ANHUI GUJING DISTILLERY COMPANY LIMITED
FIRST QUARTERLY REPORT 2023
April 2023First Quarterly Report 2023
Stock Code: 000596 200596 Stock Name: Gujing Distillery Gujing Distillery-B Announcement No. 2023-007
ANHUI GUJING DISTILLERY COMPANY LIMITED
FIRST QUARTERLY REPORT 2023
Anhui Gujing Distillery Company Limited (hereinafter referred to as the “Company”) and all
the members of the Company’s Board of Directors hereby guarantee that the contents of this
Report are true accurate and complete and free of any misrepresentations misleading
statements or material omissions.Important Notes:
1. The Board of Directors (or the “Board”) the Supervisory Committee as well as the directors supervisors and senior management
of the Company hereby guarantee that the contents of this Report are true accurate and complete and free of any misrepresentations
misleading statements or material omissions and collectively and individually accept legal responsibility for such contents.
2. The Company’s legal representative Chief Accountant and head of the financial department (equivalent to financial manager)
hereby guarantee that the financial statements carried in this Report are truthful accurate and complete.
3. Indicate by tick mark whether the financial statements in this Report have been audited by an independent auditor.
□Yes □ No
I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate by tick mark whether there is any retrospectively restated datum in the table below.□Applicable □ Not applicable
Q1 2023 Q1 2022 YoY change (%)
Operating revenue (RMB) 6584074879.74 5274316915.03 24.83%
Net profit attributable to the listed company’s
1569704169.521098725631.8342.87%
shareholders (RMB)
Net profit attributable to the listed company’s
shareholders before exceptional gains and 1545070631.50 1089643863.39 41.80%
losses (RMB)
Net cash generated from/used in operating
3078684397.052776260991.0710.89%
activities (RMB)
Basic earnings per share (RMB/share) 2.97 2.08 42.79%
2First Quarterly Report 2023
Diluted earnings per share (RMB/share) 2.97 2.08 42.79%
Weighted average return on equity (%) 8.13% 6.17% 1.96%
31 March 2023 31 December 2022 Change (%)
Total assets (RMB) 36314613914.84 29789822298.65 21.90%
Equity attributable to the listed company’s
20071591354.7318520757973.528.37%
shareholders (RMB)
(II) Exceptional Gains and Losses
□ Applicable □ Not applicable
Unit: RMB
Item Q1 2023 Note
Gain or loss on disposal of non-current assets (inclusive of
-14301.67
impairment allowance write-offs)
Government grants through profit or loss (exclusive of
government grants continuously given in the Company’s ordinary
8653466.84
course of business at fixed quotas or amounts as per the
government’s policies and standards)
Gain or loss on fair-value changes on held-for-trading financial
assets and liabilities & income from disposal of held-for-trading
financial assets and liabilities and available-for-sale financial 11770854.29
assets (exclusive of the effective portion of hedges that arise in
the Company’s ordinary course of business)
Reversed portions of impairment allowances for receivables
0.00
which are tested individually for impairment
Non-operating income and expense other than the above 16696821.19
Less: Income tax effects 9151521.56
Non-controlling interests effects (net of tax) 3321781.07
Total 24633538.02 --
Other items that meet the definition of exceptional gain/loss:
□Applicable □ Not applicable
No such cases in the Reporting Period.Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item 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 in the Reporting Period.
3First Quarterly Report 2023
(III) Changes in Key Financial Statement Line Items and Explanation of why
□ Applicable □ Not applicable
31 March 2023 1 January 2023
Balance sheet item Change (%) Explanation of why
(RMB) (RMB)
Increased bank acceptance notes
Receivables financing 3562319154.21 217419441.32 1538.45%
received
Decreased prepayments for
Prepayments 121447763.66 233995661.69 -48.10%
advertising services
Increased sales promotion and
Other receivables 130475733.84 73337415.74 77.91%
marketing expenses paid
Increased deductible temporary
Deferred income tax assets 648805808.21 425120227.37 52.62% differences arising from accrued
expenses and unsettled discounts
Increase in unrecognized
Other current liabilities 1973107310.70 1044664441.58 88.87% expenses and reclassification of
output tax-to-be
Increased borrowings of Yellow
Long-term borrowings 100001036.52 44944737.91 122.50%
Crane Tower
Repayment of short-term
Short-term borrowings 6666621.85 83232176.31 -91.99%
borrowing
Contract liabilities 4745070195.42 826636478.35 474.02% Increase in customer orders
Income statement item Q1 2023 (RMB) Q1 2022 (RMB) Change (%) Explanation of why
Increased penalty and
Non-operating income 17987189.96 10231792.90 75.80%
compensation income
Profit before tax 2133535668.57 1506141803.84 41.66% Increased sales revenue
Income tax expense 536509124.01 374486033.58 43.27% Increased profit before tax
Cash flow statement item Q1 2023 (RMB) Q1 2022 (RMB) Change (%) Explanation of why
Taxes and levies paid 2389733360.32 1504557277.08 58.83% Increased sales revenue
Cash used in other operating Increased payments in operating
794061341.05513375729.7954.67%
activities activities in relation to expenses
Decreased disinvestments in
Proceeds from disinvestment 560000000.00 3046360249.83 -81.62% wealth management products
upon maturity
Decreased wealth management
Payments for investment 700000000.00 1450000000.00 -51.72%
products purchased
Subtotal of cash used in
88314296.83 13902709.47 535.23% Increased debt repayments
financing activities
Cash and cash equivalents Increased cash generated from
15458397551.7710109282581.1052.91%
end of the period operating activities
4First Quarterly Report 2023
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well
as Holdings of Top 10 Shareholders
Unit: share
Number of preference
Number of ordinary shareholders 22731 shareholders with resumed 0
voting rights (if any)
Top 10 shareholders
Name of Nature of Shareholding Restricted shares Shares in pledge marked or frozen
Total shares held
shareholder shareholder percentage held Status Shares
ANHUI GUJING
GROUP State-owned legal
51.08% 269983022 In pledge 114000000
COMPANY person
LIMITED
GAOLING Foreign legal
2.02%10684222
FUNDL.P. person
INDUSTRIAL
AND
COMMERCIAL
BANK OF
CHINA
LIMITED-
INVESCO
Other 1.89% 9999951
GREAT WALL
EMERGING
GROWTH
HYBRID
SECURITIES
INVESTMENT
FUND
AGRICULTURA
L BANK OF
CHINA － E
FUND
CONSUMPTION
Other 1.73% 9144808
SECTOR
STOCK
SECURITIES
INVESTMENT
FUND
5First Quarterly Report 2023
HONG KONG
SECURITIES Foreign legal
1.61%8526367
CLEARING person
COMPANY LTD.BANK OF
CHINA-CHINA
MERCHANTS
CHINA
SECURITIES
BAIJIU INDEX Other 1.61% 8514613
CLASSIFICATI
ON
SECURITIES
INVESTMENT
FUND
CHINA
INTERNATION
AL CAPITAL
Foreign legal
CORPORATION 1.42% 7502363
person
HONG KONG
SECURITIES
LTD
UBS (LUX)
EQUITY FUND -
Foreign legal
CHINA 1.30% 6896661
person
OPPORTUNITY
(USD)
BANK OF
CHINA-
INVESCO
GREAT WALL
DINGYI Other 0.95% 5017603
HYBRID
SECURITIES
INVESTMENT
FUND (LOF)
GREENWOODS
Foreign legal
CHINA ALPHA 0.87% 4614326
person
MASTER FUND
Top 10 unrestricted shareholders
Shares by class
Name of shareholder Unrestricted ordinary shares held
Class Shares
6First Quarterly Report 2023
ANHUI GUJING GROUP RMB-denominate
269983022269983022
COMPANY LIMITED d ordinary share
Domestically
GAOLING FUNDL.P. 10684222 l isted foreign 10684222
share
INDUSTRIAL AND
COMMERCIAL BANK OF CHINA
LIMITED- INVESCO GREAT RMB-denominate
99999519999951
WALL EMERGING GROWTH d ordinary share
HYBRID SECURITIES
INVESTMENT FUND
AGRICULTURAL BANK OF
CHINA － E FUND
RMB-denominate
CONSUMPTION SECTOR STOCK 9144808 9144808
d ordinary share
SECURITIES INVESTMENT
FUND
HONG KONG SECURITIES RMB-denominate
85263678526367
CLEARING COMPANY LTD. d ordinary share
BANK OF CHINA-CHINA
MERCHANTS CHINA
RMB-denominate
SECURITIES BAIJIU INDEX 8514613 8514613
d ordinary share
CLASSIFICATION SECURITIES
INVESTMENT FUND
CHINA INTERNATIONAL Domestically
CAPITAL CORPORATION HONG 7502363 l isted foreign 7502363
KONG SECURITIES LTD share
UBS (LUX) EQUITY FUND - Domestically
CHINA OPPORTUNITY (USD) 6896661 l isted foreign 6896661
share
BANK OF CHINA- INVESCO
GREAT WALL DINGYI HYBRID RMB-denominate
50176035017603
SECURITIES INVESTMENT d ordinary share
FUND (LOF)
GREENWOODS CHINA ALPHA Domestically
MASTER FUND 4614326 l isted foreign 4614326
share
Among the shareholders above the Company’s controlling shareholder—Anhui Gujing
Group Company Limited—is not a related party of other shareholders; nor are they parties
Related or acting-in-concert parties
acting in concert as defined in the Administrative Measures on Information Disclosure of
among the shareholders above
Changes in Shareholding of Listed Companies. As for the other shareholders the Company
does not know whether they are related parties or whether they belong to parties acting in
7First Quarterly Report 2023
concert as defined in the Administrative Measures on Information Disclosure of Changes in
Shareholding of Listed Companies.Since October 2021 the Company's controlling shareholder Gujing Group has conducted the
Top 10 shareholders engaged in
business of "Refinancing by Lending Securities" and as of 31 March 2023 1421000 lent
securities margin trading (if any)
shares were outstanding with no transfer of the ownership of these shares.(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□Applicable □ Not applicable
III Other Significant Events
□Applicable □ Not applicable
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by Anhui Gujing Distillery Company Limited
31 March 2023
Unit: RMB
Item 31 March 2023 1 January 2023
Current assets:
Monetary assets 16091732551.77 13772561141.30
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets 1966547565.40 1782687769.66
Derivative financial assets
Notes receivable
Accounts receivable 80318902.48 62688668.94
Receivables financing 3562319154.21 217419441.32
Prepayments 121447763.66 233995661.69
Premiums receivable
Reinsurance receivables
Receivable reinsurance contract
reserve
Other receivables 130475733.84 73337415.74
Including: Interest receivable
Dividends receivable
8First Quarterly Report 2023
Financial assets purchased under
resale agreements
Inventories 6052804736.17 6058106090.88
Contract assets 802589.84 1855188.15
Assets held for sale
Current portion of non-current assets
Other current assets 112736624.71 125568725.51
Total current assets 28119185622.08 22328220103.19
Non-current assets:
Loans and advances to customers
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments 9873184.12 10154235.98
Investments in other equity
59175631.2056447789.94
instruments
Other non-current financial assets
Investment property 13174022.83 13396881.96
Fixed assets 2997444991.20 2741844586.30
Construction in progress 2723836904.68 2454703251.44
Productive living assets
Oil and gas assets
Right-of-use assets 28926547.19 32562171.10
Intangible assets 1099474833.03 1108125157.05
Development costs
Goodwill 561364385.01 561364385.01
Long-term prepaid expense 51917985.29 51012977.31
Deferred income tax assets 648805808.21 425120227.37
Other non-current assets 1434000.00 6870532.00
Total non-current assets 8195428292.76 7461602195.46
Total assets 36314613914.84 29789822298.65
Current liabilities:
Short-term borrowings 6666621.85 83232176.31
Borrowings from the central bank
Loans from other banks and financial
institutions
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable 738520000.00 695740000.00
Accounts payable 2019189027.77 2054063559.15
Advances from customers
9First Quarterly Report 2023
Contract liabilities 4745070195.42 826636478.35
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 906388708.37 795138305.63
Taxes and levies payable 1290597847.48 1205028130.02
Other payables 3171080476.38 3261763838.80
Including: Interest payable
Dividends payable
Fees and commissions payable
Reinsurance payables
Liabilities directly associated with
assets held for sale
Current portion of non-current
41889105.4942237345.11
liabilities
Other current liabilities 1973107310.70 1044664441.58
Total current liabilities 14892509293.46 10008504274.95
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 100001036.52 44944737.91
Bonds payable
Including: Preference shares
Perpetual bonds
Lease liabilities 16308716.88 18631395.93
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income 102840229.08 103714978.95
Deferred income tax liabilities 291296893.31 281173154.70
Other non-current liabilities
Total non-current liabilities 510446875.79 448464267.49
Total liabilities 15402956169.25 10456968542.44
Owners’ equity:
Share capital 528600000.00 528600000.00
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserves 6224747667.10 6224747667.10
10First Quarterly Report 2023
Less: Treasury stock
Other comprehensive income -18462048.70 408739.61
Specific reserve
Surplus reserves 269402260.27 269402260.27
General reserve
Retained earnings 13067303476.06 11497599306.54
Total equity attributable to owners of the
20071591354.7318520757973.52
Company as the parent
Non-controlling interests 840066390.86 812095782.69
Total owners’ equity 20911657745.59 19332853756.21
Total liabilities and owners’ equity 36314613914.84 29789822298.65
Legal representative: Liang Jinhui The Company’s chief accountant: Zhu Jiafeng
Head of the Company’s financial department: Zhu Jiafeng
2. Consolidated Income Statement
Unit: RMB
Item Q1 2023 Q1 2022
1. Revenues 6584074879.74 5274316915.03
Including: Operating revenue 6584074879.74 5274316915.03
Interest revenue
Insurance premium income
Fee and commission
income
2. Costs and expenses 4474673766.49 3768073947.82
Including: Cost of sales 1338363595.05 1165830022.88
Interest costs
Fee and commission
expense
Surrenders
Net insurance claims paid
Net amount provided as
insurance contract reserve
Expenditure on policy
dividends
Reinsurance premium
expense
Taxes and levies 952521731.05 760618151.95
Selling expense 1898400734.49 1590954599.21
Administrative expense 360366324.25 320795136.11
Development costs 12603427.17 13222646.77
11First Quarterly Report 2023
Finance costs -87582045.52 -83346609.10
Including: Interest costs 452129.32 2453452.30
Interest
87672195.6585432700.35
revenue
Add: Other income 8653466.84 8567522.82
Return on investment (“-” for loss) -12896951.32 -12790104.95
Including: Share of profit or loss
-281051.8655358.86
of joint ventures and associates
Income from the
derecognition of financial assets at
amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-”
for loss)
Gain on changes in fair value (“-”
11694470.28-4997462.27
for loss)
Credit impairment loss (“-” for
1050.00155536.23
loss)
Asset impairment loss (“-” for
loss)
Asset disposal income (“-” for
133056.6194131.81
loss)
3. Operating profit (“-” for loss) 2116986205.66 1497272590.85
Add: Non-operating income 17987189.96 10231792.90
Less: Non-operating expense 1437727.05 1362579.91
4. Gross profit (“-” for loss) 2133535668.57 1506141803.84
Less: Income tax expense 536509124.01 374486033.58
5. Net profit (“-” for net loss) 1597026544.56 1131655770.26
5.1 By operating continuity
5.1.1 Net profit from continuing
1597026544.561131655770.26
operations (“-” for net loss)
5.1.2 Net profit from discontinued
operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to
1569704169.521098725631.83
owners of the Company as the parent
5.2.2 Net profit attributable to
27322375.0432930138.43
non-controlling interests
6. Other comprehensive income net of
-18222555.18-9704322.19
tax
Attributable to owners of the
-18870788.31-10300192.74
Company as the parent
12First Quarterly Report 2023
6.1 Items that will not be
1227528.56876348.40
reclassified to profit or loss
6.1.1 Changes caused by
remeasurements on defined benefit
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
1227528.56876348.40
investments in other equity instruments
6.1.4 Changes in the fair value
arising from changes in own credit risk
6.1.5 Other
6.2 Items that will be reclassified to
-20098316.87-11176541.14
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
other debt investments
6.2.3 Other comprehensive
income arising from the reclassification -20098316.87 -11176541.14
of financial assets
6.2.4 Credit impairment
allowance for other debt investments
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
648233.13595870.55
interests
7. Total comprehensive income 1578803989.38 1121951448.07
Attributable to owners of the
1550833381.211088425439.09
Company as the parent
Attributable to non-controlling
27970608.1733526008.98
interests
8. Earnings per share
8.1 Basic earnings per share 2.97 2.08
8.2 Diluted earnings per share 2.97 2.08
Legal representative: Liang Jinhui The Company’s chief accountant: Zhu Jiafeng
13First Quarterly Report 2023
Head of the Company’s financial department: Zhu Jiafeng
3. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2023 Q1 2022
1. Cash flows from operating activities:
Proceeds from sale of commodities
7755489862.226167095754.32
and rendering of services
Net increase in customer deposits and
deposits from other banks and financial
institutions
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 fees and commissions
received
Net increase in loans from other banks
and financial institutions
Net increase in proceeds from
repurchase transactions
Net proceeds from acting trading of
securities
Tax and levy rebates 933556.77 715704.79
Cash generated from other operating
273469260.39234339443.23
activities
Subtotal of cash generated from
8029892679.386402150902.34
operating activities
Payments for commodities and
831712774.81761495268.19
services
Net increase in loans and advances to
customers
Net increase in deposits in the central
bank and other banks and financial
institutions
Payments for claims on original
insurance contracts
14First Quarterly Report 2023
Net increase in loans to other banks
and financial institutions
Interest fees and commissions paid
Policy dividends paid
Cash paid to and for employees 935700806.15 846461636.21
Taxes and levies paid 2389733360.32 1504557277.08
Cash used in other operating activities 794061341.05 513375729.79
Subtotal of cash used in operating
4951208282.333625889911.27
activities
Net cash generated from/used in
3078684397.052776260991.07
operating activities
2. Cash flows from investing activities:
Proceeds from disinvestment 560000000.00 3046360249.83
Return on investment 80952.06 108733.04
Net proceeds from the disposal of
fixed assets intangible assets and other 169445.00 213483.80
long-lived assets
Net proceeds from the disposal of
subsidiaries and other business units
Cash generated from other investing
activities
Subtotal of cash generated from
560250397.063046682466.67
investing activities
Payments for the acquisition of fixed
assets intangible assets and other 539157118.68 327308345.77
long-lived assets
Payments for investments 700000000.00 1450000000.00
Net increase in pledged loans granted
Net payments for the acquisition of
13439262.050.00
subsidiaries and other business units
Cash used in other investing activities
Subtotal of cash used in investing
1252596380.731777308345.77
activities
Net cash generated from/used in
-692345983.671269374120.90
investing activities
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by
non-controlling interests to subsidiaries
Borrowings received 55000000.00 20000000.00
Cash generated from other financing
activities
Subtotal of cash generated from 55000000.00 20000000.00
15First Quarterly Report 2023
financing activities
Repayment of borrowings 84000000.00 10000000.00
Interest and dividends paid 1152138.17 2007254.94
Including: Dividends paid by
subsidiaries to non-controlling interests
Cash used in other financing activities 3162158.66 1895454.53
Subtotal of cash used in financing
88314296.8313902709.47
activities
Net cash generated from/used in
-33314296.836097290.53
financing activities
4. Effect of foreign exchange rates
changes on cash and cash equivalents
5. Net increase in cash and cash
2353024116.554051732402.50
equivalents
Add: Cash and cash equivalents
13105373435.226057550178.60
beginning of the period
6. Cash and cash equivalents end of the
15458397551.7710109282581.10
period
(II) 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.Anhui Gujing Distillery Company Limited
Board of Directors
29 April 2023
16
