YantaiChangyuPioneerWineCo.,Ltd.2019Semi-annualReport
YantaiChangyuPioneerWineCo.,Ltd.
2019Semi-annualReport
Final2019-03
August,2019
Contents
2019Semi-annualReport ...... 1
I.ImportantNotice,ContentsandDefinition..................................................................................3
II.BriefIntroductionfortheCompanyandMainFinancialIndicators....................................5
III.SummaryoftheCompany’sBusinesses..................................................................................9
IV.ManagementDiscussionandAnalysis...................................................................................12
V.Majorissues...............................................................................................................................26
VI.ChangesinSharesandtheShareholders’Situation.............................................................39
VII.RelatedSituationofPreferredShares..................................................................................44
VIII.SituationforDirectors,Supervisors,SeniorExecutives.....................................................45
IX.RelatedSituationofCorporationBonds................................................................................47
X.FinancialReport..........................................................................................................................47
XI.ReferenceDocuments..............................................................................................................162
I.ImportantNotice,ContentsandDefinitionTheboardofdirectors,theboardofsupervisors,directors,supervisorsandseniorexecutivesoftheCompanyguaranteethetruthfulness,accuracyandcompletenessofthecontentscontainedinsemi-annualreportwithnofalserecords,misleadingstatementsorsignificantomissions,andundertakeindividualandjointlegalliabilities.Mr.ZhouHongjiang(PersoninchargeoftheCompany)andMr.JiangJianxun(PersoninchargeofaccountingworkaswellasPersoninchargeofaccountingorgan&accountincharge)assurethetruthfulness,accuracyandcompletenessofthefinancialreportinthesemi-annualreport.Nodirectors,supervisorsorseniorexecutivesissueastatementofobjectionto2019semi-annualreport.Exceptfollowingdirector,otherdirectorshavepersonallyattendedthemeetingfordeliberatingthesemi-annualreport.
Nameofdirectornotattendingthemeetingpersonally | Positionofdirectornotattendingthemeetingpersonally | Reasonofnotattendingthemeetingpersonally | Nameofentrustee |
DuanChangqing | Independentdirector | Onabusinesstrip | WangZhuquan |
RegardingmajorrisksthattheCompanymayfaceduringtheproductionandmanagementprocess,pleasereferto“10.RisksfacedwithbytheCompanyandresponsemeasures”in“IVManagementDiscussionandAnalysis”inthisreport.Investorsaresuggestedtoreadcarefullyandpayattentiontoinvestmentrisks.TheCompanyhasnoplantodistributecashdividendsandbonussharesandcapitalreservewillnotbetransferredtoequity.
Definition
DefinitionItem | Refersto | DefinitionContent |
Company/thisCompany | Refersto | YantaiChangyuPioneerWineCo.,Ltd. |
ChangyuGroup/ControllingShareholder | Refersto | YantaiChangyuGroupCo.,Ltd. |
CSRC | Refersto | ChinaSecuritiesRegulatoryCommission |
SSE | Refersto | ShenzhenStockExchange |
DeloitteHuaYong | Refersto | DeloitteHuaYongCertifiedPublicAccountantsCo.,LTD(specialgeneralpartnership) |
CNY | Refersto | ChineseYuan |
II、BriefIntroductionfortheCompanyandMainFinancialIndicators
1.Company’sinformation
AbbreviationoftheShares: | ChangyuA、ChangyuB | CodenumberoftheShares | 000869、200869 |
AbbreviationoftheSharesafteralteration | - | ||
PlaceoflistingoftheShares | ShenzhenStockExchange | ||
LegalNameinChinese | 烟台张裕葡萄酿酒股份有限公司 | ||
AbbreviationofChinesename | 张裕 | ||
LegalNameinEnglish | YANTAICHANGYUPIONEERWINECOMPANYLIMITED | ||
AbbreviationofEnglishname | CHANGYU | ||
LegalRepresentative | Mr.ZhouHongjiang |
2.Contactpersonandinformation
SecretaryofBoardofDirectors | AuthorizedRepresentativeoftheSecuritiesAffairs | |
Name | Mr.JiangJianxun | Mr.LiTingguo |
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)TheCompany’scontactinformationWhetherthereisanychangeintheCompany’sregisteredaddress,officeaddress,postcode,websiteande-mailaddressduringthereportperiod.
□Available?NotavailableThereisnochangeintheCompany’sofficeaddress,postcode,websiteande-mailaddressduringthereportperiod.Fordetailedinformation,pleasereferto2018annualreport.
2)InformationdisclosureandfilelocationWhetherthereisanychangeintheinformationdisclosureandfilelocationduringthereportperiod.
□Available?NotavailableThereisnochangeinthenameofnewspapersinwhichtheCompany’sinformationisdisclosed,thewebsiteassignedbyCSRCtocarrythesemi-annualreportandthelocationoftheCompany’s
semi-annualreportduringthereportperiod.Fordetailedinformation,pleasereferto2018annualreport.
4.KeyaccountingdataandfinancialindicatorsWhethertheCompanymakesretroactiveadjustmentsorrestatestheaccountingdataofpreviousfiscalyears.
□Yes?No
Duringthereportperiod | Inthesameperiodoflastyear | Moreorlessthanlastyear(%) | |
Businessrevenue(CNY) | 2,558,274,785 | 2,828,230,064 | -9.55% |
Netprofitattributedtotheshareholdersofthelistedcompany(CNY) | 603,403,789 | 635,837,405 | -5.10% |
Netprofitattributedtotheshareholdersofthelistedcompanyafterdeductingtheirregularprofitandloss(CNY) | 552,490,695 | 606,678,719 | -8.93% |
Netcashflowsfromtheoperatingactivities(CNY) | 499,476,006 | 552,753,472 | -9.64% |
Basicearningspershare(CNY/share) | 0.88 | 0.93 | -5.38% |
Dilutedearningspershare(CNY/share) | 0.88 | 0.93 | -5.38% |
Weightedaverageforearningrateofthenetassets | 6.13% | 6.89% | -0.76% |
Theendofthisreportperiod | Theendoflastyear | Moreorlessthanlastyear(%) | |
Totalassets(CNY) | 13,383,093,433 | 13,117,729,052 | 2.02% |
NetAssetsattributedtotheshareholdersofthelistedcompany(CNY) | 9,791,885,091 | 9,606,099,365 | 1.93% |
5.DifferencesinaccountingdataunderPRCaccountingstandardsandinternationalaccountingstandards
1)DifferencesofnetprofitandnetassetinthefinancialreportdisclosedaccordingtobothinternationalaccountingstandardsandPRCaccountingstandards?Available?Notavailable
Unit:CNY
Netprofitattributedtotheshareholdersofthelistedcompany | NetAssetsattributedtotheshareholdersofthelistedcompany | ||||
Currentperiod | Lastperiod | Endofperiod | Beginningofperiod | ||
AccordingtoPRCaccountingstandards | 603,403,789 | 635,837,405 | 9,791,885,091 | 9,606,099,365 | |
Itemandamountadjustedaccordingtointernationalaccountingstandards | |||||
Accordingtointernationalaccountingstandards | 603,403,789 | 635,837,405 | 9,791,885,091 | 9,606,099,365 |
2)DifferencesofnetprofitandnetassetinthefinancialreportdisclosedaccordingtobothforeignaccountingstandardsandPRCaccountingstandards□Available?NotavailableTherearenodifferencesofnetprofitandnetassetinthefinancialreportdisclosedaccordingtobothforeignaccountingstandardsandPRCaccountingstandardsduringthereportperiod.
3)Explanationofthedifferencesinaccountingdataunderdomesticandoverseasaccountingstandards
□Available?Notavailable
6.Itemandamountofirregularprofitandloss?Available□Notavailable
Unit:CNY
Amount | Explanation | |
Profitandlossondisposalofnon-currentassets(includingtheoffsetofprovisionforimpairmentofassets) | 1,138 | |
Governmentgrantscreditedincurrentprofitandloss(exceptforgovernmentgrantsthatarecloselyrelatedtotheentity'sbusinessandareenjoyedwithaquotaorwithalimitedquantityinaccordancewithnationaluniformstandard | 64,211,892 | |
Othernon-operatingincomeandexpenditurebesidesabove-mentioneditems | 3,411,864 | |
Less:Amountaffectedbyincometax | 16,671,778 | |
Amountaffectedbyminorityequity(aftertax) | 40,022 | |
Total | 50,913,094 | - |
ThereasonsshallbemadeclearanddefinitelyastotheirregularprofitandlossthattheCompanyhasdefinedbyvirtueoftheExplanatoryNoticeonPublicCompany’sInformationDisclosureNo.1
-IrregularProfitandLossandastoregardingtheirregularprofitandlossasrecurrentprofitandlossasspecifiedintheExplanatoryNoticeonPublicCompany’sInformationDisclosureNo.1-IrregularProfitandLoss.
□Available?NotavailableThereisnosituationthattheirregularprofitandlossisdefinedandspecifiedasrecurrentprofitandlossinaccordancewiththeExplanatoryNoticeonPublicCompany’sInformationDisclosureNo.1-IrregularProfitandLossduringthereportperiod.
III.SummaryoftheCompany’sBusinesses
1.MainbusinessesduringthereportperiodWhethertheCompanyneedstofollowthedisclosurerequirementofspecialbusinessNo.Duringthereportperiod,theCompany’smainbusinessistoproduceandoperatewineandbrandy,thusprovidingthedomesticandforeignconsumerswithhealthyandfashionablealcoholicdrinks.Comparedwithearlierstage,therearenomajorchangesintheCompany’smainbusinesses.Althoughthereisacertainfluctuationandexistsdownwardpressureinthedomesticwinemarketatpresentinshortterm,seeninthelongterm,theChinesewineindustryisgenerallyinthegrowthstageandstillremaintherisingtrend.TheCompanytakesthedominantpositioninthedomesticwinemarket.
2.Majorchangesofmainassets
1)Majorchangesofmainassets
Mainassets | Explanationofmajorchanges |
Equityasset | Nomajorchange |
Fixedasset | Nomajorchange |
Intangibleasset | Nomajorchange |
Constructioninprocess | Nomajorchange |
2)Mainoverseasassetscondition?Available□Notavailable
Detailsofassets | Formationreason | Assetsscale | Location | Operatingmode | Controlmeasuresforsafeguardingassetsecurity | Earningposition | ProportionofoverseasassetsintheCompany’snetassets | Whethertherearemajorimpairmentrisks |
HaciendaYVinedosMarquesDelAtrio,SL | Acquisitionofequity | 500,554,860 | Spain | Independentoperation | ThisCompanyparticipatesinmakingimportantdecisionsthroughboardofdirectorsandappointsCFOforfinancialmanagement | 1,859,381 | 4.97% | No |
IndomitaWineCompanyChile,SpA | Establishmentbyjointventure | 505,803,310 | Chile | Independentoperation | ThisCompanyparticipatesinmakingimportantdecisionsthroughboardofdirectorsandappointsCFOforfinancialmanagement | 3,762,504 | 5.02% | No |
FrancsChampsParticipationsSAS | Establishmentbysoleproprietorship | 229,246,260 | France | Independentoperation | ThisCompanydirectlyappointsseniorexecutivetoconductoperationandmanagement | 36,704 | 2.28% | No |
KilikanoonEstatePtyLtd | Acquisitionofequity | 147,071,845 | Australia | Independentoperation | ThisCompanyparticipatesinmakingimportantdecisionsthroughboardofdirectors | -1,509,147 | 1.46% | No |
Otherconditionexplanation | Duringthereportperiod,KilikanoonEstatePtyLtdrealizedthenetprofitofCNY550thousandforitsownproductionandmanagement,butafterconductingtheamortizationofpremiumatthetimeofacquisitioninaccordancewithaccountingpolicy,thelosswasCNY1.5million. |
3.AnalysisofcorecompetitivenessWhethertheCompanyneedstofollowthedisclosurerequirementofspecialbusiness?No.InthecompetitionpatternofChinesewineindustry,comparedwithotherparticipantsintheindustry,webelievethattheCompanyhasfollowingadvantages:
Firstly,theCompanyhasawell-knownwinebrandwithmorethan120yearsofhistory,“Changyu”,“NobleDragon”and“AFIP”areChinesefamoustrademarksthathavestronginfluenceandgoodreputation.Secondly,theCompanyhassetupanationwidemarketingnetwork.TheCompanyformsa“three-level”marketingnetworksystemmainlycomposedoftwoteamscontainingtheCompany’smarketingpersonnelanddistributors,possessingastrongmarketingabilityandmarketexploitationability.Thirdly,theCompanyownsstrongscientificprowessandaproductR&Dsystem.Relyingonthesole“National-levelWineR&DCenter”,theCompanygraspsadvancedwinemakingtechnologyandproductionprocessesandhasfairlystrongproductinnovationcapacityandperfectqualitycontrolsystem.Fourthly,theCompanyisinpossessionofgrapebasesthatcouldmeettherequirementsofdevelopment.Thescaleandthestructureofgrapebaseslocatinginregionsthatarethemostsuitableforgrowingwine-makinggrapesinChina,suchasShandong,Ningxia,Xinjiang,Liaoning,HebeiandShaanxi,havebasicallymettheCompany’sdemandsfordevelopment.Fifthly,theCompanyhasacompletehigh-end,medium-endandlow-endproductsaswellasvarietiesandcategories.Morethan100varietiesofwine,brandy,sparklingwineetc.,coveringhigh-end,medium-endandlow-endgrades,canmeettheneedsofdifferentconsumergroups.Aftermorethan10yearsofrapiddevelopment,theCompanyhasoccupiedtheleadingpositioninthedomesticwineindustry,whichhascertaincomparativeadvantagesinthefuturecompetition.Sixthly,theCompanyhasarelativelyperfectincentivemechanism.MostofCompany’semployeesindirectlyholdtheCompany’sequitythroughcontrollingshareholders.Therearehighconsistencybetweenemployeebenefitsandshareholderbenefits,infavorofbettermotivatingemployeestocreatevalueforshareholders.Seventhly,theCompanyhasestablishedaflexibleandefficientdecision-makingmechanism.ThecoremanagementoftheCompanyhasbeenmaintainingaunitedandpragmaticworkstyleandflexibleandefficientdecision-makingmechanism,enablingtheCompanytomoreunhurriedlyrespondtomarketchanges.Eighthly,theCompanyhasbasicallycompletedthelayoutofglobalproductioncapacity.TheCompanyhascompletedtheproductioncapacitylayoutintheworldwidemainwine-producingcountries,suchasChina,France,Chile,SpainandAustraliaandsoon,andcanmakebetteruseofglobalhigh-qualityrawmaterialresources,capital,talentsandadvancedproductiontechniquesandtechnologiestoprovideconsumerswithdiversifiedhighqualityproducts.Basedonabovereasons,theCompanyhasformedstrongcorecompetitivenessandwillmaintainthiscomparativeadvantageintheforeseeablemarketcompetitioninthefuture.
IV.ManagementDiscussionandAnalysis
1.SummarizationDuringthereportperiod,influencedbytheslowdownofdomesticeconomicgrowth,theoveralldemandofdomesticwineindustrywasrelativelyweak.Bothdomesticandimportedwinehadexperienceddeclineatvaryingdegreesinsalesvolumeandsalesrevenue.Thecompetitionindomesticwinemarket,especiallyformiddle-and-low-levelwines,wasveryfierce.Duetocontinuouslyinfluencessuchasincreaseinthepricesofrawmaterialsandpackagingmaterials,depreciationoffixedassetsandincreaseinfreightandlaborcosts,theCompany’sprofitabilitywasundergreaterpressure.Facingquitealotofunfavorablefactors,theCompanyinsistedintakingthemarketasthecenter,insistedthedevelopmentstrategyof“Focusonmiddle-and-highlevel,Focusonhighquality,Focusonbigproduct”(thestrategyof“ThreeFocuses”)withoutwavering,continuedintensifyinginternalreform,furtheroptimizedproductstructureandmarketlayout.Throughproductinnovation,managementinnovationandmarketinginnovation,theCompanystrivedtopromoteproductsalesandachievedcertaineffectsunderthebackgroundofthemarketthatbothdomesticwineandimportedwineshowalargedecreasewhollyinChinamarket,realizingthebusinessincomeofCNY2558.27millioninthefirsthalfyearwithadecreaseof9.55%comparedwithlastyearandthenetprofitattributabletotheparentcompany’sshareholdersofCNY603.4millioninthefirsthalfyearwithadecreaseof5.1%comparedwithlastyear.Duringthereportperiod,theCompanymainlydidfollowingwork:
Firstly,theCompany'sBoardofDirectors,BoardofSupervisorsandseniorexecutivesweresuccessfullyre-elected,injectingnewforces,optimizingstaffstructure,enhancingthemanagementlevelanddecision-makingabilityofthemanagementteamandprovidingareliableorganizationalguaranteefortheCompany’ssustainableandhealthydevelopmentinthefuture.Secondly,the"ThreeFocuses"strategywassteadilyadvancedandinitialresultswereachieved.Duringthereportperiod,amongthethreecorebusinesssegmentsofdomesticwine,brandyandimportedwine,theCompanyconcentrateditsmainresourcestofocusonthethreedomesticwinebrandssuchasMOSER,NobleDragonandZENITHWIRL;thetwobrandybrands“KOYA”and“ChangyuSuperiorFive-starSpecialFineBrandy”andthetwoimportedwinebrandsKilikanoonandINDOMITAachievedgoodresults,whichsloweddowntheCompany’swinedeclineandachievedasmallincreaseinbrandysalesrevenue.Thirdly,theorganizationstructureofsalessystemwasbasicallycompletedintermsofadjustmentandoptimization.Thetransformationfrommanagementdealerstoservingdealerswasactivelypromotedandtheconstructionof“Fundpool”withdealerswasenergeticallydeveloped.Duringthereportperiod,theCompanyeliminated,adjusted,rotatedandsupplementedsomeoftheprovincialandmunicipalsalespersonnel,furtherrationalizedthesalesmanagementsystemandenhancedthefightingcapacityofthesalesteam.Theauthorizedoperationwasdeeplyadvanced,whichfurthermobilizedtheenthusiasmandinitiativeofsalespersonnel.Besides,theCompanyimprovedtheperformanceappraisalmodeandworkfocus,whichpromotedsalespersonneltobeclosertothemarketandclientsandbetterservedterminalsandconsumers.Moreover,theconstructionofsalesteamand“Fundpool”withdealerswasintensified,whichalleviatedthecontradictionofinsufficientmarketinput.Fourthly,theCompanyactivelycoordinatedcontrollingshareholdersandotherrelevantparties.
Afterrepeatedcommunicationandfullargumentation,theCompanyre-determinedtheproportionoftrademarkusefeeof"张裕"(Changyu)andothertrademarks,revisedandimprovedTrademarkLicenseContractandeliminateddefectsinthecontract.Inaddition,theCompanycooperatedcloselywiththecontrollingshareholdersandwasfreelytransferredpartoftrademarksandpatentsfromthecontrollingshareholders,whichbetterguaranteedtheintegrityoftheCompany’sassetsandreducedrelatedtransactions.Fifthly,theCompanyoptimizedthelayoutofrawmaterialbases,strengthenedqualitymanagement,strivedtoreducerawmaterialcostsandimprovedproductquality.Duringthereportperiod,theCompanycarriedoutanoverallplanningfordomesticandforeignrawmaterialsupplybasesandlaidoutmediumandlong-termrawmaterialbasesinAustralia,ChileandFrance.Inaddition,theCompanyincreasedalargenumberofhigh-qualityrawmaterialbasesinXinjiang,NingxiaandYantai,strengthenedtheassessmentsofbasicmanagement,profitandkeyworktotherawmaterialbases,anduseinternalself-examination,randomsampling,third-partyinspection,flightinspectionandothermeanstostrengthenproductqualitymonitoringandcontrol.Moreover,theCompanyre-approvedsupplierlist,eliminatedunqualifiedsuppliersandcontinuouslyimprovedthequalityofrawmaterialandpackaging.Asthesemeasuresbecomeeffective,theproductqualityandreducerawmaterialcostswillbefundamentallyimproved.Sixthly,itwastostrengthenfinancialmanagementandauditsupervision,strivetoreducecapitalcostsandoperationalrisks,andimprovetheCompany’soperationalefficiency.Duringthereportperiod,afterrepeatedcommunicationandnegotiation,theCompanyfurtherreducedthebankloaninterestrateandfinancingcost.Inaddition,theCompanyusedtheSAPsystemtomonitorandallocatecashflowinrealtime,strictlyimplementedtwo-linemanagementoffinancialrevenuesandexpendituresandpaidusesystemoffunds,whichacceleratedcapitalturnover,improvedfundsuseefficiencyandreducedfundsoccupation.Moreover,theCompanyintensifiedtheauditworkofkeyareassuchastheauthenticityoffinancialrevenuesandexpenditures,channelinventory,unsalableproducts,advertisingfeesandeconomicresponsibilityofoutgoingpersonnel,andtimelyinvestigatedandpunishedillegalacts,whicheffectivelypreventedsignificantoperationalrisks.Seventhly,scientificdispatch,carefullyorganizationandclosecooperationguaranteedthegoodqualityandsmoothprogressofinvestmentprojects.Duringthereportperiod,allprojectsunderconstructionoftheCompanyprogressedasplannedandtheprojectqualitywasexcellent.Eighthly,itwastocontinueimplementingtheinternationalizationstrategyandactivelycarryoutjointventureandcooperationwithstrongforeignpeers.Duringthereportperiod,inordertoreduceoperatingcostsofasinglewineryandplayasynergisticeffect,theCompanyuseditswholly-ownedsubsidiaryinFranceFrancsChampsParticipationsSAStoestablishajointventurecompanyL&MHOLDINGStogetherwithAdviniSA’ssubsidiarySCGarriduGaiinFrance,promotingthemanagementandoperationleveloftheFrenchwinebusinesssegment.InordertoachievethebusinessobjectivessetbytheCompanyatthebeginningoftheyear,theCompanywillfocusonthefollowingworkinthesecondhalfof2019:
Firstly,thecurrentmarketsituationhasdeterminedthattheCompanymustunswervinglypromotethedevelopmentstrategyof“ThreeFocus”.TheCompanywillcontinueclassifyingproducts,compressingthenumberofproducts,centralizingsuperiorresourcesandfocusingonmarketexplorationandmarketingwork.Secondly,consideringthatthemaincontradictionforfuturedevelopmentliesinthemarket,the
Companywillcontinuefocusingontheconstructionoftwoteamsofbackbonedistributorsandfull-timesalespersonnelandfurtherestablishandimprovethesalessystemtoextendmarketcoverage.TheCompanywillalsomakedeeppenetrationintokeymarketsandstrivetoachievebreakthrough.Inaddition,themarketinginnovationwillbestrengthenedandthecommunicationsmediawillbeoptimizedinordertoimprovethemarketinglevel.Asystematicbrandmanagersystemwillalsobeestablishedandafull-timemarketingteamwillbesetupforprovidingsystemicmarketingsolutionstoboostbrandsbyvirtueofthetopoutsourcingcompaniesintheindustry.TheCompanywilltakefulladvantageandintegrateonlineadvantageousplatformandexplorethedigitalmarketingmodeinlinewithChangyutoprovideconsumerswithamoreperfectconsumerexperienceandenhanceuserstickiness.Thirdly,continuousimprovementinproductqualityisthemostfundamentalthingtowinthemarketcompetition.Whilestrictlyimplementingvariousqualitymanagementmeasures,theCompanywillestablishasystematicbrandwinemakersystem,givefullplaytothemainresponsibilityofwinemakersatalllevelsandproposeclearrequirementsofsalary,appointment,selection,promotionandexitforwinemakersatdifferentlevelsinordertostimulatewinemakers'enthusiasmandsenseofresponsibilityandpromotethesignificantimprovementinproductquality.Fourthly,theestablishmentofatalentteamthatiscompatiblewiththeCompany'sdevelopmenttothecoretoachievesustainedandrapiddevelopment.TheCompanywillfocusoncultivating60high-levelprovincialgeneralmanagersand600outstandingcitymanagerscomprehensivelyoptimizetalentechelonandstrivetomakeuptheweaknessintalents.Moreover,theCompanywillfurtheroptimizeperformanceappraisalmethods,establishandimprovevariousflexibleandefficientincentivemechanismswiththecombinationoflong-termmechanismandshort-termmechanismaswellascomplementaryadvantages,andfurtherstimulatetheCompany’svitalitytoenhancetheattractionandcentripetalforcetotheoutstandingtalents.Fifthly,theCompanywillreasonablyarrangetheproductionschedule,dowelltheconnectionbetweenproductionandsales,makefulluseofsalespeakseasonincludingMid-AutumnFestival,NationalDayandSpringFestival,increasemarketingeffortsandpromoteproductsales,providingimportantguaranteeforachievingannualsalestargets.Sixthly,theCompanywillscientificallymakeprocurementplanforrawmaterialssuchasgrapes,rationallyarrangeprocurementprogressandfullycompletetheprocurementworkofgraperawmaterial,providingcorerawmaterialswithsufficientquantity,completevarieties,highqualityandlowpriceforfuturedevelopment.Inshort,wepreliminarilyjudgethatinthesecondhalfofthisyear,withthecumulativeeffectsofvariousreformmeasuresinthepastyearstartingtoappear,althoughthedownwardpressureonthedomesticwinemarketisincreasing,thesalessituationofourcompanymayactuallygraduallygooutofthetrough,andrevenuemayalsobegintoenterthegrowthtrack.TheCompanywillstrivetocompletetheestablishedrevenuetargetofnotlowerthanCNY5.3billionatthebeginningoftheyear.Inaddition,affectedbythedoublefavorablefactorsofthenationalcuttingtaxesandfeespoliciesandthecontrollingshareholder'soffsetoftrademarkusefee,theCompany'sprofitlevelmaybeimprovedcomparedwiththesameperiodoflastyear.
2.AnalysisofmainbusinessPleasereferto“1.Summarization”in“ManagementDiscussionandAnalysis”.Changeinmajorfinancialdataonyear-on-yearbasis
Unit:CNY
Inthereportperiod | Inthesameperiodoflastyear | Moreorless(%) | Reasonforchanges | |
Operatingrevenue | 2,558,274,785 | 2,828,230,064 | -9.55% | Mainlyowingtotheyear-on-yeardecreaseinsalesvolume |
Operatingcosts | 936,252,225 | 974,557,292 | -3.93% | Mainlyowingtotheyear-on-yearincreaseinthepriceofgrapematerial |
Salesexpenses | 591,970,801 | 710,659,033 | -16.70% | Mainlyowingtotheyear-on-yeardecreaseinmarketingexpenseandtrademarkusefee |
Administrationexpense | 155,552,312 | 157,964,882 | -1.53% | Nomajorchange |
Financialexpense | 8,789,583 | 13,085,942 | -32.83% | Mainlyowingtotheyear-on-yeardecreaseininterestexpenditure |
Incometaxexpense | 210,281,578 | 211,979,735 | -0.80% | Nomajorchange |
Research&DevelopmentInvestment | 2,706,811 | 2,127,006 | 27.26% | Mainlyowingtotheincreasedinvestmentinscientificresearch |
Netcashflowfromoperatingactivities | 499,476,006 | 552,753,472 | -9.64% | Mainlyowingtothedecreaseinreceivedcashfromsellingproductsandprovidinglaborservice |
Netcashflowfrominvestmentactivities | -114,534,608 | -291,217,548 | 60.67% | Mainlyowingtothedecreaseinthecashpaidforpurchasingfixedtermdepositandthenetcashpaidbysubsidiariesandotherbusinessunits |
Netcashflowfromfinancingactivities | -18,128,357 | -6,350,537 | -185.46% | Mainlyowingtotheyear-on-yeardecreaseinreceivedfixedtermdepositusedforpledgeoflong-termloan |
Netincreasedamountofcashandcashequivalents | 366,866,743 | 247,781,188 | 48.06% | Mainlyowingtotheyear-on-yeardecreaseinthecashoutflowofinvestmentactivities |
WhetherthereisanymajorchangefortheCompany’sprofitstructureorprofitsourceduringthereportperiod
□Available?NotavailableThereisnomajorchangefortheCompany’sprofitstructureorprofitsourceduringthereportperiod.Structureofmainbusinesses
Unit:CNY
Item | Operatingrevenue | Operatingcost | Grossprofitrate(%) | Increaseordecreaseofoperatingrevenueoverthesameperiodoflastyear(%) | Increaseordecreaseofoperatingcostoverthesameperiodoflastyear(%) | Increaseordecreaseofgrossprofitrateoverthesameperiodoflastyear |
BySector | ||||||
Manufacturingofliquorandalcoholicbeverages | 2,558,274,785 | 936,252,225 | 63.40% | -9.55% | -3.93% | -2.14% |
ByProduct | ||||||
Wine | 1,928,554,268 | 680,125,496 | 64.73% | -13.01% | -9.65% | -1.31% |
Brandy | 563,451,068 | 229,703,175 | 59.23% | 3.33% | 18.50% | -5.22% |
Tourism | 42,604,382 | 12,307,699 | 71.11% | -7.44% | -12.47% | 1.66% |
Other | 23,665,067 | 14,115,855 | 40.35% | 19.01% | 1.95% | 9.98% |
Total | 2,558,274,785 | 936,252,225 | 63.40% | -9.55% | -3.93% | -2.14% |
ByRegion | ||||||
Domesticbusiness | 2,330,780,056 | 791,113,867 | 66.06% | -9.92% | -2.36% | -2.63% |
Overseasbusiness | 227,494,729 | 145,138,358 | 36.20% | -5.50% | -11.69% | 4.47% |
Total | 2,558,274,785 | 936,252,225 | 63.40% | -9.55% | -3.93% | -2.14% |
3.Analysistonon-mainbusiness
□Available?Notavailable
4.Assetsandliabilitiessituation
1)Majorchangesinassets
Unit:CNY
Theendofthisreportperiod | Theendofthesameperiodoflastyear | Proportionincreaseordecrease(%) | Explanationformajorchanges | |||
Amount | Proportioninthetotalassets(%) | Amount | Proportioninthetotalassets(%) | |||
Monetaryfunds | 1,848,632,953 | 13.81% | 1,683,038,453 | 12.91% | 0.90% | Nomajorchange |
Accountreceivable | 186,131,192 | 1.39% | 243,413,092 | 1.87% | -0.48% | Nomajorchange |
Inventory | 2,606,781,436 | 19.48% | 2,338,925,432 | 17.94% | 1.54% | Mainlyowingtotheyear-on-yearincreaseinwork-in-processincludingbulkwineattheendofreportperiod |
Investmentrealestate | 30,560,470 | 0.23% | 17,877,379 | 0.14% | 0.09% | Nomajorchange |
Long-termequityinvestment | - | - | - | - | - | Nomajorchange |
Fixedassets | 5,684,612,653 | 42.48% | 5,457,575,677 | 41.86% | 0.62% | Mainlyowingtothetransferofconstructioninprocessduringthereportperiod |
Constructioninprocess | 789,872,373 | 5.90% | 1,015,914,753 | 7.79% | -1.89% | Mainlyowingtothetransferofconstructioninprocessintofixedassetsduringthereportperiod |
Short-termborrowing | 678,170,667 | 5.07% | 750,454,676 | 5.76% | -0.69% | Mainlyowingtotherepaymentofshort-termborrowingduringthereportperiod |
Long-termloan | 165,949,250 | 1.24% | 153,965,191 | 1.18% | 0.06% | Nomajorchange |
2)Measuringassetsandliabilitiesatfairvalue
□Available?Notavailable
3)AssetsrightsrestrictedsituationuptotheendofreportperiodNo
5.Investmentsituationanalysis
1)Overallsituation?Available□Notavailable
Amountofinvestmentduringthereportperiod(CNY) | Amountofinvestmentinthesameperiodoflastyear(CNY) | Extentofchange |
210,000,000.00 | 210,931,400.00 | 0.44% |
2)Situationofmajorequityinvestmentsacquiredduringthereportperiod
□Available?Notavailable
3)Situationofongoingmajornon-equityinvestmentsduringthereportperiod?Available□Notavailable
Unit:CNY
Projectname | Investmentmode | Whetheritbelongstofixedassetsinvestment | Involvedindustry | Investmentamountduringthereportperiod | Accumulatedactualinvestmentamountuptotheendofthereportperiod | Capitalsource | Processofproject | Estimatedincome | Accumulatedrealizedincomeuptotheendofthereportperiod | Reasonsforunreachedplanningscheduleandestimatedincome | Disclosuredate | Disclosureindex |
ConstructionprojectofYantaiChangyuInternationalWineCityblendingandcooling | Self-constructed | Yes | Liquorandalcoholicbeverageindustry | 110,000,000.00 | 1,486,114,100.00 | Ownedfund | 100% | - | - | Nodirectincome | 2019.04.20 | PleaserefertoAnnouncementonResolutionoftheSeventhSessionBoardofDirectors10thMeeting |
center | disclosedonthewebsiteofCNINFO(www.cninfo.com.cn)(announcementnumber:2019-Temporary06) | |||||||||||
ConstructionprojectofYantaiChangyuInternationalWineCitybottlingcenter | Self-constructed | Yes | Liquorandalcoholicbeverageindustry | 40,000,000.00 | 953,200,000.00 | Ownedfund | 100% | - | - | Nodirectincome | 2019.04.20 | |
ConstructionprojectofYantaiChangyuInternationalWineCitylogisticscenter | Self-constructed | Yes | Liquorandalcoholicbeverageindustry | 43,400,000.00 | 459,907,200.00 | Ownedfund | 100% | - | - | Nodirectincome | 2019.04.20 | |
ConstructionprojectofChangyugrapeandwineresearchinstitute | Self-constructed | Yes | Liquorandalcoholicbeverageindustry | 6,000,000.00 | 122,974,800.00 | Ownedfund | 85% | - | - | Notputintooperation | 2019.04.20 | |
Constructionprojectoftreasurewinechateau | Self-constructed | Yes | Liquorandalcoholicbeverageindustry | 0.00 | 128,820,000.00 | Ownedfund | 70% | - | - | Notputintooperation | 2019.04.20 | |
Construction | Self- | Yes | Liquorand | 0.00 | 147,329,000.00 | Owned | 100% | - | - | Justputinto | 2019.04.20 |
projectofKoyabrandychateau | constructed | alcoholicbeverageindustry | fund | operationandnoincome | |||||||
OakBarrelProcurementProject | Self-constructed | Yes | Liquorandalcoholicbeverageindustry | 7,000,000.00 | 13,432,000.00 | Ownedfund | 30% | - | - | Nodirectincome | 2019.04.20 |
ConstructionprojectofindustrialproductionSAPinformation | Self-constructed | Yes | Liquorandalcoholicbeverageindustry | 600,000.00 | 38,450,000.00 | Ownedfund | 70% | - | - | Notcompleted | 2019.04.20 |
ProcurementprojectofautomaticuniblocequipmentforYantaichateau | Self-constructed | Yes | Liquorandalcoholicbeverageindustry | 0 | 0 | Ownedfund | 0.00% | - | - | Notcompleted | 2019.04.20 |
Projectof“Constanttemperatureandhumidity”systeminundergroundcellarofResearch&DevelopmentCenter | Self-constructed | Yes | Liquorandalcoholicbeverageindustry | 3,000,000.00 | 3,000,000.00 | Ownedfund | 80% | - | - | Notcompleted | 2019.04.20 |
Constructionprojectofchangyusuppliermanagementplatformandequipmentmanagementplatform | Self-constructed | Yes | Liquorandalcoholicbeverageindustry | 0.00 | 0.00 | Ownedfund | 0% | - | - | NotCompleted | 2019.04.20 | |
Total | — | — | — | 210,000,000.00 | 3,353,227,100.00 | — | — | 0.00 | 0.00 | -- | -- | -- |
4)Financialassetsinvestment
(1)Securityinvestment□Available?NotavailableThereisnosecurityinvestmentfortheCompanyduringthereportperiod.
(2)Derivativeinvestment□Available?NotavailableThereisnoderivativeinvestmentfortheCompanyduringthereportperiod.
6.Saleofmajorassetsandequities
1)Saleofmajorassets□Available?Notavailable
Thereisnosaleofmajorassetsduringthereportperiod.
2)Saleofmajorequity□Available?Notavailable
7.Analysistothemajorholdingandjointstockcompanies?Available□NotavailableSituationofmainsubsidiariesaswellasjointstockcompaniesaffectingover10%oftheCompany’snetprofit
Unit:CNY
Companyname | Companytype | Mainbusiness | Registeredcapital | Totalassets | Netasset | Operationrevenue | Operationprofit | NetProfit |
ChateauChangyuCastelCo.,Ltd.YANAI | Subsidiary | Development,productionandsalesofwineandsparklingwineaswellasthetourismservice | USD5million | 240,824,954 | 77,648,048 | 24,470,842 | -2,182,761 | -2,189,871 |
ChateauChangyuAFIPGlobalWineCo.,Ltd. | Subsidiary | Development,productionandsalesofbrandyandwine | CNY642.75million | 686,690,442 | 640,778,175 | 90,339,526 | 17,401,737 | 12,711,985 |
ChateauLiaoningChangyuIceWineCo.,Ltd. | Subsidiary | Productionoficewine | CNY59.6873million | 84,854,207 | 53,126,828 | 19,763,387 | -1,049,804 | -1,986,710 |
HaciendaYVinedosMarquesDelAtrio,SL | Subsidiary | Productionandmanagementofwineandotherliquors | EUR2.385732million | 500,554,860 | 123,548,662 | 129,064,457 | 959,423 | 1,859,381 |
IndomitaWineCompanyChile,SpA | Subsidiary | Productionandmanagementofwineandotherliquors | USD47.19million | 505,803,310 | 361,957,114 | 86,818,838 | 2,477,697 | 3,762,504 |
KilikanoonEstate | Subsidiary | Productionandmanagementofwineand | AUD6.529221 | 147,071,8 | 82,030,855 | 22,852,809 | -2,587,400 | -1,509,147 |
PtyLtd | otherliquors | million | 45 |
Acquisitionanddisposalofsubsidiariesduringthereportperiod?Available□Notavailable
Companyname | ModeofAcquisitionanddisposalofsubsidiariesduringthereportperiod | Effectonoverallproductionandmanagementaswellasperformance |
L&MHOLDINGS | Establishmentbyjointventure | Asanewly-establishedcompany,thiscompanyhasverylittleinfluenceinoverallproductionandmanagementaswellasperformance. |
ChateauLiversan | JointventurepartnerusesChateauLiversanascontributionofcapital | Thischateaucurrentlyhasverylittleinfluenceinoverallproductionandmanagementaswellasperformance. |
ExplanationformainholdingandjointstockcompaniesDuringthereportperiod,ChateauChangyuCastelCo.,Ltd.YANAIandChateauLiaoningChangyuIceWineCo.,Ltd.incurredoperatinglosses,mainlybecausethetwocompanies,asproductionunits,soldtheirproductstotheCompany’sinternalsalesunitsattheinternalsettlementpricedeterminedbytheCompany,whichcouldnottrulyreflecttheprofitabilityofthetwocompanies’products.Ifitincludestheprofitgeneratedbytheinternalsalesunitssellingproductstoexternalcustomers,theproductsproducedbythesetwocompaniesareprofitable.Duringthereportperiod,KilikanoonEstatePtyLtdrealizedthenetprofitofCNY550thousandforitsownproductionandmanagement,butafterconductingtheamortizationofpremiumatthetimeofacquisitioninaccordancewithaccountingpolicy,thelosswasCNY1.5million.
8.SituationofstructuredsubjectcontrolledbytheCompany
□Available?Notavailable
9.ForecastfortheoperatingperformancefromJanuarytoSeptemberof2019Cautionandexplanationforthepredictionthatthecumulativenetprofitfromthebeginningoftheyeartotheendofnextreportperiodcouldbeinalossortherewillbeinagreatchangecomparedwiththesameperiodoflastyear.
□Available?Notavailable
10.RisksfacedwithbytheCompanyandresponsemeasures
(1)RisksinpricefluctuationofrawmaterialsGrapesaretheCompany’smainrawmaterials.Thegrape’syieldandqualityareaffectedtoacertainextentbythenaturalfactorssuchasdrought,wind,rain,frostandsnow.TheseforcemajeurefactorsgreatlyinfluencetheprocurementquantityandpriceofrawmaterialsandaddtheuncertaintytotheCompany’sproductionandoperation.Therefore,theCompanywilllowerthefluctuationrisksofgrapequalityandpricebymeansofstabilizingtheareaofself-rungrapebases,strengtheningthemanagementofgrapebasesandoptimizingthelayoutofgrapebases.
(2)RisksinuncertaintyofmarketinputandoutputTocopewithincreasinglyfiercemarketcompetitionandtomeettheneedsformarketdevelopment,theCompanywillmaintaincertainmarketinput.Theproportionofsalesexpenseintheoperationrevenueisalsohigh.ThesituationofinputandoutputwillaffecttheCompany’sbusinessperformancetoagreatextentandtheremightoccurtheriskthatpartialinputmaynotreachtheexpectations.Therefore,theCompanywillstrengthenmarketresearchandanalysis,enhancemarketforecastaccuracyandcontinueperfectingtheinput-outputevaluationsystemtoensurethemarketinputtoreachtheexpectations.
(3)RisksinproducttransportationTheCompany’sproductsarefragileandsoldtoallovertheworldmostlybyseatransportation,railwaytransportationandroadtransportation.Thepeakseasonofsalesisusuallyincoldwinterandisclosetothespringfestivalwhenthereisagreatneedinthemarket.However,atthistime,thedomestictransportationdepartmentsmaybeoverloadedbytheflowofpeopleandlogistics,causingseriousshortageoftransportationcapacity.Inadditiontonaturalandhumanfactorssuchassnow,iceandtrafficaccidentsandsoon,thereisapossibilitythatitisdifficulttosafelyandtimelytransportproductstothemarket,thusfacingthepotentialriskofmissingsalespeakseason.Therefore,thecompanywillstrivetoreducesuchrisksbydoingwellsalesforecastsandtheconnectionbetweenproductionandsales,rationallyarrangingproductionandtransportationroutesandreasonablyincreasingoff-siteinventorybeforethecomingofpeakseasonandsoon.
(4)RisksininvestmentfaultsAccordingtotheprogramme,theCompanyhasbasicallycompletedtheproductionlayoutathomeandabroad.TheinvestmentamountofYantaiChangyuIndustrialPark(inotherwordsYantaiChangyuInternationalWineCity)islarge,buttherearemanyuncertaintiesindomesticwinemarket,whichmaylengthentheinvestmentrecoveryperiod.Moreover,theintegrationandmanagementofoverseasM&Aprojectsaredifficultanditmightalsobedifficultforsomeindividualprojectstoobtaintheexpectedinvestmentincomeowingtobeingaffectedbyvariousfactors.Therefore,theCompanywillmakesufficientdemonstrationandscientificdecisiononinvestmentprojectsandstrivetoreduceandavoidinvestmentrisks.
V.Majorissues
1.InformationfortheShareholders’MeetingandInterimShareholders’Meetingheldduringthereportperiod
1)InformationfortheShareholders’Meetingduringthereportperiod
Session | Meetingtype | Participationratioofinvestors | Conveningdate | Disclosuredate | DisclosureIndex |
2018AnnualShareholders’Meeting | Annualshareholders’meeting | 58.85% | 2019.05.17 | 2019.05.18 | http://www.cninfo.com.cnAnnouncementonResolutionof2018AnnualShareholders’Meeting(Announcementnumber:2019-Temporary25) |
FirstInterimShareholders’Meetingin2019 | Interimshareholders’meeting | 60.89% | 2019.07.02 | 2019.07.03 | http://www.cninfo.com.cnAnnouncementonResolutionofFirstInterimShareholders’Meetingin2019(Announcementnumber:2019-Temporary37) |
2)RequestforconveningInterimShareholders’Meetingbypriorityshareholdersowingrecoveredvotingright□Available?Notavailable
2.Situationofprofitdistributionandcapitalizationofcapitalreserveintosharecapitalduringthereportperiod
□Available?NotavailableTheCompanyplansnottodistributecashdividendsorgivebonussharesormakecapitalizationofcapitalreserveintosharecapital.
3.CommitmentsthattheCompany’sactualcontrollers,shareholders,relatedparties,acquirersandtheCompanyandotherrelatedcommitmentpartieshaveimplementedduringthereportperiodandhavenotimplementeduptotheendofthereportperiod?Available□Notavailable
Commitments | Commitmentparty | Commitmenttype | Commitmentcontent | Commitmenttime | Commitmentperiod | Implementation |
Commitmentsatequityreformation | ||||||
Commitmentsmadeinacquisitionreportorequitychangereport | ||||||
Commitmentsatassetrestructuring | ||||||
Commitmentsattheinitialpublicofferingorrefinancing | YantaiChangyuGroupCo.Ltd. | Solvehorizontalcompetition | Non-horizontalcompetition | May18th,1997 | Forever | Hasbeenperforming |
YantaiChangyuGroupCo.,Ltd. | Cleartheuseoftrademarkusefee | AccordingtoTrademarkLicenseContract,thetrademarkusefeeofChangyuandothertrademarkspaidbythisCompanytoYantaiChangyuGroupCo.,LtdeveryyearismainlyusedforadvertisingChangyuandothertrademarksandthecontractualproductsbyYantaiChangyuGroupCo.,Ltd. | May18th,1997 | Forever | AccordingtoTrademarkLicenseContract,thetrademarkusefeeannuallychargedbyYantaiChangyuGroupCo.,Ltd.shallbemainlyusedtopublicizetrademarksincludingChagnyuandcontractualproducts.Except2013to2017duringwhichthecommitmentwasnotstrictlyperformed,YantaiChangyuGroupCo.,Ltd.hasbeenperformingthecommitment. | |
Equityincentivecommitments | ||||||
CommitmentsatmiddleandsmallshareholdersoftheCompany | ||||||
Commitmentundertimelyimplementationornot | No | |||||
Detailedexplanationforspecificreasonsofunimplementedcommitmentaswellasnextworkplanifcommitmentisnotcompletedinthecommitmentperiod | AccordingtotheTrademarkLicenseContract(hereafterreferredtoas“theContract”),ChangyuGrouppromisesthatthetrademarkusefeeannuallypaidbytheCompanytoChangyuGroupshallbemainlyusedbyChangyuGrouptopublicizetrademarksandcontractualproducts.Butabove-mentioned‘mainly’isnotaspecificnumber,whichiseasytocausedivergenceduetodifferentunderstandingandleadstoproblemappearanceduringtheimplementationprocess.From2013to2017,ChangyuGroupcollectedatotalofCNY420,883,902trademarkusefee,ofwhich51%wasusedtopublicizetrademarksincludingChangyuandcontractproductswithamountofCNY214,650,790.TheamounthasbeenusedtopublicizetrademarksincludingChangyuandcontractproductsisCNY50,025,181,withabalanceofCNY164,625,609.In2018and2019,thetrademarkusefeecollectedof2017and2018isCNY155,623,907,ofwhich51%isusedtopublicizetrademarksincludingChangyuandcontractproductswithamountofCNY79,368,193.TheamounthasbeenusedtopublicizetrademarksincludingChangyuandcontractproductsisCNY12,225,187,withabalanceofCNY67,143,006. |
4.TheappointmentanddismissalofcertifiedpublicaccountantsWhetherthesemi-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?Notavailable
Therearenomateriallitigationandarbitrationduringthereportperiod.OtherLitigationIssue
□Available?Notavailable
9.Penaltyandrectification?Available?Notavailable
Name | Type | Reason | InvestigationandPunishment | Conclusion | Disclosuredate | DisclosureIndex |
YantaiChangyuPioneerWineCo.,Ltd. | Other | YantaiChangyuGroupCo.,Ltdhasnotstrictlyfulfilledthecommitment“AnnualtrademarkusefeeismainlyusedtopublicizetrademarksincludingChangyuandcontractualproducts”. | Other | - | 2019.04.04 | http://www.cninfo.com.cnRectificationReportofPersonInChargesuchasYantaiChangyuPioneerWineCo.,Litd.EtconDecisionofAdministrativeSupervisionMeasuresissuedbyChinaSecuritiesRegulatoryCommissionShandongRegulatoryAuthority(Announcementnumber:2019-Temporary05) |
YantaiChangyuGroupCo.,Ltd. | Controllingshareholder | Other | - | 2019.04.04 |
Theexplanationofrectificationsituation
?Available?NotavailableDuringtheperiod,thisCompany,YantaiChangyuGroupCo.,Ltd.andotherrelatedpersoninchargehavereceivedDecisionofAdministrativeSupervisionMeasuresissuedbyChinaSecuritiesRegulatoryCommissionShandongRegulatoryAuthority,andtheyhavemaderectificationaccordingtotherequirement.
10.CreditoftheCompany,itscontrollingshareholderandactualcontroller?Available?Notavailable
11.ImplementationoftheCompany’sequityinventiveplan,employeestockownershipplanorotheremployeeincentivemeasures□Available?NotavailableTherearenoimplementationoftheCompany’sequityinventiveplan,employeestockownershipplanandotheremployeeincentivemeasuresduringthereportperiod.
12.Majorrelatedtransactions
1)Relatedtransactionsinrelationtoroutineoperations?Available□Notavailable
Relatedparty | Relationship | Type | Content | Pricingprinciple | Price | Amount(CNY‘0000) | Proportioninsimilartransactions | Approvedtransactionquota(CNY‘0000) | Whetherexceedingapprovedtransactionquota | Clearingform | Availablemarketpriceofsimilartransactions | Disclosuredate | Disclosureindex |
YantaiShenmaPackagingCo.,Ltd. | Controlledbythesameparentcompany | Purchaseandmanufacturingconsignment | Purchaseandmanufacturingconsignmentofpackagingmaterials | Contractualpricing | Determinedbyagreement | 7,497 | 10.44% | 17,500 | No | Cash | No | April20th,2019 | - |
Total | - | - | 7,497 | - | 17,500 | - | - | - | - | - | |||
Detailsinformationaboutthereturnoflargesales | No | ||||||||||||
Actualperformanceoftheestimatedtotalamountfordailyrelatedtransactionsthatwilloccurduringthisreportperiodbycategory(ifhave) | No | ||||||||||||
Reasonforthebiggerdeferencebetweentransactionpriceandmarketreferenceprice(ifapplicable) | Notavailable |
2)Relatedtransactionsinrelationtoacquisitionandsalesofassetsorequity
□Available?NotavailableTherearenorelatedtransactionsinrelationtoacquisitionorsalesofassetsorequityduringthereportperiod.
3)Relatedtransactionsinrelationtocommonforeigninvestment
□Available?NotavailableTherearenorelatedtransactionsinrelationtocommonforeigninvestmentduringthereportperiod.
4)Relatedcreditanddebtdealings?Available?NotavailableTherearenorelatedcreditanddebtdealingsduringthereportperiod.
5)Othermajorrelatedtransactions□Available?NotavailableTherearenoothermajorrelatedtransactionsduringthereportperiod.
13.Non-operatingcapitaloccupyingoftheCompanybycontrollingshareholderanditsrelatedparties
□Available?NotavailableThereisnonon-operatingcapitaloccupyingoftheCompanybycontrollingshareholderanditsrelatedpartiesduringthereportperiod.
14.Majorcontractsandexecutioncondition
1)Trusteeship,contractandleaseissues
(1)Trusteeshipsituation□Available?NotavailableThereisnotrusteeshipsituationduringthereportperiod.
(2)Contractsituation?Available□NotavailableExplanationforcontractsituationFortheCompany’scontractoperationsituationduringthereportperiod,pleasereferto‘‘23.Otherpayables’’inNote7‘‘Notesonconsolidatedfinancialstatement’’inthefinancialreportofthisreport.
ProjectwhoseprofitandlossbroughtfortheCompanyreachmorethan10%ofthetotalprofitduringthereportperiod
□Available?NotavailableTherearenocontractprojectswhoseprofitandlossbroughtfortheCompanyreachmorethan10%ofthetotalprofitduringthereportperiod.
(3)Leasesituation?Available□NotavailableExplanationforleasesituationOnJanuary1
st,2017,theCompanyrenewedtheSpaceLeaseAgreementwiththecontrollingshareholderYantaiChangyuGroupCompanyLimited.TheCompanyleasedthespacewith15196.94squaremeterslocatingatNo.174ShihuiyaoRoad,ZhifuDistrict,YantaiCity.TherentperyearisCNY1.4645millionwitharentalperiodof5yearsfromJanuary1
st,2017toDecember31
st,2021.OnJanuary1
st,2017,theCompany’ssubordinateSales&MarketingCo.ofYantaiChangyuPioneerWineCompanyLimitedBrandySalesDivisionrenewedtheSpaceLeaseAgreementwiththecontrollingshareholderYantaiChangyuGroupCompanyLimited,leasingthespacewith42552.83squaremeterslocatingatNo.1JichangRoad,ZhifuDistrict,YantaiCityandthespacewith3038squaremeterslocatingat56DamaRoad,ZhifuDistrict,YantaiCity,whichareallunderthenameofcontrollingshareholder.TherentofabovespacesperyearisCNY4.3935millionwitharentalperiodof5yearsfromJanuary1
st
,2017toDecember31
st,2021.OnJuly1
st,2017,thisCompanysignedahouse-leasingcontractwithYantaiShenmaPackagingCompanyLimited.Accordingtothiscontract,sinceJuly1
st
,2017,thisCompanyleasedpropertytoYantaiShenmaPackagingCompanyLimitedforabusinesspurposewiththeannualrentofCNY1,626,880.ThiscontractexpiresonJune30
th
,2022.ProjectwhoseprofitandlossbroughtfortheCompanyreachmorethan10%ofthetotalprofitduringthereportperiod□Available?NotavailableTherearenoleaseprojectswhoseprofitandlossbroughtfortheCompanyreachmorethan10%ofthetotalprofitduringthereportperiod.
2)Majorguarantee?Available□Notavailable
(1)Guaranteesituation
Unit:CNY’0000
ExternalguaranteeoftheCompanyanditssubsidiaries(excludingguaranteetosubsidiaries) | ||||||||
Guaranteeobjectname | Disclosuredateofrelatedannouncementaboutguaranteequota | Guaranteequota | Actualdateofoccurrence(dateofagreement) | Actualguaranteeamount | Guaranteetype | GuaranteePeriod | Whetherornotcompleteimplementation | Whetherornotbelongtorelated-partyguarantee |
YantaiEconomicandTechnologicalDevelopmentZoneManagementCouncil | 2016.12.22 | 34,160 | 2016.12.21 | 34,160 | Mortgage;Pledge | 10years | No | No |
Totaloftheexternalguaranteequotaapprovedduringthereportperiod(A1) | 0 | Totaloftheactualexternalguaranteeamountduringthereportperiod(A2) | 0 | |||||
Totaloftheexternalguaranteequotaapprovedattheendofthereportperiod(A3) | 34,160 | Balanceoftheactualexternalguaranteeattheendofthereportperiod(A4) | 34,160 | |||||
GuaranteesituationsbetweentheCompanyandsubsidiaries | ||||||||
Guaranteeobjectname | Disclosuredateofrelatedannouncementaboutguaranteequota | Guaranteequota | Actualdateofoccurrence(dateofagreement) | Actualguaranteeamount | Guaranteetype | GuaranteePeriod | Whetherornotcompleteimplementation | Whetherornotbelongtorelated-partyguarantee |
Sales&MarketingCompanyofYantaiChangyuPioneerWineCompanyLimited | 2016.10.31 | 10,000 | 2016.11.05 | 10,000 | Jointliabilityassurance | 2years | No | Yes |
YantaiChangyuPioneer | 2016.12.22 | 11,984 | 2016.12.21 | 11,984 | Mortgage; | 10years | No | Yes |
WineCompanyLimited | Pledge | |||||||
YantaiChangyuWineResearchandDevelopmentCompanyLimited | 2016.12.22 | 72,176 | 2016.12.21 | 72,176 | Jointliabilityassurance;Mortgage | 10years | No | Yes |
KilikanoonEstatePtyLtd | 2017.12.12 | 7,100 | 2018.01.09 | 7,100 | Jointliabilityassurance | 1year | No | Yes |
Totaloftheapprovedguaranteequotatosubsidiariesduringthereportperiod(B1) | 0 | Totaloftheactualguaranteeamountforsubsidiariesduringthereportperiod(B2) | 0 | |||||
Totaloftheapprovedguaranteequotatosubsidiariesattheendofthereportperiod(B3) | 89,276 | Balanceoftheactualguaranteeforsubsidiariesattheendofthereportperiod(B4) | 89,276 | |||||
Guaranteesituationsbetweensubsidiaries | ||||||||
Guaranteeobjectname | Disclosuredateofrelatedannouncementaboutguaranteequota | Guaranteequota | Actualdateofoccurrence(dateofagreement) | Actualguaranteeamount | Guaranteetype | GuaranteePeriod | Whetherornotcompleteimplementation | Whetherornotbelongtorelated-partyguarantee |
HaciendaYVinedosMarquesDelAtrio.SL | 2016.04.29 | 3,502 | 2015.10.08 | 3,502 | Mortgage | Long-term | No | No |
IndomitaWineCompanyChile,SpA | 2018.04.23 | 1,986 | 2018.04.20 | 1,986 | Mortgage | Long-term | No | No |
Totaloftheapprovedguaranteequotato | 5,976 | Totaloftheactualguaranteeamountforsubsidiariesduringthereport | 0 |
subsidiariesduringthereportperiod(C1) | period(C2) | |||
Totaloftheapprovedguaranteequotatosubsidiariesattheendofthereportperiod(C3) | 11,464 | Balanceoftheactualguaranteeforsubsidiariesbytheendofthereportperiod(C4) | 5,488 | |
TotalguaranteeamountoftheCompany(Totalofabovethreemajoritems) | ||||
Totaloftheapprovedguaranteequotaduringthereportperiod(A1+B1+C1) | 5,976 | Totaloftheactualguaranteeamountduringthereportperiod(A2+B2+C2) | 0 | |
Totaloftheapprovedguaranteequotaattheendofthereportperiod(A3+B3+C3) | 134,900 | Balanceoftheactualguaranteebytheendofthereportperiod(A4+B4+C4) | 128,924 | |
Theproportionofactualtotalguaranteeamount(A4+B4+C4)accountingfortheCompany’snetasset | 13.17% | |||
Among: | ||||
Balanceofguaranteeforshareholders,actualcontrollersandtheirrelatedparties(D) | 0 | |||
Balanceofdirectorindirectdebtguaranteefortheguaranteedobjectswhoseasset-liabilityratioismorethan70%(E) | 0 | |||
Amountofthepartintotalguaranteeamountthatexceed50%ofnetassets(F) | 0 | |||
Totalamountoftheabove-mentionedthreeitems(D+E+F) | 0 | |||
Explanationforundueguaranteesthatmightbearjointandseveralresponsibilitiesforclearingthedebtsduringthereportperiod(ifhave) | No | |||
Explanationforviolatingdueprocesstoprovideexternalguarantee(ifhave) | No |
Explanationonspecificsituationsofadaptingguaranteebycomplexmethods
No.
(2)Illegalexternalguarantee
□Available?NotavailableThereisnoillegalguaranteeduringthereportperiod.
3)Othermajorcontracts
□Available?NotavailableTherearenootherimportantcontractsduringthereportperiod.
15.Situationforsocialresponsibility
1)MajorenvironmentalsituationWhetherornotthelistedcompanyanditssubsidiariesbelongtokeypollutantdischargingunitsstipulatedbythestateenvironmentalprotectiondepartment.Notapplicable.No
2)Situationforcarryingoutsocialresponsibilityoftargetedpovertyalleviation
(1)TargetedpovertyalleviationplanTheCompanyhasreachedthemutualagreementwiththegovernmentofZhuqiaoTownandthevillagecommitteeofDalangyaVillagetoestablishacooperativespecializedforgrape.Itplanstohelptoconducttheconstructionof100muofvineyardperyearfrom2019to2021withatotalareaof300muandalsotosigngrapepurchasecontractinordertohelplocalvillagerstogetridofpovertyandbecomebetteroff.
(2)Summaryofsemi-annualtargetedpovertyalleviationTheCompanyintendstohelpfarmersgrowtheirincomebyestablishingvineyardstogetherwithfarmers.
(3)EffectivenessoftargetedpovertyalleviationTheCompanyhasestablishedvineyardswithfarmersasplanned,whichisprogressingsmoothlynow.
(4)SubsequentplanfortargetedpovertyalleviationNo
16.Explanationforothermajorissues□Available?NotavailableTherearenoothermajorissuesneedtobeexplainedduringthereportperiod.
17.MajorissuesoftheCompany’ssubsidiaries
□Available?Notavailable
VI.ChangesinSharesandtheShareholders’Situation
1.Changesinshares
1)Changesinshares
Unit:share
Amountbeforethischange | Changeatthistime(+,-) | Amountafterthischange | |||||||
Amount | Percentage% | Issuingnewshare | Distributebonusshare | Transfercapitalreservetosharecapital | others | Subtotal | Amount | Percentage% | |
1.Unrestrictedshares | 685,464,000 | 100% | 685,464,000 | 100% | |||||
(1)Ashares | 453,460,800 | 66.15% | 453,460,800 | 66.15% | |||||
(2)Bshares | 232,003,200 | 33.85% | 232,003,200 | 33.85% | |||||
2.Totalshares | 685,464,000 | 100% | 685,464,000 | 100% |
Reasonofchangesinshares□Available?NotavailableApprovalofchangesinshares
□Available?NotavailableOwnershiptransferofchangesinshares
□Available?NotavailableImplementationprogressofsharebuy-back
□Available?Notavailable
Implementationprogressofreducingrepurchasedsharesbythewayofcentralizedbidding
□Available?NotavailableTheinfluenceofchangesinsharesonfinancialindicatorsinthemostrecentyearandthemostrecentreportperiod,suchasbasicearningspershare,dilutedearningspershareandnetassetpershareattributabletotheCompany’scommonshareholdersandsoon
□Available?NotavailableOthercontentsthattheCompanythinksnecessaryorsecuritiesregulatorydepartmentsasktodisclose.
□Available?Notavailable
2)Changesinrestrictedshares
□Available?Notavailable
2.Securitiesissuanceandlistingsituation
□Available?Notavailable
3.SituationforthenumberofshareholdersandshareholdingsoftheCompany
Unit:
share
Totalcommonshareholdersattheendofreportperiod | 42,531 | Totalnumberofpreferredshareholderrecoveringvotingpowerattheendofreportperiod(ifhave)(refertonote8) | 0 | ||||||||
Shareholdersholdingmorethan5%orshareholdingsofthetop10commonshareholders | |||||||||||
NameofShareholder | Characterofshareholder | Shareholdingratio | Commonshareheldattheendofthereportperiod | Changesduringthereportperiod | Numberofrestrictedcommonshare | Numberofunrestrictedcommonshare | Pledgedorfrozen | ||||
Sharestatus | Amount | ||||||||||
YANTAI | Domestic | 50.40% | 345,473,856 | 0 | 0 | 345,473,856 |
CHANGYUGROUPCO.LTD. | non-state-ownedlegalperson | |||||
GAOLINGFUND,L.P. | Foreignlegalperson | 3.08% | 21,090,219 | 0 | 0 | 21,090,219 |
CHINASECURITIESFINANCECORP | State-ownedlegalperson | 2.25% | 15,440,794 | 0 | 0 | 15,440,794 |
BBHBOSS/AFIDELITYFD-CHINAFOCUSFD | Foreignlegalperson | 2.22% | 15,241,826 | 0 | 0 | 15,241,826 |
SHENWANHONGYUANSECURITIES(HONGKONG)LIMITED | Foreignlegalperson | 1.28% | 8,798,233 | 450570 | 0 | 8,798,233 |
FIDELITYPURITANTRUST:FIDELITYSERIESINTRINSICOPPORTUNITIESFUND | Foreignlegalperson | 0.93% | 6,350,762 | 250000 | 0 | 6,350,762 |
GUOTAIJUNANSECURITIES(HONGKONG)LIMITED | Foreignlegalperson | 0.76% | 5,229,016 | 185509 | 0 | 5,229,016 |
CENTRALHUIJINASSETMANAGEMENTLTD. | State-ownedlegalperson | 0.69% | 4,761,200 | 0 | 0 | 4,761,200 |
VANGUARDEMERGINGMARKETSSTOCKINDEXFUND | Foreignlegalperson | 0.55% | 3,788,487 | 0 | 0 | 3,788,487 | |||||
FIDELITYCHINASPECIALSITUATIONSPLC | Foreignlegalperson | 0.55% | 3,779,202 | 0 | 0 | 3,779,202 | |||||
SituationofStrategicinvestorsorgenerallegalpersonbecomingthetop10shareholdersowingtoplacingofnewshares(ifhave)(seenote3) | No | ||||||||||
Explanationforaboveshareholders’associatedrelationshipandconcertedaction | Amongthetop10shareholders,YantaiChangyuGroupCompanyLimitedhasnoassociatedrelationshiporconcertedactionrelationshipwiththeother9circulatingshareholders,andtherelationshipamongtheothershareholdersisunknown. | ||||||||||
Shareholdingsoftop10commonshareholderswithunrestrictedshares | |||||||||||
NameofShareholders | Numberofunrestrictedsharesheldattheendofthereportperiod | Typeofshare | |||||||||
Typeofshare | Amount | ||||||||||
YANTAICHANGYUGROUPCO.LTD. | 345,473,856 | A | 345,473,856 | ||||||||
GAOLINGFUND,L.P. | 21,090,219 | B | 21,090,219 | ||||||||
CHINASECURITIESFINANCECORP | 15,440,794 | A | 15,440,794 | ||||||||
BBHBOSS/AFIDELITYFD-CHINAFOCUSFD | 15,241,826 | B | 15,241,826 | ||||||||
SHENWANHONGYUANSECURITIES(HONGKONG)LIMITED | 8,798,233 | B | 8,798,233 | ||||||||
FIDELITYPURITANTRUST:FIDELITYSERIESINTRINSICOPPORTUNITIESFUND | 6,350,762 | B | 6,350,762 | ||||||||
GUOTAIJUNANSECURITIES(HONGKONG)LIMITED | 5,229,016 | B | 5,229,016 | ||||||||
CENTRALHUIJINASSETMANAGEMENTLTD. | 4,761,200 | A | 4,761,200 | ||||||||
VANGUARDEMERGINGMARKETSSTOCKINDEXFUND | 3,788,487 | B | 3,788,487 | ||||||||
FIDELITYCHINASPECIALSITUATIONSPLC | 3,779,202 | B | 3,779,202 |
Explanationforassociatedrelationshipandconcertedactionamongtop10commonshareholderswithunrestrictedsharesandbetweentop10commonshareholderswithunrestrictedsharesandtop10commonshareholders | Amongthetop10shareholders,YantaiChangyuGroupCompanyLimitedhasnoassociatedrelationshiporconcertedactionrelationshipwiththeother9circulatingshareholders,andtherelationshipamongtheothershareholdersisunknown. |
Explanationfortop10commonshareholderswhoareinvolvedinsecuritiesmargintradingbusiness(ifhave)(seenote4) | Thetop10shareholdersarenotinvolvedinfsecuritiesmargintradingbusiness. |
WhetherornottheCompany’stop10commonshareholdersandtop10shareholderswithunrestrictedsharestakeagreedrepurchasetransactionduringthereportperiod
□Yes?NoThereisnoagreedrepurchasetransactiontakenbytheCompany’stop10commonshareholdersandtop10shareholderswithunrestrictedsharesduringthereportperiod.
4.ChangesincontrollingshareholdersoractualcontrollersChangesinthecontrollingshareholdersduringthereportperiod□Available?NotavailableThereisnoanychangeinthecontrollingshareholdersduringthereportperiod.Changesintheactualcontrollersduringthereportperiod
□Available?NotavailableThereisnoanychangeintheactualcontrollersduringthereportperiod.
VII.RelatedSituationofPreferredShares□Available?NotavailableTherearenopreferredsharesduringthereportperiod.
VIII.SituationforDirectors,Supervisors,SeniorExecutives
1.Changesinshareholdingsofdirectors,supervisorsandseniorexecutives□Available?NotavailableThereisnochangeinshareholdingsofdirectors,supervisorsandseniorexecutivesduringthereportperiod.Fordetails,pleasereferto2018AnnualReport
2.PersonnelchangesintheCompany'sdirectors,supervisorsandseniorexecutives?Available□Notavailable
Name | Position | Type | Date | Reason |
SunLiqiang | Director | Leavingthepostowingtoexpirationoftenure | 2019.05.17 | Retirement |
QuWeimin | Director | Leavingthepostowingtoexpirationoftenure | 2019.05.17 | Retirement |
ZhangMing | Director | Leavingthepostowingtoexpirationoftenure | 2019.05.17 | Expirationoftenureandjobchange |
AntonioAppignani | Director | Leavingthepostowingtoexpirationoftenure | 2019.05.17 | Expirationoftenure |
WangShigang | Independentdirector | Leavingthepostowingtoexpirationoftenure | 2019.05.17 | Expirationoftenure |
LiuYan | Independentdirector | Leavingthepostowingtoexpirationoftenure | 2019.05.17 | Expirationoftenure |
ChenDianxin | Director | Elected | 2019.05.17 | BeingelectedasdirectorwhenreelectingnewsessionBoardofDirectors |
EnricoSivieri | Director | Elected | 2019.05.17 | BeingelectedasdirectorwhenreelectingnewsessionBoardofDirectors |
SunJian | Director | Elected | 2019.05.17 | BeingelectedasdirectorwhenreelectingnewsessionBoardofDirectors |
LiJiming | Director | Elected | 2019.05.17 | BeingelectedasdirectorwhenreelectingnewsessionBoardofDirectors |
DuanChangqing | Independentdirector | Elected | 2019.05.17 | BeingelectedasindependentdirectorwhenreelectingnewsessionBoardofDirectors |
LiuHuirong | Independentdirector | Elected | 2019.05.17 | BeingelectedasindependentdirectorwhenreelectingnewsessionBoardofDirectors |
QuWeimin | SecretaryoftheBoardofDirectors | Leavingthepostowingtoexpirationoftenure | 2019.05.28 | Retirement |
LiJiming | Chiefengineer | Leavingthepostowingtoexpirationoftenure | 2019.05.28 | Expirationoftenure |
LiJiming | Deputygeneralmanager | Appointed | 2019.05.28 | BeingappointedbyBoardofDirectors |
JiangJianxun | ChiefFinancialOfficer | Leavingthepostowingtoexpirationoftenure | 2019.05.28 | Expirationoftenure |
JiangJianxun | Deputygeneralmanager&SecretaryoftheBoardofDirectors | Appointed | 2019.05.28 | BeingappointedbyBoardofDirectors |
GuoGuoqing | Independentdirector | Leavingthepost | 2019.07.02 | Resigningfromthepostofindependentdirectoronhisowninitiative |
LiuQinglin | Independentdirector | Elected | 2019.07.02 | Beingelectedasindependentdirector |
IX.RelatedSituationofCorporationBonds
WhetherornottherearetheCompany’scorporationbondsissuedinpublicandlistedinthestockexchange,butnotdueontheissuancedateapprovedinthesemi-annualreportorfailingtopayinfullontheduedateNo.
X.FinancialReport
1.AuditreportWhetherthesemi-annualreporthasbeenaudited
□Yes√NoThesemi-annualreportoftheCompanyhasnotbeenaudited.
2.FinancialstatementTheunitinthestatementsofthefinancialannotationsisRMBYuan.
2.1ConsolidatedbalancesheetCompilingunit:YantaiChangyuPioneerWineCo.,Ltd.June30,2019Unit:Yuan
Item | Note | June30,2019 | December31,2018 |
Currentassets: | |||
Monetaryfund | 7.1 | 1,848,632,953 | 1,475,700,477 |
Settlementreserves | |||
Lendingfunds | |||
Tradablefinancialassets | |||
Financialassetsmeasuredatthefairvalueandthevariationofwhichisrecordedintothecurrentprofitsandlosses | |||
Derivativefinancialassets | |||
Billsreceivable | 7.2 | 288,667,988 | |
Accountsreceivable | 7.3 | 186,131,192 | 242,153,083 |
Receivablesfinancing | 7.4 | 372,281,872 | |
Advancepayment | 7.5 | 3,490,928 | 4,219,949 |
Premiumreceivable | |||
Reinsuranceaccountsreceivable | |||
Receivablereservesforreinsurancecontract | |||
Otherreceivables | 7.6 | 28,618,983 | 22,636,086 |
Including:Interestreceivable | 2,099,109 | 1,332,681 | |
Dividendsreceivable | |||
Redemptorymonetarycapitalforsale | |||
Inventories | 7.7 | 2,606,781,436 | 2,724,591,457 |
Contractassets | |||
Assetsheldforsale | |||
Non-currentassetsduewithinoneyear | |||
Othercurrentassets | 7.8 | 300,418,901 | 258,676,396 |
Item | Note | June30,2019 | December31,2018 |
Totalcurrentassets | 5,346,356,265 | 5,016,645,436 | |
Non-currentassets: | |||
Offeringloansandimprest | |||
Debtinvestments | |||
Available-for-salefinancialassets | 467,251 | ||
Otherdebtinvestments | |||
Held-to-maturityinvestments | |||
Long-termreceivables | |||
Long-termequityinvestments | |||
Otherinvestmentsinequityinstruments | |||
Othernon-currentfinancialassets | 7.9 | 515,922 | |
Investmentrealestate | 7.10 | 30,560,470 | 31,572,489 |
Fixedassets | 7.11 | 5,684,612,653 | 5,749,731,667 |
Constructioninprogress | 7.12 | 789,872,373 | 759,296,591 |
Productivebiologicalassets | 7.13 | 207,613,439 | 209,266,373 |
Oil-and-gasassets | |||
Right-of-useassets | |||
Intangibleassets | 7.14 | 647,158,886 | 655,473,459 |
Developmentexpenditure | |||
Goodwill | 7.15 | 165,199,111 | 165,199,111 |
Long-termprepaidexpenses | 7.16 | 276,557,711 | 244,640,416 |
Deferredincometaxassets | 7.17 | 234,646,603 | 285,436,259 |
Othernon-currentassets | |||
Totalnon-currentassets | 8,036,737,168 | 8,101,083,616 | |
Totalassets | 13,383,093,433 | 13,117,729,052 | |
Currentliabilities: | |||
Short-termloans | 7.18 | 678,170,667 | 688,002,410 |
BorrowingsfromtheCentralBank | |||
Loansfromotherbanksandotherfinancialinstitutions | |||
Tradablefinancialliabilities | |||
Financialliabilitiesmeasuredatthefairvalueandthevariationofwhichisrecordedintothecurrentprofitsandlosses | |||
Derivativefinancialliabilities | |||
Billspayable | |||
Accountspayable | 7.19 | 539,459,878 | 713,572,881 |
Advancesfromcustomers | 7.20 | 177,549,080 | 226,075,244 |
Financialassetssoldforrepurchase | |||
Depositsfromcustomersandinterbank | |||
Receivingsfromvicariouslytradedsecurities | |||
Receivingsfromvicariouslysoldsecurities | |||
Employeeremunerationspayable | 7.21 | 177,466,368 | 212,304,217 |
Taxesandduespayable | 7.22 | 109,000,802 | 128,912,790 |
Otherpayables | 7.23 | 977,667,007 | 608,479,890 |
Including:Interestpayable | 2,669,667 | 712,826 | |
Dividendspayable | 412,646,375 |
Item | Note | June30,2019 | December31,2018 |
Handlingchargesandcommissionspayable | |||
Dividendpayableforreinsurance | |||
Contractliabilities | |||
Liabilitiesheldforsale | |||
Non-currentliabilitiesduewithinoneyear | 7.24 | 180,362,314 | 152,940,788 |
Othercurrentliabilities | 7.25 | 14,545,254 | 15,860,254 |
Totalcurrentliabilities | 2,854,221,370 | 2,746,148,474 | |
Non-currentliabilities: | |||
Reservesforinsurancecontracts | |||
Long-termborrowings | 7.26 | 165,949,250 | 156,480,662 |
Bondspayable | |||
Including:Preferredstock | |||
Perpetualbonds | |||
Leaseliabilities | |||
Long-termaccountspayable | 7.27 | 201,000,000 | 225,000,000 |
Long-termemployeeremunerationspayable | |||
Estimatedliabilities | |||
Deferredincome | 7.28 | 64,050,895 | 70,367,039 |
Deferredincometaxliabilities | 7.17 | 18,629,612 | 22,010,647 |
Othernon-currentliabilities | 7.29 | 7,159,222 | 7,234,853 |
Totalnon-currentliabilities | 456,788,979 | 481,093,201 | |
Totalliabilities | 3,311,010,349 | 3,227,241,675 | |
Owner’sequity: | |||
Capitalstock | 7.30 | 685,464,000 | 685,464,000 |
Otherequityinstruments | |||
Including:Preferredstock | |||
Perpetualbonds | |||
Capitalsurplus | 7.31 | 565,955,441 | 565,955,441 |
Minus:Treasurystock | |||
Othercomprehensiveincome | 7.32 | -95,344 | 2,965,377 |
Specialreserves | |||
Surplusreserves | 7.33 | 342,732,000 | 342,732,000 |
Generalriskpreparation | |||
Undistributedprofit | 7.34 | 8,197,828,994 | 8,008,982,547 |
Totalowner’sequitiesattributabletotheparentcompany | 9,791,885,091 | 9,606,099,365 | |
Minorityequity | 280,197,993 | 284,388,012 | |
Totalowner’sequities | 10,072,083,084 | 9,890,487,377 | |
Totalliabilitiesandowner’sequities | 13,383,093,433 | 13,117,729,052 |
LegalRepresentative:ZhouHongjiangAccountingSupervisor:JiangJianxunAccountingDepartmentManager:JiangJianxun
2.2Balancesheetoftheparentcompany
Compilingunit:YantaiChangyuPioneerWineCo.,Ltd.Unit:Yuan
Item | Note | June30,2019 | December31,2018 |
Currentassets: | |||
Monetaryfund | 1,083,333,310 | 624,588,809 | |
Tradablefinancialassets | |||
Financialassetsmeasuredatthefairvalueandthevariationofwhichisrecordedintothecurrentprofitsandlosses | |||
Derivativefinancialassets | |||
Billsreceivable | 39,885,254 | ||
Accountsreceivable | 15.1 | 1,447,973 | |
Receivablesfinancing | 56,047,969 | ||
Advancepayment | 427,816 | 227 | |
Otherreceivables | 15.2 | 526,593,613 | 1,025,643,356 |
Including:Interestreceivable | 277,785 | 254,088 | |
Dividendsreceivable | 4,103,925 | 500,000,000 | |
Inventories | 505,479,473 | 385,154,740 | |
Contractassets | |||
Assetsheldforsale | |||
Non-currentassetsduewithinoneyear | |||
Othercurrentassets | 35,992,255 | 24,704,844 | |
Totalcurrentassets | 2,207,874,436 | 2,101,425,203 | |
Non-currentassets: | |||
Debtinvestments | |||
Available-for-salefinancialassets | |||
Otherdebtinvestments | |||
Held-to-maturityinvestments | |||
Long-termreceivables | |||
Long-termequityinvestments | 15.3 | 7,420,803,069 | 7,420,803,069 |
Otherinvestmentsinequityinstruments | |||
Othernon-currentfinancialassets | |||
Investmentrealestate | 30,560,470 | 31,572,489 | |
Fixedassets | 260,448,515 | 265,311,274 | |
Constructioninprogress | 7,319,082 | 6,311,701 | |
Productivebiologicalassets | 121,158,460 | 125,002,793 | |
Oilandgasassets | |||
Right-of-useassets | |||
Intangibleassets | 66,054,490 | 67,244,066 | |
Developmentexpenditure | |||
Goodwill | |||
Long-termprepaidexpenses | |||
Deferredincometaxassets | 20,699,273 | 24,194,967 | |
Othernon-currentassets | 985,700,000 | 972,700,000 | |
Totalnon-currentassets | 8,912,743,359 | 8,913,140,359 | |
Totalassets | 11,120,617,795 | 11,014,565,562 | |
Currentliabilities: | |||
Short-termloans | 150,000,000 | 150,000,000 | |
Tradablefinancialliabilities | |||
Financialliabilitiesmeasuredatthefairvalueandthevariationofwhich |
Item | Note | June30,2019 | December31,2018 |
isrecordedintothecurrentprofitsandlosses | |||
Derivativefinancialliabilities | |||
Billspayable | |||
Accountspayable | 106,793,658 | 132,704,304 | |
Advancesfromcustomers | |||
Contractliabilities | |||
Employeeremunerations | 59,598,048 | 72,345,179 | |
Taxesandduespayable | 3,749,762 | 13,111,431 | |
Otherpayables | 913,805,782 | 607,974,519 | |
Including:Interestpayable | 163,125 | 181,250 | |
Dividendspayable | 411,278,400 | ||
Liabilitiesheldforsale | |||
Non-currentliabilitiesduewithinoneyear | |||
Othercurrentliabilities | 3,433,054 | 3,433,054 | |
Totalcurrentliabilities | 1,237,380,304 | 979,568,487 | |
Non-currentliabilities: | |||
Long-termborrowings | |||
Bondspayable | |||
Including:Preferredstock | |||
Perpetualbonds | |||
Leaseliabilities | |||
Long-termaccountspayable | |||
Long-termemployeeremunerationpayable | |||
Estimatedliabilities | |||
Deferredincome | 7,459,789 | 8,910,918 | |
Deferredincometaxliabilities | |||
Othernon-currentliabilities | 2,951,042 | 2,710,575 | |
Totalnon-currentliabilities | 10,410,831 | 11,621,493 | |
Totalliabilities | 1,247,791,135 | 991,189,980 | |
Owner’sequity: | |||
Capitalstock | 685,464,000 | 685,464,000 | |
Otherequityinstruments | |||
Including:Preferredstock | |||
Perpetualbonds | |||
Capitalsurplus | 557,222,454 | 557,222,454 | |
Minus:Treasurystock | |||
Othercomprehensiveincome | |||
Specialreserves | |||
Surplusreserves | 342,732,000 | 342,732,000 | |
Undistributedprofit | 8,287,408,206 | 8,437,957,128 | |
Totalowner’sequities | 9,872,826,660 | 10,023,375,582 | |
Totalliabilitiesandowner’sequities | 11,120,617,795 | 11,014,565,562 |
LegalRepresentative:ZhouHongjiangAccountingSupervisor:JiangJianxunAccountingDepartmentManager:JiangJianxun
2.3ConsolidatedprofitstatementCompilingunit:YantaiChangyuPioneerWineCo.,Ltd.Unit:Yuan
Item | Note | Sumofcurrentperiod | Sumofpriorperiod |
1.Totaloperatingincome | 2,558,274,785 | 2,828,230,064 | |
Including:Operatingincome | 7.35 | 2,558,274,785 | 2,828,230,064 |
Interestincome | |||
Earnedpremium | |||
Handlingfeeandcommissionincome | |||
2.Totaloperatingcosts | 1,818,822,580 | 2,023,670,406 | |
Including:Operatingcosts | 7.35 | 936,252,225 | 974,557,292 |
Interestexpenditure | |||
Handlingfeesandcommissionexpenditure | |||
Premiumrebate | |||
Netamountofindemnityexpenditure | |||
Netamountofthewithdrawnreservefundforinsurancecontract | |||
Policybonuspayment | |||
Amortizedreinsuranceexpenditures | |||
Taxesandsurcharges | 7.36 | 123,550,848 | 165,276,251 |
Sellingexpenses | 7.37 | 591,970,801 | 710,659,033 |
Administrativeexpenses | 7.38 | 155,552,312 | 157,964,882 |
Researchanddevelopmentexpenses | 7.39 | 2,706,811 | 2,127,006 |
Financialexpenses | 7.40 | 8,789,583 | 13,085,942 |
Including:Interestexpenses | 9,812,560 | 18,739,528 | |
Interestincome | 4,606,417 | 7,245,870 | |
Plus:Otherprofit | 7.41 | 64,211,892 | 37,982,878 |
Investmentprofit(lossislistedwith"-") | |||
Including:Investmentprofitforjoint-runbusinessandjointventure | |||
Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome(lossislistedwith"-") | |||
Exchangeincome(lossislistedwith"-") | |||
Netexposurehedgeincome(lossislistedwith"-") | |||
Incomefromfairvaluechanges(lossislistedwith"-") | |||
Creditimpairmentloss(lossislistedwith"-") | 7.42 | -765,935 | |
Assetimpairmentloss(lossislistedwith"-") | 7.43 | 6,148,729 | 4,730,948 |
Incomefromassetdisposal(lossislistedwith"-") | 7.44 | 1,138 | 93,958 |
3.Operatingprofit(lossislistedwith"-") | 809,048,029 | 847,367,442 | |
Plus:Non-operatingincome | 7.45 | 3,575,914 | 2,006,392 |
Minus:Non-operatingexpenses | 7.46 | 164,050 | 1,392,362 |
4.Totalprofits(totallossislistedwith"-") | 812,459,893 | 847,981,472 | |
Minus:Incometaxexpenses | 7.47 | 210,281,578 | 211,979,735 |
5.Netprofit(netlossislistedwith"-") | 602,178,315 | 636,001,737 | |
5.1Classificationbyoperationcontinuity | |||
5.1.1Netprofitfromcontinuingoperation(netlossislistedwith"-") | 602,178,315 | 636,001,737 |
5.1.2Netprofitfromterminatingoperation(netlossislistedwith"-") | |||
5.2Classificationbyownership | |||
5.2.1Netprofitattributabletoowneroftheparentcompany | 603,403,789 | 635,837,405 | |
5.2.2Minorityinterestincome | -1,225,474 | 164,332 | |
6.Netafter-taxamountofothercomprehensiveincome | 7.48 | -4,657,291 | -11,126,413 |
Netafter-taxamountofothercomprehensiveincomeattributabletoowneroftheparentcompany | -3,060,721 | -9,230,820 | |
6.1Othercomprehensiveincomenottobereclassifiedintoprofitandlosslater | |||
6.1.1Changesafterremeasuringandresettingthebenefitplans | |||
6.1.2Othercomprehensiveincomenottobereclassifiedintoprofitandlossunderequitylaw | |||
6.1.3Changesinthefairvalueofotherinvestmentsinequityinstruments | |||
6.1.4Changesinthefairvalueoftheenterprise'sowncreditrisk | |||
6.1.5Other | |||
6.2Othercomprehensiveincometobereclassifiedintoprofitandlosslater | -3,060,721 | -9,230,820 | |
6.2.1Othercomprehensiveincometobereclassifiedintoprofitandlossunderequitylaw | |||
6.2.2Changesinthefairvalueofotherdebtinvestments | |||
6.2.3Profitandlossfromchangesinthefairvalueoffinancialassetsforsale | |||
6.2.4Amountoffinancialassetsreclassifiedintoothercomprehensiveincome | |||
6.2.5Profitandlossfromreclassificationofheld-to-maturityinvestmentsintofinancialassetsforsale | |||
6.2.6Provisionforcreditimpairmentofothercreditinvestments | |||
6.2.7Provisionforcash-flowhedge | |||
6.2.8DifferenceintranslationofForeignCurrencyFinancialStatement | -3,060,721 | -9,230,820 | |
6.2.9Other | |||
Netafter-taxamountofothercomprehensiveincomeattributabletominorityshareholders | -1,596,570 | -1,895,593 | |
7.Totalcomprehensiveincome | 597,521,024 | 624,875,324 | |
Attributabletoowneroftheparentcompany | 600,343,068 | 626,606,585 | |
Attributabletominorityshareholders | -2,822,044 | -1,731,261 | |
8.Earningspershare: | |||
8.1Basicearningspershare | 0.88 | 0.93 | |
8.2Dilutedearningspershare | 0.88 | 0.93 |
LegalRepresentative:ZhouHongjiangAccountingSupervisor:JiangJianxunAccountingDepartmentManager:JiangJianxun
2.4Profitstatementoftheparentcompany
Compilingunit:YantaiChangyuPioneerWineCo.,Ltd.Unit:Yuan
Item | Note | Sumofcurrentperiod | Sumofpriorperiod |
1.Operatingincome | 15.4 | 352,351,002 | 408,845,211 |
Minus:Operatingcosts | 15.4 | 309,570,580 | 352,646,989 |
Taxesandsurcharges | 13,140,156 | 24,463,375 | |
Sellingexpenses | |||
Administrativeexpenses | 39,434,246 | 39,827,281 | |
Researchanddevelopmentexpenses | 405,061 | 360,466 | |
Financialexpenses | -3,657,370 | -15,151,608 | |
Including:Interestexpenses | -2,705,073 | 11,357,611 | |
Interestincome | 1,470,667 | 29,630,717 | |
Plus:Otherprofit | 1,716,527 | 1,976,527 | |
Investmentprofit(lossislistedwith"-") | 15.5 | 264,221,755 | 312,409,576 |
Including:Investmentprofitforjoint-runbusinessandjointventure | |||
Financialassetsmeasuredatamortizedcostceasetoberecognizedasincome(lossislistedwith"-") | |||
Netexposurehedgeincome(lossislistedwith"-") | |||
Incomefromfairvaluechanges(lossislistedwith"-") | |||
Creditimpairmentloss(lossislistedwith"-") | |||
Assetimpairmentloss(lossislistedwith"-") | |||
Incomefromassetdisposal(lossislistedwith"-") | 75,000 | ||
2.Operatingprofit(lossislistedwith"-") | 259,396,611 | 321,159,811 | |
Plus:Non-operatingincome | 703,559 | 56,479 | |
Minus:Non-operatingexpenses | 97,638 | 528 | |
3.Totalprofits(totallossislistedwith"-") | 260,002,532 | 321,215,762 | |
Minus:Incometaxexpenses | -726,946 | 2,450,592 | |
4.Netprofit(netlossislistedwith"-") | 260,729,478 | 318,765,170 | |
4.1Netprofitfromcontinuingoperation(netlossislistedwith"-") | 260,729,478 | 318,765,170 | |
4.2Netprofitfromterminatingoperation(netlossislistedwith"-") | |||
5.Netafter-taxamountofothercomprehensiveincome | |||
5.1Othercomprehensiveincomenottobereclassifiedintoprofitandlosslater | |||
5.1.1Changesafterremeasuringandresettingthebenefitplans | |||
5.1.2Othercomprehensiveincomenottobereclassifiedintoprofitandlossunderequitylaw | |||
5.1.3Changesinthefairvalueofotherinvestmentsinequityinstruments | |||
5.1.4Changesinthefairvalueoftheenterprise'sowncreditrisk | |||
5.1.5Other | |||
5.2Othercomprehensiveincometobereclassifiedintoprofitandlosslater | |||
5.2.1Othercomprehensiveincometobereclassifiedintoprofitandlossunderequitylaw | |||
5.2.2Changesinthefairvalueofotherdebtinvestments | |||
5.2.3Profitandlossfromchangesinthefairvalueoffinancialassetsforsale | |||
5.2.4Amountoffinancialassetsreclassifiedintoothercomprehensiveincome | |||
5.2.5Profitandlossfromreclassificationofheld-to-maturityinvestmentsintofinancialassetsforsale | |||
5.2.6Provisionforcreditimpairmentofothercreditinvestments |
5.2.7Provisionforcash-flowhedge | |||
5.2.8DifferenceintranslationofForeignCurrencyFinancialStatement | |||
5.2.9Other | |||
6.Totalcomprehensiveincome | 260,729,478 | 318,765,170 | |
7.Earningspershare: | |||
7.1Basicearningspershare | 0.38 | 0.47 | |
7.2Dilutedearningspershare | 0.38 | 0.47 |
LegalRepresentative:ZhouHongjiangAccountingSupervisor:JiangJianxunAccountingDepartmentManager:JiangJianxun
2.5Consolidatedcashflowstatement
Compilingunit:YantaiChangyuPioneerWineCo.,Ltd.Unit:Yuan
Item | Note | Sumofcurrentperiod | Sumofpriorperiod |
1.Cashflowsfromoperatingactivities: | |||
Cashreceivedfromsalesofgoodsandrendingofservices | 2,399,548,448 | 2,680,388,050 | |
Netincreaseincustomerandinterbankdeposits | |||
Netincreaseinborrowingsfromcentralbank | |||
Netincreaseinborrowingsfromotherfinancialinstitutions | |||
Cashreceivedfromreceivinginsurancepremiumoforiginalinsurancecontract | |||
Netcashreceivedfromreinsurancebusiness | |||
Netincreaseinpolicyholderdepositsandinvestmentfunds | |||
Cashreceivedfromcollectinginterest,handlingfeesandcommissions | |||
Netincreaseinborrowingfunds | |||
Netincreaseinrepurchasementbusinessfunds | |||
Netcashreceivedforbuyingandsellingsecurities | |||
Taxrefundreceived | 20,038,271 | 26,089,608 | |
Othercashreceivedrelatedtooperatingactivities | 7.49 | 67,785,620 | 42,343,021 |
Subtotalofcashflowsofoperatingactivities | 2,487,372,339 | 2,748,820,679 | |
Cashpaidforgoodsandservices | 718,093,432 | 677,552,938 | |
Netincreaseincustomerloansandadvances | |||
Netincreaseindepositsincentralbankandinterbankdeposits | |||
Cashpaidtooriginalinsurancecontractpayments | |||
Netincreaseinfinancialassetsheldfortradingpurposes | |||
Netincreaseinlendingfunds | |||
Cashpaidtointerest,handlingfeesandcommissions | |||
Cashpaidtopolicybonus | |||
Cashpaidtoandonbehalfofemployees | 278,638,333 | 278,814,385 | |
Cashpaidfortaxesandexpenses | 598,384,101 | 802,722,798 | |
Othercashpaidrelatedtooperatingactivities | 7.49 | 392,780,467 | 436,977,086 |
Sub-totalofcashoutflowsofoperatingactivities | 1,987,896,333 | 2,196,067,207 |
Item | Note | Sumofcurrentperiod | Sumofpriorperiod |
Netcashflowfromoperatingactivities | 499,476,006 | 552,753,472 | |
2.Cashflowfrominvestingactivities: | |||
Cashreceivedfromdisinvestment | |||
Cashreceivedfromwithdrawaloffixeddeposits | 104,597,650 | 305,000,000 | |
Cashreceivedfromobtaininginvestmentincome | |||
Cashreceivedfromobtaininginterestincome | 1,004,552 | 2,342,015 | |
Cashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets | 175,837 | 471,130 | |
Netcashreceivedfromdisposalofbranchandotherbusinessunit | |||
Othercashreceivedrelatedtoinvestingactivities | |||
Subtotalofcashflowsofinvestmentactivities | 105,778,039 | 307,813,145 | |
Cashpaidtoacquirefixedassets,intangibleassetsandotherlong-termassets | 135,073,897 | 154,464,274 | |
Cashforinvestment | |||
Cashpaidforpurchasingfixeddeposits | 85,238,750 | 340,000,000 | |
Netincreaseinhypothecatedloan | |||
Netcashpaidforacquiringbranchandotherbusinessunit | 104,566,419 | ||
Othercashpaidrelatedtoinvestmentactivities | |||
Subtotalofcashoutflowsofinvestmentactivities | 220,312,647 | 599,030,693 | |
Netcashflowfrominvestingactivities | -114,534,608 | -291,217,548 | |
3.Cashflowfromfinancingactivities | |||
Cashreceivedfromacquiringinvestment | |||
Including:cashreceivedfromacquiringminorityshareholdersinvestmentbybranch | |||
Cashreceivedfromacquiringloans | 656,495,139 | 669,905,706 | |
Cashreceivedfromissuingbonds | |||
Othercashreceivedrelatedtofinancingactivities | 7.49 | 23,521,431 | |
Subtotalcashflowsoffinancingactivities | 656,495,139 | 693,427,137 | |
Cashpaidforpayingdebts | 658,033,492 | 658,512,141 | |
Cashpaidfordistributingdividendandprofitorpayinginterest | 16,590,004 | 21,265,533 | |
Including:dividendandprofitpaidtominorityshareholdersbybranch | |||
Othercashpaidrelatedtofinancingactivities | 7.49 | 20,000,000 | |
Subtotalofcashoutflowsoffinancingactivities | 674,623,496 | 699,777,674 | |
Netcashflowfromfinancingactivities | -18,128,357 | -6,350,537 | |
4.Influencesofexchangeratefluctuationoncashandcashequivalents | 53,702 | -7,404,199 | |
5.NetIncreaseincashandcashequivalents | 366,866,743 | 247,781,188 | |
Plus:balanceatthebeginningoftheperiodofcashandcashequivalents | 1,206,860,334 | 1,180,889,274 | |
6.Balanceattheendoftheperiodofcashandcashequivalents | 1,573,727,077 | 1,428,670,462 |
LegalRepresentative:ZhouHongjiangAccountingSupervisor:JiangJianxunAccountingDepartmentManager:JiangJianxun
2.6Cashflowstatementoftheparentcompany
Compilingunit:YantaiChangyuPioneerWineCo.,Ltd.Unit:Yuan
Item | Sumofcurrentperiod | Sumofpriorperiod |
1.Cashflowsfromoperatingactivities: | ||
Cashreceivedfromsalesofgoodsandrendingofservices | 219,405,421 | 275,862,358 |
Taxrefundreceived | ||
Othercashreceivedrelatedtooperatingactivities | 57,674,830 | 100,163,394 |
Subtotalofcashflowsofoperatingactivities | 277,080,251 | 376,025,752 |
Cashpaidforgoodsandservices | 163,184,301 | 200,935,534 |
Cashpaidtoandonbehalfofemployees | 45,116,586 | 43,647,320 |
Cashpaidfortaxesandexpenses | 22,530,113 | 43,132,327 |
Othercashpaidrelatedtooperatingactivities | 321,847,893 | 19,942,485 |
Sub-totalofcashoutflowsofoperatingactivities | 552,678,893 | 307,657,666 |
Netcashflowfromoperatingactivities | -275,598,642 | 68,368,086 |
2.Cashflowfrominvestingactivities: | ||
Cashreceivedfromdisinvestment | ||
Cashreceivedfromwithdrawaloffixeddeposits | 40,000,000 | 305,000,000 |
Cashreceivedfromobtaininginvestmentincome | 760,152,668 | 717,667,435 |
Cashreceivedfromobtaininginterestincome | 484,857 | 2,342,015 |
Netcashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets | 7,519 | 538,055 |
Netcashreceivedfromdisposalofbranchandotherbusinessunit | ||
Othercashreceivedrelatedtoinvestingactivities | ||
Subtotalofcashflowsofinvestmentactivities | 800,645,044 | 1,025,547,505 |
Cashpaidtoacquiringfixedassets,intangibleassetsandotherlong-termassets | 10,164,233 | 11,968,401 |
Cashforinvestment | 13,000,000 | 105,926,184 |
Cashpaidforpurchasingfixeddeposits | 85,238,750 | 340,000,000 |
Netcashpaidforacquiringbranchandotherbusinessunit | ||
Othercashpaidrelatedtoinvestmentactivities | ||
Subtotalofcashoutflowsofinvestmentactivities | 108,402,983 | 457,894,585 |
Netcashflowfrominvestingactivities | 692,242,061 | 567,652,920 |
3.Cashflowfromfinancingactivities | ||
Cashreceivedfromacquiringinvestment | ||
Cashreceivedfromacquiringloans | 200,000,000 | |
Cashreceivedfromissuingbonds | ||
Othercashreceivedrelatedtofinancingactivities | ||
Subtotalcashflowsoffinancingactivities | 200,000,000 | |
Cashpaidfordebts | 600,000,000 | |
Cashpaidtodistributedividend,profitorpayinterest | 3,248,000 | 11,660,417 |
Othercashpaidrelatedtofinancingactivities | ||
Subtotalofcashoutflowsoffinancingactivities | 3,248,000 | 611,660,417 |
Netcashflowfromfinancingactivities | -3,248,000 | -411,660,417 |
4.Influencesofexchangeratefluctuationoncashandcashequivalents | ||
5.NetIncreaseincashandcashequivalents | 413,395,419 | 224,360,589 |
Plus:balanceatthebeginningoftheperiodofcashandcash | 532,384,882 | 493,568,866 |
Item | Sumofcurrentperiod | Sumofpriorperiod |
equivalents | ||
6.Balanceattheendoftheperiodofcashandcashequivalents | 945,780,301 | 717,929,455 |
LegalRepresentative:ZhouHongjiangAccountingSupervisor:JiangJianxunAccountingDepartmentManager:JiangJianxun
2.7Consolidatedowner’sequitychanginglist
Unit:Yuan
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 | 565,955,441 | 2,965,377 | 342,732,000 | 8,008,982,547 | 9,606,099,365 | 284,388,012 | 9,890,487,377 | |||||||
Plus:Accountingpolicieschanging | -3,278,942 | -3,278,942 | -3,278,942 | ||||||||||||
Previouserrorcorrection | |||||||||||||||
Businesscombinationundercommoncontrol | |||||||||||||||
Other | |||||||||||||||
2.Balanceatthebeginningofthisyear | 685,464,000 | 565,955,441 | 2,965,377 | 342,732,000 | 8,005,703,605 | 9,602,820,423 | 284,388,012 | 9,887,208,435 | |||||||
3.Increasedordecreasedamountinthisperiod(reducingamountislistedwith"-") | -3,060,721 | 192,125,389 | 189,064,668 | -4,190,019 | 184,874,649 | ||||||||||
3.1Totalcomprehensiveincome | -3,060,721 | 603,403,789 | 600,343,068 | -2,822,044 | 597,521,024 | ||||||||||
3.2Owners'investedandreducedcapital | |||||||||||||||
3.2.1Owner’investedcommonstock | |||||||||||||||
3.2.2Otherequityinstrumentholders’investedcapital | |||||||||||||||
3.2.3Amountofsharespaidandreckonedin |
owners'equity | |||||||||||||
3.2.4Other | |||||||||||||
3.3Profitdistribution | -411,278,400 | -411,278,400 | -1,367,975 | -412,646,375 | |||||||||
3.3.1Accruedsurplusreserves | |||||||||||||
3.3.2Accruedgeneralriskpreparation | |||||||||||||
3.3.3Distributiontoowners(orshareholders) | -411,278,400 | -411,278,400 | -1,367,975 | -412,646,375 | |||||||||
3.3.4Other | |||||||||||||
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 | |||||||||||||
3.5.1Withdrawalinthisperiod | |||||||||||||
3.5.2Usageinthisperiod | |||||||||||||
3.6Other | |||||||||||||
4.Balanceattheendofthisperiod | 685,464,000 | 565,955,441 | -95,344 | 342,732,000 | 8,197,828,994 | 9,791,885,091 | 280,197,993 | 10,072,083,084 |
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 | 565,955,441 | 3,109,240 | 342,732,000 | 7,309,081,618 | 8,906,342,299 | 271,636,379 | 9,177,978,678 | |||||||
Plus:Accountingpolicieschanging | |||||||||||||||
Previouserrorcorrection | |||||||||||||||
Businesscombinationundercommoncontrol | |||||||||||||||
Other | |||||||||||||||
2.Balanceatthebeginningofthisyear | 685,464,000 | 565,955,441 | 3,109,240 | 342,732,000 | 7,309,081,618 | 8,906,342,299 | 271,636,379 | 9,177,978,678 | |||||||
3.Increasedordecreasedamountinthisperiod(reducingamountislistedwith"-") | -143,863 | 699,900,929 | 699,757,066 | 12,751,633 | 712,508,699 | ||||||||||
3.1Totalcomprehensiveincome | -143,863 | 1,042,632,929 | 1,042,489,066 | -1,381,414 | 1,041,107,652 | ||||||||||
3.2Owners'investedandreducedcapital | 17,532,823 | 17,532,823 | |||||||||||||
3.2.1Owner’investedcommonstock | |||||||||||||||
3.2.2Otherequityinstrumentholders’investedcapital | |||||||||||||||
3.2.3Amountofsharespaidandreckonedinowners'equity | |||||||||||||||
3.2.4Other | 17,532,823 | 17,532,823 |
3.3Profitdistribution | -342,732,000 | -342,732,000 | -3,399,776 | -346,131,776 | |||||||||
3.3.1Accruedsurplusreserves | |||||||||||||
3.3.2Accruedgeneralriskpreparation | |||||||||||||
3.3.3Distributiontoowners(orshareholders) | -342,732,000 | -342,732,000 | -3,399,776 | -346,131,776 | |||||||||
3.3.4Other | |||||||||||||
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 | |||||||||||||
3.5.1Withdrawalinthisperiod | |||||||||||||
3.5.2Usageinthisperiod | |||||||||||||
3.6Other | |||||||||||||
4.Balanceattheendofthisperiod | 685,464,000 | 565,955,441 | 2,965,377 | 342,732,000 | 8,008,982,547 | 9,606,099,365 | 284,388,012 | 9,890,487,377 |
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 | 557,222,454 | 342,732,000 | 8,437,957,128 | 10,023,375,582 | |||||||
Plus:Accountingpolicieschanging | ||||||||||||
Previouserrorcorrection | ||||||||||||
Other | ||||||||||||
2.Balanceatthebeginningofthisyear | 685,464,000 | 557,222,454 | 342,732,000 | 8,437,957,128 | 10,023,375,582 | |||||||
3.Increasedordecreasedamountinthisperiod(reducingamountislistedwith"-") | -150,548,922 | -150,548,922 | ||||||||||
3.1Totalcomprehensiveincome | 260,729,478 | 260,729,478 | ||||||||||
3.2Owners'investedandreducedcapital | ||||||||||||
3.2.1Shareholders’investedcommonstock | ||||||||||||
3.2.2Otherequityinstrumentholder’investedcapital | ||||||||||||
3.2.3Amountofsharespaidandreckonedinowners'equity | ||||||||||||
3.2.4Other | ||||||||||||
3.3Profitdistribution | -411,278,400 | -411,278,400 | ||||||||||
3.3.1Drewsurplusreserves | ||||||||||||
3.3.2Distributiontoowners(orshareholders) | -411,278,400 | -411,278,400 | ||||||||||
3.3.3Other | ||||||||||||
3.4Internaltransferofowners'equity | ||||||||||||
3.4.1Capitalreservestransferredandincreasedcapital(orcapitalstock) | ||||||||||||
3.4.2Surplusreservestransferredand |
increasedcapital(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 | 557,222,454 | 342,732,000 | 8,287,408,206 | 9,872,826,660 |
Unit:Yuan
Item | Lastperiod | |||||||||||
Capitalstock | Otherequityinstruments | Capitalreserves | Minus:Treasurystock | Othercomprehensiveincome | Specialreserves | Surplusreserves | Undistributedprofits | Other | Totalowners’equity | |||
Preferredstock | Perpetualbonds | Other | ||||||||||
1.Balanceattheendoflastyear | 685,464,000 | 557,222,454 | 342,732,000 | 7,811,100,555 | 9,396,519,009 | |||||||
Plus:Accountingpolicieschanging | ||||||||||||
Previouserrorcorrection | ||||||||||||
Other | ||||||||||||
2.Balanceatthebeginningofthisyear | 685,464,000 | 557,222,454 | 342,732,000 | 7,811,100,555 | 9,396,519,009 | |||||||
3.Increasedordecreasedamountinthisperiod(reducingamountislistedwith"-") | 626,856,573 | 626,856,573 | ||||||||||
3.1Totalcomprehensiveincome | 969,588,573 | 969,588,573 | ||||||||||
3.2Owners'investedandreducedcapital | ||||||||||||
3.2.1Shareholders’investedcommonstock | ||||||||||||
3.2.2Otherequityinstrumentholder’investedcapital | ||||||||||||
3.2.3Amountofsharespaidand |
reckonedinowners'equity | ||||||||
3.2.4Other | ||||||||
3.3Profitdistribution | -342,732,000 | -342,732,000 | ||||||
3.3.1Drewsurplusreserves | ||||||||
3.3.2Distributiontoowners(orshareholders) | ||||||||
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 | 557,222,454 | 342,732,000 | 8,437,957,128 | 10,023,375,582 |
3.Companyprofile
YantaiChangyuPioneerWineCo.,Ltd.(the“Company”orthe“Joint-stockCompany”)wasincorporatedasajoint-stocklimitedcompanyinaccordancewiththeCompanyLawofthePeople’sRepublicofChina(the“PRC”)inthemergerandreorganizationcarriedoutbyYantaiChangyuGroupCo.,Ltd.(“ChangyuGroupCompany”)withitsassetsandliabilitiesinrelationtowinebusiness.TheCompanyanditssubsidiarycompanies(hereinaftercollectivelyreferredtoasthe“Group”)areengagedintheproductionandsaleofwine,brandyandchampagne,plantingandpurchaseofgrapes,developmentoftourismresources,etc.TheregisteredaddressoftheCompanyisYantaiCity,ShandongProvince,andtheofficeaddressoftheheadquartersis56DamaRoad,ZhifuDistrict,YantaiCity,ShandongProvince.AsatJune30,2019,theCompanyissued685,464,000sharesaccumulatively.RefertoNote7.30fordetails.TheparentcompanyoftheGroupisChangyuGroupCompanyincorporatedinChina,whichwasultimatelyandactuallycontrolledbyfourparties,includingYantaiGuofengInvestmentHoldingCo.,Ltd.,ILLVASaronnoHoldingSpa,InternationalFinanceCorporationandYantaiYuhuaInvestment&DevelopmentCo.,Ltd.ThefinancialstatementandtheconsolidatedfinancialstatementoftheCompanywereapprovedbytheBoardofDirectorsonAugust26,2019.ThedetailsofscopeoftheconsolidatedfinancialstatementinthisperiodcanbeseeninNote9“Equityinotherentities”.ThedetailsofscopechangesoftheconsolidatedfinancialstatementinthisperiodcanbeseeninNote8“Changesoftheconsolidatedscope”.
4.Preparationbasisoffinancialstatement
4.1Preparationbasis
TheGroupimplementstheAccountingStandardsforBusinessEnterprises(includingthenewandrevisededitionspublishedin2014)(“ASBE”)publishedbytheMinistryofFinanceandrelevant
regulationsthereof.Note-accountingbasisandpricingprincipleThenote-accountingbasisoffinancialaccountingadoptedbytheGroupisaccrualsystemandthemeasurementbasisadoptedbytheGroupinpreparingitsfinancialstatementishistoricalcost.Subsequently,iftheassetsareimpaired,theimpairmentprovisionsaremadeinaccordancewithrelevantaccountingstandards.Whenthehistoricalcostmeasurementisused,theassetsaremeasuredbytheamountofcashorcashequivalentwhentheassetsarepurchasedorthefairvalueoftheconsideration.Theliabilitiesaremeasuredbytheactuallyreceivedfundsorassetsforperformingthecurrentobligations,orthecontractamountforperformingthecurrentobligations,ortheamountofcashorcashequivalentpaidforanticipatedliabilitiesinthedailyactivities.Fairvaluereferstoapricereceivedforsellinganassetorpaidfortransferringaliabilitybythemarketparticipantinorderlytransactionsonthemeasurementdate.Nomatterthefairvalueisobservableorestimatedbythevaluationtechnique,thefairvaluemeasuredanddisclosedinthisfinancialstatementisrecognizedonthisbasis.Thefairvaluemeasurementisdividedintothreelevelsbasedontheobservabledegreeoftheinputfairvalueandtheimportanceofthisinputvalueonthewholefairvaluemeasurement:
*Theinputvalueofthefirstlevelistheunadjustedpriceofthesameassetsorliabilitieswhichcanbeacquiredinanactivemarketonthemeasurementdate.*Theinputvalueofthesecondlevelisthedirectlyorindirectlyobservableinputvalueofrelevantassetsorliabilitiesexceptthatofthefirstlevel.*Theinputvalueofthethirdlevelistheunobservableinputvalueofrelevantassetsorliabilities.
4.2Continuousoperation
TheGrouphasappraisedtheabilityofcontinuousoperationfor12monthsfromJune30,2019,andno
issuesorsituationscausingmajordoubtstothisabilityarefound.Therefore,thisfinancialstatementispreparedonthebasisofthecontinuousoperationassumption.
5.Mainaccountingpoliciesandaccountingestimates
5.1StatementoncompliancewithASBE
ThisfinancialstatementfulfillstherequirementofASBEandgivesatrueandintegratedviewofthefinancialstatusandtheconsolidatedfinancialstatusasatJune30,2019,aswellastheoperatingresult,theconsolidatedoperatingresult,thecashflowandtheconsolidatedcashflowoftheCompanyfromJanuarytoJune2019.
5.2AccountingperiodTheaccountingperiodoftheGroupisfromJanuary1toDecember31.
5.3OperatingcycleTheoperatingcyclereferstotheperiodfromtheenterprisepurchasestheassetsusedforprocessingtothecashorcashequivalentisrealized.TheoperatingcycleoftheCompanyis12months.
5.4RecordingcurrencySinceRenminbi(RMB)isthecurrencyofthemaineconomicenvironmentinwhichtheCompanyandthedomesticsubsidiarycompaniesthereofaresituated,theCompanyandthesubsidiarycompaniesthereofadoptRMBastherecordingcurrency.TheoverseassubsidiarycompaniesthereofdetermineEUR,CLPandAUDastherecordingcurrencyaccordingtothemaineconomicenvironmentinwhichtheyaresituated.ThecurrencyinthisfinancialstatementpreparedbytheGroupisRMB.
5.5Accountingtreatmentmethodforbusinesscombinationundercommoncontrolandnon-commoncontrol
5.5.1Businesscombinationandgoodwillundernon-commoncontrol
Abusinesscombinationundernon-commoncontrolisabusinesscombinationinwhichallofthecombiningenterprisesarenotultimatelycontrolledbythesamepartyorpartiesbeforeandafterthecombination.Thecombinationcostshallbethefairvalueoftheassetspaid,theliabilitiesincurredorassumedortheequityinstrumentsissuedbytheacquirerinexchangeforthecontrolovertheacquiree.Theintermediaryexpensessuchasaudit,legalservicesandassessmentconsultationandotherrelatedmanagementexpensespaidbytheacquirerforbusinesscombinationareincludedinthecurrentprofitsandlosseswhentheyoccur.Theidentifiableassets,liabilitiesandcontingentliabilitieswhichareobtainedfromtheacquireeinthebusinesscombinationandmeettherecognitionconditionsshallbemeasuredontheacquisitiondateaccordingtothefairvaluethereof.Wherethecostofcombinationexceedstheacquirer’sinterestinthefairvalueoftheacquiree’sidentifiablenetassets,thedifferenceshallberecognizedasgoodwillasanassetandinitiallymeasuredatcost.Wherethecostofcombinationislessthantheacquirer’sinterestinthefairvalueoftheacquiree’sidentifiablenetassets,theacquirerfirstlyre-assessesthemeasurementofthefairvaluesoftheacquiree’sidentifiableassets,liabilitiesandcontingentliabilitiesandmeasurementofthecostofcombination.Ifafterthatreassessment,thecostofcombinationisstilllessthantheacquirer’sinterestinthefairvalueoftheacquiree’sidentifiablenetassets,theacquirerrecognizestheremainingdifferenceimmediatelyinprofitorlossforthecurrentperiod.Thegoodwillformedduetobusinesscombinationshallbeseparatelylistedintheconsolidatedfinancialstatementandmeasuredonthebasisofthecostminustheaccumulativeimpairmentprovision.
5.6CompilingmethodsofconsolidatedfinancialstatementTheconsolidationscopeoftheconsolidatedfinancialstatementisdeterminedonthebasisofcontrol.Controlmeansthattheinvestorholdsthepowerintheinvestedparty,obtainsvariablereturnsbyparticipatinginrelevantactivitiesoftheinvestedpartyandhastheabilitytoaffecttheamountofthereturnsbyusingthepowerontheinvestedparty.OnceanychangeoftherelevantfactsandsituationsresultsinanychangeofrelevantelementsoftheabovedefinitionofControl,theGroupwillcarryoutreappraisal.
ThemergerofanysubsidiarycompanystartsfromthedatewhentheGroupacquiresthepowertocontrolthissubsidiarycompany,whiletheterminationofanysubsidiarycompanyendsinthedatewhentheGrouplossesthepowertocontrolthissubsidiarycompany.Asforanysubsidiarycompanyobtainedinabusinesscombinationundernon-commoncontrol,thebusinessresultandthecashflowthereofsincetheacquisitiondate(dateofobtainingthecontrolpower)shallhavebeenproperlyincludedintheconsolidatedincomestatementandtheconsolidatedcashflowstatement.TheprincipalaccountingpoliciesandaccountingperiodadoptedbythesubsidiarycompaniesshallbedeterminedinaccordancewiththeaccountingpoliciesandaccountingperioduniformlyregulatedbytheCompany.TheinfluenceoftheinternaltransactionbetweentheCompanyandthesubsidiarycompaniesaswellasamongsubsidiarycompaniesontheconsolidatedfinancialstatementshallbeneutralizedatthetimeofcombination.Thesharesintheowner'sequityofthesubsidiarycompanies,whichdonotbelongtotheparentcompany,shallberecognizedastheminorityequityandlistedundertheitemof“minorityequity”oftheowner’sequityinthebalancesheet.Thesharesinthecurrentprofitsandlossesofthesubsidiarycompanies,whichbelongtotheminorityequity,shallbelistedundertheitemof“minorityequity”ofthenetprofitintheconsolidatedincomestatement.Ifthelossofthesubsidiarycompaniesbornebyminorityshareholdersexceedsthesharesoftheowner'sequityentitledthereinbytheminorityshareholdersatthebeginningoftheperiod,thedifferenceshallbestillcreditedagainsttheminorityequity.
5.7DeterminationstandardofcashandcashequivalentsCashcomprisescashonhandanddemanddepositoftheCompany.Cashequivalentsrefertoshort-termhighlyliquidinvestmentsheldbytheGroupwhicharereadilyconvertibleintoknownamountofcashwithaninsignificantriskofchangesinvalue.
5.8Foreigncurrencytransactionandforeigncurrencystatementtranslation
5.8.1Foreigncurrencytransaction
Atthetimeofinitialrecognitionofaforeigncurrencytransaction,theamountoftheforeigncurrencyshallbetranslatedintotheamountoftherecordingcurrencyatthespotexchangerateonthetransactiondate.ThemonetaryitemsoftheforeigncurrencytransactionshallbetranslatedintoRMBatthespotchangerateonthebalancesheetdate.Thecurrencytranslationdifferencegeneratedbythedifferencebetweenthespotchangerateonthebalancesheetdateandthespotchangerateattheinitialrecognitionoronthepreviousbalancesheetdateshallbeincludedinthecurrentprofitsandlosses,except:
①thecurrencytranslationdifferenceofthededicatedforeigncurrencyloanthatmeetsthecapitalizationconditionshallbeincludedinthecostofassetsascapitalizationduringthecapitalizationperiod;②thecurrencytranslationdifferenceofthearbitragetooltoavoidforeignexchangeriskshallbetreatedaccordingtothehedgeaccountingmethod;③thecurrencytranslationdifferenceoftheavailable-for-salemonetaryitemsgeneratedbychangesofthebookbalanceotherthantheamortizedcostshallberecognizedasothercomprehensiveincomeandincludedinthecurrentprofitsandlosses.
5.8.2TranslationofforeigncurrencyfinancialstatementInordertocompileaconsolidatedfinancialstatement,theforeigncurrencyfinancialstatementofoverseasbusinessshallbetranslatedintoRMBfinancialstatementinaccordancewiththefollowingmethods:allassetandliabilityitemsinthebalancesheetshallbetranslatedatthespotexchangerateonthebalancesheetdate;theshareholders'equityitems,exceptfortheonesas"undistributedprofits",shallbetranslatedatthespotexchangerateatthetimewhentheyoccur;allitemsandtheitemsreflectingtheaccrualprofitdistributionintheprofitstatementshallbetranslatedattheexchangeratesimilartothespotexchangerateatthetimewhentheyoccur;theundistributedprofitsatthebeginningoftheyearshallbethetranslatedtotheundistributedprofitsattheendofthepreviousyear;theundistributedprofitsattheendoftheyearshallbecalculatedandlistedasthetranslatedprofitdistributionitems;andthedifferencebetweentheassetitemsandthesumoftheliabilityitemsandtheshareholders’equityitemsshallberecognizedasothercomprehensiveincomeandincludedintheshareholder'sequity.Theforeigncurrencycashflowsandthecashflowsoftheoverseassubsidiarycompaniesshallbetranslatedattheexchangeratesimilartothespotexchangerateatthetimewhentheyoccur;the
amountofthecashandcashequivalentsimpactedbytheexchangeratemovementshallbe,asareconcilingitem,separatelylistedunder“impactofexchangeratemovementoncashandcashequivalents”inthecashflowstatement.Thebalanceatthebeginningoftheyearandtheactualamountofthepreviousyearshallbelistedastheamounttranslatedaccordingtothefinancialstatementofthepreviousyear.
5.9FinancialinstrumentsWhenbecomingapartytoacontractoffinancialinstruments,theCompanyshallrecognizeafinancialassetorfinancialliability.
5.9.1Classification,recognitionandmeasurementoffinancialassetsAccordingtothebusinessmodeloffinancialassetsmanagementandthecontractualcashflowcharacteristicsoffinancialassets,theCompanydividesfinancialassetsinto:financialassetsmeasuredatamortizedcost;financialassetsmeasuredatfairvalueandthevariationofwhichisincludedinothercomprehensiveincome;andfinancialassetsmeasuredatfairvalueandthevariationofwhichisincludedinthecurrentprofitsandlosses.Atthetimeofinitialrecognition,financialassetsshallbemeasuredattheirfairvalue.Asforthefinancialassetsmeasuredattheirfairvalueandthevariationofwhichisincludedinthecurrentprofitsandlosses,thetransactionexpensesthereofshallbedirectlyincludedinthecurrentprofitsandlosses;asforothercategoriesoffinancialassets,thetransactionexpensesthereofshallbeincludedininitialrecognizedcost.Foraccountsreceivableorbillsreceivablearisingfromsaleofproductsorprovisionofservices,whichdonotcontainordonottakeintoaccountmaterialfinancingelements,theCompanyshalltaketheamountofconsiderationthattheCompanyisentitledtoreceiveasexpectedastheinitialrecognizedamount.①FinancialassetsmeasuredatamortizedcostTheCompanymanagessuchfinancialassetsbythefollowingbusinessmodel:collectingcontractualcashflowasthetarget,withthecontractualcashflowcharacteristicsofsuchfinancialassetsconsistentwiththebasiclendingarrangement,thatis,thecashflowgeneratedonaspecificdateisonlythepaymentofprincipalandinterestbasedontheoutstandingprincipalamount.TheCompanyshallrecognizetheinterestincomeofsuchfinancialassetsbytheactualinterestratemethod,andconductsubsequentmeasurementatamortizedcost.Theprofitsorlossesgeneratedfromtheamortizationor
impairmentshallbeincludedinthecurrentprofitsandlosses.②FinancialassetsmeasuredatfairvalueandthevariationofwhichisincludedinothercomprehensiveincomeTheCompanymanagessuchfinancialassetsbythefollowingbusinessmodel:aimingatbothreceivingcontractualcashflowandselling,withthecontractualcashflowcharacteristicsofsuchfinancialassetsconsistentwiththebasiclendingarrangements.Suchfinancialassetsaremeasuredatfairvalueandthevariationofwhichisincludedinothercomprehensiveincome,butimpairmentlossesorgains,exchangegainsandlossesandinterestincomecalculatedbytheeffectiveinterestratemethodshallbeincludedinthecurrentprofitsandlosses.Inaddition,theCompanydesignatessomenon-tradableequityinstrumentinvestmentsasfinancialassetsmeasuredatfairvalueandthevariationofwhichisincludedinothercomprehensiveincome.TheCompanyshallincluderelevantdividendincomeofsuchfinancialassetsinthecurrentprofitsandlosses,andthefairvaluechangesinothercomprehensiveincome.Whentherecognitionofsuchfinancialassetsisterminatedtheaccumulatedgainsorlossespreviouslyrecordedinothercomprehensiveincomewillbetransferredintoretainedincomefromothercomprehensiveincome,whichshallnotbeincludedinthecurrentprofitsandlosses.③FinancialassetsmeasuredatfairvalueandthevariationofwhichisincludedinthecurrentprofitsandlossesTheCompanydividesthosefinancialassetsexcludingtheabovefinancialassetsmeasuredatamortizedcostandfinancialassetsmeasuredatfairvalueandthevariationofwhichisincludedinothercomprehensiveincomeintofinancialassetsmeasuredatfairvalueandthevariationofwhichisincludedinthecurrentprofitsandlosses,andlistastradablefinancialassets.Inaddition,atthetimeofinitialrecognition,inordertoeliminateorsignificantlyreduceaccountingmismatches,theCompanydesignatessomefinancialassetsasfinancialassetsmeasuredatfairvalueandthevariationofwhichisincludedinthecurrentprofitsandlosses.Forsuchfinancialassets,theCompanyadoptsfairvalueforsubsequentmeasurement,andthevariationinfairvalueshallbeincludedinthecurrentprofitsandlosses.Thefinancialassetsthathavematuredformorethanoneyearsincethebalancesheetdateandareexpectedtobeheldformorethanoneyeararelistedasothernon-currentfinancialassets.
5.9.2Classification,recognitionandmeasurementoffinancialliabilities
Atthetimeofinitialrecognition,financialliabilitiesaredividedintofinancialliabilitiesmeasuredatfairvalueandthevariationofwhichisincludedinthecurrentprofitsandlossesandotherfinancialliabilities.Asforthefinancialliabilitiesmeasuredatfairvalueandthevariationofwhichisincluded
inthecurrentprofitsandlosses,thetransactionexpensesthereofshallbedirectlyincludedinthecurrentprofitsandlosses;asforotherfinancialliabilities,thetransactionexpensesthereofshallbeincludedininitialrecognizedcost.①FinancialliabilitiesmeasuredatfairvalueandthevariationofwhichisincludedinthecurrentprofitsandlossesFinancialliabilitiesmeasuredatfairvalueandthevariationofwhichisincludedinthecurrentprofitsandlossesincludetradablefinancialliabilities(includingderivativesbelongingtofinancialliabilities)andfinancialliabilitiesdesignatedasthosemeasuredatfairvaluewheninitiallyrecognizedandthevariationofwhichisincludedinthecurrentprofitsandlosses.Tradablefinancialliabilities(includingderivativesbelongingtofinancialliabilities)shallbesubsequentlymeasuredatfairvalue,andthevariationinthefairvalueshallbeincludedinthecurrentprofitsandlossesexceptthoserelatedtohedgeaccounting.Forthefinancialliabilitiesdesignatedasthosemeasuredatfairvalueandthevariationofwhichisincludedthecurrentprofitsandlosses,thevariationinfairvaluecausedbychangesintheCompany'sowncreditriskisincludedintoothercomprehensiveincome,andwhentherecognitionofthisliabilityisterminated,theaccumulatedvariationinfairvaluecausedbychangesinitsowncreditriskwhichisincludedintoothercomprehensiveincomeshallbetransferredintoretainedincome.Theremainingvariationsinfairvalueareincludedinthecurrentprofitsandlosses.Ifanyaccountingmismatchinprofitsandlossesiscausedorenlargedbyhandlingtheimpactofchangesintheowncreditriskofsuchfinancialliabilitiesintheaboveway,theCompanyshallincludeallthegainsorlossesofsuchfinancialliabilities(includingtheimpactamountofchangesinthecreditriskoftheenterprise)inthecurrentprofitsandlosses.②OtherfinancialliabilitiesInadditiontothefinancialassetsofwhichthetransferdoesn’tmeettheconditionstoterminatetherecognitionorfinancialliabilitiesformedbycontinuousinvolvementinthetransferredfinancialassetsandotherfinancialliabilitiesbeyondthefinancialguaranteecontractclassifiedasfinancialliabilitiesmeasuredatamortizedcost,thefinancialliabilitiesshallbemeasuredattheamortizedcostforsubsequentmeasurement,andtheprofitsorlossescausedbyterminationofrecognitionoramortizationshallbeincludedinthecurrentprofitsandlosses.
5.9.3Recognitionbasisandmeasurementmethodforthetransferoffinancialassets
Whereafinancialassetmeetsanyofthefollowingrequirements,therecognitionofitshallbeterminated:①Thecontractualrightsforcollectingthecashflowofthesaidfinancialassetareterminated;②Thefinancialassethasbeentransferredandalmostalltherisksandrewardsintheownershipofthefinancialassethavebeentransferredtothetransferee;③Thefinancialassethasbeentransferred,althoughtheenterprisehasneithertransferrednorretainedalmostalltherisksandrewardsintheownershipofthefinancialasset,ithasgivenupitscontroloverthefinancialasset.Iftheenterprisehasneithertransferrednorretainednearlyalltherisksandrewardsintheownershipofthefinancialasset,andhasnotgivenupitscontroloverthefinancialasset,relevantfinancialassetshallberecognizedaccordingtotheextentofitscontinuedinvolvementinthetransferredfinancialasset,andrelevantliabilitiesshallberecognizedaccordingly.Theextentofcontinuedinvolvementinthetransferredfinancialassetreferstotherisklevelfacedbytheenterpriseduetothechangeinthevalueofthefinancialasset.Wheretheoveralltransferofthefinancialassetmeetsthederecognitionconditions,thedifferencebetweenthebookvalueofthetransferredfinancialassetaswellastheconsiderationreceivedduetosuchtransferandthesummationofthecumulativeamountofthefairvalueoftheassetthatisoriginallyincludedinothercomprehensiveincomeshallbeincludedinthecurrentprofitsandlosses.Wherethepartlytransferofafinancialassetmeetsthederecognitionconditionsoftermination,thebookvalueofthetransferredfinancialassetshallbedistributedbetweentheterminatedpartoftherecognitionandtheunterminatedpartoftherecognition,andthedifferencebetweenthesumoftheconsiderationreceivedasaresultofthetransferandtheaccumulatedmountofthechangesinthefairvalueofthederecognizedpartthatisoriginallyincludedinothercomprehensiveincomeandtheaforesaiddistributedbookamountshallbeincludedinthecurrentprofitsandlosses.TheCompanyshalldeterminewhetheralmostalltherisksandrewardsintheownershipofthefinancialassetssoldbymeansofattachedrightofrecourseorthefinancialassetsthatitholdswhichareendorsedtotransferhavebeentransferred.Wherealmostalltherisksandrewardsintheownershipofthefinancialassetshavebeentransferredtothetransferee,therecognitionofsuchfinancialassetsshallbeterminated;Wherealmostalltherisksandrewardsintheownershipofthefinancialassetsareretained,therecognitionofsuchfinancialassetsshallnotbeterminated;Ifalmostalltherisksandrewardsintheownershipofthefinancialassetsareneithertransferrednorretained,theenterpriseshallcontinuetojudgewhetheritretainscontrolovertheassetsandthenconductaccountingtreatmentinaccordancewiththeprinciplesdescribedintheprecedingparagraphs.
5.9.4Derecognitionoffinancialliabilities
Wherethecurrentobligationofafinancialliability(orpartthereof)hasbeendischarged,theCompanyshallterminatetherecognitionofsuchfinancialliability(orpartthereof).IftheCompany(borrower)signsanagreementwiththelendertoreplacetheoriginalfinancialliabilitybyassumingthenewfinancialliability,andthecontracttermsofthenewfinancialliabilityaresubstantiallydifferentfromthoseoftheoriginalfinancialliability,therecognitionoftheoriginalfinancialliabilityshallbeterminatedandanewfinancialliabilityshallberecognizedatthesametime.IftheCompanysubstantiallymodifiesthecontracttermsoftheoriginalfinancialliability(orpartthereof),itshallterminatetherecognitionoftheoriginalfinancialliabilityandrecognizeanewfinancialliabilityinaccordancewiththerevisedtermsatthesametime.Iftherecognitionofafinancialliability(orpartofit)isterminated,theCompanyshallrecordthedifferencebetweenitsbookvalueandtheconsiderationpaid(includingthetransferrednon-cashassetsorliabilitiesassumed)intothecurrentprofitsandlosses.
5.9.5OffsettingoffinancialassetsandfinancialliabilitiesWheretheCompanyhasalegalrightthatiscurrentlyenforceabletosetofftherecognizedamountoffinancialassetsandfinancialliabilities,andintendseithertosettleonanetbasis,ortorealisethefinancialassetsandclearoffthefinancialliabilitiessimultaneously,thefinancialassetsandfinancialliabilitiesshallbeoffsetandthenetamountispresentedinthebalancesheet.Exceptfortheabovecircumstances,financialassetsandfinancialliabilitiesshallbepresentedseparatelyinthebalancesheetandshallnotbeoffset.
5.9.6DeterminationmethodofthefairvalueoffinancialassetsandliabilitiesThefairvaluereferstothepricethatmarketparticipantsneedtopaytoreceiveortransferaliabilitywhensellinganassetinanorderlytransactionthattakesplaceonthemeasurementdate.Wherethereisanactivemarketforafinancialinstrument,theCompanyshalldetermineitsfairvaluebythequotationintheactivemarket.Quotationsintheactivemarketarepricesthatarereadilyavailablefromexchanges,brokers,tradeassociations,pricingservices,etc.,onaregularbasis,whichrepresentthepricesofactualmarkettransactionsthatoccurinfairtrade.Wherethereisnoactivemarketforfinancialinstruments,theCompanyshallusevaluation
techniquestodeterminetheirfairvalue.Valuationtechniquesincludereferringtopricesusedinrecentmarkettransactionsbypartiesfamiliarwiththesituationandwillingtotrade,currentfairvaluesofotherfinancialinstrumentsthataresubstantiallythesame,discountedcashflowmethod,optionpricingmodels,etc.Atthetimeofvaluation,theCompanyadoptsvaluationtechniquesapplicabletothecurrentsituationandsupportedbysufficientavailabledataandotherinformation,selectsinputvaluesconsistentwiththeassetorliabilitycharacteristicsconsideredbymarketparticipantsinthetransactionofrelatedassetsorliabilities,andgivesprioritytorelevantobservableinputvaluesasfaraspossible.Whenrelevantobservableinputvaluescan’tbeobtainedorarenotpracticabletoobtain,thenon-inputablevaluesshallbeused.
5.9.7EquityinstrumentsAnequityinstrumentisanycontractthatevidencesaresidualinterestintheassetsoftheCompanyafterdeductingallofitsliabilities.TheCompanyissues(includingrefinancing),repurchases,sellsorcancelsequityinstrumentsaschangesinequity,andtransactioncostsrelatedtoequitytransactionsaredeductedfromtheequity.TheCompanydoesnotrecognizeanyvariationinthefairvalueofequityinstruments.DividendspaidontheCompany'sequityinstrumentsduringtheirexistence(includingthe“interest”generatedbytheinstrumentsclassifiedasequityinstruments)shallbetreatedasprofitdistribution.
5.9.8Impairmentoffinancialassets
Forfinancialassetsmeasuredatamortizedcostanddebtinstrumentinvestmentsmeasuredatfairvalueandwhosechangesareincludedinothercomprehensiveincome,theCompanyshallrecognizeprovisionforlossesonthebasisofexpectedcreditlosses.TheCompanytakesreasonableandreliableinformationaboutpastevents,currentsituationandforecastoffutureeconomicsituationintoconsideration,calculatestheprobabilityweightedamountofthepresentvalueofthedifferencebetweenthecashflowreceivableofthecontractandthecashflowexpectedtobereceivedbasedontheweightoftheriskofdefault,andrecognizestheexpectedcreditlosses.
Oneachbalancesheetdate,theCompanymeasurestheexpectedcreditlossesoffinancialinstrumentsatdifferentstagesrespectively.Ifthecreditriskofthefinancialinstrumentdoesnotincreasesignificantlyaftertheinitialrecognition,inthefirststage,theCompanyshallmeasuretheprovisionforlossesaccordingtotheexpectedcreditlossesinthenext12months;Ifthecreditriskofafinancialinstrumenthasincreasedsignificantlysincetheinitialrecognition,butnocreditimpairmenthasoccurred,inthesecondstage,theCompanyshallmeasuretheprovisionforlossesaccordingtotheexpectedcreditlossoftheentiredurationoftheinstrument;Ifthecreditimpairmentofafinancialinstrumenthasoccurredsincetheinitialrecognition,inthethirdstage,theCompanyshallmeasuretheprovisionforlossesaccordingtotheexpectedcreditlossoftheentiredurationoftheinstrument.Forfinancialinstrumentswithlowcreditriskonthebalancesheetdate,theCompanyassumesthatthecreditriskhasnotincreasedsignificantlysincetheinitialrecognition,andmeasurestheprovisionforlossesaccordingtotheexpectedcreditlossinthenext12months.Forthefinancialinstrumentsinthefirstandsecondstagesandwithlowcreditrisk,theCompanycalculatestheinterestincomeaccordingtothebookbalancewithoutdeductionofimpairmentprovisionattheactualinterestrate.Forfinancialinstrumentsinthethirdstage,interestincomeiscalculatedaccordingtothebookbalanceminustheamortizedcostattheactualinterestrateaftertheprovisionforimpairmenthasbeenaccrued.Whenanindividualfinancialassetcan’tevaluatetheinformationoftheexpectedcreditlossatareasonablecost,theCompanydividesthereceivablesintoseveralcombinationsaccordingtothecharacteristicsofcreditrisk,andcalculatestheexpectedcreditlossonthebasisofthecombination.Forbillsreceivableandaccountsreceivable,nomatterwhetherthereisasignificantfinancingcomponent,theCompanymeasurestheprovisionforlossesaccordingtotheexpectedcreditlossthroughouttheduration.Forthebillsreceivabledividedintoportfolio,theCompanycalculatestheexpectedcreditlossbyreferringtothehistoricalcreditlossexperience,combiningthecurrentsituationaswellastheforecastofthefutureeconomicsituation,andthroughthedefaultriskexposureandtheexpectedcreditlossrateoftheentireduration.Fortheaccountsreceivabledividedintoportfolio,theCompanycalculatestheexpectedcreditlossbyreferringtothehistoricalcreditlossexperience,combiningthecurrentsituationaswellastheforecast
ofthefutureeconomicsituation,andformulatingthecomparisontableoftheoverduedaysofaccountsreceivableandtheexpectedcreditlossrateofthewholeduration.Forotherreceivablesdividedintoportfolio,theCompanycalculatestheexpectedcreditlossbyreferringtothehistoricalcreditlossexperience,combiningthecurrentsituationaswellastheforecastofthefutureeconomicsituation,andthroughthedefaultriskexposureandtheexpectedcreditlossratewithinthenext12monthsortheentireduration.TheCompanywillincludetheaccruedortransferred-backprovisionforlossesinthecurrentprofitsandlosses.Fordebtinstrumentsthataremeasuredatfairvalueandthevariationofwhichisincludedinothercomprehensiveincome,theCompanyshalladjustothercomprehensiveincomewhileincludingimpairmentlossorprofitinthecurrentprofitsandlosses.
5.10Inventories
5.10.1CategoriesofinventoriesTheinventoriesoftheGroupmainlyincluderawmaterials,goodsinprocessandfinishedgoods.Inventoriesareinitiallymeasuredatcost.Inventorycostsincludepurchasecosts,processingcostsandotherexpensesincurredtobringinventorytoitscurrentlocationandcondition.TheagriculturalproductsharvestedaretreatedinaccordancewiththeAccountingStandardforBusinessEnterprisesNo.1–Inventories.
5.10.2Valuationmethodofinventoriesupondelivery
Theactualcostofinventoriesupondeliveryiscalculatedbytheweightedaveragemethod.
5.10.3DeterminationbasisfornetrealisablevalueofinventoriesOnthebalancesheetdate,inventoriesaremeasuredatthelowerofcostandnetrealisablevalue.Ifthenetrealisablevalueisbelowthecostofinventories,aprovisionfordeclineinvalueofinventoriesismade.Netrealisablevalueistheestimatedsellingpriceintheordinarycourseofbusinesslesstheestimatedcostsofcompletion,theestimatedcostsnecessarytomakethesaleandrelevanttaxes.Net
realisablevalueisdeterminedonthebasisofclearevidenceobtained,andtakesintoconsiderationthepurposesofholdinginventoriesandeffectofpostbalancesheetevents.Provisionfordeclineinvalueofotherinventoriesismadebasedontheexcessofcostofinventoryoveritsnetrealisablevalueonanitem-by-itembasis.Aftertheprovisionfordeclineinvalueofinventoriesismade,ifthecircumstancesthatpreviouslycausedinventoriestobewrittendownbelowcostnolongerexistsothatthenetrealisablevalueofinventoriesishigherthantheircost,theoriginalprovisionfordeclineinvalueisreversedandthereversalisincludedinprofitorlossfortheperiod.
5.10.4Inventorycountsystem
Theperpetualinventorysystemismaintainedforstocksystem.
5.10.5Amortizationmethodforlowcostandshort-livedconsumableitemsandpackagingmaterials
Packagingmaterialsandlowcostandshort-livedconsumableitemsareamortizedusingtheimmediatewrite-offmethod.
5.11Non-currentassetsheldforsale
Non-currentassetsanddisposalgroupsareclassifiedasheldforsalecategorywhentheGrouprecoversthebookvaluethroughasale(includinganexchangeofnonmonetaryassetsthathascommercialsubstance)ratherthancontinuinguse.Non-currentassetsordisposalgroupsclassifiedasheldforsalearerequiredtosatisfythefollowingconditions:(1)theassetordisposalgroupisavailableforimmediatesaleinitspresentconditionsubjectonlytotermsthatareusualandcustomaryforsalesofsuchassetordisposalgroup;(2)thesaleishighlyprobable,i.e.theGrouphasmadearesolutionaboutsellingplanandobtainedaconfirmedpurchasecommitmentandthesaleisexpectedtobecompletedwithinoneyear.TheGroupmeasurestheno-currentassetsordisposalgroupsclassifiedasheldforsaleatthelowerof
theircarryingamountandfairvaluelesscoststosell.Wherethecarryingamountishigherthanthenetamountoffairvaluelesscoststosell,carryingamountshouldbereducedtothenetamountoffairvaluelesscoststosell,andsuchreductionisrecognizedinimpairmentlossofassetsandincludedinprofitorlossfortheperiod.Meanwhile,provisionforimpairmentofheld-for-saleassetsaremade.Whenthereisincreaseinthenetamountoffairvalueofnon-currentassetsheldforsalelesscoststosellOnthebalancesheetdate,theoriginaldeductionshouldbereversedinimpairmentlossofassetsrecognizedaftertheclassificationofheld-for-salecategory,andthereverseamountisincludeinprofitorlossfortheperiod.Non-currentassetsheldforsaleinnon-currentassetsarenotsubjecttodepreciationoramortization.
5.12Long-termequityinvestments
5.12.1Judgmentbasisofcontrol,jointcontrolandsignificantinfluenceControlisthepowertogovernthefinancialandoperatingpoliciesofanentitysoastoobtainbenefitsfromitsactivities.Jointcontrolisthecontractuallyagreedsharingofcontroloveraneconomicactivity,andexistsonlywhenthestrategicfinancialandoperatingpolicydecisionsrelatingtotheactivityrequiretheunanimousconsentofthepartiessharingcontrol.Significantinfluenceisthepowertoparticipateinthefinancialandoperatingpolicydecisionsoftheinvesteebutisnotcontrolorjointcontroloverthosepolicies.Whendeterminingwhetheraninvestingenterpriseisabletoexercisecontrolorsignificantinfluenceoveraninvestee,theeffectofpotentialvotingrightsoftheinvestee(forexample,warrantsandconvertibledebts)heldbytheinvestingenterprisesorotherpartiesthatarecurrentlyexercisableorconvertibleshallbeconsidered.
5.12.2Determinationofinitialinvestmentcost
Foralong-termequityinvestmentacquirednotinvolvingenterprisesundercommoncontrol,theinvestmentcostofthelong-termequityinvestmentisthecostofacquisition.Auditfee,legalservices,evaluationandconsultingfeesandotherrelatedmanagementcostsinacquisitionareexpensedinprofitsandlosseswhenhappened.Otherlong-termequityinvestmentsacquiredfromotherthanacquisitionsarerecognizedusing
originalcost.
5.12.3SubsequentmeasurementandrecognitionofprofitorlossLong-termequityinvestmentaccountedforusingthecostmethodThefinancialstatementoftheCompanyaccountsforlong-termequityinvestmentusingthecostmethod.AsubsidiaryisaninvesteethatiscontrolledbytheGroup.Underthecostmethod,along-termequityinvestmentismeasuredatinitialinvestmentcost.Long-termequityinvestmentisadjustedwhencapitalisaddedorrecollected.Investmentincomeisrecognizedintheperiodinaccordancewiththeattributableshareofcashdividendsorprofitdistributionsdeclaredbytheinvestee.
5.12.4Disposaloflong-termequityinvestments
Ondisposalofalong-termequityinvestment,thedifferencebetweentheproceedsactuallyreceivedandreceivableandthecarryingamountisrecognizedinprofitorlossfortheperiod.
5.13Investmentproperties
Investmentpropertyispropertyheldtoearnrentalsorforcapitalappreciationorboth.Aninvestmentpropertyismeasuredinitiallyatcost.SubsequentexpendituresincurredforsuchinvestmentpropertyareincludedinthecostoftheinvestmentpropertyifitisprobablethateconomicbenefitsassociatedwithaninvestmentpropertywillflowtotheGroupandthesubsequentexpenditurescanbemeasuredreliably.Othersubsequentexpendituresarerecognizedinprofitorlossintheperiodinwhichtheyareincurred.TheGroupusesthecostmodelforsubsequentmeasurementofinvestmentproperties,andadoptsadepreciationoramortizationpolicyfortheinvestmentpropertywhichisconsistentwiththatforbuildingsorlanduserights.Whenaninvestmentpropertyissold,transferred,retiredordamaged,theGrouprecognizesthe
amountofanyproceedsondisposalnetofthecarryingamountandrelatedtaxesinprofitorlossfortheperiod.
5.14Fixedassets
5.14.1Recognitioncondition
Fixedassetsaretangibleassetsthatareheldforuseintheproductionorsupplyofgoodsorservices,forrentaltoothers,orforadministrativepurposes,andhaveusefullivesofmorethanoneaccountingyear.AfixedassetisrecognizedonlywhenitisprobablethateconomicbenefitsassociatedwiththeassetwillflowtotheGroupandthecostoftheassetcanbemeasuredreliably.Fixedassetsareinitiallymeasuredatcost.SubsequentexpendituresincurredforthefixedassetareincludedinthecostofthefixedassetandifitisprobablethateconomicbenefitsassociatedwiththeassetwillflowtotheGroupandthesubsequentexpenditurescanbemeasuredreliably.Meanwhilethecarryingamountofthereplacedpartisderecognized.Othersubsequentexpendituresarerecognizedinprofitorlossintheperiodinwhichtheyareincurred.
5.14.2Depreciationmethod
Afixedassetisdepreciatedoveritsusefullifeusingthestraight-linemethodsincethemonthsubsequenttotheoneinwhichitisreadyforintendeduse.Theusefullife,estimatednetresidualvaluerateandannualdepreciationrateofeachcategoryoffixedassetsareasfollows:
Classification | Depreciationmethod | Depreciationlife | Residualvaluerate | Annualdepreciationrate |
Housesandbuildings | Straight-linedepreciation | 20-40years | 0-5% | 2.4%-5.0% |
Machineryequipment | Straight-linedepreciation | 5-30years | 0-5% | 3.2%-20.0% |
Transportationtools | Straight-linedepreciation | 4-12years | 0-5% | 7.9%-25.0% |
Estimatednetresidualvalueassumesthesituationwhereafixedassetexpireforitsestimatedusefullifeandisinitsexpectedfinalstatus.EstimatednetresidualvalueistheamountthattheGroupcan
obtainfromthedisposallessexpecteddisposalfees.
5.14.3Otherexplanations
Ifafixedassetisupondisposalornofutureeconomicbenefitsareexpectedtobegeneratedfromitsuseordisposal,thefixedassetisderecognized.Whenafixedassetissold,transferred,retiredordamaged,theamountofanyproceedsondisposaloftheassetnetofthecarryingamountandrelatedtaxesisrecognizedinprofitorlossfortheperiod.TheGroupreviewstheusefullifeandestimatednetresidualvalueofafixedassetandthedepreciationmethodappliedatleastonceateachfinancialyear-end,andaccountforanychangeasachangeinanaccountingestimate.
5.15ConstructioninprogressConstructioninprogressismeasuredatitsactualcosts.Theactualcostsincludevariousconstructionexpendituresduringtheconstructionperiod,borrowingcostscapitalisedbeforeitisreadyforintendeduseandotherrelevantcosts.Constructioninprogressisnotdepreciated.Constructioninprogressistransferredtoafixedassetwhenitisreadyforintendeduse.
5.16Borrowingcosts
Borrowingcostsdirectlyattributabletotheassetsmeetingthecapitalizationconditionsduringtheacquisition,constructionorproductionshallbecapitalizedwhenexpendituresforsuchassetandborrowingcostsareincurredandactivitiesrelatingtotheacquisition,constructionorproductionoftheassetthatarenecessarytopreparetheassetforitsintendeduseorsalehavecommenced.Capitalizationofborrowingcostsshallbeterminatedwhenthequalifyingassetbeingacquired,constructedorproducedbecomesreadyforitsintendeduseorsale.Capitalizationofborrowingcostsissuspendedduringtheperiodinwhichtheacquisition,constructionorproductionofaqualifyingassetissuspendedabnormallyandwhenthesuspensionisforacontinuousperiodofmorethan3months,untiltheacquisition,constructionorproductionoftheassetisresumed.Otherborrowingcostsarerecognizedasanexpenseintheperiodinwhichtheyareincurred.Theinterestexpensesactuallyincurredinthecurrentperiodofthespecialloanshallbecapitalizedafterdeductingtheinterestincomeobtainedbydepositingtheunusedloanfundsintothebankorthe
investmentincomeobtainedfromthetemporaryinvestment.
5.17Biologicalassets
ThebiologicalassetsoftheGroupareproductivebiologicalassets.Productivebiologicalassetsarebiologicalassets,forexample,heldfortheproductionofagriculturalproduce,provisionofservicesorleasingProductivebiologicalassetsintheGrouparevinestoproducegrapes.Aproductivebiologicalassetisinitiallymeasuredatcost.Thecostofaproductivebiologicalassetself-grownorself-bredcomprisesthosecostsnecessarilyincurredanddirectlyattributabletotheassetbeforetheassetbecomesavailableforitsintendedproductionandoperatingpurposes,andanyborrowingcostmeetingthecapitalisationcriteria.Theproductivebiologicalassetsarenotaccrueddepreciationuntilreachingtheintendedproductionandoperationpurposes.Afterreachingtheintendedproductionandoperationpurposes,theproductivebiologicalassetsareaccrueddepreciationwithintheservicelifestraight-linedepreciation.Theservicelife,estimatednetresidualvaluerateandannualdepreciationrateofdifferentproductivebiologicalassetsareasfollows:
CategoryUsefullifeEstimatednetresidualrateAnnualdepreciationrateVines20years5.0%TheGroupevaluatestheusefullifeandexpectednetsalvagevaluebyconsideringthenormalproducinglifeoftheproductivebiologicalassets.TheGroupreviewstheusefullifeandestimatednetresidualvalueofproductivebiologicalassetsandthedepreciationmethodappliedatleastonceateachfinancialyear-end,andaccountforanychangeasachangeinanaccountingestimate.Onthesale,identificationofanyshortagesduringstocktaking,deathordamageofbiologicalasset,theproceedsondisposalnetofthecarryingamountandrelevanttaxesisrecognizedinprofitorlossforthecurrentperiod.
5.18Intangibleassets
Intangibleassetsincludelanduseright,software,trademark,etc.Anintangibleassetismeasuredinitiallyatcostmethod.Whenanintangibleassetwithafiniteusefullifeisavailableforuse,itsoriginalcostlessnetresidualvalueandanyaccumulatedimpairmentlossesisamortizedoveritsestimatedusefullifeusingthestraight-linemethod.Intangibleassetswithindefiniteusefullivesarenotamortized.Theusefullivesoftheintangibleassetsareasfollows:
CategoryUsefullifeEstimatednetresidualrateAnnualamortizationrateLanduseright40-50years-2%-2.5%Software5-10years-10%-20%Trademark10years10%Exceptfortheaboveintangibleassetswithfiniteusefullife,theGroupalsohaslanduserightandtrademarkuserightwithinfiniteusefullives.LanduserightwithinfiniteusefullifereferstothepermanentlandpropertyrightheldbytheCompanyforpurchasingbyVi?aIndómita,S.A.,Vi?aDosAndes,S.A.,andBodegasSantaAliciaSpA.(collectivelyreferredtoasthe"ChileIndomitaWineGroup")andKilikanoonEstatePtyLtd(hereinafterreferredtoas“AustralianKilikanoonEstate”)accordingtorelatedChileanandAustralianlaw,whichdoesn’tneedtobeamortized.TrademarkuserightreferstothetrademarkheldbytheGroupforpurchasingChileIndomitaWineGroupandAustralianKilikanoonEstate,whichhasnofiniteusefullife.Thevaluationoftrademarkuserightisbasedonthetrendsinthemarketandcompetitiveenvironment,productcycle,andmanaginglong-termdevelopmentstrategy.ThosebasisindicatedthetrademarkwillprovidenetcashflowstotheGroupwithinagivenperiod.BecauseitwashardtopredicttheperiodthatitwouldbringeconomicbenefitstotheGroup,theusefulliveswereuncertain.Foranintangibleassetwithafiniteusefullife,theGroupreviewstheusefullifeandAmortizationmethodattheendoftheperiod,andmakesadjustmentswhennecessary.
5.19Impairmentoflong-termassets
TheGroupandtheCompanyreviewtheimpairmentstatusoflong-termequityinvestments,fixedassets,investmentrealestate,constructioninprogress,productivebiologicalassetandintangibleassetswithfiniteusefullifeattheendofeachyear.Iftheassetsexistimpairment,theGroupestimatestherecoverableamountoftheassets.Intangibleassetswithindefiniteusefullifeandintangibleassets
notyetavailableforusearetestedforimpairmentannually,irrespectiveofwhetherthereisanyindicationthattheassetsmaybeimpaired.Recoverableamountisestimatedonindividualbasis.Ifitisnotpracticaltoestimatetherecoverableamountofanindividualasset,therecoverableamountoftheassetgrouptowhichtheassetbelongswillbeestimated.Therecoverableamountofanassetisthehigherofitsfairvaluelesscostsofdisposalandthepresentvalueofthefuturecashflowsexpectedtobederivedfromtheasset.Ifrecoverableamountofassetsislessthanbookvalue,thedifferenceisrecognizedasimpairmentprovisionandexpensedincurrentperiod.Goodwillistestedforimpairmentatleastattheendofeachyear.Forthepurposeofimpairmenttesting,goodwillisconsideredtogetherwiththerelatedassetsgroup(s),i.e.,goodwillisreasonablyallocatedtotherelatedassetsgroup(s)oreachofassetsgroup(s)expectedtobenefitfromthesynergiesofthecombination.Animpairmentlossisrecognizediftherecoverableamountoftheassetsgrouporsetsofassetsgroups(includinggoodwill)islessthanitscarryingamount.Theimpairmentlossisfirstlyallocatedtoreducethecarryingamountofanygoodwillallocatedtosuchassetsgrouporsetsofassetsgroups,andthentotheotherassetsofthegrouppro-rataonthebasisofthecarryingamountofeachasset(otherthangoodwill)inthegroup.Theimpairmentisrecognizedinprofitorlossfortheperiodinwhichitisincurredandwillnotbereversedinanysubsequentperiod.
5.20Long-termunamortizedexpensesTheLong-termunamortizedexpensesareamortizedevenlyovertheperiodofestimatedearnings,andthelong-termunamortizedexpensesoftheGroupareamortizedoverthefollowingperiod:
AmortizationperiodLandrequisitionfee50yearsLandleaseprepayment50yearsGreeningfee5-20yearsLeaseholdimprovement3-5yearsOther3years
5.21Employeeremuneration
5.21.1Accountingtreatmentsofshort-termremunerationInanaccountingperiodinwhichanemployeehasrenderedservicetotheGroup,theGrouprecognizestheactuallong-termremunerationforthatserviceasaliability,andincludesinthecurrentprofitsandlossesortherelatedassetcosts.EmployeewelfareexpensesincurredbytheGroupshallberecordedintothecurrentprofitsandlossesorrelatedassetcostsaccordingtotheactualamount.Non-monetaryemployeebenefitsaremeasuredatfairvalue.Socialinsurancessuchasmedicalinsurance,injuryinsuranceandpregnancyinsurance,housingfunds,laborunionandemployeeeducationfeespaidbytheGroupforemployees,arerecognizedasrelevantliabilityintheperiodinwhichtheemployeesprovideservice,inaccordancewiththeregulatedrecognitionbasisandpercentage.Therelatedexpendituresareincludedinthecurrentprofitsandlossesorrelatedassetcosts.
5.21.2AccountingtreatmentsofretiredbenefitsRetiredbenefitsoftheGroupareallpredeterminedprovisionplan.Intheperiodinwhichtheemployeesprovideservice,theGrouprecognizeliabilityinaccordancewiththeamountstobepaidcalculatedaccordingtothepredeterminedprovisionplan,andtherelatedexpendituresareeitherincludedincostofrelatedassetsorchargedtoprofitorlossintheperiodwhentheyareincurred.
5.21.3AccountingtreatmentsofterminationbenefitsWhenprovidingterminationbenefitstoemployees,theGrouprecognizeemployeebenefitspayrollresultingfromterminationbenefitsattheearlierof:theGroupcannotunilaterallywithdrawfromtheterminationplanortheredundancyoffer;theGrouprecognizerelevantcostsandexpensesrelatedtothepaymentofterminationbenefitsinreconstructuring.
5.22Revenue
5.22.1RevenuefromsaleofgoodsRevenuefromsaleofgoodsisrecognizedwhentheGrouphastransferredtothebuyerthesignificantrisksandrewardsofownershipofthegoods.TheGroupretainsneithercontinuingmanagerialinvolvementtothedegreeusuallyassociatedwithownershipnoreffectivecontroloverthegoodssold.TheamountofrevenuecanbemeasuredreliablyanditisprobablethattheassociatedeconomicbenefitswillflowtotheGroup.Theassociatedcostsincurredortobeincurredcanbemeasuredreliably.
5.22.2Revenuefromrenderingofservices
Whentheoutcomeofatransactioninvolvingtherenderingofservicescanbeestimatedreliably,revenueassociatedwiththetransactionshallberecognizedbyreferencethestageofcompletionofthetransactionatthereportingdate.Theoutcomeofatransactioncanbeestimatedreliably.Whentheoutcomeofthetransactioninvolvingtherenderingofservicescannotbeestimatedreliably,revenueisrecognizedonlytotheextentofthecostsincurredthatwillberecoverable,andthecostsincurredarerecognizedasexpensesfortheperiod.Whenitisnotprobablethatthecostsincurredwillberecovered,revenueisnotrecognized.
5.23Governmentgrants
Governmentgrantsaretransferofmonetaryassetsandnon-monetaryassetsfromthegovernmenttotheGroupatnoconsideration.AgovernmentgrantisrecognizedonlywhentheGroupcancomplywiththeconditionsattachingtothegrantandtheGroupwillreceivethegrant.Monetarygovernmentgrantsaremeasuredbytheamountreceivedorreceivable.
5.23.1Judgmentbasisandaccountingtreatmentsofgovernmentgrantrelatedtoanasset
Agovernmentgrantrelatedtoanassetisrecognizedasdeferredincome,andevenlyamortizedto
profitorlossovertheusefullifeoftherelatedasset.
5.23.2JudgmentbasisandaccountingtreatmentsofgovernmentgrantrelatedtoincomeForagovernmentgrantrelatedtoincome,ifthegrantisacompensationforrelatedexpensesorlossestobeincurredinsubsequentperiods,thegrantisrecognizedasdeferredincome,andrecognizedinprofitorlossovertheperiodsinwhichtherelatedcostsarerecognized.Ifthegrantisacompensationforrelatedexpensesorlossesalreadyincurred,thegrantisrecognizedimmediatelyinprofitorlossfortheperiod.AgovernmentgrantrelatedtotheGroup'sdailyactivitiesisrecognizedinotherincomebasedonthenatureofeconomicactivities;agovernmentgrantisnotrelatedtotheGroup'sdailyactivitiesisrecognizedinnon-operatingincomeandexpenses.TheCompany'sgovernmentloanswithbelow-marketrateofinterestaredirectlypaidtotheCompany,andtherelatedlowrateinterestwillwriteoffrelatedborrowingcosts.Thegovernmentloanswithbelow-marketrateofinterestobtainedbyothersubsidiariesoftheGrouparegovernmentloans,whichisprovidedbylocalbureauoffinancethroughbankwithbelow-marketrateofinterest.TheactualamountoftheloanreceivedbytheGrouprecognizedasborrowings,andtherelatedborrowingcostsarecalculatedaccordingtotheprincipaloftheloanandthebelow-marketrate.
5.24Deferredincometaxassets/deferredincometaxliabilities
Theincometaxexpensesincludecurrentincometaxanddeferredincometax.
5.24.1CurrentincometaxOnthebalancesheetdate,currentincometaxliabilities(orassets)forthecurrentandpriorperiodsaremeasuredattheamountexpectedtobepaid(orrecovered)accordingtotherequirementsoftaxlaws.
5.24.2DeferredincometaxassetsanddeferredincometaxliabilitiesFortemporarydifferencesbetweenthecarryingamountsofcertainassetsorliabilitiesandtheirtaxbase,orbetweenthenilcarryingamountofthoseitemsthatarenotrecognizedasassetsorliabilities
andtheirtaxbasethatcanbedeterminedaccordingtotaxlaws,deferredincometaxassetsandliabilitiesarerecognizedusingthebalancesheetliabilitymethod.Deferredtaxisgenerallyrecognizedforalltemporarydifferences.Deferredincometaxassetsfordeductibletemporarydifferencesarerecognizedtotheextentthatitisprobablethattaxableprofitswillbeavailableagainstwhichthedeductibletemporarydifferencescanbeutilised.However,fortemporarydifferencesassociatedwiththeinitialrecognitionofgoodwillandtheinitialrecognitionofanassetorliabilityarisingfromatransaction(notabusinesscombination)thataffectsneithertheaccountingprofitnortaxableprofits(ordeductiblelosses)atthetimeoftransaction,nodeferredtaxassetorliabilityisrecognized.Fordeductiblelossesandtaxcreditsthatcanbecarriedforward,deferredincometaxassetsarerecognizedtotheextentthatitisprobablethatfuturetaxableprofitswillbeavailableagainstwhichthedeductiblelossesandtaxcreditscanbeutilised.Deferredincometaxliabilitiesarerecognizedfortaxabletemporarydifferencesassociatedwithinvestmentsinsubsidiariesandassociates,andinterestsinjointventures,exceptwheretheGroupisabletocontrolthetimingofthereversalofthetemporarydifferenceanditisprobablethatthetemporarydifferencewillnotreverseintheforeseeablefuture.Deferredincometaxassetsarisingfromdeductibletemporarydifferencesassociatedwithsuchinvestmentsandinterestsareonlyrecognizedtotheextentthatitisprobablethattherewillbetaxableprofitsagainstwhichtoutilisethebenefitsofthetemporarydifferencesandtheyareexpectedtoreverseintheforeseeablefuture.Onthebalancesheetdate,deferredincometaxassetsandliabilitiesaremeasuredatthetaxrates,accordingtotaxlaws,thatareexpectedtoapplyintheperiodinwhichtheassetisrealisedortheliabilityissettled.Currentanddeferredtaxexpensesorincomearerecognizedinprofitorlossfortheperiod,exceptwhentheyarisefromtransactionsoreventsthataredirectlyrecognizedinothercomprehensiveincomeorinshareholders'equity,inwhichcasetheyarerecognizedinothercomprehensiveincomeorinshareholders'equity;andwhentheyarisefrombusinesscombinations,inwhichcasetheyadjustthecarryingamountofgoodwill.Onthebalancesheetdate,thecarryingamountofdeferredincometaxassetsisreviewedandreducedifitisnolongerprobablethatsufficienttaxableprofitswillbeavailableinthefuturetoallowthe
benefitofdeferredincometaxassetstobeutilised.Suchreductioninamountisreversedwhenitbecomesprobablethatsufficienttaxableprofitswillbeavailable.
5.24.3Netoffofincometaxes
WhentheGrouphasalegalrighttosettleonanetbasisandintendseithertosettleonanetbasisortorealisetheassetsandsettletheliabilitiessimultaneously,currenttaxassetsandcurrenttaxliabilitiesareoffsetandpresentedonanetbasis.WhentheGrouphasalegalrighttosettlecurrenttaxassetsandliabilitiesonanetbasis,anddeferredincometaxassetsanddeferredincometaxliabilitiesrelatetoincometaxesleviedbythesametaxationauthorityoneitherthesametaxableentityordifferenttaxableentitieswhichintendeithertosettlecurrenttaxassetsandliabilitiesonanetbasisortorealisetheassetsandliabilitiessimultaneously,ineachfutureperiodinwhichsignificantamountsofdeferredincometaxassetsorliabilitiesareexpectedtobereversed,deferredincometaxassetsanddeferredincometaxliabilitiesareoffsetandpresentedonanetbasis.
5.25Leases
Leasesareclassifiedasfinanceleaseswheneverthetermsoftheleasetransfersubstantiallyalltherisksandrewardsofownershiptothelessee.Allotherleasesareclassifiedasoperatingleases.
5.25.1OperatingleaseaccountingtreatmentsTheGroupaslesseeunderoperatingleasesOperatingleasepaymentsarerecognizedonastraight-linebasisoverthetermoftherelevantlease,andareeitherincludedinthecostofrelatedassetorchargedtoprofitorlossfortheperiod.Initialdirectcostsincurredarechargedtoprofitorlossfortheperiod.TheGroupaslessorunderoperatingleasesRentalincomefromoperatingleasesisrecognizedinprofitorlossonastraight-linebasisoverthetermoftherelevantlease.Initialdirectcostswithmorethananinsignificantamountarecapitalised
whenincurred,andarerecognizedinprofitorlossonthesamebasisasrentalincomeovertheleaseterm.Otherinitialdirectcostswithaninsignificantamountarechargedtoprofitorlossintheperiodinwhichtheyareincurred.Contingentrentsarechargedtoprofitorlossintheperiodinwhichtheyactuallyarise.
5.26Changesinmajoraccountingpoliciesandaccountingestimates
5.26.1Changesinmajoraccountingpolicies
Contentandreasonofaccountingpolicychange | Examinationandapprovalprocedure | Remarks |
In2017,theMinistryofFinanceissuedtherevisedAccountingStandardsforEnterprisesNo.22–RecognitionandMeasurementofFinancialInstruments,AccountingStandardsforEnterprisesNo.23–TransferofFinancialAssets,AccountingStandardsforEnterprisesNo.24–HedgingandAccountingStandardsforEnterprisesNo.37-PresentationofFinancialInstruments(hereinafterreferredtoas“NewFinancialInstrumentsStandards”).FromJanuary1,2019,theGroupconductedaccountingtreatmentinaccordancewiththeabovenewlyrevisedstandards.Accordingtothelinkageprovisions,noadjustmentwillbemadetotheinformationduringthecomparableperiod.Theundistributedprofitsatthebeginningofthisreportingperiodwillberetroactivelyadjustedbasedonthedifferencebetweenthenewstandardsandtheexistingstandardsonthefirstdayofimplementation. | ApprovedbythesecondmeetingoftheeighthBoardofDirectors. | IntheconsolidatedbalancesheetonJanuary1,2019,theaccountsreceivablechangedfromRMB242,153,083toRMB237,781,161;thedeferredincometaxassetswerechangedfromRMB285,436,259toRMB286,529,239;andtheundistributedprofitwaschangedfromRMB8,008,982,547toRMB8,005,703,605. |
AccordingtotherequirementsintheNoticeonRevising,Printing&DistributingFinancialReportFormatforGeneralEnterprisesin2019(CaiKuai[2019]No.6),inthebalancesheet,theitemof“billsreceivableandaccountsreceivable”shallbedividedinto“billsreceivable”and“accountsreceivable”;andtheitemof“billspayableandaccountspayable”shallbedividedinto“billspayable”and“accountspayable”;intheincomestatement,theitemof“R&Dexpenses”notonlyreflectstheexpensedexpenditureincurredintheresearchanddevelopmentprocess,butalsoincludestheamortizationofself-developedintangibleassetslistedintheitemof“managementexpenses”. | ApprovedbythesecondmeetingoftheeighthBoardofDirectors. | ThechangeofaccountingpolicyhasnoimpactonthemergerandthenetprofitoftheCompanyandtheowner'sequity. |
5.26.2Changesinmajoraccountingestimates
Nil
5.26.3ParticularsoffirstimplementationofNewFinancialInstrumentsStandards,newincomestandards,andnewleasestandardstoadjustthefirstimplementationofrelateditemsinthefinancialstatementsatthebeginningoftheyear
ConsolidatedBalanceSheet
Unit:Yuan
Item | December31,2018 | January1,2019 | Adjustedamount |
Billsreceivable | 288,667,988 | -288,667,988 | |
Accountsreceivable | 242,153,083 | 237,781,161 | -4,371,922 |
Receivablesfinancing | 288,667,988 | 288,667,988 | |
Available-for-salefinancialassets | 467,251 | -467,251 | |
Othernon-currentfinancialassets | 467,251 | 467,251 | |
Deferredincometaxassets | 285,436,259 | 286,529,239 | 1,092,980 |
Undistributedprofit | 8,008,982,547 | 8,005,703,605 | -3,278,942 |
Totalowner’sequity | 9,606,099,365 | 9,602,820,423 | -3,278,942 |
Explanationforadjustment:
Unit:Yuan
Item | BookvaluelistedaccordingtotheoriginalstandardsonDecember31,2018 | ImpactoftheNewFinancialInstrumentStandards | Impactofchangesinpresentationofotherfinancialstatements | BookvaluelistedaccordingtothenewstandardsonJanuary1,2019 |
Billsreceivableandaccountsreceivable | 530,821,071 | -530,821,071 | ||
Billsreceivable | -288,667,988 | 288,667,988 | ||
Accountsreceivable | -4,371,922 | 242,153,083 | 237,781,161 | |
Receivablesfinancing | 288,667,988 | 288,667,988 | ||
Available-for-salefinancialassets | 467,251 | -467,251 | ||
Othernon-currentfinancialassets | 467,251 | 467,251 | ||
Deferredincometaxassets | 285,436,259 | 1,092,980 | 286,529,239 | |
Total | 816,724,581 | -3,278,942 | 813,445,639 |
BalanceSheetoftheParentCompany
Unit:Yuan
Item | December31,2018 | January1,2019 | Adjustedamount |
Billsreceivable | 39,885,254 | -39,885,254 | |
Accountsreceivable | 1,447,973 | 1,447,973 | |
Receivablesfinancing | 39,885,254 | 39,885,254 | |
Totalowner’sequity | 10,023,375,582 | 10,023,375,582 |
Explanationforadjustment:
Unit:Yuan
Item | BookvaluelistedaccordingtotheoriginalstandardsonDecember31,2018 | ImpactoftheNewFinancialInstrumentStandards | Impactofchangesinpresentationofotherfinancialstatements | BookvaluelistedaccordingtothenewstandardsonJanuary1,2019 |
Billsreceivableandaccountsreceivable | 41,333,227 | -41,333,227 | ||
Billsreceivable | -39,885,254 | 39,885,254 | ||
Accountsreceivable | 1,447,973 | 1,447,973 | ||
Receivablesfinancing | 39,885,254 | 39,885,254 | ||
Otherreceivables | 1,025,643,356 | 1,025,643,356 | ||
Total | 1,066,976,583 | 1,066,976,583 |
5.27Other
CriticaljudgmentsinapplyingaccountingpoliciesandkeyassumptionsanduncertaintiesinaccountingestimatesIntheapplicationofaccountingpoliciesassetoutinNote4,theGroupisrequiredtomakejudgments,estimatesandassumptionsaboutthecarryingamountsofitemsinthefinancialstatementsthatcannotbemeasuredaccurately,duetotheinternaluncertaintiesoftheoperatingactivities.Thesejudgments,estimatesandassumptionsarebasedonhistoricalexperienceoftheGroup'smanagementaswellasotherfactorsthatareconsideredtoberelevant.Actualresultsmaydifferfromtheseestimates.TheGroupperiodicallyreviewsthejudgments,estimatesandassumptionsaboveonagoingconcernbasis.Forthosechangesinaccountingpoliciesthatonlyaffectcurrentfinancialstatements,theinfluencesarerecognizedincurrentperiod.Forthosechangesinaccountingpoliciesthataffectbothcurrentandfuturefinancialstatements,theinfluencesarerecognizedinbothcurrentandprospectiveperiods.KeyassumptionanduncertaintiesinaccountingestimatesThefollowingarekeyassumptionsforafterbalancesheetdateeventandotherfactorsofuncertainestimation.Theymaycausematerialadjustmentonbalancesheetinfollowingaccountingperiod.Deferredincometaxassetsrecognizedbydeductibleloss
Deferredincometaxassetsarerecognizedforallunusedtaxlossestotheextentthatitisprobablethattaxableprofitwillbeavailableagainstwhichthelossescanbeutilized.Significantmanagementjudgmentisrequiredtodeterminetheamountofdeferredincometaxassetsthatcanberecognized,baseduponthelikelytimingandleveloffuturetaxableprofitstogetherwithfuturetaxplanningstrategies.DepreciationoffixedassetsThedepreciationiscalculatedonthestraightlinebasistowrite-offthecostofeachitemoffixedassetstoitsresidualvalueoveritsestimatedusefullife.TheGroup'smanagementdeterminestheestimatedusefullivesforitsfixedassets.Thisestimateisbasedonthehistoricalexperienceoftheactualusefullivesoffixedassetsofsimilarnatureandfunctions.Ifthepreviousestimateshavesignificantchanges,depreciationexpenseswillbeadjustedinthefutureperiod.Impairmentoflong-termassetsTheGroupassesseswhethertherecoverableamountislowerthanthebookvalue.Ifthereareanyindicatorsthatthebookvalueofnon-currentassetscannotbefullyrecoverable,impairmentlossesshouldberecorded.Therecoverableamountisthehigherofanasset'sfairvaluelesscoststosellandthepresentvalueofthefuturecashflowsexpectedtobederivedfromanasset.AsitisdifficultfortheGrouptoobtainthequotedmarketpriceoftheassets(orassetsgroup),thefairvalueoftheassetscannotbereliablyestimated.Whenestimatingthepresentvalueoffuturecashflows,itisnecessarytomakeimportantjudgmentsabouttheoutput,sellingprice,relatedoperatingcosts,discountrateusedincalculatingthepresentvalueoftheasset(orassetgroup),etc.Inestimatingtherecoverableamount,theGroupusesallreadilyavailableinformation,includingprojectionsofproductionvolumes,sellingpricesandassociatedoperatingcostsbasedonreasonableandsupportableassumptions.InventorydepreciationprovisionaccruedbasedonnetrealizablevalueTheinventoriesaremeasuredonthelowerofcarryingvalueandnetrealizablevalue,andprovisionshouldbemadeforimpairmentonobsoleteandslowmovinginventories.TheGroupwillreassesswhetherthenetrealizablevalueislowerthanthecarryingcostattheendofeachyear.
PreparationforthemeasurementofthefairvalueofidentifiableassetsandliabilitiesoftheacquireefromabusinesscombinationForthecostofbusinesscombination,theGroupallocatesthepurchasepricebasedonthefairvalueoftheidentifiableassetsandliabilitiesoftheacquireeonthedateofacquisition.Whenmeasuringthefairvalueoftheaboveidentifiableassetsandliabilitiesinaccordancewiththepresentvalueoffuturecashflow,themanagementoftheGroupneedstoestimatethesalesgrowthratebasedonthesupplyanddemandsituationofthefuturemarkettoforecastthecashflow,andconsidertochoosetheappropriatediscountrateforthediscount.Themanagementmayusesignificantaccountingestimatesandjudgmentsintheprogress.
6.Taxes
6.1Themaintaxesandtaxratesareasfollows:
6.2Taxincentivesandrelativepermit
NingxiaChangyuGrapeGrowingCo.,Ltd.("NingxiaGrowing"),asubsidiaryoftheGroup,whoseprincipalactivityisgrapegrowingisincorporatedinNingxiaHuizuAutonomousRegion.Accordingtoclause27ofPRCCorporateIncomeTaxandclause86ofPRCCorporateIncomeTaxMeasuresforImplementation,NingxiaGrowingenjoysanexemptionofcorporateincometax.YantaiChangyuGrapeGrowingCo.,Ltd.("GrapeGrowing"),abranchoftheCompany,whoseprincipalactivityisgrapegrowingisincorporatedinZhifuDistrict,YantaiCity,ShandongProvince.
Taxcategory | Taxationbasis | Taxrates |
Valueaddedtax | Leviedonthebalancebetweentheoutputtaxcalculatedbasedontaxableincomeandtheinputtaxallowedtobedeductedincurrentperiod | 13%,9%6%(Chinese),20%(France),21%(Spain),19%(Chile),10%(Australia) |
Consumptiontax | Leviedontaxableincome | 10%,20%(Chinese) |
Citydevelopmenttax | Leviedoncirculationtaxactuallypaid | 7%(Chinese) |
Corporateincometax | Leviedontaxableincome | 25%(Chinese),33.3%(France),28%(Spain),27%(Chile),30%(Australia) |
Accordingtoclause27ofPRCCorporateIncomeTaxandclause86ofPRCCorporateIncomeTaxMeasuresforImplementation,GrapeGrowingenjoysanexemptionofcorporateincometax.XinjiangTianzhuCo.,Ltd("XinjiangTianzhu"),asubsidiaryoftheCompany,isanenterpriseofwineproductionandsalesincorporatedinShihezicity,XinjiangWeizuAutonomous.InaccordancewiththeNoticeonTaxPolicyIssuesconcerningFurtherImplementationoftheWesternChinaDevelopmentStrategy(CaiShui[2011]No.58),XinjiangTianzhuisqualifiedtoenjoypreferentialtaxationpolicies,whichmeansitcanpaycorporateincometaxatapreferentialrateof15%fortheperiodfrom2015to2020.XinjiangBabaoBaronChateauCo.,Ltd.("ShiheziChateau"),asubsidiaryoftheCompany,isanenterpriseofwineproductionandsalesincorporatedinShihezicity,XinjiangWeizuAutonomous.InaccordancewiththeNoticeonTaxPolicyIssuesconcerningFurtherImplementationoftheWesternChinaDevelopmentStrategy(CaiShui[2011]No.58),ShiheziChateauisqualifiedtoenjoypreferentialtaxationpolicies,whichmeansitcanpaycorporateincometaxatapreferentialrateof15%fortheperiodfrom2015to2020.
7.Notestoitemsintheconsolidatedfinancialstatement
7.1Monetarycapital
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Cashonhand | 70,198 | 114,335 |
Bankdeposit | 1,756,744,006 | 1,382,399,749 |
Othermonetarycapital | 91,818,749 | 93,186,393 |
Total | 1,848,632,953 | 1,475,700,477 |
AsatJune30,2019,therestrictedbankdepositdetailsarelistedasfollows:
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Housingfundoftheunit | 2,647,877 | 2,611,350 |
Total | 2,647,877 | 2,611,350 |
AsatJune30,2019,thedetailsofothermonetaryfundsarelistedasfollows:
Unit:Yuan
Item | Endingbalance | Beginningbalance |
PledgeoffixeddepositsbyYantaiChangyuWineResearch,DevelopmentandManufactureCo.,Ltd.(“R&DCompany”) | 46,100,000 | 46,100,000 |
Guaranteeddepositspaidfortheletterofcredit | 44,540,850 | 44,540,850 |
AccountbalanceofAlipay | 1,042,367 | 2,483,816 |
Guarantymoneyfortheunitcard | 125,532 | 51,727 |
GuarantymoneyforICBCplatform | 10,000 | 10,000 |
Total | 91,818,749 | 93,186,393 |
AsatJune30,2019,thebankdepositsoftheGroupincludingshort-termfixeddepositsrangingfrom3monthsto12monthsamountedtoRMB180,439,250Yuan(December31,2018:RMB173,042,400Yuan),withtheinterestratesrangingfrom1.40%to2.03%.
7.2Billsreceivable
7.2.1Classificationofbillsreceivable
Unit:Yuan
Type | Endingbalance | Beginningbalance |
Bankacceptance | 288,667,988 | |
Tradeacceptance | ||
Total | 288,667,988 |
7.2.2Provisionforbaddebtsaccrued,withdrawnortransferredbackinthisperiod
Nil
7.2.3BillsreceivablepledgedbytheCompanyattheendofperiod
Nil
7.2.4BillsreceivableendorsedordiscountedbytheCompanyattheendofperiodbutnotyetmaturedasofthebalancesheetdate
Unit:Yuan
Item | Amountterminatingrecognitionattheendofperiod | Amountnotterminatingrecognitionattheendofperiod |
Bankacceptance | 275,760,494 | |
Tradeacceptance | ||
Total | 275,760,494 |
7.2.5BillsreceivablereclassifiedasaccountsreceivablebytheCompanyduetothedefaultofdrawerattheendofperiod
Nil
7.2.6BillsreceivableactuallycancelledafterverificationinthisperiodNil
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 | 242,153,083 | 100% | 242,153,083 | |||||||
Including: | ||||||||||
Accountsreceivableforwhichprovisionforbaddebtsisaccruedonacombinedbasis | 191,269,049 | 100% | 5,137,857 | 2.78% | 186,131,192 | |||||
Including: | ||||||||||
Accountsreceivableforwhichprovisionforbaddebtsisaccruedbycreditriskfeatures | 191,269,049 | 100% | 5,137,857 | 2.78% | 186,131,192 | |||||
Total | 191,269,049 | 100% | 5,137,857 | 2.78% | 186,131,192 | 242,153,083 | 100% | 242,153,083 |
Provisionforbaddebtsaccruedonacombinedbasis:
Unit:Yuan
Name | Endingbalance | ||
Bookbalance | Provisionforbaddebts | Accruedproportion | |
Accountsreceivableforwhichprovisionforbaddebtsisaccruedbycreditriskfeatures | 191,269,049 | 5,137,857 | 2.78% |
Total | 191,269,049 | 5,137,857 | -- |
Disclosedbyage:
Unit:Yuan
Age | Endingbalance |
Within1year(including) | 180,854,504 |
1-2years | 8,978,048 |
2-3years | 1,199,269 |
Over3years | 237,228 |
Total | 191,269,049 |
AsatJune30,2019,theaccountsreceivablewithownershiprestrictionswereRMB31,134,017Yuan(December31,2018:RMB52,015,032Yuan).PleaserefertoNote7.18fordetails.
7.3.2Provisionforbaddebtsaccrued,withdrawnortransferredbackinthisperiodProvisionforbaddebtsaccruedinthisperiod:
Unit:Yuan
Type | Beginningbalanceoftheoriginalfinancialinstrumentsstandards | AdjustedamountinthefirstimplementationoftheNewFinancialInstrumentsStandards | Beginningbalanceoftheyearafteradjustment | Changesinthisperiod | Endingbalance | ||
Accrued | Withdrawnortransferredback | Cancelled | |||||
Accountsreceivableforwhichprovisionforbaddebtsisaccruedbycreditriskfeatures | 4,371,922 | 4,371,922 | 765,935 | 5,137,857 | |||
Total | 4,371,922 | 4,371,922 | 765,935 | 5,137,857 |
Therewerenoprovisionforbaddebtswithdrawnortransferredbackinthisperiod.
7.3.3Accountsreceivableactuallycancelledafterverificationinthisperiod
Nil
7.3.4Accountsreceivablecollectedbytheborrowersoftop5unitsrankedbytheendingbalance
Unit:Yuan
Unit | RelationshipwiththeCompany | Amount | Period | Percentageintotalaccountsreceivable |
NonggongshangSupermarket(Group)Co.,Ltd. | Thirdparty | 10,077,717 | Within1year | 5.3% |
SuguoSupermarketCo.,Ltd. | Thirdparty | 7,168,620 | Within1year | 3.7% |
Vi?edosyBodegasLasPircas | Thirdparty | 6,917,840 | Within1year | 3.6% |
LianhuaSupermarketHoldingsCo.,Ltd. | Thirdparty | 5,408,819 | Within1year | 2.8% |
MARKSANDSPENCER | Thirdparty | 5,365,322 | Within1year | 2.8% |
Total | -- | 34,938,318 | -- | 18.3% |
7.3.5Accountsreceivableterminatingrecognitionduetotransferoffinancialassets
Nil
7.3.6Accountsreceivabletransferredandincludedinassetsandliabilities
Nil
7.4Receivablesfinancing
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Bankacceptance | 372,281,872 | |
Total | 372,281,872 |
7.5Advancepayment
7.5.1Advancepaymentlistedbyage
Unit:Yuan
Age | Endingbalance | Beginningsum | ||
Amount | Proportion | Amount | Proportion | |
Within1year | 3,490,928 | 100% | 4,219,949 | 100% |
1-2years | ||||
2-3years | ||||
Morethan3years | ||||
Total | 3,490,928 | -- | 4,219,949 | -- |
7.5.2Advancepaymentcollectedbytheprepaidpartiesoftop5unitsrankedbytheendingbalance
Unit:Yuan
Categoryofclient | RelationshipwiththeGroup | Amount | Age | Reasonforunsettlement | Percentageinthetotaladvancepayment% |
NingxiaVangarieWineCo.,Ltd. | Thirdparty | 600,000 | Within1year | Failuretoreceivethegoods | 17.2% |
YantaiPowerSupplyCompanyofStateGridShandongElectricPowerCompany | Thirdparty | 500,000 | Within1year | Prepaidelectricitypurchasingfund | 14.3% |
DONELLIVINIS.P.A. | Thirdparty | 463,523 | Within1year | Failuretoreceivethegoods | 13.3% |
YEDAThermalPowerConstruction& | Thirdparty | 250,545 | Within1 | Failuretoreceivethegoods | 7.2% |
InstallationEngineeringCo.,Ltd. | year | ||||
YantaiDeyiHardwareMechanical&ElectricalCo.,Ltd. | Thirdparty | 192,045 | Within1year | Failuretoreceivethegoods | 5.5% |
Total | -- | 2,006,113 | -- | -- | 57.4% |
7.6Otherreceivables
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Interestreceivable | 2,099,109 | 1,332,681 |
Dividendsreceivable | ||
Otherreceivables | 26,519,874 | 21,303,405 |
Total | 28,618,983 | 22,636,086 |
7.6.1Interestreceivable
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Fixeddeposit | 2,099,109 | 1,332,681 |
Entrustedloan | ||
Bondinvestment | ||
Total | 2,099,109 | 1,332,681 |
7.6.2Otherreceivables
7.6.2.1Otherreceivablesclassifiedbynature
Unit:Yuan
Nature | Endingbookbalance | Beginningbookbalance |
Depositandguarantymoneyreceivable | 9,991,516 | 10,453,624 |
Imprestreceivable | 2,776,485 | 2,274,038 |
Accountsreceivablefromrelatedparties | 1,911,880 | 813,440 |
Consumptiontaxandadded-valuetaxexportrebate | 9,651,893 | 6,273,882 |
Other | 2,188,100 | 1,488,421 |
Total | 26,519,874 | 21,303,405 |
7.6.2.2Disclosedbyage
Unit:Yuan
Age | Endingbalance |
Within1year(including) | 15,284,516 |
1-2years | 1,162,933 |
2-3years | 8,302,579 |
Age | Endingbalance |
Morethan3years | 1,769,846 |
Total | 26,519,874 |
7.6.2.3Provisionforbaddebtsaccrued,withdrawnortransferredbackinthisperiodTheprovisionforbaddebtsaccruedinthisperiodwasRMB0Yuan;andthatwithdrawnortransferredbackinthisperiodwasRMB0Yuan.
7.6.2.4Otherreceivablesactuallycancelledafterverificationinthisperiod
Nil
7.6.2.5Otherreceivablescollectedbytheborrowersoftop5unitsrankedbytheendingbalance
Unit:Yuan
Unit | Nature | Endingbalance | Age | Percentageintotalendingbalanceofotheraccountsreceivable | Endingbalanceofprovisionforbaddebts |
YEDAConstructionIndustryAssociation | Constructionguarantymoney | 7,709,477 | Within3years | 29.10% | |
YantaiGodHorsePackingCo.,Ltd.PrintingBranch | Leasepaymentreceivable | 1,626,880 | Within1year | 6.10% | |
YantaiZhongyaMedicalHealthWineCo.,Ltd. | Leasepaymentreceivable | 285,000 | Within1year | 1.10% | |
YEDAFinanceBureau | Guarantymoney | 198,056 | Within1year | 0.70% | |
YantaiPowerSupplyCompanyofStateGridShandongElectricPowerCompany | Deposit | 80,000 | Within1year | 0.30% | |
Total | -- | 9,899,413 | -- | 37.30% |
7.6.2.6Accountsreceivableinvolvinggovernmentsubsidies
Nil
7.6.2.7Otherreceivablesthatareterminatedforrecognitionduetotransferoffinancialassets
Nil
7.6.2.8Otherreceivablestransferredandthenincludedinassetsandliabilities
Nil
7.7Inventories
7.7.1Inventoryclassification
Unit:Yuan
Item | Endingbalance | Beginningbalance | ||||
Bookbalance | Depreciationprovision | Bookvalue | Bookbalance | Depreciationprovision | Bookvalue | |
Rawmaterials | 88,705,179 | 88,705,179 | 67,267,035 | 67,267,035 | ||
Goodsinprocess | 1,837,958,108 | 1,837,958,108 | 1,787,819,923 | 1,787,819,923 | ||
Commoditystocks | 698,652,646 | 18,534,497 | 680,118,149 | 894,187,725 | 24,683,226 | 869,504,499 |
Total | 2,625,315,933 | 18,534,497 | 2,606,781,436 | 2,749,274,683 | 24,683,226 | 2,724,591,457 |
7.7.2Inventorydepreciationprovision
Unit:Yuan
Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance | ||
Accrual | Other | Transferbackorwrite-off | Other | |||
Rawmaterials | ||||||
Goodsinprocess | ||||||
Commoditystocks | 24,683,226 | 6,148,729 | 18,534,497 | |||
Total | 24,683,226 | 6,148,729 | 18,534,497 |
7.8Othercurrentassets
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Prepaidcorporateincometax | 70,523,939 | 24,077,323 |
Deductibleinputtax | 229,478,097 | 233,087,707 |
Renttobeamortized | 416,865 | 1,511,366 |
Total | 300,418,901 | 258,676,396 |
7.9Othernon-currentfinancialassets
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Other | 515,922 | |
Total | 515,922 |
7.10Investmentrealestate
7.10.1Investmentrealestatebycostmeasurementmethod
Unit:Yuan
Item | Housesandbuildings | Landuseright | Constructioninprogress | Total |
ⅠOriginalbookvalue | ||||
1.Beginningbalance | 70,954,045 | 70,954,045 | ||
2.Increaseinthisperiod | ||||
2.1Outsourcing | ||||
2.2Transferinfrominventories\fixedassets\constructioninprogress | ||||
2.3Businessmergerincrease | ||||
3.Decreaseinthisperiod | ||||
3.1Disposal | ||||
3.2Othertransferout | ||||
4.Endingbalance | 70,954,045 | 70,954,045 | ||
ⅡAccumulateddepreciation&accumulatedamortization | ||||
1.Beginningbalance | 39,381,556 | 39,381,556 | ||
2.Increaseinthisperiod | 1,012,019 | 1,012,019 | ||
2.1Accrualoramortization | 1,012,019 | 1,012,019 | ||
3.Decreaseinthisperiod | ||||
3.1Disposal | ||||
3.2Othertransferout | ||||
4.Endingbalance | 40,393,575 | 40,393,575 | ||
ⅢImpairmentprovision | ||||
1.Beginningbalance | ||||
2.Increaseinthisperiod | ||||
2.1Accrual | ||||
3.Decreaseinthisperiod | ||||
3.1Disposal | ||||
3.2Othertransferout | ||||
4.Endingbalance | ||||
ⅣBookvalue | ||||
1.Endingbookvalue | 30,560,470 | 30,560,470 | ||
2.Beginningbookvalue | 31,572,489 | 31,572,489 |
7.11Fixedassets
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Fixedassets | 5,684,612,653 | 5,749,731,667 |
Disposaloffixedassets | ||
Total | 5,684,612,653 | 5,749,731,667 |
7.11.1Particularsoffixedassets
Unit:Yuan
Item | Housesandbuildings | Machineryequipment | Constructiontools | Total |
ⅠOriginalbookvalue: | ||||
1.Beginningbalance | 4,761,426,425 | 2,665,798,814 | 26,580,639 | 7,453,805,878 |
2.Increaseinthisperiod | 33,949,084 | 48,642,164 | 1,281,845 | 83,873,093 |
2.1Acquisition | 4,174,052 | 13,254,325 | 1,281,845 | 18,710,222 |
2.2Transferinfromconstructioninprogress | 29,775,032 | 35,387,839 | 65,162,871 | |
2.3Businessmergerincrease | ||||
3.Decreaseinthisperiod | 5,422,920 | 2,867,114 | 456,453 | 8,746,487 |
3.1Disposalorretirement | 5,422,920 | 2,867,114 | 456,453 | 8,746,487 |
4.Endingbalance | 4,789,952,589 | 2,711,573,864 | 27,406,031 | 7,528,932,484 |
ⅡAccumulateddepreciation | ||||
1.Beginningbalance | 621,266,769 | 1,062,064,237 | 20,743,205 | 1,704,074,211 |
2.Increaseinthisperiod | 67,239,979 | 79,376,506 | 1,071,000 | 147,687,485 |
2.1Accrual | 67,239,979 | 79,376,506 | 1,071,000 | 147,687,485 |
3.Decreaseinthisperiod | 4,489,447 | 2,518,788 | 433,630 | 7,441,865 |
3.1Disposalorretirement | 4,489,447 | 2,518,788 | 433,630 | 7,441,865 |
4.Endingbalance | 684,017,301 | 1,138,921,955 | 21,380,575 | 1,844,319,831 |
ⅢImpairmentprovision | ||||
1.Beginningbalance | ||||
2.Increaseinthisperiod | ||||
2.1Accrual | ||||
3.Decreaseinthisperiod | ||||
3.1Disposalorretirement | ||||
4.Endingbalance | ||||
ⅣBookvalue | ||||
1.Endingbookvalue | 4,105,935,288 | 1,572,651,909 | 6,025,456 | 5,684,612,653 |
2.Beginningbookvalue | 4,140,159,656 | 1,603,734,577 | 5,837,434 | 5,749,731,667 |
AsatJune30,2019,thenetvalueofthefixedassetswithownershiprestrictionswasRMB353,013,613Yuan(December31,2018:RMB412,006,421Yuan).PleaserefertoNote7.51fordetails.
7.11.2Particularsoftemporarilyidlefixedassets
Unit:Yuan
Item | Originalbookvalue | Accumulateddepreciation | Depreciationreserves | Bookvalue | Remarks |
Temporarilyidlefixedassets | 124,758,075 | 67,762,891 | 56,995,184 |
7.11.3Particularsoffixedassetsunderfinanceleases
Nil
7.11.4Fixedassetsunderoperatinglease
Unit:Yuan
Item | Endingbookvalue |
Machineryequipment | 115,720 |
7.11.5Particularsoffixedassetswithoutpropertycertificates
Unit:Yuan
Item | Bookvalue | Reasonfornotreceivingthepropertycertificate |
IndustrialProductionCenteroftheR&DCompany | 1,733,732,977 | Undertransaction |
DormitoryBuilding,MainBuildingandReceptionBuildingofChang’anChateau | 280,709,011 | Undertransaction |
EuropeanTown,MainBuildingandServiceBuildingofBeijingChateau | 184,687,307 | Undertransaction |
MainBuildingofYantaiChateauChangyuTinlot | 81,685,892 | Undertransaction |
FermentationWorkshopandWineStorageWorkshopofXinjiangTianzhu | 17,499,421 | Undertransaction |
OfficeBuildingandPackagingWorkshopofIcewineValley | 9,044,465 | Undertransaction |
Wine-makingWorkshopofChangyu(Jingyang) | 4,017,018 | Undertransaction |
OfficeBuilding,LaboratoryBuildingandWorkshopofFermentationCenter | 3,572,175 | Undertransaction |
FinishedGoodsWarehouseandWorkshopofKylinPackaging | 2,351,511 | Undertransaction |
OfficeBuildingofGuangxiGuilinOfficeandOfficeBuildingofShanxiDatongOffice | 1,110,076 | Undertransaction |
Total | 2,318,409,853 | Undertransaction |
7.12Constructioninprogress
7.12.1Particularsofconstructioninprogress
Item | Endingbalance | Beginningbalance | ||||
Bookbalance | Impairmentprovision | Bookvalue | Bookbalance | Impairmentprovision | Bookvalue | |
Research,Development&ManufactureCenter(“ChangyuWineCityComplex”) | 672,975,492 | 672,975,492 | 608,553,617 | 608,553,617 | ||
ConstructionProjectofChang’anChateau | 17,537,828 | 17,537,828 | 39,793,893 | 39,793,893 | ||
ConstructionProjectofNingxiaChateau | 47,371,353 | 47,371,353 | 47,163,863 | 47,163,863 | ||
ConstructionProjectofShihezi | 379,517 | 379,517 | 23,664,124 | 23,664,124 |
Chateau | ||||||
ConstructionProjectofSalesCompany | 19,145,181 | 19,145,181 | 17,985,882 | 17,985,882 | ||
ConstructionProjectsofOtherCompanies | 32,463,002 | 32,463,002 | 22,135,212 | 22,135,212 | ||
Total | 789,872,373 | 789,872,373 | 759,296,591 | 759,296,591 |
7.12.2Changesofmajorconstructioninprogressinthisperiod
Unit:Yuan
Item | Budget | Beginningbalance | Increaseinthisperiod | Transferredtofixedassetsinthisperiod | Otherdecreaseinthisperiod | Endingbalance | Proportionofaccumulativeprojectinputinbudget | Accumulativecapitalizedamountofinterest | Including:capitalizedamountofinterestinthisperiod | Capitalizationratioofinterestinthisperiod | Capitalsource |
ChangyuWineCityComplex | 4,505,780,000 | 608,553,617 | 105,008,609 | 30,903,286 | 9,683,448 | 672,975,492 | 76.60% | 16,954,039 | 1.20%and4.3% | Loansformfinancialinstitutionsandself-raisedfunds | |
ConstructionProjectofChang’anChateau | 620,740,000 | 39,793,893 | 7,523,270 | 29,779,335 | 17,537,828 | 109.90% | Self-raisedfunds | ||||
ConstructionProjectofShiheziChateau | 780,000,000 | 23,664,124 | 4,615,627 | 138,172 | 27,762,062 | 379,517 | 96.90% | Self-raisedfunds | |||
ConstructionProjectofSalesCompany | 161,350,000 | 17,985,882 | 1,262,622 | 103,323 | 19,145,181 | 98.50% | Self-raisedfunds | ||||
ConstructionProjectofNingxiaChateau | 41,415,000 | 47,163,863 | 207,490 | 47,371,353 | 102.60% | Self-raisedfunds | |||||
Total | 6,109,285,000 | 737,161,379 | 118,617,618 | 60,924,116 | 37,445,510 | 757,409,371 | -- | -- | 16,954,039 | -- |
AsatJune30,2019,therewasnoindicationforimpairmentofconstructioninprogressoftheGroup,sonoprovisionforimpairmentwasmade.
7.13Productivebiologicalassets
7.13.1Productivebiologicalassetsbycostmeasurementmethod
Unit:Yuan
Item | Plantation | Total | |
Immature | Mature | ||
ⅠOriginalbookvalue | |||
1.Beginningbalance | 13,837,608 | 235,246,042 | 249,083,650 |
2.Increaseinthisperiod | -4,798,454 | 9,593,745 | 4,795,291 |
2.1Outsourcing | |||
2.2Selfcultivation | 2,388,310 | 2,406,981 | 4,795,291 |
Theimmatureturntothemature | -7,186,764 | 7,186,764 | |
3.Decreaseinthisperiod | |||
3.1Disposal | |||
3.2Other | |||
4.Endingbalance | 9,039,154 | 244,839,787 | 253,878,941 |
ⅡAccumulateddepreciation | |||
1.Beginningbalance | 39,817,277 | 39,817,277 | |
2.Increaseinthisperiod | 6,448,225 | 6,448,225 | |
2.1Accrual | 6,448,225 | 6,448,225 | |
3.Decreaseinthisperiod | |||
3.1Disposal | |||
3.2Other | |||
4.Endingbalance | 46,265,502 | 46,265,502 | |
ⅢImpairmentprovision | |||
1.Beginningbalance | |||
2.Increaseinthisperiod | |||
2.1Accrual | |||
3.Decreaseinthisperiod | |||
3.1Disposal | |||
3.2Other | |||
4.Endingbalance | |||
ⅣBookvalue | |||
1.Endingbookvalue | 9,039,154 | 198,574,285 | 207,613,439 |
2.Beginningbookvalue | 13,837,608 | 195,428,765 | 209,266,373 |
AsatJune30,2019,noownershipofthebiologicalassetswasrestricted.AsatJune30,2019,therewasnoindicationforimpairmentofbiologicalassetsoftheGroup,sonoprovisionwasmade.
7.14Intangibleassets
7.14.1Particularsofintangibleassets
Unit:Yuan
Item | Landuseright | Softwareuseright | Trademark | Total |
ⅠOriginalbookvalue | ||||
1.Beginningbalance | 528,252,911 | 75,822,057 | 170,068,735 | 774,143,703 |
2.Increaseinthisperiod | 16,176 | 107,993 | 124,169 | |
2.1Acquisition | 16,176 | 107,993 | 124,169 | |
2.2InternalR&D | ||||
2.3Businessmergerincrease | ||||
3.Decreaseinthisperiod | ||||
3.1Disposal | ||||
4.Endingbalance | 528,269,087 | 75,930,050 | 170,068,735 | 774,267,872 |
ⅡAccumulatedamortization | ||||
1.Beginningbalance | 78,070,910 | 26,722,815 | 13,876,519 | 118,670,244 |
2.Increaseinthisperiod | 5,231,260 | 3,185,493 | 21,989 | 8,438,742 |
2.1Accrual | 5,231,260 | 3,185,493 | 21,989 | 8,438,742 |
3.Decreaseinthisperiod | ||||
3.1Disposal | ||||
4.Endingbalance | 83,302,170 | 29,908,308 | 13,898,508 | 127,108,986 |
ⅢImpairmentprovision | ||||
1.Beginningbalance | ||||
2.Increaseinthisperiod | ||||
2.1Accrual | ||||
3.Decreaseinthisperiod | ||||
3.1Disposal | ||||
4.Endingbalance | ||||
ⅣBookvalue | ||||
1.Endingbookvalue | 444,966,917 | 46,021,742 | 156,170,227 | 647,158,886 |
2.Beginningbookvalue | 450,182,001 | 49,099,242 | 156,192,216 | 655,473,459 |
AsatJune30,2019,thenetvalueoftheintangibleassetswithownershiprestrictionswasRMB215,282,924Yuan(December31,2018:RMB218,070,414Yuan).PleaserefertoNote7.51fordetails.
7.14.2Particularsoflanduserightofthatnotreceivingthepropertycertificate
Nil
7.15Goodwill
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 | ||||
SocieteCivileArgricoleDuChateauDeMirefleurs(“Mirefleurs”) | 15,761,440 | 15,761,440 | ||||
IndomitaWineCompanyChile,SpA | 6,870,115 | 6,870,115 | ||||
KilikanoonEstate,Australia | 37,063,130 | 37,063,130 | ||||
Total | 165,199,111 | 165,199,111 |
7.16Long-termunamortizedexpenses
Unit:Yuan
Item | Beginningbalance | Increaseinthisperiod | Amortizationinthisperiod | Otherdecrease | Endingbalance |
Landleasefees | 54,217,763 | 1,073,811 | 53,143,952 | ||
Landacquisitionfees | 43,427,739 | 215,293 | 43,212,446 | ||
Afforestationfees | 141,224,472 | 9,683,449 | 4,615,467 | 146,292,454 | |
Renovationcosts | 775,647 | 27,762,062 | 476,300 | 28,061,409 |
Other | 4,994,795 | 1,134,446 | 281,791 | 5,847,450 | |
Total | 244,640,416 | 38,579,957 | 6,662,662 | 276,557,711 |
Remarks:Theamounttransferredtolong-termunamortizedexpensesfromconstructioninprogresswasRMB38,234,356Yuan.
7.17Deferredincometaxassets/liabilities
7.17.1Un-offsetdeferredincometaxassets
Unit:Yuan
Item | EndingBalance | BeginningBalance | ||
Deductibletemporarydifference | Deferredincometaxassets | Deductibletemporarydifference | Deferredincometaxassets | |
Unrealizedprofitsfrominter-companytransactions | 383,079,453 | 95,769,863 | 602,476,583 | 150,619,145 |
Unpaidbonus | 107,118,804 | 26,808,863 | 141,808,257 | 35,485,814 |
Dismissionwelfare | 21,108,526 | 5,277,132 | 26,186,243 | 6,546,561 |
Assetimpairmentprovision | 23,672,354 | 5,918,088 | 24,683,226 | 6,170,807 |
Deductibleloss | 326,241,084 | 83,564,280 | 262,937,999 | 67,566,387 |
Deferredincome | 78,596,149 | 17,132,928 | 86,227,293 | 18,868,963 |
Assetvaluationimpairment | 649,811 | 175,449 | 661,415 | 178,582 |
Total | 940,466,181 | 234,646,603 | 1,144,981,016 | 285,436,259 |
7.17.2Un-offsetdeferredincometaxliabilities
Unit:Yuan
Item | EndingBalance | BeginningBalance | ||
Taxabletemporarydifference | Deferredincometaxliabilities | Taxabletemporarydifference | Deferredincometaxliabilities | |
Assetsappraisalappreciationinbusinessmergerundernon-commoncontrol | 69,392,888 | 18,629,612 | 81,338,130 | 22,010,647 |
Total | 69,392,888 | 18,629,612 | 81,338,130 | 22,010,647 |
7.17.3Detailsofunconfirmeddeferredincometaxassets
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Deductabletemporarydifference | ||
Deductibleloss | 157,722,738 | 171,430,831 |
Total | 157,722,738 | 171,430,831 |
7.17.4Deductiblelossesofunconfirmeddeferredincometaxassetswillexpirein:
Unit:Yuan
Year | Endingsum | Beginningsum | Remark |
2020 | 45,960,766 | 45,960,766 | |
2021 | 82,685,213 | 82,685,213 | |
2022 | 14,362,787 | 14,362,787 | |
2023 | 6,987,182 | 21,110,792 | |
2024 | 7,726,790 | ||
Total | 157,722,738 | 164,119,558 | -- |
7.18Short-termloans
7.18.1Classificationofshort-termloans
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Pledgeloan | ||
Mortgageloan | 65,507,517 | 79,467,832 |
Guaranteedloan | 7,145,835 | 3,331,870 |
Fiduciaryloan | 605,517,315 | 605,202,708 |
Total | 678,170,667 | 688,002,410 |
AsatJune30,2019,themortgageloansreferredtoaloanoffactoringbusinessforaccountsreceivableofEUR3,982,860(equivalenttoRMB31,134,017Yuan)thatHaciendayVinedosMarquesdelAtrio,S.L.U.(“MarquesdelAtrio”)transactedinsuchbanksasBancodeSabadell,S.A.(December31,2018:RMB52,015,032Yuan),aloanofUSD5,000,000(equivalenttoRMB34,373,500Yuan)thatIndomitaWineCompanyChile,SpAborrowedfromBBVAbankbymortgageofitsfixedassetsofCLP2,931,854,000(equivalenttoRMB29,904,911Yuan)(December31,2018:RMB27,452,800Yuan).TheguaranteedloanreferredtoaloanborrowedbytheCompanyfromAustralia&NewZealandBankingwithaguaranteeforKilikanoonEstate,AustraliaofAUD1,483,893(equivalenttoRMB7,145,835Yuan)(December31,2018:RMB3,331,870Yuan).
7.19Accountspayable
7.19.1Listofaccountspayable
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Tradeaccountspayable | 539,459,878 | 713,572,881 |
Total | 539,459,878 | 713,572,881 |
7.19.2ExplanationofsignificantaccountspayableagedmorethanoneyearAsatJune30,2019,therewerenosignificantaccountspayableagedmorethanoneyear.
7.20Advancesfromcustomers
7.20.1Listofadvancesfromcustomers
Unit:Yuan
Item | Endingsum | Beginningsum |
Advancesfromcustomers | 177,549,080 | 226,075,244 |
Total | 177,549,080 | 226,075,244 |
7.20.2AdvancesfromcustomersofsignificantamountagedmorethanoneyearAsatJune30,2019,theCompanyhadnoadvancesfromcustomersofsignificantamountagedmorethanoneyear.
7.21Employeeremunerationspayable
7.21.1Listofemployeeremunerationspayable
Unit:Yuan
Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance |
1.Short-termremuneration | 185,893,109 | 214,884,524 | 245,100,514 | 155,677,119 |
2.Post-employmentwelfare–definedcontributionplan | 224,865 | 27,605,713 | 27,149,855 | 680,723 |
3.Dismissionwelfare | 26,186,243 | 1,310,247 | 6,387,964 | 21,108,526 |
4.Otherwelfareduewithinoneyear | ||||
Total | 212,304,217 | 243,800,484 | 278,638,333 | 177,466,368 |
7.21.2Listofshort-termremunerations
Unit:Yuan
Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance |
1.Salaries,bonuses,allowancesandsubsidies | 187,685,990 | 188,388,623 | 215,640,569 | 160,434,044 |
2.Staffwelfare | 3,014,288 | 4,969,229 | 7,875,107 | 108,410 |
3.Socialinsurancecharges | 461,095 | 14,314,931 | 14,435,562 | 340,464 |
Including:Medicalinsurance | 460,440 | 12,510,735 | 12,656,526 | 314,649 |
Injuryinsurance | 655 | 914,251 | 889,091 | 25,815 |
Maternityinsurance | 889,945 | 889,945 | ||
4.Housingfund | 52,510 | 6,147,006 | 6,191,272 | 8,244 |
5.Unionfeeandstaffeducationfee | 1,914,079 | 1,064,735 | 1,033,635 | 1,945,179 |
6.Short-termcompensatedabsences | ||||
7.Short-termprofit-sharingplan | ||||
Minus:Thosedividedintonon-currentassets | 7,234,853 | 75,631 | 7,159,222 | |
Total | 185,893,109 | 214,884,524 | 245,100,514 | 155,677,119 |
7.21.3Listofdefinedcontributionplan
Unit:Yuan
Item | Beginningbalance | Increase | Decrease | Endingbalance |
1.Basicendowmentinsurance | 224,533 | 26,914,033 | 26,457,843 | 680,723 |
2.Unemploymentinsurance | 332 | 691,680 | 692,012 | |
3.Enterpriseannuitypayment | ||||
Total | 224,865 | 27,605,713 | 27,149,855 | 680,723 |
7.21.4Dismissionwelfare
Unit:Yuan
Item | Beginningbalance | Increase | Decrease | Endingbalance |
1.Compensationforserveroflaborrelation | 1,275,387 | 1,275,387 | - | |
2.Compensationforearlyretirement | 26,186,243 | 34,860 | 5,112,577 | 21,108,526 |
Item | Beginningbalance | Increase | Decrease | Endingbalance |
Total | 26,186,243 | 1,310,247 | 6,387,964 | 21,108,526 |
7.22Taxesandduespayable
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Valueaddedtax | 28,114,274 | 36,442,868 |
Consumptiontax | 9,089,447 | 28,636,646 |
Corporateincometax | 59,137,357 | 40,869,507 |
Individualincometax | 276,031 | 5,669,099 |
Urbanmaintenanceandconstructiontax | 2,407,009 | 4,337,712 |
Propertytax | 5,406,700 | 5,165,128 |
Urbanlandusetax | 2,255,344 | 2,476,527 |
Other | 2,314,640 | 5,315,303 |
Total | 109,000,802 | 128,912,790 |
7.23Otherpayables
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Interestpayable | 2,669,667 | 712,826 |
Dividendspayable | 412,646,375 | |
Otherpayables | 562,350,965 | 607,767,064 |
Total | 977,667,007 | 608,479,890 |
Remarks:Otherpayablesintheabovelistrefertothepayablesafterdeductinginterestpayableanddividendspayable.
7.23.1Interestpayable
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Interestoflong-termloanswithinterestpaidbyinstallmentandprincipalpaidonmaturity | ||
Interestofcorporatebonds | ||
Interestpayableofshort-termloans | 2,669,667 | 712,826 |
Interestofpreferredshares\perpetualbondsdividedintofinancialliabilities |
Item | Endingbalance | Beginningbalance |
Other | ||
Total | 2,669,667 | 712,826 |
7.23.2Dividendspayable
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Ordinarystockdividends | 411,278,400 | |
Preferredstockdividends/sustainabledebtdividendsdividedintoequityinstruments | ||
Other | 1,367,975.00 | |
Total | 412,646,375.00 |
7.23.3Otherpayables
7.23.3.1Otherpayableslistedbynature
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Dealer’sdepositpayable | 166,741,693 | 159,191,138 |
Equipmentpurchaseandconstructioncostspayable | 93,902,789 | 152,825,734 |
Transportationchargespayable | 15,579,562 | 38,867,725 |
TrademarkusefeespayableforChangyuGroupCompany | 78,414,978 | |
Advertisementmarketingexpensespayable | 209,606,196 | 96,429,861 |
Employeecashdeposit | 869,282 | 2,806,766 |
Supplier’sdepositpayable | 18,732,029 | 15,901,210 |
Contractingfeespayable | 19,130,850 | 27,070,584 |
Other | 37,788,564 | 36,259,068 |
Total | 562,350,965 | 607,767,064 |
7.23.3.2Othersignificantaccountspayableagedmorethanoneyear
Unit:Yuan
Item | Endingbalance | Causeofunpaymentorcarry-over |
BeijingQinglangEcologicalAgriculture | 3,513,506 | Thecontractingfeeshaven’tbeensettled |
TechnologyDevelopmentCo.,Ltd.(“BeijingQinglang”) | ||
VASFCompany | 4,878,866 | Thecontractingfeeshaven’tbeensettled |
Total | 8,392,372 | -- |
7.24Non-currentliabilitiesduewithinoneyear
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Long-termloansduewithinoneyear | 146,362,314 | 118,940,788 |
Bondspayableduewithinoneyear | ||
Long-termaccountspayableduewithinoneyear | 34,000,000 | 34,000,000 |
Leaseliabilitiesduewithinoneyear | ||
Total | 180,362,314 | 152,940,788 |
7.25Othercurrentliabilities
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Short-termbondspayable | ||
Refundspayable | ||
Deferredincome | 14,545,254 | 15,860,254 |
Total | 14,545,254 | 15,860,254 |
7.26Long-termloans
7.26.1Classificationoflong-termloans
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Pledgeloan | ||
Mortgageloan | 3,529,655 | 3,924,916 |
Guaranteedloan | 98,156,000 | 110,750,000 |
Fiduciaryloan | 64,263,595 | 41,805,746 |
Total | 165,949,250 | 156,480,662 |
Descriptionoftheclassificationoflong-termloans:
Unit:Yuan
Item | Endingbalance | Long-termloanduewithinoneyear | Long-termloandueoveroneyear |
Pledgeloan | |||
Mortgageloan | 6,616,377 | 3,086,722 | 3,529,655 |
Guaranteedloan | 116,906,000 | 18,750,000 | 98,156,000 |
Fiduciaryloan | 188,789,187 | 124,525,592 | 64,263,595 |
Total | 312,311,564 | 146,362,314 | 165,949,250 |
AsatJune30,2019,theguaranteedloanreferredtothelong-termloanofRMB68,750,000YuanborrowedbytheCompanyfortheR&DCompanybymeansofcreditguarantee(December31,2018:81,250,000Yuan),whichwasborrowedfromAustralia&NewZealandBankingbytheCompanyforKilikanoonEstate,AustraliaofAUD10,000,000(equivalenttoRMB48,156,000Yuan)(December31,2018:48,250,000Yuan).ThemortgageloanreferredtotheloanofEUR678,868(equivalenttoRMB5,306,710Yuan)borrowedfromPopularEspa?olbyMarquesdelAtriobymortgagingitsfixedassetsofEUR2,900,925(equivalenttoRMB22,676,531Yuan)(December31,2018:RMB6,749,944Yuan).KilikanoonEstate,AustraliaborrowedaloanofAUD271,963(equivalenttoRMB1,309,667Yuan)bypledgingitsfixedassetsofAUD503,163(equivalenttoRMB2,423,032Yuan)fromNABbank(December31,2018:RMB48,250,000Yuan).
7.27Long-termaccountspayable
7.27.1Long-termaccountspayablelistedbynature
Unit:Yuan
Item | Endingbalance | Beginningbalance |
ChinaAgriculturalDevelopmentKeyConstructionFund | 201,000,000 | 225,000,000 |
Total | 201,000,000 | 225,000,000 |
In2016,AgriculturalDevelopmentFundinvestedRMB305,000,000YuanintheResearch,Development&ManufactureCompany,accountingfor37.9%oftheregisteredcapital.Accordingtotheinvestmentagreement,itisagreedthatAgriculturalDevelopmentFundwilltakebacktheinvestmentfundintenyearsandobtainfixedincomeaccordingtoyear,whichis1.2%oftheremainingprincipal.Exceptfortheabovefixedincome,theAgriculturalDevelopmentFundshallnotenjoyotherprofitsoftheResearch,Development&ManufactureCompanyorbearthelossesoftheResearch,Development&ManufactureCompany.Accordingly,theinvestmentoftheAgriculturalDevelopmentFundintheResearch,Development&ManufactureCompanyisequityinvestmentnominally,whichisdebtinvestment(financediscountinterestloan)indeed.TheGroupincludedtheinvestmentoftheAgriculturalDevelopmentFundinlong-termaccountspayablemeasuredbyamortizedcost.FromJanuarytoJune2019,theGroupgavebacktheprincipalofRMB24,000,000Yuan.RefertoNote7.51fordetailsofmortgagedandpledgedassets.
Unit:Yuan
Balanceoflong-termaccountspayable | Long-termaccountspayableduewithinoneyear | Long-termaccountspayabledueinoneyearlater |
235,000,000 | 34,000,000 | 201,000,000 |
7.28Deferredincome
Unit:Yuan
Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance | Formingreason |
Governmentalsubsidy | 86,227,293 | 4,465,398 | 12,096,542 | 78,596,149 | |
Minus:Thoseincludedincurrentliabilities | 15,860,254 | 1,315,000 | 14,545,254 | ||
Non-currentliabilities | 70,367,039 | 4,465,398 | 10,781,542 | 64,050,895 | -- |
Projectsrelatedtogovernmentalsubsidy
Unit:Yuan
Itemofliabilities | Beginningbalance | Amountofsubsidynewlyincreasedinthisperiod | Amountincludedinnon-operatingrevenueinthisperiod | Amountincludedinotherincomeinthisperiod | Amountoffsetthecostexpenses | Otherchanges | Endingbalance | Relatedtoassets/income |
Grapebulkwinebrewingproject | 3,304,500 | 717,450 | 2,587,050 | Relatedtoassets | ||||
RewardforinvestmentinfixedassetsofChateauShiheziproject | 6,996,600 | 1,140,000 | 5,856,600 | Relatedtoassets | ||||
IndustrialrevitalizationandtechnicaltransformationprojectinXinjiang | 15,642,000 | 711,000 | 14,931,000 | Relatedtoassets | ||||
Specialsubsidyfor | 4,240,000 | 530,000 | 3,710,000 | Relatedtoassets |
Itemofliabilities | Beginningbalance | Amountofsubsidynewlyincreasedinthisperiod | Amountincludedinnon-operatingrevenueinthisperiod | Amountincludedinotherincomeinthisperiod | Amountoffsetthecostexpenses | Otherchanges | Endingbalance | Relatedtoassets/income |
supportinginfrastructure | ||||||||
Tourismdevelopmentfundsubsidyproject | 500,000 | 500,000 | Relatedtoincome | |||||
Constructionprojectofgrapebrewingproductioncapacity(Huanren) | 3,200,000 | 200,000 | 3,000,000 | Relatedtoassets | ||||
Electronictraceabilitysystemprojectofwine | 2,525,257 | 333,527 | 2,191,730 | Relatedtoassets | ||||
Wineindustrydevelopmentproject | 558,000 | 93,000 | 465,000 | Relatedtoassets | ||||
Peninsulablueeconomiczoneconstructionproject | 6,000,000 | 1,000,000 | 5,000,000 | Relatedtoassets | ||||
Technicaltransformationprojectofinformation-basedsystemconstructionengineering | 2,900,000 | 290,000 | 2,610,000 | Relatedtoassets | ||||
Cross-bordere-commerceproject | 880,256 | 67,114 | 813,142 | Relatedtoincome | ||||
Fundforwaterpollutiontreatmentproject | 206,530 | 56,801 | 149,729 | Relatedtoincome | ||||
Infrastructureconstructionproject | 1,718,750 | 62,500 | 1,656,250 | Relatedtoassets | ||||
Supportingfundforindustrialdevelopment | 32,800,000 | 2,050,000 | 30,750,000 | Relatedtoassets | ||||
Subsidyforeconomicandenergy-savingtechnicaltransformationproject | 1,026,400 | 64,150 | 962,250 | Relatedtoassets | ||||
Specialfundfor | 1,639,000 | 81,000 | 1,558,000 | Relatedtoassets |
Itemofliabilities | Beginningbalance | Amountofsubsidynewlyincreasedinthisperiod | Amountincludedinnon-operatingrevenueinthisperiod | Amountincludedinotherincomeinthisperiod | Amountoffsetthecostexpenses | Otherchanges | Endingbalance | Relatedtoassets/income |
efficientwater-savingirrigationproject | ||||||||
Guidingfundforthedevelopmentofserviceindustry | 2,000,000 | 4,200,000 | 4,700,000 | 1,500,000 | Relatedtoincome | |||
Subsidyforboilerrenovationanddemolition | 90,000 | 90,000 | Relatedtoincome | |||||
Subsidyformechanicaldevelopment | 265,398 | 265,398 | Relatedtoassets | |||||
Total | 86,227,293 | 4,465,398 | 12,096,542 | 78,596,149 | ||||
Minus:Thoseincludedincurrentliabilities | 15,860,254 | 1,315,000 | 14,545,254 | |||||
Non-currentliabilities | 70,367,039 | 4,465,398 | 10,781,542 | 64,050,895 |
7.29Othernon-currentliabilities
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Employeeremunerationspayable | 7,159,222 | 7,234,853 |
Total | 7,159,222 | 7,234,853 |
AsatJune30,2019,theemployeeremunerationspayablereferredtothejobsecuritydepositdeductedfromtheyear-endbonusoftheemployeeshigherthansalesmanageroftheCompanyinproportion,whichwillbepaidfrom2020to2022aspredicted.
7.30Sharecapital
Unit:Yuan
Beginningbalance | Increaseordecrease(+,-)inthisperiod | Endingbalance | ||||
Newlyissuedshares | Allocatedshares | Sharetransferredfromaccumulation | Other | Subtotal |
fund | |||||
Totalshares | 685,464,000 | 685,464,000 |
7.31Capitalreserves
Unit:Yuan
Item | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance |
Capitalpremium(Sharecapitalpremium) | 560,038,853 | 560,038,853 | ||
Othercapitalreserves | 5,916,588 | 5,916,588 | ||
Total | 565,955,441 | 565,955,441 |
7.32Othercomprehensiveincome
Unit:Yuan
Item | Beginningbalance | Amountincurredinthisperiod | Endingbalance | ||||
Amountincurredbeforeincometaxinthisperiod | Minus:amountincludedinothercomprehensiveincomebeforeandtransferredtoprofitorlossinthisperiod | Minus:incometaxexpenses | Attributabletoparentcompanyaftertax | Attributabletominorityshareholdersaftertax | |||
1.Othercomprehensiveincomenottobereclassifiedintoprofitandlosslater | |||||||
Including:changeinnetliabilitiesandnetassetsfromrecalculateddefinedbenefitplan | |||||||
Shareenjoyedinothercomprehensiveincomenottobereclassifiedintoprofitandlossininvestedunitunderequitylaw | |||||||
2.Othercomprehensiveincometobereclassifiedintoprofitandlosslater | 2,965,377 | -4,657,291 | -3,060,721 | -1,596,570 | -95,344 | ||
Including:shareenjoyedinothercomprehensiveincometobereclassifiedintoprofitandlossin |
Item | Beginningbalance | Amountincurredinthisperiod | Endingbalance | ||||
Amountincurredbeforeincometaxinthisperiod | Minus:amountincludedinothercomprehensiveincomebeforeandtransferredtoprofitorlossinthisperiod | Minus:incometaxexpenses | Attributabletoparentcompanyaftertax | Attributabletominorityshareholdersaftertax | |||
investedunitunderequitylaw | |||||||
Profitandlossfromchangesinfairvalueoffinancialassetsforsale | |||||||
Profitandlossfromreclassificationofheld-to-maturityinvestmentintofairvalueoffinancialassetsforsale | |||||||
Effectivepartofprofitandlossofcash-flowhedge | |||||||
DifferenceintranslationofForeignCurrencyFinancialStatement | 2,965,377 | -4,657,291 | -3,060,721 | -1,596,570 | -95,344 | ||
Totalothercomprehensiveincome | 2,965,377 | -4,657,291 | -3,060,721 | -1,596,570 | -95,344 |
7.33Surplusreserves
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 |
7.34Undistributedprofit
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Undistributedprofitattheendofpriorperiodbeforeadjustment | 8,008,982,547 | 7,309,081,618 |
TotalUndistributedprofitatthebeginningoftheperiodbeforeadjustment(increaselistedwith+,anddecreaselistedwith-) | -3,278,942 | |
Undistributedprofitatthebeginningoftheperiodafteradjustment | 8,005,703,605 | 7,309,081,618 |
Plus:Netprofitforowneroftheparentcompany | 603,403,789 | 1,042,632,929 |
Minus:Drawnlegalsurplus | ||
Drawnfreesurplus | ||
Drawncommonriskprovision | ||
Commondividendpayable | 411,278,400 | 342,732,000 |
Commondividendtransferredtosharecapital | ||
Undistributedprofitattheendofperiod | 8,197,828,994 | 8,008,982,547 |
7.35Operatingincomeandoperatingcost
Unit:Yuan
Item | Amountincurredinthisperiod | Amountincurredinpriorperiod | ||
Income | Cost | Income | Cost | |
Mainbusiness | 2,541,459,605 | 927,958,197 | 2,818,814,912 | 969,407,949 |
Otherbusiness | 16,815,180 | 8,294,028 | 9,415,152 | 5,149,343 |
Total | 2,558,274,785 | 936,252,225 | 2,828,230,064 | 974,557,292 |
7.36Taxesandsurcharges
Unit:Yuan
Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
Consumptiontax | 68,699,658 | 97,343,463 |
Urbanmaintenanceandconstructiontax | 18,763,626 | 23,778,056 |
Educationsurcharges | 13,670,717 | 17,417,976 |
Buildingtax | 14,184,915 | 16,878,556 |
Landusetax | 5,478,045 | 6,013,248 |
Stampduty | 1,504,356 | 2,247,814 |
Other | 1,249,531 | 1,597,138 |
Total | 123,550,848 | 165,276,251 |
7.37Sellingexpenses
Unit:Yuan
Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
Marketingexpenses | 268,185,487 | 326,942,076 |
Employeeremunerations | 130,725,779 | 139,247,494 |
Transportationexpenses | 53,735,626 | 67,177,736 |
Trademarkusefees | 43,363,867 | |
Storageandleaseexpenses | 24,274,917 | 19,857,616 |
Depreciationexpenses | 20,476,637 | 21,735,895 |
Advertisementexpenses | 26,920,257 | 23,574,432 |
Conferenceexpenses | 8,945,999 | 9,319,883 |
Design&productionexpenses | 2,365,761 | 2,457,300 |
Servicecharges | 11,484,614 | 12,459,237 |
Travelexpenses | 11,822,548 | 10,886,711 |
Water,electricityandgascharges | 7,697,325 | 7,166,936 |
Office&postagecosts | 2,801,706 | 2,349,806 |
Packingexpenses | 3,971,486 | 3,873,287 |
Publicsecurity&clean-keepingexpenses | 2,214,479 | 2,336,546 |
Businessentertainmentexpenses | 1,763,307 | 1,995,516 |
Other | 14,584,873 | 15,914,695 |
Total | 591,970,801 | 710,659,033 |
7.38Managementexpenses
Unit:Yuan
Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
Employeeremunerations | 62,572,295 | 60,660,238 |
Depreciationexpenses | 31,887,697 | 35,410,914 |
Contractingexpenses | 7,178,106 | 7,178,106 |
Repairexpenses | 8,253,897 | 7,076,148 |
Officeexpenses | 10,177,651 | 10,977,189 |
Amortizationexpenses | 7,677,849 | 9,520,182 |
Afforestationfees | 7,682,946 | 6,493,556 |
Safeproductioncosts | 2,357,016 | 2,422,526 |
Rentalexpenses | 4,766,202 | 5,061,778 |
Businessentertainmentexpenses | 2,631,383 | 2,815,060 |
Publicsecurity&clean-keepingexpenses | 3,356,435 | 3,953,646 |
Travelexpenses | 2,971,468 | 2,139,939 |
Other | 4,039,367 | 4,255,600 |
Total | 155,552,312 | 157,964,882 |
7.39R&Dexpenses
Unit:Yuan
Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
R&Dexpenses | 2,706,811 | 2,127,006 |
Total | 2,706,811 | 2,127,006 |
7.40Financialexpenses
Unit:Yuan
Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
Interestexpenditure | 9,812,560 | 18,739,528 |
Minus:Interestincome | 4,606,417 | 7,245,870 |
Plus:Commissioncharges | 1,271,831 | 3,005,483 |
Exchangegainorloss | 2,311,609 | -1,413,199 |
Total | 8,789,583 | 13,085,942 |
7.41Otherincome
Unit:Yuan
Sourceofotherincome | Amountincurredinthisperiod | Amountincurredinpriorperiod |
Supportingfundforindustrialdevelopment | 2,050,000 | 2,050,000 |
IndustrialrevitalizationandtechnicaltransformationprojectinNingxia | 1,086,000 | |
Rewardforinvestmentinfixedassets | 1,140,000 | 1,140,000 |
Specialfundforconstructionofpeninsulablueeconomiczone | 1,000,000 | 1,000,000 |
Other | 3,082,627 | 4,012,100 |
Specialfundforsupportingcorporatedevelopment | 51,633,350 | 15,011,673 |
Other | 5,305,915 | 13,683,105 |
Sourceofotherincome | Amountincurredinthisperiod | Amountincurredinpriorperiod |
Total | 64,211,892 | 37,982,878 |
7.42Lossonimpairmentofcredit
Unit:Yuan
Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
Lossonbaddebtsofaccountsreceivable | -765,935 | |
Total | -765,935 |
7.43Lossonimpairmentofassets
Unit:Yuan
Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
1.Lossonbaddebts | ||
2.Inventoryfallingpriceloss | 6,148,729 | 4,730,948 |
3.Lossonimpairmentofavailable-for-salefinancialassets | ||
4.Lossonimpairmentofheld-tomaturityinvestment | ||
5.Lossonimpairmentoflong-termequityinvestment | ||
6.Lossonimpairmentofinvestmentrealestate | ||
7.Lossonimpairmentoffixedassets | ||
8.Lossonimpairmentofengineeringmaterials | ||
9.Lossonimpairmentofconstructioninprogress | ||
10.Lossonimpairmentofproductivebiologicalassets | ||
11.Lossonimpairmentofoilandgasassets | ||
12.Lossonimpairmentofintangibleassets | ||
13.Lossonimpairmentofgoodwill | ||
14.Other | ||
Total | 6,148,729 | 4,730,948 |
7.44Incomefromassetdisposal
Unit:Yuan
Sourceofincomefromassetdisposal | Amountincurredinthisperiod | Amountincurredinpriorperiod |
Incomefromdisposaloffixedassets | 1,138 | 93,958 |
Total | 1,138 | 93,958 |
7.45Non-operatingincome
Unit:Yuan
Item | Amountincurredinthisperiod | Amountincurredinpriorperiod | Amountincludedinthecurrentnon-recurringprofits/losses |
Gainsondebtrecombination | |||
Gainsonexchangeofnon-monetaryassets | |||
Grainsondonations | |||
Governmentalsubsidy | |||
Other | 3,575,914 | 2,006,392 | 3,575,914 |
Total | 3,575,914 | 2,006,392 | 3,575,914 |
7.46Non-operatingexpenses
Unit:Yuan
Item | Amountincurredinthisperiod | Amountincurredinpriorperiod | Amountincludedinthecurrentnon-recurringprofits/losses |
Lossondebtrecombination | |||
Lossonexchangeofnon-monetaryassets | |||
Donation | |||
Fine,penaltyandoverduefinepaidduetoviolationoflawsandadministrativeregulations | 10,811 | 1,187,713 | 10,811 |
Other | 153,239 | 204,649 | 153,239 |
Total | 164,050 | 1,392,362 | 164,050 |
7.47Incometaxexpenses
7.47.1Listofincometaxexpenses
Unit:Yuan
Item | Amountincurredinthisperiod | Amountincurredinprior |
Currentincometaxexpenses | 161,779,976 | 178,993,081 |
Deferredincometaxexpenses | 48,501,602 | 32,986,654 |
Total | 210,281,578 | 211,979,735 |
7.47.2Adjustmentprocessofaccountingprofitandincometaxexpenses
Unit:Yuan
Item | Amountincurredinthis |
Totalprofit | 812,459,893 |
Incometaxexpensescalculatedaccordingtothelegal/applicabletaxrate | 203,114,973 |
Influenceofdifferenttaxratesapplicabletosubsidiary | -66,516 |
Influenceofincometaxinthetermbeforeadjustment | 3,082,397 |
Influenceofnontaxableincome | |
Influenceofnon-deductiblecosts,expensesandlosses | 2,219,026 |
Influenceofdeductiblelossfromuseofunconfirmeddeferredincometaxassetsinpriorperiod | |
Influenceofdeductibletemporarydifferenceordeductiblelossofunconfirmeddeferredincometaxassetsinthisperiod | 1,931,698 |
Incometaxexpense | 210,281,578 |
7.48OthercomprehensiveincomeRefertoNote7.32fordetails.
7.49Itemsofcashflowstatement
7.49.1Othercashreceivedrelatedtooperatingactivities
Unit:Yuan
Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
Governmentalsubsidyincome | 62,580,748 | 33,687,978 |
Interestincome | 2,835,438 | 3,302,294 |
Netamercementincome | 1,225,511 | 1,609,829 |
Other | 1,143,923 | 3,742,920 |
Total | 67,785,620 | 42,343,021 |
7.49.2Othercashpaidrelatedtooperatingactivities
Unit:Yuan
Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
Sellingexpenses | 348,849,996 | 387,846,396 |
Administrativeexpenses | 41,017,612 | 45,235,101 |
Other | 2,912,859 | 3,895,589 |
Total | 392,780,467 | 436,977,086 |
7.49.3Othercashreceivedrelatedtofinancialactivities
Unit:Yuan
Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
Governmentsubsidiesreceivedrelatedtoassets | 3,150,000 | |
InterestincomefrompledgeoffixeddepositsbytheR&DCompany | 371,431 | |
Long-termloansfrompledgeoffixeddepositsbyR&DCompany | 20,000,000 | |
Total | 23,521,431 |
7.49.4Othercashpaidrelatedtofinancialactivities
Unit:Yuan
Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
R&DCompany’long-termloanspledgedbyfixed-termdeposits | 20,000,000 | |
Total | 20,000,000 |
7.50Supplementaryinformationtocashflowstatement
7.50.1Supplementaryinformationtocashflowstatement
Unit:Yuan
Supplementarymaterials | Amountincurredinthisperiod | Amountincurredinpriorperiod |
1.Cashflowsfromoperatingactivitiescalculatedbyadjustingthenetprofit: | -- | -- |
Netprofit | 602,178,315 | 636,001,737 |
Plus:Provisionforimpairmentofassets | -5,382,794 | -4,730,948 |
Depreciationoffixedassets,oil-and-gasassetsandproductivebiologicalassets | 155,147,729 | 148,983,240 |
Depreciationofright-of-useassets | ||
Amortizationofintangibleassets | 8,438,742 | 11,567,301 |
Amortizationoflong-termdeferredexpenses | 6,662,662 | 8,117,444 |
Lossesondisposaloffixedassets,intangibleassetsandotherlong-termassets(profitlistedwith“-”) | -1,138 | -93,958 |
Supplementarymaterials | Amountincurredinthisperiod | Amountincurredinpriorperiod |
Lossesonretirementoffixedassets(profitlistedwith“-”) | ||
Lossesonfairvaluechange(profitlistedwith“-”) | ||
Financialcosts(profitlistedwith“-”) | 13,987,879 | 15,048,678 |
Investmentlosses(profitlistedwith“-”) | ||
Decreaseindeferredincometaxassets(increaselistedwith“-”) | 50,789,656 | 37,133,223 |
Increaseofdeferredincometaxliabilities(decreaselistedwith“-”) | -3,381,035 | -4,146,569 |
Decreaseininventories(increaselistedwith“-”) | 123,958,750 | 216,486,236 |
Decreaseinoperatingreceivables(increaselistedwith“-”) | -172,662,167 | -305,623,146 |
Increaseinoperatingpayable(decreaselistedwith“-”) | -280,260,593 | -205,989,766 |
Other | ||
Netcashflowsfromoperatingactivities | 499,476,006 | 552,753,472 |
2.Significantinvestmentandfinancingactivitiesnotinvolvingcashdepositandwithdrawal: | -- | -- |
Debttransferredintoassets | ||
Convertiblecorporatebondduewithin1year | ||
Fixedassetsunderfinancinglease | ||
3.Netchangesofcashandcashequivalent: | -- | -- |
Endingbalanceofcash | 1,573,727,077 | 1,428,670,462 |
Minus:Beginningbalanceofcash | 1,206,860,334 | 1,180,889,274 |
Plus:Endingbalanceofcashequivalent | ||
Minus:Beginningbalanceofcashequivalent | ||
Netincreaseamountofcashandcashequivalent | 366,866,743 | 247,781,188 |
7.50.2Compositionofcashandcashequivalents
Unit:Yuan
Item | Endingbalance | Beginningbalance |
1.Cash | 1,573,727,077 | 1,428,670,462 |
Including:Cashonhand | 70,198 | 151,228 |
Bankdepositsondemand | 1,573,656,879 | 1,428,519,234 |
Othermonetarycapitalondemand | ||
Duefromcentralbankavailableforpayment |
Duefromtheindustry | ||
Inter-banklending | ||
2.Cashequivalents | ||
Including:Bondinvestmentduewithinthreemonths | ||
3.Balanceofcashandcashequivalentsattheendofperiod | 1,573,727,077 | 1,428,670,462 |
Including:Restricteduseofparentcompanyorsubsidiariesinthegroup |
7.51Assetswithownershiporuserightrestrictions
Unit:Yuan
Item | Endingbookvalue | Reasonforrestriction |
Monetarycapital | 94,466,626 | Loandeposit,L/Cdeposit,frozenbalanceofAlipay,housingfundandguarantymoneyfordepositinunitcard |
Accountsreceivable | 31,134,017 | Pledgeofshort-termloans |
Fixedassets | 353,013,613 | Pledgeofshort-termloans,long-termloansandlong-termaccountspayable |
Intangibleassets | 215,282,924 | Pledgeoflong-termaccountspayable |
Total | 693,897,180 | -- |
7.52Foreigncurrencymonetaryitems
7.52.1ForeigncurrencymonetaryitemsTheforeigncurrencymonetaryitemsoftheGroupindomesticentitiesofChinaarelistedasfollows:
Unit:Yuan
Item | Endingforeigncurrencybalance | Translationexchangerate | EndingconvertedRMBbalance |
Monetarycapital | -- | -- | 46,815,034 |
Including:USD | 6,805,498 | 6.8747 | 46,785,757 |
EUR | 2,901 | 7.817 | 22,677 |
HKD | 7,503 | 0.8797 | 6,600 |
7.52.2OverseasoperationalentitiesThecurrencyadoptedbytheoverseassubsidiariesoftheCompanyaccordingtothemaineconomicenvironmentwheretheoperationislocatedshallbechosenastherecordingcurrency.MarquesdelAtrioandFrancsChampsParticipationsSAS(“FrancsChamps”)bothuseeuroastherecordingcurrency,IndomitaWineCompanyChile,SpAusesChileanpesoastherecordingcurrency,andKilikanoonEstate,AustraliausesAustraliandollarasthe
recordingcurrency.Theforeigncurrencyassetsorliabilitiesofoverseassubsidiariesarelistedasfollows:
Unit:Yuan
Item | Endingforeigncurrencybalance | Translationexchangerate | EndingconvertedRMBbalance |
Monetarycapital | -- | -- | 3,553,711 |
Including:USD | 516,926 | 6.8747 | 3,553,711 |
EUR | |||
HKD | |||
Short-termloans | -- | -- | 75,621,700 |
Including:USD | 11,000,000 | 6.8747 | 75,621,700 |
EUR | |||
HKD |
8.Changesinscopeofconsolidation
Nil
9.Equityinotherentities
9.1Equityinthesubsidiaries
9.1.1Constitutionofenterprisegroup
Nameofsubsidiary | Principalbusinesslocation | Registrationplace | Businessnature | Proportionofshareholding | Acquisitionmode | |
Direct | Indirect | |||||
XinjiangTianzhu(a) | ShiheziCity,XinjiangUygurAutonomousRegion,China | ShiheziCity,XinjiangUygurAutonomousRegion,China | Manufacturingindustry | 60% | Acquiredfromabusinesscombinationundernon-commoncontrol | |
RoulletFransac | Cognac,France | Cognac,France | Trading | 100% | Acquiredfromabusinesscombinationundernon-commoncontrol | |
Mirefleurs | Bordeaux,France | Bordeaux,France | Trading | 100% | Acquiredfromabusinesscombinationundernon-commoncontrol | |
MarquesdelAtrio | Navarra,Spain | Navarra,Spain | Sales | 75% | Acquiredfroma |
Nameofsubsidiary | Principalbusinesslocation | Registrationplace | Businessnature | Proportionofshareholding | Acquisitionmode | |
Direct | Indirect | |||||
businesscombinationundernon-commoncontrol | ||||||
IndomitaWine | Santiago,Chile | Santiago,Chile | Sales | 85% | Acquiredbyestablishmentorinvestment | |
KilikanoonEstate,Australia | Adelaide,Australia | Adelaide,Australia | Sales | 80% | Acquiredfromabusinesscombinationundernon-commoncontrol | |
BeijingChangyuWineMarketingCo.,Ltd.(“BeijingMarketing”) | BeijingCity,China | BeijingCity,China | Sales | 50% | 50% | Acquiredbyestablishmentorinvestment |
YantaiKylinPackagingCo.,Ltd.(“KylinPackaging”) | YantaiCity,ShandongProvince,China | YantaiCity,ShandongProvince,China | Manufacturingindustry | 100% | Acquiredbyestablishmentorinvestment | |
YantaiChateauChangyu-CastelCo.,Ltd.(“ChateauChangyu”)(b) | YantaiCity,ShandongProvince,China | YantaiCity,ShandongProvince,China | Manufacturingindustry | 70% | Acquiredbyestablishmentorinvestment | |
Changyu(Jingyang)PioneerWineCo.,Ltd.(“JingyangWine”) | XianyangCity,ShaanxiProvince,China | XianyangCity,ShaanxiProvince,China | Manufacturingindustry | 100% | Acquiredbyestablishmentorinvestment | |
YantaiChangyuPioneerWineSalesCo.,Ltd.(“SalesCompany”) | YantaiCity,ShandongProvince,China | YantaiCity,ShandongProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
LangfangDevelopmentZoneCastel-ChangyuWineCo.,Ltd.(“LangfangCastel”)(c) | LangfangCity,HebeiProvince,China | LangfangCity,HebeiProvince,China | Manufacturingindustry | 39% | 10% | Acquiredbyestablishmentorinvestment |
Changyu(Jingyang)PioneerWineSalesCo.,Ltd.(“JingyangSales”) | XianyangCity,ShaanxiProvince,China | XianyangCity,ShaanxiProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
LangfangChangyuPioneerWineSalesCo.,Ltd.(“LangfangSales”) | LangfangCity,HebeiProvince,China | LangfangCity,HebeiProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
ShanghaiChangyuWineMarketingCo.,Ltd.(“ShanghaiMarketing”) | ShanghaiCity,China | ShanghaiCity,China | Sales | 30% | 70% | Acquiredbyestablishmentorinvestment |
Nameofsubsidiary | Principalbusinesslocation | Registrationplace | Businessnature | Proportionofshareholding | Acquisitionmode | |
Direct | Indirect | |||||
BeijingChangyuAFIPEco-agricultureDevelopmentCo.,Ltd.(“Eco-agricultureDevelopment”) | MiyunCounty,BeijingCity,China | MiyunCounty,BeijingCity,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
BeijingChangyuAFIPWineChateauCo.,Ltd.(“BeijingChateau”)(d) | BeijingCity,China | BeijingCity,China | Manufacturingindustry | 90% | Acquiredbyestablishmentorinvestment | |
YantaiChangyuWineSalesCo.,Ltd.(“WineSales”) | YantaiCity,ShandongProvince,China | YantaiCity,ShandongProvince,China | Sales | 90% | 10% | Acquiredbyestablishmentorinvestment |
YantaiChangyuPioneerInternationalWineCo.,Ltd.(“PioneerInternational”) | YantaiCity,ShandongProvince,China | YantaiCity,ShandongProvince,China | Sales | 70% | 30% | Acquiredbyestablishmentorinvestment |
HangzhouChangyuWineSalesCo.,Ltd.(“HangzhouChangyu”) | HangzhouCity,ZhejiangProvince,China | HangzhouCity,ZhejiangProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
NingxiaGrowing | YinchuanCity,NingxiaHuiAutonomousRegion,China | YinchuanCity,NingxiaHuiAutonomousRegion,China | Plantingindustry | 100% | Acquiredbyestablishmentorinvestment | |
HuanrenChangyuNationalWineSalesCo.,Ltd.(“NationalWine”) | BenxiCity,LiaoningProvince,China | BenxiCity,LiaoningProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
LiaoningChangyuIcewineValleyCo.,Ltd.(“IcewineValley”)(e) | BenxiCity,LiaoningProvince,China | BenxiCity,LiaoningProvince,China | Manufacturingindustry | 51% | Acquiredbyestablishmentorinvestment | |
YantaiDevelopmentZoneChangyuTradingCo.,Ltd.(“DevelopmentZoneTrading”) | YantaiCity,ShandongProvince,China | YantaiCity,ShandongProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
ShenzhenChangyuWineMarketingCo.,Ltd.(“ShenzhenMarketing”) | ShenzhenCity,GuangdongProvince,China | ShenzhenCity,GuangdongProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
YantaiFushanDistrictChangyuTradingCo.,Ltd.(“FushanTrading”) | YantaiCity,ShandongProvince,China | YantaiCity,ShandongProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
BeijingChangyuAFIP | MiyunCounty,BeijingCity, | MiyunCounty,BeijingCity, | Service | 100% | Acquiredby |
Nameofsubsidiary | Principalbusinesslocation | Registrationplace | Businessnature | Proportionofshareholding | Acquisitionmode | |
Direct | Indirect | |||||
InternationalConferenceCenterCo.,Ltd.(“ConferenceCenter”) | China | China | industry | establishmentorinvestment | ||
BeijingChangyuAFIPTourismandCultureCo.,Ltd.(“AFIPTourism”) | MiyunCounty,BeijingCity,China | MiyunCounty,BeijingCity,China | Touristindustry | 100% | Acquiredbyestablishmentorinvestment | |
NingxiaWine | YinchuanCity,NingxiaHuiAutonomousRegion,China | YinchuanCity,NingxiaHuiAutonomousRegion,China | Manufacturingindustry | 100% | Acquiredbyestablishmentorinvestment | |
YantaiChangyuChateauTinlotCo.,Ltd.(“ChateauTinlot”) | YantaiCity,ShandongProvince,China | YantaiCity,ShandongProvince,China | Wholesaleandretail | 65% | 35% | Acquiredbyestablishmentorinvestment |
Changyu(Qingtongxia)WineSalesCo.,Ltd.(“QingtongxiaSales”) | QingtongxiaCity,NingxiaHuiAutonomousRegion,China | QingtongxiaCity,NingxiaHuiAutonomousRegion,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
ShiheziChateau | ShiheziCity,XinjiangUygurAutonomousRegion,China | ShiheziCity,XinjiangUygurAutonomousRegion,China | Manufacturingindustry | 100% | Acquiredbyestablishmentorinvestment | |
NingxiaChateau | YinchuanCity,NingxiaHuiAutonomousRegion,China | YinchuanCity,NingxiaHuiAutonomousRegion,China | Manufacturingindustry | 100% | Acquiredbyestablishmentorinvestment | |
ChateauChangyuRenaShaanxiCo.,Ltd.(“Chang’anChateau”) | XianyangCity,ShaanxiProvince,China | XianyangCity,ShaanxiProvince,China | Manufacturingindustry | 100% | Acquiredbyestablishmentorinvestment | |
Research,Development&ManufactureCompany(f) | YantaiCity,ShandongProvince,China | YantaiCity,ShandongProvince,China | Manufacturingindustry | 68% | Acquiredbyestablishmentorinvestment | |
Changyu(Huanren)PioneerWineCo.,Ltd.(“HuanrenWine”) | BenxiCity,LiaoningProvince,China | BenxiCity,LiaoningProvince,China | Wine-makingprojectpreparation | 100% | Acquiredbyestablishmentorinvestment | |
XinjiangChangyuWineSalesCo.,Ltd.(“XinjiangSales”) | XinjiangUygurAutonomousRegion,China | XinjiangUygurAutonomousRegion,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
NingxiaChangyuTradingCo.,Ltd.(“NingxiaTrading”) | YinchuanCity,NingxiaHuiAutonomousRegion,China | YinchuanCity,NingxiaHuiAutonomousRegion,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
ShaanxiChangyuRenaWineSalesCo.,Ltd. | XianyangCity,ShaanxiProvince,China | XianyangCity,ShaanxiProvince,China | Sales | 100% | Acquiredbyestablishmentor |
Nameofsubsidiary | Principalbusinesslocation | Registrationplace | Businessnature | Proportionofshareholding | Acquisitionmode | |
Direct | Indirect | |||||
(“ShaanxiSales”) | investment | |||||
PenglaiChangyuWineSalesCo.,Ltd.(“PenglaiWine”) | PenglaiCity,ShandongProvince,China | PenglaiCity,ShandongProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
LaizhouChangyuWineSalesCo.,Ltd.(“LaizhouSales”) | LaizhouCity,ShandongProvince,China | LaizhouCity,ShandongProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
FrancsChampsParticipationsSAS | Cognac,France | Cognac,France | Investmenttrade | 100% | Acquiredbyestablishmentorinvestment | |
LanzhouChangyuWineMarketingCo.,Ltd.(“LanzhouMarketing”) | LanzhouCity,GansuProvince,China | LanzhouCity,GansuProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
BeijingChangyuTradingCo.,Ltd.(“BeijingTrading”) | BeijingCity,China | BeijingCity,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
TianjinChangyuPioneerWineSalesCo.,Ltd.(“TianjinPioneer”) | TianjinCity,China | TianjinCity,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
FuzhouChangyuPioneerWineCo.,Ltd.(“FuzhouPioneer”) | FuzhouCity,FujianProvince,China | FuzhouCity,FujianProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
NanjingChangyuPioneerWineCo.,Ltd.(“NanjingPioneer”) | NanjingCity,JiangsuProvince,China | NanjingCity,JiangsuProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
XianyangChangyuPioneerWineSalesCo.,Ltd.(“XianyangPioneer”) | XianyangCity,ShaanxiProvince,China | XianyangCity,ShaanxiProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
ShenyangChangyuPioneerWineCo.,Ltd.(“ShenyangPioneer”) | ShenyangCity,LiaoningProvince,China | ShenyangCity,LiaoningProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
JinanChangyuPioneerWineCo.,Ltd.(“JinanPioneer”) | JinanCity,ShandongProvince,China | JinanCity,ShandongProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
ShanghaiChangyuPioneerWineCo.,Ltd.(“ShanghaiPioneer”) | ShanghaiCity,China | ShanghaiCity,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
FuzhouChangyuPioneer | FuzhouCity,Jiangxi | FuzhouCity,JiangxiProvince, | Sales | 100% | Acquiredby |
Nameofsubsidiary | Principalbusinesslocation | Registrationplace | Businessnature | Proportionofshareholding | Acquisitionmode | |
Direct | Indirect | |||||
WineCo.,Ltd.(“FuzhouPioneer”) | Province,China | China | establishmentorinvestment | |||
ShijiazhuangChangyuPioneerWineSalesCo.,Ltd.(“ShijiazhuangPioneer”) | ShijiazhuangCity,HebeiProvince,China | ShijiazhuangCity,HebeiProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
HangzhouYuzefengTradingCo.,Ltd.(“HangzhouYuzefeng”) | HangzhouCity,ZhejiangProvince,China | HangzhouCity,ZhejiangProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
JilinChangyuPioneerWineCo.,Ltd.(“JilinPioneer”) | ChangchunCity,JilinProvince,China | ChangchunCity,JilinProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
BeijingChangyuPioneerWineSalesCo.,Ltd.(“BeijingPioneer”) | BeijingCity,China | BeijingCity,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
HarbinChangyuPioneerWineSalesCo.,Ltd.(“HarbinPioneer”) | HarbinCity,HeilongjiangProvince,China | HarbinCity,HeilongjiangProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
HunanChangyuPioneerWineCo.,Ltd.(“HunanPioneer”) | ChangshaCity,HunanProvince,China | ChangshaCity,HunanProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
YinchuanChangyuPioneerWineCo.,Ltd.(“YinchuanPioneer”) | YinchuanCity,NingxiaHuiAutonomousRegion,China | YinchuanCity,NingxiaHuiAutonomousRegion,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
KunmingChangyuPioneerWineCo.,Ltd.(“KunmingPioneer”) | KunmingCity,YunnanProvince,China | KunmingCity,YunnanProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
ChongqingChangyuPioneerWineSalesCo.,Ltd.(“ChongqingPioneer”) | ChongqingCity,China | ChongqingCity,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
WuhanChangyuPioneerWineCo.,Ltd.(“WuhanPioneer”) | WuhanCity,HubeiProvince,China | WuhanCity,HubeiProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
HohhotChangyuPioneerWineCo.,Ltd.(“HohhotPioneer”) | HohhotCity,InnerMongoliaAutonomousRegion,China | HohhotCity,InnerMongoliaAutonomousRegion,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
ChengduChangyuPioneerWineCo.,Ltd.(“Chengdu | ChengduCity,SichuanProvince,China | ChengduCity,SichuanProvince,China | Sales | 100% | Acquiredbyestablishmentor |
Nameofsubsidiary | Principalbusinesslocation | Registrationplace | Businessnature | Proportionofshareholding | Acquisitionmode | |
Direct | Indirect | |||||
Pioneer”) | investment | |||||
NanningChangyuPioneerWineCo.,Ltd.(“NanningPioneer”) | NanningCity,GuangxiZhuangAutonomousRegion,China | NanningCity,GuangxiZhuangAutonomousRegion,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
LanzhouChangyuPioneerWineCo.,Ltd.(“LanzhouPioneer”) | LanzhouCity,GansuProvince,China | LanzhouCity,GansuProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
YantaiRoullet-FransacImportedWineSalesCo.,Ltd.(“YantaiRoullet-Fransac”) | YantaiCity,ShandongProvince,China | YantaiCity,ShandongProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
HefeiChangyuPioneerWineCo.,Ltd.(“HefeiPioneer”) | HefeiCity,AnhuiProvince,China | HefeiCity,AnhuiProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
UrumchiChangyuPioneerWineCo.,Ltd.(“UrumchiPioneer”) | UrumchiCity,XinjiangUygurAutonomousRegion,China | UrumchiCity,XinjiangUygurAutonomousRegion,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
GuangzhouChangyuPioneerWineCo.,Ltd.(“GuangzhouPioneer”) | GuangzhouCity,GuangdongProvince,China | GuangzhouCity,GuangdongProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment | |
WineSalesCo.,Ltd. | YantaiCity,ShandongProvince,China | YantaiCity,ShandongProvince,China | Sales | 100% | Acquiredbyestablishmentorinvestment |
Explanationfordifferencebetweentheproportionofshareholdingandproportionofvotingpowerinthesubsidiaries:
(a)XinjiangTianzhuisasubsidiaryoftheCompanyobtainedbymergerandacquisition,whose60%ofthesharesareheldbytheCompany.TheCompanyexercisesfullcontrolovertheoperation,investmentandfinancingpoliciesofXinjiangTianzhubycontractarrangement.ThiscontractarrangementwasexpiredonAugust6,2017.Aftertheexpiration,theminorityshareholdersofXinjiangTianzhushallenjoy/bearallrights/dutiesofshareholdersspecifiedintheArticlesofAssociation.(b)ChangyuChateauisaSino-foreignjointventureestablishedbytheCompanyandaforeigninvestor,whose70%ofthesharesareheldbytheCompany.TheCompanyexercisesfullcontrolovertheoperation,investmentandfinancingpoliciesofChangyuChateaubycontractarrangement.ThecontractarrangementwillexpireonDecember31,2022.(c)LangfangCastelisaSino-foreignjointventureestablishedbytheCompanyandaforeign
investor,whose49%ofthesharesareheldbytheCompanyanditssubsidiaries.TheCompanyexercisesfullcontrolovertheoperation,investmentandfinancingpoliciesofLangfangCastelbycontractarrangement.ThecontractarrangementexpiredonDecember31,2017.Aftertheexpirationofthecontractarrangement,theminorityshareholdersofLangfangCastelnormallyenjoy/undertakeallrights/dutiesoftheshareholdersagreedintheArticlesofAssociationoftheCompany.(d)BeijingChateauisalimitedliabilitycompanyjointlyestablishedbytheCompanyandYantaiDe’anandBeijingQinglang,inwhichtheCompanyholds90%oftheshares.TheCompanyexercisesfullcontrolovertheoperation,investmentandfinancingpoliciesofBeijingChateaubycontractarrangement.ThecontractarrangementwillexpireonSeptember2,2019.(e)IcewineValleyisaSino-foreignjointventureestablishedbytheCompanyandaforeigninvestor,whose51%ofthesharesareheldbytheCompany.TheCompanyexercisesfullcontrolovertheoperation,investmentandfinancingpoliciesofIcewineValleybycontractarrangement.ThecontractarrangementwillexpireonDecember31,2021.(f)TheResearch,Development&ManufactureCompanyisajointventureestablishedbytheCompanyandAgriculturalDevelopmentFund,whose68%oftheshareswereheldbytheCompanyonJune30,2019.AsstatedinNote7.27,theCompanyexercisesfullcontrolovertheoperation,investmentandfinancingpoliciesoftheResearch,Development&ManufactureCompanybycontractarrangement.ThecontractarrangementwillexpireonMay22,2026.UptoJune30,2019,theremaininginvestmentoftheAgriculturalDevelopmentFundaccountedfor32%oftheregisteredcapital.
9.1.2Importantnon-wholly-ownedsubsidiaries
Unit:Yuan
Nameofsubsidiary | Shareholdingproportionofminorityshareholders | Profit/lossattributabletominorityshareholdersinthisperiod | Dividenddeclaredtobedistributedtominorityshareholdersinthisperiod | Balanceofminorityshareholder’sinterestattheendofperiod |
XinjiangTianzhu | 40% | -1,200,628 | 49,412,020 | |
MarquesdelAtrio | 25% | 464,844 | 1,367,975 | 29,878,944 |
ChangyuChateau | 30% | 12,365,016 | ||
LangfangCastel | 51% | -752,237 | 20,175,744 | |
BeijingChateau | 10% | 65,133,868 | ||
IcewineValley | 49% | 33,319,062 | ||
IndomitaWine | 15% | 564,376 | 53,709,304 | |
KilikanoonEstate,Australia | 20% | -301,829 | 16,204,035 |
Explanationfordifferencebetweentheproportionofshareholdingandproportionofvotingpoweroftheminorityshareholdersinthesubsidiaries:SeedetailsinNote9.1.1.
9.1.3Mainfinancialinformationofimportantnon-wholly-ownedsubsidiaries
Unit:Yuan
Nameofsubsidiary | Endingbalance | Beginningbalance | ||||||||||
Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | Currentassets | Non-currentassets | Totalassets | Currentliabilities | Non-currentliabilities | Totalliabilities | |
XinjiangTianzhu | 26,891,774 | 64,187,998 | 91,079,771 | -169,932 | 5,336,114 | 5,166,181 | 27,390,495 | 66,486,795 | 93,877,290 | 5,336,114 | 5,336,114 | |
ChangyuChateau | 126,947,614 | 113,877,340 | 240,824,954 | 163,176,906 | 163,176,906 | 141,298,023 | 114,694,168 | 255,992,191 | 171,869,662 | 171,869,662 | ||
LangfangCastel | 16,966,616 | 15,672,549 | 32,639,165 | 4,033,546 | 4,033,546 | 17,659,511 | 16,001,682 | 33,661,193 | 3,358,322 | 3,358,322 | ||
BeijingChateau | 228,256,490 | 458,433,952 | 686,690,442 | 45,912,267 | 45,912,267 | 219,973,582 | 461,115,089 | 681,088,671 | 62,598,545 | 62,598,545 | ||
IcewineValley | 61,748,346 | 23,105,860 | 84,854,207 | 31,627,378 | 100,000 | 31,727,378 | 45,194,591 | 23,920,890 | 69,115,481 | 14,974,458 | 100,000 | 15,074,458 |
MarquesdelAtrio | 407,617,465 | 92,937,395 | 500,554,860 | 304,115,810 | 72,890,389 | 377,006,198 | 464,421,130 | 99,080,668 | 563,501,798 | 381,659,315 | 54,520,937 | 436,180,252 |
IndomitaWine | 210,503,095 | 295,300,215 | 505,803,310 | 138,985,158 | 4,861,038 | 143,846,196 | 214,784,490 | 300,969,342 | 515,753,832 | 148,359,328 | 4,976,161 | 153,335,489 |
KilikanoonEstate,Australia | 82,656,715 | 64,415,130 | 147,071,845 | 12,813,137 | 52,227,853 | 65,040,990 | 87,634,707 | 63,759,866 | 151,394,573 | 13,387,942 | 51,893,171 | 65,281,113 |
Unit:Yuan
Nameofsubsidiary | Amountincurredinthisperiod | Amountincurredinpriorperiod | ||||||
Operatingincome | Netprofit | Totalcomprehensiveincome | Operatingcashflow | Operatingincome | Netprofit | Totalcomprehensiveincome | Operatingcashflow | |
XinjiangTianzhu | -3,001,571 | -1,297,212 | -417,462 | 18,803 | -184,572 | -184,572 | 10,284,801 | |
ChangyuChateau | 24,470,842 | -2,189,871 | -686,874 | 6,946,282 | 43,226,910 | 2,861,474 | 2,861,474 | 2,419,427 |
Langfang | -1,474,975 | -821,013 | 25,801 | 5,038,281 | -1,952,954 | -1,952,954 | -4,435,022 |
Castel | ||||||||
BeijingChateau | 90,339,526.00 | 12,711,985 | 22,752,823 | 9,667,568 | 78,502,666 | 15,243,700 | 15,243,700 | 12,282,145 |
IcewineValley | 19,763,387.00 | -1,986,710 | -754,056 | 1,903,734 | 27,305,133 | 905,396 | 905,396 | 2,018,740 |
MarquesdelAtrio | 129,064,457 | 1,859,381 | -4,084,674 | -23,846,960 | 148,197,893 | 1,214,012 | -929,332 | -21,783,821 |
IndomitaWine | 86,818,838 | 3,762,504 | 1,880,687 | -1,725,571 | 93,719,341 | -281,859 | -4,460,814 | -7,723,684 |
KilikanoonEstate,Australia | 22,852,809 | -1,509,147 | -4,011,458 | 1,024,962 | 25,904,401 | -115,317 | -3,779,883 | -1,469,903 |
10.Risksrelatedtofinancialinstruments
ThemainfinancialinstrumentsoftheGroupincludemonetarycapital,billsreceivable,
accountsreceivable,receivablesfinancing,otherreceivables,othernon-currentfinancialassets,short-termloans,non-currentliabilitiesduewithinoneyear,accountspayable,otherpayables,long-termaccountspayableandlong-termloans,etc.PleaserefertoNote7fordetailsofeachfinancialinstruments.TherisksrelatedtothesefinancialinstrumentsandriskmanagementpoliciesadoptedbytheGrouptoreducetheserisksareshownasfollows.ThemanagementoftheGroupmanagesandmonitorstheseriskexposurestoensurethattheabove-mentionedrisksarecontrolledwithinadefinedscope.TheGroupadoptssensitivityanalysistechniquestoanalyzethepossibleinfluenceofpossiblereasonablechangesofriskvariablesonthecurrentprofitsandlossesandshareholders’equity.Sinceanyriskvariablemerelychangesindependentlyandthefinalinfluenceofrelevancebetweenvariablesonthechangeofcertainriskvariablewillexertagreateffect,thefollowingcontentiscarriedoutunderthehypothesisthateachvariablechangesindependently.TheriskmanagementobjectiveoftheGroupistoachieveproperbalancebetweenrisksandbenefits,tominimizethenegativeinfluenceoftherisksonthebusinessperformanceoftheGroupandtomaximizetheshareholders’benefit.Basedonthisriskmanagementobjective,thebasicriskmanagementstrategyoftheGroupistodetermineandanalyzevariousrisksfacedbytheGroup,tosetupproperrisktolerancebottomlineandtocarryoutriskmanagement,andtosupervisevariousrisks
timelyandreliablytocontroltheriskswithinadefinedscope.
10.1Riskmanagementobjectiveandpolicy
10.1.1Marketrisk
①ForeignexchangeriskForeignexchangeriskreferstotheriskthatcauseslossduetoexchangeratefluctuation.TheforeignexchangeriskbornebytheGroupismainlyrelevanttoEURandUSD.ExceptthattheoverseassubsidiariesoftheGrouppurchaseandsellinEUR,ChileanpesoandAUD,whichborrowinUSD,anddomesticsubsidiariesdepositinEURandUSD,othermainbusinessactivitiesoftheGrouparepricedandsettledinRMB.AsatJune30,2019,exceptthattheassetsandliabilitiesmentionedinthetablebelowwerethebalanceofdepositsorloansshowninforeigncurrencies,otherassetsandliabilitiesoftheentitiesoftheGroupweresettledintheirrespectivefunctionalcurrencies.
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Monetarycapital(EUR) | 22,677 | 199,753 |
Monetarycapital(USD) | 50,339,468 | 51,283,910 |
Short-termloans(USD) | 75,621,700 | 75,495,200 |
TheforeignexchangeriskcausedbytheassetsandliabilitiesofsuchforeigncurrencybalancemayexertaninfluenceonthebusinessperformanceoftheGroup.TheGrouppayscloseattentiontotheinfluenceofexchangeratefluctuationontheforeignexchangeriskoftheGroup.TheGrouphasnottakenanymeasurestoavoidtheforeignexchangeriskatpresent.Sensitivityanalysisofforeignexchangerisk
Withtheothervariablesunchanged,thepre-taxinfluenceofpossiblereasonableexchangeratefluctuationoncurrentprofitandlossandshareholders’equityisshownasfollows:
Domesticentities:
Unit:Yuan
Item | Exchangeratefluctuation | Thisperiod | |
Influenceonprofitinthisperiod | Influenceonshareholders’equity | ||
EUR | 5%appreciationagainstRMB | 1,134 | 1,134 |
EUR | 5%depreciationagainstRMB | -1,134 | -1,134 |
USD | 5%appreciationagainstRMB | 2,339,288 | 2,339,288 |
USD | 5%depreciationagainstRMB | -2,339,288 | -2,339,288 |
Overseasentities:
Unit:Yuan
Item | Exchangeratefluctuation | Thisperiod | |
Influenceonprofitinthisperiod | Influenceonshareholders’equity | ||
USD | 5%appreciationagainstEUR | 10,250 | 10,250 |
USD | 5%depreciationagainstEUR | -10,250 | -10,250 |
USD | 10%appreciationagainstCLP | -115,086 | -115,086 |
USD | 10%depreciationagainstCLP | 115,086 | 115,086 |
Note:AsatJune30,2019,themanagementoftheGrouppredictedthatEURandUSDexchangerateagainstRMB,andUSDexchangerateagainstEURchangedby5%;andUSDexchangerateagainstCLPchangedby15%.
②Interestraterisk–riskofchangeincashflowTheriskofchangeincashflowoffinancialinstrumentscausedbyinterestratechangeoftheGroupismainlyrelevanttothemonetarycapitalandbankloanatfloatinginterestrate.ThepolicyoftheGroupistomaintainthefloatinginterestrateoftheseloanstoeliminatetheriskofchangeinfairvalueoftheinterestrate.
SensitivityanalysisofinterestrateriskSensitivityanalysisofinterestrateriskisbasedonthehypothesisthatthechangeinmarketinterestrateinfluencestheinterestincomeorexpenseoffinancialinstrumentsatvariablerate.
ThemanagementoftheGroupthinksthattheinterestrateriskofdepositinbankbornebytheGroup
isnotsignificant,andthereforethesensitivityanalysisofinterestrateofdepositinbankisnotdisclosedhere.
Onthebasisoftheabove-mentionedhypothesis,withtheothervariablesunchanged,thepre-taxinfluenceofpossiblereasonableexchangeratefluctuationoncurrentprofitandlossandshareholders’equityisasfollows:
Unit:Yuan
Item | Interestratechange | Thisperiod | |
Influenceonprofitofthisperiod | Influenceonshareholders’equity | ||
Bankloan | Increaseby50BP | -323,958 | -323,958 |
Bankloan | Decreaseby50BP | 323,958 | 323,958 |
Note:AsatJune30,2019,themanagementoftheGrouppredictedthatthebankfloatingratechangedby50basispoints
10.1.2CreditriskAsatJune30,2019,thelargestcreditriskexposurepossiblycausingthefinanciallossoftheGroupwasmainlycausedbythelossgeneratedbythefinancialassetsoftheGroupduetofailureofanotherpartyofthecontractinfulfillingobligations.Tolowerthecreditrisk,theGrouponlytradeswiththerecognizedandreputablethirdparty.InaccordancewiththepolicyoftheGroup,creditcheckshallbecarriedoutforallcustomerswhotransactbymeansofcredit.Inaddition,theGroupconductscontinuousmonitoringonthebalanceofaccountsreceivabletoensurethattheGroupwillnotfacemajorriskofbaddebts.Fortransactionsnotsettledwithrecordingcurrencyofrelevantbusinessunits,unlessthecreditcontroldepartmentoftheGroupspeciallyapproves,theGroupwillnotprovidecredittradeterms.Inaddition,theGroupauditsthecollectionofeachsinglesignificantaccountreceivableoneachdateofbalancesheettoensurethatsufficientbad-debtprovisionisaccruedforaccountsunabletobecollected.Therefore,themanagementoftheGroupthinksthecreditriskbornebytheGroupisgreatlyreduced.
SincetheGrouponlytradeswiththerecognizedandreputablethirdparty,nocollateralisrequired.Thecreditriskismanagedcentrallyaccordingtothecustomer/counter-party,geographicareaandindustry.AsatJune30,2019,18.3%ofaccountsreceivableoftheGroupcamefromtopfiveborrowersinaccountsreceivableoftheGroup(December31,2018:
19.8%).TheGroupholdsnocollateralorothercreditenhancementforthebalanceofaccountsreceivable.
10.1.3LiquidityriskWhenmanagingtheliquidityrisk,theGroupreservesandmonitorsthecashandcashequivalentsthemanagementconsiderssufficienttosatisfytheoperationneedoftheGroupandreducetheinfluenceoffluctuationincashflow.ThemanagementoftheGroupmonitorstheuseofbankloansandensurestoabidebytheloanagreement.
11.Relatedpartiesandrelatedtransactions
11.1ParticularsoftheparentcompanyoftheCompany
Nameofparentcompany | Registrationplace | Businessnature | Registeredcapital | ProportionofshareholdingoftheparentcompanyintheCompany | ProportionofvotingpowersoftheparentcompanyintheCompany |
ChangyuGroupCompany | YantaiCity | Manufacturingindustry | 50,000,000 | 50.40% | 50.40% |
FromJanuarytoJune2019,therewasnofluctuationintheregisteredcapitaloftheparentcompanyanditsshareinequityinterestandvotingright.
11.2ParticularsofthesubsidiariesoftheCompanySeeparticularsofthesubsidiariesoftheCompanyinNote9.
11.3Particularsofotherrelatedparties
Nameofotherrelatedparties | RelationshipbetweenotherrelatedpartiesandtheCompany |
YantaiChangyuWineCultureMuseumCo.,Ltd.(“WineCultureMuseum”) | Acompanycontrolledbythesameparentcompany |
YantaiChangyuWindowofInternationalWineCityCo.Ltd.(“WindowofWineCity”) | Acompanycontrolledbythesameparentcompany |
YantaiGodHorsePackingCo.,Ltd.(“GodHorsePacking”) | Acompanycontrolledbythesameparentcompany |
YantaiZhongyaMedicalHealthWineCo.,Ltd.(“ZhongyaMedical”) | Acompanycontrolledbythesameparentcompany |
YantaiChangyuCulturalTourismProductSalesCo.,Ltd.(“CulturalSales”) | Acompanycontrolledbythesameparentcompany |
YantaiChangyuCulturalTourismDevelopmentCo.,Ltd.(“CulturalDevelopment”) | Acompanycontrolledbythesameparentcompany |
11.4Relatedtransactions
11.4.1RelatedtransactionsofpurchasingandsellinggoodsandprovidingandreceivingservicesListofpurchasinggoods/receivingservices
Unit:Yuan
Relatedparties | Relatedtransactions | Amountincurredinthisperiod | Approvedtransactionamount | Exceedingthetransactionamountornot | Amountincurredinpriorperiod |
GodHorsePacking | Purchasinggoods | 74,970,845 | 95,990,354 | ||
ZhongyaMedical | Purchasinggoods | 2,970,007 | 6,037,893 | ||
WineCultureMuseum | Purchasinggoods | 7,324,199 | 9,475,159 | ||
WindowofWineCity | Purchasinggoods | 6,853,112 | 2,857,130 | ||
CulturalSales | Purchasinggoods | 65,907 | |||
CulturalDevelopment | Purchasinggoods | 40,458 |
Listofsellinggoods/providingservices
Unit:Yuan
Relatedparties | Relatedtransactions | Amountincurredinthisperiod | Amountincurredinpriorperiod |
WineCultureMuseum | Sellinggoods | 3,377,011 | 13,889,017 |
WindowofWineCity | Sellinggoods | 3,891,101 | 8,773,612 |
ZhongyaMedical | Sellinggoods | 2,559,870 | 2,203,629 |
GodHorsePacking | Sellinggoods | 3,520 | 15,742 |
CulturalSales | Sellinggoods | 3,873,204 | |
CulturalDevelopment | Sellinggoods | 1,847,727 | 220,759 |
ThepriceoftransactionsbetweentheGroupandtherelatedpartiesarebasedonthenegotiatedprice.
11.4.2Relatedtrusteeship/contractingandmandatoryadministration/outsourcing
Nil
11.4.3LeasingwithrelatedpartiesTheCompanyasalessor:
Unit:Yuan
Nameofthelessee | Typeofleasedassets | Rentalincomerecognizedinthisperiod | Rentalincomerecognizedinpriorperiod |
GodHorsePacking | Officebuildingandplant | 742,883 | 739,491 |
WindowofWineCity | Officebuilding | 488,595 | 486,364 |
ZhongyaMedical | Officebuilding | 260,279 | 259,091 |
TheCompanyasalessee:
Unit:Yuan
Nameofthelessor | Typeofleasedassets | Rentrecognizedinthisperiod | Rentrecognizedinpriorperiod |
ChangyuGroupCompany | Officebuildingandplant | 3,447,891 | 3,432,147 |
11.4.4Relatedguarantee
Nil
11.4.5Inter-bankborrowingandlendingofrelatedpartiesNil
11.4.6AssettransferanddebtrecombinationofrelatedpartiesNil
11.4.7Otherrelatedtransactions
Unit:Yuan
Item | Note | Amountincurredinthisperiod | Amountincurredinpriorperiod |
Trademarkusefee | (a) | 44,428,033 | |
Patentfee | (b) | 25,000 |
11.5Accountsreceivableandpayableoftherelatedparties
11.5.1Accountsreceivable
Unit:Yuan
Item | Relatedparties | Endingbalance | Beginningbalance | ||
Bookbalance | Provisionforbaddebts | Bookbalance | Provisionforbaddebts | ||
Accountsreceivable | ZhongyaMedical | 4,384,629 | 2,768,391 | ||
Accountsreceivable | GodHorsePacking | 17,137 | |||
Accountsreceivable | WindowofWineCity | 1,777,525 | 1,911,157 | ||
Otherreceivables | GodHorsePacking | 1,626,880 | 813,440 | ||
Otherreceivables | ZhongyaMedical | 285,000 | |||
Otherreceivables | WindowofWineCity | 535,000 |
11.5.2Accountspayable
Unit:Yuan
Item | Relatedparties | Endingbookbalance | Beginningbookbalance |
Accountspayable | GodHorsePacking | 36,227,351 | 55,366,785 |
Accountspayable | ZhongyaMedical | 8,002,230 | 6,722,667 |
Accountspayable | WineCultureMuseum | 7,301,765 | 4,646,731 |
Accountspayable | WindowofWineCity | 1,139,407 | 4,789,600 |
Accountspayable | CulturalSales | 6,360 | |
Otheraccountspayable | ChangyuGroupCompany | 3,775,362 | 78,414,978 |
Otheraccountspayable | GodHorsePacking | 450,000 |
12.Commitmentandcontingency
12.1Significantcommitment
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Makinglong-termassetcommitments | 469,980,000 | 996,675,000 |
12.2ContingencyAsofthebalancesheetdate,theGroupdidn’thaveanycontingencytobedisclosed.
13.Mattersafterbalancesheet
13.1Importantnon-adjustingevents
Nil
13.2Profitdistribution
Unit:Yuan
Profitsordividendstobedistributed | 411,278,400 |
Allocatedprofitsordividendsapprovedtodeclareupondiscussion | 411,278,400 |
13.3OtherstatementofeventsafterthebalancesheetdateAccordingtothedecisionoftheShareholders’MeetingdatedMay17,2019,basedontheissuedcapitalstockof685,464,000sharesin2018,theCompanyallocatedRMB6Yuanincash(includingtax)forevery10sharestoallshareholderswiththetotalcashdividendsofRMB411,278,400Yuan.SuchcashdividendsweredistributedonJuly8,2019andJuly10,2019respectively.
14.Otherimportantmatters
Nil
15.Notesonmajoritemsinfinancialstatementsoftheparentcompany
15.1Accountsreceivable
15.1.1Accountsreceivabledisclosedbytype
Unit:Yuan
Type | Endingbalance | Beginningbalance | ||||||||
Bookbalance | Provisionforbaddebts | Bookvalue | Bookbalance | Provisionforbaddebts | Bookvalue | |||||
Amount | Proportion | Amount | Accruedproportion | Amount | Proportion | Amount | Accruedproportion | |||
Accountsreceivableforwhichprovisionforbaddebtsisaccruedonasingleitembasis | 1,447,973 | 100% | 1,447,973 | |||||||
Accountsreceivableforbaddebtsisaccruedonacombinedbasis | ||||||||||
Total | 1,447,973 | 100% | 1,447,973 |
15.1.2Provisionforbaddebtsaccrued,withdrawnortransferredbackinthisperiodTheprovisionforbaddebtsaccruedinthisperiodwasRMB0Yuan;andthatwithdrawnortransferredbackinthisperiodwasRMB0Yuan.
15.1.3Accountsreceivableactuallycancelledafterverificationinthisperiod
Nil
15.1.4Accountsreceivablecollectedbytheborroweroftop5unitsrankedbytheendingbalanceNil
15.1.5AccountsreceivablederecognizedduetotransferoffinancialassetsNil
15.1.6Accountsreceivabletransferredandincludedinassetsandliabilities
Nil
15.2Otherreceivables
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Interestreceivable | 277,785 | 254,088 |
Dividendsreceivable | 4,103,925 | 500,000,000 |
Otherreceivables | 522,211,903 | 525,389,268 |
Total | 526,593,613 | 1,025,643,356 |
Remarks:Theotherreceivablesintheabovelistrefertothosedeductinginterestreceivableanddividendsreceivable.
15.2.1Interestreceivable
Unit:Yuan
Item | Endingbalance | Beginningbalance |
Fixeddeposit | 277,785 | 254,088 |
Entrustedloan | ||
Bondinvestment | ||
Total | 277,785 | 254,088 |
15.2.2Dividendsreceivable
Unit:Yuan
Item(ortheinvestedunit) | Endingbalance | Beginningbalance |
Dividendsreceivablefromsubsidiaries | 4,103,925 | 500,000,000 |
Total | 4,103,925 | 500,000,000 |
15.2.3Otherreceivables
15.2.3.1Particularsofotherreceivablesclassifiedbynature
Unit:Yuan
Nature | Endingbookbalance | Beginningbookbalance |
Nature | Endingbookbalance | Beginningbookbalance |
Accountsreceivablefromsubsidiaries | 518,330,846 | 523,579,831 |
Depositandguarantymoneyreceivable | 12,500 | |
Other | 3,881,057 | 1,796,937 |
Total | 522,211,903 | 525,389,268 |
15.2.3.2Disclosedbyage
Unit:Yuan
Age | Endingbalance |
Within1year(including) | 422,841,109 |
1-2years | 99,270,390 |
2-3years | 100,404 |
Morethan3years | |
Total | 522,211,903 |
15.2.3.3Provisionforbaddebtsaccrued,withdrawnortransferredbackinthisperiodTheprovisionforbaddebtsaccruedinthisperiodwasRMB0Yuan;andthatwithdrawnortransferredbackinthisperiodwasRMB0Yuan.
15.2.3.4Accountsreceivableactuallycancelledafterverificationinthisperiod
Nil
15.2.3.5Otheraccountsreceivablecollectedbytheborroweroftop5unitsrankedbytheendingbalance
Unit:Yuan
Unit | Natureoffund | Endingbalance | Age | Percentageinthetotalendingbalanceofotheraccountsreceivable | Endingbalanceofprovisionforbaddebts |
SalesCompany | Internalincomingsandoutgoings | 179,295,939 | Within1year | 34.3% | |
R&DCompany | Internalincomingsandoutgoings | 111,343,650 | Within1year | 21.3% | |
LaizhouWine | Internalincomingsandoutgoings | 5,549,972 | Within1year | 1.1% | |
PenglaiSales | Internalincomingsandoutgoings | 3,992,770 | Within1year | 0.8% |
Unit | Natureoffund | Endingbalance | Age | Percentageinthetotalendingbalanceofotheraccountsreceivable | Endingbalanceofprovisionforbaddebts |
IndomitaWineCompanyChile,SpA | Internalincomingsandoutgoings | 3,330,413 | Within1year | 0.6% | |
Total | -- | 303,512,744 | -- | 58.1% |
15.2.3.6Accountsreceivablerelatedtogovernmentalsubsidy
Nil
15.2.3.7Otheraccountsreceivablederecognizedduetotransferoffinancialassets
Nil
15.2.3.8Otheraccountsreceivabletransferredandincludedinassetsandliabilities
Nil
15.3Long-termequityinvestment
Unit:Yuan
Item | Endingbalance | Beginningbalance | ||||
Bookbalance | Impairmentreserve | Bookvalue | Bookbalance | Impairmentreserve | Bookvalue | |
Investmentinsubsidiaries | 7,420,803,069 | 7,420,803,069 | 7,420,803,069 | 7,420,803,069 | ||
Investmentinassociatedenterprisesandjointventures | ||||||
Total | 7,420,803,069 | 7,420,803,069 | 7,420,803,069 | 7,420,803,069 |
15.3.1Investmentinsubsidiaries
Unit:Yuan
Investedunit | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance | Provisionforimpairmentaccruedinthisperiod | Endingbalanceofimpairmentprovision |
XinjiangTianzhu(a) | 60,000,000 | 60,000,000 | ||||
KylinPackaging | 23,176,063 | 23,176,063 | ||||
ChangyuChateau(a) | 28,968,100 | 28,968,100 | ||||
PioneerInternational(b) | 3,500,000 | 3,500,000 |
Investedunit | Beginningbalance | Increaseinthisperiod | Decreaseinthisperiod | Endingbalance | Provisionforimpairmentaccruedinthisperiod | Endingbalanceofimpairmentprovision |
NingxiaGrowing | 36,573,247 | 36,573,247 | ||||
NationalWine | 2,000,000 | 2,000,000 | ||||
IcewineValley(a) | 30,440,500 | 30,440,500 | ||||
BeijingChateau(a) | 579,910,000 | 579,910,000 | ||||
SalesCompany | 7,200,000 | 7,200,000 | ||||
LangfangSales(b) | 100,000 | 100,000 | ||||
LangfangCastel(a) | 19,835,730 | 19,835,730 | ||||
WineSales | 4,500,000 | 4,500,000 | ||||
ShanghaiMarketing(b) | 300,000 | 300,000 | ||||
BeijingMarketing | 850,000 | 850,000 | ||||
JingyangSales(b) | 100,000 | 100,000 | ||||
JingyangWine(b) | 900,000 | 900,000 | ||||
NingxiaWine | 222,309,388 | 222,309,388 | ||||
NingxiaChateau | 453,463,500 | 453,463,500 | ||||
ChateauTinlot(b) | 212,039,586 | 212,039,586 | ||||
ShiheziChateau | 812,019,770 | 812,019,770 | ||||
Chang’anChateau | 803,892,258 | 803,892,258 | ||||
Research,Development&ManufactureCompany(a) | 3,288,906,445 | 3,288,906,445 | ||||
HuanrenWine | 22,200,000 | 22,200,000 | ||||
WineSalesCompany | ||||||
FrancsChamps | 236,025,404 | 236,025,404 | ||||
MarquesdelAtrio | 190,150,544 | 190,150,544 | ||||
IndomitaWine | 274,248,114 | 274,248,114 | ||||
KilikanoonEstate,Australia | 107,194,420 | 107,194,420 | ||||
Total | 7,420,803,069 | 7,420,803,069 |
(a)TheCompanyacquired100%votingrightandusufructofsuchnon-wholly-ownedsubsidiariesby
meansofcontractarrangement.PleaserefertoNote9.1.(b)TheCompanyacquired100%votingrightofsuchsubsidiariesbymeansofindirectholdingthrough
itswholly-ownedsubsidiaries.FromJanuarytoJune2019,therewerenorestrictionsfortheinvestedentitiesoftheCompanytotransferassetstotheCompany.
15.4Operatingincomeandoperatingcost
Unit:Yuan
Item | Amountincurredinthisperiod | Amountincurredinpriorperiod | ||
Income | Cost | Income | Cost | |
Mainbusiness | 334,207,600 | 292,023,685 | 384,520,180 | 330,810,994 |
Otherbusiness | 18,143,402 | 17,546,895 | 24,325,031 | 21,835,995 |
Total | 352,351,002 | 309,570,580 | 408,845,211 | 352,646,989 |
15.5Investmentincome
Unit:Yuan
Item | Amountincurredinthisperiod | Amountincurredinpriorperiod |
Incomefromlong-termequityinvestmentbycostmethod | 264,221,755 | 312,409,576 |
Incomefromlong-termequityinvestmentbyequitymethod | ||
Investmentincomefromdisposaloflong-termequityinvestment | ||
Investmentincomeofthefinancialassetsmeasuredattheirfairvaluesandthevariationofwhichisrecordedintothecurrentprofitsandlossesduringtheholdingperiod | ||
Investmentincomegainedfromdisposalofthefinancialassetsmeasuredattheirfairvaluesandthevariationofwhichisrecordedintothecurrentprofitsandlosses | ||
Investmentincomeofheld-to-maturityinvestmentduringtheholdingperiod | ||
Investmentincomeoffinancialassetsheldforsaleduringtheholdingperiod | ||
Investmentincomegainedfromdisposaloffinancialassetsheldforsale |
Gainsgeneratedfromtheremainingequityremeasuredasperfairvalueafterthelossofcontrol | ||
Total | 264,221,755 | 312,409,576 |
16.Supplementarymaterials
16.1Listofnon-currentprofits/lossesinthisperiod
Unit:Yuan
Item | Amount | Remark |
Profits/lossesondisposalofnon-currentassets | 1,138 | |
Taxreturn,deductionandexemptionapprovedbeyondtheauthorityorwithoutformalapprovaldocument | ||
Governmentalsubsidyincludedinthecurrentprofits/losses(excludingthosecloselyrelatedtotheenterprisebusinessandenjoyedinaccordancewiththeunifiedstandardquotaorrationofthestate) | 64,211,892 | |
Paymentforuseoffundsbynon-financialenterprisesincludedinthecurrentprofits/losses | ||
Incomeobtainedwhentheinvestmentcostobtainedbytheenterprisefromsubsidiaries,joint-runbusinessandjointventureislessthanthefairvalueofthenetidentifiableassetsobtainedfromtheinvestedunitswhentheinvestmentismade | ||
Profits/lossesonexchangeofnon-monetaryassets | ||
Profits/lossesonentrustingotherpeopletomakeinvestmentormanageassets | ||
Assetimpairmentprovisionaccruedduetoforcemajeuresuchasnaturaldisaster | ||
Profits/lossesondebtrestructuring | ||
Enterprisereorganizationexpensessuchasstaffingexpenditureandintegrationexpenses,etc. | ||
Profits/lossesonthosebeyondthefairvaluegeneratedfromtransactionswithunfairtransactionprice | ||
Currentnetprofits/lossesonsubsidiariesacquiredfromabusinesscombinationundercommoncontrolfromthebeginningtotheconsolidationdate | ||
Profits/lossesoncontingenciesirrelatedtothenormalbusinessoftheCompany |
Item | Amount | Remark |
Profits/lossesonchangesoffairvalueoftradablefinancialassets,derivativefinancialassets,tradablefinancialliabilitiesandderivativefinancialliabilities,andinvestmentincomefromdisposaloftradablefinancialassets,derivativefinancialassets,tradablefinancialliabilities,derivativefinancialliabilitiesandotherinvestmentincreditor'srights,excludingeffectivehedgingoperationsrelevanttothenormalbusinessoftheCompany | ||
Transfer-backofaccountsreceivablewithsingleimpairmenttestandprovisionforimpairmentofcontractassets | ||
Profits/lossesonexternalentrustedloans | ||
Profits/lossesonfairvaluechangesofinvestmentrealestatewithfairvaluemodeforfollow-upmeasurement | ||
Influenceoftheone-timeadjustmentofthecurrentprofits/lossesinaccordancewithtaxandaccountinglawsandregulationsonthecurrentprofits/losses | ||
Trusteefeeincomefromentrustedoperation | ||
Othernon-operatingincomeandexpenditurebesidestheaboveitems | 3,411,864 | |
Otherprofits/lossesconformingtothedefinitionofnon-currentprofits/losses | ||
Minus:Influencedamountofincometax | 16,671,778 | |
Influencedamountofminorityshareholders’equity | 40,022 | |
Total | 50,913,094 | -- |
16.2Returnonnetassetsandearningspershare
Profitincurredinthisperiod | Weightedaveragereturnonnetassets | Earningspershare | |
BasicEPS(Yuan/Share) | DilutedEPS(Yuan/Share) | ||
NetprofitattributabletocommonshareholdersoftheCompany | 6.13% | 0.88 | 0.88 |
NetprofitattributabletocommonshareholdersoftheCompanydeductingnon-incidentalprofits/losses | 5.62% | 0.81 | 0.81 |
16.3Accountingdatadifferenceunderdomesticandforeignaccountingstandard
16.3.1Netprofits&netassetsdifferencedisclosedinthefinancialreportaccordingtotheinternationalaccountingstandardandChineseaccountingstandard
Unit:Yuan
Netprofits | Netassets | |||
Amountincurredinthisperiod | Amountincurredinpriorperiod | Endingbalance | Beginningbalance | |
InaccordancewiththeChineseaccountingstandard | 603,403,789 | 635,837,405 | 9,791,885,091 | 9,606,099,365 |
Item&amountadjustedinaccordancewiththeinternationalaccountingstandard: | ||||
Inaccordancewiththeinternationalaccountingstandard | 603,403,789 | 635,837,405 | 9,791,885,091 | 9,606,099,365 |
XI.ReferenceDocuments
(1)Theoriginalof2019Semi-annualReportautographedbythechairman.
(2)TheFinancialStatementsautographedandsignedbythechairman,chiefaccountantandaccountantsincharge.
(3)TheProspectusandPublicOfferingAnnouncementforStockBin1997;TheProspectusandTheShares’Change&PublicOfferingAnnouncementofStockAforStockAin2000.
(4)TheoriginalsofalldocumentsandannouncementsthattheCompanymadepublicduringthereportperiodinthenewspapersdesignatedbyChinaSecuritiesRegulatoryCommission.
YantaiChangyuPioneerWineCo.,Ltd.
BoardofDirectorsAugust28
th,2019