YantaiChangyuPioneerWineCo.,Ltd.
2023Semi-annualReport
Final2023-03
August31,2023
TableofContents
I、ImportantNotice,TableofContentsandDefinition ...... 3
II、BriefIntroductionfortheCompanyandMainFinancialIndicators ...... 6
III、DiscussionandAnalysisofManagementTeam ...... 9
IV、CorporateGovernance ...... 25V、EnvironmentalandSocialResponsibility ...... 27
VI、Majorissues ...... 30
VII、ChangesinSharesandtheShareholders’Situation ...... 39
VIII、RelatedSituationofPreferredShares ...... 46
IX、RelatedSituationofBonds ...... 46
X、FinancialReport ...... 47
LastpageReportdate ...... 155
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)Theoriginalof2023Semi-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.Pleasereferto2022AnnualReportfordetailedinformation.
2)InformationdisclosureandfilinglocationWhetherthereisanychangeininformationdisclosureandfilinglocationduringthereportperiod?Available?NotavailableThereisnochangeinthenameofthenewspaperforinformationdisclosure,theaddressofthewebsitedesignatedbytheChinaSecuritiesRegulatoryCommissionforpublishingthesemi-annualreport,andthefilinglocationoftheCompany’ssemi-annualreportselectedbytheCompanyduringthereportperiod.Pleasereferto2022AnnualReportfordetailedinformation.
3)OtherrelevantinformationWhetherthereisanychangeinotherrelevantinformationduringthereportperiod?Available?Notavailable
4.KeyaccountingdataandfinancialindicatorsWhethertheCompanyneedstoretrospectivelyadjustorrestatetheaccountingdataofpreviousfiscalyears.?Yes?No
Duringthereport
period
| Duringthereportperiod | Inthesameperiodoflastyear | Moreorlessthanthesameperiodoflastyear(%) | |
| Operatingrevenue(CNY) | 1,966,738,485 | 1,953,092,135 | 0.70% |
| Netprofitattributedtoshareholdersofthelistedcompany(CNY) | 363,569,436 | 358,459,603 | 1.43% |
| Netprofitattributedtoshareholdersofthelistedcompanyafterdeductingnon-recurringprofitsandlosses(CNY) | 324,321,975 | 344,309,022 | -5.80% |
| Netcashflowsfromoperatingactivities(CNY) | 527,919,786 | 606,273,595 | -12.92% |
| Basicearningspershare(CNY/share) | 0.53 | 0.52 | 1.92% |
| Dilutedearningspershare(CNY/share) | 0.53 | 0.52 | 1.92% |
| Weightedaveragereturnonequity | 3.40% | 3.37% | 0.03% |
| Attheendofthisreportperiod | Attheendoflastyear | Moreorlessthantheendoflastyear(%) | |
| Totalassets(CNY) | 12,821,273,302 | 13,171,506,378 | -2.66% |
| NetAssetsattributedtoshareholdersofthelistedcompany(CNY) | 10,645,880,226 | 10,579,053,733 | 0.63% |
5.DifferencesinaccountingdataunderPRCaccountingstandardsandinternationalaccountingstandards
1)DifferencesofnetprofitandnetassetinthefinancialreportdisclosedaccordingtobothinternationalaccountingstandardsandPRCaccountingstandard?Available?Notavailable
Unit：
CNY
| Netprofitattributedtoshareholdersofthelistedcompany | NetAssetsattributedtoshareholdersofthelistedcompany | |||
| Duringthereportperiod | Inthesameperiodoflastyear | Attheendofthisreportperiod | Atthebeginningofthisreportperiod | |
| AccordingtoPRCaccountingstandards | 363,569,436 | 358,459,603 | 10,645,880,226 | 10,579,053,733 |
| Itemsandamountsadjustedaccordingtointernationalaccountingstandards | ||||
| Accordingtointernationalaccountingstandards | 363,569,436 | 358,459,603 | 10,645,880,226 | 10,579,053,733 |
2)DifferencesofnetprofitandnetassetinthefinancialreportdisclosedaccordingtobothforeignaccountingstandardsandPRCaccountingstandards?Available?NotavailableTherearenodifferencesofnetprofitandnetassetinthefinancialreportdisclosedaccordingtobothforeignaccountingstandardsandPRCaccountingstandardsduringthereportperiod.
3)Explanationofthedifferencesinaccountingdataunderdomesticandforeignaccountingstandards?Available?Notavailable
6.Itemandamountofnon-recurringgainsandlosses?Available?Notavailable
Unit：
CNY
Item
| Item | Amount | Explanation |
| Profitsandlossesondisposalofnon-currentassets(includingthewrite-offpartoftheprovisionforassetimpairmenthasbeenmade) | 16,228,006 | |
| Governmentgrantsincludedinthecurrentprofitsandlosses(exceptforthoserecurringgovernmentgrantsthatarecloselyrelatedtotheentity’soperation,inlinewithrelatedregulationsandhaveproperbasisofcalculation) | 28,971,185 | |
| Othernon-operatingincomeandexpenditurebesidesabove-mentioneditems | -332,706 | |
| Otheritemsofgainsandlossesthatmeetthedefinitionofnon-recurringgainsandlosses | 0 | |
| Less:Amountaffectedbyincometax | 4,785,509 | |
| Amountaffectedbyminorityequity(aftertax) | 833,515 | |
| Total | 39,247,461 |
Specificsituationofothergainsandlossesprojectsconformingtothedefinitionofnon-recurringprofitandloss?Available?NotavailableNoneExplanationforregardingthenon-recurringprofitandlossspecifiedintheExplanatoryAnnouncementonPublicCompany’sInformationDisclosureNo.1-Non-recurringProfitandLossasrecurrentprofitandloss□Available?NotavailableThereisnosituationregardingthenon-recurringprofitandlossspecifiedintheExplanatoryAnnouncementonPublicCompany’sInformationDisclosureNo.1-Non-recurringProfitandLossasrecurrentprofitandloss
III.DiscussionandAnalysisofManagementTeam
1.MainbusinessesduringthereportperiodDuringthereportperiod,theCompany’smainbusinesswasproductionandoperationofwineandbrandy.TheCompanyneedtocomplywiththedisclosurerequirementsof“FoodandLiquorManufacturingRelatedBusinesses”inShenzhenStockExchangeIndustryInformationDisclosureGuidelineNo.3-IndustryInformationDisclosure.
1)SituationoftheindustryinwhichtheCompanyoperatesDuringthereportperiod,theCompany’smainbusinesswasproductionandoperationofwineandbrandy,thusprovidingdomesticandforeignconsumerswithhealthyandfashionablealcoholicdrinks.Comparedwithearlierstage,therewerenosignificantchangeshappenedtotheCompany’smainbusiness.ThewineindustrythattheCompanyinvolvedinwasstillingrowthstage.Beingaffectedbymanyfactorsincludingslowingdomesticeconomicgrowthandstrongpressurefromalternativesinrecentyears,thecompetitioninthemarketwasfierce,thewineconsumptioncontinuouslydeclined,andalargenumberofwineproductionenterpriseswereonthebrinkofloss,evensomewineenterpriseswereeliminatedfromthemarket.However,seenfromthelongterm,theexistingconsumptionconceptmightchangewiththeincreaseofpeople’sincomelevelandtheirpursuitofarelaxed,romanticandhealthylifestyle.Moredomesticwinewouldbedrunkbypeople,andwinewouldentermoreandmorehouseholdconsumption.Thesituationofcurrentlowaverageconsumptionofdomesticwinewouldgraduallyimprove.TheCompanywasattheforefrontinthedomesticwinemarketandwassignificantlyaheadofmajordomesticcompetitors.
2)Licenseobtained
Producername
| Producername | Foodcategory | Obtainingtime | Obtainingmethod | Foodproductionlicensenumber |
| YantaiChangyuPioneerWineCo.,Ltd. | Alcohol | 2021.06.01 | Approvalfromgovernmentauthority | SC11537060100050 |
| BeijingChateauChangyuAFIPGlobalCo.,Ltd. | Alcohol | 2022.08.22 | Approvalfromgovernmentauthority | SC11511280920745 |
| LiaoningChangyuGoldenIcewineValleyCo.,Ltd. | Alcohol | 2021.03.25 | Approvalfromgovernmentauthority | SC11521052200370 |
NingxiaChateauChangyuMoserXVCo.,Ltd.
| NingxiaChateauChangyuMoserXVCo.,Ltd. | Alcohol | 2018.01.25 | Approvalfromgovernmentauthority | SC11564010500657 |
| XinjiangChateauChangyuBaronBalboaCo.,Ltd. | Alcohol | 2017.08.25 | Approvalfromgovernmentauthority | SC11565900100392 |
| YantaiChateauChangyu-CastelCo.,Ltd. | Alcohol | 2021.06.08 | Approvalfromgovernmentauthority | SC11537063600172 |
| ShaanxiChateauChangyuRenaCo.,Ltd. | Alcohol | 2020.10.19 | Approvalfromgovernmentauthority | SC11561040400532 |
| YantaiChateauKoyaBrandyCo.,Ltd. | Alcohol | 2021.01.11 | Approvalfromgovernmentauthority | SC11537063601165 |
3)ExplanationforothersignificanteventsDuringthereportperiod,theredidnotexistthetrademarkownershipdispute,foodqualityissueorfoodsafetyincidentetc.thathadasignificantimpactontheCompany.BrandoperationTheCompany’sproductsweredividedintotwoseries:wineandbrandy.Forwine,mainbrandsincludedLongyu,AFIP,GoldenIceValley,NobleDragon,Changyu,Zenithwirl,Vermouth,Rena,BaronBalboa,J.LORMIN,Atrio,KilikanoonandIWCCandsoon.ForBrandy,mainbrandsincludedKoya,Liquan,Mminni,Pagese,RoulletFransacandsoon.MajorsalesmodeTheCompany’smainsalesmodewasthedistributionmode,andmainsaleschannelwasofflinesales,thatis,theCompany’sproductsweredistributedtosalesterminalsthroughapproximately4000distributorsathomeandabroadandultimatelyprovidedtoconsumers.Distributionmode?Available?Notavailable
①Situationofchangeinthenumberofdistributorsisshownasfollows.
| Region | Atthebeginningofthereportperiod | Increasednumberduringthereportperiod | Attheendofthereportperiod |
| EasternChina | 1936 | 89 | 2025 |
| SouthChina | 605 | 1 | 606 |
| CentralChina | 447 | -12 | 435 |
| NorthChina | 358 | -2 | 356 |
NorthwestChina
| NorthwestChina | 170 | -9 | 161 |
| SouthwestChina | 483 | -7 | 476 |
| NortheastChina | 312 | -6 | 306 |
| HongKong,Macao,TaiwanChinaandoverseas | 602 | 93 | 695 |
| Total | 4913 | 147 | 5060 |
②SalesinformationoftheCompany’stop5distributorsduringthereportperiod
| No. | Customername | Salesamount(CNY） | Proportionintotalsales（%） |
| 1 | Rank1st | 35,992,127 | 1.83% |
| 2 | Rank2nd | 23,575,149 | 1.20% |
| 3 | Rank3rd | 22,988,172 | 1.17% |
| 4 | Rank4th | 20,211,001 | 1.03% |
| 5 | Rank5th | 18,457,173 | 0.94% |
| Total | -- | 121,223,621 | 6.16% |
Theratioofsalesinself-ownedexclusiveshopexceeds10%?Available?NotavailableSalesofonlinedirectsales?Available?Notavailable
| Salesmodel | Firsthalfof2023 | Firsthalfof2022 | ||||
| Operatingincome(CNY) | Operatingcost(CNY) | Grossmargin | Operatingincome(CNY) | Operatingcost(CNY) | Grossmargin | |
| Distribution | 1,711,154,537 | 699,449,920 | 59.12% | 1,719,362,579 | 721,760,539 | 58.02% |
| Directsales | 255,583,948 | 106,009,472 | 58.52% | 233,729,556 | 100,094,927 | 57.17% |
| Total | 1,966,738,485 | 805,459,392 | 59.05% | 1,953,092,135 | 821,855,466 | 57.92% |
Thechangeinsalespricesofmajorproductsaccountingformorethan10%oftotaloperatingincomeincurrentreportperiodexceeds30%comparedwiththoseinlastreportperiod?Available?NotavailableProcurementmodeandprocurementcontent
Unit:CNY’0000
| Procurementmode | Procurementcontent | Amountofmajorprocurementcontents |
| Qualitativeandpricecomparison | Rawmaterialsincludinggrape/bulkwine | 29,956.18 |
| Invitationforbids/qualitativeandpricecomparison | Packagingmaterials | 22,811.14 |
| Invitationforbids/qualitativeandpricecomparison | Brewingmaterials | 758.11 |
Invitationforbids/qualitativeandpricecomparison
| Invitationforbids/qualitativeandpricecomparison | Goodsandmaterialsforvineyard | 230.68 |
| Contract | Fuelandpower | 1,631.13 |
| Qualitativeandpricecomparison | Otheralcoholicproductsandderivatives | 671.65 |
Amountofpurchasingrawmaterialsfromcooperativesorfarmersexceeds30%oftotalprocedureamount?Available?NotavailableTheyear-on-yearchangeinthepriceofmajoroutsourcedrawmaterialsexceeds30%?Available?NotavailableMajorproductionmodeTheproductionmodeoftheCompanyisself-produce.Commissionedprocessingandproduction?Available?NotavailableMajorcomponentsofoperatingcosts①Classificationofsector
Unit:CNY
| Sector | Project | Firsthalfof2023 | Firsthalfof2022 | Year-on-yearincreaseordecrease(%) | ||
| Amount | Proportionintheoperatingcost(%) | Amount | Proportionintheoperatingcost(%) | |||
| Liquorandalcoholicbeverage | Blendingliquor | 378,409,335 | 48.11% | 373,837,363 | 46.27% | 1.85% |
| Packingmaterial | 220,678,705 | 28.06% | 240,932,715 | 29.82% | -1.76% | |
| Wages | 26,735,936 | 3.40% | 26,180,979 | 3.24% | 0.16% | |
| Manufacturing/transportingexpenses | 160,660,499 | 20.43% | 167,043,018 | 20.67% | -0.25% | |
②Classificationofproduct
Unit:CNY
| Sector | Project | Firsthalfof2023 | Firsthalfof2022 | Year-on-yearincreaseordecrease(%) | ||
| Amount | Proportionintheoperatingcost(%) | Amount | Proportionintheoperatingcost(%) | |||
| Wine | Blendingliquor | 269,460,895 | 47.65% | 267,277,422 | 45.81% | 1.84% |
| Packingmaterial | 150,989,468 | 26.70% | 165,812,423 | 28.42% | -1.72% | |
| Wages | 22,021,926 | 3.89% | 22,169,970 | 3.80% | 0.09% | |
| Manufacturingexpenses | 123,026,000 | 21.76% | 128,178,818 | 21.97% | -0.21% | |
| Brandy | Blendingliquor | 108,948,440 | 49.30% | 106,559,941 | 47.45% | 1.85% |
Packingmaterial
| Packingmaterial | 69,689,237 | 31.54% | 75,120,293 | 33.45% | -1.92% |
| Wages | 4,714,010 | 2.13% | 4,011,009 | 1.79% | 0.35% |
| Manufacturingexpenses | 37,634,499 | 17.03% | 38,864,200 | 17.31% | -0.28% |
Yieldandinventory
| Liquorandalcoholicbeverage | Sales | Ton | 42,790 | 45,512 | -5.98% |
| Yield | Ton | 35,128 | 36,224 | -3.03% | |
| Inventory | Ton | 22,411 | 20,572 | 8.94% | |
| Wine | Sales | Ton | 29,779 | 32,315 | -7.85% |
| Yield | Ton | 25,918 | 30,563 | -15.20% | |
| Inventory | Ton | 14,471 | 13,645 | 6.05% | |
| Brandy | Sales | Ton | 13,012 | 13,198 | -1.41% |
| Yield | Ton | 9,210 | 5,661 | 62.69% | |
| Inventory | Ton | 7,940 | 6,927 | 14.62% |
2.AnalysisofcorecompetitivenessComparedwiththeparticipantsinthearenaoftheChinesewinecompetitionsector,theCompanyownsfollowingadvantages:
Firstly,theCompanyhasalargebrandinfluence.Mainbrandsusedhavealonghistory.“Changyu”,“NobleDragon”and“AFIP”areall“Chinafamousbrands”thathavestronginfluenceandgoodreputation.Secondly,theCompanyhassetupanationwidemarketingnetwork.TheCompanyhasformeda“three-level”marketingnetworksystemmainlycomposedoftheCompany’ssalesmenanddistributorsandtheonlinesalesplatformhashadacertainscaleandstronginfluence,owingstrongmarketingabilityandmarketexploitationability.Thirdly,theCompanyhasstrongscientificprowessandaproductR&Dsystem.Relyingonthecountry’s“State-levelWineR&DCenter”,theCompanyhasownedpowerfulwinemakerteam,masteredadvancedwinemakingtechnologyandproductionprocessesandhadstrongproductinnovationcapacityandperfectqualitycontrolsystem.Fourthly,theCompanyisinpossessionofalotofgrape-growingbasesthatarecompatiblewithitsdevelopmentrequirements.TheCompanyhasdevelopedagreatdealofvineyardsinthemostsuitableareasforwinegrapegrowingsuchasShandong,Ningxia,XinjiangandLiaoning,anditssubsidiaryoverseasenterprisesalsoownmatchinggrapebasesinlocalarea,makingtheoverallscaleandstructuregenerallymeettheCompany’sneedsforfuturedevelopment.
Fifthly,productsinhigh,mediumandlow-gradeaswellasvarietiesandcategoriesareallcomplete.Over100varietiesofseriesproductssuchaswine,brandyandsparklingwinecoversvariousgrades,includinghigh,mediumandlow-grade,whichcanmeetdifferentconsumergroups’demands.TheCompanyhastakenthedominantstatusinthedomesticwineindustryaftermanyyears’developmentandhascomparativeadvantagesinthefuturecompetition.Sixthly,theCompanyhasarelativelyperfectmotivationsystem.MostofCompany’semployeesindirectlyholdtheCompany’sequitythroughcontrollingshareholders,andmostoftheCompany’smiddle-and-above-levelbackbonepersonnelparticipatedintherestrictedshareincentiveplanimplementedin2023,resultinginhighconsistencybetweenemployeebenefitsandshareholdersbenefitswhichwasinfavorofmotivatingemployeestocreatevalueforshareholders.Seventhly,theCompanyhassetupflexibleandefficientdecision-makingmechanism.TheCompany’scoremanagementteamalwaysmaintainsaworkingstyleofunityandpragmaticandflexibleandefficientdecision-makingmechanism,whichmakestheCompanycandealwithmarketchangesmorecalmly.Eighthly,theglobalproductioncapacitylayouthasbeenbasicallycompleted.TheCompanyhascompletedproductioncapacitylayoutinChina,France,Chile,Spain,Australiaandothermajorwineproducingcountriesintheworld,enablingmakingbetteruseofglobalhigh-qualityrawmaterialresources,capital,talentsandadvancedproductionprocessesandtechnologiestoprovideconsumerswithdiversifiedqualityproductsandbetterserveconsumers.Basedontheabovereasons,theCompanyhasformedrelativelystrongcorecompetenceandwillmaintainarelativelydominantpositioninthefuturepredictablemarketcompetition.
3.AnalysisinmainbusinessSummarizationDuringthereportperiod,owingthattheadversefactorsbeingfacedwithChina’seconomicdevelopment,includingthecontractionofdemand,supplyimpactandweakexpectation,werenotfundamentallyeliminated,theoverallprofitabilityofdomesticwineenterpriseswasnotgood,andthemarketinvestmentandinnovationabilitywereseriouslyinsufficient,coupledwiththeextrusionfromotherstronglycompetitivealcoholicproducts,thedevelopmenttrendoftheindustrywasstillnotoptimistic.Inthefirstquarterof2023,affectedbytheoverallenvironment,theCompany,distributors,suppliersandlogisticsenterprisescouldnotworknormallyduetothefactthatalargenumberofemployeesfellill,resultinginayear-on-yeardeclineinsalesvolume,whichseriouslydraggeddownthehalf-yearperformance.Inthefaceofadversesituation,theCompanyinsistedintakingthemarketasthecenter,
insistedthedevelopmentstrategyof“Focusonhighquality,Focusonmiddle-and-highlevel,Focusonbigproduct”andthemarketingconceptof“Increasingsalesfromtheterminalandcontinuously-cultivatedconsumers”withoutwavering,steadilyimprovedproductquality,continuouslycarriedoutmarketinginnovationandconsumercultivationactivities,andconstantlyimprovedtheincentivemechanism,achievingfavorableresults.Inthefirsthalfyear,theCompanyrealizedthebusinessincomeofCNY1,966.74millionwithayear-on-yearincreaseof0.70%andthenetprofitattributabletoshareholdersoftheparentcompanyofCNY363.57millionwithayear-on-yearincreaseof1.43%.Duringthereportperiod,theCompanymainlyconductedfollowingwork:
Firstly,theCompanyimplementedthefocusstrategy,andpromotedtheproductstructuretofurtherfocusonthemiddle-and-high-end,especiallythehigh-end,andfocusonthecoreproductsthatcouldbringgreatersalesvolumeandprofitcontributions.Besidesthis,theCompanyfocusedonkeycitiesandcoreconsumergroupsto“fightthewarofannihilation”,takingadvantageoftheleadingroleoftypicalcases,strengthenedclassifiedmarketing,andcontinuedtocarryoutbanquetpromotionandcirclemarketingactivities.Secondly,theCompanyfurtherrefinedandclarifiedtherightsandresponsibilitiesoftheLongyuBusinessDivision,ChateauWineBusinessDivision,NobleDragonBusinessDivision,BrandyBusinessDivision,ImportedWineBusinessDivision,OnlineBusinessDivisionandTourismBusinessDivision,gavefullplaytotheorganizationaldividendsofthebusinessdivisionstructureandpromotedthehealthydevelopmentofeachbusinesssegment.Thirdly,theCompanyfurtherimprovedproductqualityandconstantlyimprovedtheproductioncompliancerate,betteradaptingtomarketchangesandmeetingconsumerdemand.Fourthly,theCompanyconsolidatedtheachievementsoftheinstitutionalreforminproductionunits,promotedtheintegrationofproductionbusiness,improvedthebusinessmodeloforderdriving,andcontinuouslycompressedtheinventoryoffinishedgoods,reducingproductioncostsandimprovingproductionefficiency.Fifthly,theCompanypromotedthespiritsof“Originality”,“Justice”and“SincereService”,strivingtoimproveitsproductquality,managementability,servicelevelandserviceawareness.Sixthly,theCompanyformulatedandimplementedtherestrictedshareincentiveplan,furtherimprovingtheenthusiasmandinitiativeofthebackbonepersonnelandpromotingthedevelopmentoftheenterprise.Bytakingabovemeasures,inthesecondquartertheCompanyreversedthenegativemomentumresultingfromthecontinuousdeclineinthefirstquarter,andbothoperatingincomeandnetprofitachievedthegrowth.Nevertheless,itisstilldifficultfortheCompanytorealizethe2023annualfinancialbudgettargetsandthetargetsstipulatedintherestrictedshareincentiveplan.Forthesakeofachievingthebusinessobjectives,theCompanywillpay
specialattentiontothefollowingtasksinthesecondhalfof2023:
Firstly,theCompanywillstrengthentheprofitassessmentincombinationwiththe2023restrictedstockincentiveplan.TheCompanywilldecomposetheassessedprofittargetstoeachmiddle-levelbackboneineachbusinesssegmentsuchassales,production,plantingandmanagement,toimprovetheirinitiativeinincreasingproductsales,optimizingproductstructure,reducingcontrollablecosts,reducingexpensespertonandotheraspects,andtoimproveprofitability.Secondly,theCompanywillpromotetheconstructionofculturalexperiencecentersandvigorouslyimplementcirclemarketingtoincreasehigh-endproductsales.TheCompanywillgivefullplaytoitscorecompetitiveadvantages,selectsomekeymarketstopromotetheconstructionofculturalexperiencecenters,andeffectivelyempowerindicatorgrowthandbrandpromotion.TheCompanywillchoosethecirclesthataremoresuitableforitsbrandcharacteristics,theeasiesttoreach,andownthemostobviousinput-outputeffect,clarifyspecificworkplansincludingdevelopmentpath,targetassessment,trackingandscheduling,andsummaryandimprovement,soastoachievecity-levelbreakthroughsandpromotehigh-endproductsales.Thirdly,theCompanywillcontinuetocarryoutbanquetpromotionactivitiestofurtherconsolidateandenhancethemarketpositionofmid-endproducts.ForNobleDragonandbelow-levelwineproducts,aswellasmid-levelbrandyproducts,theCompanywillpayspecialattentiontothebanquetscene,putforwarddifferentbanquetrequirementsandassessmentrequirementsforthemarketsatdifferentdevelopmentstages,continuouslyconductthebanquetpromotion,andstrivetoachievesalesbreakthroughinthecitiesthroughthebreakthroughofthebanquetscene.Fourthly,theCompanywillacceleratetheresearchinproductiontechnologyandnewproducts,developproductswithChinesecharacteristics,moresuitableforChinesetastesandeatinghabits,moreinlinewithyoungpeople’spreferences,andincreasethereserveofnewproducts,soastomeettheneedsofconsumersatalllevels.Fifthly,theCompanywillcontinuetopromotedigitaltransformation,makefulluseofconsumerdata,deeplystudytheconsumerbehaviorpreferencestobetterguidemarketsegmentation,productdevelopment,mediainput,channelpromotion,brandmarketingandotheractivities.Inaddition,itwilltakeadvantageofenterprisewechattoimprovethecommunicationefficiencyofallstaffandrelatedpartiesandactivateterminalstoresthroughthe“iChangyu”applet.Sixthly,theCompanywilldoagoodjobinfieldmanagementbeforegrapeharvestingtostrivetoimprovegrapequality.Itwillalsoscientificallyorganizetheharvestingofgraperawmaterialandcompletetheharvestingtaskwithqualityandquantity,providingreliablerawmaterialguaranteeforthefuturedevelopmentoftheCompany.
Year-on-yearchangeinkeyfinancialdata
Unit:CNY
Thisperiod
| Thisperiod | Thesameperiodoflastyear | Year-on-yearincreaseordecrease | Causeofsignificantchanges | |
| Operatingrevenue | 1,966,738,485 | 1,953,092,135 | 0.70% | Mainlyduetoincreaseintheaveragepriceofproducts. |
| Operatingcost | 805,459,392 | 821,855,466 | -2.00% | Mainlyduetotheincreaseinthesalesproportionofhighgrossmarginproducts |
| Salesexpense | 453,001,710 | 417,764,419 | 8.43% | Mainlyduetotheincreaseinmarketingexpense |
| Managementexpense | 128,695,395 | 127,504,270 | 0.93% | Mainlyduetotheincreaseinadministrativeexpensesanddepreciationexpenses |
| Financialexpense | 3,226,433 | 6,085,438 | -46.98% | Mainlyduetotheincreaseininterestexpensesandthedecreaseinexchangegainsandlosses |
| Incometaxexpense | 130,350,513 | 128,189,749 | 1.69% | Nosignificantchanges |
| R&Dexpense | 6,653,626 | 5,509,656 | 20.76% | Mainlyduetotheincreaseinnewproductandnewprocessresearch |
| Netcashflowgeneratedinoperatingactivities | 527,919,786 | 606,273,595 | -12.92% | Mainlyduetothedecreaseincashreceivedfromtaxrefunds |
| Netcashflowgeneratedininvestmentactivities | -251,021,334 | -82,230,822 | 205.26% | Mainlyduetotheincreaseincashpaidforinvestment |
| Netcashflowgeneratedinfinancingactivities | -467,609,294 | -186,701,705 | 150.46% | Mainlyduetotheincreaseincashpaidfordistributingdividendandprofitorrepayinginterestpayments |
| Netincreasedamountofcashandcashequivalents | -189,672,821 | 337,529,905 | -156.19% | Mainlyduetothedecreaseinnetcashflowforoperating,investmentandfinancingactivities |
SignificantchangeintheprofitformandprofitsourceoftheCompanyduringthereportperiod?Available?NotavailableThereisnosignificantchangeintheprofitformandprofitsourceoftheCompanyduringthereportperiod.Compositionofoperatingrevenue
Unit:CNY
| Thisreportperiod | Thesameperiodoflastyear | Year-on-yearincreaseor | ||
| Amount | Proportionin | Amount | Proportionin | |
decrease(%)
| operatingrevenue | operatingrevenue | decrease(%) | |||
| Totaloperatingrevenue | 1,966,738,485 | 100% | 1,953,092,135 | 100% | 0.70% |
| Sector-classified | |||||
| Sectorofliquorandalcoholicbeverage | 1,966,738,485 | 100% | 1,953,092,135 | 100% | 0.70% |
| Product-classified | |||||
| Wine | 1,371,894,155 | 69.75% | 1,396,641,244 | 71.51% | -1.77% |
| Brandy | 534,282,319 | 27.17% | 512,003,369 | 26.22% | 4.35% |
| Tourism | 43,589,121 | 2.22% | 29,847,803 | 1.53% | 46.04% |
| Others | 16,972,890 | 0.86% | 14,599,719 | 0.75% | 16.25% |
| Area-classified | |||||
| Domestic | 1,687,735,613 | 85.81% | 1,660,239,304 | 85.01% | 1.66% |
| Overseas | 279,002,872 | 14.19% | 292,852,831 | 14.99% | -4.73% |
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 | 1,966,738,485 | 805,459,392 | 59.05% | 0.70% | -2% | 1.13% |
| Product-classified | ||||||
| Wine | 1,371,894,155 | 565,498,289 | 58.78% | -1.77% | -3.07% | 0.55% |
| Brandy | 534,282,319 | 220,986,185 | 58.64% | 4.35% | -1.59% | 2.50% |
| Tourism | 43,589,121 | 12,342,604 | 71.68% | 46.04% | 27.12% | 4.21% |
| Others | 16,972,890 | 6,632,313 | 60.92% | 16.25% | 59.73% | -10.64% |
| Area-classified | ||||||
| Domestic | 1,687,735,613 | 607,405,196 | 64.01% | 1.66% | -1.36% | 1.75% |
| Abroad | 279,002,872 | 198,054,196 | 29.01% | -4.73% | -3.88% | -2.11% |
UndertheconditionthatthestatisticalcaliberoftheCompany’smainbusinessdataisadjustedduringthereportperiod,theCompany’smainbusinessdataadjustedonthebasisofcaliberattheendofreportperiodinrecentoneperiod.?Available?Notavailable
TheCompanyneedtocomplywiththedisclosurerequirementsof“FoodandLiquorManufacturingRelatedBusinesses”inShenzhenStockExchangeIndustryInformationDisclosureGuidelineNo.3-IndustryInformationDisclosure.
4.Analysisinnon-mainbusiness?Available?Notavailable
5.Analysisinassetsandliabilities
1)Significantchangeinassetscomposition
Unit:CNY
Attheendofthisreportperiod
| Attheendofthisreportperiod | Attheendoflastyear | Proportionincreaseordecrease(%) | Explanationonsignificantchanges | |||
| Amount | Proportioninthetotalassets(%) | Amount | Proportioninthetotalassets(%) | |||
| Monetaryfunds | 1,661,628,793 | 12.96% | 1,904,942,625 | 14.34% | -1.38% | Nosignificantchanges |
| Accountreceivables | 210,175,785 | 1.64% | 217,886,837 | 1.64% | 0% | Nosignificantchanges |
| Contractassets | - | |||||
| Inventory | 2,926,495,444 | 22.83% | 2,833,824,908 | 21.33% | 1.50% | Nosignificantchanges |
| Investmentrealestate | 21,041,320 | 0.16% | 23,031,335 | 0.17% | -0.01% | Nosignificantchanges |
| Long-termequityinvestments | 38,065,512 | 0.30% | 45,575,193 | 0.34% | -0.04% | Nosignificantchanges |
| Fixedassets | 5,926,395,012 | 46.22% | 5,546,334,638 | 41.75% | 4.47% | Nosignificantchanges |
| Constructioninprogress | 47,247,490 | 0.37% | 660,727,258 | 4.97% | -4.60% | Nosignificantchanges |
| Right-of-useasset | 128,804,715 | 1% | 149,020,444 | 1.12% | -0.12% | Nosignificantchanges |
| Short-termborrowings | 348,885,834 | 2.72% | 488,464,425 | 3.68% | -0.96% | Nosignificantchanges |
| Contractliability | 135,643,228 | 1.06% | 141,073,446 | 1.06% | 0% | Nosignificantchanges |
| Long-termborrowings | 81,961,226 | 0.64% | 132,856,562 | 1% | -0.36% | Nosignificantchanges |
| Leaseliability | 94,469,356 | 0.74% | 111,496,142 | 0.84% | -0.10% | Nosignificantchanges |
2)Mainoverseasassetssituation?Available?Notavailable
Unit：
CNY
Detailsofassets
| Detailsofassets | Formationreasons | Assetsscale | Location | Operationmode | Controlmeasuresforsafeguardingofassetsecurity | Earningcondition | ProportionofoverseasassetsintheCompany’snetassets | Whethertherearesignificantimpairmentrisks |
| HaciendaYVinedosMarquesDelAtrio.SL | Acquisitionofequity | 553,254,126 | Spain | Independentoperation | TheCompanyparticipatesinmakingimportantdecisionsthroughboardofdirectorsandappointsCFOonfinancialmanagement. | 10,390,752 | 5.12% | No |
| IndomitaWineCompanyChile,S.p.A. | Establishmentofjointventure | 555,189,387 | Chile | Independentoperation | TheCompanyparticipatesinmakingimportantdecisionsthroughboardofdirectors. | -5,893,708 | 5.14% | No |
| KilikanoonEstatePty.,Ltd. | Acquisitionofequity | 158,843,266 | Australia | Independentoperation | TheCompanyparticipatesinmakingimportantdecisionsthroughboardofdirectors. | -2,755,353 | 1.47% | No |
| FrancsChampsParticipationsSAS | Soleproprietorshipestablishment | 218,445,628 | France | Independentoperation | TheCompanyparticipatesinmakingimportantdecisionsthroughboardofdirectors. | -2,352,895 | 2.02% | No |
| Otherinformationexplanation | None | |||||||
3)Assetsandliabilitiesmeasuredatfairvalue?Available?Notavailable
4)Limitationsofassetsrightsuptotheendofthereportperiod①Forinformationaboutassetsmortgageandpledge,pleaserefertoAnnouncementonExternalGuaranteeandAnnouncementonGuaranteeprovidedbySpanishAtrioCompanyforBankLoandisclosedonChinaSecuritiesJournal,SecuritiesTimesandCNINFO(http://www.cninfo.com.cn)in2016,2017,2018,2019and2020.
②Forthetypesandamountsofmortgagedandpledgedassets,pleasereferto“53.Assetswithownershiporuserightrestrictions”in“7.Notestoitems
intheconsolidatedfinancialstatements”inthenotetothefinancialstatementsofthisreport.
6.Analysisininvestmentcondition
1)Overallsituation?Available?Notavailable
Investmentamountduringthereportperiod(CNY)
| Investmentamountduringthereportperiod(CNY) | Investmentamountofthesameperiodoflastyear(CNY) | Variation |
| 3,460,000 | 46,420,000 | -92.55% |
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 | 3,460,000 | 1,703,464,100 | Ownedfund | 100% | 0 | 0 | — | 2017.04.22 | PleaserefertoResolutionAnnouncementofSeventhSessionBoardofDirectors4thMeeting,ResolutionAnnouncementofSeventh |
SessionBoardofDirectors8
th
Meeting,ResolutionAnnouncementofSeventhSessionBoardofDirectors
th
Meeting,ResolutionAnnouncementofEighthSessionBoardofDirectors4
th
Meeting,ResolutionAnnouncementofEighthSessionBoardofDirectors
th
MeetingandResolutionAnnouncementofNinthSessionBoardofDirectors5
th
MeetingdisclosedonChinaSecuritiesJournal,SecuritiesTimesandCNINFO(http://www.cninfo.com.cn/)
| YantaiChangyuInternationalWineCityBottlingCenter | Self-constructed | Yes | 0 | 1,135,370,000 | Ownedfund | 100% | 0 | 0 | — | 2017.04.22 | SessionBoardofDirectors8thMeeting,ResolutionAnnouncementofSeventhSessionBoardofDirectors10thMeeting,ResolutionAnnouncementofEighthSessionBoardofDirectors4thMeeting,ResolutionAnnouncementofEighthSessionBoardofDirectors11thMeetingandResolutionAnnouncementofNinthSessionBoardofDirectors5thMeetingdisclosedonChinaSecuritiesJournal,SecuritiesTimesandCNINFO(http://www.cninfo.com.cn/) | |
| OakBarrelProcurementProject | Self-constructed | Yes | 0 | 178,634,200 | Ownedfund | 90% | 0 | 0 | — | 2021.04.28 | ||
| IntellectualizedUpgradeandRenovationProjectofChangyuWineCultureMuseum | Self-constructed | Yes | 0 | 50,113,000 | Ownedfund | 100% | 0 | 0 | — | 2022.04.27 | ||
| ChangyuIndustrialParkinfrastructureimprovementproject | Self-constructed | Yes | 0 | 0 | Ownedfund | 0% | 0 | 0 | — | 2023.04.13 | ||
| Total | -- | -- | -- | 3,460,000 | 3,067,581,300 | -- | -- | 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 | 764,509,100 | 185,382,791 | 1,237,404,158 | 374,169,507 | 297,826,256 |
| YantaiChangyuWineSalesCo.,Ltd. | Subsidiary | Salesofalcoholicproducts | CNY5million | 186,119,190 | 170,547,378 | 359,850,266 | 55,771,892 | 41,742,660 |
| ChangyuTradingCo.,Ltd.inDevelopmentZoneofYantai | Subsidiary | Salesofalcoholicproducts | CNY5million | 63,969,101 | 14,401,839 | 101,855,489 | 21,428,497 | 16,074,350 |
| LaizhouChangyuWineSalesCo.,Ltd. | Subsidiary | Salesofalcoholicproducts | CNY1million | 50,136,796 | 1,000,000 | 146,704,244 | 10,883,289 | 8,138,203 |
Acquisitionanddisposalofsubsidiariesduringthereportperiod?Available?NotavailableExplanationonmainholdingandjointstockcompaniesNone
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)OtherriskTheproductionandsalesoftheCompany’sproductsmaybeaffectedbyforcemajeuresuchaswars,typhoonsandearthquakes.
IV.CorporateGovernance
1.Informationfortheshareholders’meetingandinterimshareholders’meetingheldduringthereportperiod
1)Informationfortheshareholders’meetingduringthereportperiod
Session
| Session | Meetingtype | Participationratioofinvestors | Conveningdate | Disclosuredate | MeetingResolution |
| 2022AnnualShareholders’Meeting | AnnualShareholders’Meeting | 60.77% | 2023.05.26 | 2023.05.27 | Atthismeeting,itdeliberatedandapproved2022AnnualBoardofDirectors’WorkReport,2022AnnualBoardofSupervisors’WorkReport,2022AnnualReport,Proposalon2022AnnualProfitDistribution,Proposalon2023AnnualFinancialBudget,ProposalonAppointmentofCertifiedPublicAccountingFirm,ProposalontheCompany’s“RestrictedShareIncentivePlanin2023(Draft)”andAbstract,ProposalonFormulatingtheCompany’s“AssessmentManagementMeasureofRestrictedShareIncentivePlanin2023”andProposalonAuthorizationofShareholders’MeetingtoBoardofDirectorstoPromoteIssuesRelevantwiththeCompany’RestrictedShareIncentivePlanin2023bythewayofopenballot.Fordetailedinformation,pleaserefertoResolutionAnnouncementof2022AnnualShareholders’Meeting(Announcementno.:2023-Temporary18)publishedonhttp://www.cninfo.com.cn |
2)Requestforconveninginterimshareholders’meetingbypriorityshareholdersowingrecoveredvotingright?Available?Notavailable
2.ChangesintheCompany’sdirectors,supervisorsandseniorexecutives?Available?NotavailableTherewerenochangesinintheCompany’sdirectors,supervisorsandseniorexecutivesduringthereportingperiod.Pleaserefertothe2022AnnualReportfordetails.
3.Situationofprofitdistributionandcapitalizationofcapitalreserveintosharecapitalduringthereportperiod?Available?NotavailableTheCompanyplansnottodistributecashdividendsorgivebonussharesormakecapitalizationofcapitalreserveintosharecapital.
4.ImplementationoftheCompany’sequityinventiveplan,employeestockownershipplanorotheremployeeincentivemeasures
?Available?Notavailable
1)EquityincentiveDuringthereportingperiod,theCompany’sBoardofDirectorsandShareholders’MeetinghaddeliberatedandapprovedtheProposalontheCompany’s“RestrictedShareIncentivePlanin2023(Draft)”andAbstract,ProposalonFormulatingtheCompany’s“AssessmentManagementMeasureofRestrictedShareIncentivePlanin2023”andProposalonAuthorizationofShareholders’MeetingtoBoardofDirectorstoPromoteIssuesRelevantwiththeCompany’RestrictedShareIncentivePlanin2023.Itwasdecidedthattherestrictedshareincentivewouldbeprovidedtomiddle-levelandabovebusinesscorepersonnel(excludingindependentdirectors,supervisors,shareholdersoractualcontrollersholdingmorethan5%oftheCompany’ssharesindividuallyorintotalandtheirspouses,parentsorchildren,andforeignemployees).
2)Implementationofemployees’shareownershipplan?Available?Notavailable
3)Otheremployeeincentives?Available?Notavailable
V.EnvironmentalandSocialResponsibility
1.MajorenvironmentalsituationWhetherthelistedcompanyanditssubsidiariesbelongtomajorpolluterspublishedbytheenvironmentalprotectiondepartment?Yes?NoPoliciesandindustrystandardsrelatedtoenvironmentalprotectionTheEnvironmentalProtectionLawofPeople’sRepublicofChina,TheWaterPollution’sPreventionandControlLawofPeople’sRepublicofChina,TheAirPollution’sPreventionandControlLawofPeople’sRepublicofChina,TheEnvironmentalNoisePollution’sPreventionandControlLawofPeople’sRepublicofChina,TheEnvironmentalSolidWastePollution’sPreventionandControlLawofPeople’sRepublicofChinaandTheEnvironmentalProtectionRegulationsofLiaoningProvince;thenational’sGeneralPrinciplesofHazardousWasteIdentificationStandards,SurfaceWaterEnvironmentalQualityStandards,GroundwaterEnvironmentalQualityStandards,EnvironmentalAirQualityStandards,AcousticEnvironmentalQualityStandards,EmissionStandardforEnvironmentalNoiseattheBoundaryofIndustrialEnterprises,ComprehensiveDischargeStandardforBoilerAirPollutants,TheLimitingValueofOccupationalExposuretoHazardousFactorsintheWorkplace(ChemicalHazardousFactors)andComprehensiveWastewaterDischargeStandardofLiaoningProvince.AdministrativepermitforenvironmentalprotectionIthasbeenapprovedintheHuanhuanjianzi(2016)No.24issuedbytheEnvironmentalProtectionBureauofHuanrenManchuAutonomousCounty.
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), | 35m3/d | 120m3/d | No |
ComprehensiveWastewaterDischargeStandardofLiaoningProvince(DB21/1627-2008)
TreatmentofpollutantsTheexhaustgas,SO
andNOXproducedbythiscompany'sboileraredischargedthroughceramictubedustremoversandbagdustremovers.Awastewatertreatmentstationhasbeenconstructed.Thewastewatertreatmentprocessadoptsthetreatmentprocessofhydrolysisaerobiont.Productionwastewateranddomesticsewagearetreatedbythein-plantwastewatertreatmentstationandthendischargedintothewastewatertreatmentplantinBeidianzixiangTown.EmergencyplanforemergentenvironmentalincidentTheCompanyhasformulatedacomprehensiveemergencyplanforemergentenvironmentalincident.InvestmentinenvironmentalgovernanceandprotectionandpaymentofenvironmentalprotectiontaxTheCompanyhasmadesufficientinvestmentinenvironmentalprotection,doneagoodjobinenvironmentalgovernanceandprotectionandpaidenvironmentalprotectiontaxinfullandtimelyaccordingtolaw.Environmentalself-monitoringprogramTheCompanyhasformulatedacompleteenvironmentalself-monitoringprogram.Administrativepenaltiesduetoenvironmentalissuesduringthereportingperiod
ComprehensiveWastewaterDischargeStandardofLiaoningProvince(DB21/1627-2008)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”,reformedtheslopingfieldsofJiaodongPeninsularandthenorthwesternareaincludingNingxiaand
Xinjiangandsoon,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.
4.AppointmentanddismissalofcertifiedpublicaccountantsWhetherthesemi-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?Notavailable
2)Relatedtransactionsinrelationtoacquisitionandsalesofassetsorequity?Available?NotavailableTherearenorelatedtransactionsinrelationtoacquisitionorsalesofassetsorequityduringthereportperiod.
3)Relatedtransactionsinrelationtocommonforeigninvestment?Available?NotavailableTherearenorelatedtransactionsinrelationtocommonforeigninvestmentduringthereportperiod.
4)Relatedcreditanddebtdealings?Available?Notavailable
Related
party
| Relatedparty | Relationship | Type | Content | Pricingprinciple | Price | Amount(CNY‘0000) | Proportionaccountingforamountofsimilartransactions | Approvedtransactionquota(CNY‘0000) | Whetherexceedapprovedtransactionquota | Clearingform | Availablemarketpriceofsimilartransactions | Disclosuredate | Disclosureindex |
| YantaiShenmaPackagingCo.,Ltd. | Controlledbythesameparentcompany | Purchaseandcommissionprocessing | Purchaseandcommissionprocessingpackagingmaterials | Agreementpricing | Determinedbyagreement | 4,021 | 17.63% | 9,000 | No | Cash | No | 2023.04.13 | ExpectedAnnouncementon2023AnnualRoutineRelatedTransactiondisclosedinChinaSecuritiesJournal,SecuritiesTimesandCNINFOin2023 |
| Total | -- | -- | 4,021 | -- | 9,000 | -- | -- | -- | -- | -- | |||
| Detailsofthereturnoflargesales | No | ||||||||||||
| Actualperformanceoftheestimatedtotalamountfordailyoperationsrelatedtransactionsbycategorythatwilloccurduringthisperiod. | No | ||||||||||||
| Reasonforthedeferencebetweentransactionpriceandmarketreferenceprice(ifavailable) | Notavailable | ||||||||||||
Therearenorelatedcreditanddebttransactionsduringthereportperiod.
5)Dealsofrelatedfinancialcompanies?Available?NotavailableThereisnodeposit,loan,creditgrantingorotherfinancialbusinessbetweentherelatedfinancialcompaniesandrelatedparties.
6)DealsbetweenfinancialcompaniescontrolledbytheCompanyandrelayedparties?Available?NotavailableThereisnodeposit,loan,creditgrantingorotherfinancialbusinessbetweenthefinancialcompaniescontrolledbytheCompanyandrelatedparties.
7)Othermajorrelatedtransactions?Available?NotavailableForothermajorrelatedtransactions,pleaserefertotheAnnouncementof2023AnnualExpectedRoutineRelatedTransactionandtheSectionXI“RelatedPartiesandRelatedTransaction”oftheFinancialReportofthisreport.Disclosurewebsiteofinterimreportformajorrelatedtransaction
Nameofinterimannouncement
| Nameofinterimannouncement | Disclosuredateofinterimannouncement | Nameofdisclosurewebsiteforinterimannouncement |
| Announcementof2023AnnualExpectedRoutineRelatedTransaction | 2023.04.13 | www.cninfo.com.cn |
12.Majorcontractsandexecutionconditions
1)Trusteeship,contractandleaseissues
①Trusteeshipsituation?Available?NotavailableThereisnotrusteeshipsituationduringthereportperiod.
②Contractsituation?Available?NotavailableThereisnosuchcontractsituationduringthereportperiod.
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.Therent
ofabovespacesperyearisCNY4.3935millionwitharentalperiodof5yearsfromJanuary
st
,2022toDecember31
st,2026.In2022,thisCompanysignedahouse-leasingcontractwithYantaiShenmaPackagingCompanyLimited.Accordingtothiscontract,sinceJuly1
st
,2022,thisCompanyleasedpropertytoYantaiShenmaPackagingCompanyLimitedforabusinesspurposewiththeannualrentofCNY1,626,880.ThiscontractexpiresonJune30
th
,2023.ProjectwhoseprofitandlossbroughtfortheCompanyreachmorethan10%ofthetotalprofitduringthereportperiod?Available?NotavailableTherearenoleaseprojectswhoseprofitandlossbroughtfortheCompanyreachmorethan10%ofthetotalprofitduringthereportperiod.
2)Majorguarantee?Available?Notavailable
Unit:CNY’0000
ExternalguaranteeoftheCompanyanditssubsidiaries（excludingguaranteetosubsidiaries）
| ExternalguaranteeoftheCompanyanditssubsidiaries（excludingguaranteetosubsidiaries） | ||||||||||
| Guaranteeobjectname | Disclosuredateofrelatedannouncementaboutguaranteequota | Guaranteequota | Actualdateofoccurrence(dateofagreement) | Actualguaranteeamount | Guaranteetype | Collateral(ifhave) | Counterguaranteesituation(ifhave) | GuaranteePeriod | Whetherornotcompleteimplementation | Whetherornotbelongtorelated-partyguarantee |
| YantaiEconomicandTechnologicalDevelopmentZoneManagementCouncil. | 2016.12.22 | 34,160 | 2016.12.21 | 34,160 | Jointandseveralliabilityguarantee | - | - | 10years | No | No |
| Totaloftheexternalguaranteequotaapprovedduringthereportperiod(A1) | 0 | Totaloftheactualexternalguaranteeamountduringthereportperiod(A2) | 0 | |||||||
| Totaloftheexternalguaranteequotaapprovedbytheendofthereportperiod(A3) | 34,160 | Balanceoftheactualexternalguaranteebytheendofthereportperiod(A4) | 34,160 | |||||||
| GuaranteesituationsbetweentheCompanyandsubsidiaries | ||||||||||
| Guaranteeobjectname | Disclosuredateofrelatedannouncementaboutguaranteequota | Guaranteequota | Actualdateofoccurrence | Actualguaranteeamount | Guaranteetype | Collateral | Counterguaranteesituation | GuaranteePeriod | Whetherornotcompleteimplementation | Whetherornotbelongtorelated-partyguarantee |
| YantaiChangyuWineResearchandDevelopmentCompanyLimited | 2016.12.22 | 72,176 | 2016.12.21 | 72,176 | Jointliabilityassurance;Mortgage | - | - | 10years | No | Yes |
| KilikanoonEstatePtyLtd | 2018.12.05 | 8,528 | 2018.12.13 | 7,858 | Jointliabilityassurance | - | - | 5year | No | Yes |
| Totaloftheguaranteequotaapprovedtosubsidiariesduringthereportperiod(B1) | 0 | Totaloftheactualguaranteeamountforsubsidiariesduringthereportperiod(B2) | 0 | |||||||
| Totaloftheguaranteequotaapprovedtosubsidiariesbytheendofthereportperiod(B3) | 80,704 | Balanceoftheactualguaranteeforsubsidiariesbytheendofthereportperiod(B4) | 80,704 | |||||||
| Guaranteesituationsbetweensubsidiaries | ||||||||||
| None | ||||||||||
| TotalguaranteeamountoftheCompany（Totalofabovethreemajoritems） | ||||||||||
Totaloftheapprovedguaranteequotaduringthereportperiod（A1+B1+C1）
| Totaloftheapprovedguaranteequotaduringthereportperiod（A1+B1+C1） | 0 | Totaloftheactualguaranteeamountduringthereportperiod（A2+B2+C2） | 0 |
| Totaloftheapprovedguaranteequotabytheendofthereportperiod（A3+B3+C3） | 114,864 | Balanceoftheactualguaranteebytheendofthereportperiod（A4+B4+C4） | 114,864 |
| Theproportionofactualtotalguaranteeamount(A4+B4+C4)accountingfortheCompany’snetasset | 10.79% | ||
| 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 | ||
Explanationonspecificsituationsofadaptingguaranteebycomplexmethods
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 | 0 | 0% | 127,650 | 127,650 | 127,650 | 0.02% | |||
| 1.State-ownedholdings | 0 | ||||||||
| 2.State-ownedlegalpersonholdings | 0 | ||||||||
| 3.Otherdomesticholdings | 127,650 | 127,650 | 127,650 | 0.02% | |||||
| Amongwhich:domesticlegalperson | |||||||||
| domesticnaturalperson | 127,650 | 127,650 | 127,650 | 0.02% | |||||
| 4.Foreign-ownedholdings | |||||||||
| Amongwhich:foreignlegalperson | |||||||||
| foreignnaturalperson | |||||||||
| II.Shareswithouttradinglimitedcondition | 685,464,000 | 100% | -127,650 | -127,650 | 685,336,350 | 99.98% | |||
| 1.Ashares | 453,460,800 | 66.15% | -22,500 | -22,500 | 453,438,300 | 66.15% | |||
| 2.Bshares | 232,003,200 | 33.85% | -105,150 | -105,150 | 231,898,050 | 33.83% | |||
| 3.Oversealistedforeignshares | |||||||||
| 4.Others | |||||||||
| III.Totalshares | 685,464,000 | 100% | 0 | 0 | 685,464,000 | 100% | |||
Causeofsharechange?Available?NotavailableThecompany’sseniorexecutivesincreasedtheirholdingsofthecompany’sshareApprovalofsharechange?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 | 42,115 | 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 | 2,300 | 0 | 345,473,856 | - | 0 |
| GAOLINGFUND,L.P. | Foreignlegalperson | 2.58% | 17,685,413 | -3,404,806 | 0 | 17,685,413 | - | 0 |
| SHENWANHONGYUANSECURITIES(HONGKONG)LIMITED | Foreignlegalperson | 1.32% | 9,066,452 | 1,772,500 | 0 | 9,066,452 | - | 0 |
| BBHBOSS/AFIDELITYFD-CHINAFOCUSFD | Foreignlegalperson | 1.06% | 7,281,116 | -401,900 | 0 | 7,281,116 | 0 | |
| GUOTAIJUNANSECURITIES（HONGKONG）LIMITED | Foreignlegalperson | 1.02% | 6,967,832 | 1,969,001 | 0 | 6,967,832 | - | 0 |
| HONGKONGSECURITIESCLEARINGCOMPANYLIMITED | Foreignlegalperson | 0.82% | 5,618,786 | 1,198,700 | 0 | 5,618,786 | - | 0 |
| #FengdiJIANG | Domesticnaturalperson | 0.77% | 5,295,000 | 0 | 0 | 5,295,000 | - | 0 |
| HaitongInternationalSecuritiesCompanyLimited-AccountClient | Foreignlegalperson | 0.74% | 5,091,502 | 105,000 | 0 | 5,091,502 | - | 0 |
| VANGUARDEMERGINGMARKETSSTOCKINDEXFUND | Foreignlegalperson | 0.60% | 4,094,263 | 67,400 | 0 | 4,094,263 | - | 0 |
| VANGUARDTOTALINTERNATIONALSTOCKINDEXFUND | Foreignlegalperson | 0.51% | 3,483,537 | 0 | 0 | 3,483,537 | - | 0 |
| Strategicinvestorsorlegalresultoftheplacementofnewsharestobecomeatop10shareholders(ifhave)(seenote3) | No | |||||||
| Theexplanationfortheassociatedrelationshipandaccordantaction | Amongthetop10shareholders,YantaiChangyuGroupCompanyLimitedhasnoassociatedrelationshiporaccordantactionrelationshipwiththeother9listedshareholders,whiletherelationshipamongtheothershareholdersisunknown. | |||||||
| Explanationoftheabove-mentionedshareholders’entrustment/fiduciaryvotingrightsandwaiverofthevotingrights | No | |||||||
| Specialexplanationfortheexistenceofaspecialrepurchaseaccountamongthetop10shareholders(ifhave)(seenote11) | No | |||||||
| Thetop10shareholderswithshareswithouttradinglimitedcondition | ||||||||
WhetherornottheCompany’stop10commonshareholdersandtop10shareholderswithunrestrictedsharestakeagreedrepurchasetransactionduringthereportperiod?Yes?NoThereisnoagreedrepurchasetransactiontakenbytheCompany’stop10commonshareholdersandtop10shareholderswithunrestrictedsharesduringthereportperiod.
NameofShareholders
| NameofShareholders | Numberofshareswithouttradinglimitedconditionhelduntiltheendoftheyear | Typeofshare | |
| Typeofshare | Amount | ||
| YANTAICHANGYUGROUPCO.,LTD. | 345,473,856 | A | 345,473,856 |
| GAOLINGFUND,L.P. | 17,685,413 | B | 17,685,413 |
| SHENWANHONGYUANSECURITIES(HONGKONG)LIMITED | 9,066,452 | B | 9,066,452 |
| BBHBOSS/AFIDELITYFD-CHINAFOCUSFD | 7,281,116 | B | 7,281,116 |
| GUOTAIJUNANSECURITIES（HONGKONG）LIMITED | 6,967,832 | B | 6,967,832 |
| HONGKONGSECURITIESCLEARINGCOMPANYLIMITED | 5,618,786 | A | 5,618,786 |
| #FengdiJIANG | 5,295,000 | A | 5,295,000 |
| HaitongInternationalSecuritiesCompanyLimited-AccountClient | 5,091,502 | B | 5,091,502 |
| VANGUARDEMERGINGMARKETSSTOCKINDEXFUND | 4,094,263 | B | 4,094,263 |
| VANGUARDTOTALINTERNATIONALSTOCKINDEXFUND | 3,483,537 | B | 3,483,537 |
| Theexplanationfortheassociatedrelationshipandaccordantactionofthetop10shareholderswithunrestrictedshares,thetheassociatedrelationshipandaccordantactionbetweenthetop10shareholderswithunrestrictedsharesandthetop10shareholders | Amongthetop10shareholders,YantaiChangyuGroupCompanyLimitedhasnoassociatedrelationshiporaccordantactionrelationshipwiththeother9listedshareholders,andtherelationshipamongtheothershareholdersisunknown. | ||
| Explanationforthetop10shareholderswhoinvolvedinfinancingactivitiesandstocktradingbusiness(ifhave)(seenote4) | Thetop10shareholdersdonotinvolveinfinancingactivitiesandstocktradebusiness. | ||
4.Changesinshareholdingsofdirectors,supervisorsandseniorexecutives?Available?Notavailable
Name
| Name | Position | Status | NumberofSharesheldatthebeginningperiod(shares) | Increasednumberofsharesheldinthecurrentperiod(shares) | Decreasednumberofsharesheldinthecurrentperiod(shares) | Numberofsharesheldattheendperiod(shares) | Numberofrestrictedsharesgrantedatthebeginningperiod(shares) | Numberofrestrictedsharesgrantedinthecurrentperiod(shares) | Numberofrestrictedsharesgrantedattheendperiod(shares) |
| ZHOUHongjiang | Chairman | Incumbent | 37,800 | 1,800 | 39,600 | ||||
| SUNJian | DirectorandGeneralManager | Incumbent | 90,000 | 30,000 | 120,000 | ||||
| LIJiming | DirectorandDeputyGeneralManager | Incumbent | |||||||
| JIANGJianxun | Director,DeputyGeneralManagerandBoardsecretary | Incumbent | |||||||
| CHENDianxin | Director | Incumbent | |||||||
| AldinoMarzorati | Director | Incumbent | |||||||
| StefanoBattioni | Director | Incumbent | |||||||
| EnricoSivieri | Director | Incumbent | |||||||
| CHIANGYun | Director | Incumbent | |||||||
| DUANChangqing | IndependentDirector | Incumbent | |||||||
| LIU | Independent | Incumbent |
Huirong
| Huirong | Director | ||||||||
| LIUQinglin | IndependentDirector | Incumbent | |||||||
| YURenzhu | IndependentDirector | Incumbent | |||||||
| WANGZhuquan | IndependentDirector | Incumbent | |||||||
| LENGBin | ChairmanoftheBoardSupervisory | Incumbent | |||||||
| LiuZhijun | Supervisor | Incumbent | |||||||
| ZHENGWenping | Supervisor | Incumbent | |||||||
| JIANGHua | DeputyGeneralManager | Incumbent | 10,000 | 10,000 | |||||
| PENGBin | DeputyGeneralManager | Incumbent | |||||||
| PANJianfu | GeneralManagerAssistant | Incumbent | |||||||
| KONGQingkun | GeneralManagerAssistant | Incumbent | |||||||
| LIUShilu | GeneralManagerAssistant | Incumbent | |||||||
| XIAOZhenbo | GeneralManagerAssistant | Incumbent | |||||||
| Total | -- | -- | 137,800 | 31,800 | 0 | 169,600 | 0 | 0 | 0 |
5.ChangesincontrollingshareholdersoractualcontrollersChangesinthecontrollingshareholdersduringthereportperiod?Available?NotavailableThereisnoanychangeinthecontrollingshareholdersduringthereportperiod.Changesintheactualcontrollersduringthereportperiod?Available?NotavailableThereisnoanychangeintheactualcontrollersduringthereportperiod.
VIII.RelatedSituationofPreferredShares
?Available?NotavailableTherearenopreferredsharesduringthereportperiod.
IX.RelatedSituationofBonds
?Available?Notavailable
X.FinancialReport
1.AuditreportWhetherthesemiannualreporthasbeenaudited
□Yes√No
2.FinancialstatementTheunitinthestatementsofthefinancialnotesisRMBYuan.
2.1ConsolidatedbalancesheetCompilingunit:YantaiChangyuPioneerWineCo.,Ltd.June30,2023Unit:Yuan
Item
| Item | Note | June30,2023 | December31,2022 |
| Currentassets: | |||
| Monetaryfund | 7.1 | 1,661,628,793 | 1,651,454,115 |
| Settlementreserves | |||
| Lendingfunds | |||
| Tradablefinancialassets | |||
| Derivativefinancialassets | |||
| Billsreceivable | 7.2 | 684,245 | 2,712,460 |
| Accountsreceivable | 7.3 | 210,175,785 | 343,982,985 |
| Receivablesfinancing | 7.4 | 308,817,929 | 309,329,918 |
| Advancepayment | 7.5 | 9,251,401 | 60,415,508 |
| Premiumreceivable | |||
| Reinsuranceaccountsreceivable | |||
| Receivablereservesforreinsurancecontract | |||
| Otherreceivables | 7.6 | 69,101,039 | 70,542,398 |
| Including:Interestreceivable | |||
| Dividendsreceivable | |||
| Redemptorymonetarycapitalforsale | |||
| Inventories | 7.7 | 2,926,495,444 | 2,903,398,515 |
| Contractassets | |||
| Assetsheldforsale | |||
| Non-currentassetsduewithinoneyear | |||
| Othercurrentassets | 7.8 | 156,044,415 | 185,337,393 |
Item
| Item | Note | June30,2023 | December31,2022 |
| Totalcurrentassets | 5,342,199,051 | 5,527,173,292 | |
| Non-currentassets: | |||
| Offeringloansandimprest | |||
| Debtinvestments | |||
| Otherdebtinvestments | |||
| Long-termreceivables | |||
| Long-termequityinvestments | 7.9 | 38,065,512 | 41,371,385 |
| Otherinvestmentsinequityinstruments | |||
| Othernon-currentfinancialassets | |||
| Investmentrealestate | 7.10 | 21,041,320 | 22,115,318 |
| Fixedassets | 7.11 | 5,926,395,012 | 6,028,137,972 |
| Constructioninprogress | 7.12 | 47,247,490 | 40,934,161 |
| Productivebiologicalassets | 7.13 | 177,932,255 | 184,420,741 |
| Oil-and-gasassets | |||
| Right-of-useassets | 7.14 | 128,804,715 | 139,887,159 |
| Intangibleassets | 7.15 | 551,495,257 | 578,240,846 |
| Developmentexpenditure | |||
| Goodwill | 7.16 | 107,163,616 | 107,163,616 |
| Long-termprepaidexpenses | 7.17 | 265,783,428 | 274,699,232 |
| Deferredincometaxassets | 7.18 | 215,145,646 | 227,362,656 |
| Othernon-currentassets | |||
| Totalnon-currentassets | 7,479,074,251 | 7,644,333,086 | |
| Totalassets | 12,821,273,302 | 13,171,506,378 | |
| Currentliabilities: | |||
| Short-termloans | 7.19 | 348,885,834 | 389,378,480 |
| BorrowingsfromtheCentralBank | |||
| Borrowingfunds | |||
| Tradablefinancialliabilities | |||
| Derivativefinancialliabilities | |||
| Billspayable | |||
| Accountspayable | 7.20 | 417,210,497 | 503,323,746 |
| Advancesfromcustomers | |||
| Contractliabilities | 7.21 | 135,643,228 | 165,727,991 |
Item
| Item | Note | June30,2023 | December31,2022 |
| Financialassetssoldforrepurchase | |||
| Depositsfromcustomersandinterbank | |||
| Receivingsfromvicariouslytradedsecurities | |||
| Receivingsfromvicariouslysoldsecurities | |||
| Employeeremunerationspayable | 7.22 | 135,368,771 | 182,951,538 |
| Taxesandduespayable | 7.23 | 202,463,826 | 239,695,902 |
| Otherpayables | 7.24 | 373,745,618 | 372,608,689 |
| Including:Interestpayable | 88,889 | ||
| Dividendspayable | 393,855 | 70,317 | |
| Handlingchargesandcommissionspayable | |||
| Dividendpayableforreinsurance | |||
| Liabilitiesheldforsale | |||
| Non-currentliabilitiesduewithinoneyear | 7.25 | 143,764,399 | 144,020,834 |
| Othercurrentliabilities | 7.26 | 17,687,656 | 18,945,706 |
| Totalcurrentliabilities | 1,774,769,829 | 2,016,652,886 | |
| Non-currentliabilities: | |||
| Reservesforinsurancecontracts | |||
| Long-termborrowings | 7.27 | 81,961,226 | 128,112,115 |
| Bondspayable | |||
| Including:Preferredstock | |||
| Perpetualbonds | |||
| Leaseliabilities | 7.28 | 94,469,356 | 109,505,093 |
| Long-termaccountspayable | 7.29 | 20,000,000 | 42,000,000 |
| Long-termemployeeremunerationspayable | |||
| Estimatedliabilities | |||
| Deferredincome | 7.30 | 34,530,599 | 38,389,058 |
| Deferredincometaxliabilities | 7.18 | 8,934,155 | 11,266,932 |
| Othernon-currentliabilities | |||
| Totalnon-currentliabilities | 239,895,336 | 329,273,198 | |
| Totalliabilities | 2,014,665,165 | 2,345,926,084 | |
| Owner’sequity: | |||
| Capitalstock | 7.31 | 685,464,000 | 685,464,000 |
| Otherequityinstruments |
Item
| Item | Note | June30,2023 | December31,2022 |
| Including:Preferredstock | |||
| Perpetualbonds | |||
| Capitalsurplus | 7.32 | 524,548,552 | 524,968,760 |
| Minus:Treasurystock | |||
| Othercomprehensiveincome | 7.33 | -11,624,173 | -23,760,238 |
| Specialreserves | |||
| Surplusreserves | 7.34 | 342,732,000 | 342,732,000 |
| Generalriskpreparation | |||
| Undistributedprofit | 7.35 | 9,104,759,847 | 9,049,649,211 |
| Totalowner’sequitiesattributabletotheparentcompany | 10,645,880,226 | 10,579,053,733 | |
| Minorityequity | 160,727,911 | 246,526,561 | |
| Totalowner’sequities | 10,806,608,137 | 10,825,580,294 | |
| Totalliabilitiesandowner’sequities | 12,821,273,302 | 13,171,506,378 |
LegalRepresentative:ZhouHongjiangAccountingSupervisor:JiangJianxunAccountingDepartmentManager:GuoCuimei
2.2Balancesheetoftheparentcompany
Compilingunit:YantaiChangyuPioneerWineCo.,Ltd.Unit:Yuan
| Item | Note | June30,2023 | December31,2022 |
| Currentassets: | |||
| Monetaryfund | 768,805,339 | 874,241,771 | |
| Tradablefinancialassets | |||
| Derivativefinancialassets | |||
| Billsreceivable | 200,000 | ||
| Accountsreceivable | 17.1 | 2,030,036 | 2,301,505 |
| Receivablesfinancing | 24,742,972 | 41,061,417 | |
| Advancepayment | 364,240 | 3,518,783 | |
| Otherreceivables | 17.2 | 504,925,159 | 720,176,320 |
| Including:Interestreceivable | |||
| Dividendsreceivable | 103,544,695 | 250,000,000 | |
| Inventories | 421,364,233 | 335,031,522 | |
| Contractassets | |||
| Assetsheldforsale | |||
| Non-currentassetsduewithinoneyear |
Item
| Item | Note | June30,2023 | December31,2022 |
| Othercurrentassets | 13,408,491 | 20,080,844 | |
| Totalcurrentassets | 1,735,840,470 | 1,996,412,162 | |
| Non-currentassets: | |||
| Debtinvestments | |||
| Otherdebtinvestments | |||
| Long-termreceivables | |||
| Long-termequityinvestments | 17.3 | 7,684,192,789 | 7,705,853,378 |
| Otherinvestmentsinequityinstruments | |||
| Othernon-currentfinancialassets | |||
| Investmentrealestate | 21,041,320 | 22,115,318 | |
| Fixedassets | 208,383,656 | 216,651,596 | |
| Constructioninprogress | 375,969 | ||
| Productivebiologicalassets | 103,686,699 | 108,370,882 | |
| Oilandgasassets | |||
| Right-of-useassets | 39,031,011 | 36,153,799 | |
| Intangibleassets | 73,925,123 | 75,298,044 | |
| Developmentexpenditure | |||
| Goodwill | |||
| Long-termprepaidexpenses | |||
| Deferredincometaxassets | 11,993,062 | 12,120,605 | |
| Othernon-currentassets | 1,894,430,000 | 1,850,200,000 | |
| Totalnon-currentassets | 10,036,683,660 | 10,027,139,591 | |
| Totalassets | 11,772,524,130 | 12,023,551,753 | |
| Currentliabilities: | |||
| Short-termloans | 100,075,000 | 100,000,000 | |
| Tradablefinancialliabilities | |||
| Derivativefinancialliabilities | |||
| Billspayable | |||
| Accountspayable | 70,184,984 | 100,583,550 | |
| Advancesfromcustomers | |||
| Contractliabilities | |||
| Employeeremunerationspayable | 61,122,195 | 68,112,832 | |
| Taxesandduespayable | 4,964,239 | 39,101,259 |
Item
| Item | Note | June30,2023 | December31,2022 |
| Otherpayables | 464,911,457 | 499,751,275 | |
| Including:Interestpayable | |||
| Dividendspayable | |||
| Liabilitiesheldforsale | |||
| Non-currentliabilitiesduewithinoneyear | 5,850,588 | 5,129,607 | |
| Othercurrentliabilities | |||
| Totalcurrentliabilities | 707,108,463 | 812,678,523 | |
| Non-currentliabilities: | |||
| Long-termborrowings | |||
| Bondspayable | |||
| Including:Preferredstock | |||
| Perpetualbonds | |||
| Leaseliabilities | 39,997,656 | 38,757,167 | |
| Long-termaccountspayable | |||
| Long-termemployeeremunerationpayable | |||
| Estimatedliabilities | |||
| Deferredincome | 444,505 | 877,814 | |
| Deferredincometaxliabilities | |||
| Othernon-currentliabilities | |||
| Totalnon-currentliabilities | 40,442,161 | 39,634,981 | |
| Totalliabilities | 747,550,624 | 852,313,504 | |
| Owner’sequities: | |||
| Capitalstock | 685,464,000 | 685,464,000 | |
| Otherequityinstruments | |||
| Including:Preferredstock | |||
| Perpetualbonds | |||
| Capitalsurplus | 560,853,535 | 560,182,235 | |
| Minus:Treasurystock | |||
| Othercomprehensiveincome | |||
| Specialreserves | |||
| Surplusreserves | 342,732,000 | 342,732,000 | |
| Undistributedprofit | 9,435,923,971 | 9,582,860,014 | |
| Totalowner’sequities | 11,024,973,506 | 11,171,238,249 |
Item
| Item | Note | June30,2023 | December31,2022 |
| Totalliabilitiesandowner’sequities | 11,772,524,130 | 12,023,551,753 |
LegalRepresentative:ZhouHongjiangAccountingSupervisor:JiangJianxunAccountingDepartmentManager:GuoCuimei
2.3ConsolidatedprofitstatementCompilingunit:YantaiChangyuPioneerWineCo.,Ltd.Unit:Yuan
| Item | Note | Sumofthisperiod | Sumofpriorperiod |
| 1.Totaloperatingincome | 1,966,738,485 | 1,953,092,135 | |
| Including:Operatingincome | 7.36 | 1,966,738,485 | 1,953,092,135 |
| Interestincome | |||
| Earnedpremium | |||
| Handlingfeeandcommissionincome | |||
| 2.Totaloperatingcosts | 1,528,483,622 | 1,493,458,867 | |
| Including:Operatingcosts | 7.36 | 805,459,392 | 821,855,466 |
| Interestexpenditure | |||
| Handlingfeesandcommissionexpenditure | |||
| Premiumrebate | |||
| Netamountofindemnityexpenditure | |||
| Netamountofthewithdrawnreservefundforinsurancecontract | |||
| Policybonuspayment | |||
| Amortizedreinsuranceexpenditures | |||
| Taxesandsurcharges | 7.37 | 131,447,066 | 114,739,618 |
| Sellingexpenses | 7.38 | 453,001,710 | 417,764,419 |
| Administrativeexpenses | 7.39 | 128,695,395 | 127,504,270 |
| Researchanddevelopmentexpenses | 7.40 | 6,653,626 | 5,509,656 |
| Financialexpenses | 7.41 | 3,226,433 | 6,085,438 |
| Including:Interestexpenses | 12,325,532 | 11,201,775 | |
| Interestincome | 9,060,578 | 10,191,697 | |
| Plus:Otherprofit | 7.42 | 28,971,185 | 21,629,245 |
| Investmentprofit(lossislistedwith“-”) | 7.43 | 15,614,536 | -921,317 |
| Including:Investmentprofitforjoint-runbusinessandjointventure | -932,588 | -921,317 | |
| Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome |
Item
| Item | Note | Sumofthisperiod | Sumofpriorperiod |
| Exchangeincome(lossislistedwith“-”) | |||
| Netexposurehedgeincome(lossislistedwith“-”) | |||
| Incomefromfairvaluechanges(lossislistedwith“-”) | |||
| Creditimpairmentloss(lossislistedwith“-”) | 7.44 | -993,494 | 486,076 |
| Assetimpairmentloss(lossislistedwith“-”) | 7.45 | -244,434 | 1,490,900 |
| Incomefromassetdisposal(lossislistedwith“-”) | 7.46 | -298,401 | -8,239,072 |
| 3.Operatingprofit(lossislistedwith“-”) | 481,304,255 | 474,079,100 | |
| Plus:Non-operatingincome | 7.47 | 1,772,522 | 2,448,613 |
| Minus:Non-operatingexpenses | 7.48 | 2,125,945 | 1,343,532 |
| 4.Totalprofits(totallossislistedwith“-”) | 480,950,832 | 475,184,181 | |
| Minus:Incometaxexpenses | 7.49 | 130,350,513 | 128,189,749 |
| 5.Netprofit(netlossislistedwith“-”) | 350,600,319 | 346,994,432 | |
| 5.1Classificationbyoperationcontinuity | |||
| 5.1.1Netprofitfromcontinuingoperation(netlossislistedwith“-”) | 350,600,319 | 346,994,432 | |
| 5.1.2Netprofitfromterminatingoperation(netlossislistedwith“-”) | |||
| 5.2Classificationbyownership | |||
| 5.2.1Netprofitattributabletoowneroftheparentcompany | 363,569,436 | 358,459,603 | |
| 5.2.2Minorityinterestincome | -12,969,117 | -11,465,171 | |
| 6.Netafter-taxamountofothercomprehensiveincome | 7.50 | 13,707,142 | -7,384,531 |
| Netafter-taxamountofothercomprehensiveincomeattributabletoowneroftheparentcompany | 12,136,065 | -6,397,496 | |
| 6.1Othercomprehensiveincomenottobereclassifiedintoprofitandlosslater | |||
| 6.1.1Changesafterremeasuringandresettingthebenefitplans | |||
| 6.1.2Othercomprehensiveincomenottobereclassifiedintoprofitandlossunderequitymethod | |||
| 6.1.3Changesinthefairvalueofotherinvestmentsinequityinstruments | |||
| 6.1.4Changesinthefairvalueoftheenterprise’sowncreditrisk |
Item
| Item | Note | Sumofthisperiod | Sumofpriorperiod |
| 6.1.5Other | |||
| 6.2Othercomprehensiveincometobereclassifiedintoprofitandlosslater | 12,136,065 | -6,397,496 | |
| 6.2.1Othercomprehensiveincometobereclassifiedintoprofitandlossunderequitymethod | |||
| 6.2.2Changesinthefairvalueofotherdebtinvestments | |||
| 6.2.3Amountoffinancialassetsreclassifiedintoothercomprehensiveincome | |||
| 6.2.4Provisionforcreditimpairmentofothercreditinvestments | |||
| 6.2.5Provisionforcash-flowhedge | |||
| 6.2.6DifferenceintranslationofForeignCurrencyFinancialStatement | 12,136,065 | -6,397,496 | |
| 6.2.7Other | |||
| Netafter-taxamountofothercomprehensiveincomeattributabletominorityshareholders | 1,571,077 | -987,035 | |
| 7.Totalcomprehensiveincome | 364,307,461 | 339,609,901 | |
| Attributabletoowneroftheparentcompany | 375,705,501 | 352,062,107 | |
| Attributabletominorityshareholders | -11,398,040 | -12,452,206 | |
| 8.Earningspershare: | |||
| 8.1Basicearningspershare | 0.53 | 0.52 | |
| 8.2Dilutedearningspershare | 0.53 | 0.52 |
LegalRepresentative:ZhouHongjiangAccountingSupervisor:JiangJianxunAccountingDepartmentManager:GuoCuimei
2.4ProfitstatementoftheparentcompanyCompilingunit:YantaiChangyuPioneerWineCo.,Ltd.Unit:Yuan
| Item | Note | Sumofthisperiod | Sumofpriorperiod |
| 1.Operatingincome | 17.4 | 241,967,096 | 229,587,143 |
| Minus:Operatingcosts | 17.4 | 200,913,318 | 193,114,244 |
| Taxesandsurcharges | 9,139,640 | 14,680,577 | |
| Sellingexpenses | |||
| Administrativeexpenses | 19,481,354 | 20,654,280 | |
| Researchanddevelopmentexpenses | 533,807 | 529,139 |
Item
| Item | Note | Sumofthisperiod | Sumofpriorperiod |
| Financialexpenses | -753,987 | -1,835,540 | |
| Including:Interestexpenses | 2,862,882 | 2,152,536 | |
| Interestincome | 4,368,355 | 3,670,286 | |
| Plus:Otherprofit | 774,925 | 893,236 | |
| Investmentprofit(lossislistedwith“-”) | 17.5 | 149,080,018 | 328,290,041 |
| Including:Investmentprofitforjoint-runbusinessandjointventure | 54,934 | -26,539 | |
| Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome(lossislistedwith“-”) | |||
| Netexposurehedgeincome(lossislistedwith“-”) | |||
| Incomefromfairvaluechanges(lossislistedwith“-”) | |||
| Creditimpairmentloss(lossislistedwith“-”) | -3,661 | ||
| Assetimpairmentloss(lossislistedwith“-”) | |||
| Incomefromassetdisposal(lossislistedwith“-”) | -639,633 | 30,882 | |
| 2.Operatingprofit(lossislistedwith“-”) | 161,864,613 | 331,658,602 | |
| Plus:Non-operatingincome | 167,110 | 106,249 | |
| Minus:Non-operatingexpenses | 914,209 | 325,220 | |
| 3.Totalprofits(totallossislistedwith“-”) | 161,117,514 | 331,439,631 | |
| Minus:Incometaxexpenses | -405,243 | 2,624,240 | |
| 4.Netprofit(netlossislistedwith“-”) | 161,522,757 | 328,815,391 | |
| 4.1Netprofitfromcontinuingoperation(netlossislistedwith“-”) | 161,522,757 | 328,815,391 | |
| 4.2Netprofitfromterminatingoperation(netlossislistedwith“-”) | |||
| 5.Netafter-taxamountofothercomprehensiveincome | |||
| 5.1Othercomprehensiveincomenottobereclassifiedintoprofitandlosslater | |||
| 5.1.1Changesafterremeasuringandresettingthebenefitplans | |||
| 5.1.2Othercomprehensiveincomenottobereclassifiedintoprofitandlossunder |
Item
| Item | Note | Sumofthisperiod | Sumofpriorperiod |
| equitymethod | |||
| 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 | 161,522,757 | 328,815,391 | |
| 7.Earningspershare: | |||
| 7.1Basicearningspershare | 0.24 | 0.48 | |
| 7.2Dilutedearningspershare | 0.24 | 0.48 | |
| LegalRepresentative:ZhouHongjiangAccountingSupervisor:JiangJianxunAccountingDepartmentManager:GuoCuimei | |||
2.5ConsolidatedcashflowstatementCompilingunit:YantaiChangyuPioneerWineCo.,Ltd.Unit:Yuan
| Item | Note | Sumofthisperiod | Sumofpriorperiod |
| 1.Cashflowsfromoperatingactivities: | |||
| Cashreceivedfromsalesofgoodsandrendingofservices | 2,065,105,263 | 2,087,979,514 | |
| Netincreaseincustomerandinterbankdeposits | |||
| Netincreaseinborrowingsfromcentralbank | |||
| Netincreaseinborrowingsfromotherfinancial |
Item
| Item | Note | Sumofthisperiod | Sumofpriorperiod |
| institutions | |||
| Cashreceivedfromreceivinginsurancepremiumoforiginalinsurancecontract | |||
| Netcashreceivedfromreinsurancebusiness | |||
| Netincreaseinpolicyholderdepositsandinvestmentfunds | |||
| Cashreceivedfromcollectinginterest,handlingfeesandcommissions | |||
| Netincreaseinborrowingfunds | |||
| Netincreaseinrepurchasementbusinessfunds | |||
| Netcashreceivedforbuyingandsellingsecurities | |||
| Taxrefundreceived | 29,311,454 | 165,095,342 | |
| Othercashreceivedrelatedtooperatingactivities | 7.52 | 47,251,102 | 30,136,317 |
| Subtotalofcashflowsofoperatingactivities | 2,141,667,819 | 2,283,211,173 | |
| Cashpaidforgoodsandservices | 622,088,864 | 636,965,411 | |
| Netincreaseincustomerloansandadvances | |||
| Netincreaseindepositsincentralbankandinterbankdeposits | |||
| Cashpaidtooriginalinsurancecontractpayments | |||
| Netincreaseinlendingfunds | |||
| Cashpaidtointerest,handlingfeesandcommissions | |||
| Cashpaidtopolicybonus | |||
| Cashpaidtoandonbehalfofemployees | 241,778,846 | 266,617,445 | |
| Cashpaidfortaxesandexpenses | 457,071,706 | 482,260,853 | |
| Othercashpaidrelatedtooperatingactivities | 7.52 | 292,808,617 | 291,093,869 |
| Sub-totalofcashoutflowsofoperatingactivities | 1,613,748,033 | 1,676,937,578 | |
| Netcashflowfromoperatingactivities | 527,919,786 | 606,273,595 | |
| 2.Cashflowfrominvestingactivities: | |||
| Cashreceivedfromdisinvestment | |||
| Cashreceivedfromwithdrawaloffixeddeposits | 6,000,000 | 86,000,000 | |
| Cashreceivedfromobtaininginvestmentincome | |||
| Cashreceivedfromobtaininginterestincome | 167,919 | 474,434 | |
| Cashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets | 1,431,000 | 24,186,808 |
Item
| Item | Note | Sumofthisperiod | Sumofpriorperiod |
| Netcashreceivedfromdisposalofbranchandotherbusinessunit | 7,238,585 | ||
| Othercashreceivedrelatedtoinvestingactivities | 657,049 | ||
| Subtotalofcashflowsofinvestmentactivities | 15,494,553 | 110,661,242 | |
| Cashpaidtoacquirefixedassets,intangibleassetsandotherlong-termassets | 60,515,887 | 106,892,064 | |
| Cashforinvestment | 206,000,000 | 86,000,000 | |
| Cashpaidforpurchasingfixeddeposits | |||
| Netincreaseinhypothecatedloan | |||
| Netcashpaidforacquiringbranchandotherbusinessunit | |||
| Othercashpaidrelatedtoinvestmentactivities | |||
| Subtotalofcashoutflowsofinvestmentactivities | 266,515,887 | 192,892,064 | |
| Netcashflowfrominvestingactivities | -251,021,334 | -82,230,822 | |
| 3.Cashflowfromfinancingactivities | |||
| Cashreceivedfromacquiringinvestment | 13,900,832 | ||
| Including:cashreceivedfromacquiringminorityshareholdersinvestmentbybranch | |||
| Cashreceivedfromacquiringloans | 295,974,371 | 428,548,896 | |
| Othercashreceivedrelatedtofinancingactivities | |||
| Subtotalcashflowsoffinancingactivities | 309,875,203 | 428,548,896 | |
| Cashpaidforpayingdebts | 419,615,315 | 590,123,879 | |
| Cashpaidfordistributingdividendandprofitorpayinginterest | 319,861,482 | 15,360,912 | |
| Including:dividendandprofitpaidtominorityshareholdersbybranch | 70,317 | 1,793,435 | |
| Othercashpaidrelatedtofinancingactivities | 38,007,700 | 9,765,810 | |
| Subtotalofcashoutflowsoffinancingactivities | 777,484,497 | 615,250,601 | |
| Netcashflowfromfinancingactivities | -467,609,294 | -186,701,705 | |
| 4.Influencesofexchangeratefluctuationoncashandcashequivalents | 1,038,021 | 188,837 | |
| 5.NetIncreaseincashandcashequivalents | -189,672,821 | 337,529,905 | |
| Plus:balanceatthebeginningoftheperiodofcashandcashequivalents | 1,612,753,600 | 1,502,327,029 | |
| 6.Balanceattheendoftheperiodofcashandcash | 1,423,080,779 | 1,839,856,934 |
Item
| Item | Note | Sumofthisperiod | Sumofpriorperiod |
| equivalents |
LegalRepresentative:ZhouHongjiangAccountingSupervisor:JiangJianxunAccountingDepartmentManager:GuoCuimei
2.6CashflowstatementoftheparentcompanyCompilingunit:YantaiChangyuPioneerWineCo.,Ltd.Unit:Yuan
| Item | Sumofthisperiod | Sumofpriorperiod |
| 1.Cashflowsfromoperatingactivities: | ||
| Cashreceivedfromsalesofgoodsandrendingofservices | 245,770,806 | 264,608,586 |
| Taxrefundreceived | ||
| Othercashreceivedrelatedtooperatingactivities | 10,820,471 | 53,941,562 |
| Subtotalofcashflowsofoperatingactivities | 256,591,277 | 318,550,148 |
| Cashpaidforgoodsandservices | 204,180,816 | 149,862,593 |
| Cashpaidtoandonbehalfofemployees | 22,218,740 | 28,951,681 |
| Cashpaidfortaxesandexpenses | 43,953,062 | 22,087,575 |
| Othercashpaidrelatedtooperatingactivities | 76,577,506 | 12,091,557 |
| Sub-totalofcashoutflowsofoperatingactivities | 346,930,124 | 212,993,406 |
| Netcashflowfromoperatingactivities | -90,338,847 | 105,556,742 |
| 2.Cashflowfrominvestingactivities: | ||
| Cashreceivedfromdisinvestment | 27,690,000 | |
| Cashreceivedfromwithdrawaloffixeddeposits | 86,000,000 | |
| Cashreceivedfromobtaininginvestmentincome | 325,390,390 | 321,605,820.39 |
| Cashreceivedfromobtaininginterestincome | 167,919 | 474,433.61 |
| Netcashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets | 31,808 | |
| Netcashreceivedfromdisposalofbranchandotherbusinessunit | ||
| Othercashreceivedrelatedtoinvestingactivities | 302,000,000 | |
| Subtotalofcashflowsofinvestmentactivities | 353,248,309 | 710,112,062 |
| Cashpaidtoacquiringfixedassets,intangibleassetsandotherlong-termassets | 3,845,079 | 5,975,121 |
| Cashforinvestment | 20,161,100 | 110,000,000 |
| Cashpaidforpurchasingfixeddeposits | 206,000,000 | 86,000,000 |
| Netcashpaidforacquiringbranchandotherbusinessunit | ||
| Othercashpaidrelatedtoinvestmentactivities | 44,230,000 | 35,700,000 |
Item
| Item | Sumofthisperiod | Sumofpriorperiod |
| Subtotalofcashoutflowsofinvestmentactivities | 274,236,179 | 237,675,121 |
| Netcashflowfrominvestingactivities | 79,012,130 | 472,436,941 |
| 3.Cashflowfromfinancingactivities: | ||
| Cashreceivedfromacquiringinvestment | 13,900,832 | |
| Cashreceivedfromacquiringloans | 100,000,000 | 100,000,000 |
| Othercashreceivedrelatedtofinancingactivities | ||
| Subtotalcashflowsoffinancingactivities | 113,900,832 | 100,000,000 |
| Cashpaidfordebts | 100,000,000 | 150,000,000 |
| Cashpaidtodistributedividend,profitorpayinterest | 310,002,967 | 2,387,083 |
| Othercashpaidrelatedtofinancingactivities | 4,567,148 | 4,517,699 |
| Subtotalofcashoutflowsoffinancingactivities | 414,570,115 | 156,904,782 |
| Netcashflowfromfinancingactivities | -300,669,283 | -56,904,782 |
| 4.Influencesofexchangeratefluctuationoncashandcashequivalents | ||
| 5.NetIncreaseincashandcashequivalents | -311,996,000 | 521,088,901 |
| Plus:balanceatthebeginningoftheperiodofcashandcashequivalents | 843,369,997 | 513,809,440 |
| 6.Balanceattheendoftheperiodofcashandcashequivalents | 531,373,997 | 1,034,898,341 |
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 | -23,760,238 | 342,732,000 | 9,049,649,211 | 10,579,053,733 | 246,526,561 | 10,825,580,294 | |||||||
| Plus:Accountingpolicieschanging | |||||||||||||||
| Previouserrorcorrection | |||||||||||||||
| Businesscombinationundercommoncontrol | |||||||||||||||
| Other | |||||||||||||||
| 2.Balanceatthebeginningofthisyear | 685,464,000 | 524,968,760 | -23,760,238 | 342,732,000 | 9,049,649,211 | 10,579,053,733 | 246,526,561 | 10,825,580,294 | |||||||
| 3.Increasedordecreasedamountinthisperiod(reducingamountislistedwith“-”) | -420,208 | 12,136,065 | 55,110,636 | 66,826,493 | -85,798,650 | -18,972,157 | |||||||||
| 3.1Totalcomprehensiveincome | 12,136,065 | 363,569,436 | 375,705,501 | -11,398,040 | 364,307,461 | ||||||||||
| 3.2Owners’investedandreducedcapital | -420,208 | -420,208 | -74,006,755 | -74,426,963 | |||||||||||
| 3.2.1Owner’investedcommonstock | -42,351,486 | -42,351,486 | |||||||||||||
| 3.2.2Otherequityinstrumentholders’investedcapital | |||||||||||||||
| 3.2.3Amountofsharespaidandreckonedinowners’equity | 671,300 | 671,300 | 671,300 | ||||||||||||
| 3.2.4Other | -1,091,508 | -1,091,508 | -31,655,269 | -32,746,777 | |||||||||||
| 3.3Profitdistribution | -308,458,800 | -308,458,800 | -393,855 | -308,852,655 | |||||||||||
| 3.3.1Accruedsurplusreserves | |||||||||||||||
| 3.3.2Accruedgeneralriskpreparation | |||||||||||||||
| 3.3.3Distributiontoowners(orshareholders) | -308,458,800 | -308,458,800 | -393,855 | -308,852,655 | |||||||||||
| 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 | 524,548,552 | -11,624,173 | 342,732,000 | 9,104,759,847 | 10,645,880,226 | 160,727,911 | 10,806,608,137 | |||||||
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 | -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 | |||||||
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“-”) | 10,946,939 | 120,222,611 | 131,169,550 | 1,734,140 | 132,903,690 | ||||||||||
| 3.1Totalcomprehensiveincome | 10,946,939 | 428,681,411 | 439,628,350 | 4,002,909 | 443,631,259 | ||||||||||
| 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 | -2,268,769 | -310,727,569 | |||||||||||
| 3.3.1Accruedsurplusreserves | |||||||||||||||
| 3.3.2Accruedgeneralriskpreparation | |||||||||||||||
| 3.3.3Distributiontoowners(orshareholders) | -308,458,800 | -308,458,800 | -2,268,769 | -310,727,569 | |||||||||||
| 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 | -23,760,238 | 342,732,000 | 9,049,649,211 | 10,579,053,733 | 246,526,561 | 10,825,580,294 | |||||||
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 | 9,582,860,014 | 11,171,238,249 | |||||||
| Plus:Accountingpolicieschanging | ||||||||||||
| Previouserrorcorrection | ||||||||||||
| Other | ||||||||||||
| 2.Balanceatthebeginningofthisyear | 685,464,000 | 560,182,235 | 342,732,000 | 9,582,860,014 | 11,171,238,249 | |||||||
| 3.Increasedordecreasedamountinthisperiod(reducingamountislistedwith“-”) | 671,300 | -146,936,043 | -146,264,743 | |||||||||
| 3.1Totalcomprehensiveincome | 161,522,757 | 161,522,757 | ||||||||||
| 3.2Owners’investedandreducedcapital | 671,300 | 671,300 | ||||||||||
| 3.2.1Owners’investedcommonstock | ||||||||||||
| 3.2.2Otherequityinstrumentholder’investedcapital | ||||||||||||
| 3.2.3Amountofsharespaidandreckonedinowners’equity | 671,300 | 671,300 | ||||||||||
Item
| Item | Thisperiod | |||||||||||
| Capitalstock | Otherequityinstruments | Capitalreserves | Minus:Treasurystock | Othercomprehensiveincome | Specialreserves | Surplusreserves | Undistributedprofits | Other | Totalowners’equity | |||
| Preferredstock | Perpetualbonds | Other | ||||||||||
| 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 | 560,853,535 | 342,732,000 | 9,435,923,971 | 11,024,973,506 | |||||||
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 | 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“-”) | 441,298,349 | 441,298,349 | ||||||||||
| 3.1Totalcomprehensiveincome | 749,757,149 | 749,757,149 | ||||||||||
| 3.2Owners’investedandreducedcapital | ||||||||||||
| 3.2.1Owners’investedcommonstock | ||||||||||||
| 3.2.2Otherequityinstrumentholder’investedcapital | ||||||||||||
| 3.2.3Amountofsharespaidandreckonedinowners’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 | ||||||||||||
Item
| Item | Lastperiod | |||||||||||
| Capitalstock | Otherequityinstruments | Capitalreserves | Minus:Treasurystock | Othercomprehensiveincome | Specialreserves | Surplusreserves | Undistributedprofits | Other | Totalowners’equity | |||
| Preferredstock | Perpetualbonds | Other | ||||||||||
| 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 | 9,582,860,014 | 11,171,238,249 | |||||||
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.AsatJune30,2023,theCompanyissued685,464,000sharesaccumulatively.RefertoNote
7.31fordetails.TheparentcompanyoftheGroupisChangyuGroupincorporatedinChina,whichwasultimatelyandactuallycontrolledbyfourparties,includingYantaiGuofengInvestmentHoldingCo.,Ltd.,ILLVASaronnoHoldingSpa,InternationalFinanceCorporationandYantaiYuhuaInvestment&DevelopmentCo.,Ltd.ThefinancialstatementandtheconsolidatedfinancialstatementoftheCompanywereapprovedbytheBoardofDirectorsonAugust29,2023.ThedetailsofscopeoftheconsolidatedfinancialstatementinthisperiodcanbeseeninNote8“Equityinotherentities”.
4.Preparationbasisoffinancialstatement
4.1PreparationbasisTheCompanypreparesthefinancialstatementonthebasisofcontinuousoperation.
4.2ContinuousoperationTheGrouphasappraisedtheabilityofcontinuousoperationfor12monthsfromJune30,2023,andnoissuesorsituationscausingmajordoubtstothisabilityarefound.Therefore,thisfinancialstatementispreparedonthebasisofthecontinuousoperationassumption.
5.Mainaccountingpoliciesandaccountingestimates
5.1StatementoncompliancewithASBEThisfinancialstatementfulfillstherequirementofAccountingStandardsforBusinessEnterprises(ASBE)issuedbytheMinistryofFinanceandgivesatrueandintegratedviewoftheconsolidatedfinancialstatusandthefinancialstatusasatJune30,2023,aswellastheconsolidatedoperatingresult,theoperatingresult,theconsolidatedcashflowandthecashflowoftheCompanyfromJanuarytoJune2023.Inaddition,thefinancialstatementoftheCompanyalsocomplieswiththerelateddisclosurerequirementsforstatementanditsnotesstipulatedbyPreparationRulesforInformation
DisclosurebyCompaniesOfferingSecuritiestothePublicNo.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-commoncontrolisabusinesscombinationinwhichallofthecombiningpartiesarenotultimatelycontrolledbythesamepartyorsamemultiplepartiesbeforeandafterthecombination.ThesumoffairvaluesoftheassetspaidbytheGroup,astheacquirer,(includingtheacquiree’sequitytheGroupheldbeforetheacquisitiondate),liabilitiesincurredorassumed,andtheequitysecuritiesissuedontheacquisitiondateinexchangeforthecontrolovertheacquiree,deductsthefairvalueoftheacquiree’sidentifiablenetassetsacquiredinthecombinationontheacquisitiondate.Ifthedifferenceispositive,itshallberecognizedasgoodwill;andifitisnegative,itshallbeincludedinthecurrentprofitandloss.Alltheidentifiableassets,liabilitiesandcontingentliabilitieswhichareobtainedfromtheacquireeandmeettherecognitionconditionsshallbeconfirmedbytheGrouponthe
acquisitiondateaccordingtothefairvaluethereof.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,theCompanymakesnecessaryadjustmentstothefinancialstatementsofthesubsidiarybasedontheCompany’sownaccountingperiodoraccountingpolicies.Intra-groupbalancesandtransactions,andanyunrealisedprofitorlossarisingfromintra-grouptransactions,areeliminatedwhenpreparingtheconsolidatedfinancialstatements.Unrealisedlossesresultingfromintra-grouptransactionsareeliminatedinthesamewayasunrealisedgains,unlesstheyrepresentimpairmentlossesthatarerecognisedinthefinancialstatements.
5.6.2SubsidiariesacquiredthroughabusinesscombinationWhereasubsidiarywasacquiredduringthereportingperiod,throughabusinesscombination
involvingentitiesundercommoncontrol,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’snetassetsbeingacquiredor
disposedandtheamountoftheconsiderationpaidorreceivedisadjustedtothecapitalreserve(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.Afinancialasset(unlessitisatradereceivablewithoutasignificantfinancingcomponent)andfinancialliabilityismeasuredinitiallyatfairvalue.Forfinancialassetsandfinancialliabilitiesatfairvaluethroughprofitorloss,anyrelateddirectlyattributabletransactioncostsarechargedtoprofitorloss;forothercategoriesoffinancialassetsandfinancialliabilities,anyrelateddirectlyattributabletransactioncostsareincludedintheirinitialcosts.AccountsreceivablecontainingnosignificantfinancingcomponentornotconsideringfinancingcomponentofcontractsthatdonotexceedoneyeararemeasuredinitiallyattransactionpricesdeterminedbytheaccountingpoliciessetoutinNote5.22.
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,theGroupmayirrevocablydesignateafinancialassetthatotherwisemeetstherequirementstobemeasuredatamortisedcostoratFVOCIasatFVTPLifdoingsoeliminatesorsignificantlyreducesanaccountingmismatchthatwouldotherwisearise.ThebusinessmodelreferstohowtheGroupmanagesitsfinancialassetsinordertogeneratecashflows.Thatis,theGroup’sbusinessmodeldetermineswhethercashflowswillresultfromcollectingcontractualcashflows,sellingfinancialassetsorboth.TheGroupdeterminesthebusinessmodelformanagingthefinancialassetsaccordingtothefactsandbasedonthespecificbusinessobjectiveformanagingthefinancialassetsdeterminedbytheGroup’skeymanagementpersonnel.
Inassessingwhetherthecontractualcashflowsaresolelypaymentsofprincipalandinterest,theGroupconsidersthecontractualtermsoftheinstrument.Forthepurposesofthisassessment,‘principal’isdefinedasthefairvalueofthefinancialassetoninitialrecognition.‘Interest’isdefinedasconsiderationforthetimevalueofmoneyandforthecreditriskassociatedwiththeprincipalamountoutstandingduringaparticularperiodoftimeandforotherbasiclendingrisksandcosts,aswellasaprofitmargin.TheGroupalsoassesseswhetherthefinancialassetcontainsacontractualtermthatcouldchangethetimingoramountofcontractualcashflowssuchthatitwouldnotmeetthiscondition.(b)Subsequentmeasurementoffinancialassets-FinancialassetsatFVTPLThesefinancialassetsaresubsequentlymeasuredatfairvalue.Netgainsandlosses,includinganyinterestordividendincome,arerecognisedinprofitorlossunlessthefinancialassetsarepartofahedgingrelationship.-FinancialassetsatamortisedcostTheseassetsaresubsequentlymeasuredatamortisedcostusingtheeffectiveinterestmethod.Againorlossonafinancialassetthatismeasuredatamortisedcostandisnotpartofahedgingrelationshipshallberecognisedinprofitorlosswhenthefinancialassetisderecognizedandreclassified,throughtheamortisationprocessorinordertorecogniseimpairmentgainsorlosses.-DebtinvestmentsatFVOCITheseassetsaresubsequentlymeasuredatfairvalue.Interestincomecalculatedusingtheeffectiveinterestmethod,impairmentandforeignexchangegainsandlossesarerecognisedinprofitorloss.Othernetgainsandlossesarerecognisedinothercomprehensiveincome.Onderecognition,gainsandlossesaccumulatedinothercomprehensiveincomearereclassifiedtoprofitorloss.-EquityinvestmentsatFVOCITheseassetsaresubsequentlymeasuredatfairvalue.Dividendsarerecognisedasincomeinprofitorloss.Othernetgainsandlossesarerecognisedinothercomprehensiveincome.Onderecognition,gainsandlossesaccumulatedinothercomprehensiveincomearereclassifiedtoretainedearnings.
5.9.3ClassificationandsubsequentmeasurementoffinancialliabilitiesFinancialliabilitiesareclassifiedasmeasuredatFVTPLoramortisedcostbytheGroup.-FinancialliabilitiesatFVTPLAfinancialliabilityisclassifiedasatFVTPLifitisclassifiedasheld-for-trading(including
derivativefinancialliability)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.FinancialinstrumentsthathavelowcreditriskThecreditriskonafinancialinstrumentisconsideredlowifthefinancialinstrumenthasalowriskofdefault,theborrowerhasastrongcapacitytomeetitscontractualcashflowobligationsintheneartermandadversechangesineconomicandbusinessconditionsinthelongertermmay,butwillnotnecessarily,reducetheabilityoftheborrowertofulfilitscontractualcashflowobligations.SignificantincreasesincreditriskInassessingwhetherthecreditriskofafinancialinstrumenthasincreasedsignificantlysince
initialrecognition,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.TheGrouprecognisesanimpairmentgainor
lossforallfinancialinstrumentswithacorrespondingadjustmenttotheircarryingamountthroughalossallowanceaccount,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.
5.10.3Basisfordeterminingthenetrealisablevalueandmethodforprovisionforobsoleteinventories
Atthebalancesheetdate,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-termequityinvestmentobtainedthroughabusinesscombinationnotinvolvingentitiesundercommoncontrolandachievedthroughmultipletransactionsinstageswhichdonotformabundledtransaction,theinitialcostcomprisesthecarryingamountofthepreviously-heldequityinvestmentintheacquireeimmediatelybeforetheacquisitiondate,andtheadditionalinvestmentcostattheacquisitiondate.(b)Long-termequityinvestmentsacquiredotherthanthroughabusinesscombination-Along-termequityinvestmentacquiredotherthanthroughabusinesscombinationisinitiallyrecognisedattheamountofcashpaidiftheGroupacquirestheinvestmentbycash,oratthefairvalueoftheequitysecuritiesissuedifaninvestmentisacquiredbyissuing
equitysecurities.
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,theinvestmentisinitiallyrecognisedatcost.WheretheinitialinvestmentcostislessthantheGroup’sinterestinthefairvalueoftheinvestee’sidentifiablenetassetsatthedateofacquisition,theinvestmentisinitiallyrecognisedattheinvestor’sshareofthefairvalueoftheinvestee’sidentifiablenetassets,andthedifferenceisrecognisedinprofitorloss.-Aftertheacquisitionoftheinvestmentinjointventuresandassociates,theGrouprecognisesitsshareoftheinvestee’sprofitorlossandothercomprehensiveincomeasinvestmentincomeorlossesandothercomprehensiveincomerespectively,andadjuststhecarryingamountoftheinvestmentaccordingly.Oncetheinvesteedeclaresanycashdividendsorprofitdistributions,thecarryingamountoftheinvestmentisreducedbytheamountattributabletotheGroup.ChangesintheGroup’sshareoftheinvestee’sowners’equity,otherthanthosearisingfromtheinvestee’snetprofitorloss,othercomprehensiveincomeorprofit
distribution(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,residualvalueratesandannualdepreciationratesofeachclassoffixedassetsareasfollows:
| 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).Ifanenterprisesellsproductsorby-productsproducedbyfixedassetsbeforetheyreachtheirintendedusablestatetotheoutsideparties,inaccordancewiththeprovisionsofAccountingStandardsforBusinessEnterprisesNo.14–RevenueandAccountingStandardsforBusinessEnterprisesNo.1–Inventories,relevantincomeandcostsshallbeaccountedforseparatelyandincludedinprofitorlossforthecurrentperiod
5.15BorrowingcostsBorrowingcostsincurreddirectlyattributabletotheacquisition,andconstructionorproductionofaqualifyingassetarecapitalisedaspartofthecostoftheasset.Otherborrowingcostsarerecognisedasfinancialexpenseswhenincurred.Duringthecapitalisationperiod,theamountofinterest(includingamortisationofanydiscountorpremiumonborrowing)tobecapitalisedineachaccountingperiodisdeterminedasfollows:
-Wherefundsareborrowedspecificallyfortheacquisitionandconstructionorproductionofaqualifyingasset,theamountofinteresttobecapitalisedistheinterestexpensecalculatedusingeffectiveinterestratesduringtheperiodlessanyinterestincomeearnedfromdepositingtheborrowedfundsoranyinvestmentincomeonthetemporaryinvestmentofthosefundsbeforebeingusedontheasset.-TotheextentthattheGroupborrowsfundsgenerallyandusesthemfortheacquisitionandconstructionorproductionofaqualifyingasset,theamountofborrowingcostseligible
forcapitalisationisdeterminedbyapplyingacapitalisationratetotheweightedaverageoftheexcessamountsofcumulativeexpenditureontheassetovertheaboveamountsofspecificborrowings.Thecapitalisationrateistheweightedaverageoftheinterestratesapplicabletothegeneral-purposeborrowings.Theeffectiveinterestrateisdeterminedastheratethatexactlydiscountsestimatedfuturecashflowthroughtheexpectedlifeoftheborrowingor,whenappropriate,ashorterperiodtotheinitiallyrecognisedamountoftheborrowings.Duringthecapitalisationperiod,exchangedifferencesrelatedtotheprincipalandinterestonaspecific-purposeborrowingdenominatedinforeigncurrencyarecapitalisedaspartofthecostofthequalifyingasset.Theexchangedifferencesrelatedtotheprincipalandinterestonforeigncurrencyborrowingsotherthanaspecific-purposeborrowingarerecognisedasafinancialexpensewhenincurred.Thecapitalisationperiodistheperiodfromthedateofcommencementofcapitalisationofborrowingcoststothedateofcessationofcapitalisation,excludinganyperiodoverwhichcapitalisationissuspended.Capitalisationofborrowingcostscommenceswhenexpenditurefortheassetisbeingincurred,borrowingcostsarebeingincurredandactivitiesofacquisition,constructionorproductionthatarenecessarytopreparetheassetforitsintendeduseareinprogress,andceaseswhentheassetsbecomereadyfortheirintendeduse.Capitalisationofborrowingcostsshouldceasewhenthequalifyingassetbeingconstructedorproducedhasreacheditsexpectedusableorsaleablecondition.Capitalisationofborrowingcostsissuspendedwhentheacquisition,constructionorproductionactivitiesareinterruptedabnormallyforaperiodofmorethanthreemonths.
5.16BiologicalassetsThebiologicalassetsoftheGroupareproductivebiologicalassets.Productivebiologicalassetsarethosethatareheldforthepurposesofproducingagriculturalproduce,renderingofservicesorrental.ProductivebiologicalassetsintheGrouparevines.Productivebiologicalassetsareinitiallymeasuredatcost.Thecostofself-grownorself-bredproductivebiologicalassetsrepresentsthenecessarydirectlyattributableexpenditureincurredbeforesatisfyingtheexpectedproductionandoperatingpurpose,includingcapitalisedborrowingcosts.Productivebiologicalassets,afterreachingtheexpectedproductionandoperatingpurpose,aredepreciatedusingthestraight-linemethodoveritsestimatedusefullife.Theestimatedusefullives,estimatednetresidualvalueratesandannualdepreciationratesofproductivebiologicalassetsareasfollows:
Category
| Category | Usefullife(years) | Estimatednetresidualrate(%) | Annualdepreciationrate(%) |
| Vines | 20years | 0% | 5.0% |
TheGroupevaluatestheusefullifeandexpectednetsalvagevaluebyconsideringthenormalproducinglifeoftheproductivebiologicalassets.Usefullives,estimatedresidualvaluesanddepreciationmethodsofproductivebiological
assetsarereviewedatleastateachyear-end.Anychangesshouldbetreatedaschangesinaccountingestimates.Foraproductivebiologicalassetthathasbeensold,damaged,deadordestroyed,anydifferencebetweenthedisposalproceedsandthecarryingamountoftheasset(aftertaxdeduction)shouldberecognisedinprofitorlossfortheperiodinwhichitarises.
5.17IntangibleassetsIntangibleassetsarestatedinthebalancesheetatcostlessaccumulatedamortization(wheretheestimatedusefullifeisfinite)andimpairmentlosses(seeNote5.20).Foranintangibleassetwithfiniteusefullife,itscostestimatedlessresidualvalueandaccumulatedimpairmentlossesisamortisedonthestraight-linemethodoveritsestimatedusefullife,unlesstheintangibleassetisclassifiedasheldforsale.Therespectiveamortisationperiodsforintangibleassetsareasfollows:
Item
| 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.
5.18GoodwillTheinitialcostofgoodwillrepresentstheexcessofcostofacquisitionovertheacquirer’sinterestinthefairvalueoftheidentifiablenetassetsoftheacquireeunderabusinesscombinationnotinvolvingentitiesundercommoncontrol.Goodwillisnotamortisedandisstatedinthebalancesheetatcostlessaccumulatedimpairmentlosses(seeNote5.20).Ondisposalofanassetgrouporasetofassetgroups,anyattributablegoodwilliswrittenoffandincludedinthecalculationoftheprofitorlossondisposal.
5.19Long-termdeferredexpenses
Long-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-productivebiologicalasset-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.Aprovisionforimpairmentoftheassetisrecognised
accordingly.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-alonesellingpricereferstothepriceatwhichtheGroupsellsgoodsorprovidesservicestocustomersseparately.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,theGrouprecognizesasanassetthe
balanceafterdeductingtheestimatedcostofrecoveringthegoods(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,shallbetakenascontractperformancecostandrecognizedasanasset.–Wheresuchcostisdirectlyrelatedtoacurrentoranticipatedcontract,includingdirectlaborcost,directmaterialcost,manufacturingexpenses(orsimilarexpenses),costsclearlyspecifiedtobebornebythecustomerandothercostsincurredsolelyduetothecontract;–WheresuchcostincludesresourcestobeusedbytheGrouptofulfillfutureperformanceobligations;–Wheresuchcostisexpectedtoberecovered.Assetsrecognizedforcontractacquisitioncostandassetsrecognizedforcontractperformancecost(hereinafterreferredtoas“assetsrelatedtocontractcost”)shallbeamortizedonthesamebasisastherevenuerecognitionofgoodsorservicesrelatedtosuchassetsandrecognizedin
currentprofitsandlosses.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.
5.25Share-basedpaymentShare-basedpaymentofthisGrouparetransactionsinwhichtheGroupgrantsequityinstrumentsorundertakesequity-instrument-basedliabilitiesinreturnforservicesfromemployees.TheGroup’sshare-basedpaymentsconsistofequity-settledshare-basedpaymentsandcash-settledshare-basedpayments.
Theequity-settledshare-basedpaymentinreturnforemployeeservicesshallbemeasuredatthefairvalueoftheequityinstrumentsgrantedtoemployeesonthegrantdate.Oneachbalancesheetdatewithinthevestingperiod,theGroup,basedonthelatestinformation,includingthechangeofvestedemployees’number,whetheritmeetsthespecifiedperformanceconditions,andothersubsequentinformation,makesthebestestimatesofthenumberofvestedequityinstruments.Onthisbasis,inaccordancewiththefairvalueonthegrantdate,theservicesobtainedinthecurrentperiodshallbeincludedintherelevantcostsorexpenses,andthecapitalreservesshallbeincreasedaccordingly.Afterthevestingdate,noadjustmentshallbemadetotherelevantcostsorexpensesaswellasthetotalamountoftheowner’sequitieswhichhavebeenconfirmed.Iftherightmaybeexercisedimmediatelyafterthegrant,however,thefairvalueshallbeincludedintherelevantcostsorexpensesonthegrantdate,andthecapitalreservesshallbeincreasedaccordingly.Thecash-settledshare-basedpaymentshallbemeasuredatthefairvalueoftheliabilitiesundertakenbytheGroupanddeterminedbysharesorotherequityinstruments.Iftherightmaybeexercisedimmediatelyafterthegrant,thefairvalueoftheliabilitiesundertakenshallbeincludedintherelevantcostsorexpensesonthegrantdate,andtheliabilitiesshallbeincreasedaccordingly;iftherightmaynotbeexerciseduntilthevestingperiodcomestoanendoruntilthespecifiedperformanceconditionsaremet,oneachbalancesheetdatewithinthevestingperiod,thesercicesobtainedinthecurrentperiodshall,basedonthebestestimateoftheinformationabouttheexercisableright,beincludedinthecostsorexpensesatthefairvalueoftheliabilitiesundertaken,andtheliabilitiesshallbeadjustedaccordingly.Thefairvalueoftheliabilitiesshallbere-measuredoneachbalancesheetdateandbalancesheetdatebeforethesettlementofrelatedliabilities,andthechangeshallbeincludedinthecurrentprofitsandlosses.WhentheGroupmodifiestheshare-basedpaymentplan,ifthemodificationincreasesthefairvalueofequityinstrumentgranted,theincreaseofserviceshallberecognizedaccordingtotheincreaseoffairvalueofequityinstrumentaccordingly;ifthenumberofequityinstrumentgrantedismodifiedtoincrease,theGroupshallrecognizedthefairvalueofequityinstrumentincreasedastheincreaseofserviceobtained.Theincreaseofthefairvalueofequityinstrumentsreferstothedifferencebetweenthefairvalueoftheequityinstrumentsbeforeandafterthemodificationonthedateofmodification.Iftherevisionofvestingconditionsisdoneinfavorofemployees,suchasvestingperiodcut-down,modificationorcancelofperformanceconditions(ratherthanmarketconditions),theGroupshalltakethemodifiedvestingconditionsintoconsiderationtodealwithvestingconditions.Ifthemodificationdecreasesthetotalamountofshare-basedpaymentfairvalueoradoptsotherwayswhichareadversetotheemployeestomodifytermsandconditionsofshare-basedpaymentplan,unlesstheGroupcancelspartorallofthegrantedequityinstruments,itshallconductthefurtheraccountingtreatmentoftheservicesacquired,anditshallbedeemedthatsuchchangeneverhappens.Iftheequityinstrumentsgrantedarecancelledwithinthevestingperiod,theGroupshalltreatthemasacceleratedexerciseandincludetheamounttoberecognizedintheremainingvestingperiodintothecurrentprofitsandlossesimmediately,andthecapitalreservesshallberecognizedatthesametime.Iftheemployeeorotherpartiescanchoosetomeetthenon-vestingconditionsbutfailstomeetwithinthevestingperiod,theGroupshalltreatitasacancellationofequityinstruments.
5.26GovernmentgrantsGovernmentgrantsarenon-reciprocaltransfersofmonetaryornon-monetaryassetsfromthegovernmenttotheGroupexceptforcapitalcontributionsfromthegovernmentinthecapacityasaninvestorintheGroup.AgovernmentgrantisrecognisedwhenthereisreasonableassurancethatthegrantwillbereceivedandthattheGroupwillcomplywiththeconditionsattachingtothegrant.Ifagovernmentgrantisintheformofatransferofamonetaryasset,itismeasuredattheamountreceivedorreceivable.Ifagovernmentgrantisintheformofatransferofanon-monetaryasset,itismeasuredatfairvalue.GovernmentgrantsrelatedtoassetsaregrantswhoseprimaryconditionisthattheGroupqualifyingforthemshouldpurchase,constructorotherwiseacquirelong-termassets.Governmentgrantsrelatedtoincomearegrantsotherthanthoserelatedtoassets.Agovernmentgrantrelatedtoanassetisrecognisedasdeferredincomeandamortisedovertheusefullifeoftherelatedassetonareasonableandsystematicmannerasotherincomeornon-operatingincome.AgrantthatcompensatestheCompanyforexpensesorlossestobeincurredinthefutureisrecognisedasdeferredincome,andincludedinotherincomeornon-operatingincomeintheperiodsinwhichtheexpensesorlossesarerecognised,orincludedinotherincomeornon-operatingincomedirectly.
5.27IncometaxCurrenttaxanddeferredtaxarerecognisedinprofitorlossexcepttotheextentthattheyrelatetoabusinesscombinationoritemsrecogniseddirectlyinequity(includingothercomprehensiveincome).Currenttaxistheexpectedtaxpayablecalculatedattheapplicabletaxrateontaxableincomefortheyear,plusanyadjustmenttotaxpayableinrespectofpreviousyears.Atthebalancesheetdate,currenttaxassetsandliabilitiesareoffsetonlyiftheGrouphasalegallyenforceablerighttosetthemoffandalsointendseithertosettleonanetbasisortorealisetheassetandsettletheliabilitysimultaneously.Deferredtaxassetsanddeferredtaxliabilitiesarisefromdeductibleandtaxabletemporarydifferencesrespectively,beingthedifferencesbetweenthecarryingamountsofassetsandliabilitiesforfinancialreportingpurposesandtheirtaxbases,whichincludethedeductiblelossesandtaxcreditscarriedforwardtosubsequentperiods.Deferredtaxassetsarerecognisedtotheextentthatitisprobablethatfuturetaxableprofitswillbeavailableagainstwhichdeductibletemporarydifferencescanbeutilised.Deferredtaxisnotrecognisedforthetemporarydifferencesarisingfromtheinitialrecognitionofassetsorliabilitiesinatransactionthatisnotabusinesscombinationandthataffectsneitheraccountingprofitnortaxableprofit(ordeductibleloss).Deferredtaxisnotrecognisedfortaxabletemporarydifferencesarisingfromtheinitialrecognitionofgoodwill.
Atthebalancesheetdate,deferredtaxismeasuredbasedonthetaxconsequencesthatwouldfollowfromtheexpectedmannerofrecoveryorsettlementofthecarryingamountsoftheassetsandliabilities,usingtaxratesenactedatthebalancesheetdatethatareexpectedtobeappliedintheperiodwhentheassetisrecoveredortheliabilityissettled.Thecarryingamountofadeferredtaxassetisreviewedateachbalancesheetdate,andisreducedtotheextentthatitisnolongerprobablethattherelatedtaxbenefitswillbeutilised.Suchreductionisreversedtotheextentthatitbecomesprobablethatsufficienttaxableprofitswillbeavailable.Atthebalancesheetdate,deferredtaxassetsanddeferredtaxliabilitiesareoffsetifallofthefollowingconditionsaremet:
-thetaxableentityhasalegallyenforceablerighttooffsetcurrenttaxliabilitiesandcurrenttaxassets;-theyrelatetoincometaxesleviedbythesametaxauthorityoneither:thesametaxableentity;ordifferenttaxableentitieswhichintendeithertosettlethecurrenttaxliabilitiesandcurrenttaxassetsonanetbasis,ortorealisetheassetsandsettletheliabilitiessimultaneously,ineachfutureperiodinwhichsignificantamountsofdeferredtaxliabilitiesordeferredtaxassetsareexpectedtobesettledorrecovered.
5.28LeaseLeasereferstoacontractinwhichitisagreedthatthelessorconveystheuserightofanyassettothelesseeforaperiodoftimeinexchangeforconsideration.Onthecontractstartdate,theGroupshallevaluatewhetherthecontractis,orcontains,alease.Whereeitherpartytheretoconveystherighttocontroltheuseofoneormoreidentifiedassetsforaperiodoftimeinexchangeforconsideration,thecontractis,orcontainsalease.Todeterminewhetherthecontractconveystherighttocontroltheuseofidentifiedassetsforaperiodoftime,theGroupconductsthefollowingassessments:
-Whetherthecontractinvolvestheuseofanidentifiedasset.Anidentifiedassetcanbeeitherexplicitlyspecifiedinacontract,orimplicitlywhentheassetisavailabletothecustomerandcanbeaphysicallydistinctportion,orifsomecapacityorotherportionoftheassetisnotphysicallydistinctbutsubstantiallyrepresentsthefullcapacityoftheasset,sothatthecustomerobtainssubstantiallyalloftheeconomicbenefitsfromtheuseoftheasset.Ifthesupplieroftheassethasthepracticalabilitytosubstitutetheassetthroughouttheperiodofuse,theassetisnotanidentifiedasset;-Whetherthelesseehastherighttoobtainsubstantiallyalloftheeconomicbenefitsfromtheuseoftheidentifiedassetthroughouttheperiodofuse;and-Whetherthelesseehastherighttodirecttheuseofanidentifiedassetthroughoutthisperiodofuse.Ifthecontractcontainsmultipleseparateleasesatthesametime,thelesseeandlessorwillsplitthecontractandhaveeachseparateleaseseparatelysubjecttoaccountingtreatment.Ifthecontractincludesleaseandnon-leasepartsatthesametime,thelesseeandthelessorwill
splitthemseparately.Whensplittingtheleaseandnon-leasepartsincludedinthecontract,thelesseeshallallocatethecontractconsiderationaccordingtotherelativeproportionofthesumofthestand-alonepriceofeachleasepartandthestand-alonepriceofeachnon-leasepart.ThelessorshallallocatethecontractconsiderationinaccordancewiththeprovisionsontransactionpriceallocationintheaccountingpolicystatedinNote5.22.
5.28.1WheretheGroupisthelesseeUponthecommencementoftheleaseterm,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.
5.28.2TheGroupasthelessorFromtheinceptionoflease,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.
5.29AssetsheldforsaleTheGroupclassifiedanon-currentassetordisposalgroupasheldforsalewhenthecarryingamountofanon-currentassetordisposalgroupwillberecoveredthroughasaletransactionratherthanthroughcontinuinguse.Adisposalgroupreferstoagroupofassetstobedisposedof,bysaleorotherwise,togetherasawholeinasingletransactionandliabilitiesdirectlyassociatedwiththoseassetsthatwillbetransferredinthetransaction.
Anon-currentassetordisposalgroupisclassifiedasheldforsalewhenallthefollowingcriteriaaremet:
-Accordingtothecustomarypracticesofsellingsuchassetordisposalgroupinsimilartransactions,thenon-currentassetordisposalgroupmustbeavailableforimmediatesaleintheirpresentconditionsubjecttotermsthatareusualandcustomaryforsalesofsuchassetsordisposalgroups;-Itssaleishighlyprobable,thatis,theGrouphasmadearesolutiononasaleplanandhasobtainedafirmpurchasecommitment.Thesaleistobecompletedwithinoneyear.Non-currentassetsordisposalgroupsheldforsalearestatedatthelowerofcarryingamountandfairvaluelesscoststosell(exceptfinancialassets,deferredtaxassetsandinvestmentpropertiessubsequentmeasuredatfairvalueinitiallyandsubsequently.Anyexcessofthecarryingamountoverthefairvaluelesscoststosellisrecognisedasanimpairmentlossinprofitorloss.
5.30ProfitdistributionsDividendsorprofitdistributionsproposedintheprofitappropriationplan,whichwillbeapprovedafterthebalancesheetdate,arenotrecognisedasaliabilityatthebalancesheetdatebutaredisclosedinthenotesseparately.
5.31RelatedpartiesIfapartyhasthepowertocontrol,jointlycontrolorexercisesignificantinfluenceoveranotherparty,orviceversa,orwheretwoormorepartiesaresubjecttocommoncontrolorjointcontrolfromanotherparty,theyareconsideredtoberelatedparties.Relatedpartiesmaybeindividualsorenterprises.EnterpriseswithwhichtheCompanyisundercommoncontrolonlyfromtheStateandthathavenootherrelatedpartyrelationshipsarenotregardedasrelatedparties.Inadditiontotherelatedpartiesstatedabove,theGroupdeterminesrelatedpartiesbasedonthedisclosurerequirementsofAdministrativeProceduresontheInformationDisclosuresofListedCompaniesissuedbytheCSRC.
5.32SegmentreportingTheGroupisprincipallyengagedintheproductionandsalesofwine,brandy,andsparklingwineinChina,France,Spain,ChileandAustralia.InaccordancewiththeGroup'sinternalorganisationstructure,managementrequirementsandinternalreportingsystem,theGroup'soperationisdividedintofourparts:China,Spain,France,ChileandAustralia.Themanagementperiodicallyevaluatessegmentresults,inordertoallocateresourcesandevaluateperformances.In2023,over85%ofrevenue,morethan96%ofprofitandover91%ofnon-currentassetsderivedfromChina/arelocatedinChina.ThereforetheGroupdoesnotneedtodiscloseadditionalsegmentreportinformation.
5.33SignificantaccountingestimatesandjudgementsThepreparationofthefinancialstatementsrequiresmanagementtomakeestimatesandassumptionsthataffecttheapplicationofaccountingpoliciesandthereportedamountsofassets,liabilities,incomeandexpenses.Actualresultsmaydifferfromtheseestimates.Estimatesaswellasunderlyingassumptionsanduncertaintiesinvolvedarereviewedonan
ongoingbasis.Revisionstoaccountingestimatesarerecognisedintheperiodinwhichtheestimateisrevisedandinanyfutureperiodsaffected.
5.33.1SignificantaccountingestimatesForsignificantaccountingestimatesofthisCompany,seeNotes5.3,7,11and16.
5.34Changesinsignificantaccountingpoliciesandaccountingestimates
5.34.1Changesinsignificantaccountingpolicies
Nil
5.34.2ChangesinsignificantaccountingestimatesNil
6.Taxes
6.1Maintaxesandtaxratesareasfollows:
6.2TaxincentivesNingxiaChangyuGrapeGrowingCo.,Ltd.(“NingxiaGrowing”),asubsidiaryoftheGroup,whoseprincipalactivityisgrapegrowing,isincorporatedinNingxiaHuizuAutonomousRegion.Accordingtoclause27ofPRCCorporateIncomeTaxandclause86ofPRCCorporateIncomeTaxMeasuresforImplementation,NingxiaGrowingenjoysanexemptionofcorporateincometax.YantaiChangyuGrapeGrowingCo.,Ltd.(“GrapeGrowing”),abranchoftheCompany,whoseprincipalactivityisgrapegrowing,isincorporatedinZhifuDistrict,YantaiCity,ShandongProvince.Accordingtoclause27ofPRCCorporateIncomeTaxandclause86ofPRCCorporateIncomeTaxMeasuresforImplementation,GrapeGrowingenjoysanexemptionofcorporateincometax.GrapePlantingBranchofYantaiChangyuWineR&DandManufacturingCo.,Ltd.(“R&DandGrowing”),abranchoftheCompany,whoseprincipalactivityisgrapegrowing,isincorporatedinYEDA,ShandongProvince.AccordingtoClause27ofPRCCorporateIncomeTaxandClause86ofPRCCorporateIncomeTaxMeasuresforImplementation,R&DandGrowingenjoysanexemptionofcorporateincometax.
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%(France),28%(Spain),27%(Chile),30%(Australia) |
BeijingChangyuAFIPAgricultureDevelopmentCo.,Ltd(“AgricultureDevelopment”),asubsidiaryoftheGroup,whoseprincipalactivityisgrapegrowing,isincorporatedinMiyunCounty,Beijing.Accordingtoclause27oftheCorporateIncomeTaxLawofthePeople’sRepublicofChinaandclause86oftheImplementationRulesofEnterpriseIncomeTaxLawofthePeople’sRepublicofChina,AgricultureDevelopmentenjoysanexemptionofcorporateincometax.XinjiangTianzhuCo.,Ltd(“XinjiangTianzhu”,disposedinJune2023),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.NingxiaChateauChangyuLongyuCo.,Ltd.(previousname:ChateauChangyuMoserXVCo.,Ltd.,Ningxia,referredtoas“NingxiaChateau”),asubsidiaryoftheCompany,isanenterpriseofrawwineproductionandsalesincorporatedinYinchuanCity,NingxiaHuizuAutonomousRegion.InaccordancewithAnnouncementonContinuingtheEnterpriseIncomeTaxPoliciesfortheLarge-ScaleDevelopmentofWesternChinaoftheMinistryofFinance,theStateTaxationAdministrationandtheNationalDevelopmentandReformCommission(AnnouncementNo.23[2020]oftheMinistryofFinance),NingxiaChateauisqualifiedtoenjoypreferentialtaxationpolicies,whichmeansitcanpaycorporateincometaxatapreferentialrateof15%fortheperiodfrom2021to2030.Changyu(Ningxia)WineCo.,Ltd.(“NingxiaWine”),asubsidiaryoftheCompany,isanenterpriseofrawwineproductionandsalesincorporatedinYinchuanCity,NingxiaHuizuAutonomousRegion.InaccordancewithAnnouncementonContinuingtheEnterpriseIncomeTaxPoliciesfortheLarge-ScaleDevelopmentofWesternChinaoftheMinistryofFinance,theStateTaxationAdministrationandtheNationalDevelopmentandReformCommission(AnnouncementNo.23[2020]oftheMinistryofFinance),NingxiaWineisqualifiedtoenjoypreferentialtaxationpolicies,whichmeansitcanpaycorporateincometaxatapreferentialrateof15%fortheperiodfrom2021to2030.AccordingtotheprovisionsoftheAnnouncementoftheMinistryofFinanceandtheStateTaxationAdministrationonFurtherImplementingthePreferentialIncomeTaxPoliciesforMicroandSmallEnterprises(AnnouncementNo.13of[2022]oftheMinistryofFinanceandtheStateTaxationAdministration),theannualtaxableincomeofasmalllow-profitenterprisethatisnotlessthan1MillionYuanandnotmorethan3MillionYuanshallbeincludedinits
taxableincomeatthereducedrateof25%,withtheapplicableenterpriseincometaxrateof20%.BeijingChangyuWineIndustryMarketingCo.,Ltd.(“BeijingAllotting”),asubsidiaryoftheGroup,hasbeenidentifiedaseligiblesmalllow-profitenterprise.AccordingtotheprovisionsoftheAnnouncementoftheMinistryofFinanceandtheStateTaxationAdministrationonExemptingSmall-ScaleValue-AddedTaxTaxpayersfromValue-AddedTax(AnnouncementNo.1of[2023]oftheMinistryofFinanceandtheStateTaxationAdministration),fromJanuary1toDecember31,2023,small-scaleVATtaxpayerssubjecttoalevyrateof3%ontaxablesalesincomewillenjoyareducedVATrateof1%;andprepaidVATitemsthataresubjecttoa3%pre-levyratewillenjoyareducedVATprepaymentrateof1%.XinjiangChangyuSalesCo.,Ltd.WeimeisiTastingCenterBranchhasenjoyedthisexemptionpolicy.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“sixtaxesandtwofees”by50%,andsomeoftheCompany’ssubsidiariesareeligibleforthereduction.
7.Notestoitemsintheconsolidatedfinancialstatement
7.1Monetarycapital
Unit:Yuan
Item
| Item | Endingbalance | Beginningbalance |
| Cashonhand | 59,243 | 47,954 |
| Bankdeposit | 1,654,452,878 | 1,643,577,420 |
| Othermonetarycapital | 7,116,672 | 7,828,741 |
| Total | 1,661,628,793 | 1,651,454,115 |
| Including:Totaloverseasdeposits | 26,734,678 | 17,073,210 |
AsatJune30,2023,therestrictedbankdepositdetailsarelistedasfollows:
Unit:Yuan
Item
| Item | Endingbalance | Beginningbalance |
| Housingfundoftheunit | 2,671,774 | 2,671,774 |
| Total | 2,671,774 | 2,671,774 |
AsatJune30,2023,thedetailsofothermonetaryfundsarelistedasfollows:
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Guaranteeddepositspaidfortheletterofcredit | 6,000,000 | 6,000,000 |
| AccountbalanceofAlipay | 974,374 | 1,695,245 |
| GuarantymoneyforICBCplatform | 10,000 | 10,000 |
| Guarantymoneyforcustoms | 132,298 | 123,496 |
| Total | 7,116,672 | 7,828,741 |
AsatJune30,2023,thebankdepositsoftheGroupincludingshort-termfixeddepositsrangingfrom3monthsto12monthsandinterestsamountedtoRMB228,759,568Yuan,withtheinterestratesrangingfrom1.7%to2.15%(December31,2022:RMB28,200,000Yuan).
7.2BillsreceivableClassificationofbillsreceivable
| Item | Endingbalance | Beginningbalance |
| Bankacceptancebills | 684,245 | 2,712,460 |
| Total | 684,245 | 2,712,460 |
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 | 225,725,385 | 100.0% | 15,549,600 | 6.89% | 210,175,785 | 358,539,091 | 100% | 14,556,106 | 4.06% | 343,982,985 |
| Total | 225,725,385 | 100.0% | 15,549,600 | 6.89% | 210,175,785 | 358,539,091 | 100% | 14,556,106 | 4.06% | 343,982,985 |
Provisionforbaddebtsaccruedonacombinedbasis:
Unit:Yuan
Name
| Name | Endingbalance | ||
| Bookbalance | Provisionforbaddebts | Accruedproportion | |
| Amountsduefromrelatedparties | 2,557,331 | 4,603 | 0.18% |
| Amountsduefromothercustomers | 223,168,054 | 15,544,997 | 6.97% |
| Total | 225,725,385 | 15,549,600 | -- |
Disclosedbyage:
Unit:Yuan
| Age | Endingbalance |
| Within1year(including1year) | 214,280,276 |
| 1-2years | 11,122,911 |
| 2-3years | 322,198 |
| Over3years | |
| Total | 225,725,385 |
AsatJune30,2023,theaccountsreceivablewithownershiprestrictionswereRMB64,860,399Yuan(December31,2022:59,982,807Yuan).PleaserefertoNote7.19fordetails.
7.3.2Provisionforbaddebtsaccrued,withdrawnortransferredbackinthisperiodProvisionforbaddebtsaccruedinthisperiod:
Unit:Yuan
| Type | Beginningbalanceoftheyear | Changesinthisperiod | Endingbalance | ||
| Accrued | Withdrawnortransferredback | Cancelled | |||
| Accountsreceivableforwhichprovisionforbaddebtsisaccrued | 14,556,106 | 993,494 | 15,549,600 | ||
| Total | 14,556,106 | 993,494 | 15,549,600 | ||
7.3.3AccountsreceivableactuallycancelledafterverificationinthisperiodNil
7.3.4Accountsreceivablecollectedbytheborrowersoftop5unitsrankedbytheendingbalance
Unit:Yuan
| Unit | RelationshipwiththeGroup | Amount | Period | Percentageintotalaccountsreceivable | Endingbalanceofprovisionforbadanddoubtfuldebts |
| Customer1 | Thirdparty | 34,036,910 | Within1year | 15.1% | 60,724 |
| Customer2 | Thirdparty | 9,422,337 | Within1year | 4.2% | 586,782 |
| Customer3 | Thirdparty | 6,956,313 | Within1year | 3.1% | 433,209 |
| Customer4 | Thirdparty | 5,004,414 | Within1year | 2.2% | 311,653 |
| Customer5 | Thirdparty | 4,394,266 | Within1year | 1.9% | 273,656 |
| Total | -- | 59,814,240 | -- | 26.5% | 1,666,024 |
7.3.5AccountsreceivableterminatingrecognitionduetotransferoffinancialassetsNil
7.3.6AccountsreceivabletransferredandincludedinassetsandliabilitiesNil
7.4Receivablesfinancing
Unit:Yuan
Item
| Item | Endingbalance | Beginningbalance |
| Billsreceivable | 308,817,929 | 309,329,918 |
| Total | 308,817,929 | 309,329,918 |
7.4.1ThepledgedbillsreceivableoftheGroupattheendoftheyearNil
7.4.2Outstandingendorsedbillsthathavenotmaturedattheendoftheyear
| Category | Amountderecognisedatendofperiod |
| Bankacceptancebills | 97,379,122 |
| Total | 97,379,122 |
AsatJune30,2023,billsendorsedbytheGrouptootherpartieswhicharenotyetdueattheendoftheperiodisRMB97,379,122Yuan(December31,2022:RMB500,480,279Yuan).Thenotesareusedforpaymenttosuppliersandconstructions.TheGroupbelievesthatduetogoodreputationofbank,theriskofnotesnotacceptingbybankonmaturityisverylow,thereforederecognisethenotereceivablesendorsed.Ifthebankisunabletopaythenotesonmaturity,accordingtotherelevantlawsandregulationsofChina,theGroupwouldundertakelimitedliabilityforthenotes.
7.5Advancepayment
7.5.1Advancepaymentlistedbyage
Unit:Yuan
| Age | Endingbalance | Beginningsum | ||
| Amount | Proportion | Amount | Proportion | |
| Within1year | 9,182,282 | 99.25% | 59,426,080 | 98.40% |
| 1-2years | 69,119 | 0.75% | 989,428 | 1.60% |
| 2-3years | ||||
| Morethan3years | ||||
| Total | 9,251,401 | -- | 60,415,508 | -- |
7.5.2Advancepaymentcollectedbytheprepaidpartiesoftop5unitsrankedbytheendingbalance
Unit:Yuan
| Categoryofclient | RelationshipwiththeGroup | Amount | Age | Reasonforunsettlement | Percentageinthetotaladvancepayment% |
| Unit1 | Thirdparty | 1,073,128 | Within1year(including1year) | Prepaidelectricity | 11.6% |
| Unit2 | Thirdparty | 1,000,000 | Within1year | Prepaidservice | 10.8% |
(including1year)
| (including1year) | charge | ||||
| Unit3 | Thirdparty | 750,000 | Within1year(including1year) | Prepaidfreight | 8.1% |
| Unit4 | Thirdparty | 501,076 | Within1year(including1year) | Prepaidfreight | 5.4% |
| Unit5 | Thirdparty | 300,000 | Within1year(including1year) | Prepaidpaymentforgoods | 3.2% |
| Total | -- | 3,624,204 | -- | 39.10% |
7.6Otherreceivables
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Interestsreceivable | ||
| Dividendsreceivable | ||
| Otherreceivables | 69,101,039 | 70,542,398 |
| Total | 69,101,039 | 70,542,398 |
Otherreceivables
7.6.1Otherreceivablesclassifiedbynature
Unit:Yuan
| Nature | Endingbookbalance | Beginningbookbalance |
| Depositandguarantymoneyreceivable | 3,529,407 | 5,578,001 |
| Consumptiontaxandadded-valuetaxexportrebate | 8,971,546 | 12,509,201 |
| Imprestreceivable | 314,172 | 440,759 |
| Compensationforlandacquisitionandstoragereceivable | 41,268,902 | 41,268,902 |
| Other | 15,017,012 | 10,745,535 |
| Total | 69,101,039 | 70,542,398 |
7.6.2Disclosedbyage
Unit:Yuan
| Age | Endingbalance |
| Within1year(including1year) | 65,165,325 |
| 1-2years | 1,454,647 |
| 2-3years | 411,516 |
| Morethan3years | 2,069,551 |
| Total | 69,101,039 |
7.6.3Provisionforbaddebtsaccrued,withdrawnortransferredbackinthisperiodTheprovisionforbaddebtsaccruedinthisperiodwasRMB0Yuan;andthatwithdrawnortransferredbackinthisperiodwasRMB0Yuan.
7.6.4OtherreceivablesactuallycancelledafterverificationinthisperiodNil
7.6.5Otherreceivablescollectedbytheborrowersoftop5unitsrankedbytheendingbalance
Unit:Yuan
Unit
| Unit | Nature | Endingbalance | Age | Percentageintotalendingbalanceofotheraccountsreceivable | Endingbalanceofprovisionforbaddebts |
| Unit1 | Landacquisitionandreservefunds | 41,268,902 | Within1years | 59.72% | |
| Unit2 | Value-addedtaxexportrebate | 7,762,031 | Within1years | 11.23% | |
| Unit3 | Value-addedtaxandconsumptiontaxexportrebate | 1,209,515 | Within1years | 1.75% | |
| Unit4 | Guarantymoney | 721,657 | Within1year | 1.04% | |
| Unit5 | Guarantymoney | 572,880 | 1-2years | 0.83% | |
| Total | -- | 51,534,985 | -- | 74.58% |
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 | 86,766,001 | 86,766,001 | 258,200,178 | 258,200,178 | ||
| Goodsinprocess | 2,213,143,868 | 2,213,143,868 | 1,986,391,270 | 1,986,391,270 | ||
| Commoditystocks | 641,193,968 | 14,608,393 | 626,585,575 | 673,171,026 | 14,363,959 | 658,807,067 |
| Total | 2,941,103,837 | 14,608,393 | 2,926,495,444 | 2,917,762,474 | 14,363,959 | 2,903,398,515 |
7.7.2Inventorydepreciationprovision
Unit:Yuan
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance | ||
| Accrual | Other | Transferbackorwrite-off | Other | |||
| Rawmaterials | ||||||
| Goodsinprocess | ||||||
| Commoditystocks | 14,363,959 | 14,608,393 | 14,363,959 | 14,608,393 | ||
| Total | 14,363,959 | 14,608,393 | 14,363,959 | 14,608,393 | ||
7.8Othercurrentassets
Unit:Yuan
Item
| Item | Endingbalance | Beginningbalance |
| Trademarkusefees | 108,931,118 | 120,930,641 |
| Prepaidcorporateincometax | 12,985,243 | 19,102,111 |
| Deductibleinputtax | 31,032,377 | 44,270,238 |
| Expensetobeamortized | 3,095,677 | 1,034,403 |
| Total | 156,044,415 | 185,337,393 |
7.9Long-termequityinvestments
Unit:Yuan
| Investee | Beginningbalance(bookvalue) | Movementsduringtheperiod | Endingbalance(bookvalue) | Endingbalanceofprovisionforimpairment | |||||||
| Increaseincapital | Decreaseincapita | Lossesfrominvestmentsunderequity-method | Othercomprehensiveincomeadjustment | Otherequitychanging | Declarecashdividendorprofit | Accrualprovisionforimpairment | Others | ||||
| 1.Jointventures | |||||||||||
| SASL&MHoldings(“L&MHoldings”) | 37,970,535 | -1,124,340 | 36,846,195 | ||||||||
| Subtotal | 37,970,535 | -1,124,340 | 36,846,195 | ||||||||
| 2.Associates | |||||||||||
| Weimeisi(Shanghai)EnterpriseDevelopmentCo.,Ltd.(“WeimeisiShanghai”) | 2,318,351 | 2,373,285 | 54,934 | ||||||||
| ChengduYufengBrandManagementCo.,Ltd.(“ChengduYufeng”)(Note) | 420,369 | -41,400 | 378,969 | ||||||||
| YantaiGuolongWineIndustryCo.,Ltd.(“GuolongWineIndustry”)(Note) | 662,130 | 178,218 | 840,348 | ||||||||
| Subtotal | 3,400,850 | 2,373,285 | 191,752 | 1,219,317 | |||||||
| Total | 41,371,385 | 2,373,285 | -932,588 | 38,065,512 | |||||||
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 |
Item
| Item | Housesandbuildings | Landuseright | Constructioninprogress | Total |
| 2.3Businessmergerincrease | ||||
| 3.Decreaseinthisperiod | ||||
| 3.1Disposal | ||||
| 3.2Othertransferout | ||||
| 4.Endingbalance | 70,954,045 | 70,954,045 | ||
| ⅡAccumulateddepreciation&accumulatedamortization | ||||
| 1.Beginningbalance | 48,838,727 | 48,838,727 | ||
| 2.Increaseinthisperiod | 1,073,998 | 1,073,998 | ||
| 2.1Accrualoramortization | 1,073,998 | 1,073,998 | ||
| 3.Decreaseinthisperiod | ||||
| 3.1Disposal | ||||
| 3.2Othertransferout | ||||
| 4.Endingbalance | 49,912,725 | 49,912,725 | ||
| ⅢImpairmentprovision | ||||
| 1.Beginningbalance | ||||
| 2.Increaseinthisperiod | ||||
| 2.1Accrual | ||||
| 3.Decreaseinthisperiod | ||||
| 3.1Disposal | ||||
| 3.2Othertransferout | ||||
| 4.Endingbalance | ||||
| ⅣBookvalue | ||||
| 1.Endingbookvalue | 21,041,320 | 21,041,320 | ||
| 2.Beginningbookvalue | 22,115,318 | 22,115,318 |
7.11Fixedassets
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Fixedassets | 5,926,395,012 | 6,028,137,972 |
| Disposaloffixedassets | ||
| Total | 5,926,395,012 | 6,028,137,972 |
7.11.1Particularsoffixedassets
Unit:Yuan
| Item | Housesandbuildings | Machineryequipment | Transportationequipment | Total |
| ⅠOriginalbookvalue: | ||||
| 1.Beginningbalance | 5,878,199,055 | 2,793,728,175 | 25,888,552 | 8,697,815,782 |
| 2.Increaseinthisperiod | 14,876,612 | 44,297,900 | 9,252 | 59,183,764 |
| 2.1Acquisition | 9,161,231 | 42,571,564 | 9,252 | 51,742,047 |
| 2.2Transferinfromconstructioninprogress | 5,715,381 | 1,726,336 | 7,441,717 | |
| 2.3Businessmergerincrease |
Item
| Item | Housesandbuildings | Machineryequipment | Transportationequipment | Total |
| 3.Decreaseinthisperiod | 6,544,913 | 34,325,726 | 1,538,783 | 42,409,422 |
| 3.1Disposalorretirement | 32,763,148 | 1,286,428 | 34,049,576 | |
| 3.2Others | 6,544,913 | 1,562,578 | 252,355 | 8,359,846 |
| 4.Endingbalance | 5,886,530,754 | 2,803,700,349 | 24,359,021 | 8,714,590,124 |
| ⅡAccumulateddepreciation | ||||
| 1.Beginningbalance | 1,167,095,365 | 1,477,263,867 | 22,633,029 | 2,666,992,261 |
| 2.Increaseinthisperiod | 77,811,305 | 77,119,167 | 953,314 | 155,883,786 |
| 2.1Accrual | 77,811,305 | 77,119,167 | 953,314 | 155,883,786 |
| 3.Decreaseinthisperiod | 3,303,153 | 30,076,823 | 1,414,322 | 34,794,298 |
| 3.1Disposalorretirement | 29,248,194 | 1,174,585 | 30,422,779 | |
| 3.2Others | 3,303,153 | 828,629 | 239,737 | 4,371,519 |
| 4.Endingbalance | 1,241,603,517 | 1,524,306,211 | 22,172,021 | 2,788,081,749 |
| ⅢImpairmentprovision | ||||
| 1.Beginningbalance | 2,685,549 | 2,685,549 | ||
| 2.Increaseinthisperiod | ||||
| 2.1Accrual | ||||
| 3.Decreaseinthisperiod | 2,572,186 | 2,572,186 | ||
| 3.1Disposalorretirement | 2,556,018 | 2,556,018 | ||
| 3.2Others | 16,168 | 16,168 | ||
| 4.Endingbalance | 113,363 | 113,363 | ||
| ⅣBookvalue | ||||
| 1.Endingbookvalue | 4,644,927,237 | 1,279,280,775 | 2,187,000 | 5,926,395,012 |
| 2.Beginningbookvalue | 4,711,103,690 | 1,313,778,759 | 3,255,523 | 6,028,137,972 |
AsatJune30,2023,thenetvalueofthefixedassetswithownershiprestrictionswasRMB294,202,438Yuan(December31,2022:RMB303,897,124Yuan).PleaserefertoNote7.53fordetails.TheCompany’sdisposalofitssubsidiaryXinjiangTianzhuthisyearwasnotincludedinthescopeoftheconsolidatedbalancesheetattheendofthisperiod.Asofthedateoflossofcontrol,theoriginalbookvalue,accumulateddepreciation,anddepreciationreservesoffixedassetsofXinjiangTianzhuarerespectivelylistedinthe“Others”itemofthecurrentdecreaseintheoriginalbookvalue,accumulateddepreciation,anddepreciationreservesoffixedassets.
7.11.2Particularsoftemporarilyidlefixedassets
Unit:Yuan
| Item | Originalbookvalue | Accumulateddepreciation | Depreciationreserves | Bookvalue | Remarks |
| Buildings | 16,248,086 | 8,767,714 | 7,480,372 | ||
| Machineryequipment | 780,191 | 627,819 | 113,363 | 39,009 | |
| Transportationequipment | 1,081,789 | 1,027,699 | 54,090 |
Total
| Total | 18,110,066 | 10,423,232 | 113,363 | 7,573,471 |
7.11.3ParticularsoffixedassetsunderfinanceleasesNil
7.11.4Fixedassetsunderoperatinglease
Unit:Yuan
| Item | Endingbookvalue |
| Machineryequipment | 4,365 |
7.11.5Particularsoffixedassetswithoutpropertycertificates
Unit:Yuan
| Item | Bookvalue | Reasonfornotreceivingthepropertycertificate |
| DormitoryBuilding,MainBuildingandReceptionBuildingofChang’anChateau | 261,255,708 | Undertransaction |
| BuildingandBoilerRoomofKoya | 171,944,719 | Undertransaction |
| EuropeanTown,MainBuildingandServiceBuildingofChateauAFIP | 161,661,819 | Undertransaction |
| OfficeBuildingandPackagingWorkshopofIcewineValley | 9,586,292 | Undertransaction |
| Wine-makingWorkshopofChangyu(Jingyang) | 4,497,542 | Undertransaction |
| OfficeBuilding,LaboratoryBuildingandWorkshopofFermentationCenter | 2,895,534 | Undertransaction |
| FinishedGoodsWarehouseandWorkshopofKylinPackaging | 1,988,799 | Undertransaction |
| Others | 273,112 | Undertransaction |
| Total | 614,103,525 |
7.12Constructioninprogress
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Constructioninprogress | 47,247,490 | 40,934,161 |
| Engineeringmaterials | ||
| Total | 47,247,490 | 40,934,161 |
7.12.1Particularsofconstructioninprogress
Unit:Yuan
| Item | Endingbalance | Beginningbalance | ||||
| Bookbalance | Impairmentprovision | Bookvalue | Bookbalance | Impairmentprovision | Bookvalue | |
| MuseumUpgradingandRebuildingProject | 46,036,465 | 46,036,465 | 32,981,419 | 32,981,419 | ||
| RenovationofRefrigerationEquipmentinXinjiangChateauWorkshop | 700,000 | 700,000 | 7,065,744 | 7,065,744 | ||
| ConstructionProjectsofOtherCompanies | 511,025 | 511,025 | 886,998 | 886,998 | ||
| Total | 47,247,490 | 47,247,490 | 40,934,161 | 40,934,161 | ||
7.12.2Changesofmajorconstructioninprogressinthisperiod
Unit:Yuan
Item
| Item | Budget | Beginningbalance | Increaseinthisperiod | Transferredtofixedassetsinthisperiod | Otherdecreaseinthisperiod | Endingbalance | Proportionofaccumulativeprojectinputinbudget | Accumulativecapitalizedamountofinterest | Including:capitalizedamountofinterestinthisperiod | Capitalizationratioofinterestinthisperiod | Capitalsource |
| ConstructionProjectofShiheziChateau | 780,000,000 | 7,065,744 | 7,065,744 | 100.% | Self-raisedfunds | ||||||
| MuseumUpgradingandRebuildingProject | 51,000,000 | 32,981,419 | 13,055,046 | 46,036,465 | 90.3% | Self-raisedfunds | |||||
| RenovationofRefrigerationEquipmentinXinjiangChateauWorkshop | 2,980,000 | 700,000 | 700,000 | 23.5% | Self-raisedfunds |
AsatJune30,2023,therewasnoindicationforimpairmentofconstructioninprogressoftheGroup,sonoprovisionforimpairmentwasmade.
7.13Productivebiologicalassets
7.13.1Productivebiologicalassetsbycostmeasurementmethod
Unit:Yuan
Item
| Item | Plantation | Total | |
| Immature | Mature | ||
| ⅠOriginalbookvalue | |||
| 1.Beginningbalance | 23,405,557 | 252,471,374 | 275,876,931 |
| 2.Increaseinthisperiod | 1,360,198 | 83,870 | 1,444,068 |
| 2.1Outsourcing | 0 | ||
| 2.2Selfcultivation | 1,444,068 | 1,444,068 | |
| Theimmatureturntothemature | -83,870 | 83,870 | |
| 3.Decreaseinthisperiod | 850,105 | 130,466 | 980,571 |
| 3.1Disposal | 850,105 | 130,466 | 980,571 |
| 3.2Other | 0 | ||
| 4.Endingbalance | 23,915,650 | 252,424,778 | 276,340,428 |
| ⅡAccumulateddepreciation | |||
| 1.Beginningbalance | 91,456,190 | 91,456,190 | |
| 2.Increaseinthisperiod | 7,047,318 | 7,047,318 | |
| 2.1Accrual | 7,047,318 | 7,047,318 | |
| 3.Decreaseinthisperiod | 95,335 | 95,335 | |
| 3.1Disposal | 95,335 | 95,335 | |
| 3.2Other | |||
| 4.Endingbalance | 98,408,173 | 98,408,173 | |
| ⅢImpairmentprovision | |||
| 1.Beginningbalance | |||
| 2.Increaseinthisperiod | |||
| 2.1Accrual | |||
| 3.Decreaseinthisperiod | |||
| 3.1Disposal | |||
| 3.2Other | |||
| 4.Endingbalance | |||
| ⅣBookvalue | |||
| 1.Endingbookvalue | 23,915,650 | 154,016,605 | 177,932,255 |
| 2.Beginningbookvalue | 23,405,557 | 161,015,184 | 184,420,741 |
AsatJune30,2023,noownershipofthebiologicalassetswasrestricted.AsatJune30,2023,therewasnoindicationforimpairmentofbiologicalassetsoftheGroup,sonoprovisionwasmade.
7.14Right-of-useassets
Unit:Yuan
Item
| Item | Building | Land | Others | Total |
| ⅠOriginalbookvalue | ||||
| 1.Beginningbalance | 84,818,532 | 137,980,409 | 1,697,986 | 224,496,927 |
| 2.Increaseinthisperiod | ||||
| 3.Decreaseinthisperiod | ||||
| 4.Endingbalance | 84,818,532 | 137,980,409 | 1,697,986 | 224,496,927 |
| ⅡAccumulatedamortization | ||||
| 1.Beginningbalance | 33,923,955 | 49,667,021 | 1,018,792 | 84,609,768 |
| 2.Increaseinthisperiod | 8,014,300 | 2,898,345 | 169,799 | 11,082,444 |
| 2.1Accrual | 8,014,300 | 2,898,345 | 169,799 | 11,082,444 |
| 3.Decreaseinthisperiod | ||||
| 3.1Disposal | ||||
| 4.Endingbalance | 41,938,255 | 52,565,366 | 1,188,591 | 95,692,212 |
| ⅢImpairmentprovision | ||||
| 1.Beginningbalance | ||||
| 2.Increaseinthisperiod | ||||
| 2.1Accrual | ||||
| 3.Decreaseinthisperiod | ||||
| 3.1Disposal | ||||
| 4.Endingbalance | ||||
| ⅣBookvalue | ||||
| 1.Endingbookvalue | 42,880,277 | 85,415,043 | 509,395 | 128,804,715 |
| 2.Beginningbookvalue | 50,894,577 | 88,313,388 | 679,194 | 139,887,159 |
7.15Intangibleassets
7.15.1Particularsofintangibleassets
Unit:Yuan
| Item | Landuseright | Softwareuseright | Trademark | Total |
| ⅠOriginalbookvalue | ||||
| 1.Beginningbalance | 475,770,881 | 101,979,429 | 189,575,068 | 767,325,378 |
| 2.Increaseinthisperiod | 885,077 | 198,448 | 1,083,525 | |
| 2.1Acquisition | 885,077 | 198,448 | 1,083,525 | |
| 2.2InternalR&D | ||||
| 2.3Businessmergerincrease | ||||
| 3.Decreaseinthisperiod | 26,611,363 | 289,000 | 26,900,363 | |
| 3.1Disposal | ||||
| 3.2Others | 26,611,363 | 289,000 | 26,900,363 | |
| 4.Endingbalance | 449,159,518 | 102,575,506 | 189,773,516 | 741,508,540 |
| ⅡAccumulatedamortization | ||||
| 1.Beginningbalance | 110,698,068 | 62,835,583 | 15,550,881 | 189,084,532 |
Item
| Item | Landuseright | Softwareuseright | Trademark | Total |
| 2.Increaseinthisperiod | 4,749,952 | 3,965,405 | 220,979 | 8,936,336 |
| 2.1Accrual | 4,749,952 | 3,965,405 | 220,979 | 8,936,336 |
| 3.Decreaseinthisperiod | 7,718,585 | 289,000 | 8,007,585 | |
| 3.1Disposal | ||||
| 3.2Others | 7,718,585 | 289,000 | 8,007,585 | |
| 4.Endingbalance | 107,729,435 | 66,511,988 | 15,771,860 | 190,013,283 |
| ⅢImpairmentprovision | ||||
| 1.Beginningbalance | ||||
| 2.Increaseinthisperiod | ||||
| 2.1Accrual | ||||
| 3.Decreaseinthisperiod | ||||
| 3.1Disposal | ||||
| 3.2Others | ||||
| 4.Endingbalance | ||||
| ⅣBookvalue | ||||
| 1.Endingbookvalue | 341,430,083 | 36,063,518 | 174,001,656 | 551,495,257 |
| 2.Beginningbookvalue | 365,072,813 | 39,143,846 | 174,024,187 | 578,240,846 |
AsatJune30,2023,thenetvalueoftheintangibleassetswithownershiprestrictionswasRMB166,920,626Yuan(December31,2022:RMB169,385,254Yuan).PleaserefertoNote
7.53fordetails.TheCompany’sdisposalofthesubsidiaryXinjiangTianzhuthisyearwasnotincludedinthescopeoftheconsolidatedbalancesheetattheendofthisperiod.Asofthedateoflossofcontrol,theoriginalbookvalueandaccumulateddepreciationofintangibleassetsofXinjiangTianzhuarerespectivelylistedinthe“Others”itemofthecurrentdecreaseintheoriginalbookvalueandaccumulateddepreciationofintangibleassets.
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
Nameoftheinvestedunitormatter
forminggoodwill
| Nameoftheinvestedunitormatterforminggoodwill | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance | ||
| Formedbybusinessmerger | Other | Disposal | Other | |||
| EtablissementsRoulletFransac(“RoulletFransac”) | ||||||
| DicotPartners,S.L(“AtrioGroup”) | 5,210,925 | 5,210,925 | ||||
| IndomitaWineCompanyChile,SpA | ||||||
| KilikanoonEstate,Australia | 37,063,130 | 37,063,130 | ||||
| Total | 42,274,055 | 42,274,055 | ||||
7.17Long-termunamortizedexpenses
Unit:Yuan
| Item | Beginningbalance | Increaseinthisperiod | Amortizationinthisperiod | Otherdecrease | Endingbalance |
| Landacquisitionfees | 45,043,781 | 736,215 | 44,307,566 | ||
| Afforestationfees | 118,996,004 | 4,340,459 | 114,655,545 | ||
| Renovationcosts | 103,895,364 | 3,431,789 | 100,463,575 | ||
| Other | 6,764,083 | 163,971 | 571,312 | 6,356,742 | |
| Total | 274,699,232 | 163,971 | 9,079,775 | 265,783,428 |
7.18Deferredincometaxassets/liabilities
7.18.1Un-offsetdeferredincometaxassets
Unit:Yuan
| Item | EndingBalance | BeginningBalance | ||
| Deductibletemporarydifference | Deferredincometaxassets | Deductibletemporarydifference | Deferredincometaxassets | |
| Assetimpairmentprovision | 30,271,356 | 7,692,955 | 31,605,614 | 8,024,903 |
| Unrealizedprofitsfrominter-companytransactions | 320,491,415 | 80,122,854 | 431,328,252 | 107,832,063 |
| Deductibleloss | 375,497,265 | 89,476,843 | 285,560,642 | 67,483,931 |
| Unpaidbonus | 113,790,791 | 28,447,698 | 132,673,269 | 33,168,317 |
| Dismissionwelfare | 6,441,635 | 1,610,409 | 9,422,154 | 2,355,538 |
| Deferredincome | 34,530,599 | 7,449,099 | 38,389,058 | 8,288,411 |
| Others | 1,383,154 | 345,788 | 837,972 | 209,493 |
| Total | 882,406,215 | 215,145,646 | 929,816,961 | 227,362,656 |
7.18.2Un-offsetdeferredincometaxliabilities
Unit:Yuan
| Item | EndingBalance | BeginningBalance | ||
| Taxabletemporarydifference | Deferredincometaxliabilities | Taxabletemporarydifference | Deferredincometaxliabilities | |
| Assetsappraisalappreciationinbusinessmergerundernon-commoncontrol | 27,765,399 | 8,039,285 | 43,651,105 | 10,577,065 |
| Others | 3,579,479 | 894,870 | 2,759,468 | 689,867 |
| Total | 31,344,878 | 8,934,155 | 46,410,573 | 11,266,932 |
7.18.3Detailsofunconfirmeddeferredincometaxassets
Unit:Yuan
Item
| Item | Endingbalance | Beginningbalance |
| Deductabletemporarydifference | ||
| Deductibleloss | 380,781,818 | 352,775,161 |
| Total | 380,781,818 | 352,775,161 |
7.18.4Deductiblelossesofunconfirmeddeferredincometaxassetswillexpirein:
Unit:Yuan
| Year | Endingsum | Beginningsum | Remark |
| 2023 | 22,801,737 | 22,801,737 | |
| 2024 | 42,088,453 | 42,088,453 | |
| 2025 | 75,724,538 | 75,724,538 | |
| 2026 | 72,197,891 | 72,197,891 | |
| 2027 | 139,962,542 | 139,962,542 | |
| 2028 | 28,006,657 | ||
| Total | 380,781,818 | 352,775,161 | -- |
7.19Short-termloans
7.19.1Classificationofshort-termloans
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Mortgageloan | 232,810,003 | 127,908,137 |
| Guaranteedloan | 16,000,831 | 33,603,541 |
| Fiduciaryloan | 100,075,000 | 227,866,802 |
| Total | 348,885,834 | 389,378,480 |
AsatJune30,2023,EURmortgageloanwasEUR16,734,045(equivalentofRMB131,816,526Yuan)(December31,2022:EUR8,080,778,equivalentofRMB59,982,807Yuan)ofaccountsreceivablefactoringbusinesshandledbyHaciendayVi?edosMarquesdelAtrio,S.L.U(“Atrio”)withbanksincludingBancodeSabadell,S.A.AsatJune30,2023,USDmortgageloanwasUSD13,625,000(equivalentofRMB98,541,259Yuan)(December31,2022:USD9,750,000,equivalentofRMB67,925,330Yuan)ofloansborrowedbyChileIndomitaWineGroupfromBancoScotiabankwiththefixedassetsascollateral.OnJune30,2023,AUDguaranteedloanwasAUD3,334,062(equivalentofRMB16,000,831Yuan)(December31,2022:AUD7,128,758,equivalentofRMB33,603,541Yuan)borrowedbyAustraliaKilikanoonEstatefromANZBank,anditisguaranteedbythisCompany.Thebalanceincludes2,527,218ofinterestdue。
7.20Accountspayable
7.20.1Listofaccountspayable
Unit:Yuan
Item
| Item | Endingbalance | Beginningbalance |
| Accountspayableformaterials,etc. | 417,210,497 | 503,323,746 |
| Total | 417,210,497 | 503,323,746 |
7.20.2Explanationofsignificantaccountspayableagedmorethanoneyear
| Item | Endingbalance | Reasonsforoutstandingorcarryover |
| Unit1 | 19,434,600 | Paymentforparentcompany |
| Unit2 | 8,073,630 | Overseasrawwinesuppliersofferacreditperiodexceedingoneyear |
| Total | 27,508,230 |
7.21Contractliabilities
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Advancesfromcustomers | 135,643,228 | 164,437,033 |
| Withholdingofgoodswithsalesrebate | 1,290,958 | |
| Total | 135,643,228 | 165,727,991 |
7.22Employeeremunerationspayable
7.22.1Listofemployeeremunerationspayable
Unit:Yuan
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance |
| 1.Short-termremuneration | 173,197,491 | 166,002,478 | 210,292,353 | 128,907,616 |
| 2.Post-employmentwelfare–definedcontributionplan | 331,893 | 27,094,268 | 27,406,641 | 19,520 |
| 3.Dismissionwelfare | 9,422,154 | 1,099,333 | 4,079,852 | 6,441,635 |
| 4.Otherwelfareduewithinoneyear | ||||
| Total | 182,951,538 | 194,196,079 | 241,778,846 | 135,368,771 |
7.22.2Listofshort-termremunerations
Unit:Yuan
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance |
| 1.Salaries,bonuses,allowancesandsubsidies | 169,643,402 | 141,156,089 | 185,471,062 | 125,328,429 |
| 2.Staffwelfare | 1,460,170 | 8,240,037 | 7,894,606 | 1,805,601 |
| 3.Socialinsurancecharges | 307,244 | 8,158,059 | 8,401,035 | 64,268 |
| Including:Medicalinsurance | 307,244 | 7,329,679 | 7,572,817 | 64,106 |
| Injuryinsurance | 826,682 | 826,520 | 162 | |
| Maternityinsurance | 1,698 | 1,698 | ||
| 4.Housingfund | 38,582 | 6,402,542 | 6,394,122 | 47,002 |
| 5.Unionfeeandstaffeducationfee | 1,748,093 | 2,045,751 | 2,131,528 | 1,662,316 |
| 6.Short-termcompensatedabsences | ||||
| 7.Short-termprofit-sharingplan | ||||
| Minus:Thosedividedintonon-currentliabilities |
Item
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance |
| Total | 173,197,491 | 166,002,478 | 210,292,353 | 128,907,616 |
7.22.3Listofdefinedcontributionplan
Unit:Yuan
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
| 1.Basicendowmentinsurance | 330,660 | 26,420,976 | 26,732,216 | 19,420 |
| 2.Unemploymentinsurance | 1,233 | 673,292 | 674,425 | 100 |
| 3.Enterpriseannuitypayment | ||||
| Total | 331,893 | 27,094,268 | 27,406,641 | 19,520 |
7.22.4Dismissionwelfare
Unit:Yuan
| Item | Beginningbalance | Increase | Decrease | Endingbalance |
| 1.Compensationforserveroflaborrelation | ||||
| 2.Compensationforearlyretirement | 9,422,154 | 1,099,333 | 4,079,852 | 6,441,635 |
| Total | 9,422,154 | 1,099,333 | 4,079,852 | 6,441,635 |
7.23Taxesandduespayable
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Valueaddedtax | 26,000,422 | 42,260,465 |
| Consumptiontax | 24,511,397 | 45,524,174 |
| Corporateincometax | 134,483,218 | 131,264,991 |
| Individualincometax | 911,690 | 1,199,990 |
| Urbanmaintenanceandconstructiontax | 3,010,065 | 1,899,840 |
| Educationsurcharges | 2,217,847 | 2,731,857 |
| Urbanlandusetax | 2,270,059 | 6,168,990 |
| Other | 9,059,128 | 8,645,595 |
| Total | 202,463,826 | 239,695,902 |
7.24Otherpayables
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Interestpayable | 88,889 | |
| Dividendspayable | 393,855 | 70,317 |
| Otherpayables | 373,351,763 | 372,449,483 |
| Total | 373,745,618 | 372,608,689 |
7.24.1Interestpayable
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Interestoflong-termloanswithinterestpaidbyinstallmentandprincipalpaidonmaturity | ||
| Interestofcorporatebonds | ||
| Interestpayableofshort-termloans | 88,889 |
Item
| Item | Endingbalance | Beginningbalance |
| Interestofpreferredshares\perpetualbondsdividedintofinancialliabilities | ||
| Other | ||
| Total | 88,889 |
7.24.2Dividendspayable
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Ordinarystockdividends | ||
| Preferredstockdividends/sustainabledebtdividendsdividedintoequityinstruments | ||
| Other | 393,855 | 70,317 |
| Total | 393,855 | 70,317 |
7.24.3Otherpayables
7.24.3.1Otherpayableslistedbynature
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Dealer’sdepositpayable | 197,378,796 | 207,492,570 |
| Equipmentpurchaseandconstructioncostspayable | 16,165,461 | 15,976,573 |
| Transportationchargespayable | 12,339,582 | 25,894,816 |
| Advertisementexpensespayable | 40,562,800 | 40,244,601 |
| Employeecashdeposit | 508,175 | 508,175 |
| Supplier’sdepositpayable | 14,919,515 | 13,549,010 |
| Contractingfeespayable | 4,340,562 | 7,407,093 |
| Other | 87,136,872 | 61,376,645 |
| Total | 373,351,763 | 372,449,483 |
7.24.3.2ExplanationofsignificantaccountspayableagedmorethanoneyearAsatJune30,2023,therewerenosignificantaccountspayableagedmorethanoneyear.
7.25Non-currentliabilitiesduewithinoneyear
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Long-termloansduewithinoneyear | 98,331,009 | 103,011,894 |
| Bondspayableduewithinoneyear | ||
| Long-termaccountspayableduewithinoneyear | 22,000,000 | 22,000,000 |
| Leaseliabilitiesduewithinoneyear | 23,433,390 | 19,008,940 |
| Total | 143,764,399 | 144,020,834 |
7.26Othercurrentliabilities
| Item | Endingbalance | Beginningbalance |
| UnamortizedVATamount | 16,989,679 | 18,945,706 |
| Accruedinterestonlong-termloans | 697,977 |
Total
| Total | 17,687,656 | 18,945,706 |
7.27Long-termloans
7.27.1Classificationoflong-termloans
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Guaranteedloan | 45,437,416 | 44,781,100 |
| Fiduciaryloan | 134,854,819 | 186,342,909 |
| Minus:Long-termloansduewithinoneyear | 98,331,009 | 103,011,894 |
| Total | 81,961,226 | 128,112,115 |
AsatJune30,2023,fiduciaryloans(EUR)wereEUR17,119,567(equivalentofRMB134,854,819Yuan)(December31,2022:EUR25,103,788,equivalentofRMB186,342,909Yuan)borrowedbyAtriofromBancoSabadell,Bankia,BancoSantander,BBVAandCajaRuraldeNavarretc.Guaranteedloans(AUD)wereAUD9,500,000(equivalentofRMB45,437,416Yuan)(December31,2022:AUD9,500,000,equivalentofRMB44,781,100Yuan)borrowedbyAustraliaKilikanoonEstatefromANZBankanditisguaranteedbythisCompany.
7.28LeaseLiabilities
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Long-termleaseliabilities | 117,902,746 | 128,514,033 |
| Minus:Leaseliabilitiesduewithinoneyear | 23,433,390 | 19,008,940 |
| Total | 94,469,356 | 109,505,093 |
7.29Long-termaccountspayable
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Long-termaccountspayable | 20,000,000 | 42,000,000 |
| Specialaccountspayable | ||
| Total | 20,000,000 | 42,000,000 |
7.29.1Long-termaccountspayablelistedbynature
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| AgriculturalDevelopmentFundofChina(“CADF”) | 42,000,000 | 64,000,000 |
| Minus:Long-termpayablesduewithinoneyear | 22,000,000 | 22,000,000 |
| Balanceoflong-termpayables | 20,000,000 | 42,000,000 |
In2016,AgriculturalDevelopmentFundinvestedRMB305,000,000YuanintheResearch,Development&ManufactureCompany,accountingfor37.9%oftheregisteredcapital.Accordingtotheinvestmentagreement,itisagreedthatAgriculturalDevelopmentFundwilltakebacktheinvestmentfundintenyearsandobtainfixedincomeaccordingtoyear,whichis1.2%oftheremainingprincipal.Exceptfortheabovefixedincome,theAgricultural
DevelopmentFundshallnotenjoyotherprofitsoftheResearch,Development&ManufactureCompanyorbearthelossesoftheResearch,Development&ManufactureCompany.Accordingly,theinvestmentoftheAgriculturalDevelopmentFundintheResearch,Development&ManufactureCompanyisequityinvestmentnominally,whichisdebtinvestment(financediscountinterestloan)indeed.TheGroupincludedtheinvestmentoftheAgriculturalDevelopmentFundinlong-termaccountspayablemeasuredbyamortizedcost.FromJanuarytoJune2023,theGroupgavebacktheprincipalofRMB22,000,000Yuan.RefertoNote7.53fordetailsofmortgagedandpledgedassets.
7.30Deferredincome
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 |
| Industrialdevelopmentsupportingfunds | 16,400,000 | 2,050,000 | 14,350,000 | Relatedtoassets | ||||
| Xinjiangindustrialrevitalisationandtechnologicaltransformationproject | 9,954,000 | 711,000 | 9,243,000 | Relatedtoassets | ||||
| Subsidyforretainingwall | 5,973,333 | 319,000 | 5,654,333 | Relatedtoassets | ||||
| Specialfundsforcellarmaintenance | 2,079,711 | 2,079,711 | Relatedtoassets | |||||
| Winefermentationcapacityconstruction(Huanren)project | 1,600,000 | 200,000 | 1,400,000 | Relatedtoassets | ||||
| Specialfundsforefficientwater-savingirrigationproject | 991,000 | 81,000 | 910,000 | Relatedtoassets | ||||
| Information-basedsystemconstructionengineeringtechnicaltransformationproject | 580,000 | 290,000 | 290,000 | Relatedtoassets | ||||
| Subsidyforeconomicandenergy-savingtechnologicaltransformationprojects | 513,200 | 64,150 | 449,050 | Relatedtoassets | ||||
| SubsidyformechanicdevelopmentofPenglaiDaliuhangBase | 90,408 | 67,590 | 22,818 | Relatedtoassets | ||||
| SpecialfundforYantaiCityInnovationDrivenDevelopment | 172,406 | 68,219 | 104,187 | Relatedtoincome | ||||
| PrizeforYantaiMayor’sCupIndustrialDesign | 35,000 | 7,500 | 27,500 | Relatedtoincome |
Itemofliabilities
| Itemofliabilities | Beginningbalance | Amountofsubsidynewlyincreasedinthisperiod | Amountincludedinnon-operatingrevenueinthisperiod | Amountincludedinotherincomeinthisperiod | Amountoffsetthecostexpenses | Otherchanges | Endingbalance | Relatedtoassets/income |
| Competition | ||||||||
| Total | 38,389,058 | 3,858,459 | 34,530,599 |
7.31Sharecapital
Unit:Yuan
| Beginningbalance | Increaseordecrease(+,-)inthisperiod | Endingbalance | |||||
| Newlyissuedshares | Allocatedshares | Sharetransferredfromaccumulationfund | Other | Subtotal | |||
| Totalshares | 685,464,000 | 685,464,000 | |||||
7.32Capitalreserves
Unit:Yuan
| Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance |
| Capitalpremium(Sharecapitalpremium) | 519,052,172 | 1,091,508 | 517,960,664 | |
| Othercapitalreserves | 5,916,588 | 671,300 | 6,587,888 | |
| Total | 524,968,760 | 671,300 | 1,091,508 | 524,548,552 |
Thedecreaseincapitalpremiumof1,091,508Yuaninthisperiodisduetotheacquisitionofminorityshareholders’equity;andtheincreaseinothercapitalreservesof671,300Yuaninthisperiodisduetotherecognitionofshare-basedpayments.
7.33Othercomprehensiveincome
Unit:Yuan
| Item | Beginningbalance | Amountincurredinthisperiod | Endingbalance | |||||
| Amountincurredbeforeincometaxinthisperiod | Minus:amountincludedinothercomprehensiveincomebeforeandtransferredtoprofitorlossinthisperiod | Minus:amountincludedinothercomprehensiveincomebeforeandtransferredtoretainedearningsinthisperiod | Minus:incometaxexpenses | Attributabletoparentcompanyaftertax | Attributabletominorityshareholdersaftertax | |||
| 1.Othercomprehensiveincomenottobereclassifiedintoprofitandlosslater | ||||||||
| Including:Changesafterremeasuringandresettingthebenefitplans | ||||||||
| Othercomprehensiveincomenottobereclassifiedintoprofitandlossunderequitymethod | ||||||||
| Changesinthefairvalueofotherinvestmentsinequityinstruments | ||||||||
| Changesinthefairvalueoftheenterprise’sowncredit | ||||||||
Item
| Item | Beginningbalance | Amountincurredinthisperiod | Endingbalance | |||||
| Amountincurredbeforeincometaxinthisperiod | Minus:amountincludedinothercomprehensiveincomebeforeandtransferredtoprofitorlossinthisperiod | Minus:amountincludedinothercomprehensiveincomebeforeandtransferredtoretainedearningsinthisperiod | Minus:incometaxexpenses | Attributabletoparentcompanyaftertax | Attributabletominorityshareholdersaftertax | |||
| risk | ||||||||
| 2.Othercomprehensiveincometobereclassifiedintoprofitandlosslater | -23,760,238 | 13,707,142 | 12,136,065 | 1,571,077 | -11,624,173 | |||
| Including:Othercomprehensiveincometobereclassifiedintoprofitandlossunderequitymethod | ||||||||
| Changesinthefairvalueofotherdebtinvestments | ||||||||
| Amountoffinancialassetsreclassifiedintoothercomprehensiveincome | ||||||||
| Provisionforcreditimpairmentofothercreditinvestments | ||||||||
| Provisionforcash-flowhedge | ||||||||
| DifferenceintranslationofForeignCurrencyFinancialStatement | -23,760,238 | 13,707,142 | 12,136,065 | 1,571,077 | -11,624,173 | |||
| Totalothercomprehensiveincome | -23,760,238 | 13,707,142 | 12,136,065 | 1,571,077 | -11,624,173 | |||
7.34Surplusreserves
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 |
7.35Undistributedprofit
Unit:Yuan
| Item | Endingbalance | Beginningbalance |
| Undistributedprofitattheendofpriorperiodbeforeadjustment | 9,049,649,211 | 8,929,426,600 |
| TotalUndistributedprofitatthebeginningoftheperiodbeforeadjustment(increaselistedwith+,anddecreaselistedwith-) | ||
| Undistributedprofitatthebeginningoftheperiodafteradjustment | 9,049,649,211 | 8,929,426,600 |
| Plus:Netprofitforowneroftheparentcompany | 363,569,436 | 428,681,411 |
| Minus:Drawnlegalsurplus |
Drawnfreesurplus
| Drawnfreesurplus | ||
| Drawncommonriskprovision | ||
| Commondividendpayable | 308,458,800 | 308,458,800 |
| Commondividendtransferredtosharecapital | ||
| Undistributedprofitattheendofperiod | 9,104,759,847 | 9,049,649,211 |
7.36Operatingincomeandoperatingcost
7.36.1Detailsofoperatingincome
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod | ||
| Income | Cost | Income | Cost | |
| Mainbusiness | 1,934,472,124 | 796,260,619 | 1,929,907,550 | 817,568,906 |
| Otherbusiness | 32,266,361 | 9,198,773 | 23,184,585 | 4,286,560 |
| Total | 1,966,738,485 | 805,459,392 | 1,953,092,135 | 821,855,466 |
| Including:Incomefromcontracts | 1,965,668,542 | 804,756,028 | 1,952,022,192 | 821,152,102 |
| Incomefromhouserents | 1,069,943 | 703,364 | 1,069,943 | 703,364 |
7.36.2Situationofincomefromcontracts
Unit:Yuan
| Contractclassification | Amountincurredinthisperiod |
| Typeofmerchandise | |
| -Alcoholicbeverage | 1,934,472,124 |
| -Others | 31,196,418 |
| Classifiedbythetimeofmerchandisetransfer | |
| -Revenuerecognizedatapointintime | 1,965,668,542 |
7.37Taxesandsurcharges
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Consumptiontax | 83,799,789 | 75,570,111 |
| Urbanmaintenanceandconstructiontax | 13,221,014 | 11,339,556 |
| Educationsurcharges | 9,591,885 | 8,217,554 |
| Buildingtax | 17,081,105 | 13,700,072 |
| Landusetax | 5,443,389 | 5,662,279 |
| Vehicleandvesselusetax | 13,298 | 16,152 |
| Stampduty | 2,190,579 | 155,653 |
| Other | 106,007 | 78,241 |
| Total | 131,447,066 | 114,739,618 |
7.38Sellingexpenses
Unit:Yuan
Item
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Salaryandwelfareexpenses | 133,331,239 | 129,577,551 |
| Marketingexpenses | 150,784,963 | 131,324,948 |
| Laborexpenses | 18,891,110 | 18,445,967 |
| Depreciationexpenses | 31,599,626 | 29,955,199 |
| Storageexpenses | 13,287,122 | 13,459,898 |
| Advertisementexpenses | 25,707,453 | 24,366,253 |
| Trademarkusefees | 11,320,305 | 10,512,100 |
| Travelexpenses | 12,462,566 | 9,343,468 |
| Design&productionexpenses | 9,833,969 | 9,037,718 |
| Conferenceexpenses | 4,528,120 | 3,106,738 |
| Water,electricityandgascharges | 4,658,860 | 5,393,494 |
| Other | 36,596,377 | 33,241,085 |
| Total | 453,001,710 | 417,764,419 |
7.39Managementexpenses
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Employeeremunerations | 30,200,207 | 32,561,222 |
| Depreciationexpenses | 50,660,829 | 39,755,608 |
| Contractingexpenses | 2,119,800 | 2,119,800 |
| Repairexpenses | 1,865,967 | 6,115,206 |
| Officeexpenses | 10,169,392 | 10,774,571 |
| Amortizationexpenses | 8,377,335 | 9,457,449 |
| Afforestationfees | 6,950,800 | 6,811,054 |
| Safeproductioncosts | 3,124,162 | 5,358,613 |
| Businessentertainmentexpenses | 1,373,098 | 1,498,647 |
| Publicsecurity&clean-keepingexpenses | 3,539,193 | 3,385,138 |
| Travelexpenses | 1,235,690 | 832,989 |
| Other | 9,078,922 | 8,833,973 |
| Total | 128,695,395 | 127,504,270 |
7.40R&Dexpenses
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| R&Dexpenses | 6,653,626 | 5,509,656 |
| Total | 6,653,626 | 5,509,656 |
7.41Financialexpenses
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Interestexpenditure | 12,325,532 | 11,201,775 |
| Minus:Interestincome | 9,060,578 | 10,191,697 |
Plus:Commissioncharges
| Plus:Commissioncharges | 662,758 | 701,200 |
| Exchangegainorloss | -701,279 | 4,374,160 |
| Total | 3,226,433 | 6,085,438 |
7.42Otherincome
Unit:Yuan
| Sourceofotherincome | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Industrialdevelopmentsupportingfunds | 2,050,000 | 2,050,000 |
| Winefermentationcapacityconstruction(Huanren)project | 200,000 | 200,000 |
| Xinjiangindustrialrevitalizationandtechnologicaltransformationproject | 711,000 | 711,000 |
| Specialsubsidyforsupportinginfrastructure | 530,000 | |
| Other–relatedtoassets | 821,740 | 931,913 |
| Specialfundsforsupportingcorporatedevelopment | 14,840,000 | 8,222,076 |
| Other–relatedtoincome | 10,348,445 | 8,984,256 |
| Total | 28,971,185 | 21,629,245 |
7.43Investmentincome
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Investmentincomefromlong-termequitybyequitymethod | -932,588 | -921,317 |
| Investmentincomefromdisposaloflong-termequity | 16,547,124 | |
| Investmentincomegainedfromtradingfinancialassetsduringtheholdingperiod | ||
| Investmentincomegainedfromdisposaloftradingfinancialassets | ||
| Dividendincomegainedfromotherequityinstrumentsduringtheholdingperiod | ||
| Gainsgeneratedfromtheremainingequityremeasuredasperfairvalueafterthelossofcontrol | ||
| Interestincomegainedfromequityinverstmentduringtheholdingperiod | ||
| Interestincomegainedfromotherequityinverstmentsduringtheholdingperiod | ||
| Investmentincomegainedfromdisposalofotherequityinverstments | ||
| Total | 15,614,536 | -921,317 |
7.44Lossonimpairmentofcredit
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Lossonbaddebtsofaccountsreceivable | -993,494 | 486,076 |
| Total | -993,494 | 486,076 |
7.45Lossonimpairmentofassets
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| 1.Lossonbaddebts |
Item
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| 2.Inventoryfallingpricelossandlossonimpairmentofcontrctexecutioncost | -244,434 | 1,490,900 |
| 3.Lossonimpairmentoflong-termequityinvestment | ||
| 4.Lossonimpairmentofinvestmentrealestate | ||
| 5.Lossonimpairmentoffixedassets | ||
| 6.Lossonimpairmentofengineeringmaterials | ||
| 7.Lossonimpairmentofconstructioninprogress | ||
| 8.Lossonimpairmentofproductivebiologicalassets | ||
| 9.Lossonimpairmentofoilandgasassets | ||
| 10.Lossonimpairmentofintangibleassets | ||
| 11.Lossonimpairmentofgoodwill | ||
| 12.Lossonimpairmentofcontractassets | ||
| 13.Other | ||
| Total | -244,434 | 1,490,900 |
7.46Incomefromassetdisposal
Unit:Yuan
| Sourceofincomefromassetdisposal | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Incomefromdisposaloffixedassets | 341,232 | -8,239,072 |
| Incomefromproductivebiologicalassets | -639,633 | |
| Total | -298,401 | -8,239,072 |
7.47Non-operatingincome
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod | Amountincludedinthecurrentnon-recurringprofits/losses |
| Gainsonexchangeofnon-monetaryassets | |||
| Grainsondonations | |||
| Governmentalsubsidy | |||
| Gainsonscrapofnon-currentassets | 9,800 | ||
| Others | 1,772,522 | 2,438,813 | 1,772,522 |
| Total | 1,772,522 | 2,448,613 | 1,772,522 |
7.48Non-operatingexpenses
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod | Amountincludedinthecurrentnon-recurringprofits/losses |
| Lossonexchangeofnon-monetaryassets | |||
| Donation | 900,000 | 310,000 | 900,000 |
| Lossonscrapofnon-currentassets | 20,717 | 139,401 | 20,717 |
| Fine,penaltyandoverduefinepaidduetoviolationoflawsandadministrativeregulations | 104,298 | 579,688 | 104,298 |
| Others | 1,100,930 | 314,443 | 1,100,930 |
| Total | 2,125,945 | 1,343,532 | 2,125,945 |
7.49Incometaxexpenses
7.49.1Listofincometaxexpenses
Unit:Yuan
Item
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Currentincometaxexpenses | 120,466,280 | 73,145,468 |
| Deferredincometaxexpenses | 9,884,233 | 55,044,281 |
| Total | 130,350,513 | 128,189,749 |
7.49.2Adjustmentprocessofaccountingprofitandincometaxexpenses
Unit:Yuan
| Item | Amountincurredinthisperiod |
| Totalprofit | 480,950,832 |
| Incometaxexpensescalculatedaccordingtothelegal/applicabletaxrate | 120,237,708 |
| Influenceofdifferenttaxratesapplicabletosubsidiary | 403,016 |
| Influenceofincometaxinthetermbeforeadjustment | 2,828,018 |
| Influenceofnontaxableincome | |
| Influenceofnon-deductiblecosts,expensesandlosses | 851,758 |
| Influenceofdeductiblelossfromuseofunconfirmeddeferredincometaxassetsinpriorperiod | -824,102 |
| Influenceofdeductibletemporarydifferenceordeductiblelossofunconfirmeddeferredincometaxassetsinthisperiod | 6,854,115 |
| Incometaxexpense | 130,350,513 |
7.50OthercomprehensiveincomesRefertoNote7.33fordetails.
7.51Itemsofcashflowstatement
7.51.1Othercashreceivedrelatedtooperatingactivities
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Governmentalsubsidyincome | 24,849,782 | 17,118,754 |
| Interestincome | 8,892,658 | 9,195,398 |
| Netamercementincome | 254,866 | 276,749 |
| Others | 13,253,796 | 3,545,416 |
| Total | 47,251,102 | 30,136,317 |
7.51.2Othercashpaidrelatedtooperatingactivities
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Sellingexpenses | 242,901,628 | 232,451,841 |
| Administrativeexpenses | 41,163,720 | 45,725,346 |
| Others | 8,743,269 | 12,916,682 |
| Total | 292,808,617 | 291,093,869 |
7.51.3Othercashreceivedrelatedtoinvestingactivities
Unit:Yuan
Item
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Netcashreceivedfromacquiringsubsidiaries | 657,049 | |
| Total | 657,049 |
7.51.4Othercashpaidrelatedtofinancingactivities
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Cashpaidforleasing | 11,384,300 | 9,765,810 |
| Cashpaidforacquiringminorityshareholders’equity | 14,623,400 | |
| Capitalreductionpaidtominorityshareholders | 12,000,000 | |
| Total | 38,007,700 | 9,765,810 |
7.52Supplementaryinformationtocashflowstatement
7.52.1Supplementaryinformationtocashflowstatement
Unit:Yuan
| Supplementarymaterials | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| 1.Cashflowsfromoperatingactivitiescalculatedbyadjustingthenetprofit: | -- | -- |
| Netprofit | 350,600,319 | 346,994,432 |
| Plus:Provisionforimpairmentofassets | 1,237,928 | -1,976,976 |
| Depreciationoffixedassets,oil-and-gasassetsandproductivebiologicalassets | 164,005,102 | 157,778,809 |
| Depreciationofright-of-useassets | 11,082,444 | 11,051,483 |
| Amortizationofintangibleassets | 8,936,336 | 10,000,383 |
| Amortizationoflong-termdeferredexpenses | 9,079,775 | 9,845,289 |
| Lossesondisposaloffixedassets,intangibleassetsandotherlong-termassets(profitlistedwith“-”) | 298,401 | 8,239,072 |
| Lossesonretirementoffixedassets(profitlistedwith“-”) | 20,717 | 129,601 |
| Lossesonfairvaluechange(profitlistedwith“-”) | ||
| Financialcosts(profitlistedwith“-”) | 10,419,504 | 9,960,206 |
| Investmentlosses(profitlistedwith“-”) | -15,614,536 | 921,317 |
| Decreaseindeferredincometaxassets(increaselistedwith“-”) | 12,217,010 | 55,773,513 |
| Increaseofdeferredincometaxliabilities(decreaselistedwith“-”) | -2,332,777 | -729,232 |
| Decreaseininventories(increaselistedwith“-”) | -22,578,567 | -29,711,487 |
| Decreaseinoperatingreceivables(increaselistedwith“-”) | 217,964,425 | 389,398,124 |
| Increaseinoperatingpayable(decreaselistedwith“-”) | -218,087,595 | -361,400,939 |
| Other | 671,300 | |
| Netcashflowsfromoperatingactivities | 527,919,786 | 606,273,595 |
| 2.Significantinvestmentandfinancingactivitiesnotinvolvingcashdepositandwithdrawal: | ||
| Debttransferredintoassets |
Supplementarymaterials
| Supplementarymaterials | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Convertiblecorporatebondduewithin1year | ||
| Fixedassetsunderfinancinglease | ||
| 3.Netchangesofcashandcashequivalent: | ||
| Endingbalanceofcash | 1,423,080,779 | 1,839,856,934 |
| Minus:Beginningbalanceofcash | 1,612,753,600 | 1,502,327,029 |
| Plus:Endingbalanceofcashequivalent | ||
| Minus:Beginningbalanceofcashequivalent | ||
| Netincreaseamountofcashandcashequivalent | -189,672,821 | 337,529,905 |
7.52.2Netcashpaidforacquiringsubsidiariesinthisperiod
Unit:Yuan
| Amount | |
| Cashandcashequivalentspaidinthisperiodforbusinesscombinationsincurredinthisperiod | 5,537,700 |
| Including: | |
| WeimeisiShanghai | 5,537,700 |
| Minus:Cashandcashequivalentsheldbythesubsidiaryonacquisitiondate | 6,194,749 |
| Including: | |
| WeimeisiShanghai | 6,194,749 |
| Plus:Cashandcashequivalentspaidinthisperiodforbusinesscombinationsincurredinpreviousperiod | |
| Including: | |
| Netcashpaidforacquiringsubsidiaries | -657,049 |
7.52.3Netcashreceivedfromdisposalofsubsidiariesinthisperiod
Unit:Yuan
| Amount | |
| Cashandcashequivalentsreceivedinthisperiodfromdisposalofsubsidiariesinthisperiod | 9,690,000 |
| Including: | |
| XinjiangTianzhu | 9,690,000 |
| Minus:Cashandcashequivalentsheldbythesubsidiaryonthedateoflossofcontrol | 2,451,415 |
| Including: | |
| XinjiangTianzhu | 2,451,415 |
| Plus:Cashandcashequivalentsreceivedinthisperiodfromdisposalofsubsidiariesinpreviousperiod | |
| Including: | |
| Netcashreceivedfromdisposingsubsidiaries | 7,238,585 |
7.52.4Compositionofcashandcashequivalents
Unit:Yuan
Item
| Item | Endingbalance | Beginningbalance |
| 1.Cash | 1,423,080,779 | 1,612,753,600 |
| Including:Cashonhand | 59,243 | 47,954 |
| Bankdepositsavailableforpaymentatanytime | 1,423,021,536 | 1,612,705,646 |
| Othermonetaryfundsavailableforpaymentatanytime | ||
| Depositswithcentralbankavailableforpayment | ||
| 2.Cashequivalents | ||
| Including:Bondinvestmentduewithinthreemonths | ||
| 3.Balanceofcashandcashequivalentsattheendofperiod | 1,423,080,779 | 1,612,753,600 |
7.53Assetswithownershiporuserightrestrictions
Unit:Yuan
| Item | Endingbookvalue | Reasonforrestriction |
| Monetarycapital | 9,788,446 | L/Cdeposit,housingfund,etc. |
| Accountsreceivable | 64,860,399 | Pledgeofshort-termloans |
| Fixedassets | 294,202,438 | Pledgeofshort-termloans,long-termloansandlong-termaccountspayable |
| Intangibleassets | 166,920,626 | Pledgeoflong-termaccountspayable |
| Total | 535,771,909 | -- |
7.54Monetaryitemsofforeigncurrency
7.54.1Monetaryitemsofforeigncurrency
| Item | Endingbalanceatforeigncurrency | Convertedexchangerate | EndingbalanceatRMBequivalent |
| Monetarycapital | -- | -- | 3,246,928 |
| Including:USD | 449,279 | 7.2258 | 3,246,400 |
| EUR | 67 | 7.8771 | 528 |
| HKD |
Accountsreceivable
| Accountsreceivable | -- | -- | 50,452,445 |
| Including:USD | 5,819,882 | 7.2258 | 42,053,303 |
| EUR | 303,383 | 7.8771 | 2,389,778 |
| CAD | 1,107 | 5.4721 | 6,058 |
| GBP | 656,587 | 9.1432 | 6,003,306 |
Short-termborrowing
| Short-termborrowing | -- | -- | 98,451,525 |
| Including:USD | 13,625,000 | 7.2258 | 98,451,525 |
| EUR | |||
| HKD | |||
| -- | -- |
7.54.2TheCompany’soverseassubsidiariesdeterminetheirfunctionalcurrencybasedonthecurrencyinthemaineconomicenvironmentinwhichtheyoperate.ThefunctionalcurrencyofAtrioandFrancsChampsParticipationsSAS(“FarshangHoldings”)isEuro,thefunctional
currencyofChileIndomitaWineGroupisChileanPeso,andthefunctionalcurrencyofAustraliaKilikanoonEstateisAustralianDollar.
8.Changeofscopeofconsolidation
8.1Businesscombinationundernon-commoncontrol
8.1.1Businesscombinationundernon-commoncontrolincurredinthisperiod
Unit:Yuan
Nameofacquiredparty
| Nameofacquiredparty | Dateofobtainingequity | Costofobtainingequity | Proportionofobtainingequity | Methodofobtainingequity | Acquisitiondate | Basisfordeterminingacquisitiondate | Incomeofacquiredpartyfromacquisitiondatetotheendoftheperiod | Netprofitofacquiredpartyfromacquisitiondatetotheendoftheperiod |
| WeimeisiShanghai | February1,2023 | 5,537,000 | 70% | Cash | February1,2023 | Actualcontrol | -3,000 |
8.1.2Combinationcostandgoodwill
Unit:Yuan
| Combinationcost | Amount |
| --Cash | 5,537,700 |
| --Fairvalueofnon-cashassets | |
| --Fairvalueofliabilitiesissuedorundertaken | |
| --Fairvalueofequitysecuritiesissued | |
| --Fairvalueofcontingentconsideration | |
| --Fairvalueofequityheldbeforeacquisitiondateonacquisitiondate | 2,373,285 |
| --Others | |
| Totalcombinationcost | 7,910,985 |
| Minus:Fairvalueshareofidentifiablenetassetsacquired | 7,910,985 |
| Amountofgoodwill/combinationcostlessthanthefairvalueshareofidentifiablenetassetsacquired |
8.1.3Identifiableassetsandliabilitiesofacquiredpartyonacquisitiondate
Unit:Yuan
| Items | Fairvalueonacquisitiondate | Bookvalueonacquisitiondate |
| Assets: | ||
| Monetarycapital | 6,390,637 | 6,390,637 |
| Accountsreceivables | 44,357 | 44,357 |
| Inventories | 1,356,577 | 1,356,577 |
| Fixedassets | ||
| Intangibleassets | ||
| Othercurrentassets | 124,023 | |
| Liabilities: | ||
| Borrowings | ||
| Accountspayable | 4,609 | 4,609 |
Items
| Items | Fairvalueonacquisitiondate | Bookvalueonacquisitiondate |
| Deferredincometaxliabilities |
Netassets
| Netassets | 7,910,985 | 7,910,985 |
| Minus:Minorityshareholders’equity | ||
| Netassetsacquired | 7,910,985 | 7,910,985 |
8.1.4Gainsorlossesarisingfromremeasuringequityheldbeforeacquisitiondateatfairvalue
Unit:Yuan
| Nameofacquiredparty | Bookvalueofequityoriginallyheldbeforeacquisitiondateonacquisitiondate | Fairvalueofequityoriginallyheldbeforeacquisitiondateonacquisitiondate | Gainsorlossesarisingfromremeasuringequityoriginallyheldbeforeacquisitiondateatfairvalue | Determinationmethodandmainassumptionsoffairvalueofequityoriginallyheldbeforeacquisitiondateonacquisitiondate | Amounttransferredfromothercomprehensiveincomesrelatedtoequityoriginallyheldbeforeacquisitiondatetoinvestmentincome |
| WeimeisiShanghai | 2,373,285 | 2,373,285 |
8.2Disposalofsubsidiaries
Unit:Yuan
| Nameofsubsidiary | Priceofequitydisposal | Proportionofequitydisposal | Methodofequitydisposal | Dateoflossofcontrol | Basisfordeterminingdateoflossofcontrol | Differencebetweendisposalpriceandconsolidatedfinancialstatementlevelshareofthesubsidiary’snetassetscorrespondingtodisposalinvestment | Proportionofremainingequityonthedateoflossofcontrol | Bookvalueofremainingequityonthedateoflossofcontrol | Fairvalueofremainingequityonthedateoflossofcontrol | Gainsorlossesarisingfromremeasuringremainingequityatfairvalue | Determinationmethodandmainassumptionsoffairvalueofremainingequityonthedateoflossofcontrol | Amounttransferredfromothercomprehensiveincomesrelatedtoinvestmentoforiginalsubsidiaryequitytoinvestmentprofitsandloss |
| XinjiangTianzhu | 12,090,000 | 100% | Transfer | June30,2023 | Transferofcontrol | 16,547,124 |
9.Equityinotherentities
9.1Equityinsubsidiaries
9.1.1Constitutionofenterprisegroup
| Nameofsubsidiary | Principalbusinesslocation | Registrationplace | Businessnature | Proportionofshareholding | Acquisitionmode | |
| Direct | Indirect | |||||
Nameofsubsidiary
| Nameofsubsidiary | Principalbusinesslocation | Registrationplace | Businessnature | Proportionofshareholding | Acquisitionmode | |
| Direct | Indirect | |||||
| 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 | 97.5% | 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 | |
| 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.(“Hangzhou | Hangzhou,Zhejiang,China | Hangzhou,Zhejiang, | Sales | 100% | Acquiredbyestablishmentorinvestment | |
Nameofsubsidiary
| Nameofsubsidiary | Principalbusinesslocation | Registrationplace | Businessnature | Proportionofshareholding | Acquisitionmode | |
| Direct | Indirect | |||||
| Changyu”) | China | |||||
| 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 | 100% | 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 |
| XinjiangChateauChangyuBaronBalboaCo.,Ltd.(“ChateauShihezi”) | Shihezi,Xinjiang,China | Shihezi,Xinjiang,China | Manufacturing | 100% | Acquiredbyestablishmentorinvestment | |
| NingxiaChateauChangyuLongyuCo.,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 | 92.25% | 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 | |
| FrancsChampsParticipations | Cognac,France | Cognac, | Investment | 100% | Acquiredbyestablishment | |
Nameofsubsidiary
| Nameofsubsidiary | Principalbusinesslocation | Registrationplace | Businessnature | Proportionofshareholding | Acquisitionmode | |
| Direct | Indirect | |||||
| SAS(“FrancsChamps”) | France | andtrading | orinvestment | |||
| 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 | |
| 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 | |
| ShanghaiChangyuYixinDigitalTechnologyCo.,Ltd.(“ShanghaiYixin”) | HongkouDistrict,Shanghai,China | HongkouDistrict,Shanghai,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 | |
| Weimeisi(Shanghai)EnterpriseDevelopmentCo.,Ltd.(“WeimeisiShanghai”) | HongkouDistrict,Shanghai,China | HongkouDistrict,Shanghai,China | Sales | 100% | Businesscombinationundernon-commoncontrol | |
Explanationfordifferencebetweentheproportionofshareholdingandproportionofvotingpowerinthesubsidiaries:
(a)ChateauChangyuisaSino-foreignjointventureestablishedbytheGroupandaforeigninvestor,accountingfor70%ofChangyuChateau’sequityinterest.Throughagreementarrangement,theGrouphasthefullpowertocontrolChangyuChateau’sstrategicoperating,investingandfinancingpolicies.(b)AFIPisalimitedliabilitycompanyjointlyestablishedbytheGroupandYantaiDe’anandBeijingQinglang.InJune2019,YantaiDeantransferred1.31%ofitsequitytoYantaiChangyu.Aftertheequitychange,theGroupholds91.53%ofitsequity.Throughagreementarrangement,theGrouphasthefullpowertocontrolAFIP’sstrategicoperating,investingandfinancingpolicies.TheagreementarrangementwillbeterminatedonSeptember2,2024.(c)TheResearch,Development&ManufactureCompanyisajointventureestablishedbytheGroupandAgriculturalDevelopmentFund,whose92.25%oftheshareswereheldbytheGrouponJune30,2023.AsstatedinNote7.29,theGroupexercisesfullcontrolovertheoperation,investmentandfinancingpoliciesoftheResearch,Development&ManufactureCompanybycontractarrangement.ThecontractarrangementwillexpireonMay22,2026.UptoJune30,2023,theremaininginvestmentoftheAgriculturalDevelopmentFundaccountedfor7.75%oftheregisteredcapital.
9.1.2Importantnon-wholly-ownedsubsidiaries
Unit:Yuan
Nameofsubsidiary
| Nameofsubsidiary | Shareholdingproportionofminorityshareholders | Profit/lossattributabletominorityshareholdersinthisperiod | Othercomprehensiveincomeattributabletominorityshareholdersinthisperiod | Dividenddeclaredtobedistributedtominorityshareholdersinthisperiod | Balanceofminorityshareholder’sinterestattheendofperiod |
| AFIP | 8.47% | 56,409,393 | |||
| IndomitaWine | 15% | -884,056 | 1,018,109 | 57,398,559 |
Explanationfordifferencebetweentheproportionofshareholdingandproportionofvotingpoweroftheminorityshareholdersinthesubsidiaries:SeedetailsinNote8.1.1.
9.1.3Mainfinancialinformationofimportantnon-wholly-ownedsubsidiaries
Unit:Yuan
Nameofsubsidiary
| Nameofsubsidiary | Endingbalance | Beginningbalance | ||||||||||
| Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | |
| AFIP | 278,777,134 | 392,916,676 | 671,693,810 | 36,970,412 | 3,089,342 | 40,059,754 | 251,902,602 | 399,165,555 | 651,068,157 | 22,424,425 | 3,020,582 | 25,445,007 |
| IndomitaWine | 231,117,642 | 324,071,744 | 555,189,386 | 153,663,101 | 11,311,586 | 164,974,687 | 221,192,234 | 320,233,623 | 541,425,857 | 140,793,252 | 11,311,586 | 152,104,838 |
Unit:Yuan
| Nameofsubsidiary | Amountincurredinthisperiod | Amountincurredinpriorperiod | ||||||
| Operatingincome | Netprofit | Totalcomprehensiveincome | Operatingcashflow | Operatingincome | Netprofit | Totalcomprehensiveincome | Operatingcashflow | |
| AFIP | 116,672,301 | 6,010,906 | 6,010,906 | 7,318,097 | 88,990,033 | -365,257 | -365,257 | 1,740,771 |
| IndomitaWine | 76,726,600 | -5,893,708 | 893,680 | 13,656,192 | 100,634,284 | 4,315,754 | -1,029,729 | 9,000,393 |
9.2Transactionswhereshareofowners’equityinasubsidiarychangesandthesubsidiaryisstillcontrolled
9.2.1Explanationofchangesinshareofowners’equityinasubsidiaryThisCompanyhasacquired49%oftheminorityshareholders’equityinthesubsidiaryIcewineValleyinthisperiod,withatransferpriceof32,746,777Yuan.Afterthecompletionofacquisition,thisCompanyholdsa100%equityinIcewineValley.
9.2.2Impactoftransactionsonminorityshareholders’equityandowners’equityattributabletotheparentcompany
Items
| Items | IcewineValley |
| Acquirementcost/disposalconsideration | |
| --Cash | 32,746,777 |
| --Fairvalueofnon-cashassets |
Totalacquirementcost/disposalconsideration
| Totalacquirementcost/disposalconsideration | 32,746,777 |
| Minus:Netassetshareofsubsidiariescalculatedbasedontheproportionofequityacquirement/disposal | 31,655,269 |
| Difference | |
| Including:Adjustmentofcapitalreserves | 1,091,508 |
| Adjustmentofsurplusreserves | |
| Adjustmentofundistributedprofits |
9.3EquityinjointventuresorassociatesSummaryfinancialinformationofunimportantjointventuresandassociates
Unit:Yuan
| Endingbalance/amountincurredinthisperiod | Beginningbalance/amountincurredinpriorperiod | |
| Jointventures | -- | -- |
| Totalbookvalueofinvestment | 36,846,195 | 37,970,535 |
| Totalofthefollowingitemscalculatedaccordingtotheshareholdingratio | ||
| --Netprofit | -1,124,340 | -798,152 |
| --Othercomprehensiveincome | ||
| --Totalcomprehensiveincome | -1,124,340 | -798,152 |
| Associates: | ||
| Totalbookvalueofinvestment | 1,219,317 | 3,400,850 |
| Totalofthefollowingitemscalculatedaccordingtotheshareholdingratio |
Endingbalance/amountincurredinthis
period
| Endingbalance/amountincurredinthisperiod | Beginningbalance/amountincurredinpriorperiod | |
| --Netprofit | 191,752 | -123,165 |
| --Othercomprehensiveincome | ||
| --Totalcomprehensiveincome | 191,752 | -123,165 |
10.RisksrelatedtofinancialinstrumentsTheGrouphasexposuretothefollowingmainrisksfromitsuseoffinancialinstrumentsinthenormalcourseoftheGroup’soperations:
-Creditrisk-Liquidityrisk-Interestraterisk-ForeigncurrencyriskThefollowingmainlypresentsinformationabouttheGroup’sexposuretoeachoftheaboverisksandtheirsources,theirchangesduringtheyear,andtheGroup’sobjectives,policiesandprocessesformeasuringandmanagingrisks,andtheirchangesduringtheyear.TheGroupaimstoseekappropriatebalancebetweentherisksandbenefitsfromitsuseoffinancialinstrumentsandtomitigatetheadverseeffectsthattherisksoffinancialinstrumentshaveontheGroup’sfinancialperformance.Basedonsuchobjectives,theGroup’sriskmanagementpoliciesareestablishedtoidentifyandanalysetherisksfacedbytheGroup,tosetappropriaterisklimitsandcontrols,andtomonitorrisksandadherencetolimits.RiskmanagementpoliciesandsystemsarereviewedregularlytoreflectchangesinmarketconditionsandtheGroup’sactivities.
10.1CreditriskCreditriskistheriskthatonepartytoafinancialinstrumentwillcauseafinanciallossfortheotherpartybyfailingtodischargeanobligation.TheGroup’screditriskisprimarilyattributabletocashatbank,receivables,debtinvestmentsandderivativefinancialinstrumentsenteredintoforhedgingpurposes.Exposuretothesecreditrisksaremonitoredbymanagementonanongoingbasis.ThecashatbankoftheGroupismainlyheldwithwell-knownfinancialinstitutions.ManagementdoesnotforeseeanysignificantcreditrisksfromthesedepositsanddoesnotexpectthatthesefinancialinstitutionsmaydefaultandcauselossestotheGroup.AsatJune30,2023,theGroup’smaximumexposuretocreditriskwhichwillcauseafinanciallosstotheGroupduetofailuretodischargeanobligationbythecounterparties.
Inordertominimisethecreditrisk,theGrouphasadoptedapolicytoensurethatallsalescustomershavegoodcreditrecords.AccordingtothepolicyoftheGroup,creditreviewisrequiredforclientswhorequirecredittransactions.Inaddition,theGroupcontinuouslymonitorsthebalanceofaccountreceivabletoensurethere’snoexposuretosignificantbaddebtrisks.Fortransactionsthatarenotdenominatedinthefunctionalcurrencyoftherelevantoperatingunit,theGroupdoesnotoffercredittermswithoutthespecificapprovaloftheDepartmentofCreditControlintheGroup.Inaddition,theGroupreviewstherecoverableamountofeachindividualtradedebtateachbalancesheetdatetoensurethatadequateimpairmentlossesaremadeforirrecoverableamounts.Inthisregard,themanagementoftheGroupconsidersthattheGroup'screditriskissignificantlyreduced.SincetheGrouptradesonlywithrecognisedandcreditworthythirdparties,thereisnorequirementforcollateral.Concentrationsofcreditriskaremanagedbycustomer/counterparty,bygeographicalregionandbyindustrysector.AsatJune30,2023,
26.5%oftheGrouptradereceivablesareduefromtopfivecustomers(December31,2022:
48.8%).ThereisnocollateralorothercreditenhancementonthebalanceofthetradereceivablesoftheGroup.
10.2LiquidityriskLiquidityriskistheriskthatanenterprisewillencounterdifficultyinmeetingobligationsthataresettledbydeliveringcashoranotherfinancialasset.TheGroupanditsindividualsubsidiariesareresponsiblefortheirowncashmanagement,includingshort-terminvestmentofcashsurplusesandtheraisingofloanstocoverexpectedcashdemands(subjecttoapprovalbytheGroup’sboardwhentheborrowingsexceedcertainpredeterminedlevels).TheGroup’spolicyistoregularlymonitoritsliquidityrequirementsanditscompliancewithlendingcovenants,toensurethatitmaintainssufficientreservesofcash,readilyrealisablemarketablesecuritiesandadequatecommittedlinesoffundingfrommajorfinancialinstitutionstomeetitsliquidityrequirementsintheshortandlongerterm.
10.3InterestrateriskInterest-bearingfinancialinstrumentsatvariableratesandatfixedratesexposetheGrouptocashflowinterestrateriskandfairvalueinterestrisk,respectively.TheGroupdeterminestheappropriateweightingsofthefixedandfloatingrateinterest-bearinginstrumentsbasedonthecurrentmarketconditionsandperformsregularreviewsandmonitoringtoachieveanappropriatemixoffixedandfloatingrateexposure.
(1)AsatJune30,2023,theGroupheldthefollowinginterest-bearingfinancialinstruments:
Fixedrateinstruments:
Unit:Yuan
Item
| Item | June30,2023 | December31,2022 | ||
| Effectiveinterestrate | Amounts | Effectiveinterestrate | Amounts | |
Financialassets
| Financialassets | ||||
| -Monetarycapital | 1.7%-2.15% | 228,200,000 | 2%-2.25% | 53,200,000 |
| Financialliabilities | ? | |||
| -Short-termloans | 0.65%-6.76% | -230,357,784 | 0.65%-6.76% | -155,774,939 |
| -Long-termloans(includingtheportionduewithinoneyear) | 1.50%-3.65% | -8,249,803 | 1.50%-3.65% | -183,331,680 |
| -Long-termpayable(includingtheportionduewithinoneyear) | 1.20% | -42,000,000 | 1.20% | -64,000,000 |
| -Leaseliabilities(includingtheportionduewithinoneyear) | 4.65% | -117,902,746 | 4.65% | -128,514,033 |
| Total | -170,310,333 | -478,420,652 |
Variablerateinstruments:
Unit:Yuan
| Item | June30,2023 | December31,2022 | ||
| Effectiveinterestrate | Amounts | Effectiveinterestrate | Amounts | |
| Financialassets | ||||
| -Monetarycapital | 0.3%-1.8225% | 1,433,369,550 | 0.25%-1.61% | 1,598,206,161 |
| Financialliabilities | ||||
| -Short-termloans | 1-yearLPR-05 | -100,000,000 | 1-yearLPR-05 | -200,000,000 |
| -Short-termloans | 1.81%-2.54% | -16,000,832 | 1.81%-2.54% | -33,603,542 |
| -Long-termloans(includingthoseduewithinoneyear) | 2.85%-3.35%? | -126,602,735 | 2.85%-3.35%? | -3,011,228 |
| -Long-termloans(includingthoseduewithinoneyear) | BBSY+1.10% | -45,439,697 | BBSY+1.10% | -44,781,100 |
| Total | 1,145,326,286 | 1,316,810,291 | ||
(2)SensitivityanalysisManagementoftheGroupbelievesinterestrateriskonbankdepositisnotsignificant,thereforedoesnotdisclosesensitivityanalysisforinterestraterisk.AsatJune30,2023,basedonassumptionsabove,itisestimatedthatageneralincreaseof50basispointsininterestrates,withallothervariablesheldconstant,woulddecreasetheGroup’sequitybyRMB540,081Yuan(2022:RMB1,055,235Yuan),andnetprofitbyRMB540,081Yuan(2022:RMB1,055,235Yuan).Thesensitivityanalysisaboveindicatestheinstantaneouschangeinthenetprofitandequitythatwouldariseassumingthatthechangeininterestrateshadoccurredatthebalancesheetdateandhadbeenappliedtore-measurethosefinancialinstrumentsheldbytheGroupwhichexposetheGrouptofairvalueinterestrateriskatthebalancesheetdate.Inrespectoftheexposuretocashflowinterestrateriskarisingfromfloatingratenon-derivativeinstrumentsheldbytheGroupatthebalancesheetdate,theimpactonthenetprofitandequityisestimatedasanannualisedimpactoninterestexpenseorincomeofsuchachangeininterestrates.
10.4Foreigncurrencyrisk
Inrespectofcashatbankandonhand,accountsreceivableandpayable,short-termloansdenominatedinforeigncurrenciesotherthanthefunctionalcurrency,theGroupensuresthatitsnetexposureiskepttoanacceptablelevelbybuyingorsellingforeigncurrenciesatspotrateswhennecessarytoaddressshort-termimbalances.
(1)AsatJune30,2023,theGroup’sexposuretocurrencyriskarisingfromrecognisedassetsor
liabilitiesdenominatedinforeigncurrenciesispresentedinthefollowingtables.Forpresentationpurposes,theamountsoftheexposureareshowninRenminbi,translatedusingthespotrateatthebalancesheetdate.Differencesresultingfromthetranslationofthefinancialstatementsdenominatedinforeigncurrencyareexcluded.
Unit:Yuan
Item
| Item | June30,2023 | December31,2022 | ||
| Balanceatforeigncurrency | BalanceatRMBequivalent | Balanceatforeigncurrency | BalanceatRMBequivalent | |
| Monetarycapital | 3,246,928 | 76,748 | ||
| -USD | 449,279 | 3,246,400 | 10,922 | 76,068 |
| -EUR | 67 | 528 | 67 | 494 |
| -HKD | 208 | 186 | ||
| Short-termborrowings | 98,451,525 | 95,792,132 | ||
| -USD | 13,625,000 | 98,451,525 | 13,750,000 | 95,792,132 |
(2)SensitivityanalysisAssumingallotherriskvariablesremainedconstant,a5%strengtheningoftheRenminbiagainsttheUSdollarandEuroatJune30,2023wouldhaveimpactontheGroup’sequityandnetprofitbytheamountshownbelow,whoseeffectisinRenminbiandtranslatedusingthespotrateattheyear-enddate:
Unit:Yuan
| Item | Equity | Netprofit |
| June30,2023 | ||
| USD | 4,760,256 | 4,760,256 |
| EUR | -26 | -26 |
| Total | 4,760,230 | 4,760,230 |
| December31,2022 | ||
| USD | 3,589,352 | 3,589,352 |
| EUR | -19 | -19 |
| HKD | -7 | -7 |
| Total | 3,589,326 | 3,589,326 |
A5%weakeningoftheRenminbiagainsttheUSdollarandEurodollaratJune30,2023wouldhavehadtheequalbutoppositeeffecttotheamountsshownabove,onthebasisthatallothervariablesremainedconstant.
11.FairvaluedisclosureAllfinancialassetsandfinancialliabilitiesheldbytheGrouparecarriedatamountsnotmateriallydifferentfromtheirfairvalueatJune30,2023.
12.Relatedpartiesandrelatedtransactions
12.1ParticularsoftheparentcompanyoftheCompany
Nameofparentcompany
| Nameofparentcompany | Registrationplace | Businessnature | Registeredcapital | ProportionofshareholdingoftheparentcompanyintheCompany | ProportionofvotingpowersoftheparentcompanyintheCompany |
| ChangyuGroup | YantaiCity | Manufacturingindustry | 50,000,000 | 50.40% | 50.40% |
FromJanuarytoJune2023,therewasnofluctuationintheregisteredcapitaloftheparentcompanyanditsshareinequityinterestandvotingright.
12.2ParticularsofthesubsidiariesoftheCompanySeeparticularsofthesubsidiariesoftheCompanyinNote8.
12.3InformationaboutjointventuresandassociatesoftheCompanyOtherjointventuresandassociatesthathaverelatedpartytransactionswiththeGroupduringthisperiodorthatformedbalancewhenhavingrelatedpartytransactionswiththeGroupduringthepriorperiodareasfollows:
| Nameofentity | RelationshipwiththeCompany |
| L&MHoldings | JointventureoftheGroup |
| ChengduYufeng | AssociatesoftheGroup |
| GuolongWineIndustry | AssociatesoftheGroup |
12.4Particularsofotherrelatedparties
| Nameofotherrelatedparties | RelationshipbetweenotherrelatedpartiesandtheCompany |
| YantaiGodHorsePackingCo.,Ltd.(“GodHorsePacking”) | Acompanycontrolledbythesameparentcompany |
| YantaiZhongyaMedicalHealthWineCo.,Ltd.(“ZhongyaMedical”) | EnterprisesignificantlyinfluencedbykeymanagementpersonnelofthisCompany |
| Mirefleurs | Subsidiariesofthejointventure |
| CHATEAUDELIVERSAN(“LIVERSAN”） | Subsidiariesofthejointventure |
12.5Relatedtransactions
12.5.1RelatedtransactionsofpurchasingandsellinggoodsandprovidingandreceivingservicesListofpurchasinggoods/receivingservices
Unit:Yuan
Relatedparties
| Relatedparties | Relatedtransactions | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| GodHorsePacking | Purchasinggoods | 40,209,713 | 40,568,193 |
| ZhongyaMedical | Purchasinggoods | 13,162 | 17,879 |
Listofsellinggoods/providingservices
Unit:Yuan
| Relatedparties | Relatedtransactions | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| ZhongyaMedical | Sellinggoods | 1,929,485 | 3,027,005 |
| GodHorsePacking | Sellinggoods | 7,414 | 31,576 |
| ChengduYufeng | Sellinggoods | 190,498 | 850,304 |
| WeimeisiShanghai | Sellinggoods | 305,328 | |
| GuolongWineIndustry | Sellinggoods | 3,687,055 |
ThepriceoftransactionsbetweentheGroupandtherelatedpartiesarebasedonthenegotiatedprice.
12.5.2Relatedtrusteeship/contractingandmandatoryadministration/outsourcingNil
12.5.3Leasingwithrelatedparties
TheGroupasalessor:
Unit:Yuan
| Nameofthelessee | Typeofleasedassets | Rentalincomerecognizedinthisperiod | Rentalincomerecognizedinpriorperiod |
| GodHorsePacking | Officebuildingandplant | 774,705 | 774,705 |
| ZhongyaMedical | Officebuilding | 295,238 | 295,238 |
TheGroupasalessee:
Unit:Yuan
| Nameofthelessor | Typeofleasedassets | Rentalexpensesforshort-termleasesandleasesoflow-valueassetsofsimplifiedtreatment(if | Variableleasepaymentsnotincludedinthemeasurementofleaseliabilities(if | Rentpaid | Interestexpensesonleaseliabilitiesassumed | Right-of-useassetsincreased |
applicable)
| applicable) | applicable) | ||||||||||
| Amountincurredinthisperiod | Amountincurredinpriorperiod | Amountincurredinthisperiod | Amountincurredinpriorperiod | Amountincurredinthisperiod | Amountincurredinpriorperiod | Amountincurredinthisperiod | Amountincurredinpriorperiod | Amountincurredinthisperiod | Amountincurredinpriorperiod | ||
| ChangyuGroup | Officebuilding,plant,commercialbuilding | 7,480,362 | 5,980,362 | 1,103,983 | 935,678 | ||||||
12.5.4RelatedguaranteeNil
12.5.5Inter-bankborrowingandlendingofrelatedpartiesNil
12.5.6AssettransferanddebtrecombinationofrelatedpartiesNil
12.5.7Otherrelatedtransactions
Unit:Yuan
| Relatedparty | Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| ChangyuGroup | Trademarkusefee | 11,320,305 | 10,512,100 |
ThepriceoftransactionsbetweentheGroupandtherelatedpartiesarebasedonthenegotiatedprice.
12.6Accountsreceivableandpayableoftherelatedparties
12.6.1Accountsreceivable
Unit:Yuan
| Item | Relatedparties | Endingbalance | Beginningbalance | ||
| Bookbalance | Provisionforbaddebts | Bookbalance | Provisionforbaddebts | ||
| Accountsreceivable | ZhongyaMedical | 2,247,331 | 4,045 | 2,627,473 | 8,091 |
| Accountsreceivable | YantaiGuolong | 200,000 | 616 | ||
| Othercurrentassets | ChangyuGroup | 108,931,118 | 120,930,641 | ||
12.6.2Accountspayable
Unit:Yuan
Item
| Item | Relatedparties | Endingbookbalance | Beginningbookbalance |
| Accountspayable | GodHorsePacking | 16,008,923 | 36,600,233 |
| Accountspayable | ZhongyaMedical | 813,204 | 5,365,862 |
| Accountspayable | ChangyuGroup | 19,434,600 | 19,434,600 |
| Accountspayable | ChengduYufeng | 143,659 | |
| Liabilitiesofcontracts | ChengduYufeng | 19 | |
| Liabilitiesofcontracts | ZhongyaMedical | 240 | |
| Otherpayable | GodHorsePacking | 471,869 |
13.Share-basedpayment
13.1Overallsituationofshare-basedpayment
Unit:Yuan
| TotalamountofvariousequityinstrumentsgrantedbytheCompanyinthisperiod | 6,785,600 |
| TotalamountofvariousequityinstrumentsexercisedbytheCompanyinthisperiod | |
| TotalamountofvariousequityinstrumentsinvalidatedbytheCompanyinthisperiod | |
| RangeofexercisepricesforequityissuedbytheCompanyattheendoftheperiodandtheremainingtermofcontract | |
| RangeofexercisepricesforotherequityinstrumentsissuedbytheCompanyattheendoftheperiodandtheremainingtermofcontract | 6,785,600sharesofrestrictedstockwereissued,withagrantdateofJune26,2022,andtheexercisepriceoftherestrictedstockwas15.24Yuanpershare.Asoftheendofthisperiod,therewere2,035,700shareswitharemainingmaturityof12months,2,035,700shareswitharemainingmaturityof24months,and2,714,200shareswitharemainingmaturityof36months. |
13.2Equity-settledshare-basedpayments
Unit:Yuan
| Methodfordeterminingthefairvalueofequityinstrumentsongrantdate | Restrictedstock:stockpriceongrantdateminusgrantprice |
| Basisfordeterminingthenumberofexercisableequityinstruments | Management’sbestestimate |
| Reasonsforsignificantdifferencesbetweenthecurrentestimateandthepreviousestimate | |
| Accumulatedamountofequity-settledshare-basedpaymentsincludedincapitalreserve | 671,300 |
| Totalamountofexpensesrecognizedasequity-settledshare-basedpaymentsinthisperiod | 671,300 |
14.Commitmentandcontingency
14.1Significantcommitment
Unit:Yuan
Item
| Item | Endingbalance | Beginningbalance |
| Makinglong-termassetcommitments | 30,598,000 | 45,698,000 |
14.2ContingencyAsofthebalancesheetdate,theGroupdidn’thaveanycontingencytobedisclosed.
15.Mattersafterbalancesheet
15.1Importantnon-adjustingeventsAccordingtotheauthorizationof2022annualshareholders’meeting,theCompanyhelditsfirstinterimmeetingofdirectorsandfirstinterimmeetingofsupervisorsonJune26,2023,andreviewedandapprovedtheProposalonMattersRelatedtoAdjustmentof2023RestrictedStockIncentivePlanandtheProposalonGrantingRestrictedStocktotheIncentiveObjectsof2023RestrictedStockIncentivePlan,granting6,785,600sharesofrestrictedcommonstockto203incentiveobjects.AsofJuly20,2023,thetotalamountoffundsraisedbytheincentiveobjectswasRMB103,411,919Yuan,andtheCompany’stargetedissuanceofA-sharecommonstockstotheincentiveobjectshasbeenlisted.
16.OtherimportantmattersNil
17.Notesonmajoritemsinfinancialstatementsoftheparentcompany
17.1Accountsreceivable
17.1.1Accountsreceivablesclassifieddisclosure
Unit:Yuan
| Nature | Endingbalance | Beginningbalance | ||||||||
| Bookbalance | Bad-debtprovision | Bookvalue | Bookbalance | Bad-debtprovision | Bookvalue | |||||
| Amount | Proportion | Amount | Proportionofaccrual | Amount | Proportion | Amount | Proportionofaccrual | |||
| Accountsreceivablewithbad-debtprovisionaccruedonasingleitembasis | ||||||||||
| Accountsreceivablewithbad-debtprovision | 2,033,697 | 100% | 3,661 | 0.18% | 2,030,036 | 2,301,505 | 100% | 0% | 2,301,505 | |
Nature
| Nature | Endingbalance | Beginningbalance | ||||||||
| Bookbalance | Bad-debtprovision | Bookvalue | Bookbalance | Bad-debtprovision | Bookvalue | |||||
| Amount | Proportion | Amount | Proportionofaccrual | Amount | Proportion | Amount | Proportionofaccrual | |||
| accruedonacombinedbasis | ||||||||||
| Total | 2,033,697 | 100% | 3,661 | 0.18% | 2,030,036 | 2,301,505 | 100% | 0% | 2,301,505 | |
Disclosedbyage
Unit:Yuan
| Age | Endingbalance |
| Within1year(including1year) | 2,033,697 |
| 1-2years | |
| 2-3years | |
| Morethan3years | |
| Total | 2,033,697 |
17.1.2Provisionforbaddebtsaccrued,withdrawnortransferredbackinthisperiodParticularsofprovisionforbaddebtsaccruedinthisperiod:
Unit:Yuan
| Category | Beginningbalance | Changeamountinthisperiod | Endingbalance | ||
| Accrued | withdrawnortransferredback | Cancelledafterverification | |||
| Bad-debtprovisionaccruedonacombinedbasis | 3,661 | 3,661 | |||
| Total | 3,661 | 3,661 | |||
17.1.3AccountsreceivableactuallycancelledafterverificationinthisperiodNil
17.1.4Accountsreceivablecollectedbytheborroweroftop5unitsrankedbytheendingbalance
Unit:Yuan
| Unit | Endingbalanceofaccountsreceivable | Proportioninthetotalendingbalanceofaccountsreceivable | Endingbalanceofbad-debtsprovision |
| ZhongyaMedical | 2,033,697 | 100% | 3,661 |
| Total | 2,033,697 | 100% |
17.1.5AccountsreceivablederecognizedduetotransferoffinancialassetsNil
17.1.6AccountsreceivabletransferredandincludedinassetsandliabilitiesNil
17.2Otherreceivables
Unit:Yuan
Item
| Item | Endingbalance | Beginningbalance |
| Interestreceivable | ||
| Diveidensreceivable | 103,544,695 | 250,000,000 |
| Otherreceivables | 401,380,464 | 470,176,320 |
| Total | 504,925,159 | 720,176,320 |
17.2.1Diveidensreceivable
Unit:Yuan
| Item(ortheinvestedunit) | Endingbalance | Beginningbalance |
| Dividendsreceivablefromsubsidiaries | 103,544,695 | 250,000,000 |
| Total | 103,544,695 | 250,000,000 |
17.2.2Otherreceivables
17.2.2.1Particularsofotherreceivablesclassifiedbynature
Unit:Yuan
| Nature | Endingbookbalance | Beginningbookbalance |
| Accountsreceivablefromsubsidiaries | 399,716,851 | 470,128,362 |
| Others | 1,663,613 | 47,958 |
| Total | 401,380,464 | 470,176,320 |
17.2.2.2Disclosedbyage
Unit:Yuan
| Age | Endingbalance |
| Within1year(including1year) | 401,275,991 |
| 1-2years | |
| 2-3years | 104,473 |
| Morethan3years |
Total
| Total | 401,380,464 |
17.2.2.3Provisionforbaddebtsaccrued,withdrawnortransferredbackinthisperiodTheprovisionforbaddebtsaccruedinthisperiodwasRMB0Yuan;andtheprovisionforbaddebtswithdrawnortransferredbackinthisperiodwasRMB0Yuan
17.2.2.4OtheraccountsreceivableactuallycancelledafterverificationinthisperiodNil
17.2.2.5Otheraccountsreceivablecollectedbytheborroweroftop5unitsrankedbytheendingbalance
Unit:Yuan
| Unit | Natureoffund | Endingbalance | Age | Percentageinthetotalendingbalanceofotheraccountsreceivable | Endingbalanceofprovisionforbaddebts |
| Salescompany | Accountsreceivablefromsubsidiaries | 290,435,378 | Within1year | 72.40% | |
| AtrioGroup | Accountsreceivablefromsubsidiaries | 80,588,948 | Within1year | 20.10% | |
| Digitalmarketing | Accountsreceivablefromsubsidiaries | 15,811,981 | Within1year | 3.90% | |
| KilikanoonEstate | Accountsreceivablefromsubsidiaries | 7,455,390 | Within1year | 1.90% | |
| Castel | Accountsreceivablefromsubsidiaries | 790,482 | Within1year | 0.20% | |
| Total | 395,082,179 | 98.50% |
17.2.2.6AccountsreceivablerelatedtogovernmentalsubsidyNil
17.2.2.7OtheraccountsreceivablederecognizedduetotransferoffinancialassetsNil
17.2.2.8OtheraccountsreceivabletransferredandincludedinassetsandliabilitiesNil
17.3Long-termequityinvestment
Unit:Yuan
| Item | Endingbalance | Beginningbalance | ||||
| Bookbalance | Impairmentreserve | Bookvalue | Bookbalance | Impairmentreserve | Bookvalue | |
Item
| Item | Endingbalance | Beginningbalance | ||||
| Bookbalance | Impairmentreserve | Bookvalue | Bookbalance | Impairmentreserve | Bookvalue | |
| Investmentinsubsidiaries | 7,684,192,789 | 7,684,192,789 | 7,703,535,027 | 7,703,535,027 | ||
| Investmentinassociatedenterprisesandjointventures | 2,318,351 | 2,318,351 | ||||
| Total | 7,684,192,789 | 7,684,192,789 | 7,705,853,378 | 7,705,853,378 | ||
17.3.1Investmentinsubsidiaries
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 | |||||
| IcewineValley | 30,440,500 | 32,746,777 | 63,187,277 | ||||
| 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 | |||||
Investedunit
| Investedunit | Beginningbalance(bookvalue) | Increaseanddecreaseinthisperiod | Endingbalance(bookvalue) | Endingbalanceofprovisionforimpairment | |||
| Increaseininvestment | Decreaseininvestment | Provisionforimpairmentaccrued | Others | ||||
| 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 | |||||
| Weimeisi(Shanghai) | 7,910,985 | 7,910,985 | |||||
| Total | 7,703,535,027 | 40,657,762 | 60,000,000 | 7,684,192,789 | |||
17.3.2Investmentinassociates
Unit:Yuan
| Investedunit | Beginningbalance(bookvalue) | Increaseanddecreaseinthisperiod | Endingbalance(bookvalue) | Endingbalanceofprovisionforimpairment | |||||||
| Increaseininvestment | Decreaseininvestment | Investmentgainsandlossesrecognizedundertheequitymethod | Othercomprehensiveincomeadjustment | Otherchangesinequity | Declaredcashdividendorprofit | Provisionforimpairmentaccrued | Others | ||||
| WeimeisiShanghai | 2,318,351 | 2,373,285 | 54,934 | ||||||||
| Total | 2,318,351 | 2,373,285 | 54,934 | ||||||||
17.4Operatingincomeandoperatingcost
17.4.1Detailsofoperatingincome
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod | ||
| Income | Cost | Income | Income | |
| Mainbusiness | 211,221,867 | 173,868,643 | 200,506,811 | 166,176,180 |
| Otherbusiness | 30,745,229 | 27,044,675 | 29,080,332 | 26,938,064 |
| Total | 241,967,096 | 200,913,318 | 229,587,143 | 193,114,244 |
| Including:Incomefromcontracts | 240,897,153 | 200,209,954 | 228,517,200 | 192,410,880 |
Incomefromhouserents
| Incomefromhouserents | 1,069,943 | 703,364 | 1,069,943 | 703,364 |
17.4.2Situationofincomefromcontracts
Unit:Yuan
| Contractclassification | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Typeofmerchandise | ||
| -Alcoholicbeverage | 211,221,867 | 200,506,811 |
| -Others | 29,675,286 | 28,010,389 |
| Classifiedbythetimeofmerchandisetransfer | ||
| -Revenuerecognizedatapointintime | 240,897,153 | 228,517,200 |
17.5Investmentincome
Unit:Yuan
| Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
| Incomefromlong-termequityinvestmentbycostmethod | 178,935,084 | 328,316,580 |
| Incomefromlong-termequityinvestmentbyequitymethod | 54,934 | -26,539 |
| Investmentincomefromdisposaloflong-termequityinvestment | -29,910,000 | |
| Investmentincomeofthefinancialassetsmeasuredattheirfairvaluesandthevariationofwhichisrecordedintothecurrentprofitsandlossesduringtheholdingperiod | ||
| Investmentincomegainedfromdisposalofthefinancialassetsmeasuredattheirfairvaluesandthevariationofwhichisrecordedintothecurrentprofitsandlosses | ||
| Investmentincomeofheld-to-maturityinvestmentduringtheholdingperiod | ||
| Investmentincomeoffinancialassetsheldforsaleduringtheholdingperiod | ||
| Investmentincomegainedfromdisposaloffinancialassetsheldforsale | ||
| Gainsgeneratedfromtheremainingequityremeasuredasperfairvalueafterthelossofcontrol | ||
| Total | 149,080,018 | 328,290,041 |
18.Supplementarymaterials
18.1Listofnon-currentprofits/lossesinthisperiod
Unit:Yuan
| Item | Amount | Remark |
| Profits/lossesondisposalofnon-currentassets | 16,228,006 |
Item
| Item | Amount | Remark |
| Taxreturn,deductionandexemptionapprovedbeyondtheauthorityorwithoutformalapprovaldocument | ||
| Governmentalsubsidyincludedinthecurrentprofits/losses(excludingthosecloselyrelatedtotheenterprisebusinessandenjoyedinaccordancewiththeunifiedstandardquotaorrationofthestate) | 28,971,185.00 | |
| Paymentforuseoffundsbynon-financialenterprisesincludedinthecurrentprofits/losses | ||
| Incomeobtainedwhentheinvestmentcostobtainedbytheenterprisefromsubsidiaries,joint-runbusinessandjointventureislessthanthefairvalueofthenetidentifiableassetsobtainedfromtheinvestedunitswhentheinvestmentismade | ||
| Profits/lossesonexchangeofnon-monetaryassets | ||
| Profits/lossesonentrustingotherpeopletomakeinvestmentormanageassets | ||
| Assetimpairmentprovisionaccruedduetoforcemajeuresuchasnaturaldisaster | ||
| Profits/lossesondebtrestructuring | ||
| Enterprisereorganizationexpensessuchasstaffingexpenditureandintegrationexpenses,etc. | ||
| Profits/lossesonthosebeyondthefairvaluegeneratedfromtransactionswithunfairtransactionprice | ||
| Currentnetprofits/lossesonsubsidiariesacquiredfromabusinesscombinationundercommoncontrolfromthebeginningtotheconsolidationdate | ||
| 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 | -332,706 | |
| Otherprofits/lossesconformingtothedefinitionofnon-currentprofits/losses | ||
| Minus:Influencedamountofincometax | 4,785,509 | |
| Influencedamountofminorityshareholders’equity | 833,515 | |
| Total | 39,247,461 | -- |
18.2Returnonnetassetsandearningspershare
Profitincurredinthisperiod
| Profitincurredinthisperiod | Weightedaveragereturnonnetassets | Earningspershare | |
| BasicEPS(Yuan/Share) | DilutedEPS(Yuan/Share) | ||
| NetprofitattributabletocommonshareholdersoftheCompany | 3.40% | 0.53 | 0.53 |
| NetprofitattributabletocommonshareholdersoftheCompanydeductingnon-incidentalprofits/losses | 3.03% | 0.47 | 0.47 |
18.3Accountingdatadifferenceunderdomesticandforeignaccountingstandard
18.3.1Netprofits&netassetsdifferencedisclosedinthefinancialreportaccordingtotheinternationalaccountingstandardandChineseaccountingstandard
Unit:Yuan
| Netprofits | Netassets | |||
| Amountincurredinthisperiod | Amountincurredinpriorperiod | Endingbalance | Beginningbalance | |
| InaccordancewiththeChineseaccountingstandard | 363,569,436 | 358,459,603 | 10,645,880,226 | 10,579,053,733 |
| Item&amountadjustedinaccordancewiththeinternationalaccountingstandard: | ||||
| Inaccordancewiththeinternationalaccountingstandard | 363,569,436 | 358,459,603 | 10,645,880,226 | 10,579,053,733 |
YantaiChangyuPioneerWineCo.,Ltd.
BoardofDirectors
August31,2023