ANHUI GUJING DISTILLERY COMPANY LIMITED
FIRST QUARTERLY REPORT 2021
April 2021
2
Part I Important Notes
The Board of Directors (or the “Board”) the Supervisory Committee as well as the directors
supervisors and senior management of Anhui Gujing Distillery Company Limited (hereinafter
referred to as the “Company”) hereby guarantee the factuality accuracy and completeness of
the contents of this Report and its summary and shall be jointly and severally liable for any
misrepresentations misleading statements or material omissions therein.
All the Company’s directors have attended the Board meeting for the review of this Report
and its summary.Liang Jinhui the Company’s legal representative Ye Changqing the Company’s Chief
Accountant and Zhu Jiafeng head of the Company’s financial department (equivalent to
financial manager) hereby guarantee that the Financial Statements carried in this Report are
factual accurate and complete.3
Part II Key Corporate Information
I Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.□ Yes √ No
Q1 2021 Q1 2020 Change (%)
Operating revenue (RMB) 4130015502.32 3281368602.79 25.86%
Net profit attributable to the listed
company’s shareholders (RMB)
814470363.67 636788443.69 27.90%
Net profit attributable to the listed
company’s shareholders before exceptional
items (RMB)
801677741.93 635613633.02 26.13%
Net cash generated from/used in operating
activities (RMB)
-1373645850.02 1632664980.49 -184.14%
Basic earnings per share (RMB/share) 1.62 1.26 28.57%
Diluted earnings per share (RMB/share) 1.62 1.26 28.57%
Weighted average return on equity (%) 7.79% 6.87% 0.92%
31 March 2021 31 December 2020 Change (%)
Total assets (RMB) 18168451824.87 15186625708.79 19.63%
Equity attributable to the listed company’s
shareholders (RMB)
10857758377.40 10043288013.73 8.11%
Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2021 Note
Gain or loss on disposal of non-current assets (inclusive of
impairment allowance write-offs)
-64833.01
Government subsidies charged to current profit or loss (exclusive
of government subsidies given in the Company’s ordinary course
of business at fixed quotas or amounts as per government’s
uniform standards)
8395548.67
Gain or loss on fair-value changes in held-for-trading financial
assets and liabilities and derivative financial assets and liabilities
& income from disposal of held-for-trading financial assets and
liabilities derivative financial assets and liabilities and other
investments in debt obligations (exclusive of effective portion of
-940611.33
4
hedges that arise in the Company’s ordinary course of business)
Non-operating income and expense other than above
10979479.00
Less: Income tax effects
4548172.05
Non-controlling interests effects (net of tax)
1028789.54
Total
12792621.74
--
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss
Items:
□ Applicable √ Not applicable
No such cases for the Reporting Period.II Total Number of Shareholders and Holdings of Top 10 Shareholders at 31 March 2021
1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share
Number of ordinary shareholders at
the period-end
32830
Number of preferred
shareholders with resumed
voting rights at the period-end
(if any)
0
Top 10 shareholders
Name of
shareholder
Nature of
shareholder
Shareholding
percentage
Total shares held
Restricted shares
held
Shares in pledge or frozen
Status Shares
ANHUI GUJING
GROUP
COMPANY
LIMITED
State-owned legal
person
53.89% 271404022 In pledge 114000000
GAOLING
FUNDL.P.
Foreign legal
person
2.47% 12446408
AGRICULTURAL
BANK OF CHINA
－ E FUND
CONSUMPTION
SECTOR STOCK
SECURITIES
INVESTMENT
Other 1.89% 9516956
5
FUND
INDUSTRIAL
AND
COMMERCIAL
BANK OF CHINA
LIMITED-
INVESCO GREAT
WALL
EMERGING
GROWTH
HYBRID
SECURITIES
INVESTMENT
FUND
Other 1.89% 9505500
CHINA INT'L
CAPITAL CORP
HONG KONG
SECURITIES LTD
Foreign legal
person
1.80% 9082752
BANK OF
CHINA-CHINA
MERCHANTS
CHINA
SECURITIES
LIQUOR INDEX
CLASSIFICATION
SECURITIES
INVESTMENT
FUND
Other 1.46% 7351744
UBS (LUX)
EQUITY FUND -
CHINA
OPPORTUNITY
(USD)
Foreign legal
person
1.40% 7048161
CENTRAL
HUIJIN ASSET
MANAGEMENT
CO. LTD.
State-owned legal
person
1.30% 6543600
HONG KONG
SECURITIES
CLEARING
COMPANY LTD.
Foreign legal
person
1.08% 5457378
BANK OF Other 0.99% 4995403
6
CHINA-
INVESCO GREAT
WALL DINGYI
HYBRID
SECURITIES
INVESTMENT
FUND (LOF)
Top 10 unrestricted shareholders
Name of shareholder Unrestricted shares held
Shares by type
Type Shares
ANHUI GUJING GROUP
COMPANY LIMITED
271404022
RMB-denominated
ordinary stock
271404022
GAOLING FUNDL.P. 12446408
Domestically
listed foreign stock
12446408
AGRICULTURAL BANK OF
CHINA－E FUND CONSUMPTION
SECTOR STOCK SECURITIES
INVESTMENT FUND
9516956
RMB-denominated
ordinary stock
9516956
INDUSTRIAL AND COMMERCIAL
BANK OF CHINA LIMITED-
INVESCO GREAT WALL
EMERGING GROWTH HYBRID
SECURITIES INVESTMENT FUND
9505500
RMB-denominated
ordinary stock
9505500
CHINA INT'L CAPITAL CORP
HONG KONG SECURITIES LTD
9082752
Domestically
listed foreign stock
9082752
BANK OF CHINA-CHINA
MERCHANTS CHINA SECURITIES
LIQUOR INDEX CLASSIFICATION
SECURITIES INVESTMENT FUND
7351744
RMB-denominated
ordinary stock
7351744
UBS (LUX) EQUITY FUND -
CHINA OPPORTUNITY (USD)
7048161
Domestically
listed foreign stock
7048161
CENTRAL HUIJIN ASSET
MANAGEMENT CO. LTD.
6543600
RMB-denominated
ordinary stock
6543600
HONG KONG SECURITIES
CLEARING COMPANY LTD.
5457378
RMB-denominated
ordinary stock
5457378
BANK OF CHINA- INVESCO
GREAT WALL DINGYI HYBRID
SECURITIES INVESTMENT FUND
(LOF)
4995403
RMB-denominated
ordinary stock
4995403
Related or acting-in-concert parties Among the above shareholders the Company's controlling shareholder Anhui Gujing Group
7
among the shareholders above Co. Ltd. has no relationship with other shareholders and does not belong to the
acting-in-concert stipulated in the Administrative Measures on Information Disclosure of
Changes in Shareholding of Listed Companies. In addition the relationship between other
shareholders is unknown and it is unknown whether it belongs to the acting-in-concert
stipulated in the Administrative Measures on Information Disclosure of Changes in
Shareholding of Listed Companies.Top 10 ordinary shareholders involved
in securities margin trading (if any)
N/A
Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of the
Company conducted any promissory repo during the Reporting Period.
□ Yes √ No
No such cases in the Reporting Period.
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
8
Part III Significant Events
I Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
Balance sheet item
31 March 2021
(RMB)
31 December 2020
(RMB)
Change
(%)
Explanation of why
Accounts receivable
financing
3329851671.96 1673510794.51 98.97%
Increase in banker’s acceptance bills
received
Prepayments 77019438.61 55575543.21 38.59%
Increase in prepayments for advertising
and materials
Other receivables 113430726.22 33451121.48 239.09%
Increase in prepaid deposits for land-use
fees
Short-term borrowings 143234200.01 70665500.00 102.69%
Short-term borrowings arising from the
acquisition of Mingguang Distillery
Contract liabilities 1943501535.46 1206573886.26 61.08% Increase in orders
Other current liabilities 651495896.67 320792383.03 103.09% Increase in accrued expense
Long-term borrowings 110117638.89 60117638.89 83.17%
New long-term borrowing taken out by
Yellow Crane Tower
Notes payable 17804535.60 140614535.60 -87.34% Payment for notes payable that became due
Income statement item Q1 2021 (RMB) Q1 2020 (RMB)
Change
(%)
Explanation of why
Finance costs -25120091.65 -12503185.37 -100.91% Decrease in interest expense
Return on investment -1513775.77 6550446.14 -123.11%
Decrease in held-for-trading financial
assets resulting in a decrease in the
relevant gains
Non-operating expense 227987.67 21568589.31 -98.94%
Last year saw donations made in the
pandemic
Cash flow statement item Q1 2021 (RMB) Q1 2020 (RMB)
Change
(%)
Explanation of why
Net cash generated
from/used in operating
activities
-1373645850.02 1632664980.49 -184.14% Increase in structured deposits
Net cash generated
from/used in investing
activities
-193966694.98 166595079.91 -216.43% Increase in cash used in investing activities
II Progress Influence and Solutions with regard to Significant Events
□ Applicable √ Not applicable
9
Progress of any share repurchases:
□ Applicable √ Not applicable
Progress of any reduction of the repurchased shares through centralized bidding:
□ Applicable √ Not applicable
10
III Commitments that the Company’s Actual Controller Shareholders Related Parties Acquirers the Company Itself or Other
Parties Failed to Fulfill on Time during the Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IV Financial Investments
1. Securities Investments
√ Applicable □ Not applicable
Unit: RMB
Variety
of
security
Symbol
of
security
Name of
security
Initial
investment cost
Accounting
measurement
model
Beginning
carrying value
Gain/loss of
changes in fair
value in the
Reporting
Period
Accumulative
changes in
fair value
recorded into
equities
Purchased
in the
Reporting
Period
Sold in
the
Reporting
Period
Gain/loss
in
Reporting
Period
Ending carrying
value
Accounting title
Capital
source
Fund
DAPU Asset
Management
200000000.00 Fair value 203877915.51 -1363558.66 1625.42 202514356.85
Held-for-trading
financial assets
Self-owned
funds
Other investment securities
held at the Period-end
-- -- --
Total 200000000.00 -- 203877915.51 -1363558.66 1625.42 202514356.85 -- --
Disclosure date of
announcement on Board’s
consent for securities
investment
24 April 2020
Disclosure date of
announcement on
N/A
11
shareholders’ meeting’s
consent for securities
investment (if any)
2. Investments in Derivative Financial Instruments
√ Applicable □ Not applicable
Unit: RMB’0000
Operator
Relationship
with the
Company
Connected
transaction
Type of
derivative
Initial
investment
amount
Starting date Ending date
Beginning
investment
amount
Purchased in
the
Reporting
Period
Sold in the
Reporting
Period
Impairment
provision (if
any)
Ending
investment
amount
Proportion
of closing
investment
amount in
the
Company’s
ending net
assets
Actual
gain/loss in
the
Reporting
Period
Reverse
repurchase
of national
debt
Naught No
Reverse
repurchase of
national debt
0.00
27 January
2021
4 March
2021
0.00 39490 39490 0.00 0.00% 46.44
Total 0.00 -- -- 0.00 39490 39490 0.00 0.00% 46.44
Capital source for derivative investment Company’s own funds
Lawsuits involved (if applicable) N/A
Disclosure date of board announcement approving
derivative investment (if any)
30 August 2013
Disclosure date of shareholders’ meeting announcement
approving derivative investment (if any)
N/A
Analysis of risks and control measures associated with The Company had controlled the relevant risks strictly according to the Derivatives Investment Management System.
12
derivative investments held in the Reporting Period
(including but not limited to market risk liquidity risk
credit risk operational risk legal risk etc.)
Changes in market prices or fair value of derivative
investments during the Reporting Period (fair value
analysis should include measurement method and
related assumptions and parameters)
Naught
Significant changes in accounting policies and specific
accounting principles adopted for derivative
investments in the Reporting Period compared to
previous reporting period
Naught
Opinion of independent directors on derivative
investments and risk control
Based on the sustainable development of the main business and the sufficient free idle money the Company increased the profits
through investing in the reasonable financial derivative instruments which was in favor of improving the service efficiency of the idle
funds; in order to reduce the investment risks of the financial derivative instruments the Company had set up corresponding supervision
mechanism for the financial derivative instrument business and formulated reasonable accounting policy as well as specific principles of
financial accounting; the derivative Investment business developed separately took national debts as mortgage object which was met
with the cautious and steady risks management principle and the interest of the Company and shareholders. Therefore agreed the
Company to develop the derivative Investment business of reverse repurchase of national debt not more than the limit of RMB0.3
billion.13
V Progress of Projects Financed with Raised Funds
□ Applicable √ Not applicable
VI Operating Performance Forecast for January-June 2021
Warning of a forecast loss on or a forecast significant year-on-year change in the accumulative net profit from the beginning of the
year to the end of the next reporting period as well as explanation of why:
□ Applicable √ Not applicable
VII Significant Contracts Arising from the Company’s Ordinary Course of Business
□ Applicable √ Not applicable
VIII Cash Entrusted for Wealth Management
√ Applicable □ Not applicable
Unit: RMB’0000
Type Funding source Amount Undue amount
Unrecovered overdue
amount
Wealth management
product purchased from
entrustment
Self-funded 0.00 0.00 0.00
Wealth management
product purchased from
bank
Self-funded 0.00 0.00 0.00
Wealth management
product purchased from
broker
Self-funded 0.00 0.00 0.00
Others Self-funded 20000 20000 0.00
Total 20000 20000 0.00
High-risk wealth management entrustments with amounts that are individually significant or with low security low liquidity or no
protection of the principal:
√ Applicable □ Not applicable
Unit: RMB’0000
Trustee
Type
of
truste
e
Type of
wealth
manage
ment
product
Princi
pal
Fundin
g
source
St
art
dat
e
En
d
da
te
Investm
ent with
principa
l
Way
of
payb
ack
Refere
nce
annual
ized
return
(%)
Expe
cted
return
(if
any)
Actual
gain/l
oss in
Repor
ting
Period
Collection/p
ayment of
gain/loss in
Reporting
Period
Impair
ment
allowa
nce (if
any)
Throu
gh
prescri
bed
proced
ure or
not
Any
plan for
further
entrust
ment
Overvi
ew and
index
to more
inform
ation
(if any)
14
DAPU
Asset
Manage
ment
Comp
any
Limit
ed
Fund
2000
0
Self-fu
nded
Purchas
ing new
shares
offline
fixed
income
instrum
ents
and
Reverse
repurch
ase of
national
debt
etc
1.2%
of
the
net
value
of
prod
uct
and
20%
of
exces
s
earni
ngs
7.00% 0.16 Recovered Yes Yes
Total
2000
0
-- -- -- -- -- -- 0.16 -- -- -- --
Wealth management entrustments with possible impairments including an expectedly unrecoverable principal:
□ Applicable √ Not applicable
IX Irregularities in the Provision of Guarantees
□ Applicable √ Not applicable
No such cases in the Reporting Period.X Occupation of the Company’s Capital by the Controlling Shareholder or any of Its Related
Parties for Non-Operating Purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
XI Communications with the Investment Community such as Researches Inquiries and
Interviews Received during the Reporting Period
□ Applicable √ Not applicable
No such cases in the Reporting Period.15
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by Anhui Gujing Distillery Company Limited
31 March 2021
Unit: RMB
Item 31 March 2021 31 December 2020
Current assets:
Monetary assets 6427021064.83 5971212569.66
Settlement reserve
Interbank loans granted
Held-for-trading financial assets 202514356.85 203877915.51
Derivative financial assets
Notes receivable
Accounts receivable 71406346.21 67933735.91
Accounts receivable financing 3329851671.96 1673510794.51
Prepayments 77019438.61 55575543.21
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 113430726.22 33451121.48
Including: Interest receivable
Dividends receivable
Financial assets purchased under
resale agreements
Inventories 3819542938.37 3416880808.96
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets 56395341.58 97412681.26
Total current assets 14097181884.63 11519855170.50
16
Non-current assets:
Loans and advances to customers
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 4923279.26 4915575.83
Investments in other equity
instruments
53848697.80 0.00
Other non-current financial assets
Investment property 4313657.92 4392943.54
Fixed assets 1880976570.66 1797789271.62
Construction in progress 349603350.04 279169201.60
Productive living assets
Oil and gas assets
Use rights assets 53791746.39 0.00
Intangible assets 982198884.84 934711977.79
R&D expense
Goodwill 538969677.36 478283495.29
Long-term prepaid expense 73303700.26 64591933.65
Deferred income tax assets 127177551.57 96972421.95
Other non-current assets 2162824.14 5943717.02
Total non-current assets 4071269940.24 3666770538.29
Total assets 18168451824.87 15186625708.79
Current liabilities:
Short-term borrowings 143234200.01 70665500.00
Borrowings from the central bank
Interbank loans obtained
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 17804535.60 140614535.60
Accounts payable 524909856.76 505206561.86
Advances from customers
Contractual liabilities 1943501535.46 1206573886.26
Financial assets sold under
repurchase agreements
17
Customer deposits and interbank
deposits
Payables for acting trading of
securities
Payables for underwriting of
securities
Payroll payable 427073034.41 498129114.76
Taxes payable 535526182.48 349142692.10
Other payables 2142638432.70 1396599161.14
Including: Interest payable
Dividends payable
Handling charges and commissions
payable
Reinsurance payables
Liabilities directly associated with
assets classified as held for sale
Current portion of non-current
liabilities
Other current liabilities 651495896.67 320792383.03
Total current liabilities 6386183674.09 4487723834.75
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 110117638.89 60117638.89
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 51478025.46 0.00
Long-term payables
Long-term payroll payable
Provisions
Deferred income 74792075.86 75111997.53
Deferred income tax liabilities 164531200.73 114821451.24
Other non-current liabilities
Total non-current liabilities 400918940.94 250051087.66
Total liabilities 6787102615.03 4737774922.41
Owners’ equity:
Share capital 503600000.00 503600000.00
18
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 1295405592.25 1295405592.25
Less: Treasury stock
Other comprehensive income
Specific reserve
Surplus reserves 256902260.27 256902260.27
General reserve
Retained earnings 8801850524.88 7987380161.21
Total equity attributable to owners of
the Company as the parent
10857758377.40 10043288013.73
Non-controlling interests 523590832.44 405562772.65
Total owners’ equity 11381349209.84 10448850786.38
Total liabilities and owners’ equity 18168451824.87 15186625708.79
Legal representative: Liang Jinhui The Company’s chief accountant: Ye Changqing
Head of the Company’s financial department: Zhu Jiafeng
2. Balance Sheet of the Company as the Parent
Unit: RMB
Item 31 March 2021 31 December 2020
Current assets:
Monetary assets 4329704901.13 4287808756.66
Held-for-trading financial assets 202514356.85 203877915.51
Derivative financial assets
Notes receivable
Accounts receivable 170976.94 494976.27
Accounts receivable financing 2716027543.98 1399214331.97
Prepayments 19621212.28 11737580.47
Other receivables 239289630.89 141378010.40
Including: Interest receivable
Dividends receivable
Inventories 3087688637.26 2976360208.66
19
Contractual assets
Assets classified as held for sale
Current portion of non-current assets
Other current assets 395729.97 9734249.41
Total current assets 10595412989.30 9030606029.35
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables
Long-term equity investments 1317413665.32 1118213665.32
Investments in other equity
instruments
Other non-current financial assets
Investment property 4313657.92 4392943.54
Fixed assets 1286511831.77 1322818855.86
Construction in progress 163467265.22 139865487.21
Productive living assets
Oil and gas assets
Use rights assets 49508124.64 0.00
Intangible assets 362217313.77 369163089.18
R&D expense
Goodwill
Long-term prepaid expense 51837729.99 44072241.78
Deferred income tax assets 29052153.19 30716488.80
Other non-current assets 75999.80
Total non-current assets 3264321741.82 3029318771.49
Total assets 13859734731.12 12059924800.84
Current liabilities:
Short-term borrowings
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 74535.60 74535.60
Accounts payable 371554616.66 397554006.51
Advances from customers
20
Contractual liabilities 2231500699.12 1130074436.39
Payroll payable 99562237.32 127974331.78
Taxes payable 310087260.23 200876134.49
Other payables 533301916.61 524000730.59
Including: Interest payable
Dividends payable
Liabilities directly associated with
assets classified as held for sale
Current portion of non-current
liabilities
Other current liabilities 297063821.16 160738917.51
Total current liabilities 3843145086.70 2541293092.87
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preferred shares
Perpetual bonds
Lease liabilities 46750659.47 0.00
Long-term payables
Long-term payroll payable
Provisions
Deferred income 30927935.93 31601732.51
Deferred income tax liabilities 19067006.23 19407895.89
Other non-current liabilities
Total non-current liabilities 96745601.63 51009628.40
Total liabilities 3939890688.33 2592302721.27
Owners’ equity:
Share capital 503600000.00 503600000.00
Other equity instruments
Including: Preferred shares
Perpetual bonds
Capital reserves 1247162107.35 1247162107.35
Less: Treasury stock
Other comprehensive income
Specific reserve
21
Surplus reserves 251800000.00 251800000.00
Retained earnings 7917281935.44 7465059972.22
Total owners’ equity 9919844042.79 9467622079.57
Total liabilities and owners’ equity 13859734731.12 12059924800.84
3. Consolidated Income Statement
Unit: RMB
Item Q1 2021 Q1 2020
1. Revenue 4130015502.32 3281368602.79
Including: Operating revenue 4130015502.32 3281368602.79
Interest income
Premium income
Handling charge and
commission income
2. Costs and expenses 3031459289.21 2443221802.41
Including: Cost of sales 950464489.17 744305924.63
Interest expense
Handling charge and
commission expense
Surrenders
Net claims paid
Net amount provided as
policy reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and surcharges 645699084.84 520124639.27
Selling expense 1219257934.55 989447585.63
Administrative expense 232196067.98 194176267.66
R&D expense 8961804.32 7670570.59
Finance costs -25120091.65 -12503185.37
Including: Interest
expense
2639488.37 24441197.03
Interest
income
27725520.67 33840686.32
Add: Other income 8395548.67 6699623.47
22
Return on investment (“-” for loss) -1513775.77 6550446.14
Including: Share of profit or loss
of joint ventures and associates
7703.43 -9054.87
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Foreign exchange gain (“-” for
loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
for loss)
-1363558.66 2015949.87
Credit impairment loss (“-” for
loss)
Asset impairment loss (“-” for loss)
Asset disposal income (“-” for
loss)
83256.27 0.00
3. Operating profit (“-” for loss) 1104157683.62 853412819.86
Add: Non-operating income 11059377.39 7771833.55
Less: Non-operating expense 227987.67 21568589.31
4. Profit before tax (“-” for loss) 1114989073.34 839616064.10
Less: Income tax expense 275763491.16 208684540.77
5. Net profit (“-” for net loss) 839225582.18 630931523.33
5.1 By operating continuity
5.1.1 Net profit from continuing
operations (“-” for net loss)
839225582.18 630931523.33
5.1.2 Net profit from discontinued
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
shareholders of the Company as the
parent
814470363.67 636788443.69
5.2.1 Net profit attributable to
non-controlling interests
24755218.51 -5856920.36
6. Other comprehensive income net of
tax
Attributable to owners of the Company
as the parent
6.1 Items that will not be
reclassified to profit or loss
23
6.1.1 Changes caused by
remeasurements on defined benefit
pension schemes
6.1.2 Other comprehensive
income that will not be reclassified to
profit or loss under the equity method
6.1.3 Changes in the fair value of
investments in other equity instruments
6.1.4 Changes in the fair value of
the company’s credit risks
6.1.5 Other
6.2 Items that will be reclassified to
profit or loss
6.2.1 Other comprehensive
income that will be reclassified to profit
or loss under the equity method
6.2.2 Changes in the fair value of
investments in other debt obligations
6.2.3 Other comprehensive
income arising from the reclassification
of financial assets
6.2.4 Allowance for credit
impairments in investments in other debt
obligations
6.2.5 Reserve for cash flow
hedges
6.2.6 Differences arising from the
translation of foreign
currency-denominated financial
statements
6.2.7 Other
Attributable to non-controlling
interests
7. Total comprehensive income 839225582.18 630931523.33
Attributable to owners of the Company
as the parent
814470363.67 636788443.69
Attributable to non-controlling
interests
24755218.51 -5856920.36
8. Earnings per share
8.1 Basic earnings per share 1.62 1.26
8.2 Diluted earnings per share 1.62 1.26
24
Legal representative: Liang Jinhui The Company’s chief accountant: Ye Changqing
Head of the Company’s financial department: Zhu Jiafeng
4. Income Statement of the Company as the Parent
Unit: RMB
Item Q1 2021 Q1 2020
1. Operating revenue 2092741047.62 1955751391.93
Less: Cost of sales 810105922.78 745868987.92
Taxes and surcharges 548230588.43 489478469.41
Selling expense 12575428.65 11672221.60
Administrative expense 132074499.24 136739496.58
R&D expense 6725065.47 4711335.12
Finance costs -10375886.67 -7589655.72
Including: Interest expense 566395.92 24441197.03
Interest income 10955730.71 31763500.03
Add: Other income 2185113.63 3239267.51
Return on investment (“-” for
loss)
589332.43 454487.68
Including: Share of profit or
loss of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
for loss)
-1363558.66 2015949.87
Credit impairment loss (“-” for
loss)
Asset impairment loss (“-” for
loss)
Asset disposal income (“-” for
loss)
2. Operating profit (“-” for loss) 594816317.12 580580242.08
Add: Non-operating income 8164629.03 7311719.12
Less: Non-operating expense 18328.50 20307303.87
3. Profit before tax (“-” for loss) 602962617.65 567584657.33
25
Less: Income tax expense 150740654.43 146640619.86
4. Net profit (“-” for net loss) 452221963.22 420944037.47
4.1 Net profit from continuing
operations (“-” for net loss)
452221963.22 420944037.47
4.2 Net profit from discontinued
operations (“-” for net loss)
5. Other comprehensive income net of
tax
5.1 Items that will not be reclassified
to profit or loss
5.1.1 Changes caused by
remeasurements on defined benefit
pension schemes
5.1.2 Other comprehensive income
that will not be reclassified to profit or
loss under the equity method
5.1.3 Changes in the fair value of
investments in other equity instruments
5.1.4 Changes in the fair value of
the company’s credit risks
5.1.5 Other
5.2 Items that will be reclassified to
profit or loss
5.2.1 Other comprehensive income
that will be reclassified to profit or loss
under the equity method
5.2.2 Changes in the fair value of
investments in other debt obligations
5.2.3 Other comprehensive income
arising from the reclassification of
financial assets
5.2.4 Allowance for credit
impairments in investments in other
debt obligations
5.2.5 Reserve for cash flow hedges
5.2.6 Differences arising from the
translation of foreign
currency-denominated financial
statements
5.2.7 Other
6. Total comprehensive income 452221963.22 420944037.47
26
7. Earnings per share
7.1 Basic earnings per share 0.90 0.84
7.2 Diluted earnings per share 0.90 0.84
5. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2021 Q1 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities
and rendering of services
3981804657.48 4415909823.78
Net increase in customer deposits and
interbank deposits
Net increase in borrowings from the
central bank
Net increase in loans from other
financial institutions
Premiums received on original
insurance contracts
Net proceeds from reinsurance
Net increase in deposits and
investments of policy holders
Interest handling charges and
commissions received
Net increase in interbank loans
obtained
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax rebates 713005.93 509255.64
Cash generated from other operating
activities
281782706.95 545462243.63
Subtotal of cash generated from
operating activities
4264300370.36 4961881323.05
Payments for commodities and
services
815249351.34 705160011.76
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and in interbank loans granted
27
Payments for claims on original
insurance contracts
Net increase in interbank loans
granted
Interest handling charges and
commissions paid
Policy dividends paid
Cash paid to and for employees 766322812.84 696654167.45
Taxes paid 1210416897.79 1165366246.78
Cash used in other operating
activities
2845957158.41 762035916.57
Subtotal of cash used in operating
activities
5637946220.38 3329216342.56
Net cash generated from/used in
operating activities
-1373645850.02 1632664980.49
2. Cash flows from investing activities:
Proceeds from disinvestment 394900000.00 299000000.00
Return on investment 448415.50 20142992.71
Net proceeds from the disposal of
fixed assets intangible assets and other
long-lived assets
107300.00 0.00
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
investing activities
395455715.50 319142992.71
Payments for the acquisition of fixed
assets intangible assets and other
long-lived assets
129336077.38 119547912.80
Payments for investments 394900000.00 33000000.00
Net increase in pledged loans granted
Net payments for the acquisition of
subsidiaries and other business units
65186333.10 0.00
Cash used in other investing
activities
Subtotal of cash used in investing
activities
589422410.48 152547912.80
Net cash generated from/used in
investing activities
-193966694.98 166595079.91
3. Cash flows from financing activities:
28
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings obtained 50330000.00 0.00
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
50330000.00 0.00
Repayments of borrowings 22000000.00 0.00
Payments for interest and dividends 2421119.29 0.00
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing
activities
2487840.54 0.00
Subtotal of cash used in financing
activities
26908959.83 0.00
Net cash generated from/used in
financing activities
23421040.17 0.00
4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
equivalents
-1544191504.83 1799260060.40
Add: Cash and cash equivalents
beginning of the period
5636903693.74 2944749918.09
6. Cash and cash equivalents end of the
period
4092712188.91 4744009978.49
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item Q1 2021 Q1 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities
and rendering of services
3276161121.02 3872253908.69
Tax rebates
Cash generated from other operating
activities
714028872.38 813392594.48
Subtotal of cash generated from
operating activities
3990189993.40 4685646503.17
Payments for commodities and
services
763808789.90 425500062.63
29
Cash paid to and for employees 254010611.08 231275877.43
Taxes paid 758852391.90 911117511.13
Cash used in other operating
activities
4002298999.54 2328037144.91
Subtotal of cash used in operating
activities
5778970792.42 3895930596.10
Net cash generated from/used in
operating activities
-1788780799.02 789715907.07
2. Cash flows from investing activities:
Proceeds from disinvestment 384900000.00 266000000.00
Return on investment 438367.56 12431079.46
Net proceeds from the disposal of
fixed assets intangible assets and other
long-lived assets
72200.00 0.00
Net proceeds from the disposal of
subsidiaries and other business units
3123346.37 0.00
Cash generated from other investing
activities
Subtotal of cash generated from
investing activities
388533913.93 278431079.46
Payments for the acquisition of fixed
assets intangible assets and other
long-lived assets
70269129.90 90077466.65
Payments for investments 384900000.00 0.00
Net payments for the acquisition of
subsidiaries and other business units
200200000.00 0.00
Cash used in other investing
activities
Subtotal of cash used in investing
activities
655369129.90 90077466.65
Net cash generated from/used in
investing activities
-266835215.97 188353612.81
3. Cash flows from financing activities:
Capital contributions received
Borrowings obtained
Cash generated from other financing
activities
Subtotal of cash generated from
financing activities
Repayments of borrowings
Payments for interest and dividends
30
Cash used in other financing
activities
2487840.54 0.00
Subtotal of cash used in financing
activities
2487840.54 0.00
Net cash generated from/used in
financing activities
-2487840.54 0.00
4. Effect of foreign exchange rate
changes on cash and cash equivalents
5. Net increase in cash and cash
equivalents
-2058103855.53 978069519.88
Add: Cash and cash equivalents
beginning of the period
4087808756.66 2079818830.20
6. Cash and cash equivalents end of the
period
2029704901.13 3057888350.08
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of the New
Standards Governing Leases from 2021
Applicable
Whether the Company needs to adjust items in balance sheet at the beginning of the year
√ Yes □ No
Consolidated Balance Sheet
Unit: RMB
Item 31 December 2020 1 January 2021 Adjusted
Current assets:
Monetary assets 5971212569.66 5971212569.66
Settlement reserve
Loans to other banks and
financial institutions
Held-for-trading financial
assets
203877915.51 203877915.51
Derivative financial assets
Notes receivable
Accounts receivable 67933735.91 67933735.91
Receivables financing 1673510794.51 1673510794.51
Prepayments 55575543.21 51399808.11 -4175735.10
Premiums receivable
Reinsurance receivables
31
Receivable reinsurance
contract reserve
Other receivables 33451121.48 33451121.48
Including: Interest
receivable
Dividends
receivable
Financial assets purchased
under resale agreements
Inventories 3416880808.96 3416880808.96
Contract assets
Assets held for sale
Current portion of
non-current assets
Other current assets 97412681.26 97412681.26
Total current assets 11519855170.50 11515679435.40 -4175735.10
Non-current assets:
Loans and advances to
customers
Debt investments
Other debt investments
Long-term receivables
Long-term equity
investments
4915575.83 4915575.83
Investments in other equity
instruments
Other non-current financial
assets
Investment property 4392943.54 4392943.54
Fixed assets 1797789271.62 1797789271.62
Construction in progress 279169201.60 279169201.60
Productive living assets
Oil and gas assets
Right-of-use assets 0.00 57402412.53 57402412.53
Intangible assets 934711977.79 934711977.79
Development costs
Goodwill 478283495.29 478283495.29
32
Long-term prepaid
expense
64591933.65 64591933.65
Deferred income tax assets 96972421.95 96972421.95
Other non-current assets 5943717.02 5943717.02
Total non-current assets 3666770538.29 3724172950.82 57402412.53
Total assets 15186625708.79 15239852386.22 53226677.43
Current liabilities:
Short-term borrowings 70665500.00 70665500.00
Borrowings from the
central bank
Loans from other banks
and financial institutions
Held-for-trading financial
liabilities
Derivative financial
liabilities
Notes payable 140614535.60 140614535.60
Accounts payable 505206561.86 505206561.86
Advances from customers
Contract liabilities 1206573886.26 1206573886.26
Financial assets sold under
repurchase agreements
Customer deposits and
deposits from other banks
and financial institutions
Payables for acting trading
of securities
Payables for underwriting
of securities
Employee benefits payable 498129114.76 498129114.76
Taxes and levies payable 349142692.10 349142692.10
Other payables 1396599161.14 1396599161.14
Including: Interest
payable
Dividends
payable
Fees and commissions
payable
Reinsurance payables
33
Liabilities directly
associated with assets held
for sale
Current portion of
non-current liabilities
Other current liabilities 320792383.03 320792383.03
Total current liabilities 4487723834.75 4487723834.75
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 60117638.89 60117638.89
Bonds payable
Including: Preference
shares
Perpetual
bonds
Lease liabilities 0.00 53226677.43 53226677.43
Long-term payables
Long-term employee
benefits payable
Provisions
Deferred income 75111997.53 75111997.53
Deferred income tax
liabilities
114821451.24 114821451.24
Other non-current
liabilities
Total non-current liabilities 250051087.66 303277765.09 53226677.43
Total liabilities 4737774922.41 4791001599.84 53226677.43
Owners’ equity:
Share capital 503600000.00 503600000.00
Other equity instruments
Including: Preference
shares
Perpetual
bonds
Capital reserves 1295405592.25 1295405592.25
Less: Treasury stock
Other comprehensive
income
Specific reserve
34
Surplus reserves 256902260.27 256902260.27
General reserve
Retained earnings 7987380161.21 7987380161.21
Total equity attributable to
owners of the Company as
the parent
10043288013.73 10043288013.73
Non-controlling interests 405562772.65 405562772.65
Total owners’ equity 10448850786.38 10448850786.38
Total liabilities and owners’
equity
15186625708.79 15239852386.22 53226677.43
Note:
The Ministry of Finance enacted the Accounting Standards for Business Enterprises No. 21-Leases (CK[2018]No.35) in 2018 and
the Company starts to implement the new standards governing leases since 1 January 2021. In accordance with the accumulative
influence amount of the first execution of the new standards governing leases amount of relevant items in the financial statements at
the beginning of the first execution year was adjusted with no adjustment to information of comparable period. Due to
above-mentioned policy changes right-of-use assets were increased RMB57402412.53 lease liabilities were increased
RMB53226677.43 and prepayments decreased RMB4175735.10.
Balance Sheet of the Company as the Parent
Unit: RMB
Item 31 December 2020 1 January 2021 Adjusted
Current assets:
Monetary assets 4287808756.66 4287808756.66
Held-for-trading financial
assets
203877915.51 203877915.51
Derivative financial assets
Notes receivable
Accounts receivable 494976.27 494976.27
Receivables financing 1399214331.97 1399214331.97
Prepayments 11737580.47 7561845.37 -4175735.10
Other receivables 141378010.40 141378010.40
Including: Interest
receivable
Dividends
receivable
Inventories 2976360208.66 2976360208.66
Contract assets
Assets held for sale
Current portion of
35
non-current assets
Other current assets 9734249.41 9734249.41
Total current assets 9030606029.35 9026430294.25 -4175735.10
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity
investments
1118213665.32 1118213665.32
Investments in other equity
instruments
Other non-current financial
assets
Investment property 4392943.54 4392943.54
Fixed assets 1322818855.86 1322818855.86
Construction in progress 139865487.21 139865487.21
Productive living assets
Oil and gas assets
Right-of-use assets 0.00 52729370.65 52729370.65
Intangible assets 369163089.18 369163089.18
Development costs
Goodwill
Long-term prepaid
expense
44072241.78 44072241.78
Deferred income tax assets 30716488.80 30716488.80
Other non-current assets 75999.80 75999.80
Total non-current assets 3029318771.49 3082048142.14 52729370.65
Total assets 12059924800.84 12108478436.39 48553635.55
Current liabilities:
Short-term borrowings
Held-for-trading financial
liabilities
Derivative financial
liabilities
Notes payable 74535.60 74535.60
Accounts payable 397554006.51 397554006.51
36
Advances from customers
Contract liabilities 1130074436.39 1130074436.39
Employee benefits payable 127974331.78 127974331.78
Taxes and levies payable 200876134.49 200876134.49
Other payables 524000730.59 524000730.59
Including: Interest
payable
Dividends
payable
Liabilities directly
associated with assets held
for sale
Current portion of
non-current liabilities
Other current liabilities 160738917.51 160738917.51
Total current liabilities 2541293092.87 2541293092.87
Non-current liabilities:
Long-term borrowings
Bonds payable
Including: Preference
shares
Perpetual
bonds
Lease liabilities 0.00 48553635.55 48553635.55
Long-term payables
Long-term employee
benefits payable
Provisions
Deferred income 31601732.51 31601732.51
Deferred income tax
liabilities
19407895.89 19407895.89
Other non-current
liabilities
Total non-current liabilities 51009628.40 99563263.95 48553635.55
Total liabilities 2592302721.27 2640856356.82 48553635.55
Owners’ equity:
Share capital 503600000.00 503600000.00
Other equity instruments
37
Including: Preference
shares
Perpetual
bonds
Capital reserves 1247162107.35 1247162107.35
Less: Treasury stock
Other comprehensive
income
Specific reserve
Surplus reserves 251800000.00 251800000.00
Retained earnings 7465059972.22 7465059972.22
Total owners’ equity 9467622079.57 9467622079.57
Total liabilities and owners’
equity
12059924800.84 12108478436.39 48553635.55
Note:
The Ministry of Finance enacted the Accounting Standards for Business Enterprises No. 21-Leases (CK[2018]No.35) in 2018 and
the Company starts to implement the new standards governing leases since 1 January 2021. In accordance with the accumulative
influence amount of the first execution of the new standards governing leases amount of relevant items in the financial statements at
the beginning of the first execution year was adjusted with no adjustment to information of comparable period. Due to
above-mentioned policy changes right-of-use assets were increased RMB52729370.65 lease liabilities were increased
RMB48553635.55 and prepayments decreased RMB4175735.10.
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of the New
Standards Governing Leases from 2021
□ Applicable √ Not applicable
III Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.□ Yes √ No
These financial statements have not been audited by such an auditor.38
Chairman of the Board:
(Liang Jinhui)
Anhui Gujing Distillery Company Limited
29 April 2021
