specialreserves | Surplusreserves | Generalriskpreparation | Undistributedprofits | Other | Subtotal | |||||
| Preferredstock | Perpetualbonds | Other | |||||||||||||
| 1.Balanceattheendoflastyear | 685,464,000 | 524,968,760 | -34,707,177 | 342,732,000 | 8,929,426,600 | 10,447,884,183 | 244,792,421 | 10,692,676,604 | |||||||
| Plus:Accountingpolicieschanging | |||||||||||||||
| Previouserrorcorrection | |||||||||||||||
| Businesscombinationundercommoncontrol | |||||||||||||||
| Other | |||||||||||||||
| 2.Balanceatthebeginningofthisyear | 685,464,000 | 524,968,760 | -34,707,177 | 342,732,000 | 8,929,426,600 | 10,447,884,183 | 244,792,421 | 10,692,676,604 | |||||||
| 3.Increasedordecreasedamountinthisperiod(reducingamountislistedwith“-”) | -6,397,496 | 50,000,803 | 43,603,307 | -14,589,190 | 29,014,117 | ||||||||||
| 3.1Totalcomprehensiveincome | -6,397,496 | 358,459,603 | 352,062,107 | -12,452,206 | 339,609,901 | ||||||||||
| 3.2Owners’investedandreducedcapital | |||||||||||||||
| 3.2.1Owner’investedcommonstock | |||||||||||||||
| 3.2.2Otherequityinstrumentholders’investedcapital | |||||||||||||||
| 3.2.3Amountofsharespaidandreckonedinowners’equity | |||||||||||||||
| 3.2.4Other | |||||||||||||||
| 3.3Profitdistribution | -308,458,800 | -308,458,800 | -2,136,984 | -310,595,784 | |||||||||||
| 3.3.1Accruedsurplusreserves | |||||||||||||||
| 3.3.2Accruedgeneralriskpreparation | |||||||||||||||
| 3.3.3Distributiontoowners(orshareholders) | -308,458,800 | -308,458,800 | -2,136,984 | -310,595,784 | |||||||||||
| 3.3.4Other | |||||||||||||||
Item
| Item | Thisperiod | ||||||||||||||
| Owners’equityoftheparentcompany | Minorityshareholders’equity | Totalowners’equity | |||||||||||||
| Capitalstock | Otherequityinstruments | Capitalreserves | Minus:Treasurystock | Othercomprehensiveincome | Specialreserves | Surplusreserves | Generalriskpreparation | Undistributedprofits | Other | Subtotal | |||||
| Preferredstock | Perpetualbonds | Other | |||||||||||||
| 3.4Internaltransferofowners’equity | |||||||||||||||
| 3.4.1Capitalreservestransferredandincreasedcapital(orcapitalstock) | |||||||||||||||
| 3.4.2Surplusreservestransferredandincreasedcapital(orcapitalstock) | |||||||||||||||
| 3.4.3Surplusreservescoveringdeficit | |||||||||||||||
| 3.4.4Retainedearningscarriedoverfromthebenefitplanvariation | |||||||||||||||
| 3.4.5Retainedearningscarriedoverfromothercomprehensiveincome | |||||||||||||||
| 3.4.6Other | |||||||||||||||
| 3.5Specialreserves | |||||||||||||||
| 3.5.1Withdrawalinthisperiod | |||||||||||||||
| 3.5.2Usageinthisperiod | |||||||||||||||
| 3.6Other | |||||||||||||||
| 4.Balanceattheendofthisperiod | 685,464,000 | 524,968,760 | -41,104,673 | 342,732,000 | 8,979,427,403 | 10,491,487,490 | 230,203,231 | 10,721,690,721 | |||||||
Unit:Yuan
| Item | Lastperiod | ||||||||||||||
| Owners’equityoftheparentcompany | Minorityshareholders’equity | Totalowners’equity | |||||||||||||
| Capitalstock | Otherequityinstruments | Capitalreserves | Minus:Treasurystock | Othercomprehensiveincome | Specialreserves | Surplusreserves | Generalriskpreparation | Undistributedprofits | Other | Subtotal | |||||
| Preferredstock | Perpetualbonds | Other | |||||||||||||
| 1.Balanceattheendoflastyear | 685,464,000 | 524,968,760 | 576,129 | 342,732,000 | 8,714,091,755 | 10,267,832,644 | 236,597,990 | 10,504,430,634 | |||||||
| Plus:Accountingpolicieschanging | -10,582,161 | -10,582,161 | -10,582,161 | ||||||||||||
| Previouserrorcorrection | |||||||||||||||
| Businesscombinationundercommoncontrol | |||||||||||||||
| Other | |||||||||||||||
| 2.Balanceatthebeginningofthisyear | 685,464,000 | 524,968,760 | 576,129 | 342,732,000 | 8,703,509,594 | 10,257,250,483 | 236,597,990 | 10,493,848,473 | |||||||
Item
| Item | Lastperiod | ||||||||||||||
| Owners’equityoftheparentcompany | Minorityshareholders’equity | Totalowners’equity | |||||||||||||
| Capitalstock | Otherequityinstruments | Capitalreserves | Minus:Treasurystock | Othercomprehensiveincome | Specialreserves | Surplusreserves | Generalriskpreparation | Undistributedprofits | Other | Subtotal | |||||
| Preferredstock | Perpetualbonds | Other | |||||||||||||
| 3.Increasedordecreasedamountinthisperiod(reducingamountislistedwith“-”) | -35,283,306 | 225,917,006 | 190,633,700 | 8,194,431 | 198,828,131 | ||||||||||
| 3.1Totalcomprehensiveincome | -35,283,306 | 500,102,606 | 464,819,300 | 2,551,124 | 467,370,424 | ||||||||||
| 3.2Owners’investedandreducedcapital | 7,840,000 | 7,840,000 | |||||||||||||
| 3.2.1Owner’investedcommonstock | 7,840,000 | 7,840,000 | |||||||||||||
| 3.2.2Otherequityinstrumentholders’investedcapital | |||||||||||||||
| 3.2.3Amountofsharespaidandreckonedinowners’equity | |||||||||||||||
| 3.2.4Other | |||||||||||||||
| 3.3Profitdistribution | -274,185,600 | -274,185,600 | -2,196,693 | -276,382,293 | |||||||||||
| 3.3.1Accruedsurplusreserves | |||||||||||||||
| 3.3.2Accruedgeneralriskpreparation | |||||||||||||||
| 3.3.3Distributiontoowners(orshareholders) | -274,185,600 | -274,185,600 | -2,196,693 | -276,382,293 | |||||||||||
| 3.3.4Other | |||||||||||||||
| 3.4Internaltransferofowners’equity | |||||||||||||||
| 3.4.1Capitalreservestransferredandincreasedcapital(orcapitalstock) | |||||||||||||||
| 3.4.2Surplusreservestransferredandincreasedcapital(orcapitalstock) | |||||||||||||||
| 3.4.3Surplusreservescoveringdeficit | |||||||||||||||
| 3.4.4Retainedearningscarriedoverfromthebenefitplanamount | |||||||||||||||
| 3.4.5Retainedearningscarriedoverfromothercomprehensiveincome | |||||||||||||||
Item
| Item | Lastperiod | ||||||||||||||
| Owners’equityoftheparentcompany | Minorityshareholders’equity | Totalowners’equity | |||||||||||||
| Capitalstock | Otherequityinstruments | Capitalreserves | Minus:Treasurystock | Othercomprehensiveincome | Specialreserves | Surplusreserves | Generalriskpreparation | Undistributedprofits | Other | Subtotal | |||||
| Preferredstock | Perpetualbonds | Other | |||||||||||||
| 3.4.6Other | |||||||||||||||
| 3.5Specialreserves | |||||||||||||||
| 3.5.1Withdrawalinthisperiod | |||||||||||||||
| 3.5.2Usageinthisperiod | |||||||||||||||
| 3.6Other | |||||||||||||||
| 4.Balanceattheendofthisperiod | 685,464,000 | 524,968,760 | -34,707,177 | 342,732,000 | 8,929,426,600 | 10,447,884,183 | 244,792,421 | 10,692,676,604 | |||||||
2.8Owner’sequitychanginglistoftheparentcompany
Unit:Yuan
| Item | Thisperiod | |||||||||||
| Capitalstock | Otherequityinstruments | Capitalreserves | Minus:Treasurystock | Othercomprehensiveincome | Specialreserves | Surplusreserves | Undistributedprofits | Other | Totalowners’equity | |||
| Preferredstock | Perpetualbonds | Other | ||||||||||
| 1.Balanceattheendoflastyear | 685,464,000 | 560,182,235 | 342,732,000 | 9,141,561,665 | 10,729,939,900 | |||||||
| Plus:Accountingpolicieschanging | ||||||||||||
| Previouserrorcorrection | ||||||||||||
| Other | ||||||||||||
| 2.Balanceatthebeginningofthisyear | 685,464,000 | 560,182,235 | 342,732,000 | 9,141,561,665 | 10,729,939,900 | |||||||
| 3.Increasedordecreasedamountinthisperiod(reducingamountislistedwith“-”) | 20,356,591 | 20,356,591 | ||||||||||
| 3.1Totalcomprehensiveincome | 328,815,391 | 328,815,391 | ||||||||||
| 3.2Owners’investedandreducedcapital | ||||||||||||
| 3.2.1Owners’investedcommonstock | ||||||||||||
| 3.2.2Otherequityinstrumentholder’investedcapital | ||||||||||||
| 3.2.3Amountofsharespaidand | ||||||||||||
Item
| Item | Thisperiod | |||||||||||
| Capitalstock | Otherequityinstruments | Capitalreserves | Minus:Treasurystock | Othercomprehensiveincome | Specialreserves | Surplusreserves | Undistributedprofits | Other | Totalowners’equity | |||
| Preferredstock | Perpetualbonds | Other | ||||||||||
| reckonedinowners’equity | ||||||||||||
| 3.2.4Other | ||||||||||||
| 3.3Profitdistribution | -308,458,800 | -308,458,800 | ||||||||||
| 3.3.1Drewsurplusreserves | ||||||||||||
| 3.3.2Distributiontoowners(orshareholders) | -308,458,800 | -308,458,800 | ||||||||||
| 3.3.3Other | ||||||||||||
| 3.4Internaltransferofowners’equity | ||||||||||||
| 3.4.1Capitalreservestransferredandincreasedcapital(orcapitalstock) | ||||||||||||
| 3.4.2Surplusreservestransferredandincreasedcapital(orcapitalstock) | ||||||||||||
| 3.4.3Surplusreservescoveringdeficit | ||||||||||||
| 3.4.4Retainedearningscarriedoverfromthebenefitplanamount | ||||||||||||
| 3.4.5Retainedearningscarriedoverfromothercomprehensiveincome | ||||||||||||
| 3.4.6Other | ||||||||||||
| 3.5Specialreserves | ||||||||||||
| 3.5.1Accrualinthisperiod | ||||||||||||
| 3.5.2Usageinthisperiod | ||||||||||||
| 3.6Other | ||||||||||||
| 4.Balanceattheendofthisperiod | 685,464,000 | 560,182,235 | 342,732,000 | 9,161,918,256 | 10,750,296,491 | |||||||
Unit:Yuan
Item
| Item | Lastperiod | |||||||||||
| Capitalstock | Otherequityinstruments | Capitalreserves | Minus:Treasurystock | Othercomprehensiveincome | Specialreserves | Surplusreserves | Undistributedprofits | Other | Totalowners’equity | |||
| Preferredstock | Perpetualbonds | Other | ||||||||||
| 1.Balanceattheendoflastyear | 685,464,000 | 560,182,235 | 342,732,000 | 8,567,313,551 | 10,155,691,786 | |||||||
| Plus:Accountingpolicieschanging | -6,620,268 | -6,620,268 | ||||||||||
| Previouserrorcorrection | ||||||||||||
| Other | ||||||||||||
| 2.Balanceatthebeginningofthisyear | 685,464,000 | 560,182,235 | 342,732,000 | 8,560,693,283 | 10,149,071,518 | |||||||
| 3.Increasedordecreasedamountinthisperiod(reducingamountislistedwith“-”) | 580,868,382 | 580,868,382 | ||||||||||
| 3.1Totalcomprehensiveincome | 855,053,982 | 855,053,982 | ||||||||||
| 3.2Owners’investedandreducedcapital | ||||||||||||
| 3.2.1Owners’investedcommonstock | ||||||||||||
| 3.2.2Otherequityinstrumentholder’investedcapital | ||||||||||||
| 3.2.3Amountofsharespaidandreckonedinowners’equity | ||||||||||||
| 3.2.4Other | ||||||||||||
| 3.3Profitdistribution | -274,185,600 | -274,185,600 | ||||||||||
| 3.3.1Drewsurplusreserves | ||||||||||||
| 3.3.2Distributiontoowners(orshareholders) | -274,185,600 | -274,185,600 | ||||||||||
| 3.3.3Other | ||||||||||||
| 3.4Internaltransferofowners’equity | ||||||||||||
| 3.4.1Capitalreservestransferredandincreasedcapital(orcapitalstock) | ||||||||||||
| 3.4.2Surplusreservestransferredandincreasedcapital(orcapitalstock) | ||||||||||||
| 3.4.3Surplusreservescoveringdeficit | ||||||||||||
| 3.4.4Retainedearningscarriedoverfrom | ||||||||||||
Item
| Item | Lastperiod | |||||||||||
| Capitalstock | Otherequityinstruments | Capitalreserves | Minus:Treasurystock | Othercomprehensiveincome | Specialreserves | Surplusreserves | Undistributedprofits | Other | Totalowners’equity | |||
| Preferredstock | Perpetualbonds | Other | ||||||||||
| thebenefitplanamount | ||||||||||||
| 3.4.5Retainedearningscarriedoverfromothercomprehensiveincome | ||||||||||||
| 3.4.6Other | ||||||||||||
| 3.5Specialreserves | ||||||||||||
| 3.5.1Accrualinthisperiod | ||||||||||||
| 3.5.2Usageinthisperiod | ||||||||||||
| 3.6Other | ||||||||||||
| 4.Balanceattheendofthisperiod | 685,464,000 | 560,182,235 | 342,732,000 | 9,141,561,665 | 10,729,939,900 | |||||||
3.CompanyprofileYantaiChangyuPioneerWineCo.,Ltd.(the“Company”orthe“Joint-stockCompany”)wasincorporatedasajoint-stocklimitedcompanyinaccordancewiththeCompanyLawofthePeople’sRepublicofChina(the“PRC”)inthemergerandreorganizationcarriedoutbyYantaiChangyuGroupCo.,Ltd.(“ChangyuGroup”)withitsassetsandliabilitiesinrelationtowinebusiness.TheCompanyanditssubsidiarycompanies(hereinaftercollectivelyreferredtoasthe“Group”)areengagedintheproductionandsaleofwine,brandyandsparklingwine,plantingandpurchaseofgrapes,developmentoftourismresources,etc.TheregisteredaddressoftheCompanyisYantaiCity,ShandongProvince,andtheofficeaddressoftheheadquartersis56DamaRoad,ZhifuDistrict,YantaiCity,ShandongProvince.AsatJune30,2022,theCompanyissued685,464,000sharesaccumulatively.RefertoNote
7.33fordetails.TheparentcompanyoftheGroupisChangyuGroupincorporatedinChina,whichwasultimatelyandactuallycontrolledbyfourparties,includingYantaiGuofengInvestmentHoldingCo.,Ltd.,ILLVASaronnoHoldingSpa,InternationalFinanceCorporationandYantaiYuhuaInvestment&DevelopmentCo.,Ltd.ThefinancialstatementandtheconsolidatedfinancialstatementoftheCompanywereapprovedbytheBoardofDirectorsonAugust24,2022.ThedetailsofscopeoftheconsolidatedfinancialstatementinthisperiodcanbeseeninNote8“Equityinotherentities”.
4.Preparationbasisoffinancialstatement
4.1PreparationbasisTheCompanypreparesthefinancialstatementonthebasisofcontinuousoperation.SinceJanuary1,2019andJanuary1,2020,theGrouphasrespectivelyimplementednewfinancialinstrumentstandardsrevisedbytheMinistryofFinanceofthePeople’sRepublicofChina(hereinafterreferredtoasthe“MinistryofFinance”)in2017includingAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstrumentandAccountingStandardsforBusinessEnterprisesNo.14-Revenue,andsinceJanuary1,2021,ithasimplementedAccountingStandardsforBusinessEnterprisesNo.21-LeasesrevisedbytheMinistryofFinancein2018.
4.2ContinuousoperationTheGrouphasappraisedtheabilityofcontinuousoperationfor12monthsfromJune30,2022,andnoissuesorsituationscausingmajordoubtstothisabilityarefound.Therefore,thisfinancialstatementispreparedonthebasisofthecontinuousoperationassumption.
5.Mainaccountingpoliciesandaccountingestimates
5.1StatementoncompliancewithASBE
ThisfinancialstatementfulfillstherequirementofAccountingStandardsforBusinessEnterprises(ASBE)issuedbytheMinistryofFinanceandgivesatrueandintegratedviewoftheconsolidatedfinancialstatusandthefinancialstatusasatJune30,2022,aswellastheconsolidatedoperatingresult,theoperatingresult,theconsolidatedcashflowandthecashflowoftheCompanyfromJanuarytoJune2022.Inaddition,thefinancialstatementoftheCompanyalsocomplieswiththerelateddisclosurerequirementsforstatementanditsnotesstipulatedbyPreparationRulesforInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15–GeneralProvisionsonFinancialReports(2014Revision)bytheChinaSecuritiesRegulatoryCommission(hereinafterreferredtoasthe“CSRC”).
5.2AccountingperiodTheaccountingyearisfromJanuary1toDecember31inGregoriancalendar.
5.3OperatingcycleTheoperatingcyclereferstotheperiodfromtheenterprisepurchasestheassetsusedforprocessingtothecashorcashequivalentisrealized.TheoperatingcycleoftheCompanyis12months.
5.4RecordingcurrencySinceRenminbi(RMB)isthecurrencyofthemaineconomicenvironmentinwhichtheCompanyandthedomesticsubsidiarycompaniesthereofaresituated,theCompanyandthesubsidiarycompaniesthereofadoptRMBastherecordingcurrency.TheoverseassubsidiarycompaniesthereofdetermineEUR,CLPandAUDastherecordingcurrencyaccordingtothemaineconomicenvironmentinwhichtheyaresituated.ThecurrencyinthisfinancialstatementpreparedbytheGroupisRMB.
5.5Accountingtreatmentmethodforbusinesscombinationundercommoncontrolandnon-commoncontrol
5.5.1BusinesscombinationundercommoncontrolAbusinesscombinationundercommoncontrolisabusinesscombinationinwhichallofthecombiningenterprisesareultimatelycontrolledbythesamepartyorsamemultiplepartiesbeforeandafterthecombination,andthatcontrolisnottransitory.Theassetsandliabilitiesobtainedbythecombiningpartyinthebusinesscombinationshallbemeasuredonthebasisofthecarryingamountintheultimatecontrollingparty'sconsolidatedfinancialstatementasatthecombinationdate.Wherethereisadifferencebetweenthecarryingamountofthenetassetsacquiredandthecarryingamountofthecombinationconsiderationpaid(orthetotalparvalueofthesharesissued),thestockpremiumincapitalsurplusshallbeadjusted.Ifthestockpremiumincapitalsurplusisnotsufficienttooffset,theretainedearningsshallbeadjusted.Thedirectrelatedexpensesincurredforthebusinesscombinationshallbeincludedinthecurrentprofitandlosswhenincurred.Thecombinationdateisthedateonwhichthecombiningpartyactuallyobtainscontrolofthecombinedparty.
5.5.2Businesscombinationundernon-commoncontrolAbusinesscombinationundernon-commoncontrolisabusinesscombinationinwhichallof
thecombiningpartiesarenotultimatelycontrolledbythesamepartyorsamemultiplepartiesbeforeandafterthecombination.ThesumoffairvaluesoftheassetspaidbytheGroup,astheacquirer,(includingtheacquiree’sequitytheGroupheldbeforetheacquisitiondate),liabilitiesincurredorassumed,andtheequitysecuritiesissuedontheacquisitiondateinexchangeforthecontrolovertheacquiree,deductsthefairvalueoftheacquiree’sidentifiablenetassetsacquiredinthecombinationontheacquisitiondate.Ifthedifferenceispositive,itshallberecognizedasgoodwill;andifitisnegative,itshallbeincludedinthecurrentprofitandloss.Alltheidentifiableassets,liabilitiesandcontingentliabilitieswhichareobtainedfromtheacquireeandmeettherecognitionconditionsshallbeconfirmedbytheGroupontheacquisitiondateaccordingtothefairvaluethereof.Theacquisitiondateisthedateonwhichtheacquireractuallyobtainscontroloftheacquiree.Forabusinesscombinationinvolvingentitiesnotundercommoncontrolandachievedinstages,theGroupremeasuresitspreviously-heldequityinterestintheacquireetoitsacquisition-datefairvalueandrecognisesanyresultingdifferencebetweenthefairvalueandthecarryingamountasinvestmentincomeorothercomprehensiveincomeforthecurrentperiod.Inaddition,anyamountrecognisedinothercomprehensiveincomethatmaybereclassifiedtoprofitorloss,inpriorreportingperiodsrelatingtothepreviously-heldequityinterest,andanyotherchangesintheowners’equityunderequityaccounting,aretransferredtoinvestmentincomeintheperiodinwhichtheacquisitionoccurs.Ifequityinterestsoftheacquireeheldbeforeacquisition-datewereequityinstrumentinvestmentsmeasuredatfairvaluethroughothercomprehensiveincome,othercomprehensiveincomerecognisedshallbemovedtoretainedearningsonacquisition-date.
5.6Compilingmethodsofconsolidatedfinancialstatement
5.6.1GeneralprinciplesThescopeofconsolidatedfinancialstatementsisbasedoncontrolandtheconsolidatedfinancialstatementscomprisetheCompanyanditssubsidiaries.Controlexistswhentheinvestorhasalloffollowing:powerovertheinvestee;exposure,orrights,tovariablereturnsfromitsinvolvementwiththeinvesteeandhastheabilitytoaffectthosereturnsthroughitspowerovertheinvestee.WhenassessingwhethertheGrouphaspower,onlysubstantiverights(heldbytheGroupandotherparties)areconsidered.Thefinancialposition,financialperformanceandcashflowsofsubsidiariesareincludedintheconsolidatedfinancialstatementsfromthedatethatcontrolcommencesuntilthedatethatcontrolceases.Non-controllinginterestsarepresentedseparatelyintheconsolidatedbalancesheetwithinshareholders’equity.Netprofitorlossattributabletonon-controllingshareholdersispresentedseparatelyintheconsolidatedincomestatementbelowthenetprofitlineitem.Totalcomprehensiveincomeattributabletonon-controllingshareholdersispresentedseparatelyintheconsolidatedincomestatementbelowthetotalcomprehensiveincomelineitem.Whentheamountoflossforthecurrentperiodattributabletothenon-controllingshareholdersofasubsidiaryexceedsthenon-controllingshareholders’shareoftheopeningowners’equityofthesubsidiary,theexcessisstillallocatedagainstthenon-controllinginterests.WhentheaccountingperiodoraccountingpoliciesofasubsidiaryaredifferentfromthoseoftheCompany,theCompanymakesnecessaryadjustmentstothefinancialstatementsofthe
subsidiarybasedontheCompany’sownaccountingperiodoraccountingpolicies.Intra-groupbalancesandtransactions,andanyunrealisedprofitorlossarisingfromintra-grouptransactions,areeliminatedwhenpreparingtheconsolidatedfinancialstatements.Unrealisedlossesresultingfromintra-grouptransactionsareeliminatedinthesamewayasunrealisedgains,unlesstheyrepresentimpairmentlossesthatarerecognisedinthefinancialstatements.
5.6.2SubsidiariesacquiredthroughabusinesscombinationWhereasubsidiarywasacquiredduringthereportingperiod,throughabusinesscombinationinvolvingentitiesundercommoncontrol,thefinancialstatementsofthesubsidiaryareincludedintheconsolidatedfinancialstatementsbasedonthecarryingamountsoftheassetsandliabilitiesofthesubsidiaryinthefinancialstatementsoftheultimatecontrollingpartyasifthecombinationhadoccurredatthedatethattheultimatecontrollingpartyfirstobtainedcontrol.Theopeningbalancesandthecomparativefiguresoftheconsolidatedfinancialstatementsarealsorestated.Whereasubsidiarywasacquiredduringthereportingperiod,throughabusinesscombinationinvolvingentitiesnotundercommoncontrol,theidentifiableassetsandliabilitiesoftheacquiredsubsidiariesareincludedinthescopeofconsolidationfromthedatethatcontrolcommences,basedonthefairvalueofthoseidentifiableassetsandliabilitiesattheacquisitiondate.
5.6.3DisposalofsubsidiariesWhentheGrouplosescontroloverasubsidiary,anyresultingdisposalgainsorlossesarerecognisedasinvestmentincomeforthecurrentperiod.Theremainingequityinvestmentisre-measuredatitsfairvalueatthedatewhencontrolislost,anyresultinggainsorlossesarealsorecognisedasinvestmentincomeforthecurrentperiod.WhentheGrouplosescontrolofasubsidiaryinmultipletransactionsinwhichitdisposesofitslong-termequityinvestmentinthesubsidiaryinstages,thefollowingareconsideredtodeterminewhethertheGroupshouldaccountforthemultipletransactionsasabundledtransaction:
-arrangementsareenteredintoatthesametimeorincontemplationofeachother;-arrangementsworktogethertoachieveanoverallcommercialeffect;-theoccurrenceofonearrangementisdependentontheoccurrenceofatleastoneotherarrangement;-onearrangementconsideredonitsownisnoteconomicallyjustified,butitiseconomicallyjustifiedwhenconsideredtogetherwithotherarrangements.Ifeachofthemultipletransactionsdoesnotformpartofabundledtransaction,thetransactionsconductedbeforethelossofcontrolofthesubsidiaryareaccountedforinaccordancewiththeaccountingpolicyforpartialdisposalofequityinvestmentinsubsidiarieswherecontrolisretained.Ifeachofthemultipletransactionsformspartofabundledtransactionwhicheventuallyresultsinthelossofcontrolinthesubsidiary,thesemultipletransactionsareaccountedforasasingletransaction.Intheconsolidatedfinancialstatements,thedifferencebetweentheconsiderationreceivedandthecorrespondingproportionofthesubsidiary’snetassets
(calculatedcontinuouslyfromtheacquisitiondate)ineachtransactionpriortothelossofcontrolshallberecognisedinothercomprehensiveincomeandtransferredtoprofitorlosswhentheparenteventuallylosescontrolofthesubsidiary.
5.6.4Changesinnon-controllinginterestsWheretheCompanyacquiresanon-controllinginterestfromasubsidiary’snon-controllingshareholdersordisposesofaportionofaninterestinasubsidiarywithoutachangeincontrol,thedifferencebetweentheproportioninterestsofthesubsidiary’snetassetsbeingacquiredordisposedandtheamountoftheconsiderationpaidorreceivedisadjustedtothecapitalreserve(sharepremium)intheconsolidatedbalancesheet,withanyexcessadjustedtoretainedearnings.
5.7DeterminationstandardofcashandcashequivalentsCashandcashequivalentscomprisecashonhand,demanddeposit,andshort-termhighlyliquidinvestmentswhicharereadilyconvertibleintoknownamountofcashwithaninsignificantriskofchangesinvalue.
5.8ForeigncurrencytransactionandforeigncurrencystatementtranslationWhentheGroupreceivescapitalinforeigncurrenciesfrominvestors,thecapitalistranslatedtoRenminbiatthespotexchangerateatthedateofthereceipt.Otherforeigncurrencytransactionsare,oninitialrecognition,translatedtoRenminbiatthespotexchangerates.MonetaryitemsdenominatedinforeigncurrenciesaretranslatedtoRenminbiatthespotexchangerateatthebalancesheetdate.Theresultingexchangedifferencesaregenerallyrecognisedinprofitorloss,unlesstheyarisefromthere-translationoftheprincipalandinterestofspecificborrowingsfortheacquisitionandconstructionofqualifyingassets.Non-monetaryitemsthataremeasuredathistoricalcostinforeigncurrenciesaretranslatedtoRenminbiusingtheexchangerateatthetransactiondate.Intranslatingthefinancialstatementsofaforeignoperation,assetsandliabilitiesofforeignoperationaretranslatedtoRenminbiatthespotexchangerateatthebalancesheetdate.Equityitems,excludingretainedearningsandthetranslationdifferencesinothercomprehensiveincome,aretranslatedtoRenminbiatthespotexchangeratesatthetransactiondates.IncomeandexpensesintheincomestatementaretranslatedtoRenminbiatthespotexchangeratesatthetransactiondates.Theresultingtranslationdifferencesarerecognisedinothercomprehensiveincome.Thetranslationdifferencesaccumulatedinothercomprehensiveincomewithrespecttoaforeignoperationaretransferredtoprofitorlossintheperiodwhentheforeignoperationisdisposed.
5.9FinancialinstrumentsFinancialinstrumentsincludecashatbankandonhand,investmentsindebtandequitysecuritiesotherthanthoseclassifiedaslong-termequityinvestments,receivables,payables,loansandborrowingsandsharecapital.
5.9.1RecognitionandinitialmeasurementoffinancialassetsandfinancialliabilitiesAfinancialassetandfinancialliabilityisrecognisedinthebalancesheetwhentheGroupbecomesapartytothecontractualprovisionsofafinancialinstrument.
Afinancialassets(unlessitisatradereceivablewithoutasignificantfinancingcomponent)andfinancialliabilitiesismeasuredinitiallyatfairvalue.Forfinancialassetsandfinancialliabilitiesatfairvaluethroughprofitorloss,anyrelateddirectlyattributabletransactioncostsarechargedtoprofitorloss;forothercategoriesoffinancialassetsandfinancialliabilities,anyrelateddirectlyattributabletransactioncostsareincludedintheirinitialcosts.AccountsreceivablecontainingnosignificantfinancingcomponentaremeasuredinitiallyattransactionpricesdeterminedbytheaccountingpoliciessetoutinNote5.22.
5.9.2Classificationandsubsequentmeasurementoffinancialassets(a)ClassificationoffinancialassetsTheclassificationoffinancialassetsisgenerallybasedonthebusinessmodelinwhichafinancialassetismanagedanditscontractualcashflowcharacteristics.Oninitialrecognition,afinancialassetisclassifiedasmeasuredatamortisedcost,atfairvaluethroughothercomprehensiveincome(“FVOCI”),oratfairvaluethroughprofitorloss(“FVTPL”).FinancialassetsarenotreclassifiedsubsequenttotheirinitialrecognitionunlesstheGroupchangesitsbusinessmodelformanagingfinancialassetsinwhichcaseallaffectedfinancialassetsarereclassifiedonthefirstdayofthefirstreportingperiodfollowingthechangeinthebusinessmodel.AfinancialassetismeasuredatamortisedcostifitmeetsbothofthefollowingconditionsandisnotdesignatedasatFVTPL:
-itisheldwithinabusinessmodelwhoseobjectiveistoholdassetstocollectcontractualcashflows;and-itscontractualtermsgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.AdebtinvestmentismeasuredatFVOCIifitmeetsbothofthefollowingconditionsandisnotdesignatedasatFVTPL:
-itisheldwithinabusinessmodelwhoseobjectiveisachievedbybothcollectingcontractualcashflowsandsellingfinancialassets;and-itscontractualtermsgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.Oninitialrecognitionofanequityinvestmentthatisnotheldfortrading,theGroupmayirrevocablyelecttopresentsubsequentchangesintheinvestment’sfairvalueinothercomprehensiveincome.Thiselectionismadeonaninvestment-by-investmentbasis.Theinstrumentmeetsthedefinitionofequityfromtheperspectiveoftheissuer.AllfinancialassetsnotclassifiedasmeasuredatamortisedcostorFVOCIasdescribedabovearemeasuredatFVTPL.Oninitialrecognition,theGroupmayirrevocablydesignateafinancialassetthatotherwisemeetstherequirementstobemeasuredatamortisedcostoratFVOCIasatFVTPLifdoingsoeliminatesorsignificantlyreducesanaccountingmismatch
thatwouldotherwisearise.ThebusinessmodelreferstohowtheGroupmanagesitsfinancialassetsinordertogeneratecashflows.Thatis,theGroup’sbusinessmodeldetermineswhethercashflowswillresultfromcollectingcontractualcashflows,sellingfinancialassetsorboth.TheGroupdeterminesthebusinessmodelformanagingthefinancialassetsaccordingtothefactsandbasedonthespecificbusinessobjectiveformanagingthefinancialassetsdeterminedbytheGroup’skeymanagementpersonnel.Inassessingwhetherthecontractualcashflowsaresolelypaymentsofprincipalandinterest,theGroupconsidersthecontractualtermsoftheinstrument.Forthepurposesofthisassessment,‘principal’isdefinedasthefairvalueofthefinancialassetoninitialrecognition.‘Interest’isdefinedasconsiderationforthetimevalueofmoneyandforthecreditriskassociatedwiththeprincipalamountoutstandingduringaparticularperiodoftimeandforotherbasiclendingrisksandcosts,aswellasaprofitmargin.TheGroupalsoassesseswhetherthefinancialassetcontainsacontractualtermthatcouldchangethetimingoramountofcontractualcashflowssuchthatitwouldnotmeetthiscondition.(b)Subsequentmeasurementoffinancialassets-FinancialassetsatFVTPLThesefinancialassetsaresubsequentlymeasuredatfairvalue.Netgainsandlosses,includinganyinterestordividendincome,arerecognisedinprofitorlossunlessthefinancialassetsarepartofahedgingrelationship.-FinancialassetsatamortisedcostTheseassetsaresubsequentlymeasuredatamortisedcostusingtheeffectiveinterestmethod.Againorlossonafinancialassetthatismeasuredatamortisedcostandisnotpartofahedgingrelationshipshallberecognisedinprofitorlosswhenthefinancialassetisderecognised,throughtheamortisationprocessorinordertorecogniseimpairmentgainsorlosses.-DebtinvestmentsatFVOCITheseassetsaresubsequentlymeasuredatfairvalue.Interestincomecalculatedusingtheeffectiveinterestmethod,impairmentandforeignexchangegainsandlossesarerecognisedinprofitorloss.Othernetgainsandlossesarerecognisedinothercomprehensiveincome.Onderecognition,gainsandlossesaccumulatedinothercomprehensiveincomearereclassifiedtoprofitorloss.-EquityinvestmentsatFVOCITheseassetsaresubsequentlymeasuredatfairvalue.Dividendsarerecognisedasincomeinprofitorloss.Othernetgainsandlossesarerecognisedinothercomprehensiveincome.Onderecognition,gainsandlossesaccumulatedinothercomprehensiveincomearereclassified
toretainedearnings.
5.9.3ClassificationandsubsequentmeasurementoffinancialliabilitiesFinancialliabilitiesareclassifiedasmeasuredatFVTPLoramortisedcostbytheGroup.-FinancialliabilitiesatFVTPLAfinancialliabilityisclassifiedasatFVTPLifitisclassifiedasheld-for-trading(includingderivativefinancialliability)oritisdesignatedassuchoninitialrecognition.FinancialliabilitiesatFVTPLaresubsequentlymeasuredatfairvalueandnetgainsandlosses,includinganyinterestexpense,arerecognisedinprofitorloss,unlessthefinancialliabilitiesarepartofahedgingrelationship.-FinancialliabilitiesatamortisedcostThesefinancialliabilitiesaresubsequentlymeasuredatamortisedcostusingtheeffectiveinterestmethod.
5.9.4OffsettingFinancialassetsandfinancialliabilitiesaregenerallypresentedseparatelyinthebalancesheet,andarenotoffset.However,afinancialassetandafinancialliabilityareoffsetandthenetamountispresentedinthebalancesheetwhenbothofthefollowingconditionsaresatisfied:
-TheGroupcurrentlyhasalegallyenforceablerighttosetofftherecognisedamounts；-TheGroupintendseithertosettleonanetbasis,ortorealisethefinancialassetandsettlethefinancialliabilitysimultaneously.
5.9.5DerecognitionoffinancialassetsandfinancialliabilitiesFinancialassetisderecognisedwhenoneofthefollowingconditionsismet:
-theGroup’scontractualrightstothecashflowsfromthefinancialassetexpire;-thefinancialassethasbeentransferredandtheGrouptransferssubstantiallyalloftherisksandrewardsofownershipofthefinancialasset;or；-thefinancialassethasbeentransferred,althoughtheGroupneithertransfersnorretainssubstantiallyalloftherisksandrewardsofownershipofthefinancialasset,itdoesnotretaincontroloverthetransferredasset.Whereatransferofafinancialassetinitsentiretymeetsthecriteriaforderecognition,thedifferencebetweenthetwoamountsbelowisrecognisedinprofitorloss:
-thecarryingamountofthefinancialassettransferredmeasuredatthedateofderecognition;-thesumoftheconsiderationreceivedfromthetransferand,whenthetransferredfinancialassetisadebtinvestmentatFVOCI,anycumulativegainorlossthathasbeenrecogniseddirectlyinothercomprehensiveincomeforthepartderecognised.
TheGroupderecognisesafinancialliability(orpartofit)onlywhenitscontractualobligation(orpartofit)isextinguished.
5.9.6ImpairmentTheGrouprecogniseslossallowancesforexpectedcreditloss(ECL)on:
-financialassetsmeasuredatamortisedcost;-financialinvestmentsatfairvaluethroughothercomprehensiveincomeFinancialassetsmeasuredatfairvalue,includingdebtinvestmentsorequitysecuritiesatFVPL,equitysecuritiesdesignatedatFVOCIandderivativefinancialassets,arenotsubjecttotheECLassessment.MeasurementofECLsECLsareaprobability-weightedestimateofcreditlosses.Creditlossesaremeasuredasthepresentvalueofallcashshortfalls(i.e.thedifferencebetweenthecashflowsduetotheentityinaccordancewiththecontractandthecashflowsthattheGroupexpectstoreceive).ThemaximumperiodconsideredwhenestimatingECLsisthemaximumcontractualperiod(includingextensionoptions)overwhichtheGroupisexposedtocreditrisk.LifetimeECLsaretheECLsthatresultfromallpossibledefaulteventsovertheexpectedlifeofafinancialinstrument.12-monthECLsaretheportionofECLsthatresultfromdefaulteventsthatarepossiblewithinthe12monthsafterthebalancesheetdate(orashorterperiodiftheexpectedlifeoftheinstrumentislessthan12months).Foraccountsreceivable,lossallowancealwaysmeasuredatanamountequaltolifetimeECLs.ECLsonthesefinancialassetsareestimatedusingaprovisionmatrixbasedontheGroup’shistoricalcreditlossexperience,adjustedforfactorsthatarespecifictothedebtorsandanassessmentofboththecurrentandforecastgeneraleconomicconditionsatthebalancesheetdate.Forassetsotherthanaccountsreceivablethatmeetoneofthefollowingconditions,lossallowancearemeasuredatanamountequalto12-monthECLs.Forallotherfinancialinstruments,theGrouprecognisesalossallowanceequaltolifetimeECLs:
-Ifthefinancialinstrumentisdeterminedtohavelowcreditriskatthebalancesheetdate;-Ifthecreditriskonafinancialinstrumenthasnotincreasedsignificantlysinceinitialrecognition.Financialinstrumentsthathavelowcreditrisk
Thecreditriskonafinancialinstrumentisconsideredlowifthefinancialinstrumenthasalowriskofdefault,theborrowerhasastrongcapacitytomeetitscontractualcashflowobligationsintheneartermandadversechangesineconomicandbusinessconditionsinthelongertermmay,butwillnotnecessarily,reducetheabilityoftheborrowertofulfilitscontractualcashflowobligations.SignificantincreasesincreditriskInassessingwhetherthecreditriskofafinancialinstrumenthasincreasedsignificantlysinceinitialrecognition,theGroupcomparestheriskofdefaultoccurringonthefinancialinstrumentassessedatthebalancesheetdatewiththatassessedatthedateofinitialrecognition.WhendeterminingwhetherthecreditriskofafinancialassethasincreasedsignificantlysinceinitialrecognitionandwhenestimatingECL,theGroupconsidersreasonableandsupportableinformationthatisrelevantandavailablewithoutunduecostoreffort,includingforward-lookinginformation.Inparticular,thefollowinginformationistakenintoaccount:
-failuretomakepaymentsofprincipalorinterestontheircontractuallyduedates;-anactualorexpectedsignificantdeteriorationinafinancialinstrument’sexternalorinternalcreditrating(ifavailable);-anactualorexpectedsignificantdeteriorationintheoperatingresultsofthedebtor;and-existingorforecastchangesinthetechnological,market,economicorlegalenvironmentthathaveasignificantadverseeffectonthedebtor’sabilitytomeetitsobligationtotheGroup.Dependingonthenatureofthefinancialinstruments,theassessmentofasignificantincreaseincreditriskisperformedoneitheranindividualbasisoracollectivebasis.Whentheassessmentisperformedonacollectivebasis,thefinancialinstrumentsaregroupedbasedonsharedcreditriskcharacteristics,suchaspastduestatusandcreditriskratings.TheGroupassumesthatthecreditriskonafinancialassethasincreasedsignificantlyifitismorethan30dayspastdue.Credit-impairedfinancialassetsAteachbalancesheetdate,theGroupassesseswhetherfinancialassetscarriedatamortisedcostanddebtinvestmentsatFVOCIarecredit-impaired.Afinancialassetis‘credit-impaired’whenoneormoreeventsthathaveadetrimentalimpactontheestimatedfuturecashflowsofthefinancialassethaveoccurred.Evidencethatafinancialassetiscredit-impairedincludesthefollowingobservabledata:
-significantfinancialdifficultyoftheborrowerorissuer;-abreachofcontract,suchasadefaultordelinquencyininterestorprincipalpayments;-foreconomicorcontractualreasonsrelatingtotheborrower’sfinancialdifficulty,theGrouphavinggrantedtotheborroweraconcessionthatwouldnototherwiseconsider;
-itisprobablethattheborrowerwillenterbankruptcyorotherfinancialreorganisation;or-thedisappearanceofanactivemarketforthatfinancialassetbecauseoffinancialdifficulties.PresentationofallowanceforECLECLsareremeasuredateachbalancesheetdatetoreflectchangesinthefinancialinstrument’screditrisksinceinitialrecognition.AnychangeintheECLamountisrecognisedasanimpairmentgainorlossinprofitorloss.TheGrouprecognisesanimpairmentgainorlossforallfinancialinstrumentswithacorrespondingadjustmenttotheircarryingamountthroughalossallowanceaccount,exceptfordebtinvestmentsthataremeasuredatFVOCI,forwhichthelossallowanceisrecognisedinothercomprehensiveincome.Write-offThegrosscarryingamountofafinancialassetiswrittenoff(eitherpartiallyorinfull)totheextentthatthereisnorealisticprospectofrecovery.Awrite-offconstitutesaderecognitionevent.ThisisgenerallythecasewhentheGroupdeterminesthatthedebtordoesnothaveassetsorsourcesofincomethatcouldgeneratesufficientcashflowstorepaytheamountssubjecttothewrite-off.However,financialassetsthatarewrittenoffcouldstillbesubjecttoenforcementactivitiesinordertocomplywiththeGroup’sproceduresforrecoveryofamountsdue.Subsequentrecoveriesofanassetthatwaspreviouslywrittenoffarerecognisedasareversalofimpairmentinprofitorlossintheperiodinwhichtherecoveryoccurs.
5.9.7EquityinstrumentTheconsiderationreceivedfromtheissuanceofequityinstrumentsnetoftransactioncostsisrecognisedinshareholders’equity.ConsiderationandtransactioncostspaidbytheCompanyforrepurchasingself-issuedequityinstrumentsaredeductedfromshareholders’equity.WhentheCompanyrepurchasesitsownshares,thosesharesaretreatedastreasuryshares.Allexpenditurerelatingtotherepurchaseisrecordedinthecostofthetreasuryshares,withthetransactionrecordingintheshareregister.Treasurysharesareexcludedfromprofitdistributionsandarepresentedasadeductionundershareholders’equityinthebalancesheet.
5.10Inventories
5.10.1ClassificationandcostInventoriesincluderawmaterials,workinprogressandreusablematerials.Inventoriesareinitiallymeasuredatcost.Costofinventoriescomprisesallcostsofpurchase,costsofconversionandotherexpenditureincurredinbringingtheinventoriestotheirpresentlocationandcondition.Inadditiontothepurchasecostofrawmaterials,workinprogressandfinishedgoodsincludedirectlabourcostsandanappropriateallocationofproductionoverheads.AgriculturalproductsharvestedarereportedinaccordancewiththeAccountingStandardforBusinessEnterprisesNo.1-Inventories.
5.10.2MeasurementmethodofcostofinventoriesCostofinventoriesiscalculatedusingtheweightedaveragemethod.Consumablesincludinglow-valueconsumablesandpackagingmaterialsareamortisedwhentheyareused.Theamortisationchargeisincludedinthecostoftherelatedassetsorrecognisedinprofitorlossforthecurrentperiod.
5.10.3BasisfordeterminingthenetrealisablevalueandmethodforprovisionforobsoleteinventoriesAtthebalancesheetdate,inventoriesarecarriedatthelowerofcostandnetrealisablevalue.Netrealisablevalueistheestimatedsellingpriceintheordinarycourseofbusinesslesstheestimatedcostsofcompletionandtheestimatedcostsnecessarytomakethesaleandrelevanttaxes.Thenetrealisablevalueofmaterialsheldforuseintheproductionismeasuredbasedonthenetrealisablevalueofthefinishedgoodsinwhichtheywillbeincorporated.Thenetrealisablevalueoftheinventoryheldtosatisfysalesorservicecontractsismeasuredbasedonthecontractprice,totheextentofthequantitiesspecifiedinsalescontracts,andtheexcessportionofinventoriesismeasuredbasedongeneralsellingprices.Anyexcessofthecostoverthenetrealisablevalueofeachitemofinventoriesisrecognisedasaprovisionforimpairment,andisrecognisedinprofitorloss.
5.10.4InventorycountsystemTheGroupmaintainsaperpetualinventorysystem.
5.11Long-termequityinvestments
5.11.1Investmentcostoflong-termequityinvestments(a)Long-termequityinvestmentsacquiredthroughabusinesscombination-Theinitialcostofalong-termequityinvestmentacquiredthroughabusinesscombinationinvolvingentitiesundercommoncontrolistheCompany’sshareofthecarryingamountofthesubsidiary’sequityintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyatthecombinationdate.Thedifferencebetweentheinitialinvestmentcostandthecarryingamountoftheconsiderationgivenisadjustedtothesharepremiuminthecapitalreserve,withanyexcessadjustedtoretainedearnings.Foralong-termequityinvestmentinasubsidiaryacquiredthroughabusinesscombinationachievedinstageswhichdonotformabundledtransactionandinvolvingentitiesundercommoncontrol,theCompanydeterminestheinitialcostoftheinvestmentinaccordancewiththeabovepolicies.Thedifferencebetweenthisinitialcostandthesumofthecarryingamountofpreviously-heldinvestmentandtheconsiderationpaidforthesharesnewlyacquiredisadjustedtocapitalpremiuminthecapitalreserve,withanyexcessadjustedtoretainedearnings.-Foralong-termequityinvestmentobtainedthroughabusinesscombinationnotinvolvingenterprisesundercommoncontrol,theinitialcostcomprisestheaggregateofthefairvalueofassetstransferred,liabilitiesincurredorassumed,andequitysecuritiesissuedbytheCompany,inexchangeforcontroloftheacquiree.Foralong-termequityinvestmentobtainedthrougha
businesscombinationnotinvolvingentitiesundercommoncontrolandachievedthroughmultipletransactionsinstageswhichdonotformabundledtransaction,theinitialcostcomprisesthecarryingamountofthepreviously-heldequityinvestmentintheacquireeimmediatelybeforetheacquisitiondate,andtheadditionalinvestmentcostattheacquisitiondate.(b)Long-termequityinvestmentsacquiredotherthanthroughabusinesscombination-Along-termequityinvestmentacquiredotherthanthroughabusinesscombinationisinitiallyrecognisedattheamountofcashpaidiftheGroupacquirestheinvestmentbycash,oratthefairvalueoftheequitysecuritiesissuedifaninvestmentisacquiredbyissuingequitysecurities.
5.11.2Subsequentmeasurementoflong-termequityinvestment(a)InvestmentsinsubsidiariesIntheCompany’sseparatefinancialstatements,long-termequityinvestmentsinsubsidiariesareaccountedforusingthecostmethodunlesstheinvestmentisclassifiedasheldforsale.Exceptforcashdividendsorprofitdistributionsdeclaredbutnotyetdistributedthathavebeenincludedinthepriceorconsiderationpaidinobtainingtheinvestments,theCompanyrecognisesitsshareofthecashdividendsorprofitdistributionsdeclaredbytheinvesteeasinvestmentincomeforthecurrentperiod.Theinvestmentsinsubsidiariesarestatedinthebalancesheetatcostlessaccumulatedimpairmentlosses.Fortheimpairmentoftheinvestmentsinsubsidiaries,refertoNote5.20.IntheGroup’sconsolidatedfinancialstatements,subsidiariesareaccountedforinaccordancewiththepoliciesdescribedinNote5.6.(b)InvestmentsinjointventuresandassociatesAjointventureisanarrangementwherebytheGroupandotherpartieshavejointcontrolandrightstothenetassetsofthearrangement.AnassociateisanenterprisetheGroupcanexertsignificantinfluenceon.Along-termequityinvestmentinajointventureandassociateisaccountedforusingtheequitymethodforsubsequentmeasurement,unlesstheinvestmentisclassifiedasheldforsale.TheaccountingtreatmentsundertheequitymethodadoptedbytheGroupareasfollows:
-Wheretheinitialcostofalong-termequityinvestmentexceedstheGroup’sinterestinthefairvalueoftheinvestee’sidentifiablenetassetsatthedateofacquisition,theinvestmentis
initiallyrecognisedatcost.WheretheinitialinvestmentcostislessthantheGroup’sinterestinthefairvalueoftheinvestee’sidentifiablenetassetsatthedateofacquisition,theinvestmentisinitiallyrecognisedattheinvestor’sshareofthefairvalueoftheinvestee’sidentifiablenetassets,andthedifferenceisrecognisedinprofitorloss.-Aftertheacquisitionoftheinvestmentinjointventuresandassociates,theGrouprecognisesitsshareoftheinvestee’sprofitorlossandothercomprehensiveincomeasinvestmentincomeorlossesandothercomprehensiveincomerespectively,andadjuststhecarryingamountoftheinvestmentaccordingly.Oncetheinvesteedeclaresanycashdividendsorprofitdistributions,thecarryingamountoftheinvestmentisreducedbytheamountattributabletotheGroup.ChangesintheGroup’sshareoftheinvestee’sowners’equity,otherthanthosearisingfromtheinvestee’snetprofitorloss,othercomprehensiveincomeorprofitdistribution(referredtoas“otherchangesinowners’equity”),isrecogniseddirectlyintheGroup’sequity,andthecarryingamountoftheinvestmentisadjustedaccordingly.-Incalculatingitsshareoftheinvestee’snetprofitsorlosses,othercomprehensiveincomeandotherchangesinowners’equity,theGrouprecognisesinvestmentincomeandothercomprehensiveincomeaftermakingappropriateadjustmentstoaligntheaccountingpoliciesoraccountingperiodswiththoseoftheGroupbasedonthefairvalueoftheinvestee’sidentifiablenetassetsatthedateofacquisition.UnrealisedprofitsandlossesresultingfromtransactionsbetweentheGroupanditsassociatesorjointventuresareeliminatedtotheextentoftheGroup’sinterestintheassociatesorjointventures.UnrealisedlossesresultingfromtransactionsbetweentheGroupanditsassociatesorjointventuresareeliminatedinthesamewayasunrealisedgainsbutonlytotheextentthatthereisnoimpairment.-TheGroupdiscontinuesrecognisingitsshareoffurtherlossesoftheinvesteeafterthecarryingamountofthelong-termequityinvestmentandanylong-terminterestthatinsubstanceformspartoftheGroup’snetinvestmentintheassociateisreducedtozero,excepttotheextentthattheGrouphasanobligationtoassumeadditionallosses.Ifthejointventureortheassociatesubsequentlyreportsnetprofits,theGroupresumesrecognisingitsshareofthoseprofitsonlyafteritsshareoftheprofitsequalstheshareoflossesnotrecognised.Fortheimpairmentoftheinvestmentsinjointventuresandassociates,refertoNote5.20.
5.11.3CriteriafordeterminingtheexistenceofjointcontrolandsignificantimpactoveraninvesteeJointcontrolisthecontractuallyagreedsharingofcontrolofanarrangement,whichexistsonlywhendecisionsabouttherelevantactivities(activitieswithsignificantimpactonthereturnsofthearrangement)requiretheunanimousconsentofthepartiessharingcontrol.ThefollowingfactorsareusuallyconsideredwhenassessingwhethertheGroupcanexercisejointcontroloveraninvestee:
-Whethernosingleparticipantpartyisinapositiontocontroltheinvestee’srelatedactivitiesunilaterally;-Whetherstrategicdecisionsrelatingtotheinvestee’srelatedactivitiesrequiretheunanimousconsentofallparticipantpartiesthatsharingofcontrol.
Significantinfluenceisthepowertoparticipateinthefinancialandoperatingpolicydecisionsofaninvesteebutdoesnothavecontrolorjointcontroloverthosepolicies.
5.12InvestmentpropertiesInvestmentpropertiesarepropertiesheldeithertoearnrentalincomeorforcapitalappreciationorforboth.Investmentpropertiesareaccountedforusingthecostmodelandstatedinthebalancesheetatcostlessaccumulateddepreciation,amortisationandimpairmentlosses,andadoptsadepreciationoramortisationpolicyfortheinvestmentpropertywhichisconsistentwiththatforbuildingsorlanduserights,unlesstheinvestmentpropertyisclassifiedasheldforsale.Fortheimpairmentoftheinvestmentproperties,refertoNote5.20.
Category
| Category | Estimatedusefullife(years) | Residualvaluerate(%) | Annualdepreciationrate(%) |
| Plantandbuildings | 20-40years | 0-5% | 2.4%-5.0% |
5.13Fixedassets
5.13.1RecognitionoffixedassetsFixedassetsrepresentthetangibleassetsheldbytheGroupforuseinproductionofgoods,supplyofservices,forrentalorforadministrativepurposeswithusefullivesoveroneaccountingyear.Thecostofapurchasedfixedassetcomprisesthepurchaseprice,relatedtaxes,andanydirectlyattributableexpenditureforbringingtheassettoworkingconditionforitsintendeduse.Thecostofself-constructedassetsismeasuredinaccordancewiththepolicysetoutinNote5.14.WherethepartsofanitemoffixedassetshavedifferentusefullivesorprovidebenefitstotheGroupinadifferentpattern,thusnecessitatinguseofdifferentdepreciationratesormethods,eachpartisrecognisedasaseparatefixedasset.AnysubsequentcostsincludingthecostofreplacingpartofanitemoffixedassetsarerecognisedasassetswhenitisprobablethattheeconomicbenefitsassociatedwiththecostswillflowtotheGroup,andthecarryingamountofthereplacedpartisderecognised.Thecostsoftheday-to-daymaintenanceoffixedassetsarerecognisedinprofitorlossasincurred.Fixedassetsarestatedinthebalancesheetatcostlessaccumulateddepreciationandimpairmentlosses.
5.13.2DepreciationoffixedassetsThecostofafixedasset,lessitsestimatedresidualvalueandaccumulatedimpairmentlosses,isdepreciatedusingthestraight-linemethodoveritsestimatedusefullife,unlessthefixedassetisclassifiedasheldforsale.Theestimatedusefullives,residualvalueratesandannualdepreciationratesofeachclassof
fixedassetsareasfollows:
Class
| Class | Estimatedusefullife(years) | Residualvaluerate(%) | Annualdepreciationrate(%) |
| Plantandbuildings | 20-40years | 0-5% | 2.4%-5.0% |
| Machineryequipment | 5-30years | 0-5% | 3.2%-20.0% |
| Motorvehicles | 4-12years | 0-5% | 7.9%-25.0% |
Usefullives,estimatedresidualvaluesanddepreciationmethodsarereviewedatleastateachyear-end.
5.13.3Fortheimpairmentofthefixedassets,refertoNote5.20.
5.13.4DisposaloffixedassetsThecarryingamountofafixedassetisderecognised:
-whenthefixedassetisholdingfordisposal;or-whennofutureeconomicbenefitisexpectedtobegeneratedfromitsuseordisposal.Gainsorlossesarisingfromtheretirementordisposalofanitemoffixedassetaredeterminedasthedifferencebetweenthenetdisposalproceedsandthecarryingamountoftheitem,andarerecognisedinprofitorlossonthedateofretirementordisposal.
5.14ConstructioninprogressThecostofself-constructedassetsincludesthecostofmaterials,directlabour,capitalisedborrowingcosts,andanyothercostsdirectlyattributabletobringingtheassettoworkingconditionforitsintendeduse.Aself-constructedassetisclassifiedasconstructioninprogressandtransferredtofixedassetwhenitisreadyforitsintendeduse.Nodepreciationisprovidedagainstconstructioninprogress.Constructioninprogressisstatedinthebalancesheetatcostlessaccumulatedimpairmentlosses(seeNote5.20).
5.15BorrowingcostsBorrowingcostsincurreddirectlyattributabletotheacquisition,andconstructionorproductionofaqualifyingassetarecapitalisedaspartofthecostoftheasset.Otherborrowingcostsarerecognisedasfinancialexpenseswhenincurred.Duringthecapitalisationperiod,theamountofinterest(includingamortisationofanydiscountorpremiumonborrowing)tobecapitalisedineachaccountingperiodisdeterminedasfollows:
-Wherefundsareborrowedspecificallyfortheacquisitionandconstructionorproductionofaqualifyingasset,theamountofinteresttobecapitalisedistheinterestexpensecalculated
usingeffectiveinterestratesduringtheperiodlessanyinterestincomeearnedfromdepositingtheborrowedfundsoranyinvestmentincomeonthetemporaryinvestmentofthosefundsbeforebeingusedontheasset.-TotheextentthattheGroupborrowsfundsgenerallyandusesthemfortheacquisitionandconstructionorproductionofaqualifyingasset,theamountofborrowingcostseligibleforcapitalisationisdeterminedbyapplyingacapitalisationratetotheweightedaverageoftheexcessamountsofcumulativeexpenditureontheassetovertheaboveamountsofspecificborrowings.Thecapitalisationrateistheweightedaverageoftheinterestratesapplicabletothegeneral-purposeborrowings.Theeffectiveinterestrateisdeterminedastheratethatexactlydiscountsestimatedfuturecashflowthroughtheexpectedlifeoftheborrowingor,whenappropriate,ashorterperiodtotheinitiallyrecognisedamountoftheborrowings.Duringthecapitalisationperiod,exchangedifferencesrelatedtotheprincipalandinterestonaspecific-purposeborrowingdenominatedinforeigncurrencyarecapitalisedaspartofthecostofthequalifyingasset.Theexchangedifferencesrelatedtotheprincipalandinterestonforeigncurrencyborrowingsotherthanaspecific-purposeborrowingarerecognisedasafinancialexpensewhenincurred.Thecapitalisationperiodistheperiodfromthedateofcommencementofcapitalisationofborrowingcoststothedateofcessationofcapitalisation,excludinganyperiodoverwhichcapitalisationissuspended.Capitalisationofborrowingcostscommenceswhenexpenditurefortheassetisbeingincurred,borrowingcostsarebeingincurredandactivitiesofacquisition,constructionorproductionthatarenecessarytopreparetheassetforitsintendeduseareinprogress,andceaseswhentheassetsbecomereadyfortheirintendeduse.Capitalisationofborrowingcostsshouldceasewhenthequalifyingassetbeingconstructedorproducedhasreacheditsexpectedusableorsaleablecondition.Capitalisationofborrowingcostsissuspendedwhentheacquisition,constructionorproductionactivitiesareinterruptedabnormallyforaperiodofmorethanthreemonths.
5.16BiologicalassetsThebiologicalassetsoftheGroupareproductivebiologicalassets.Bearerbiologicalassetsarethosethatareheldforthepurposesofproducingagriculturalproduce,renderingofservicesorrental.BearerbiologicalassetsintheGrouparevines.Bearerbiologicalassetsareinitiallymeasuredatcost.Thecostofself-grownorself-bredbearerbiologicalassetsrepresentsthenecessarydirectlyattributableexpenditureincurredbeforesatisfyingtheexpectedproductionandoperatingpurpose,includingcapitalisedborrowingcosts.Bearerbiologicalassets,afterreachingtheexpectedproductionandoperatingpurpose,aredepreciatedusingthestraight-linemethodoveritsestimatedusefullife.Theestimatedusefullives,estimatednetresidualvalueratesandannualdepreciationratesofbearerbiologicalassetsareasfollows:
Category
| Category | Usefullife(years) | Estimatednetresidualrate(%) | Annualdepreciationrate(%) |
| Vines | 20years | 0% | 5.0% |
TheGroupevaluatestheusefullifeandexpectednetsalvagevaluebyconsideringthenormalproducinglifeofthebearerbiologicalassets.Usefullives,estimatedresidualvaluesanddepreciationmethodsofbearerbiologicalassetsarereviewedatleastateachyear-end.Anychangesshouldbetreatedaschangesinaccountingestimates.Forabearerbiologicalassetthathasbeensold,damaged,deadordestroyed,anydifferencebetweenthedisposalproceedsandthecarryingamountoftheasset(aftertaxdeduction)shouldberecognisedinprofitorlossfortheperiodinwhichitarises.
5.17IntangibleassetsIntangibleassetsarestatedinthebalancesheetatcostlessaccumulatedamortization(wheretheestimatedusefullifeisfinite)andimpairmentlosses(seeNote5.20).Foranintangibleassetwithfiniteusefullife,itscostestimatedlessresidualvalueandaccumulatedimpairmentlossesisamortisedonthestraight-linemethodoveritsestimatedusefullife,unlesstheintangibleassetisclassifiedasheldforsale.Therespectiveamortisationperiodsforintangibleassetsareasfollows:
| Item | Amortisationperiod(years) |
| Landuserights | 40-50years |
| Softwarelicenses | 5-10years |
| Trademark | 10years |
AnintangibleassetisregardedashavinganindefiniteusefullifeandisnotamortisedwhenthereisnoforeseeablelimittotheperiodoverwhichtheassetisexpectedtogenerateeconomicbenefitsfortheGroup.Atthebalancesheetdate,theGrouphadintangibleassetswithinfiniteusefullivesincludingthelanduserightsandtrademarks.LanduserightswithinfiniteusefullivesarepermanentlanduserightswithpermanentownershipheldbytheGroupundertherelevantChileandAustralianlawsarisingfromtheGroup’sacquisitionofVi?aIndómita,S.A.,Vi?aDosAndes,S.A.,andBodegasSantaAliciaSpA.(collectivelyreferredtoasthe“ChileIndomitaWineGroup”),andtheacquisitionofKilikanoonEstatePtyLtd.(hereinafterreferredtoasthe“AustraliaKilikanoonEstate”),thereforetherewasnoamortisation.TherighttousetrademarkreferstothetrademarkheldbytheGrouparisingfromtheacquisitionoftheChileIndomitaWineGroupandtheAustraliaKilikanoonEstatewithinfiniteusefullives.Thevaluationoftrademarkwasbasedonthetrendsinthemarketandcompetitiveenvironment,productcycle,andmanaginglong-termdevelopmentstrategy.ThosebasesindicatedthetrademarkwillprovidenetcashflowstotheGroupwithinanuncertainperiod.TheusefullifeisindefiniteasitwashardtopredicttheperiodthatthetrademarkwouldbringeconomicbenefitstotheGroup.
5.18Goodwill
Theinitialcostofgoodwillrepresentstheexcessofcostofacquisitionovertheacquirer’sinterestinthefairvalueoftheidentifiablenetassetsoftheacquireeunderabusinesscombinationnotinvolvingentitiesundercommoncontrol.Goodwillisnotamortisedandisstatedinthebalancesheetatcostlessaccumulatedimpairmentlosses(seeNote5.20).Ondisposalofanassetgrouporasetofassetgroups,anyattributablegoodwilliswrittenoffandincludedinthecalculationoftheprofitorlossondisposal.
5.19Long-termdeferredexpensesLong-termdeferredexpensesareamortisedusingastraight-linemethodwithinthebenefitperiod.Therespectiveamortisationperiodsforsuchexpensesareasfollows:
Item
| Item | Amortisationperiod |
| Landrequisitionfee | 50years |
| Landleasefee | 50years |
| Greeningfee | 5-20years |
| Renovationfee | 3-5years |
| Others | 3years |
5.20ImpairmentofassetsotherthaninventoriesandfinancialassetsThecarryingamountsofthefollowingassetsarereviewedateachbalancesheetdatebasedoninternalandexternalsourcesofinformationtodeterminewhetherthereisanyindicationofimpairment:
-fixedassets-constructioninprogress-right-of-useassets-intangibleassets-Bearerbiologicalassets-investmentpropertiesmeasuredusingacostmodel-long-termequityinvestments-goodwill-long-termdeferredexpenses,etc.Ifanyindicationexists,therecoverableamountoftheassetisestimated.Inaddition,theGroupestimatestherecoverableamountsofgoodwillandintangibleassetswithinfiniteusefullivesateachyear-end,irrespectiveofwhetherthereisanyindicationofimpairment.Goodwillisallocatedtoeachassetgroup,orsetofassetgroups,thatisexpectedtobenefitfromthesynergiesofthecombinationforthepurposeofimpairmenttesting.Therecoverableamountofanasset(orassetgroup,setofassetgroups)isthehigherofitsfairvalue(seeNote5.21)lesscoststosellanditspresentvalueofexpectedfuturecashflows.
Anassetgroupiscomposedofassetsdirectlyrelatedtocash-generationandisthesmallestidentifiablegroupofassetsthatgeneratescashinflowsthatarelargelyindependentofthecashinflowsfromotherassetsorassetgroups.Thepresentvalueofexpectedfuturecashflowsofanassetisdeterminedbydiscountingthefuturecashflows,estimatedtobederivedfromcontinuinguseoftheassetandfromitsultimatedisposal,totheirpresentvalueusinganappropriatepre-taxdiscountrate.Animpairmentlossisrecognisedinprofitorlosswhentherecoverableamountofanassetislessthanitscarryingamount.Aprovisionforimpairmentoftheassetisrecognisedaccordingly.Impairmentlossesrelatedtoanassetgrouporasetofassetgroupsareallocatedfirsttoreducethecarryingamountofanygoodwillallocatedtotheassetgrouporsetofassetgroups,andthentoreducethecarryingamountoftheotherassetsintheassetgrouporsetofassetgroupsonaproratabasis.However,suchallocationwouldnotreducethecarryingamountofanassetbelowthehighestofitsfairvaluelesscoststosell(ifmeasurable),itspresentvalueofexpectedfuturecashflows(ifdeterminable)andzero.Onceanimpairmentlossisrecognised,itisnotreversedinasubsequentperiod.
5.21FairvaluemeasurementUnlessotherwisespecified,theGroupmeasuresfairvalueasfollows:
Fairvalueisthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.Whenmeasuringfairvalue,theGrouptakesintoaccountthecharacteristicsoftheparticularassetorliability(includingtheconditionandlocationoftheassetandrestrictions,ifany,onthesaleoruseoftheasset)thatmarketparticipantswouldconsiderwhenpricingtheassetorliabilityatthemeasurementdate,andusesvaluationtechniquesthatareappropriateinthecircumstancesandforwhichsufficientdataandotherinformationareavailabletomeasurefairvalue.Valuationtechniquesmainlyincludethemarketapproach,theincomeapproachandthecostapproach.
5.22RevenueRevenuereferstothegrossinflowofeconomicbenefitsformedduringthecourseoftheordinaryactivitiesoftheGroup,whichmayincreasetheshareholders’equitiesandisirrelevanttotheinvestedcapitaloftheshareholders.TheGrouprecognizestherevenueuponfulfillmentofitsperformanceobligationsinthecontract,thatis,theclientobtainscontrolrightovertherelevantgoodsorservices.Iftherearetwoormoreperformanceobligationsunderthecontact,whichshallbefulfilled,theGroupwillapportionthetransactionpricetovariousindividualperformanceobligationsinaccordancewiththerelativeproportionofseparatesellingpricesofvariousgoodsorservicesundertheseperformanceobligationsonthecommencementdateofthecontract,andmeasureandrecognizetherevenueinaccordancewiththetransactionpricesapportionedtovariousindividualperformanceobligations.Thestand-alonesellingpricereferstothepriceat
whichtheGroupsellsgoodsorprovidesservicestocustomersseparately.Ifthestand-alonesellingpricecannotbedirectlyobserved,theGroupcomprehensivelyconsidersalltherelevantinformationthatcanbereasonablyobtained,andusesobservableinputvaluestothegreatestextenttoestimatethestand-alonesellingprice.Forcontractswithqualityassuranceclauses,theGroupanalyzesthenatureofthequalityassuranceprovided.Ifqualityassuranceprovidesaseparateserviceinadditiontoensuringtotheclientthatthegoodssoldmeettheestablishedstandards,theGroupwilltreatitasanindividualperformanceobligation.Otherwise,theGroupconductsaccountingtreatmentinaccordancewiththeAccountingStandardsforBusinessEnterprisesNo.13-Contingencies.ThetransactionpricereferstotheamountofconsiderationthattheGroupexpectstobeentitledtoreceiveduetothetransferofgoodsorservicestotheclient,excludingpaymentsreceivedonbehalfofthirdparties.ThetransactionpricerecognizedbytheGroupdoesnotexceedtheamountatwhichtheaccumulatedrecognizedrevenuewillmostlikelynotundergoasignificantreversalwhentherelevantuncertaintyiseliminated.Intheeventthatthereisasignificantfinancingpartinthecontract,theGroupdeterminesthetransactionpricebasedontheamountpayableincashwhentheclientobtainscontrolrightovertherelevantgoodsorservices.Thedifferencebetweenthetransactionpriceandthecontractconsiderationshallbeamortizedbytheeffectiveinterestmethodduringthecontractperiod.Fromthedayoftheenforcementofthecontract,theGroupexpectsthattheintervalbetweentheclient'sacquisitionofcontrolrightoverthegoodsorservicesandtheclient’spaymentofthepricewillnotexceedoneyear,regardlessofthesignificantfinancingpartinthecontract.IftheGroupmeetsoneofthefollowingconditions,thefulfillmentofitsperformanceobligationsinacertainperiodwillbedeemed,orthefulfillmentofitsperformanceobligationsatacertaintimepointwillbedeemed:
-TheclientobtainsandconsumestheeconomicbenefitswhiletheGroupfulfillstheperformanceobligation;-TheclientmanagestocontrolthegoodsinprocesswhiletheGroupfulfillstheperformanceobligation.-GoodsproducedduringtheperformanceperiodhaveirreplaceablepurposesandtheGroupisentitledtochargemoneyfortheperformanceaccumulatedandhasbeenfinisheduntilthecurrenttimewithinthewholecontractperiod.Foranyperformanceobligationsfulfilledinacertainperiod,theGroupwillrecognizerevenuewithinthecertainperiodinaccordancewiththeperformanceprogress.IftheperformanceprogresscannotbedeterminedreasonablyandcostsincurredareexpectedtobecompensatedoftheGroup,therevenuewillbeascertainedaccordingtothecostsincurreduntiltheperformanceprogressisdeterminedreasonably.Intermsofperformanceobligationsfulfilledatacertaintimepoint,theGroupwillrecognizerevenuewhentheclientgainscontrolrightovertherelevantgoodsorservices.Whenitcomestodeterminingwhetheraclienthasacquiredthecontrolrightovergoodsorservices,theGroupwillconsiderthefollowingconditions:
-TheGrouphasthecurrentrighttoreceivepaymentforthegoodsorservices;-TheGrouphastransferredthegoodsinkindtotheclient;-TheGrouphastransferredthelegalownershipoftheproductorthemainrisksandrewardsofownershiptotheclient;-Theclienthasacceptedthegoodsorservices,etc.Forsaleswithsalesreturnclauses,whenthecustomerobtainscontroloftherelevantgoods,theGrouprecognizesrevenuebasedontheamountofconsiderationexpectedtobeentitledtoreceiveduetothetransferofgoodstothecustomer(thatis,doesnotincludetheexpectedamounttoberefundedduetosalesreturn),andrecognizesliabilitiesbasedontheexpectedamounttoberefundedduetosalesreturns.Atthesametime,basedonthebookvalueatthetimeoftransferofthegoodsexpectedtobereturned,theGrouprecognizesasanassetthebalanceafterdeductingtheestimatedcostofrecoveringthegoods(includingthevalueimpairmentofthereturnedgoods).Basedonthebookvalueofthetransferredgoodsatthetimeoftransfer,theGroupcarriesoverasthecostthenetamountafterdeductingtheaboveassetcost.Oneachbalancesheetdate,theGroupre-estimatesthefuturesalesreturns.Ifthereisanychange,itshallbetreatedasachangeinaccountingestimates.TheGrouphastransferredthegoodsorservicestotheclientandthushastherighttoreceivecorrespondingconsideration(andtherightisdependableonfactorsotherthantimelapses)ascontractasset,whichissubjecttoprovisionofimpairmentonthebasisofexpectedcreditloss.TherightenjoyedbytheGroup(onlydependsontimelapses)toreceiveconsiderationunconditionallyfromtheclientshallbepresentedunderaccountreceivables.TheGrouppresentstheobligationoftransferringgoodsorservicesfortheclientduetotheconsiderationreceivedorreceivableascontractliabilities.ThespecificaccountingpoliciesrelatedtothemainactivitiesoftheGroup’srevenuearedescribedasfollows:
TheGroup’ssalesrevenuemainlycomesfromdealersales.TherevenuewillberecognizedwhentheGrouptransferscontroloftherelatedproductstothecustomer.Accordingtothebusinesscontract,forthesetransfers,thetimewhentheproductisconfirmedandsignedbythecustomershallberecognizedastheconfirmingpointofthesalesrevenue.
5.23ContractcostContractcostincludesincrementalcostforbeingawardedthecontractandperformancecostofthecontract.IncrementalcostforbeingawardedthecontractreferstothecostthattheGroupwouldnotneedtopayifnosuchcontractsareawarded(e.g.salescommissions,etc.).Wheresuchcostisexpectedtoberecovered,theGroupshalltakeitasthecontractacquisitioncostandrecognizeitasanasset.ExpensesincurredbytheGrouptobeawardedcontractsotherthanincrementalcostexpectedtoberecoveredshallberecognizedincurrentprofitsandlosseswhenincurred.AnycostincurredbytheGroupfortheperformanceofanycontractthatdoesn'tfallintothescopeofotherbusinessesspecifiedintheStandardsuchasinventory,butmeetsthefollowingconditionssimultaneously,shallbetakenascontractperformancecostandrecognizedasan
asset.–Wheresuchcostisdirectlyrelatedtoacurrentoranticipatedcontract,includingdirectlaborcost,directmaterialcost,manufacturingexpenses(orsimilarexpenses),costsclearlyspecifiedtobebornebythecustomerandothercostsincurredsolelyduetothecontract;–WheresuchcostincludesresourcestobeusedbytheGrouptofulfillfutureperformanceobligations;–Wheresuchcostisexpectedtoberecovered.Assetsrecognizedforcontractacquisitioncostandassetsrecognizedforcontractperformancecost(hereinafterreferredtoas“assetsrelatedtocontractcost”)shallbeamortizedonthesamebasisastherevenuerecognitionofgoodsorservicesrelatedtosuchassetsandrecognizedincurrentprofitsandlosses.Wheretheamortizationperiodofassetsrecognizedforthecontractacquisitioncostdoesnotexceedoneyear,theyshallberecognizedincurrentprofitsandlosses.Wherethebookvalueofassetsrelatedtocontractcostsishigherthanthedifferencebetweenthefollowingtwoitems,theGroupshallwithdrawtheimpairmentreservesoftheexcesspartandrecognizeitastheassetimpairmentloss:
–ResidualconsiderationexpectedtobeobtainedarisingfromthetransferofgoodsorservicesrelatedtotheassetsbytheGroup;–Costestimatedtobeoccurredforthetransferoftherelevantgoodsorservices.
5.24Employeebenefits
5.24.1Short-termemployeebenefitsEmployeewagesorsalaries,bonuses,socialsecuritycontributionssuchasmedicalinsurance,workinjuryinsurance,maternityinsuranceandhousingfund,measuredattheamountincurredoraccuredattheapplicablebenchmarksandrates,arerecognisedasaliabilityastheemployeeprovidesservices,withacorrespondingchargetoprofitorlossorincludedinthecostofassetswhereappropriate.
5.24.2Post-employmentbenefits–definedcontributionplansPursuanttotherelevantlawsandregulationsofthePeople’sRepublicofChina,theGroupparticipatedinadefinedcontributionbasicpensioninsuranceplaninthesocialinsurancesystemestablishedandmanagedbygovernmentorganisations.TheGroupmakescontributionstobasicpensioninsuranceplansbasedontheapplicablebenchmarksandratesstipulatedbythegovernment.Basicpensioninsurancecontributionspayablearerecognisedasaliabilityastheemployeeprovidesservices,withacorrespondingchargetoprofitorlossorincludedinthecostofassetswhereappropriate.
5.24.3TerminationbenefitsWhentheGroupterminatestheemploymentwithemployeesbeforetheemploymentcontractsexpire,orprovidescompensationunderanoffertoencourageemployeestoacceptvoluntaryredundancy,aprovisionisrecognisedwithacorrespondingexpenseinprofitorlossattheearlierofthefollowingdates:
-WhentheGroupcannotunilaterallywithdrawtheofferofterminationbenefitsbecauseofanemployeeterminationplanoracurtailmentproposal;-WhentheGrouphasaformaldetailedrestructuringplaninvolvingthepaymentofterminationbenefitsandhasraisedavalidexpectationinthoseaffectedthatitwillcarryouttherestructuringbystartingtoimplementthatplanorannouncingitsmainfeaturestothoseaffectedbyit.
5.25GovernmentgrantsGovernmentgrantsarenon-reciprocaltransfersofmonetaryornon-monetaryassetsfromthegovernmenttotheGroupexceptforcapitalcontributionsfromthegovernmentinthecapacityasaninvestorintheGroup.AgovernmentgrantisrecognisedwhenthereisreasonableassurancethatthegrantwillbereceivedandthattheGroupwillcomplywiththeconditionsattachingtothegrant.Ifagovernmentgrantisintheformofatransferofamonetaryasset,itismeasuredattheamountreceivedorreceivable.Ifagovernmentgrantisintheformofatransferofanon-monetaryasset,itismeasuredatfairvalue.GovernmentgrantsrelatedtoassetsaregrantswhoseprimaryconditionisthattheGroupqualifyingforthemshouldpurchase,constructorotherwiseacquirelong-termassets.Governmentgrantsrelatedtoincomearegrantsotherthanthoserelatedtoassets.Agovernmentgrantrelatedtoanassetisrecognisedasdeferredincomeandamortisedovertheusefullifeoftherelatedassetonareasonableandsystematicmannerasotherincomeornon-operatingincome.AgrantthatcompensatestheCompanyforexpensesorlossestobeincurredinthefutureisrecognisedasdeferredincome,andincludedinotherincomeornon-operatingincomeintheperiodsinwhichtheexpensesorlossesarerecognised,orincludedinotherincomeornon-operatingincomedirectly.
5.26IncometaxCurrenttaxanddeferredtaxarerecognisedinprofitorlossexcepttotheextentthattheyrelatetoabusinesscombinationoritemsrecogniseddirectlyinequity(includingothercomprehensiveincome).Currenttaxistheexpectedtaxpayablecalculatedattheapplicabletaxrateontaxableincomefortheyear,plusanyadjustmenttotaxpayableinrespectofpreviousyears.Atthebalancesheetdate,currenttaxassetsandliabilitiesareoffsetonlyiftheGrouphasalegallyenforceablerighttosetthemoffandalsointendseithertosettleonanetbasisortorealisetheassetandsettletheliabilitysimultaneously.Deferredtaxassetsanddeferredtaxliabilitiesarisefromdeductibleandtaxabletemporarydifferencesrespectively,beingthedifferencesbetweenthecarryingamountsofassetsandliabilitiesforfinancialreportingpurposesandtheirtaxbases,whichincludethedeductiblelossesandtaxcreditscarriedforwardtosubsequentperiods.Deferredtaxassetsarerecognisedtotheextentthatitisprobablethatfuturetaxableprofitswillbeavailableagainst
whichdeductibletemporarydifferencescanbeutilised.Deferredtaxisnotrecognisedforthetemporarydifferencesarisingfromtheinitialrecognitionofassetsorliabilitiesinatransactionthatisnotabusinesscombinationandthataffectsneitheraccountingprofitnortaxableprofit(ordeductibleloss).Deferredtaxisnotrecognisedfortaxabletemporarydifferencesarisingfromtheinitialrecognitionofgoodwill.Atthebalancesheetdate,deferredtaxismeasuredbasedonthetaxconsequencesthatwouldfollowfromtheexpectedmannerofrecoveryorsettlementofthecarryingamountsoftheassetsandliabilities,usingtaxratesenactedatthebalancesheetdatethatareexpectedtobeappliedintheperiodwhentheassetisrecoveredortheliabilityissettled.Thecarryingamountofadeferredtaxassetisreviewedateachbalancesheetdate,andisreducedtotheextentthatitisnolongerprobablethattherelatedtaxbenefitswillbeutilised.Suchreductionisreversedtotheextentthatitbecomesprobablethatsufficienttaxableprofitswillbeavailable.Atthebalancesheetdate,deferredtaxassetsanddeferredtaxliabilitiesareoffsetifallofthefollowingconditionsaremet:
-thetaxableentityhasalegallyenforceablerighttooffsetcurrenttaxliabilitiesandcurrenttaxassets;-theyrelatetoincometaxesleviedbythesametaxauthorityoneither:thesametaxableentity;ordifferenttaxableentitieswhichintendeithertosettlethecurrenttaxliabilitiesandcurrenttaxassetsonanetbasis,ortorealisetheassetsandsettletheliabilitiessimultaneously,ineachfutureperiodinwhichsignificantamountsofdeferredtaxliabilitiesordeferredtaxassetsareexpectedtobesettledorrecovered.
5.27LeaseLeasereferstoacontractinwhichitisagreedthatthelessorconveystheuserightofanyassettothelesseeforaperiodoftimeinexchangeforconsideration.Onthecontractstartdate,theGroupshallevaluatewhetherthecontractis,orcontains,alease.Whereeitherpartytheretoconveystherighttocontroltheuseofoneormoreidentifiedassetsforaperiodoftimeinexchangeforconsideration,thecontractis,orcontainsalease.Todeterminewhetherthecontractconveystherighttocontroltheuseofidentifiedassetsforaperiodoftime,theGroupconductsthefollowingassessments:
-Whetherthecontractinvolvestheuseofanidentifiedasset.Anidentifiedassetcanbeeitherexplicitlyspecifiedinacontract,orimplicitlywhentheassetisavailabletothecustomerandcanbeaphysicallydistinctportion,orifsomecapacityorotherportionoftheassetisnotphysicallydistinctbutsubstantiallyrepresentsthefullcapacityoftheasset,sothatthecustomerobtainssubstantiallyalloftheeconomicbenefitsfromtheuseoftheasset.Ifthesupplieroftheassethasthepracticalabilitytosubstitutetheassetthroughouttheperiodofuse,theassetisnotanidentifiedasset;-Whetherthelesseehastherighttoobtainsubstantiallyalloftheeconomicbenefitsfrom
theuseoftheidentifiedassetthroughouttheperiodofuse;and-Whetherthelesseehastherighttodirecttheuseofanidentifiedassetthroughoutthisperiodofuse.Ifthecontractcontainsmultipleseparateleasesatthesametime,thelesseeandlessorwillsplitthecontractandhaveeachseparateleaseseparatelysubjecttoaccountingtreatment.Ifthecontractincludesleaseandnon-leasepartsatthesametime,thelesseeandthelessorwillsplitthemseparately.Whensplittingtheleaseandnon-leasepartsincludedinthecontract,thelesseeshallallocatethecontractconsiderationaccordingtotherelativeproportionofthesumofthestand-alonepriceofeachleasepartandthestand-alonepriceofeachnon-leasepart.ThelessorshallallocatethecontractconsiderationinaccordancewiththeprovisionsontransactionpriceallocationintheaccountingpolicystatedinNote5.22.
5.27.1WheretheGroupisthelesseeUponthecommencementoftheleaseterm,theGrouprecognizesright-of-useassetsandleaseliabilitiesforleases.Theright-of-useassetsareinitiallymeasuredatcost,includinginitiallymeasuredamountofleasedliability;amountofleasepaymentsmadeonorbeforethecommencementdateoftheleaseterm(therelatedamountofleaseincentivehavingbeenenjoyedshallbededucted);initialdirectcostsincurredandcoststhattheGroupexpectstoincurtodisassembleandremoveleasedassets,restorethesitewhereleasedassetsarelocatedorrestoreleasedassetstotheagreedconditionunderthetermsofthelease.TheGroupemploysthestraight-linemethodtodepreciateright-of-useassets.WhereitcanbereasonablyrecognizedthattheownershipofleasedassetswillbeobtainedbytheGroupuponexpirationoftheleaseterm,leasedassetswillbedepreciatedduringtheservicelife;otherwise,leasedassetswillbedepreciatedduringtheleasetermortheremainingservicelifeofsuchleasedassetsbytheGroup,whicheverisshorter.Right-of-useassetsshallbeprovidedforimpairmentinaccordancewiththeaccountingpoliciesstatedinNote5.20.Wheninitiallycalculatingthepresentvalueoftheunpaidleasepaymentatthecommencementdateoftheleaseterm,theGroupshallemploytheinterestrateimplicitintheleaseasthediscountrate;wheretheinterestrateimplicitintheleasecannotbedetermined,theincrementallendingrateoftheGroupshallbeusedasthediscountrate.TheGroupcalculatestheinterestexpenseofleaseliabilitiesineachperiodoftheleasetermaccordingtoafixedperiodicrate,whichwillbeincludedincurrentprofitsandlossesorassetcost.Thevariableleasepaymentnotincludedinthemeasurementofleaseliabilitiesshallberecognizedincurrentprofitsandlossesandlossorrelatedassetcostwhentheyactuallyoccur.Incaseofanyoffollowingcircumstancesafterthecommencementdateoftheleaseterm,theGroupwillremeasureleaseliabilitiesatthepresentvalueoftheleasepaymentafteranychange:
–Wheretheamountpayableanticipatedchangesaccordingtotheguaranteedresidualvalue;–Wheretheindexorratiousedforrecognizingtheleasepaymentchanges;–WherethereisachangeintheGroup'sassessmentresultsoftheoptionofpurchase,
renewaloptionoroptionofterminationofleaseortheactualexercisingoftheterminationoftherenewaloptionoroptionofterminationofleaseisinconsistentwiththeoriginalassessmentresult.WhentheGroupremeasuresleaseliabilities,thebookvalueofright-of-useassetsshallbeadjustedaccordingly.Wherethebookvalueofright-of-useassetshasbeenreducedtozero,butleaseliabilitiesstillneedtobesubjecttofurtherreduction,theremainingamountshallberecognizedincurrentprofitsandlosses.TheGroupdoesnotrecognizeright-of-useassetsandleasedliabilitiesforshort-termlease(leasewithaleasetermwithin12months)andleaseoflow-valueassets.TheGroupshallincluderelatedleasepaymentintothecurrentprofitsandlossesorrelevantassetcostsaccordingtothestraight-linemethodineachperiodoftheleaseterm.
5.27.2TheGroupasthelessorFromtheinceptionoflease,theGroupwilldivideleasesintofinanceleaseandoperatinglease.Financeleasereferstoaleaseinwhichalmostalltherisksandreturnsrelatedtotheownershipoftheleasedassetareessentiallytransferred,regardlessofwhethertheownershipisfinallytransferredornot.Operatingleasereferstootherleasesexceptforthefinancelease.WhentheGroupisthesubleaselessor,thesubleaseshallbeclassifiedbasedontheright-of-useassetsarisingfromtheoriginalleaseratherthantheunderlyingassetsofthetheoriginallease.Iftheoriginalleaseisashort-termleaseandtheGroupelectstoapplytheabove-mentionedsimplifiedtreatmentofshort-termleasetotheoriginallease,theGroupshallclassifythesubleaseasanoperatinglease.Forfinanceleases,fromthecommencementdateoftheleaseterm,theGrouprecognizesfinanceleasereceivablesforfinanceleasesandderecognizesthefinanceleaseassets.TheGroupregardsthenetinvestmentinaleaseastheentryvalueoffinanceleasereceivablesatthetimeofinitialmeasurementoffinanceleasereceivables.Thenetinvestmentinaleaseisthesumofthepresentvalueofunguaranteedresidualvalueandrentalreceiptsnotreceivedyetonthecommencementdateoftheleasetermwhichissubjecttodiscountingattheinterestrateimplicitintheleaseterm.TheGroupcalculatesandrecognizestheinterestincomeineachperiodwithintheleasetermaccordingtoafixedperiodicrate.DerecognitionandimpairmentoffinanceleasereceivablesshallbesubjecttoaccountingtreatmentinaccordancewiththeaccountingpoliciesstatedinNote5.9.Thevariableleasepaymentwhichisnotincludedinthenetinvestmentinalease,shallberecognizedincurrentprofitsandlosseswhenitactuallyoccurs.Duringeachperiodoftheleaseterm,theGrouprecognizesleasereceiptsfromoperatingleasesasrentalrevenuebyusingthestraight-linemethod.TheGroupcapitalizesinitialdirectcostspertainingtooperatingleasesupontheiroccurrence,andapportionsthemasperthesamebasisusedforrecognizingtherentalincomewithintheleasetermandincludesthemincurrentprofitsandlossesbyperiod.Thevariableleasereceiptsrelatedtooperatingleasesthatarenotincludedintheleasereceiptsshallberecognizedincurrentprofitsandlosseswhentheyactuallyoccur.Thevariableleasepaymentwhichisnotincludedintheleasereceipts,shallberecognizedincurrentprofitsandlosseswhenitactuallyoccurs.
5.28AssetsheldforsaleTheGroupclassifiedanon-currentassetordisposalgroupasheldforsalewhenthecarryingamountofanon-currentassetordisposalgroupwillberecoveredthroughasaletransactionratherthanthroughcontinuinguse.Adisposalgroupreferstoagroupofassetstobedisposedof,bysaleorotherwise,togetherasawholeinasingletransactionandliabilitiesdirectlyassociatedwiththoseassetsthatwillbetransferredinthetransaction.Anon-currentassetordisposalgroupisclassifiedasheldforsalewhenallthefollowingcriteriaaremet:
-Accordingtothecustomarypracticesofsellingsuchassetordisposalgroupinsimilartransactions,thenon-currentassetordisposalgroupmustbeavailableforimmediatesaleintheirpresentconditionsubjecttotermsthatareusualandcustomaryforsalesofsuchassetsordisposalgroups;-Itssaleishighlyprobable,thatis,theGrouphasmadearesolutiononasaleplanandhasobtainedafirmpurchasecommitment.Thesaleistobecompletedwithinoneyear.Non-currentassetsordisposalgroupsheldforsalearestatedatthelowerofcarryingamountandfairvaluelesscoststosell(exceptfinancialassets,deferredtaxassetsandinvestmentpropertiessubsequentmeasuredatfairvalueinitiallyandsubsequently.Anyexcessofthecarryingamountoverthefairvaluelesscoststosellisrecognisedasanimpairmentlossinprofitorloss.
5.29ProfitdistributionsDividendsorprofitdistributionsproposedintheprofitappropriationplan,whichwillbeapprovedafterthebalancesheetdate,arenotrecognisedasaliabilityatthebalancesheetdatebutaredisclosedinthenotesseparately.
5.30RelatedpartiesIfapartyhasthepowertocontrol,jointlycontrolorexercisesignificantinfluenceoveranotherparty,orviceversa,orwheretwoormorepartiesaresubjecttocommoncontrolorjointcontrolfromanotherparty,theyareconsideredtoberelatedparties.Relatedpartiesmaybeindividualsorenterprises.EnterpriseswithwhichtheCompanyisundercommoncontrolonlyfromtheStateandthathavenootherrelatedpartyrelationshipsarenotregardedasrelatedparties.Inadditiontotherelatedpartiesstatedabove,theGroupdeterminesrelatedpartiesbasedonthedisclosurerequirementsofAdministrativeProceduresontheInformationDisclosuresofListedCompaniesissuedbytheCSRC.
5.31SegmentreportingTheGroupisprincipallyengagedintheproductionandsalesofwine,brandy,andsparklingwineinChina,France,Spain,ChileandAustralia.InaccordancewiththeGroup'sinternalorganisationstructure,managementrequirementsandinternalreportingsystem,theGroup's
operationisdividedintofourparts:China,Spain,France,ChileandAustralia.Themanagementperiodicallyevaluatessegmentresults,inordertoallocateresourcesandevaluateperformances.In2022,over86%ofrevenue,morethan98%ofprofitandover98%ofnon-currentassetsderivedfromChina/arelocatedinChina.ThereforetheGroupdoesnotneedtodiscloseadditionalsegmentreportinformation.
5.32SignificantaccountingestimatesandjudgementsThepreparationofthefinancialstatementsrequiresmanagementtomakeestimatesandassumptionsthataffecttheapplicationofaccountingpoliciesandthereportedamountsofassets,liabilities,incomeandexpenses.Actualresultsmaydifferfromtheseestimates.Estimatesaswellasunderlyingassumptionsanduncertaintiesinvolvedarereviewedonanongoingbasis.Revisionstoaccountingestimatesarerecognisedintheperiodinwhichtheestimateisrevisedandinanyfutureperiodsaffected.
5.32.1SignificantaccountingestimatesExceptforaccountingestimatesrelatingtodepreciationandamortisationofassetssuchasinvestmentproperties,fixedassets,bearerbiologicalassetsandintangibleassets(seeNotes
5.12,13,16and17)andprovisionforimpairmentofvarioustypesofassets(seeNotes7.3,6,7,11,12,13,14,15andNotes16.2).Othersignificantaccountingestimatesareasfollows:
(i)Note7.18–Recognitionofdeferredtaxasset;(ii)Note10–Fairvaluemeasurementsoffinancialinstruments.
5.33Changesinsignificantaccountingpoliciesandaccountingestimates
5.33.1Changesinsignificantaccountingpolicies
Nil
5.33.2ChangesinsignificantaccountingestimatesNil
6.Taxes
6.1Themaintaxesandtaxratesareasfollows:
6.2TaxincentivesNingxiaChangyuGrapeGrowingCo.,Ltd.(“NingxiaGrowing”),asubsidiaryoftheGroup,whoseprincipalactivityisgrapegrowing,isincorporatedinNingxiaHuizuAutonomous
Taxcategory
| Taxcategory | Taxationbasis | Taxrates |
| Valueaddedtax | Leviedonthebalancebetweentheoutputtaxcalculatedbasedontaxableincomeandtheinputtaxallowedtobedeductedincurrentperiod | 13%,9%,6%(China),20%(France),21%(Spain),19%(Chile),10%(Australia) |
| Consumptiontax | Leviedontaxableincome | 10%oftheprice,20%ofthepriceand1,000Yuaneachton(China) |
| Citydevelopmenttax | Leviedoncirculationtaxactuallypaid | 7%(China) |
| Corporateincometax | Leviedontaxableincome | 25%(China),25%(France2022),26.5%(France2021),28%(Spain),27%(Chile),30%(Australia) |
Region.Accordingtoclause27ofPRCCorporateIncomeTaxandclause86ofPRCCorporateIncomeTaxMeasuresforImplementation,NingxiaGrowingenjoysanexemptionofcorporateincometax.YantaiChangyuGrapeGrowingCo.,Ltd.(“GrapeGrowing”),abranchoftheCompany,whoseprincipalactivityisgrapegrowing,isincorporatedinZhifuDistrict,YantaiCity,ShandongProvince.Accordingtoclause27ofPRCCorporateIncomeTaxandclause86ofPRCCorporateIncomeTaxMeasuresforImplementation,GrapeGrowingenjoysanexemptionofcorporateincometax.GrapePlantingBranchofYantaiChangyuWineR&DandManufacturingCo.,Ltd.(“R&DandGrowing”),abranchoftheCompany,whoseprincipalactivityisgrapegrowing,isincorporatedinYEDA,ShandongProvince.AccordingtoClause27ofPRCCorporateIncomeTaxandClause86ofPRCCorporateIncomeTaxMeasuresforImplementation,R&DandGrowingenjoysanexemptionofcorporateincometax.BeijingChangyuAFIPAgricultureDevelopmentCo.,Ltd(“AgricultureDevelopment”),asubsidiaryoftheGroup,whoseprincipalactivityisgrapegrowing,isincorporatedinMiyunCounty,Beijing.Accordingtoclause27oftheCorporateIncomeTaxLawofthePeople’sRepublicofChinaandclause86oftheImplementationRulesofEnterpriseIncomeTaxLawofthePeople’sRepublicofChina,AgricultureDevelopmentenjoysanexemptionofcorporateincometax.XinjiangTianzhuCo.,Ltd(“XinjiangTianzhu”),asubsidiaryoftheCompany,isanenterpriseofrawwineproductionandsalesincorporatedinShiheziCity,XinjiangUygurAutonomousRegion.InaccordancewiththeAnnouncementonContinuingtheEnterpriseIncomeTaxPoliciesfortheLarge-ScaleDevelopmentofWesternChinaoftheMinistryofFinance,theStateTaxationAdministrationandtheNationalDevelopmentandReformCommission(AnnouncementNo.23[2020]oftheMinistryofFinance),XinjiangTianzhuisqualifiedtoenjoypreferentialtaxationpolicies,whichmeansitcanpaycorporateincometaxatapreferentialrateof15%fortheperiodfrom2021to2030.XinjiangBabaoBaronChateauCo.,Ltd.(“ShiheziChateau”),asubsidiaryoftheCompany,isanenterpriseofrawwineproductionandsalesincorporatedinShiheziCity,XinjiangUygurAutonomousRegion.InaccordancewithAnnouncementonContinuingtheEnterpriseIncomeTaxPoliciesfortheLarge-ScaleDevelopmentofWesternChinaoftheMinistryofFinance,theStateTaxationAdministrationandtheNationalDevelopmentandReformCommission(AnnouncementNo.23[2020]oftheMinistryofFinance),ShiheziChateauisqualifiedtoenjoypreferentialtaxationpolicies,whichmeansitcanpaycorporateincometaxatapreferentialrateof15%fortheperiodfrom2021to2030.NingxiaChangyuLongyuEstateCo.,Ltd.(previousname:ChateauChangyuMoserXVCo.,Ltd.,Ningxia,referredtoas“NingxiaChateau”),asubsidiaryoftheCompany,isanenterpriseofwineproductionandsalesincorporatedinYinchuanCity,NingxiaHuizuAutonomousRegion.InaccordancewithAnnouncementonContinuingtheEnterpriseIncomeTaxPoliciesfortheLarge-ScaleDevelopmentofWesternChinaoftheMinistryofFinance,theStateTaxationAdministrationandtheNationalDevelopmentandReformCommission(AnnouncementNo.23[2020]oftheMinistryofFinance),NingxiaChateauisqualifiedto
enjoypreferentialtaxationpolicies,whichmeansitcanpaycorporateincometaxatapreferentialrateof15%fortheperiodfrom2021to2030.Changyu(Ningxia)WineCo.,Ltd.(“NingxiaWine”),asubsidiaryoftheCompany,isanenterpriseofwineproductionandsalesincorporatedinYinchuanCity,NingxiaHuizuAutonomousRegion.InaccordancewithAnnouncementonContinuingtheEnterpriseIncomeTaxPoliciesfortheLarge-ScaleDevelopmentofWesternChinaoftheMinistryofFinance,theStateTaxationAdministrationandtheNationalDevelopmentandReformCommission(AnnouncementNo.23[2020]oftheMinistryofFinance),NingxiaWineisqualifiedtoenjoypreferentialtaxationpolicies,whichmeansitcanpaycorporateincometaxatapreferentialrateof15%fortheperiodfrom2021to2030.AccordingtotheprovisionsoftheAnnouncementoftheMinistryofFinanceandtheStateTaxationAdministrationonFurtherImplementingthePreferentialIncomeTaxPoliciesforMicroandSmallEnterprises(AnnouncementNo.13of[2022]oftheMinistryofFinanceandtheStateTaxationAdministration),theannualtaxableincomeofasmalllow-profitenterprisethatisnotlessthan1MillionYuanandnotmorethan3MillionYuanshallbeincludedinitstaxableincomeatthereducedrateof25%,withtheapplicableenterpriseincometaxrateof20%.BeijingChangyuWineIndustryMarketingCo.,Ltd(“BeijingAllotting”),asubsidiaryoftheGroup,hasbeenidentifiedaseligiblesmalllow-profitenterprise.AccordingtotheprovisionsoftheAnnouncementoftheMinistryofFinanceandtheStateTaxationAdministrationonExemptingSmall-ScaleValue-AddedTaxTaxpayersfromValue-AddedTax(AnnouncementNo.15of[2022]oftheMinistryofFinanceandtheStateTaxationAdministration),small-scaleVATtaxpayerswithtaxablesalesincomesubjecttoa3%taxrateareexemptedfromVATpaymentfromApril1toDecember31,2022.XinjiangChangyuSalesCo.,Ltd.,asubsidiaryoftheGroup,hasenjoyedthisexemptionpolicy.AccordingtotheprovisionsoftheAnnouncementoftheMinistryofFinanceandtheStateTaxationAdministrationonFurtherStrengtheningtheImplementationofthePoliciesRegardingtheRefundofTerm-EndExcessInputValue-AddedTaxCredits(AnnouncementNo.14of[2022]oftheMinistryofFinanceandtheStateTaxationAdministration),itwillfurtherstrengthentheimplementationoftherefundofterm-endexcessinputvalue-addedtaxcreditsandexpandtheindustryscopeofthepolicyoffullyrefundingtheexcessinputvalue-addedtaxcredits.ThisCompanyandeligiblesubsidiarieshaveenjoyedtherefundofterm-endexcessinputvalue-addedtaxcredits.AccordingtotheAnnouncementoftheMinistryofFinanceandtheStateTaxationAdministrationonFurtherImplementingthe“SixTaxesandTwoFees”ReductionandExemptionPoliciesforMicroandSmallEnterprises(AnnouncementNo.10of[2022]),asdeterminedbythepeople’sgovernmentofaprovince,autonomousregion,ormunicipalitydirectlyundertheCentralGovernmentinlightoftheactualcircumstancesofthelocalregion,fromJanuary1,2022toDecember31,2024,asmall-scaleVATtaxpayer,asmalllow-profitenterpriseoranindividualindustrialandcommercialhouseholdmaybepayresourcetax,urbanmaintenanceandconstructiontax,propertytax,urbanlandusetax,stamptax(excludingsecuritiestradingstamptax),farmlandoccupationtax,educationalsurtax,orlocaleducationsurchargesatthereducedtaxrateof50%orless.Shandong,Xinjiang,Ningxia,Shaanxiandotherprovinces(autonomousregionsandmunicipalities)havereducedthe“six
taxesandtwofees”by50%,andsomeoftheCompany’ssubsidiariesareeligibleforthereduction.AccordingtotheprovisionsoftheNoticeofShaanxiProvincialFinanceDepartmentandShaanxiProvincialTaxService,StateTaxationAdministrationonClarifyingtheRelevantIssuesConcerningtheReductionandExemptionofUrbanLandUseTaxandPropertyTaxforDifficultyinTaxPaymentintheFirstQuarterof2022(ShaanCaiShui[2022]No.6),ifthetaxpayerisaffectedbytheepidemicwithsalesinthefirstquarterof2022havefallenbymorethan30%(inclusive)year-on-yearormonth-on-month,andhasindeeddifficulttopayurbanlandusetaxandpropertytax,thefinanceandtaxationdepartmentshallapprovetaxpayer’sapplicationforreductionorexemptionfordifficultyintaxpayment.ShaanxiChateauChangyuRenaCo.,Ltd.andChangyu(Jingyang)WineCo.,Ltd.,bothsubsidiariesoftheCompany,havemettheapplicationconditions,andpropertytaxandurbanlandusetaxhavebeenreducedorexemptedinthefirstquarterof2022.
7.Notestoitemsintheconsolidatedfinancialstatement
7.1Monetarycapital
Unit:Yuan
Item
| Item | Endingbalance | Beginningbalance |
| Cashonhand | 64,720 | 71,486 |
| Bankdeposit | 1,896,192,608 | 1,558,134,072 |
| Othermonetarycapital | 8,685,297 | 8,890,435 |
| Total | 1,904,942,625 | 1,567,095,993 |
| Including:Totaloverseasdeposits | 24,435,576 | 28,691,521 |
| Totalamountoffundsthathaverestrictionsonuseduetomortgages,pledges,orfreezes | 11,363,826.00 | 11,568,964.00 |
AsatJune30,2022,therestrictedbankdepositdetailsarelistedasfollows:
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Housingfundoftheunit | 2,678,529 | 2,678,529 |
| Total | 2,678,529 | 2,678,529 |
AsatJune30,2022,thedetailsofothermonetaryfundsarelistedasfollows:
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Guaranteeddepositspaidfortheletterofcredit | 7,900,850 | 7,900,850 |
| AccountbalanceofAlipay | 774,447 | 859,558 |
| GuarantymoneyforICBCplatform | 10,000 | 10,000 |
| Guarantymoneyforcustoms | 120,027 | |
| Total | 8,685,297 | 8,890,435 |
AsatJune30,2022,thebankdepositsoftheGroupincludingshort-termfixeddepositsrangingfrom3monthsto12monthsandRenminbiamountedto53,721,866Yuan(includinginterestreceivableof521,866Yuan),withtheinterestratesrangingfrom1.75%to2.25%(December31,2021:RMB53,200,000Yuan).
7.2BillsreceivableClassificationofbillsreceivable
Item
| Item | Endingbalance | Beginningbalance |
| Bankacceptancebills | 400,000 | 42,827,666 |
| Total | 400,000 | 42,827,666 |
Theabovebillsreceivableareallduewithinoneyear.
7.3Accountsreceivable
7.3.1Accountsreceivabledisclosedbytype
Unit:Yuan
| Type | Endingbalance | Beginningbalance | ||||||||
| Bookbalance | Provisionforbaddebts | Bookvalue | Bookbalance | Provisionforbaddebts | Bookvalue | |||||
| Amount | Proportion | Amount | Accruedproportion | Amount | Proportion | Amount | Accruedproportion | |||
| Accountsreceivableforwhichprovisionforbaddebtsisaccruedonasingleitembasis | ||||||||||
| Accountsreceivableforwhichprovisionforbaddebtsisaccruedonacombinedbasis | 236,709,664 | 100% | 18,822,827 | 7.95% | 217,886,837 | 311,270,160 | 100% | 20,263,750 | 6.50% | 291,006,410 |
| Total | 236,709,664 | 100% | 18,822,827 | 7.95% | 217,886,837 | 311,270,160 | 100% | 20,263,750 | 6.50% | 291,006,410 |
Provisionforbaddebtsaccruedonacombinedbasis:
Unit:Yuan
| Name | Endingbalance | ||
| Bookbalance | Provisionforbaddebts | Accruedproportion | |
| Amountsduefromrelatedparties | 379,160 | 1,057 | 0.28% |
| Amountsduefromothercustomers | 236,330,504 | 18,821,770 | 7.96% |
| Total | 236,709,664 | 18,822,827 | -- |
Disclosedbyage:
Unit:Yuan
| Age | Endingbalance |
| Within1year(including1year) | 224,050,457 |
| 1-2years | 7,902,290 |
| 2-3years | 4,756,917 |
| Over3years |
Total
| Total | 236,709,664 |
AsatJune30,2022,theaccountsreceivablewithownershiprestrictionswereRMB48,257,808Yuan(December31,2021:49,061,015Yuan).PleaserefertoNote7.20fordetails.
7.3.2Provisionforbaddebtsaccrued,withdrawnortransferredbackinthisperiodProvisionforbaddebtsaccruedinthisperiod:
Unit:Yuan
| Type | Beginningbalanceoftheyear | Changesinthisperiod | Endingbalance | ||
| Accrued | Withdrawnortransferredback | Cancelled | |||
| Accountsreceivableforwhichprovisionforbaddebtsisaccrued | 20,263,750 | -486,076 | 954,847 | 18,822,827 | |
| Total | 20,263,750 | -486,076 | - | 954,847 | 18,822,827 |
7.3.3Accountsreceivableactuallycancelledafterverificationinthisperiod
| Unit | Natureofaccountsreceivable | Amountofcancelafterverification | Reasonforcancelafterverification | Proceduresofcancelafterverificationperformed | Whetherthepaymentiscausedbyarelatedtransaction |
| ShanghaiShangshuYonghuiFreshFoodCo.,Ltd. | Paymentforgoods | 954,847 | Bankrupcyliquidation | Examinedandapprovedbymanagement | No |
| Total | -- | 954,847 | -- | -- | -- |
7.3.4Accountsreceivablecollectedbytheborrowersoftop5unitsrankedbytheendingbalance
Unit:Yuan
| Unit | RelationshipwiththeGroup | Amount | Period | Percentageintotalaccountsreceivable | Endingbalanceofprovisionforbadanddoubtfuldebts |
| Customer1 | Thirdparty | 32,417,663 | Within1year | 13.7% | 152,239 |
| Customer2 | Thirdparty | 25,143,196 | Within1year | 10.6% | 70,101 |
| Customer3 | Thirdparty | 8,919,126 | Within1year | 3.8% | 1,646,585 |
| Customer4 | Thirdparty | 6,161,123 | 1to2years | 2.6% | 6,161,123 |
| Customer5 | Thirdparty | 4,633,427 | Within1year | 2.0% | 102,054 |
| Total | -- | 77,274,535 | -- | 32.7% | 8,132,102 |
7.3.5AccountsreceivableterminatingrecognitionduetotransferoffinancialassetsNil
7.3.6AccountsreceivabletransferredandincludedinassetsandliabilitiesNil
7.4Receivablesfinancing
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Billsreceivable | 293,023,621 | 364,457,497 |
Total
| Total | 293,023,621 | 364,457,497 |
7.4.1ThepledgedbillsreceivableoftheGroupattheendoftheyearNil
7.4.2Outstandingendorsedbillsthathavenotmaturedattheendoftheyear
| Item | Amountderecognisedatyearend |
| Bankacceptancebills | 44,374,124 |
| Total | 44,374,124 |
AsatJune30,2022,billsendorsedbytheGrouptootherpartieswhicharenotyetdueattheendoftheperiodisRMB44,374,124Yuan(December31,2021:RMB449,373,119Yuan).Thenotesareusedforpaymenttosuppliersandconstructions.TheGroupbelievesthatduetogoodreputationofbank,theriskofnotesnotacceptingbybankonmaturityisverylow,thereforederecognisethenotereceivablesendorsed.Ifthebankisunabletopaythenotesonmaturity,accordingtotherelevantlawsandregulationsofChina,theGroupwouldundertakelimitedliabilityforthenotes.
7.5Advancepayment
7.5.1Advancepaymentlistedbyage
Unit:Yuan
| Age | Endingbalance | Beginningsum | ||
| Amount | Proportion | Amount | Proportion | |
| Within1year | 39,188,781 | 99.99% | 75,207,094 | 99.90% |
| 1-2years | 420 | 0.01% | 28,785 | 0.10% |
| 2-3years | ||||
| Morethan3years | ||||
| Total | 39,189,201 | -- | 75,235,879 | -- |
7.5.2Advancepaymentcollectedbytheprepaidpartiesoftop5unitsrankedbytheendingbalance
Unit:Yuan
| Categoryofclient | RelationshipwiththeGroup | Amount | Age | Reasonforunsettlement | Percentageinthetotaladvancepayment% |
| Unit1 | Thirdparty | 27,057,504 | Within1year | Prepayments | 69.0% |
| Unit2 | Thirdparty | 1,775,554 | Within1year | Prepayments | 4.5% |
| Unit3 | Thirdparty | 1,368,820 | Within1year | Prepayments | 3.5% |
| Unit4 | Thirdparty | 1,112,707 | Within1year | Prepayments | 2.8% |
| Unit5 | Thirdparty | 1,073,128 | Within1year | Prepaidelectricityfees | 2.7% |
| Total | -- | 32,387,713 | -- | 82.5% |
7.6Otherreceivables
Unit:Yuan
Item
| Item | Endingbalance | Beginningbalance |
| Interestreceivable | ||
| Dividendsreceivable | ||
| Otherreceivables | 24,225,429 | 30,125,270 |
| Total | 24,225,429 | 30,125,270 |
Otherreceivables
7.6.1Otherreceivablesclassifiedbynature
Unit:Yuan
| Nature | Endingbookbalance | Beginningbookbalance |
| Depositandguarantymoneyreceivable | 4,085,568 | 4,568,157 |
| Consumptiontaxandadded-valuetaxexportrebate | 9,503,583 | 7,204,557 |
| Imprestreceivable | 394,945 | 252,481 |
| Compensationforlandacquisitionandstoragereceivable | 11,550,000 | |
| Other | 10,241,333 | 6,550,075 |
| Total | 24,225,429 | 30,125,270 |
7.6.2Disclosedbyage
Unit:Yuan
| Age | Endingbalance |
| Within1year(including1year) | 19,135,648 |
| 1-2years | 2,273,769 |
| 2-3years | 155,825 |
| Morethan3years | 2,660,187 |
| Total | 24,225,429 |
7.6.3Provisionforbaddebtsaccrued,withdrawnortransferredbackinthisperiodTheprovisionforbaddebtsaccruedinthisperiodwasRMB0Yuan;andthatwithdrawnortransferredbackinthisperiodwasRMB0Yuan.
7.6.4OtherreceivablesactuallycancelledafterverificationinthisperiodNil
7.6.5Otherreceivablescollectedbytheborrowersoftop5unitsrankedbytheendingbalance
Unit:Yuan
| Unit | Nature | Endingbalance | Age | Percentageintotalendingbalanceofotheraccountsreceivable | Endingbalanceofprovisionforbaddebts |
| Unit1 | Value-addedtaxexportrebate | 8,294,068 | Within1years | 34.2% | |
| Unit2 | Value-addedtaxexportrebate | 1,209,515 | Within1years | 5.0% | |
| Unit3 | Utilitiesreceivable | 983,511 | Within1years | 4.1% | |
| Unit4 | Guarantymoney | 657,000 | Within1year | 2.7% |
Unit5
| Unit5 | Guarantymoney | 572,880 | Within1years | 2.4% |
| Total | -- | 11,716,974 | -- | 48.4% |
7.6.6AccountsreceivableinvolvinggovernmentsubsidiesNil
7.6.7OtherreceivablesthatareterminatedforrecognitionduetotransferoffinancialassetsNil
7.6.8OtherreceivablestransferredandthenincludedinassetsandliabilitiesNil
7.7Inventories
7.7.1Inventoryclassification
Unit:Yuan
| Item | Endingbalance | Beginningbalance | ||||
| Bookbalance | Depreciationprovision | Bookvalue | Bookbalance | Depreciationprovision | Bookvalue | |
| Rawmaterials | 55,287,545 | 55,287,545 | 245,114,403 | 245,114,403 | ||
| Goodsinprocess | 2,144,712,118 | 2,144,712,118 | 1,937,081,109 | 1,937,081,109 | ||
| Commoditystocks | 646,119,559 | 12,294,314 | 633,825,245 | 634,212,222 | 13,785,214 | 620,427,008 |
| Total | 2,846,119,222 | 12,294,314 | 2,833,824,908 | 2,816,407,734 | 13,785,214 | 2,802,622,520 |
7.7.2Inventorydepreciationprovision
Unit:Yuan
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance | ||
| Accrual | Other | Transferbackorwrite-off | Other | |||
| Rawmaterials | ||||||
| Goodsinprocess | ||||||
| Commoditystocks | 13,785,214 | 12,294,314 | 13,785,214 | 12,294,314 | ||
| Total | 13,785,214 | 12,294,314 | 13,785,214 | 12,294,314 | ||
7.8Othercurrentassets
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Prepaidcorporateincometax | 12,675,977 | 16,697,663 |
| Deductibleinputtax | 17,281,881 | 198,516,812 |
| Expensetobeamortized | 2,095,829 | 1,938,126 |
| Total | 32,053,687 | 217,152,601 |
7.9Long-termequityinvestments
Unit:Yuan
Investee
| Investee | Beginningbalance(bookvalue) | Movementsduringtheperiod | Endingbalance(bookvalue) | Endingbalanceofprovisionforimpairment | ||||||||
| Increaseincapital | Decreaseincapita | Lossesfrominvestmentsunderequity-method | Otheromprehensiveincomeadjustment | Otherequitychanging | Declarecashdividendorprofit | Accrualprovisionforimpairment | Others | |||||
| 1.Jointventures | ||||||||||||
| SASL&MHoldings(“L&MHoldings”) | 39,652,834 | -798,152 | 38,854,682 | |||||||||
| Subtotal | 39,652,834 | -798,152 | 38,854,682 | |||||||||
| 2.Associates | ||||||||||||
| Weimeisi(Shanghai)EnterpriseDevelopmentCo.,Ltd.(“WeimeisiShanghai”) | 2,366,811 | -43,743 | 2,323,068 | |||||||||
| YantaiSantaiRealEstateDevelopmentCo.,Ltd. | 3,519,656 | 17,204 | 3,536,860 | |||||||||
| ChengduYufengBrandManagementCo.,Ltd.(“ChengduYufeng”)(Note) | 481,472 | -33,972 | 447,500 | |||||||||
| YantaiGuolongWineIndustryCo.,Ltd.(“GuolongWineIndustry”)(Note) | 475,737 | -62,654 | 413,083 | |||||||||
| Subtotal | 6,843,676 | -123,165 | 6,720,511 | |||||||||
| Total | 46,496,510 | -921,317 | 45,575,193 | |||||||||
Note:TheGrouphasappointedonedirectortoeachoftheseinvestees.
7.10Investmentrealestate
7.10.1Investmentrealestatebycostmeasurementmethod
Unit:Yuan
| Item | Housesandbuildings | Landuseright | Constructioninprogress | Total |
| ⅠOriginalbookvalue | ||||
| 1.Beginningbalance | 70,954,045 | 70,954,045 | ||
| 2.Increaseinthisperiod | ||||
| 2.1Outsourcing | ||||
| 2.2Transferinfrominventories\fixedassets\constructioninprogress | ||||
| 2.3Businessmerger |
Item
| Item | Housesandbuildings | Landuseright | Constructioninprogress | Total |
| increase | ||||
| 3.Decreaseinthisperiod | ||||
| 3.1Disposal | ||||
| 3.2Othertransferout | ||||
| 4.Endingbalance | 70,954,045 | 70,954,045 | ||
| ⅡAccumulateddepreciation&accumulatedamortization | ||||
| 1.Beginningbalance | 46,451,787 | 46,451,787 | ||
| 2.Increaseinthisperiod | 1,470,923 | 1,470,923 | ||
| 2.1Accrualoramortization | 1,470,923 | 1,470,923 | ||
| 3.Decreaseinthisperiod | ||||
| 3.1Disposal | ||||
| 3.2Othertransferout | ||||
| 4.Endingbalance | 47,922,710 | 47,922,710 | ||
| ⅢImpairmentprovision | ||||
| 1.Beginningbalance | ||||
| 2.Increaseinthisperiod | ||||
| 2.1Accrual | ||||
| 3.Decreaseinthisperiod | ||||
| 3.1Disposal | ||||
| 3.2Othertransferout | ||||
| 4.Endingbalance | ||||
| ⅣBookvalue | ||||
| 1.Endingbookvalue | 23,031,335 | 23,031,335 | ||
| 2.Beginningbookvalue | 24,502,258 | 24,502,258 |
7.11Fixedassets
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Fixedassets | 5,546,334,638 | 5,687,867,314 |
| Disposaloffixedassets | ||
| Total | 5,546,334,638 | 5,687,867,314 |
7.11.1Particularsoffixedassets
Unit:Yuan
| Item | Housesandbuildings | Machineryequipment | Transportationtools | Total |
| ⅠOriginalbookvalue: | ||||
| 1.Beginningbalance | 5,294,917,836 | 2,820,909,563 | 27,181,876 | 8,143,009,275 |
| 2.Increaseinthisperiod | 7,765,560 | 22,210,575 | 27,004 | 30,003,139 |
| 2.1Acquisition | 7,765,560 | 20,743,022 | 27,004 | 28,535,586 |
| 2.2Transferinfromconstructioninprogress | 1,467,553 | 1,467,553 | ||
| 2.3Businessmergerincrease |
Item
| Item | Housesandbuildings | Machineryequipment | Transportationtools | Total |
| 3.Decreaseinthisperiod | 25,842,528 | 69,336,780 | 1,394,520 | 96,573,828 |
| 3.1Disposalorretirement | 25,842,528 | 69,336,780 | 1,394,520 | 96,573,828 |
| 4.Endingbalance | 5,276,840,868 | 2,773,783,358 | 25,814,360 | 8,076,438,586 |
| ⅡAccumulateddepreciation | ||||
| 1.Beginningbalance | 1,017,892,171 | 1,397,163,895 | 22,607,868 | 2,437,663,934 |
| 2.Increaseinthisperiod | 71,676,682 | 76,661,614 | 1,078,182 | 149,416,478 |
| 2.1Accrual | 71,676,682 | 76,661,614 | 1,078,182 | 149,416,478 |
| 3.Decreaseinthisperiod | 7,742,902 | 50,634,316 | 1,268,628 | 59,645,846 |
| 3.1Disposalorretirement | 7,742,902 | 50,634,316 | 1,268,628 | 59,645,846 |
| 4.Endingbalance | 1,081,825,951 | 1,423,191,193 | 22,417,422 | 2,527,434,566 |
| ⅢImpairmentprovision | ||||
| 1.Beginningbalance | 17,478,027 | 17,478,027 | ||
| 2.Increaseinthisperiod | ||||
| 2.1Accrual | ||||
| 3.Decreaseinthisperiod | 14,808,645 | 14,808,645 | ||
| 3.1Disposalorretirement | 14,808,645 | 14,808,645 | ||
| 4.Endingbalance | 2,669,382 | 2,669,382 | ||
| ⅣBookvalue | ||||
| 1.Endingbookvalue | 4,195,014,917 | 1,347,922,783 | 3,396,938 | 5,546,334,638 |
| 2.Beginningbookvalue | 4,277,025,665 | 1,406,267,641 | 4,574,008 | 5,687,867,314 |
AsatJune30,2022,thenetvalueofthefixedassetswithownershiprestrictionswasRMB305,466,716Yuan(December31,2021:RMB313,012,605Yuan).PleaserefertoNote7.55fordetails.
7.11.2Particularsoftemporarilyidlefixedassets
Unit:Yuan
| Item | Originalbookvalue | Accumulateddepreciation | Depreciationreserves | Bookvalue | Remarks |
| Buildings | 23,740,839 | 11,593,042 | 12,147,797 | ||
| Machineryequipment | 19,121,524 | 16,176,842 | 2,669,382 | 275,300 | |
| Otherequipment | 3,217,761 | 3,060,653 | 157,108 | ||
| Total | 46,080,124 | 30,830,537 | 2,669,382 | 12,580,205 |
7.11.3ParticularsoffixedassetsunderfinanceleasesNil
7.11.4Fixedassetsunderoperatinglease
Unit:Yuan
| Item | Endingbookvalue |
| Machineryequipment | 8,583 |
7.11.5Particularsoffixedassetswithoutpropertycertificates
Unit:Yuan
Item
| Item | Bookvalue | Reasonfornotreceivingthepropertycertificate |
| DormitoryBuilding,MainBuildingandReceptionBuildingofChang’anChateau | 269,046,579 | Undertransaction |
| EuropeanTown,MainBuildingandServiceBuildingofChateauAFIP | 167,418,191 | Undertransaction |
| OfficeBuildingandPackagingWorkshopofIcewineValley | 8,938,513 | Undertransaction |
| Wine-makingWorkshopofChangyu(Jingyang) | 4,900,454 | Undertransaction |
| OfficeBuilding,LaboratoryBuildingandWorkshopofFermentationCenter | 3,063,698 | Undertransaction |
| FinishedGoodsWarehouseandWorkshopofKylinPackaging | 2,079,477 | Undertransaction |
| Total | 455,446,912 |
7.12Constructioninprogress
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Constructioninprogress | 660,727,258 | 590,172,099 |
| Engineeringmaterials | ||
| Total | 660,727,258 | 590,172,099 |
7.12.1Particularsofconstructioninprogress
Unit:Yuan
| Item | Endingbalance | Beginningbalance | ||||
| Bookbalance | Impairmentprovision | Bookvalue | Bookbalance | Impairmentprovision | Bookvalue | |
| Research,Development&ManufactureCenter(“ChangyuWineCityComplex”) | 630,106,088 | 630,106,088 | 577,328,351 | 577,328,351 | ||
| ConstructionProjectofNingxiaChateau | 2,731,835 | 2,731,835 | 2,835,598 | 2,835,598 | ||
| ConstructionProjectofChang’anChateau | 1,245,742 | 1,245,742 | 1,245,742 | 1,245,742 | ||
| ConstructionProjectofShiheziChateau | 5,328,785 | 5,328,785 | 1,028,512 | 1,028,512 | ||
| MuseumUpgradingandRebuildingProject | 14,173,081 | 14,173,081 | ||||
| ConstructionProjectsofOtherCompanies | 7,141,727 | 7,141,727 | 7,733,896 | 7,733,896 | ||
| Total | 660,727,258 | 660,727,258 | 590,172,099 | 590,172,099 | ||
7.12.2Changesofmajorconstructioninprogressinthisperiod
Unit:Yuan
Item
| Item | Budget | Beginningbalance | Increaseinthisperiod | Transferredtofixedassetsinthisperiod | Otherdecreaseinthisperiod | Endingbalance | Proportionofaccumulativeprojectinputinbudget | Accumulativecapitalizedamountofinterest | Including:capitalizedamountofinterestinthisperiod | Capitalizationratioofinterestinthisperiod | Capitalsource |
| ChangyuWineCityComplex | 4,505,780,000 | 577,328,351 | 52,777,737 | 630,106,088 | 83.9% | 17,155,308 | 1.2%and4.3% | Loansformfinancialinstitutionsandself-raisedfunds | |||
| ConstructionProjectofNingxiaChateau | 428,256,552 | 2,835,598 | 1,363,790 | 1,467,553 | 2,731,835 | 100% | Self-raisedfunds | ||||
| ConstructionProjectofChang’anChateau | 698,120,331 | 1,245,742 | 1,245,742 | 100% | Self-raisedfunds | ||||||
| ConstructionProjectofShiheziChateau | 780,000,000 | 1,028,512 | 4,300,273 | 5,328,785 | 97.3% | Self-raisedfunds | |||||
| MuseumUpgradingandRebuildingProject | 51,000,000 | 14,173,081 | 14,173,081 | 27.8% | Self-raisedfunds | ||||||
| Total | 6,463,156,883 | 582,438,203 | 72,614,881 | 1,467,553 | 653,585,531 | -- | 17,155,308 | -- |
AsatJune30,2022,therewasnoindicationforimpairmentofconstructioninprogressoftheGroup,sonoprovisionforimpairmentwasmade.
7.13Productivebiologicalassets
7.13.1Productivebiologicalassetsbycostmeasurementmethod
Unit:Yuan
Item
| Item | Plantation | Total | |
| Immature | Mature | ||
| ⅠOriginalbookvalue | |||
| 1.Beginningbalance | 17,909,982 | 252,353,951 | 270,263,933 |
| 2.Increaseinthisperiod | 834,755 | 834,755 | |
| 2.1Outsourcing | |||
| 2.2Selfcultivation | 834,755 | 834,755 | |
| Theimmatureturntothemature | |||
| 3.Decreaseinthisperiod | |||
| 3.1Disposal | |||
| 3.2Other | |||
| 4.Endingbalance | 18,744,737 | 252,353,951 | 271,098,688 |
| ⅡAccumulateddepreciation | |||
| 1.Beginningbalance | 76,550,991 | 76,550,991 | |
| 2.Increaseinthisperiod | 6,891,408 | 6,891,408 | |
| 2.1Accrual | 6,891,408 | 6,891,408 | |
| 3.Decreaseinthisperiod | |||
| 3.1Disposal | |||
| 3.2Other | |||
| 4.Endingbalance | 83,442,399 | 83,442,399 | |
| ⅢImpairmentprovision | |||
| 1.Beginningbalance | |||
| 2.Increaseinthisperiod | |||
| 2.1Accrual | |||
| 3.Decreaseinthisperiod | |||
| 3.1Disposal | |||
| 3.2Other | |||
| 4.Endingbalance | |||
| ⅣBookvalue | |||
| 1.Endingbookvalue | 18,744,737 | 168,911,552 | 187,656,289 |
| 2.Beginningbookvalue | 17,909,982 | 175,802,960 | 193,712,942 |
AsatJune30,2022,noownershipofthebiologicalassetswasrestricted.AsatJune30,2022,therewasnoindicationforimpairmentofbiologicalassetsoftheGroup,sonoprovisionwasmade.
7.14Right-of-useassets
Unit:Yuan
Item
| Item | Building | Land | Others | Total |
| ⅠOriginalbookvalue | ||||
| 1.Beginningbalance | 57,368,820 | 137,980,409 | 1,697,986 | 197,047,215 |
| 2.Increaseinthisperiod | 25,502,888 | 25,502,888 | ||
| 3.Decreaseinthisperiod | ||||
| 4.Endingbalance | 82,871,708 | 137,980,409 | 1,697,986 | 222,550,103 |
| ⅡAccumulatedamortization | ||||
| 1.Beginningbalance | 17,898,529 | 43,900,453 | 679,194 | 62,478,176 |
| 2.Increaseinthisperiod | 7,983,339 | 2,898,345 | 169,799 | 11,051,483 |
| 2.1Accrual | 7,983,339 | 2,898,345 | 169,799 | 11,051,483 |
| 3.Decreaseinthisperiod | ||||
| 3.1Disposal | ||||
| 4.Endingbalance | 25,881,868 | 46,798,798 | 848,993 | 73,529,659 |
| ⅢImpairmentprovision | ||||
| 1.Beginningbalance | ||||
| 2.Increaseinthisperiod | ||||
| 2.1Accrual | ||||
| 3.Decreaseinthisperiod | ||||
| 3.1Disposal | ||||
| 4.Endingbalance | ||||
| ⅣBookvalue | ||||
| 1.Endingbookvalue | 56,989,840 | 91,181,611 | 848,993 | 149,020,444 |
| 2.Beginningbookvalue | 39,470,291 | 94,079,956 | 1,018,792 | 134,569,039 |
7.15Intangibleassets
7.15.1Particularsofintangibleassets
Unit:Yuan
| Item | Landuseright | Softwareuseright | Trademark | Total |
| ⅠOriginalbookvalue | ||||
| 1.Beginningbalance | 500,566,714 | 100,664,699 | 189,491,618 | 790,723,031 |
| 2.Increaseinthisperiod | 36,844 | 36,844 | ||
| 2.1Acquisition | 36,844 | 36,844 | ||
| 2.2InternalR&D | ||||
| 2.3Businessmergerincrease | ||||
| 3.Decreaseinthisperiod | ||||
| 3.1Disposal | ||||
| 4.Endingbalance | 500,566,714 | 100,701,543 | 189,491,618 | 790,759,875 |
| ⅡAccumulatedamortization | ||||
| 1.Beginningbalance | 104,622,145 | 53,525,938 | 14,708,069 | 172,856,152 |
| 2.Increaseinthisperiod | 5,155,063 | 4,661,661 | 183,659 | 10,000,383 |
| 2.1Accrual | 5,155,063 | 4,661,661 | 183,659 | 10,000,383 |
| 3.Decreaseinthisperiod |
Item
| Item | Landuseright | Softwareuseright | Trademark | Total |
| 3.1Disposal | ||||
| 4.Endingbalance | 109,777,208 | 58,187,599 | 14,891,728 | 182,856,535 |
| ⅢImpairmentprovision | ||||
| 1.Beginningbalance | ||||
| 2.Increaseinthisperiod | ||||
| 2.1Accrual | ||||
| 3.Decreaseinthisperiod | ||||
| 3.1Disposal | ||||
| 4.Endingbalance | ||||
| ⅣBookvalue | ||||
| 1.Endingbookvalue | 390,789,506 | 42,513,944 | 174,599,890 | 607,903,340 |
| 2.Beginningbookvalue | 395,944,569 | 47,138,761 | 174,783,549 | 617,866,879 |
AsatJune30,2022,thenetvalueoftheintangibleassetswithownershiprestrictionswasRMB165,465,123Yuan(December31,2021:RMB201,345,477Yuan).PleaserefertoNote
7.55fordetails.
7.15.2Particularsoflanduserightofthatnotreceivingthepropertycertificate
Nil
7.16Goodwill
7.16.1Originalbookvalueofgoodwill
Unit:Yuan
| Nameoftheinvestedunitormatterforminggoodwill | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance | ||
| Formedbybusinessmerger | Other | Disposal | Other | |||
| EtablissementsRoulletFransac(“RoulletFransac”) | 13,112,525 | 13,112,525 | ||||
| DicotPartners,S.L(“AtrioGroup”) | 92,391,901 | 92,391,901 | ||||
| IndomitaWineCompanyChile,SpA | 6,870,115 | 6,870,115 | ||||
| KilikanoonEstate,Australia | 37,063,130 | 37,063,130 | ||||
| Total | 149,437,671 | 149,437,671 | ||||
7.16.2Provisionforimpairmentofgoodwill
Unit:Yuan
| Nameoftheinvestedunitormatterforminggoodwill | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance | ||
| Formedbybusinessmerger | Other | Disposal | Other | |||
| EtablissementsRoulletFransac(“RoulletFransac”) | ||||||
| DicotPartners,S.L(“AtrioGroup”) | ||||||
IndomitaWineCompanyChile,SpA
| IndomitaWineCompanyChile,SpA | |||
| KilikanoonEstate,Australia | 37,063,130 | 37,063,130 | |
| Total | 37,063,130 | 37,063,130 |
7.17Long-termunamortizedexpenses
Unit:Yuan
| Item | Beginningbalance | Increaseinthisperiod | Amortizationinthisperiod | Otherdecrease | Endingbalance |
| Landacquisitionfees | 46,822,724 | 732,503 | 46,090,221 | ||
| Afforestationfees | 127,686,106 | 4,345,051 | 123,341,055 | ||
| Renovationcosts | 104,279,631 | 8,169,883 | 4,133,831 | 108,315,683 | |
| Other | 5,804,702 | 664,358 | 633,904 | 5,835,156 | |
| Total | 284,593,163 | 8,834,241 | 9,845,289 | 283,582,115 |
7.18Deferredincometaxassets/liabilities
7.18.1Un-offsetdeferredincometaxassets
Unit:Yuan
| Item | EndingBalance | BeginningBalance | ||
| Deductibletemporarydifference | Deferredincometaxassets | Deductibletemporarydifference | Deferredincometaxassets | |
| Assetimpairmentprovision | 33,786,523 | 8,568,322 | 51,526,991 | 11,522,575 |
| Unrealizedprofitsfrominter-companytransactions | 250,982,414 | 62,745,604 | 481,484,528 | 120,371,131 |
| Deductibleloss | 313,844,349 | 76,145,269 | 266,833,106 | 63,160,456 |
| Unpaidbonus | 123,119,447 | 30,779,862 | 150,325,085 | 37,581,271 |
| Dismissionwelfare | 10,563,292 | 2,640,823 | 14,132,191 | 3,533,048 |
| Deferredincome | 36,784,847 | 7,691,157 | 41,295,338 | 8,642,716 |
| Others | 3,464,726 | 866,181 | 1,598,132 | 399,534 |
| Total | 772,545,598 | 189,437,218 | 1,007,195,371 | 245,210,731 |
7.18.2Un-offsetdeferredincometaxliabilities
Unit:Yuan
| Item | EndingBalance | BeginningBalance | ||
| Taxabletemporarydifference | Deferredincometaxliabilities | Taxabletemporarydifference | Deferredincometaxliabilities | |
| Assetsappraisalappreciationinbusinessmergerundernon-commoncontrol | 44,565,823 | 10,869,198 | 46,411,478 | 11,300,970 |
| Others | 822,161 | 205,540 | 2,012,000 | 503,000 |
| Total | 45,387,984 | 11,074,738 | 48,423,478 | 11,803,970 |
7.18.3Detailsofunconfirmeddeferredincometaxassets
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
Deductabletemporarydifference
| Deductabletemporarydifference | ||
| Deductibleloss | 284,308,486 | 234,250,359 |
| Total | 284,308,486 | 234,250,359 |
7.18.4Deductiblelossesofunconfirmeddeferredincometaxassetswillexpirein:
Unit:Yuan
| Year | Endingsum | Beginningsum | Remark |
| 2022 | 21,367,869 | 21,367,869 | |
| 2023 | 22,801,737 | 22,801,737 | |
| 2024 | 42,088,453 | 42,088,453 | |
| 2025 | 75,794,409 | 75,794,409 | |
| 2026 | 72,197,891 | 72,197,891 | |
| 2027 | 50,058,127 | ||
| Total | 284,308,486 | 234,250,359 | -- |
7.19Othernon-currentassets
| Item | Endingbalance | Beginningbalance | ||||
| Bookbalance | Provisionforimpairment | Bookvalue | Bookbalance | Provisionforimpairment | Bookvalue | |
| Royalty | 132,977,617 | 132,977,617 | 144,120,442 | 144,120,442 | ||
| Total | 132,977,617 | 132,977,617 | 144,120,442 | 144,120,442 | ||
7.20Short-termloans
7.20.1Classificationofshort-termloans
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Pledgeloan | ||
| Mortgageloan | 121,244,283 | 118,469,193 |
| Guaranteedloan | 37,018,640 | 25,266,108 |
| Fiduciaryloan | 330,201,502 | 478,331,156 |
| Total | 488,464,425 | 622,066,457 |
AsatJune30,2022,EURmortgagedloanwasHaciendayVi?edosMarquesdelAtrio,S.L.U(“Atrio”)factoringofaccountsreceivablefrombanksincludingBancodeSabadell,S.A.ofEUR6,885,710(equivalentofRMB48,257,808Yuan)(December31,2021:RMB49,061,015Yuan).AsatJune30,2022,USDmortgagedloanwasChileIndomitaWineGroupmortgagedUSD10,875,000(equivalentofRMB72,986,475Yuan)ofitsfixedassetstoBancoScotiabank(December31,2021:RMB69,408,178Yuan).OnJune30,2022,AUDguaranteedloanwasAustraliaKilikanoonEstatehasborrowedfromANZBankAUD8,022,243(equivalentofRMB37,018,640Yuan)(December31,2021:
RMB25,266,108Yuan),anditisguaranteedbythisCompany.
7.21Accountspayable
7.21.1Listofaccountspayable
Unit:Yuan
Item
| Item | Endingbalance | Beginningbalance |
| Accountspayableformaterials,etc. | 449,973,807 | 493,453,816 |
| Total | 449,973,807 | 493,453,816 |
7.21.2Explanationofsignificantaccountspayableagedmorethanoneyear
AsatJune30,2
22,therewerenosignificantaccountspayableagedmorethanoneyear.
7.22Contractliabilities
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Advancesfromcustomers | 141,073,446 | 144,013,594 |
| Withholdingofgoodswithsalesrebate | 3,107,122 | |
| Total | 141,073,446 | 147,120,716 |
7.23Employeeremunerationspayable
7.23.1Listofemployeeremunerationspayable
Unit:Yuan
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance |
| 1.Short-termremuneration | 180,557,897 | 191,324,599 | 237,679,442 | 134,203,054 |
| 2.Post-employmentwelfare–definedcontributionplan | 329,353 | 22,512,552 | 22,813,079 | 28,826 |
| 3.Dismissionwelfare | 14,132,191 | 3,343,352 | 6,912,251 | 10,563,292 |
| 4.Otherwelfareduewithinoneyear | ||||
| Total | 195,019,441 | 217,180,503 | 267,404,772 | 144,795,172 |
7.23.2Listofshort-termremunerations
Unit:Yuan
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance |
| 1.Salaries,bonuses,allowancesandsubsidies | 178,842,535 | 166,229,721 | 212,218,271 | 132,853,985 |
| 2.Staffwelfare | 1,640,965 | 8,922,308 | 9,014,401 | 1,548,872 |
| 3.Socialinsurancecharges | 303,836 | 7,340,710 | 7,582,499 | 62,047 |
| Including:Medicalinsurance | 303,836 | 6,574,512 | 6,818,896 | 59,452 |
| Injuryinsurance | 764,230 | 761,635 | 2,595 | |
| Maternityinsurance | 1,968 | 1,968 | ||
| 4.Housingfund | 38,582 | 6,417,598 | 6,417,598 | 38,582 |
| 5.Unionfeeandstaffeducationfee | 1,851,650 | 2,414,262 | 2,465,842 | 1,800,070 |
| 6.Short-termcompensatedabsences | ||||
| 7.Short-termprofit-sharingplan | ||||
| Minus:Thosedividedintonon-currentliabilities | 2,119,671 | 19,169 | 2,100,502 | |
| Total | 180,557,897 | 191,324,599 | 237,679,442 | 134,203,054 |
7.23.3Listofdefinedcontributionplan
Unit:Yuan
Item
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
| 1.Basicendowmentinsurance | 328,120 | 21,904,799 | 22,204,093 | 28,826 |
| 2.Unemploymentinsurance | 1,233 | 607,753 | 608,986 | |
| 3.Enterpriseannuitypayment | ||||
| Total | 329,353 | 22,512,552 | 22,813,079 | 28,826 |
7.23.4Dismissionwelfare
Unit:Yuan
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
| 1.Compensationforserveroflaborrelation | ||||
| 2.Compensationforearlyretirement | 14,132,191 | 3,343,352 | 6,912,251 | 10,563,292 |
| Total | 14,132,191 | 3,343,352 | 6,912,251 | 10,563,292 |
7.24Taxesandduespayable
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Valueaddedtax | 39,368,304 | 54,103,944 |
| Consumptiontax | 33,341,114 | 70,563,701 |
| Corporateincometax | 95,575,114 | 194,566,746 |
| Individualincometax | 788,493 | 872,252 |
| Urbanmaintenanceandconstructiontax | 4,951,319 | 7,128,647 |
| Educationsurcharges | 3,657,848 | 5,199,891 |
| Urbanlandusetax | 2,440,761 | 2,441,121 |
| Other | 6,469,159 | 7,445,998 |
| Total | 186,592,112 | 342,322,300 |
7.25Otherpayables
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Interestpayable | 1,906,063 | 323,074 |
| Dividendspayable | 308,809,220 | 68,392 |
| Otherpayables | 350,549,630 | 452,642,025 |
| Total | 661,264,913 | 453,033,491 |
7.25.1Interestpayable
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Interestoflong-termloanswithinterestpaidbyinstallmentandprincipalpaidonmaturity | ||
| Interestofcorporatebonds | ||
| Interestpayableofshort-termloans | 1,906,063 | 323,074 |
| Interestofpreferredshares\perpetualbondsdividedintofinancialliabilities |
Item
| Item | Endingbalance | Beginningbalance |
| Other | ||
| Total | 1,906,063 | 323,074 |
7.25.2Dividendspayable
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Ordinarystockdividends | 308,458,800 | |
| Preferredstockdividends/sustainabledebtdividendsdividedintoequityinstruments | ||
| Other | 350,420 | 68,392 |
| Total | 308,809,220 | 68,392 |
7.25.3Otherpayables
7.25.3.1Otherpayableslistedbynature
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Dealer’sdepositpayable | 213,691,158 | 241,414,134 |
| Equipmentpurchaseandconstructioncostspayable | 34,679,454 | 44,345,312 |
| Transportationchargespayable | 12,884,489 | 29,192,798 |
| Advertisementexpensespayable | 10,575,334 | 41,264,460 |
| Employeecashdeposit | 309,282 | 5,037,925 |
| Supplier’sdepositpayable | 10,846,533 | 12,966,789 |
| Contractingfeespayable | 4,328,466 | 8,668,872 |
| Other | 63,234,914 | 69,751,735 |
| Total | 350,549,630 | 452,642,025 |
7.25.3.2ExplanationofsignificantaccountspayableagedmorethanoneyearAsatJune30,2022,therewerenosignificantaccountspayableagedmorethanoneyear.
7.26Non-currentliabilitiesduewithinoneyear
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Long-termloansduewithinoneyear | 91,720,966 | 74,520,037 |
| Bondspayableduewithinoneyear | ||
| Long-termaccountspayableduewithinoneyear | 22,000,000 | 22,000,000 |
| Leaseliabilitiesduewithinoneyear | 21,938,394 | 14,345,089 |
| Total | 135,659,360 | 110,865,126 |
7.27Othercurrentliabilities
| Item | Endingbalance | Beginningbalance |
| UnamortizedVATamount | 18,339,549 | 18,374,193 |
| Total | 18,339,549 | 18,374,193 |
7.28Long-termloans
7.28.1Classificationoflong-termloans
Unit:Yuan
Item
| Item | Endingbalance | Beginningbalance |
| Pledgedloan | ||
| Mortgageloan | ||
| Guaranteedloan | 43,912,958 | 57,092,000 |
| Fiduciaryloan | 180,664,570 | 193,475,080 |
| Minus:Long-termloansduewithinoneyear | 91,720,966 | 74,520,037 |
| Total | 132,856,562 | 176,047,043 |
AsatJune30,2022,fiduciaryloans(EUR)wereEUR25,778,290borrowedbyAtriofromBancoSabadell,Bankia,BancoSantander,BBVAandCajaRuraldeNavarretc.(equivalentofRMB180,664,570Yuan)(December31,2021:RMB193,475,080Yuan).Guaranteedloans(AUD)wereAustraliaKilikanoonEstatehasborrowedAUD9,516,298(equivalentofRMB43,912,957Yuan)(December31,2021:RMB50,842,000Yuan)fromANZBankanditisguaranteedbythisCompany.
7.29LeaseLiabilities
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Long-termleaseliabilities | 133,434,536.00 | 116,156,677 |
| Minus:Leaseliabilitiesduewithinoneyear | 21,938,394.00 | 14,345,089 |
| Total | 111,496,142.00 | 101,811,588 |
7.30Long-termaccountspayable
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Long-termaccountspayable | 42,000,000 | 64,000,000 |
| Specialaccountspayable | ||
| Total | 42,000,000 | 64,000,000 |
7.30.1Long-termaccountspayablelistedbynature
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| AgriculturalDevelopmentFundofChina(“CADF”) | 64,000,000 | 86,000,000 |
| Minus:Long-termpayablesduewithinoneyear | 22,000,000 | 22,000,000 |
| Balanceoflong-termpayables | 42,000,000 | 64,000,000 |
In2016,AgriculturalDevelopmentFundinvestedRMB305,000,000YuanintheResearch,Development&ManufactureCompany,accountingfor37.9%oftheregisteredcapital.Accordingtotheinvestmentagreement,itisagreedthatAgriculturalDevelopmentFundwilltakebacktheinvestmentfundintenyearsandobtainfixedincomeaccordingtoyear,which
is1.2%oftheremainingprincipal.Exceptfortheabovefixedincome,theAgriculturalDevelopmentFundshallnotenjoyotherprofitsoftheResearch,Development&ManufactureCompanyorbearthelossesoftheResearch,Development&ManufactureCompany.Accordingly,theinvestmentoftheAgriculturalDevelopmentFundintheResearch,Development&ManufactureCompanyisequityinvestmentnominally,whichisdebtinvestment(financediscountinterestloan)indeed.TheGroupincludedtheinvestmentoftheAgriculturalDevelopmentFundinlong-termaccountspayablemeasuredbyamortizedcost.FromJanuarytoJune2022,theGroupgavebacktheprincipalofRMB22,000,000Yuan.RefertoNote7.55fordetailsofmortgagedandpledgedassets.
7.31Deferredincome
Unit:Yuan
Item
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance | Formingreason |
| Governmentalsubsidy | 41,295,338 | 4,510,491 | 36,784,847 | ||
| Total | 41,295,338 | 4,510,491 | 36,784,847 | -- |
Projectsrelatedtogovernmentalsubsidy
Unit:Yuan
| Itemofliabilities | Beginningbalance | Amountofsubsidynewlyincreasedinthisperiod | Amountincludedinnon-operatingrevenueinthisperiod | Amountincludedinotherincomeinthisperiod | Amountoffsetthecostexpenses | Otherchanges | Endingbalance | Relatedtoassets/income |
| Industrialdevelopmentsupportproject | 20,500,000 | 2,050,000 | 18,450,000 | Relatedtoassets | ||||
| FixedassetinvestmentrewardofShiheziChateauproject | 156,600 | 156,600 | Relatedtoassets | |||||
| Xinjiangindustrialrevitalisationandtechnologicaltransformationproject | 11,376,000 | 711,000 | 10,665,000 | Relatedtoassets | ||||
| Specialgovernmentgrantforinfrastructure | 1,060,000 | 530,000 | 530,000 | Relatedtoassets | ||||
| Winefermentationcapacityconstruction(Huanren)project | 2,000,000 | 200,000 | 1,800,000 | Relatedtoassets | ||||
| Engineeringtechnologytransformationofinformationsystemproject | 1,160,000 | 290,000 | 870,000 | Relatedtoassets | ||||
| Liquorelectronictrackingproject | 524,095 | 333,528 | 190,567 | Relatedtoassets | ||||
| Specialfundforefficientwater-savingirrigationproject | 1,153,000 | 81,000 | 1,072,000 | Relatedtoassets | ||||
| Subsidyforeconomicandenergy-savingtechnologicaltransformationprojects | 641,500 | 64,150 | 577,350 | Relatedtoassets |
Itemofliabilities
| Itemofliabilities | Beginningbalance | Amountofsubsidynewlyincreasedinthisperiod | Amountincludedinnon-operatingrevenueinthisperiod | Amountincludedinotherincomeinthisperiod | Amountoffsetthecostexpenses | Otherchanges | Endingbalance | Relatedtoassets/income |
| SubsidyformechanicdevelopmentofPenglaiDaliuhangBase | 225,588 | 6,635 | 218,953 | Relatedtoassets | ||||
| Specialfundforcellarmaintenance | 2,079,711 | 2,079,711 | Relatedtoassets | |||||
| Subsidyforboilerreconstructionanddemolition | 60,000 | 5,000 | 55,000 | Relatedtoincome | ||||
| PrizeforYantaiMayor’sCupIndustrialDesignCompetition | 50,000 | 25,000 | 25,000 | Relatedtoincome | ||||
| SpecialfundforYantaiCityInnovationDrivenDevelopment | 308,844 | 57,578 | 251,266 | Relatedtoincome | ||||
| Total | 41,295,338 | 4,510,491 | 36,784,847 |
7.32Othernon-currentliabilities
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Employeeremunerationspayable | 2,100,502 | 2,119,671 |
| Total | 2,100,502 | 2,119,671 |
AsatJune30,2022,theemployeeremunerationspayablereferredtothejobsecuritydepositdeductedfromtheyear-endbonusoftheemployeeshigherthansalesmanageroftheGroupinproportion,whichwillbepaidfrom2022to2023aspredicted.
7.33Sharecapital
Unit:Yuan
| Beginningbalance | Increaseordecrease(+,-)inthisperiod | Endingbalance | |||||
| Newlyissuedshares | Allocatedshares | Sharetransferredfromaccumulationfund | Other | Subtotal | |||
| Totalshares | 685,464,000 | 685,464,000 | |||||
7.34Capitalreserves
Unit:Yuan
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance |
| Capitalpremium(Sharecapitalpremium) | 519,052,172 | 519,052,172 | ||
| Othercapitalreserves | 5,916,588 | 5,916,588 | ||
| Total | 524,968,760 | 524,968,760 |
7.35Othercomprehensiveincome
Unit:Yuan
Item
| Item | Beginningbalance | Amountincurredinthisperiod | Endingbalance | |||||
| Amountincurredbeforeincometaxinthisperiod | Minus:amountincludedinothercomprehensiveincomebeforeandtransferredtoprofitorlossinthisperiod | Minus:amountincludedinothercomprehensiveincomebeforeandtransferredtoretainedearningsinthisperiod | Minus:incometaxexpenses | Attributabletoparentcompanyaftertax | Attributabletominorityshareholdersaftertax | |||
| 1.Othercomprehensiveincomenottobereclassifiedintoprofitandlosslater | ||||||||
| Including:Changesafterremeasuringandresettingthebenefitplans | ||||||||
| Othercomprehensiveincomenottobereclassifiedintoprofitandlossunderequitymethod | ||||||||
| Changesinthefairvalueofotherinvestmentsinequityinstruments | ||||||||
| Changesinthefairvalueoftheenterprise'sowncreditrisk | ||||||||
| 2.Othercomprehensiveincometobereclassifiedintoprofitandlosslater | -34,707,177 | -7,384,531 | -6,397,496 | -987,035 | -41,104,673 | |||
| Including:Othercomprehensiveincometobereclassifiedintoprofitandlossunderequitymethod | ||||||||
| Changesinthefairvalueofotherdebtinvestments | ||||||||
| Amountoffinancialassetsreclassifiedintoothercomprehensiveincome | ||||||||
| Provisionforcreditimpairmentofothercreditinvestments | ||||||||
| Provisionforcash-flowhedge | ||||||||
Item
| Item | Beginningbalance | Amountincurredinthisperiod | Endingbalance | |||||
| Amountincurredbeforeincometaxinthisperiod | Minus:amountincludedinothercomprehensiveincomebeforeandtransferredtoprofitorlossinthisperiod | Minus:amountincludedinothercomprehensiveincomebeforeandtransferredtoretainedearningsinthisperiod | Minus:incometaxexpenses | Attributabletoparentcompanyaftertax | Attributabletominorityshareholdersaftertax | |||
| DifferenceintranslationofForeignCurrencyFinancialStatement | -34,707,177 | -7,384,531 | -6,397,496 | -987,035 | -41,104,673 | |||
| Totalothercomprehensiveincome | -34,707,177 | -7,384,531 | -6,397,496 | -987,035 | -41,104,673 | |||
7.36Surplusreserves
Unit:Yuan
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance |
| Legalsurplusreserves | 342,732,000 | 342,732,000 | ||
| Freesurplusreserves | ||||
| Reservefund | ||||
| Enterpriseexpansionfund | ||||
| Other | ||||
| Total | 342,732,000 | 342,732,000 |
7.37Undistributedprofit
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Undistributedprofitattheendofpriorperiodbeforeadjustment | 8,929,426,600 | 8,714,091,755 |
| TotalUndistributedprofitatthebeginningoftheperiodbeforeadjustment(increaselistedwith+,anddecreaselistedwith-) | -10,582,161 | |
| Undistributedprofitatthebeginningoftheperiodafteradjustment | 8,929,426,600 | 8,703,509,594 |
| Plus:Netprofitforowneroftheparentcompany | 358,459,603 | 500,102,606 |
| Minus:Drawnlegalsurplus | ||
| Drawnfreesurplus | ||
| Drawncommonriskprovision | ||
| Commondividendpayable | 308,458,800 | 274,185,600 |
| Commondividendtransferredtosharecapital | ||
| Undistributedprofitattheendofperiod | 8,979,427,403 | 8,929,426,600 |
7.38Operatingincomeandoperatingcost
7.38.1Detailsofoperatingincome
Unit:Yuan
Item
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod | ||
| Income | Cost | Income | Cost | |
| Mainbusiness | 1,929,907,550 | 817,568,906 | 1,841,427,492 | 753,630,446 |
| Otherbusiness | 23,184,585 | 4,286,560 | 33,032,945 | 7,883,098 |
| Total | 1,953,092,135 | 821,855,466 | 1,874,460,437 | 761,513,544 |
| Including:Incomefromcontracts | 1,952,022,192 | 821,152,102 | 1,873,414,304 | 760,879,897 |
| Incomefromhouserents | 1,069,943 | 703,364 | 1,046,133 | 633,647 |
7.38.2Situationofincomefromcontracts
Unit:Yuan
| Contractclassification | Amountincurredinthisperiod |
| Typeofmerchandise | |
| -Alcoholicbeverage | 1,929,907,550 |
| -Others | 22,114,642 |
| Classifiedbythetimeofmerchandisetransfer | |
| -Revenuerecognizedatapointintime | 1,952,022,192 |
7.39Taxesandsurcharges
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Consumptiontax | 75,570,111 | 58,366,205 |
| Urbanmaintenanceandconstructiontax | 11,339,556 | 11,929,833 |
| Educationsurcharges | 8,217,554 | 8,695,431 |
| Buildingtax | 13,700,072 | 13,513,343 |
| Landusetax | 5,662,279 | 5,585,762 |
| Stampduty | 155,653 | 1,806,604 |
| Other | 94,393 | 322,839 |
| Total | 114,739,618 | 100,220,017 |
7.40Sellingexpenses
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Salaryandwelfareexpenses | 129,577,551.00 | 129,002,823 |
| Marketingexpenses | 131,324,948.00 | 108,808,265 |
| Laborexpenses | 18,445,967.00 | 16,356,442 |
| Depreciationexpenses | 29,955,199.00 | 29,724,959 |
| Storageexpenses | 13,459,898.00 | 13,455,458 |
| Advertisementexpenses | 24,366,253.00 | 19,485,798 |
| Trademarkusefees | 10,512,100 | 11,313,578 |
| Travelexpenses | 9,343,468 | 9,275,034 |
| Design&productionexpenses | 9,037,718 | 9,396,703 |
| Conferenceexpenses | 3,106,738 | 6,652,432 |
| Water,electricityandgascharges | 5,393,494 | 4,969,919 |
Other
| Other | 33,241,085 | 29,944,199 |
| Total | 417,764,419 | 388,385,610 |
7.41Managementexpenses
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Employeeremunerations | 32,561,222 | 32,695,621 |
| Depreciationexpenses | 39,755,608 | 38,197,467 |
| Contractingexpenses | 2,119,800 | 3,852,345 |
| Repairexpenses | 6,115,206 | 6,025,536 |
| Officeexpenses | 10,774,571 | 6,964,669 |
| Amortizationexpenses | 9,457,449 | 9,827,020 |
| Afforestationfees | 6,811,054 | 6,759,616 |
| Safeproductioncosts | 5,358,613 | 5,159,685 |
| Rentalexpenses | 2,789,523 | |
| Businessentertainmentexpenses | 1,498,647 | 1,938,253 |
| Publicsecurity&clean-keepingexpenses | 3,385,138 | 3,339,145 |
| Travelexpenses | 832,989 | 675,373 |
| Other | 8,833,973 | 5,160,376 |
| Total | 127,504,270 | 123,384,629 |
7.42R&Dexpenses
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| R&Dexpenses | 5,509,656 | 2,477,835 |
| Total | 5,509,656 | 2,477,835 |
7.43Financialexpenses
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Interestexpenditure | 11,201,775 | 14,239,535 |
| Minus:Interestincome | 10,191,697 | 5,827,243 |
| Plus:Commissioncharges | 701,200 | 1,020,633 |
| Exchangegainorloss | 4,374,160 | -69,893 |
| Total | 6,085,438 | 9,363,032 |
7.44Otherincome
Unit:Yuan
| Sourceofotherincome | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Supportingfundforindustrialdevelopment | 2,050,000 | 2,050,000 |
| Rewardforinvestmentinfixedassets | 1,140,000 | |
| Specialfundforconstructionofpeninsulablueeconomiczone | 1,000,000 | |
| Other–relatedtoassets | 2,372,913 | 2,750,646 |
| Specialfundforsupportingcorporatedevelopment | 8,222,076 | 14,283,100 |
| Other–relatedtoincome | 8,984,256 | 754,949 |
Sourceofotherincome
| Sourceofotherincome | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Total | 21,629,245 | 21,978,695 |
7.45Investmentincome
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Investmentincomefromlong-termequitybyequitymethod | -921,317 | -1,621,780 |
| Investmentincomefromdisposaloflong-termequity | ||
| Investmentincomegainedfromtradingfinancialassetsduringtheholdingperiod | ||
| Investmentincomegainedfromdisposaloftradingfinancialassets | ||
| Dividendincomegainedfromotherequityinstrumentsduringtheholdingperiod | ||
| Gainsgeneratedfromtheremainingequityremeasuredasperfairvalueafterthelossofcontrol | ||
| Interestincomegainedfromequityinverstmentduringtheholdingperiod | ||
| Interestincomegainedfromotherequityinverstmentsduringtheholdingperiod | ||
| Investmentincomegainedfromdisposalofotherequityinverstments | ||
| Total | -921,317 | -1,621,780 |
7.46Lossonimpairmentofcredit
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Lossonbaddebtsofaccountsreceivable | 486,076 | -6,176,948 |
| Total | 486,076 | -6,176,948 |
7.47Lossonimpairmentofassets
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| 1.Lossonbaddebts | ||
| 2.Inventoryfallingpricelossandlossonimpairmentofcontrctexecutioncost | 1,490,900 | 3,680,018 |
| 3.Lossonimpairmentoflong-termequityinvestment | ||
| 4.Lossonimpairmentofinvestmentrealestate | ||
| 5.Lossonimpairmentoffixedassets | ||
| 6.Lossonimpairmentofengineeringmaterials | ||
| 7.Lossonimpairmentofconstructioninprogress | ||
| 8.Lossonimpairmentofproductivebiologicalassets | ||
| 9.Lossonimpairmentofoilandgasassets | ||
| 10.Lossonimpairmentofintangibleassets | ||
| 11.Lossonimpairmentofgoodwill | ||
| 12.Lossonimpairmentofcontractassets | ||
| 13.Other |
Item
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Total | 1,490,900 | 3,680,018 |
7.48Incomefromassetdisposal
Unit:Yuan
| Sourceofincomefromassetdisposal | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Incomefromdisposaloffixedassets | -8,239,072 | |
| Total | -8,239,072 |
7.49Non-operatingincome
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod | Amountincludedinthecurrentnon-recurringprofits/losses |
| Gainsondebtrecombination | |||
| Gainsonexchangeofnon-monetaryassets | |||
| Grainsondonations | |||
| Governmentalsubsidy | |||
| Gainsonscrapofnon-currentassets | 9,800 | 364 | 9,800 |
| Others | 2,438,813 | 2,488,414 | 2,438,813 |
| Total | 2,448,613 | 2,488,778 | 2,448,613 |
7.50Non-operatingexpenses
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod | Amountincludedinthecurrentnon-recurringprofits/losses |
| Lossondebtrecombination | |||
| Lossonexchangeofnon-monetaryassets | |||
| Donation | 310,000 | 310,000 | |
| Lossonscrapofnon-currentassets | 139,401 | 45,482 | 139,401 |
| Fine,penaltyandoverduefinepaidduetoviolationoflawsandadministrativeregulations | 579,688 | 152,960 | 579,688 |
| Others | 314,443 | 371,279 | 314,443 |
| Total | 1,343,532 | 569,721 | 1,343,532 |
7.51Incometaxexpenses
7.51.1Listofincometaxexpenses
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Currentincometaxexpenses | 73,145,468 | 111,247,007 |
| Deferredincometaxexpenses | 55,044,281 | 25,332,842 |
| Total | 128,189,749 | 136,579,849 |
7.51.2Adjustmentprocessofaccountingprofitandincometaxexpenses
Unit:Yuan
Item
| Item | Amountincurredinthisperiod |
| Totalprofit | 475,184,181 |
| Incometaxexpensescalculatedaccordingtothelegal/applicabletaxrate | 118,796,045 |
| Influenceofdifferenttaxratesapplicabletosubsidiary | 147,803 |
| Influenceofincometaxinthetermbeforeadjustment | -4,516,274 |
| Influenceofnontaxableincome | |
| Influenceofnon-deductiblecosts,expensesandlosses | 1,340,490 |
| Influenceofdeductiblelossfromuseofunconfirmeddeferredincometaxassetsinpriorperiod | -92,847 |
| Influenceofdeductibletemporarydifferenceordeductiblelossofunconfirmeddeferredincometaxassetsinthisperiod | 12,514,532 |
| Incometaxexpense | 128,189,749 |
7.52OthercomprehensiveincomeRefertoNote7.35fordetails.
7.53Itemsofcashflowstatement
7.53.1Othercashreceivedrelatedtooperatingactivities
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Governmentalsubsidyincome | 17,118,754 | 14,779,461 |
| Interestincome | 9,195,398 | 4,075,142 |
| Netamercementincome | 276,749 | 71,929 |
| Other | 3,545,416 | 7,335,490 |
| Total | 30,136,317 | 26,262,022 |
7.53.2Othercashpaidrelatedtooperatingactivities
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Sellingexpenses | 232,451,841 | 218,063,727 |
| Administrativeexpenses | 45,725,346 | 41,685,752 |
| Other | 12,916,682 | 6,620,058 |
| Total | 291,093,869 | 266,369,537 |
7.53.3Othercashreceivedrelatedtofinancingactivities
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| InterestincomefrompledgedtimedepositsbyR&DCompany | 1,654,861 | |
| TimedepositspledgedbyR&DCompanyforlong-termloans | 20,000,000 | |
| Total | 21,654,861 |
7.53.4Othercashpaidrelatedtofinancingactivities
Unit:Yuan
Item
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Cashpaidtorepaytheprincipalandinterestoftheleaseliability | 9,765,810 | 7,144,318 |
| Total | 9,765,810 | 7,144,318 |
7.54Supplementaryinformationtocashflowstatement
7.54.1Supplementaryinformationtocashflowstatement
Unit:Yuan
| Supplementarymaterials | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| 1.Cashflowsfromoperatingactivitiescalculatedbyadjustingthenetprofit: | -- | -- |
| Netprofit | 346,994,432 | 372,314,963 |
| Plus:Provisionforimpairmentofassets | -1,976,976 | 2,496,930 |
| Depreciationoffixedassets,oil-and-gasassetsandproductivebiologicalassets | 157,778,809 | 150,175,106 |
| Depreciationofright-of-useassets | 11,051,483 | 7,149,627 |
| Amortizationofintangibleassets | 10,000,383 | 10,597,877 |
| Amortizationoflong-termdeferredexpenses | 9,845,289 | 10,256,376 |
| Lossesondisposaloffixedassets,intangibleassetsandotherlong-termassets(profitlistedwith“－”) | 8,239,072 | |
| Lossesonretirementoffixedassets(profitlistedwith“－”) | 129,601 | 45,118 |
| Lossesonfairvaluechange(profitlistedwith“－”) | ||
| Financialcosts(profitlistedwith“－”) | 9,960,206 | 12,767,220 |
| Investmentlosses(profitlistedwith“－”) | 921,317 | 1,621,780 |
| Decreaseindeferredincometaxassets(increaselistedwith“-”) | 55,773,513 | 25,720,341 |
| Increaseofdeferredincometaxliabilities(decreaselistedwith“－”) | -729,232 | -387,499 |
| Decreaseininventories(increaselistedwith“-”) | -29,711,487 | 28,288,254 |
| Decreaseinoperatingreceivables(increaselistedwith“-”) | 389,398,124 | 9,205,099 |
| Increaseinoperatingpayable(decreaselistedwith“-”) | -361,400,939 | -174,316,043 |
| Other | ||
| Netcashflowsfromoperatingactivities | 606,273,595 | 455,935,149 |
| 2.Significantinvestmentandfinancingactivitiesnotinvolvingcashdepositandwithdrawal: | ||
| Debttransferredintoassets | ||
| Convertiblecorporatebondduewithin1year | ||
| Fixedassetsunderfinancinglease | ||
| 3.Netchangesofcashandcashequivalent: | ||
| Endingbalanceofcash | 1,839,856,934 | 1,392,384,794 |
| Minus:Beginningbalanceofcash | 1,502,327,029 | 1,052,665,105 |
| Plus:Endingbalanceofcashequivalent | ||
| Minus:Beginningbalanceofcashequivalent | ||
| Netincreaseamountofcashandcashequivalent | 337,529,905 | 339,719,689 |
7.54.2Compositionofcashandcashequivalents
Unit:Yuan
Item
| Item | Endingbalance | Beginningbalance |
| 1.Cash | 1,839,856,934 | 1,502,327,029 |
| Including:Cashonhand | 64,720 | 71,486 |
| Bankdepositsondemand | 1,839,792,214 | 1,502,255,543 |
| Othermonetarycapitalondemand | ||
| Duefromcentralbankavailableforpayment | ||
| Duefromtheindustry | ||
| Inter-banklending | ||
| 2.Cashequivalents | ||
| Including:Bondinvestmentduewithinthreemonths | ||
| 3.Balanceofcashandcashequivalentsattheendofperiod | 1,839,856,934 | 1,502,327,029 |
| Including:Restricteduseofparentcompanyorsubsidiariesinthegroup |
7.55Assetswithownershiporuserightrestrictions
Unit:Yuan
| Item | Endingbookvalue | Reasonforrestriction |
| Monetarycapital | 11,363,826 | L/Cdeposit,housingfund,etc. |
| Accountsreceivable | 48,257,808 | Pledgeofshort-termloans |
| Fixedassets | 305,466,716 | Pledgeofshort-termloans,long-termloansandlong-termaccountspayable |
| Intangibleassets | 165,465,123 | Pledgeoflong-termaccountspayable |
| Total | 530,553,475 | -- |
7.56Monetaryitemsofforeigncurrency
7.56.1Monetaryitemsofforeigncurrency
| Item | Endingbalanceatforeigncurrency | Convertedexchangerate | EndingbalanceatRMBequivalent |
| Monetarycapital | -- | -- | 2,803,336 |
| Including:USD | 417,588 | 6.7114 | 2,802,600 |
| EUR | 105 | 7.0084 | 736 |
| HKD |
Accountsreceivable
| Accountsreceivable | -- | -- | 65,297,700 |
| Including:USD | 8,464,972 | 6.7114 | 56,811,813 |
| EUR | 651,261 | 7.0084 | 4,564,298 |
| CAD | 119,481 | 5.2058 | 621,994 |
| GBP | 405,530 | 8.1365 | 3,299,595 |
Short-termborrowing
| Short-termborrowing | -- | -- | 103,187,977 |
| Including:USD | 15,375,030 | 6.7114 | 103,187,977 |
| EUR |
Item
| Item | Endingbalanceatforeigncurrency | Convertedexchangerate | EndingbalanceatRMBequivalent |
| HKD | |||
| -- | -- |
7.56.2TheCompany’soverseassubsidiariesdeterminetheirfunctionalcurrencybasedonthecurrencyinthemaineconomicenvironmentinwhichtheyoperate.ThefunctionalcurrencyofAtrioandFrancsChampsParticipationsSAS(“FarshangHoldings”)isEuro,thefunctionalcurrencyofChileIndomitaWineGroupisChileanPeso,andthefunctionalcurrencyofAustraliaKilikanoonEstateisAustralianDollar.
8.Equityinotherentities
8.1Equityinthesubsidiaries
8.1.1Constitutionofenterprisegroup
| Nameofsubsidiary | Principalbusinesslocation | Registrationplace | Businessnature | Proportionofshareholding | Acquisitionmode | |
| Direct | Indirect | |||||
| XinjiangTianzhuWineCo.,Ltd.(“XinajingTianzhu”) | Shihezi,Xinjiang,China | Shihezi,Xinjiang,China | Manufacturing | 60% | Acquiredfromabusinesscombinationundernon-commoncontrol | |
| EtablissementsRoulletFransac(“RoulletFransac”) | Cognac,France | Cognac,France | Trading | 100% | Acquiredfromabusinesscombinationundernon-commoncontrol | |
| DicotPartners,S.L(“Dicot”) | Navarre,Spain | Navarre,Spain | Sales | 90% | Acquiredfromabusinesscombinationundernon-commoncontrol | |
| Vi?aIndómita,S.A.,Vi?aDosAndes,S.A.,andBodegasSantaAliciaSpA.(“ChileIndomitaWineGroup”) | Santiago,Chile | Santiago,Chile | Sales | 85% | Acquiredbyestablishmentorinvestment | |
| KilikanoonEstatePtyLtd(“AustraliaKilikanoonEstate”) | Adelaide,Australia | Adelaide,Australia | Sales | 97.50% | Acquiredfromabusinesscombinationundernon-commoncontrol | |
| BeijingChangyuSalesandDistributionCo.,Ltd.(“BeijingSales”) | Beijing,China | Beijing,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
| YantaiKylinPackagingCo.,Ltd.(“KylinPackaging”) | Yantai,Shandong,China | Yantai,Shandong,China | Manufacturing | 100% | Acquiredbyestablishmentorinvestment | |
| YantaiChateauChangyu-CastelCo.,Ltd.(“ChateauChangyu”)(a) | Yantai,Shandong,China | Yantai,Shandong,China | Manufacturing | 70% | Acquiredbyestablishmentorinvestment | |
| Changyu(Jingyang)WineCo.,Ltd.(“JingyangWine”) | Xianyang,Shaanxi,China | Xianyang,Shaanxi,China | Manufacturing | 90% | 10% | Acquiredbyestablishmentorinvestment |
| YantaiChangyuPioneerWineSalesCo.,Ltd.(“SalesCompany”) | Yantai,Shandong,China | Yantai,Shandong,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
Nameofsubsidiary
| Nameofsubsidiary | Principalbusinesslocation | Registrationplace | Businessnature | Proportionofshareholding | Acquisitionmode | |
| Direct | Indirect | |||||
| LangfangDevelopmentZoneCastel-ChangyuWineCo.,Ltd.(“LangfangCastel”) | Langfang,Hebei,China | Langfang,Hebei,China | Manufacturing | 39% | 10% | Acquiredbyestablishmentorinvestment |
| Changyu(Jingyang)WineSalesCo.,Ltd.(“JingyangSales”) | Xianyang,Shaanxi,China | Xianyang,Shaanxi,China | Sales | 10% | 90% | Acquiredbyestablishmentorinvestment |
| LangfangChangyuPioneerWineSalesCo.,Ltd.(“LangfangSales”) | Langfang,Hebei,China | Langfang,Hebei,China | Sales | 10% | 90% | Acquiredbyestablishmentorinvestment |
| ShanghaiChangyuSalesandDistributionCo.,Ltd.(“ShanghaiSales”) | Shanghai,China | Shanghai,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
| BeijingChangyuAFIPAgriculturedevelopmentCo.,Ltd.(“AgricultureDevelopment”) | Miyun,Beijing,China | Miyun,Beijing,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
| BeijingChateauChangyuAFIPGlobalCo.,Ltd.(“AFIP”)(b) | Beijing,China | Beijing,China | Manufacturing | 91.53% | Acquiredbyestablishmentorinvestment | |
| YantaiChangyuWineSalesCo.,Ltd.(“WinesSales”) | Yantai,Shandong,China | Yantai,Shandong,China | Sales | 90% | 10% | Acquiredbyestablishmentorinvestment |
| YantaiChangyuPioneerInternationalCo.,Ltd.(“PioneerInternational”) | Yantai,Shandong,China | Yantai,Shandong,China | Sales | 70% | 30% | Acquiredbyestablishmentorinvestment |
| HangzhouChangyuWineSalesCo.,Ltd.(“HangzhouChangyu”) | Hangzhou,Zhejiang,China | Hangzhou,Zhejiang,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
| NingxiaChangyuGrapeGrowingCo.,Ltd.(“NingxiaGrowing”) | Yinchuan,Ningxia,China | Ningxia,China | Planting | 100% | Acquiredbyestablishmentorinvestment | |
| HuanrenChangyuNationalWinesSalesCo.,Ltd.(“NationalWines”) | Benxi,Liaoning,China | Benxi,Liaoning,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
| LiaoningChangyuGoldenIcewineValleyCo.,Ltd.(“GoldenIcewineValley”) | Benxi,Liaoning,China | Benxi,Liaoning,China | Manufacturing | 51% | Acquiredbyestablishmentorinvestment | |
| YantaiDevelopmentZoneChangyuTradingCo.,Ltd.(“DevelopmentZoneTrading”) | Yantai,Shandong,China | Yantai,Shandong,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
| BeijingAFIPMeetingCenter(“MeetingCenter”) | Miyun,Beijing,China | Miyun,Beijing,China | Services | 100% | Acquiredbyestablishmentorinvestment | |
| BeijingAFIPTourismandCulture(“AFIPTourism”) | Miyun,Beijing,China | Miyun,Beijing,China | Tourism | 100% | Acquiredbyestablishmentorinvestment | |
| Changyu(Ningxia)WineCo.,Ltd.(“NingxiaWine”) | Ningxia,China | Ningxia,China | Manufacturing | 100% | Acquiredbyestablishmentorinvestment | |
| YantaiChangyuChateauTinlotCo.,Ltd.(“ChateauTinlot”) | Yantai,Shandong,China | Yantai,Shandong,China | Wholesaleandretail | 65% | 35% | Acquiredbyestablishmentorinvestment |
| XinjiangChateauChangyu | Shihezi,Xinjiang, | Shihezi,Xinjiang, | Manufacturing | 100% | Acquiredby | |
Nameofsubsidiary
| Nameofsubsidiary | Principalbusinesslocation | Registrationplace | Businessnature | Proportionofshareholding | Acquisitionmode | |
| Direct | Indirect | |||||
| BaronBalboaCo.,Ltd.(“ChateauShihezi”) | China | China | establishmentorinvestment | |||
| NingxiaChangyuLongyuEstateCo.,Ltd.(“ChateauNingxia”) | Yinchuan,Ningxia,China | Yinchuan,Ningxia,China | Manufacturing | 100% | Acquiredbyestablishmentorinvestment | |
| ShaanxiChateauChangyuRenaCo.,Ltd.(“ChateauChang’an”) | Xianyang,Shaanxi,China | Xianyang,Shaanxi,China | Manufacturing | 100% | Acquiredbyestablishmentorinvestment | |
| YantaiChangyuWineResearch&DevelopmentCentreCo.,Ltd.(“R&DCentre”)(c) | Yantai,Shandong,China | Yantai,Shandong,China | Manufacturing | 88.65% | Acquiredbyestablishmentorinvestment | |
| Changyu(HuanRen)WineCo.,Ltd.(“HuanRenWine”) | Benxi,Liaoning,China | Benxi,Liaoning,China | Wine-makingproject | 100% | Acquiredbyestablishmentorinvestment | |
| XinjiangChangyuSalesCo.,Ltd.(“XinjiangSales”) | Shihezi,Xinjiang,China | Shihezi,Xinjiang,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
| NingxiaChangyuTradingCo.,Ltd.(“NingxiaTrading”) | Yinchuan,Ningxia,China | Yinchuan,Ningxia,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
| ShaanxiChangyuRenaWineSalesCo.,Ltd.(“ShaanxiSales”) | Xianyang,Shaanxi,China | Xianyang,Shaanxi,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
| PenglaiChangyuWineSalesCo.,Ltd.(“PenglaiWine”) | Penglai,Shandong,China | Penglai,Shandong,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
| LaizhouChangyuWineSalesCo.,Ltd.(“LaizhouSales”) | Laizhou,Shandong,China | Laizhou,Shandong,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
| FrancsChampsParticipationsSAS(“FrancsChamps”) | Cognac,France | Cognac,France | Investmentandtrading | 100% | Acquiredbyestablishmentorinvestment | |
| YantaiRoulletFransacWineSalesCo.,Ltd.(“YantaiRoulletFransac”) | Yantai,Shandong,China | Yantai,Shandong,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
| YantaiChangyuWineSalesCo.,Ltd.(“WineSalesCompany”) | Yantai,Shandong,China | Yantai,Shandong,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
| ShaanxiChateauChangyuRenaTourismCo.,Ltd.(“ChateauTourism”) | Xianxin,Shaanxi,China | Xianxin,Shaanxi,China | Tourism | 100% | Acquiredbyestablishmentorinvestment | |
| LongkouChangyuWineSalesCo.,Ltd.(“LongkouSales”) | Yantai,Shandong,China | Yantai,Shandong,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
| YantaiChangyuCulturalTourismDevelopmentCo.,Ltd.(“ChangyuCulturalTourismCompany”) | Yantai,Shandong,China | Yantai,Shandong,China | Tourism | 100% | Acquiredbyestablishmentorinvestment | |
| YantaiChangyuWineCultureMuseumCo.,Ltd.(“Museum”) | Yantai,Shandong,China | Yantai,Shandong,China | Tourism | 100% | Acquiredbyestablishmentorinvestment | |
| YantaiChangyuCulturalTourismProductSalesCo.,Ltd.(“CulturalSales”) | Yantai,Shandong,China | Yantai,Shandong,China | Tourism | 100% | Acquiredbyestablishmentorinvestment | |
Nameofsubsidiary
| Nameofsubsidiary | Principalbusinesslocation | Registrationplace | Businessnature | Proportionofshareholding | Acquisitionmode | |
| Direct | Indirect | |||||
| YantaiChangyuWindowofInternationalWineCityCo.Ltd.(“WindowofWineCity”) | Yantai,Shandong,China | Yantai,Shandong,China | Tourism | 100% | Acquiredbyestablishmentorinvestment | |
| YantaiChateauKoyaBrandyCo.,Ltd.(“ChateauKoya”) | Yantai,Shandong,China | Yantai,Shandong,China | Manufacturing | 100% | Acquiredbyestablishmentorinvestment | |
| Changyu(Shanghai)InternationalDigitalMarketingCenterCo.,Ltd.(“DigitalMarketing”) | Shanghai,China | Shanghai,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
| TianjinChangyuYixinDigitalTechnologyCo.,Ltd.(“TianjinYixin”) | Tianjin,China | Tianjin,China | Sales | 51% | Acquiredbyestablishmentorinvestment | |
| ShanghaiChangyuGuoquDigitalTechnologyCo.,Ltd.(“ShanghaiGuoqu”) | Shanghai,China | Shanghai,China | Sales | 51% | Acquiredbyestablishmentorinvestment | |
| YantaiChristonCateringCo.,Ltd.(“ChristonCatering”) | Yantai,Shandong,China | Yantai,Shandong,China | Catering | 100% | Acquiredbyestablishmentorinvestment | |
Explanationfordifferencebetweentheproportionofshareholdingandproportionofvotingpowerinthesubsidiaries:
(a)ChateauChangyuisaSino-foreignjointventureestablishedbytheGroupandaforeigninvestor,accountingfor70%ofChangyuChateau’sequityinterest.Throughagreementarrangement,theGrouphasthefullpowertocontrolChangyuChateau’sstrategicoperating,investingandfinancingpolicies.TheagreementarrangementwillbeterminatedonDecember31,2022.(b)AFIPisalimitedliabilitycompanyjointlyestablishedbytheGroupandYantaiDe’anandBeijingQinglang.InJune2019,YantaiDeantransferred1.31%ofitsequitytoYantaiChangyu.Aftertheequitychange,theGroupholds91.53%ofitsequity.Throughagreementarrangement,theGrouphasthefullpowertocontrolAFIP’sstrategicoperating,investingandfinancingpolicies.TheagreementarrangementwillbeterminatedonSeptember2,2024.(c)TheResearch,Development&ManufactureCompanyisajointventureestablishedbytheGroupandAgriculturalDevelopmentFund,whose88.65%oftheshareswereheldbytheGrouponJune30,2022.AsstatedinNote7.30,theGroupexercisesfullcontrolovertheoperation,investmentandfinancingpoliciesoftheResearch,Development&ManufactureCompanybycontractarrangement.ThecontractarrangementwillexpireonMay22,2026.UptoJune30,2022,theremaininginvestmentoftheAgriculturalDevelopmentFundaccountedfor11.35%oftheregisteredcapital.
8.1.2Importantnon-wholly-ownedsubsidiaries
Unit:Yuan
Nameofsubsidiary
| Nameofsubsidiary | Shareholdingproportionofminorityshareholders | Profit/lossattributabletominorityshareholdersinthisperiod | Othercomprehensiveincomeattributabletominorityshareholdersinthisperiod | Dividenddeclaredtobedistributedtominorityshareholdersinthisperiod | Balanceofminorityshareholder’sinterestattheendofperiod |
| XinjiangTianzhu | 40% | -4,070,921 | 40,655,069 | ||
| AFIP | 8.47% | 56,409,393 | |||
| IcewineValley | 49% | -1,605,774 | 31,713,288 | ||
| IndomitaWine | 15% | 647,363 | -801,822 | 1,793,435 | 52,765,086 |
Explanationfordifferencebetweentheproportionofshareholdingandproportionofvotingpoweroftheminorityshareholdersinthesubsidiaries:SeedetailsinNote8.1.1.
8.1.3Mainfinancialinformationofimportantnon-wholly-ownedsubsidiaries
Unit:Yuan
Nameofsubsidiary
| Nameofsubsidiary | Endingbalance | Beginningbalance | ||||||||||
| Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | |
| XinjiangTianzhu | 33,644,817 | 23,298,089 | 56,942,906 | 894,225 | 5,336,114 | 6,230,339 | 22,333,906 | 43,852,510 | 66,186,417 | -39,567 | 5,336,114 | 5,296,547 |
| AFIP | 254,271,705 | 407,381,967 | 661,653,672 | 25,383,086 | 3,020,582 | 28,403,668 | 249,865,391 | 414,851,163 | 664,716,554 | 27,459,352 | 3,641,941 | 31,101,292 |
| IcewineValley | 34,788,463 | 23,378,433 | 58,166,896 | 25,951,609 | 25,951,609 | 24,018,451 | 24,450,344 | 48,468,795 | 12,976,418 | 12,976,418 | ||
| IndomitaWine | 205,144,925 | 318,267,388 | 523,412,313 | 155,135,237 | 8,906,387 | 164,041,624 | 196,488,084 | 314,756,823 | 511,244,907 | 130,027,677 | 8,906,387 | 138,934,064 |
Unit:Yuan
| Nameofsubsidiary | Amountincurredinthisperiod | Amountincurredinpriorperiod | ||||||
| Operatingincome | Netprofit | Totalcomprehensiveincome | Operatingcashflow | Operatingincome | Netprofit | Totalcomprehensiveincome | Operatingcashflow | |
| XinjiangTianzhu | 4,587 | -10,177,303 | -10,177,303 | 574,997 | 18,349 | -1,595,672 | -1,595,672 | -347,811 |
| AFIP | 88,990,033 | -365,257 | -365,257 | 1,740,771 | 102,787,989 | 2,945,093 | 2,945,093 | 13,822,216 |
| IcewineValley | 4,409,589 | -3,277,090 | -3,277,090 | 5,054,712 | 9,007,185 | -4,854,101 | -4,854,101 | 2,755,011 |
| IndomitaWine | 100,634,284 | 4,315,754 | -1,029,729 | 9,000,393 | 91,401,584 | 2,429,411 | -14,681,641 | 13,380,180 |
8.2EquityinjointventuresorassociatesSummaryfinancialinformationofunimportantjointventuresandassociates
Unit:Yuan
Endingbalance/amountincurredinthis
period
| Endingbalance/amountincurredinthisperiod | Beginningbalance/amountincurredinpriorperiod | |
| Jointventures | -- | -- |
| Totalbookvalueofinvestment | 38,854,682 | 39,652,834 |
| Totalofthefollowingitemscalculatedaccordingtotheshareholdingratio | ||
| --Netprofit | -798,152 | -1,125,662 |
| --Othercomprehensiveincome | ||
| --Totalcomprehensiveincome | -798,152 | -1,125,662 |
| Associates: | ||
| Totalbookvalueofinvestment | 6,720,511 | 6,843,676 |
| Totalofthefollowingitemscalculatedaccordingtotheshareholdingratio | ||
| --Netprofit | -123,165 | -496,118 |
| --Othercomprehensiveincome | ||
| --Totalcomprehensiveincome | -123,165 | -496,118 |
9.RisksrelatedtofinancialinstrumentsTheGrouphasexposuretothefollowingmainrisksfromitsuseoffinancialinstrumentsinthenormalcourseoftheGroup’soperations:
-Creditrisk-Liquidityrisk-Interestraterisk-ForeigncurrencyriskThefollowingmainlypresentsinformationabouttheGroup’sexposuretoeachoftheaboverisksandtheirsources,theirchangesduringtheyear,andtheGroup’sobjectives,policiesandprocessesformeasuringandmanagingrisks,andtheirchangesduringtheyear.TheGroupaimstoseekappropriatebalancebetweentherisksandbenefitsfromitsuseoffinancialinstrumentsandtomitigatetheadverseeffectsthattherisksoffinancialinstrumentshaveontheGroup’sfinancialperformance.Basedonsuchobjectives,theGroup’sriskmanagementpoliciesareestablishedtoidentifyandanalysetherisksfacedbytheGroup,tosetappropriaterisklimitsandcontrols,andtomonitorrisksandadherencetolimits.RiskmanagementpoliciesandsystemsarereviewedregularlytoreflectchangesinmarketconditionsandtheGroup’sactivities.
9.1CreditriskCreditriskistheriskthatonepartytoafinancialinstrumentwillcauseafinanciallossfortheotherpartybyfailingtodischargeanobligation.TheGroup’screditriskisprimarilyattributabletocashatbank,receivables,debtinvestmentsandderivativefinancialinstrumentsenteredintoforhedgingpurposes.Exposuretothesecreditrisksaremonitoredbymanagementonanongoingbasis.ThecashatbankoftheGroupismainlyheldwithwell-knownfinancialinstitutions.ManagementdoesnotforeseeanysignificantcreditrisksfromthesedepositsanddoesnotexpectthatthesefinancialinstitutionsmaydefaultandcauselossestotheGroup.AsatJune30,2022,theGroup’smaximumexposuretocreditriskwhichwillcauseafinanciallosstotheGroupduetofailuretodischargeanobligationbythecounterparties.Inordertominimisethecreditrisk,theGrouphasadoptedapolicytoensurethatallsalescustomershavegoodcreditrecords.AccordingtothepolicyoftheGroup,creditreviewisrequiredforclientswhorequirecredittransactions.Inaddition,theGroupcontinuouslymonitorsthebalanceofaccountreceivabletoensurethere’snoexposuretosignificantbaddebtrisks.Fortransactionsthatarenotdenominatedinthefunctionalcurrencyoftherelevantoperatingunit,theGroupdoesnotoffercredittermswithoutthespecificapprovaloftheDepartmentofCreditControlintheGroup.Inaddition,theGroupreviewstherecoverableamountofeachindividualtradedebtateachbalancesheetdatetoensurethatadequateimpairmentlossesaremadeforirrecoverableamounts.Inthisregard,themanagementoftheGroupconsidersthattheGroup'screditriskissignificantlyreduced.SincetheGrouptradesonlywithrecognisedandcreditworthythirdparties,thereisnorequirementforcollateral.Concentrationsofcreditriskaremanagedbycustomer/counterparty,bygeographicalregionandbyindustrysector.AsatJune30,2022,
32.7%oftheGrouptradereceivablesareduefromtopfivecustomers(December31,2021:
42.8%).ThereisnocollateralorothercreditenhancementonthebalanceofthetradereceivablesoftheGroup.
9.2LiquidityriskLiquidityriskistheriskthatanenterprisewillencounterdifficultyinmeetingobligationsthataresettledbydeliveringcashoranotherfinancialasset.TheGroupanditsindividualsubsidiariesareresponsiblefortheirowncashmanagement,includingshort-terminvestmentofcashsurplusesandtheraisingofloanstocoverexpectedcashdemands(subjecttoapprovalbytheGroup’sboardwhentheborrowingsexceedcertainpredeterminedlevels).TheGroup’spolicyistoregularlymonitoritsliquidityrequirementsanditscompliancewithlendingcovenants,toensurethatitmaintainssufficientreservesofcash,readilyrealisablemarketablesecuritiesandadequatecommittedlinesoffundingfrommajorfinancialinstitutionstomeet
itsliquidityrequirementsintheshortandlongerterm.
9.3InterestrateriskInterest-bearingfinancialinstrumentsatvariableratesandatfixedratesexposetheGrouptocashflowinterestrateriskandfairvalueinterestrisk,respectively.TheGroupdeterminestheappropriateweightingsofthefixedandfloatingrateinterest-bearinginstrumentsbasedonthecurrentmarketconditionsandperformsregularreviewsandmonitoringtoachieveanappropriatemixoffixedandfloatingrateexposure.
(1)AsatJune30,2022,theGroupheldthefollowinginterest-bearingfinancialinstruments:
Fixedrateinstruments:
Unit:Yuan
Item
| Item | June30,2022 | December31,2021 | ||
| Effectiveinterestrate | Amounts | Effectiveinterestrate | Amounts | |
| Financialassets | ||||
| -Cashatbank | 1.75%-2.25% | 53,200,000 | 1.75%-2.25% | 53,200,000 |
| Financialliabilities | ||||
| -Short-termloans | 0.65%-4.57% | -188,464,425 | 0.35%-3.35% | -172,066,457 |
| -Long-termloans(includingtheportionduewithinoneyear) | 0.95%-4.28% | -180,664,570 | 0.95%-3.28% | -193,475,080 |
| -Long-termpayables(includingtheportionduewithinoneyear) | 1.20% | -64,000,000 | 1.20% | -86,000,000 |
| -Leaseliabilities(includingtheportionduewithinoneyear) | 4.65% | -131,934,536 | 4.65% | -116,156,677 |
| Total | -511,863,531 | -514,498,214 | ||
Variablerateinstruments:
Unit:Yuan
| Item | June30,2022 | December31,2021 | ||
| Effectiveinterestrate | Amounts | Effectiveinterestrate | Amounts | |
| Financialassets | ||||
| -Cashatbank | 0.3%-1.8225% | 1,851,677,905 | 0.3%-1.8225% | 1,513,824,507 |
| Financialliabilities | ||||
| -Short-termloans | 1-yearLPR-0.005 | -300,000,000 | 1-yearLPR-0.005 | -450,000,000 |
| -Long-termloans(includingtheportionduewithinoneyear) | 90%of5-yearLPR | 90%of5-yearLPR | -6,250,000 | |
| -Long-termloans(AUD) | BBSY+1.10% | -43,912,958 | BBSY+1.10% | -50,842,000 |
| Total | 1,507,764,947 | 1,006,732,507 | ||
(2)SensitivityanalysisManagementoftheGroupbelievesinterestrateriskonbankdepositisnotsignificant,thereforedoesnotdisclosesensitivityanalysisforinterestraterisk.
AsatJune30,2022,basedonassumptionsabove,itisestimatedthatageneralincreaseof50basispointsininterestrates,withallothervariablesheldconstant,woulddecreasetheGroup’sequitybyRMB644,836Yuan(2021:RMB2,351,189Yuan),andnetprofitbyRMB644,836Yuan(2021:RMB2,351,189Yuan).Thesensitivityanalysisaboveindicatestheinstantaneouschangeinthenetprofitandequitythatwouldariseassumingthatthechangeininterestrateshadoccurredatthebalancesheetdateandhadbeenappliedtore-measurethosefinancialinstrumentsheldbytheGroupwhichexposetheGrouptofairvalueinterestrateriskatthebalancesheetdate.Inrespectoftheexposuretocashflowinterestrateriskarisingfromfloatingratenon-derivativeinstrumentsheldbytheGroupatthebalancesheetdate,theimpactonthenetprofitandequityisestimatedasanannualisedimpactoninterestexpenseorincomeofsuchachangeininterestrates.
9.4ForeigncurrencyriskInrespectofcashatbankandonhand,accountsreceivableandpayable,short-termloansdenominatedinforeigncurrenciesotherthanthefunctionalcurrency,theGroupensuresthatitsnetexposureiskepttoanacceptablelevelbybuyingorsellingforeigncurrenciesatspotrateswhennecessarytoaddressshort-termimbalances.
(1)AsatJune30,2022,theGroup’sexposuretocurrencyriskarisingfromrecognisedassetsorliabilitiesdenominatedinforeigncurrenciesispresentedinthefollowingtables.Forpresentationpurposes,theamountsoftheexposureareshowninRenminbi,translatedusingthespotrateatthebalancesheetdate.Differencesresultingfromthetranslationofthefinancialstatementsdenominatedinforeigncurrencyareexcluded.
Unit:Yuan
Item
| Item | June30,2022 | December31,2021 | ||
| Balanceatforeigncurrency | BalanceatRMBequivalent | Balanceatforeigncurrency | BalanceatRMBequivalent | |
| Monetarycapital | 2,803,336 | 13,406,984 | ||
| -USD | 417,588 | 2,802,600 | 1,984,323 | 12,640,136 |
| -EUR | 105 | 736 | 106,216 | 766,848 |
| Short-termborrowings | 103,187,977 | 98,759,593 | ||
| -USD | 15,375,030 | 103,187,977 | 15,490,000 | 98,759,593 |
(2)SensitivityanalysisAssumingallotherriskvariablesremainedconstant,a5%strengtheningoftheRenminbiagainsttheUSdollarandEuroatJune30,2022wouldhaveimpactontheGroup’sequityandnetprofitbytheamountshownbelow,whoseeffectisinRenminbiandtranslatedusingthespotrateattheyear-enddate:
Unit:Yuan
| Item | Equity | Netprofit |
June30,2022
| June30,2022 | ||
| USD | 5,019,269 | 5,019,269 |
| EUR | -37 | -37 |
| Total | 5,019,232 | 5,019,232 |
| December31,2021 | ||
| USD | 4,305,973 | 4,305,973 |
| EUR | -38,342 | -38,342 |
| Total | 4,267,631 | 4,267,631 |
A5%weakeningoftheRenminbiagainsttheUSdollarandEurodollaratJune30,2022wouldhavehadtheequalbutoppositeeffecttotheamountsshownabove,onthebasisthatallothervariablesremainedconstant.
10.FairvaluedisclosureAllfinancialassetsandfinancialliabilitiesheldbytheGrouparecarriedatamountsnotmateriallydifferentfromtheirfairvalueatJune30,2022.
11.Relatedpartiesandrelatedtransactions
11.1ParticularsoftheparentcompanyoftheCompany
| Nameofparentcompany | Registrationplace | Businessnature | Registeredcapital | ProportionofshareholdingoftheparentcompanyintheCompany | ProportionofvotingpowersoftheparentcompanyintheCompany |
| ChangyuGroup | YantaiCity | Manufacturingindustry | 50,000,000 | 50.40% | 50.40% |
FromJanuarytoJune2022,therewasnofluctuationintheregisteredcapitaloftheparentcompanyanditsshareinequityinterestandvotingright.
11.2ParticularsofthesubsidiariesoftheCompanySeeparticularsofthesubsidiariesoftheCompanyinNote8.
11.3InformationaboutjointventuresandassociatesoftheCompanyOtherjointventuresandassociatesthathaverelatedpartytransactionswiththeGroupduringthisperiodorthatformedbalancewhenhavingrelatedpartytransactionswiththeGroupduringthepriorperiodareasfollows:
| Nameofentity | RelationshipwiththeCompany |
| L&MHoldings | JointventureoftheGroup |
| WeimeisiShanghai | AssociatesoftheGroup |
| ChengduYufeng | AssociatesoftheGroup |
GuolongWineIndustry
| GuolongWineIndustry | AssociatesoftheGroup |
11.4Particularsofotherrelatedparties
| Nameofotherrelatedparties | RelationshipbetweenotherrelatedpartiesandtheCompany |
| YantaiGodHorsePackingCo.,Ltd.(“GodHorsePacking”) | Acompanycontrolledbythesameparentcompany |
| YantaiZhongyaMedicalHealthWineCo.,Ltd.(“ZhongyaMedical”) | Acompanycontrolledbythesameparentcompany |
| Mirefleurs | Subsidiariesofthejointventure |
| CHATEAUDELIVERSAN(“LIVERSAN”） | Subsidiariesofthejointventure |
11.5Relatedtransactions
11.5.1RelatedtransactionsofpurchasingandsellinggoodsandprovidingandreceivingservicesListofpurchasinggoods/receivingservices
Unit:Yuan
| Relatedparties | Relatedtransactions | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| GodHorsePacking | Purchasinggoods | 40,568,193 | 35,161,524 |
| ZhongyaMedical | Purchasinggoods | 17,879 | 164,039 |
| WeimeisiShanghai | Purchasinggoods | 90,265 |
Listofsellinggoods/providingservices
Unit:Yuan
| Relatedparties | Relatedtransactions | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| ZhongyaMedical | Sellinggoods | 3,027,005 | 1,456,492 |
| GodHorsePacking | Sellinggoods | 31,576 | 6,538 |
| ChengduYufeng | Sellinggoods | 850,304 | 1,639,925 |
| WeimeisiShanghai | Sellinggoods | 305,328 | |
| GuolongWineIndustry | Sellinggoods | 3,687,055 |
ThepriceoftransactionsbetweentheGroupandtherelatedpartiesarebasedonthenegotiatedprice.
11.5.2Relatedtrusteeship/contractingandmandatoryadministration/outsourcingNil
11.5.3Leasingwithrelatedparties
TheGroupasalessor:
Unit:Yuan
Nameofthelessee
| Nameofthelessee | Typeofleasedassets | Rentalincomerecognizedinthisperiod | Rentalincomerecognizedinpriorperiod |
| GodHorsePacking | Officebuildingandplant | 774,705 | 774,705 |
| ZhongyaMedical | Officebuilding | 295,238 | 271,428 |
TheGroupasalessee:
Unit:Yuan
| Nameofthelessor | Typeofleasedassets | Rentalexpensesforshort-termleasesandleasesoflow-valueassetsofsimplifiedtreatment(ifapplicable) | Variableleasepaymentsnotincludedinthemeasurementofleaseliabilities(ifapplicable) | Rentpaid | Interestexpensesonleaseliabilitiesassumed | Right-of-useassetsincreased | |||||
| Amountincurredinthisperiod | Amountincurredinpriorperiod | Amountincurredinthisperiod | Amountincurredinpriorperiod | Amountincurredinthisperiod | Amountincurredinpriorperiod | Amountincurredinthisperiod | Amountincurredinpriorperiod | Amountincurredinthisperiod | Amountincurredinpriorperiod | ||
| ChangyuGroup | Officebuilding,plant,commercialbuilding | 2,929,000 | 5,980,362 | 7,480,362 | 935,678 | 597,698 | 25,502,888 | ||||
11.5.4RelatedguaranteeNil
11.5.5Inter-bankborrowingandlendingofrelatedpartiesNil
11.5.6AssettransferanddebtrecombinationofrelatedpartiesNil
11.5.7Otherrelatedtransactions
Unit:Yuan
| Relatedparty | Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| ChangyuGroup | Trademarkusefee | 10,512,100 | 11,313,578 |
ThepriceoftransactionsbetweentheGroupandtherelatedpartiesarebasedonthenegotiatedprice.
11.6Accountsreceivableandpayableoftherelatedparties
11.6.1Accountsreceivable
Unit:Yuan
Item
| Item | Relatedparties | Endingbalance | Beginningbalance | ||
| Bookbalance | Provisionforbaddebts | Bookbalance | Provisionforbaddebts | ||
| Accountsreceivable | ZhongyaMedical | 379,160 | 1,057 | 287,788 | 956 |
| Otherreceivables | ZhongyaMedical | 983,511 | |||
| Otherreceivables | GodHorsePacking | 341,880 | |||
| Advancepayment | ZhongyaMedical | 81,940 | |||
| Othernon-currentassets | ChangyuGroup | 132,977,617 | 144,120,442 | ||
11.6.2Accountspayable
Unit:Yuan
| Item | Relatedparties | Endingbookbalance | Beginningbookbalance |
| Accountspayable | GodHorsePacking | 15,739,178 | 30,184,072 |
| Accountspayable | ZhongyaMedical | 1,907,341 | |
| Accountspayable | ChangyuGroup | 19,434,600 | 19,434,600 |
| Accountspayable | ChengduYufeng | 344,464 | |
| Liabilitiesofcontracts | WeimeisiShanghai | 30,240 | |
| Liabilitiesofcontracts | ChengduYufeng | 288,832 | |
| Liabilitiesofcontracts | ZhongyaMedical | 653 | |
| Liabilitiesofcontracts | GuolongWineIndustry | 320,850 |
12.Share-basedpaymentNil
13.Commitmentandcontingency
13.1Significantcommitment
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Makinglong-termassetcommitments | 49,263,700 | 84,963,700 |
13.2ContingencyAsofthebalancesheetdate,theGroupdidn’thaveanycontingencytobedisclosed.
14.Mattersafterbalancesheet
14.1Importantnon-adjustingeventsNil
14.2Profitdistribution
Unit:Yuan
Profitsordividendstobedistributed
| Profitsordividendstobedistributed | 308,458,800 |
| Allocatedprofitsordividendsapprovedtodeclareupondiscussion | 308,458,800 |
14.3OtherstatementofeventsafterthebalancesheetdateAccordingtothedecisionoftheShareholders’MeetingdatedMay27,2022,basedontheissuedcapitalstockof685,464,000sharesin2021,theGroupallocatedRMB4.5Yuanincash(includingtax)forevery10sharestoallshareholderswiththetotalcashdividendsofRMB308,458,800Yuan.SuchcashdividendsweredistributedonJuly13,2022andJuly15,2022respectively.
15.OtherimportantmattersNil
16.Notesonmajoritemsinfinancialstatementsoftheparentcompany
16.1Otherreceivable
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Interestreceivable | ||
| Dividendsreceivable | 3,153,780 | |
| Otherreceivables | 274,900,686 | 398,072,976 |
| Total | 278,054,466 | 398,072,976 |
16.1.1Dividendsreceivable
Unit:Yuan
| Item(ortheinvestedunit) | Endingbalance | Beginningbalance |
| Dividendsreceivablefromsubsidiaries | 3,153,780 | |
| Total | 3,153,780 |
16.1.2Otherreceivables
16.1.2.1Particularsofotherreceivablesclassifiedbynature
Unit:Yuan
Nature
| Nature | Endingbookbalance | Beginningbookbalance |
| Accountsreceivablefromsubsidiaries | 273,325,297 | 397,998,281 |
| Accountsreceivablefromrelatedparties | 983,511 | |
| Other | 591,878 | 74,695 |
| Total | 274,900,686 | 398,072,976 |
16.1.2.2Disclosedbyage
Unit:Yuan
| Age | Endingbalance |
| Within1year(including1year) | 274,880,686 |
| 1-2years | |
| 2-3years | |
| Morethan3years | 20,000 |
| Total | 274,900,686 |
16.1.2.3Provisionforbaddebtsaccrued,withdrawnortransferredbackinthisperiodTheprovisionforbaddebtsaccruedinthisperiodwasRMB0Yuan;andtheprovisionforbaddebtswithdrawnortransferredbackinthisperiodwasRMB0Yuan
16.1.2.4OtheraccountsreceivableactuallycancelledafterverificationinthisperiodNil
16.1.2.5Otheraccountsreceivablecollectedbytheborroweroftop5unitsrankedbytheendingbalance
Unit:Yuan
| Unit | Natureoffund | Endingbalance | Age | Percentageinthetotalendingbalanceofotheraccountsreceivable | Endingbalanceofprovisionforbaddebts |
| Salescompany | Accountsreceivablefromsubsidiaries | 230,397,008 | Within1year | 83.8% | |
| Digitalmarketing | Accountsreceivablefromsubsidiaries | 5,703,640 | Within1year | 2.1% | |
| AtrioGroup | Accountsreceivablefromsubsidiaries | 5,543,544 | Within1year | 2.0% | |
| Castel | Accountsreceivablefromsubsidiaries | 1,314,633 | Within1year | 0.5% |
Unit
| Unit | Natureoffund | Endingbalance | Age | Percentageinthetotalendingbalanceofotheraccountsreceivable | Endingbalanceofprovisionforbaddebts |
| ZhongyaMedical | Accountreceivablefromrelatedparties | 983,511 | Within1year | 0.4% | |
| Total | 243,942,336 | 88.8% |
16.1.2.6AccountsreceivablerelatedtogovernmentalsubsidyNil
16.1.2.7OtheraccountsreceivablederecognizedduetotransferoffinancialassetsNil
16.1.2.8OtheraccountsreceivabletransferredandincludedinassetsandliabilitiesNil
16.2Long-termequityinvestment
Unit:Yuan
| Item | Endingbalance | Beginningbalance | ||||
| Bookbalance | Impairmentreserve | Bookvalue | Bookbalance | Impairmentreserve | Bookvalue | |
| Investmentinsubsidiaries | 7,703,535,027 | 7,703,535,027 | 7,593,535,027 | 7,593,535,027 | ||
| Investmentinassociatedenterprisesandjointventures | 5,859,928 | 5,859,928 | 5,886,467 | 5,886,467 | ||
| Total | 7,709,394,955 | 7,709,394,955 | 7,599,421,494 | 7,599,421,494 | ||
16.2.1Investmentinsubsidiaries
Unit:Yuan
| Investedunit | Beginningbalance(bookvalue) | Increaseanddecreaseinthisperiod | Endingbalance(bookvalue) | Endingbalanceofprovisionforimpairment | |||
| Increaseininvestment | Decreaseininvestment | Provisionforimpairmentaccrued | Others | ||||
| XinjiangTianzhu | 60,000,000 | 60,000,000 | |||||
| KylinPackaging | 23,176,063 | 23,176,063 | |||||
| ChangyuChateau | 28,968,100 | 28,968,100 | |||||
| PioneerInternational | 3,500,000 | 3,500,000 | |||||
| NingxiaGrowing | 36,573,247 | 36,573,247 | |||||
| NationalWine | 2,000,000 | 2,000,000 | |||||
Investedunit
| Investedunit | Beginningbalance(bookvalue) | Increaseanddecreaseinthisperiod | Endingbalance(bookvalue) | Endingbalanceofprovisionforimpairment | |||
| Increaseininvestment | Decreaseininvestment | Provisionforimpairmentaccrued | Others | ||||
| IcewineValley | 30,440,500 | 30,440,500 | |||||
| AFIP | 588,389,444 | 588,389,444 | |||||
| SalesCompany | 7,200,000 | 7,200,000 | |||||
| LangfangSales | 100,000 | 100,000 | |||||
| LangfangCastel | 19,835,730 | 19,835,730 | |||||
| WineSales | 4,500,000 | 4,500,000 | |||||
| ShanghaiMarketing | 1,000,000 | 1,000,000 | |||||
| BeijingMarketing | 850,000 | 850,000 | |||||
| JingyangSales | 100,000 | 100,000 | |||||
| JingyangWine | 900,000 | 900,000 | |||||
| NingxiaWine | 222,309,388 | 222,309,388 | |||||
| NingxiaChateau | 453,463,500 | 453,463,500 | |||||
| ChateauTinlot | 212,039,586 | 212,039,586 | |||||
| ShiheziChateau | 812,019,770 | 812,019,770 | |||||
| Chang’anChateau | 803,892,258 | 803,892,258 | |||||
| R&DCompany | 3,288,906,445 | 3,288,906,445 | |||||
| HuanrenWine | 22,200,000 | 22,200,000 | |||||
| WineSalesCompany | 5,000,000 | 5,000,000 | |||||
| FrancsChamps | 236,025,404 | 236,025,404 | |||||
| MarquesdelAtrio | 233,142,269 | 233,142,269 | |||||
| IndomitaWine | 274,248,114 | 274,248,114 | |||||
| KilikanoonEstate,Australia | 129,275,639 | 129,275,639 | |||||
| DigitalMarketing | 1,000,000 | 1,000,000 | |||||
| ChangyuCulturalTourismCompany | 92,479,570 | 92,479,570 | |||||
| ChateauKoya | 110,000,000 | 110,000,000 | |||||
| Total | 7,593,535,027 | 110,000,000 | 7,703,535,027 | ||||
16.2.2Investmentinassociates
Unit:Yuan
| Investedunit | Beginningbalance(bookvalue) | Increaseanddecreaseinthisperiod | Endingbalance(bookvalue) | Endingbalanceofprovisionforimpairment |
Increaseininvestment
| Increaseininvestment | Decreaseininvestment | Investmentgainsandlossesrecognizedundertheequitymethod | Othercomprehensiveincomeadjustment | Otherchangesinequity | Declaredcashdividendorprofit | Provisionforimpairmentaccrued | Others | |||
| WeimeisiShanghai | 2,366,811 | -43,743 | 2,323,068 | |||||||
| YantaiSantaiRealEstateDevelopmentCo.,Ltd. | 3,519,656 | 17,204 | 3,536,860 | |||||||
| Total | 5,886,467 | -26,539 | 5,859,928 |
16.3Operatingincomeandoperatingcost
16.3.1Detailsofoperatingincome
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod | ||
| Income | Cost | Income | Income | |
| Mainbusiness | 200,506,811 | 166,176,180 | 189,490,544 | 153,868,830 |
| Otherbusiness | 29,080,332 | 26,938,064 | 16,810,022 | 15,143,341 |
| Total | 229,587,143 | 193,114,244 | 206,300,566 | 169,012,171 |
| Including:Incomefromcontracts | 228,517,200 | 192,410,880 | 205,254,433 | 168,378,524 |
| Incomefromhouserents | 1,069,943 | 703,364 | 1,046,133 | 633,647 |
16.3.2Situationofincomefromcontracts
Unit:Yuan
| Contractclassification | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Typeofmerchandise | ||
| -Alcoholicbeverage | 200,506,811 | 189,490,544 |
| -Others | 28,010,389 | 15,763,889 |
| Classifiedbythetimeofmerchandisetransfer | ||
| -Revenuerecognizedatapointintime | 228,517,200 | 205,254,433 |
16.4Investmentincome
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Incomefromlong-termequityinvestmentbycostmethod | 328,316,580 | 495,005,832 |
Item
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Incomefromlong-termequityinvestmentbyequitymethod | -26,539 | -477,762 |
| Investmentincomefromdisposaloflong-termequityinvestment | ||
| Investmentincomeofthefinancialassetsmeasuredattheirfairvaluesandthevariationofwhichisrecordedintothecurrentprofitsandlossesduringtheholdingperiod | ||
| Investmentincomegainedfromdisposalofthefinancialassetsmeasuredattheirfairvaluesandthevariationofwhichisrecordedintothecurrentprofitsandlosses | ||
| Investmentincomeofheld-to-maturityinvestmentduringtheholdingperiod | ||
| Investmentincomeoffinancialassetsheldforsaleduringtheholdingperiod | ||
| Investmentincomegainedfromdisposaloffinancialassetsheldforsale | ||
| Gainsgeneratedfromtheremainingequityremeasuredasperfairvalueafterthelossofcontrol | ||
| Total | 328,290,041 | 494,528,070 |
17.Supplementarymaterials
17.1Listofnon-currentprofits/lossesinthisperiod
Unit:Yuan
| Item | Amount | Remark |
| Profits/lossesondisposalofnon-currentassets | -8,239,072 | |
| Taxreturn,deductionandexemptionapprovedbeyondtheauthorityorwithoutformalapprovaldocument | ||
| Governmentalsubsidyincludedinthecurrentprofits/losses(excludingthosecloselyrelatedtotheenterprisebusinessandenjoyedinaccordancewiththeunifiedstandardquotaorrationofthestate) | 23,129,245 | |
| Paymentforuseoffundsbynon-financialenterprisesincludedinthecurrentprofits/losses | ||
| Incomeobtainedwhentheinvestmentcostobtainedbytheenterprisefromsubsidiaries,joint-runbusinessandjointventureislessthanthefairvalueofthenetidentifiableassetsobtainedfromtheinvestedunitswhentheinvestmentismade | ||
| Profits/lossesonexchangeofnon-monetaryassets | ||
| Profits/lossesonentrustingotherpeopletomakeinvestmentormanageassets | ||
| Assetimpairmentprovisionaccruedduetoforcemajeuresuchasnaturaldisaster | ||
| Profits/lossesondebtrestructuring | ||
| Enterprisereorganizationexpensessuchasstaffingexpenditureandintegrationexpenses,etc. | ||
| Profits/lossesonthosebeyondthefairvaluegeneratedfromtransactionswithunfairtransactionprice | ||
| Currentnetprofits/lossesonsubsidiariesacquiredfromabusiness |
Item
| Item | Amount | Remark |
| combinationundercommoncontrolfromthebeginningtotheconsolidationdate | ||
| Profits/lossesoncontingenciesirrelatedtothenormalbusinessoftheCompany | ||
| Profits/lossesonchangesoffairvalueoftradablefinancialassets,derivativefinancialassets,tradablefinancialliabilitiesandderivativefinancialliabilities,andinvestmentincomefromdisposaloftradablefinancialassets,derivativefinancialassets,tradablefinancialliabilities,derivativefinancialliabilitiesandotherinvestmentincreditor'srights,excludingeffectivehedgingoperationsrelevanttothenormalbusinessoftheCompany | ||
| Transfer-backofaccountsreceivablewithsingleimpairmenttestandprovisionforimpairmentofcontractassets | ||
| Profits/lossesonexternalentrustedloans | ||
| Profits/lossesonfairvaluechangesofinvestmentrealestatewithfairvaluemodeforfollow-upmeasurement | ||
| Influenceoftheone-timeadjustmentofthecurrentprofits/lossesinaccordancewithtaxandaccountinglawsandregulationsonthecurrentprofits/losses | ||
| Trusteefeeincomefromentrustedoperation | ||
| Othernon-operatingincomeandexpenditurebesidestheaboveitems | 1,105,081 | |
| Otherprofits/lossesconformingtothedefinitionofnon-currentprofits/losses | ||
| Minus:Influencedamountofincometax | 4,584,591 | |
| Influencedamountofminorityshareholders’equity | -2,739,918 | |
| Total | 14,150,581 | -- |
17.2Returnonnetassetsandearningspershare
| Profitincurredinthisperiod | Weightedaveragereturnonnetassets | Earningspershare | |
| BasicEPS(Yuan/Share) | DilutedEPS(Yuan/Share) | ||
| NetprofitattributabletocommonshareholdersoftheCompany | 3.39% | 0.52 | 0.52 |
| NetprofitattributabletocommonshareholdersoftheCompanydeductingnon-incidentalprofits/losses | 3.26% | 0.50 | 0.50 |
17.3Accountingdatadifferenceunderdomesticandforeignaccountingstandard
17.3.1Netprofits&netassetsdifferencedisclosedinthefinancialreportaccordingtotheinternationalaccountingstandardandChineseaccountingstandard
Unit:Yuan
| Netprofits | Netassets | ||
| Amountincurredinthisperiod | Amountincurredinpriorperiod | Endingbalance | Beginningbalance |
InaccordancewiththeChineseaccountingstandard
| InaccordancewiththeChineseaccountingstandard | 358,459,603 | 371,821,819 | 10,491,487,490 | 10,447,884,183 |
| Item&amountadjustedinaccordancewiththeinternationalaccountingstandard: | ||||
| Inaccordancewiththeinternationalaccountingstandard | 358,459,603 | 371,821,819 | 10,491,487,490 | 10,447,884,183 |
YantaiChangyuPioneerWineCo.,Ltd.
BoardofDirectors
August26,2022